Bankoh posts $53 million profit - Hawaii News Now - KGMB and KHNL

Bankoh posts $53 million profit

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - Bank of Hawaii Corp. (NYSE: BOH) posted Monday a $52.7 million first quarter profit ($1.09 per share) compared to $36 million a year ago ($0.75 per share).

"Our profitability remained solid and the Hawaii economy is showing signs of stabilization," said CEO Al Landon, who announced his intention to retire later this year and make bank president Peter Ho the new CEO.

Deposits rose to $9.5 billion at March 31.  Shareholders' equity increased to $939.4 million. Most other metrics also improved: 

  • Net interest income: $107.9 million (year ago: $97.3 million).
  • Non-interest income: $71.8 million (year ago: $80.8 million).
  • Total deposits: $9.49 billion (year ago: $9.21 billion).
  • Provision for credit losses: $20.7 million (year ago: $24.9 million).
  • Return on average assets: 1.73% (year ago: 1.32%).
  • Return on average equity: 22.54% (year ago: 17.86%).
  • Efficiency ratio: 45.54% (year ago: 52.52%).
  • Non-performing assets: $41.6 million (year ago: $40.3 million). 

"The increase in non-performing residential mortgage loans was primarily on Hawaiian Islands other than Oahu," Bankoh said. 

Loans past due 90 days or more were $16 million at March 31, up from $8.6 million a year ago.

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