Diluted Earnings Per Share for the Fourth Quarter of 2013 $0.88
Net Income for the Fourth Quarter of 2013 $39.1 Million
Board of Directors Declares Dividend of $0.45 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 27, 2014) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.88 for the fourth quarter of 2013, up from $0.85 per share in the previous quarter, and down from $0.90 per share in the same quarter last year. Net income for the fourth quarter of 2013 was $39.1 million, compared to net income of $37.7 million in the third quarter of 2013 and $40.3 million in the same quarter last year.
Loan and lease balances were $6.1 billion at December 31, 2013, up 1.5 percent from September 30, 2013 and up 4.1 percent compared with December 31, 2012. Deposit growth remained strong during the quarter, increasing 2.6 percent from September 30, 2013 and 3.3 percent from December 31, 2012. The net interest margin increased to 2.85 percent during the fourth quarter of 2013 compared with 2.83 percent in the previous quarter.
“Bank of Hawaii finished 2013 with another quarter of solid financial performance," said Peter Ho, Chairman, President, and CEO. “During the quarter loan balances and deposits continued to grow. Our net interest margin improved, credit quality remained stable, our capital ratios remain quite strong, and we maintained our focus on disciplined expense management.”
The return on average assets for the fourth quarter of 2013 was 1.12 percent, compared with 1.09 percent in the third quarter of 2013 and 1.19 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2013 was 15.36 percent, compared with 15.02 percent in the third quarter of 2013 and 15.47 percent in the fourth quarter last year. The return on average assets for the full year of 2013 was 1.10 percent compared with 1.22 percent in 2012. The return on average equity for the full year of 2013 was 14.78 percent compared with 16.23 percent in 2012.
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The following information was filed by Bank Of Hawaii Corp (BOH) on Monday, January 27, 2014 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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Ticker: BOH CIK: 46195 Form Type:10-K Annual Report Accession Number: 0000046195-14-000012 Submitted to the SEC: Tue Feb 25 2014 4:01:00 PM EST Accepted by the SEC: Tue Feb 25 2014 Period: Tuesday, December 31, 2013 Industry: State Commercial Banks