(Honolulu, Hawaii, August 8, 2008)-Moody's Investor Services today issued a report affirming First Hawaiian Bank's deposit and bank financial strength ratings (BFSR). The bank's deposit rating is Aa3 while its BFSR rating continues to have a “stable outlook”, according to Moody's.
In commenting on the bank's ratings, Moody's said, “The affirmation of First Hawaiian Bank's financial strength rating and stable outlook was based on its above average capital levels and earnings performance, as well as pristine asset quality metrics. FHB's profitability and capital generation are supported by its leading market position in Hawaii and ample core funding.”
First Hawaiian recently announced record 2008 first half earnings of $111.3 million, an increase of 7.7% over the year-earlier period.
First Hawaiian Bank ($12.8 billion assets) was founded in 1858 and is Hawaii's oldest and largest financial institution. It has 58 branches in Hawaii, three on Guam and two on Saipan. The bank's holding company, BancWest Corporation, is a wholly-owned subsidiary of BNP Paribas, a leader in global banking and financial services. BNP Paribas is one of the highest credit-rated banks in the world with an AA+ credit rating from Standard & Poor's.
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