Maui Business

Bank of Hawaii Net Income Grows 27.7% in 2010

January 25, 2011, 12:42 PM HST
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File image by Wendy Osher.

By Sonia Isotov

While the Bank of Hawaii (BOH) yesterday reported flat net income for the 4th quarter 2010, and for the year, BOH reported a 27.7% net income increase.

Bank of Hawaii Corporation yesterday reported net income of $40.6 million or $0.84 per diluted share for the fourth quarter of 2010 compared with $40.5 million or $0.84 per diluted share for the fourth quarter of 2009.

For the year, the bank’s net income jumped 27.7 percent to $183.9 million, or $3.80 a share, from $144 million, or $3 a share, a year ago.

Net income for the full year of 2010 was $183.9 million or $3.80 per diluted share, up from net income of $144.0 million or $3.00 per diluted share in the previous year.

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“Bank of Hawaii Corporation finished 2010 with solid financial performance,” said Peter S. Ho, Chairman, CEO, and President. “During the quarter we continued to see strong core deposit growth. Our loan portfolio grew slightly compared with the third quarter of 2010. Our balance sheet remained strong with high levels of liquidity, reserves, and capital. Credit quality continues to improve. The Hawaii economy is continuing to recover due, in part, to improving arrival and spend statistics in our visitor industry. Bank of Hawaii is well positioned to meet the needs of our marketplace as conditions improve.”

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The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares. The dividend will be payable on March 14, 2011 to shareholders of record at the close of business on February 28, 2011.

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