This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank Of Hawaii Corporation Third Quarter 2012 Financial Results

Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.92 for the third quarter of 2012, up $0.02 from diluted earnings per share of $0.90 in the second quarter of 2012 and unchanged from diluted earnings per share of $0.92 in the third quarter of 2011. Net income for the third quarter was $41.2 million, up $0.5 million compared to net income of $40.7 million in the previous quarter, and down $2.1 million from net income of $43.3 million in the same quarter last year.

Loans grew 2.0 percent during the third quarter with loan and lease balances increasing to $5.78 billion at September 30, 2012. Total deposits declined during the third quarter of 2012 due to management’s planned reduction in government time deposits. The net interest margin remained stable at 2.98 percent. The allowance for loan and lease losses decreased by $1.5 million to $131.0 million and represented 2.27 percent of outstanding loans and leases at September 30, 2012.

"Bank of Hawaii Corporation had good results for the third quarter of 2012," said Peter S. Ho, Chairman, President, and CEO. “We were pleased to see the growth in total loans this quarter and strong mortgage banking results. Our overall credit quality is improving, which allowed us to further reduce our reserves. Capital continues to be strong.”

The return on average assets for the third quarter of 2012 was 1.22 percent, up from 1.19 percent in the second quarter of 2012. The return on average equity for the third quarter was 16.02 percent compared to 16.19 percent for the previous quarter. The efficiency ratio for the third quarter of 2012 was 58.13 percent compared to 56.77 percent in the previous quarter.

For the nine months ended September 30, 2012, net income was $125.8 million, up $5.0 million compared to net income of $120.8 million for the same period last year. Diluted earnings per share were $2.77 for the nine-month period in 2012, up $0.23 from diluted earnings per share of $2.54 for the same period in 2011. The year-to-date return on average assets was 1.23 percent compared to 1.24 percent for the same period in 2011. The year-to-date return on average equity was 16.49 percent, up from 15.85 percent for the nine months ended September 30, 2011. The efficiency ratio for the nine-month period ended September 30, 2012 was 57.76 percent, down from 58.86 percent for the same period last year.

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs