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    Bank of Hawai'i Corporation First Quarter 2025 Financial Results

    4/21/25 6:45:00 AM ET
    $BOH
    Major Banks
    Finance
    Get the next $BOH alert in real time by email
    • Diluted Earnings Per Common Share of $0.97
    • Net Income of $44.0 Million
    • Net Interest Income $125.8 Million
    • Net Interest Margin 2.32%
    • Board of Directors Declares Dividend of $0.70 Per Common Share

    Bank of Hawai‘i Corporation (NYSE:BOH) (the "Company") today reported diluted earnings per common share of $0.97 for the first quarter of 2025, compared with $0.85 during the linked quarter and $0.87 during the same period last year. Net income for the first quarter of 2025 was $44.0 million, up 12.3% from the linked quarter and up 20.9% from the same period last year. The return on average common equity for the first quarter of 2025 was 11.80% compared with 10.30% during the linked quarter and 11.20% during the same period last year.

    This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250421638559/en/

    "Bank of Hawai‘i started 2025 with strong financial results," said Peter Ho, Chairman and CEO. "In the first quarter, our net interest income and net interest margin both improved meaningfully for the fourth consecutive quarter. Average loan balances grew while average deposit balances held steady. We continued to optimize our balance sheet and our credit quality remained excellent."

    Financial Highlights

    Net interest income for the first quarter of 2025 was $125.8 million, an increase of 4.7% from the linked quarter and an increase of 10.4% as compared to the same period last year. The increase from the previous quarter was primarily due to lower interest-bearing deposit rates and slowing of the shift from noninterest-bearing and interest-bearing accounts yielding less than 10 basis points to higher interest-bearing deposit accounts (deposit mix shift), partially offset by lower average balance of our earning asset balances and lower earning asset yields. The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of deposit mix shift, higher earning asset yields and higher average balance of our earning assets, partially offset by lower average balance of noninterest-bearing deposits.

    Net interest margin was 2.32% in the first quarter of 2025, an increase of 13 basis points from the linked quarter and an increase of 21 basis points from the same period last year. The increase from the previous quarter was primarily due to lower interest-bearing deposit rates and slowing of deposit mix shift, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of deposit mix shift and higher earning asset yields.

    The average yield on loans and leases was 4.72% in the first quarter of 2025, down 1 basis point from the linked quarter and up 9 basis points from the same period last year. The average yield on total earning assets was 3.95% in the first quarter of 2025, down 2 basis points from the linked quarter and up 6 basis points from the same period last year. The average rate of interest-bearing deposits was 2.16% in the first quarter of 2025, down 21 basis points from the linked quarter and down 23 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.60%, down 17 basis points from the linked quarter and down 14 basis points from the same period last year. The changes in yields and rates over the prior periods reflected the lower rate environment, including lower benchmark interest rates.

    Noninterest income was $44.1 million in the first quarter of 2025, an increase of 2.3% from the linked quarter and an increase of 4.2% from the same period in 2024. The increase from the linked quarter was primarily due to a decrease in investment securities losses and increases in bank-owned life insurance income and annuity and insurance income, partially offset by decreases in trust and asset management income, service charges on deposit accounts and other income. The increase from the same period last year was primarily due to increases in trust and asset management income, service charges on deposit accounts, bank-owned life insurance income and annuity and insurance income.

    Noninterest expense was $110.5 million in the first quarter of 2025, an increase of 2.3% from the linked quarter and an increase of 4.3% from the same period last year. The increase from the prior periods was primarily due to higher salaries and benefits and other expenses, partially offset by lower FDIC insurance and professional fees.

    The effective tax rate for the first quarter of 2025 was 21.67% compared with 24.02% during the linked quarter and 24.76% during the same period last year. The lower effective tax rate in the current quarter as compared to the linked quarter was primarily due to a decrease in disallowed compensation and an increase in tax benefits associated with certain tax advantaged investments. Compared to the same period last year, the decrease was primarily due to an increase in tax benefits associated with certain tax advantaged investments and a decrease in tax expense from discrete items.

    Asset Quality

    The Company's overall asset quality remained strong during the first quarter of 2025. Provision for credit losses for the first quarter of 2025 was $3.3 million compared with $3.8 million in the linked quarter and $2.0 million in the same period last year.

    Total non-performing assets were $17.5 million at March 31, 2025, down $1.8 million from December 31, 2024 and up $5.6 million from March 31, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.12% at the end of the quarter, a decrease of 2 basis points from the linked quarter and an increase of 3 basis points from the same period last year.

    Net loan and lease charge-offs during the first quarter of 2025 were $4.4 million or 13 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.7 million partially offset by gross recoveries of $1.3 million. Compared to the linked quarter, net loan and lease charge-offs increased by $1.0 million or 3 basis points annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $2.1 million or 6 basis points annualized on total average loans and leases outstanding.

    The allowance for credit losses on loans and leases was $147.7 million at March 31, 2025, a decrease of $0.8 million from December 31, 2024 and flat from March 31, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.05% at the end of the quarter, down 1 basis point from the linked quarter and down 2 basis points from the same period last year.

    Balance Sheet

    Total assets were $23.9 billion at March 31, 2025, an increase of 1.2% from December 31, 2024 and an increase of 2.0% from March 31, 2024. The increase from the linked quarter was primarily due to increases in cash and cash equivalents and investment securities. The increase from the same period last year was primarily due to increases in loans and investment securities.

    The investment securities portfolio was $7.4 billion at March 31, 2025, an increase of 1.6% from December 31, 2024 and an increase of 2.2% from March 31, 2024. The increase from the prior periods was primarily due to the purchases of investment securities, partially offset by cashflows from the portfolio. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

    Total loans and leases were $14.1 billion at March 31, 2025, an increase of 0.3% from December 31, 2024 and an increase of 1.9% from March 31, 2024. Total commercial loans were $6.2 billion at March 31, 2025, an increase of 1.2% from December 31, 2024 and an increase of 7.3% from March 31, 2024. The increase from the linked quarter was primarily due to loan production within our construction portfolio. The increase from the same period last year was primarily due to loan production within our commercial mortgage portfolio. Total consumer loans were $7.9 billion at March 31, 2025, a decrease of 0.4% from the linked quarter and a decrease of 2.0% from the same period last year. The decrease from the prior periods was due to declines in our home equity and automobile portfolios.

    Total deposits were $21.0 billion at March 31, 2025, an increase of 1.8% from December 31, 2024 and an increase of 1.6% from March 31, 2024. Noninterest-bearing deposits made up 26.1% of total deposit balances at March 31, 2025, down from 26.3% at December 31, 2024 and down from 26.8% at March 31, 2024. Average total deposits were $20.7 billion for the first quarter of 2025, down 0.4% from $20.8 billion in the linked quarter and up 0.6% from $20.5 billion in the same period last year.

    Capital and Dividends

    The Company's capital levels remain well above regulatory well-capitalized minimums.

    The Tier 1 Capital Ratio was 13.93% at March 31, 2025 compared with 13.95% at December 31, 2024 and 12.74% at March 31, 2024. The decrease from the linked quarter were due to increases in risk-weighted assets, partially offset by retained earnings growth. The increase from the same period last year was primarily due to the issuance of $165.0 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, at a rate of 8.00% in the second quarter of 2024. The Tier 1 Leverage Ratio was 8.36% at March 31, 2025, compared with 8.31% at December 31, 2024 and 7.62% at March 31, 2024. The increase from the linked quarter were due to a decrease in average total assets and an increase in retained earnings.

    No shares of common stock were repurchased under the share repurchase program in the first quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2025.

    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 13, 2025 to shareholders of record at the close of business on May 30, 2025.

    On April 4, 2025, the Company announced that the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol "BOH.PRA" and "BOH.PRB", respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on May 1, 2025 to shareholders of record of the preferred stock as of the close of business on April 16, 2025.

    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-conf.media-server.com/register/BI61ce682f562949d3b8f602272bc03f6e. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, April 21, 2025. The replay will be available on the Company's website, www.boh.com.

    Investor Announcements

    Investors and others should note that the Company intends to announce financial and other information to the Company's investors using the Company's investor relations website at https://ir.boh.com, social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company's disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.

    Forward-Looking Statements

    This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 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)

    2025

    2024

    2024

    For the Period:
    Operating Results
    Net Interest Income

    $

    125,807

    $

    120,178

    $

    113,938

    Provision for Credit Losses

     

    3,250

     

    3,750

     

    2,000

    Total Noninterest Income

     

    44,058

     

    43,047

     

    42,285

    Total Noninterest Expense

     

    110,459

     

    107,931

     

    105,859

    Pre-Provision Net Revenue

     

    59,406

     

    55,294

     

    50,364

    Net Income

     

    43,985

     

    39,162

     

    36,391

    Net Income Available to Common Shareholders

     

    38,716

     

    33,893

     

    34,422

    Basic Earnings Per Common Share

     

    0.98

     

    0.86

     

    0.87

    Diluted Earnings Per Common Share

     

    0.97

     

    0.85

     

    0.87

    Dividends Declared Per Common Share

     

    0.70

     

    0.70

     

    0.70

     
    Performance Ratios
    Return on Average Assets

     

    0.75

    %

     

    0.66

    %

     

    0.63

    %

    Return on Average Shareholders' Equity

     

    10.65

     

    9.42

     

    10.34

    Return on Average Common Equity

     

    11.80

     

    10.30

     

    11.20

    Efficiency Ratio 1

     

    65.03

     

    66.12

     

    67.76

    Net Interest Margin 2

     

    2.32

     

    2.19

     

    2.11

    Dividend Payout Ratio 3

     

    71.43

     

    81.40

     

    80.46

    Average Shareholders' Equity to Average Assets

     

    7.09

     

    6.98

     

    6.08

     
    Average Balances
    Average Loans and Leases

    $

    14,062,173

    $

    13,964,687

    $

    13,868,800

    Average Assets

     

    23,638,068

     

    23,682,494

     

    23,281,566

    Average Deposits

     

    20,669,539

     

    20,756,682

     

    20,543,640

    Average Shareholders' Equity

     

    1,675,571

     

    1,654,156

     

    1,416,102

     
    Per Share of Common Stock
    Book Value

    $

    34.23

    $

    33.27

    $

    31.62

    Tangible Book Value

     

    33.43

     

    32.47

     

    30.83

    Market Value
    Closing

     

    68.97

     

    71.24

     

    62.39

    High

     

    76.00

     

    82.70

     

    73.73

    Low

     

    65.82

     

    60.58

     

    58.38

     
    March 31, December 31, March 31,

    2025

    2024

    2024

    As of Period End:
    Balance Sheet Totals
    Loans and Leases

    $

    14,115,323

    $

    14,075,980

    $

    13,853,837

    Total Assets

     

    23,885,056

     

    23,601,114

     

    23,420,860

    Total Deposits

     

    21,008,217

     

    20,633,037

     

    20,676,586

    Other Debt

     

    558,250

     

    558,274

     

    560,163

    Total Shareholders' Equity

     

    1,704,935

     

    1,667,774

     

    1,435,977

     
    Asset Quality
    Non-Performing Assets

    $

    17,451

    $

    19,300

    $

    11,838

    Allowance for Credit Losses - Loans and Leases

     

    147,707

     

    148,528

     

    147,664

    Allowance to Loans and Leases Outstanding 4

     

    1.05

    %

     

    1.06

    %

     

    1.07

    %

     
    Capital Ratios 5
    Common Equity Tier 1 Capital Ratio

     

    11.58

    %

     

    11.59

    %

     

    11.50

    %

    Tier 1 Capital Ratio

     

    13.93

     

    13.95

     

    12.74

    Total Capital Ratio

     

    14.97

     

    15.00

     

    13.81

    Tier 1 Leverage Ratio

     

    8.36

     

    8.31

     

    7.62

    Total Shareholders' Equity to Total Assets

     

    7.14

     

    7.07

     

    6.13

    Tangible Common Equity to Tangible Assets 6

     

    5.57

     

    5.48

     

    5.24

    Tangible Common Equity to Risk-Weighted Assets 6

     

    9.28

     

    9.08

     

    8.70

     
    Non-Financial Data
    Full-Time Equivalent Employees

     

    1,876

     

    1,865

     

    1,891

    Branches

     

    50

     

    50

     

    50

    ATMs

     

    316

     

    317

     

    315

     
    1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
    2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
    3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
    4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
    5 Regulatory capital ratios as of March 31, 2025 are preliminary.
    6 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 2 "Reconciliation of Non-GAAP Financial Measures".
    Bank of Hawai‘i Corporation and Subsidiaries
    Reconciliation of Non-GAAP Financial Measures Table 2
    March 31, December 31, March 31,
    (dollars in thousands)

    2025

    2024

    2024

     
    Total Shareholders' Equity

    $

    1,704,935

    $

    1,667,774

    $

    1,435,977

    Less: Preferred Stock

     

    345,000

     

    345,000

     

    180,000

    Goodwill

     

    31,517

     

    31,517

     

    31,517

    Tangible Common Equity

    $

    1,328,418

    $

    1,291,257

    $

    1,224,460

     
    Total Assets

    $

    23,885,056

    $

    23,601,114

    $

    23,420,860

    Less: Goodwill

     

    31,517

     

    31,517

     

    31,517

    Tangible Assets

    $

    23,853,539

    $

    23,569,597

    $

    23,389,343

     
    Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1

    $

    14,319,932

    $

    14,225,908

    $

    14,071,841

     
    Total Shareholders' Equity to Total Assets

     

    7.14%

     

    7.07%

     

    6.13%

    Tangible Common Equity to Tangible Assets (Non-GAAP)

     

    5.57%

     

    5.48%

     

    5.24%

     
    Tier 1 Capital Ratio 1

     

    13.93%

     

    13.95%

     

    12.74%

    Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1

     

    9.28%

     

    9.08%

     

    8.70%

     
    1 Regulatory capital ratios as of March 31, 2025 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)

    2025

    2024

    2024

    Interest Income
    Interest and Fees on Loans and Leases

    $

    163,082

     

    $

    164,785

     

    $

    159,336

     

    Income on Investment Securities
    Available-for-Sale

     

    24,368

     

     

    23,223

     

     

    21,757

     

    Held-to-Maturity

     

    20,291

     

     

    20,677

     

     

    22,136

     

    Cash and Cash Equivalents

     

    5,460

     

     

    9,425

     

     

    6,157

     

    Other

     

    1,085

     

     

    1,107

     

     

    970

     

    Total Interest Income

     

    214,286

     

     

    219,217

     

     

    210,356

     

    Interest Expense
    Deposits

     

    81,692

     

     

    92,099

     

     

    89,056

     

    Securities Sold Under Agreements to Repurchase

     

    744

     

     

    992

     

     

    1,443

     

    Other Debt

     

    6,043

     

     

    5,948

     

     

    5,919

     

    Total Interest Expense

     

    88,479

     

     

    99,039

     

     

    96,418

     

    Net Interest Income

     

    125,807

     

     

    120,178

     

     

    113,938

     

    Provision for Credit Losses

     

    3,250

     

     

    3,750

     

     

    2,000

     

    Net Interest Income After Provision for Credit Losses

     

    122,557

     

     

    116,428

     

     

    111,938

     

    Noninterest Income
    Fees, Exchange, and Other Service Charges

     

    14,437

     

     

    14,399

     

     

    14,123

     

    Trust and Asset Management

     

    11,741

     

     

    12,157

     

     

    11,189

     

    Service Charges on Deposit Accounts

     

    8,259

     

     

    8,678

     

     

    7,947

     

    Bank-Owned Life Insurance

     

    3,611

     

     

    3,283

     

     

    3,356

     

    Annuity and Insurance

     

    1,555

     

     

    1,347

     

     

    1,046

     

    Mortgage Banking

     

    988

     

     

    942

     

     

    951

     

    Investment Securities Losses, Net

     

    (1,607

    )

     

    (3,306

    )

     

    (1,497

    )

    Other

     

    5,074

     

     

    5,547

     

     

    5,170

     

    Total Noninterest Income

     

    44,058

     

     

    43,047

     

     

    42,285

     

    Noninterest Expense
    Salaries and Benefits

     

    62,884

     

     

    58,690

     

     

    58,215

     

    Net Occupancy

     

    10,559

     

     

    10,263

     

     

    10,456

     

    Net Equipment

     

    10,192

     

     

    10,308

     

     

    10,103

     

    Data Processing

     

    5,267

     

     

    5,313

     

     

    4,770

     

    Professional Fees

     

    4,264

     

     

    4,988

     

     

    4,677

     

    FDIC Insurance

     

    1,642

     

     

    3,711

     

     

    3,614

     

    Other

     

    15,651

     

     

    14,658

     

     

    14,024

     

    Total Noninterest Expense

     

    110,459

     

     

    107,931

     

     

    105,859

     

    Income Before Provision for Income Taxes

     

    56,156

     

     

    51,544

     

     

    48,364

     

    Provision for Income Taxes

     

    12,171

     

     

    12,382

     

     

    11,973

     

    Net Income

    $

    43,985

     

    $

    39,162

     

    $

    36,391

     

    Preferred Stock Dividends

     

    5,269

     

     

    5,269

     

     

    1,969

     

    Net Income Available to Common Shareholders

    $

    38,716

     

    $

    33,893

     

    $

    34,422

     

    Basic Earnings Per Common Share

    $

    0.98

     

    $

    0.86

     

    $

    0.87

     

    Diluted Earnings Per Common Share

    $

    0.97

     

    $

    0.85

     

    $

    0.87

     

    Dividends Declared Per Common Share

    $

    0.70

     

    $

    0.70

     

    $

    0.70

     

    Basic Weighted Average Common Shares

     

    39,554,834

     

     

    39,513,210

     

     

    39,350,390

     

    Diluted Weighted Average Common Shares

     

    39,876,406

     

     

    39,836,758

     

     

    39,626,463

     

     
    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)

    2025

    2024

    2024

    Net Income

    $

    43,985

    $

    39,162

     

    $

    36,391

    Other Comprehensive Income (Loss), Net of Tax:
    Net Unrealized Gains (Losses) on Investment Securities

     

    24,760

     

    (7,388

    )

     

    12,938

    Defined Benefit Plans

     

    232

     

    (641

    )

     

    169

    Other Comprehensive Income (Loss)

     

    24,992

     

    (8,029

    )

     

    13,107

    Comprehensive Income

    $

    68,977

    $

    31,133

     

    $

    49,498

     
    Bank of Hawai‘i Corporation and Subsidiaries
    Consolidated Statements of Condition Table 5
    March 31, December 31, March 31,
    (dollars in thousands, except per share amounts)

    2025

    2024

    2024

    Assets
    Cash and Cash Equivalents

    $

    935,200

     

    $

    763,571

     

    $

    891,521

     

    Investment Securities
    Available-for-Sale

     

    2,887,019

     

     

    2,689,528

     

     

    2,352,051

     

    Held-to-Maturity (Fair Value of $3,823,655; $3,820,882; and $4,104,622)

     

    4,535,108

     

     

    4,618,543

     

     

    4,913,457

     

    Loans Held for Sale

     

    2,640

     

     

    2,150

     

     

    2,182

     

    Loans and Leases

     

    14,115,323

     

     

    14,075,980

     

     

    13,853,837

     

    Allowance for Credit Losses

     

    (147,707

    )

     

    (148,528

    )

     

    (147,664

    )

    Net Loans and Leases

     

    13,967,616

     

     

    13,927,452

     

     

    13,706,173

     

    Premises and Equipment, Net

     

    187,858

     

     

    184,480

     

     

    192,486

     

    Operating Lease Right-of-Use Assets

     

    83,577

     

     

    80,165

     

     

    85,501

     

    Accrued Interest Receivable

     

    67,706

     

     

    66,367

     

     

    67,887

     

    Mortgage Servicing Rights

     

    18,770

     

     

    19,199

     

     

    20,422

     

    Goodwill

     

    31,517

     

     

    31,517

     

     

    31,517

     

    Bank-Owned Life Insurance

     

    481,260

     

     

    481,184

     

     

    468,206

     

    Other Assets

     

    686,785

     

     

    736,958

     

     

    689,457

     

    Total Assets

    $

    23,885,056

     

    $

    23,601,114

     

    $

    23,420,860

     

     
    Liabilities
    Deposits
    Noninterest-Bearing Demand

    $

    5,493,232

     

    $

    5,423,562

     

    $

    5,542,930

     

    Interest-Bearing Demand

     

    3,775,948

     

     

    3,784,984

     

     

    3,823,224

     

    Savings

     

    8,700,143

     

     

    8,364,916

     

     

    8,231,245

     

    Time

     

    3,038,894

     

     

    3,059,575

     

     

    3,079,187

     

    Total Deposits

     

    21,008,217

     

     

    20,633,037

     

     

    20,676,586

     

    Securities Sold Under Agreements to Repurchase

     

    50,000

     

     

    100,000

     

     

    150,490

     

    Other Debt

     

    558,250

     

     

    558,274

     

     

    560,163

     

    Operating Lease Liabilities

     

    92,267

     

     

    88,794

     

     

    94,104

     

    Retirement Benefits Payable

     

    23,640

     

     

    23,760

     

     

    23,365

     

    Accrued Interest Payable

     

    23,261

     

     

    34,799

     

     

    37,081

     

    Other Liabilities

     

    424,486

     

     

    494,676

     

     

    443,094

     

    Total Liabilities

     

    22,180,121

     

     

    21,933,340

     

     

    21,984,883

     

    Shareholders' Equity
    Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)

     

    180,000

     

     

    180,000

     

     

    180,000

     

    Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)

     

    165,000

     

     

    165,000

     

     

    -

     

    Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2025 - 58,765,864 / 39,734,304; December 31, 2024 - 58,765,907 / 39,762,255; and March 31, 2024 - 58,753,708 / 39,720,724)

     

    586

     

     

    585

     

     

    584

     

    Capital Surplus

     

    651,374

     

     

    647,403

     

     

    640,663

     

    Accumulated Other Comprehensive Loss

     

    (318,397

    )

     

    (343,389

    )

     

    (383,581

    )

    Retained Earnings

     

    2,144,326

     

     

    2,133,838

     

     

    2,114,729

     

    Treasury Stock, at Cost (Shares: March 31, 2025 - 19,031,560; December 31, 2024 - 19,003,609; and March 31, 2024 - 19,032,984)

     

    (1,117,954

    )

     

    (1,115,663

    )

     

    (1,116,418

    )

    Total Shareholders' Equity

     

    1,704,935

     

     

    1,667,774

     

     

    1,435,977

     

    Total Liabilities and Shareholders' Equity

    $

    23,885,056

     

    $

    23,601,114

     

    $

    23,420,860

     

     
    Bank of Hawai‘i Corporation and Subsidiaries
    Consolidated Statements of Shareholders' Equity Table 6
    Accumulated
    Preferred Preferred Other
    Shares Preferred Shares Preferred Common Comprehensive
    Series A Series A Series B Series B Shares Common Capital Income Retained Treasury
    (dollars in thousands, except per share amounts) Outstanding Stock Outstanding Stock Outstanding Stock Surplus (Loss) Earnings Stock Total
    Balance as of December 31, 2024

    180,000

    $

    180,000

    165,000

    $

    165,000

    39,762,255

     

    $

    585

    $

    647,403

    $

    (343,389

    )

    $

    2,133,838

     

    $

    (1,115,663

    )

    $

    1,667,774

     

    Net Income

    -

     

    -

    -

     

    -

    -

     

     

    -

     

    -

     

    -

     

     

    43,985

     

     

    -

     

     

    43,985

     

    Other Comprehensive Income

    -

     

    -

    -

     

    -

    -

     

     

    -

     

    -

     

    24,992

     

     

    -

     

     

    -

     

     

    24,992

     

    Share-Based Compensation

    -

     

    -

    -

     

    -

    -

     

     

    -

     

    3,680

     

    -

     

     

    -

     

     

    -

     

     

    3,680

     

    Common Stock Issued under Purchase
    and Equity Compensation Plans

    -

     

    -

    -

     

    -

    19,477

     

     

    1

     

    291

     

    -

     

     

    -

     

     

    1,023

     

     

    1,315

     

    Common Stock Repurchased

    -

     

    -

    -

     

    -

    (47,428

    )

     

    -

     

    -

     

    -

     

     

    -

     

     

    (3,314

    )

     

    (3,314

    )

    Cash Dividends Declared Common Stock ($0.70 per share)

    -

     

    -

    -

     

    -

    -

     

     

    -

     

    -

     

    -

     

     

    (28,228

    )

     

    -

     

     

    (28,228

    )

    Cash Dividends Declared Preferred Stock

    -

     

    -

    -

     

    -

    -

     

     

    -

     

    -

     

    -

     

     

    (5,269

    )

     

    -

     

     

    (5,269

    )

    Balance as of March 31, 2025

    180,000

    $

    180,000

    165,000

    $

    165,000

    39,734,304

     

    $

    586

    $

    651,374

    $

    (318,397

    )

    $

    2,144,326

     

    $

    (1,117,954

    )

    $

    1,704,935

     

     
    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

     

     
    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, 2025 December 31, 2024 March 31, 2024
    Average Income / Yield / Average Income / Yield / Average Income / Yield /
    (dollars in millions) Balance Expense 2 Rate Balance Expense 2 Rate Balance Expense 2 Rate
    Earning Assets
    Cash and Cash Equivalents

    $

    500.0

    $

    5.5

    4.37

    %

    $

    784.9

    $

    9.4

    4.70

    %

    $

    460.7

    $

    6.1

    5.29

    %

    Investment Securities
    Available-for-Sale
    Taxable

     

    2,790.3

     

    24.1

    3.47

     

    2,614.5

     

    23.0

    3.50

     

    2,380.4

     

    21.8

    3.66

    Non-Taxable

     

    21.3

     

    0.3

    5.68

     

    21.5

     

    0.3

    6.39

     

    1.7

     

    0.0

    1.99

    Held-to-Maturity
    Taxable

     

    4,548.6

     

    20.2

    1.77

     

    4,636.7

     

    20.5

    1.77

     

    4,926.8

     

    21.9

    1.79

    Non-Taxable

     

    34.1

     

    0.2

    2.09

     

    34.3

     

    0.2

    2.10

     

    34.7

     

    0.2

    2.10

    Total Investment Securities

     

    7,394.3

     

    44.8

    2.43

     

    7,307.0

     

    44.0

    2.41

     

    7,343.6

     

    43.9

    2.40

    Loans Held for Sale

     

    2.3

     

    0.0

    6.06

     

    4.0

     

    0.1

    5.86

     

    2.2

     

    0.0

    6.17

    Loans and Leases 3
    Commercial Mortgage

     

    4,015.2

     

    52.5

    5.30

     

    3,868.7

     

    52.0

    5.34

     

    3,716.6

     

    50.5

    5.46

    Commercial and Industrial

     

    1,703.7

     

    21.3

    5.06

     

    1,697.9

     

    22.1

    5.18

     

    1,663.3

     

    22.0

    5.34

    Construction

     

    338.5

     

    6.0

    7.22

     

    346.6

     

    6.6

    7.54

     

    307.9

     

    5.6

    7.27

    Commercial Lease Financing

     

    91.1

     

    0.9

    3.83

     

    82.9

     

    0.7

    3.62

     

    58.4

     

    0.3

    1.87

    Residential Mortgage

     

    4,616.7

     

    44.8

    3.88

     

    4,621.0

     

    45.3

    3.93

     

    4,649.9

     

    45.0

    3.87

    Home Equity

     

    2,154.4

     

    22.5

    4.23

     

    2,181.6

     

    22.5

    4.10

     

    2,250.1

     

    21.1

    3.78

    Automobile

     

    752.6

     

    9.3

    5.02

     

    774.4

     

    9.5

    4.90

     

    831.0

     

    8.9

    4.30

    Other

     

    390.0

     

    7.1

    7.41

     

    391.6

     

    7.2

    7.29

     

    391.6

     

    6.5

    6.66

    Total Loans and Leases

     

    14,062.2

     

    164.4

    4.72

     

    13,964.7

     

    165.9

    4.73

     

    13,868.8

     

    159.9

    4.63

    Other

     

    65.1

     

    1.1

    6.67

     

    65.0

     

    1.1

    6.82

     

    62.3

     

    1.1

    6.23

    Total Earning Assets

     

    22,023.9

     

    215.8

    3.95

     

    22,125.6

     

    220.5

    3.97

     

    21,737.6

     

    211.0

    3.89

    Non-Earning Assets

     

    1,614.2

     

    1,556.9

     

    1,544.0

    Total Assets

    $

    23,638.1

    $

    23,682.5

    $

    23,281.6

     
    Interest-Bearing Liabilities
    Interest-Bearing Deposits
    Demand

    $

    3,773.4

     

    7.1

    0.76

    $

    3,655.8

     

    7.8

    0.85

    $

    3,764.2

     

    7.7

    0.82

    Savings

     

    8,544.5

     

    47.1

    2.23

     

    8,652.2

     

    52.6

    2.42

     

    8,131.3

     

    49.4

    2.44

    Time

     

    3,037.3

     

    27.5

    3.67

     

    3,142.8

     

    31.7

    4.02

     

    3,081.1

     

    32.0

    4.18

    Total Interest-Bearing Deposits

     

    15,355.2

     

    81.7

    2.16

     

    15,450.8

     

    92.1

    2.37

     

    14,976.6

     

    89.1

    2.39

    Securities Sold Under Agreements to Repurchase

     

    76.7

     

    0.7

    3.88

     

    100.2

     

    1.0

    3.87

     

    150.5

     

    1.4

    3.79

    Other Debt

     

    578.2

     

    6.1

    4.24

     

    558.3

     

    5.9

    4.24

     

    560.1

     

    5.9

    4.25

    Total Interest-Bearing Liabilities

     

    16,010.1

     

    88.5

    2.24

     

    16,109.3

     

    99.0

    2.45

     

    15,687.2

     

    96.4

    2.47

    Net Interest Income

    $

    127.3

    $

    121.5

    $

    114.6

    Interest Rate Spread

    1.71

    %

    1.52

    %

    1.42

    %

    Net Interest Margin

    2.32

    %

    2.19

    %

    2.11

    %

    Noninterest-Bearing Demand Deposits

     

    5,314.3

     

    5,305.9

     

    5,567.0

    Other Liabilities

     

    638.1

     

    613.1

     

    611.3

    Shareholders' Equity

     

    1,675.6

     

    1,654.2

     

    1,416.1

    Total Liabilities and Shareholders' Equity

    $

    23,638.1

    $

    23,682.5

    $

    23,281.6

     
    1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
    2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.5 million, $1.3 million, and $690 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    3 Non-performing loans and leases are included in the respective average loan and lease balances.
     
    Bank of Hawai‘i Corporation and Subsidiaries
    Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a
    Three Months Ended March 31, 2025
    Compared to December 31, 2024
    (dollars in millions) Volume 1 Rate 1 Total
    Change in Interest Income:
    Cash and Cash Equivalents

    $

    (3.3

    )

    $

    (0.5

    )

    $

    (3.9

    )

    Investment Securities
    Available-for-Sale
    Taxable

     

    1.3

     

     

    (0.2

    )

     

    1.1

     

    Non-Taxable

     

    (0.0

    )

     

    (0.0

    )

     

    (0.0

    )

    Held-to-Maturity
    Taxable

     

    (0.3

    )

     

    0.0

     

     

    (0.3

    )

    Non-Taxable

     

    (0.0

    )

     

    (0.0

    )

     

    (0.0

    )

    Total Investment Securities

     

    1.0

     

     

    (0.2

    )

     

    0.8

     

    Loans Held for Sale

     

    (0.0

    )

     

    0.0

     

     

    (0.0

    )

    Loans and Leases
    Commercial Mortgage

     

    1.1

     

     

    (0.6

    )

     

    0.5

     

    Commercial and Industrial

     

    0.0

     

     

    (0.9

    )

     

    (0.8

    )

    Construction

     

    (0.3

    )

     

    (0.4

    )

     

    (0.6

    )

    Commercial Lease Financing

     

    0.1

     

     

    0.1

     

     

    0.2

     

    Residential Mortgage

     

    0.1

     

     

    (0.5

    )

     

    (0.5

    )

    Home Equity

     

    (0.4

    )

     

    0.4

     

     

    (0.0

    )

    Automobile

     

    (0.4

    )

     

    0.1

     

     

    (0.2

    )

    Other

     

    (0.1

    )

     

    (0.1

    )

     

    (0.1

    )

    Total Loans and Leases

     

    0.2

     

     

    (1.7

    )

     

    (1.5

    )

    Other

     

    0.0

     

     

    (0.0

    )

     

    (0.0

    )

    Total Change in Interest Income

     

    (2.2

    )

     

    (2.5

    )

     

    (4.7

    )

     
    Change in Interest Expense:
    Interest-Bearing Deposits
    Demand

     

    0.2

     

     

    (0.9

    )

     

    (0.7

    )

    Savings

     

    (0.8

    )

     

    (4.7

    )

     

    (5.5

    )

    Time

     

    (1.2

    )

     

    (3.0

    )

     

    (4.2

    )

    Total Interest-Bearing Deposits

     

    (1.8

    )

     

    (8.6

    )

     

    (10.4

    )

    Securities Sold Under Agreements to Repurchase

     

    (0.2

    )

     

    0.0

     

     

    (0.2

    )

    Other Debt

     

    0.1

     

     

    0.1

     

     

    0.2

     

    Total Change in Interest Expense

     

    (1.9

    )

     

    (8.6

    )

     

    (10.5

    )

     
    Change in Net Interest Income

    $

    (0.3

    )

    $

    6.0

     

    $

    5.8

     

     
    1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.
    Bank of Hawai‘i Corporation and Subsidiaries
    Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
    Three Months Ended March 31, 2025
    Compared to March 31, 2024
    (dollars in millions) Volume 1 Rate 1 Total
    Change in Interest Income:
    Cash and Cash Equivalents

    $

    0.5

     

    $

    (1.1

    )

    $

    (0.6

    )

    Investment Securities
    Available-for-Sale
    Taxable

     

    3.5

     

     

    (1.2

    )

     

    2.3

     

    Non-Taxable

     

    0.3

     

     

    -

     

     

    0.3

     

    Held-to-Maturity
    Taxable

     

    (1.6

    )

     

    (0.1

    )

     

    (1.7

    )

    Non-Taxable

     

    (0.0

    )

     

    (0.0

    )

     

    (0.0

    )

    Total Investment Securities

     

    2.2

     

     

    (1.3

    )

     

    0.9

     

    Loans Held for Sale

     

    0.0

     

     

    (0.0

    )

     

    0.0

     

    Loans and Leases
    Commercial Mortgage

     

    3.6

     

     

    (1.6

    )

     

    2.0

     

    Commercial and Industrial

     

    0.6

     

     

    (1.3

    )

     

    (0.7

    )

    Construction

     

    0.5

     

     

    (0.1

    )

     

    0.4

     

    Commercial Lease Financing

     

    0.4

     

     

    0.2

     

     

    0.6

     

    Residential Mortgage

     

    (0.3

    )

     

    0.1

     

     

    (0.2

    )

    Home Equity

     

    (1.0

    )

     

    2.4

     

     

    1.4

     

    Automobile

     

    (0.9

    )

     

    1.3

     

     

    0.4

     

    Other

     

    -

     

     

    0.6

     

     

    0.6

     

    Total Loans and Leases

     

    2.9

     

     

    1.6

     

     

    4.5

     

    Other

     

    -

     

     

    (0.0

    )

     

    (0.0

    )

    Total Change in Interest Income

     

    5.6

     

     

    (0.8

    )

     

    4.8

     

     
    Change in Interest Expense:
    Interest-Bearing Deposits
    Demand

     

    -

     

     

    (0.6

    )

     

    (0.6

    )

    Savings

     

    2.3

     

     

    (4.6

    )

     

    (2.3

    )

    Time

     

    (0.5

    )

     

    (4.0

    )

     

    (4.5

    )

    Total Interest-Bearing Deposits

     

    1.8

     

     

    (9.2

    )

     

    (7.4

    )

    Securities Sold Under Agreements to Repurchase

     

    (0.7

    )

     

    -

     

     

    (0.7

    )

    Other Debt

     

    0.1

     

     

    0.1

     

     

    0.2

     

    Total Change in Interest Expense

     

    1.2

     

     

    (9.1

    )

     

    (7.9

    )

     
    Change in Net Interest Income

    $

    4.4

     

    $

    8.3

     

    $

    12.7

     

     
    1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.
    Bank of Hawai‘i Corporation and Subsidiaries
    Salaries and Benefits Table 9
    Three Months Ended

    March 31,

    December 31,

    March 31,

    (dollars in thousands)

    2025

    2024

    2024

    Salaries

    $

    38,242

    $

    38,852

    $

    38,031

    Incentive Compensation

     

    5,573

     

    4,423

     

    3,090

    Retirement and Other Benefits

     

    5,061

     

    3,456

     

    4,299

    Payroll Taxes

     

    4,766

     

    2,593

     

    4,730

    Medical, Dental, and Life Insurance

     

    4,537

     

    4,965

     

    3,212

    Share-Based Compensation

     

    3,501

     

    3,208

     

    3,799

    Commission Expense

     

    1,123

     

    1,085

     

    572

    Separation Expense

     

    81

     

    108

     

    482

    Total Salaries and Benefits

    $

    62,884

    $

    58,690

    $

    58,215

     
    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)

    2025

    2024

    2024

    2024

    2024

    Commercial
    Commercial Mortgage

    $

    4,038,287

    $

    4,020,622

    $

    3,868,566

    $

    3,741,140

    $

    3,715,032

    Commercial and Industrial

     

    1,703,290

     

    1,705,133

     

    1,681,693

     

    1,699,438

     

    1,679,659

    Construction

     

    363,716

     

    308,898

     

    319,150

     

    315,571

     

    323,069

    Lease Financing

     

    92,456

     

    90,756

     

    60,665

     

    59,388

     

    57,817

    Total Commercial

     

    6,197,749

     

    6,125,409

     

    5,930,074

     

    5,815,537

     

    5,775,577

    Consumer
    Residential Mortgage

     

    4,630,876

     

    4,628,283

     

    4,622,677

     

    4,595,586

     

    4,616,900

    Home Equity

     

    2,144,955

     

    2,165,514

     

    2,195,844

     

    2,221,073

     

    2,240,946

    Automobile

     

    740,390

     

    764,146

     

    786,910

     

    806,240

     

    825,854

    Other

     

    401,353

     

    392,628

     

    383,078

     

    392,830

     

    394,560

    Total Consumer

     

    7,917,574

     

    7,950,571

     

    7,988,509

     

    8,015,729

     

    8,078,260

    Total Loans and Leases

    $

    14,115,323

    $

    14,075,980

    $

    13,918,583

    $

    13,831,266

    $

    13,853,837

     
     
    Deposits
    March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands)

    2025

    2024

    2024

    2024

    2024

    Consumer

    $

    10,522,627

    $

    10,397,777

    $

    10,340,466

    $

    10,382,432

    $

    10,429,004

    Commercial

     

    8,411,838

     

    8,299,590

     

    8,356,239

     

    7,995,618

     

    8,323,330

    Public and Other

     

    2,073,752

     

    1,935,670

     

    2,281,617

     

    2,030,452

     

    1,924,252

    Total Deposits

    $

    21,008,217

    $

    20,633,037

    $

    20,978,322

    $

    20,408,502

    $

    20,676,586

     
     
    Average Deposits
    Three Months Ended
    March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands)

    2025

    2024

    2024

    2024

    2024

    Consumer

    $

    10,408,747

    $

    10,327,928

    $

    10,345,772

    $

    10,379,724

    $

    10,313,730

    Commercial

     

    8,318,182

     

    8,564,213

     

    8,207,310

     

    8,188,685

     

    8,334,540

    Public and Other

     

    1,942,610

     

    1,864,541

     

    1,931,309

     

    1,789,984

     

    1,895,370

    Total Deposits

    $

    20,669,539

    $

    20,756,682

    $

    20,484,391

    $

    20,358,393

    $

    20,543,640

     
    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)

     

    2025

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

    Non-Performing Assets
    Non-Accrual Loans and Leases
    Commercial
    Commercial Mortgage

    $

    2,195

     

    $

    2,450

     

    $

    2,680

     

    $

    2,601

     

    $

    2,714

     

    Commercial and Industrial

     

    3,451

     

     

    4,627

     

     

    6,218

     

     

    3,681

     

     

    13

     

    Total Commercial

     

    5,646

     

     

    7,077

     

     

    8,898

     

     

    6,282

     

     

    2,727

     

    Consumer
    Residential Mortgage

     

    4,686

     

     

    5,052

     

     

    4,269

     

     

    2,998

     

     

    3,199

     

    Home Equity

     

    5,759

     

     

    4,514

     

     

    3,947

     

     

    3,227

     

     

    3,240

     

    Total Consumer

     

    10,445

     

     

    9,566

     

     

    8,216

     

     

    6,225

     

     

    6,439

     

    Total Non-Accrual Loans and Leases

     

    16,091

     

     

    16,643

     

     

    17,114

     

     

    12,507

     

     

    9,166

     

    Foreclosed Real Estate

     

    1,360

     

     

    2,657

     

     

    2,667

     

     

    2,672

     

     

    2,672

     

    Total Non-Performing Assets

    $

    17,451

     

    $

    19,300

     

    $

    19,781

     

    $

    15,179

     

    $

    11,838

     

     
    Accruing Loans and Leases Past Due 90 Days or More
    Consumer
    Residential Mortgage

    $

    3,895

     

    $

    3,984

     

    $

    4,421

     

    $

    4,524

     

    $

    3,378

     

    Home Equity

     

    2,228

     

     

    2,845

     

     

    1,980

     

     

    2,025

     

     

    1,580

     

    Automobile

     

    486

     

     

    776

     

     

    580

     

     

    568

     

     

    517

     

    Other

     

    943

     

     

    677

     

     

    554

     

     

    733

     

     

    872

     

    Total Consumer

     

    7,552

     

     

    8,282

     

     

    7,535

     

     

    7,850

     

     

    6,347

     

    Total Accruing Loans and Leases Past Due 90 Days or More

    $

    7,552

     

    $

    8,282

     

    $

    7,535

     

    $

    7,850

     

    $

    6,347

     

    Total Loans and Leases

    $

    14,115,323

     

    $

    14,075,980

     

    $

    13,918,583

     

    $

    13,831,266

     

    $

    13,853,837

     

     
    Ratio of Non-Accrual Loans and Leases to Total Loans and Leases

     

    0.11

    %

     

    0.12

    %

     

    0.12

    %

     

    0.09

    %

     

    0.07

    %

     
    Ratio of Non-Performing Assets to Total Loans and Leases
    and Foreclosed Real Estate

     

    0.12

    %

     

    0.14

    %

     

    0.14

    %

     

    0.11

    %

     

    0.09

    %

     
    Ratio of Non-Performing Assets to Total Assets

     

    0.07

    %

     

    0.08

    %

     

    0.08

    %

     

    0.07

    %

     

    0.05

    %

     
    Ratio of Commercial Non-Performing Assets to Total Commercial Loans
    and Leases and Commercial Foreclosed Real Estate

     

    0.09

    %

     

    0.12

    %

     

    0.15

    %

     

    0.11

    %

     

    0.05

    %

     
    Ratio of Consumer Non-Performing Assets to Total Consumer Loans
    and Leases and Consumer Foreclosed Real Estate

     

    0.15

    %

     

    0.15

    %

     

    0.14

    %

     

    0.11

    %

     

    0.11

    %

     
    Ratio of Non-Performing Assets and Accruing Loans and Leases
    Past Due 90 Days or More to Total Loans and Leases
    and Foreclosed Real Estate

     

    0.18

    %

     

    0.20

    %

     

    0.20

    %

     

    0.17

    %

     

    0.13

    %

     
    Quarter to Quarter Changes in Non-Performing Assets
    Balance at Beginning of Quarter

    $

    19,300

     

    $

    19,781

     

    $

    15,179

     

    $

    11,838

     

    $

    11,747

     

    Additions 1

     

    2,209

     

     

    2,198

     

     

    5,557

     

     

    5,257

     

     

    1,652

     

    Reductions
    Payments

     

    (1,212

    )

     

    (708

    )

     

    (734

    )

     

    (844

    )

     

    (921

    )

    Return to Accrual Status

     

    (244

    )

     

    (476

    )

     

    (81

    )

     

    (1,018

    )

     

    (617

    )

    Sales of Foreclosed Real Estate

     

    (1,492

    )

     

    -

     

     

    -

     

     

    -

     

     

    -

     

    Charge-offs / Write-downs 1

     

    (1,110

    )

     

    (1,495

    )

     

    (140

    )

     

    (54

    )

     

    (23

    )

    Total Reductions

     

    (4,058

    )

     

    (2,679

    )

     

    (955

    )

     

    (1,916

    )

     

    (1,561

    )

    Balance at End of Quarter

    $

    17,451

     

    $

    19,300

     

    $

    19,781

     

    $

    15,179

     

    $

    11,838

     

     
    1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period.
     
    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)

     

    2025

     

     

    2024

     

     

    2024

     

    Balance at Beginning of Period

    $

    150,649

     

    $

    150,325

     

    $

    152,429

     

     
    Loans and Leases Charged-Off
    Commercial
    Commercial and Industrial

     

    (1,399

    )

     

    (353

    )

     

    (360

    )

    Consumer
    Residential Mortgage

     

    -

     

     

    (337

    )

     

    -

     

    Home Equity

     

    (75

    )

     

    (339

    )

     

    (35

    )

    Automobile

     

    (1,751

    )

     

    (1,548

    )

     

    (1,048

    )

    Other

     

    (2,484

    )

     

    (2,637

    )

     

    (2,312

    )

    Total Loans and Leases Charged-Off

     

    (5,709

    )

     

    (5,214

    )

     

    (3,755

    )

    Recoveries on Loans and Leases Previously Charged-Off
    Commercial
    Commercial and Industrial

     

    77

     

     

    387

     

     

    116

     

    Consumer
    Residential Mortgage

     

    11

     

     

    150

     

     

    42

     

    Home Equity

     

    128

     

     

    177

     

     

    184

     

    Automobile

     

    633

     

     

    609

     

     

    526

     

    Other

     

    457

     

     

    465

     

     

    606

     

    Total Recoveries on Loans and Leases Previously Charged-Off

     

    1,306

     

     

    1,788

     

     

    1,474

     

    Net Charged-Off Loans and Leases

     

    (4,403

    )

     

    (3,426

    )

     

    (2,281

    )

    Provision for Credit Losses:
    Loans and Leases

     

    3,582

     

     

    4,623

     

     

    3,542

     

    Unfunded Commitments

     

    (332

    )

     

    (873

    )

     

    (1,542

    )

    Total Provision for Credit Losses

     

    3,250

     

     

    3,750

     

     

    2,000

     

    Balance at End of Period

    $

    149,496

     

    $

    150,649

     

    $

    152,148

     

     
    Components
    Allowance for Credit Losses - Loans and Leases

    $

    147,707

     

    $

    148,528

     

    $

    147,664

     

    Reserve for Unfunded Commitments

     

    1,789

     

     

    2,121

     

     

    4,484

     

    Total Reserve for Credit Losses

    $

    149,496

     

    $

    150,649

     

    $

    152,148

     

     
    Average Loans and Leases Outstanding

    $

    14,062,173

     

    $

    13,964,687

     

    $

    13,868,800

     

     
    Ratio of Net Loans and Leases Charged-Off to
    Average Loans and Leases Outstanding (annualized)

     

    0.13

    %

     

    0.10

    %

     

    0.07

    %

    Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1

     

    1.05

    %

     

    1.06

    %

     

    1.07

    %

     
    1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
     
    Bank of Hawai‘i Corporation and Subsidiaries
    Business Segments Selected Financial Information Table 13
    Consumer Commercial Treasury Consolidated
    (dollars in thousands) Banking Banking and Other Total
    Three Months Ended March 31, 2025
    Net Interest Income (Expense)

    $

    95,624

    $

    55,574

     

    $

    (25,391

    )

    $

    125,807

    Provision for (Recapture of) Credit Losses

     

    3,295

     

    1,108

     

     

    (1,153

    )

     

    3,250

    Net Interest Income (Expense) After Provision for Credit Losses

     

    92,329

     

    54,466

     

     

    (24,238

    )

     

    122,557

    Noninterest Income

     

    33,498

     

    7,734

     

     

    2,826

     

     

    44,058

    Salaries and Benefits

     

    21,105

     

    5,360

     

     

    36,419

     

     

    62,884

    Net Occupancy

     

    7,067

     

    400

     

     

    3,092

     

     

    10,559

    Other Noninterest Expense

     

    58,202

     

    13,882

     

     

    (35,068

    )

     

    37,016

    Noninterest Expense

     

    86,374

     

    19,642

     

     

    4,443

     

     

    110,459

    Income (Loss) Before Income Taxes

     

    39,453

     

    42,558

     

     

    (25,855

    )

     

    56,156

    Provision (Benefit) for Income Taxes

     

    10,001

     

    10,869

     

     

    (8,699

    )

     

    12,171

    Net Income (Loss)

    $

    29,452

    $

    31,689

     

    $

    (17,156

    )

    $

    43,985

    Total Assets as of March 31, 2025

    $

    8,246,158

    $

    6,219,971

     

    $

    9,418,927

     

    $

    23,885,056

     
    Three Months March 31, 2024 1
    Net Interest Income (Expense)

    $

    96,994

    $

    51,493

     

    $

    (34,549

    )

    $

    113,938

    Provision for (Recapture of) Credit Losses

     

    2,287

     

    (6

    )

     

    (281

    )

     

    2,000

    Net Interest Income (Expense) After Provision for Credit Losses

     

    94,707

     

    51,499

     

     

    (34,268

    )

     

    111,938

    Noninterest Income

     

    31,982

     

    6,794

     

     

    3,509

     

     

    42,285

    Salaries and Benefits

     

    20,917

     

    5,516

     

     

    31,782

     

     

    58,215

    Net Occupancy

     

    6,864

     

    447

     

     

    3,145

     

     

    10,456

    Other Noninterest Expense

     

    54,924

     

    12,680

     

     

    (30,416

    )

     

    37,188

    Noninterest Expense

     

    82,705

     

    18,643

     

     

    4,511

     

     

    105,859

    Income (Loss) Before Income Taxes

     

    43,984

     

    39,650

     

     

    (35,270

    )

     

    48,364

    Provision (Benefit) 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

    $

    8,396,623

    $

    5,830,056

     

    $

    9,194,181

     

    $

    23,420,860

     
    1 Certain prior period information has been reclassified to conform to current presentation.
     
    Bank of Hawai‘i Corporation and Subsidiaries
    Selected Quarterly Financial Data Table 14
    Three Months Ended
    March 31, December 31, September 30, June 30, March 31,
    (dollars in thousands, except per share amounts)

     

    2025

     

     

    2024

     

     

    2024

     

     

    2024

     

     

    2024

     

    Quarterly Operating Results
    Interest Income
    Interest and Fees on Loans and Leases

    $

    163,082

     

    $

    164,785

     

    $

    166,286

     

    $

    163,208

     

    $

    159,336

     

    Income on Investment Securities
    Available-for-Sale

     

    24,368

     

     

    23,223

     

     

    23,257

     

     

    21,468

     

     

    21,757

     

    Held-to-Maturity

     

    20,291

     

     

    20,677

     

     

    21,107

     

     

    21,595

     

     

    22,136

     

    Cash and Cash Equivalents

     

    5,460

     

     

    9,425

     

     

    8,980

     

     

    6,139

     

     

    6,157

     

    Other

     

    1,085

     

     

    1,107

     

     

    1,018

     

     

    1,120

     

     

    970

     

    Total Interest Income

     

    214,286

     

     

    219,217

     

     

    220,648

     

     

    213,530

     

     

    210,356

     

    Interest Expense
    Deposits

     

    81,692

     

     

    92,099

     

     

    96,067

     

     

    91,542

     

     

    89,056

     

    Securities Sold Under Agreements to Repurchase

     

    744

     

     

    992

     

     

    993

     

     

    1,180

     

     

    1,443

     

    Other Debt

     

    6,043

     

     

    5,948

     

     

    5,970

     

     

    5,962

     

     

    5,919

     

    Total Interest Expense

     

    88,479

     

     

    99,039

     

     

    103,030

     

     

    98,684

     

     

    96,418

     

    Net Interest Income

     

    125,807

     

     

    120,178

     

     

    117,618

     

     

    114,846

     

     

    113,938

     

    Provision for Credit Losses

     

    3,250

     

     

    3,750

     

     

    3,000

     

     

    2,400

     

     

    2,000

     

    Net Interest Income After Provision for Credit Losses

     

    122,557

     

     

    116,428

     

     

    114,618

     

     

    112,446

     

     

    111,938

     

    Noninterest Income
    Fees, Exchange, and Other Service Charges

     

    14,437

     

     

    14,399

     

     

    14,945

     

     

    13,769

     

     

    14,123

     

    Trust and Asset Management

     

    11,741

     

     

    12,157

     

     

    11,916

     

     

    12,223

     

     

    11,189

     

    Service Charges on Deposit Accounts

     

    8,259

     

     

    8,678

     

     

    8,075

     

     

    7,730

     

     

    7,947

     

    Bank-Owned Life Insurance

     

    3,611

     

     

    3,283

     

     

    3,533

     

     

    3,396

     

     

    3,356

     

    Annuity and Insurance

     

    1,555

     

     

    1,347

     

     

    1,460

     

     

    1,583

     

     

    1,046

     

    Mortgage Banking

     

    988

     

     

    942

     

     

    1,188

     

     

    1,028

     

     

    951

     

    Investment Securities Losses, Net

     

    (1,607

    )

     

    (3,306

    )

     

    (1,103

    )

     

    (1,601

    )

     

    (1,497

    )

    Other

     

    5,074

     

     

    5,547

     

     

    5,096

     

     

    3,959

     

     

    5,170

     

    Total Noninterest Income

     

    44,058

     

     

    43,047

     

     

    45,110

     

     

    42,087

     

     

    42,285

     

    Noninterest Expense
    Salaries and Benefits

     

    62,884

     

     

    58,690

     

     

    58,626

     

     

    57,033

     

     

    58,215

     

    Net Occupancy

     

    10,559

     

     

    10,263

     

     

    10,806

     

     

    10,559

     

     

    10,456

     

    Net Equipment

     

    10,192

     

     

    10,308

     

     

    10,120

     

     

    10,355

     

     

    10,103

     

    Data Processing

     

    5,267

     

     

    5,313

     

     

    4,712

     

     

    4,745

     

     

    4,770

     

    Professional Fees

     

    4,264

     

     

    4,988

     

     

    4,725

     

     

    4,929

     

     

    4,677

     

    FDIC Insurance

     

    1,642

     

     

    3,711

     

     

    3,355

     

     

    7,170

     

     

    3,614

     

    Other

     

    15,651

     

     

    14,658

     

     

    14,748

     

     

    14,435

     

     

    14,024

     

    Total Noninterest Expense

     

    110,459

     

     

    107,931

     

     

    107,092

     

     

    109,226

     

     

    105,859

     

    Income Before Provision for Income Taxes

     

    56,156

     

     

    51,544

     

     

    52,636

     

     

    45,307

     

     

    48,364

     

    Provision for Income Taxes

     

    12,171

     

     

    12,382

     

     

    12,278

     

     

    11,224

     

     

    11,973

     

    Net Income

    $

    43,985

     

    $

    39,162

     

    $

    40,358

     

    $

    34,083

     

    $

    36,391

     

    Preferred Stock Dividends

     

    5,269

     

     

    5,269

     

     

    3,436

     

     

    1,969

     

     

    1,969

     

    Net Income Available to Common Shareholders

    $

    38,716

     

    $

    33,893

     

    $

    36,922

     

    $

    32,114

     

    $

    34,422

     

     
    Basic Earnings Per Common Share

    $

    0.98

     

    $

    0.86

     

    $

    0.94

     

    $

    0.81

     

    $

    0.87

     

    Diluted Earnings Per Common Share

    $

    0.97

     

    $

    0.85

     

    $

    0.93

     

    $

    0.81

     

    $

    0.87

     

     
    Balance Sheet Totals
    Loans and Leases

    $

    14,115,323

     

    $

    14,075,980

     

    $

    13,918,583

     

    $

    13,831,266

     

    $

    13,853,837

     

    Total Assets

     

    23,885,056

     

     

    23,601,114

     

     

    23,799,174

     

     

    23,300,768

     

     

    23,420,860

     

    Total Deposits

     

    21,008,217

     

     

    20,633,037

     

     

    20,978,322

     

     

    20,408,502

     

     

    20,676,586

     

    Total Shareholders' Equity

     

    1,704,935

     

     

    1,667,774

     

     

    1,665,474

     

     

    1,612,849

     

     

    1,435,977

     

     
    Performance Ratios
    Return on Average Assets

     

    0.75

     

    %

     

    0.66

     

    %

     

    0.69

     

    %

     

    0.59

     

    %

     

    0.63

     

    %

    Return on Average Shareholders' Equity

     

    10.65

     

     

    9.42

     

     

    9.90

     

     

    9.53

     

     

    10.34

     

    Return on Average Common Equity

     

    11.80

     

     

    10.30

     

     

    11.50

     

     

    10.41

     

     

    11.20

     

    Efficiency Ratio 1

     

    65.03

     

     

    66.12

     

     

    65.81

     

     

    69.60

     

     

    67.76

     

    Net Interest Margin 2

     

    2.32

     

     

    2.19

     

     

    2.18

     

     

    2.15

     

     

    2.11

     

     
    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, 1-year percentage change) February 28, 2025 December 31, 2024 December 31, 2023
    Hawaii Economic Trends
    State General Fund Revenues 1

    $

    1,489.1

    (7.1

    )

    %

    $

    10,124.9

     

    6.5

    %

    $

    9,504.1

     

    0.7

     

    %

    General Excise and Use Tax Revenue 1

     

    853.7

    5.1

     

     

    4,495.0

     

    0.5

     

    4,474.1

     

    4.9

     

    Jobs 2

     

    664.5

     

    661.6

     

     

    657.7

     

     
    March 31, December 31,

    2025

    2024

     

    2023

     

    Unemployment, seasonally adjusted 2
    Statewide

    2.9

    %

     

    3.0

     

    %

    3.0

     

    %

    Honolulu County

    2.8

     

    2.9

     

    2.5

     

    Hawaii County

    3.1

     

    3.4

     

    2.8

     

    Maui County

    3.1

     

    3.7

     

    5.8

     

    Kauai County

    2.7

     

    3.0

     

    2.5

     

     
    March 31, December 31,
    (1-year percentage change, except months of inventory)

     

    2025

     

    2024

     

    2023

     

    2022

     

    Housing Trends (Single Family Oahu) 3
    Median Home Price

     

    7.5

     

    %

    4.8

    %

     

    (5.0

    )

    %

    11.6

     

    %

    Home Sales Volume (units)

     

    (4.0

    )

    %

    9.1

    %

     

    (26.3

    )

    %

    (23.2

    )

    %

    Months of Inventory

     

    3.3

     

    2.9

     

    2.8

     

    2.1

     

     
    Monthly Visitor Arrivals, Percentage Change
    (in thousands, except percentage change) Not Seasonally Adjusted from Previous Year
    Tourism 4
    February 28, 2025

    739.7

    (1.7

    )

    %

    January 31, 2025

    773.1

    3.7

     

    December 31, 2024

    892.0

    5.3

     

    November 30, 2024

    762.7

    5.7

     

    October 31, 2024

    739.0

    5.5

     

    September 30, 2024

    688.8

    6.3

     

    August 31, 2024

    819.2

    6.9

     

    July 31, 2024

    925.3

    (0.5

    )

    June 30, 2024

    872.6

    (1.5

    )

    May 31, 2024

    757.8

    (4.1

    )

    April 30, 2024

    721.9

    (10.5

    )

    March 31, 2024

    843.5

    (5.5

    )

    February 29, 2024

    752.7

    2.6

     

    January 31, 2024

    745.6

    (3.8

    )

    December 31, 2023

    847.3

    (1.3

    )

    November 30, 2023

    721.3

    0.3

     

    October 31, 2023

    700.4

    (3.7

    )

    September 30, 2023

    648.1

    (6.4

    )

    August 31, 2023

    766.6

    (7.6

    )

    July 31, 2023

    930.2

    1.3

     

    June 30, 2023

    886.0

    5.3

     

    May 31, 2023

    790.5

    2.1

     

    April 30, 2023

    806.2

    (0.4

    )

    March 31, 2023

    892.2

    13.6

     

    February 28, 2023

    733.6

    17.6

     

     
    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/20250421638559/en/

    Investor/Analyst Inquiries

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    Email: [email protected]

    Phone: 808-694-8238

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    Phone: 808-694-8384

    Mobile: 808-859-1703

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      Bradley "Brad" S. Satenberg has been promoted to vice chair and chief financial officer at Bank of Hawaiʻi, following the retirement of Chief Financial Officer Dean Shigemura. In his newly expanded role, he will oversee Bank of Hawai‘i's planning and forecasting, financial accounting and reporting, regulatory financial reporting, corporate taxation, and the overall budget and forecast for the company. This thoughtful leadership transition has been the focus of long-term and intentional planning. To prepare for his new role and ensure a smooth transition, Satenberg served as senior executive vice president and deputy to Shigemura since he joined the bank in July 2024. Shigemura will remain

      7/1/25 5:09:00 PM ET
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      Major Banks
      Finance
    • Bank of Hawai'i Promotes James C. Polk to President; Appoints Matthew K.M. Emerson Chief Retail Banking Officer

      Today, Bank of Hawai‘i Chairman and CEO Peter S. Ho announced that Vice Chair and Chief Banking Officer James C. Polk has been promoted to President of Bank of Hawai‘i Corporation and its primary operating subsidiary Bank of Hawai‘i (together, the "Company"), and Vice Chair Matthew K.M. Emerson has been appointed Chief Retail Banking Officer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240718875567/en/Bank of Hawai‘i Vice Chair and Chief Retail Banking Officer Matthew K.M. Emerson (Photo: Business Wire) As president of the Company, Polk will continue to oversee Commercial Banking, Merchant Services, Cash Management, and Wealt

      7/19/24 2:36:00 PM ET
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    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Bank of Hawaii Corporation

      SC 13G/A - BANK OF HAWAII CORP (0000046195) (Subject)

      11/13/24 4:05:02 PM ET
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      Finance
    • SEC Form SC 13G/A filed by Bank of Hawaii Corporation (Amendment)

      SC 13G/A - BANK OF HAWAII CORP (0000046195) (Subject)

      2/13/24 5:00:45 PM ET
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      Major Banks
      Finance
    • SEC Form SC 13G/A filed by Bank of Hawaii Corporation (Amendment)

      SC 13G/A - BANK OF HAWAII CORP (0000046195) (Subject)

      2/13/24 4:05:26 PM ET
      $BOH
      Major Banks
      Finance