Bank of Hawaii, hit by unrealized bond losses, eyes capital raise [Yahoo! Finance]
S&P Global Inc. (SPGI)
Last s&p global inc. earnings: 4/28 07:10 am
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Source: Yahoo! Finance
The Honolulu bank is raising the funds through depositary shares, an investment vehicle that's more accessible to everyday investors by giving them chunks of ownership in much-larger preferred shares. The capital raise comes after a tough year for Bank of Hawaii, whose investment in bonds soured as interest rates rose and left it with large "unrealized" losses. The bank's profitability has suffered due to its lower-paying bonds, and a couple of key regulatory ratios are below those of its peers. The bank's leverage ratio is at 7.62%, below the 9.93% average of its peer banks, according to S&P Global Market Intelligence data. Raising more capital would bring that number close to its peers, said Jeff Davis, a longtime bank analyst who is now managing director at Mercer Capital's Financial Institutions Group. "It probably gives management and the board comfort," Davis said. "It's going to give the regulators comfort." And it does so without diluting the existing owners of the ba
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