Alicia Moy is welcomed as the newest member of the Board of Director for Bank of Hawaii. American Savings Bank continues it exceptional community involvement programs. Central Pacific Bank releases if 4th quarter financial statements for 2016.
Bank of Hawaii New Board Member
Bank of Hawaii has welcomed its newest member to the board of directors. Having successfully been voted in by the companies shareholders, Alicia Moy will fit into her new position effective February 24 2017. It’s important to note that Moy will not be replacing another member, just being added on. This addition will increase the number of members from 12 to 13.
Peter Ho, the current chairman, CEO, and president of Bank of Hawaii stated he is delighted to welcome Moy to the board of directors. He mentions her expertise in her main field of energy and gas, has granted her a unique view on Hawaii’s ecosystem and will allow her to transfer her skills to finance and strategic planning with Bank of Hawaii.
Moy is the current president and CEO of Hawai’i Gas after serving for 12 years as senior vice president of Macquarie Infrastructure and Real Assets. She holds a finance and marketing degree from the University of Miami as well as a masters degree from INSEAD in the finance field.
She sits on a wide range of advisory boards including Aloha United Way, Chamber of Commerce Hawaii, Western Energy Institue, and MIC Renewable Energy Holdings amongst others.
You can read the full press release from Bank of Hawaii here.
ASB Community Involvement
American Savings Bank in Hawaii continues its extensive community outreach programs. This time investing $10,000 in a local Molokai Robotics Program in some local high schools.
At the moment, the Molokai Robots Program only serves Molokai Middle School. With the additional $10,000 ASB is committing to invest, this will ensure the continued educations for grades 6-12 of the high school.
The program itself grants students access to high-end robotics hardware and software including VEX robotics, computer assisted design and a range of other digital applications. It’s critical in allowing students to advance their STEM skills and knowledge for a potential career in the field.
“I am excited to have the chance to continue being a part of the Moloka‘i Robotics Program in high school,” said Maria Angst, a soon to be freshman at the school. “I love building robots and designing apps, and I can’t wait to take what I learned about STEM in middle school and continue to advance in high school.”
You can read the full press release here.
Central Pacific Bank Financial Earnings
Central Pacific Bank has recently released their financial report for the 4th quarter of 2016. Some of the key stats include:
- Return on Assets of 0.92% and a Return on Equity of 9.46% for the quarter. Compared with the yearly figures of 0.90% for Return on Assets and 9.16% for Return on Equity.
- Total deposits made by customers increased by 2.0%, bringing the total number up to $89.6 million for the quarter. The full year saw a 3.9% increase in deposits, or $174.8 million.
- Net income for the quarter equaled $12.2 million. Net income for the full year totaled $47 million, bringing with it Earnings Per Share of $1.50.
Catherine Ngo, the current President and CEO of Central Pacific Bank stated the company is pleased to have an exceptional end to the 2016 financial year. Combined with year after year improvement, Central Pacific Bank is glad to report strong loan and deposits growth for 2016.
With some excess cash left over, the company repurchased 159,900 of its own shares for a total cost of $4.1 million during the fourth quarter. Fast forward to the 24 January 2017, Central Pacific Bank announced a quarterly cash dividend of $0.16 per share to be distributed to its shareholders.
Additionally, the board of directors also announced on the same date that the company is willing to repurchase up to $30 million of common stock. This would occur over various time frames in both the open markets and private transactions.
You can read the full report here.