- Diluted Earnings Per Common Share of $3.46 and $0.85 for the Year and Quarter Ended December 31, 2024, Respectively
- Net Income of $150.0 Million and $39.2 Million for the Year and Quarter Ended December 31, 2024, Respectively
- Total Assets $23.6 Billion and Total Deposits $20.6 Billion at Year End
- Net Interest Margin 2.19% for the Fourth Quarter of 2024
- 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 $3.46 for the full year of 2024, compared with $4.14 for the full year of 2023. Net income for the year was $150.0 million, down 12.4% from the previous year. The return on average common equity for the full year of 2024 was 10.85% compared with 13.89% in 2023.
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“Bank of Hawai‘i finished 2024 with strong financial performance,” said Peter Ho, Chairman and CEO. “In the fourth quarter, our net interest income and net interest margin continued their upward trajectories and average loan balances and average deposit balances grew. During 2024, we strengthened capital levels, controlled core expenses and maintained excellent credit quality.”
Diluted earnings per common share was $0.85 for the fourth quarter of 2024, compared with $0.93 during the linked quarter and $0.72 during the same period last year. Net income for the fourth quarter of 2024 was $39.2 million, down 3.0% from the linked quarter and up 28.8% from the same period last year. The return on average common equity for the fourth quarter of 2024 was 10.30% compared with 11.50% during the linked quarter and 9.55% during the same period last year.
Financial Highlights
Net interest income for the fourth quarter of 2024 was $120.2 million, an increase of 2.2% from the linked quarter and an increase of 3.8% as compared to the same period last year. The increase from the previous quarter was primarily due to higher average balance of our earning assets, slowing of deposit mix shift and repricing and lower funding costs, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to higher earning asset yields and higher average balance of our earning assets, partially offset by higher average balance of interest-bearing deposits.
Net interest margin was 2.19% in the fourth quarter of 2024, an increase of 1 basis point from the linked quarter and an increase of 6 basis points from the same period last year. The increase from the linked quarter was primarily due to lower interest-bearing deposits rates, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to higher earning asset yields, partially offset by higher interest-bearing deposit rates.
The average yield on loans and leases was 4.73% in the fourth quarter of 2024, down 9 basis points from the linked quarter and up 19 basis points from the same period last year. The average yield on total earning assets was 3.97% in the fourth quarter of 2024, down 9 basis points from the linked quarter and up 12 basis points from the same period last year. The average cost of interest-bearing deposits was 2.37% in the fourth quarter of 2024, down 15 basis points from the linked quarter and up 7 basis points from the same period last year. The average quarterly cost of total deposits, including noninterest-bearing deposits, was 1.77%, down 10 basis points from the linked quarter and up 10 basis points from the same period last year. The changes in yields and rates over the linked quarter reflected the lower rate environment, including lower benchmark interest rates. The changes in yields and rates year over year period reflected repricing of our loans and an elevated deposit mix shift during the period.
Noninterest income was $43.0 million in the fourth quarter of 2024, a decrease of 4.6% from the linked quarter and an increase of 1.8% from the same period in 2023. Noninterest income in the fourth quarter of 2024 included a $2.4 million charge incurred in connection with a change in our Visa Class B conversion ratio. Adjusted for this item, noninterest income would have been $45.4 million, an increase of 0.7% from the linked quarter and an increase of 7.5% from the same period in 2023. The increase from the same period last year was primarily due to increases in trust and asset management income, service charges on deposits accounts, and fees, exchange, and other service charges.
Noninterest expense was $107.9 million in the fourth quarter of 2024, an increase of 0.8% from the linked quarter and a decrease of 6.9% from the same period last year. 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 were not expected to recur in 2024. Adjusted for these items, noninterest expense in the fourth quarter of 2024 increased by 4.9% from adjusted noninterest expense in the same period last year. The increase was primarily due to higher medical cost in the fourth quarter of 2024 that are not expected to repeat.
The effective tax rate for the fourth quarter of 2024 was 24.02% compared with 23.33% during the linked quarter and 23.25% during the same period last year.
Asset Quality
The Company’s overall asset quality remained strong during the fourth quarter of 2024. Provision for credit losses for the fourth quarter of 2024 was $3.8 million compared with $3.0 million in the linked quarter and $2.5 million in the same period last year.
Total non-performing assets were $19.3 million at December 31, 2024, down $0.5 million from September 30, 2024 and up $7.6 million from December 31, 2023. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.14% at the end of the quarter, flat from the linked quarter and an increase of 5 basis points from the same period last year.
Net loan and lease charge-offs during the fourth quarter of 2024 were $3.4 million or 10 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.2 million partially offset by gross recoveries of $1.8 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $0.4 million or 1 basis point annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $1.7 million or 5 basis points annualized on total average loans and leases outstanding.
The allowance for credit losses on loans and leases was $148.5 million at December 31, 2024, an increase of $1.2 million from September 30, 2024 and an increase of $2.1 million from December 31, 2023. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, flat from the linked quarter and up 1 basis point from the same period last year.
Balance Sheet
Total assets were $23.6 billion at December 31, 2024, a decrease of 0.8% from September 30, 2024 and a decrease of 0.6% from December 31, 2023. The decrease from the prior periods was primarily due to a decrease in cash and cash equivalents.
The investment securities portfolio was $7.3 billion at December 31, 2024, an increase of 0.7% from September 30, 2024 and a decrease of 1.3% from December 31, 2023. This linked quarter increase was primarily due to the purchases of investment securities in the fourth quarter partially offset by cashflows from the portfolio. The decrease from the same period last year was primarily due to cashflows from the portfolio not being reinvested into securities, partially offset by purchases of investment securities in the third and fourth quarters of 2024. The majority of investment purchases during 2024 were in floating rate 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 $14.1 billion at December 31, 2024, an increase of 1.1% from September 30, 2024 and an increase of 0.8% from December 31, 2023. Total commercial loans were $6.1 billion at December 31, 2024, an increase of 3.3% from September 30, 2024 and an increase of 6.0% from December 31, 2023. The increase from the previous periods was primarily due to loan production within our commercial mortgage portfolio. Total consumer loans were $8.0 billion at December 31, 2024, a decrease of 0.5% from the linked quarter and a decrease of 2.9% from the same period last year. The decrease from the linked quarter was primarily due to declines in our home equity and automobile portfolios. The decrease from the same period last year was primarily due to declines in our residential mortgage, home equity and automobile portfolios.
Total deposits were $20.6 billion at December 31, 2024, a decrease of 1.6% from September 30, 2024 and a decrease of 2.0% from December 31, 2023. Noninterest-bearing deposits made up 26.3% of total deposit balances at December 31, 2024, up from 25.8% at September 30, 2024 and down from 28.8% at December 31, 2023. Average total deposits were $20.8 billion for the fourth quarter of 2024, up 1.3% from $20.5 billion in the linked quarter and up 0.3% from $20.7 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 13.95% at December 31, 2024 compared with 14.05% at September 30, 2024 and 12.56% at December 31, 2023. The Tier 1 Leverage Ratio was 8.31% at December 31, 2024, compared with 8.38% at September 30, 2024 and 7.51% at December 31, 2023. The decreases from the linked quarter were due to increases in risk-weighted assets and average total assets partially offset by retained earnings growth. The increases from the same period last year were 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.
No shares of common stock were repurchased under the share repurchase program in the fourth quarter of 2024. Total remaining buyback authority under the share repurchase program was $126.0 million at December 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 March 14, 2025 to shareholders of record at the close of business on February 28, 2025.
On January 6, 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 February 3, 2025 to shareholders of record of the preferred stock as of the close of business on January 17, 2025.
Conference Call Information
The Company will review its fourth quarter financial results today at 8:00 a.m. Hawai‘i Time (1:00 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/BI24eacfe4bc38408fa2cf3382f4c7a832. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, January 27, 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, 2023 and its Form 10-Q for fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, which were 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 | Year Ended | ||||||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||||||
| (dollars in thousands, except per share amounts) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
| For the Period: | |||||||||||||||
| Operating Results | |||||||||||||||
| Net Interest Income | $ |
120,178 |
$ |
117,618 |
$ |
115,785 |
$ |
466,580 |
$ |
497,025 |
|||||
| Provision for Credit Losses |
|
3,750 |
|
3,000 |
|
2,500 |
|
11,150 |
|
9,000 |
|||||
| Total Noninterest Income |
|
43,047 |
|
45,110 |
|
42,283 |
|
172,529 |
|
176,609 |
|||||
| Total Noninterest Expense |
|
107,931 |
|
107,092 |
|
115,962 |
|
430,108 |
|
437,518 |
|||||
| Pre-Provision Net Revenue |
|
55,294 |
|
55,636 |
|
42,106 |
|
209,001 |
|
236,116 |
|||||
| Net Income |
|
39,162 |
|
40,358 |
|
30,396 |
|
149,994 |
|
171,202 |
|||||
| Net Income Available to Common Shareholders |
|
33,893 |
|
36,922 |
|
28,427 |
|
137,350 |
|
163,325 |
|||||
| Basic Earnings Per Common Share |
|
0.86 |
|
0.94 |
|
0.72 |
|
3.48 |
|
4.16 |
|||||
| Diluted Earnings Per Common Share |
|
0.85 |
|
0.93 |
|
0.72 |
|
3.46 |
|
4.14 |
|||||
| Dividends Declared Per Common Share |
|
0.70 |
|
0.70 |
|
0.70 |
|
2.80 |
|
2.80 |
|||||
| Performance Ratios | |||||||||||||||
| Return on Average Assets |
|
0.66 |
% |
|
0.69 |
% |
|
0.51 |
% |
|
0.64 |
% |
|
0.71 |
% |
| Return on Average Shareholders' Equity |
|
9.42 |
|
9.90 |
|
8.86 |
|
9.78 |
|
12.63 |
|||||
| Return on Average Common Equity |
|
10.30 |
|
11.50 |
|
9.55 |
|
10.85 |
|
13.89 |
|||||
| Efficiency Ratio 1 |
|
66.12 |
|
65.81 |
|
73.36 |
|
67.30 |
|
64.95 |
|||||
| Net Interest Margin 2 |
|
2.19 |
|
2.18 |
|
2.13 |
|
2.16 |
|
2.24 |
|||||
| Dividend Payout Ratio 3 |
|
81.40 |
|
74.47 |
|
97.22 |
|
80.46 |
|
67.31 |
|||||
| Average Shareholders' Equity to Average Assets |
|
6.98 |
|
6.95 |
|
5.80 |
|
6.56 |
|
5.66 |
|||||
| Average Balances | |||||||||||||||
| Average Loans and Leases | $ |
13,964,687 |
$ |
13,809,977 |
$ |
13,906,114 |
$ |
13,868,916 |
$ |
13,851,551 |
|||||
| Average Assets |
|
23,682,494 |
|
23,338,529 |
|
23,449,215 |
|
23,362,736 |
|
23,954,186 |
|||||
| Average Deposits |
|
20,756,682 |
|
20,484,391 |
|
20,704,070 |
|
20,536,239 |
|
20,412,378 |
|||||
| Average Shareholders' Equity |
|
1,654,156 |
|
1,621,936 |
|
1,360,641 |
|
1,533,243 |
|
1,355,536 |
|||||
| Per Share of Common Stock | |||||||||||||||
| Book Value | $ |
33.27 |
$ |
33.22 |
$ |
31.05 |
$ |
33.27 |
$ |
31.05 |
|||||
| Tangible Book Value |
|
32.47 |
|
32.43 |
|
30.25 |
|
32.47 |
|
30.25 |
|||||
| Market Value | |||||||||||||||
| Closing |
|
71.24 |
|
62.77 |
|
72.46 |
|
71.24 |
|
72.46 |
|||||
| High |
|
82.70 |
|
70.44 |
|
75.19 |
|
82.70 |
|
81.73 |
|||||
| Low |
|
60.58 |
|
55.75 |
|
45.56 |
|
54.50 |
|
30.83 |
|||||
| December 31, | September 30, | December 31, | |||||||||||||
|
2024 |
|
2024 |
|
2023 |
||||||||||
| As of Period End: | |||||||||||||||
| Balance Sheet Totals | |||||||||||||||
| Loans and Leases | $ |
14,075,980 |
$ |
13,918,583 |
$ |
13,965,026 |
|||||||||
| Total Assets |
|
23,601,114 |
|
23,799,174 |
|
23,733,296 |
|||||||||
| Total Deposits |
|
20,633,037 |
|
20,978,322 |
|
21,055,045 |
|||||||||
| Other Debt |
|
558,274 |
|
558,297 |
|
560,190 |
|||||||||
| Total Shareholders' Equity |
|
1,667,774 |
|
1,665,474 |
|
1,414,242 |
|||||||||
| Asset Quality | |||||||||||||||
| Non-Performing Assets | $ |
19,300 |
$ |
19,781 |
$ |
11,747 |
|||||||||
| Allowance for Credit Losses - Loans and Leases |
|
148,528 |
|
147,331 |
|
146,403 |
|||||||||
| Allowance to Loans and Leases Outstanding 4 |
|
1.06 |
% |
|
1.06 |
% |
|
1.05 |
% |
||||||
| Capital Ratios 5 | |||||||||||||||
| Common Equity Tier 1 Capital Ratio |
|
11.59 |
% |
|
11.66 |
% |
|
11.33 |
% |
||||||
| Tier 1 Capital Ratio |
|
13.95 |
|
14.05 |
|
12.56 |
|||||||||
| Total Capital Ratio |
|
15.00 |
|
15.11 |
|
13.60 |
|||||||||
| Tier 1 Leverage Ratio |
|
8.31 |
|
8.38 |
|
7.51 |
|||||||||
| Total Shareholders' Equity to Total Assets |
|
7.07 |
|
7.00 |
|
5.96 |
|||||||||
| Tangible Common Equity to Tangible Assets 6 |
|
5.48 |
|
5.42 |
|
5.07 |
|||||||||
| Tangible Common Equity to Risk-Weighted Assets 6 |
|
9.08 |
|
9.17 |
|
8.45 |
|||||||||
| Non-Financial Data | |||||||||||||||
| Full-Time Equivalent Employees |
|
1,865 |
|
1,854 |
|
1,899 |
|||||||||
| Branches |
|
50 |
|
50 |
|
51 |
|||||||||
| ATMs |
|
317 |
|
317 |
|
318 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
| 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 December 31, 2024 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 | ||||||||
| December 31, | September 30, | December 31, | |||||||
| (dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Total Shareholders' Equity | $ |
1,667,774 |
|
$ |
1,665,474 |
|
$ |
1,414,242 |
|
| Less: Preferred Stock |
|
345,000 |
|
|
345,000 |
|
|
180,000 |
|
| Goodwill |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
| Tangible Common Equity | $ |
1,291,257 |
|
$ |
1,288,957 |
|
$ |
1,202,725 |
|
| Total Assets | $ |
23,601,114 |
|
$ |
23,799,174 |
|
$ |
23,733,296 |
|
| Less: Goodwill |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
| Tangible Assets | $ |
23,569,597 |
|
$ |
23,767,657 |
|
$ |
23,701,779 |
|
| Risk-Weighted Assets, determined in accordance | |||||||||
| with prescribed regulatory requirements 1 | $ |
14,225,908 |
|
$ |
14,054,698 |
|
$ |
14,226,780 |
|
| Total Shareholders' Equity to Total Assets |
|
7.07 |
% |
|
7.00 |
% |
|
5.96 |
% |
| Tangible Common Equity to Tangible Assets (Non-GAAP) |
|
5.48 |
% |
|
5.42 |
% |
|
5.07 |
% |
| Tier 1 Capital Ratio 1 |
|
13.95 |
% |
|
14.05 |
% |
|
12.56 |
% |
| Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 |
|
9.08 |
% |
|
9.17 |
% |
|
8.45 |
% |
|
|
|
|
||||||
| 1 Regulatory capital ratios as of December 31, 2024 are preliminary. | |||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||
| Consolidated Statements of Income | Table 3 | |||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||
| (dollars in thousands, except per share amounts) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
| Interest Income | ||||||||||||||||
| Interest and Fees on Loans and Leases | $ |
164,785 |
|
$ |
166,286 |
|
$ |
158,324 |
|
$ |
653,615 |
|
$ |
590,611 |
|
|
| Income on Investment Securities | ||||||||||||||||
| Available-for-Sale |
|
23,223 |
|
|
23,257 |
|
|
22,782 |
|
|
89,705 |
|
|
93,528 |
|
|
| Held-to-Maturity |
|
20,677 |
|
|
21,107 |
|
|
22,589 |
|
|
85,515 |
|
|
92,750 |
|
|
| Cash and Cash Equivalents |
|
9,425 |
|
|
8,980 |
|
|
5,728 |
|
|
30,701 |
|
|
28,380 |
|
|
| Other |
|
1,107 |
|
|
1,018 |
|
|
924 |
|
|
4,215 |
|
|
5,106 |
|
|
| Total Interest Income |
|
219,217 |
|
|
220,648 |
|
|
210,347 |
|
|
863,751 |
|
|
810,375 |
|
|
| Interest Expense | ||||||||||||||||
| Deposits |
|
92,099 |
|
|
96,067 |
|
|
87,121 |
|
|
368,764 |
|
|
250,847 |
|
|
| Securities Sold Under Agreements to Repurchase |
|
992 |
|
|
993 |
|
|
1,459 |
|
|
4,608 |
|
|
16,306 |
|
|
| Funds Purchased |
|
- |
|
|
- |
|
|
- |
|
|
44 |
|
|
888 |
|
|
| Short-Term Borrowings |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
5,713 |
|
|
| Other Debt |
|
5,948 |
|
|
5,970 |
|
|
5,982 |
|
|
23,755 |
|
|
39,596 |
|
|
| Total Interest Expense |
|
99,039 |
|
|
103,030 |
|
|
94,562 |
|
|
397,171 |
|
|
313,350 |
|
|
| Net Interest Income |
|
120,178 |
|
|
117,618 |
|
|
115,785 |
|
|
466,580 |
|
|
497,025 |
|
|
| Provision for Credit Losses |
|
3,750 |
|
|
3,000 |
|
|
2,500 |
|
|
11,150 |
|
|
9,000 |
|
|
| Net Interest Income After Provision for Credit Losses |
|
116,428 |
|
|
114,618 |
|
|
113,285 |
|
|
455,430 |
|
|
488,025 |
|
|
| Noninterest Income | ||||||||||||||||
| Fees, Exchange, and Other Service Charges |
|
14,399 |
|
|
14,945 |
|
|
13,774 |
|
|
57,236 |
|
|
55,556 |
|
|
| Trust and Asset Management |
|
12,157 |
|
|
11,916 |
|
|
11,144 |
|
|
47,485 |
|
|
43,597 |
|
|
| Service Charges on Deposit Accounts |
|
8,678 |
|
|
8,075 |
|
|
7,949 |
|
|
32,430 |
|
|
31,116 |
|
|
| Bank-Owned Life Insurance |
|
3,283 |
|
|
3,533 |
|
|
3,176 |
|
|
13,568 |
|
|
11,643 |
|
|
| Annuity and Insurance |
|
1,347 |
|
|
1,460 |
|
|
1,271 |
|
|
5,436 |
|
|
4,736 |
|
|
| Mortgage Banking |
|
942 |
|
|
1,188 |
|
|
1,016 |
|
|
4,109 |
|
|
4,255 |
|
|
| Investment Securities Losses, Net |
|
(3,306 |
) |
|
(1,103 |
) |
|
(1,619 |
) |
|
(7,507 |
) |
|
(11,455 |
) |
|
| Other |
|
5,547 |
|
|
5,096 |
|
|
5,572 |
|
|
19,772 |
|
|
37,161 |
|
|
| Total Noninterest Income |
|
43,047 |
|
|
45,110 |
|
|
42,283 |
|
|
172,529 |
|
|
176,609 |
|
|
| Noninterest Expense | ||||||||||||||||
| Salaries and Benefits |
|
58,690 |
|
|
58,626 |
|
|
53,991 |
|
|
232,564 |
|
|
234,079 |
|
|
| Net Equipment |
|
10,308 |
|
|
10,120 |
|
|
9,826 |
|
|
40,886 |
|
|
40,251 |
|
|
| Net Occupancy |
|
10,263 |
|
|
10,806 |
|
|
9,734 |
|
|
42,084 |
|
|
39,924 |
|
|
| Data Processing |
|
5,313 |
|
|
4,712 |
|
|
4,948 |
|
|
19,540 |
|
|
18,836 |
|
|
| Professional Fees |
|
4,988 |
|
|
4,725 |
|
|
5,079 |
|
|
19,319 |
|
|
17,459 |
|
|
| FDIC Insurance |
|
3,711 |
|
|
3,355 |
|
|
18,545 |
|
|
17,850 |
|
|
28,313 |
|
|
| Other |
|
14,658 |
|
|
14,748 |
|
|
13,839 |
|
|
57,865 |
|
|
58,656 |
|
|
| Total Noninterest Expense |
|
107,931 |
|
|
107,092 |
|
|
115,962 |
|
|
430,108 |
|
|
437,518 |
|
|
| Income Before Provision for Income Taxes |
|
51,544 |
|
|
52,636 |
|
|
39,606 |
|
|
197,851 |
|
|
227,116 |
|
|
| Provision for Income Taxes |
|
12,382 |
|
|
12,278 |
|
|
9,210 |
|
|
47,857 |
|
|
55,914 |
|
|
| Net Income | $ |
39,162 |
|
$ |
40,358 |
|
$ |
30,396 |
|
$ |
149,994 |
|
$ |
171,202 |
|
|
| Preferred Stock Dividends |
|
5,269 |
|
|
3,436 |
|
|
1,969 |
|
|
12,644 |
|
|
7,877 |
|
|
| Net Income Available to Common Shareholders | $ |
33,893 |
|
$ |
36,922 |
|
$ |
28,427 |
|
$ |
137,350 |
|
$ |
163,325 |
|
|
| Basic Earnings Per Common Share | $ |
0.86 |
|
$ |
0.94 |
|
$ |
0.72 |
|
$ |
3.48 |
|
$ |
4.16 |
|
|
| Diluted Earnings Per Common Share | $ |
0.85 |
|
$ |
0.93 |
|
$ |
0.72 |
|
$ |
3.46 |
|
$ |
4.14 |
|
|
| Dividends Declared Per Common Share | $ |
0.70 |
|
$ |
0.70 |
|
$ |
0.70 |
|
$ |
2.80 |
|
$ |
2.80 |
|
|
| Basic Weighted Average Common Shares |
|
39,513,210 |
|
|
39,488,187 |
|
|
39,303,525 |
|
|
39,450,737 |
|
|
39,274,291 |
|
|
| Diluted Weighted Average Common Shares |
|
39,836,758 |
|
|
39,736,492 |
|
|
39,539,191 |
|
|
39,700,388 |
|
|
39,428,912 |
|
|
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||
| Consolidated Statements of Comprehensive Income | Table 4 | ||||||||||||
| Three Months Ended | Year Ended | ||||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||||
| (dollars in thousands) |
|
2024 |
|
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|
| Net Income | $ |
39,162 |
|
$ |
40,358 |
$ |
30,396 |
$ |
149,994 |
|
$ |
171,202 |
|
| Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||
| Net Unrealized Gains (Losses) on Investment Securities |
|
(7,388 |
) |
|
38,833 |
|
43,357 |
|
53,435 |
|
|
36,152 |
|
| Defined Benefit Plans |
|
(641 |
) |
|
168 |
|
1,566 |
|
(136 |
) |
|
1,818 |
|
| Other Comprehensive Income (Loss) |
|
(8,029 |
) |
|
39,001 |
|
44,923 |
|
53,299 |
|
|
37,970 |
|
| Comprehensive Income | $ |
31,133 |
|
$ |
79,359 |
$ |
75,319 |
$ |
203,293 |
|
$ |
209,172 |
|
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||
| Consolidated Statements of Condition | Table 5 | ||||||||
| December 31, | September 30, | December 31, | |||||||
| (dollars in thousands, except per share amounts) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Assets | |||||||||
| Cash and Cash Equivalents | $ |
763,571 |
|
$ |
1,272,763 |
|
$ |
1,000,944 |
|
| Investment Securities | |||||||||
| Available-for-Sale |
|
2,689,528 |
|
|
2,550,324 |
|
|
2,408,933 |
|
| Held-to-Maturity (Fair Value of $3,820,882; $4,072,596; and $4,253,637) |
|
4,618,543 |
|
|
4,710,245 |
|
|
4,997,335 |
|
| Loans Held for Sale |
|
2,150 |
|
|
5,048 |
|
|
3,124 |
|
| Loans and Leases |
|
14,075,980 |
|
|
13,918,583 |
|
|
13,965,026 |
|
| Allowance for Credit Losses |
|
(148,528 |
) |
|
(147,331 |
) |
|
(146,403 |
) |
| Net Loans and Leases |
|
13,927,452 |
|
|
13,771,252 |
|
|
13,818,623 |
|
| Premises and Equipment, Net |
|
184,480 |
|
|
191,899 |
|
|
194,855 |
|
| Operating Lease Right-of-Use Assets |
|
80,165 |
|
|
81,736 |
|
|
86,110 |
|
| Accrued Interest Receivable |
|
66,367 |
|
|
66,534 |
|
|
66,525 |
|
| Mortgage Servicing Rights |
|
19,199 |
|
|
19,571 |
|
|
20,880 |
|
| Goodwill |
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
| Bank-Owned Life Insurance |
|
481,184 |
|
|
475,263 |
|
|
462,894 |
|
| Other Assets |
|
736,958 |
|
|
623,022 |
|
|
641,556 |
|
| Total Assets | $ |
23,601,114 |
|
$ |
23,799,174 |
|
$ |
23,733,296 |
|
| Liabilities | |||||||||
| Deposits | |||||||||
| Noninterest-Bearing Demand | $ |
5,423,562 |
|
$ |
5,412,048 |
|
$ |
6,058,554 |
|
| Interest-Bearing Demand |
|
3,784,984 |
|
|
3,734,601 |
|
|
3,749,717 |
|
| Savings |
|
8,364,916 |
|
|
8,663,147 |
|
|
8,189,472 |
|
| Time |
|
3,059,575 |
|
|
3,168,526 |
|
|
3,057,302 |
|
| Total Deposits |
|
20,633,037 |
|
|
20,978,322 |
|
|
21,055,045 |
|
| Securities Sold Under Agreements to Repurchase |
|
100,000 |
|
|
100,490 |
|
|
150,490 |
|
| Other Debt |
|
558,274 |
|
|
558,297 |
|
|
560,190 |
|
| Operating Lease Liabilities |
|
88,794 |
|
|
90,356 |
|
|
94,693 |
|
| Retirement Benefits Payable |
|
23,760 |
|
|
22,870 |
|
|
23,673 |
|
| Accrued Interest Payable |
|
34,799 |
|
|
40,434 |
|
|
41,023 |
|
| Other Liabilities |
|
494,676 |
|
|
342,931 |
|
|
393,940 |
|
| Total Liabilities |
|
21,933,340 |
|
|
22,133,700 |
|
|
22,319,054 |
|
| 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: December 31, 2024 - 58,765,864 / 39,762,255; | |||||||||
| September 30, 2024 - 58,765,907 / 39,748,304; and December 31, 2023 - 58,755,465 / 39,753,138) |
|
585 |
|
|
585 |
|
|
583 |
|
| Capital Surplus |
|
647,403 |
|
|
643,620 |
|
|
636,422 |
|
| Accumulated Other Comprehensive Loss |
|
(343,389 |
) |
|
(335,360 |
) |
|
(396,688 |
) |
| Retained Earnings |
|
2,133,838 |
|
|
2,127,585 |
|
|
2,107,569 |
|
| Treasury Stock, at Cost (Shares: December 31, 2024 - 19,003,609; September 30, 2024 - 19,017,603; | |||||||||
| and December 31, 2023 - 19,002,327) |
|
(1,115,663 |
) |
|
(1,115,956 |
) |
|
(1,113,644 |
) |
| Total Shareholders' Equity |
|
1,667,774 |
|
|
1,665,474 |
|
|
1,414,242 |
|
| Total Liabilities and Shareholders' Equity | $ |
23,601,114 |
|
$ |
23,799,174 |
|
$ |
23,733,296 |
|
| 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, 2022 | 180,000 |
$ |
180,000 |
- |
$ |
- |
39,835,750 |
|
$ |
582 |
$ |
620,578 |
|
$ |
(434,658 |
) |
$ |
2,055,912 |
|
$ |
(1,105,419 |
) |
$ |
1,316,995 |
|
| Net Income | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
171,202 |
|
|
- |
|
|
171,202 |
|
| Other Comprehensive Income | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
37,970 |
|
|
- |
|
|
- |
|
|
37,970 |
|
| Share-Based Compensation | - |
|
- |
- |
|
- |
- |
|
|
- |
|
15,656 |
|
|
- |
|
|
- |
|
|
- |
|
|
15,656 |
|
| Common Stock Issued under Purchase | |||||||||||||||||||||||||
| and Equity Compensation Plans | - |
|
- |
- |
|
- |
130,286 |
|
|
1 |
|
188 |
|
|
- |
|
|
127 |
|
|
6,065 |
|
|
6,381 |
|
| Common Stock Repurchased | - |
|
- |
- |
|
- |
(212,898 |
) |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(14,290 |
) |
|
(14,290 |
) |
| Cash Dividends Declared Common Stock ($2.80 per share) | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(111,795 |
) |
|
- |
|
|
(111,795 |
) |
| Cash Dividends Declared Preferred Stock | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(7,877 |
) |
|
- |
|
|
(7,877 |
) |
| 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 | - |
$ |
- |
- |
$ |
- |
- |
|
$ |
- |
$ |
- |
|
$ |
- |
|
$ |
149,994 |
|
$ |
- |
|
$ |
149,994 |
|
| Other Comprehensive Income | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
53,299 |
|
|
- |
|
|
- |
|
|
53,299 |
|
| Share-Based Compensation | - |
|
- |
- |
|
- |
- |
|
|
- |
|
14,444 |
|
|
- |
|
|
- |
|
|
- |
|
|
14,444 |
|
| Preferred Stock Issued, Net | - |
|
- |
165,000 |
|
165,000 |
- |
|
|
- |
|
(4,386 |
) |
|
- |
|
|
- |
|
|
- |
|
|
160,614 |
|
| Common Stock Issued under Purchase | |||||||||||||||||||||||||
| and Equity Compensation Plans | - |
|
- |
- |
|
- |
96,394 |
|
|
2 |
|
923 |
|
|
- |
|
|
1,232 |
|
|
3,283 |
|
|
5,440 |
|
| Common Stock Repurchased | - |
|
- |
- |
|
- |
(87,277 |
) |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
(5,302 |
) |
|
(5,302 |
) |
| Cash Dividends Declared Common Stock ($2.80 per share) | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(112,313 |
) |
|
- |
|
|
(112,313 |
) |
| Cash Dividends Declared Preferred Stock | - |
|
- |
- |
|
- |
- |
|
|
- |
|
- |
|
|
- |
|
|
(12,644 |
) |
|
- |
|
|
(12,644 |
) |
| 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 |
|
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||||
| Average Balances and Interest Rates - Taxable-Equivalent Basis 1 | Table 7a | |||||||||||||||||
| Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||
| (dollars in millions) | Balance | Expense 2 | Rate | Balance | Expense 2 | Rate | Balance | Expense 2 | Rate | |||||||||
| Earning Assets | ||||||||||||||||||
| Cash and Cash Equivalents | $ |
784.9 |
$ |
9.4 |
4.70 |
% |
$ |
667.8 |
$ |
9.0 |
5.26 |
% |
$ |
419.3 |
$ |
5.7 |
5.35 |
% |
| Investment Securities | ||||||||||||||||||
| Available-for-Sale | ||||||||||||||||||
| Taxable |
|
2,614.5 |
|
23.0 |
3.50 |
|
2,430.0 |
|
23.0 |
3.80 |
|
2,362.4 |
|
22.8 |
3.84 |
|||
| Non-Taxable |
|
21.5 |
|
0.3 |
6.39 |
|
11.8 |
|
0.2 |
6.63 |
|
1.8 |
|
0.0 |
1.90 |
|||
| Held-to-Maturity | ||||||||||||||||||
| Taxable |
|
4,636.7 |
|
20.5 |
1.77 |
|
4,735.5 |
|
21.0 |
1.77 |
|
5,013.6 |
|
22.4 |
1.79 |
|||
| Non-Taxable |
|
34.3 |
|
0.2 |
2.10 |
|
34.4 |
|
0.2 |
2.10 |
|
34.9 |
|
0.2 |
2.10 |
|||
| Total Investment Securities |
|
7,307.0 |
|
44.0 |
2.41 |
|
7,211.7 |
|
44.4 |
2.46 |
|
7,412.7 |
|
45.4 |
2.45 |
|||
| Loans Held for Sale |
|
4.0 |
|
0.1 |
5.86 |
|
3.8 |
|
0.1 |
6.13 |
|
3.8 |
|
0.1 |
6.89 |
|||
| Loans and Leases 3 | ||||||||||||||||||
| Commercial Mortgage |
|
3,868.7 |
|
52.0 |
5.34 |
|
3,744.6 |
|
52.0 |
5.51 |
|
3,760.1 |
|
51.5 |
5.42 |
|||
| Commercial and Industrial |
|
1,697.9 |
|
22.1 |
5.18 |
|
1,665.3 |
|
22.6 |
5.42 |
|
1,615.4 |
|
21.3 |
5.24 |
|||
| Construction |
|
346.6 |
|
6.6 |
7.54 |
|
357.3 |
|
7.1 |
7.95 |
|
279.5 |
|
4.8 |
6.84 |
|||
| Commercial Lease Financing |
|
82.9 |
|
0.7 |
3.62 |
|
59.6 |
|
0.4 |
2.58 |
|
60.1 |
|
0.3 |
1.95 |
|||
| Residential Mortgage |
|
4,621.0 |
|
45.3 |
3.93 |
|
4,593.7 |
|
46.4 |
4.03 |
|
4,676.0 |
|
45.1 |
3.86 |
|||
| Home Equity |
|
2,181.6 |
|
22.5 |
4.10 |
|
2,206.9 |
|
22.4 |
4.04 |
|
2,276.2 |
|
20.9 |
3.65 |
|||
| Automobile |
|
774.4 |
|
9.5 |
4.90 |
|
795.7 |
|
9.4 |
4.72 |
|
845.7 |
|
8.6 |
4.02 |
|||
| Other |
|
391.6 |
|
7.2 |
7.29 |
|
386.9 |
|
6.9 |
7.13 |
|
393.1 |
|
6.3 |
6.40 |
|||
| Total Loans and Leases |
|
13,964.7 |
|
165.9 |
4.73 |
|
13,810.0 |
|
167.2 |
4.82 |
|
13,906.1 |
|
158.8 |
4.54 |
|||
| Other |
|
65.0 |
|
1.1 |
6.82 |
|
63.2 |
|
0.9 |
6.43 |
|
60.0 |
|
1.0 |
6.16 |
|||
| Total Earning Assets |
|
22,125.6 |
|
220.5 |
3.97 |
|
21,756.5 |
|
221.7 |
4.06 |
|
21,801.9 |
|
211.0 |
3.85 |
|||
| Non-Earning Assets |
|
1,556.9 |
|
1,582.0 |
|
1,647.3 |
||||||||||||
| Total Assets | $ |
23,682.5 |
$ |
23,338.5 |
$ |
23,449.2 |
||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||
| Interest-Bearing Deposits | ||||||||||||||||||
| Demand | $ |
3,655.8 |
|
7.8 |
0.85 |
$ |
3,775.6 |
|
8.9 |
0.94 |
$ |
3,737.3 |
|
7.7 |
0.82 |
|||
| Savings |
|
8,652.2 |
|
52.6 |
2.42 |
|
8,402.9 |
|
55.7 |
2.63 |
|
8,441.0 |
|
51.1 |
2.40 |
|||
| Time |
|
3,142.8 |
|
31.7 |
4.02 |
|
3,008.7 |
|
31.5 |
4.17 |
|
2,830.0 |
|
28.3 |
3.97 |
|||
| Total Interest-Bearing Deposits |
|
15,450.8 |
|
92.1 |
2.37 |
|
15,187.2 |
|
96.1 |
2.52 |
|
15,008.3 |
|
87.1 |
2.30 |
|||
| Securities Sold Under Agreements to Repurchase |
|
100.2 |
|
1.0 |
3.87 |
|
100.5 |
|
1.0 |
3.87 |
|
150.5 |
|
1.5 |
3.79 |
|||
| Other Debt |
|
558.3 |
|
5.9 |
4.24 |
|
560.1 |
|
5.9 |
4.24 |
|
560.2 |
|
6.0 |
4.24 |
|||
| Total Interest-Bearing Liabilities |
|
16,109.3 |
|
99.0 |
2.45 |
|
15,847.8 |
|
103.0 |
2.59 |
|
15,719.0 |
|
94.6 |
2.39 |
|||
| Net Interest Income | $ |
121.5 |
$ |
118.7 |
$ |
116.4 |
||||||||||||
| Interest Rate Spread | 1.52 |
% |
1.47 |
% |
1.46 |
% |
||||||||||||
| Net Interest Margin | 2.19 |
% |
2.18 |
% |
2.13 |
% |
||||||||||||
| Noninterest-Bearing Demand Deposits |
|
5,305.9 |
|
5,297.2 |
|
5,695.8 |
||||||||||||
| Other Liabilities |
|
613.1 |
|
571.6 |
|
673.8 |
||||||||||||
| Shareholders' Equity |
|
1,654.2 |
|
1,621.9 |
|
1,360.6 |
||||||||||||
| Total Liabilities and Shareholders' Equity | $ |
23,682.5 |
$ |
23,338.5 |
$ |
23,449.2 |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
| 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 $1.3 million, $1.0 million, and $605 thousand for the three months ended Dec ember 31, 2024, September 30, 2024, and December 31, 2023, respectively. | ||||||||||||||||||
| 3 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis. | ||||||||||||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||
| Average Balances and Interest Rates - Taxable-Equivalent Basis 1 | Table 7b | |||||||||||
| Year Ended | Year Ended | |||||||||||
| December 31, 2024 | December 31, 2023 | |||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | |||||||
| (dollars in millions) | Balance | Expense 2 | Rate | Balance | Expense 2 | Rate | ||||||
| Earning Assets | ||||||||||||
| Cash and Cash Equivalents | $ |
594.1 |
$ |
30.7 |
5.17 |
% |
$ |
543.9 |
$ |
28.4 |
5.22 |
% |
| Investment Securities | ||||||||||||
| Available-for-Sale | ||||||||||||
| Taxable |
|
2,433.8 |
|
89.3 |
3.67 |
|
2,631.0 |
|
93.4 |
3.55 |
||
| Non-Taxable |
|
9.2 |
|
0.6 |
6.05 |
|
6.1 |
|
0.2 |
4.06 |
||
| Held-to-Maturity | ||||||||||||
| Taxable |
|
4,783.5 |
|
84.9 |
1.78 |
|
5,173.9 |
|
92.2 |
1.78 |
||
| Non-Taxable |
|
34.5 |
|
0.7 |
2.10 |
|
35.1 |
|
0.7 |
2.10 |
||
| Total Investment Securities |
|
7,261.0 |
|
175.5 |
2.42 |
|
7,846.1 |
|
186.5 |
2.38 |
||
| Loans Held for Sale |
|
2.9 |
|
0.2 |
6.05 |
|
3.0 |
|
0.2 |
6.16 |
||
| Loans and Leases 3 | ||||||||||||
| Commercial Mortgage |
|
3,763.6 |
|
205.9 |
5.47 |
|
3,776.2 |
|
197.0 |
5.22 |
||
| Commercial and Industrial |
|
1,679.8 |
|
89.2 |
5.31 |
|
1,511.2 |
|
74.2 |
4.91 |
||
| Construction |
|
333.4 |
|
25.6 |
7.66 |
|
262.1 |
|
16.0 |
6.09 |
||
| Commercial Lease Financing |
|
65.1 |
|
1.7 |
2.68 |
|
63.7 |
|
0.8 |
1.30 |
||
| Residential Mortgage |
|
4,614.8 |
|
182.4 |
3.95 |
|
4,690.5 |
|
168.9 |
3.60 |
||
| Home Equity |
|
2,217.5 |
|
87.8 |
3.96 |
|
2,268.0 |
|
78.2 |
3.45 |
||
| Automobile |
|
803.6 |
|
37.0 |
4.61 |
|
866.1 |
|
31.8 |
3.67 |
||
| Other |
|
391.1 |
|
27.4 |
7.01 |
|
413.8 |
|
25.3 |
6.12 |
||
| Total Loans and Leases |
|
13,868.9 |
|
657.0 |
4.74 |
|
13,851.6 |
|
592.2 |
4.28 |
||
| Other |
|
63.2 |
|
4.2 |
6.66 |
|
78.3 |
|
5.1 |
6.51 |
||
| Total Earning Assets |
|
21,790.1 |
|
867.6 |
3.98 |
|
22,322.9 |
|
812.4 |
3.64 |
||
| Non-Earning Assets |
|
1,572.6 |
|
1,631.3 |
||||||||
| Total Assets | $ |
23,362.7 |
$ |
23,954.2 |
||||||||
| Interest-Bearing Liabilities | ||||||||||||
| Interest-Bearing Deposits | ||||||||||||
| Demand | $ |
3,745.9 |
|
33.2 |
0.89 |
$ |
3,978.7 |
|
27.0 |
0.68 |
||
| Savings |
|
8,362.3 |
|
209.7 |
2.51 |
|
8,018.4 |
|
137.4 |
1.71 |
||
| Time |
|
3,042.3 |
|
125.9 |
4.14 |
|
2,424.8 |
|
86.4 |
3.56 |
||
| Total Interest-Bearing Deposits |
|
15,150.5 |
|
368.8 |
2.43 |
|
14,421.9 |
|
250.8 |
1.74 |
||
| Funds Purchased |
|
0.8 |
|
0.0 |
5.46 |
|
18.5 |
|
0.9 |
4.79 |
||
| Short-Term Borrowings |
|
0.0 |
|
0.0 |
5.25 |
|
114.0 |
|
5.7 |
5.01 |
||
| Securities Sold Under Agreements to Repurchase |
|
118.2 |
|
4.6 |
3.90 |
|
530.9 |
|
16.3 |
3.07 |
||
| Other Debt |
|
559.6 |
|
23.8 |
4.24 |
|
921.8 |
|
39.7 |
4.30 |
||
| Total Interest-Bearing Liabilities |
|
15,829.1 |
|
397.2 |
2.51 |
|
16,007.1 |
|
313.4 |
1.96 |
||
| Net Interest Income | $ |
470.4 |
$ |
499.0 |
||||||||
| Interest Rate Spread | 1.47 |
% |
1.68 |
% |
||||||||
| Net Interest Margin | 2.16 |
% |
2.24 |
% |
||||||||
| Noninterest-Bearing Demand Deposits |
|
5,385.8 |
|
5,990.5 |
||||||||
| Other Liabilities |
|
614.6 |
|
601.1 |
||||||||
| Shareholders' Equity |
|
1,533.2 |
|
1,355.5 |
||||||||
| Total Liabilities and Shareholders' Equity | $ |
23,362.7 |
$ |
23,954.2 |
||||||||
|
|
|
|
|
|
|
|
|
||||
| 1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report. | ||||||||||||
| 2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $3.8 million and $2.0 million for the year ended December 31, 2024 and December 31, 2023, respectively. | ||||||||||||
| 3 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis. | ||||||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||
| Analysis of Change in Net Interest Income - Taxable-Equivalent Basis | Table 8a | ||||||||
| Three Months Ended December 31, 2024 | |||||||||
| Compared to September 30, 2024 | |||||||||
| (dollars in millions) | Volume 1 | Rate 1 | Total | ||||||
| Change in Interest Income: | |||||||||
| Cash and Cash Equivalents | $ |
1.5 |
|
$ |
(1.0 |
) |
$ |
0.4 |
|
| Investment Securities | |||||||||
| Available-for-Sale | |||||||||
| Taxable |
|
1.8 |
|
|
(1.7 |
) |
|
0.0 |
|
| Non-Taxable |
|
0.2 |
|
|
(0.0 |
) |
|
0.1 |
|
| Held-to-Maturity | |||||||||
| Taxable |
|
(0.5 |
) |
|
0.0 |
|
|
(0.5 |
) |
| Non-Taxable |
|
(0.1 |
) |
|
(0.0 |
) |
|
(0.1 |
) |
| Total Investment Securities |
|
1.3 |
|
|
(1.7 |
) |
|
(0.4 |
) |
| Loans Held for Sale |
|
0.0 |
|
|
(0.0 |
) |
|
(0.0 |
) |
| Loans and Leases | |||||||||
| Commercial Mortgage |
|
1.7 |
|
|
(1.7 |
) |
|
(0.0 |
) |
| Commercial and Industrial |
|
0.6 |
|
|
(1.0 |
) |
|
(0.5 |
) |
| Construction |
|
(0.2 |
) |
|
(0.3 |
) |
|
(0.5 |
) |
| Commercial Lease Financing |
|
0.2 |
|
|
0.1 |
|
|
0.3 |
|
| Residential Mortgage |
|
0.3 |
|
|
(1.3 |
) |
|
(1.1 |
) |
| Home Equity |
|
(0.3 |
) |
|
0.4 |
|
|
0.1 |
|
| Automobile |
|
(0.3 |
) |
|
0.4 |
|
|
0.1 |
|
| Other |
|
0.1 |
|
|
0.2 |
|
|
0.2 |
|
| Total Loans and Leases |
|
2.1 |
|
|
(3.4 |
) |
|
(1.3 |
) |
| Other |
|
0.0 |
|
|
0.1 |
|
|
0.1 |
|
| Total Change in Interest Income |
|
4.9 |
|
|
(6.1 |
) |
|
(1.2 |
) |
| Change in Interest Expense: | |||||||||
| Interest-Bearing Deposits | |||||||||
| Demand |
|
(0.3 |
) |
|
(0.8 |
) |
|
(1.1 |
) |
| Savings |
|
1.6 |
|
|
(4.7 |
) |
|
(3.1 |
) |
| Time |
|
1.4 |
|
|
(1.2 |
) |
|
0.2 |
|
| Total Interest-Bearing Deposits |
|
2.7 |
|
|
(6.7 |
) |
|
(4.0 |
) |
| Securities Sold Under Agreements to Repurchase |
|
(0.0 |
) |
|
0.0 |
|
|
(0.0 |
) |
| Other Debt |
|
(0.0 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
| Total Change in Interest Expense |
|
2.7 |
|
|
(6.7 |
) |
|
(4.0 |
) |
| Change in Net Interest Income | $ |
2.2 |
|
$ |
0.6 |
|
$ |
2.8 |
|
|
|
|
|
||||||
| 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 December 31, 2024 | |||||||||
| Compared to December 31, 2023 | |||||||||
| (dollars in millions) | Volume 1 | Rate 1 | Total | ||||||
| Change in Interest Income: | |||||||||
| Cash and Cash Equivalents | $ |
4.5 |
|
$ |
(0.8 |
) |
$ |
3.7 |
|
| Investment Securities | |||||||||
| Available-for-Sale | |||||||||
| Taxable |
|
2.3 |
|
|
(2.1 |
) |
|
0.2 |
|
| Non-Taxable |
|
0.3 |
|
|
- |
|
|
0.3 |
|
| Held-to-Maturity | |||||||||
| Taxable |
|
(1.7 |
) |
|
(0.2 |
) |
|
(1.9 |
) |
| Non-Taxable |
|
(0.0 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
| Total Investment Securities |
|
0.9 |
|
|
(2.3 |
) |
|
(1.4 |
) |
| Loans Held for Sale |
|
0.0 |
|
|
(0.0 |
) |
|
(0.0 |
) |
| Loans and Leases | |||||||||
| Commercial Mortgage |
|
1.4 |
|
|
(0.9 |
) |
|
0.5 |
|
| Commercial and Industrial |
|
1.1 |
|
|
(0.3 |
) |
|
0.8 |
|
| Construction |
|
1.2 |
|
|
0.6 |
|
|
1.8 |
|
| Commercial Lease Financing |
|
0.3 |
|
|
0.1 |
|
|
0.4 |
|
| Residential Mortgage |
|
(0.6 |
) |
|
0.8 |
|
|
0.2 |
|
| Home Equity |
|
(0.9 |
) |
|
2.5 |
|
|
1.6 |
|
| Automobile |
|
(0.8 |
) |
|
1.7 |
|
|
0.9 |
|
| Other |
|
- |
|
|
0.9 |
|
|
0.9 |
|
| Total Loans and Leases |
|
1.7 |
|
|
5.4 |
|
|
7.1 |
|
| Other |
|
0.1 |
|
|
0.1 |
|
|
0.2 |
|
| Total Change in Interest Income |
|
7.1 |
|
|
2.4 |
|
|
9.5 |
|
| Change in Interest Expense: | |||||||||
| Interest-Bearing Deposits | |||||||||
| Demand |
|
(0.2 |
) |
|
0.3 |
|
|
0.1 |
|
| Savings |
|
1.2 |
|
|
0.3 |
|
|
1.5 |
|
| Time |
|
3.1 |
|
|
0.3 |
|
|
3.4 |
|
| Total Interest-Bearing Deposits |
|
4.1 |
|
|
0.9 |
|
|
5.0 |
|
| Securities Sold Under Agreements to Repurchase |
|
(0.5 |
) |
|
- |
|
|
(0.5 |
) |
| Other Debt |
|
(0.1 |
) |
|
- |
|
|
(0.1 |
) |
| Total Change in Interest Expense |
|
3.5 |
|
|
0.9 |
|
|
4.4 |
|
| Change in Net Interest Income | $ |
3.6 |
|
$ |
1.5 |
|
$ |
5.1 |
|
|
|
|
|
||||||
| 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 8c | ||||||||
| Year Ended December 31, 2024 | |||||||||
| Compared to December 31, 2023 | |||||||||
| (dollars in millions) | Volume 1 | Rate 1 | Total | ||||||
| Change in Interest Income: | |||||||||
| Cash and Cash Equivalents | $ |
2.6 |
|
$ |
(0.3 |
) |
$ |
2.3 |
|
| Investment Securities | |||||||||
| Available-for-Sale | |||||||||
| Taxable |
|
(7.2 |
) |
|
3.1 |
|
|
(4.1 |
) |
| Non-Taxable |
|
0.2 |
|
|
0.2 |
|
|
0.4 |
|
| Held-to-Maturity | |||||||||
| Taxable |
|
(6.9 |
) |
|
(0.4 |
) |
|
(7.3 |
) |
| Non-Taxable |
|
(0.0 |
) |
|
- |
|
|
(0.0 |
) |
| Total Investment Securities |
|
(13.9 |
) |
|
2.9 |
|
|
(11.0 |
) |
| Loans Held for Sale |
|
(0.0 |
) |
|
(0.0 |
) |
|
(0.0 |
) |
| Loans and Leases | |||||||||
| Commercial Mortgage |
|
(0.6 |
) |
|
9.5 |
|
|
8.9 |
|
| Commercial and Industrial |
|
8.9 |
|
|
6.1 |
|
|
15.0 |
|
| Construction |
|
4.9 |
|
|
4.7 |
|
|
9.6 |
|
| Commercial Lease Financing |
|
0.2 |
|
|
0.7 |
|
|
0.9 |
|
| Residential Mortgage |
|
(2.7 |
) |
|
16.2 |
|
|
13.5 |
|
| Home Equity |
|
(1.8 |
) |
|
11.4 |
|
|
9.6 |
|
| Automobile |
|
(2.5 |
) |
|
7.7 |
|
|
5.2 |
|
| Other |
|
(1.4 |
) |
|
3.5 |
|
|
2.1 |
|
| Total Loans and Leases |
|
5.0 |
|
|
59.8 |
|
|
64.8 |
|
| Other |
|
(1.0 |
) |
|
0.1 |
|
|
(0.9 |
) |
| Total Change in Interest Income |
|
(7.3 |
) |
|
62.5 |
|
|
55.2 |
|
| Change in Interest Expense: | |||||||||
| Interest-Bearing Deposits | |||||||||
| Demand |
|
(1.7 |
) |
|
7.9 |
|
|
6.2 |
|
| Savings |
|
6.2 |
|
|
66.1 |
|
|
72.3 |
|
| Time |
|
24.2 |
|
|
15.3 |
|
|
39.5 |
|
| Total Interest-Bearing Deposits |
|
28.7 |
|
|
89.3 |
|
|
118.0 |
|
| Funds Purchased |
|
(1.0 |
) |
|
0.1 |
|
|
(0.9 |
) |
| Short-Term Borrowings |
|
(6.0 |
) |
|
0.3 |
|
|
(5.7 |
) |
| Securities Sold Under Agreements to Repurchase |
|
(15.2 |
) |
|
3.5 |
|
|
(11.7 |
) |
| Other Debt |
|
(15.4 |
) |
|
(0.5 |
) |
|
(15.9 |
) |
| Total Change in Interest Expense |
|
(8.9 |
) |
|
92.7 |
|
|
83.8 |
|
| Change in Net Interest Income | $ |
1.6 |
|
$ |
(30.2 |
) |
$ |
(28.6 |
) |
|
|||||||||
| 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 | Year Ended | ||||||||||
| December 31, | September 30, | December 31, | December 31, | ||||||||
| (dollars in thousands) |
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
| Salaries | $ |
38,852 |
$ |
38,993 |
$ |
38,492 |
$ |
154,538 |
$ |
154,497 |
|
| Medical, Dental, and Life Insurance |
|
4,965 |
|
3,512 |
|
2,500 |
|
14,900 |
|
12,767 |
|
| Incentive Compensation |
|
4,423 |
|
5,086 |
|
3,402 |
|
15,708 |
|
13,339 |
|
| Retirement and Other Benefits |
|
3,456 |
|
3,692 |
|
2,521 |
|
15,408 |
|
15,707 |
|
| Share-Based Compensation |
|
3,208 |
|
3,364 |
|
3,443 |
|
13,667 |
|
14,770 |
|
| Payroll Taxes |
|
2,593 |
|
2,839 |
|
2,598 |
|
13,232 |
|
14,677 |
|
| Commission Expense |
|
1,085 |
|
979 |
|
700 |
|
3,575 |
|
2,798 |
|
| Separation Expense |
|
108 |
|
161 |
|
335 |
|
1,536 |
|
5,524 |
|
| Total Salaries and Benefits | $ |
58,690 |
$ |
58,626 |
$ |
53,991 |
$ |
232,564 |
$ |
234,079 |
|
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||
| Loan and Lease Portfolio Balances | Table 10 | |||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
| (dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
| Commercial | ||||||||||
| Commercial Mortgage | $ |
4,020,622 |
$ |
3,868,566 |
$ |
3,741,140 |
$ |
3,715,032 |
$ |
3,749,016 |
| Commercial and Industrial |
|
1,705,133 |
|
1,681,693 |
|
1,699,438 |
|
1,679,659 |
|
1,664,068 |
| Construction |
|
308,898 |
|
319,150 |
|
315,571 |
|
323,069 |
|
304,463 |
| Lease Financing |
|
90,756 |
|
60,665 |
|
59,388 |
|
57,817 |
|
59,939 |
| Total Commercial |
|
6,125,409 |
|
5,930,074 |
|
5,815,537 |
|
5,775,577 |
|
5,777,486 |
| Consumer | ||||||||||
| Residential Mortgage |
|
4,628,283 |
|
4,622,677 |
|
4,595,586 |
|
4,616,900 |
|
4,684,171 |
| Home Equity |
|
2,165,514 |
|
2,195,844 |
|
2,221,073 |
|
2,240,946 |
|
2,264,827 |
| Automobile |
|
764,146 |
|
786,910 |
|
806,240 |
|
825,854 |
|
837,830 |
| Other |
|
392,628 |
|
383,078 |
|
392,830 |
|
394,560 |
|
400,712 |
| Total Consumer |
|
7,950,571 |
|
7,988,509 |
|
8,015,729 |
|
8,078,260 |
|
8,187,540 |
| Total Loans and Leases | $ |
14,075,980 |
$ |
13,918,583 |
$ |
13,831,266 |
$ |
13,853,837 |
$ |
13,965,026 |
| Deposits | ||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
| (dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
| Consumer | $ |
10,397,777 |
$ |
10,340,466 |
$ |
10,382,432 |
$ |
10,429,004 |
$ |
10,319,809 |
| Commercial |
|
8,299,590 |
|
8,356,239 |
|
7,995,618 |
|
8,323,330 |
|
8,601,224 |
| Public and Other |
|
1,935,670 |
|
2,281,617 |
|
2,030,452 |
|
1,924,252 |
|
2,134,012 |
| Total Deposits | $ |
20,633,037 |
$ |
20,978,322 |
$ |
20,408,502 |
$ |
20,676,586 |
$ |
21,055,045 |
| Average Deposits | ||||||||||
| Three Months Ended | ||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
| (dollars in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
| Consumer | $ |
10,327,928 |
$ |
10,345,772 |
$ |
10,379,724 |
$ |
10,313,730 |
$ |
10,092,727 |
| Commercial |
|
8,564,213 |
|
8,207,310 |
|
8,188,685 |
|
8,334,540 |
|
8,581,426 |
| Public and Other |
|
1,864,541 |
|
1,931,309 |
|
1,789,984 |
|
1,895,370 |
|
2,029,917 |
| Total Deposits | $ |
20,756,682 |
$ |
20,484,391 |
$ |
20,358,393 |
$ |
20,543,640 |
$ |
20,704,070 |
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||||
| Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More | Table 11 | ||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
| (dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Non-Performing Assets | |||||||||||||||
| Non-Accrual Loans and Leases | |||||||||||||||
| Commercial | |||||||||||||||
| Commercial and Industrial | $ |
4,627 |
|
$ |
6,218 |
|
$ |
3,681 |
|
$ |
13 |
|
$ |
39 |
|
| Commercial Mortgage |
|
2,450 |
|
|
2,680 |
|
|
2,601 |
|
|
2,714 |
|
|
2,884 |
|
| Total Commercial |
|
7,077 |
|
|
8,898 |
|
|
6,282 |
|
|
2,727 |
|
|
2,923 |
|
| Consumer | |||||||||||||||
| Residential Mortgage |
|
5,052 |
|
|
4,269 |
|
|
2,998 |
|
|
3,199 |
|
|
2,935 |
|
| Home Equity |
|
4,514 |
|
|
3,947 |
|
|
3,227 |
|
|
3,240 |
|
|
3,791 |
|
| Total Consumer |
|
9,566 |
|
|
8,216 |
|
|
6,225 |
|
|
6,439 |
|
|
6,726 |
|
| Total Non-Accrual Loans and Leases |
|
16,643 |
|
|
17,114 |
|
|
12,507 |
|
|
9,166 |
|
|
9,649 |
|
| Foreclosed Real Estate |
|
2,657 |
|
|
2,667 |
|
|
2,672 |
|
|
2,672 |
|
|
2,098 |
|
| Total Non-Performing Assets | $ |
19,300 |
|
$ |
19,781 |
|
$ |
15,179 |
|
$ |
11,838 |
|
$ |
11,747 |
|
| Accruing Loans and Leases Past Due 90 Days or More | |||||||||||||||
| Consumer | |||||||||||||||
| Residential Mortgage | $ |
3,984 |
|
$ |
4,421 |
|
$ |
4,524 |
|
$ |
3,378 |
|
$ |
3,814 |
|
| Home Equity |
|
2,845 |
|
|
1,980 |
|
|
2,025 |
|
|
1,580 |
|
|
1,734 |
|
| Automobile |
|
776 |
|
|
580 |
|
|
568 |
|
|
517 |
|
|
399 |
|
| Other |
|
677 |
|
|
554 |
|
|
733 |
|
|
872 |
|
|
648 |
|
| Total Consumer |
|
8,282 |
|
|
7,535 |
|
|
7,850 |
|
|
6,347 |
|
|
6,595 |
|
| Total Accruing Loans and Leases Past Due 90 Days or More | $ |
8,282 |
|
$ |
7,535 |
|
$ |
7,850 |
|
$ |
6,347 |
|
$ |
6,595 |
|
| Total Loans and Leases | $ |
14,075,980 |
|
$ |
13,918,583 |
|
$ |
13,831,266 |
|
$ |
13,853,837 |
|
$ |
13,965,026 |
|
| Ratio of Non-Accrual Loans and Leases to Total Loans and Leases |
|
0.12 |
% |
|
0.12 |
% |
|
0.09 |
% |
|
0.07 |
% |
|
0.07 |
% |
| Ratio of Non-Performing Assets to Total Loans and Leases | |||||||||||||||
| and Foreclosed Real Estate |
|
0.14 |
% |
|
0.14 |
% |
|
0.11 |
% |
|
0.09 |
% |
|
0.08 |
% |
| Ratio of Non-Performing Assets to Total Assets |
|
0.08 |
% |
|
0.08 |
% |
|
0.07 |
% |
|
0.05 |
% |
|
0.05 |
% |
| Ratio of Commercial Non-Performing Assets to Total Commercial Loans | |||||||||||||||
| and Leases and Commercial Foreclosed Real Estate |
|
0.12 |
% |
|
0.15 |
% |
|
0.11 |
% |
|
0.05 |
% |
|
0.05 |
% |
| Ratio of Consumer Non-Performing Assets to Total Consumer Loans | |||||||||||||||
| and Leases and Consumer Foreclosed Real Estate |
|
0.15 |
% |
|
0.14 |
% |
|
0.11 |
% |
|
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 |
|
0.20 |
% |
|
0.20 |
% |
|
0.17 |
% |
|
0.13 |
% |
|
0.13 |
% |
| Quarter to Quarter Changes in Non-Performing Assets | |||||||||||||||
| Balance at Beginning of Quarter | $ |
19,781 |
|
$ |
15,179 |
|
$ |
11,838 |
|
$ |
11,747 |
|
$ |
11,519 |
|
| Additions |
|
2,198 |
|
|
5,557 |
|
|
5,257 |
|
|
1,652 |
|
|
2,683 |
|
| Reductions | |||||||||||||||
| Payments |
|
(708 |
) |
|
(734 |
) |
|
(844 |
) |
|
(921 |
) |
|
(2,018 |
) |
| Return to Accrual Status |
|
(476 |
) |
|
(81 |
) |
|
(1,018 |
) |
|
(617 |
) |
|
(437 |
) |
| Charge-offs / Write-downs |
|
(1,495 |
) |
|
(140 |
) |
|
(54 |
) |
|
(23 |
) |
|
- |
|
| Total Reductions |
|
(2,679 |
) |
|
(955 |
) |
|
(1,916 |
) |
|
(1,561 |
) |
|
(2,455 |
) |
| Balance at End of Quarter | $ |
19,300 |
|
$ |
19,781 |
|
$ |
15,179 |
|
$ |
11,838 |
|
$ |
11,747 |
|
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||
| Reserve for Credit Losses | Table 12 | |||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | September 30, | December 31, | December 31, | |||||||||||||
| (dollars in thousands) |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
| Balance at Beginning of Period | $ |
150,325 |
|
$ |
151,155 |
|
$ |
151,653 |
|
$ |
152,429 |
|
$ |
151,247 |
|
|
| Loans and Leases Charged-Off | ||||||||||||||||
| Commercial | ||||||||||||||||
| Commercial and Industrial |
|
(352 |
) |
|
(1,021 |
) |
|
(229 |
) |
|
(2,608 |
) |
|
(987 |
) |
|
| Consumer | ||||||||||||||||
| Residential Mortgage |
|
(337 |
) |
|
- |
|
|
- |
|
|
(385 |
) |
|
(6 |
) |
|
| Home Equity |
|
(339 |
) |
|
(125 |
) |
|
(14 |
) |
|
(701 |
) |
|
(82 |
) |
|
| Automobile |
|
(1,548 |
) |
|
(1,651 |
) |
|
(938 |
) |
|
(5,342 |
) |
|
(5,247 |
) |
|
| Other |
|
(2,637 |
) |
|
(2,539 |
) |
|
(2,349 |
) |
|
(10,098 |
) |
|
(8,645 |
) |
|
| Total Loans and Leases Charged-Off |
|
(5,213 |
) |
|
(5,336 |
) |
|
(3,530 |
) |
|
(19,134 |
) |
|
(14,967 |
) |
|
| Recoveries on Loans and Leases Previously Charged-Off | ||||||||||||||||
| Commercial | ||||||||||||||||
| Commercial and Industrial |
|
386 |
|
|
66 |
|
|
125 |
|
|
831 |
|
|
350 |
|
|
| Consumer | ||||||||||||||||
| Residential Mortgage |
|
150 |
|
|
48 |
|
|
301 |
|
|
303 |
|
|
489 |
|
|
| Home Equity |
|
177 |
|
|
318 |
|
|
180 |
|
|
792 |
|
|
1,073 |
|
|
| Automobile |
|
609 |
|
|
552 |
|
|
612 |
|
|
2,168 |
|
|
2,782 |
|
|
| Other |
|
465 |
|
|
522 |
|
|
588 |
|
|
2,110 |
|
|
2,455 |
|
|
| Total Recoveries on Loans and Leases Previously Charged-Off |
|
1,787 |
|
|
1,506 |
|
|
1,806 |
|
|
6,204 |
|
|
7,149 |
|
|
| Net Charged-Off Loans and Leases |
|
(3,426 |
) |
|
(3,830 |
) |
|
(1,724 |
) |
|
(12,930 |
) |
|
(7,818 |
) |
|
| Provision for Credit Losses: | ||||||||||||||||
| Loans and Leases |
|
4,623 |
|
|
3,684 |
|
|
2,864 |
|
|
15,055 |
|
|
9,782 |
|
|
| Unfunded Commitments |
|
(873 |
) |
|
(684 |
) |
|
(364 |
) |
|
(3,905 |
) |
|
(782 |
) |
|
| Total Provision for Credit Losses |
|
3,750 |
|
|
3,000 |
|
|
2,500 |
|
|
11,150 |
|
|
9,000 |
|
|
| Balance at End of Period | $ |
150,649 |
|
$ |
150,325 |
|
$ |
152,429 |
|
$ |
150,649 |
|
$ |
152,429 |
|
|
| Components | ||||||||||||||||
| Allowance for Credit Losses - Loans and Leases | $ |
148,528 |
|
$ |
147,331 |
|
$ |
146,403 |
|
$ |
148,528 |
|
$ |
146,403 |
|
|
| Reserve for Unfunded Commitments |
|
2,121 |
|
|
2,994 |
|
|
6,026 |
|
|
2,121 |
|
|
6,026 |
|
|
| Total Reserve for Credit Losses | $ |
150,649 |
|
$ |
150,325 |
|
$ |
152,429 |
|
$ |
150,649 |
|
$ |
152,429 |
|
|
| Average Loans and Leases Outstanding | $ |
13,964,687 |
|
$ |
13,809,977 |
|
$ |
13,906,114 |
|
$ |
13,868,916 |
|
$ |
13,851,551 |
|
|
| Ratio of Net Loans and Leases Charged-Off to | ||||||||||||||||
| Average Loans and Leases Outstanding (annualized) |
|
0.10 |
% |
|
0.11 |
% |
|
0.05 |
% |
|
0.09 |
% |
|
0.06 |
% |
|
| Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1 | 1.06 |
% |
1.06 |
% |
1.05 |
% |
1.06 |
% |
1.05 |
% |
||||||
|
|
|
|
|
|
|
||||||||||
| 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 13a | |||||||||
| Consumer | Commercial | Treasury | Consolidated | |||||||
| (dollars in thousands) | Banking | Banking | and Other | Total | ||||||
| Three Months Ended December 31, 2024 | ||||||||||
| Net Interest Income (Expense) | $ |
98,019 |
$ |
53,516 |
|
$ |
(31,357 |
) |
$ |
120,178 |
| Provision for (Recapture of) Credit Losses |
|
3,751 |
|
(326 |
) |
|
325 |
|
|
3,750 |
| Net Interest Income (Expense) After Provision for Credit Losses |
|
94,268 |
|
53,842 |
|
|
(31,682 |
) |
|
116,428 |
| Noninterest Income |
|
34,800 |
|
7,490 |
|
|
757 |
|
|
43,047 |
| Noninterest Expense |
|
85,516 |
|
18,874 |
|
|
3,541 |
|
|
107,931 |
| Income (Loss) Before Income Taxes |
|
43,552 |
|
42,458 |
|
|
(34,466 |
) |
|
51,544 |
| Provision (Benefit) for Income Taxes |
|
11,136 |
|
10,819 |
|
|
(9,573 |
) |
|
12,382 |
| Net Income (Loss) | $ |
32,416 |
$ |
31,639 |
|
$ |
(24,893 |
) |
$ |
39,162 |
| Total Assets as of December 31, 2024 | $ |
8,288,997 |
$ |
6,145,162 |
|
$ |
9,166,955 |
|
$ |
23,601,114 |
| Three Months December 31, 2023 1 | ||||||||||
| Net Interest Income (Expense) | $ |
99,629 |
$ |
49,572 |
|
$ |
(33,416 |
) |
$ |
115,785 |
| Provision for (Recapture of) Credit Losses |
|
1,738 |
|
(15 |
) |
|
777 |
|
|
2,500 |
| Net Interest Income (Expense) After Provision for Credit Losses |
|
97,891 |
|
49,587 |
|
|
(34,193 |
) |
|
113,285 |
| Noninterest Income |
|
32,247 |
|
7,944 |
|
|
2,092 |
|
|
42,283 |
| Noninterest Expense |
|
92,793 |
|
18,958 |
|
|
4,211 |
|
|
115,962 |
| Income (Loss) Before Income Taxes |
|
37,345 |
|
38,573 |
|
|
(36,312 |
) |
|
39,606 |
| Provision (Benefit) for Income Taxes |
|
9,575 |
|
9,764 |
|
|
(10,129 |
) |
|
9,210 |
| Net Income (Loss) | $ |
27,770 |
$ |
28,809 |
|
$ |
(26,183 |
) |
$ |
30,396 |
| Total Assets as of December 31, 2023 | $ |
8,486,771 |
$ |
5,831,880 |
|
$ |
9,414,645 |
|
$ |
23,733,296 |
|
|
|
|
|
||||||
| 1 Certain prior period information has been reclassified to conform to current presentation. | ||||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | |||||||||
| Business Segments Selected Financial Information | Table 13b | ||||||||
| Consumer | Commercial | Treasury | Consolidated | ||||||
| (dollars in thousands) | Banking | Banking | and Other | Total | |||||
| Year Ended December 31, 2024 | |||||||||
| Net Interest Income (Expense) | $ |
391,137 |
$ |
206,450 |
$ |
(131,007 |
) |
$ |
466,580 |
| Provision for (Recapture of) Credit Losses |
|
11,969 |
|
913 |
|
(1,732 |
) |
|
11,150 |
| Net Interest Income (Expense) After Provision for Credit Losses |
|
379,168 |
|
205,537 |
|
(129,275 |
) |
|
455,430 |
| Noninterest Income |
|
134,568 |
|
28,768 |
|
9,193 |
|
|
172,529 |
| Noninterest Expense |
|
339,944 |
|
74,352 |
|
15,812 |
|
|
430,108 |
| Income (Loss) Before Income Taxes |
|
173,792 |
|
159,953 |
|
(135,894 |
) |
|
197,851 |
| Provision (Benefit) for Income Taxes |
|
44,290 |
|
40,530 |
|
(36,963 |
) |
|
47,857 |
| Net Income (Loss) | $ |
129,502 |
$ |
119,423 |
$ |
(98,931 |
) |
$ |
149,994 |
| Total Assets as of December 31, 2024 | $ |
8,288,997 |
$ |
6,145,162 |
$ |
9,166,955 |
|
$ |
23,601,114 |
| Year Ended December 31, 2023 1 | |||||||||
| Net Interest Income (Expense) | $ |
393,310 |
$ |
209,436 |
$ |
(105,721 |
) |
$ |
497,025 |
| Provision for (Recapture of) Credit Losses |
|
7,773 |
|
44 |
|
1,183 |
|
|
9,000 |
| Net Interest Income (Expense) After Provision for Credit Losses |
|
385,537 |
|
209,392 |
|
(106,904 |
) |
|
488,025 |
| Noninterest Income |
|
126,373 |
|
33,016 |
|
17,220 |
|
|
176,609 |
| Noninterest Expense |
|
340,336 |
|
77,486 |
|
19,696 |
|
|
437,518 |
| Income (Loss) Before Income Taxes |
|
171,574 |
|
164,922 |
|
(109,380 |
) |
|
227,116 |
| Provision (Benefit) for Income Taxes |
|
44,141 |
|
41,109 |
|
(29,336 |
) |
|
55,914 |
| Net Income (Loss) | $ |
127,433 |
$ |
123,813 |
$ |
(80,044 |
) |
$ |
171,202 |
| Total Assets as of December 31, 2023 | $ |
8,486,771 |
$ |
5,831,880 |
$ |
9,414,645 |
|
$ |
23,733,296 |
|
|
|
|
|
|||||
| 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 | |||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
| (dollars in thousands, except per share amounts) |
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
| Quarterly Operating Results | |||||||||||||||
| Interest Income | |||||||||||||||
| Interest and Fees on Loans and Leases | $ |
164,785 |
|
$ |
166,286 |
|
$ |
163,208 |
|
$ |
159,336 |
|
$ |
158,324 |
|
| Income on Investment Securities | |||||||||||||||
| Available-for-Sale |
|
23,223 |
|
|
23,257 |
|
|
21,468 |
|
|
21,757 |
|
|
22,782 |
|
| Held-to-Maturity |
|
20,677 |
|
|
21,107 |
|
|
21,595 |
|
|
22,136 |
|
|
22,589 |
|
| Cash and Cash Equivalents |
|
9,425 |
|
|
8,980 |
|
|
6,139 |
|
|
6,157 |
|
|
5,728 |
|
| Other |
|
1,107 |
|
|
1,018 |
|
|
1,120 |
|
|
970 |
|
|
924 |
|
| Total Interest Income |
|
219,217 |
|
|
220,648 |
|
|
213,530 |
|
|
210,356 |
|
|
210,347 |
|
| Interest Expense | |||||||||||||||
| Deposits |
|
92,099 |
|
|
96,067 |
|
|
91,542 |
|
|
89,056 |
|
|
87,121 |
|
| Securities Sold Under Agreements to Repurchase |
|
992 |
|
|
993 |
|
|
1,180 |
|
|
1,443 |
|
|
1,459 |
|
| Funds Purchased |
|
- |
|
|
- |
|
|
44 |
|
|
- |
|
|
- |
|
| Other Debt |
|
5,948 |
|
|
5,970 |
|
|
5,918 |
|
|
5,919 |
|
|
5,982 |
|
| Total Interest Expense |
|
99,039 |
|
|
103,030 |
|
|
98,684 |
|
|
96,418 |
|
|
94,562 |
|
| Net Interest Income |
|
120,178 |
|
|
117,618 |
|
|
114,846 |
|
|
113,938 |
|
|
115,785 |
|
| Provision for Credit Losses |
|
3,750 |
|
|
3,000 |
|
|
2,400 |
|
|
2,000 |
|
|
2,500 |
|
| Net Interest Income After Provision for Credit Losses |
|
116,428 |
|
|
114,618 |
|
|
112,446 |
|
|
111,938 |
|
|
113,285 |
|
| Noninterest Income | |||||||||||||||
| Fees, Exchange, and Other Service Charges |
|
14,399 |
|
|
14,945 |
|
|
13,769 |
|
|
14,123 |
|
|
13,774 |
|
| Trust and Asset Management |
|
12,157 |
|
|
11,916 |
|
|
12,223 |
|
|
11,189 |
|
|
11,144 |
|
| Service Charges on Deposit Accounts |
|
8,678 |
|
|
8,075 |
|
|
7,730 |
|
|
7,947 |
|
|
7,949 |
|
| Bank-Owned Life Insurance |
|
3,283 |
|
|
3,533 |
|
|
3,396 |
|
|
3,356 |
|
|
3,176 |
|
| Annuity and Insurance |
|
1,347 |
|
|
1,460 |
|
|
1,583 |
|
|
1,046 |
|
|
1,271 |
|
| Mortgage Banking |
|
942 |
|
|
1,188 |
|
|
1,028 |
|
|
951 |
|
|
1,016 |
|
| Investment Securities Losses, Net |
|
(3,306 |
) |
|
(1,103 |
) |
|
(1,601 |
) |
|
(1,497 |
) |
|
(1,619 |
) |
| Other |
|
5,547 |
|
|
5,096 |
|
|
3,959 |
|
|
5,170 |
|
|
5,572 |
|
| Total Noninterest Income |
|
43,047 |
|
|
45,110 |
|
|
42,087 |
|
|
42,285 |
|
|
42,283 |
|
| Noninterest Expense | |||||||||||||||
| Salaries and Benefits |
|
58,690 |
|
|
58,626 |
|
|
57,033 |
|
|
58,215 |
|
|
53,991 |
|
| Net Equipment |
|
10,308 |
|
|
10,120 |
|
|
10,355 |
|
|
10,103 |
|
|
9,826 |
|
| Net Occupancy |
|
10,263 |
|
|
10,806 |
|
|
10,559 |
|
|
10,456 |
|
|
9,734 |
|
| Data Processing |
|
5,313 |
|
|
4,712 |
|
|
4,745 |
|
|
4,770 |
|
|
4,948 |
|
| Professional Fees |
|
4,988 |
|
|
4,725 |
|
|
4,929 |
|
|
4,677 |
|
|
5,079 |
|
| FDIC Insurance |
|
3,711 |
|
|
3,355 |
|
|
7,170 |
|
|
3,614 |
|
|
18,545 |
|
| Other |
|
14,658 |
|
|
14,748 |
|
|
14,435 |
|
|
14,024 |
|
|
13,839 |
|
| Total Noninterest Expense |
|
107,931 |
|
|
107,092 |
|
|
109,226 |
|
|
105,859 |
|
|
115,962 |
|
| Income Before Provision for Income Taxes |
|
51,544 |
|
|
52,636 |
|
|
45,307 |
|
|
48,364 |
|
|
39,606 |
|
| Provision for Income Taxes |
|
12,382 |
|
|
12,278 |
|
|
11,224 |
|
|
11,973 |
|
|
9,210 |
|
| Net Income | $ |
39,162 |
|
$ |
40,358 |
|
$ |
34,083 |
|
$ |
36,391 |
|
$ |
30,396 |
|
| Preferred Stock Dividends |
|
5,269 |
|
|
3,436 |
|
|
1,969 |
|
|
1,969 |
|
|
1,969 |
|
| Net Income Available to Common Shareholders | $ |
33,893 |
|
$ |
36,922 |
|
$ |
32,114 |
|
$ |
34,422 |
|
$ |
28,427 |
|
| Basic Earnings Per Common Share | $ |
0.86 |
|
$ |
0.94 |
|
$ |
0.81 |
|
$ |
0.87 |
|
$ |
0.72 |
|
| Diluted Earnings Per Common Share | $ |
0.85 |
|
$ |
0.93 |
|
$ |
0.81 |
|
$ |
0.87 |
|
$ |
0.72 |
|
| Balance Sheet Totals | |||||||||||||||
| Loans and Leases | $ |
14,075,980 |
|
$ |
13,918,583 |
|
$ |
13,831,266 |
|
$ |
13,853,837 |
|
$ |
13,965,026 |
|
| Total Assets |
|
23,601,114 |
|
|
23,799,174 |
|
|
23,300,768 |
|
|
23,420,860 |
|
|
23,733,296 |
|
| Total Deposits |
|
20,633,037 |
|
|
20,978,322 |
|
|
20,408,502 |
|
|
20,676,586 |
|
|
21,055,045 |
|
| Total Shareholders' Equity |
|
1,667,774 |
|
|
1,665,474 |
|
|
1,612,849 |
|
|
1,435,977 |
|
|
1,414,242 |
|
| Performance Ratios | |||||||||||||||
| Return on Average Assets |
|
0.66 |
% |
|
0.69 |
% |
|
0.59 |
% |
|
0.63 |
% |
|
0.51 |
% |
| Return on Average Shareholders' Equity |
|
9.42 |
|
|
9.90 |
|
|
9.53 |
|
|
10.34 |
|
|
8.86 |
|
| Return on Average Common Equity |
|
10.30 |
|
|
11.50 |
|
|
10.41 |
|
|
11.20 |
|
|
9.55 |
|
| Efficiency Ratio 1 |
|
66.12 |
|
|
65.81 |
|
|
69.60 |
|
|
67.76 |
|
|
73.36 |
|
| Net Interest Margin 2 |
|
2.19 |
|
|
2.18 |
|
|
2.15 |
|
|
2.11 |
|
|
2.13 |
|
|
|
|
|
|
|
||||||||||
| 1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income). | |||||||||||||||
| 2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets. | |||||||||||||||
| Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||
| Hawaii Economic Trends | Table 15 | |||||||||||||
| Eleven Months Ended | Year Ended | |||||||||||||
| (dollars in millions; jobs in thousands) | November 30, 2024 | December 31, 2023 | December 31, 2022 | |||||||||||
| Hawaii Economic Trends | ||||||||||||||
| State General Fund Revenues 1 | $ |
9,295.7 |
6.5 |
% |
$ |
9,504.1 |
0.7 |
% |
$ |
9,441.3 |
|
16.0 |
% |
|
| General Excise and Use Tax Revenue 1 |
|
4,137.1 |
0.4 |
|
4,474.1 |
4.9 |
|
|
4,263.4 |
|
18.3 |
|
||
| Jobs 2 |
|
652.7 |
|
655.2 |
|
653.3 |
|
|||||||
| November 30, | December 31, | |||||||||||||
2024 |
2023 |
2022 |
||||||||||||
| Unemployment, seasonally adjusted 2 | ||||||||||||||
| Statewide | 2.9 |
% |
|
3.0 |
% |
3.2 |
% |
|||||||
| Honolulu County | 2.8 |
|
|
2.6 |
|
3.1 |
|
|||||||
| Hawaii County | 3.0 |
|
|
2.8 |
|
3.5 |
|
|||||||
| Maui County | 3.4 |
|
|
6.2 |
|
3.5 |
|
|||||||
| Kauai County | 2.9 |
|
|
2.5 |
|
3.1 |
|
|||||||
| December 31, | ||||||||||||||
| (1-year percentage change, except months of inventory) |
|
2024 |
2023 |
2022 |
2021 |
|||||||||
| Housing Trends (Single Family Oahu) 3 | ||||||||||||||
| Median Home Price |
|
4.8 |
% |
(5.0 |
)% |
|
11.6 |
% |
19.3 |
% |
||||
| Home Sales Volume (units) |
|
9.1 |
% |
(26.3 |
)% |
|
(23.2 |
)% |
17.9 |
% |
||||
| Months of Inventory |
|
2.9 |
2.8 |
|
|
2.1 |
|
0.8 |
|
|||||
| Monthly Visitor Arrivals, | Percentage Change | |||||||||||||
| (in thousands, except percent change) | Not Seasonally Adjusted | from Previous Year | ||||||||||||
| Tourism 4 | ||||||||||||||
| 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 | 845.6 |
|
(1.5 |
) |
||||||||||
| 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 |
|
||||||||||
| January 31, 2023 | 775.1 |
|
36.7 |
|
||||||||||
| December 31, 2022 | 858.3 |
|
14.0 |
|
||||||||||
| November 30, 2022 | 719.0 |
|
17.1 |
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||
| 1 Source: Hawaii Department of Business, Economic Development & Tourism | ||||||||||||||
| 2 Source: U.S. Bureau of Labor Statistics | ||||||||||||||
| 3 Source: Honolulu Board of Realtors | ||||||||||||||
| 4 Source: Hawaii Tourism Authority | ||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127168749/en/
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