POSTED: 6:30 a.m. HST, Jan 30, 2013
LAST UPDATED: 6:34 a.m. HST, Jan 30, 2013
Bank of Hawaii Corp.’s net income edged up 2.7 percent in the fourth quarter as loan growth reflected an improving state economy and deposits continued to remain strong.
The state’s second-largest bank said today it had earnings of $40.3 million, or 90 cents a share, compared with $39.2 million, or 85 cents a share, in the year-earlier period.
Loans and leases rose 5.7 percent to $5.9 billion from $5.5 billion while deposits gained 8.8 percent to $11.5 billion from $10.6 billion..
Assets slipped 0.9 percent to $13.7 billion from $13.8 billion.
Bankoh’s asset quality improved, though, as nonperforming assets — loans delinquent 90 days or more — decreased to $37.1 million from $40.8 million a year ago. The bank did not need to set aside any money for potential loan losses for the second quarter in a row.
For the year, Bankoh’s earnings rose 3.8 percent to $166.1 million from $160 million.
Bankoh also maintained its quarterly dividend at 45 cents a share. It is payable March 14 to shareholders of record at the close of business on Feb. 28.