Bank of Hawaii Corp. Reports Operating Results (10-Q)
Bank Of Hawaii Corp. has a market cap of $2.29 billion; its shares were traded at around $47.67 with a P/E ratio of 12.54 and P/S ratio of 3.18. The dividend yield of Bank Of Hawaii Corp. stocks is 3.78%. Bank Of Hawaii Corp. had an annual average earning growth of 4.2% over the past 10 years.
Highlight of Business Operations: For the first quarter of 2011, net income was $42.4 million, a decrease of $10.4 million or 20% compared to the same period in 2010. Diluted earnings per share were $0.88 per share, a decrease of $0.21 per share compared to the same period in 2010. Our lower net income for the first quarter of 2011 was primarily due to the following:
· Net realized investment securities gains were $6.1 million in the first quarter of 2011, a decrease of $13.9 million or 70% compared to the same period in 2010.
· Net interest income was $99.7 million for the first quarter of 2011, a decrease of $8.0 million or 7% compared to the same period in 2010. The decrease in net interest income was primarily due to lower yields from our loan, lease, and investment securities portfolios as well as lower average loan and lease balances. This was partially offset by higher average balances in investment securities and lower rates paid on our deposit products.
· Overdraft fees were $5.2 million for the first quarter of 2011, a decrease of $3.5 million or 40% compared to the same period in 2010. This decrease was primarily due to the Federal Reserve Boards amendments to Regulation E which prohibit a financial institution from assessing a fee to complete an ATM withdrawal or one-time debit card transaction which will cause an overdraft unless the customer consents in advance (opts-in). Also contributing to the decrease in overdraft fees was the result of several processing changes implemented in the first quarter of 2011.
· Total deposits were $9.9 billion as of March 31, 2011, an increase of $23.4 million from December 31, 2010. Our strong brand continues to play a key role in new account acquisitions.
· Our capital levels remained strong during the first quarter of 2011. Shareholders equity was $1.0 billion as of March 31, 2010, a decrease of $14.9 million from December 31, 2010. We also continued our share repurchases in the first quarter of 2011. We repurchased 442,500 shares of our common stock at an average cost of $46.93 per share.
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