- Diluted Earnings Per Common Share of $3.46 and $0.85 for the
Year and Quarter Ended December 31, 2024, Respectively
- Net Income of $150.0 Million and $39.2 Million for the Year
and Quarter Ended December 31, 2024, Respectively
- Total Assets $23.6 Billion and Total Deposits $20.6 Billion
at Year End
- Net Interest Margin 2.19% for the Fourth Quarter of
2024
- Board of Directors Declares Dividend of $0.70 Per Common
Share
Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today
reported diluted earnings per common share of $3.46 for the full
year of 2024, compared with $4.14 for the full year of 2023. Net
income for the year was $150.0 million, down 12.4% from the
previous year. The return on average common equity for the full
year of 2024 was 10.85% compared with 13.89% in 2023.
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“Bank of Hawai‘i finished 2024 with strong financial
performance,” said Peter Ho, Chairman and CEO. “In the fourth
quarter, our net interest income and net interest margin continued
their upward trajectories and average loan balances and average
deposit balances grew. During 2024, we strengthened capital levels,
controlled core expenses and maintained excellent credit
quality.”
Diluted earnings per common share was $0.85 for the fourth
quarter of 2024, compared with $0.93 during the linked quarter and
$0.72 during the same period last year. Net income for the fourth
quarter of 2024 was $39.2 million, down 3.0% from the linked
quarter and up 28.8% from the same period last year. The return on
average common equity for the fourth quarter of 2024 was 10.30%
compared with 11.50% during the linked quarter and 9.55% during the
same period last year.
Financial Highlights
Net interest income for the fourth quarter of 2024 was $120.2
million, an increase of 2.2% from the linked quarter and an
increase of 3.8% as compared to the same period last year. The
increase from the previous quarter was primarily due to higher
average balance of our earning assets, slowing of deposit mix shift
and repricing and lower funding costs, partially offset by lower
earning asset yields. The increase from the same period last year
was primarily due to higher earning asset yields and higher average
balance of our earning assets, partially offset by higher average
balance of interest-bearing deposits.
Net interest margin was 2.19% in the fourth quarter of 2024, an
increase of 1 basis point from the linked quarter and an increase
of 6 basis points from the same period last year. The increase from
the linked quarter was primarily due to lower interest-bearing
deposits rates, partially offset by lower earning asset yields. The
increase from the same period last year was primarily due to higher
earning asset yields, partially offset by higher interest-bearing
deposit rates.
The average yield on loans and leases was 4.73% in the fourth
quarter of 2024, down 9 basis points from the linked quarter and up
19 basis points from the same period last year. The average yield
on total earning assets was 3.97% in the fourth quarter of 2024,
down 9 basis points from the linked quarter and up 12 basis points
from the same period last year. The average cost of
interest-bearing deposits was 2.37% in the fourth quarter of 2024,
down 15 basis points from the linked quarter and up 7 basis points
from the same period last year. The average quarterly cost of total
deposits, including noninterest-bearing deposits, was 1.77%, down
10 basis points from the linked quarter and up 10 basis points from
the same period last year. The changes in yields and rates over the
linked quarter reflected the lower rate environment, including
lower benchmark interest rates. The changes in yields and rates
year over year period reflected repricing of our loans and an
elevated deposit mix shift during the period.
Noninterest income was $43.0 million in the fourth quarter of
2024, a decrease of 4.6% from the linked quarter and an increase of
1.8% from the same period in 2023. Noninterest income in the fourth
quarter of 2024 included a $2.4 million charge incurred in
connection with a change in our Visa Class B conversion ratio.
Adjusted for this item, noninterest income would have been $45.4
million, an increase of 0.7% from the linked quarter and an
increase of 7.5% from the same period in 2023. The increase from
the same period last year was primarily due to increases in trust
and asset management income, service charges on deposits accounts,
and fees, exchange, and other service charges.
Noninterest expense was $107.9 million in the fourth quarter of
2024, an increase of 0.8% from the linked quarter and a decrease of
6.9% from the same period last year. 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 were not expected to recur in 2024. Adjusted for these items,
noninterest expense in the fourth quarter of 2024 increased by 4.9%
from adjusted noninterest expense in the same period last year. The
increase was primarily due to higher medical cost in the fourth
quarter of 2024 that are not expected to repeat.
The effective tax rate for the fourth quarter of 2024 was 24.02%
compared with 23.33% during the linked quarter and 23.25% during
the same period last year.
Asset Quality
The Company’s overall asset quality remained strong during the
fourth quarter of 2024. Provision for credit losses for the fourth
quarter of 2024 was $3.8 million compared with $3.0 million in the
linked quarter and $2.5 million in the same period last year.
Total non-performing assets were $19.3 million at December 31,
2024, down $0.5 million from September 30, 2024 and up $7.6 million
from December 31, 2023. Non-performing assets as a percentage of
total loans and leases and foreclosed real estate were 0.14% at the
end of the quarter, flat from the linked quarter and an increase of
5 basis points from the same period last year.
Net loan and lease charge-offs during the fourth quarter of 2024
were $3.4 million or 10 basis points annualized of total average
loans and leases outstanding and comprised of gross charge-offs of
$5.2 million partially offset by gross recoveries of $1.8 million.
Compared to the linked quarter, net loan and lease charge-offs
decreased by $0.4 million or 1 basis point annualized on total
average loans and leases outstanding. Compared to the same period
last year, net loan and lease charge-offs increased by $1.7 million
or 5 basis points annualized on total average loans and leases
outstanding.
The allowance for credit losses on loans and leases was $148.5
million at December 31, 2024, an increase of $1.2 million from
September 30, 2024 and an increase of $2.1 million from December
31, 2023. The ratio of the allowance for credit losses to total
loans and leases outstanding was 1.06% at the end of the quarter,
flat from the linked quarter and up 1 basis point from the same
period last year.
Balance Sheet
Total assets were $23.6 billion at December 31, 2024, a decrease
of 0.8% from September 30, 2024 and a decrease of 0.6% from
December 31, 2023. The decrease from the prior periods was
primarily due to a decrease in cash and cash equivalents.
The investment securities portfolio was $7.3 billion at December
31, 2024, an increase of 0.7% from September 30, 2024 and a
decrease of 1.3% from December 31, 2023. This linked quarter
increase was primarily due to the purchases of investment
securities in the fourth quarter partially offset by cashflows from
the portfolio. The decrease from the same period last year was
primarily due to cashflows from the portfolio not being reinvested
into securities, partially offset by purchases of investment
securities in the third and fourth quarters of 2024. The majority
of investment purchases during 2024 were in floating rate
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 $14.1 billion at December 31, 2024,
an increase of 1.1% from September 30, 2024 and an increase of 0.8%
from December 31, 2023. Total commercial loans were $6.1 billion at
December 31, 2024, an increase of 3.3% from September 30, 2024 and
an increase of 6.0% from December 31, 2023. The increase from the
previous periods was primarily due to loan production within our
commercial mortgage portfolio. Total consumer loans were $8.0
billion at December 31, 2024, a decrease of 0.5% from the linked
quarter and a decrease of 2.9% from the same period last year. The
decrease from the linked quarter was primarily due to declines in
our home equity and automobile portfolios. The decrease from the
same period last year was primarily due to declines in our
residential mortgage, home equity and automobile portfolios.
Total deposits were $20.6 billion at December 31, 2024, a
decrease of 1.6% from September 30, 2024 and a decrease of 2.0%
from December 31, 2023. Noninterest-bearing deposits made up 26.3%
of total deposit balances at December 31, 2024, up from 25.8% at
September 30, 2024 and down from 28.8% at December 31, 2023.
Average total deposits were $20.8 billion for the fourth quarter of
2024, up 1.3% from $20.5 billion in the linked quarter and up 0.3%
from $20.7 billion in the same period last year.
Capital and Dividends
The Company’s capital levels remain well above regulatory
well-capitalized minimums.
The Tier 1 Capital Ratio was 13.95% at December 31, 2024
compared with 14.05% at September 30, 2024 and 12.56% at December
31, 2023. The Tier 1 Leverage Ratio was 8.31% at December 31, 2024,
compared with 8.38% at September 30, 2024 and 7.51% at December 31,
2023. The decreases from the linked quarter were due to increases
in risk-weighted assets and average total assets partially offset
by retained earnings growth. The increases from the same period
last year were primarily due to the issuance of $165.0 million of
Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, at a
rate of 8.00% in the second quarter of 2024.
No shares of common stock were repurchased under the share
repurchase program in the fourth quarter of 2024. Total remaining
buyback authority under the share repurchase program was $126.0
million at December 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 March 14, 2025 to
shareholders of record at the close of business on February 28,
2025.
On January 6, 2025, the Company announced that the Board of
Directors declared a quarterly dividend payment of $10.94 per
share, equivalent to $0.2735 per depositary share, of Fixed Rate
Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly
dividend payment of $20.00 per share, equivalent to $0.5000 per
depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred
Stock, Series B. The depositary shares representing the Series A
Preferred Stock and Series B Preferred Stock are traded on the NYSE
under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The
dividends on the Series A Preferred Stock and Series B Preferred
Stock will be payable on February 3, 2025 to shareholders of record
of the preferred stock as of the close of business on January 17,
2025.
Conference Call
Information
The Company will review its fourth quarter financial results
today at 8:00 a.m. Hawai‘i Time (1:00 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-conf.media-server.com/register/BI24eacfe4bc38408fa2cf3382f4c7a832.
A replay of the conference call will be available for one year
beginning at approximately 11:00 a.m. Hawai‘i Time on Monday,
January 27, 2025. 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 and
its Form 10-Q for fiscal quarters ended March 31, 2024, June 30,
2024 and September 30, 2024, which were 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 Year Ended December 31,
September 30, December 31, December 31,
(dollars in thousands, except per share amounts)
2024
2024
2023
2024
2023
For the Period: Operating
Results Net Interest Income
$
120,178
$
117,618
$
115,785
$
466,580
$
497,025
Provision for Credit Losses
3,750
3,000
2,500
11,150
9,000
Total Noninterest Income
43,047
45,110
42,283
172,529
176,609
Total Noninterest Expense
107,931
107,092
115,962
430,108
437,518
Pre-Provision Net Revenue
55,294
55,636
42,106
209,001
236,116
Net Income
39,162
40,358
30,396
149,994
171,202
Net Income Available to Common Shareholders
33,893
36,922
28,427
137,350
163,325
Basic Earnings Per Common Share
0.86
0.94
0.72
3.48
4.16
Diluted Earnings Per Common Share
0.85
0.93
0.72
3.46
4.14
Dividends Declared Per Common Share
0.70
0.70
0.70
2.80
2.80
Performance Ratios Return on Average Assets
0.66
%
0.69
%
0.51
%
0.64
%
0.71
%
Return on Average Shareholders' Equity
9.42
9.90
8.86
9.78
12.63
Return on Average Common Equity
10.30
11.50
9.55
10.85
13.89
Efficiency Ratio 1
66.12
65.81
73.36
67.30
64.95
Net Interest Margin 2
2.19
2.18
2.13
2.16
2.24
Dividend Payout Ratio 3
81.40
74.47
97.22
80.46
67.31
Average Shareholders' Equity to Average Assets
6.98
6.95
5.80
6.56
5.66
Average Balances Average Loans and Leases
$
13,964,687
$
13,809,977
$
13,906,114
$
13,868,916
$
13,851,551
Average Assets
23,682,494
23,338,529
23,449,215
23,362,736
23,954,186
Average Deposits
20,756,682
20,484,391
20,704,070
20,536,239
20,412,378
Average Shareholders' Equity
1,654,156
1,621,936
1,360,641
1,533,243
1,355,536
Per Share of Common Stock Book Value
$
33.27
$
33.22
$
31.05
$
33.27
$
31.05
Tangible Book Value
32.47
32.43
30.25
32.47
30.25
Market Value Closing
71.24
62.77
72.46
71.24
72.46
High
82.70
70.44
75.19
82.70
81.73
Low
60.58
55.75
45.56
54.50
30.83
December 31, September 30, December 31,
2024
2024
2023
As of Period End: Balance
Sheet Totals Loans and Leases
$
14,075,980
$
13,918,583
$
13,965,026
Total Assets
23,601,114
23,799,174
23,733,296
Total Deposits
20,633,037
20,978,322
21,055,045
Other Debt
558,274
558,297
560,190
Total Shareholders' Equity
1,667,774
1,665,474
1,414,242
Asset Quality Non-Performing Assets
$
19,300
$
19,781
$
11,747
Allowance for Credit Losses - Loans and Leases
148,528
147,331
146,403
Allowance to Loans and Leases Outstanding 4
1.06
%
1.06
%
1.05
%
Capital Ratios 5 Common Equity Tier 1 Capital Ratio
11.59
%
11.66
%
11.33
%
Tier 1 Capital Ratio
13.95
14.05
12.56
Total Capital Ratio
15.00
15.11
13.60
Tier 1 Leverage Ratio
8.31
8.38
7.51
Total Shareholders' Equity to Total Assets
7.07
7.00
5.96
Tangible Common Equity to Tangible Assets 6
5.48
5.42
5.07
Tangible Common Equity to Risk-Weighted Assets 6
9.08
9.17
8.45
Non-Financial Data Full-Time Equivalent Employees
1,865
1,854
1,899
Branches
50
50
51
ATMs
317
317
318
1 Efficiency ratio is defined as noninterest expense divided by
total revenue (net interest income and total noninterest income). 2
Net interest margin is defined as net interest income, on a
taxable-equivalent basis, as a percentage of average earning
assets. 3 Dividend payout ratio is defined as dividends declared
per common share divided by basic earnings per common share. 4 The
numerator comprises the Allowance for Credit Losses - Loans and
Leases. 5 Regulatory capital ratios as of December 31, 2024 are
preliminary. 6 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 December 31,
September 30, December 31, (dollars in thousands)
2024
2024
2023
Total Shareholders' Equity
$
1,667,774
$
1,665,474
$
1,414,242
Less: Preferred Stock
345,000
345,000
180,000
Goodwill
31,517
31,517
31,517
Tangible Common Equity
$
1,291,257
$
1,288,957
$
1,202,725
Total Assets
$
23,601,114
$
23,799,174
$
23,733,296
Less: Goodwill
31,517
31,517
31,517
Tangible Assets
$
23,569,597
$
23,767,657
$
23,701,779
Risk-Weighted Assets, determined in accordance with
prescribed regulatory requirements 1
$
14,225,908
$
14,054,698
$
14,226,780
Total Shareholders' Equity to Total Assets
7.07
%
7.00
%
5.96
%
Tangible Common Equity to Tangible Assets (Non-GAAP)
5.48
%
5.42
%
5.07
%
Tier 1 Capital Ratio 1
13.95
%
14.05
%
12.56
%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1
9.08
%
9.17
%
8.45
%
1 Regulatory capital ratios as of December 31, 2024 are
preliminary.
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income Table 3 Three
Months Ended Year Ended December 31, September
30, December 31, December 31, (dollars in
thousands, except per share amounts)
2024
2024
2023
2024
2023
Interest Income Interest and Fees on Loans and Leases
$
164,785
$
166,286
$
158,324
$
653,615
$
590,611
Income on Investment Securities Available-for-Sale
23,223
23,257
22,782
89,705
93,528
Held-to-Maturity
20,677
21,107
22,589
85,515
92,750
Cash and Cash Equivalents
9,425
8,980
5,728
30,701
28,380
Other
1,107
1,018
924
4,215
5,106
Total Interest Income
219,217
220,648
210,347
863,751
810,375
Interest Expense Deposits
92,099
96,067
87,121
368,764
250,847
Securities Sold Under Agreements to Repurchase
992
993
1,459
4,608
16,306
Funds Purchased
-
-
-
44
888
Short-Term Borrowings
-
-
-
-
5,713
Other Debt
5,948
5,970
5,982
23,755
39,596
Total Interest Expense
99,039
103,030
94,562
397,171
313,350
Net Interest Income
120,178
117,618
115,785
466,580
497,025
Provision for Credit Losses
3,750
3,000
2,500
11,150
9,000
Net Interest Income After Provision for Credit Losses
116,428
114,618
113,285
455,430
488,025
Noninterest Income Fees, Exchange, and Other Service Charges
14,399
14,945
13,774
57,236
55,556
Trust and Asset Management
12,157
11,916
11,144
47,485
43,597
Service Charges on Deposit Accounts
8,678
8,075
7,949
32,430
31,116
Bank-Owned Life Insurance
3,283
3,533
3,176
13,568
11,643
Annuity and Insurance
1,347
1,460
1,271
5,436
4,736
Mortgage Banking
942
1,188
1,016
4,109
4,255
Investment Securities Losses, Net
(3,306
)
(1,103
)
(1,619
)
(7,507
)
(11,455
)
Other
5,547
5,096
5,572
19,772
37,161
Total Noninterest Income
43,047
45,110
42,283
172,529
176,609
Noninterest Expense Salaries and Benefits
58,690
58,626
53,991
232,564
234,079
Net Equipment
10,308
10,120
9,826
40,886
40,251
Net Occupancy
10,263
10,806
9,734
42,084
39,924
Data Processing
5,313
4,712
4,948
19,540
18,836
Professional Fees
4,988
4,725
5,079
19,319
17,459
FDIC Insurance
3,711
3,355
18,545
17,850
28,313
Other
14,658
14,748
13,839
57,865
58,656
Total Noninterest Expense
107,931
107,092
115,962
430,108
437,518
Income Before Provision for Income Taxes
51,544
52,636
39,606
197,851
227,116
Provision for Income Taxes
12,382
12,278
9,210
47,857
55,914
Net Income
$
39,162
$
40,358
$
30,396
$
149,994
$
171,202
Preferred Stock Dividends
5,269
3,436
1,969
12,644
7,877
Net Income Available to Common Shareholders
$
33,893
$
36,922
$
28,427
$
137,350
$
163,325
Basic Earnings Per Common Share
$
0.86
$
0.94
$
0.72
$
3.48
$
4.16
Diluted Earnings Per Common Share
$
0.85
$
0.93
$
0.72
$
3.46
$
4.14
Dividends Declared Per Common Share
$
0.70
$
0.70
$
0.70
$
2.80
$
2.80
Basic Weighted Average Common Shares
39,513,210
39,488,187
39,303,525
39,450,737
39,274,291
Diluted Weighted Average Common Shares
39,836,758
39,736,492
39,539,191
39,700,388
39,428,912
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income Table
4 Three Months Ended Year Ended December
31, September 30, December 31, December
31, (dollars in thousands)
2024
2024
2023
2024
2023
Net Income
$
39,162
$
40,358
$
30,396
$
149,994
$
171,202
Other Comprehensive Income (Loss), Net of Tax: Net Unrealized Gains
(Losses) on Investment Securities
(7,388
)
38,833
43,357
53,435
36,152
Defined Benefit Plans
(641
)
168
1,566
(136
)
1,818
Other Comprehensive Income (Loss)
(8,029
)
39,001
44,923
53,299
37,970
Comprehensive Income
$
31,133
$
79,359
$
75,319
$
203,293
$
209,172
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
December 31, September 30, December 31,
(dollars in thousands, except per share amounts)
2024
2024
2023
Assets Cash and Cash Equivalents
$
763,571
$
1,272,763
$
1,000,944
Investment Securities Available-for-Sale
2,689,528
2,550,324
2,408,933
Held-to-Maturity (Fair Value of $3,820,882; $4,072,596; and
$4,253,637)
4,618,543
4,710,245
4,997,335
Loans Held for Sale
2,150
5,048
3,124
Loans and Leases
14,075,980
13,918,583
13,965,026
Allowance for Credit Losses
(148,528
)
(147,331
)
(146,403
)
Net Loans and Leases
13,927,452
13,771,252
13,818,623
Premises and Equipment, Net
184,480
191,899
194,855
Operating Lease Right-of-Use Assets
80,165
81,736
86,110
Accrued Interest Receivable
66,367
66,534
66,525
Mortgage Servicing Rights
19,199
19,571
20,880
Goodwill
31,517
31,517
31,517
Bank-Owned Life Insurance
481,184
475,263
462,894
Other Assets
736,958
623,022
641,556
Total Assets
$
23,601,114
$
23,799,174
$
23,733,296
Liabilities Deposits Noninterest-Bearing Demand
$
5,423,562
$
5,412,048
$
6,058,554
Interest-Bearing Demand
3,784,984
3,734,601
3,749,717
Savings
8,364,916
8,663,147
8,189,472
Time
3,059,575
3,168,526
3,057,302
Total Deposits
20,633,037
20,978,322
21,055,045
Securities Sold Under Agreements to Repurchase
100,000
100,490
150,490
Other Debt
558,274
558,297
560,190
Operating Lease Liabilities
88,794
90,356
94,693
Retirement Benefits Payable
23,760
22,870
23,673
Accrued Interest Payable
34,799
40,434
41,023
Other Liabilities
494,676
342,931
393,940
Total Liabilities
21,933,340
22,133,700
22,319,054
Shareholders' Equity Preferred Stock (Series A, $.01 par
value; authorized 180,000 shares issued and outstanding)
180,000
180,000
180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000
shares issued and outstanding)
165,000
165,000
-
Common Stock ($.01 par value; authorized 500,000,000 shares; issued
/ outstanding: December 31, 2024 - 58,765,864 / 39,762,255;
September 30, 2024 - 58,765,907 / 39,748,304; and December 31, 2023
- 58,755,465 / 39,753,138)
585
585
583
Capital Surplus
647,403
643,620
636,422
Accumulated Other Comprehensive Loss
(343,389
)
(335,360
)
(396,688
)
Retained Earnings
2,133,838
2,127,585
2,107,569
Treasury Stock, at Cost (Shares: December 31, 2024 - 19,003,609;
September 30, 2024 - 19,017,603; and December 31, 2023 -
19,002,327)
(1,115,663
)
(1,115,956
)
(1,113,644
)
Total Shareholders' Equity
1,667,774
1,665,474
1,414,242
Total Liabilities and Shareholders' Equity
$
23,601,114
$
23,799,174
$
23,733,296
Bank of Hawai‘i Corporation and Subsidiaries Consolidated
Statements of Shareholders' Equity Table 6
Accumulated Preferred Preferred Other
Shares Preferred Shares Preferred
Common Comprehensive Series A Series A
Series B Series B Shares Common
Capital Income Retained Treasury
(dollars in thousands, except per share amounts)
Outstanding
Stock Outstanding Stock Outstanding
Stock Surplus (Loss) Earnings
Stock Total Balance as of December 31, 2022
180,000
$
180,000
-
$
-
39,835,750
$
582
$
620,578
$
(434,658
)
$
2,055,912
$
(1,105,419
)
$
1,316,995
Net Income
-
-
-
-
-
-
-
-
171,202
-
171,202
Other Comprehensive Income
-
-
-
-
-
-
-
37,970
-
-
37,970
Share-Based Compensation
-
-
-
-
-
-
15,656
-
-
-
15,656
Common Stock Issued under Purchase and Equity Compensation Plans
-
-
-
-
130,286
1
188
-
127
6,065
6,381
Common Stock Repurchased
-
-
-
-
(212,898
)
-
-
-
-
(14,290
)
(14,290
)
Cash Dividends Declared Common Stock ($2.80 per share)
-
-
-
-
-
-
-
-
(111,795
)
-
(111,795
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
-
-
(7,877
)
-
(7,877
)
Balance as of December 31, 2023
180,000
$
180,000
-
$
-
39,753,138
$
583
$
636,422
$
(396,688
)
$
2,107,569
$
(1,113,644
)
$
1,414,242
Net Income
-
$
-
-
$
-
-
$
-
$
-
$
-
$
149,994
$
-
$
149,994
Other Comprehensive Income
-
-
-
-
-
-
-
53,299
-
-
53,299
Share-Based Compensation
-
-
-
-
-
-
14,444
-
-
-
14,444
Preferred Stock Issued, Net
-
-
165,000
165,000
-
-
(4,386
)
-
-
-
160,614
Common Stock Issued under Purchase and Equity Compensation Plans
-
-
-
-
96,394
2
923
-
1,232
3,283
5,440
Common Stock Repurchased
-
-
-
-
(87,277
)
-
-
-
-
(5,302
)
(5,302
)
Cash Dividends Declared Common Stock ($2.80 per share)
-
-
-
-
-
-
-
-
(112,313
)
-
(112,313
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
-
-
(12,644
)
-
(12,644
)
Balance as of December 31, 2024
180,000
$
180,000
165,000
$
165,000
39,762,255
$
585
$
647,403
$
(343,389
)
$
2,133,838
$
(1,115,663
)
$
1,667,774
Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis
1 Table 7a Three Months Ended Three Months
Ended Three Months Ended December 31, 2024
September 30, 2024 December 31, 2023 Average
Income / Yield / Average Income /
Yield / Average Income / Yield /
(dollars in millions)
Balance Expense 2 Rate
Balance Expense 2 Rate Balance
Expense 2 Rate Earning Assets Cash and Cash
Equivalents
$
784.9
$
9.4
4.70
%
$
667.8
$
9.0
5.26
%
$
419.3
$
5.7
5.35
%
Investment Securities Available-for-Sale Taxable
2,614.5
23.0
3.50
2,430.0
23.0
3.80
2,362.4
22.8
3.84
Non-Taxable
21.5
0.3
6.39
11.8
0.2
6.63
1.8
0.0
1.90
Held-to-Maturity Taxable
4,636.7
20.5
1.77
4,735.5
21.0
1.77
5,013.6
22.4
1.79
Non-Taxable
34.3
0.2
2.10
34.4
0.2
2.10
34.9
0.2
2.10
Total Investment Securities
7,307.0
44.0
2.41
7,211.7
44.4
2.46
7,412.7
45.4
2.45
Loans Held for Sale
4.0
0.1
5.86
3.8
0.1
6.13
3.8
0.1
6.89
Loans and Leases 3 Commercial Mortgage
3,868.7
52.0
5.34
3,744.6
52.0
5.51
3,760.1
51.5
5.42
Commercial and Industrial
1,697.9
22.1
5.18
1,665.3
22.6
5.42
1,615.4
21.3
5.24
Construction
346.6
6.6
7.54
357.3
7.1
7.95
279.5
4.8
6.84
Commercial Lease Financing
82.9
0.7
3.62
59.6
0.4
2.58
60.1
0.3
1.95
Residential Mortgage
4,621.0
45.3
3.93
4,593.7
46.4
4.03
4,676.0
45.1
3.86
Home Equity
2,181.6
22.5
4.10
2,206.9
22.4
4.04
2,276.2
20.9
3.65
Automobile
774.4
9.5
4.90
795.7
9.4
4.72
845.7
8.6
4.02
Other
391.6
7.2
7.29
386.9
6.9
7.13
393.1
6.3
6.40
Total Loans and Leases
13,964.7
165.9
4.73
13,810.0
167.2
4.82
13,906.1
158.8
4.54
Other
65.0
1.1
6.82
63.2
0.9
6.43
60.0
1.0
6.16
Total Earning Assets
22,125.6
220.5
3.97
21,756.5
221.7
4.06
21,801.9
211.0
3.85
Non-Earning Assets
1,556.9
1,582.0
1,647.3
Total Assets
$
23,682.5
$
23,338.5
$
23,449.2
Interest-Bearing Liabilities Interest-Bearing
Deposits Demand
$
3,655.8
7.8
0.85
$
3,775.6
8.9
0.94
$
3,737.3
7.7
0.82
Savings
8,652.2
52.6
2.42
8,402.9
55.7
2.63
8,441.0
51.1
2.40
Time
3,142.8
31.7
4.02
3,008.7
31.5
4.17
2,830.0
28.3
3.97
Total Interest-Bearing Deposits
15,450.8
92.1
2.37
15,187.2
96.1
2.52
15,008.3
87.1
2.30
Securities Sold Under Agreements to Repurchase
100.2
1.0
3.87
100.5
1.0
3.87
150.5
1.5
3.79
Other Debt
558.3
5.9
4.24
560.1
5.9
4.24
560.2
6.0
4.24
Total Interest-Bearing Liabilities
16,109.3
99.0
2.45
15,847.8
103.0
2.59
15,719.0
94.6
2.39
Net Interest Income
$
121.5
$
118.7
$
116.4
Interest Rate Spread
1.52
%
1.47
%
1.46
%
Net Interest Margin
2.19
%
2.18
%
2.13
%
Noninterest-Bearing Demand Deposits
5,305.9
5,297.2
5,695.8
Other Liabilities
613.1
571.6
673.8
Shareholders' Equity
1,654.2
1,621.9
1,360.6
Total Liabilities and Shareholders' Equity
$
23,682.5
$
23,338.5
$
23,449.2
1 Due to rounding, the amounts presented in this table may not tie
to other amounts presented elsewhere in this report. 2 Interest
income includes taxable-equivalent basis adjustments, based upon a
federal statutory tax rate of 21%, of $1.3 million, $1.0 million,
and $605 thousand for the three months ended Dec ember 31, 2024,
September 30, 2024, and December 31, 2023, respectively. 3
Non-performing loans and leases are included in the respective
average loan and lease balances. Income, if any, on such loans and
leases is recognized on a cash basis.
Bank of Hawai‘i
Corporation and Subsidiaries Average Balances and Interest
Rates - Taxable-Equivalent Basis 1 Table 7b Year
Ended Year Ended December 31, 2024 December
31, 2023 Average Income / Yield /
Average Income / Yield / (dollars in millions)
Balance Expense 2 Rate Balance
Expense 2 Rate Earning Assets Cash and Cash
Equivalents
$
594.1
$
30.7
5.17
%
$
543.9
$
28.4
5.22
%
Investment Securities Available-for-Sale Taxable
2,433.8
89.3
3.67
2,631.0
93.4
3.55
Non-Taxable
9.2
0.6
6.05
6.1
0.2
4.06
Held-to-Maturity Taxable
4,783.5
84.9
1.78
5,173.9
92.2
1.78
Non-Taxable
34.5
0.7
2.10
35.1
0.7
2.10
Total Investment Securities
7,261.0
175.5
2.42
7,846.1
186.5
2.38
Loans Held for Sale
2.9
0.2
6.05
3.0
0.2
6.16
Loans and Leases 3 Commercial Mortgage
3,763.6
205.9
5.47
3,776.2
197.0
5.22
Commercial and Industrial
1,679.8
89.2
5.31
1,511.2
74.2
4.91
Construction
333.4
25.6
7.66
262.1
16.0
6.09
Commercial Lease Financing
65.1
1.7
2.68
63.7
0.8
1.30
Residential Mortgage
4,614.8
182.4
3.95
4,690.5
168.9
3.60
Home Equity
2,217.5
87.8
3.96
2,268.0
78.2
3.45
Automobile
803.6
37.0
4.61
866.1
31.8
3.67
Other
391.1
27.4
7.01
413.8
25.3
6.12
Total Loans and Leases
13,868.9
657.0
4.74
13,851.6
592.2
4.28
Other
63.2
4.2
6.66
78.3
5.1
6.51
Total Earning Assets
21,790.1
867.6
3.98
22,322.9
812.4
3.64
Non-Earning Assets
1,572.6
1,631.3
Total Assets
$
23,362.7
$
23,954.2
Interest-Bearing Liabilities Interest-Bearing
Deposits Demand
$
3,745.9
33.2
0.89
$
3,978.7
27.0
0.68
Savings
8,362.3
209.7
2.51
8,018.4
137.4
1.71
Time
3,042.3
125.9
4.14
2,424.8
86.4
3.56
Total Interest-Bearing Deposits
15,150.5
368.8
2.43
14,421.9
250.8
1.74
Funds Purchased
0.8
0.0
5.46
18.5
0.9
4.79
Short-Term Borrowings
0.0
0.0
5.25
114.0
5.7
5.01
Securities Sold Under Agreements to Repurchase
118.2
4.6
3.90
530.9
16.3
3.07
Other Debt
559.6
23.8
4.24
921.8
39.7
4.30
Total Interest-Bearing Liabilities
15,829.1
397.2
2.51
16,007.1
313.4
1.96
Net Interest Income
$
470.4
$
499.0
Interest Rate Spread
1.47
%
1.68
%
Net Interest Margin
2.16
%
2.24
%
Noninterest-Bearing Demand Deposits
5,385.8
5,990.5
Other Liabilities
614.6
601.1
Shareholders' Equity
1,533.2
1,355.5
Total Liabilities and Shareholders' Equity
$
23,362.7
$
23,954.2
1 Due to rounding, the amounts presented in this table may not tie
to other amounts presented elsewhere in this report. 2 Interest
income includes taxable-equivalent basis adjustments, based upon a
federal statutory tax rate of 21%, of $3.8 million and $2.0 million
for the year ended December 31, 2024 and December 31, 2023,
respectively. 3 Non-performing loans and leases are included in the
respective average loan and lease balances. Income, if any, on such
loans and leases is recognized on a cash basis.
Bank of
Hawai‘i Corporation and Subsidiaries Analysis of Change in
Net Interest Income - Taxable-Equivalent Basis Table 8a
Three Months Ended December 31, 2024 Compared to
September 30, 2024 (dollars in millions)
Volume 1
Rate 1 Total Change in Interest Income: Cash and Cash
Equivalents
$
1.5
$
(1.0
)
$
0.4
Investment Securities Available-for-Sale Taxable
1.8
(1.7
)
0.0
Non-Taxable
0.2
(0.0
)
0.1
Held-to-Maturity Taxable
(0.5
)
0.0
(0.5
)
Non-Taxable
(0.1
)
(0.0
)
(0.1
)
Total Investment Securities
1.3
(1.7
)
(0.4
)
Loans Held for Sale
0.0
(0.0
)
(0.0
)
Loans and Leases Commercial Mortgage
1.7
(1.7
)
(0.0
)
Commercial and Industrial
0.6
(1.0
)
(0.5
)
Construction
(0.2
)
(0.3
)
(0.5
)
Commercial Lease Financing
0.2
0.1
0.3
Residential Mortgage
0.3
(1.3
)
(1.1
)
Home Equity
(0.3
)
0.4
0.1
Automobile
(0.3
)
0.4
0.1
Other
0.1
0.2
0.2
Total Loans and Leases
2.1
(3.4
)
(1.3
)
Other
0.0
0.1
0.1
Total Change in Interest Income
4.9
(6.1
)
(1.2
)
Change in Interest Expense: Interest-Bearing Deposits Demand
(0.3
)
(0.8
)
(1.1
)
Savings
1.6
(4.7
)
(3.1
)
Time
1.4
(1.2
)
0.2
Total Interest-Bearing Deposits
2.7
(6.7
)
(4.0
)
Securities Sold Under Agreements to Repurchase
(0.0
)
0.0
(0.0
)
Other Debt
(0.0
)
(0.0
)
(0.0
)
Total Change in Interest Expense
2.7
(6.7
)
(4.0
)
Change in Net Interest Income
$
2.2
$
0.6
$
2.8
1 The change in interest income and expense due to both volume and
rate has been allocated between the factors in proportion to the
relationship of the absolute dollar amounts of the change in each.
Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent
Basis Table 8b Three Months Ended December 31,
2024 Compared to December 31, 2023 (dollars in millions)
Volume 1 Rate 1 Total Change in Interest
Income: Cash and Cash Equivalents
$
4.5
$
(0.8
)
$
3.7
Investment Securities Available-for-Sale Taxable
2.3
(2.1
)
0.2
Non-Taxable
0.3
-
0.3
Held-to-Maturity Taxable
(1.7
)
(0.2
)
(1.9
)
Non-Taxable
(0.0
)
(0.0
)
(0.0
)
Total Investment Securities
0.9
(2.3
)
(1.4
)
Loans Held for Sale
0.0
(0.0
)
(0.0
)
Loans and Leases Commercial Mortgage
1.4
(0.9
)
0.5
Commercial and Industrial
1.1
(0.3
)
0.8
Construction
1.2
0.6
1.8
Commercial Lease Financing
0.3
0.1
0.4
Residential Mortgage
(0.6
)
0.8
0.2
Home Equity
(0.9
)
2.5
1.6
Automobile
(0.8
)
1.7
0.9
Other
-
0.9
0.9
Total Loans and Leases
1.7
5.4
7.1
Other
0.1
0.1
0.2
Total Change in Interest Income
7.1
2.4
9.5
Change in Interest Expense: Interest-Bearing Deposits Demand
(0.2
)
0.3
0.1
Savings
1.2
0.3
1.5
Time
3.1
0.3
3.4
Total Interest-Bearing Deposits
4.1
0.9
5.0
Securities Sold Under Agreements to Repurchase
(0.5
)
-
(0.5
)
Other Debt
(0.1
)
-
(0.1
)
Total Change in Interest Expense
3.5
0.9
4.4
Change in Net Interest Income
$
3.6
$
1.5
$
5.1
1 The change in interest income and expense due to both volume and
rate has been allocated between the factors in proportion to the
relationship of the absolute dollar amounts of the change in each.
Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent
Basis Table 8c Year Ended December 31, 2024
Compared to December 31, 2023 (dollars in millions)
Volume 1 Rate 1 Total Change in Interest
Income: Cash and Cash Equivalents
$
2.6
$
(0.3
)
$
2.3
Investment Securities Available-for-Sale Taxable
(7.2
)
3.1
(4.1
)
Non-Taxable
0.2
0.2
0.4
Held-to-Maturity Taxable
(6.9
)
(0.4
)
(7.3
)
Non-Taxable
(0.0
)
-
(0.0
)
Total Investment Securities
(13.9
)
2.9
(11.0
)
Loans Held for Sale
(0.0
)
(0.0
)
(0.0
)
Loans and Leases Commercial Mortgage
(0.6
)
9.5
8.9
Commercial and Industrial
8.9
6.1
15.0
Construction
4.9
4.7
9.6
Commercial Lease Financing
0.2
0.7
0.9
Residential Mortgage
(2.7
)
16.2
13.5
Home Equity
(1.8
)
11.4
9.6
Automobile
(2.5
)
7.7
5.2
Other
(1.4
)
3.5
2.1
Total Loans and Leases
5.0
59.8
64.8
Other
(1.0
)
0.1
(0.9
)
Total Change in Interest Income
(7.3
)
62.5
55.2
Change in Interest Expense: Interest-Bearing Deposits Demand
(1.7
)
7.9
6.2
Savings
6.2
66.1
72.3
Time
24.2
15.3
39.5
Total Interest-Bearing Deposits
28.7
89.3
118.0
Funds Purchased
(1.0
)
0.1
(0.9
)
Short-Term Borrowings
(6.0
)
0.3
(5.7
)
Securities Sold Under Agreements to Repurchase
(15.2
)
3.5
(11.7
)
Other Debt
(15.4
)
(0.5
)
(15.9
)
Total Change in Interest Expense
(8.9
)
92.7
83.8
Change in Net Interest Income
$
1.6
$
(30.2
)
$
(28.6
)
1 The change in interest income and expense due to both volume and
rate has been allocated between the factors in proportion to the
relationship of the absolute dollar amounts of the change in each.
Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits Table 9 Three Months
Ended Year Ended December 31, September
30, December 31, December 31, (dollars in
thousands)
2024
2024
2023
2024
2023
Salaries
$
38,852
$
38,993
$
38,492
$
154,538
$
154,497
Medical, Dental, and Life Insurance
4,965
3,512
2,500
14,900
12,767
Incentive Compensation
4,423
5,086
3,402
15,708
13,339
Retirement and Other Benefits
3,456
3,692
2,521
15,408
15,707
Share-Based Compensation
3,208
3,364
3,443
13,667
14,770
Payroll Taxes
2,593
2,839
2,598
13,232
14,677
Commission Expense
1,085
979
700
3,575
2,798
Separation Expense
108
161
335
1,536
5,524
Total Salaries and Benefits
$
58,690
$
58,626
$
53,991
$
232,564
$
234,079
Bank of Hawai‘i Corporation and Subsidiaries Loan
and Lease Portfolio Balances Table 10 December
31, September 30, June 30, March 31,
December 31, (dollars in thousands)
2024
2024
2024
2024
2023
Commercial Commercial Mortgage
$
4,020,622
$
3,868,566
$
3,741,140
$
3,715,032
$
3,749,016
Commercial and Industrial
1,705,133
1,681,693
1,699,438
1,679,659
1,664,068
Construction
308,898
319,150
315,571
323,069
304,463
Lease Financing
90,756
60,665
59,388
57,817
59,939
Total Commercial
6,125,409
5,930,074
5,815,537
5,775,577
5,777,486
Consumer Residential Mortgage
4,628,283
4,622,677
4,595,586
4,616,900
4,684,171
Home Equity
2,165,514
2,195,844
2,221,073
2,240,946
2,264,827
Automobile
764,146
786,910
806,240
825,854
837,830
Other
392,628
383,078
392,830
394,560
400,712
Total Consumer
7,950,571
7,988,509
8,015,729
8,078,260
8,187,540
Total Loans and Leases
$
14,075,980
$
13,918,583
$
13,831,266
$
13,853,837
$
13,965,026
Deposits December 31, September
30, June 30, March 31, December 31,
(dollars in thousands)
2024
2024
2024
2024
2023
Consumer
$
10,397,777
$
10,340,466
$
10,382,432
$
10,429,004
$
10,319,809
Commercial
8,299,590
8,356,239
7,995,618
8,323,330
8,601,224
Public and Other
1,935,670
2,281,617
2,030,452
1,924,252
2,134,012
Total Deposits
$
20,633,037
$
20,978,322
$
20,408,502
$
20,676,586
$
21,055,045
Average Deposits Three Months Ended
December 31, September 30, June 30, March
31, December 31, (dollars in thousands)
2024
2024
2024
2024
2023
Consumer
$
10,327,928
$
10,345,772
$
10,379,724
$
10,313,730
$
10,092,727
Commercial
8,564,213
8,207,310
8,188,685
8,334,540
8,581,426
Public and Other
1,864,541
1,931,309
1,789,984
1,895,370
2,029,917
Total Deposits
$
20,756,682
$
20,484,391
$
20,358,393
$
20,543,640
$
20,704,070
Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90
Days or More Table 11 December 31, September
30, June 30, March 31, December 31,
(dollars in thousands)
2024
2024
2024
2024
2023
Non-Performing Assets Non-Accrual Loans and Leases
Commercial Commercial and Industrial
$
4,627
$
6,218
$
3,681
$
13
$
39
Commercial Mortgage
2,450
2,680
2,601
2,714
2,884
Total Commercial
7,077
8,898
6,282
2,727
2,923
Consumer Residential Mortgage
5,052
4,269
2,998
3,199
2,935
Home Equity
4,514
3,947
3,227
3,240
3,791
Total Consumer
9,566
8,216
6,225
6,439
6,726
Total Non-Accrual Loans and Leases
16,643
17,114
12,507
9,166
9,649
Foreclosed Real Estate
2,657
2,667
2,672
2,672
2,098
Total Non-Performing Assets
$
19,300
$
19,781
$
15,179
$
11,838
$
11,747
Accruing Loans and Leases Past Due 90 Days or More
Consumer Residential Mortgage
$
3,984
$
4,421
$
4,524
$
3,378
$
3,814
Home Equity
2,845
1,980
2,025
1,580
1,734
Automobile
776
580
568
517
399
Other
677
554
733
872
648
Total Consumer
8,282
7,535
7,850
6,347
6,595
Total Accruing Loans and Leases Past Due 90 Days or More
$
8,282
$
7,535
$
7,850
$
6,347
$
6,595
Total Loans and Leases
$
14,075,980
$
13,918,583
$
13,831,266
$
13,853,837
$
13,965,026
Ratio of Non-Accrual Loans and Leases to Total Loans and
Leases
0.12
%
0.12
%
0.09
%
0.07
%
0.07
%
Ratio of Non-Performing Assets to Total Loans and Leases and
Foreclosed Real Estate
0.14
%
0.14
%
0.11
%
0.09
%
0.08
%
Ratio of Non-Performing Assets to Total Assets
0.08
%
0.08
%
0.07
%
0.05
%
0.05
%
Ratio of Commercial Non-Performing Assets to Total
Commercial Loans and Leases and Commercial Foreclosed Real Estate
0.12
%
0.15
%
0.11
%
0.05
%
0.05
%
Ratio of Consumer Non-Performing Assets to Total Consumer
Loans and Leases and Consumer Foreclosed Real Estate
0.15
%
0.14
%
0.11
%
0.11
%
0.11
%
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases and Foreclosed
Real Estate
0.20
%
0.20
%
0.17
%
0.13
%
0.13
%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter
$
19,781
$
15,179
$
11,838
$
11,747
$
11,519
Additions
2,198
5,557
5,257
1,652
2,683
Reductions Payments
(708
)
(734
)
(844
)
(921
)
(2,018
)
Return to Accrual Status
(476
)
(81
)
(1,018
)
(617
)
(437
)
Charge-offs / Write-downs
(1,495
)
(140
)
(54
)
(23
)
-
Total Reductions
(2,679
)
(955
)
(1,916
)
(1,561
)
(2,455
)
Balance at End of Quarter
$
19,300
$
19,781
$
15,179
$
11,838
$
11,747
Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses Table 12 Three Months
Ended Year Ended December 31, September
30, December 31, December 31, (dollars in
thousands)
2024
2024
2023
2024
2023
Balance at Beginning of Period
$
150,325
$
151,155
$
151,653
$
152,429
$
151,247
Loans and Leases Charged-Off Commercial Commercial and
Industrial
(352
)
(1,021
)
(229
)
(2,608
)
(987
)
Consumer Residential Mortgage
(337
)
-
-
(385
)
(6
)
Home Equity
(339
)
(125
)
(14
)
(701
)
(82
)
Automobile
(1,548
)
(1,651
)
(938
)
(5,342
)
(5,247
)
Other
(2,637
)
(2,539
)
(2,349
)
(10,098
)
(8,645
)
Total Loans and Leases Charged-Off
(5,213
)
(5,336
)
(3,530
)
(19,134
)
(14,967
)
Recoveries on Loans and Leases Previously Charged-Off Commercial
Commercial and Industrial
386
66
125
831
350
Consumer Residential Mortgage
150
48
301
303
489
Home Equity
177
318
180
792
1,073
Automobile
609
552
612
2,168
2,782
Other
465
522
588
2,110
2,455
Total Recoveries on Loans and Leases Previously Charged-Off
1,787
1,506
1,806
6,204
7,149
Net Charged-Off Loans and Leases
(3,426
)
(3,830
)
(1,724
)
(12,930
)
(7,818
)
Provision for Credit Losses: Loans and Leases
4,623
3,684
2,864
15,055
9,782
Unfunded Commitments
(873
)
(684
)
(364
)
(3,905
)
(782
)
Total Provision for Credit Losses
3,750
3,000
2,500
11,150
9,000
Balance at End of Period
$
150,649
$
150,325
$
152,429
$
150,649
$
152,429
Components Allowance for Credit Losses - Loans and
Leases
$
148,528
$
147,331
$
146,403
$
148,528
$
146,403
Reserve for Unfunded Commitments
2,121
2,994
6,026
2,121
6,026
Total Reserve for Credit Losses
$
150,649
$
150,325
$
152,429
$
150,649
$
152,429
Average Loans and Leases Outstanding
$
13,964,687
$
13,809,977
$
13,906,114
$
13,868,916
$
13,851,551
Ratio of Net Loans and Leases Charged-Off to Average Loans
and Leases Outstanding (annualized)
0.10
%
0.11
%
0.05
%
0.09
%
0.06
%
Ratio of Allowance for Credit Losses to Loans and Leases
Outstanding 1
1.06
%
1.06
%
1.05
%
1.06
%
1.05
%
1 The numerator comprises the Allowance for Credit Losses - Loans
and Leases.
Bank of Hawai‘i Corporation and
Subsidiaries Business Segments Selected Financial
Information Table 13a Consumer Commercial
Treasury Consolidated (dollars in thousands)
Banking Banking and Other Total
Three Months Ended December 31, 2024 Net Interest Income
(Expense)
$
98,019
$
53,516
$
(31,357
)
$
120,178
Provision for (Recapture of) Credit Losses
3,751
(326
)
325
3,750
Net Interest Income (Expense) After Provision for Credit Losses
94,268
53,842
(31,682
)
116,428
Noninterest Income
34,800
7,490
757
43,047
Noninterest Expense
85,516
18,874
3,541
107,931
Income (Loss) Before Income Taxes
43,552
42,458
(34,466
)
51,544
Provision (Benefit) for Income Taxes
11,136
10,819
(9,573
)
12,382
Net Income (Loss)
$
32,416
$
31,639
$
(24,893
)
$
39,162
Total Assets as of December 31, 2024
$
8,288,997
$
6,145,162
$
9,166,955
$
23,601,114
Three Months December 31, 2023 1 Net Interest Income
(Expense)
$
99,629
$
49,572
$
(33,416
)
$
115,785
Provision for (Recapture of) Credit Losses
1,738
(15
)
777
2,500
Net Interest Income (Expense) After Provision for Credit Losses
97,891
49,587
(34,193
)
113,285
Noninterest Income
32,247
7,944
2,092
42,283
Noninterest Expense
92,793
18,958
4,211
115,962
Income (Loss) Before Income Taxes
37,345
38,573
(36,312
)
39,606
Provision (Benefit) for Income Taxes
9,575
9,764
(10,129
)
9,210
Net Income (Loss)
$
27,770
$
28,809
$
(26,183
)
$
30,396
Total Assets as of December 31, 2023
$
8,486,771
$
5,831,880
$
9,414,645
$
23,733,296
1 Certain prior period information has been reclassified to conform
to current presentation.
Bank of Hawai‘i Corporation and
Subsidiaries Business Segments Selected Financial
Information Table 13b Consumer Commercial
Treasury Consolidated (dollars in thousands)
Banking Banking and Other Total Year
Ended December 31, 2024 Net Interest Income (Expense)
$
391,137
$
206,450
$
(131,007
)
$
466,580
Provision for (Recapture of) Credit Losses
11,969
913
(1,732
)
11,150
Net Interest Income (Expense) After Provision for Credit Losses
379,168
205,537
(129,275
)
455,430
Noninterest Income
134,568
28,768
9,193
172,529
Noninterest Expense
339,944
74,352
15,812
430,108
Income (Loss) Before Income Taxes
173,792
159,953
(135,894
)
197,851
Provision (Benefit) for Income Taxes
44,290
40,530
(36,963
)
47,857
Net Income (Loss)
$
129,502
$
119,423
$
(98,931
)
$
149,994
Total Assets as of December 31, 2024
$
8,288,997
$
6,145,162
$
9,166,955
$
23,601,114
Year Ended December 31, 2023 1 Net Interest Income
(Expense)
$
393,310
$
209,436
$
(105,721
)
$
497,025
Provision for (Recapture of) Credit Losses
7,773
44
1,183
9,000
Net Interest Income (Expense) After Provision for Credit Losses
385,537
209,392
(106,904
)
488,025
Noninterest Income
126,373
33,016
17,220
176,609
Noninterest Expense
340,336
77,486
19,696
437,518
Income (Loss) Before Income Taxes
171,574
164,922
(109,380
)
227,116
Provision (Benefit) for Income Taxes
44,141
41,109
(29,336
)
55,914
Net Income (Loss)
$
127,433
$
123,813
$
(80,044
)
$
171,202
Total Assets as of December 31, 2023
$
8,486,771
$
5,831,880
$
9,414,645
$
23,733,296
1 Certain prior period information has been reclassified to conform
to current presentation.
Bank of Hawai‘i Corporation and
Subsidiaries Selected Quarterly Financial Data Table
14 Three Months Ended December 31, September
30, June 30, March 31, December 31,
(dollars in thousands, except per share amounts)
2024
2024
2024
2024
2023
Quarterly Operating Results Interest Income Interest and
Fees on Loans and Leases
$
164,785
$
166,286
$
163,208
$
159,336
$
158,324
Income on Investment Securities Available-for-Sale
23,223
23,257
21,468
21,757
22,782
Held-to-Maturity
20,677
21,107
21,595
22,136
22,589
Cash and Cash Equivalents
9,425
8,980
6,139
6,157
5,728
Other
1,107
1,018
1,120
970
924
Total Interest Income
219,217
220,648
213,530
210,356
210,347
Interest Expense Deposits
92,099
96,067
91,542
89,056
87,121
Securities Sold Under Agreements to Repurchase
992
993
1,180
1,443
1,459
Funds Purchased
-
-
44
-
-
Other Debt
5,948
5,970
5,918
5,919
5,982
Total Interest Expense
99,039
103,030
98,684
96,418
94,562
Net Interest Income
120,178
117,618
114,846
113,938
115,785
Provision for Credit Losses
3,750
3,000
2,400
2,000
2,500
Net Interest Income After Provision for Credit Losses
116,428
114,618
112,446
111,938
113,285
Noninterest Income Fees, Exchange, and Other Service Charges
14,399
14,945
13,769
14,123
13,774
Trust and Asset Management
12,157
11,916
12,223
11,189
11,144
Service Charges on Deposit Accounts
8,678
8,075
7,730
7,947
7,949
Bank-Owned Life Insurance
3,283
3,533
3,396
3,356
3,176
Annuity and Insurance
1,347
1,460
1,583
1,046
1,271
Mortgage Banking
942
1,188
1,028
951
1,016
Investment Securities Losses, Net
(3,306
)
(1,103
)
(1,601
)
(1,497
)
(1,619
)
Other
5,547
5,096
3,959
5,170
5,572
Total Noninterest Income
43,047
45,110
42,087
42,285
42,283
Noninterest Expense Salaries and Benefits
58,690
58,626
57,033
58,215
53,991
Net Equipment
10,308
10,120
10,355
10,103
9,826
Net Occupancy
10,263
10,806
10,559
10,456
9,734
Data Processing
5,313
4,712
4,745
4,770
4,948
Professional Fees
4,988
4,725
4,929
4,677
5,079
FDIC Insurance
3,711
3,355
7,170
3,614
18,545
Other
14,658
14,748
14,435
14,024
13,839
Total Noninterest Expense
107,931
107,092
109,226
105,859
115,962
Income Before Provision for Income Taxes
51,544
52,636
45,307
48,364
39,606
Provision for Income Taxes
12,382
12,278
11,224
11,973
9,210
Net Income
$
39,162
$
40,358
$
34,083
$
36,391
$
30,396
Preferred Stock Dividends
5,269
3,436
1,969
1,969
1,969
Net Income Available to Common Shareholders
$
33,893
$
36,922
$
32,114
$
34,422
$
28,427
Basic Earnings Per Common Share
$
0.86
$
0.94
$
0.81
$
0.87
$
0.72
Diluted Earnings Per Common Share
$
0.85
$
0.93
$
0.81
$
0.87
$
0.72
Balance Sheet Totals Loans and Leases
$
14,075,980
$
13,918,583
$
13,831,266
$
13,853,837
$
13,965,026
Total Assets
23,601,114
23,799,174
23,300,768
23,420,860
23,733,296
Total Deposits
20,633,037
20,978,322
20,408,502
20,676,586
21,055,045
Total Shareholders' Equity
1,667,774
1,665,474
1,612,849
1,435,977
1,414,242
Performance Ratios Return on Average Assets
0.66
%
0.69
%
0.59
%
0.63
%
0.51
%
Return on Average Shareholders' Equity
9.42
9.90
9.53
10.34
8.86
Return on Average Common Equity
10.30
11.50
10.41
11.20
9.55
Efficiency Ratio 1
66.12
65.81
69.60
67.76
73.36
Net Interest Margin 2
2.19
2.18
2.15
2.11
2.13
1 Efficiency ratio is defined as noninterest expense divided by
total revenue (net interest income and total noninterest income). 2
Net interest margin is defined as net interest income, on a
taxable-equivalent basis, as a percentage of average earning
assets.
Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends Table 15 Eleven Months
Ended Year Ended (dollars in millions; jobs in
thousands)
November 30, 2024 December 31, 2023
December 31, 2022 Hawaii Economic Trends State General Fund
Revenues 1
$
9,295.7
6.5
%
$
9,504.1
0.7
%
$
9,441.3
16.0
%
General Excise and Use Tax Revenue 1
4,137.1
0.4
4,474.1
4.9
4,263.4
18.3
Jobs 2
652.7
655.2
653.3
November 30, December 31,
2024
2023
2022
Unemployment, seasonally adjusted 2 Statewide
2.9
%
3.0
%
3.2
%
Honolulu County
2.8
2.6
3.1
Hawaii County
3.0
2.8
3.5
Maui County
3.4
6.2
3.5
Kauai County
2.9
2.5
3.1
December 31, (1-year percentage change, except months
of inventory)
2024
2023
2022
2021
Housing Trends (Single Family Oahu) 3 Median Home Price
4.8
%
(5.0
)%
11.6
%
19.3
%
Home Sales Volume (units)
9.1
%
(26.3
)%
(23.2
)%
17.9
%
Months of Inventory
2.9
2.8
2.1
0.8
Monthly Visitor Arrivals, Percentage Change
(in thousands, except percent change)
Not Seasonally
Adjusted from Previous Year Tourism 4 November
30, 2024
762.7
5.7
%
October 31, 2024
739.0
5.5
September 30, 2024
688.8
6.3
August 31, 2024
819.2
6.9
July 31, 2024
925.3
(0.5
)
June 30, 2024
872.6
(1.5
)
May 31, 2024
757.8
(4.1
)
April 30, 2024
721.9
(10.5
)
March 31, 2024
843.5
(5.5
)
February 29, 2024
752.7
2.6
January 31, 2024
745.6
(3.8
)
December 31, 2023
845.6
(1.5
)
November 30, 2023
721.3
0.3
October 31, 2023
700.4
(3.7
)
September 30, 2023
648.1
(6.4
)
August 31, 2023
766.6
(7.6
)
July 31, 2023
930.2
1.3
June 30, 2023
886.0
5.3
May 31, 2023
790.5
2.1
April 30, 2023
806.2
(0.4
)
March 31, 2023
892.2
13.6
February 28, 2023
733.6
17.6
January 31, 2023
775.1
36.7
December 31, 2022
858.3
14.0
November 30, 2022
719.0
17.1
1 Source: Hawaii Department of Business, Economic Development &
Tourism 2 Source: U.S. Bureau of Labor Statistics 3 Source:
Honolulu Board of Realtors 4 Source: Hawaii Tourism Authority
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250127168749/en/
Investor/Analyst Inquiries Chang Park Email:
Chang.Park@boh.com Phone: 808-694-8238
Media Inquiries Melissa Torres-Laing Email:
Melissa.Torres-Laing@boh.com Phone: 808-694-8384 Mobile:
808-859-1703
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