Investing.com -- On Monday, Bank of Hawaii Corporation (NYSE:BOH) reported third quarter 2026 adjusted earnings per share of $1.49, missing analyst estimates of $1.51.
Shares of the bank fell 7.51% in pre-market trading following the results. The stock decline suggests concerns about the company's performance relative to expectations despite year-over-year improvements.
Net income for the quarter reached $64.3 million, up 0.7% from the second quarter and 20.5% higher than the third quarter of 2025.
Net interest income increased 1.6% to $156.1 million compared to the prior quarter, while net interest margin expanded 4 basis points to 2.82%, marking the tenth consecutive quarter of improvement. Revenue for the quarter totaled $198.8 million, up from $196.9 million in the second quarter and $182.6 million in the year-ago period.
"Bank of Hawaii delivered another quarter of solid performance, supported by continued expense discipline," said Jim Polk, President and CEO. "Net interest margin expanded for the tenth consecutive quarter, reflecting the ongoing benefit of asset repricing and the positive impact of deposit repricing actions."
Total loans and leases increased to $14.4 billion at September 30, 2026, up 2.1% from December 31, 2025. Total deposits declined 3.3% to $20.5 billion over the same period, primarily driven by strategic runoff of public funds and lower commercial deposit balances.
Non-performing assets rose to $43.4 million, up $31.9 million from June 30, 2026, primarily due to a single commercial mortgage placed on non-accrual status. The provision for credit losses was $2.8 million, down from $3.6 million in the prior quarter.
The company repurchased 256,000 shares for $20.2 million during the quarter. The Board of Directors subsequently increased the share repurchase authorization by $200 million to $268.7 million and declared a quarterly dividend of $0.70 per share.
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