The Bank of Hawaii Corporation (BOH) announced a net income of $34.42 million for this quarter, equating to $0.87 per share. This is a decrease from the $44.87 million or $1.14 per share recorded in the same quarter the previous year. The drop has been attributed to a decrease in both interest income as well as fee income.
The total net interest income in the first quarter was reported at $113.94 million. This is a decline from the $135.96 million reported in the same period the previous year.
When polled by Thomson-Reuters, an average of six analysts projected the company's earnings to be $0.87 per share on a revenue of $160.21 million for the quarter. The provision for credit losses remained stable at $2 million, the same as the previous year.
The corporation's Board has also decided to issue a dividend of $0.70 per share. This will be payable to shareholders of record on May 31st and will be issued on June 14th.
