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Bank of Hawaii Corporation 2010 Financial Results
· 2010 Diluted Earnings Per Share $3.80
· 2010 Net Income $183.9 Million
· Diluted Earnings Per Share for the Fourth Quarter of 2010 $0.84
· Net Income for the Fourth Quarter of 2010 $40.6 Million
· Board of Directors Declares Dividend of $0.45 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 24, 2011) Bank of Hawaii Corporation (NYSE: BOH) today reported net income of $40.6 million or $0.84 per diluted share for the fourth quarter of 2010 compared with $40.5 million or $0.84 per diluted share for the fourth quarter of 2009. Net income for the full year of 2010 was $183.9 million or $3.80 per diluted share, up from net income of $144.0 million or $3.00 per diluted share in the previous year.
Bank of Hawaii Corporation finished 2010 with solid financial performance, said Peter S. Ho, Chairman, CEO, and President. During the quarter we continued to see strong core deposit growth. Our loan portfolio grew slightly compared with the third quarter of 2010. Our balance sheet remained strong with high levels of liquidity, reserves, and capital. Credit quality continues to improve. The Hawaii economy is continuing to recover due, in part, to improving arrival and spend statistics in our visitor industry. Bank of Hawaii is well positioned to meet the needs of our marketplace as conditions improve.
The return on average assets for the fourth quarter of 2010 was 1.24 percent and the return on average equity for the quarter was 15.08 percent. The return on average assets in 2010 was 1.45 percent, up from 1.22 percent in 2009. The return on average equity for the year was 18.16 percent, up from 16.42 percent in 2009.
Net interest income, on a taxable equivalent basis, for the fourth quarter of 2010 was $96.6 million, down $7.2 million from net interest income of $103.8 million in the fourth quarter of 2009 and down $2.2 million from net interest income of $98.8 million in the third quarter of 2010. Net interest income, on a taxable equivalent basis, for the full year of 2010 was $407.5 million, down $6.0 million from net interest income of $413.5 million in 2009. Analyses of changes in net interest income are included in Tables 7a, 7b and 7c.
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The following information was filed by Bank Of Hawaii Corp (BOH) on Monday, January 24, 2011 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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