Bank of Hawaii Corp. in Honolulu reported fourth-quarter earnings that easily exceeded Wall Street estimates.
The $13.1 billion-asset company said Monday that its earnings were up slightly from a year earlier, to $40.6 million, or 84 cents a share. Analysts on average had expected the company to earn 69 cents, according to Thomson Reuters.
The loan-loss provision fell 80% from a year earlier, to $5.3 million. Nonperforming assets fell 22% from a year earlier, to $37.8 million.
Full-year earnings rose 28% from 2009, to $186.9 million.
"Credit quality continues to improve," Peter Ho, the company's chief executive, said in a press release. "The Hawaii economy is continuing to recover due, in part, to improving arrival and spend statistics in our visitor industry."