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First Hawaiian Inc., the state’s largest banking company, on Friday reported second-quarter net income of $62.4 million, up 5.2% from $59.4 million in the same quarter of 2022.
“I’m pleased to report that we had a solid second quarter in spite of a challenging interest rate environment,” Bob Harrison, the bank-holding company’s chairman, president and CEO, said in a news release. “We grew loans and capital, credit quality remains excellent, and our profitability measures continue to be strong.”
The company also reported earnings of 49 cents per share, up 6.5% from 46 cents a share a year earlier.
The results did not meet Wall Street expectations, with the average estimate of four analysts surveyed by Zacks Investment Research at 50 cents a share.
The parent company of First Hawaiian Bank said it posted revenue of $276.6 million in the period. Its revenue net of interest expense was $207.3 million, which also missed Wall Street forecasts. Three analysts surveyed by Zacks expected $212 million.
Total assets were $24.5 billion as of June 30, down 3.5% when compared with $25.4 billion a year earlier. Total deposits were $21.1 billion at the end of the most recent quarter, down 6.6% from $22.6 billion a year ago.
Net interest income for the second quarter was $159.9 million, an increase of 10% from $145.1 million in the same period of 2022.
The company’s stock Friday closed at $21.36, down 56 cents, on Wall Street.