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First Hawaiian Bank reports solid first half
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Posted on Jul 24 2011
[B]Hagåtña, Guam[/B]—First Hawaiian Bank reported first half 2011 net income of $107.1 million, up a modest 1 percent over the first half of 2010. Second quarter net income of $54.5 million was equal to the comparable quarter of 2010. Total deposits grew 11.6 percent to a record $11.7 billion. The announcement was made Friday by Don Horner, First Hawaiian Bank chairman and chief executive officer.
“Overall, the bank continued to perform well, with consistent core earnings and strong asset quality,” Horner said. “First Hawaiian remains committed and well positioned to supporting our customers especially during these challenged economic times. We remain in a sluggish, jobless recovery in part because of the weakness in our construction sector. However, both the tourism and retail sectors are producing positive trends which reflect improvement in consumer confidence.”
For the six months ending June 30, 2011, First Hawaiian Bank achieved the following over the prior year:
*[B] Deposits:[/B] $11.7 billion, an 11.6-percent increase.
* [B]Total Assets:[/B] $14.8 billion, a 0.3-percent increase.
* [B]Loans and Leases:[/B] $8.2 billion, a 2.2-percent increase.
* [B]Capital (Net worth):[/B] Remained well above other Hawaii banks and in the top quartile nationally as a percentage of total assets.
* [B]Non-Performing Assets:[/B] Asset quality remained one of the strongest in the U.S. with non-performing assets at 0.2 percent of total assets.
During the second quarter, First Hawaiian became the first bank on Guam to offer personal trust services with the formation of a new trust company, FHB Guam Trust Co. The new operation is located in Tamuning, Guam, and provides a full range of personal trust services, asset management, and estate plan administration. In April, First Hawaiian was the first Hawaii bank to accept the BC Global Card, which is part of the largest domestic payments network in Korea. First Hawaiian now accepts the card through its network of 7,500 merchant locations and nearly 300 ATMs in Hawaii. Finally, in the area of community service, the bank became a leading sponsor of The Aloha Initiative, an effort to match victims of the March 11 devastation in Japan with host families in Hawaii.
First Hawaiian Bank with $14.8 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 an AA credit rating from Standard & Poor’s. [B][I](FHB)[/I][/B]
