Bank Of Hawaii Q3 Profit Beats Estimates

(RTTNews) - Bank of Hawaii Corporation (BOH) said it reported an increase in profit for the third quarter that also topped Wall Street estimates. Net interest margin was 2.32%, a decrease of 35 basis points from the same quarter last year. The company said the decline in the net interest margin was largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates, partially offset by higher fees from Paycheck Protection Program loans, deployment of excess liquidity and core loan growth.

Bank of Hawaii noted that its core consumer and commercial loan and deposit growth was strong in the quarter. Credit quality in the quarter remained good, the company said.

Third quarter earnings per share was $1.52, compared to $0.95, last year. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $1.33, for the quarter. Analysts' estimates typically exclude special items. Net income was $62.1 million, up 64.0% from previous year.

Net interest income was $126.8 million, an increase of 2.1% from last year. Noninterest income was $41.4 million, down 0.9%. Analysts expected revenue of $167.35 million, for the quarter.