Previous Story
FHB posts $52.9M net income in 1Q
|
Posted on Apr 29 2009
[B]HONOLULU, Hawaii[/B]—First Hawaiian Bank yesterday announced 2009 first quarter net income of $52.9 million (excluding a one-time gain), an increase of 3.1 percent over the first quarter of 2008.
In addition, the bank recorded a one-time, leveraged lease portfolio tax gain of $21.6 million which resulted in overall first quarter net income of $74.5 million, a 33-percent increase over the first quarter 2008. The announcement was made today by Don Horner, First Hawaiian Bank’s chairman and chief executive officer.
“The bank experienced a respectable quarter, especially given the challenging economic environment. Our fundamentals remain strong, including asset quality, earnings, capital position and margins. The bank continues to have the strength and capability to offer customers both financial security and solutions during these uncertain times,” Horner said.
Compared to the previous year, for the first three months ending March 31, 2009, First Hawaiian achieved the following:
Total Assets: grew to $13.4 billion, an increase of 3.2 percent.
Deposits: were $9.5 billion, up 5.8 percent.
Loans and Leases: were $8 billion, a 17-percent increase
Non-Performing Assets: asset quality remained one of the strongest in the U.S. at 0.2 percent.
In May the bank plans to open a newly constructed, state-of-the-art, larger branch in the heart of Kailua Town to replace an older facility.
First Hawaiian Bank continues to be one of the safest banks in the nation. It ranks in the Top 5 percent of all U.S. banks in terms of credit quality, earnings and capital. Its credit rating is one of the strongest in the country, while Bankrate.com gives First Hawaiian its highest five star rating. First Hawaiian’s parent company, BNP Paribas, is ranked by Forbes magazine as the fifth-largest bank in the world. With a AA credit rating from Standard & Poor’s, it is ranked 6th in the world in terms of credit strength.
First Hawaiian Bank (www.fhb.com) with $13.4 billion in total 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. The bank is owned by BNP Paribas, a leading global financial services institution.[B][I] (PR)[/I][/B]
