Bank of Hawaii Corp. reported first-quarter net income of $54.8 million, down 8.5% from $59.9 million in the same period of 2021 but topping Wall Street expectations.

The company announced Monday that its earnings per share were $1.32, down 12% from $1.50 in the year-earlier quarter. The average estimate of four analysts surveyed by Zacks Investment Research was for first-quarter 2022 earnings of $1.22 a share.

“Bank of Hawaii had a good start to 2022 with solid operating performance,” Peter Ho, Bank of Hawaii’s chairman, president and CEO, said in a company statement. “We saw good continuing momentum in core loan and deposit growth and expansion in core net interest margin. Asset quality continued its stable trend, and capital and liquidity remain strong.”

Bankoh ended the latest quarter with total assets of $23 billion versus $21.9 billion a year earlier, a 4.8% gain.

The company had a loans and leases balance of $12.5 billion at the quarter’s end on March 31, up 3.3% from $12.1 billion a year earlier; it had $20.7 billion total deposits, a record high for the bank and up 5.9% from $19.5 billion at the end of 2021’s first quarter.

The bank’s net interest income, which is the difference between what it generates from loans and pays out in deposits, rose 3.9% to $125.3 million, compared with $120.6 million in 2021’s first quarter.

The company’s board of directors kept the quarterly cash dividend at 70 cents a share for outstanding common shares, payable June 14 to shareholders of record at the close of business May 31.

The company’s stock closed Monday at $78.20 a share, up 52 cents from Friday’s close.