HONOLULU - Bank of Hawaii Corporation (NYSE: BOH ) saw its stock surge 5.12% after reporting fourth-quarter earnings that beat analyst expectations, despite a slight revenue miss.

The Honolulu-based bank reported adjusted earnings per share of $0.85 for the fourth quarter of 2024, surpassing the analyst consensus estimate of $0.84. However, revenue came in at $163.22 million, falling short of the $165.07 million analysts had projected.

Net income for the quarter was $39.2 million, down 3.0% from the previous quarter but up 28.8% from the same period last year. The bank's net interest income and net interest margin continued to improve, while average loan and deposit balances grew.

"Bank of Hawai'i finished 2024 with strong financial performance," said Peter Ho, Chairman and CEO. "In the fourth quarter, our net interest income and net interest margin continued their upward trajectories and average loan balances and average deposit balances grew."

Total (EPA: TTEF ) loans and leases increased 1.1% from the previous quarter to $14.1 billion, driven primarily by growth in the commercial mortgage portfolio. Total deposits decreased 1.6% to $20.6 billion.

The bank maintained strong asset quality, with non-performing assets as a percentage of total loans and leases remaining flat at 0.14% compared to the previous quarter.

Bank of Hawaii's Board of Directors declared a quarterly cash dividend of $0.70 per share, payable on March 14, 2025, to shareholders of record as of February 28, 2025.

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