Posted at 12:22 p.m., Monday, April 28, 2003
Bankoh charges affect earnings
Advertiser Staff
Bank of Hawai'i Corp. earnings dropped slightly in the first quarter of 2003, but only because they were held down by millions of dollars in one-time charges.Net income for the $9.5 billion bank was $29.8 million in the quarter, down from $31.1 million in first-quarter 2002.
Because of an expensive computer system renovation project, the bank took a $7.4 million one-time charge in the first quarter of this year. Excluding one-time charges, the bank's earnings increased by several million dollars.
The bank also reported improved credit quality, increases in loans and increased deposits.
Despite the drop in income, the bank saw per-share earnings increase. Bank of Hawai'i earned 47 cents per share of stock in first-quarter 2003, compared to 41 cents per share last year.
The per-share amount rose because the bank has repurchased hundreds of millions of dollars in stock in the last year, meaning fewer shares exist over which to spread the bank's profits.
