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Bankoh’s loans soar but earnings slip due to one-time items

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BANK OF HAWAII
This courtesy photo shows the Bank of Hawaii branch in Kapolei.

Bank of Hawaii Corp posted a big jump in its loan portfolio but said Monday that its net income slipped 0.8 percent in the second quarter due to one-time items in the year-earlier period.

The state’s second-largest bank posted earnings of $41.2 million, or 95 cents a share, compared with $41.5 million, or 94 cents a share, in the year-earlier period. Bankoh’s earnings in the second quarter of 2014 were boosted when it added $2 million to non­interest income by selling 23,500 Visa Class B shares that it received for its membership stake in the card company when it went public in 2008.  There were no sales of Visa stock in this most recent quarter.

In the year-earlier quarter, the bank also returned  $2.2 million to its income statement that it previously had set aside for potential loan losses. There were no such credits in this year’s second quarter.

Loans, meanwhile, soared 15.6 percent last quarter to $7.43 billion while deposits grew 3.3 percent to $13.01 billion. During the quarter, the bank resumed sales of mortgages and sold $64.4 million in loans.

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