UPDATE 1-Bank of Hawaii Q1 profit tops Street

* Q1 EPS $1.09 vs est. $0.63

* Provisions for loan losses down 17 pct

* Net interest income up 11 pct

* Net interest margin down 15 bp from Q4

April 19 (BestGrowthStock) – Bank of Hawaii Corp (BOH.N: ) posted a
first-quarter profit (Read more your timing to make a profit.) that beat Wall Street estimates, as the
lender set aside less money to cover bad loans, helped by signs
of stabilization in the Hawaii economy.

Bank of Hawaii also said its Chairman and Chief Executive
Al Landon will retire by the end of 2010 and will be replaced
by Peter Ho, the company’s president.

For the first quarter, the company earned $52.7 million, or
$1.09 cents a share, compared with $36 million, or 75 cents a
share, last year.

Analysts on average had expected the company to earn 63
cents a share, excluding special items, according to Thomson
Reuters I/B/E/S.

Provision for credit losses fell 17 percent to $20.7
million.

Net interest income rose to $107.9 million from $97.3
million a year ago.

Net interest margin — the difference between what the bank
pays on deposits and earns on loans — stood at 3.72 percent,
down 15 basis points sequentially.

Shares of the company closed at $48.60 Friday on the New
York Stock Exchange.

Investment Analysis
(Reporting by Jochelle Mendonca in Bangalore; Editing by Maju
Samuel)

UPDATE 1-Bank of Hawaii Q1 profit tops Street