Bank of Hawaii in Honolulu reported higher quarterly profit that reflected deposit growth.
The $16 billion-asset company said in a press release Monday that net income increased 7.5% from a year earlier to $44.2 million, or $1.03 a share.
Net interest income rose by 6% to $103.6 million. Total loans rose 12.1% to $8.3 billion, while the net interest margin widened by 4 basis points to 2.85%.
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Bank of Hawaii in Honolulu said Monday that its first-quarter profit increased 18.3%, to $50.2 million, from a year earlier thanks to strong loan growth, improved credit quality and a hefty gain on sales of its Visa shares.
April 25 -
The earnings releases for the vast majority of publicly traded banks with less than $10 billion in assets raise more questions than answers for investors.
March 3 -
Bank of Hawaii in Honolulu reported slightly lower second-quarter profits as expanded lending and mortgage banking was offset by higher payroll costs and other expenses.
July 27
Noninterest income rose 1.2% to $46.5 million because of increases in trust and asset management and mortgage banking income. However, noninterest expense increased by nearly 3% to $86 million because of higher salaries and benefits and equipment costs.
The bank also noted that it had successfully steered about 30% of consumer deposit transactions to 116 newly installed ATMs and its mobile application, "enabling our branch staff to spend more time serving our customers."