Bank of Hawaii Corp. improved profits slightly in the second quarter while spending more to buy back shares of stock and increasing provisions for loan and lease losses as Hawai'i's economy slows.

The bank reported net income of $48.3 million in the April-to-June period, up 1.2 percent from $47.7 million in the same quarter last year.

Earnings equated to $1 per diluted share of stock, which was up 5.3 percent or 5 cents from 95 cents in the same comparable period as the company reduced the number of shares outstanding by buying back stock.

"It was a good quarter and we are positioned pretty well," said Allan Landon, chairman and chief executive officer of the state's No. 2 bank. "We are maintaining our disciplined approach to credit and balance sheet management as the Hawai'i economy slows."

Bank of Hawaii shares closed up $1.58 at $48.15 today on the New York Stock Exchange.