Bank of Hawaii has reported a net income of $36.04m, or $0.75 per diluted share, for the first quarter of 2009, compared to $57.21m, or $1.18 per diluted share, for the corresponding quarter of 2008.
The bank said that the results for the first quarter of 2009 included a pre-tax gain of $10m related to the company’s sale of its equity interest in the leveraged leases of two watercraft.
Net interest income, on a taxable equivalent basis, for the first quarter of 2009 was $97.3m, down $5.1m from $102.4m in the first quarter of 2008. The net interest margin was 3.76% for the first quarter of 2009, a 41 basis point decrease from 4.17% in the first quarter of 2008.
Total assets of the bank were $11.45 billion at March 31, 2009, up $625m from $10.82 billion at March 31, 2008.
Allan Landon, chairman and CEO of Bank of Hawaii Corporation, said: We accomplished our near-term objectives of continuing to increase liquidity, reserves and capital during the first quarter of 2009. Our profitability remained solid even as business activity in Hawaii slowed. Bank of Hawaii has a strong balance sheet and is well prepared for future economic developments and opportunities.
