Bankoh's 4th quarter earnings rise 3.1%
BY Rick Daysog
Advertiser Staff Writer
Bank of Hawaii Corp. reported a 3.1 percent increase in its fourth-quarter 2009 earnings, thanks to a $25.7 million gain from the sale of investment securities.
The company said yesterday that it netted $40.5 million, or 84 cents per share, during the three months ending Dec. 31, compared to the year-earlier's $39.3 million, or 82 cents per share.
Shares of Bank of Hawaii slipped $2.93, or nearly 6 percent, to close at $49.15 on the New York Stock Exchange yesterday.
"Bank of Hawaii Corp. finished 2009 with solid financial performance," said Allan Landon, chairman and CEO.
"Bank of Hawaii is well-positioned to meet the needs of our marketplace."
For the year, the company said, it earned $144 million, or $3 per share, compared to $192.2 million, or $3.99 per share, in 2008.
Total assets increased 15.3 percent to $12.41 billion, while deposits were up 13.5 percent to $9.41 billion.
Loans and leases fell 11.9 percent to $5.76 billion, reflecting the slow economy.
The company said net interest income was down 2.2 percent to $103.8 million.
But noninterest income soared 48 percent to $80.8 million.
The higher noninterest income was due largely to a $25.7 million gain from the sale of mortgage-backed securities that the company realized during the quarter.
During the year, the bank said, it increased its allowances for loan and lease losses by 16.4 percent to $143.7 million.
Founded in 1897, Bank of Hawaii is the state's second- largest financial institution.