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."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.