Bank Of Hawaii Q1 Profit Rises - Quick Facts

(RTTNews) - Bank of Hawaii Corp. (BOH) reported that its net income for the first quarter of 2015 was $42.4 million, up from $38.6 million in the first quarter of 2014. Earnings per share were $0.97, up from $0.87 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.

"Bank of Hawaii Corporation had a solid start to 2015 with good financial performance in the first quarter," said Peter S. Ho, Chairman, President, and CEO. "Our balance sheet remains strong with growth in both loans and deposits, and we maintained our disciplined approach to risk and capital management. During the quarter we sold $10.1 million in Visa shares which exceeded our previous quarterly rate of $2.0 million because of our counterparty's minimum transaction requirement. We do not currently anticipate further sales of Visa shares during 2015."

Net interest income, on a taxable-equivalent basis, for the first quarter of 2015 was $99.6 million, up $3.5 million from the first quarter of 2014.

Noninterest income was $52.3 million for the first quarter of 2015, an increase of $7.5 million compared with noninterest income of $44.8 million in the first quarter of 2014.

The Company's Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company's outstanding shares. The dividend will be payable on June 12, 2015 to shareholders of record at the close of business on May 29, 2015.