Bankoh’s second quarter beats Wall Street’s expectations

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COURTESY BANK OF HAWAII

Bank of Hawaii on Monday released its second-quarter earnings report, which posted a gain of 4% from 2018. The Bishop Street branch is shown above.

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Bank of Hawaii Corp., the state’s second-largest bank, reported that its second-quarter net income rose to $56.9 million, which was 4% higher than the same quarter in 2018 and surpassed Wall Street expectations.

According to an earnings report released Monday, the bank realized earnings of $1.40 per share, which was 3 cents better than the average estimate of three analysts surveyed by Zacks Investment Research. In the year-earlier quarter, Bankoh earned $54.7 million, $1.30 a share.

Peter Ho, Bank of Hawaii chairman, president and CEO, said in a statement that the bank was “very pleased with our overall financial results for the second quarter of 2019.”

“Loans and deposits continued to grow, asset quality remains strong, and we maintained our disciplined approach to risk, capital, and expense management,” he said.

Bankoh reported second-quarter loans and lease balances hit $10.8 billion, an increase of 7% compared with the second quarter last year.

Deposits increased to $15.5 billion, up nearly 4% compared with the end of the second quarter last year. Average assets for the second quarter came in at $17.5 billion, compared with $16.9 in the same quarter last year.

For the six-month period ended June 30, Bankoh reported net income of $115.7 million, an increase of $6.9 million from net income of $108.8 million during the same period last year. Earnings per share were $2.82 for the first half of 2019, an increase of 25 cents from the first half of 2018.

The company’s board of directors declared a quarterly cash dividend of 65 cents per share payable Sept. 16 to shareholders of record at the close of business Aug. 30.

SECOND-QUARTER NET

$56.9 million

YEAR-EARLIER NET

$54.7 million

ON THE MOVE

The H.T. Hayashi Foundation has named Jan M. Harada as executive director effective June 17. Harada’s 13 years of experience in the nonprofit sector include serving in executive director or chief executive officer positions, as well as five years in the state Department of Health.

Atlas Insurance Agency has hired Kevin Hakoda as account manager for Atlas Benefit Consulting. Hakoda’s 20 years of experience in customer service and sales for the education, financial services and luxury appliance retail sectors include serving as branch manager for one of Hawaii’s largest banks.