Press Release
First Hawaiian Bank Reports First Quarter 2014 Earnings of 53.2 Million Achieves Record Levels in Deposits and Loans
(Honolulu, Hawaii April 25, 2014) – First Hawaiian Bank, Hawaii's largest and oldest bank today announced 2014 first quarter net income of $53.2 million, compared to $52.6 million earned in the first quarter of 2013. First Hawaiian grew its total assets to $17.3 billion, an increase of 5.3 percent over 2013. The bank's loan and lease portfolio reached $9.5 billion and deposits achieved a high of $13.8 billion for the first quarter of 2014, increases of 4.9 percent and 7.7 percent, respectively, compared to the first quarter of 2013. The announcement was made by Bob Harrison, First Hawaiian Bank president and CEO.
"First Hawaiian Bank's solid performance in the first quarter showed year-over-year growth resulting in record levels for deposits and loans," said Harrison. "Our strategic focus of building customer relationships continues to help us grow our deposits. We view lending as an opportunity to help strengthen our community and it is the reason why loans continue to be a core strength for us."
Compared to the previous year, for the first three months ending March 31, 2014, First Hawaiian achieved the following:
- Total Assets: reached a record $17.3 billion, up 5.3 percent.
- Total Loans and Leases: were $9.5 billion, up 4.9 percent.
- Total Deposits: were a record $13.8 billion, an increase of 7.7 percent.
- Nonperforming Assets to Total Assets: remained one of the lowest in the banking industry at 0.18 percent.
- Efficiency Ratio: was 45.09 percent making First Hawaiian the most productive bank in Hawaii and one of the most efficient in the nation.
In the first quarter of 2014, First Hawaiian noted several accomplishments and milestones:
- The bank expanded its FHB Online service to include trust, investment and insurance accounts. This new enhancement allows customers the convenience of single point of access to their accounts to monitor investment balances, review detailed breakdown of their asset allocation and holdings, and download and view monthly reports. FHB Online is available through FHB's Mobile Banking service which allows customers to use their smartphones or tablets to bank-on-the-go.
- First Hawaiian Bank launched its Community Care Employee Volunteer Service program to provide volunteer opportunities for employees working together in teams to assist non-profits. Employees are organizing volunteer service projects throughout 2014 on all islands, on Guam and Saipan. In first quarter 2014, over 130 employees supported the Great Aloha Run and over 250 employees helped the Department of Education and Hawaii 3R's with $200,000 worth of repairs at Manoa Elementary, Kawananakoa Middle School, and Waialua High School.
- For the seventh year in a row, the Blood Bank of Hawaii named First Hawaiian Bank it's #1 Lifesaver Club among Hawaii's financial institutions for employee donation of 770 pints of blood, the most ever for any financial institution.
- The First Hawaiian Bank quarterly Business Activity Report (BAR) showed Hawaii credit and debit card sales transactions up 3.82 percent with growth in 13 of the 16 sectors. This was the 17th consecutive quarter of positive growth overall. Medical Services (14.15%) and Home Improvement (13.92%) were the top two sectors with both sectors posting their highest growth increase since 2010.
First Hawaiian Bank (www.fhb.com) with $17.3 billion in total assets was founded in 1858 and is Hawaii's oldest and largest bank. It is a wholly-owned subsidiary of BNP Paribas, a leading global financial services institution.