Bancorp Hawaii Inc., parent of Bank of Hawaii, today reported a profit of $32.7 million, up 15.8 percent from $28.2 million in the 1995 first quarter.
Per-share earnings of 79 cents were up 17.9 percent from 67 cents in the 1995 quarter.
First Hawaiian Inc., parent of First Hawaiian Bank, said it had a first-quarter profit of $20.2 million, up 7.6 percent from $18.8 million in the year-earlier quarter. First Hawaiian's per-share earnings of 65 cents were up 10.2 percent from 59 cents.
New York analyst Jeffrey A. Miller of Keefe Bruyette & Woods said both banks should continue to do well now that the economy is improving. "We expect both of them to perform well over the next year, or two, or three."
Bancorp showed better-than-expected growth in net interest income and First Hawaiian's per-share earnings were higher than his firm had expected, he said.
Lawrence M. Johnson, chairman and chief executive, said the bank was particularly pleased with its loan growth. Bancorp, which also owns First Federal Savings & Loan Association of America and First National Bank of Arizona, had loans of $7.9 billion as of March 31, a 6.5 percent hike from $7.5 billion a year earlier. Total assets were $12.9 billion, up 5.8 percent from $12.2 billion. Deposits were at $9.3 billion, up 4.4 percent from $8.9 billion.
Bancorp Hawaii, the state's largest bank, said it has increased its share of the home mortgage market in the state to 16 percent of all Hawaii mortgage loan originations in February from 11 percent a year earlier.
At First Hawaiian, Walter A. Dods Jr., chairman and chief executive, said he expects the bank's performance to continue to improve as the economy does.
First Hawaiian had total assets of $7.4 billion at the end of the quarter, down 3.6 percent from $7.7 billion a year earlier. Loans of $5.2 billion were down 8.9 percent from $5.7 billion. Deposits of $5.3 billion were up 1.2 percent from $5.2 billion.
Both banks' reports mentioned the recovery in island tourism, which brought 1995 tourist arrivals up 3.2 percent from 1994 and led to the industry's busiest February on record this year.
Both bank companies are expanding. Bank of Hawaii opened a branch in Lautoka, Fiji, in January and expects to get regulatory approval this quarter for its acquisition of a majority interest in banks in Tahiti and New Caledonia. First Hawaiian, which also owns Pioneer Federal Savings Bank, expects to complete its purchase of banking businesses in the Pacific Northwest in this quarter. That will add 31 branches.
The company received permission from the Federal Reserve Board last week to establish a new Oregon-based subsidiary, Pacific One Bank.