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Bank of Hawaii earnings hurt by lower rate environment

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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.

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