Bankoh beats analysts’ forecasts despite dip in earnings

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.