First Hawaii Bank Reports Higher Net Income For 3rd Quarter of 2013

First Hawaiian Bank had a net income of $50.9 million during the 3rd quarter of 2013.  President and CEO for First Hawaiian Bank, Bob Harrison, commented, "We continue to see strong loan growth in a recovering marketplace.  The bank performed well this quarter with both deposits and assets achieving solid gains. We expect to see continued steady economic improvement as more projects begin construction. We mirror the economy. What the start of construction means for the economy is that finally people are working. We keep talking about projects being announced, projects being in pre-sale. Now, finally, people in the industry are working and getting paid. And those dollars will recirculate into the economy."

The bank's total assets increased by 3.7 percent to $16.7 billion, while total deposits increased by 3.1 percent to $13.1 billion.  Bob Harrison did note that low interest rates, set by the Federal Reserve, has lowered the company's net interest margin.  Harrison added, "The one thing we don't control is interest rates. That's why the net interest income was flat, but that's actually an improvement from where we thought it would be. The one thing we can control is working with our customers and being out in the community and supporting them with loans when they need to invest in whatever project there is to fulfill their needs. I think that will continue as we see some of these new projects come out of the ground."

Source: Honolulu Star Advertiser, 10-21-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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