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Bank of Hawaii Net Income Down $10M over Last Year

Posted April 18, 2011, 01:57 PM HST
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By Sonia Isotov

The Bank of Hawaii today reported net income $42.4 million for the first quarter of 2011; up 4.4 percent from $40.6 million in the fourth quarter of 2010, but down from one year ago the same period when net income was $52.7 million.

That’s a return of $0.88 diluted earnings per share of $0.88 for the first quarter of 2011, up from $0.84 in the previous quarter, but down from $1.09 per diluted share, during the same quarter last year.

Total assets were $13.0 billion this quarter, down from total assets of $13.1 billion end of the 4th quarter 2010, and up from total assets of $12.4 billion from one year ago.

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The Company’s Board of Directors has declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares.

“Our net interest margin improved and credit costs continue to come down as the Hawaii economy maintains its recovery. Our hearts and prayers go out to the people of Japan as they recover from the disasters of March 11. The Hawaii economy will certainly be impacted somewhat in the short term although it is too early to determine how protracted the effects will be,” said Peter S. Ho, Chairman, President and CEO, Bank of Hawaii Corporation, in a written statement released today.

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