First Hawaiian Bank announced recently that it received the rating of "outstanding", in its most recent evaluation, by the Federal Deposit Insurance Corporation, for its performance in accordance with the Community Reinvestment Act of 1978. This makes it the only state-owned bank to have received the rating in 10 consecutive evaluation periods since 1995.
Bob Harrison, FHB's Chairman, President, and CEO, told Pacific Business News that the key to success was the consistency in supporting the communities. This is a typical three-year cycle, so having it for 30 years, plus or minus, is incredible.
According to FHB, the Community Reinvestment Act encourages the banks to provide credit to the low- and medium-income communities that they serve. Examiners evaluated FHB using the Interagency Large Institution Examination procedures in Hawaii, Guam and the Commonwealth of the Northern Mariana Islands. First Hawaiian was rated "outstanding" in all categories, including lending, investments, and service activities, according to an announcement.
First Hawaiian provided loans of $1.9 billion during the evaluation period, which ran from Sept. 5, 2018, to Jan. 18, 20,22, to support affordable housing, nonprofits and economic development. They also helped stabilize low- and medium-income neighborhoods. FHB cites three initiatives totaling $25.4m to support a construction project for affordable housing that created 245 units income-restricted, a loan of $6m to finance three buildings to house youth and provide social services, and more $2m in donations for students affected by the pandemic.
According to the announcement, bank employees volunteered 27,552 total hours over the course of the evaluation period in support of organizations that promote affordable housing, economic development and other causes.
Tricia Fujikawa, Senior Vice President of Deputy Compliance and CRA Officer at First Hawaiian Bank told PBN, "It rewards our commitment to the Community, something we are proud of and we steadfastly keep up."