Bank of Hawaii
said its first-quarter earnings were flat with a year ago on strong deposits and loan origination volumes.
The company earned $45.4 million, or 87 cents a share, compared with $45.5 million, or 83 cents a share, in the year ago period. Results for the quarter included a provision for credit losses of $2.8 million. Analysts polled by Thomson First Call were expecting earnings of 87 cents a share.
First-quarter net interest margin fell one basis point to 4.41%. Net interest income rose 1.5% to $102.2 million, led by an increase in the yield on earning assets which was partially offset by a rise in deposit and short term borrowing rates, the company said.
Noninterest income rose to $52.6 million from $52.3 million in the quarter. Noninterest expense in the most recent quarter was almost unchanged at $80.8 million.
The company reaffirmed this year's earnings guidance of about $187 million, including a $17 million provision for credit losses, as against analysts' expectation of $187.6 million.
Total deposits at the end of the quarter were $8.15 billion, up from $7.76 billion last year.
"We've had good loan origination volumes, our deposits continue to be strong and the Hawaii economy remains solid," the company said. "We are optimistic about achieving our goals for the remainder of the year."
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