First Hawaiian Q2 Reports Solid Earnings, Good Deposit Growth

Bob Harrison, President and Chief Executive Officer, First Hawaiian Bank. Courtesy of FHB.

By Sonia Isotov

In an announcement today by Bob Harrison, the president and chief executive officer of First Hawaiian Bank, the second quarter net income of $56.4 million was up 3.6% over the comparable quarter of 2011. Total deposits grew 7.8%% to a record of $12.6 billion.

“First Hawaiian finished the first half of 2012 with solid earnings, good deposit growth and strong asset quality. Gains in the tourism and retail sectors are leading our state’s economic recovery. While the recovery has been slow, our construction industry is showing signs of improvement which will play an important role in reducing Hawaii’s unemployment rate,” said Harrison, in a written statement.
For the six months ended June 30, 2012, First Hawaiian Bank achieved the following:

• Total Assets:  were $16.1 billion, up 8.6%
• Total Deposits:  were $12.6 billion, an increase of 7.8%
• Loans and Leases:  up 4.2% to $8.6 billion.

In their second quarter reporting, the bank also noted several recent accolades. First Hawaiian was voted the Best Bank in Hawaii by the readers of Honolulu Magazine. The bank was also recognized as one of Hawaii’s Best Places to Work by Hawaii Business Magazine and one of the state’s Best Banks by the readers of the Honolulu Star-Advertiser.

In the second quarter 2012 Hawaii Business Activity Report (BAR) released earlier this month, First Hawaiian reported that overall debit and credit card sales transactions for “same store sales” were up by 8.05%, continuing a positive growth trend over the last two years with the first half of 2012 posting 9.27% gain over the prior year.