Diluted Earnings Per Share $0.99 for the Fourth Quarter of 2015
Net Income $42.8 Million for the Fourth Quarter of 2015
2015 Diluted Earnings Per Share $3.70
2015 Net Income $160.7 Million
Board of Directors Declares Dividend of $0.45 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 25, 2016) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.99 for the fourth quarter of 2015, up from $0.79 per share in the previous quarter, and up from $0.94 per share in the same quarter last year. Net income for the fourth quarter of 2015 was $42.8 million, compared to net income of $34.3 million in the third quarter of 2015 and $41.2 million in the same quarter last year. The return on average assets for the fourth quarter of 2015 was 1.11 percent, compared with 0.89 percent in the third quarter of 2015 and 1.12 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2015 was 15.41 percent, compared with 12.45 percent in the third quarter of 2015 and 15.39 percent in the fourth quarter last year.
Loan and lease balances were $7.9 billion at December 31, 2015, up 2.5 percent from September 30, 2015 and up 14.2 percent compared with December 31, 2014. Deposit growth remained strong during the fourth quarter, increasing 2.4 percent from September 30, 2015 and 4.9 percent from December 31, 2014. The net interest margin was 2.85 percent during the fourth quarter of 2015 compared with 2.77 percent in the previous quarter and 2.84 percent in the same quarter last year. The net interest margin for the full year of 2015 was 2.81 percent, down 4 basis points from the net interest margin of 2.85 percent in 2014.
“Bank of Hawaii finished 2015 with another year of solid financial performance," said Peter Ho, Chairman, President and CEO. “During the fourth quarter our loan balances and deposits continued to grow and we returned to provisioning due to our high level of loan production. During 2015, our net interest margin was relatively stable, asset quality remained solid, capital and liquidity remains strong, core expenses were well controlled, and we maintained our strategic and disciplined approach to grow our businesses.
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The following information was filed by Bank Of Hawaii Corp (BOH) on Monday, January 25, 2016 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: 0000046195-16-000109 Submitted to the SEC: Mon Feb 29 2016 2:42:08 PM EST Accepted by the SEC: Mon Feb 29 2016 Period: Thursday, December 31, 2015 Industry: State Commercial Banks