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FHB continues consistent earnings growth
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Posted on Feb 03 2009
[B]HAGÅTÑA, Guam[/B]—First Hawaiian Bank posted net income of $55.9 million for the fourth quarter of 2008, an increase of 8.8 percent over the same period of 2007. For the year, the bank earned a record $222.5 million, a 7.5 percent increase over 2007, according to an announcement yesterday by Don Horner, First Hawaiian Bank chairman and chief executive officer.
[B] Non-Performing Assets[/B] as a percentage of total assets remained one of the lowest in the nation at 0.10 percent.
“2008 marked a major milestone: the bank’s 150th anniversary. Over the years, our consistent and prudent strategies have served us well. I am appreciative of our employees and their customer commitment and performance. Despite the economic challenges, the bank remains well positioned to continue to provide our customers with both solid financial solutions and security,” Horner said.
For the 12 months ending Dec. 31, 2008, First Hawaiian achieved the following:
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Total Revenues:[/B] increased by 9.1 percent to $680.4 million.
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Deposits:[/B] were $9.4 billion, up 3.1 percent.
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Loans and Leases:[/B] increased 20.8 percent to $7.9 billion.
[B] Non-Performing Assets[/B] as a percentage of total assets remained one of the lowest in the nation at 0.10 percent.
In commenting on the company’s strong financial performance, Horner also stated, “our loan growth underscores the bank’s commitment to our communities we serve and is a testimony of the continued confidence we have in the future.”
During the year, First Hawaiian announced that it had become the first local bank to accept debit and credit card purchase transactions through China Union Pay, China’s national credit card brand. The bank signed an agreement with Mitsubishi UFJ Trust and Banking Corporation to provide corporate trustee, successor trustee and estate settlement services for Japanese citizens. The bank also partnered with Orbitz to enhance its Priority Rewards debit and credit cards with discount travel and cash rewards. Also during the year, First Hawaiian constructed and opened a new larger, landmark branch in Tamuning on Guam.
First Hawaiian Bank (www.fhb.com) with $12.8 billion assets, was founded in 1858 and is Hawaii’s oldest and largest bank. It has 58 branches in Hawaii, three on Guam and two on Saipan. First Hawaiian’s holding company, BancWest Corporation (www.bancwestcorp.com), is a wholly-owned subsidiary of BNP Paribas, a leading global financial services institution. [B][I](PR)[/I][/B]
