Bank of Hawaii in Honolulu reported higher quarterly profit due to strong loan growth.
The $14.5 billion-asset company reported that its third-quarter earnings rose 11% from a year earlier, to $41.8 million. Earnings per share of 95 cents topped the average estimate of analysts polled by Bloomberg by 2 cents.
Net interest income rose 5%, to $94.5 million. Increased commercial lending drove growth in the bank's loan portfolio, which increased 10%, to $6.5 billion. The net interest margin expanded by 2 basis points, to 2.85%.
Fee-based income held steady at $45 million, as a reduction in mortgage banking revenue offset gains from the sale of Visa stock.
Noninterest expenses fell 2%, to $81 million.