First Hawaiian Registers 4.9% Gain over Previous Quarter

Image courtesy of First Hawaiian Bank

By Sonia Isotov

This week, First Hawaiian Bank announced this week 2011 first quarter net income of $52.7 million, a 4.9% gain over the previous quarter and a 2.6% increase over the first quarter of 2010.

Total assets grew to $15.2 billion. The announcement was made yesterday by Don Horner, First Hawaiian Bank chairman and chief executive officer in a written statement following a quarterly earnings conference call.

“The bank experienced a respectable quarter and overall fundamentals remain solid,” Horner said. “We see continued progress in our state’s economy and are hopeful the impact of the March 11th tragedy in Japan will not be as severe as first predicted. A strong tourism sector is an important contributor to lead our economic recovery.”

During the quarter the bank launched the Japan-Hawaii Relief Fund to benefit the victims of the earthquake and tsunami in Japan on March 11th. The bank raised $1,176,000 for the Japanese Red Cross Society.

During the quarter the bank launched the Japan-Hawaii Relief Fund to benefit the victims of the earthquake and tsunami in Japan on March 11th. The bank raised $1,176,000 for the Japanese Red Cross Society.

First Hawaiian also reported the following, in a written statement, with for the first three months ending March 31 for 2011, as compared to 2010.

• Total Assets: grew to $15.2 billion, an increase of 6.3%.
• Deposits: were $10.8 billion, up 5.8%.
• Loans and Leases: were $8.2 billion, a 2.8% increase
• Capital (Net Worth): was in excess of $2.6 billion and remained well above Hawaii banks and in the top quartile nationally as a percentage of total assets.
• Non-Performing Assets to Total Assets: remained one of the best in the U.S. at 0.25%.
• Efficiency Ratio: 43.3%, reportedly one of the most efficient in the nation.