Bank of Hawaii (BOH) increased earnings thanks to stronger returns from a growing asset base and other factors.
It reported a first-quarter profit of $38.6 million, up 7% from a year earlier. The Honolulu bank relied on a "disciplined approach to risk and capital management," higher loan and deposit balances and the benefits of its "
Total assets rose 6%, to $14.3 billion. Consumer loans rose 5%, to $3.6 billion, as part of a 7% jump in overall loans and leases, to $6.2 billion.
The loan growth contributed to a 5.6% growth in net interest income, to $96.1 million.
Return on assets increased to 1.12% from 1.08%.
Meanwhile, noninterest expenses dropped more than 1%, to $83.5 million.
In other quarterly highlights, Bank of Hawaii repurchased 214,500 shares of common stock at $58.23 per share, or $12.5 million. Its stock closed Monday at $57.77, up less than 1%.
