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- First Hawaiian Bank Assets Exceed $17 Billion; Achieves Record Levels in Loans, Deposits and Total Assets
First Hawaiian Bank Assets Exceed $17 Billion; Achieves Record Levels in Loans, Deposits and Total Assets
(Honolulu, Hawaii January 24, 2014) – First Hawaiian Bank, Hawaii’s largest and oldest bank grew its total assets to $17.1 billion in 2013. The bank’s loan and lease portfolio reached a record $9.5 billion and deposits achieved a high of $13.6 billion for the year. The bank reported net income of $51.5 million for the fourth quarter 2013, a 3.0 percent decline over the comparable period of 2012. First Hawaiian’s 2013 net income was $206.9 million, a decrease of 4.6 percent over 2012. The reduction in year-to-date net income is due primarily to the gain on sale of leased equipment recorded in 2012, and lower gains on sales of securities in 2013 as compared to the year prior. Excluding the one-time gain on sale of leased equipment and gains on sales of securities, full year net income for 2013 increased by 2.4 percent over the adjusted full year net income for 2012. The announcement was made by Bob Harrison, First Hawaiian Bank president and CEO.
“First Hawaiian Bank’s growth has been steady year-over-year, building a solid foundation of strength for our customers, many of whom we have been serving for generations. I am especially proud of our employees who made it possible for First Hawaiian to become a $17.1 billion bank,” said Harrison. “With the economy improving and construction projects underway, we expect a continuation of this consistent, measured growth in 2014.”
For the 12 months ended December 31, 2013, First Hawaiian Bank achieved the following over the prior year:
- Total Assets: reached a record $17.1billion, up 2.8 percent.
- Total Deposits: were a record $13.6 billion, an increase of 5.3 percent.
- Total Loans and Leases: were a record $9.5 billion up 5.7 percent.
- Non-Performing Assets to Total Assets: remained one of the lowest in the banking industry at 0.19 percent.
- Efficiency Ratio: was 46.78 percent making First Hawaiian the most productive bank in Hawaii and one of the most efficient in the nation.
In the fourth quarter of 2013, First Hawaiian noted several accomplishments and milestones:
- First Hawaiian Bank opened its newly constructed Aina Haina Branch. The bank opened the original Aina Haina Branch in the same Aina Haina Shopping Center in 1960 and has been a part of the Aina Haina community for over 53 years.
- The bank made a $100,000 donation in support of the Super Typhoon Haiyan relief efforts and waived wire transfer fees to the Philippines.
- In 2013, First Hawaiian was once again named one of Hawaii’s most charitable companies by Hawaii Business Magazine. Through its employee campaign and Foundation, the bank donated over $2.5 million to 400 charities in Hawaii, Guam and Saipan, bringing its total community donation to $10 million over the past four years.
- The Association of Fundraising Professionals recognized First Hawaiian Bank with their 2013 Outstanding Corporation Award.
- The First Hawaiian Bank quarterly Business Activity Report (BAR) showed Hawaii credit and debit card sales transactions up 6.90 percent with growth in all 16 sectors for 2013. Statewide credit and debit card transactions continued the positive growth trend in fourth quarter 2013, posting a 2.29 percent gain for same store sales over the year prior.
First Hawaiian Bank (