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Bank of Hawai‘i Corporation(BOH) and its subsidiaries have release d their consolidated financial statements for the first quarter of 2023, showing a net income of $46.8 million. The bank also reported total interest income of $188.3 million during the three months ending March 31, 2023. The financial data reflects the bank's performance during the period and provides insights into its interest income, noninterest income, and net interest margin.
During the first quarter of 2023, Bank of Hawai‘i Corporation and its subsidiaries reported a net income of $46.8 million, representing a solid performance in the current economic environment. Compared to the same period in the previous year, the net income decreased slightly by approximately $8.0 million.
Revenue
The bank's total interest income for the three months ended March 31, 2023, reached $188.3 million. This marks a significant increase from the same period in 2022 when total interest income was $130.6 million. The growth in interest income can be attributed to higher interest and fees on loans and leases, as well as an increase in income from investment securities.
Consolidated Statements of Income
The bank's interest income from loans and leases amounted to $136.5 million for the first quarter of 2023, compared to $94.4 million in the same period of the previous year. Income on investment securities, including both available-for-sale and held-to-maturity securities, contributed $23.9 million and $23.9 million, respectively, to the bank's interest income.
Introduction
Bank of Hawai‘i Corporation and its subsidiaries posted a net income of $46.8 million for the first quarter of 2023. The bank's total interest income during the same period amounted to $188.3 million, reflecting robust growth compared to the previous year. This increase in revenue was primarily driven by higher interest and fees on loans and leases, as well as income from investment securities.
The following sections of the financial report provide a comprehensive overview of the bank's financial performance, including details on interest income, noninterest income, and net interest margin. The bank's management remains optimistic about its ability to navigate the challenging economic landscape and continues to focus on delivering value to its shareholders and customers.