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First Hawaiian reports earnings relatively flat at $51M

By Associated Press

LAST UPDATED: 11:57 a.m. HST, Oct 21, 2013

First Hawaiian Bank said today its earnings grew less than 1 percent in the third quarter to nearly $51 million, but profit for the first nine months of 2013 have fallen from the previous year.

Bank officials said earnings of $50.9 million for the July through September period were 0.6 percent more than net income of $50.6 million during the third quarter last year.

But the bank's net income of $155.4 million for the first nine months of 2013 was 5.1 percent less than the $163.8 million earned during the same time frame last year.

First Hawaiian said its year-to-date income is lower because of reduced sales of securities, plus a one-time gain last year from selling leased equipment.

First Hawaiian reported earlier this month that debit card and credit card transactions were up 6 percent in Hawaii in the third quarter. The bank also launched mobile deposit capability from its mobile apps.

The bank said its total assets hit $16.7 billion as of Sept. 30, up 3.7 percent from Sept. 30, 2012.

"We continue to see strong loan growth in a recovering marketplace," said CEO Bob Harrison. "The bank performed well this quarter with both deposits and assets achieving solid gains."

Harrison said he expects the economy to improve steadily as more projects begin construction.

Bank officials said total deposits were $13.1 billion, a 3.1 percent increase from last year. Total loans and leases rose 7.4 percent to $9.3 billion.

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