Posted on: Saturday, November 13, 2004

First Hawaiian Bank profits rise 9 percent

By Deborah Adamson
Advertiser Staff Writer

First Hawaiian Bank reported a 9 percent increase in third-quarter profits even as revenue fell.

According to a Securities and Exchange filing yesterday, the state's largest commercial bank earned $36 million in the quarter, compared with $33 million in the like quarter a year ago.

Revenue — net interest income plus non-interest income — came to $120.8 million, compared with $123.1 million a year ago.

Lower noninterest expenses and a smaller provision for loan losses offset a revenue decline.

Profits rose in its largest lines of business — retail and commercial banking and consumer finance. Earnings in financial management, with assets of $20 million, fell 9 percent.

Total assets rose to $10.1 billion, compared with $9.7 billion a year ago.

First Hawaiian's sister company, San Francisco-based Bank of the West, reported a third-quarter net income of $103.3 million, compared with $101.6 million a year ago.

Revenue came to $349.3 million, up from $343 million in the like quarter in 2003.

Total assets soared to $31.7 billion from $28 billion.

Both banks are owned by BancWest Corp., a unit of BNP Paribas in Paris.

BancWest Corp earlier this month completed its acquisition of Community First Bankshares of Fargo, N.D., and USDB Bancorp. of Stockton, Calif., making it the seventh-largest bank holding company in the western United States with $49 billion in assets and 530 branches in 17 states, Guam and Saipan.

BancWest paid $1.2 billion for Community First and $245 million for USDB Bancorp.

Reach Deborah Adamson at dadamson@honoluluadvertiser.com or 525-8088.