First Hawaiian Bank, one of two financial institutions in the state that could go public this year, might conduct its initial public offering as early as June, according to a published report.

The state’s largest bank, with $19.3 billion in assets, would seek to raise roughly $1 billion in an offering valuing it at between $4 billion and $5 billion, according to a story Thursday in The Wall Street Journal that was based on people familiar with the matter.

American Savings Bank, the state’s third-largest bank with $6 billion in assets, is due to be spun off later this year if the state Public Utilities Commission approves Florida-based NextEra Energy Inc.’s proposed $4.3 billion takeover of ASB parent Hawaiian Electric Industries.

The publicly traded Bank of Hawaii is the state’s second-largest bank with $15.5 billion in assets and a market capitalization of $2.8 billion.

French banking giant BNP Paribas SA, which owns First Hawaiian Bank and San Francisco-based Bank of the West, said in December it was contemplating a sale of First Hawaiian to generate more capital and satisfy a rising regulatory requirement to have a higher ratio of capital to assets. Reuters reported in January that BNP had appointed Goldman Sachs and Bank of America Merrill Lynch as underwriters for the IPO.

First Hawaiian spokeswoman Susan Kam declined to comment Thursday.

BNP spokeswoman Cesaltine Gregorio said she didn’t have any updates on First Hawaiian’s fate.

“I don’t have any other information other than what we had in the press release (in December), that we were looking at different options and that an IPO could be a possibility,” she said. “I have no comment. I don’t know who they (The Wall Street Journal) spoke with.”

Analyst Aaron Deer, who covers Bank of Hawaii, Central Pacific Bank and Territorial Savings Bank for San Francisco-based investment banking firm Sandler O’Neill, said there is a good economic environment in Hawaii to take First Hawaiian public.

“Hawaii is a superb banking market,” he said. “Economic conditions in the state are very good, led by record tourism, low unemployment and a healthy level of construction activity. In addition, the local banks have solid management teams, sound balance sheets and strong connections to their communities.”

First Hawaiian’s IPO, should it occur, could be the largest of any company thus far in 2016, according to the Journal. If BNP sells $1 billion worth of FHB shares, it would be the largest U.S. bank IPO since Citizens Financial Group Inc. went public in a $3 billion offering in 2014, and the sixth-largest U.S. bank IPO since Dealogic began keeping records in 1995.

The last financial institution in Hawaii to go public was the parent of Territorial Savings Bank in July 2009 when it converted from mutual to full stock ownership. Territorial received gross proceeds of $122.3 million from the offering.

BNP initially had hoped to start marketing FHB shares to investors in early May, but that plan was delayed because the bank needed to clear regulatory hurdles first, according to the Journal. First Hawaiian will complete its 2016 Federal Reserve “stress test” and seek regulators’ approval of its capital-return plans before proceeding, the article said.

The stress test helps assess whether a bank has sufficient capital to absorb losses and helps ensure that it has the ability to lend to households and businesses even in times of financial and economic stress.

First Hawaiian was publicly traded until 2001, when BNP acquired the remaining 55 percent of First Hawaiian that it didn’t already own. BNP acquired 45 percent ownership of First Hawaiian in 1998 as part of a merger with BNP subsidiary Bank of the West.