Quantcast
  

Wednesday, April 23, 2014         

 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

Low rates hurt Bankoh earnings but loans and deposits rise

By Dave Segal

POSTED:
LAST UPDATED: 12:52 p.m. HST, Jul 22, 2013



Bank of Hawaii Corp.’s earnings fell 7.3 percent in the second quarter amid a low interest rate environment but loans and deposits both increased from the year-earlier period.

The state’s second-largest bank said before the market opened today that net income slipped to $37.8 million, or 85 cents a share. However, that beat analysts’ forecasts of 83 cents a share and sent Bankoh’s shares up 51 cents, or 0.9 percent, to $55.42 on the New York Stock Exchange.

Net interest margin — the spread between the bank’s lending and deposit rates — decreased to 2.77 percent  from 2.98 percent in the year-earlier period. Net interest income declined 8.4 percent to $87.3 million from $95.4 million.

Noninterest income, which includes service charges and fees, rose 2.5 percent to $48 million from $46.8 million.

Loans and leases rose 3.3 percent to $5.9 billion and deposits increased 4.4 percent to $7.9 billion but assets fell 1.3 percent to $13.7 billion.

The quality of Bankoh’s loan portfolio showed continued improvement as it did not need to set aside any money for potential loan losses for the fourth straight quarter.

Bankoh maintained its quarterly dividend at 45 cents a share. It will be payable Sept. 16 to shareholders of record at the close of business on Aug. 30.







 Print   Email   Comment | View 1 Comments   Most Popular   Save   Post   Retweet

COMMENTS
(1)
You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
false wrote:
No problem. Lower the CEO's salary
on July 22,2013 | 12:33PM
IN OTHER NEWS
Breaking News