Bank of Hawaii Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013
January 27, 2014 at 04:05 pm
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Bank of Hawaii Corporation reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported that total interest income was $101,709,000 against $100,695,000 a year ago. Net interest income was $92,120,000 against $90,310,000 a year ago. Net interest income after provision for credit losses was $92,120,000 against $90,310,000 a year ago. Income before provision for income taxes was $54,974,000 against $59,836,000 a year ago. Net income was $39,055,000 or $0.88 per diluted share against $40,287,000 or $0.90 per diluted share a year ago. Return on average assets was 1.12% compared to 1.19% a year ago. Return on average shareholders equity was 15.36% compared to 15.47% a year ago.
For the year, the company reported that total interest income was $398,505,000 against $420,489,000 a year ago. Net interest income was $358,907,000 against $377,271,000 a year ago. Net interest income after provision for credit losses was $358,907,000 against $376,292,000 a year ago. Income before provision for income taxes was $214,161,000 against $242,290,000 a year ago. Net income was $150,502,000 or $3.38 per diluted share against $166,076,000 or $3.67 per diluted share a year ago. Return on average assets was 1.10% compared to 1.22% a year ago. Return on average shareholders equity was 14.78% compared to 16.23% a year ago. Book value per share as on December 31, 2013 was $22.75 against $22.83 as on December 31, 2012. Tangible book value per share as on December 31, 2013 was $22.04 against $22.12 as on December 31, 2012.
The company reported that net charge-offs during the fourth quarter of 2013 were $8.2 million or 0.54% annualized of total average loans and leases outstanding.
Bank of Hawaii Corporation is a bank holding company. The Company provides a range of financial products and services primarily to customers in Hawaii, Guam, and other Pacific Islands. It is also engaged in securities brokerage, investment advisory services and providing credit insurance. It operates through three segments: Consumer Banking, Commercial Banking, and Treasury and Other. The Consumer Banking segment offers a range of financial products and services, including loan, deposit and insurance products; private banking and international client banking services; trust services; investment management; and institutional investment advisory services. The Commercial Banking segment offers products, including corporate banking, commercial real estate loans, commercial lease financing, auto dealer financing and deposit products. The Treasury consists of corporate asset and liability management activities, including interest rate risk management and a foreign currency exchange business.
Bank of Hawaii Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2013