Bank of Hawaii Reports 3.4% Profit IncreaseApril 23, 2012, 7:05 PM HST · Updated April 23, 7:07 PM 0 Comments
By Sonia Isotov
Bank of Hawaii Corporation today reported that net income increased 11.7% in the first quarter of 2012 over fourth quarter of 2011 reaching $43 million, which is a 3.4% increase from the first quarter of 2011.
Earnings per share were $0.95 for the first quarter of 2012 which is up from $0.85 in the previous quarter, and up from $0.88 in the same quarter last year.
“Bank of Hawaii Corporation had a good start in 2012 with solid performance in the first quarter,” said Peter S. Ho, the chairman, president and chief executive officer of the Bank of Hawaii, in a written statement.
“Loan balances continued to grow, deposits remained strong, and our net interest margin slightly improved during the quarter. We maintained our disciplined expense control management and credit costs are continuing to decline as the Hawaii economy recovers.”
Loan and lease balances increased to $5.6 billion during the first quarter of 2012, up 1.1% compared to the end of the fourth quarter of 2011 and up 5.1% compared to the end of the same quarter last year.
Deposit growth continued to remain strong, increasing to $10.6 billion at March 31, 2012.
The return on average assets for the first quarter of 2012 was 1.29%, up from 1.17 % in the previous quarter, and down from 1.32% for the same quarter last year. The return on average equity for the first quarter of 2012 was 17.26%t compared to 15.23%t for the fourth quarter of 2011 and 16.86% in the first quarter of 2011.