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 "expense initiatives," Chairman and Chief Executive Peter Ho said in news release Monday.
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%.