First Hawaiian Bank, in its first year of eligibility, cracked the top 10 of Forbes magazine’s 2018 annual list of America’s 100 largest top-performing banks.
The state’s largest bank, which previously was ineligible for the list because it was 100 percent owned by Paris-based BNP Paribas, became a publicly traded company in August 2016 when it held an initial public offering.
First Hawaiian finished ninth on the list while Bank of Hawaii, a perennial top 10 finisher, placed 16th after finishing seventh in 2016. They were the only two Hawaii banks to make the list.
“We are very proud to represent the state of Hawaii, Guam and Saipan as one of the top 10 banks in the country,” First Hawaiian Chairman and CEO Bob Harrison said Wednesday. “Our performance is a testament to the hard work and dedication of our employees who make First Hawaiian the best bank for our customers.”
Forbes, which has been compiling the list for nine years, ranks the 100 largest U.S. banks and thrifts based on 10 metrics that measure a bank’s growth, profitability, capital adequacy and asset quality. The list, which evaluates the strength of a bank, contains total assets, return on average tangible equity, return on average assets, net interest margin, efficiency ratio and net charge-offs as a percent of total loans.
The data, which is based on regulatory filings for the period that ended Sept. 30, listed First Hawaiian with $21 billion in assets and Bank of Hawaii with $17 billion in assets.
Home BancShares, a holding company for Conway, Ark.-based Centennial Bank, was the top-ranked bank after moving up from eighth place the previous year. Home BancShares has $14 billion in assets.
