POSTED: 7:42 a.m. HST, Oct 22, 2012
LAST UPDATED: 3:35 p.m. HST, Oct 22, 2012
Bank of Hawaii Corp.’s earnings declined 4.8 percent in the third quarter but growth in its loan portfolio and higher deposits from the year-earlier period helped the state’s second-largest bank beat analysts’ estimates.
Its shares jumped $1.74, or 4 percent, to close at $45.76 today on a flat day for the overall stock market.
Net income fell to $41.2 million, or 92 cents a share, from $43.3 million, or 92 cents a share, a year ago. The Thomson First Call estimate was 89 cents a share.
Total revenue slipped 1.1 percent to $146 million from $147.6 million a year ago.
Loans jumped 8.1 percent to $5.8 billion from $5.3 billion while deposits gained 12.1 percent to $11.2 billion from $10 billion.
The bank’s overall credit quality improved as it did not need to set aside any money for potential loan losses after taking a loan-loss provision of $2.2 million in the third quarter of 2011. Net loan and lease charge-offs last quarter were $1.5 million, or 0.10 percent annualized of total average loans and leases outstanding, compared with $3.7 million, or 0.28 percent , a year ago.