Bank of Hawaii Corp., a top ranked residential funder in the state, reported fourth-quarter earnings of $40.6 million, flat compared to the same quarter a year earlier.
The $13.1 billion-asset depository said its loan-loss provision fell 80% from a year earlier, to $5.3 million. Nonperforming assets fell 22% from a year earlier, to $37.8 million.
Full-year earnings rose 28% from 2009, to $186.9 million.
At the end of December BoH held $838 million in commercial mortgages on its books, a 6% increase over 12 months. Its residential holdings fell slightly to $2 billion.
"Our balance sheet remained strong with high levels of liquidity, reserves, and capital," said bank CEO Peter Ho. "Credit quality continues to improve. The Hawaii economy is continuing to recover due, in part, to improving arrival and spend statistics in our visitor industry. Bank of Hawaii is well positioned to meet the needs of our marketplace as conditions improve."
