POSTED: 11:37 a.m. HST, Jan 27, 2014
LAST UPDATED: 01:20 p.m. HST, Jan 27, 2014
Bank of Hawaii Corp. said today its net income slipped 3.1 percent in the fourth quarter as mortgage banking revenue dropped sharply from the year-earlier period.
The state's second-largest bank still beat analysts' forecasts, however, as it posted a profit of $39.1 million, or 88 cents a share, compared with $40.3 million, or 90 cents a share, a year ago. Analysts were estimating an average of 86 cents a share for last quarter.
Bankoh's noninterest income, which includes the mortgage banking revenue, fell 14.5 percent to $45.3 million from $53 million. It had mortgage banking revenue of $2.8 million in the fourth quarter, down 75 percent from $11.3 million a year ago.
In other areas, the bank's assets rose 2.6 percent to $14.1 billion, loans and leases increased 4.1 percent to $6.1 billion and deposits were up 3.3 percent to $11.9 billion.