Bank of Hawaii Corp. in Honolulu reported Monday that first-quarter earnings increased roughly 46%, to $52.7 million, compared with a year earlier. The rise was partly because of lower credit costs and higher net interest income.

The $12.44 billion-asset company provisioned $20.7 million for loan losses, down about 17%. Net interest income was $107.7 million, up almost 11%.

Bank of Hawaii also announced it has begun a transition process that will result in Peter Ho, its president, becoming chairman and chief executive. Ho will succeed Al Landon, who plans to retire before the end of the year.

Bank of Hawaii will also pay a 45 cent dividend for shareholders of record on May 28. The dividend will be paid June 14.

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