Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Bank of Hawaii Corporation (NYSE:BOH) reported in-line earnings for its first quarter on Monday.
Bank of Hawaii posted quarterly earnings of 87 cents per share, in-line with market estimates. The company's quarterly sales came in at $156.22 million, missing expectations of $160.21 million, according to data from Benzinga Pro.
“Bank of Hawai‘i's financial performance was solid for the first quarter of 2024,” said Peter Ho, Chairman, President, and CEO. “Credit quality, our hallmark, remained excellent with non-performing assets of 0.09% at quarter end and net charge offs of 0.07% during the quarter. Our net interest margin declined marginally by 2 basis points, while our core noninterest income and noninterest expense remained steady. Average loan growth was steady. Average deposits were down modestly, largely related to lower public deposits and the run-off of Lahaina fire related deposits which ran up in the prior quarter and spent down in the first quarter. All key capital ratios improved in the quarter as we continue to grow capital on the balance sheet.”
Bank of Hawaii shares fell 0.2% to trade at $58.33 on Tuesday.
These analysts made changes to their price targets on Bank of Hawaii following earnings announcement.
- Piper Sandler cut the price target on Bank of Hawaii from $65 to $60. Piper Sandler analyst Andrew Liesch maintained a Neutral rating.
- Keefe, Bruyette & Woods raised the price target on Bank of Hawaii from $55 to $58. Keefe, Bruyette & Woods analyst Kelly Motta maintained an Underperform rating.
- Barclays cut the price target on Bank of Hawaii from $51 to $50. Barclays analyst Jared Shaw maintained an Underweight rating.
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