Bank of Hawai‘i Corporation Third Quarter 2024 Financial Results
-
Diluted Earnings Per Common Share
$0.93 -
Total Assets
$23.8 Billion and Total Deposits$21.0 Billion at Quarter End -
Net Income
$40.4 Million - Net Interest Margin 2.18%
-
Board of Directors Declares Dividend of
$0.70 Per Common Share
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“For the third quarter 2024, we are pleased to report improved net interest income and noninterest income, alongside controlled expenses and steady loan and deposit performance. Credit remained excellent,” said
Financial Highlights
Net interest income for the third quarter of 2024 was
Net interest margin was 2.18% in the third quarter of 2024, an increase of 3 basis points from the linked quarter and an increase of 5 basis points from the same period last year. The increase from the linked quarter was primarily due to higher earning asset yields, partially offset by higher funding costs. The increase from the same period last year was primarily due to higher earning asset yields and lower average balance of our earning assets, partially offset by higher funding costs.
The average yield on loans and leases was 4.82% in the third quarter of 2024, up 6 basis points from the linked quarter and up 48 basis points from the same period last year. The average yield on total earning assets was 4.06% in the third quarter of 2024, up 7 basis points from the linked quarter and up 34 basis points from the same period last year. The average cost of interest-bearing deposits was 2.52% in the third quarter of 2024, up 6 basis points from the linked quarter and up 57 basis points from the same period last year. The average cost of total deposits, including noninterest-bearing deposits, was 1.87%, up 6 basis points from the linked quarter and up 47 basis points from the same period last year. The changes in yields and rates over the linked quarter and year over year period reflected deposit mix shift and repricing.
Noninterest income was
Noninterest expense was
The effective tax rate for the third quarter of 2024 was 23.33% compared with 24.77% during the linked quarter and 24.76% during the same period last year. The lower effective tax rate in the third quarter of 2024 as compared to the linked quarter was mainly due to a decrease in discrete items and an increase in tax exempt income. The lower effective tax rate in the third quarter of 2024 as compared to the same period last year was primarily due to an increase in tax benefits from low-income housing investments and an increase in tax exempt income.
Asset Quality
The Company’s overall asset quality remained strong during the third quarter of 2024. Provision for credit losses for the third quarter of 2024 was
Total non-performing assets were
Net loan and lease charge-offs during the third quarter of 2024 were
The allowance for credit losses on loans and leases was
Balance Sheet
Total assets were
The investment securities portfolio was
Total loans and leases were
Total deposits were
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 14.05% at
No shares of common stock were repurchased under the share repurchase program in the third quarter of 2024. Total remaining buyback authority under the share repurchase program was
The Company’s Board of Directors declared a quarterly cash dividend of
On
Conference Call Information
The Company will review its third quarter financial results today at
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,
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
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 Hawai‘i Corporation and Subsidiaries | |||||||||||||||
Financial Highlights |
Table 1 |
||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
|
|
|
|
||||||||||||
(dollars in thousands, except per share amounts) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
For the Period: | |||||||||||||||
Operating Results | |||||||||||||||
Net Interest Income |
$ |
117,618 |
$ |
114,846 |
$ |
120,937 |
$ |
346,402 |
$ |
381,240 |
|||||
Provision for Credit Losses |
|
3,000 |
|
2,400 |
|
2,000 |
|
7,400 |
|
6,500 |
|||||
Total Noninterest Income |
|
45,110 |
|
42,087 |
|
50,334 |
|
129,482 |
|
134,326 |
|||||
Total Noninterest Expense |
|
107,092 |
|
109,226 |
|
105,601 |
|
322,177 |
|
321,556 |
|||||
Pre-Provision Net Revenue |
|
55,636 |
|
47,707 |
|
65,670 |
|
153,707 |
|
194,010 |
|||||
Net Income |
|
40,358 |
|
34,083 |
|
47,903 |
|
110,832 |
|
140,806 |
|||||
Net Income Available to Common Shareholders 1 |
|
36,922 |
|
32,114 |
|
45,934 |
|
103,458 |
|
134,899 |
|||||
Basic Earnings Per Common Share |
|
0.94 |
|
0.81 |
|
1.17 |
|
2.62 |
|
3.44 |
|||||
Diluted Earnings Per Common Share |
|
0.93 |
|
0.81 |
|
1.17 |
|
2.61 |
|
3.42 |
|||||
Dividends Declared Per Common Share |
|
0.70 |
|
0.70 |
|
0.70 |
|
2.10 |
|
2.10 |
|||||
Performance Ratios | |||||||||||||||
Return on Average Assets |
|
0.69 |
% |
|
0.59 |
% |
|
0.78 |
% |
|
0.64 |
% |
|
0.78 |
% |
Return on Average Shareholders' Equity |
|
9.90 |
|
9.53 |
|
13.92 |
|
9.92 |
|
13.91 |
|||||
Return on Average Common Equity |
|
11.50 |
|
10.41 |
|
15.38 |
|
11.04 |
|
15.37 |
|||||
Efficiency Ratio 2 |
|
65.81 |
|
69.60 |
|
61.66 |
|
67.70 |
|
62.37 |
|||||
Net Interest Margin 3 |
|
2.18 |
|
2.15 |
|
2.13 |
|
2.15 |
|
2.27 |
|||||
Dividend Payout Ratio 4 |
|
74.47 |
|
86.42 |
|
59.83 |
|
80.15 |
|
61.05 |
|||||
Average Shareholders' Equity to Average Assets |
|
6.95 |
|
6.22 |
|
5.60 |
|
6.42 |
|
5.61 |
|||||
Average Balances | |||||||||||||||
Average Loans and Leases |
$ |
13,809,977 |
$ |
13,831,797 |
$ |
13,903,214 |
$ |
13,836,760 |
$ |
13,833,164 |
|||||
Average Assets |
|
23,338,529 |
|
23,145,107 |
|
24,387,421 |
|
23,255,372 |
|
24,124,360 |
|||||
Average Deposits |
|
20,484,391 |
|
20,358,393 |
|
20,492,082 |
|
20,462,222 |
|
20,314,079 |
|||||
Average Shareholders' Equity |
|
1,621,936 |
|
1,438,476 |
|
1,365,143 |
|
1,492,645 |
|
1,353,815 |
|||||
Per Share of Common Stock | |||||||||||||||
Book Value |
$ |
33.22 |
$ |
31.91 |
$ |
29.78 |
$ |
33.22 |
$ |
29.78 |
|||||
Tangible Book Value |
|
32.43 |
|
31.12 |
|
28.99 |
|
32.43 |
|
28.99 |
|||||
Market Value | |||||||||||||||
Closing |
|
62.77 |
|
57.21 |
|
49.69 |
|
62.77 |
|
49.69 |
|||||
High |
|
70.44 |
|
62.53 |
|
58.63 |
|
73.73 |
|
81.73 |
|||||
Low |
|
55.75 |
|
54.50 |
|
39.02 |
|
54.50 |
|
30.83 |
|||||
|
|
|
|
||||||||||||
|
2024 |
|
2024 |
|
2023 |
|
2023 |
||||||||
As of Period End: | |||||||||||||||
Balance Sheet Totals | |||||||||||||||
Loans and Leases |
$ |
13,918,583 |
$ |
13,831,266 |
$ |
13,965,026 |
$ |
13,919,491 |
|||||||
Total Assets |
|
23,799,174 |
|
23,300,768 |
|
23,733,296 |
|
23,549,785 |
|||||||
Total Deposits |
|
20,978,322 |
|
20,408,502 |
|
21,055,045 |
|
20,802,309 |
|||||||
Other Debt |
|
558,297 |
|
560,136 |
|
560,190 |
|
560,217 |
|||||||
Total Shareholders' Equity |
|
1,665,474 |
|
1,612,849 |
|
1,414,242 |
|
1,363,840 |
|||||||
Asset Quality | |||||||||||||||
Non-Performing Assets |
$ |
19,781 |
$ |
15,179 |
$ |
11,747 |
$ |
11,519 |
|||||||
Allowance for Credit Losses - Loans and Leases |
|
147,331 |
|
147,477 |
|
146,403 |
|
145,263 |
|||||||
Allowance to Loans and Leases Outstanding 5 |
|
1.06 |
% |
|
1.07 |
% |
|
1.05 |
% |
|
1.04 |
% |
|||
Capital Ratios 6 | |||||||||||||||
Common Equity Tier 1 Capital Ratio 7 |
|
11.66 |
% |
|
11.56 |
% |
|
11.33 |
% |
|
11.29 |
% |
|||
Tier 1 Capital Ratio 7 |
|
14.05 |
|
13.96 |
|
12.56 |
|
12.53 |
|||||||
Total Capital Ratio 7 |
|
15.11 |
|
15.02 |
|
13.60 |
|
13.56 |
|||||||
Tier 1 Leverage Ratio |
|
8.38 |
|
8.37 |
|
7.51 |
|
7.22 |
|||||||
Total Shareholders' Equity to Total Assets |
|
7.00 |
|
6.92 |
|
5.96 |
|
5.79 |
|||||||
Tangible Common Equity to Tangible Assets 8 |
|
5.42 |
|
5.31 |
|
5.07 |
|
4.90 |
|||||||
Tangible Common Equity to Risk-Weighted Assets 7, 8 |
|
9.17 |
|
8.80 |
|
8.45 |
|
8.10 |
|||||||
Non-Financial Data | |||||||||||||||
Full-Time Equivalent Employees |
|
1,854 |
|
1,910 |
|
1,899 |
|
1,919 |
|||||||
Branches |
|
50 |
|
50 |
|
51 |
|
51 |
|||||||
ATMs |
|
317 |
|
317 |
|
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 |
|||||||||||||||
7 Regulatory capital ratios for |
|||||||||||||||
8 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 | |||||||||||
|
|
|
|
|||||||||
(dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
Total Shareholders' Equity |
$ |
1,665,474 |
|
$ |
1,612,849 |
|
$ |
1,414,242 |
|
$ |
1,363,840 |
|
Less: Preferred Stock |
|
345,000 |
|
|
345,000 |
|
|
180,000 |
|
|
180,000 |
|
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
Tangible Common Equity |
$ |
1,288,957 |
|
$ |
1,236,332 |
|
$ |
1,202,725 |
|
$ |
1,152,323 |
|
Total Assets |
$ |
23,799,174 |
|
$ |
23,300,768 |
|
$ |
23,733,296 |
|
$ |
23,549,785 |
|
Less: |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
Tangible Assets |
$ |
23,767,657 |
|
$ |
23,269,251 |
|
$ |
23,701,779 |
|
$ |
23,518,268 |
|
Risk-Weighted Assets, determined in accordance | ||||||||||||
with prescribed regulatory requirements 1, 2 |
$ |
14,054,698 |
|
$ |
14,051,627 |
|
$ |
14,226,780 |
|
$ |
14,222,825 |
|
Total Shareholders' Equity to Total Assets |
|
7.00 |
% |
|
6.92 |
% |
|
5.96 |
% |
|
5.79 |
% |
Tangible Common Equity to Tangible Assets (Non-GAAP) |
|
5.42 |
% |
|
5.31 |
% |
|
5.07 |
% |
|
4.90 |
% |
Tier 1 Capital Ratio 1, 2 |
|
14.05 |
% |
|
13.96 |
% |
|
12.56 |
% |
|
12.53 |
% |
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1, 2 |
|
9.17 |
% |
|
8.80 |
% |
|
8.45 |
% |
|
8.10 |
% |
1 Regulatory capital ratios as of |
||||||||||||
2 Regulatory capital ratios for |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||
Consolidated Statements of Income | Table 3 | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
|
|
|
|
|||||||||||||
(dollars in thousands, except per share amounts) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Interest Income | ||||||||||||||||
Interest and Fees on Loans and Leases |
$ |
166,286 |
|
$ |
163,208 |
|
$ |
151,245 |
|
$ |
488,830 |
|
$ |
432,287 |
|
|
Income on |
||||||||||||||||
Available-for-Sale |
|
23,257 |
|
|
21,468 |
|
|
23,552 |
|
|
66,482 |
|
|
70,746 |
|
|
Held-to-Maturity |
|
21,107 |
|
|
21,595 |
|
|
22,838 |
|
|
64,838 |
|
|
70,161 |
|
|
Deposits |
|
29 |
|
|
25 |
|
|
18 |
|
|
84 |
|
|
63 |
|
|
Funds Sold |
|
8,951 |
|
|
6,114 |
|
|
12,828 |
|
|
21,192 |
|
|
22,589 |
|
|
Other |
|
1,018 |
|
|
1,120 |
|
|
1,464 |
|
|
3,108 |
|
|
4,182 |
|
|
Total Interest Income |
|
220,648 |
|
|
213,530 |
|
|
211,945 |
|
|
644,534 |
|
|
600,028 |
|
|
Interest Expense | ||||||||||||||||
Deposits |
|
96,067 |
|
|
91,542 |
|
|
72,153 |
|
|
276,665 |
|
|
163,726 |
|
|
Securities Sold Under Agreements to Repurchase |
|
993 |
|
|
1,180 |
|
|
4,034 |
|
|
3,616 |
|
|
14,847 |
|
|
Funds Purchased |
|
- |
|
|
44 |
|
|
- |
|
|
44 |
|
|
888 |
|
|
Short-Term Borrowings |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,713 |
|
|
Other Debt |
|
5,970 |
|
|
5,918 |
|
|
14,821 |
|
|
17,807 |
|
|
33,614 |
|
|
Total Interest Expense |
|
103,030 |
|
|
98,684 |
|
|
91,008 |
|
|
298,132 |
|
|
218,788 |
|
|
Net Interest Income |
|
117,618 |
|
|
114,846 |
|
|
120,937 |
|
|
346,402 |
|
|
381,240 |
|
|
Provision for Credit Losses |
|
3,000 |
|
|
2,400 |
|
|
2,000 |
|
|
7,400 |
|
|
6,500 |
|
|
Net Interest Income After Provision for Credit Losses |
|
114,618 |
|
|
112,446 |
|
|
118,937 |
|
|
339,002 |
|
|
374,740 |
|
|
Noninterest Income | ||||||||||||||||
Fees, Exchange, and Other Service Charges |
|
14,945 |
|
|
13,769 |
|
|
13,824 |
|
|
42,837 |
|
|
41,782 |
|
|
Trust and Asset Management |
|
11,916 |
|
|
12,223 |
|
|
10,548 |
|
|
35,328 |
|
|
32,453 |
|
|
Service Charges on Deposit Accounts |
|
8,075 |
|
|
7,730 |
|
|
7,843 |
|
|
23,752 |
|
|
23,167 |
|
|
Bank-Owned Life Insurance |
|
3,533 |
|
|
3,396 |
|
|
2,749 |
|
|
10,285 |
|
|
8,467 |
|
|
Annuity and Insurance |
|
1,460 |
|
|
1,583 |
|
|
1,156 |
|
|
4,089 |
|
|
3,465 |
|
|
Mortgage Banking |
|
1,188 |
|
|
1,028 |
|
|
1,059 |
|
|
3,167 |
|
|
3,239 |
|
|
Investment Securities Losses, Net |
|
(1,103 |
) |
|
(1,601 |
) |
|
(6,734 |
) |
|
(4,201 |
) |
|
(9,836 |
) |
|
Other |
|
5,096 |
|
|
3,959 |
|
|
19,889 |
|
|
14,225 |
|
|
31,589 |
|
|
Total Noninterest Income |
|
45,110 |
|
|
42,087 |
|
|
50,334 |
|
|
129,482 |
|
|
134,326 |
|
|
Noninterest Expense | ||||||||||||||||
Salaries and Benefits |
|
58,626 |
|
|
57,033 |
|
|
58,825 |
|
|
173,874 |
|
|
180,088 |
|
|
Net Occupancy |
|
10,806 |
|
|
10,559 |
|
|
10,327 |
|
|
31,821 |
|
|
30,190 |
|
|
Net Equipment |
|
10,120 |
|
|
10,355 |
|
|
9,477 |
|
|
30,578 |
|
|
30,425 |
|
|
Professional Fees |
|
4,725 |
|
|
4,929 |
|
|
3,846 |
|
|
14,331 |
|
|
12,380 |
|
|
Data Processing |
|
4,712 |
|
|
4,745 |
|
|
4,706 |
|
|
14,227 |
|
|
13,888 |
|
|
|
|
3,355 |
|
|
7,170 |
|
|
3,361 |
|
|
14,139 |
|
|
9,768 |
|
|
Other |
|
14,748 |
|
|
14,435 |
|
|
15,059 |
|
|
43,207 |
|
|
44,817 |
|
|
Total Noninterest Expense |
|
107,092 |
|
|
109,226 |
|
|
105,601 |
|
|
322,177 |
|
|
321,556 |
|
|
Income Before Provision for Income Taxes |
|
52,636 |
|
|
45,307 |
|
|
63,670 |
|
|
146,307 |
|
|
187,510 |
|
|
Provision for Income Taxes |
|
12,278 |
|
|
11,224 |
|
|
15,767 |
|
|
35,475 |
|
|
46,704 |
|
|
Net Income |
$ |
40,358 |
|
$ |
34,083 |
|
$ |
47,903 |
|
$ |
110,832 |
|
$ |
140,806 |
|
|
Preferred Stock Dividends |
|
3,436 |
|
|
1,969 |
|
|
1,969 |
|
|
7,375 |
|
|
5,908 |
|
|
Net Income Available to Common Shareholders |
$ |
36,922 |
|
$ |
32,114 |
|
$ |
45,934 |
|
$ |
103,457 |
|
$ |
134,898 |
|
|
Basic Earnings Per Common Share |
$ |
0.94 |
|
$ |
0.81 |
|
$ |
1.17 |
|
$ |
2.62 |
|
$ |
3.44 |
|
|
Diluted Earnings Per Common Share |
$ |
0.93 |
|
$ |
0.81 |
|
$ |
1.17 |
|
$ |
2.61 |
|
$ |
3.42 |
|
|
Dividends Declared Per Common Share |
$ |
0.70 |
|
$ |
0.70 |
|
$ |
0.70 |
|
$ |
2.10 |
|
$ |
2.10 |
|
|
Basic Weighted Average Common Shares |
|
39,488,187 |
|
|
39,450,551 |
|
|
39,274,626 |
|
|
39,429,815 |
|
|
39,264,450 |
|
|
Diluted Weighted Average Common Shares |
|
39,736,492 |
|
|
39,618,705 |
|
|
39,420,531 |
|
|
39,654,705 |
|
|
39,392,433 |
|
Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||
Consolidated Statements of Comprehensive Income | Table 4 | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
|
|
|
|
||||||||||
(dollars in thousands) |
|
2024 |
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
Net Income |
$ |
40,358 |
$ |
34,083 |
$ |
47,903 |
|
$ |
110,832 |
$ |
140,806 |
|
|
Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||
Net Unrealized Gains (Losses) on |
|
38,833 |
|
9,052 |
|
(18,264 |
) |
|
60,823 |
|
(7,205 |
) |
|
Defined Benefit Plans |
|
168 |
|
168 |
|
84 |
|
|
505 |
|
252 |
|
|
Other Comprehensive Income (Loss) |
|
39,001 |
|
9,220 |
|
(18,180 |
) |
|
61,328 |
|
(6,953 |
) |
|
Comprehensive Income |
$ |
79,359 |
$ |
43,303 |
$ |
29,723 |
|
$ |
172,160 |
$ |
133,853 |
|
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||
Consolidated Statements of Condition | Table 5 | |||||||||||
|
|
|
|
|||||||||
(dollars in thousands, except share amounts) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
Assets | ||||||||||||
Interest-Bearing Deposits in Other Banks |
$ |
8,287 |
|
$ |
3,259 |
|
$ |
2,761 |
|
$ |
4,676 |
|
Funds Sold |
|
992,854 |
|
|
624,089 |
|
|
690,112 |
|
|
386,086 |
|
|
||||||||||||
Available-for-Sale |
|
2,550,324 |
|
|
2,298,092 |
|
|
2,408,933 |
|
|
2,387,324 |
|
Held-to-Maturity (Fair Value of |
|
4,710,245 |
|
|
4,812,954 |
|
|
4,997,335 |
|
|
5,088,013 |
|
Loans Held for Sale |
|
5,048 |
|
|
2,664 |
|
|
3,124 |
|
|
1,450 |
|
Loans and Leases |
|
13,918,583 |
|
|
13,831,266 |
|
|
13,965,026 |
|
|
13,919,491 |
|
Allowance for Credit Losses |
|
(147,331 |
) |
|
(147,477 |
) |
|
(146,403 |
) |
|
(145,263 |
) |
Net Loans and Leases |
|
13,771,252 |
|
|
13,683,789 |
|
|
13,818,623 |
|
|
13,774,228 |
|
Total Earning Assets |
|
22,038,010 |
|
|
21,424,847 |
|
|
21,920,888 |
|
|
21,641,777 |
|
Cash and Due from Banks |
|
271,622 |
|
|
297,990 |
|
|
308,071 |
|
|
261,464 |
|
Premises and Equipment, Net |
|
191,899 |
|
|
192,319 |
|
|
194,855 |
|
|
196,094 |
|
Operating Lease Right-of-Use Assets |
|
81,736 |
|
|
84,757 |
|
|
86,110 |
|
|
86,896 |
|
Accrued Interest Receivable |
|
66,534 |
|
|
67,554 |
|
|
66,525 |
|
|
65,541 |
|
|
|
2,667 |
|
|
2,672 |
|
|
2,098 |
|
|
1,040 |
|
Mortgage Servicing Rights |
|
19,571 |
|
|
19,954 |
|
|
20,880 |
|
|
21,273 |
|
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
Bank-Owned Life Insurance |
|
475,263 |
|
|
470,708 |
|
|
462,894 |
|
|
458,260 |
|
Other Assets |
|
620,355 |
|
|
708,450 |
|
|
639,458 |
|
|
785,923 |
|
Total Assets |
$ |
23,799,174 |
|
$ |
23,300,768 |
|
$ |
23,733,296 |
|
$ |
23,549,785 |
|
Liabilities | ||||||||||||
Deposits | ||||||||||||
Noninterest-Bearing Demand |
$ |
5,412,048 |
|
$ |
5,371,593 |
|
$ |
6,058,554 |
|
$ |
5,687,442 |
|
Interest-Bearing Demand |
|
3,734,601 |
|
|
3,928,295 |
|
|
3,749,717 |
|
|
3,925,469 |
|
Savings |
|
8,663,147 |
|
|
8,207,902 |
|
|
8,189,472 |
|
|
8,530,384 |
|
Time |
|
3,168,526 |
|
|
2,900,712 |
|
|
3,057,302 |
|
|
2,659,014 |
|
Total Deposits |
|
20,978,322 |
|
|
20,408,502 |
|
|
21,055,045 |
|
|
20,802,309 |
|
Securities Sold Under Agreements to Repurchase |
|
100,490 |
|
|
100,490 |
|
|
150,490 |
|
|
150,490 |
|
Other Debt |
|
558,297 |
|
|
560,136 |
|
|
560,190 |
|
|
560,217 |
|
Operating Lease Liabilities |
|
90,356 |
|
|
93,364 |
|
|
94,693 |
|
|
95,453 |
|
Retirement Benefits Payable |
|
22,870 |
|
|
23,142 |
|
|
23,673 |
|
|
26,074 |
|
Accrued Interest Payable |
|
40,434 |
|
|
37,278 |
|
|
41,023 |
|
|
33,434 |
|
Taxes Payable |
|
1,722 |
|
|
5,289 |
|
|
7,636 |
|
|
6,965 |
|
Other Liabilities |
|
341,209 |
|
|
459,718 |
|
|
386,304 |
|
|
511,003 |
|
Total Liabilities |
|
22,133,700 |
|
|
21,687,919 |
|
|
22,319,054 |
|
|
22,185,945 |
|
Shareholders' Equity | ||||||||||||
Preferred Stock (Series A, |
|
180,000 |
|
|
180,000 |
|
|
180,000 |
|
|
180,000 |
|
Preferred Stock (Series B, |
|
165,000 |
|
|
165,000 |
|
|
- |
|
|
- |
|
Common Stock ( |
||||||||||||
issued / outstanding: |
||||||||||||
|
||||||||||||
and |
|
585 |
|
|
585 |
|
|
583 |
|
|
583 |
|
Capital Surplus |
|
643,620 |
|
|
639,841 |
|
|
636,422 |
|
|
632,425 |
|
Accumulated Other Comprehensive Loss |
|
(335,360 |
) |
|
(374,361 |
) |
|
(396,688 |
) |
|
(441,611 |
) |
Retained Earnings |
|
2,127,585 |
|
|
2,119,140 |
|
|
2,107,569 |
|
|
2,108,702 |
|
Treasury Stock, at Cost (Shares: |
||||||||||||
|
|
(1,115,956 |
) |
|
(1,117,356 |
) |
|
(1,113,644 |
) |
|
(1,116,259 |
) |
Total Shareholders' Equity |
|
1,665,474 |
|
|
1,612,849 |
|
|
1,414,242 |
|
|
1,363,840 |
|
Total Liabilities and Shareholders' Equity |
$ |
23,799,174 |
|
$ |
23,300,768 |
|
$ |
23,733,296 |
|
$ |
23,549,785 |
|
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 |
|
||||||||||||||||
(dollars in thousands, except share amounts) | Outstanding | Stock | Outstanding | Stock | Outstanding | Stock | Surplus | (Loss) | Earnings | Stock | Total | ||||||||||||||
Balance as of |
180,000 |
$ |
180,000 |
- |
$ |
- |
39,753,138 |
|
$ |
583 |
$ |
636,422 |
|
$ |
(396,688 |
) |
$ |
2,107,569 |
|
$ |
(1,113,644 |
) |
$ |
1,414,242 |
|
Net Income |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
110,832 |
|
|
- |
|
|
110,832 |
|
Other Comprehensive Income |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
61,328 |
|
|
- |
|
|
- |
|
|
61,328 |
|
Share-Based Compensation |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
11,051 |
|
|
- |
|
|
- |
|
|
- |
|
|
11,051 |
|
Preferred Stock Issued, Net |
- |
|
- |
165,000 |
|
165,000 |
- |
|
|
- |
|
(4,386 |
) |
|
- |
|
|
- |
|
|
- |
|
|
160,614 |
|
Common Stock Issued under Purchase and | |||||||||||||||||||||||||
Equity Compensation Plans |
- |
|
- |
- |
|
- |
78,753 |
|
|
2 |
|
533 |
|
|
- |
|
|
768 |
|
|
2,829 |
|
|
4,132 |
|
Common Stock Repurchased |
- |
|
- |
- |
|
- |
(83,587 |
) |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(5,141 |
) |
|
(5,141 |
) |
Cash Dividends Declared Common Stock ( |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(84,209 |
) |
|
- |
|
|
(84,209 |
) |
Cash Dividends Declared Preferred Stock |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(7,375 |
) |
|
- |
|
|
(7,375 |
) |
Balance as of |
180,000 |
$ |
180,000 |
165,000 |
$ |
165,000 |
39,748,304 |
|
$ |
585 |
$ |
643,620 |
|
$ |
(335,360 |
) |
$ |
2,127,585 |
|
$ |
(1,115,956 |
) |
$ |
1,665,474 |
|
Balance as of |
180,000 |
$ |
180,000 |
- |
$ |
- |
39,835,750 |
|
$ |
582 |
$ |
620,578 |
|
$ |
(434,658 |
) |
$ |
2,055,912 |
|
$ |
(1,105,419 |
) |
$ |
1,316,995 |
|
Net Income |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
140,806 |
|
|
- |
|
|
140,806 |
|
Other Comprehensive Loss |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
(6,953 |
) |
|
- |
|
|
- |
|
|
(6,953 |
) |
Share-Based Compensation |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
11,979 |
|
|
- |
|
|
- |
|
|
- |
|
|
11,979 |
|
Common Stock Issued under Purchase and | |||||||||||||||||||||||||
Equity Compensation Plans |
- |
|
- |
- |
|
- |
121,040 |
|
|
1 |
|
(132 |
) |
|
- |
|
|
1,716 |
|
|
3,216 |
|
|
4,801 |
|
Common Stock Repurchased |
- |
|
- |
- |
|
- |
(208,090 |
) |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(14,056 |
) |
|
(14,056 |
) |
Cash Dividends Declared Common Stock ( |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(83,824 |
) |
|
- |
|
|
(83,824 |
) |
Cash Dividends Declared Preferred Stock |
- |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(5,908 |
) |
|
- |
|
|
(5,908 |
) |
Balance as of |
180,000 |
$ |
180,000 |
- |
$ |
- |
39,748,700 |
|
$ |
583 |
$ |
632,425 |
|
$ |
(441,611 |
) |
$ |
2,108,702 |
|
$ |
(1,116,259 |
) |
$ |
1,363,840 |
|
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 | ||||||||||||||||
|
|
|
||||||||||||||||
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 |
$ |
4.0 |
$ |
0.0 |
2.89 |
% |
$ |
4.3 |
$ |
0.0 |
2.40 |
% |
$ |
2.9 |
$ |
0.0 |
2.40 |
% |
Funds Sold |
|
663.8 |
|
9.0 |
5.28 |
|
455.8 |
|
6.1 |
5.31 |
|
944.8 |
|
12.8 |
5.31 |
|||
|
||||||||||||||||||
Available-for-Sale | ||||||||||||||||||
Taxable |
|
2,430.0 |
|
23.0 |
3.80 |
|
2,308.3 |
|
21.5 |
3.73 |
|
2,605.4 |
|
23.5 |
3.60 |
|||
Non-Taxable |
|
11.8 |
|
0.2 |
6.63 |
|
1.6 |
|
0.0 |
2.01 |
|
3.5 |
|
0.0 |
3.21 |
|||
Held-to-Maturity | ||||||||||||||||||
Taxable |
|
4,735.5 |
|
21.0 |
1.77 |
|
4,837.2 |
|
21.4 |
1.77 |
|
5,118.6 |
|
22.7 |
1.77 |
|||
Non-Taxable |
|
34.4 |
|
0.2 |
2.10 |
|
34.6 |
|
0.2 |
2.10 |
|
35.0 |
|
0.2 |
2.10 |
|||
|
|
7,211.7 |
|
44.4 |
2.46 |
|
7,181.7 |
|
43.1 |
2.40 |
|
7,762.5 |
|
46.4 |
2.39 |
|||
Loans Held for Sale |
|
3.8 |
|
0.1 |
6.13 |
|
1.4 |
|
0.0 |
6.30 |
|
3.8 |
|
0.1 |
6.28 |
|||
Loans and Leases 3 | ||||||||||||||||||
Commercial and Industrial |
|
1,658.1 |
|
22.6 |
5.43 |
|
1,683.2 |
|
22.3 |
5.34 |
|
1,515.0 |
|
18.9 |
4.96 |
|||
Paycheck Protection Program |
|
7.2 |
|
0.0 |
1.42 |
|
9.5 |
|
0.1 |
2.24 |
|
13.1 |
|
0.0 |
1.32 |
|||
Commercial Mortgage |
|
3,744.6 |
|
52.0 |
5.51 |
|
3,723.6 |
|
51.6 |
5.57 |
|
3,792.6 |
|
51.1 |
5.35 |
|||
Construction |
|
357.3 |
|
7.1 |
7.95 |
|
321.3 |
|
6.3 |
7.85 |
|
241.9 |
|
3.7 |
6.09 |
|||
Commercial Lease Financing |
|
59.6 |
|
0.4 |
2.58 |
|
59.3 |
|
0.3 |
2.28 |
|
62.6 |
|
0.3 |
1.84 |
|||
Residential Mortgage |
|
4,593.7 |
|
46.4 |
4.03 |
|
4,595.2 |
|
45.6 |
3.97 |
|
4,715.3 |
|
42.8 |
3.62 |
|||
Home Equity |
|
2,206.9 |
|
22.4 |
4.04 |
|
2,231.7 |
|
21.8 |
3.92 |
|
2,283.5 |
|
20.1 |
3.49 |
|||
Automobile |
|
795.7 |
|
9.4 |
4.72 |
|
813.5 |
|
9.1 |
4.52 |
|
868.0 |
|
8.2 |
3.75 |
|||
Other 4 |
|
386.9 |
|
6.9 |
7.13 |
|
394.5 |
|
6.8 |
6.95 |
|
411.2 |
|
6.5 |
6.24 |
|||
Total Loans and Leases |
|
13,810.0 |
|
167.2 |
4.82 |
|
13,831.8 |
|
163.9 |
4.76 |
|
13,903.2 |
|
151.6 |
4.34 |
|||
Other |
|
63.2 |
|
0.9 |
6.43 |
|
62.5 |
|
1.2 |
7.18 |
|
91.6 |
|
1.5 |
6.40 |
|||
Total Earning Assets |
|
21,756.5 |
|
221.7 |
4.06 |
|
21,537.5 |
|
214.3 |
3.99 |
|
22,708.8 |
|
212.4 |
3.72 |
|||
Cash and Due from Banks |
|
258.8 |
|
233.4 |
|
289.8 |
||||||||||||
Other Assets |
|
1,323.2 |
|
1,374.2 |
|
1,388.8 |
||||||||||||
Total Assets |
$ |
23,338.5 |
$ |
23,145.1 |
$ |
24,387.4 |
||||||||||||
Interest-Bearing Liabilities | ||||||||||||||||||
Interest-Bearing Deposits | ||||||||||||||||||
Demand |
$ |
3,775.6 |
|
8.9 |
0.94 |
$ |
3,788.5 |
|
8.8 |
0.94 |
$ |
3,929.7 |
|
6.6 |
0.67 |
|||
Savings |
|
8,402.9 |
|
55.7 |
2.63 |
|
8,259.2 |
|
52.0 |
2.53 |
|
7,952.6 |
|
39.1 |
1.95 |
|||
Time |
|
3,008.7 |
|
31.5 |
4.17 |
|
2,935.9 |
|
30.7 |
4.20 |
|
2,767.8 |
|
26.5 |
3.79 |
|||
Total Interest-Bearing Deposits |
|
15,187.2 |
|
96.1 |
2.52 |
|
14,983.6 |
|
91.5 |
2.46 |
|
14,650.1 |
|
72.2 |
1.95 |
|||
Funds Purchased |
|
0.0 |
|
0.0 |
5.40 |
|
3.2 |
|
0.0 |
5.37 |
|
- |
|
- |
- |
|||
Short-Term Borrowings |
|
0.0 |
|
0.0 |
5.40 |
|
0.0 |
|
0.0 |
5.40 |
|
- |
|
- |
- |
|||
Securities Sold Under Agreements to Repurchase |
|
100.5 |
|
1.0 |
3.87 |
|
121.9 |
|
1.2 |
3.83 |
|
528.5 |
|
4.0 |
2.99 |
|||
Other Debt |
|
560.1 |
|
5.9 |
4.24 |
|
560.2 |
|
6.0 |
4.25 |
|
1,365.7 |
|
14.8 |
4.31 |
|||
Total Interest-Bearing Liabilities |
|
15,847.8 |
|
103.0 |
2.59 |
|
15,668.9 |
|
98.7 |
2.53 |
|
16,544.3 |
|
91.0 |
2.18 |
|||
Net Interest Income |
$ |
118.7 |
$ |
115.6 |
$ |
121.4 |
||||||||||||
Interest Rate Spread |
1.47 |
% |
1.46 |
% |
1.54 |
% |
||||||||||||
Net Interest Margin |
2.18 |
% |
2.15 |
% |
2.13 |
% |
||||||||||||
Noninterest-Bearing Demand Deposits |
|
5,297.2 |
|
5,374.8 |
|
5,842.0 |
||||||||||||
Other Liabilities |
|
571.6 |
|
662.9 |
|
636.0 |
||||||||||||
Shareholders' Equity |
|
1,621.9 |
|
1,438.5 |
|
1,365.1 |
||||||||||||
Total Liabilities and Shareholders' Equity |
$ |
23,338.5 |
$ |
23,145.1 |
$ |
24,387.4 |
||||||||||||
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 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 | ||||||||||||
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 | Table 7b | |||||||||||
Nine Months Ended | Nine Months Ended | |||||||||||
|
|
|||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||
(dollars in millions) | Balance | Expense 2 | Rate | Balance | Expense 2 | Rate | ||||||
Earning Assets | ||||||||||||
Interest-Bearing Deposits in Other Banks |
$ |
4.3 |
$ |
0.1 |
2.59 |
% |
$ |
3.2 |
$ |
0.1 |
2.60 |
% |
Funds Sold |
|
525.7 |
|
21.2 |
5.30 |
|
582.7 |
|
22.6 |
5.11 |
||
|
||||||||||||
Available-for-Sale | ||||||||||||
Taxable |
|
2,373.1 |
|
66.4 |
3.73 |
|
2,721.5 |
|
70.6 |
3.46 |
||
Non-Taxable |
|
5.0 |
|
0.2 |
5.59 |
|
7.6 |
|
0.2 |
4.22 |
||
Held-to-Maturity | ||||||||||||
Taxable |
|
4,832.9 |
|
64.4 |
1.78 |
|
5,227.8 |
|
69.7 |
1.78 |
||
Non-Taxable |
|
34.6 |
|
0.5 |
2.10 |
|
35.2 |
|
0.6 |
2.10 |
||
|
|
7,245.6 |
|
131.5 |
2.42 |
|
7,992.1 |
|
141.1 |
2.36 |
||
Loans Held for Sale |
|
2.5 |
|
0.1 |
6.16 |
|
2.7 |
|
0.1 |
5.82 |
||
Loans and Leases 3 | ||||||||||||
Commercial and Industrial |
|
1,664.5 |
|
67.0 |
5.38 |
|
1,461.2 |
|
52.7 |
4.82 |
||
Paycheck Protection Program |
|
9.1 |
|
0.1 |
1.70 |
|
14.8 |
|
0.2 |
1.70 |
||
Commercial Mortgage |
|
3,728.3 |
|
153.9 |
5.52 |
|
3,781.7 |
|
145.6 |
5.15 |
||
Construction |
|
329.0 |
|
19.0 |
7.71 |
|
256.2 |
|
11.1 |
5.81 |
||
Commercial Lease Financing |
|
59.1 |
|
1.0 |
2.25 |
|
64.9 |
|
0.5 |
1.11 |
||
Residential Mortgage |
|
4,613.0 |
|
137.0 |
3.96 |
|
4,695.4 |
|
123.8 |
3.51 |
||
Home Equity |
|
2,229.5 |
|
65.3 |
3.91 |
|
2,265.2 |
|
57.3 |
3.38 |
||
Automobile |
|
813.3 |
|
27.5 |
4.51 |
|
873.0 |
|
23.2 |
3.55 |
||
Other 4 |
|
391.0 |
|
20.2 |
6.91 |
|
420.8 |
|
19.0 |
6.04 |
||
Total Loans and Leases |
|
13,836.8 |
|
491.0 |
4.74 |
|
13,833.2 |
|
433.4 |
4.19 |
||
Other |
|
62.6 |
|
3.1 |
6.61 |
|
84.6 |
|
4.1 |
6.59 |
||
Total Earning Assets |
|
21,677.5 |
|
647.0 |
3.98 |
|
22,498.5 |
|
601.4 |
3.57 |
||
Cash and Due from Banks |
|
244.4 |
|
308.4 |
||||||||
Other Assets |
|
1,333.5 |
|
1,317.5 |
||||||||
Total Assets |
$ |
23,255.4 |
$ |
24,124.4 |
||||||||
Interest-Bearing Liabilities | ||||||||||||
Interest-Bearing Deposits | ||||||||||||
Demand |
$ |
3,776.1 |
|
25.4 |
0.90 |
$ |
4,060.0 |
|
19.3 |
0.64 |
||
Savings |
|
8,264.9 |
|
157.1 |
2.54 |
|
7,876.1 |
|
86.3 |
1.46 |
||
Time |
|
3,008.6 |
|
94.2 |
4.18 |
|
2,288.2 |
|
58.1 |
3.40 |
||
Total Interest-Bearing Deposits |
|
15,049.6 |
|
276.7 |
2.46 |
|
14,224.3 |
|
163.7 |
1.54 |
||
Funds Purchased |
|
1.1 |
|
0.0 |
5.37 |
|
24.8 |
|
0.9 |
4.72 |
||
Short-Term Borrowings |
|
0.0 |
|
0.0 |
5.40 |
|
152.4 |
|
5.7 |
4.94 |
||
Securities Sold Under Agreements to Repurchase |
|
124.2 |
|
3.6 |
3.82 |
|
659.1 |
|
14.8 |
2.97 |
||
Other Debt |
|
560.2 |
|
17.8 |
4.25 |
|
1,043.6 |
|
33.7 |
4.31 |
||
Total Interest-Bearing Liabilities |
|
15,735.1 |
|
298.1 |
2.53 |
|
16,104.2 |
|
218.8 |
1.81 |
||
Net Interest Income |
$ |
348.8 |
$ |
382.6 |
||||||||
Interest Rate Spread |
1.45 |
% |
1.76 |
% |
||||||||
Net Interest Margin |
2.15 |
% |
2.27 |
% |
||||||||
Noninterest-Bearing Demand Deposits |
|
5,412.6 |
|
6,089.8 |
||||||||
Other Liabilities |
|
615.1 |
|
576.6 |
||||||||
Shareholders' Equity |
|
1,492.6 |
|
1,353.8 |
||||||||
Total Liabilities and Shareholders' Equity |
$ |
23,255.4 |
$ |
24,124.4 |
||||||||
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 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 |
|||||||||
Compared to |
|||||||||
(dollars in millions) | Volume 1 | Rate 1 | Total | ||||||
Change in Interest Income: | |||||||||
Interest-Bearing Deposits in Other Banks |
$ |
(0.0 |
) |
$ |
0.0 |
|
$ |
0.0 |
|
Funds Sold |
|
3.0 |
|
|
(0.0 |
) |
|
2.9 |
|
|
|||||||||
Available-for-Sale | |||||||||
Taxable |
|
1.2 |
|
|
0.3 |
|
|
1.5 |
|
Non-Taxable |
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
Held-to-Maturity | |||||||||
Taxable |
|
(0.4 |
) |
|
0.1 |
|
|
(0.4 |
) |
Non-Taxable |
|
(0.0 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
|
|
0.9 |
|
|
0.4 |
|
|
1.3 |
|
Loans Held for Sale |
|
0.0 |
|
|
(0.0 |
) |
|
0.0 |
|
Loans and Leases | |||||||||
Commercial and Industrial |
|
(0.2 |
) |
|
0.5 |
|
|
0.3 |
|
Paycheck Protection Program |
|
(0.1 |
) |
|
(0.0 |
) |
|
(0.1 |
) |
Commercial Mortgage |
|
0.5 |
|
|
(0.1 |
) |
|
0.4 |
|
Construction |
|
0.8 |
|
|
(0.0 |
) |
|
0.8 |
|
Commercial Lease Financing |
|
0.1 |
|
|
0.0 |
|
|
0.1 |
|
Residential Mortgage |
|
(0.0 |
) |
|
0.8 |
|
|
0.8 |
|
Home Equity |
|
(0.2 |
) |
|
0.8 |
|
|
0.6 |
|
Automobile |
|
(0.2 |
) |
|
0.5 |
|
|
0.3 |
|
Other 2 |
|
(0.1 |
) |
|
0.2 |
|
|
0.1 |
|
Total Loans and Leases |
|
0.6 |
|
|
2.8 |
|
|
3.3 |
|
Other |
|
(0.0 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
Total Change in Interest Income |
|
4.5 |
|
|
2.9 |
|
|
7.4 |
|
Change in Interest Expense: | |||||||||
Interest-Bearing Deposits | |||||||||
Demand |
|
0.1 |
|
|
0.0 |
|
|
0.1 |
|
Savings |
|
1.1 |
|
|
2.6 |
|
|
3.7 |
|
Time |
|
1.0 |
|
|
(0.2 |
) |
|
0.9 |
|
Total Interest-Bearing Deposits |
|
2.2 |
|
|
2.4 |
|
|
4.6 |
|
Funds Purchased |
|
(0.0 |
) |
|
0.0 |
|
|
(0.0 |
) |
Short-Term Borrowings |
|
(0.0 |
) |
|
- |
|
|
(0.0 |
) |
Securities Sold Under Agreements to Repurchase |
|
(0.2 |
) |
|
0.0 |
|
|
(0.2 |
) |
Other Debt |
|
0.0 |
|
|
(0.1 |
) |
|
(0.0 |
) |
Total Change in Interest Expense |
|
1.9 |
|
|
2.4 |
|
|
4.3 |
|
Change in Net Interest Income |
$ |
2.5 |
|
$ |
0.5 |
|
$ |
3.0 |
|
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 |
|||||||||
Compared to |
|||||||||
(dollars in millions) | Volume 1 | Rate 1 | Total | ||||||
Change in Interest Income: | |||||||||
Interest-Bearing Deposits in Other Banks |
$ |
0.0 |
|
$ |
0.0 |
|
$ |
0.0 |
|
Funds Sold |
|
(3.8 |
) |
|
0.0 |
|
|
(3.8 |
) |
|
|||||||||
Available-for-Sale | |||||||||
Taxable |
|
(1.7 |
) |
|
1.2 |
|
|
(0.5 |
) |
Non-Taxable |
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
Held-to-Maturity | |||||||||
Taxable |
|
(1.7 |
) |
|
(0.0 |
) |
|
(1.7 |
) |
Non-Taxable |
|
(0.0 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
|
|
(3.3 |
) |
|
1.3 |
|
|
(2.0 |
) |
Loans Held for Sale |
|
0.0 |
|
|
(0.0 |
) |
|
(0.0 |
) |
Loans and Leases | |||||||||
Commercial and Industrial |
|
1.8 |
|
|
1.9 |
|
|
3.7 |
|
Paycheck Protection Program |
|
(0.0 |
) |
|
0.0 |
|
|
(0.0 |
) |
Commercial Mortgage |
|
(0.6 |
) |
|
1.5 |
|
|
0.9 |
|
Construction |
|
2.1 |
|
|
1.3 |
|
|
3.4 |
|
Commercial Lease Financing |
|
0.0 |
|
|
0.1 |
|
|
0.1 |
|
Residential Mortgage |
|
(1.1 |
) |
|
4.7 |
|
|
3.6 |
|
Home Equity |
|
(0.7 |
) |
|
3.0 |
|
|
2.3 |
|
Automobile |
|
(0.7 |
) |
|
1.9 |
|
|
1.2 |
|
Other 2 |
|
(0.5 |
) |
|
0.9 |
|
|
0.4 |
|
Total Loans and Leases |
|
0.3 |
|
|
15.3 |
|
|
15.6 |
|
Other |
|
(0.5 |
) |
|
0.0 |
|
|
(0.5 |
) |
Total Change in Interest Income |
|
(7.3 |
) |
|
16.6 |
|
|
9.3 |
|
Change in Interest Expense: | |||||||||
Interest-Bearing Deposits | |||||||||
Demand |
|
(0.3 |
) |
|
2.6 |
|
|
2.3 |
|
Savings |
|
2.3 |
|
|
14.3 |
|
|
16.6 |
|
Time |
|
2.4 |
|
|
2.6 |
|
|
5.0 |
|
Total Interest-Bearing Deposits |
|
4.4 |
|
|
19.5 |
|
|
23.9 |
|
Securities Sold Under Agreements to Repurchase |
|
(4.0 |
) |
|
1.0 |
|
|
(3.0 |
) |
Other Debt |
|
(8.7 |
) |
|
(0.2 |
) |
|
(8.9 |
) |
Total Change in Interest Expense |
|
(8.3 |
) |
|
20.3 |
|
|
12.0 |
|
Change in Net Interest Income |
$ |
1.0 |
|
$ |
(3.7 |
) |
$ |
(2.7 |
) |
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 8c | ||||||||
Nine Months Ended |
|||||||||
Compared to |
|||||||||
(dollars in millions) | Volume 1 | Rate 1 | Total | ||||||
Change in Interest Income: | |||||||||
Interest-Bearing Deposits in Other Banks |
$ |
0.0 |
|
$ |
(0.0 |
) |
$ |
0.0 |
|
Funds Sold |
|
(2.2 |
) |
|
0.8 |
|
|
(1.4 |
) |
|
|||||||||
Available-for-Sale | |||||||||
Taxable |
|
(9.4 |
) |
|
5.2 |
|
|
(4.2 |
) |
Non-Taxable |
|
(0.1 |
) |
|
0.1 |
|
|
- |
|
Held-to-Maturity | |||||||||
Taxable |
|
(5.2 |
) |
|
(0.1 |
) |
|
(5.3 |
) |
Non-Taxable |
|
(0.0 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
|
(14.7 |
) |
|
5.1 |
|
|
(9.6 |
) |
Loans Held for Sale |
|
(0.0 |
) |
|
0.0 |
|
|
- |
|
Loans and Leases | |||||||||
Commercial and Industrial |
|
7.8 |
|
|
6.5 |
|
|
14.3 |
|
Paycheck Protection Program |
|
(0.1 |
) |
|
(0.0 |
) |
|
(0.1 |
) |
Commercial Mortgage |
|
(2.1 |
) |
|
10.4 |
|
|
8.3 |
|
Construction |
|
3.6 |
|
|
4.3 |
|
|
7.9 |
|
Commercial Lease Financing |
|
(0.0 |
) |
|
0.5 |
|
|
0.5 |
|
Residential Mortgage |
|
(2.2 |
) |
|
15.4 |
|
|
13.2 |
|
Home Equity |
|
(0.9 |
) |
|
8.9 |
|
|
8.0 |
|
Automobile |
|
(1.6 |
) |
|
5.9 |
|
|
4.3 |
|
Other 2 |
|
(1.4 |
) |
|
2.6 |
|
|
1.2 |
|
Total Loans and Leases |
|
3.1 |
|
|
54.5 |
|
|
57.6 |
|
Other |
|
(1.1 |
) |
|
0.1 |
|
|
(1.0 |
) |
Total Change in Interest Income |
|
(14.9 |
) |
|
60.5 |
|
|
45.6 |
|
Change in Interest Expense: | |||||||||
Interest-Bearing Deposits | |||||||||
Demand |
|
(1.4 |
) |
|
7.5 |
|
|
6.1 |
|
Savings |
|
4.5 |
|
|
66.3 |
|
|
70.8 |
|
Time |
|
20.8 |
|
|
15.3 |
|
|
36.1 |
|
Total Interest-Bearing Deposits |
|
23.9 |
|
|
89.1 |
|
|
113.0 |
|
Funds Purchased |
|
(1.0 |
) |
|
0.1 |
|
|
(0.9 |
) |
Short-Term Borrowings |
|
(6.2 |
) |
|
0.5 |
|
|
(5.7 |
) |
Securities Sold Under Agreements to Repurchase |
|
(14.6 |
) |
|
3.4 |
|
|
(11.2 |
) |
Other Debt |
|
(15.4 |
) |
|
(0.5 |
) |
|
(15.9 |
) |
Total Change in Interest Expense |
|
(13.3 |
) |
|
92.6 |
|
|
79.3 |
|
Change in Net Interest Income |
$ |
(1.6 |
) |
$ |
(32.1 |
) |
$ |
(33.7 |
) |
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 | Nine Months Ended | ||||||||||
|
|
|
|
||||||||
(dollars in thousands) |
|
2024 |
|
2024 |
|
2023 |
|
|
2024 |
|
2023 |
Salaries |
$ |
38,993 |
$ |
38,662 |
$ |
39,426 |
$ |
115,686 |
$ |
116,005 |
|
Incentive Compensation |
|
5,086 |
|
3,109 |
|
2,956 |
|
11,285 |
|
9,937 |
|
Retirement and Other Benefits |
|
3,692 |
|
3,961 |
|
3,809 |
|
11,952 |
|
13,186 |
|
Medical, Dental, and Life Insurance |
|
3,512 |
|
3,211 |
|
2,835 |
|
9,935 |
|
10,267 |
|
Share-Based Compensation |
|
3,364 |
|
3,296 |
|
4,072 |
|
10,459 |
|
11,327 |
|
Payroll Taxes |
|
2,839 |
|
3,070 |
|
2,921 |
|
10,639 |
|
12,079 |
|
Commission Expense |
|
979 |
|
939 |
|
676 |
|
2,490 |
|
2,098 |
|
Separation Expense |
|
161 |
|
785 |
|
2,130 |
|
1,428 |
|
5,189 |
|
Total Salaries and Benefits |
$ |
58,626 |
$ |
57,033 |
$ |
58,825 |
$ |
173,874 |
$ |
180,088 |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||
Loan and Lease Portfolio Balances | Table 10 | |||||||||
|
|
|
|
|
||||||
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
Commercial | ||||||||||
Commercial Mortgage |
$ |
3,868,566 |
$ |
3,741,140 |
$ |
3,715,032 |
$ |
3,749,016 |
$ |
3,784,339 |
Commercial and Industrial |
|
1,675,347 |
|
1,691,441 |
|
1,669,482 |
|
1,652,699 |
|
1,569,572 |
Construction |
|
319,150 |
|
315,571 |
|
323,069 |
|
304,463 |
|
251,507 |
Lease Financing |
|
60,665 |
|
59,388 |
|
57,817 |
|
59,939 |
|
61,522 |
Paycheck Protection Program |
|
6,346 |
|
7,997 |
|
10,177 |
|
11,369 |
|
12,529 |
Total Commercial |
|
5,930,074 |
|
5,815,537 |
|
5,775,577 |
|
5,777,486 |
|
5,679,469 |
Consumer | ||||||||||
Residential Mortgage |
|
4,622,677 |
|
4,595,586 |
|
4,616,900 |
|
4,684,171 |
|
4,699,140 |
Home Equity |
|
2,195,844 |
|
2,221,073 |
|
2,240,946 |
|
2,264,827 |
|
2,285,974 |
Automobile |
|
786,910 |
|
806,240 |
|
825,854 |
|
837,830 |
|
856,113 |
Other 1 |
|
383,078 |
|
392,830 |
|
394,560 |
|
400,712 |
|
398,795 |
Total Consumer |
|
7,988,509 |
|
8,015,729 |
|
8,078,260 |
|
8,187,540 |
|
8,240,022 |
Total Loans and Leases |
$ |
13,918,583 |
$ |
13,831,266 |
$ |
13,853,837 |
$ |
13,965,026 |
$ |
13,919,491 |
1 Comprised of other revolving credit, installment, and lease financing. | ||||||||||
Deposits | ||||||||||
|
|
|
|
|
||||||
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
Consumer |
$ |
10,340,466 |
$ |
10,382,432 |
$ |
10,429,004 |
$ |
10,319,809 |
$ |
10,036,261 |
Commercial |
|
8,356,239 |
|
7,995,618 |
|
8,323,330 |
|
8,601,224 |
|
8,564,536 |
Public and Other |
|
2,281,617 |
|
2,030,452 |
|
1,924,252 |
|
2,134,012 |
|
2,201,512 |
Total Deposits |
$ |
20,978,322 |
$ |
20,408,502 |
$ |
20,676,586 |
$ |
21,055,045 |
$ |
20,802,309 |
Average Deposits | ||||||||||
Three Months Ended | ||||||||||
|
|
|
|
|
||||||
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
Consumer |
$ |
10,345,772 |
$ |
10,379,724 |
$ |
10,313,730 |
$ |
10,092,727 |
$ |
9,963,690 |
Commercial |
|
8,207,310 |
|
8,188,685 |
|
8,334,540 |
|
8,581,426 |
|
8,288,891 |
Public and Other |
|
1,931,309 |
|
1,789,984 |
|
1,895,370 |
|
2,029,917 |
|
2,239,501 |
Total Deposits |
$ |
20,484,391 |
$ |
20,358,393 |
$ |
20,543,640 |
$ |
20,704,070 |
$ |
20,492,082 |
Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||||
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More | Table 11 | ||||||||||||||
|
|
|
|
|
|||||||||||
(dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|
2023 |
|||||
Non-Performing Assets | |||||||||||||||
Non-Accrual Loans and Leases | |||||||||||||||
Commercial | |||||||||||||||
Commercial and Industrial |
$ |
6,218 |
|
$ |
3,681 |
|
$ |
13 |
|
$ |
39 |
|
$ |
43 |
|
Commercial Mortgage |
|
2,680 |
|
|
2,601 |
|
|
2,714 |
|
|
2,884 |
|
|
2,996 |
|
Total Commercial |
|
8,898 |
|
|
6,282 |
|
|
2,727 |
|
|
2,923 |
|
|
3,039 |
|
Consumer | |||||||||||||||
Residential Mortgage |
|
4,269 |
|
|
2,998 |
|
|
3,199 |
|
|
2,935 |
|
|
3,706 |
|
Home Equity |
|
3,947 |
|
|
3,227 |
|
|
3,240 |
|
|
3,791 |
|
|
3,734 |
|
Total Consumer |
|
8,216 |
|
|
6,225 |
|
|
6,439 |
|
|
6,726 |
|
|
7,440 |
|
Total Non-Accrual Loans and Leases |
|
17,114 |
|
|
12,507 |
|
|
9,166 |
|
|
9,649 |
|
|
10,479 |
|
|
|
2,667 |
|
|
2,672 |
|
|
2,672 |
|
|
2,098 |
|
|
1,040 |
|
Total Non-Performing Assets |
$ |
19,781 |
|
$ |
15,179 |
|
$ |
11,838 |
|
$ |
11,747 |
|
$ |
11,519 |
|
Accruing Loans and Leases Past Due 90 Days or More | |||||||||||||||
Consumer | |||||||||||||||
Residential Mortgage |
$ |
4,421 |
|
$ |
4,524 |
|
$ |
3,378 |
|
$ |
3,814 |
|
$ |
3,519 |
|
Home Equity |
|
1,980 |
|
|
2,025 |
|
|
1,580 |
|
|
1,734 |
|
|
2,172 |
|
Automobile |
|
580 |
|
|
568 |
|
|
517 |
|
|
399 |
|
|
393 |
|
Other 1 |
|
554 |
|
|
733 |
|
|
872 |
|
|
648 |
|
|
643 |
|
Total Consumer |
|
7,535 |
|
|
7,850 |
|
|
6,347 |
|
|
6,595 |
|
|
6,727 |
|
Total Accruing Loans and Leases Past Due 90 Days or More |
$ |
7,535 |
|
$ |
7,850 |
|
$ |
6,347 |
|
$ |
6,595 |
|
$ |
6,727 |
|
Total Loans and Leases |
$ |
13,918,583 |
|
$ |
13,831,266 |
|
$ |
13,853,837 |
|
$ |
13,965,026 |
|
$ |
13,919,491 |
|
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases |
|
0.12 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
0.07 |
% |
|
0.08 |
% |
Ratio of Non-Performing Assets to Total Loans and Leases | |||||||||||||||
and |
|
0.14 |
% |
|
0.11 |
% |
|
0.09 |
% |
|
0.08 |
% |
|
0.08 |
% |
Ratio of Non-Performing Assets to Total Assets |
|
0.08 |
% |
|
0.07 |
% |
|
0.05 |
% |
|
0.05 |
% |
|
0.05 |
% |
Ratio of Commercial Non-Performing Assets to Total Commercial Loans | |||||||||||||||
and Leases and |
|
0.15 |
% |
|
0.11 |
% |
|
0.05 |
% |
|
0.05 |
% |
|
0.05 |
% |
Ratio of Consumer Non-Performing Assets to Total Consumer Loans | |||||||||||||||
and Leases and |
|
0.14 |
% |
|
0.11 |
% |
|
0.11 |
% |
|
0.11 |
% |
|
0.10 |
% |
Ratio of Non-Performing Assets and Accruing Loans and Leases | |||||||||||||||
Past Due 90 Days or More to Total Loans and Leases | |||||||||||||||
and |
|
0.20 |
% |
|
0.17 |
% |
|
0.13 |
% |
|
0.13 |
% |
|
0.13 |
% |
Quarter to Quarter Changes in Non-Performing Assets | |||||||||||||||
Balance at Beginning of Quarter |
$ |
15,179 |
|
$ |
11,838 |
|
$ |
11,747 |
|
$ |
11,519 |
|
$ |
11,477 |
|
Additions |
|
5,557 |
|
|
5,257 |
|
|
1,652 |
|
|
2,683 |
|
|
1,318 |
|
Reductions | |||||||||||||||
Payments |
|
(734 |
) |
|
(844 |
) |
|
(921 |
) |
|
(2,018 |
) |
|
(1,017 |
) |
Return to Accrual Status |
|
(81 |
) |
|
(1,018 |
) |
|
(617 |
) |
|
(437 |
) |
|
(259 |
) |
Charge-offs / Write-downs |
|
(140 |
) |
|
(54 |
) |
|
(23 |
) |
|
- |
|
|
- |
|
Total Reductions |
|
(955 |
) |
|
(1,916 |
) |
|
(1,561 |
) |
|
(2,455 |
) |
|
(1,276 |
) |
Balance at End of Quarter |
$ |
19,781 |
|
$ |
15,179 |
|
$ |
11,838 |
|
$ |
11,747 |
|
$ |
11,519 |
|
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 | Nine Months Ended | |||||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||||
(dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
Balance at Beginning of Period |
$ |
151,155 |
|
$ |
152,148 |
|
$ |
151,702 |
|
$ |
152,429 |
|
$ |
151,247 |
|
|
Loans and Leases Charged-Off | ||||||||||||||||
Commercial | ||||||||||||||||
Commercial and Industrial |
|
(1,021 |
) |
|
(875 |
) |
|
(294 |
) |
|
(2,256 |
) |
|
(758 |
) |
|
Consumer | ||||||||||||||||
Residential Mortgage |
|
- |
|
|
(48 |
) |
|
- |
|
|
(48 |
) |
|
(6 |
) |
|
Home Equity |
|
(125 |
) |
|
(202 |
) |
|
(13 |
) |
|
(362 |
) |
|
(68 |
) |
|
Automobile |
|
(1,651 |
) |
|
(1,095 |
) |
|
(1,353 |
) |
|
(3,794 |
) |
|
(4,309 |
) |
|
Other 1 |
|
(2,539 |
) |
|
(2,610 |
) |
|
(1,957 |
) |
|
(7,461 |
) |
|
(6,296 |
) |
|
Total Loans and Leases Charged-Off |
|
(5,336 |
) |
|
(4,830 |
) |
|
(3,617 |
) |
|
(13,921 |
) |
|
(11,437 |
) |
|
Recoveries on Loans and Leases Previously Charged-Off | ||||||||||||||||
Commercial | ||||||||||||||||
Commercial and Industrial |
|
66 |
|
|
263 |
|
|
72 |
|
|
445 |
|
|
225 |
|
|
Consumer | ||||||||||||||||
Residential Mortgage |
|
48 |
|
|
63 |
|
|
69 |
|
|
153 |
|
|
188 |
|
|
Home Equity |
|
318 |
|
|
113 |
|
|
131 |
|
|
615 |
|
|
893 |
|
|
Automobile |
|
552 |
|
|
481 |
|
|
721 |
|
|
1,559 |
|
|
2,170 |
|
|
Other 1 |
|
522 |
|
|
517 |
|
|
575 |
|
|
1,645 |
|
|
1,867 |
|
|
Total Recoveries on Loans and Leases Previously Charged-Off |
|
1,506 |
|
|
1,437 |
|
|
1,568 |
|
|
4,417 |
|
|
5,343 |
|
|
Net Charged-Off - Loans and Leases |
|
(3,830 |
) |
|
(3,393 |
) |
|
(2,049 |
) |
|
(9,504 |
) |
|
(6,094 |
) |
|
Provision for Credit Losses: | ||||||||||||||||
Loans and Leases |
|
3,684 |
|
|
3,206 |
|
|
1,945 |
|
|
10,432 |
|
|
6,918 |
|
|
Unfunded Commitments |
|
(684 |
) |
|
(806 |
) |
|
55 |
|
|
(3,032 |
) |
|
(418 |
) |
|
Total Provision for Credit Losses |
|
3,000 |
|
|
2,400 |
|
|
2,000 |
|
|
7,400 |
|
|
6,500 |
|
|
Balance at End of Period |
$ |
150,325 |
|
$ |
151,155 |
|
$ |
151,653 |
|
$ |
150,325 |
|
$ |
151,653 |
|
|
Components | ||||||||||||||||
Allowance for Credit Losses - Loans and Leases |
$ |
147,331 |
|
$ |
147,477 |
|
$ |
145,263 |
|
$ |
147,331 |
|
$ |
145,263 |
|
|
Reserve for Unfunded Commitments |
|
2,994 |
|
|
3,678 |
|
|
6,390 |
|
|
2,994 |
|
|
6,390 |
|
|
Total Reserve for Credit Losses |
$ |
150,325 |
|
$ |
151,155 |
|
$ |
151,653 |
|
$ |
150,325 |
|
$ |
151,653 |
|
|
Average Loans and Leases Outstanding |
$ |
13,809,977 |
|
$ |
13,831,797 |
|
$ |
13,903,214 |
|
$ |
13,836,760 |
|
$ |
13,833,164 |
|
|
Ratio of Net Loans and Leases Charged-Off to | ||||||||||||||||
Average Loans and Leases Outstanding (annualized) |
|
0.11 |
% |
|
0.10 |
% |
|
0.06 |
% |
|
0.09 |
% |
|
0.06 |
% |
|
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 2 |
|
1.06 |
% |
|
1.07 |
% |
|
1.04 |
% |
|
1.06 |
% |
|
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 13a | |||||||||||
Consumer | Commercial |
|
Consolidated | |||||||||
(dollars in thousands) | Banking | Banking | and Other | Total | ||||||||
Three Months Ended September 30, 2024 | ||||||||||||
Net Interest Income (Expense) |
$ |
97,919 |
|
$ |
50,556 |
|
$ |
(30,857 |
) |
$ |
117,618 |
|
Provision for Credit Losses |
|
3,058 |
|
|
772 |
|
|
(830 |
) |
|
3,000 |
|
Net Interest Income (Expense) After Provision for Credit Losses |
|
94,861 |
|
|
49,784 |
|
|
(30,027 |
) |
|
114,618 |
|
Noninterest Income |
|
34,133 |
|
|
7,786 |
|
|
3,191 |
|
|
45,110 |
|
Noninterest Expense |
|
(84,712 |
) |
|
(18,825 |
) |
|
(3,555 |
) |
|
(107,092 |
) |
Income (Loss) Before Income Taxes |
|
44,282 |
|
|
38,745 |
|
|
(30,391 |
) |
|
52,636 |
|
Provision for Income Taxes |
|
(11,289 |
) |
|
(9,816 |
) |
|
8,827 |
|
|
(12,278 |
) |
Net Income (Loss) |
$ |
32,993 |
|
$ |
28,929 |
|
$ |
(21,564 |
) |
$ |
40,358 |
|
Total Assets as of September 30, 2024 |
$ |
8,308,389 |
|
$ |
5,952,321 |
|
$ |
9,538,464 |
|
$ |
23,799,174 |
|
Three Months Ended September 30, 2023 1 | ||||||||||||
Net Interest Income (Expense) |
$ |
98,984 |
|
$ |
52,066 |
|
$ |
(30,113 |
) |
$ |
120,937 |
|
Provision for Credit Losses |
|
1,974 |
|
|
74 |
|
|
(48 |
) |
|
2,000 |
|
Net Interest Income (Expense) After Provision for Credit Losses |
|
97,010 |
|
|
51,992 |
|
|
(30,065 |
) |
|
118,937 |
|
Noninterest Income |
|
31,027 |
|
|
8,483 |
|
|
10,824 |
|
|
50,334 |
|
Noninterest Expense |
|
(81,377 |
) |
|
(18,937 |
) |
|
(5,287 |
) |
|
(105,601 |
) |
Income (Loss) Before Income Taxes |
|
46,660 |
|
|
41,538 |
|
|
(24,528 |
) |
|
63,670 |
|
Provision for Income Taxes |
|
(12,073 |
) |
|
(10,523 |
) |
|
6,829 |
|
|
(15,767 |
) |
Net Income (Loss) |
$ |
34,587 |
|
$ |
31,015 |
|
$ |
(17,699 |
) |
$ |
47,903 |
|
Total Assets as of September 30, 2023 |
$ |
8,584,796 |
|
$ |
5,719,577 |
|
$ |
9,245,412 |
|
$ |
23,549,785 |
|
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 |
|
Consolidated | |||||||||
(dollars in thousands) | Banking | Banking | and Other | Total | ||||||||
Nine Months Ended September 30, 2024 | ||||||||||||
Net Interest Income (Expense) |
$ |
293,118 |
|
$ |
152,934 |
|
$ |
(99,650 |
) |
$ |
346,402 |
|
Provision for Credit Losses |
|
8,218 |
|
|
1,239 |
|
|
(2,057 |
) |
|
7,400 |
|
Net Interest Income (Expense) After Provision for Credit Losses |
|
284,900 |
|
|
151,695 |
|
|
(97,593 |
) |
|
339,002 |
|
Noninterest Income |
|
99,768 |
|
|
21,278 |
|
|
8,436 |
|
|
129,482 |
|
Noninterest Expense |
|
(254,428 |
) |
|
(55,478 |
) |
|
(12,271 |
) |
|
(322,177 |
) |
Income (Loss) Before Income Taxes |
|
130,240 |
|
|
117,495 |
|
|
(101,428 |
) |
|
146,307 |
|
Provision for Income Taxes |
|
(33,154 |
) |
|
(29,711 |
) |
|
27,390 |
|
|
(35,475 |
) |
Net Income (Loss) |
$ |
97,086 |
|
$ |
87,784 |
|
$ |
(74,038 |
) |
$ |
110,832 |
|
Total Assets as of September 30, 2024 |
$ |
8,308,389 |
|
$ |
5,952,321 |
|
$ |
9,538,464 |
|
$ |
23,799,174 |
|
Nine Months Ended September 30, 2023 1 | ||||||||||||
Net Interest Income (Expense) |
$ |
293,681 |
|
$ |
159,864 |
|
$ |
(72,305 |
) |
$ |
381,240 |
|
Provision for Credit Losses |
|
6,035 |
|
|
59 |
|
|
406 |
|
|
6,500 |
|
Net Interest Income (Expense) After Provision for Credit Losses |
|
287,646 |
|
|
159,805 |
|
|
(72,711 |
) |
|
374,740 |
|
Noninterest Income |
|
94,126 |
|
|
25,072 |
|
|
15,128 |
|
|
134,326 |
|
Noninterest Expense |
|
(247,543 |
) |
|
(58,528 |
) |
|
(15,485 |
) |
|
(321,556 |
) |
Income (Loss) Before Income Taxes |
|
134,229 |
|
|
126,349 |
|
|
(73,068 |
) |
|
187,510 |
|
Provision for Income Taxes |
|
(34,566 |
) |
|
(31,345 |
) |
|
19,207 |
|
|
(46,704 |
) |
Net Income (Loss) |
$ |
99,663 |
|
$ |
95,004 |
|
$ |
(53,861 |
) |
$ |
140,806 |
|
Total Assets as of September 30, 2023 |
$ |
8,584,796 |
|
$ |
5,719,577 |
|
$ |
9,245,412 |
|
$ |
23,549,785 |
|
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 | |||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
(dollars in thousands, except per share amounts) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
Quarterly Operating Results | |||||||||||||||
Interest Income | |||||||||||||||
Interest and Fees on Loans and Leases |
$ |
166,286 |
|
$ |
163,208 |
|
$ |
159,336 |
|
$ |
158,324 |
|
$ |
151,245 |
|
Income on Investment Securities | |||||||||||||||
Available-for-Sale |
|
23,257 |
|
|
21,468 |
|
|
21,757 |
|
|
22,782 |
|
|
23,552 |
|
Held-to-Maturity |
|
21,107 |
|
|
21,595 |
|
|
22,136 |
|
|
22,589 |
|
|
22,838 |
|
Deposits |
|
29 |
|
|
25 |
|
|
30 |
|
|
23 |
|
|
18 |
|
Funds Sold |
|
8,951 |
|
|
6,114 |
|
|
6,127 |
|
|
5,705 |
|
|
12,828 |
|
Other |
|
1,018 |
|
|
1,120 |
|
|
970 |
|
|
924 |
|
|
1,464 |
|
Total Interest Income |
|
220,648 |
|
|
213,530 |
|
|
210,356 |
|
|
210,347 |
|
|
211,945 |
|
Interest Expense | |||||||||||||||
Deposits |
|
96,067 |
|
|
91,542 |
|
|
89,056 |
|
|
87,121 |
|
|
72,153 |
|
Securities Sold Under Agreements to Repurchase |
|
993 |
|
|
1,180 |
|
|
1,443 |
|
|
1,459 |
|
|
4,034 |
|
Funds Purchased |
|
- |
|
|
44 |
|
|
- |
|
|
- |
|
|
- |
|
Other Debt |
|
5,970 |
|
|
5,918 |
|
|
5,919 |
|
|
5,982 |
|
|
14,821 |
|
Total Interest Expense |
|
103,030 |
|
|
98,684 |
|
|
96,418 |
|
|
94,562 |
|
|
91,008 |
|
Net Interest Income |
|
117,618 |
|
|
114,846 |
|
|
113,938 |
|
|
115,785 |
|
|
120,937 |
|
Provision for Credit Losses |
|
3,000 |
|
|
2,400 |
|
|
2,000 |
|
|
2,500 |
|
|
2,000 |
|
Net Interest Income After Provision for Credit Losses |
|
114,618 |
|
|
112,446 |
|
|
111,938 |
|
|
113,285 |
|
|
118,937 |
|
Noninterest Income | |||||||||||||||
Fees, Exchange, and Other Service Charges |
|
14,945 |
|
|
13,769 |
|
|
14,123 |
|
|
13,774 |
|
|
13,824 |
|
Trust and Asset Management |
|
11,916 |
|
|
12,223 |
|
|
11,189 |
|
|
11,144 |
|
|
10,548 |
|
Service Charges on Deposit Accounts |
|
8,075 |
|
|
7,730 |
|
|
7,947 |
|
|
7,949 |
|
|
7,843 |
|
Bank-Owned Life Insurance |
|
3,533 |
|
|
3,396 |
|
|
3,356 |
|
|
3,176 |
|
|
2,749 |
|
Annuity and Insurance |
|
1,460 |
|
|
1,583 |
|
|
1,046 |
|
|
1,271 |
|
|
1,156 |
|
Mortgage Banking |
|
1,188 |
|
|
1,028 |
|
|
951 |
|
|
1,016 |
|
|
1,059 |
|
Investment Securities Losses, Net |
|
(1,103 |
) |
|
(1,601 |
) |
|
(1,497 |
) |
|
(1,619 |
) |
|
(6,734 |
) |
Other |
|
5,096 |
|
|
3,959 |
|
|
5,170 |
|
|
5,572 |
|
|
19,889 |
|
Total Noninterest Income |
|
45,110 |
|
|
42,087 |
|
|
42,285 |
|
|
42,283 |
|
|
50,334 |
|
Noninterest Expense | |||||||||||||||
Salaries and Benefits |
|
58,626 |
|
|
57,033 |
|
|
58,215 |
|
|
53,991 |
|
|
58,825 |
|
Net Occupancy |
|
10,806 |
|
|
10,559 |
|
|
10,456 |
|
|
9,734 |
|
|
10,327 |
|
Net Equipment |
|
10,120 |
|
|
10,355 |
|
|
10,103 |
|
|
9,826 |
|
|
9,477 |
|
Professional Fees |
|
4,725 |
|
|
4,929 |
|
|
4,677 |
|
|
5,079 |
|
|
3,846 |
|
Data Processing |
|
4,712 |
|
|
4,745 |
|
|
4,770 |
|
|
4,948 |
|
|
4,706 |
|
FDIC Insurance |
|
3,355 |
|
|
7,170 |
|
|
3,614 |
|
|
18,545 |
|
|
3,361 |
|
Other |
|
14,748 |
|
|
14,435 |
|
|
14,024 |
|
|
13,839 |
|
|
15,059 |
|
Total Noninterest Expense |
|
107,092 |
|
|
109,226 |
|
|
105,859 |
|
|
115,962 |
|
|
105,601 |
|
Income Before Provision for Income Taxes |
|
52,636 |
|
|
45,307 |
|
|
48,364 |
|
|
39,606 |
|
|
63,670 |
|
Provision for Income Taxes |
|
12,278 |
|
|
11,224 |
|
|
11,973 |
|
|
9,210 |
|
|
15,767 |
|
Net Income |
$ |
40,358 |
|
$ |
34,083 |
|
$ |
36,391 |
|
$ |
30,396 |
|
$ |
47,903 |
|
Preferred Stock Dividends |
|
3,436 |
|
|
1,969 |
|
|
1,969 |
|
|
1,969 |
|
|
1,969 |
|
Net Income Available to Common Shareholders |
$ |
36,922 |
|
$ |
32,114 |
|
$ |
34,422 |
|
$ |
28,427 |
|
$ |
45,934 |
|
Basic Earnings Per Common Share |
$ |
0.94 |
|
$ |
0.81 |
|
$ |
0.87 |
|
$ |
0.72 |
|
$ |
1.17 |
|
Diluted Earnings Per Common Share |
$ |
0.93 |
|
$ |
0.81 |
|
$ |
0.87 |
|
$ |
0.72 |
|
$ |
1.17 |
|
Balance Sheet Totals | |||||||||||||||
Loans and Leases |
$ |
13,918,583 |
|
$ |
13,831,266 |
|
$ |
13,853,837 |
|
$ |
13,965,026 |
|
$ |
13,919,491 |
|
Total Assets |
|
23,799,174 |
|
|
23,300,768 |
|
|
23,420,860 |
|
|
23,733,296 |
|
|
23,549,785 |
|
Total Deposits |
|
20,978,322 |
|
|
20,408,502 |
|
|
20,676,586 |
|
|
21,055,045 |
|
|
20,802,309 |
|
Total Shareholders' Equity |
|
1,665,474 |
|
|
1,612,849 |
|
|
1,435,977 |
|
|
1,414,242 |
|
|
1,363,840 |
|
Performance Ratios | |||||||||||||||
Return on Average Assets |
|
0.69 |
% |
|
0.59 |
% |
|
0.63 |
% |
|
0.51 |
% |
|
0.78 |
% |
Return on Average Shareholders' Equity |
|
9.90 |
|
|
9.53 |
|
|
10.34 |
|
|
8.86 |
|
|
13.92 |
|
Return on Average Common Equity |
|
11.50 |
|
|
10.41 |
|
|
11.20 |
|
|
9.55 |
|
|
15.38 |
|
Efficiency Ratio 1 |
|
65.81 |
|
|
69.60 |
|
|
67.76 |
|
|
73.36 |
|
|
61.66 |
|
Net Interest Margin 2 |
|
2.18 |
|
|
2.15 |
|
|
2.11 |
|
|
2.13 |
|
|
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 | |||||||||||||
Eight Months Ended | Year Ended | |||||||||||||
(dollars in millions; jobs in thousands) | August 31, 2024 | December 31, 2023 | December 31, 2022 | |||||||||||
Hawaii Economic Trends | ||||||||||||||
State General Fund Revenues 1 |
$ |
6,568.2 |
1.5 |
% |
$ |
9,504.1 |
|
0.7 |
% |
$ |
9,441.3 |
|
16.0 |
% |
General Excise and Use Tax Revenue 1 |
|
3,094.1 |
2.2 |
|
|
4,474.1 |
|
4.9 |
|
|
4,263.4 |
|
18.3 |
|
Jobs 2 |
|
651.1 |
|
655.2 |
|
|
653.3 |
|
||||||
September 30, | December 31, | |||||||||||||
2024 |
2023 |
2022 |
||||||||||||
Unemployment, seasonally adjusted 2 | ||||||||||||||
Statewide |
2.9 |
% |
|
3.0 |
% |
3.2 |
% |
|||||||
|
2.8 |
|
|
2.6 |
|
3.1 |
|
|||||||
|
3.2 |
|
|
2.8 |
|
3.5 |
|
|||||||
|
2.5 |
|
|
6.2 |
|
3.5 |
|
|||||||
|
3.5 |
|
|
2.5 |
|
3.1 |
|
|||||||
September 30, | 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) |
|
5.8 |
% |
(26.3 |
)% |
|
(23.2 |
)% |
17.9 |
% |
||||
Months of Inventory |
|
3.4 |
|
2.8 |
|
|
2.1 |
|
0.8 |
|
||||
Monthly Visitor Arrivals, | Percentage Change | |||||||||||||
(in thousands, except percent change) | Not Seasonally Adjusted | from Previous Year | ||||||||||||
Tourism 4 | ||||||||||||||
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 |
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 |
|
||||||||||
|
|
|
|
|
|
|
||||||||
1 Source: Hawaii Department of Business, Economic Development & Tourism | ||||||||||||||
2 Source: |
||||||||||||||
3 Source: |
||||||||||||||
4 Source: Hawaii Tourism Authority |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241028191210/en/
Investor/Analyst Inquiries
Email: Chang.Park@boh.com
Phone: 808-694-8238
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Phone: 808-694-8384
Mobile: 808-859-1703
Source: Bank of Hawai‘i Corporation