Bank of Hawaii Corporation BOH shares rallied 1.1% following better-than-expected fourth-quarter earnings results. The company reported fourth-quarter 2021 earnings per share of $1.55, surpassing the Zacks Consensus Estimate of $1.38. The bottom line showed a rise of 46.2% from the year-ago quarter’s number.Revenue growth on higher interest income was a tailwind. Net benefit from provision for credit losses, which improved economic conditions, was a key positive factor. In addition, higher loan balances supported the company to some extent. However, a rise in expenses and contraction of the net interest margin (“NIM”) were significant drags.The company’s net income came in at $63.8 million, up 50.8% from the prior-year quarter figure.In 2021, earnings per share reached a record of $6.25, beating the consensus estimate of $6.10 and increasing 62% from 2020. Also, net income of $253.4 million was up 64.8% from 2020.Revenues & Expenses Rise, Loans Up & Deposits DecreaseThe company’s total revenues improved 2.6% year over year to $168.96 million in the fourth quarter. However, the top line missed the Zacks Consensus Estimate of $170.07 million.In 2021, total revenues decreased 1.8% to $668.6 million. Also, the top line lagged the consensus estimate of $669.7 million.The bank’s net interest income was $126.4 million, up 5.8% year over year. The NIM shrunk 14 basis points (bps) to 2.34% on low rates and higher levels of liquidity.Non-interest income came in at $42.6 million, down 5.96% year over year. This decline primarily resulted from a fall in mortgage banking, bank-owned life insurance and other non-interest income, along with a rise in net investment securities’ losses.The bank’s non-interest expenses increased 3.1% year over year to $101.7 million. This upswing mainly reflects a rise in all components, except net occupancy, net equipment and other costs.Efficiency ratio was 60.18% compared with 59.88% recorded in the year-ago period. Notably, a rise in the efficiency ratio reflects lower profitability.As of Dec 31, 2021, total loans and leases balance increased 1.5% from the end of the prior quarter to $12.3 billion, while total deposits decreased marginally to $20.4 billion from $20.5 billion, sequentially.Credit Quality: A Mixed BagAs of Dec 31, 2021, non-performing assets increased 2.5% year over year to $18.97 million. Moreover, $0.67 million were recorded in net loans and lease charge-offs against recovery of $0.26 million in the prior-year quarter.Nonetheless, the company recorded net benefit for provision for credit losses of $9.7 million against provision expenses of $15.2 million in the year-ago quarter. In addition, allowance for credit losses decreased 27% year over year to $157.8 million.Capital and Profitability Ratios ImproveAs of Dec 31, 2021, Tier 1 capital ratio was 13.56%, improving from 12.06% as of Dec 31, 2020. Total capital ratio was 14.81%, up from 13.31%. Yet, the ratio of tangible common equity to risk-weighted assets was 11.44%, down from 11.89% reported at the end of the year-ago quarter.Return on average assets expanded 29 bps year over year to 1.12%. Return on average shareholders' equity was 15.92% compared with 12.26% as of Dec 31, 2020.ConclusionRising loans are likely to continue supporting Bank of Hawaii’s top line. In addition, increasing provision benefits are anticipated to keep aiding the bank’s bottom-line growth. Nevertheless, rising expenses pose a key concern. Also, lower interest rates might hurt its NIM.Bank of Hawaii Corporation Price, Consensus and EPS Surprise Bank of Hawaii Corporation price-consensus-eps-surprise-chart | Bank of Hawaii Corporation QuoteCurrently, Bank of Hawaii carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Performance of Other BanksRobust advisory business, reserve releases and a rise in loan demand drove JPMorgan’s JPM fourth-quarter 2021 earnings of $3.33 per share. The bottom line handily outpaced the Zacks Consensus Estimate of $3.01. Results included net credit reserve releases. Excluding this, earnings were $2.86 per share.JPM’s equity markets’ revenues and fixed-income markets’ revenues fell 2% and 16%, respectively, on a year-over-year basis. Total markets revenues of $5.3 billion declined 11%. While lower rates continued to hurt JPMorgan’s interest income, it was more than offset by a rise in loan balances.Wells Fargo’s WFC fourth-quarter 2021 earnings per share of $1.38 surpassed the Zacks Consensus Estimate of 1.09. Also, the bottom line improved 86% year over year. Results included certain non-recurring items.Improved investment banking, and other asset-based fees and strong equity gains in WFC’s affiliated venture capital and private equity businesses, as well as lower costs, supported the bank’s performance. Yet, a decline in net interest income due to low yields from earning assets and lower loans were the undermining factors.Citigroup C delivered an earnings surprise of 5.04% in fourth-quarter 2021. Income from continuing operations per share of $1.46 beat the Zacks Consensus Estimate of $1.39. However, the reported figure declined 24% from the prior-year quarter.Citigroup’s investment banking revenues jumped, driven by equity underwriting and growth in advisory revenues. The dismal consumer banking business and higher operating expenses were major headwinds. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. 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