Posted at 10:03 a.m., Monday, October 24, 2005
Bank of Hawaii earnings rise in third quarter
Advertiser Staff
Bank of Hawaii Corp. today reported diluted earnings per share of 85 cents for the third quarter, an increase from 78 cents per share in the same period a year earlier.Diluted earnings in the third quarter fell from 87 cents in the second quarter of this year. Net income for the third quarter was $44.8 million, up from $43.1 million in the third quarter a year ago and down $1.6 million from $46.4 million in the second quarter of this year. Net income for the third quarter of 2005 included a provision for credit losses of $3.0 million ($1.9 million after tax or $0.04 per diluted share).
Bank of Hawaii shares were up 66 cents at $50.34 in late trading.
"We are pleased with Bank of Hawaii Corporation's financial performance for the third quarter of 2005," said Allan R. Landon, Chairman and CEO. "We increased revenue, loans and deposits, and maintained reasonable expense levels. Although we returned to provisioning for credit losses during the quarter, our credit quality and the Hawaii economy remain strong."
