Bank Of Hawaii Q4 Profit Halves, Misses Estimates

(RTTNews) - Bank of Hawaii Corp. (BOH) reported Monday that net income available to common shareholders for the fourth quarter decreased to $28.43 million or $0.72 per share from $59.34 million or $1.50 per share in the prior-year quarter.

The company noted that industry-wide FDIC Special Assessment resulted in a $14.7 million charge in the fourth quarter of 2023, which negatively impacted earnings by $0.29 per share.

Net interest income, on a taxable-equivalent basis, for the quarter was $115.79 million, down 17.7 percent from $140.74 million in the year-ago quarter. Total noninterest income grew 2.7 percent to $42.28 million from $41.17 million last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share on revenues of $161.51 million for the quarter. Analysts' estimates typically exclude special items.

The Company's Board of Directors also declared a quarterly cash dividend of $0.70 per share on the Company's outstanding shares, payable on March 14, 2024 to shareholders of record at the close of business on February 29, 2024.

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