First Hawaiian Bank (FHB) President and Chief Executive Officer Bob Harrison reported that the bank's first-half net income of $104.5 million, down 7.7 percent over the first half of 2012. Second quarter net income of $51.9 million was down 8 percent over the comparable quarter of 2012. The reduction in net income is due primarily to a gain on the sale of securities and the sale of leased equipment recorded in the first half of 2012. Excluding the one-time gains, first-half net income for 2013 increased by 3.3 percent over the adjusted first half of 2012. Total assets grew to $16.6 billion, an increase of 3.1 percent.
"We are optimistic that our local economic recovery will continue at a steady, measured pace, despite the recent modest increase in interest rates."