Business News
Sun Shines on Bank of Hawaii
TSC and IRIS Staff
10/23/06 - 11:27 AM EDT
Bank of Hawaii (BOH Quote) said its third-quarter earnings rose 4.7%.
The company earned $46.9 million, or 93 cents a share, in the quarter, compared with $44.8 million, or 85 cents a share, in the year ago period. Analysts polled by Thomson First Call were expecting earnings of 92 cents a share.
Third-quarter net interest margin fell 10 basis point to 4.20%, due to the effects of the inverted yield curve and a continued shift in the funding mix.
Net interest income, on a taxable equivalent basis, fell to $100.5 million from $102.1 million. Noninterest income rose 2.5% to $56.9 million in the quarter. Noninterest expense in the most recent quarter fell 5.7% to $79.8 million.
The company maintained its full-year earnings guidance of $178 million. Analysts are expecting earnings of $181.25 million.
Total deposits at the end of the quarter were $7.69 billion, down from $7.76 billion last year.
The company's board declared a quarterly cash dividend of 41 cents a share, payable Dec. 14, to shareholders of record at the close of business on Nov. 30.
During the third quarter of 2006, the company repurchased 950,000 shares of common stock at a total cost of $46.6 million under its share repurchase program. From Oct. 1, through Oct. 20, the company repurchased an additional 122,500 shares at an average cost of $48.36 a share. Remaining buyback authority under the share repurchase program was $102.5 million at Oct. 20, the company said.
Shares rose $2.62 to $51.48.