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Bank of Hawaii Corporation 2012 Financial Results
· 2012 Diluted Earnings Per Share $3.67
· 2012 Net Income $166.1 Million
· Diluted Earnings Per Share for the Fourth Quarter of 2012 $0.90
· Net Income for the Fourth Quarter of 2012 $40.3 Million
· Board of Directors Declares Dividend of $0.45 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 30, 2013) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.90 for the fourth quarter of 2012, down from $0.92 per share in the previous quarter, and up from $0.85 per share in the same quarter last year. Net income for the fourth quarter of 2012 was $40.3 million, compared to net income of $41.2 million in the third quarter of 2012 and $39.2 million in the same quarter last year.
Loan and lease balances were $5.9 billion at December 31, 2012, up 5.7 percent compared with December 31, 2011. Deposit growth remained strong during the quarter, increasing 8.8 percent to $11.5 billion at December 31, 2012. The allowance for loan and lease losses decreased by $2.1 million from the third quarter to $128.9 million at December 31, 2012 and represents 2.20 percent of outstanding loans and leases.
We are very pleased with the continued stability and strength of our earnings, said Peter S. Ho, Chairman, President, and CEO. During the quarter loan balances increased across most categories and deposits continued to grow. Credit quality remained solid, our balance sheet and capital ratios are strong, and we maintained our focus on disciplined expense management.
The return on average assets for the fourth quarter of 2012 was 1.19 percent, compared with 1.22 percent in the previous quarter and 1.17 percent in the same quarter last year. The return on average equity for the fourth quarter of 2012 was 15.47 percent, compared with 16.02 percent in the previous quarter and 15.23 percent in the same quarter last year. The return on average assets for the full year of 2012 was 1.22 percent, unchanged from 2011. The return on average equity for the full year of 2012 was 16.23 percent, an increase from the return on average equity of 15.69 percent in 2011.
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The following information was filed by Bank Of Hawaii Corp (BOH) on Wednesday, January 30, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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