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FHB posts 5.6 pct. earnings increase in first half of 2011
HAGÅTÑA, Guam-First Hawaiian Bank reported first half net income of $113.2 million, up 5.6 percent over the first half of 2011. Second quarter net income of $56.4 million was up 3.6 percent over the comparable quarter of 2011. Total deposits grew 7.8 percent to a record of $12.6 billion. The announcement was made yesterday by Bob Harrison, First Hawaiian Bank president and chief executive officer.
“First Hawaiian finished the first half of 2012 with solid earnings, good deposit growth and strong asset quality. Gains in the tourism and retail sectors are leading our state’s economic recovery. While the recovery has been slow, our construction industry is showing signs of improvement which will play an important role in reducing Hawaii’s unemployment rate,” said Harrison.
For the six months ended June 30, 2012, First Hawaiian Bank achieved the following:
– Total Assets: were $16.1 billion, up 8.6 percent.
– Total Deposits: were $12.6 billion, an increase of 7.8 percent.
– Loans and Leases: up 4.2 percent to $8.6 billion.
– Non-Performing Assets to Total Assets: remained one of the lowest in the nation at 0.23 percent.
– Efficiency Ratio: was 42.9 percent making First Hawaiian the most productive bank in Hawaii and one of the most efficient in the nation.
During the second quarter, the bank launched a new Priority Business Cash Rewards card offering business customers greater flexibility in managing their purchases.
Also during the year, First Hawaiian was voted the Best Bank in Hawaii by the readers of Honolulu Magazine. The bank was also recognized as one of Hawaii’s Best Places to Work by Hawaii Business Magazine and one of the state’s Best Banks by the readers of the Honolulu Star-Advertiser.
In the second quarter 2012 Hawaii Business Activity Report released this month, First Hawaiian reported that overall debit and credit card sales transactions for “same store sales” were up by 8.05 percent, continuing a positive growth trend over the last two years with the first half of 2012 posting 9.27 percent gain over the prior year. (FHB)
