Shares of Bank of Hawaii (BOH) surged 5.22% on October 28th, 2024, after the company reported better-than-expected financial results for the third quarter.
Bank of Hawaii posted a GAAP earnings per share of $0.93 for the quarter, comfortably beating Wall Street's consensus estimate of $0.82. The company's revenue of $162.73 million also exceeded expectations of $159.5 million.
The strong performance was driven by an increase in net interest margin, which rose to 2.18% in Q3, up 3 basis points from the previous quarter and 5 basis points year-over-year. This improvement in profitability helped offset a 5% year-over-year decline in revenue.
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