Bank of Hawai‘i Q4 profit up 55.6% on higher interest income

Overview

• Regional bank's net income for Q4 rises 55.6% yr/yr

• Company resumed share repurchases in Q4

Outlook

• Company did not provide specific guidance for future quarters or year

Result Drivers

• NET INTEREST INCOME - Driven by lower interest-bearing deposit rates and fixed-rate asset repricing, despite floating rate assets repricing to lower rates

• NONINTEREST INCOME - Decrease due to $16.8 mln loss on sale of investments, partially offset by $18.1 mln gain from sale of merchant services portfolio

• NONINTEREST EXPENSE - Decreased due to lower FDIC special assessment charges and reduced severance-related costs

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy."

• Wall Street's median 12-month price target for Bank of Hawaii Corp is $75.00, about 5.9% above its January 23 closing price of $70.80

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 13 three months ago

Press Release: ID:nBw1LbF9Za

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