Net income for the second quarter of 2010 was $46.6 million compared to net income of $52.7 million in the first quarter of 2010, and up from $31 million in the second quarter of 2009.
Second quarter 2010 results include a provision for credit losses of $15.9 million, down from $20.7 million in the first quarter of 2010, and down from $28.7 million in the second quarter of 2009.
Noninterest income in the second quarter of 2010 included net gains of $15 million on sales of investment securities compared with $20 million in the first quarter of 2010.
Average deposits continued to be strong during the second quarter of 2010, holding stable at $9.4 billion.
Total shareholders’ equity exceeded $1 billion at the end of the quarter. “The second quarter was another strong quarter for Bank of Hawaii,” said Allan R. Landon, chairman, and CEO.
“Our profitability remained solid and the Hawaii economy continues to show signs of gradual improvement. While we have added $1 million to our allowance for loan and lease losses this quarter, economic and risk indicators suggest that further increases to the allowance may not be necessary. We are also planning to resume our share repurchase program during the third quarter in an orderly and disciplined manner.”
