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Bank of Hawaii's 2nd-quarter net income up 28% | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, July 24, 2007

Bank of Hawaii's 2nd-quarter net income up 28%

Advertiser Staff

Bank of Hawaii Corp. showed net income of $47.7 million for the second-quarter of 2007, after a sluggish year-earlier period.

SECOND QUARTER

Net income: $47.7 million, up 28.4 percent from a year ago.

Earnings per share: 95 cents, up 31.9 percent from a year ago.

Net interest income: $99.1 million, down 0.9 percent from a year ago.

Year-to-date net income: $95.1 million, up 15.2 percent from a year ago.

Total assets: $10.7 billion, up 3.8 percent from a year ago.

REASONS

  • The bank's noninterest income jumped 9.1 percent to $58 million due to higher trust and asset management fees, service charges on deposits and other fees.

  • The bank's higher net compared to a sluggish year-earlier period when the bank recorded a one-time, $9 million charge brought on by new federal tax legislation.

  • Assets, loans and deposits grew steadily, reflecting the continued strength in Hawai'i's economy.

    WHAT THEY ARE SAYING

    "Our financial performance in 2007 continues to be strong despite the challenging interest rate environment. We are especially pleased with our credit quality, which continues to reflect the stable Hawai'i economy."

    Allan Landon
    Bank of Hawaii chairman and CEO

    WHAT'S NEXT

    Analysts expect the bank to earn $3.80 per share in 2007. They also expect the company's stock to trade between $54 per share and $60 per share over the next 18 months.

    The bank has authorized the repurchase of $47.3 million in stock. Earnings per share could get a lift.

    Bank of Hawaii's board of directors has authorized a 41-cents-per-share cash dividend payable on Sept. 14 for shareholders of record on Aug. 31.
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