comscore First Hawaiian Bank’s earnings decline 3 percent | Honolulu Star-Advertiser
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First Hawaiian Bank’s earnings decline 3 percent

  • STAR-ADVERTISER

    First Hawaiian Bank employees gathered, on Aug. 4, for a ringing of the bells at 10 a.m. to coincide with company Chairman and CEO Bob Harrison ringing the closing bell at the Nasdaq Stock Market in New York to celebrate the bank’s initial public offering of it’s market debut.

First Hawaiian Bank, reporting as a publicly traded company for the first time in 15 years, said today that net income fell 3 percent in the third quarter amid strong growth in loans and deposits.

Holding company First Hawaiian Inc. posted earnings of $53.2 million, or 38 cents a share, to match analysts’ estimates. The results were impacted by $3.1 million in initial public offering expenses.

In the year-earlier quarter, First Hawaiian had net income of $54.9 million, or 39 cents a share.

The bank, as expected from its initial public offering regulatory filings, declared a quarterly dividend of 20 cents a share. It will be payable on Dec. 9 to shareholders of record at the close of business on Nov. 28. The payout equates to a 3 percent annualized yield based on today’s closing price of $26.90. The shares, trading under the symbol FHB on the Nasdaq Stock Market, were down 3 cents for the day.

First Hawaiian said loans increased 9 percent to $11.40 billion from $10.45 billion in the year-earlier quarter while deposits rose 10 percent to $16.97 billion from $15.48 billion.

The state’s largest bank, which now has $19.89 billion in assets, went public at $23 a share on Aug. 4 and closed at $24.25 on its first day of trading.

Paris-based BNP Paribas, which previously owned 100 percent of First Hawaiian, sold off part of its stake to generate more capital and satisfy regulatory requirements. BNP now owns 82.6 percent of First Hawaiian after raising $557.8 million through the IPO.

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