Posted at 10:58 a.m., Monday, July 24, 2006
Bank of Hawaii net income down 20% on tax change
Rick Daysog
Advertiser Staff Writer
The company earned $37.2 million, or 73 cents per share, in the second quarter, down from $46.4 million, or 87 cents, in its 2005 second quarter.
The bank said new federal tax law known as the Tax Increase Prevention and Reconciliation, or TIPRA, eliminated an exemption for revenues generated from foreign operations, prompting the bank to take a one-time, $9 million charge.
Bank of Hawaii shares rose 87 cents to $49.93 in midday trading.
Reach Rick Daysog at 525-8064 or rdaysog@honoluluadvertiser.com
