Bank of Hawaii Corp., the state’s second-largest bank, on Monday reported second- quarter net income of $46.1 million, down 19% from $56.8 million in the same quarter of 2022.

The bank-holding company had earnings of $1.12 a share, topping Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.11 a share.

Bank of Hawaii shares jumped $3.52 to close at $57.21 Monday. The stock is down 26% for 2023 but has risen about 85% from its 52-week low of $30.83 in May.

Peter Ho, Bank of Hawaii’s chairman, president and CEO, said in a news release that the company “delivered solid financial results in the second quarter of 2023.”

“Our brand strength, built through 125 years of building lasting and long-standing relationships with the consumers, businesses and municipalities of Hawaii, helped us deliver yet another quarter of stable deposit performance,” he said. “Total deposits were up modestly from a quarter ago.”

Total deposits were $20.5 billion on June 30, an increase of 0.1% from March 31 but down 2.5% from June 30, 2022. Net interest income for the second quarter was $124.3 million, a decrease of 6.4% from the same period in 2022. Second- quarter total revenue was $167.6 million, down 4.3% from $175 million a year earlier.

Total assets were $24.9 billion on June 30, an increase of 7.4% from a year earlier, “primarily due to growth in our earning assets,” the bank said.