Bankoh Q4 profit $40.6 million - Hawaii News Now - KGMB and KHNL

Bankoh Q4 profit $40.6 million

By Howard Dicus - bio | email 

HONOLULU (HawaiiNewsNow) - Bank of Hawaii, second largest Hawaii bank, has logged a $40.6 million fourth quarter profit, up $100,000 from the same quarter a year earlier despite lower revenue, and cited a slowly improving Hawaii economy.

Interest income was $97 million, down from $104 million a year earlier. Non-interest income was $52 million, down from $81 million a year earlier. But non-performing loans fell sharply and the bank set aside less money for losses.

"Credit quality continues to improve," said CEO Peter Ho.

Return on average assets was 1.24%; return on average equity was better than 15%. Provision for credit losses was $5 million compared with $27 million a year earlier. Provision for credit losses equaled charge-offs. Non-performing assets at year's end came in under $38 million, compared to $48 million a year earlier.

Bankoh's quarter at a glance:

Revenue: $148 million. Year before: $185 million.*

Net income: $40.6 million. Year before: $40.5 million.

Per share: 84 cents. Year before: 84 cents.

*Year-before income included $26 million for sales of assets.

Net income for full year 2010 was $183.9 million, up from $144 million in 2009.

"The Hawaii economy is continuing to recover," Ho said in a statement Monday.

Bankoh's only larger local rival, First Hawaiian Bank, reported on Friday a $50 million fourth quarter profit.

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