First Hawaiian Bank Reaches $10 Billion in Loans

First Hawaiian Bank has announced that they have reached $10 billion in loans for the first time in their company's history, and attribute this to a growing level of consumer confidence and a resurgence in the construction industry. Bob Harrison, the chairman, president and CEO of First Hawaiian, stated, "We're seeing good growth in the lending portfolio, which leads to growth in net interest income. We also saw good expense control, as we have had throughout the year, and we had gains from securities sales (in the bank's investment portfolio)."

Deposits have also grown over the last 12 months to $14.7 billion from $13.6 billion.  Harrison commented, "Deposits are really a reflection of the bank's relationship strategy as we continue to grow and the economy continues to improve here. That's how deposits grow. It's been unusually high, even we're a little surprised at how high the deposit growth has been going. We're seeing that on the consumer side in terms of borrowing and deposit growth. It also has been strong in the construction portfolio. Clearly, we're seeing growth in our construction loans and, secondly, with those people in the construction industry that are working, you're seeing growth and confidence in their own personal lives. Those are generally well-paying jobs."

Source: Honolulu Star Advertiser, 1-23-2015, www.staradvertiser.com
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Credit and Debit Card Spending Increases by 7.4 Percent During Fourth Quarter of 2014

According to a report issued by First Hawaiian Bank, credit and debit card sales increased by 7.4 percent during the fourth quarter of 2014. This amounts to $763.8 million as compared to the $711 million in the same quarter a year prior.  Bob Harrison, the chairman, president and CEO of First Hawaiian Bank, stated, "The economy continues to grow. Lower energy costs will continue to help the customer because they'll be spending less on electricity. That will give them more disposable income, which will be good for the rest of the economy. This report is a really good reflection of consumer confidence. Construction employment has gone up, and a lot of projects are going up in Honolulu. We see further strength in 2015. For the Japanese visitor, the yen has weakened considerably over the last 12 months, but they're still coming to Hawaii. We're still optimistic for another strong year. I think the strong economy will certainly help the mainland visitors to Hawaii as well." First Hawaiian is the largest bank in Hawaii with $18.1 billion in assets.

Source: Honolulu Star Advertiser, 1-18-2015, www.staradvertiser.com
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Credit and Debit Card Transactions Increase Significantly During Third Quarter of 2014

According to a report released by First Hawaiian Bank, credit and debit card transactions increased by 8.3 percent during the third quarter of 2014, as compared to the same quarter a year ago.  Bob Harrison, the chairman, president and chief executive officer of First Hawaiian Bank, stated, "The consumer in Hawaii and across the nation has done a great job of paying down debt and getting their financial house in order. But the consumer is also the primary driver of our economy. If they don't spend, then the economy can't grow. Hopefully with some of the numbers in the broad consumer categories increasing, people are feeling more comfortable spending."

Jack Suyderhoud, a professor of business economics at the University of Hawaii Shidler College of Business, commented, "What we're seeing this year is kind of an acceleration of spending. The first quarter was pretty slow. The second quarter picked up some speed, and in the third quarter we're seeing even more growth. That suggests to me that things have been picking up after a slow start for the year. I find encouraging in the numbers that for the last couple of quarters, the expenditure categories have been more kind of a local type of spending -- utilities, home furnishings and supermarkets. They've been among the leading sectors, which means we're seeing an internal momentum to the economy."

Source: Honolulu Star Advertiser, 10-10-2014, www.staradvertiser.com
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Hawaii's Economy Continues to Rebound

Hawaii's economy continues to rebound thanks to strong tourism and construction which has propelled housing prices to record levels on Oahu and pushed unemployment down to a six-year low.  First Hawaiian Bank issued a report that credit card sales increased by 5 percent during the second quarter of 2014 as compared to the same quarter a year prior. Bob Harrison, the President and Chief Executive Officer of First Hawaiian.Bank stated, "Tourism is still the driver. We've seen over a period of time strong growth in tourism, and now you're starting to see some individual consumer activities as people feel better about how they're doing. You're starting to see things like home furnishing and home improvement pick up. We've had a very good year so far, and we're continuing to expect modest growth in the 3 to 4 percent range. If we're fortunate and stay at the 5 percent to 6 percent level (in card transactions), I think that will be exceptional. But right now we expect to see modest growth through the end of the year."

First Hawaiian Bank is the largest bank in Hawaii with $17.3 billion in assets.

Source: Honolulu Star Advertiser, 7-20-2014, www.staradvertiser.com
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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
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Hawaii's Economy Continues to Grow Slowly, Concern Over Prolonged Government Shutdown

A quarterly report issued by First Hawaii Bank indicated that Hawaii's economy continues to grow as evidenced by a 5.9 percent increase in credit and debit card card transactions for local businesses during the third quarter of 2013 as compared to the same quarter a year prior.  The bank is the largest local processor of debit and credit card transactions with nearly 7,000 merchants on their network.  President and CEO of First Hawaiian Bank, Bob Harrison, commented, "Although this quarter's gain (in card transactions) was modest compared to previous quarters, what we are seeing is that this third quarter is the 15th consecutive quarter of positive growth. That is a good indication for us that the economy continues to make steady gains."

However, Jack Suyderhoud, a professor of business economics at the University of Hawaii's Shidler College of Business and adviser to First Hawaiian Bank, warned that a prolonged federal government shutdown could slow growth significantly.  Suyderhoud stated, "The longer the shutdown lasts, the larger the impact will be. There's no doubt about the fact that it will have some impact. It's just that we don't know what the impact will be because we don't know how long it's going to last and we don't know the extent of the shutdown."

Source: Honolulu Star Advertiser, 10-13-2013, www.staradvertiser.com
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Credit and Debit Card Transactions Increase By 8.4 Percent in Second Quarter of 2013

According to a report issued by First Hawaiian Bank, credit and debit card transactions increased by 8.4 percent during the second quarter of 2013.  The state's largest bank notes that an improving construction industry and strong visitor arrivals have definitely helped with consumer spending.  President and CEO of First Hawaiian Bank, Bob Harrison, commented, "It's really encouraging seeing not only growth in the consumer numbers, but also seeing good starts on the construction side as well.  Consumers are still holding up their end, and it's looking like construction is coming on strong as well.  My hope is that this same trend continues and we continue to see solid single-digit or double-digit growth.  If we can continue to see that type of growth for the rest of 2013, that would be very, very good news."

In related news, Matson Inc., the state's largest ocean shipping company, has noted that there has been an upward trend in both containers and automobiles.  Chief Financial Officer for Matson Inc., Joel Wine, stated, "We think things have bottomed, and although we don't know what that slope of increase is going to look like, it feels like we're headed in the right direction.  We've stabilized, and we're still in the early innings of a recovery."  Wine added that the exact second quarter numbers will be released shortly in an official public statement.

Source: Honolulu Star Advertiser, 7-14-2013, www.staradvertiser.com
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Hawaii Economy – First Hawaiian Bank Seeing Increases in Individual and Business Loans

First Hawaiian Bank, the state’s largest bank, has announced that they have seen an increase in the number of individuals and businesses who are applying for and obtaining loans. This is attributed to low interest rates and an improving economy. President and CEO for First Hawaiian Bank, Bob Harrison, stated, “For a couple of years now, we’ve been waiting for a recovery, and now it seems to be finally getting going. Customers are getting the confidence it takes to buy a new car. And in construction you see the confidence it takes for people to invest in a new building or a new project. So having all that happen now is very positive. Some of the (planned) construction projects have started, and our branches are seeing new loan activity. We’re helping consumers finance the purchase of new cars. The only negative pulling us back is the low interest rate environment from the earnings perspective. But we’re still over $50 million in net income, and that makes us one of the most profitable, if not the most profitable, companies (in the state).”

During the first quarter of 2013, First Hawaiian Bank had loaned out $9.1 billion. This was a significant increase from the $8.4 billion loaned during the first quarter of the prior year.

Source: Honolulu Star Advertiser, 4-22-2013, www.staradvertiser.com
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Hawaii Economy – First Hawaiian Bank Reports Strong First Quarter of 2013 for Credit and Debit Card Transactions

First Hawaiian Bank is the largest bank in Hawaii with 7,500 merchants on its network and $16.6 billion in assists.  In a recent report, the bank reported that statewide credit and debit card transactions have increased by 10.8 percent during the first quarter of 2013 as compared to the same period a year ago.  This also represented the 13 straight quarter of growth for the Hawaiian Islands.

First Hawaiian President and CEO Bob Harrison commented, “Optimistically we’d like to see (double-digit percentage growth) continue, but we have cyclicality in the tourism area, so we’ll see some of that, I’m sure.  I don’t think we’ll see 10 percent or 11 percent for every quarter this year. That may be too optimistic but we’ll continue to see growth.” Leroy Laney, a professor of economics and finance at Hawaii Pacific University of Hawaii and economic adviser to First Hawaiian Bank, added, “(First-quarter) numbers are strong with same recent trends apparent.  Increase evince continued healthy tourism, with strength spreading to other sectors. Hawaii’s growing economic recovery seems to be on track.”

Source: Honolulu Star Advertiser, 4-14-2013, www.staradvertiser.com
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Credit and Debit Card Transactions Increase by 9.8 Percent in 2012

According to First Hawaiian Bank, credit and debit card transactions at businesses throughout the state of Hawaii increased by 9.8 percent in 2012 as compared to the year prior. The fourth quarter of the year was exceptionally strong with an increase of 11.3 percent as compared to the same quarter in 2011. President and Chief Executive Officer for First Hawaiian Bank, Bob Harrison, commented, “We’re optimistic. It’s consumer and tourism driven. This really demonstrates that we’re into a solid consumer driven economy. What we’ve got now is strong consumer spending with debit and credit (card transactions) consistently growing year over year for three years now. We see other parts of the economy engaged, namely construction, where there are new projects getting ready to start in the next few months. So that should add to these very solid consumer numbers we’re seeing in the report. Our feeling is that we’re going to see continued improvement,” Harrison said. “I don’t think we’ll see any huge increases, but we’ll see steady growth in 2013.

First Hawaiian Bank is the largest bank in Hawaii with approximately $16.1 billion in assets. The bank has more then 7,500 merchants on their network. For the fourth quarter of 2012, First Hawaiian Bank’s data reflected that hotel credit and debit card transactions increased by 22.6 percent. Restaurants during the fourth quarter increased by 11.5 percent and shipping increased by 41.5 percent.

Source: Honolulu Star Advertiser, 1-13-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
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Strong Tourism Helps Credit and Debit Card Transactions

According to a report released by First Hawaiian Bank, the number of credit and debit card transactions increased by 9.3 percent during the first half of 2012.  Merchants who worked with First Hawaiian Bank rang up $1.47 billion in sales during this period, a significant increase from the $1.35 billion in sales recording during the first half of 2011.  President and CEO of First Hawaiian Bank, Bob Harrison, stated, “It continues to be very strong, especially on the consumer side.  It’s very encouraging.”

Harrison noted that visitor spending has increased by 16.8 percent and that visitor arrivals are up almost 10 percent, according to data from the Hawaii Tourism Authority.  Harrison added, “Tourism, construction and military are the three largest pillars of the Hawaii economy.  If you look at hotels (up 6.4 percent) and restaurants (up 10 percent), there’s continued strong growth.  That ties in with what we’re hearing from people in Waikiki that it’s essentially full for the month of July, which is tremendous.”

Source: Honolulu Star Advertiser, 7-8-2012, www.staradvertiser.com

Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®

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