First Hawaiian revenue up 10.6%; net income, assets up, too | The Honolulu Advertiser

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First Hawaiian revenue up 10.6%; net income, assets up, too | The Honolulu Advertiser | Hawaii's Newspaper

Posted on: Wednesday, May 2, 2007

First Hawaiian revenue up 10.6%; net income, assets up, too

Advertiser Staff

First Hawaiian Bank reported record first-quarter earnings as the company's net increased 5.7 percent to $51.4 million.

FIRST QUARTER

Revenue: $155.1 million, up 10.6 percent from a year ago.

Net income: $51.4 million, up 5.7 percent from a year ago.

Total assets: $12.3 billion, up 4.7 percent from a year ago.

Loans and leases: $6.3 billion, up 5.3 percent from a year ago.

Deposits: $8.9 million, up 3.3 percent from a year ago.

REASONS

With Hawai'i's continued strong economy, loans, deposits and total assets all showed healthy growth.

The bank's interest margin the difference between interest income and interest expense ÷ was stable.

The Federal Deposit Insurance Corp. recently rated the bank "outstanding" for its compliance with the Community Reinvestment Act.

WHAT THEY ARE SAYING

"Continued asset growth and a stable interest margin contributed to our solid performance."

Donald Horner
president and chief executive officer, First Hawaiian Bank

WHAT'S NEXT

First Hawaiian, with 62 branches in Hawai'i, Guam and Saipan, plans significant upgrades of its branch system.

The bank is expanding its Wealth Management product offerings, raising its noninterest income.

Major investment in First Hawaiian's online banking system will boost retail and commercial business.

Correction: A previous version of this story should have quoted First Hawaiian Bank Chief Executive Officer Don Horner as saying: "Continued asset growth and a stable interest margin contributed to our solid performance." The quote contained a typographical error.

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