Bank of Hawaii Corporation – BOH – Continued performance in the second quarter of 2012
Bank of Hawaii Corporation (NYSE: BOH) reported diluted earnings per share of $0.90 for the second quarter of 2012, down from $0.95 in the previous quarter, and up from $0.74 in the same quarter last year. Net income for the second quarter of 2012 was $40.7 million, a decrease of $3.1 million or 7.0 percent compared with net income of $43.8 million in the first quarter of 2012, and up $5.6 million or 15.9 percent from net income of $35.1 million in the second quarter of 2011.
- BOH Diluted Earnings Per Share $0.90
- BOH Net Income $40.7 Million
- BOH Board of Directors Declares Dividend of $0.45 Per Share
- BOH Board of Directors Increases Repurchase Authorization by $75.0 Million
Loan and lease balances increased to $5.7 billion during the second quarter of 2012, up 1.3 percent compared with the end of the first quarter of 2012 and up 6.0 percent compared with the end of the same quarter last year. Deposit growth continued, increasing to $11.5 billion at June 30, 2012. The allowance for loan and lease losses declined to $132.4 million and currently represents 2.34 percent of outstanding loans and leases.
“Bank of Hawaii Corporation continued to perform well in the second quarter of 2012,” said Peter Ho, Chairman, President and CEO. “Loan balances continued to grow and deposits remained strong. The net interest margin declined however due to continuing low interest rates. We remain committed to risk and expense management and were pleased to see continued improvement in these areas in the second quarter.”
The return on average assets for the second quarter of 2012 was 1.19 percent, down from 1.29 percent in the previous quarter, and up from 1.09 percent for the same quarter last year. The return on average equity for the second quarter of 2012 was 16.19 percent compared with 17.26 percent for the first quarter of 2012 and 13.86 percent in the second quarter of 2011. The efficiency ratio for the second quarter of 2012 was 56.77 percent, an improvement from 58.35 percent in the previous quarter and 63.81 percent in the same quarter last year.
About Bank of Hawaii Corporation – BOH
Bank of Hawaii Corporation (BOH) is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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