Bank of Hawaii Corp.’s net income rose 7.5 percent in the second quarter as strong loan growth helped the company blow past analysts’ expectations.
The state’s second largest bank said today it earned $44.2 million, or $1.03 a share, to beat analysts’ estimates by 10 cents. Bankoh earned $41.2 million, or 95 cents a share, in the year-earlier period.
“The quarter reflects strong market and economic activity here in the islands,” Peter Ho, chairman, president and CEO, said in a telephone interview after the bank’s earnings conference call. “We got nice loan growth across almost every category. We had nice deposit growth — particularly consumer and commercial deposit growth was very strong. And really the strength of the housing market enabled us to have a very solid month in residential mortgage and gave us some additional fee income in the quarter.”
Loans jumped 12.2 percent to $8.3 billion from $7.4 billion while deposits rose 4.2 pecent to $13.6 billion from $13.1 billion.
Bankoh’s shares bucked a down day for the major stock indexes and closed up 89 cents, or 1.3 percent, at $69.54.