Bank of Hawaii Corp. today reported a 37 percent drop in its first quarter earnings reflecting continued weakness in the local economy.

The company said it netted $36 million, or 75 cents per share, during the three months ending March 31, down from $57.2 million, or $1.18 per share, in the year-earlier period.

Shares of Bank of Hawaii dropped $3.51 to close at $32.89 on the New York Stock Exchange today.