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- First Hawaiian Bank First Quarter 2013 Earnings
First Hawaiian Bank First Quarter 2013 Earnings
FIRST HAWAIIAN REPORTS FIRST QUARTER 2013 EARNINGS OF $52.6 MILLION
LOANS REACH RECORD $9.1 BILLION
(Honolulu, Hawaii, April 22, 2013) – First Hawaiian Bank today announced 2013 first quarter net income of $52.6 million, compared to $56.8 million earned in the first quarter of 2012. Loans reached a record $9.1 billion, an increase of 7.6 percent over 2012. The announcement was made today by Bob Harrison, First Hawaiian Bank president and chief executive officer.
“During the quarter we saw steady loan and deposit growth, buoyed by an expanding local economy,” Harrison said. “Our earnings were affected by the low interest rate environment which puts pressure on net interest income. Loan balances reached an all-time high as consumer and business confidence continued to improve.”
Compared to the previous year, for the first three months ending March 31, 2013, First Hawaiian achieved the following:
- Total Assets: grew to $16.4 billion, an increase of 1.6 percent.
- Deposits: were $12.9 billion, up 3.4 percent.
- Loans and Leases: were $9.1 billion, a 7.6 percent increase.
- Non-Performing Assets to Total Assets: remained one of the best in the U.S. at 0.27 percent
- Efficiency Ratio: of 45.6 percent, making First Hawaiian the most productive bank in Hawaii.
For the first quarter of 2013, First Hawaiian achieved the following accomplishments:
- First Hawaiian Bank secured $450,000 Federal Home Loan Bank of Seattle Affordable Housing Award for Veterans’ Housing development in Kapolei. It was the only Hawaii Bank to receive this award.
- In February, First Hawaiian became the first local bank to introduce an iPad App for its FHB Online Banking Services.
- The recently released 1Q 2013 First Hawaiian Bank Hawaii Business Activity Report showed debit and credit card sales transactions for same store comparisons were up 10.81 percent, the highest of any first quarter to date, with gains over prior year in all 16 sectors. The Guam Business Activity Report also showed 8 out of the 11 sectors with positive gains over year prior.
First Hawaiian Bank (