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First Hawaiian net income, deposits rise

STAR-ADVERTISER / MAY 1998

A woman walked near the entrance to the First Hawaiian Bank building on King and Bishop streets. Hawaii’s largest bank got bigger in the second quarter after taking in about $1.3 billion in new deposits, and First Hawaiian Bank’s holding company increased its profit in the three months ended June 30.

Hawaii’s largest bank got bigger in the second quarter after taking in about $1.3 billion in new deposits, and First Hawaiian Bank’s holding company increased its profit in the three months ended June 30.

First Hawaiian Inc. today reported net income of $56.9 million in the quarter, up 3.6 percent from $54.9 million in the same period last year.

The bank produced higher income from both interest it earns from lending and other products, as well as other kinds of income such as fees, while the bank’s total deposits and loans rose to record highs.

Total deposits with First Hawaiian rose 8.3 percent to $17.5 billion in the recent quarter from $16.1 billion a year earlier. Total loans made by First Hawaiian rose 7.8 percent to $12.1 billion from $11.2 billion in the same period.

First Hawaiian also invests deposit funds in securities, mainly U.S. government-issued securities, and held $5.1 billion in such investments at the end of June, compared with $4.6 billion at the same time last year.

Bob Harrison, First Hawaiian’s chairman and CEO, said in a statement that he was pleased by what he called a continued strong performance for the company. “We had good growth, as loan and deposit balances finished the quarter at record levels,” he said. “Additionally, the local economy remained robust, and our asset quality remained excellent.”

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