Bank of Hawaii in Honolulu reported higher quarterly profit that reflected deposit growth.
The $16 billion-asset company said in a press release Monday that net income increased 7.5% from a year earlier to $44.2 million, or $1.03 a share.
Net interest income rose by 6% to $103.6 million. Total loans rose 12.1% to $8.3 billion, while the net interest margin widened by 4 basis points to 2.85%.
Noninterest income rose 1.2% to $46.5 million because of increases in trust and asset management and mortgage banking income. However, noninterest expense increased by nearly 3% to $86 million because of higher salaries and benefits and equipment costs.
The bank also noted that it had successfully steered about 30% of consumer deposit transactions to 116 newly installed ATMs and its mobile application, "enabling our branch staff to spend more time serving our customers."