Bank of Hawaii Corp. achieved records for net income, earnings per share and deposits in a robust first quarter and said today it was raising its dividend for the third time in the last 12 months.
The state’s second-largest bank blew past analysts’ estimates as its net income jumped 8.8% to $58.8 million on earnings per share of $1.43, which was 7 cents better than the consensus estimate and 2 cents above the highest forecast from six analysts.
In the year-earlier quarter, Bankoh earned $54 million, or $1.28 a share.
Bankoh, which has been targeting mid-single-digit loan growth, saw its lending portfolio grow 6.4% to $10.5 billion.
Deposits rose 2.1% to $15.3 billion while assets increased 1.8% to $17.4 billion.
The bank’s board approved a quarterly dividend increase of 3 cents a share, to 65 cents, that will be payable on June 14 to shareholders of record at the close of business on May 31.
Bankoh’s stock rose 50 cents, or 0.6%, to $81.28 after financial results were released and are now up 20.7% since the start of the year.