Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $5.23 for the full year of 2018, up 20.8% from diluted earnings per share of $4.33 in 2017.
The Honololu-based lender reported net income for the year at $219.6 million, up $34.9 million or 18.9% from net income of $184.7 million in the previous year. The return on average assets for the full year of 2018 increased to 1.3% compared with 1.1% in 2017. The return on average equity for the full year of 2018 increased to 17.6% compared with 15.3% in 2017.
Said CEO Peter Ho, "Bank of Hawaii finished 2018 with solid financial performance. During the year our loan and deposit balances continued to grow and our net interest margin expanded. Our asset quality, capital and liquidity all remained strong."
Non-interest income for the full year of 2018 was $168.9 million compared with non-interest income of $185.4 million in 2017. Results for 2017 included a gain of $12.5 million on the sale of Visa Class B shares compared with a charge of $1.0 million for the adjustment to the conversions ratio in 2018 and $0.9 million in higher fees related to the Visa Class B shares sold.
Non-interest expense for the full year of 2018 was $371.6 million compared with non-interest expense of $357.7 million in 2017.
Shares improved 97 cents, or 1.3%, to $77.76, within a 52-week trading range of $63.64 to $88.92.
