Posted at 11:15 a.m., Monday, October 22, 2007
Hawai'i index gains as Bank of Hawaii shares jump
Advertiser Staff
The Bloomberg-Honolulu Advertiser Hawai'i Index rose for the first time in nine days as Bank of Hawaii shares jumped on earnings news.The 11-member stock index rose 1.35 points to 96.96 as seven issues gained, three declined and one was unchanged.
Bank of Hawaii reported earnings in its most recent quarter increased to $47.8 million from $46.9 million a year earlier. The bank also reported non-performing assets, a measure of its bad loans, fell compared to a year earlier. It also announced it was boosting its quarterly dividend to 44 cents a share from 41 cents and said it was increasing its share buyback authorization by $100 million.
The bank's shares soared by $2.35 to close at $51.70.
Central Pacific Financial shares rose 73 cents to $24.16, the first increase since Oct. 9. During that time Central Pacific slid to a more than three-year low.
