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Bank of Hawai'i Corporation First Quarter 2024 Financial Results
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240422894812/en/
"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 Three Months Ended
-------------------------------------------------- --------------------------------------------------------------------------------------------------------------------
March 31, 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, 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.
Bank of Hawai'i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures Table 2 Table 2 Table 2
------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, 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 %
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Income Table 3
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Three Months Ended Three Months Ended
----------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, 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
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income Table 4 Table 4 Table 4
------------------------------------------------- --------------------------------------------------------------------------------------------------------
Three Months Ended Three Months Ended
------------------------------------------------- --------------------------------------------------------------------------------------------------
March 31, 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
------------------------------------------------- ----------------------- ----------------------- -------------------- ------ -------------------- ------
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Condition Table 5 Table 5 Table 5
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------------------------------------
March 31, 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
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- -------------------- ---------- -------------------- -------------------- ---------- -------------------- -------------------- ----------
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity Table 6 Table 6 Table 6 Table 6 Table 6 Table 6 Table 6 Table 6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------- ----------------------------------------------------
Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated Accumulated
Other Other Other Other Other Other Other Other Other Other Other Other
Preferred Preferred Common Common Common Common Comprehensive Comprehensive Comprehensive Comprehensive Comprehensive Comprehensive
Shares Shares Preferred Preferred Shares Shares Common Common Capital Capital Income Income Retained Retained Treasury Treasury
(dollars in thousands) Outstanding Stock Stock Outstanding Outstanding Stock Stock Surplus Surplus (Loss) (Loss) Earnings Earnings Stock Stock Total Total
---------------------------------------------------------------- -------------------- -------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ---------------------------------------------------- ----------------------------------------------------------------------- ------------------------------------------------------------------------ ------------------------------------------------------------------------- ----------------------------------------------------
Balance as of December 31, 2023 180,000 $ $ 180,000 39,753,138 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 21,332 1 211 - 794 546 1,552
Common Stock Repurchased - - (53,746 (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 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 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