Bank of Hawaii Corp.’s net income jumped 24.1 percent in the third quarter as it generated solid loan growth amid a slowing economy and benefited from higher interest rates and lower taxes.

The state’s second-largest bank reported Monday that earnings rose to $56.9 million, or $1.36 a share, to beat analysts’ consensus by 2 cents. A year ago Bankoh earned $45.9 million, or $1.08 a share.

Loans rose 6.9 percent to $10.23 billion to reflect the new norm in the slowing Hawaii economy.

“We’ve been talking for almost a year now of loan growth being close to the mid- to higher single-digit level,” said Peter Ho, chairman, president and CEO of Bankoh. “Prior to ’17, (20)16, (20)15, (20)14, our loan growth was in the double- digit range. It reflects, if you go back to that period, an expanding economy where the growth rate was frankly higher. Where we are (in the state) today, the slope in the growth rate has flattened a bit, but we’re still stable and we’re still operating at a pretty high level by historical standards.”

Bankoh’s net interest margin, which is the difference between how much the bank pays for deposits compared with what it charges to lend money out, widened to 3.07 percent from 2.92 percent as interest rates rose. Its net interest income gained 5.7 percent to $122.9 million.

Ho said a combination of less refinancing activity and a shortage in housing caused mortgage banking income to decline to $2 million from $3.2 million.

The bank’s tax rate last quarter was 18.75 percent compared with 30.62 percent a year ago as the result of a new federal tax law.

Bankoh’s stock fell $1.31, or 1.7 percent, to a 52-week low of $74.47 after earnings were announced.