Diluted Earnings Per Share for the Fourth Quarter of 2014 $0.94
Net Income for the Fourth Quarter of 2014 $41.2 Million
2014 Diluted Earnings Per Share $3.69
2014 Net Income $163.0 Million
Board of Directors Declares Dividend of $0.45 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 26, 2015) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.94 for the fourth quarter of 2014, down from $0.95 per share in the previous quarter, and up from $0.88 per share in the same quarter last year. Net income for the fourth quarter of 2014 was $41.2 million, compared to net income of $41.8 million in the third quarter of 2014 and $39.1 million in the same quarter last year. The return on average assets for the fourth quarter of 2014 was 1.12 percent, compared with 1.15 percent in the third quarter of 2014 and 1.12 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2014 was 15.39 percent, compared with 15.57 percent in the third quarter of 2014 and 15.36 percent in the fourth quarter last year.
Loan and lease balances were $6.9 billion at December 31, 2014, up 4.4 percent from September 30, 2014 and up 13.2 percent compared with December 31, 2013. Deposit growth remained strong during the quarter, increasing 2.2 percent from September 30, 2014 and 6.0 percent from December 31, 2013. The net interest margin was 2.84 percent during the fourth quarter of 2014 compared with 2.85 percent in the previous quarter and fourth quarter last year.
“Bank of Hawaii finished 2014 with strong financial performance," said Peter Ho, Chairman, President, and CEO. “During the quarter loan balances and deposits continued to grow. Our net interest margin was relatively stable, credit quality remained solid, expenses were well controlled, and our capital ratios remain quite strong.”
Diluted earnings per share for the full year of 2014 were $3.69, up $0.31 or 9.2 percent from diluted earnings per share of $3.38 in 2013. Net income for the year was $163.0 million, up $12.5 million or 8.3 percent from net income of $150.5 million in the previous year. The return on average assets for the full year of 2014 was 1.14 percent, up from 1.10 percent in 2013. The return on average equity for the full year of 2014 was 15.50 percent, up from 14.78 percent in 2013.
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The following information was filed by Bank Of Hawaii Corp (BOH) on Monday, January 26, 2015 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: 0000046195-15-000017 Submitted to the SEC: Tue Feb 24 2015 3:46:49 PM EST Accepted by the SEC: Tue Feb 24 2015 Period: Wednesday, December 31, 2014 Industry: State Commercial Banks