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

Noninterest income was $52.4 million for the third quarter of 2012; an increase of $5.5 million compared to noninterest income of $46.8 million in the second quarter of 2012, and was up $1.5 million from noninterest income of $50.9 million in the third quarter of 2011. Mortgage banking produced noninterest income of $11.7 million in the third quarter of 2012 compared to $7.6 million in the second quarter of 2012 and $5.5 million in the third quarter last year. There were no significant nonrecurring noninterest income items during the third quarter or second quarter of 2012. Noninterest income in the third quarter of 2011 included a $2.0 million gain related to a contingent payment from the sale of the Company’s proprietary mutual funds in 2010.

Noninterest expense was $84.9 million in the third quarter of 2012, up $4.1 million from noninterest expense of $80.7 million in the previous quarter, and up $0.9 million from noninterest expense of $84.0 million in the same quarter last year. Noninterest expense in the third quarter of 2012 included an increase in profit sharing and incentive accruals of $1.0 million, which is based in part on higher overall earnings, expenses of $1.0 million related to the launch of a new consumer credit card product, and $1.0 million in separation expense. In addition, mortgage banking expenses, including overtime and commissions were elevated due to the increased mortgage banking activity. There were no significant nonrecurring noninterest expense items during the second quarter of 2012. Noninterest expense in the third quarter of 2011 included a donation of $2.0 million to the Bank of Hawaii Foundation. An analysis of salary and benefit expenses is included in Table 9.

The effective tax rate for the third quarter of 2012 was 32.55 percent compared to 33.04 percent in the previous quarter and 29.58 percent in the same quarter last year. The effective tax rate for the nine-month period ended September 30, 2012 was 31.06 percent compared to 30.54 percent for the same period last year.

3 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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs