POSTED: 9:16 a.m. HST, Apr 22, 2013
LAST UPDATED: 10:37 a.m. HST, Apr 22, 2013
Bank of Hawaii Corp.’s earnings declined 17.9 percent in the first quarter as reduced mortgage income from the previous three months, a lower net interest margin and seasonal expenses dragged down results.
The state’s second-largest bank said today that net income fell to $36 million, or 81 cents a share, compared with $43.8 million, or 95 cents a share, in the year-earlier quarter.
Total loans and leases were up 3.3 percent to $5.8 billion from $5.6 billion a year earlier but down from $5.9 percent in the fourth quarter.
Analysts were forecasting earnings per share of 87 cents, according to Thomson Financial.