FMP
Bank of Hawaii Surpasses Q3 Expectations, Shares Rise 3%
Oct 28, 2024 1:48 PM - Davit Kirakosyan
Image credit: FMP
Bank of Hawaii (NYSE:BOH) delivered better-than-expected third-quarter earnings, with net income rising 18.4% from the previous quarter, outpacing Street estimates. The bank reported net income of $40.4 million, or $0.93 per diluted share, surpassing the anticipated $0.82 per share. Revenue reached $162.73 million, exceeding the forecasted $160.3 million. As a result, the company’s shares rose more than 3% pre-market today.
Net interest income grew by 2.4% quarter-over-quarter, totaling $117.6 million, driven by higher yields and balances in earning assets. The bank's net interest margin expanded to 2.18%, marking an increase of 3 basis points compared to Q2.
During the third quarter, Bank of Hawaii saw steady growth in both loans and deposits. Total loans and leases increased by 0.6% to $13.9 billion, while total deposits rose 2.8% to $21.0 billion.
The bank also bolstered its capital position, with the Tier 1 capital ratio improving to 14.05%, up from 13.96% in the previous quarter.
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