Bank of Hawaii Corporation (NYSE:BOH) Q4 2019 Earnings Conference Call - Final Transcript
Jan 27, 2020 • 01:00 pm ET
Ladies and gentlemen, thank you for standing by, and welcome to the Bank of Hawaii Corporation Fourth Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session.
Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Cindy Wyrick, Director of Investor Relations. Thank you. Please go ahead, madam.
Thank you Dylan. Good morning, good afternoon everyone, thank you for joining us today. Also with me is our Chairman, President and CEO, Peter Ho; our Chief Financial Officer, Dean Shigemura; our Chief Risk Officer, Mary Sellers. Before we get started let me remind you that today's conference call will contain some forward-looking statements. And while we believe our assumptions are reasonable, there are a variety of reasons that the actual results may differ materially from those projected.
And now I'd like to turn the call over to Peter Ho.
Peter S. Ho
Thanks Cindy. Good morning everyone. Happy New Year and thank you for joining us today. 2019 was another good year for Bank of Hawaii. We were pleased with our overall financial results and with the progress we made on our key strategic initiatives. Assets, loans and deposits, all grew during the year with total assets finishing the year at a record $18.1 billion. Earnings per share for the year reached a new record high of $5.56 per share. Excluding the early buyout of a leveraged lease during the fourth quarter, our loan growth was 5.6% in 2019 with solid growth in both our commercial and consumer portfolios. Deposits grew a healthy 5% in 2019 and finished the year at $15.8 billion.
2019 was a busy year for us as we continue to make steady progress in our long-term goal of positioning Bank of Hawaii as the preeminent financial services provider in the Islands. This means combining the relationships and trust we've earned from our clients over our 123-year history with the modern banking conveniences required of 21st century financial services providers. During the year, we successfully launched SimpliFi Mortgage by Bank of Hawaii. This new online portal helped Bank of Hawaii retain the Number 1 residential mortgage market share in Hawaii in 2019.
We also launched Zelle pay, making us the first local provider in the marketplace to offer this popular P2P payment platform. During the year, we also introduced a redesigned boh.com website, which is now better suited to accommodate e-commerce activity. On the facilities front, we laid the groundwork for the opening of four new branches of the future in 2020. We also completed our network refresh to 100% of our Hawaii marketplace.
Our desktops are now fully Wi-Fi enabled and are either tablet or laptop configured, giving our teams greater mobility through our marketplace. Again, Happy New Year and I'll ask Dean now to provide you with some additional details on our financial performance for the fourth quarter