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Bank of Hawaii posts modest growth in revenues, loans | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, April 24, 2007

Bank of Hawaii posts modest growth in revenues, loans

Advertiser Staff

Bank of Hawaii Corp.'s first-quarter 2007 net income rose 4.4 percent as the company posted modest growth in revenues and loans.

THE NUMBERS

Revenue: $159.1 million, up 2.8 percent vs. year ago.

Net income: $47.3 million, up 4.4 percent vs. year ago.

Earnings per share: 94 cents, up 8.1 percent vs. year ago.

Assets: $10.49 billion, down 0.4 percent vs. year ago.

Deposits: $7.95 billion, down 2.4 percent vs. year ago.

Loans and leases: $6.51 billion, up 4.2 percent vs. year ago.

HIGHLIGHTS

  • With the less favorable interest rate environment, Bank of Hawaii's interest income slid 4 percent from the year-earlier period to $98.1 million.

  • But that decline was partly offset by growth in noninterest income, which rose nearly 16 percent to about $61 million.

  • The bank's cost controls continued to pay dividends as noninterest expenses were virtually unchanged from first quarter 2006.

    WHAT THEY ARE SAYING

    "Bank of Hawaii Corp. began 2007 with solid financial performance. Our average loans and deposits grew during the quarter, overall credit remained stable and the Hawai'i economy continued to be solid."

    Allan Landon
    Chairman and CEO

    WHAT’S NEXT

    Analysts expect Bank of Hawaii to earn $3.87 per share in 2007.

    Shares are expected to trade between $55 and $60 per share over the next 18 months, analysts say.

    The bank authorized $68.6 million in stock repurchases. Earnings per share could get a lift.

    The company's board declared a 41-cent-per-share dividend payable on June 14, 2007, to shareholders of record on May 31, 2007.
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