Financial institution of Hawaii Company BOH posted better-than-expected second-quarter earnings on Monday.
Financial institution of Hawaii posted adjusted earnings of 86 cents per share, in-line with market estimates of 86 cents per share. The corporate’s quarterly gross sales got here in at $156.933 million lacking expectations of $157.228 million, in response to knowledge from Benzinga Professional.
“Financial institution of Hawai‘i delivered robust monetary ends in the second quarter of 2024,” mentioned Peter Ho, Chairman and CEO. “Credit score high quality remained distinctive with non-performing belongings of 0.11% at quarter finish and web charge-offs of 0.10% throughout the quarter. Our web curiosity margin elevated by 4 foundation factors as we continued to profit from cashflows repricing. Our core noninterest earnings remained regular whereas core noninterest expense elevated by 2.0%. Common deposits had been down by 0.9% and common loans had been down modestly. Lastly, we efficiently closed a most well-liked inventory providing in late June, strengthening our already robust capital ranges.”
Financial institution of Hawaii shares closed at $68.33 on Monday.
These analysts made modifications to their value targets on Financial institution of Hawaii following the announcement.
- Keefe, Bruyette & Woods analyst Kelly Motta maintained Financial institution of Hawaii with an Underperform score and raised the worth goal from $58 to $60.
- Piper Sandler analyst Andrew Liesch maintained the inventory with a Impartial score, whereas rising the worth goal from $58 to $70.
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