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First Hawaiian Bank posts increased 3Q net earnings
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Posted on Oct 30 2008
[B]HONOLULU, Hawaii[/B]—First Hawaiian Bank yesterday reported 2008 third quarter net income of $55.4 million, an increase of 6.0 percent over the third quarter of 2007. For the nine months ended Sept. 30, 2008, the bank earned a record net income of $166.6 million, 7.1 percent over 2007, according to an announcement today by Don Horner, president and chief executive officer.
“Despite the challenges facing our economy and the financial services industry, First Hawaiian’s consistent credit policies have continued to serve us well. Last year was the most profitable in our 150 year history and for the first nine months we are on pace to exceed 2007’s earnings performance. Our solid balance sheet, earnings, credit quality and ample liquidity allowed us to support our local communities by posting strong loan growth for the quarter while maintaining a prudent loan to deposit ratio. Capital ratios were also strengthened. Overall, the bank continues to perform well.”
For the nine months ending Sept. 30, 2008, First Hawaiian achieved the following:
– Total Revenues: increased by 11.8 percent to $516.7 million;
– Total Assets: were $12.8 billion, a 2.4-percent increase;
– Loans and Leases: were $7.7 billion, a 23.9- percent increase;
– Deposits: unchanged at $8.9 billion;
– Loan to Deposit Ratio: 79.1 percent; and
– Non-Performing Assets: as a percentage of total assets remained one of the lowest in the U.S. at 9 basis points.
First Hawaiian Bank ($12.8 billion assets) was founded in 1858 and is Hawaii’s oldest and largest bank. It has 58 branches in Hawaii, three in Guam, and two on Saipan. The bank’s holding company, BancWest Corporation, is a wholly-owned subsidiary of BNP Paribas, a leader in global banking and financial services. BNP Paribas is one of the highest credit-rated banks in the world with an AA+ credit rating from Standard & Poor’s. [B][I](FHB)[/I][/B]
