First Hawaiian to Acquire TriCo Bancshares in $2.02B All-Stock Deal; Pro forma $34B Asset Pacific bank

First Hawaiian announced it will acquire TriCo Bancshares in an all-stock merger, offering 2.095 First Hawaiian shares per TriCo share (implied $63.12/share) to create a ~ $34B Pacific banking franchise.

Key Highlights:

• All-stock transaction: fixed exchange ratio of 2.095 FHB shares per TriCo share; implied consideration $63.12/share, ~$2,022mm total.
• Pro forma scale: combined company ~ $34bn assets, ~65% ownership for First Hawaiian shareholders and ~35% for TriCo.
• Board & leadership: four TriCo directors (including CEO Rick Smith) to join First Hawaiian board; Tri Counties Bank branding retained.
• Financial impact: transaction priced at 1.98x TBV, ~6% 2027E EPS accretion (full cost synergies), 2.8-year TBV earnback; expected close by end of 2026.
• Preliminary 2Q26 results for First Hawaiian: net income $73.4mm, diluted EPS $0.60, NIM 3.25%, cost of deposits 1.20%, tangible book value per share $15.04.

Original SEC Filing:

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