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FIRST HAWAIIAN SECOND QUARTER NET INCOME UP 6.3 PERCENT

 FIRST HAWAIIAN SECOND QUARTER NET INCOME UP 6.3 PERCENT
 HONOLULU, July 16 /PRNewswire/ -- First Hawaiian Inc. (NASDAQ: FHWN), parent company for First Hawaiian Bank, today announced 1992 second quarter net income of $22,165,000, an increase of 6.3 percent over the same quarter of 1991. Per share earnings were $.69, compared to the $.65 earned during the year-earlier period. For the six months ended June 30, 1992, net income was $43,210,000, an increase of 7.2 percent over the first six months of 1991. Earnings per share during the six-month period increased to $1.35, a 7.1 percent gain over the $1.26 earned in the same period a year ago.
 First Hawaiian Chairman and Chief Executive Officer Walter A. Dods Jr. said the company continues to perform well in light of the effects of a slowing economy in Hawaii. "Hawaii's economic outlook continues to be a cautious one, but First Hawaiian's conservative lending policies, as well as our focus on cost containment and producing additional fee income, are serving us well."
 Dods noted that First Hawaiian has recently introduced a number of new products and services, including tax-deferred annuities, discounts on purchases made with the bank's MasterCard and Visa cards, and extended weekday banking hours to customers across the state. The bank also opened a new branch in Napili to serve the growing West Maui community. "These products and services and in line with the banks 'Yes you can' philosophy and reinforce our commitment to our customers in Hawaii and Guam," Dods said.
 Dods added that this quarter marks the first anniversary of First Hawaiian's acquisition of First Interstate of Hawaii last May. "We are pleased that all First Interstate operations have been fully integrated into the First Hawaiian system and are making an important contribution to the company's earnings," he said.
 As of June 30, 1992, First Hawaiian's total assets were up 2.3 percent to $6,498,467,000; total loans and leases outstanding rose 7.4 percent to $4,422,179,000; total deposits decreased 12.7 percent to $4,900,410,000; and total stockholders' equity was up 11.1 percent to $524,866,000. The decrease in deposits was due to shifting governmental and certain other time deposits into security repurchase agreements at quarter end. If these repurchase agreements were included in the June 30, 1992 deposit base, the decrease would have been only 1.1 percent.
 First Hawaiian Inc. is a bank holding company with $6.5 billion in assets whose principal subsidiary is First Hawaiian Bank, one of the largest financial institutions in Hawaii. Other subsidiaries include 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 Six Months Ended
 June 30, 1992 and 1991
 (In thousands of dollars except per share data)
 Change
 1992 1991 Amount Percent
 Quarter ended
 June 30:
 Net income $22,165 $20,855 $1,310 6.3 pct.
 Dividends paid $8,323 $7,360 $963 13.1 pct.
 Per share:
 Net income $.69 $.65 $.04 6.2 pct.
 Dividends paid $.26 $.23 $.03 13.0 pct.
 Six months
 ended June 30:
 Net income $43,210 $40,293 $2,917 7.2 pct.
 Dividends
 paid $16,646 $14,719 $1,927 13.1 pct.
 Per share:
 Net income $1.35 $1.26 $.09 7.1 pct.
 Dividends paid $.52 $.46 $.06 13.0 pct.
 Return on
 average total
 assets (a) 1.33 pct. 1.45 pct. (.12)pct. (8.3)pct.
 Return on average
 stockholders'
 equity (a) 17.08 pct. 17.78 pct. (.70)pct. (3.9)pct.
 At June 30:
 Total
 assets $6,498,467 $6,354,089 $144,378 2.3 pct.
 Loans and
 leases (b) $4,422,179 $4,119,337 $302,842 7.4 pct.
 Deposits $4,900,410 $5,613,068 (712,658) (12.7)pct.
 Stockholders'
 equity $524,866 $472,358 $52,508 11.1 pct.
 Nonperforming
 assets to total
 assets (c) .74 pct. .30 pct. .44 pct. 146.7 pct.
 Nonperforming
 assets to total
 loans and leases
 and other real
 estate
 owned (c) 1.09 .46 .63 137.0
 Per share:
 Book value
 (at
 period-end) $16.36 $14.72 $1.64 11.1
 Market price
 (close at
 period-end) 25.00 29.00 (4.00) (13.8)
 (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- 7/16/92
 /CONTACT: Lisa Halvorson of First Hawaiian Inc., 808-525-6111/
 (FHWN) CO: First Hawaiian, Inc.; First Hawaiian Bank; First Interstate Bank
 of Hawaii; First Interstate of Hawaii, Inc. ST: Hawaii IN: FIN SU: ERN


CH-KJ -- LA033 -- 9952 07/16/92 16:30 EDT
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Date:Jul 16, 1992
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