comscore Bankoh profits fall 4.8% but stock jumps after topping analysts' estimates | Honolulu Star-Advertiser
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Bankoh profits fall 4.8% but stock jumps after topping analysts’ estimates


 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.

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