By Sabela Ojea
Bank of Hawaii reported an increase in profit in the latest quarter and said its provision for credit losses declined from the prior quarter.
The Honolulu lender on Monday posted first-quarter net income of $44 million, or 97 cents a share, compared with $36.4 million, or 87 cents a share, in the same period a year earlier. Analysts polled by FactSet had forecast per-share earnings of 89 cents.
Total interest income rose 10% to $125.8 million, the bank said, adding that its provision for credit losses declined to $3.3 million from $3.8 million in the fourth quarter.
Bank of Hawaii said its common-equity Tier 1 capital ratio--a measure of a bank's financial strength--was 13.93% at the end of March, compared with 13.95% Dec. 31.
Chief Executive Peter Ho said the bank's average loan balances rose while average deposit balances held steady.
"We continued to optimize our balance sheet and our credit quality remained excellent," Ho added.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
April 21, 2025 07:04 ET (11:04 GMT)
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