Bank Of Hawaii Corp. Drops 5% After Quarterly Results Fall Short Of Estimates

Shares of Bank of Hawaii Corporation (BOH) are falling more than 5% Monday morning after the company’s third-quarter results missed analysts’ view.

Net income for the third quarter declined to $50.83 million or $1.28 per share from $61.05 million or $1.52 per share in the same quarter a year ago. The consensus estimate of analysts polled by Thomson-Reuters stood at $1.43 per share.

Net interest income for the third quarter of 2022 was $141.66 million, an increase of 11.7% from last year.

Noninterest income was $30.7 million, a decrease of 25.9% from the same quarter of 2021.

Analysts were expecting a revenue, including net interest and non-interest income, of $183.01 million.

The company said there was no provision for credit losses for the third quarter, compared with a net benefit of $10.4 million in the same quarter of 2021.

BOH, currently at $71.60, has traded in the range of $70.89-$92.38 in the last 1 year.

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