Bank of Hawaii net income down in 4th quarter, but up for year
Advertiser Staff
Bank of Hawaii reported a modest decline in net income for the fourth quarter of 2008, but still managed to post a 4.6 percent gain in earnings for the entire year
Fourth-quarter net income totaled $39.3 million, down 3.8 percent from the fourth quarter 2007. Earnings per share were 82 cents in the fourth quarter, down from 83 cents per share in the same period a year earlier.
For all of 2008, BOH earned $192.2 million, up 4.6 percent from $183.7 million in 2007. The bank reported earnings per share of $3.99 in 2008, up from $3.69 in 2007.
Return on assets rose to 1.84 percent in 2008 from 1.75 percent the year before. The return on equity fell to 25.4 percent in 2008 from 25.15 percent in 2007, mainly as a result of an increase in capital levels, the bank said.
"Bank of Hawaii Corp. finished 2008 ith a solid financial performance. Our bank has a strong balance sheet with increased deposits, capital, liquidity and reserves," said Allan Landon, Bank of Hawaii chairman and chief executive officer.
