First Hawaiian Bank anticipating best earnings year ever | The Honolulu Advertiser

Comment, blog & share photos

First Hawaiian Bank anticipating best earnings year ever | The Honolulu Advertiser | Hawaii's Newspaper

Posted on: Tuesday, October 31, 2006

First Hawaiian Bank anticipating best earnings year ever

Advertiser Staff

First Hawaiian Bank's earnings rose 10.7 percent in the third quarter to a record $49.8 million. The bank is on track for another record year.

THE NUMBERS

Net profit: $49.8 million, up 10.7 percent from year ago.

Year-to-date profit: $150.4 million, up 20.4 percent from year ago.

Total assets: $11.9 billion, up 5.1 percent from year ago.

Loans and leases: $6.2 billion, up 7 percent from year ago.

Deposits: $8.6 billion, up 4.3 percent from year ago.

Noninterest income: $111 million, up 3.6 percent from year ago.

REASONS

First Hawaiian continued to capitalize on Hawai'i's strong economy as deposits, loans and assets were all up from a year ago.

The bank's focus on asset quality also paid off as the bank's nonperforming loans represented just .01 percent of its overall assets.

First Hawaiian's record third quarter helped fuel parent BancWest Corp.'s third quarter net, which increased 4 percent to $136.7 million.

WHAT THEY ARE SAYING

"Our solid earnings and asset growth was largely the result of the continued successful implementation of our customer-relationship strategy. ... We anticipate 2006 will be our best earnings year ever."

Donald Horner
First Hawaiian president and chief executive officer

WHAT'S NEXT

First Hawaiian, which earned $150.4 million for the first nine months this year, is on its way to exceeding last year's record earnings of $171.9 million.

The bank expanded its credit card business with the launch of its Aloha AirAwards card in Hawai'i and a Continental Airlines credit card on Guam and Saipan.

During the quarter, the bank launched two new investment advisory programs, which will add to future earnings.

Sponsored by:

Comment, blog & share photos