Bank of Hawaii's (NYSE:BOH) Net Interest Income Remains Under Pressure

While reserve bleed for the Bank of Hawaii (NYSE:BOH) is happening quicker than anticipated, their net interest income will remain under pressure.

Jefferies (NYSE:JEF) noted, "We expect BOH's efficiency to run closer to 60% in 2011 (vs. 52% in 2010) given continued net interest income pressure and loss of interchange fees beginning in 3Q."

Full year 2011 and 2012 EPS estimates were boosted from $2.90 and $3.30 to $3.05 and $3.45.

Jefferies is maintaining their "Hold" rating on Bank of Hawaii (BOH), which closed Tuesday at $46.33, losing $1.16, or 2.44 percent. Jefferies raised their price target on the Aloha bank from $43 to $50.