Bank of Hawaii Earnings: Here’s Why Investors are Selling Shares Now
Bank of Hawaii Corporation (NYSE:BOH) delivered a profit and beat Wall Street’s expectations. Shares are down 1.2%.
Bank of Hawaii Corporation Earnings Cheat Sheet
Results: Net income increased 2.73% to $40.3 million (90 cents per diluted share) in the quarter versus a net gain of $39.23 million in the year-earlier quarter.
Actual vs. Wall St. Expectations: Bank of Hawaii Corporation reported adjusted net income of 90 cents per share. By that measure, the company beat the mean analyst estimate of $0.89.
Important Catalyst: Net interest income, on a taxable-equivalent basis, for the fourth quarter of 2012 was $92.7 million, down $3.5 million from net interest income of $96.2 million in the third quarter of 2012 and down $4.5 million from net interest income of $97.2 million in the fourth quarter last year. Net interest income, on a taxable-equivalent basis, for the full year of 2012 was $386.7 million, a decrease of $5.6 million from net interest income of $392.3 million in 2011.
Net income decreased 2.26% from $41.23 million in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $0.85 to a profit $0.86. For the current year, the average estimate has moved up from a profit of $3.63 to a profit of $3.65 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)