HONOLULU — Bank of Hawaii Corporation (NYSE: BOH) Monday reported diluted earnings per share of $1.08 for the third quarter of 2017, up from $1.05 in the second quarter of 2017 and $1.02 in the third quarter of 2016. Net income for the third quarter of 2017 was $45.9 million, an increase of $1.2 million from net income of $44.7 million in the previous quarter and an increase of $2.4 million from net income of $43.5 million in the same quarter last year.
Loan and lease balances increased to $9.6 billion at Sept. 30, up 2.0 percent from June 30 and up 10.1 percent compared with Sept. 30, 2016. Deposits grew to $15.0 billion at the end of the third quarter of 2017, up 1.8 percent from the previous quarter and up 9.0 percent compared with the same quarter last year.
“Bank of Hawaii’s financial results remained strong through the third quarter of 2017,” said Peter S. Ho, Chairman, President and CEO. “Loan and deposit balances increased, asset quality remained solid, our net interest margin was stable, and our core expenses declined during the quarter.”
The return on average assets for the third quarter of 2017 was 1.07 percent, down from 1.09 percent in the previous quarter and 1.09 percent in the same quarter last year.
The return on average equity for the third quarter of 2017 was 14.89 percent, up from 14.87 percent for the second quarter of 2017 and equal to the return on average equity of 14.89 percent in the third quarter of 2016. The efficiency ratio for the third quarter of 2017 was 55.82 percent compared with 55.99 percent in the previous quarter and 57.58 percent in the same quarter last year.