Posted on: Tuesday, January 25, 2005
Bank of Hawaii posts improved fourth-quarter results
Advertiser Staff
| The numbers | Fourth quarter revenue: $148.4 million, up 4 percent
Fourth quarter net income: $46.2 million, up 20 percent Fourth quarter earnings per share: 82 cents, up 24 percent Fiscal 2004 revenue: $595.7 million, up 5.5 percent Fiscal 2004 net income: $173.3 million, up 28 percent Fiscal 2004 earnings per share: $3.08, up 39 percent Total assets rose by 3.3 percent to $9.77 billion |
| Reasons | Growth in interest and fee income, as well as in loans and leases, contributed to revenue growth. Cost controls led to decreased expenses and boosted net income.
The bank continued to focus on its core Hawai'i market and has no current plans to expand. |
| What they are saying | "I'm pleased to report that Bank of Hawaii closed the year 2004 with a solid performance."
– Chairman and CEO Al Landon "They came in slightly better than expectations. We were encouraged with the pickup in loan growth and the continued cost control." – Joe Morford, RBC Capital Markets |
| What's next | The bank expects fiscal 2005 net income to range from $174 million to $177 million.
The bank authorized another $100 million in stock repurchases. Earnings per share could get a lift. Some analysts want to see higher revenue growth at the bank. Shares are considered fully valued and further gains may be limited. |
