First Hawaiian's net income climbs 3% for 4th quarter

By David Butts
Advertiser Staff Writer

•	First Hawaiian Bank Net income Fourth quarter: $32.9 million, up 3 percent from fourth quarter of 2002. 2003: $136.1 million, up 8.7 percent from 2002. Total assets $9.9 billion as of Dec. 31, up 8.3 percent from 2002.

For all of 2003, First Hawaiian Bank earned $136.1 million, up 8.7 percent from 2002.

That contributed to a 20.8 percent increase in annual net income at First Hawaiian's parent, Banc-West Corp. The parent bank earned $436.6 million last year.

"This was our fifth straight record earnings year for BancWest, achieved through continued organic growth," said Walter Dods, BancWest chairman and CEO, in a statement.

Don McGrath, president and COO of BancWest, added, "We had very strong growth in consumer lending ... and the company's year-end ratio of nonperforming assets to total loans and leases is at its lowest level in more than a decade."

BancWest, which is also the parent company of California-based Bank of the West, said its fourth-quarter net income was $114.6 million, up 12 percent from the same quarter in 2002.

BancWest's nonperforming assets were reduced to 0.59 percent of loans, leases and foreclosed properties as of Dec. 31, an improvement from 0.71 percent as of Sept. 30 and 1.02 percent on Dec. 31, 2002. BancWest's net interest income for the quarter was $330.5 million, up 1 percent from the fourth quarter in 2002.

Noninterest income, at $92.3 million, increased 2.9 percent from the previous year's fourth quarter.

BancWest's total assets were $38.4 billion as of Dec. 31, up 10.4 percent. BancWest is a wholly owned subsidiary of Paris-based BNP Paribas.

Reach David Butts at 535-2453 or dbutts@honoluluadvertiser.com.