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FIRST HAWAIIAN INC. REPORTS NET INCOME FOR FIRST HALF OF 1993

 HONOLULU, July 15 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN), parent company for First Hawaiian Bank, today announced net income of $43,749,000 for the six months ended June 30, 1993. This represents an increase of 1.2 percent over the first six months of 1992. Earnings per share of $1.35 during the current six-month period were the same as the year-earlier period.
 For the second quarter of 1993, net income was $22,103,000, or $.68 per share, compared to $22,165,000, or $.69 per share, for the same period last year, representing a slight decrease.
 According to First Hawaiian Chairman and Chief Executive Officer Walter A. Dods Jr., these results reflect economic conditions in Hawaii as well as the sluggish performance of the mainland and Japan economics. "The visitor industry is going through another difficult year as Japan and California, two of Hawaii's largest visitor markets, continue to struggle with economic problems," he said.
 Dods also said that airfare reductions to other mainland destinations have also continued to the industry's woes. The construction sector continues to be weak, he noted, and reduced tax revenues have caused the postponement of several public works projects.
 "The low interest rate environment and sluggish loan demand continue to affect our earnings performance," Dods said. "Against this economic scenario, we are continually striving to develop fee income as well as contain costs across the company." The company this quarter introduced a one-of-a-kind financial plan that provides three levels of discounted or enhanced banking services in return for a customer's personal loans, deposits or a combination of the two. Called the "All-in-One Plan," it provides strong financial incentives for customers to do more of their banking business with First Hawaiian.
 Also during the quarter First Hawaiian Bank was the lead lender on an $8 million loan to enable Hamakua Sugar Co. to conduct a final harvest. The loan, which is guaranteed by the State of Hawaii, will enable several hundred sugar workers to continue to work at the plantation for the next 12-16 months while the harvest takes place.
 First Hawaiian is awaiting approval from the Federal Deposit Insurance Corp. to move its downtown main branch to First Hawaiian Tower so that the company can proceed with its plans to redevelop its downtown block site. The company is also awaiting approval from the Federal Reserve Board, Office of Thrift Supervision, and Pioneer's stockholders to complete the acquisition of Pioneer Fed Bancorp Inc.
 U.S. Banker magazine this quarter also recognized First Hawaiian for its safety and profitability, ranking the company among the top 25 bank holding companies in the nation for the third consecutive year.
 As of June 30, 1993, First Hawaiian's total assets compared to a year ago were off 1.6 percent to $6,394,060,000; total loans and leases were off 1.2 percent to $4,369,959,000; total deposits were off 3.7 percent to $4,719,609,000; and total stockholders' equity was up 12 percent to $587,776,000.
 First Hawaiian Inc. is a bank holding company with assets of $6.4 billion, whose principal subsidiary is First Hawaiian Bank, one of the largest banks in Hawaii. Other major subsidiaries include First Hawaiian Creditcorp Inc., the state's second largest 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 Six Months Ended June 30, 1993 and 1992 (In thousands of dollars, except per share data)
 Change
 1993 1992 Amount Percent
 Quarter ended June 30:
 Net income $22,103 $22,165 ($62) (.3)
 Dividends paid 9,084 8,323 761 9.1
 Per share:
 Net income .68 .69 (.01) (1.4)
 Dividends paid .28 .26 .02 7.7
 Six months ended June 30:
 Net income $43,749 $43,210 $539 1.2
 Dividends paid 18,169 16,646 1,523 9.1
 Per share:
 Net income 1.35 1.35 --- ---
 Dividends paid .56 .52 .04 7.7
 Return on average total
 assets(a) 1.35 pct 1.33 pct .02 pct 1.5
 Return on average
 stockholders' equity(a) 15.42 17.08 (1.66) (9.7)
 June 30:
 Total assets $6,394,060 $6,498,467 ($104,407) (1.6)
 Loans and leases(b) 4,369,959 4,422,179 (52,220) (1.2)
 Deposits 4,719,609 4,900,410 (180,801) (3.7)
 Stockholders' equity 587,776 524,866 62,910 12.0
 Non-performing assets to
 total assets(c) 1.01 pct .74 pct .27 pct 36.5
 Non-performing assets to
 total loans and leases
 and other real estate
 owned(c) 1.48 1.09 .39 35.8
 Per share:
 Book value (at
 period-end) $18.08 $16.36 $1.72 10.5
 Market price (close at
 period-end) 28.00 25.00 3.00 12.0
 (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- 7/15/93
 /CONTACT: Lisa Halvorson of First Hawaiian, 808-525-6111/
 (FHWN)


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

LS-LL -- LA027 -- 2062 07/15/93 14:21 EDT
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Date:Jul 15, 1993
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