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FIRST HAWAIIAN INC. REPORTS EARNINGS GAIN FOR FIRST QUARTER

 HONOLULU, April 15 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN), holding company for First Hawaiian Bank, today announced first quarter net income of $21,646,000, an increase of 2.9 percent, over the $21,045,000 earned in the first quarter of 1992. On a per share basis, earnings increased to $.67, a 1.5 percent gain.
 According to Walter A. Dods Jr., First Hawaiian chairman and chief executive officer, the company's earnings were up modestly because of economic conditions locally, nationally and in Japan. "Hawaii's economy continues to be impacted by the slowdown in Japanese-backed real estate construction projects and the national recession, and Japan's economic problems have led to a significant decline in eastbound visitors to Hawaii." He added that the rebuilding on Kauai after Hurricane Iniki has bolstered the construction industry, but not to the levels seen during the boom years of mega-resort construction projects.
 Dods noted that the low interest rate environment continues to place pressure on the company's net interest margin and balance sheet growth. "However, we continue to focus on quality loan growth, fee income products and services, as well as increased productivity and reduced overhead costs across the company," he said.
 First Hawaiian's first quarter earnings included two non- recurring transactions, Dods said. First, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," which requires deferred tax assets to be recognized for all potential future tax benefits. The adoption of this accounting change resulted in a one-time credit of $3,650,000.
 Second, in connection with the redevelopment of First Hawaiian's present downtown headquarters block in Honolulu, including the construction of a major new high-rise structure, the undepreciated cost of certain structures on the block which will be demolished were written off during this quarter. The after-tax charge to earnings was $3,344,000.
 As of March 31, 1993, First Hawaiian's total assets were off 2.1 percent to $6,506,940,000; total loans and leases outstanding rose .5 percent to $4,396,365,000; total deposits were off 3.3 percent, to $4,875,535,000; and total stockholders' equity was up 12.5 percent to $574,757,000.
 During the quarter First Hawaiian Inc. signed a definitive agreement to acquire Pioneer Fed BanCorp Inc., the holding company of Pioneer Federal Savings Bank. First Hawaiian plans to operate the savings bank as a separate subsidiary once regulatory approval is received and the transaction is completed, a process expected to take from six to nine months.
 Also during the quarter the company announced a new dividend reinvestment plan, which offers stockholders a convenient and economical way to automatically reinvest their dividends and increase their holdings in First Hawaiian's common stock.
 First Hawaiian Inc. is a bank holding company with assets of $6.5 billion, whose principal subsidiary is First Hawaiian Bank, one of the largest banks in Hawaii. Other major subsidiaries include First Hawaiian Creditcorp Inc., the largest locally owned financial services 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 Ended
 March 31, 1993 and 1992
 (In thousands of dollars, except per share data)
 Change
 1993 1992 Amount Percent
 Quarter ended
 March 31:
 Net income $21,646 $21,045 $601 2.9 pct.
 Dividends paid 9,085 8,323 762 9.2
 Per share:
 Net income .67 .66 .01 1.5
 Dividends paid .28 .26 .02 7.7
 Return on
 average total
 assets (a) 1.34 pct. 1.29 pct. .05 3.9
 Return on average
 stockholders'
 equity (a) 15.51 16.86 (1.35) (8.0)
 At March 31:
 Total
 assets $6,506,940 $6,647,000 ($140,060) (2.1 pct.)
 Loans and
 leases (b) 4,396,365 4,376,102 20,263 .5
 Deposits 4,875,535 5,044,228 (168,693) (3.3)
 Stockholders'
 equity 574,757 511,024 63,733 12.5
 Non-performing
 assets to total
 assets (c) 1.05 pct. .72 pct. .33 pct. 45.8
 Non-performing
 assets to total
 loans and leases
 and other real
 estate owned (c) 1.56 1.10 .46 41.8
 Per share:
 Book value (at
 period-end) $17.68 $15.93 $1.75 11.0
 Market price
 (close at
 period-end) 30.25 26.25 4.00 15.2
 (a) Annualized
 (b) Includes direct-lease financing and tax-exempt loans.
 (c) Non-performing assets consist of non-accrual and renegotiated loans and leases and other real estate owned.
 -0- 4/15/93
 /CONTACT: Lisa Halvorson of First Hawaiian, 808-525-6111/
 (FHWN)


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

BP-JL -- LA023 -- 6367 04/15/93 15:11 EDT
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Date:Apr 15, 1993
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