Bank of Hawaii Corporation Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016
January 23, 2017 at 08:40 am EST
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Bank of Hawaii Corporation announced consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total interest income of $117,067,000 compared to $111,370,000 a year ago. Net interest income was $107,093,000 compared to $101,644,000 a year ago. Income before provision for income taxes was $60,757,000 compared to $59,683,000 a year ago. Return on average assets was 1.07% compared to 1.11% a year ago. Return on average shareholders' equity was 14.90% compared to 15.41% a year ago. As at December 31, 2016, the company’s book value per share was $27.24 compared to $25.79 a year ago. As at December 31, 2016, the company’s tangible book value per share was $26.50 compared to $25.06 a year ago. Net income for the fourth quarter of 2016 was $43.5 million, up slightly from the previous quarter and up from $42.8 million in the same quarter last year. The effective tax rate for the fourth quarter of 2016 was 28.38% compared with 29.84% in the previous quarter and 28.23% in the same quarter last year.
For the year, the company reported total interest income of $457,900,000 compared to $432,110,000 a year ago. Net interest income was $417,579,000 compared to $394,087,000 a year ago. Income before provision for income taxes was $259,594,000 compared to $231,202,000 a year ago. Return on average assets was 1.15% compared to 1.06% a year ago. The return on average equity for the full year of 2016 was 15.79% compared with 14.82% in 2015. Book value for was $27.24 compared to $25.79 a year ago. Diluted earnings per share of $4.23 for the full year of 2016, up 14.3% from diluted earnings per share of $3.70 in 2015. Net income for the year was $181.5 million compared to $160,704,000 a year ago. The effective tax rate for the full year of 2016 was 30.10% compared with 30.49% for the full year of 2015.
Bank of Hawaii Corporation is a bank holding company. The Company provides a range of financial products and services primarily to customers in Hawaii, Guam, and other Pacific Islands. It is also engaged in securities brokerage, investment advisory services and providing credit insurance. It operates through three segments: Consumer Banking, Commercial Banking, and Treasury and Other. The Consumer Banking segment offers a range of financial products and services, including loan, deposit and insurance products; private banking and international client banking services; trust services; investment management; and institutional investment advisory services. The Commercial Banking segment offers products, including corporate banking, commercial real estate loans, commercial lease financing, auto dealer financing and deposit products. The Treasury consists of corporate asset and liability management activities, including interest rate risk management and a foreign currency exchange business.