Bank of Hawaii Earnings Fall

Bank of Hawaii(BOH Quote) said its first-quarter earnings fell 19.9%, hurt by shrinking margins and a tax charge.

The company earned $37.2 million, or 73 cents a share, compared with $46.4 million, or 87 cents a share, in the year ago period. Results for the quarter include a charge of about $9 million, or 17 cents a share as a result of the recently enacted Tax Increase Prevention and Reconciliation Act. Analysts polled by Thomson First Call were expecting earnings of 86 cents a share.

First-quarter net interest margin fell 11 basis point to 4.25%, due to flattening yield curve, a shift in the funding mix and a tax charge. Net interest income fell to $99.9 from $101 million, hurt by increased deposit costs and a tax charge, the company said. ...