Third quarter earnings at Bank of Hawaii Corp. were down 23 percent compared with a busy year-earlier quarter.

The company yesterday reported a net income of $36.5 million, or 76 cents per share, during the three months ending Sept. 30, 2009. That's down from the year-earlier's $47.4 million, or 99 cents per share.

The comparisons were skewed by a one-time, $8.9 million tax credit that the company received in third quarter 2008. The 2008 third-quarter results also were exceptionally strong despite a difficult time in the banking industry.

The latest result exceeded Wall Street analysts' earnings estimates of 70 cents per share for the recently completed quarter, according to Bloomberg News.

Shares of Bank of Hawaii rose $1.53 yesterday to close at $44.21 on the New York Stock Exchange.

"Bank of Hawaii Corp. had good results for the third quarter of 2009 despite continuing economic weakness," said chairman and CEO Allan R. Landon.

"We were able to increase our liquidity, capital, and reserves, improve profitability, and our board affirmed our dividend."

As of Sept. 30., the bank listed total assets of $12.2 billion, which was up 18 percent from the year-earlier's $10.4 billion.

Deposits, meanwhile, were up 20.7 percent to $9.3 billion while loans and leases decreased by 9.3 percent to $5.9 billion.

In its earnings release, the company disclosed that it sold its Triad Insurance Agency Inc. unit on Oct. 22, resulting in a pretax gain of $1.5 million.

Bank of Hawaii shares closed up $1.53 at $44.21 on the New York Stock Exchange.