Bank of Hawaii Corp.'s outlook for 2006 remains rosy
Bank of Hawaii Corp. continued to benefit from the state's growing economy as its per-share earnings were up 4.9 percent during the fourth quarter.
Net income: $44.8 million, down 3.2 percent from year ago.
Earnings per share: 86 cents, up 4.9 percent.
Net interest income: $103.5 million, up 3.5 percent.
Fiscal 2005 net income: $181.6 million, up 4.7 percent.
Fiscal 2005 earnings per share: $3.41, up 10.7 percent.
Total assets $10.2 billion, up 4.3 percent.
WHAT THEY ARE SAYING
"The Hawai'i economy remains solid and we are on track to surpass the goals of our 2004-2006 plan.Allan Landon
CEO, Bank of Hawaii
"This strong deposit growth reflects the strength in the service-oriented economy."Michael McMahon
Analyst, Sandler O'Neill & Partners
The bank expects its 2006 net income to increase about $187 million from 2005's $181.6 million.
The bank authorized another $100 million in stock repurchases.
Analysts expect Bank of Hawaii's stock to trade between $55 per share and $56 per share this year, which is up slightly from the current $54 per share.