Research Desk Line-up: Zions Bancorp. Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 31, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Bank of Hawaii Corp. (NYSE: BOH), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=BOH, following the Company's release of its financial results on October 23, 2017, for the third quarter of the fiscal year 2017. The Bank's revenues increased 4.4% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Pacific Banks industry. Pro-TD has currently selected Zions Bancorporation (NASDAQ: ZION) for due-diligence and potential coverage as the Company reported on October 23, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Zions Bancorp. when we publish it.
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For the three months ended September 30, 2017, Bank of Hawaii's revenues increased 4.4% to $158.73 million from $152.03 million in Q3 FY16.
During Q3 FY17, Bank of Hawaii's total interest income increased 12.9% to $128.76 million from $113.98 million in the same period of last year. For the reported quarter, the Company's total interest expense increased 23.6% to $12.44 million from $10.07 million in Q3 FY16. For the reported quarter, the Company's net interest income increased 11.9% to $116.32 million from $103.91 million in Q3 FY16. For the reported quarter, the Company's net interest margin was 2.92% compared to 2.80% in Q3 FY16.
During Q3 FY17, Bank of Hawaii's total non-interest income decreased 11.8% to $42.41 million from $48.11 million in the comparable period of last year. For the reported quarter, the Company's salaries and benefits expenses increased 3.8% to $51.63 million from $49.73 million in Q3 FY16. For the reported quarter, the Company's net occupancy expenses decreased 9.2% to $7.73 million from $8.51 million in Q3 FY16.
During Q3 FY17, Bank of Hawaii's net income increased 5.4% to $45.88 million from $43.49 million in the corresponding period of last year. For the reported quarter, the Company's diluted earnings per share (EPS) increased 5.8% to $1.08 on a y-o-y basis from $1.02 in the same period of last year. The diluted EPS was in-line with analysts' expectations of $1.08.
Retail Banking - During Q3 FY17, Bank of Hawaii's Retail Banking segment's net interest income increased 8.7% to $67.13 million from $61.75 million in Q3 FY16. For the reported quarter, the segment's net income increased 3.6% to $21.49 million from $20.74 million in Q3 FY16. During Q3 FY17, the segment's total assets increased 10.6% to $5.76 billion from $5.21 billion in the third quarter of 2016.
Commercial Banking - During Q3 FY17, Bank of Hawaii's Commercial Banking segment's net interest income increased 12.4% to $43.44 million from $38.61 million in the comparable period of last year. For the reported quarter, the segment's net income increased 9.6% to $20.0 million from $18.24 million in Q3 FY16. During Q3 FY17, the segment's total assets increased 7.7% to $3.70 billion from $3.43 billion in the third quarter of 2016.
Investment Services and Private Banking - During Q3 FY17, Bank of Hawaii's Investment Services and Private Banking segment's net interest income increased 21.4% to $7.32 million from $6.03 million in the corresponding period of last year. For the reported quarter, the segment's net income increased 17% to $3.78 million from $3.23 million in Q3 FY16. During Q3 FY17, the segment's total assets increased 5.1% to $305.02 million from $290.21 million in the third quarter of 2016.
Treasury and Other - During Q3 FY17, Bank of Hawaii's Treasury and Other segment's net interest income was negative $1.57 million compared to negative $2.48 million in the same period of last year. For the reported quarter, the segment's net income was $619,000 compared to $1.29 million in Q3 FY16. During Q3 FY17, the segment's total assets increased 5.9% to $7.51 billion from $7.09 billion in the third quarter of 2016.
As on September 30, 2017, Bank of Hawaii's cash and due from banks increased 92.8% to $245.49 million from $127.33 million as on September 30, 2016.
During Q3 FY17, the Company's accrued interest receivables increased 9.8% to $51.53 million from $46.93 million in Q3 FY16.
For the reported quarter, the Company's total earning assets increased 7% to $16.28 billion from $15.20 billion in Q3 FY16. As on September 30, 2017, Bank of Hawaii's total deposits increased 8.9% to $15.05 billion from $13.81 billion in Q3 FY16.
During Q3 FY17, Bank of Hawaii's efficiency ratio was 55.82% versus 57.58% in the comparable period of last year. For the reported quarter, the Company's return on average assets was 1.07% compared to 1.09% in Q3 FY16.
During Q3 FY17, Bank of Hawaii's total non-performing assets decreased 8.7% to $17.04 million from $18.67 million in Q3 FY16.
At the closing bell, on Monday, October 30, 2017, Bank of Hawaii's stock dropped 1.55%, ending the trading session at $81.75. A total volume of 104.42 thousand shares have exchanged hands. The Company's stock price surged 9.75% in the previous twelve months. The stock is trading at a PE ratio of 18.83 and has a dividend yield of 2.54%. The stock currently has a market cap of $3.47 billion.
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