Bank of Hawaii's 1Q EPS Down 36%

Bank of Hawaii Corp. (BOH) said Monday that first-quarter earnings declined more than 30% year-over-year to 75 cents a share, which was in-line with the reduced consensus estimate.

BOH slipped approximately 7.5% so far today on volume of about 272,000, compared to average volume of around 700,000.

During the quarter, net interest income declined 5% to $97.3 million, while non-interest income decreased 18% year-over-year to $70.4 million as the Hawaiian economy continued to remain sluggish.

The results were further weakened by the bank's deteriorating asset quality as provision for credit losses increased to $24.9 million during the quarter, compared to $14.4 million a year ago.

The current-year consensus estimate has declined by 18 cents over the past month to $2.79 a share, as 3 out of 8 analysts reduced expectations.

BOH is a Zacks #4 Rank ("Sell") stock.

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