First Hawaiian Bank, marking its one-year anniversary as a publicly traded company, boosted earnings nearly 10 percent in the third quarter amid a solid performance from its loan portfolio.
Parent company First Hawaiian Inc. reported today that net income rose 9.6 percent to $58.4 million, or 42 cents a share, from $53.2 million, or 38 cents a share, in the year-earlier period.
The state’s largest bank said loans rose 6.6 percent to $12.1 billion, deposits increased 3.7 percent to $17.6 billion and assets climbed 3.4 percent to $20.6 billion.
“I’m pleased that we were able to celebrate the one-year anniversary of our initial public offering with a solid third quarter,” First Hawaiian Chairman and CEO Bob Harrison said in a statement. “Our overall financial performance was strong, asset quality remained excellent, and the local economy continues to do well.”
First Hawaiian, which had its initial public offering on Aug. 4, 2016, maintained its quarterly dividend at 22 cents a share. It will be payable on Dec. 8 to stockholders of record at the close of business on Nov. 27.
Share of the company rose 12 cents today to close at $29.91. The financial results were announced after the market closed.