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A judge has approved Bank of Hawaii's deal to pay $9 million to settle a class action involving overdraft fees.
February 15 -
Bank of Hawaii Corp. in Honolulu will close three traditional branches and open three others located within supermarkets this year.
February 6
Bank of Hawaii (BOH) of Honolulu reported first-quarter earnings of $43.8 million, up roughly 3% from a year earlier, as loan balances rose and credit quality improved.
The $13.8 billion-asset company said Monday that earnings per share totaled 95 cents, beating analysts' estimates by 14 cents, according to Thomson Reuters.
The company's loan and lease balances increased 5%, to $5.6 billion, year over year. Commercial loans rose 3%, to $2.1 billion, from a year earlier and consumer loans increased 6%, to $3.5 billion.
Bank of Hawaii's provision for credit losses totaled $400,000, down 91% from a year earlier. Loan and lease chargeoffs totaled $7.8 million, but was partially offset by $4.4 million in recoveries.
The bank's net interest income remained mostly flat from a year earlier, totaling $100 million. Noninterest income totaled $48.1 million, an almost 11% decline from a year earlier, as debit card fees fell. Fees, exchange and other service charges fell 17%, to $12.4 million, year over year.
The quarter also included a gain of $3.5 million on the early termination of leveraged leases for two cargo ships and a loss of $1 million on the sale and termination of an aircraft lease.
