Economic Recovery Reflected in First Hawaiian’s Q4 Growth

First Hawaiian Bank, Kihei Branch. Photo by Sonia Isotov.

By Sonia Isotov

Underscoring the state’s continued economic recovery, the First Hawaiian Bank Business Activity Report (BAR) showed an 8.9% increase in fourth quarter “same store sales” over the comparable period of 2011.

For all of 2011, business sales increased by 8.69% over the previous year, according to an announcement yesterday by Keith Nagata, senior vice president and Business Services manager.

“We are pleased to see continued growth in almost all sectors on a year over year basis, driven by our state’s tourism industry,” Nagata said.  “It is interesting to note that this is the second consecutive year of positive growth.  Greater spending is an indication of more consumer confidence which is a key component in any economic recovery.”

The BAR monitors statewide card spending at First Hawaiian Bank’s merchant locations throughout the state. The report tracks retail sales activity in 16 different economic sectors including automobile, retail, hotels, home improvement, restaurants, shipping and travel, among other categories.

Overall during 2011, First Hawaiian Bank processed $4.1 billion worth of customer credit and debit card sales transactions, an increase of 8.0% over 2010.  First Hawaiian is the largest bank provider of merchant card terminals and the largest processor of debit and credit card transactions in the State of Hawaii.