- Diluted Earnings Per Common Share $0.87
- Net Income $36.4 Million
- Board of Directors Declares Dividend of $0.70 Per Common
Share
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.
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“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
Bank of Hawai‘i Corporation and Subsidiaries Consolidated
Statements of Shareholders' Equity Table 6
Accumulated Other Preferred Common
Comprehensive Shares Preferred Shares
Common Capital Income Retained
Treasury (dollars in thousands)
Outstanding
Stock Outstanding Stock Surplus
(Loss) Earnings Stock Total 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
-
-
-
-
-
-
36,391
-
36,391
Other Comprehensive Income
-
-
-
-
-
13,107
-
-
13,107
Share-Based Compensation
-
-
-
-
4,030
-
-
-
4,030
Common Stock Issued under Purchase and Equity Compensation Plans
-
-
21,332
1
211
-
794
546
1,552
Common Stock Repurchased
-
-
(53,746
)
-
-
-
-
(3,320
)
(3,320
)
Cash Dividends Declared Common Stock ($0.70 per share)
-
-
-
-
-
-
(28,056
)
-
(28,056
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
(1,969
)
-
(1,969
)
Balance as of March 31, 2024
180,000
$
180,000
39,720,724
$
584
$
640,663
$
(383,581
)
$
2,114,729
$
(1,116,418
)
$
1,435,977
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
-
-
-
-
-
-
46,842
-
46,842
Other Comprehensive Income
-
-
-
-
-
29,360
-
-
29,360
Share-Based Compensation
-
-
-
-
3,371
-
-
-
3,371
Common Stock Issued under Purchase and Equity Compensation Plans
-
-
13,164
1
177
-
1,587
(197
)
1,568
Common Stock Repurchased
-
-
(202,408
)
-
-
-
-
(13,793
)
(13,793
)
Cash Dividends Declared Common Stock ($0.70 per share)
-
-
-
-
-
-
(27,944
)
-
(27,944
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
(1,969
)
-
(1,969
)
Balance as of March 31, 2023
180,000
$
180,000
39,646,506
$
583
$
624,126
$
(405,298
)
$
2,074,428
$
(1,119,409
)
$
1,354,430
Bank of Hawai‘i Corporation and Subsidiaries Average
Balances and Interest Rates - Taxable-Equivalent Basis 1
Table 7 Three Months Ended Three Months Ended
Three Months Ended March 31, 2024 December 31,
2023 March 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 Interest-Bearing Deposits in
Other Banks
$
4.8
$
-
2.51
%
$
4.3
$
-
2.08
%
$
1.7
$
-
6.25
%
Funds Sold
455.9
6.1
5.32
415.0
5.7
5.38
295.9
3.4
4.55
Investment Securities Available-for-Sale Taxable
2,380.4
21.8
3.66
2,362.4
22.8
3.84
2,820.3
23.8
3.40
Non-Taxable
1.7
-
1.99
1.8
-
1.90
9.6
0.1
4.38
Held-to-Maturity Taxable
4,926.8
21.9
1.79
5,013.6
22.4
1.79
5,336.2
23.8
1.78
Non-Taxable
34.7
0.2
2.10
34.9
0.2
2.10
35.3
0.2
2.10
Total Investment Securities
7,343.6
43.9
2.40
7,412.7
45.4
2.45
8,201.4
47.9
2.34
Loans Held for Sale
2.2
-
6.17
3.8
0.1
6.89
1.5
-
5.30
Loans and Leases 3 Commercial and Industrial
1,652.5
22.0
5.36
1,603.5
21.3
5.27
1,411.4
16.2
4.67
Paycheck Protection Program
10.8
-
1.40
11.9
-
1.36
16.9
0.1
2.35
Commercial Mortgage
3,716.6
50.5
5.46
3,760.1
51.5
5.42
3,736.9
45.1
4.90
Construction
307.9
5.6
7.27
279.5
4.8
6.84
280.4
3.9
5.65
Commercial Lease Financing
58.4
0.3
1.87
60.1
0.3
1.95
66.9
-
(0.14
)
Residential Mortgage
4,649.9
45.0
3.87
4,676.0
45.1
3.86
4,666.0
39.9
3.42
Home Equity
2,250.1
21.1
3.78
2,276.2
20.9
3.65
2,239.4
18.2
3.30
Automobile
831.0
8.9
4.30
845.7
8.6
4.02
871.8
7.3
3.37
Other 4
391.6
6.5
6.66
393.1
6.3
6.40
427.8
6.2
5.83
Total Loans and Leases
13,868.8
159.9
4.63
13,906.1
158.8
4.54
13,717.5
136.9
4.03
Other
62.3
1.1
6.23
60.0
1.0
6.16
67.2
0.6
3.56
Total Earning Assets
21,737.6
211.0
3.89
21,801.9
211.0
3.85
22,285.2
188.8
3.42
Cash and Due from Banks
240.8
243.8
319.1
Other Assets
1,303.2
1,403.5
1,261.2
Total Assets
$
23,281.6
$
23,449.2
$
23,865.5
Interest-Bearing Liabilities Interest-Bearing
Deposits Demand
$
3,764.2
7.7
0.82
$
3,737.3
7.7
0.82
$
4,215.9
5.2
0.50
Savings
8,131.3
49.4
2.44
8,441.0
51.1
2.40
8,009.0
20.6
1.05
Time
3,081.1
32.0
4.18
2,830.0
28.3
3.97
1,789.9
12.0
2.71
Total Interest-Bearing Deposits
14,976.6
89.1
2.39
15,008.3
87.1
2.30
14,014.8
37.8
1.09
Funds Purchased
-
-
-
-
-
-
60.4
0.7
4.66
Short-Term Borrowings
-
-
-
-
-
-
265.0
3.2
4.84
Securities Sold Under Agreements to Repurchase
150.5
1.4
3.79
150.5
1.5
3.79
725.5
5.4
2.96
Other Debt
560.1
5.9
4.25
560.2
6.0
4.24
499.6
5.3
4.30
Total Interest-Bearing Liabilities
15,687.2
96.4
2.47
15,719.0
94.6
2.39
15,565.3
52.4
1.36
Net Interest Income
$
114.6
$
116.4
$
136.4
Interest Rate Spread
1.42
%
1.46
%
2.06
%
Net Interest Margin
2.11
%
2.13
%
2.47
%
Noninterest-Bearing Demand Deposits
5,567.0
5,695.8
6,416.1
Other Liabilities
611.3
673.8
551.2
Shareholders' Equity
1,416.1
1,360.6
1,332.9
Total Liabilities and Shareholders' Equity
$
23,281.6
$
23,449.2
$
23,865.5
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 $690,000,
$605,000, and $495,000 for the three months ended March 31, 2024,
December 31, 2023, and March 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. 4 Comprised of other consumer
revolving credit, installment, and consumer lease financing.
Bank of Hawai‘i Corporation and Subsidiaries Analysis of
Change in Net Interest Income - Taxable-Equivalent Basis
Table 8a Three Months Ended March 31, 2024
Compared to December 31, 2023 (dollars in millions)
Volume 1 Rate 1 Total Change in Interest
Income: Funds Sold
$
0.5
$
(0.1
)
$
0.4
Investment Securities Available-for-Sale Taxable
(0.4
)
(0.6
)
(1.0
)
Held-to-Maturity Taxable
(0.4
)
(0.1
)
(0.5
)
Total Investment Securities
(0.8
)
(0.7
)
(1.5
)
Loans Held for Sale
(0.1
)
-
(0.1
)
Loans and Leases Commercial and Industrial
0.4
0.3
0.7
Commercial Mortgage
(1.0
)
-
(1.0
)
Construction
0.5
0.3
0.8
Residential Mortgage
(0.3
)
0.2
(0.1
)
Home Equity
(0.3
)
0.5
0.2
Automobile
(0.2
)
0.5
0.3
Other 2
-
0.2
0.2
Total Loans and Leases
(0.9
)
2.0
1.1
Other
0.1
-
0.1
Total Change in Interest Income
(1.2
)
1.2
-
Change in Interest Expense: Interest-Bearing Deposits
Savings
(2.3
)
0.6
(1.7
)
Time
2.3
1.4
3.7
Total Interest-Bearing Deposits
-
2.0
2.0
Securities Sold Under Agreements to Repurchase
-
(0.1
)
(0.1
)
Other Debt
-
(0.1
)
(0.1
)
Total Change in Interest Expense
-
1.8
1.8
Change in Net Interest Income
$
(1.2
)
$
(0.6
)
$
(1.8
)
1 The change in interest income and expense not solely due
to changes in volume or rate has been allocated on a pro-rata basis
to the volume and rate columns. 2 Comprised of other consumer
revolving credit, installment, and consumer lease financing.
Bank of Hawai‘i Corporation and Subsidiaries Analysis of
Change in Net Interest Income - Taxable-Equivalent Basis
Table 8b Three Months Ended March 31, 2024
Compared to March 31, 2023 (dollars in millions)
Volume
1 Rate 1 Total Change in Interest Income: Funds
Sold
$
2.0
$
0.7
$
2.7
Investment Securities Available-for-Sale Taxable
(3.8
)
1.8
(2.0
)
Non-Taxable
(0.1
)
-
(0.1
)
Held-to-Maturity Taxable
(1.8
)
(0.1
)
(1.9
)
Total Investment Securities
(5.7
)
1.7
(4.0
)
Loans and Leases Commercial and Industrial
3.1
2.7
5.8
Paycheck Protection Program
(0.1
)
-
(0.1
)
Commercial Mortgage
(0.2
)
5.6
5.4
Construction
0.5
1.2
1.7
Commercial Lease Financing
-
0.3
0.3
Residential Mortgage
(0.2
)
5.3
5.1
Home Equity
0.1
2.8
2.9
Automobile
(0.4
)
2.0
1.6
Other 2
(0.5
)
0.8
0.3
Total Loans and Leases
2.3
20.7
23.0
Other
(0.1
)
0.6
0.5
Total Change in Interest Income
(1.5
)
23.7
22.2
Change in Interest Expense: Interest-Bearing Deposits Demand
(0.6
)
3.1
2.5
Savings
0.3
28.5
28.8
Time
11.5
8.5
20.0
Total Interest-Bearing Deposits
11.2
40.1
51.3
Funds Purchased
(0.7
)
-
(0.7
)
Short-Term Borrowings
(3.2
)
-
(3.2
)
Securities Sold Under Agreements to Repurchase
(5.2
)
1.2
(4.0
)
Other Debt
0.7
(0.1
)
0.6
Total Change in Interest Expense
2.8
41.2
44.0
Change in Net Interest Income
$
(4.3
)
$
(17.5
)
$
(21.8
)
1 The change in interest income and expense not solely due
to changes in volume or rate has been allocated on a pro-rata basis
to the volume and rate columns. 2 Comprised of other consumer
revolving credit, installment, and consumer lease financing.
Bank of Hawai‘i Corporation and Subsidiaries Salaries and
Benefits Table 9
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2024
2023
2023
Salaries
$
38,031
$
38,492
$
38,617
Incentive Compensation
3,090
3,402
3,997
Share-Based Compensation
3,799
3,443
3,159
Commission Expense
572
700
647
Retirement and Other Benefits
4,299
2,521
5,888
Payroll Taxes
4,730
2,598
5,848
Medical, Dental, and Life Insurance
3,212
2,500
3,864
Separation Expense
482
335
3,068
Total Salaries and Benefits
$
58,215
$
53,991
$
65,088
Bank of Hawai‘i Corporation and Subsidiaries Loan and
Lease Portfolio Balances Table 10
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2024
2023
2023
2023
2023
Commercial Commercial and Industrial
$
1,669,482
$
1,652,699
$
1,569,572
$
1,502,676
$
1,425,916
Paycheck Protection Program
10,177
11,369
12,529
13,789
15,175
Commercial Mortgage
3,715,032
3,749,016
3,784,339
3,796,769
3,826,283
Construction
323,069
304,463
251,507
236,428
232,903
Lease Financing
57,817
59,939
61,522
62,779
65,611
Total Commercial
5,775,577
5,777,486
5,679,469
5,612,441
5,565,888
Consumer Residential Mortgage
4,616,900
4,684,171
4,699,140
4,721,976
4,691,298
Home Equity
2,240,946
2,264,827
2,285,974
2,278,105
2,260,001
Automobile
825,854
837,830
856,113
878,767
877,979
Other 1
394,560
400,712
398,795
423,600
429,356
Total Consumer
8,078,260
8,187,540
8,240,022
8,302,448
8,258,634
Total Loans and Leases
$
13,853,837
$
13,965,026
$
13,919,491
$
13,914,889
$
13,824,522
1 Comprised of other revolving credit, installment, and lease
financing.
Deposits
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2024
2023
2023
2023
2023
Consumer
$
10,429,004
$
10,319,809
$
10,036,261
$
10,018,931
$
10,158,833
Commercial
8,323,330
8,601,224
8,564,536
8,019,971
8,594,441
Public and Other
1,924,252
2,134,012
2,201,512
2,469,713
1,738,026
Total Deposits
$
20,676,586
$
21,055,045
$
20,802,309
$
20,508,615
$
20,491,300
Average Deposits Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2024
2023
2023
2023
2023
Consumer
$
10,313,730
$
10,092,727
$
9,963,690
$
9,977,239
$
10,178,988
Commercial
8,334,540
8,581,426
8,288,891
8,138,358
8,611,960
Public and Other
1,895,370
2,029,917
2,239,501
1,903,004
1,639,934
Total Deposits
$
20,543,640
$
20,704,070
$
20,492,082
$
20,018,601
$
20,430,882
Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90
Days or More Table 11
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2024
2023
2023
2023
2023
Non-Performing Assets Non-Accrual Loans and Leases
Commercial Commercial and Industrial
$
13
$
39
$
43
$
17
$
31
Commercial Mortgage
2,714
2,884
2,996
3,107
3,216
Total Commercial
2,727
2,923
3,039
3,124
3,247
Consumer Residential Mortgage
3,199
2,935
3,706
3,504
4,199
Home Equity
3,240
3,791
3,734
3,809
3,638
Total Consumer
6,439
6,726
7,440
7,313
7,837
Total Non-Accrual Loans and Leases
9,166
9,649
10,479
10,437
11,084
Foreclosed Real Estate
2,672
2,098
1,040
1,040
1,040
Total Non-Performing Assets
$
11,838
$
11,747
$
11,519
$
11,477
$
12,124
Accruing Loans and Leases Past Due 90 Days or More
Consumer Residential Mortgage
$
3,378
$
3,814
$
3,519
$
3,560
$
4,566
Home Equity
1,580
1,734
2,172
2,022
1,723
Automobile
517
399
393
577
598
Other 1
872
648
643
633
632
Total Consumer
6,347
6,595
6,727
6,792
7,519
Total Accruing Loans and Leases Past Due 90 Days or More
$
6,347
$
6,595
$
6,727
$
6,792
$
7,519
Total Loans and Leases
$
13,853,837
$
13,965,026
$
13,919,491
$
13,914,889
$
13,824,522
Ratio of Non-Accrual Loans and Leases to Total Loans and
Leases
0.07
%
0.07
%
0.08
%
0.08
%
0.08
%
Ratio of Non-Performing Assets to Total Loans and Leases and
Foreclosed Real Estate
0.09
%
0.08
%
0.08
%
0.08
%
0.09
%
Ratio of Non-Performing Assets to Total Assets
0.05
%
0.05
%
0.05
%
0.04
%
0.05
%
Ratio of Commercial Non-Performing Assets to Total
Commercial Loans and Leases and Commercial Foreclosed Real Estate
0.05
%
0.05
%
0.05
%
0.06
%
0.06
%
Ratio of Consumer Non-Performing Assets to Total Consumer
Loans and Leases and Consumer Foreclosed Real Estate
0.11
%
0.11
%
0.10
%
0.10
%
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
0.13
%
0.13
%
0.13
%
0.13
%
0.14
%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter
$
11,747
$
11,519
$
11,477
$
12,124
$
12,647
Additions
1,652
2,683
1,318
1,116
552
Reductions Payments
(921
)
(2,018
)
(1,017
)
(226
)
(778
)
Return to Accrual Status
(617
)
(437
)
(259
)
(1,527
)
(297
)
Charge-offs / Write-downs
(23
)
-
-
(10
)
-
Total Reductions
(1,561
)
(2,455
)
(1,276
)
(1,763
)
(1,075
)
Balance at End of Quarter
$
11,838
$
11,747
$
11,519
$
11,477
$
12,124
1 Comprised of other revolving credit, installment, and
lease financing.
Bank of Hawai‘i Corporation and
Subsidiaries Reserve for Credit Losses Table 12
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2024
2023
2023
Balance at Beginning of Period
$
152,429
$
151,653
$
151,247
Loans and Leases Charged-Off Commercial Commercial and
Industrial
(360
)
(229
)
(261
)
Consumer Home Equity
(35
)
(14
)
(50
)
Automobile
(1,048
)
(938
)
(1,663
)
Other 1
(2,312
)
(2,349
)
(2,335
)
Total Loans and Leases Charged-Off
(3,755
)
(3,530
)
(4,309
)
Recoveries on Loans and Leases Previously Charged-Off Commercial
Commercial and Industrial
116
125
50
Consumer Residential Mortgage
42
301
61
Home Equity
184
180
184
Automobile
526
612
672
Other 1
606
588
674
Total Recoveries on Loans and Leases Previously Charged-Off
1,474
1,806
1,641
Net Charged-Off - Loans and Leases
(2,281
)
(1,724
)
(2,668
)
Provision for Credit Losses: Loans and Leases
3,542
2,864
1,806
Unfunded Commitments
(1,542
)
(364
)
194
Total Provision for Credit Losses
2,000
2,500
2,000
Balance at End of Period
$
152,148
$
152,429
$
150,579
Components Allowance for Credit Losses - Loans and
Leases
$
147,664
$
146,403
$
143,577
Reserve for Unfunded Commitments
4,484
6,026
7,002
Total Reserve for Credit Losses
$
152,148
$
152,429
$
150,579
Average Loans and Leases Outstanding
$
13,868,800
$
13,906,114
$
13,717,483
Ratio of Net Loans and Leases Charged-Off to Average Loans
and Leases Outstanding (annualized)
0.07
%
0.05
%
0.08
%
Ratio of Allowance for Credit Losses to Loans and Leases
Outstanding 2
1.07
%
1.05
%
1.04
%
1 Comprised of other revolving credit, installment, and
lease financing. 2 The numerator comprises the Allowance for Credit
Losses - Loans and Leases.
Bank of Hawai‘i Corporation and
Subsidiaries Business Segments Selected Financial
Information Table 13 Consumer Commercial
Treasury Consolidated (dollars in thousands)
Banking Banking and Other Total
Three Months Ended March 31, 2024 Net Interest Income (Loss)
$
96,994
$
51,493
$
(34,549
)
$
113,938
Provision for Credit Losses
2,287
(6
)
(281
)
2,000
Net Interest Income (Loss) After Provision for Credit Losses
94,707
51,499
(34,268
)
111,938
Noninterest Income
31,982
6,794
3,509
42,285
Noninterest Expense
(82,705
)
(18,643
)
(4,511
)
(105,859
)
Income (Loss) Before Income Taxes
43,984
39,650
(35,270
)
48,364
Provision for Income Taxes
(11,181
)
(10,008
)
9,216
(11,973
)
Net Income (Loss)
$
32,803
$
29,642
$
(26,054
)
$
36,391
Total Assets as of March 31, 2024
$
8,395,784
$
5,830,056
$
9,195,020
$
23,420,860
Three Months Ended March 31, 2023 1 Net Interest
Income (Loss)
$
96,583
$
55,541
$
(16,169
)
$
135,955
Provision for Credit Losses
2,669
(1
)
(668
)
2,000
Net Interest Income (Loss) After Provision for Credit Losses
93,914
55,542
(15,501
)
133,955
Noninterest Income
31,154
8,649
934
40,737
Noninterest Expense
(84,975
)
(20,289
)
(6,655
)
(111,919
)
Income (Loss) Before Income Taxes
40,093
43,902
(21,222
)
62,773
Provision for Income Taxes
(10,274
)
(10,486
)
4,829
(15,931
)
Net Income (Loss)
$
29,819
$
33,416
$
(16,393
)
$
46,842
Total Assets as of March 31, 2023
$
8,628,287
$
5,625,254
$
9,678,436
$
23,931,977
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
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands, except per share amounts)
2024
2023
2023
2023
2023
Quarterly Operating Results Interest Income Interest and
Fees on Loans and Leases
$
159,336
$
158,324
$
151,245
$
144,541
$
136,501
Income on Investment Securities Available-for-Sale
21,757
22,782
23,552
23,301
23,893
Held-to-Maturity
22,136
22,589
22,838
23,375
23,948
Deposits
30
23
18
18
27
Funds Sold
6,127
5,705
12,828
6,395
3,366
Other
970
924
1,464
2,121
597
Total Interest Income
210,356
210,347
211,945
199,751
188,332
Interest Expense Deposits
89,056
87,121
72,153
53,779
37,794
Securities Sold Under Agreements to Repurchase
1,443
1,459
4,034
5,436
5,377
Funds Purchased
-
-
-
184
704
Short-Term Borrowings
-
-
-
2,510
3,203
Other Debt
5,919
5,982
14,821
13,494
5,299
Total Interest Expense
96,418
94,562
91,008
75,403
52,377
Net Interest Income
113,938
115,785
120,937
124,348
135,955
Provision for Credit Losses
2,000
2,500
2,000
2,500
2,000
Net Interest Income After Provision for Credit Losses
111,938
113,285
118,937
121,848
133,955
Noninterest Income Trust and Asset Management
11,189
11,144
10,548
11,215
10,690
Mortgage Banking
951
1,016
1,059
1,176
1,004
Service Charges on Deposit Accounts
7,947
7,949
7,843
7,587
7,737
Fees, Exchange, and Other Service Charges
14,123
13,774
13,824
14,150
13,808
Investment Securities Losses, Net
(1,497
)
(1,619
)
(6,734
)
(1,310
)
(1,792
)
Annuity and Insurance
1,046
1,271
1,156
1,038
1,271
Bank-Owned Life Insurance
3,356
3,176
2,749
2,876
2,842
Other
5,170
5,572
19,889
6,523
5,177
Total Noninterest Income
42,285
42,283
50,334
43,255
40,737
Noninterest Expense Salaries and Benefits
58,215
53,991
58,825
56,175
65,088
Net Occupancy
10,456
9,734
10,327
9,991
9,872
Net Equipment
10,103
9,826
9,477
10,573
10,375
Data Processing
4,770
4,948
4,706
4,599
4,583
Professional Fees
4,677
5,079
3,846
4,651
3,883
FDIC Insurance
3,614
18,545
3,361
3,173
3,234
Other
14,024
13,839
15,059
14,874
14,884
Total Noninterest Expense
105,859
115,962
105,601
104,036
111,919
Income Before Provision for Income Taxes
48,364
39,606
63,670
61,067
62,773
Provision for Income Taxes
11,973
9,210
15,767
15,006
15,931
Net Income
$
36,391
$
30,396
$
47,903
$
46,061
$
46,842
Preferred Stock Dividends
1,969
1,969
1,969
1,969
1,969
Net Income Available to Common Shareholders
$
34,422
$
28,427
$
45,934
$
44,092
$
44,873
Basic Earnings Per Common Share
$
0.87
$
0.72
$
1.17
$
1.12
$
1.14
Diluted Earnings Per Common Share
$
0.87
$
0.72
$
1.17
$
1.12
$
1.14
Balance Sheet Totals Loans and Leases
$
13,853,837
$
13,965,026
$
13,919,491
$
13,914,889
$
13,824,522
Total Assets
23,420,860
23,733,296
23,549,785
24,947,936
23,931,977
Total Deposits
20,676,586
21,055,045
20,802,309
20,508,615
20,491,300
Total Shareholders' Equity
1,435,977
1,414,242
1,363,840
1,358,279
1,354,430
Performance Ratios Return on Average Assets
0.63
%
0.51
%
0.78
%
0.77
%
0.80
%
Return on Average Shareholders' Equity
10.34
8.86
13.92
13.55
14.25
Return on Average Common Equity
11.20
9.55
15.38
14.95
15.79
Efficiency Ratio 1
67.76
73.36
61.66
62.07
63.34
Net Interest Margin 2
2.11
2.13
2.13
2.22
2.47
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 Two Months
Ended Year Ended (dollars in millions; jobs in
thousands)
February 29, 2024 December 31, 2023
December 31, 2022 Hawaii Economic Trends State
General Fund Revenues 1
$
1,604.2
3.8
%
$
9,504.1
0.7
%
$
9,441.3
16.0
%
General Excise and Use Tax Revenue 1
812.5
1.9
4,474.1
4.9
4,263.4
18.3
Jobs 2
653.5
655.2
653.3
March 31, December 31,
2024
2023
2022
Unemployment, seasonally adjusted 2 Statewide
3.1
%
3.0
%
3.2
%
Honolulu County
2.9
2.6
3.1
Hawaii County
3.2
2.8
3.5
Maui County
4.3
6.2
3.5
Kauai County
2.6
2.5
3.1
February 29,
December 31,
(1-year percentage change, except months of inventory)
2024
2023
2022
2021
Housing Trends (Single Family Oahu) 3 Median Home Price
4.4
%
(5.0
)%
11.6
%
19.3
%
Home Sales Volume (units)
6.1
%
(26.3
)%
(23.2
)%
17.9
%
Months of Inventory
2.7
2.8
2.1
0.8
Monthly Visitor Arrivals, Percentage Change
(in thousands, except percent change)
Not Seasonally
Adjusted from Previous Year Tourism 4 February
29, 2024
752.7
2.6
%
January 31, 2024
745.6
(3.8
)
December 31, 2023
845.6
(1.5
)
November 30, 2023
720.3
0.2
October 31, 2023
700.3
(3.7
)
September 30, 2023
643.1
(7.1
)
August 31, 2023
766.0
(7.7
)
July 31, 2023
929.4
1.2
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
October 31, 2022
727.4
32.1
September 30, 2022
692.2
37.2
August 31, 2022
829.8
14.8
July 31, 2022
918.6
4.4
June 30, 2022
841.8
6.4
May 31, 2022
774.1
22.9
April 30, 2022
809.6
67.3
March 31, 2022
785.7
78.7
February 28, 2022
623.7
165.1
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/20240422894812/en/
Media Inquiries Melissa Torres-Laing
Email: Melissa.Torres-Laing@boh.com Phone: 808-694-8384
Mobile: 808-859-1703
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Email: Cynthia.Wyrick@boh.com Phone: 808-694-8430
Chang Park Email: Chang.Park@boh.com Phone:
808-694-8238
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