Leroy Olan Laney, one of Hawaii’s leading economists, whose annual forecasts kept business leaders informed about the state’s overall health, died Monday at Straub Hospital from complications of liver disease. He was 72.

Laney came to Hawaii in 1990 as senior vice president and chief economist for First Hawaiian Bank and was a professor of economics and finance at Hawaii Pacific University from 1998 until his retirement in June.

He served as a consultant for First Hawaiian — the state’s largest bank — and other local and mainland companies for most of the past 20 years on a wide variety of local, national and international economic issues.

For years Laney produced annual economic forecasts for First Hawaiian and presented his findings at forums in each of the state’s four main counties. On Oahu his presentations, most recently at the Neal S. Blaisdell Concert Hall, would be attended by hundreds of Hawaii’s top business leaders. Laney turned over those duties in 2013 to Jack Suyderhoud, professor of business economics at the University of Hawaii Shidler College of Business.

“When he went to those economic forums, there always were speakers there from the mainland to talk, but I think everybody was there to hear Leroy,” said HPU colleague Ken Schoolland, an associate professor of economics and finance. “He was kind of a folksy guy, the way he laid it out so people could understand, and his presentations had nice, clear graphs from year to year. He explained so nicely what happened, what was happening and what we could expect in the near future. Because of that I think people of Hawaii made wise business decisions based on information he presented. So he had a huge impact for the whole state as a result.”

Schoolland said Laney’s ability to explain the complex world of economics spilled over into the classroom as well.

“He was probably the most highly regarded economist for many, many years at HPU,” Schoolland said. “It was a class the students didn’t want to miss. Students who had him in class all spoke very highly of him. He gave them a lot of confidence because if they couldn’t understand economics, he made it very clear to them.”

Foily Wittayanont, a student from Thailand, said she was inspired by Laney.

“He made me realize that I can do and be anything,” she said. “I never thought that I could ever understand economics at a deeper level until Dr. Laney showed me that I could. He was one of the best and most inspiring teachers I’ve ever had.”

Suyderhoud, who worked on national and global portions of the annual economic forecast at First Hawaiian before taking over the county outlook when Laney stepped down after 2012, said the two of them shared similar economic beliefs.

“He was fiscally conservative and skeptical about the ability of policymakers to direct, especially local economies, in a certain way,” Suyderhoud said. “He was a very sound monetary economist with significant experience at the Fed (Federal Reserve). His awareness about monetary policy and the impact of monetary policy was very good. I remember him sharing some of that with some of the people we brought here for executive education. He taught a class on that issue, and he did a very good job teaching the role of monetary policy.”

First Hawaiian said Laney’s death will create a big void in economic circles.

“We are saddened to hear about his passing,” the bank said in a statement. “He was an outstanding economist and well versed in the Hawaii economy. He served as the First Hawaiian Bank chief economist for many years and will be sorely missed.”

Laney was born March 20, 1943, in Decatur, Ga., the son of Lee Edwin and Paula Bishop Laney. He graduated with an industrial engineering degree from Georgia Tech in Atlanta in 1965 and an M.B.A. in finance from Emory University in Atlanta in 1968. He served as a Navy supply officer from 1968-71 in Yokosuka, Japan.

After receiving his Ph.D. in economics from the University of Colorado in 1975, he was a staff member on President Gerald Ford’s Council of Economic Advisers, then was an international economist for the U.S. Treasury’s Office of International Monetary Research from 1975-1978. He was a senior economist for the Federal Reserve Bank of Dallas from 1978-1988 and was on the faculty of Butler University in Indianapolis from 1989-1990, where he served as chairman of the economics department before coming to Hawaii.

His hobbies included spending time aboard the Aquarius, a 36-foot Cheoy Lee sailboat harbored at the Makani Kai Marina in Kaneohe, and sailing throughout the islands. He also had a talent for building large and intricately finished model wooden ships, most of which he kept as the mainstay of his home decor.

Laney is survived by his wife of 50 years, Sandra Prescott; sons Lee Olan III of Bellingham, Wash., and Prescott Edwin (Hilary Madison Wynn) of Seattle; granddaughter Althea and grandson Tyler of Seattle; and nieces Ashley Michelle Laney of Denver, and Stephanie Leigh Laney and their mother Phyllis Farmer Laney of North Richland Hills, Texas. He was predeceased by his brother, Steven Michael, and their parents.

A memorial gathering is planned for 11:30 a.m. to 2 p.m. Feb. 13 at the Waikiki Yacht Club.