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FIRST HAWAIIAN INC. REPORTS 28TH CONSECUTIVE YEAR OF RECORD EARNINGS

 HONOLULU, Jan. 21 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ-NMS: FHWN), holding company for First Hawaiian Bank, today reported record earnings for 1992, which marked First Hawaiian's 28th consecutive year of record earnings.
 For the year ended Dec. 31, 1992, the company reported consolidated net income of $86,900,000, a 6.4 percent increase over 1991. Per share earnings were $2.70, a 5.9 percent increase, compared to the $2.55 earned a year earlier. First Hawaiian also increased its quarterly dividend by 7.7 percent, from $.26 to $.28 per share in the fourth quarter.
 Earnings for the fourth quarter of 1992 were $22,445,000, an increase of 5.8 percent over the $21,210,000 earned during the fourth quarter of 1991. On a per share basis, fourth quarter earnings were up 4.5 percent to $.69, compared to the $.66 for the year-ago period.
 As of Dec. 31, 1992, First Hawaiian Inc.'s total assets were up .7 percent to $6,553,382,000, compared to a year ago; total loans and leases outstanding rose 1.5 percent to $4,396,018,000; total deposits were down 4.7 percent to $5,088,159,000, and stockholders' equity increased 12.8 percent to $562,196,000. The decline in deposits is attributed to a program started in 1991 to reduce the company's FDIC insurance premium costs by shifting public deposits into securities repurchase agreements. If these repurchase agreements were included in the Dec. 31, 1992, deposit base, total deposits would have increased 2.45 percent.
 First Hawaiian's Chairman and Chief Executive Officer Walter A. Dods Jr. said that First Hawaiian's continued earnings growth is extremely significant in light of the economic climate of the past year. "Our focus on the Hawaii and Guam marketplaces, as well as an emphasis on cost containment across the company and developing fee income sources, all contributed to First Hawaiian's earnings growth in 1992," Dods said. "We are proud that First Hawaiian continues to be a solid performer."
 He added that the state's economic slowdown has been "a soft landing" and that the company continues to be positive about business opportunities in the Pacific area.
 Dods also noted that this year was marked by a lower interest rate environment, which caused depositors to look for higher returns in alternative investments, including the stock market and mutual funds. However, First Hawaiian was able to attract many new depositors as well as retain loyal customers through its commitment to maintain the 5 1/2 percent rate on regular savings accounts to Dec. 1 of 1992.
 "This plan resulted in a fundamental change in market share for the savings business in Hawaii, and over time, these deposits will provide a stable and long-term funding source," Dods said.
 First Hawaiian's non-performing assets, primarily non-accrual loans, increased over the past year; however, these non-accrual loans are primarily real estate credits, and Dods said that the company expects that many of these loans will be totally repaid. First Hawaiian's net charge-offs are still low at 0.27 percent, compared to the commercial bank average of 1.06 percent.
 During the year First Hawaiian announced its plans to build a modern banking center in a prime location in the Honolulu financial district. Called First Hawaiian Center, the new high rise will be built on First Hawaiian's present downtown headquarters block in Honolulu, and is scheduled for completion in 1996. This building will also house the downtown branch of The Contemporary Art Museum.
 "The new building is not expected to have any adverse effects on earnings, and, in fact, the long-term earnings potential of the project is favorable, with pre-lease commitments already at 80 percent of available space," according to Dods. The remaining space has been reserved for future tenant needs.
 This year also marked the first anniversary of First Hawaiian's acquisition of First Interstate of Hawaii Inc. All operations of First Interstate Bank of Hawaii have been integrated into the First Hawaiian system, and the company is seeing the benefits of operational synergies as well as staff support needed in Hawaii's labor-short environment, Dods said.
 First Hawaiian Inc. (NASDAQ symbol FHWN) is a bank holding company, whose principal subsidiary is First Hawaiian Bank. The bank has 62 branches throughout Hawaii, two in Guam, an offshore branch in Grand Cayman, British West Indies, and a representative office in Tokyo. Other major subsidiaries include First Hawaiian Creditcorp Inc. and First Hawaiian Leasing Inc.
 FIRST HAWAIIAN INC. AND SUBSIDIARIES
 Financial Highlights
 At and for the Quarter and Year Ended
 Dec. 31, 1992 and 1991
 (In thousands of dollars, except per share data)
 Change
 1992 1991 Amount Percent
 Quarter ended
 Dec. 31:
 Net income $22,445 $21,210 $1,235 5.8 pct.
 Dividends paid 9,082 8,318 764 9.2
 Per share:
 Net income .69 .66 .03 4.5
 Dividends paid .28 .26 .02 7.7
 Year ended
 Dec. 31:
 Net income $86,900 $81,71ncome 2.70 2.55 .
15 5.9
 Dividends paid 1.06 .95 .11 11.6
 Return on
 average total
 assets 1.33 pct. 1.36 pct. (.03) pct. (2.2) pct.
 Return on average
 stockholders'
 equity 16.52 17.38 (.86) (4.9)
 At Dec. 31:
 Total
 assets $6,553,382 $6,510,554 $42,828 .7 pct.
 Loans and
 leases (a) 4,396,018 4,329,321 66,697 1.5
 Deposits 5,088,159 5,336,693 (248,534) (4.7)
 Stockholders'
 equity 562,196 498,302 63,894 12.8
 Non-performing
 assets to total
 assets (b) 1.11 pct. .60 pct. .51 pct. 85.0
 Non-performing
 assets to total
 loans and leases
 and other real
 estate owned (b) 1.65 .90 .75 83.3
 Per share:
 Book value (at
 period end) $17.30 $15.53 $1.77 11.4
 Market price
 (close at
 period-end) 28.75 27.75 1.00 3.6
 (a) Includes direct lease financing and tax-exempt loans.
 (b) Non-performing assets consist of non-accrual and renegotiated loans and leases and other real estate owned.
 -0- 1/21/93
 /CONTACT: Lisa Halvorson of First Hawaiian, 808-525-6111/
 (FHWN)


CO: First Hawaiian Inc.; First Hawaiian Bank ST: Hawaii IN: FIN SU: ERN

JB-JL -- LA032 -- 7604 01/21/93 16:22 EST
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Date:Jan 21, 1993
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