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h Bank of Hawaii Corporation Bank of Hawaii Corporation Third Quarter 2021 Financial Results October 25 , 2021 • Diluted Earnings Per Common Share $ 1.52 • Net Income $ 62.1 Million • Board of Directors Declares Dividend of $ 0.70 Per Share HONOLULU -- ( BUSINESS WIRE ) -- Oct . 25 , 2021-- Bank of Hawaii Corporation ( NYSE : BOH ) today reported diluted earnings per common share of $ 1.52 for the third quarter of 2021 , compared with diluted earnings per common share of $ 1.68 in the previous quarter and $ 0.95 in the same quarter last year . Net income for the third quarter of 2021 was $ 62.1 million , down 8.1 % from the second quarter of 2021 and up 64.0 % from the thi quarter of 2020 . This press release features multimedia . View the full release here : https://www.businesswire.com/news/home/20211025005224/en/ " Bank of Hawaii's operating results were solid in the third quarter of 2021 , " said Peter Ho , Chairman , President , and CEO . " Core consumer and commercial loan and deposit growth was strong in the quarter . Credit quality in the quarter remained good . " Financial Highlights • The return on average assets for the third quarter of 2021 was 1.07 % compared with 1.23 % in the previous quarter and 0.76 % in the same quarter last year . • The return on average common equity for the third quarter of 2021 was 17.08 % compared with 19.61 % in the previous quarter and 11.01 % in the same quarter last year . • Net interest income for the third quarter of 2021 was $ 126.8 million , an increase of 2.7 % from the second quarter of 2021 and an increase of 2.1 % from the third quarter of 2020. Net interest margin was 2.32 % in the third quarter of 2021 , a decrease of 5 basis points from the previous quarter and 35 basis points from the same quarter last year . o The decrease in the net interest margin from prior year is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates , partially offset by higher fees from Paycheck Protection Program ( " PPP " ) loans , deployment of excess liquidity and core loan growth . • The provision for credit losses for the third quarter of 2021 was a net benefit of $ 10.4 million compared with a net benefit of $ 16.1 million in the previous quarter and net expense of $ 28.6 million in the same quarter last year . • Noninterest income was $ 41.4 million in the third quarter of 2021 , a decrease of 6.9 % from the second quarter of 2021 and a decrease of 0.9 % from the third quarter of 2020 . o One - time items in the second quarter of 2021 included a gain of $ 3.7 million related to the sale of investment securities . • Noninterest expense was $ 96.5 million in the third quarter of 2021 , flat to the second quarter of 2021 and an increase of 7.3 % from the third quarter of 2020 . • One - time significant items in the third quarter of 2021 included a gain of $ 6.3 million related to the sale of property partially offset by $ 3.8 million of fees related to the early termination of repurchase agreements and $ 1.2 million in severance . o One - time significant items in the second quarter of 2021 included fees related to the early termination of FHLB advances and repurchase agreements of $ 3.2 million offset by a gain on the sale of property of $ 3.1 million . o One - time significant items in the third quarter of 2020 included a gain of $ 1.9 million related to the sale of a branch building partially offset by $ 1.8 million in severance .