Recently independent First Hawaiian FHB, having been spun out from BNP Paribas, operates the oldest and largest bank in Hawaii. The Hawaiian market is attractive given low competition (mainland banks have yet to gain a foothold) and steady growth. As a result, earnings are more predictable relative to banks of similar size, with advantaged funding costs, stable fee income and excellent credit quality.
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund fourth-quarter 2019 commentary.
