BoH reports $37M income

Bank of Hawaii Corporation reported diluted earnings per share of 85 cents for the third quarter of 2013, unchanged from the previous quarter, and down from 92 cents in the same quarter last year.

Net income for the third quarter of 2013 was $37.7 million compared with net income of $37.8 million in the second quarter and net income of $41.2 million in the third quarter of 2012.

“Bank of Hawaii Corporation continued to perform well during the third quarter of 2013,” said Peter Ho,  chairman, president and CEO.

For the nine-month period ended Sept. 30, net income was $111.4 million, down from net income of $125.8 million for the same period last year. Diluted earnings per share were $2.50 for the nine-month period in 2013 compared with diluted earnings per share of $2.77 for the same period in 2012.

“The Hawaii economy is benefitting from a continued strong visitor industry and growing construction activity. Expenses remained well controlled as did credit costs. Importantly, the steepening yield curve is beginning to have a positive impact on our net interest income and net interest margin,” Ho said.

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