Bank of Hawaii Corp. showed strong loan growth in the third quarter but saw its stock price tumble to a 52-week low today after reporting a 14.9% decline in net income primarily due to some one-time items.

The state’s second-largest bank took a one-time, pre-tax charge of $6.9 million related to its agreement to sell assets that will terminate leveraged leases related to 31 locomotives. The sale and lease termination will complete the company’s process of exiting the leveraged lease market.

In addition, the bank made a negative adjustment of $900,000 related to a change in its Visa Class B stock conversion ratio. And the bank took no provision for potential loan losses last quarter after releasing $10.4 million from its loan-loss reserve in the year-earlier period. Finally, the bank had lower Paycheck Protection Program income last quarter than it did a year ago.

Bankoh’s stock fell $4.71, or 6.2%, to a 52-week low of $70.99 after the earnings were announced.

The bank’s loan growth, excluding Paycheck Protection Program loans, rose 12.7% to $13.3 billion from the year-earlier quarter and increased 2.9% from the previous three months to put the loans on track for an annualized gain of 11.6%

“Q3 was another solid quarter for the bank,” Chairman, President and CEO Peter Ho said on a conference call with analysts. “Our growth was balanced across both consumer and commercial categories, and sourced predominantly from our core Hawaii and West-specific markets. Production quality was strong.”

Bankoh’s net income fell to $52.8 million, or $1.28 a share, to miss analysts’ consensus estimate of $1.43 a share. In the year-earlier quarter, Bankoh had earnings of $62.1 million, or $1.52 a share. Revenue increased 2.4% to $172.3 million to miss analysts’ estimate of $183 million.