Bank of Hawaii’s 1Q EPS Down 36% – Zacks Tale of the Tape
Source: http://www.zacks.com/stock/news/19289/Bank+of+Hawaii%27s+1Q+EPS+Down+36%25++-+Zacks+Tale+of+the+TapePosted on Monday, April 20th, 2009 | In Market Commentary, Stocks to Watch
Bank of Hawaii Corp. (BOH) said Monday that first-quarter earnings declined more than 30% year-over-year to 75 cents a share, which was in-line with the reduced consensus estimate.
BOH slipped approximately 7.5% so far today on volume of about 272,000, compared to average volume of around 700,000.
During the quarter, net interest income declined 5% to $97.3 million, while non-interest income decreased 18% year-over-year to $70.4 million as the Hawaiian economy continued to remain sluggish.
The results were further weakened by the bank’s deteriorating asset quality as provision for credit losses increased to $24.9 million during the quarter, compared to $14.4 million a year ago.
The current-year consensus estimate has declined by 18 cents over the past month to $2.79 a share, as 3 out of 8 analysts reduced expectations.
BOH is a Zacks #4 Rank (”Sell”) stock.
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