Bank of Hawaii profit rises as less money set aside to cover bad loans
Bank of Hawaii Corp.'s first-quarter profit beat Wall Street expectations as the lender lender set aside fewer reserves to cover bad loans.
Bank of Hawaii also said its Chairman and Chief Executive Al Landon will retire by the end of 2010 and will be replaced by Peter Ho, the company's president.
For the first quarter, the company earned $52.7 million, or $1.09 cents a share, compared with $36 million, or 75 cents a share, last year.
Provision for credit losses fell 17 percent to $20.7 million.
Net interest income rose to $107.9 million from $97.3 million a year ago.
Bank of Hawaii's shares closed up $2.32, or 4.8 percent, at $50.92 on the New York Stock Exchange.