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Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share of $0.95 for the first quarter of 2012, up from $0.85 in the previous quarter, and up from $0.88 in the same quarter last year. Net income for the first quarter of 2012 was $43.8 million, an increase of $4.6 million or 11.7 percent compared to net income of $39.2 million in the fourth quarter of 2011, and up $1.5 million or 3.4 percent from net income of $42.4 million in the first quarter of 2011.
Loan and lease balances increased to $5.6 billion during the first quarter of 2012, up 1.1 percent compared to the end of the fourth quarter of 2011 and up 5.1 percent compared to the end of the same quarter last year. Deposit growth continued to remain strong, increasing to $10.6 billion at March 31, 2012. The allowance for loan and lease losses declined to $135.6 million and currently represents 2.42 percent of outstanding loans and leases.
“Bank of Hawaii Corporation had a good start in 2012 with solid performance in the first quarter,” said Peter S. Ho, Chairman, President and CEO. “Loan balances continued to grow, deposits remained strong, and our net interest margin slightly improved during the quarter. We maintained our disciplined expense control management and credit costs are continuing to decline as the Hawaii economy recovers.”
The return on average assets for the first quarter of 2012 was 1.29 percent, up from 1.17 percent in the previous quarter, and down from 1.32 percent for the same quarter last year. The return on average equity for the first quarter of 2012 was 17.26 percent compared to 15.23 percent for the fourth quarter of 2011 and 16.86 percent in the first quarter of 2011. The efficiency ratio for the first quarter of 2012 was 58.35 percent, an improvement from 60.42 percent in the previous quarter.