- Diluted Earnings Per Common Share $0.87
- Net Income $36.4 Million
- Board of Directors Declares Dividend of $0.70 Per Common Share
HONOLULU–(BUSINESS WIRE)–Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted earnings per common share of $0.87 for the first quarter of 2024, compared with diluted earnings per common share of $0.72 in the previous quarter and $1.14 in the same quarter of 2023. Net income for the first quarter of 2024 was $36.4 million, up 19.7% from the previous quarter and down 22.3% from the same quarter of 2023. The return on average common equity for the first quarter of 2024 was 11.20% compared with 9.55% in the previous quarter and 15.79% in the same quarter of 2023.
“Bank of Hawai‘i’s financial performance was solid for the first quarter of 2024,” said Peter Ho, Chairman, President, and CEO. “Credit quality, our hallmark, remained excellent with non-performing assets of 0.09% at quarter end and net charge offs of 0.07% during the quarter. Our net interest margin declined marginally by 2 basis points, while our core noninterest income and noninterest expense remained steady. Average loan growth was steady. Average deposits were down modestly, largely related to lower public deposits and the run-off of Lahaina fire related deposits which ran up in the prior quarter and spent down in the first quarter. All key capital ratios improved in the quarter as we continue to grow capital on the balance sheet.”
Financial Highlights
Net interest income for the first quarter of 2024 was $113.9 million, a decrease of 1.6% from the previous quarter and a decrease of 16.2% from the same quarter of 2023. The decrease in net interest income in the first quarter of 2024 was primarily due to higher funding costs, partially offset by higher earning asset yields.
Net interest margin was 2.11% in the first quarter of 2024, a decrease of 2 basis points from the previous quarter and a decrease of 36 basis points from the same quarter of 2023. The decrease in net interest margin was mainly due to higher funding costs, partially offset by higher earning asset yields.
The average yield on loans and leases was 4.63% in the first quarter of 2024, up 9 basis points from the prior quarter and up 60 basis points from the same quarter of 2023. The average yield on total earning assets was 3.89% in the first quarter of 2024, up 4 basis points from the prior quarter and up 47 basis points from the same quarter of 2023. The average cost of interest-bearing deposits was 2.39% in the first quarter of 2024, up 9 basis points from the prior quarter and up 130 basis points from the same quarter of 2023. The average cost of total deposits, including noninterest-bearing deposits, was 1.74%, up 7 basis points from the prior quarter and up 99 basis points from the same quarter of 2023. The changes in yields and rates over the linked quarter and year over year period reflected the higher rate environment.
Noninterest income was $42.3 million in the first quarter of 2024, flat from the previous quarter and an increase of 3.8% from the same period in 2023. Noninterest income in the first quarter of 2023 included a negative adjustment of $0.6 million related to a change in the Visa B conversion ratio. Adjusted for this item, noninterest income increased by 2.4% from adjusted noninterest income in the same period in 2023.
Noninterest expense was $105.9 million in the first quarter of 2024, a decrease of 8.7% from the previous quarter and a decrease of 5.4% from the same quarter of 2023. Noninterest expense in the first quarter of 2024 included seasonal payroll expense of approximately $2.2 million and separation expenses of $0.5 million. Noninterest expense in the fourth quarter of 2023 included an industry-wide FDIC Special Assessment of $14.7 million and $1.7 million of expense savings that are not expected to recur in 2024. Noninterest expense in the first quarter of 2023 included seasonal payroll expenses of approximately $4.0 million and separation expenses of $3.1 million. Adjusted for these items, noninterest expense for the first quarter of 2024 was $103.2 million, up 0.3% from adjusted noninterest expense in the previous quarter and down 1.6% from adjusted noninterest expense in the same period in 2023.
The effective tax rate for the first quarter of 2024 was 24.76% compared with 23.25% in the previous quarter and 25.38% during the same quarter of 2023. The higher effective tax rate in the first quarter of 2024 as compared to the previous quarter was mainly due to discrete items. The lower effective tax rate in the first quarter of 2024 as compared to the same period in 2023 was due to an increase in tax exempt income and tax benefits from low-income housing investments.
Asset Quality
The Company’s overall asset quality remained strong during the first quarter of 2024. Provision for credit losses for the first quarter of 2024 was $2.0 million compared with $2.5 million in the previous quarter and $2.0 million in the same quarter of 2023.
Total non-performing assets were $11.8 million at March 31, 2024, up $0.1 million from December 31, 2023 and down $0.3 million from March 31, 2023. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.09% at the end of the quarter, an increase of 1 basis point from the end of the prior quarter and flat from the same quarter of 2023.
Net loan and lease charge-offs during the first quarter of 2024 were $2.3 million or 7 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the first quarter of 2024 were comprised of charge-offs of $3.8 million partially offset by recoveries of $1.5 million. Compared to the prior quarter, net loan and lease charge-offs increased by $0.6 million or 2 basis points annualized on total average loans and leases outstanding. Compared to the same quarter of 2023, net loan and lease charge-offs decreased by $0.4 million or 1 basis point annualized on total average loans and leases outstanding.
The allowance for credit losses on loans and leases was $147.7 million at March 31, 2024, an increase of $1.3 million from December 31, 2023 and an increase of $4.1 million from March 31, 2023. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.07% at the end of the quarter, up 2 basis points from the end of the prior quarter and up 3 basis points from the same quarter of 2023.
Balance Sheet
Total assets were $23.4 billion at March 31, 2024, a decrease of 1.3% from December 31, 2023 and a decrease of 2.1% from March 31, 2023. The decrease from the prior quarter was due to decreases in investment securities and loans and leases. The decrease from the same period in 2023 was primarily due to a decrease in our investment securities.
The investment securities portfolio was $7.3 billion at March 31, 2024, a decrease of 1.9% from December 31, 2023 and a decrease of 10.6% from March 31, 2023. This linked quarter decrease was primarily due to cashflows from the portfolio not being reinvested into securities. The decrease from the same quarter of 2023 was due to the sale of $159.1 million of investment securities in the third quarter of 2023, as well as cashflows from the portfolio not being reinvested into securities. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
Total loans and leases were $13.9 billion at March 31, 2024, a decrease of 0.8% from December 31, 2023 and an increase of 0.2% from March 31, 2023. Total commercial loans were $5.8 billion at March 31, 2024, flat from the prior quarter and an increase of 3.8% from the same quarter of 2023. The increase from the same period in 2023 was primarily due to increases in our commercial and industrial and construction portfolios, partially offset by a decrease in our commercial mortgage portfolio. Total consumer loans were $8.1 billion as of March 31, 2024, a decrease of 1.3% from the prior quarter and a decrease of 2.2% from the same period in 2023. The decreases were primarily due to decreases in our residential mortgage and automobile portfolios.
Total deposits were $20.7 billion at March 31, 2024, a decrease of 1.8% from December 31, 2023 and an increase of 0.9% from March 31, 2023. Noninterest-bearing deposits made up 27% of total deposit balances as of March 31, 2024, down from 29% as of December 31, 2023, and down from 31% as of March 31, 2023. Average total deposits were $20.5 billion for the first quarter of 2024, down 0.8% from $20.7 billion in the prior quarter, and up 0.6% from $20.4 billion in the first quarter of 2023. As of March 31, 2024, insured and uninsured but collateralized deposits represent 58% of total deposit balances, flat from both December 31, 2023, and March 31, 2023. As of March 31, 2024, our readily available liquidity of $10.3 billion exceeded total uninsured and uncollateralized deposits.
Capital and Dividends
The Company’s capital levels increased quarter over quarter and remain well above regulatory well-capitalized minimums.
The Tier 1 Capital Ratio was 12.74% at March 31, 2024 compared with 12.56% at December 31, 2023 and 12.10% at March 31, 2023. The Tier 1 Leverage Ratio was 7.62% at March 31, 2024, up 11 basis points from 7.51% at December 31, 2023 and up 43 basis points from 7.19% at March 31, 2023. The increases were due to higher Tier 1 capital as a result of retained earnings growth and decreases in risk-weighted assets and average total assets.
No shares of common stock were repurchased under the share repurchase program in the first quarter of 2024. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2024.
The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on June 14, 2024 to shareholders of record at the close of business on May 31, 2024.
On April 5, 2024, the Company announced that the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock. The depositary shares representing the Series A Preferred Stock are traded on the NYSE under the symbol “BOH.PRA.” The dividend will be payable on May 1, 2024 to shareholders of record of the preferred stock as of the close of business on April 16, 2024.
Conference Call Information
The Company will review its first quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation’s website, www.boh.com. The webcast can be accessed via the link: https://register.vevent.com/register/BI974c97b30bcc401eb3a5fd9d0973e44c. A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawai‘i Time on Monday, April 22, 2024. The replay will be available on the Company’s website, www.boh.com.
Investor Announcements
Investors and others should note that the Company intends to announce financial and other information to the Company’s investors using the Company’s investor relations website at https://ir.boh.com, social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.
Forward-Looking Statements
This news release, and other statements made by the Company in connection with it may contain “forward-looking statements” (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
Bank of Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawai‘i and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.
| Bank of Hawai‘i Corporation and Subsidiaries |
|
|||||||
| Financial Highlights |
Table 1 |
|||||||
|
Three Months Ended |
||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||
| (dollars in thousands, except per share amounts) |
2024 |
|
2023 |
|
2023 |
|||
| For the Period: | ||||||||
| Operating Results | ||||||||
| Net Interest Income |
$ |
113,938 |
$ |
115,785 |
$ |
135,955 |
||
| Provision for Credit Losses |
|
2,000 |
|
2,500 |
|
2,000 |
||
| Total Noninterest Income |
|
42,285 |
|
42,283 |
|
40,737 |
||
| Total Noninterest Expense |
|
105,859 |
|
115,962 |
|
111,919 |
||
| Pre-Provision Net Revenue |
|
50,364 |
|
42,106 |
|
64,773 |
||
| Net Income |
|
36,391 |
|
30,396 |
|
46,842 |
||
| Net Income Available to Common Shareholders 1 |
|
34,422 |
|
28,427 |
|
44,873 |
||
| Basic Earnings Per Common Share |
|
0.87 |
|
0.72 |
|
1.14 |
||
| Diluted Earnings Per Common Share |
|
0.87 |
|
0.72 |
|
1.14 |
||
| Dividends Declared Per Common Share |
|
0.70 |
|
0.70 |
|
0.70 |
||
| Performance Ratios | ||||||||
| Return on Average Assets |
|
0.63 |
% |
|
0.51 |
% |
|
0.80 |
| Return on Average Shareholders’ Equity |
|
10.34 |
|
8.86 |
|
14.25 |
||
| Return on Average Common Equity |
|
11.20 |
|
9.55 |
|
15.79 |
||
| Efficiency Ratio 2 |
|
67.76 |
|
73.36 |
|
63.34 |
||
| Net Interest Margin 3 |
|
2.11 |
|
2.13 |
|
2.47 |
||
| Dividend Payout Ratio 4 |
|
80.46 |
|
97.22 |
|
61.40 |
||
| Average Shareholders’ Equity to Average Assets |
|
6.08 |
|
5.80 |
|
5.59 |
||
| Average Balances | ||||||||
| Average Loans and Leases |
$ |
13,868,800 |
$ |
13,906,114 |
$ |
13,717,483 |
||
| Average Assets |
|
23,281,566 |
|
23,449,215 |
|
23,865,478 |
||
| Average Deposits |
|
20,543,640 |
|
20,704,070 |
|
20,430,882 |
||
| Average Shareholders’ Equity |
|
1,416,102 |
|
1,360,641 |
|
1,332,889 |
||
| Per Share of Common Stock | ||||||||
| Book Value |
$ |
31.62 |
$ |
31.05 |
$ |
29.62 |
||
| Tangible Book Value |
|
30.83 |
|
30.25 |
|
28.83 |
||
| Market Value | ||||||||
| Closing |
|
62.39 |
|
72.46 |
|
52.08 |
||
| High |
|
73.73 |
|
75.19 |
|
81.73 |
||
| Low |
|
58.38 |
|
45.56 |
|
34.71 |
||
|
March 31, |
|
December 31, |
|
March 31, |
||||
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| As of Period End: | ||||||||
| Balance Sheet Totals | ||||||||
| Loans and Leases |
$ |
13,853,837 |
$ |
13,965,026 |
$ |
13,824,522 |
||
| Total Assets |
|
23,420,860 |
|
23,733,296 |
|
23,931,977 |
||
| Total Deposits |
|
20,676,586 |
|
21,055,045 |
|
20,491,300 |
||
| Other Debt |
|
560,163 |
|
560,190 |
|
510,269 |
||
| Total Shareholders’ Equity |
|
1,435,977 |
|
1,414,242 |
|
1,354,430 |
||
| Asset Quality | ||||||||
| Non-Performing Assets |
$ |
11,838 |
$ |
11,747 |
$ |
12,124 |
||
| Allowance for Credit Losses – Loans and Leases |
|
147,664 |
|
146,403 |
|
143,577 |
||
| Allowance to Loans and Leases Outstanding 5 |
|
1.07 |
% |
|
1.05 |
% |
|
1.04 |
| Capital Ratios 6 | ||||||||
| Common Equity Tier 1 Capital Ratio |
|
11.50 |
% |
|
11.33 |
% |
|
10.88 |
| Tier 1 Capital Ratio |
|
12.74 |
|
12.56 |
|
12.10 |
||
| Total Capital Ratio |
|
13.81 |
|
13.60 |
|
13.13 |
||
| Tier 1 Leverage Ratio |
|
7.62 |
|
7.51 |
|
7.19 |
||
| Total Shareholders’ Equity to Total Assets |
|
6.13 |
|
5.96 |
|
5.66 |
||
| Tangible Common Equity to Tangible Assets 7 |
|
5.24 |
|
5.07 |
|
4.78 |
||
| Tangible Common Equity to Risk-Weighted Assets 7 |
|
8.70 |
|
8.45 |
|
7.97 |
||
| Non-Financial Data | ||||||||
| Full-Time Equivalent Employees |
|
1,891 |
|
1,899 |
|
2,025 |
||
| Branches |
|
50 |
|
51 |
|
51 |
||
| ATMs |
|
315 |
|
318 |
|
320 |
||
| 1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report. | ||||||||
| 2 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income). | ||||||||
| 3 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets. | ||||||||
| 4 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share. | ||||||||
| 5 The numerator comprises the Allowance for Credit Losses – Loans and Leases. | ||||||||
| 6 Regulatory capital ratios as of March 31, 2024 are preliminary. | ||||||||
| 7 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders’ equity minus goodwill. See Table 2 “Reconciliation of Non-GAAP Financial Measures”. | ||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||
| Reconciliation of Non-GAAP Financial Measures | Table 2 | ||||||||
|
March 31, |
December 31, |
March 31, |
|||||||
| (dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Total Shareholders’ Equity |
$ |
1,435,977 |
|
$ |
1,414,242 |
|
$ |
1,354,430 |
|
| Less: Preferred Stock |
|
180,000 |
|
|
180,000 |
|
|
180,000 |
|
| Goodwill |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
| Tangible Common Equity |
$ |
1,224,460 |
|
$ |
1,202,725 |
|
$ |
1,142,913 |
|
| Total Assets |
$ |
23,420,860 |
|
$ |
23,733,296 |
|
$ |
23,931,977 |
|
| Less: Goodwill |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
| Tangible Assets |
$ |
23,389,343 |
|
$ |
23,701,779 |
|
$ |
23,900,460 |
|
| Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1 |
$ |
14,071,841 |
|
$ |
14,226,780 |
|
$ |
14,341,397 |
|
| Total Shareholders’ Equity to Total Assets |
|
6.13 |
% |
|
5.96 |
% |
|
5.66 |
% |
| Tangible Common Equity to Tangible Assets (Non-GAAP) |
|
5.24 |
% |
|
5.07 |
% |
|
4.78 |
% |
| Tier 1 Capital Ratio 1 |
|
12.74 |
% |
|
12.56 |
% |
|
12.10 |
% |
| Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 |
|
8.70 |
% |
|
8.45 |
% |
|
7.97 |
% |
| 1 Regulatory capital ratios as of March 31, 2024 are preliminary. | |||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||
| Consolidated Statements of Income | Table 3 | ||||||||
|
Three Months Ended |
|||||||||
|
March 31, |
December 31, |
March 31, |
|||||||
| (dollars in thousands, except per share amounts) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Interest Income | |||||||||
| Interest and Fees on Loans and Leases |
$ |
159,336 |
|
$ |
158,324 |
|
$ |
136,501 |
|
| Income on Investment Securities | |||||||||
| Available-for-Sale |
|
21,757 |
|
|
22,782 |
|
|
23,893 |
|
| Held-to-Maturity |
|
22,136 |
|
|
22,589 |
|
|
23,948 |
|
| Deposits |
|
30 |
|
|
23 |
|
|
27 |
|
| Funds Sold |
|
6,127 |
|
|
5,705 |
|
|
3,366 |
|
| Other |
|
970 |
|
|
924 |
|
|
597 |
|
| Total Interest Income |
|
210,356 |
|
|
210,347 |
|
|
188,332 |
|
| Interest Expense | |||||||||
| Deposits |
|
89,056 |
|
|
87,121 |
|
|
37,794 |
|
| Securities Sold Under Agreements to Repurchase |
|
1,443 |
|
|
1,459 |
|
|
5,377 |
|
| Funds Purchased |
|
– |
|
|
– |
|
|
704 |
|
| Short-Term Borrowings |
|
– |
|
|
– |
|
|
3,203 |
|
| Other Debt |
|
5,919 |
|
|
5,982 |
|
|
5,299 |
|
| Total Interest Expense |
|
96,418 |
|
|
94,562 |
|
|
52,377 |
|
| Net Interest Income |
|
113,938 |
|
|
115,785 |
|
|
135,955 |
|
| Provision for Credit Losses |
|
2,000 |
|
|
2,500 |
|
|
2,000 |
|
| Net Interest Income After Provision for Credit Losses |
|
111,938 |
|
|
113,285 |
|
|
133,955 |
|
| Noninterest Income | |||||||||
| Trust and Asset Management |
|
11,189 |
|
|
11,144 |
|
|
10,690 |
|
| Mortgage Banking |
|
951 |
|
|
1,016 |
|
|
1,004 |
|
| Service Charges on Deposit Accounts |
|
7,947 |
|
|
7,949 |
|
|
7,737 |
|
| Fees, Exchange, and Other Service Charges |
|
14,123 |
|
|
13,774 |
|
|
13,808 |
|
| Investment Securities Losses, Net |
|
(1,497 |
) |
|
(1,619 |
) |
|
(1,792 |
) |
| Annuity and Insurance |
|
1,046 |
|
|
1,271 |
|
|
1,271 |
|
| Bank-Owned Life Insurance |
|
3,356 |
|
|
3,176 |
|
|
2,842 |
|
| Other |
|
5,170 |
|
|
5,572 |
|
|
5,177 |
|
| Total Noninterest Income |
|
42,285 |
|
|
42,283 |
|
|
40,737 |
|
| Noninterest Expense | |||||||||
| Salaries and Benefits |
|
58,215 |
|
|
53,991 |
|
|
65,088 |
|
| Net Occupancy |
|
10,456 |
|
|
9,734 |
|
|
9,872 |
|
| Net Equipment |
|
10,103 |
|
|
9,826 |
|
|
10,375 |
|
| Data Processing |
|
4,770 |
|
|
4,948 |
|
|
4,583 |
|
| Professional Fees |
|
4,677 |
|
|
5,079 |
|
|
3,883 |
|
| FDIC Insurance |
|
3,614 |
|
|
18,545 |
|
|
3,234 |
|
| Other |
|
14,024 |
|
|
13,839 |
|
|
14,884 |
|
| Total Noninterest Expense |
|
105,859 |
|
|
115,962 |
|
|
111,919 |
|
| Income Before Provision for Income Taxes |
|
48,364 |
|
|
39,606 |
|
|
62,773 |
|
| Provision for Income Taxes |
|
11,973 |
|
|
9,210 |
|
|
15,931 |
|
| Net Income |
$ |
36,391 |
|
$ |
30,396 |
|
$ |
46,842 |
|
| Preferred Stock Dividends |
|
1,969 |
|
|
1,969 |
|
|
1,969 |
|
| Net Income Available to Common Shareholders |
$ |
34,422 |
|
$ |
28,427 |
|
$ |
44,873 |
|
| Basic Earnings Per Common Share |
$ |
0.87 |
|
$ |
0.72 |
|
$ |
1.14 |
|
| Diluted Earnings Per Common Share |
$ |
0.87 |
|
$ |
0.72 |
|
$ |
1.14 |
|
| Dividends Declared Per Common Share |
$ |
0.70 |
|
$ |
0.70 |
|
$ |
0.70 |
|
| Basic Weighted Average Common Shares |
|
39,350,390 |
|
|
39,303,525 |
|
|
39,276,833 |
|
| Diluted Weighted Average Common Shares |
|
39,626,463 |
|
|
39,539,191 |
|
|
39,465,889 |
|
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||
| Consolidated Statements of Comprehensive Income | Table 4 | |||||
|
Three Months Ended |
||||||
|
March 31, |
December 31, |
March 31, |
||||
| (dollars in thousands) |
2024 |
2023 |
2023 |
|||
| Net Income |
$ |
36,391 |
$ |
30,396 |
$ |
46,842 |
| Other Comprehensive Income, Net of Tax: | ||||||
| Net Unrealized Gains on Investment Securities |
|
12,938 |
|
43,357 |
|
29,276 |
| Defined Benefit Plans |
|
169 |
|
1,566 |
|
84 |
| Other Comprehensive Income |
|
13,107 |
|
44,923 |
|
29,360 |
| Comprehensive Income |
$ |
49,498 |
$ |
75,319 |
$ |
76,202 |
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||
| Consolidated Statements of Condition | Table 5 | ||||||||
|
March 31, |
December 31, |
March 31, |
|||||||
| (dollars in thousands) |
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Assets | |||||||||
| Interest-Bearing Deposits in Other Banks |
$ |
2,742 |
|
$ |
2,761 |
|
$ |
2,554 |
|
| Funds Sold |
|
673,489 |
|
|
690,112 |
|
|
272,018 |
|
| Investment Securities | |||||||||
| Available-for-Sale |
|
2,352,051 |
|
|
2,408,933 |
|
|
2,815,083 |
|
| Held-to-Maturity (Fair Value of $4,104,622; $4,253,637; and $4,601,876) |
|
4,913,457 |
|
|
4,997,335 |
|
|
5,312,815 |
|
| Loans Held for Sale |
|
2,182 |
|
|
3,124 |
|
|
2,149 |
|
| Loans and Leases |
|
13,853,837 |
|
|
13,965,026 |
|
|
13,824,522 |
|
| Allowance for Credit Losses |
|
(147,664 |
) |
|
(146,403 |
) |
|
(143,577 |
) |
| Net Loans and Leases |
|
13,706,173 |
|
|
13,818,623 |
|
|
13,680,945 |
|
| Total Earning Assets |
|
21,650,094 |
|
|
21,920,888 |
|
|
22,085,564 |
|
| Cash and Due from Banks |
|
215,290 |
|
|
308,071 |
|
|
337,413 |
|
| Premises and Equipment, Net |
|
192,486 |
|
|
194,855 |
|
|
203,131 |
|
| Operating Lease Right-of-Use Assets |
|
85,501 |
|
|
86,110 |
|
|
91,387 |
|
| Accrued Interest Receivable |
|
67,887 |
|
|
66,525 |
|
|
63,175 |
|
| Foreclosed Real Estate |
|
2,672 |
|
|
2,098 |
|
|
1,040 |
|
| Mortgage Servicing Rights |
|
20,422 |
|
|
20,880 |
|
|
22,102 |
|
| Goodwill |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
| Bank-Owned Life Insurance |
|
468,206 |
|
|
462,894 |
|
|
455,602 |
|
| Other Assets |
|
686,785 |
|
|
639,458 |
|
|
641,046 |
|
| Total Assets |
$ |
23,420,860 |
|
$ |
23,733,296 |
|
$ |
23,931,977 |
|
| Liabilities | |||||||||
| Deposits | |||||||||
| Noninterest-Bearing Demand |
$ |
5,542,930 |
|
$ |
6,058,554 |
|
$ |
6,385,872 |
|
| Interest-Bearing Demand |
|
3,823,224 |
|
|
3,749,717 |
|
|
4,283,801 |
|
| Savings |
|
8,231,245 |
|
|
8,189,472 |
|
|
7,898,874 |
|
| Time |
|
3,079,187 |
|
|
3,057,302 |
|
|
1,922,753 |
|
| Total Deposits |
|
20,676,586 |
|
|
21,055,045 |
|
|
20,491,300 |
|
| Short-Term Borrowings |
|
– |
|
|
– |
|
|
325,000 |
|
| Securities Sold Under Agreements to Repurchase |
|
150,490 |
|
|
150,490 |
|
|
725,490 |
|
| Other Debt |
|
560,163 |
|
|
560,190 |
|
|
510,269 |
|
| Operating Lease Liabilities |
|
94,104 |
|
|
94,693 |
|
|
99,746 |
|
| Retirement Benefits Payable |
|
23,365 |
|
|
23,673 |
|
|
26,768 |
|
| Accrued Interest Payable |
|
37,081 |
|
|
41,023 |
|
|
13,061 |
|
| Taxes Payable |
|
7,378 |
|
|
7,636 |
|
|
11,039 |
|
| Other Liabilities |
|
435,716 |
|
|
386,304 |
|
|
374,874 |
|
| Total Liabilities |
|
21,984,883 |
|
|
22,319,054 |
|
|
22,577,547 |
|
| Shareholders’ Equity | |||||||||
| Preferred Stock ($.01 par value; authorized 180,000 shares; issued / outstanding: March 31, 2024; December 31, 2023; and March 31, 2023 – 180,000) |
|
180,000 |
|
|
180,000 |
|
|
180,000 |
|
| Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2024 – 58,753,708 / 39,720,724; December 31, 2023 – 58,755,465 / 39,753,138; and March 31, 2023 – 58,722,929 / 39,646,506) |
|
584 |
|
|
583 |
|
|
583 |
|
| Capital Surplus |
|
640,663 |
|
|
636,422 |
|
|
624,126 |
|
| Accumulated Other Comprehensive Loss |
|
(383,581 |
) |
|
(396,688 |
) |
|
(405,298 |
) |
| Retained Earnings |
|
2,114,729 |
|
|
2,107,569 |
|
|
2,074,428 |
|
| Treasury Stock, at Cost (Shares: March 31, 2024 – 19,032,984; December 31, 2023 – 19,002,327; and March 31, 2023 – 19,076,423) |
|
(1,116,418 |
) |
|
(1,113,644 |
) |
|
(1,119,409 |
) |
| Total Shareholders’ Equity |
|
1,435,977 |
|
|
1,414,242 |
|
|
1,354,430 |
|
| Total Liabilities and Shareholders’ Equity |
$ |
23,420,860 |
|
$ |
23,733,296 |
|
$ |
23,931,977 |
|
Contacts
Media Inquiries
Melissa Torres-Laing
Email: [email protected]
Phone: 808-694-8384
Mobile: 808-859-1703
Investor/Analyst Inquiries
Cindy Wyrick
Email: [email protected]
Phone: 808-694-8430
Chang Park
Email: [email protected]
Phone: 808-694-8238
