: Bank of Hawaii stock drops after it misses profit target

Bank of Hawaii Corp. BOH stock is down 7.8% in premarket trades after it missed its consensus profit estimate by Wall Street analysts. Bank of Hawaii said its first-quarter earnings dropped to $1.14 a share, eight cents below the forecast of $1.22 a share, according to estimates compiled by FactSet. In the year-ago period, Bank of Hawaii earned $1.32 a share. First-quarter net interest income of $136 million fell 3.4% from the fourth quarter, while it increased 8.5% from the year-ago quarter. The drop in net interest income from the previous quarter was due to two fewer days in the period, as well as well as higher funding costs, Bank of Hawaii said. These factors were partially offset by loan growth and higher earning asset yields.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.