•2016 Earnings Reaches Record of $4.23 Per Diluted Share
•2016 Net Income $181.5 Million
•Diluted Earnings Per Share $1.02 for the Fourth Quarter of 2016
•Net Income $43.5 Million for the Fourth Quarter of 2016
•Board of Directors Increases Dividend to $0.50 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 23, 2017) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $4.23 for the full year of 2016, up 14.3 percent from diluted earnings per share of $3.70 in 2015. Net income for the year was $181.5 million, up $20.8 million or 12.9 percent from net income of $160.7 million in the previous year. The return on average assets for the full year of 2016 was 1.15 percent compared with 1.06 percent in 2015. The return on average equity for the full year of 2016 was 15.79 percent compared with 14.82 percent in 2015.
The Company’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Company’s outstanding shares, an increase of $0.02 per share from the $0.48 per share dividend declared in the prior quarter. The dividend will be payable on March 14, 2017 to shareholders of record at the close of business on February 28, 2017.
“Bank of Hawaii finished 2016 with solid financial performance," said Peter Ho, Chairman, President and CEO. “During the year our loan balances continued to grow and reached $8.9 billion at December 31, 2016. Deposit growth also remained strong during the year, increasing to a record level of $14.3 billion at December 31, 2016. Our net interest margin remained stable due to the positive remixing of our balance sheet and our asset quality, capital and liquidity all remain strong.”
Diluted earnings per share were $1.02 for the fourth quarter of 2016, unchanged from $1.02 in the third quarter of 2016 and up from $0.99 in the fourth quarter of 2015. Net income for the fourth quarter of 2016 was $43.5 million, up slightly from the previous quarter and up from $42.8 million in the same quarter last year. The return on average assets for the fourth quarter of 2016 was 1.07 percent, compared with 1.09 percent in the third quarter of 2016 and 1.11 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2016 was 14.90 percent compared with 14.89 percent in the third quarter of 2016 and 15.41 percent in the fourth quarter last year.
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The following information was filed by Bank Of Hawaii Corp (BOH) on Monday, January 23, 2017 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: 0000046195-17-000013 Submitted to the SEC: Mon Feb 27 2017 5:28:50 PM EST Accepted by the SEC: Mon Feb 27 2017 Period: Saturday, December 31, 2016 Industry: State Commercial Banks