First Hawaiian Bank reports better 3Q
HONOLULU - First Hawaiian Bank reported that it had net income of $56.4 million for the third quarter, a 4.1 percent increase over the same quarter last year.
First Hawaiian Chairman and Chief Executive Officer Don Horner said Thursday that the bank experienced a solid quarter. He said the bank continues to perform well, despite Hawaii's slow recovery.
The bank said its net income for the nine months ended Sept. 30 was $162.4 million, a 3.2 percent increase after excluding a one-time leverage lease tax gain in 2009.
First Hawaiian said that for the first three quarters of 2010, it remained the largest local
real estate lender in Hawaii, funding more than $1 billion in mortgages, a 26.4 percent decrease compared to 2009.
Daewoo pays $51M to U.S. government
HONOLULU - The U.S. Army Corps of Engineers said Daewoo Engineering & Construction Co. had paid $51 million to the federal government, the largest counterclaim judgment in the corps' history.
The crops said Wednesday in a statement that the payment satisfies a 2006 U.S. Court of Federal Claims fraud counterclaim judgment.
It said the case arose from Daewoo's construction of a 53-mile road in Palau under a Corps of Engineers contract.
Corps officials said the counterclaim judgment occurred because of serious defects in Daewoo's $64 million certified equitable adjustment claim.
Daewoo Vice President Bom Sik Cho said in the statement that the company recognizes the serious nature of the judgment and is determined to make good on all aspects of the case.