Bank of Hawaii Corp.’s earnings surged 64% in the third quarter as the company hit a record $23 billion in total assets and released $10.4 million from its loan-loss reserve amid an improving economy.

The state’s second-largest bank said today it earned $62.1 million, or $1.52 a share, to blow past analysts’ estimates of $1.33 a share.

In the year-earlier quarter, Bankoh had earnings of $37.8 million, or 95 cents a share, when it set aside $28.6 million for potential loan losses.

Shares of the company rose $1.24, or 1.4%, to $87.70 after the earnings were announced. Bankoh said last quarter it repurchased $20 million worth of shares under its buyback program at an average cost of $82.89 a share.