Bank of Hawaii reported a 39 percent increase in earnings per share for 2004, as consumers and businesses stepped up their borrowing while expenses declined. The bank earned $173.3 million, or $3.08 a share, compared with $135.2 million, or $2.21 a share, in 2003.

Revenue — net interest income plus non-interest income — rose by 5.5 percent to $595.7 million compared with $564.6 million.

"We had a nice increase in net interest income pretty broadly across all sources," said Al Landon, chairman and chief executive who succeeded Michael O'Neill last September. "Our commercial loans were up, our consumer loans were up, our deposit costs were controlled."

In the fourth quarter, the bank earned $46.2 million, or 82 cents a share, compared $38.7 million, or 66 cents, in the fourth quarter of 2003. Revenue rose by 4 percent to $148.4 million from $142.8 million. Excluding one-time items, the bank earned 76 cents a share. Wall Street analysts were expecting profits of 75 cents, according to Thomson First Call.

Shares of Bank of Hawaii rose by 40 cents to $48.65 in trading today.

Hawaiian's frequent flyers get online discount

Hawaiian Airlines is offering a 10 percent discount on interisland travel for HawaiianMiles members.