Expanded lending across a broad range of categories and a stronger state economy boosted Bank of Hawaii’s profit in the fourth quarter.
The $16.5 billion-asset company’s net income rose 2% to $43.5 million from the same period in 2015. Earnings per share were $1.02.
Net interest income rose 3% to $103.8 million on higher fees and interest from loans and leasing. Net loans rose 14% to $8.8 billion. Most lending categories increased, including commercial real estate, commercial and industrial, residential mortgages and auto loans.
The statewide unemployment rate in Hawaii fell to 2.9% at Dec. 31, compared with 3.2% for the same date in 2015, the Honolulu company said in a news release Monday. The state government was on pace to match or exceed tax revenue in 2016 from the previous year. A large majority of Bank of Hawaii’s branches are located in the state.
Noninterest income rose 4% to $46.5 million. Mortgage banking doubled to $6.3 million.
Noninterest expense rose 4% to $89.6 million on higher personnel and occupancy costs.