First Hawaiian Bank said yesterday its first quarter 2009 earnings rose 33 percent to $74.5 million thanks to a one-time tax gain.

Minus the tax gain, the state's largest financial institution said it earned $52.9 million, a 3.1 percent increase from the year-earlier period.

"The bank experienced a respect- able quarter, especially given the challenging economic environment," said Don Horner, First Hawaiian's chairman and CEO. "The bank continues to have the strength and capability to offer customers both financial security and solutions during these uncertain times."

First Hawaiian said total assets were up 3.2 percent to $13.4 billion while deposits grew by 5.8 percent to $9.5 billion.

Loans and leases increased by 17 percent to $8 billion.

Nonperforming assets during the quarter represented 0.2 percent of its overall assets, making First Hawaiian one of the strongest banks in the nation.

The bank said its latest results received a boost from a one-time tax gain of $21.6 million from its leveraged lease portfolio.

Founded in 1858, First Hawaiian is the state's largest financial institution with 58 branches in Hawai'i. The company is owned by BNP Paribas of France.