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Bank of Hawaii earnings for third quarter rise 4% | The Honolulu Advertiser | Hawaii's Newspaper
Posted on: Tuesday, October 25, 2005

Bank of Hawaii earnings for third quarter rise 4%

Advertiser Staff

Hawai'i's strong economy helped to boost profits at Bank of Hawaii Corp. as the financial institution reported a 4 percent increase in its third-quarter 2005 earnings.

HIGHLIGHTS

Net income: $44.8 million, up 4 percent from a year ago.

Diluted earnings per share: 85 cents, up 9 percent from a year ago.

Net interest income: $102 million, up 3.2 percent from a year ago.

Non-interest income: $55.5 million, up 4.6 percent from a year ago.

Total assets: $10.09 billion, up 5.2 percent from a year ago.

REASONS

  • Bank of Hawaii's interest income increased to $129.2 million, up 13 percent from a year ago.

  • Consumer and commercial loans grew 6.6 percent to $6.2 billion from the third quarter in 2004.

  • Deposits totaled $7.76 billion, up from $7.41 billion a year ago.

    WHAT THEY ARE SAYING

    "We had loan growth and deposit growth, which are both nice to have. Given the strong economy and our performance, the board increased our quarterly dividend 12 percent. We're looking forward to the rest of the year."

    Allan Landon
    Chairman and chief executive officer

    WHAT'S NEXT

  • Bank of Hawaii expects net income for 2005 to range from $179 million to $181 million.

  • Bank of Hawaii's board declared a quarterly cash dividend of 37 cents per share, up from 33 cents the previous quarter. The dividend will be payable on Dec. 14 to shareholders of record as of Nov. 30.
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