FHB reports Q3 net income of $55.8M, a 9.6-percent gain

HAGÅTÑA, Guam—First Hawaiian Bank, Hawaii’s largest and oldest bank, announced Friday net income of $55.8 million for the three months ending Sept. 30, 2014, an increase of 9.6 percent over the third quarter of 2013. Net income for the nine months ending Sept. 30, 2014, was $164.9 million, up 6.1 percent over the comparable period of 2013.

First Hawaiian grew its total assets to $18.1 billion, an increase of 8.2 percent over 2013. The bank’s loan and lease portfolio reached $9.8 billion and deposits achieved $14.7 billion for the third quarter of 2014.

The announcement was made by Bob Harrison, First Hawaiian Bank chairman, president and CEO.

“First Hawaiian Bank’s third quarter 2014 was exceptionally strong for us with steady and consistent loan growth across all sectors and double-digit gains in our core deposits from both consumer and business,” said Harrison “Our bankers have built solid relationships in the community and this has allowed us to assist our customers as the economy grows.”

Compared to the previous year, for the first nine months ending Sept. 30, 2014, First Hawaiian achieved the following:

– Total assets reached a record $18.1 billion, up 8.2 percent.

– Total loans and leases were a record $9.8 billion, up 5.1 percent.

– Total deposits achieved a record $14.7 billion, an increase of 11.9 percent.

– Nonperforming assets to total assets remained one of the lowest in the banking industry at 0.18 percent.

– Efficiency ratio was 44.57 percent, making First Hawaiian the most productive bank in Hawaii and one of the most efficient in the nation.

During the third quarter 2014:

– The bank contributed the first $25,000 to establish the Aloha for Puna Fund to assist Big Island residents in the Puna region with relief and recovery efforts following Storm Iselle. All 62 branch locations in Hawaii, Guam and the CNMI served as collection points with donations going directly to Hawaii Island United Way.

– First Hawaiian Bank’s third quarter Business Activity Report for Hawaii marked the 19th consecutive quarter of positive growth—overall 8.34 percent increase in debit and credit “same store sales” over the comparable period of 2013 with Hotels at 14.81 percent grabbing the top spot among 16 economic sectors measured.

– First Hawaiian unveiled a new visual identity through a redesigned logo and the launch of a new brand campaign with the slogan: “Be the One. It all starts with Yes.”

– The bank achieved another milestone when total assets reached $18.1 billion for the first time in the bank’s history.

– The bank’s 40th Annual Business Outlook Forums on Maui, Hawaii and Kauai presented economic forecasts for each county, the state and U.S. global economies and markets analysis.

First Hawaiian Bank (www.fhb.com) with $18.1 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. (FHB)