Bank of Hawaii ( NYSE: BOH ) Q3 earnings fell both Q/Q and Y/Y and came in worse than expected Monday as its noninterest income, tangible book value and return on average common equity all decelerated during the quarter.
On the other hand, “we experienced quality core market loan growth and continued net interest income and margin expansion," said President and CEO Peter Ho. "Asset quality, capital, and liquidity remained strong.”
Q3 EPS of $1.28 at September 30 fell short of the average Wall Street estimate of $1.38 and slid from $1.38 at June 30 and 1.53 at Sep. 30, 2021.
Noninterest income fell to $30.66M from $42.16M in the prior quarter and $41.39M a year before. Net interest income, though, accelerated to $141.66M from $132.9M in Q2 and $126.82M in the year-ago period.
Net interest margin of 2.60% compared with 2.47% in Q2 and 2.32% in Q3 2021.
Return on average common equity was 16.98% vs. 18.19% in Q2 and 17.08% in Q3 of last year.
Tangible book value declined to $26.76 per share from $28.30 in Q2 and $34.38 in Q3 2021.
The regional lender also declared a quarterly dividend of $0.70 a share.
Conference call at 8:00 a.m. Hawaii time (2:00 p.m. New York time).
Earlier, Bank of Hawaii GAAP EPS of $1.28 misses by $0.10, revenue of $172.31M misses by $10.89M .
For further details see:
Bank of Hawaii Q3 earnings miss on lower noninterest income, ROE, TBV