Bank of Hawaii Q3 net income rises on higher net interest income
BOH•Bank of Hawaii’s third-quarter net income was $64.26 million and EPS was $1.49, both slightly higher than the prior quarter. Net interest margin rose for the tenth consecutive quarter, and the company repurchased $20.2 million in shares and increased its buyback authorization by $200 million.
1. Quarterly results
Bank of Hawaii reported third-quarter net income of $64.26 million, EPS of $1.49 and net interest income of $156.05 million. Net income and EPS rose slightly from the prior quarter.
2. Margin and buybacks
Net interest margin increased for the tenth consecutive quarter, mainly because fixed-rate assets were reinvested at higher rates. The company said higher loan yields reflected asset repricing and new loan production at higher rates; lower gains on leased asset sales and seasonal factors reduced noninterest income. Bank of Hawaii repurchased $20.2 million in shares and raised its buyback authorization by $200 million.
