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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, releases, and bank benchmark profile data can be found in the Related Links area of each article.
October 28
Bank of Hawaii Corp. in Honolulu said Monday that its third-quarter earnings rose 20% from a year earlier, to $44.1 million, as a reduction in credit costs and an increase in mortgage banking revenue offset lower interest income.
Net interest income for the quarter fell 9.5% from a year earlier, to $98.8 million. The company attributed the decline to lower interest rates and loan balances. On a per share basis, the company earned 91 cents, well above analysts' estimate of 79 cents a share.
In a research note, Aaron James Deer, an analyst with Sandler O'Neill & Partners LP, said the surprising results were driven by securities sales and other non-recurring items.
Its net interest margin was 3.27%, down 58 basis points from a year earlier.
Bank of Hawaii's provision for loan losses was $13.4 million, half the amount it set aside a year earlier. Profit at the company's mortgage banking business rose 48% from a year earlier, to $6.8 million.
That contributed to an 11% year-over-year increase in noninterest income, which totaled $63 million.
