service. solutions. security.

2010 annual report
service. solutions. security.
contents
financial highlights
1
report on 2010
2
security
4
business banking
6
personal banking
8
private banking & wealth management
10
financial data
11
first hawaiian bank foundation
12
senior management & senior officers
14
board of directors
16
branch network
inside back cover
First Hawaiian Bank (www.fhb.com), founded in 1858, is Hawai‘i’s
oldest and largest financial institution, with total assets of $15.2 billion.
The bank is headquartered in Honolulu and has 58 branches
throughout Hawai‘i, three in Guam and two in Saipan, and an offshore
branch in Grand Cayman, British West Indies. First Hawaiian can
assist businesses in Japan looking to operate or invest in Hawai‘i
through its BNP Paribas affiliate office in Tokyo. Our subsidiaries
include First Hawaiian Leasing, Inc., primarily engaged in commercial
equipment and vehicle leasing; and Bishop Street Capital
Management, Inc., a registered investment advisor which furnishes
money management services to institutional and individual clients.
First Hawaiian Bank is a subsidiary of BancWest Corporation, whose
other major subsidiary is California-based Bank of the West.
First Hawaiian Bank and Bank of the West are wholly owned
subsidiaries of BNP Paribas (www.bnpparibas.com), a leader in
global financial services and one of the six strongest banks in the
world according to Standard & Poor’s. BNP Paribas operates in
more than 80 countries and has 200,000 employees. Besides its
European domestic markets (France, Italy, Belgium and Luxembourg),
BNP Paribas also has a large network in the United States and solid
positions in Asia.
BNP Paribas Management Principles
BNP Paribas has adopted these management principles for its
worldwide operations.
on the cover:
Photo of Onomea Falls, Hawai‘i Tropical Botanical Garden. For
more than a century and a half, our bank has been an integral
part of the landscape of the Hawaiian Islands. Yes, We Care
1. Client Focus. Inspire our people to focus in an innovative way on
clients first.
2. Risk-Aware Entrepreneurship. Undertake initiatives for
development and efficiency while being accountable by:
about this, our home, and its people.
• Acting in an interdependent and cooperative way with other
entities to serve the global interest of BNP Paribas and its clients.
our history:
• Being continuously vigilant of risks related to our area of
responsibility.
In 1858, Charles Reed Bishop — a man of integrity, trusted by
all — opened the first successful bank in the Kingdom of Hawai‘i,
ancestor of First Hawaiian Bank.
He also became one of our greatest Island philanthropists
by giving generously to brighten the lives of the people of
his adopted home. Our watchwords in the 21st Century
— “Yes, We Care. Service. Solutions. Security.” — follow in
Mr. Bishop’s tradition.
3. Caring for our People. Care for our people, by showing them
respect, promoting equal opportunities and developing their
talents and skills.
4. Leading by Example. Set an example through our own behavior
and with regard to ethics by respecting regulations, applying
compliance rules and behaving in a socially responsible way.
net income
(in millions)
$250
2010 data
$200
2010 Net Income: $212.6 million
25-Year Compound Annual
Growth Rate: 8.1%
$150
$100
financial highlights
(in thousands)
(UNAUDITED)
2010
$50
2009
$0
FOR THE YEAR
Net income
$
Return on average tangible assets
Efficiency ratio
201,014 *
1.64 % *
44.6 %
212,629
$
1.58 %
43.7 %
’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10
figure for 2009 excludes one-time leveraged lease tax gain of
$29.5 million associated with the sale of aircraft equipment.
deposits
AT YEAR END
Total assets
Loans and leases
Deposits
Stockholder’s equity
$ 15,195,035
8,268,900
10,517,899
2,623,465
$ 13,705,294
8,006,490
10,239,528
2,561,602
(in billions)
$11
$10
$9
$8
Total Deposits (12/31/10): $10.5 billion
25-Year Compound Annual
Growth Rate: 5.0%
$7
YEAR-END FINANCIAL RATIOS
Allowance for credit losses to
total loans and leases
Nonperforming assets to total assets (1)
Net loans and leases charged off to
average loans and leases
$6
1.32 %
0.25 %
1.31 %
0.27 %
0.73 %
0.61 %
$5
$4
$3
(1) Nonperforming assets consist of nonperforming loans and leases and other
real estate owned.
* Excludes a one-time leveraged lease tax benefit of $29.5 million.
$2
$1
$0
’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10
total assets
credit ratings
$16
First Hawaiian Bank uninsured CDs:
$14
Long-term
Short-term
Fitch
AAF1+
Standard & Poor’s
A+
A-1
Moody’s
A1
P-1
$12
(in billions)
Total Assets (12/31/10): $15.2 billion
25-Year Compound Annual
Growth Rate: 6.0%
$10
$8
$6
$4
our core values
$2
T H E “ 5 C ’ S ” O F F I R S T H AWA I I A N B A N K
$0
1
’86 ’87 ’88 ’89 ’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10
caring
character
2
3
4
5
Our employees have a
Our employees understand
Our employees work
Our employees have
Our employees have
service spirit, a sincere
that our bank was built
together as one team.
a sense of urgency to
a positive, quiet, can-do
compassion combined with
upon and depends upon
We support each other
provide quality services
attitude based on
the professional capability
trust between bank and
and build customer
and products that meet
training and expertise.
to help customers, each
customer, as well as trust
relationships together.
customers’ needs.
Competence breeds
other and this community.
among employees.
cooperation
competitiveness
confidence
confidence.
1
service. solutions. security.
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Chairman & Chief Executive Officer Donald G. Horner (right)
and President & Chief Operating Officer Robert S. Harrison.
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Wealth management:
Our new East O‘ahu Wealth
Management Office provides
estate planning, trust,
investment management
and private banking services
for customers right in their
neighborhood.
Hawaiian Homes mortgages:
This unique program helps
Native Hawaiians achieve home
ownership in partnership with
state Department of Hawaiian
Home Lands.
YesExpressSM Money Transfer:
First bank in Hawai‘i to offer
remittance transfers to the
Philippines.
DebitPlusSM : Peace of mind
for debit card users, providing
overdraft authorization for
everyday transactions.
Branch check image capture:
New high-speed lines allow us
to capture images of checks in
our branches, making it easier
to quickly detect check fraud.
EnergySmartSM Loans: For
installation of solar water heating
and photovoltaic systems.
service
the economy
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Donald G. Horner
Chairman & Chief Executive Officer
Robert S. Harrison
Robert S. Harrison
President & Chief Operating Officer
3
security
$2.6
CREDIT
RATINGS
First Hawaiian Bank
uninsured CDs:
BILLION
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AA- long-term
F1+ short-term
Hawai‘i’s largest bank in
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A+ ranking
Institutional Risk Analytics
A NATIONAL BANK MONITORING FIRM.
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one of the strongest
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B I LLI O N
Total
Assets
THE LARGEST OF ANY HAWAI‘I BANK.
!!!!
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Lines of Credit, Term Loans
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Business FirstTermSM Loans, Business
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SBA, FHA and HEDCO (Hawaii
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The Queen’s Medical Center is one of a growing number of users of First Hawaiian
Bank’s corporate credit card. “I appreciated First Hawaiian’s proactive approach
in introducing this product to Queen’s. We selected First Hawaiian’s corporate
card program because of the product features and the strong local service,” said
Rick Keene, Chief Financial Officer of The Queen’s Health Systems.
queen’s medical center photo
6
T. Hara & Co. LLC: Owners of this Big Island wholesaler
meet with their banker, Senior Vice President David
Honma. Left to right, Brian Hara, Adela Hara, George
Hara, Honma and Susan Hara.
Group Builders Inc.: President Anacleto (Lito) R.
Alcantra in the company warehouse with his banker,
Senior Vice President Wesley Wakamura, left.
service
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Seven-Eleven Hawaii, Inc.: President & CEO Greg
Hanna in a 7-Eleven store with his banker, Senior Vice
President Carl Tadaki, left.
personal banking
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Wealth Advisory Services
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A Personal Banker can help you with all your banking needs as well as put
you in touch with experts in trust, investments and insurance. Vice President
Jen-L Lyman (left), a Trust Officer, talks over a customer’s needs with Personal
Banker Olivia Simon of Ward Branch.
8
Senior Vice President Carol Ono, head of Operations
Research & Development, oversees our information
technology systems to make sure they’re always
available for customers.
Vice President Divina Gonzalez-Maruyama (right) , a Senior
Wealth Advisor, with customers George and Shirley Kitamura.
solutions
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In the new East O‘ahu Wealth Management Office are
(left to right) Vice President Debbie Ng-Furuhashi (Trust
Officer), Vice President Chieh Fu Lu (Senior Investment
Officer) and Assistant Vice President Jodie Pinkley
(Wealth Advisor).
private banking & wealth management
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Vice President Ann McLean (right), a Private Banker, helps Beretania Florist
owners Howard and June Nakamoto with all of their banking, wealth management,
trust and financial planning needs. Beretania Florist has been a bank customer
since 1937, when Howard’s father Shigeichi opened the shop.
10
condensed consolidated balance sheets
(UNAUDITED)
(in thousands)
FB9868@58E
2010
ASSETS
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#AI8FG@8AGF86HE<G<8F
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$
190,957
1,206,766
3,804,493
8,268,900
108,955
8,159,945
1,011,978
820,896
$15,195,035
$
234,426
665,984
3,114,615
8,006,490
105,196
7,901,294
1,013,252
775,723
$13,705,294
LIABILITIES AND STOCKHOLDER’S EQUITY
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loans & leases (in billions)
2009
$11
$10
$9
Total Loans & Leases (12/31/10):
$8.3 billion
25-Year Compound Annual
Growth Rate: 6.3%
$8
$7
$6
$5
$ 9,739,139
778,760
10,517,899
1,711,520
50,946
291,205
12,571,570
2,623,465
$15,195,035
$ 9,586,690
652,838
10,239,528
573,387
70,950
259,827
11,143,692
2,561,602
$13,705,294
$4
$3
$2
$1
$0
’06
’07
’08
’09
’10
most equity capital among
all hawai‘i banks
condensed consolidated statements of income
(in thousands)
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2010
NET INTEREST INCOME
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$
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(8G<AG8E8FG<A6B@849G8ECEBI<F<BA9BE6E87<G?BFF8F
507,429
62,900
444,529
2009
$
504,955
48,950
456,005
NONINTEREST INCOME
23,571
47,552
62,545
(476)
26,505
159,697
23,517
50,181
66,259
(2,370)
38,843
176,430
NONINTEREST EXPENSE
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$2,623
$901
Bank of Hawaii
(UNAUDITED)
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First Hawaiian Bank
148,523
20,825
12,623
2,672
107,228
291,871
159,130
22,888
13,592
2,672
113,898
312,180
312,355
99,726
212,629
320,255
119,241 *
201,014 *
$493
American Savings Bank
$200
Territorial Savings Bank
$198
Central Pacific Bank
MILLIONS
$0
$1,000
$2,000
$3,000
source: equity capital figures in federal government
regulatory reports of december 31, 2010 (based on
gaap accounting).
diversified loan & lease
portfolio
Consumer
Other
12%
5%
Residential Real Estate
35%
NET INCOME
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$
$
Commercial
23%
Commercial Real Estate
25%
* Excludes a one-time leveraged lease tax benefit of $29.5 million.
11
first hawaiian bank foundation
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First Hawaiian Bank’s 2,200 employees also say “Yes” with their time, talent and
treasure to make a difference in the communities where we all live and work.
Kokua Mai. Our employees donated
$560,000 to our annual Kokua Mai inhouse fund drive to benefit 38 different
community charities. Generosity blossoms
at every level of the bank, from tellers to
vice presidents to senior management.
Nonprofit leaders. Bank employees
donate thousands of hours each year as
board members of nearly 150 community
nonprofits from A (‘Aha Punana Leo
and Aloha United Way) to Y (YMCA
and YWCA).
12
Volunteerism. Our bank ‘ohana participates
in food drives, fun runs and charity fundraising. Employees carve hours out of
busy schedules to coach Little League
and soccer teams, tutor students, help at
churches, mentor hula halau, Boy Scouts
and Girl Scouts.
Matching gifts. To leverage employees’
generosity, First Hawaiian matches their
gifts to public or private education from
preschools through universities, so
employee dollars go twice as far.
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Training tomorrow’s nurses.
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Tyler Espinda and parents Marlene and Travis in the
Neonatal Intensive Care Unit at Kapi’olani Medical Center.
Michael Paudan found a career at the Hawai‘i High School
Auto Academy at Honolulu Community College.
yes, we care
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The Wind Ensemble at Sacred Hearts Academy
practices in the school’s new Performing Arts Center.
senior management
Left to right, Robert T. Fujioka, Vice
Chairman & Chief Lending Officer;
Albert M. Yamada, Vice Chairman,
CFO & Chief Administrative
Officer; Gary L. Caulfield, Vice
Chairman & Chief Information
Officer; Robert S. Harrison,
President & Chief Operating
Officer; Donald G. Horner,
Chairman & Chief Executive
Officer; Raymond S. Ono, Vice
Chairman & Chief Banking Officer.
Above, left to right, Executive Vice Presidents Kristi L. Maynard
(Treasury & Investment Division), Brandt G. Farias (Marketing
Communications Division), Corbett A.K. Kalama (Wealth Management
Group), James (Kimo) Mills (Service Delivery Division) and
Curt T. Otaguro (O‘ahu Region I).
At left, left to right, Executive Vice Presidents Winston K.H. Chow
(Consumer Banking Group), Alan H. Arizumi (Business, Dealer & Card
Services Group), William E. Atwater (General Counsel & Secretary),
Iris Y. Matsumoto (Human Resources Division).
14
senior officers
First Hawaiian Bank
Koren K. Dreher
Private Banking
Kenneth C.S. Pai
Trust Real Estate Services
John S. Fujimoto
Deputy General Auditor
Alethea A. Seto
Sales, Service & Training
Gina O.W. Anonuevo
General Auditor
Rachel A. Hanlon
Private Banking
Bryan I. Shigezawa
Treasury & Investment
Melvin W.Y. Mow
Chief Risk Officer
Risk Management Group
Brent E. Helgeson
Dealer Division
Guy J. Shindo
First Hawaiian Finance
Jeffrey N.M. Higashi
Corporate Banking
Gregory J. Sitar
University Branch
Shigeo Hone
Japan Business Development
Craig T. Smith
Appraisal
David A. Honma
Hawai’i Region Office
Wayne K. Suehiro
Pearlridge Branch
Brian M. Kakihara
Maui Region Office
Carl Y. Tadaki
Kapi‘olani Banking Region
Marion M. Kamei
Private Banking
Lynn M. Takahashi
Private Banking
Kent R. Lau
Main Banking Region
Mark S. Taylor
Trust Service Center
Robin S. Midkiff
Personal Trust
Michael G. Taylor
Wealth Advisory Division
Kenneth L. Miller
Investment Services
Lois M. Tojio
‘Aina Haina Branch
Michael J. Murakoshi
Kaua‘i Region Office
Elizabeth L. Tom
Wealth Advisory Division
Keith H. Nagata
Business Services
Michael A. Tottori
Wealth Advisory Division
Candice Y. Naito
Kapi‘olani Banking Region
Gordon M. Uechi
Legal & Corporate Services
Vernon Y. Nakamura
Kalihi Branch
Edward G. Untalan
Maite Banking Center
Michael T. Nishida
PC & Network Services
Glenn N. Wachi
Kapi‘olani Banking Region
Mitchell E. Nishimoto
Kapi‘olani Banking Region
Wesley M. Wakamura
Kapi‘olani Banking Region
Todd T. Nitta
Dealer Division
George C. Weir
Personal Trust
Neal K. Okabayashi
Legal & Corporate Services
Vernon Y.C. Wong
Wealth Advisory Division
Glen R. Okazaki
Loan Operations
Donald P. Yannell
Waik k Branch
Carol M. Ono
Operations Research &
Development
Sherri Y. Yim
Controller
EXECUTIVE
VICE PRESIDENTS
Brian N. Sunada
Commercial Real Estate
Steve J. Williams
O‘ahu Region II
SENIOR VICE
PRESIDENTS
Benjamin K. Akana
Main Banking Region
Joanne H. Arizumi
Main Banking Region
Craig S. Avellar
Wealth Advisory Division
Ernest L. Bonser
Risk Management
Joyce W. Borthwick
Chief Compliance Officer
Sharon S. Brown
Sales, Service & Training
Ward B. Brown
Private Banking
Joy P. Cabildo
Residential Real Estate
Neill A. Char
Private Banking
Rene M. Chinen
Legal & Corporate Services
Michael A. Coates
Operations Services
John C. Coltrin
Western Region Dealer
Center
Laura-Lynn V. Dacanay
Guam & CNMI Region Office
Thomas W. Dixon, Jr.
Chief Credit Officer
Credit Administration
Mark F. Oyadomori
Wealth Advisory Division
First Hawaiian
Leasing, Inc.
Donald G. Horner
Chairman
Robert S. Harrison
Vice Chairman
Robert T. Fujioka
Chief Executive Officer
Keethe T. Koyanagi
President
Brian Y.C. Lau
Senior Vice President
Bishop Street
Capital Management
Donald G. Horner
Chairman
Robert S. Harrison
Chief Executive Officer
Michael K. Hirai
President, Chief Investment
Officer & Director of Fixed
Income
Kenneth L. Miller
Senior Vice President &
Director of Equities
Jennifer C.M. Carias
Senior Vice President &
Senior Portfolio Manager
Ryan S. Ushijima
Senior Vice President & Chief
Compliance Officer
First Hawaiian Bank
Foundation
Donald G. Horner
Chairman
Walter A. Dods, Jr.
Chairman Emeritus
Sharon S. Brown
President
Wesley K.K. Young
Residential Real Estate
15
board of directors
Robin K. Campaniano
Warren H. Haruki
Faye Watanabe Kurren
General Partner,
Ulupono Initiative
Senior Advisor,
Farmers Insurance Hawaii
President & Chief Executive Officer,
Grove Farm Company, Inc.
Chairman, Maui Land & Pineapple
Company, Inc.
President (Retired), Verizon Hawaii Inc.
President & Chief Executive Officer,
Hawaii Dental Service
François Dambrine
Head of Retail Banking in the U.S.A.,
BNP Paribas
W. Allen Doane
Robert P. Hiam
President & Chief Executive Officer,
Hawaii Medical Service Association
Dee Jay A. Mailer
Chief Executive Officer,
Kamehameha Schools
Dr. Richard T. Mamiya
Heart Surgeon (Retired)
Fujio Matsuda, Sc.D.
Chairman & Chief Executive Officer
(Retired), Alexander & Baldwin, Inc.
John A. Hoag
President (Retired), First Hawaiian Bank
President Emeritus, University of Hawai‘i
Walter A. Dods, Jr.
Donald G. Horner
Leighton S.L. Mau
Chairman & Chief Executive Officer,
First Hawaiian Bank
Vice Chairman and Member
of the Executive Committee,
BancWest Corporation
Wesley T. Park
Chairman and Chief Executive Officer
(Retired), First Hawaiian Bank
Chairman, Alexander & Baldwin, Inc.
Dr. Julia Ann Frohlich
President Emeritus, Blood Bank of Hawaii
Michael K. Fujimoto
President & Chief Executive Officer,
HPM Building Supply
Paul Mullin Ganley
Partner, Carlsmith Ball LLP
Trustee, Estate of S.M. Damon
Robert S. Harrison
President & Chief Operating Officer,
First Hawaiian Bank
Vice Chairman and Member
of the Executive Committee,
BancWest Corporation
David C. Hulihee
President & Treasurer,
Royal Contracting Co., Ltd.
Chairman of the Board,
President & Chief Executive Officer,
Grace Pacific Corporation
Dr. Richard R. Kelley
Chairman of the Board,
Outrigger Enterprises, Inc.
Bert T. Kobayashi, Jr.
Senior Partner, Kobayashi, Sugita & Goda
President & Chief Operating Officer,
Waikiki Business Plaza, Inc.
President, Maunawili Consulting LLC
J. Michael Shepherd
Chairman & Chief Executive Officer,
BancWest Corporation and
Bank of the West
Chairman of the Executive Committee,
BancWest Corporation
John K. Tsui
Director and Non-Executive Chairman,
Zilber, Ltd.
Chairman, Clarence T.C. Ching
Foundation
President & Chief Operating Officer
(Retired), First Hawaiian Bank
Allen B. Uyeda
President & Chief Executive Officer,
First Insurance Company of Hawaii, Ltd.
Jenai Sullivan Wall
Chairman & Chief Executive Officer,
Foodland Super Market, Ltd.
James C. Wo
Chairman, Bojim Investments, Inc.
Robert C. Wo
President & Secretary,
BJ Management Corporation
Chairman, C.S. Wo & Sons, Ltd.
Consistent with First Hawaiian’s core value of caring, employees like Assistant Vice President
Donna Kojima, manager of the Ward Branch, regularly support local non-profit causes.
16
Also a member of the BancWest
Corporation Board of Directors
The 63 Branches of
First Hawaiian Bank
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