First Hawaiian sees income jump by 26.5% in first quarter | The Honolulu Advertiser

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First Hawaiian sees income jump by 26.5% in first quarter | The Honolulu Advertiser | Hawaii's Newspaper

Posted on: Tuesday, May 2, 2006

First Hawaiian sees income jump by 26.5% in first quarter

Advertiser Staff

First Hawaiian Bank posted record earnings in the first quarter as the bank's net income increased 26.5 percent to $48.7 million in the first quarter of 2006. It was the second straight quarter of record earnings; bank executives are expecting the strength to continue through 2006.

THE NUMBERS

Net income: $48.7 million, up 26.5 percent from a year ago.

Total Assets: $11.7 billion, up 8.8 percent from a year ago.

Loans and Leases: $5.9 billion, up 7.5 percent from a year ago.

Deposits: $8.6 billion, up 6.4 percent from a year ago.

Net interest income: $34.5 million, up 10.6 percent from a year ago.

REASONS

First Hawaiian continued to benefit from Hawai'i's growing economy although the bank believes that some segments are showing signs of slowing.

Results were boosted by the bank's improving asset quality. Nonperforming assets were just 0.02 percent of its overall assets, an improvement from 0.08 percent a year earlier.

First Hawaiian also opened new branches in Wailea and Guam.

WHAT THEY ARE SAYING

"We are pleased with the bank's first quarter performance. Our strong results were due to the continued successful execution of our relationship strategy. We expect to have a very strong year in 2006."

Don Horner
First Hawaiian Bank president and chief executive officer

WHAT'S NEXT

In addition to its new branches, First Hawaiian plans to renovate its existing branches during the year, which is expected to cost several million dollars.

The bank will invest in new technology that will allow customers to go online to receive e-statements and view their canceled checks in real time.

First Hawaiian also plans to introduce new microchip technology to credit cards to protect against identity theft.

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