Bank Of Hawaii Q3 Profit Misses Estimates

(RTTNews) - Bank of Hawaii Corp. (BOH) reported that its operating results were strong in the third quarter of 2015, excluding the one-time impact of the aircraft impairment charges.

Net income for the third quarter of 2015 was $34.3 million, down from $41.8 million in the same quarter last year. Earnings per share was $0.79 compared to $0.95. The company said the decrease was primarily due to the previously announced impairment charges totaling $6.5 million, net of tax, related to the decision to dispose of all of its remaining aircraft leases.

Analysts polled by Thomson Reuters expected the company to report profit per share of $0.95 for the quarter. Analysts' estimates typically exclude special items.

Net interest income, on a taxable equivalent basis, was $100.9 million, up from $98.3 million in the third quarter of 2014. Noninterest income was $43.2 million, down from $45.0 million. Analysts expected revenue of $145.89 million for the quarter.

The company's Board declared a quarterly cash dividend of $0.45 per share on the outstanding shares. The dividend will be payable on December 14, 2015 to shareholders of record at the close of business on November 30, 2015.