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10 Bank Dividends with Room to Rise


5. Bank of Hawaii

Shares of Bank of Hawaii (BOH) of Honolulu closed at $47.68 Monday, down 2% from a year earlier. The shares have a dividend yield of 3.78%, based on a quarterly payout of 45 cents.

During the first quarter the company repurchased about 443,000 shares for $20.8 million and said that as of March 31, it was authorized to buy back another $43.1 million worth of common shares.

The company had $13 billion in total assets as of March 31, and has been one of the strongest and most consistent earnings performers among large U.S. banks through the credit crisis. Its first-quarter return on average assets of 1.31% was second-highest among this group of 10 bank holding companies, although it declined from 1.73% a year earlier.

First-quarter net income was $42.4 million, or 88 cents a share, declining from $52.7 million, or $1.09 a share, in the first quarter of 2010. Net interest income declined 7% from a year earlier to $99.7 million "as growth in commercial lending and residential mortgages were offset by continued declines in home equity, auto lending, and other consumer loans."

Noninterest income totaled $53.9 million for the first quarter, declining from $71.8 million a year earlier, mainly because the prior period included $20 million in gains on securities investments, which declined to $6.1 million in the first quarter. Service charges on deposit accounts declined to $9.9 million in the first quarter from $13.8 million a year earlier, from new rules that went into effect last July, requiring banks only to provide expensive overdraft protection on ATM and debit card transactions to customers who opt-in for the service.

After the first-quarter results were announced, Brett Rabatin of Sterne Agee reiterated his neutral rating on Bank of Hawaii, saying that the company's stock buyback appeared to be sustainable.

The shares trade for 14 times the consensus 2012 earnings estimate of $3.40 a share.

Out of 14 analysts covering Bank of Hawaii, four rate the shares a buy, nine have neutral ratings and the remaining analyst recommends selling the shares.

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