Lending, deposits, profit up at Bank of Hawaii


HONOLULU (HawaiiNewsNow) - Bank of Hawaii Corp. made a $40 million fourth quarter profit, up $1 million from a year earlier, the bank reported Wednesday.

Deposits grew 9 percent to $11.5 billion, while the loan and lease portfolio grew 6 percent to $5.9 billion, compared to year-before levels. Allowance for loan and lease losses was reduced to $129 million, 2.2 percent of the portfolio.

"We are very pleased with the continued stability and strength of our earnings," CEO Peter Ho said in a statement. "Loan balances increased across most categories… credit quality remained solid."

Net interest income was $93 million, down from $96 million a year earlier, while non-interest income was $53 million, up slightly from year-before levels.

Bankoh took a $1.5 million charge from closing its remaining branches in American Samoa.

Total assets grew to $13.7 billion, increasing $346 million from the fourth quarter of 2011.

For 2012 as a whole, Bankoh reported $166 million net income, compared to $160 million for 2011.

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