Bank of Hawaii Corporation announced consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total interest income of $131,613,000 compared to $117,067,000 a year ago. Net interest income was $118,770,000 compared to $107,093,000 a year ago. Income before provision for income taxes was $64,039,000 compared to $60,757,000 a year ago. Net income was $42,953,000 compared to $43,513,000 a year ago. Diluted earnings per share were $1.01 compared to $1.02 per share a year ago. Return on Average Assets was 1.00% compared to 1.07% a year ago. Return on average shareholders' equity was 13.85% compared to 14.90% a year ago. Tangible book value per share of common stock was $28.31 compared to $26.50 a year ago.

For the year, the company reported total interest income of $503,794,000 compared to $457,900,000 a year ago. Net interest income was $457,238,000 compared to $417,579,000 a year ago. Income before provision for income taxes was $268,064,000 compared to $259,594,000 a year ago. Net income was $184,672,000 compared to $181,461,000 a year ago. Diluted earnings per share were $4.33 compared to $4.23 per share a year ago. Return on average assets was 1.10% compared to 1.15% a year ago. Return on average shareholders' equity was 15.27% compared to 15.79% a year ago. Tangible book value per share of common stock was $28.31 compared to $26.50 a year ago.

The company provided earnings results guidance for the year 2018. For the year, the company expects noninterest expenses to be about 2.5% to 3.5% above 2017 expenses of $358 million. This includes the impact of increasing minimum wage rate to $15 an hour. Effective tax rate for 2018 to be between 20% and 22%.

Net charge-offs during the fourth quarter of 2017 were $3.8 million or 0.15% annualized of total average loans and leases outstanding and were comprised of charge-offs of $5.8 million partially offset by recoveries of $2.1 million.