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The Honolulu Advertiser
Posted on: Wednesday, October 28, 2009

First Hawaiian posts $54M profit


BY Rick Daysog
Advertiser Staff Writer

Hawaii news photo - The Honolulu Advertiser

First Hawaiian, the state's largest financial institution, hit the $10 billion mark in deposits for the first time in its history.

ADVERTISER LIBRARY PHOTO | 2009

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First Hawaiian Bank said earnings were down slightly during the third quarter but the company's year-to-date performance exceeded last year's record pace.

The company reported net income of $54.1 million during the three months ending Sept. 30, 2009, a 2.3 percent decrease from the year-earlier period.

For the first nine months this year, the company netted $182.2 million, which was up 9.3 percent from the same period last year.

"Despite the challenging economic environment, our overall core earnings, capital and our credit quality remained strong," said Don Horner, First Hawaiian's chief executive officer.

"The bank remains well positioned and committed to assist our customers through the difficult economic cycle."

Founded in 1849, First Hawaiian is the state's largest and oldest financial institution with 58 branches in Hawaii, three on Guam and two on Saipan.

The company's assets as of Sept. 30 were $13.8 billion, a 8 percent rise from the same period last year. Loans and leases increased 0.7 percent to $7.8 billion.

Deposits, meanwhile, hit the $10 billion mark for the first time in the bank's 150-year history. Those deposits are up 13.2 percent from third quarter 2008.

Last year, the bank earned a record $222.5 million, which was up 7.5 percent from 2007.