Bank of Hawai'i Corporation First Quarter 2024 Financial Results

4/22/24 6:45:00 AM ET

Major Banks

Finance

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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

¹Certain 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 Revenues¹	$	1,604.2	3.8	%	$	9,504.1		0.7	%	$	9,441.3		16.0	%
General Excise and Use Tax Revenue¹		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 adjusted²
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/

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Date	Price Target	Rating	Analyst
10/2/2024	$60.00 → $67.00	Underperform → Mkt Perform	Keefe Bruyette
8/12/2024	$70.00 → $61.00	Neutral → Underweight	Piper Sandler
3/8/2024	$51.00	Underweight	Barclays
7/25/2023	$47.00	Mkt Perform → Underperform	Keefe Bruyette
6/7/2023	$31.00	Sell	Odeon
1/24/2023	$71.00	Buy → Neutral	Compass Point
10/11/2021	$87.00 → $84.00	Hold	Jefferies

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