Bancorp Hawaii Reports Year-to-date and Quarterly Earnings.HONOLULU--(BUSINESS WIRE)--Oct. 17, 1996--Bancorp Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. , Inc. (NYSE NYSE See: New York Stock Exchange :BOH BOH Bournemouth (UK) Airport Identifier BOH Bank of Hawaii BOH Board of Health BOH Back Of House BOH Board of Housing (Montana Dept of Commerce) BOH Badge of Honor BOH Bridge Of Hope BOH Bag of Holding ), the regional bank holding company for Bank of Hawaii Bank of Hawaii, a subsidiary of Bank of Hawaii Corporation (NYSE: BOH), is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that majority of the voting stockholders reside within the state. , First Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , and First National Bank of Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , reported 1996 year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings of $98.7 million, compared to $89.7 million for the same period in 1995. For the first nine months of this year, earnings-per-share were $2.39 compared to $2.13 at September September: see month. 30, 1995. Year-to-date return on average assets was 0.99 percent and return on average equity was 12.35 percent. The company reported third quarter earnings of $31.3 million, down 4.8 percent from the same period last year. Earnings per share for the quarter were $0.76 relative to $0.78 for the third quarter of 1995. These earnings figures reflect the effect of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $5.0 million assessment mandated by Congress to fund the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF). The assessment had an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. impact on the company of about $3.0 million. When the effects of the SAIF assessment are factored out, Bancorp's third quarter net income was $34.3 million or $0.83 per share. Bancorp's total assets on September 30, 1996 stood at $13.8 billion, an increase of 10.3 percent from 1995's third quarter total of $12.5 billion. Net loans increased 9.6 percent to $8.3 billion from $7.6 billion at the end of last year's third quarter. Deposits and repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. were $10.4 billion compared to the balance of $9.2 billion at September 30, 1995. Non-performing assets (NPAs) excluding loans 90-plus days past due at September 30, 1996 totaled $98.6 million or 1.1 percent of total loans. This compares to 0.70 percent at the end of third quarter last year. Hawaii's economy continues on a steady upward course with real GSP GSP Good Scientific Practice GSP Generalized System of Preferences GSP Gross State Product GSP German Shorthaired Pointer (dog breed) GSP Geometer's Sketchpad (KTP Technologies geometry software) GSP Georges St. forecast to grow by 1 to 2 percent for the year. The state's economic improvement is being driven by its visitor industry, which recorded 4.7 million in visitor arrivals through August 30. This is 5.6 percent above the 1995 level. Banque de Tahiti Tahiti (tähē`tē), island (2002 pop. 169.674), South Pacific, in the Windward group of the Society Islands, French Polynesia. The capital is Papeete. and Banque de Nouvelle Caledonie, subsidiaries acquired earlier this year and now fully consolidated into Bancorp Hawaii, continue to be a source of growth in both deposits and loans for the company. "These and other Pacific branches and subsidiaries are yielding good returns and making a positive contribution to earnings," says Lawrence Lawrence. 1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. M. Johnson, Bancorp's chairman and chief executive officer. In August Bancorp's Arizona subsidiary, First National Bank of Arizona (FNBA FNBA First National Bank of Arizona (Scottsdale, Arizona) FNBA Flexible Narrow Beam Adapter FNBA French National Basketball Association ), entered into an agreement to purchase four Arizona branches of Home Savings of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. . These branches, located in Mesa, Green Valley, Tucson Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. and Prescott Prescott, town, CanadaPrescott (prĕs`kət), town (1991 pop. 4,512), SE Ont., Canada, on the St. Lawrence River, opposite Ogdensburg, N.Y. Fort Wellington, built during the War of 1812, is now a military museum. , together have deposits of approximately $270 million. "This is an opportunity to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our existing presence in the Phoenix metropolitan area and expand into several adjacent markets," says Johnson. This purchase will bring to ten the number of FNBA branches and is expected to close in the first quarter of 1997. In September, the company completed the acquisition of more than 4,500 deposit accounts from Commercial Credit Corporation (Hawaii), a transaction that added approximately $45 million in core deposits. "These two acquisitions will further advance our strategic goal of growing relationship deposits," Johnson notes. During the third quarter Bancorp entered into an agreement with Capitol Capitol, seat of the U.S. Congress Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. Trust, Limited to provide representative services for Bank of Hawaii in India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. . Capitol Trust, one of India's leading merchant banks, will provide various services to bank customers interested in doing business in India. "India is among the most exciting emerging markets in the world, and its recent economic liberalization Economic liberalization is a broad term that usually refers to less government regulations and restrictions in the economy in exchange for greater participation of private entities; the doctrine is associated with neoliberalism. makes it an attractive environment for businesses," said Johnson. "This is an important step in advancing our long range Asian and Pacific strategy." Bancorp Hawaii, Inc. is a regional bank holding company with more than 130 locations spanning nearly 12,000 miles from Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). to New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Bancorp and its subsidiaries provide varied financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to businesses, governments and individuals in Hawaii, the Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). region and in selected markets on the U.S. Mainland Mainland. 1 Island (1991 pop. 14,150), 178 sq mi (461 sq km), N Scotland. The largest of the Orkney Islands, it is also called Pomona. Kirkwall, the seat of the Orkney Islands council area, is on the island. . Bancorp Hawaii is the largest Hawaii-based financial organization, and its principal subsidiary, Bank of Hawaii, is the state's largest commercial bank. -0-
Bancorp Hawaii, Inc., and subsidiaries
Highlights (Unaudited)
(in thousands of dollars except per share amounts)
Percentage
Earnings Highlights and Performance 1996 1995 Change
Ratios
Three Months Ended September 30
Net Income $31,328 $32,920 -4.8%
Earnings Per Common Share and
Common Share Equivalents 0.76 0.78 -2.6%
Cash Dividends 11,450 11,317
Nine Months Ended September 30
Net Income $98,651 $89,716 10.0%
Earnings Per Common Share and
Common Share Equivalents 2.39 2.13 12.2%
Cash Dividends 35,251 33,582
Return on Average Assets 0.99% 0.97%
Return on Average Equity 12.35% 11.82%
Average Spread on Earning Assets 3.83% 3.72%
Statement of Condition
Highlights and Performance September 30 September 30 Percentage
Ratios 1996 1995 Change
Total Assets $13,780,473 $12,496,618 10.3%
Total Deposits and Securities
Sold Under Agreements to
Repurchase 10,415,026 9,209,088 13.1%
Net Loans 8,333,755 7,600,532 9.6%
Total Shareholders' Equity 1,064,749 1,040,859 2.3%
Book Value Per Common Share $26.19 $25.03
Loss Reserve / Loans and
Leases Outstanding 1.97% 1.95%
Average Equity / Average Assets 8.01% 8.23%
High Low
Common Stock Price Range
1995 .............................. $37.13 $24.88
1996 First Quarter................. $36.25 $33.25
Second Quarter................ $37.63 $33.13
Third Quarter................. $39.75 $34.13
Bancorp Hawaii, Inc. and subsidiaries
Consolidated Statements of Income
(Unaudited)
3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
Sept. 30 Sept. 30 Sept. 30 Sept. 30
(in thousands of dollars 1996 1995 1996 1995
except per share amounts)
Interest Income
Interest on Loans $168,290 $153,465 $493,549 $451,770
Loan Fees 6,381 7,809 22,958 20,918
Income on Lease Financing 8,793 3,372 18,467 9,464
Interest and Dividends on
Investment Securities
Taxable 20,542 23,347 49,703 70,111
Non-taxable 292 329 901 1,048
Income on Investment
Securities Available for
Sale 35,910 26,936 108,769 78,140
Interest on Deposits 9,219 10,379 28,127 28,753
Interest on Security Resale
Agreements -- 72 -- 205
Interest on Funds Sold 828 628 2,906 2,343
Total Interest Income 250,255 226,337 725,380 662,752
Interest Expense
Interest on Deposits 76,389 59,939 209,751 173,908
Interest on Security
Repurchase Agreements 23,780 32,137 73,705 92,403
Interest on Funds
Purchased 7,323 7,496 22,041 22,645
Interest on Short-Term
Borrowings 5,254 4,276 16,726 14,480
Interest on Long-Term
Debt 15,191 14,017 47,173 41,376
Total Interest Expense 127,937 117,865 369,396 344,812
Net Interest Income 122,318 108,472 355,984 317,940
Provision for Possible
Loan Losses 3,733 4,377 12,320 12,950
Net Interest Income After
Provision for Possible
Loan Losses 118,585 104,095 343,664 304,990
Non-Interest Income
Trust Income 12,349 11,879 37,067 37,405
Service Charges on Deposit
Accounts 7,417 6,491 21,368 19,331
Fees, Exchange, and Other
Service Charges 15,280 12,072 40,665 36,857
Other Operating Income 8,199 5,288 24,499 15,822
Investment Securities Gains
(Losses) 291 176 229 2,280
Total Non-Interest Income 43,536 35,906 123,828 111,695
Non-Interest Expense
Salaries 40,727 35,038 118,246 106,043
Pensions and Other Employee
Benefits 12,020 10,653 37,500 32,806
Net Occupancy Expense of
Premises 10,510 10,150 29,954 30,402
Net Equipment Expense 8,789 7,012 25,343 23,786
Other Operating Expense 40,041 24,734 101,752 78,813
Minority Interest 524 288 1,181 769
Total Non-Interest
Expense 112,611 87,875 313,976 272,619
Income Before Income Taxes 49,510 52,126 153,516 144,066
Provision for Income Taxes 18,182 19,206 54,865 54,350
Net Income $31,328 $32,920 $98,651 $89,716
Earnings Per Common Share
and Common Share
Equivalents $0.76 $0.78 $2.39 $2.13
Average Common
Shares and Common
Share Equivalents
Outstanding 41,182,809 41,955,136 41,334,572 42,070,392
Bancorp Hawaii, Inc. and subsidiaries
Consolidated Statements of Condition (Unaudited)
September 30 December 31 September 30
(in thousands of dollars) 1996 1995 1995
Assets
Interest-Bearing Deposits $623,592 $789,050 $612,864
Investment Securities -
Held to Maturity
(Market Value of $1,266,815,
$1,135,364 and $1,540,450
respectively) 1,272,910 1,129,251 1,544,403
Investment Securities
- Available for Sale 2,340,746 2,230,902 1,683,968
Funds Sold 88,224 116,173 56,660
Loans 8,683,244 8,152,406 7,893,978
Unearned Income (181,719) (147,404) (142,515)
Reserve for Possible Loan
Losses (167,770) (151,979) (150,931)
Net Loans 8,333,755 7,853,023 7,600,532
Total Earning Assets 12,659,227 12,118,399 11,498,427
Cash and Non-Interest Bearing
Deposits 457,116 469,031 433,665
Premises and Equipment 273,075 246,515 237,962
Customers' Acceptance Liability 27,323 16,825 13,382
Accrued Interest Receivable 85,095 84,669 79,657
Other Real Estate 8,901 9,306 3,823
Intangibles, including Goodwill 96,427 87,673 89,434
Trading Securities 1,449 29 113
Other Assets 171,860 174,337 140,155
Total Assets $13,780,473 $13,206,784 $12,496,618
Liabilities
Domestic Deposits
Demand - Non-Interest
Bearing $1,319,369 $1,549,302 $1,379,789
- Interest-Bearing 1,648,312 1,592,533 1,555,068
Savings 889,874 1,004,550 1,025,868
Time 2,586,714 2,204,242 1,908,192
Foreign Deposits 1,974,221 1,226,143 1,077,974
Total Deposits 8,418,490 7,576,770 6,946,891
Securities Sold Under
Agreements to Repurchase 1,996,536 1,926,540 2,262,197
Funds Purchased 479,538 787,437 537,268
Short-Term Borrowings 489,061 476,867 480,857
Bank's Acceptances Outstanding 27,323 16,825 13,382
Accrued Pension Costs 20,341 21,145 26,527
Accrued Interest Payable 75,294 49,473 55,120
Accrued Taxes Payable 151,530 160,306 160,606
Minority Interest 9,352 2,961 2,470
Other Liabilities 90,828 70,588 72,604
Long-Term Debt 957,431 1,063,436 897,837
Total Liabilities 12,715,724 12,152,348 11,455,759
Shareholders' Equity
Common Stock ($2 par value),
authorized 100,000,000 shares;
outstanding, September 1996
- 40,661,103; December 1995
- 41,340,817; September 1995
- 41,579,607; 81,322 82,682 83,159
Surplus 215,014 240,080 248,818
Unrealized Valuation Adjustments (12,759) 13,902 11,581
Retained Earnings 781,172 717,772 697,301
Total Shareholders' Equity 1,064,749 1,054,436 1,040,859
Total Liabilities and
Shareholders' Equity $13,780,473 $13,206,784 $12,496,618
CONTACT: Bancorp Hawaii, Inc. Piia PIIA Presidents Island Industrial Association (Memphis, TN) PIIA Practitioner with the Institute of Internal Auditors (Institute of Internal Auditors, UK) Aarma, 808/537-8660 Linda A set of parallel processing functions added to languages, such as C and C++, that allows data to be created and transferred between processes. It was developed by Yale professor David Gelernter, when he was a 23-year old graduate student. Chinn Chinn is a surname, and may refer to:
This page or section lists people with the surname , 808/537-8658 David A. Houle, 808/537-8288 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion