First Hawaiian to Acquire TriCo Bancshares in $2.0B All-Stock Merger

summarizeSummary

TriCo Bancshares will be acquired by First Hawaiian in a $2.0 billion all-stock deal, creating a $34 billion Pacific banking franchise. TriCo shareholders receive 2.095 First Hawaiian shares per share, a 17% premium to TriCo's last close.

check_boxKey Events · M&A and Partnerships · TCBK

• Merger Agreement Signed

  TriCo Bancshares entered into a definitive agreement to be acquired by First Hawaiian, Inc. in an all-stock transaction. TriCo shareholders will receive 2.095 shares of First Hawaiian for each TriCo share, implying a value of $63.12 per share based on First Hawaiian's July 10, 2026 closing price, for a total deal value of approximately $2.0 billion.

• Pro Forma Ownership and Governance

  Upon closing, First Hawaiian shareholders will own approximately 65% of the combined company, with TriCo shareholders owning 35%. Four TriCo directors, including CEO Rick Smith, will join the First Hawaiian board, and Tri Counties Bank branding will be retained in California.

• Financial Impact and Synergies

  The deal is expected to be 6% accretive to First Hawaiian's 2027 earnings per share on a fully synergized basis, with $61 million in pre-tax cost synergies (25% of TriCo's 2026E non-interest expense). Tangible book value dilution is projected at 4.7%, with a 2.8-year earnback. One-time merger costs are estimated at $125 million pre-tax.

• Preliminary Q2 2026 Results for First Hawaiian

  First Hawaiian previewed strong Q2 2026 results: net income of $73.4 million (up 8% QoQ), diluted EPS of $0.60, net interest margin expansion to 3.25%, and tangible book value per share growth of 3% to $15.04.

auto_awesomeAnalysis · TCBK · Finance

A deal that reshapes the Pacific banking landscape: TriCo Bancshares has agreed to be acquired by First Hawaiian, Inc. in an all-stock transaction valued at approximately $2.0 billion. Under the terms, TriCo shareholders will receive 2.095 shares of First Hawaiian for each TriCo share, implying $63.12 per share based on First Hawaiian's July 10 closing price. The combined entity will hold $34 billion in assets, with First Hawaiian shareholders owning 65% and TriCo shareholders 35%. Expected to close by year-end 2026, the transaction remains subject to regulatory and shareholder approvals. TriCo's board and CEO Rick Smith will join the combined company's leadership, and the Tri Counties Bank brand will be retained in California. The deal is projected to be 6% accretive to First Hawaiian's 2027 earnings per share (fully synergized), with manageable tangible book value dilution of 4.7% and a 2.8-year earnback. First Hawaiian also previewed strong Q2 2026 results, with net income rising 8% sequentially to $73.4 million and net interest margin expanding to 3.25%.