FHB’s Q1 earnings up 1.9 percent

HAGÅTÑA, Guam—First Hawaiian Bank on Friday 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 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.

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 percent and the highest asset total in the company’s history.

– Deposits were $12.4 billion, up 15.0 percent.

– Loans and leases were $8.4 billion, a 2.8-percent 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 percent.

– Efficiency ratio of 42.8 percent 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,, which tracks sales activity in 16 different economic sectors. The BAR underscored the state’s continued economic recovery with a 10.38-percent 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. BNP Paribas is one of the highest rated banks in the world with a AA- credit rating from Standard & Poor’s.[I] (FHB)[/I]