The First Hawaiian Bank has announced a rise in its first quarter net income for this year.
The Saipan Tribune reports the income of 52.9 million US dollars, excluding a one-time gain, is an increase of 3.1 percent over the first quarter of 2008.
In addition, the bank recorded a one-time, leveraged lease portfolio tax gain of 21.6 million US dollars which resulted in overall first quarter net income of 74.5 million dollars, a 33-percent increase over the first quarter 2008.
First Hawaiian Bank's chairman and chief executive officer Don Horner says the bank experienced a respectable quarter, especially given the challenging economic environment.
Mr Horner says the bank's fundamentals remain strong, including asset quality, earnings, capital position and margins.
He says the bank continues to have the strength and capability to offer customers both financial security and solutions during these uncertain times.
First Hawaiian Bank continues to be one of the safest banks in the nation.