Bank of Hawaii Corporation (NYSE:BOH) posted better-than-expected second-quarter earnings on Monday.
Bank of Hawaii posted adjusted earnings of 86 cents per share, in-line with market estimates of 86 cents per share. The company's quarterly sales came in at $156.933 million missing expectations of $157.228 million, according to data from Benzinga Pro.
"Bank of Hawai'i delivered strong financial results in the second quarter of 2024," said Peter Ho, Chairman and CEO. "Credit quality remained exceptional with non-performing assets of 0.11% at quarter end and net charge-offs of 0.10% during the quarter. Our net interest margin increased by 4 basis points as we continued to benefit from cashflows repricing. Our core noninterest income remained steady while core noninterest expense increased by 2.0%. Average deposits were down by 0.9% and average loans were down modestly. Finally, we successfully closed a preferred stock offering in late June, strengthening our already strong capital levels."
Bank of Hawaii shares closed at $68.33 on Monday.
These analysts made changes to their price targets on Bank of Hawaii following the announcement.
- Keefe, Bruyette & Woods analyst Kelly Motta maintained Bank of Hawaii with an Underperform rating and raised the price target from $58 to $60.
- Piper Sandler analyst Andrew Liesch maintained the stock with a Neutral rating, while increasing the price target from $58 to $70.
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