comscore Tax cut, loan growth help First Hawaiian’s earnings soar | Honolulu Star-Advertiser
Business Breaking | Top News

Tax cut, loan growth help First Hawaiian’s earnings soar

First Hawaiian Bank’s net income jumped 19.7 percent in the first quarter as it benefited from a new lower tax rate and achieved strong loan growth.

The parent of the state’s largest bank, First Hawaiian Inc., reported today that earnings rose to $68 million, or 49 cents a share, compared with $56.7 million, or 41 cents a share, in the year-earlier period.

First Hawaiian’s effective tax rate for the quarter dropped to 26 percent from 36.9 percent in the year-earlier quarter. The Tax Cuts and Jobs Act, which went into effect Jan. 1, reduced the federal corporate tax rate to 21 percent from 35 percent.

”We had strong earnings growth driven by good loan growth, margin expansion, excellent asset quality, and an effective tax rate in line with our expectations,” First Hawaiian Chairman and CEO Bob Harrison said.

Loans rose 5.8 percent to $12.5 billion, deposits increased 2.5 percent to $17.4 billion and assets gained 2.3 percent gained to $20.2 billion.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments (0)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up