Bank of Hawaii Corp. posted double-digit loan growth for the ninth straight quarter, hit record levels for deposits and assets and increased its dividend for the third time in nine months as it continued to flourish from the state’s strong economy.
The state’s second-largest bank reported today that net income matched analysts’ estimates and rose 1.6 percent to $43.5 million, or $1.02 a share, from $42.8 million, or 99 cents a share, in the year-earlier period. For the year, earnings jumped 12.9 percent to $181.5 million, or a record $4.23 a share, from $160.7 million, or $3.70 a share, in 2015.
In the fourth quarter, loans rose 13.6 percent $8.95 billion, deposits increased 8.1 percent to $14.32 billion and assets rose 6.7 percent to $16.49 billion.
The bank also declared a dividend of 50 cents a share, up from 48 cents, that will be payable March 14 to shareholders of record at the close of business on Feb. 28.
“It was a good quarter and a very good year for us,” Peter Ho, Bankoh chairman, president and CEO, said in a phone interview. “The loans in 2016 grew over a billion dollars and deposits in the year grew over a billion dollars. It was a very strong year for our residential lending team, which grew production by 30 percent in 2016. We did $1.26 billion in residential loan production — a very solid performance in an important loan category.”