honoluluadvertiser.com
Sponsored by:

Comment, blog & share photos

Log in | Become a member
The Honolulu Advertiser
Loans, assets give Bank of Hawaii third-quarter lift | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, October 24, 2006

Loans, assets give Bank of Hawaii third-quarter lift

Advertiser Staff

Bank of Hawaii Corp.'s net income rose 4.7 percent in the third quarter of 2006 thanks to a steady increase in loans and total assets.

THE NUMBERS

Net income: $46.9 million, up 4.7 percent from a year ago.

Earnings per share: 93 cents, up 9.4 percent from year ago.

Year-to-date 2006 net income: $129.4 million, down 5.3 percent from a year ago.

Year-to-date 2006 earnings per share: $2.53, down 0.8 percent from year ago.

Assets: $10.4 billion, up 2.8 percent from year ago.

Deposits: $7.7 billion, down 0.9 percent from year ago.

REASONS

  • Loans and leases increased 4.6 percent to $6.5 billion, boosted by a 7.8 percent rise in commercial loans.

  • Interest income dropped about 1.6 percent to $100.5 million due to thinner interest rate margins.

  • Asset quality continued to improve as the value of nonperforming loans and other assets fell 34 percent to $5.4 million.

  • Noninterest expenses dropped 5.7 percent to $79.8 million.

    WHAT THEY ARE SAYING

    "Bank of Hawaii Corp. had another solid financial performance during the third quarter of 2006 despite a challenging rate environment. Loan growth and asset quality were strong during the third quarter."

    Allan Landon
    Chairman and CEO

    WHAT'S NEXT

    Bank of Hawaii said it expects to earn about $178 million for the full year.

    The bank's board of directors increased its quarterly dividend 11 percent to 41 cents per share. The dividend is payable Dec. 14 to shareholders of record on Nov. 30.

    The bank bought back 950,000 shares in the third quarter for $46.6 million. The company has the authority to buy back an additional $102.5 million.
    • Advertisement
    Advertisement