- Inside FHB
- Press & Earnings Releases
- Earnings Releases 2012
- First Hawaiian Bank Fourth Quarter 2011 Earnings
First Hawaiian Bank Fourth Quarter 2011 Earnings
FIRST HAWAIIAN POSTS 3.4 PERCENT
EARNINGS INCREASE FOR THE YEAR
(Honolulu, Hawaii January 20, 2012) – First Hawaiian Bank reported net income of $51.5 million for the fourth quarter 2011, a 2.6 percent gain over the comparable period of 2010. For the year, the bank earned net income of $209.0 million, an increase of 3.4 percent over 2010 excluding a one-time tax benefit. Total deposits reached a record $12.2 billion. The announcement was made today by Bob Harrison, First Hawaiian Bank president and chief executive officer.
“Although the local economy remained sluggish, First Hawaiian finished 2011 with strong deposit growth and excellent asset quality. We continued to invest in the State’s economy by making more than $2.9 billion in total loans during the year, once again making us Hawaii’s largest lender. The state’s economic activity is picking up, particularly in the tourism sector, which bodes well for 2012.”
For the 12 months ended December 31, 2011, First Hawaiian Bank achieved the following:
- Total Assets: reached a record $15.8 billion, up 4.2 percent.
- Total Deposits: were $12.2 billion, an increase of 15.7 percent.
- Loans and Leases: up 1.5 percent to $8.4 billion.
- Capital (Net Worth): was in excess of $2.7 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 lowest in the nation at 0.21 percent.
- Efficiency Ratio: was 43.69 percent making First Hawaiian the most productive bank in Hawaii and one of the most efficient in the nation.
In 2011, the bank achieved several accomplishments and milestones:
- First Hawaiian launched 24x7 free FHB Mobile Banking accessible through mobile devices and cell phones.
- First Hawaiian’s ATM network was expanded to include ATMs in 22 Zippy’s restaurants in Hawaii.
- First Hawaiian became the first bank to offer personal trust services on Guam with the formation of the FHB Guam Trust Co.
- The bank was once again the largest corporate contributor to charity. During the year, First Hawaiian’s employees donated $2.5 million to over 400 local non-profits throughout Hawaii, Guam and Saipan, bringing the total to $5.0 million over the past two years.
- The bank helped the community raise $1.2 million for the Japanese Red Cross Society for the survivors of the March 11, 2011 Japan Earthquake/Tsunami.
First Hawaiian Bank (www.fhb.com) with $15.8 billion in total assets was founded in 1858 and is Hawaii’s oldest and largest bank. It is a wholly-owned subsidiary of BNP Paribas, a leading global financial services institution. BNP Paribas is one of the highest rated banks in the world with a AA- credit rating from Standard & Poor’s.