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Bank of Hawaii posts record earnings, raises dividend

  • COURTESY BANK OF HAWAII

    The Pearlridge branch of Bank of Hawaii. Bank of Hawaii Corp. achieved records for net income, earnings per share and deposits in a robust first quarter and said today it was raising its dividend for the third time in the last 12 months.

Bank of Hawaii Corp. achieved records for net income, earnings per share and deposits in a robust first quarter and said today it was raising its dividend for the third time in the last 12 months.

The state’s second-largest bank blew past analysts’ estimates as its net income jumped 8.8% to $58.8 million on earnings per share of $1.43, which was 7 cents better than the consensus estimate and 2 cents above the highest forecast from six analysts.

In the year-earlier quarter, Bankoh earned $54 million, or $1.28 a share.

Bankoh, which has been targeting mid-single-digit loan growth, saw its lending portfolio grow 6.4% to $10.5 billion.

Deposits rose 2.1% to $15.3 billion while assets increased 1.8% to $17.4 billion.

The bank’s board approved a quarterly dividend increase of 3 cents a share, to 65 cents, that will be payable on June 14 to shareholders of record at the close of business on May 31.

Bankoh’s stock rose 50 cents, or 0.6%, to $81.28 after financial results were released and are now up 20.7% since the start of the year.

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