UPDATE 1-Bank of Hawaii Q2 profit tops Street; names new CEO

* Q2 EPS $0.96 vs est. $0.74

* Provisions for loan losses down 45 pct

* Net interest income remained flat

* Net interest margin down 22 bp

July 26 (BestGrowthStock) – Bank of Hawaii Corp (BOH.N: ) posted a
quarterly profit that beat Wall Street estimates, helped by a
drop in provision for credit losses and named Peter Ho as the
new chief executive.

Bank of Hawaii said it elected Peter Ho as the chairman and
chief executive, to replace Al Landon, who is retiring.

Ho, who currently holds the position of chief banking
officer, joined the company in 1993.
The lender also said it will resume its share repurchase
program during the third quarter.

For the second quarter, the lender earned $46.6 million, or
96 cents a share, compared with $31 million, or 65 cents a
share, last year.

Analysts on average had expected the company to earn 74
cents a share, excluding special items, according to Thomson
Reuters I/B/E/S.

Provision for credit losses fell 45 percent to $15.9
million.

Net interest income remained almost flat at $103.9 million
from $102.9 million a year ago.

However, non-performing assets remain at elevated levels
primarily due to the lengthy resolution process on residential
mortgages.

Non-performing assets rose to $43.2 million from $39.1
million, a year ago.

Net interest margin — the difference between what the bank
pays on deposits and earns on loans — stood at 3.51 percent,
down 22 basis points from last year.

Shares of the company closed at $50.83 Friday on the New
York Stock Exchange.

Stock Market News

(Reporting by Archana Shankar in Bangalore; Editing by Jarshad
Kakkrakandy)

UPDATE 1-Bank of Hawaii Q2 profit tops Street; names new CEO