Bank of Hawai‘i profit rises to $63.8m

• Bank of Hawai‘i reported second-quarter net income of $63.8 million, up 11.1% from the previous quarter.
• Diluted EPS increased to $1.47, while net interest margin expanded for the ninth consecutive quarter.
• The bank repurchased $17 million of shares and declared a quarterly dividend of $0.70 per share.

Bank of Hawai‘i (NYSE:BOH) reported second-quarter net income of $63.8 million, up 11.1% sequentially, with diluted EPS of $1.47.

Diluted EPS increased from $1.30 in the first quarter, while net interest margin rose four basis points to 2.78%.

“Bank of Hawai‘i delivered solid second quarter results reflecting steady execution and disciplined balance sheet management,” said Bank of Hawai‘i President and CEO Jim Polk.

Loans and leases reached $14.3 billion, deposits totalled $20.9 billion, and non-performing assets represented 0.08% of loans.

During the period under review, the bank repurchased 216,000 shares for $17 million and retained $88.9 million of authorised buyback capacity.

Elsewhere, Bank of Hawai‘i declared a $0.70 quarterly dividend, while its Tier 1 capital ratio ended the quarter at 14.45%.