Previous Story
FHB posts record earnings in first half of ’08
|
Posted on Jul 29 2008
First Hawaiian Bank over the weekend posted record earnings for the first half of 2008 as banks elsewhere in the nation also revealed a mixed bag of earnings reports and financial troubles.
First Hawaiian’s income in the second quarter of 2008 stands at $55.1 million, a 6.2-percent increase over the same period in 2007, the bank said in a July 26 statement. For the first six months of 2008, First Hawaiian posted a total of $111.3 million worth of income, up 7.7 percent over the first half of last year, it said.
“Despite the slowing local and national economies, the bank continued to perform well during the first half of 2008,” First Hawaiian’s president and CEO, Don Horner, said. “Revenue growth, margin, and asset quality all remained strong. Our relationship strategy initiatives, productivity improvements, and consistent credit policies have positioned us well for continued growth.”
First Hawaiian’s total revenues jumped 12.4 percent to $345 million in the first half of the year, the bank says in its statement, while its total assets rose 4 percent to $13 billion.
First Hawaiian’s record earning come as federal regulators last week ordered two regional banks in the United States to shut down due to a lack of capital—the First National Bank of Nevada and First Heritage Bank, according to news reports. Banking experts note these closures mark the sixth and seventh bank failures this year.
However, other banks around the nation are seeing significant gains. Princeton National Bancorp, for example, the parent company of Citizens First National Bank in a statement this week revealed it has seen a 37 percent gain in net income over 2007. Several other banks this week also posted significant income jumps over last year.
