Bank of Hawaii reports Q3 profit growth amid earnings miss

Bank of Hawaii Corporation reported a 20.5% year-over-year increase in third-quarter net income, reaching $64.3 million. Despite this growth, the bank's earnings per share of $1.49 fell slightly below the $1.51 analyst consensus estimate.

Revenue for the quarter rose to approximately $200 million, up from $182.6 million a year earlier. The bank saw an expansion in its net interest margin, which climbed to 2.82%. Management attributed the performance to disciplined expense control and the ability to reprice earning assets, even as total deposits saw a decline.

In response to its financial position, the board approved an additional $200 million for share repurchases, bringing the total remaining authorization for buybacks to $268.7 million. Looking ahead, leadership expects commercial lending to drive loan expansion and aims to resume modest deposit growth in the coming quarter.