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- First Hawaiian Bank First Quarter 2012 Earnings
First Hawaiian Bank First Quarter 2012 Earnings
FIRST HAWAIIAN REPORTS 1.9 PERCENT INCREASE IN FIRST QUARTER EARNINGS
(Honolulu, Hawaii, April 20, 2012) – First Hawaiian Bank today announced 2012 first quarter net income of $53.5 million, excluding after-tax security gains. This represents a 1.9 percent increase over the $52.5 million earned in the first quarter of 2011, also excluding after-tax security gains. The announcement was made today by Bob Harrison, First Hawaiian Bank president and chief executive officer.
“Continuing the momentum we achieved in 2011, the bank’s solid first quarter performance represents a 6.2 percent increase over the previous quarter,” Harrison said. “We achieved growth in our loan portfolio despite a slow construction sector. We remain optimistic that increases in tourism and consumer confidence will help boost Hawaii’s economy in the future.”
Compared to the previous year, for the first three months ending March 31, 2012, First Hawaiian achieved the following:
Total Assets: grew to $16.1 billion, an increase of 6.5% and the highest asset total in the company’s history.
Deposits: were $12.4 billion, up 15.0%.
Loans and Leases: were $8.4 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 0.22%.
Efficiency Ratio: of 42.8% was the lowest among commercial banks in Hawaii and one of the lowest in the U.S., ranking First Hawaiian among the most efficient banks in the nation.
During the quarter, the bank announced plans to renovate its Makiki Branch this year and build a new larger branch in Aina Haina as part of its strategy to build long-lasting personal and business customer relationships.
Finally, First Hawaiian recently published its 2012 first quarter Business Activity Report (BAR) which tracks sales activity in 16 different economic sectors. The BAR underscored the State’s continued economic recovery with a 10.38% increase in first quarter same store sales over the comparable period of 2011. This was the highest quarterly percentage increase in two years.
First Hawaiian Bank (www.fhb.com) with $16.1 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.