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Bank of Hawaii earnings reach record.

BANKING AND CREDIT NEWS-January 24, 2018-Bank of Hawaii earnings reach record

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Bank of Hawaii Corporation (NYSE: BOH) has reported diluted earnings per share of USD 4.33 for the full year of 2017, up 2.4 percent from diluted earnings per share of USD 4.23 in 2016, the company said.

Net income for the year was USD 184.7 million, up USD 3.2 million or 1.8 percent from net income of USD 181.5 million in the previous year. The financial results for 2017 included an additional income tax expense of USD 3.6 million as a result of the Tax Cuts and Jobs Act, a tax reform bill, signed into law during December 2017.

The return on average assets for the full year of 2017 was 1.10 percent compared with 1.15 percent in 2016. The return on average equity for the full year of 2017 was 15.27 percent compared with 15.79 percent in 2016.

Diluted earnings per share were USD 1.01 for the fourth quarter of 2017, down from USD 1.08 in the third quarter of 2017 and down from USD 1.02 in the fourth quarter of 2016. Net income for the fourth quarter of 2017 was USD 43.0 million, down from USD 45.9 million in the previous quarter and down from USD 43.5 million in the same quarter last year.

Net income in the fourth quarter of 2017 included the previously mentioned additional income tax expense of USD 3.6 million. The return on average assets for the fourth quarter of 2017 was 1.00 percent, compared with 1.07 percent in the third quarter of 2017 and 1.07 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2017 was 13.85 percent compared with 14.89 percent in the third quarter of 2017 and 14.90 percent in the fourth quarter last year.

Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa, and the West Pacific. The company's principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. For more information about Bank of Hawaii Corporation, see the company's web site, www.boh.com.

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Publication:M2 Banking & Credit News (BCN)
Date:Jan 24, 2018
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