Net Income Increases at First Hawaiian Bank

By Maui Now Staff

First Hawaiian Bank grew its total assets to $18.7 billion in the first quarter of 2015.

The bank’s loan and lease portfolio reached a record $10.2 billion and deposits achieved a high of $15.2 billion.

The bank reported net income of $56.5 million for the first quarter 2015, a 6.2 percent increase over the compared to the same time period last year.

“First Hawaiian Bank is off to a great start in 2015, building on the momentum of 2014,” said Bob Harrison, First Hawaiian Bank chairman, president and CEO. “Assets, loans and deposits all achieved record levels during the quarter. As the economy continues to expand and more construction projects come on line, we expect to see strengthening consumer confidence and growth in job creation.”

In the first quarter of 2015, Jan. 1 through March 31, First Hawaiian Bank achieved the following over the previous year:

• Total assets: $18.7 billion, up 8.5 percent.
• Total deposits: $15.2 billion, an increase of 9.6 percent.
• Total loans and leases: were a record $10.2 billion up 6.5 percent.
• Non-performing assets to total assets: remained one of the lowest in the banking industry at 0.13 percent.
• Efficiency ratio: was 44.65 percent, making First Hawaiian the most productive bank in the state and one of the most efficient in the nation.

In the first quarter of 2015, First Hawaiian also noted the following:

• For the fourth straight year, First Hawaiian Bank was named one of the state’s best places to work.
• The First Hawaiian Bank first quarter 2015 Business Activity Report showed Hawaiʻi credit and debit card same store sales volume were up by 4.63 percent, with growth in 13 out of 16 sectors. This was the 21st consecutive quarter of positive growth. Supermarkets, convenience stores and utilities sectors all posted over 15 percent gains for the first quarter of 2015.
• Retired US Army Chief of Staff General Eric Shinseki elected to serve on the First Hawaiian Bank Board.

First Hawaiian Bank, with $18.7 billion in total assets, was founded in 1858 and is the state’s oldest and largest bank.