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Posted: Friday, January 24th, 2014 12:41 PM HST

First Hawaiian earns $51.5M in 4Q; assets to $17B

By Associated Press

HONOLULU (AP) First Hawaiian Bank says its profits dropped 3 percent to $51.5 million during the fourth quarter of 2013 as the company set a record for total assets.

Bank officials said Friday that First Hawaiian's total assets grew to $17.1 billion as of Dec. 31.

First Hawaiian CEO Bob Harrison says the asset growth has been steady year by year. He says he expects steady growth to continue in 2014 with construction projects underway and the economy improving.

The bank had $13.6 billion in deposits and $9.5 billion in loans and leases as of the end of the October-December reporting period.

Bank officials say its profits dropped 4.6 percent for all of 2013 to $206.9 million. The company cites a 2012 gain and lower securities sales in 2013.

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