Strong growth in loans and deposits helped boost Bank of Hawaii Corp.’s net income 7.3 percent in the first quarter.

The state’s second-largest bank by assets said Monday that earnings rose to $38.6 million, or 87 cents a share, to beat analysts’ estimates by a penny. Bankoh had net income of $36 million, or 81 cents a share, in the year-earlier quarter.

Bankoh’s loans rose 7.4 percent during the quarter while deposits increased 7 percent.

The bank’s stock closed Monday up 39 cents at $57.77 on the New York Stock Exchange. The earnings were released after the stock market closed.