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- First Hawaiian Bank First Quarter 2011 Earnings
First Hawaiian Bank First Quarter 2011 Earnings
FIRST HAWAIIAN REPORTS 4.9 PERCENT GAIN OVER PREVIOUS QUARTER
(Honolulu, Hawaii, April 22, 2011) - First Hawaiian Bank today announced 2011 first quarter net income of $52.7 million, a 4.9% gain over the previous quarter and a 2.6% increase over the first quarter of 2010. Total assets grew to $15.2 billion. The announcement was made today by Don Horner, First Hawaiian Bank chairman and chief executive officer.
“The bank experienced a respectable quarter and overall fundamentals remain solid,” Horner said. “We see continued progress in our state's economy and are hopeful the impact of the March 11th tragedy in Japan will not be as severe as first predicted. A strong tourism sector is an important contributor to lead our economic recovery.”
Compared to the previous year, for the first three months ending March 31, 2011, First Hawaiian achieved the following:
Total Assets: grew to $15.2 billion, an increase of 6.3%.
Deposits: were $10.8 billion, up 5.8%.
Loans and Leases: were $8.2 billion, a 2.8% increase
Capital (Net Worth): was in excess of $2.6 billion and remained well above Hawaii banks and in the top quartile nationally as a percentage of total assets.
Non-Performing Assets to Total Assets: remained one of the best in the U.S. at 0.25%.
Efficiency Ratio: 43.3%, one of the most efficient in the nation.
During the quarter the bank launched the Japan-Hawaii Relief Fund to benefit the victims of the earthquake and tsunami in Japan on March 11th. The bank raised $1,176,000 for the Japanese Red Cross Society. The bank also recently published its Business Activity Report (BAR) for the first quarter of 2011 which tracks retail sales activity in 16 different economic sectors. The BAR underscored the State's continued economic recovery with a 10.17% increase in 2011 first quarter same store sales over the comparable period of 2010. However, the full impact of the disaster in Japan remains to be seen.
First Hawaiian Bank continues to be one of the strongest banks in the nation and ranks in the top tier of all U.S. banks in terms of credit quality, earnings and capital. First Hawaiian's parent company, BNP Paribas, is one of the strongest banks in the world according to Standard & Poor's.
First Hawaiian Bank (www.fhb.com) with $15.2 billion in total assets was founded in 1858 and is Hawaii's oldest and largest bank. It has 58 branches in Hawaii, three on Guam and two on Saipan. The bank is owned by BNP Paribas, a leading global financial services institution.
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