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FIRST HAWAIIAN ANNOUNCES 27TH CONSECUTIVE YEAR OF RECORD EARNINGS

 FIRST HAWAIIAN ANNOUNCES 27TH CONSECUTIVE YEAR OF RECORD EARNINGS
 HONOLULU, Jan. 16 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN), holding company for First Hawaiian Bank and First Interstate Bank of Hawaii, today reported record earnings for the fourth quarter and for all of 1991.
 The company's year-end earnings for 1991 mark First Hawaiian's 27th consecutive year of record earnings. For the year ended Dec. 31, 1991, the company reported consolidated net income of $81,710,000, a 14.3 percent increase over the $71,472,000 earned during 1990. Per share earnings were $2.55, up 4.1 percent from the $2.45 earned in 1990. (The smaller percentage increase in per share earnings reflects the inclusion of the 5.17 million additional shares outstanding as a result of First Hawaiian's public stock offering in July and August 1990.) The company also increased its quarterly dividend by 13 percent, from 23 to 26 cents per share in the fourth quarter.
 Earnings for the fourth quarter of 1991 were $21,210,000, an increase of 7.6 percent over the $19,705,000 earned during the fourth quarter of 1990. On a per share basis, fourth quarter earnings were up 8.2 percent to $.66, compared to the $.61 for the year-ago period.
 According to First Hawaiian Chairman and Chief Executive Officer Walter A. Dods, Jr., these results are significant in light of the events of the year, not only in Hawaii, but on the national and international fronts. "1991 was a challenging year for banks and our nation's economy, and Hawaii has been fortunate to fare better than the rest of the nation," he said. "First Hawaiian continues to be a solid performer relative to banks in many parts of the country."
 Dods said the company's commitment to Hawaii and Guam remain the foundation of its earnings strength and solid financial results. "For 1991, First Hawaiian was the largest bank real estate lender in Hawaii. We also financed more automobile purchases than any other bank in the state, and as a result of a successful regular savings account promotion, we are the largest savings bank in Hawaii," Dods said.
 "Even with impressive loan growth, First Hawaiian continues to be a conservative lender, with total non-performing assets comprising only 0.6 percent of total assets," according to the First Hawaiian chairman.
 Dods also noted that all First Interstate branches will be consolidated into the First Hawaiian system and the First Interstate franchise will be terminated by Feb. 18, more than three months ahead of schedule. "By mid-February, First Hawaiian Inc. will have 72 branches statewide, which reinforces our commitment to providing superior banking convenience through a larger branch network," Dods said.
 First Hawaiian has a binding agreement for the required sale of five First Interstate branches to FIH Investment Group, an organization of mostly local investors. These branches include Hawaii Kai and Kailua on Oahu, Lihue on Kauai, and Wailuku and Lahaina on Maui. Also during the year First Hawaiian completed the required sales of the First Interstate Kona Branch to Central Pacific Bank and the First Hawaiian Creditcorp office in Hilo to Hawaii National Bank.
 Also in 1991, First Hawaiian broke ground on a three-acre site on Oahu near the Honolulu International Airport to build an industrial center that will house the bank's data processing, warehousing and major printing operations. The technology developed at the new center, which will be completed in the fall of 1992, will enable First Hawaiian to develop new products and services on an accelerated basis, Dods said.
 In other highlights of the year, First Hawaiian Bank President John A. Hoag was promoted from executive vice president to president of the holding company. Howard H. Karr and Philip H. Ching were also named vice chairmen of the bank, and Kenneth J. Bentley was named an executive vice president. Nominated to the holding company board effective in March 1992 were Dr. Julia Frohlich and Robert C. Wo.
 As of Dec. 31, 1991, First Hawaiian Inc.'s total assets were up 18.2 percent to $6,510,554,000, compared to a year ago; total loans and leases outstanding rose 32.7 percent to $4,329,321,000; total deposits were up 11.7 percent to $5,336,693,000, and stockholders' equity increased 11.5 percent to $498,302,000. The Dec. 31, 1991, figures include the acquisition of First Interstate of Hawaii Inc.
 First Hawaiian Inc. is a multi-bank holding company, whose principal subsidiaries are First Hawaiian Bank, one of the two largest financial institutions in Hawaii; First Interstate of Hawaii Inc. and its wholly owned subsidiary, First Interstate Bank of Hawaii, the state's fourth-largest commercial bank; First Hawaiian Creditcorp Inc., Hawaii's largest locally owned financial services loan company; and First Hawaiian Leasing Inc., which is primarily engaged in commercial equipment and vehicle leasing.
 FIRST HAWAIIAN INC. AND SUBSIDIARIES
 Financial Highlights
 At and for the Quarter and Year Ended
 Dec. 31, 1991 and 1990
 Change
 1991 1990 Amount Percent
 (in thousands of dollars, except per share data)
 Quarter ended Dec. 31:
 Net Income $21,210 $19,705 $1,505 7.6 pct.
 Dividends paid 8,318 7,352 966 13.1
 Per share:
 Net income .66 .61 .05 8.2
 Dividends paid .26 .23 .03 13.0
 Year-ended Dec. 31:
 Net income $81,710 $71,472 $10,238 14.3 pct.
 Dividends paid 30,395 24,463 5,932 24.2
 Per share:
 Net income 2.55 2.45 .10 4.1
 Dividends paid .95 .83 .12 14.5
 Return on average
 total assets (a) 1.36 pct. 1.35 pct. .01 pct. .7
 Return on average
 stockholders'
 equity (a) 17.38 pct. 20.29 pct. (2.91) pct. (14.3)
 At Dec. 31:
 Total assets $6,510,554 $5,509,354 $1,001,200 18.2 pct.
 Loans and
 leases (b) 4,329,321 3,261,709 1,067,612 32.7
 Deposits 5,336,693 4,777,466 559,227 11.7
 Stockholders'
 equity 498,302 446,784 51,518 11.5
 Non performing
 assets to total
 assets (c) .60 pct. .05 pct. .55 pct. 1,100.0
 Nonperforming
 assets to total
 loans and leases
 and other real
 estate owned (c) .90 pct. .09 pct. .81 pct. 900.0
 Per share:
 Book value (at
 period-end) $15.53 $13.93 $1.60 11.5
 Market price (close
 at period-end) 27.75 19.75 8.00 40.5
 (a) Annualized
 (b) Includes direct lease financing and tax-exempt loans.
 (c) Nonperforming assets consist of nonaccrual and renegotiated
 loans and leases and other real estate owned.
 -0- 1/16/92
 /CONTACT: Lisa Halvorson of First Hawaiian Inc., 808-525-6111/
 (FHWN) CO: First Hawaiian Inc.; First Hawaiian Bank ST: Hawaii IN: FIN SU: ERN


AL-JL -- LA020 -- 0633 01/16/92 15:27 EST
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Date:Jan 16, 1992
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