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Financial News Network
July 26, 2011 AT 2:37 AM
Bank of Hawaii (NYSE:BOH) reported Q2 EPS of $0.74, missing consensus estimates of $0.78 per share. The provision for credit losses totaled $3.6 million, or $2.4 million less than net charge-offs.Peter S. Ho, Chairman, President and CEO said, "Bank of Hawaii's operating results were solid in the second quarter of 2011, excluding the one-time impact of a legal settlement. Loan growth was modestly higher both on an average and period end basis. Expenses were controlled. Credit quality remained stable and continued to improve from prior year levels. The Hawaii economy remains steady with improved unemployment statistics and continued growth in visitor arrivals and spending. Japan arrivals, as expected, have been muted by the effects of the March earthquake and resulting tsunami. The downturn in arrivals from Japan however has been less severe than anticipated and has been more than offset by visitors from other market segments both domestic and international."Bank of Hawaii has a potential upside of 6.6% based on a current price of $46.35 and an average consensus analyst price target of $49.43.