It has been about a month since the last earnings report for Bank of Hawaii (NYSE: BOH). Shares have lost about 6.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Bank of Hawaii due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Bank of Hawaii Q2 Earnings Top Estimates, Expenses Up
Bank of Hawaii reported second-quarter 2024 adjusted earnings per share of 86 cents, beating the Zacks Consensus Estimate of 85 cents. The bottom line compared unfavorably with $1.12 earned in the year-ago quarter.
The company's quarterly results benefited from an increase in NIM, driven by higher earnings asset yields. Also, lower provision acted as a tailwind. A decline in NII, along with a drop in loans and deposit balances and higher expenses, were undermining factors.
The company's net income (GAAP basis) came in at $34.1 million, down 26% year over year. Our estimate for the metric was pegged at $35.2 million.
Revenues Decrease, Expenses Increase
The total revenues fell 6.4% year over year to $156.9 million in the second quarter. The top line also missed the Zacks Consensus Estimate of $157 million.
NII ...
