Bank Of Hawaii Q3 Earnings Fall

(RTTNews) - The Bank of Hawaii Corporation (BOH), a regional commercial bank, on Monday reported a decline in earnings for the third quarter, mainly due to a fall in the negative provision for credit losses and lower PPP income in the current quarter, and one-time items posted in the third quarter of previous year.

For the three-month period to September 30, the Honolulu-headquartered firm posted a net income available to shareholders of $50.832 million or $1.28 per share, compared with $61.047 million or $1.52 per share a year ago.

Total interest income was at $154.918 million, higher than last year's $134.263 million.

Total non-interest income stood at $30.660 million, versus $41.378 million of previous year quarter.

Non-interest income included a one-time pre-tax charge of $6.9 million related to the lender's deal to sell assets that will terminate leveraged leases related to 31 locomotives.

Total interest expenses moved up to $13.263 million from $7.444 million of last fiscal.

There was no provision for credit losses for the quarter, compared with a net benefit of $10.4 million in the same quarter of 2021.

One-time major items in the third quarter of previous fiscal included a gain of $6.3 million related to the sale of property partially offset by $3.8 million of fees related to the early termination of repurchase agreements and $1.2 million in separation expenses, the company said in a statement.

The Board has declared a quarterly cash dividend of $0.70 per share, payable on December 14, to shareholders of record on November 30.