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Bank of Hawaii sets income record in 4th quarter 2006 | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, January 23, 2007

Bank of Hawaii sets income record in 4th quarter 2006

Advertiser Staff

Bank of Hawaii, benefiting from strong loan and deposit growth, saw its fourth-quarter 2006 net income rise 13.7 percent to a record $50.9 million. Earnings per share also posted a healthy increase, rising $1.01, or 17.4 percent from the year-earlier period.

FOURTH QUARTER 2006

Net income: $50.9 million, up 13.7 percent from a year ago.

Earnings per share: $1.01, up 17.4 percent from a year ago.

Total Assets: $10.6 billion, up 3.8 percent from a year ago.

Deposits: $8 billion, up 1.5 percent from a year ago.

Loans and leases: $6.6 billion, up 7.5 percent from a year ago.

Total shareholder equity: $719.4 million, up 5.3 percent from a year ago.

REASONS

  • Bank of Hawaii's net interest income slipped 3.1 percent to $100.4 million, but that was largely offset by the bank's noninterest, fee income, which jumped 5.3 percent to $53.5 million.

  • The company reduced its expenses for salaries, office rents, professional fees and other costs by about $1.6 million, or 1.9 percent.

  • Bank of Hawaii spent $17.1 million to repurchase 337,500 shares of company stock during the fourth quarter.

    WHAT THEY ARE SAYING

    "Bank of Hawaii Corp. had good financial performance during the fourth quarter of 2006. The Hawai'i economy appears to be strong, and we believe our company is well positioned to continue building on its many successes."

    Allan Landon
    Bank of Hawaii chairman and CEO

    WHAT'S NEXT

  • The bank plans to implement a new business plan for 2007 and beyond that anticipates a continued strong economy, moderate revenue growth but a slight increase in loan losses.

  • Analysts polled by Zacks Investment Research Inc. expect Bank of Hawaii to earn between $3.91 per share to $4 per share this year.

  • Bank of Hawaii will pay a 41-cent-per-share dividend on March 14 to shareholders of record as of Feb. 28.
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