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Bank Of Hawaii Corporation Second Quarter 2012 Financial Results

Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.90 for the second quarter of 2012, down from $0.95 in the previous quarter, and up from $0.74 in the same quarter last year. Net income for the second quarter of 2012 was $40.7 million, a decrease of $3.1 million or 7.0 percent compared with net income of $43.8 million in the first quarter of 2012, and up $5.6 million or 15.9 percent from net income of $35.1 million in the second quarter of 2011.

Loan and lease balances increased to $5.7 billion during the second quarter of 2012, up 1.3 percent compared with the end of the first quarter of 2012 and up 6.0 percent compared with the end of the same quarter last year. Deposit growth continued, increasing to $11.5 billion at June 30, 2012. The allowance for loan and lease losses declined to $132.4 million and currently represents 2.34 percent of outstanding loans and leases.

"Bank of Hawaii Corporation continued to perform well in the second quarter of 2012," said Peter Ho, Chairman, President and CEO. “Loan balances continued to grow and deposits remained strong. The net interest margin declined however due to continuing low interest rates. We remain committed to risk and expense management and were pleased to see continued improvement in these areas in the second quarter.”

The return on average assets for the second quarter of 2012 was 1.19 percent, down from 1.29 percent in the previous quarter, and up from 1.09 percent for the same quarter last year. The return on average equity for the second quarter of 2012 was 16.19 percent compared with 17.26 percent for the first quarter of 2012 and 13.86 percent in the second quarter of 2011. The efficiency ratio for the second quarter of 2012 was 56.77 percent, an improvement from 58.35 percent in the previous quarter and 63.81 percent in the same quarter last year.

Stock quotes in this article: BOH 

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