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BoH post $46.9M profit in third quarter
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Posted on Oct 26 2006
[B]HONOLULU[/B] (Business Wire)—Bank of Hawaii Corp. reported that its net income for the third quarter of 2006 was $46.9 million, up $2.1 million from $44.8 million in the third quarter of 2005 and up $9.7 million from $37.2 million in the second quarter of 2006.
The return on average assets for the third quarter of 2006 was 1.81 percent, compared to 1.74 percent in the third quarter of 2005 and 1.47 percent in the second quarter of 2006. The return on average shareholders equity was 27.09 percent for the third quarter of 2006, up from 24.61 percent in the third quarter last year and up from 21.70 percent in the previous quarter.
“Bank of Hawaii Corporation had another solid financial performance during the third quarter of 2006 despite a challenging rate environment,” said Allan R. Landon, chairman and CEO. “Loan growth and asset quality were strong during the third quarter and we were able to stabilize net interest income and overall deposit levels.”
For the nine months ending Sept. 30, 2006, net income was $129.4 million, down $7.3 million compared to net income of $136.8 million for the same period last year. Diluted earnings per share were $2.53 for the nine-month period in 2006, down from diluted earnings per share of $2.55 for the same period in 2005.
Results for 2006 include a charge of $8.8 million, or $0.17 per diluted share, as a result of the May 2006 Tax Increase Prevention and Reconciliation Act, which repealed the exclusion from federal income taxation of a portion of the income from foreign sales corporations. Excluding the TIPRA adjustment, results for the nine months were $138.3 million, an increase of $1.5 million compared with the same period last year. Results for the nine-month period in 2006 included a provision for credit losses of $7.6 million compared to a provision for credit losses of $3.0 million during the comparable period in 2005.
The year-to-date return on average assets was 1.70 percent, down from 1.83 percent for the same period in 2005. The year-to-date return on average shareholders equity was 24.99 percent, up from 24.72 percent for the nine months ended Sept. 30, 2005. [B][I](PR)[/I][/B]
