Bank of Hawaii Corp. in Honolulu said first quarter net income fell 37% from a year earlier, to $36 million, or 75 cents a share. Analysts had expected the $11.5 billion-asset company to earn 74 cents a share, though its first-quarter earnings also reflected a one-time $10 million gain related to the sale of the company's equity interest in certain leases on watercraft.

Bank of Hawaii's provision rose 73% from a year earlier, to $24.9 million. Its nonperforming assets rose more than sixfold from a year earlier, to $40.3 million, but still represented just 0.35% of total assets.

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