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Bank of Hawai‘i Corporation Second Quarter 2025 Financial Results

  • Diluted Earnings Per Common Share of $1.06
  • Net Income of $47.6 Million
  • Net Interest Income $129.7 Million
  • Net Interest Margin 2.39%
  • 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 $1.06 for the second quarter of 2025, compared with $0.97 during the linked quarter and $0.81 during the same period last year. Net income for the second quarter of 2025 was $47.6 million, up 8.3% from the linked quarter and up 39.8% from the same period last year. The return on average common equity for the second quarter of 2025 was 12.50% compared with 11.80% during the linked quarter and 10.41% during the same period last year.

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“Bank of Hawai‘i continued to perform well during the second quarter of 2025,” said Peter Ho, Chairman and CEO. “Our net interest income and net interest margin expanded for the fifth consecutive quarter. Average deposit balances grew while average loan balances held steady. Our credit quality remained excellent, and we continued to maintain our disciplined approach to expense management.”

Financial Highlights

Net interest income for the second quarter of 2025 was $129.7 million, an increase of 3.1% from the linked quarter and an increase of 12.9% as compared to the same period last year. The increase from the previous quarter was primarily driven by higher earning asset yields, as cash flows from fixed rate assets rolling off at lower interest rates were reinvested at higher current rates (fixed asset repricing). The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of the shift from noninterest-bearing and interest-bearing accounts with rates less than 10 basis points to higher interest-bearing deposit accounts (deposit mix shift) and higher average balance of our earning assets.

Net interest margin was 2.39% in the second quarter of 2025, an increase of 7 basis points from the linked quarter and an increase of 24 basis points from the same period last year. As discussed above, the increase from the previous quarter was primarily due to fixed asset repricing. The increase from the same period last year was primarily due to lower interest-bearing deposit rates and slowing of deposit mix shift.

The average yield on loans and leases was 4.80% in the second quarter of 2025, up 8 basis points from the linked quarter and up 4 basis points from the same period last year. The average yield on total earning assets was 4.01% in the second quarter of 2025, up 6 basis points from the linked quarter and up 2 basis points from the same period last year. The average rate of interest-bearing deposits was 2.16% in the second quarter of 2025, flat from the linked quarter and down 30 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.60%, flat from the linked quarter and down 21 basis points from the same period last year. The decrease in deposit rates from the same period last year was primarily due to lower benchmark interest rates and the slowing of the deposit mix shift.

Noninterest income was $44.8 million in the second quarter of 2025, an increase of 1.7% from the linked quarter and an increase of 6.4% from the same period in 2024. Noninterest income in the second quarter included an $0.8 million gain related to a BOLI recovery, while the linked quarter included a $0.6 million charge related to a Visa B conversion ratio change. Adjusted for these items, noninterest income decreased by 1.5% from the linked quarter and increased by 4.5% from the same period in 2024. The decrease from the linked quarter was primarily due to lower customer derivative activity and decreases in mortgage banking income and service charges on deposit accounts, partially offset by an increase in trust and asset management income. The increase from the same period last year was primarily due to increases in other income, services charges on deposit accounts, fees, exchange, and other service charges, bank-owned life insurance income and a decrease in investment securities losses.

Noninterest expense was $110.8 million in the second quarter of 2025, an increase of 0.3% from the linked quarter and an increase of 1.4% from the same period last year. The increase from the linked quarter was primarily due to higher FDIC insurance costs, partially offset by lower salaries and benefits. The increase from the same period last year was primarily due to higher salaries and benefits, partially offset by lower FDIC insurance costs.

The effective tax rate for the second quarter of 2025 was 21.19% compared with 21.67% during the linked quarter and 24.77% during the same period last year. The lower effective tax rate in the current quarter as compared to the linked quarter was primarily due to an increase in tax-exempt income. Compared to the same period last year, the decrease was primarily due to a decrease in tax expense from discrete items and an increase in tax-exempt income.

Asset Quality

The Company’s overall asset quality remained strong during the second quarter of 2025. Provision for credit losses for the second quarter of 2025 was $3.3 million, unchanged from the linked quarter and up from $2.4 million in the same period last year.

Total non-performing assets were $17.9 million at June 30, 2025, up $0.4 million from March 31, 2025 and up $2.7 million from June 30, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.13% at the end of the quarter, an increase of 1 basis point from the linked quarter and an increase of 2 basis points from the same period last year.

Net loan and lease charge-offs during the second quarter of 2025 were $2.6 million or 7 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $4.0 million partially offset by gross recoveries of $1.4 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $1.8 million or 6 basis points annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs decreased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $148.5 million at June 30, 2025, an increase of $0.8 million from March 31, 2025 and an increase of $1.1 million from June 30, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, up 1 basis point from the linked quarter and down 1 basis point from the same period last year.

Balance Sheet

Total assets were $23.7 billion at June 30, 2025, a decrease of 0.7% from March 31, 2025 and an increase of 1.8% from June 30, 2024. The decrease from the linked quarter was primarily due to decreases in cash and cash equivalents and loans, partially offset by an increase in investment securities. The increase from the same period last year was primarily due to increases in loans and investment securities, partially offset by a decrease in cash and cash equivalents.

The investment securities portfolio was $7.6 billion at June 30, 2025, an increase of 1.8% from March 31, 2025 and an increase of 6.2% from June 30, 2024. The increase from the prior periods was primarily due to the purchases of investment securities, partially offset by the amortization of the portfolio. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

Total loans and leases were $14.0 billion at June 30, 2025, a decrease of 0.8% from March 31, 2025 and an increase of 1.2% from June 30, 2024. Total commercial loans were $6.1 billion at June 30, 2025, a decrease of 1.5% from March 31, 2025 and an increase of 5.0% from June 30, 2024. The decrease from the linked quarter was primarily due to modest loan production within our commercial and industrial portfolio. The increase from the same period last year was primarily due to loan production outpacing loan amortization and paydowns within our commercial mortgage portfolio. Total consumer loans were $7.9 billion at June 30, 2025, a decrease of 0.2% from the linked quarter and a decrease of 1.5% from the same period last year. The decrease from the prior periods was due to declines in our automobile and home equity portfolios.

Total deposits were $20.8 billion at June 30, 2025, a decrease of 1.0% from March 31, 2025 and an increase of 1.9% from June 30, 2024. Noninterest-bearing deposits made up 26.1% of total deposit balances at June 30, 2025, flat from March 31, 2025 and down from 26.3% at June 30, 2024. Average total deposits were $20.7 billion for the second quarter of 2025, up 0.1% from the linked quarter and up 1.7% from 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 14.17% at June 30, 2025 compared with 13.93% at March 31, 2025 and 13.96% at June 30, 2024. The increase from the linked quarter was due to retained earnings growth and decreases in risk-weighted assets. The increase from the same period last year was primarily due to retained earnings growth. The Tier 1 Leverage Ratio was 8.46% at June 30, 2025, compared with 8.36% at March 31, 2025 and 8.37% at June 30, 2024. The increase from the linked quarter was due to a decrease in average total assets and an increase in retained earnings. The increase from the same period last year was due to an increase in retained earnings, partially offset by an increase in average total assets.

No shares of common stock were repurchased under the share repurchase program in the second quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at June 30, 2025.

The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on September 15, 2025 to shareholders of record at the close of business on August 29, 2025.

On July 3, 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 August 1, 2025 to shareholders of record of the preferred stock as of the close of business on July 17, 2025.

Conference Call Information

The Company will review its second quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link: https://register-conf.media-server.com/register/BIa6a93d497eb94850bae6b073c733bfa9. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, July 28, 2025. The replay will be available on the Company's website, www.boh.com.

Investor Announcements

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

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 and its Form 10-Q for fiscal quarter ended March 31, 2025, 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 Six Months Ended
June 30, March 31, June 30, June 30,
(dollars in thousands, except per share amounts)

 

2025

 

 

2025

 

 

2024

 

 

2025

 

 

2024

For the Period:
Operating Results
Net Interest Income

$

129,683

$

125,807

$

114,846

$

255,490

$

228,784

Provision for Credit Losses

 

3,250

 

3,250

 

2,400

 

6,500

 

4,400

Total Noninterest Income

 

44,795

 

44,058

 

42,087

 

88,853

 

84,372

Total Noninterest Expense

 

110,783

 

110,459

 

109,226

 

221,242

 

215,085

Pre-Provision Net Revenue

 

63,695

 

59,406

 

47,707

 

123,101

 

98,071

Net Income

 

47,637

 

43,985

 

34,083

 

91,622

 

70,474

Net Income Available to Common Shareholders

 

42,368

 

38,716

 

32,114

 

81,084

 

66,536

Basic Earnings Per Common Share

 

1.07

 

0.98

 

0.81

 

2.05

 

1.69

Diluted Earnings Per Common Share

 

1.06

 

0.97

 

0.81

 

2.03

 

1.68

Dividends Declared Per Common Share

 

0.70

 

0.70

 

0.70

 

1.40

 

1.40

 
Performance Ratios
Return on Average Assets

 

0.81

%

 

0.75

%

 

0.59

%

 

0.78

%

 

0.61

%

Return on Average Shareholders' Equity

 

11.21

 

10.65

 

9.53

 

10.93

 

9.93

Return on Average Common Equity

 

12.50

 

11.80

 

10.41

 

12.16

 

10.81

Efficiency Ratio 1

 

63.49

 

65.03

 

69.60

 

64.25

 

68.68

Net Interest Margin 2

 

2.39

 

2.32

 

2.15

 

2.36

 

2.13

Dividend Payout Ratio 3

 

65.42

 

71.43

 

86.42

 

68.29

 

82.84

Average Shareholders' Equity to Average Assets

 

7.22

 

7.09

 

6.22

 

7.16

 

6.15

 
Average Balances
Average Loans and Leases

$

14,049,025

$

14,062,173

$

13,831,797

$

14,055,563

$

13,850,299

Average Assets

 

23,596,955

 

23,638,068

 

23,145,107

 

23,617,398

 

23,213,336

Average Deposits

 

20,699,694

 

20,669,539

 

20,358,393

 

20,684,700

 

20,451,017

Average Shareholders' Equity

 

1,704,415

 

1,675,571

 

1,438,476

 

1,690,073

 

1,427,289

 
Per Share of Common Stock
Book Value

$

35.16

$

34.23

$

31.91

$

35.16

$

31.91

Tangible Book Value

 

34.37

 

33.43

 

31.12

 

34.37

 

31.12

Market Value
Closing

 

67.53

 

68.97

 

57.21

 

67.53

 

57.21

High

 

71.35

 

76.00

 

62.53

 

76.00

 

73.73

Low

 

57.45

 

65.82

 

54.50

 

57.45

 

54.50

 
June 30, March 31, December 31, June 30,

 

2025

 

 

2025

 

 

2024

 

 

2024

 

As of Period End:
Balance Sheet Totals
Loans and Leases

$

14,002,178

$

14,115,323

$

14,075,980

$

13,831,266

Total Assets

 

23,709,752

 

23,885,056

 

23,601,114

 

23,300,768

Total Deposits

 

20,798,914

 

21,008,217

 

20,633,037

 

20,408,502

Other Debt

 

558,226

 

558,250

 

558,274

 

560,136

Total Shareholders' Equity

 

1,743,107

 

1,704,935

 

1,667,774

 

1,612,849

 
Asset Quality
Non-Performing Assets

$

17,881

$

17,451

$

19,300

$

15,179

Allowance for Credit Losses - Loans and Leases

 

148,543

 

147,707

 

148,528

 

147,477

Allowance to Loans and Leases Outstanding 4

 

1.06

%

 

1.05

%

 

1.06

%

 

1.07

%

 
Capital Ratios 5
Common Equity Tier 1 Capital Ratio 6

 

11.81

%

 

11.58

%

 

11.59

%

 

11.56

%

Tier 1 Capital Ratio 6

 

14.17

 

13.93

 

13.95

 

13.96

Total Capital Ratio 6

 

15.23

 

14.97

 

15.00

 

15.02

Tier 1 Leverage Ratio

 

8.46

 

8.36

 

8.31

 

8.37

Total Shareholders' Equity to Total Assets

 

7.35

 

7.14

 

7.07

 

6.92

Tangible Common Equity to Tangible Assets 7

 

5.77

 

5.57

 

5.48

 

5.31

Tangible Common Equity to Risk-Weighted Assets 6, 7

 

9.62

 

9.28

 

9.08

 

8.80

 
Non-Financial Data
Full-Time Equivalent Employees

 

1,921

 

1,876

 

1,865

 

1,910

Branches

 

51

 

50

 

50

 

50

ATMs

 

317

 

316

 

317

 

317

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2025 are preliminary.
6 Capital ratios as of June 30, 2024 have been updated to reflect final reported ratios.
7 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity

is defined by the Company as common shareholders' equity minus goodwill. See Table 2 "Reconciliation of Non-GAAP Financial Measures".

 

Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures

Table 2

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

 

2025

 

 

2025

 

 

2024

 

 

2024

 

 
Total Shareholders' Equity

$

1,743,107

 

$

1,704,935

 

$

1,667,774

 

$

1,612,849

 

Less: Preferred Stock

 

345,000

 

 

345,000

 

 

345,000

 

 

345,000

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Common Equity

$

1,366,590

 

$

1,328,418

 

$

1,291,257

 

$

1,236,332

 

 
Total Assets

$

23,709,752

 

$

23,885,056

 

$

23,601,114

 

$

23,300,768

 

Less: Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Assets

$

23,678,235

 

$

23,853,539

 

$

23,569,597

 

$

23,269,251

 

 
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1, 2

$

14,208,032

 

$

14,319,932

 

$

14,225,908

 

$

14,051,627

 

 
Total Shareholders' Equity to Total Assets

 

7.35

%

 

7.14

%

 

7.07

%

 

6.92

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

 

5.77

%

 

5.57

%

 

5.48

%

 

5.31

%

 
Tier 1 Capital Ratio 1, 2

 

14.17

%

 

13.93

%

 

13.95

%

 

13.96

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1, 2

 

9.62

%

 

9.28

%

 

9.08

%

 

8.80

%

 

 

 

 

 

1 Regulatory capital ratios as of June 30, 2025 are preliminary.
2 Capital ratios as of June 30, 2024 have been updated to reflect final reported ratios.

 

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income

Table 3

Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
(dollars in thousands, except per share amounts)

 

2025

 

 

2025

 

 

2024

 

 

 

2025

 

 

2024

 

Interest Income
Interest and Fees on Loans and Leases

$

166,779

 

$

163,082

 

$

163,208

 

$

329,861

 

$

322,544

 

Income on Investment Securities
Available-for-Sale

 

27,007

 

 

24,368

 

 

21,468

 

 

51,375

 

 

43,225

 

Held-to-Maturity

 

19,835

 

 

20,291

 

 

21,595

 

 

40,126

 

 

43,731

 

Cash and Cash Equivalents

 

3,817

 

 

5,460

 

 

6,139

 

 

9,277

 

 

12,296

 

Other

 

1,097

 

 

1,085

 

 

1,120

 

 

2,182

 

 

2,090

 

Total Interest Income

 

218,535

 

 

214,286

 

 

213,530

 

 

432,821

 

 

423,886

 

Interest Expense
Deposits

 

82,476

 

 

81,692

 

 

91,542

 

 

164,168

 

 

180,598

 

Securities Sold Under Agreements to Repurchase

 

491

 

 

744

 

 

1,180

 

 

1,235

 

 

2,623

 

Other Debt

 

5,885

 

 

6,043

 

 

5,962

 

 

11,928

 

 

11,881

 

Total Interest Expense

 

88,852

 

 

88,479

 

 

98,684

 

 

177,331

 

 

195,102

 

Net Interest Income

 

129,683

 

 

125,807

 

 

114,846

 

 

255,490

 

 

228,784

 

Provision for Credit Losses

 

3,250

 

 

3,250

 

 

2,400

 

 

6,500

 

 

4,400

 

Net Interest Income After Provision for Credit Losses

 

126,433

 

 

122,557

 

 

112,446

 

 

248,990

 

 

224,384

 

Noninterest Income
Fees, Exchange, and Other Service Charges

 

14,383

 

 

14,437

 

 

13,769

 

 

28,820

 

 

27,892

 

Trust and Asset Management

 

12,097

 

 

11,741

 

 

12,223

 

 

23,838

 

 

23,412

 

Service Charges on Deposit Accounts

 

8,119

 

 

8,259

 

 

7,730

 

 

16,378

 

 

15,677

 

Bank-Owned Life Insurance

 

3,714

 

 

3,611

 

 

3,396

 

 

7,325

 

 

6,752

 

Annuity and Insurance

 

1,437

 

 

1,555

 

 

1,583

 

 

2,992

 

 

2,629

 

Mortgage Banking

 

849

 

 

988

 

 

1,028

 

 

1,837

 

 

1,979

 

Investment Securities Losses, Net

 

(1,126

)

 

(1,607

)

 

(1,601

)

 

(2,733

)

 

(3,098

)

Other

 

5,322

 

 

5,074

 

 

3,959

 

 

10,396

 

 

9,129

 

Total Noninterest Income

 

44,795

 

 

44,058

 

 

42,087

 

 

88,853

 

 

84,372

 

Noninterest Expense
Salaries and Benefits

 

61,308

 

 

62,884

 

 

57,033

 

 

124,192

 

 

115,248

 

Net Occupancy

 

10,499

 

 

10,559

 

 

10,559

 

 

21,058

 

 

21,015

 

Net Equipment

 

9,977

 

 

10,192

 

 

10,355

 

 

20,169

 

 

20,458

 

Data Processing

 

5,456

 

 

5,267

 

 

4,745

 

 

10,723

 

 

9,515

 

Professional Fees

 

4,263

 

 

4,264

 

 

4,929

 

 

8,527

 

 

9,606

 

FDIC Insurance

 

3,640

 

 

1,642

 

 

7,170

 

 

5,282

 

 

10,784

 

Other

 

15,640

 

 

15,651

 

 

14,435

 

 

31,291

 

 

28,459

 

Total Noninterest Expense

 

110,783

 

 

110,459

 

 

109,226

 

 

221,242

 

 

215,085

 

Income Before Provision for Income Taxes

 

60,445

 

 

56,156

 

 

45,307

 

 

116,601

 

 

93,671

 

Provision for Income Taxes

 

12,808

 

 

12,171

 

 

11,224

 

 

24,979

 

 

23,197

 

Net Income

$

47,637

 

$

43,985

 

$

34,083

 

$

91,622

 

$

70,474

 

Preferred Stock Dividends

 

5,269

 

 

5,269

 

 

1,969

 

 

10,538

 

 

3,938

 

Net Income Available to Common Shareholders

$

42,368

 

$

38,716

 

$

32,114

 

$

81,084

 

$

66,536

 

Basic Earnings Per Common Share

$

1.07

 

$

0.98

 

$

0.81

 

$

2.05

 

$

1.69

 

Diluted Earnings Per Common Share

$

1.06

 

$

0.97

 

$

0.81

 

$

2.03

 

$

1.68

 

Dividends Declared Per Common Share

$

0.70

 

$

0.70

 

$

0.70

 

$

1.40

 

$

1.40

 

Basic Weighted Average Common Shares

 

39,622,998

 

 

39,554,834

 

 

39,450,551

 

 

39,588,916

 

 

39,400,452

 

Diluted Weighted Average Common Shares

 

39,895,093

 

 

39,876,406

 

 

39,618,705

 

 

39,888,294

 

 

39,618,774

 

 

 

 

 

 

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income

Table 4

Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
(dollars in thousands)

 

2025

 

2025

 

2024

 

 

2025

 

2024

Net Income

$

47,637

$

43,985

$

34,083

$

91,622

$

70,474

Other Comprehensive Income, Net of Tax:
Net Change in Unrealized Gains on Investment Securities

 

18,970

 

24,760

 

9,052

 

43,730

 

21,990

Net Change in Defined Benefit Plans

 

233

 

232

 

168

 

465

 

337

Other Comprehensive Income

 

19,203

 

24,992

 

9,220

 

44,195

 

22,327

Comprehensive Income

$

66,840

$

68,977

$

43,303

$

135,817

$

92,801

 

 

 

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition

Table 5

June 30, March 31, December 31, June 30,
(dollars in thousands, except per share amounts)

 

2025

 

 

2025

 

 

2024

 

 

2024

 

Assets
Cash and Cash Equivalents

$

768,683

 

$

935,200

 

$

763,571

 

$

925,338

 

Investment Securities
Available-for-Sale

 

3,111,504

 

 

2,887,019

 

 

2,689,528

 

 

2,298,092

 

Held-to-Maturity (Fair Value of $3,754,794; $3,823,655; $3,820,882; and $4,002,122)

 

4,441,353

 

 

4,535,108

 

 

4,618,543

 

 

4,812,954

 

Loans Held for Sale

 

1,867

 

 

2,640

 

 

2,150

 

 

2,664

 

Loans and Leases

 

14,002,178

 

 

14,115,323

 

 

14,075,980

 

 

13,831,266

 

Allowance for Credit Losses

 

(148,543

)

 

(147,707

)

 

(148,528

)

 

(147,477

)

Net Loans and Leases

 

13,853,635

 

 

13,967,616

 

 

13,927,452

 

 

13,683,789

 

Premises and Equipment, Net

 

192,221

 

 

187,858

 

 

184,480

 

 

192,319

 

Operating Lease Right-of-Use Assets

 

83,594

 

 

83,577

 

 

80,165

 

 

84,757

 

Accrued Interest Receivable

 

67,204

 

 

67,706

 

 

66,367

 

 

67,554

 

Mortgage Servicing Rights

 

18,362

 

 

18,770

 

 

19,199

 

 

19,954

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

 

31,517

 

Bank-Owned Life Insurance

 

488,028

 

 

481,260

 

 

481,184

 

 

470,708

 

Other Assets

 

651,784

 

 

686,785

 

 

736,958

 

 

711,122

 

Total Assets

$

23,709,752

 

$

23,885,056

 

$

23,601,114

 

$

23,300,768

 

 
Liabilities
Deposits
Noninterest-Bearing Demand

$

5,424,471

 

$

5,493,232

 

$

5,423,562

 

$

5,371,593

 

Interest-Bearing Demand

 

3,855,120

 

 

3,775,948

 

 

3,784,984

 

 

3,928,295

 

Savings

 

8,481,328

 

 

8,700,143

 

 

8,364,916

 

 

8,207,902

 

Time

 

3,037,995

 

 

3,038,894

 

 

3,059,575

 

 

2,900,712

 

Total Deposits

 

20,798,914

 

 

21,008,217

 

 

20,633,037

 

 

20,408,502

 

Securities Sold Under Agreements to Repurchase

 

50,000

 

 

50,000

 

 

100,000

 

 

100,490

 

Other Debt

 

558,226

 

 

558,250

 

 

558,274

 

 

560,136

 

Operating Lease Liabilities

 

92,381

 

 

92,267

 

 

88,794

 

 

93,364

 

Retirement Benefits Payable

 

23,528

 

 

23,640

 

 

23,760

 

 

23,142

 

Accrued Interest Payable

 

26,732

 

 

23,261

 

 

34,799

 

 

37,278

 

Other Liabilities

 

416,864

 

 

424,486

 

 

494,676

 

 

465,007

 

Total Liabilities

 

21,966,645

 

 

22,180,121

 

 

21,933,340

 

 

21,687,919

 

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

 

180,000

 

 

180,000

 

 

180,000

 

 

180,000

 

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

 

165,000

 

 

165,000

 

 

165,000

 

 

165,000

 

Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: June 30, 2025 - 58,775,870 / 39,765,375;
March 31, 2025 - 58,765,864 / 39,734,304; December 31, 2024 - 58,765,907 / 39,762,255;
and June 30, 2024 - 58,765,907 / 39,729,941)

 

587

 

 

586

 

 

585

 

 

585

 

Capital Surplus

 

655,479

 

 

651,374

 

 

647,403

 

 

639,841

 

Accumulated Other Comprehensive Loss

 

(299,194

)

 

(318,397

)

 

(343,389

)

 

(374,361

)

Retained Earnings

 

2,158,450

 

 

2,144,326

 

 

2,133,838

 

 

2,119,140

 

Treasury Stock, at Cost (Shares: June 30, 2025 - 19,010,495; March 31, 2025 - 19,031,560;
December 31, 2024 - 19,003,609; and June 30, 2024 - 19,035,966)

 

(1,117,215

)

 

(1,117,954

)

 

(1,115,663

)

 

(1,117,356

)

Total Shareholders' Equity

 

1,743,107

 

 

1,704,935

 

 

1,667,774

 

 

1,612,849

 

Total Liabilities and Shareholders' Equity

$

23,709,752

 

$

23,885,056

 

$

23,601,114

 

$

23,300,768

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity

Table 6

Accumulated
Preferred Preferred Other
Shares Preferred Shares Preferred Common Comprehensive
Series A Series A Series B Series B Shares Common Capital Income Retained Treasury
(dollars in thousands, except per share amounts) Outstanding Stock Outstanding Stock Outstanding Stock Surplus (Loss) Earnings Stock Total
Balance as of December 31, 2024

180,000

$

180,000

165,000

$

165,000

39,762,255

 

$

585

$

647,403

 

$

(343,389

)

$

2,133,838

 

$

(1,115,663

)

$

1,667,774

 

Net Income

-

 

-

-

 

-

-

 

 

-

 

-

 

 

-

 

 

91,622

 

 

-

 

 

91,622

 

Other Comprehensive Income

-

 

-

-

 

-

-

 

 

-

 

-

 

 

44,195

 

 

-

 

 

-

 

 

44,195

 

Share-Based Compensation

-

 

-

-

 

-

-

 

 

-

 

7,517

 

 

-

 

 

-

 

 

-

 

 

7,517

 

Common Stock Issued under Purchase and
Equity Compensation Plans

-

 

-

-

 

-

55,906

 

 

2

 

559

 

 

-

 

 

-

 

 

2,048

 

 

2,609

 

Common Stock Repurchased

-

 

-

-

 

-

(52,786

)

 

-

 

-

 

 

-

 

 

-

 

 

(3,600

)

 

(3,600

)

Cash Dividends Declared Common Stock ($1.40 per share)

-

 

-

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(56,472

)

 

-

 

 

(56,472

)

Cash Dividends Declared Preferred Stock

-

 

-

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(10,538

)

 

-

 

 

(10,538

)

Balance as of June 30, 2025

180,000

$

180,000

165,000

$

165,000

39,765,375

 

$

587

$

655,479

 

$

(299,194

)

$

2,158,450

 

$

(1,117,215

)

$

1,743,107

 

 
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

-

 

-

-

 

-

-

 

 

-

 

-

 

 

-

 

 

70,474

 

 

-

 

 

70,474

 

Other Comprehensive Income

-

 

-

-

 

-

-

 

 

-

 

-

 

 

22,327

 

 

-

 

 

-

 

 

22,327

 

Share-Based Compensation

-

 

-

-

 

-

-

 

 

-

 

7,505

 

 

-

 

 

-

 

 

-

 

 

7,505

 

Preferred Stock Issued, Net

-

 

-

165,000

 

165,000

-

 

 

-

 

(4,386

)

 

-

 

 

-

 

 

-

 

 

160,614

 

Common Stock Issued under Purchase and
Equity Compensation Plans

-

 

-

-

 

-

57,972

 

 

2

 

300

 

 

-

 

 

1,152

 

 

1,283

 

 

2,737

 

Common Stock Repurchased

-

 

-

-

 

-

(81,169

)

 

-

 

-

 

 

-

 

 

-

 

 

(4,995

)

 

(4,995

)

Cash Dividends Declared Common Stock ($1.40 per share)

-

 

-

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(56,117

)

 

-

 

 

(56,117

)

Cash Dividends Declared Preferred Stock

-

 

-

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(3,938

)

 

-

 

 

(3,938

)

Balance as of June 30, 2024

180,000

$

180,000

165,000

$

165,000

39,729,941

 

$

585

$

639,841

 

$

(374,361

)

$

2,119,140

 

$

(1,117,356

)

$

1,612,849

 

 

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
June 30, 2025 March 31, 2025 June 30, 2024
Average Income / Yield / Average Income / Yield / Average Income / Yield /
(dollars in millions) Balance Expense 2 Rate Balance Expense 2 Rate Balance Expense 2 Rate
Earning Assets
Cash and Cash Equivalents

$

353.7

$

3.8

4.27

%

$

500.0

$

5.5

4.37

%

$

460.1

$

6.1

5.28

%

Investment Securities
Available-for-Sale
Taxable

 

2,987.2

 

26.7

3.58

 

2,790.3

 

24.1

3.47

 

2,308.3

 

21.5

3.73

Non-Taxable

 

27.4

 

0.4

5.85

 

21.3

 

0.3

5.68

 

1.6

 

0.0

2.01

Held-to-Maturity
Taxable

 

4,462.1

 

19.7

1.77

 

4,548.6

 

20.2

1.77

 

4,837.2

 

21.4

1.77

Non-Taxable

 

34.0

 

0.2

2.10

 

34.1

 

0.2

2.09

 

34.6

 

0.2

2.10

Total Investment Securities

 

7,510.7

 

47.0

2.50

 

7,394.3

 

44.8

2.43

 

7,181.7

 

43.1

2.40

Loans Held for Sale

 

2.2

 

0.0

5.66

 

2.3

 

0.0

6.06

 

1.4

 

0.0

6.30

Loans and Leases 3
Commercial Mortgage

 

4,025.2

 

53.7

5.35

 

4,015.2

 

52.5

5.30

 

3,723.6

 

51.6

5.57

Commercial and Industrial

 

1,668.1

 

21.1

5.07

 

1,703.7

 

21.3

5.06

 

1,692.7

 

22.4

5.32

Construction

 

366.2

 

6.7

7.30

 

338.5

 

6.0

7.22

 

321.3

 

6.3

7.85

Commercial Lease Financing

 

93.4

 

1.0

4.07

 

91.1

 

0.9

3.83

 

59.3

 

0.3

2.28

Residential Mortgage

 

4,626.5

 

45.6

3.95

 

4,616.7

 

44.8

3.88

 

4,595.2

 

45.6

3.97

Home Equity

 

2,141.5

 

23.3

4.37

 

2,154.4

 

22.5

4.23

 

2,231.7

 

21.8

3.92

Automobile

 

730.1

 

9.4

5.19

 

752.6

 

9.3

5.02

 

813.5

 

9.1

4.52

Other

 

398.0

 

7.5

7.53

 

390.0

 

7.1

7.41

 

394.5

 

6.8

6.95

Total Loans and Leases

 

14,049.0

 

168.3

4.80

 

14,062.2

 

164.4

4.72

 

13,831.8

 

163.9

4.76

Other

 

65.2

 

1.1

6.72

 

65.1

 

1.1

6.67

 

62.5

 

1.2

7.18

Total Earning Assets

 

21,980.8

 

220.2

4.01

 

22,023.9

 

215.8

3.95

 

21,537.5

 

214.3

3.99

Non-Earning Assets

 

1,616.2

 

1,614.2

 

1,607.6

Total Assets

$

23,597.0

$

23,638.1

$

23,145.1

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

$

3,705.5

 

7.6

0.82

$

3,773.4

 

7.1

0.76

$

3,788.5

 

8.8

0.94

Savings

 

8,578.6

 

48.1

2.25

 

8,544.5

 

47.1

2.23

 

8,259.2

 

52.0

2.53

Time

 

3,050.0

 

26.8

3.52

 

3,037.3

 

27.5

3.67

 

2,935.9

 

30.7

4.20

Total Interest-Bearing Deposits

 

15,334.1

 

82.5

2.16

 

15,355.2

 

81.7

2.16

 

14,983.6

 

91.5

2.46

Securities Sold Under Agreements to Repurchase

 

50.0

 

0.5

3.88

 

76.7

 

0.7

3.88

 

121.9

 

1.2

3.83

Other Debt

 

558.3

 

5.9

4.23

 

578.2

 

6.1

4.24

 

563.4

 

6.0

4.26

Total Interest-Bearing Liabilities

 

15,942.4

 

88.9

2.24

 

16,010.1

 

88.5

2.24

 

15,668.9

 

98.7

2.53

Net Interest Income

$

131.3

$

127.3

$

115.6

Interest Rate Spread

1.77

%

1.71

%

1.46

%

Net Interest Margin

2.39

%

2.32

%

2.15

%

Noninterest-Bearing Demand Deposits

 

5,365.6

 

5,314.3

 

5,374.8

Other Liabilities

 

584.6

 

638.1

 

662.9

Shareholders' Equity

 

1,704.4

 

1,675.6

 

1,438.5

Total Liabilities and Shareholders' Equity

$

23,597.0

$

23,638.1

$

23,145.1

 

 

 

 

 

 

 

 

 

 

 

 

 

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 $1.6 million, $1.5 million, and $774 thousand
for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances.
Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1

Table 7b

Six Months Ended Six Months Ended
June 30, 2025 June 30, 2024
Average Income / Yield / Average Income / Yield /
(dollars in millions) Balance Expense 2 Rate Balance Expense 2 Rate
Earning Assets
Cash and Cash Equivalents

$

426.4

$

9.3

4.33

%

$

460.4

$

12.3

5.28

%

Investment Securities
Available-for-Sale
Taxable

 

2,889.3

 

50.8

3.53

 

2,344.3

 

43.2

3.69

Non-Taxable

 

24.3

 

0.7

5.77

 

1.7

 

0.0

2.00

Held-to-Maturity
Taxable

 

4,505.1

 

39.8

1.77

 

4,882.0

 

43.4

1.78

Non-Taxable

 

34.1

 

0.4

2.10

 

34.7

 

0.4

2.10

Total Investment Securities

 

7,452.8

 

91.7

2.47

 

7,262.7

 

87.0

2.40

Loans Held for Sale

 

2.2

 

0.1

5.87

 

1.8

 

0.1

6.22

Loans and Leases 3
Commercial Mortgage

 

4,020.3

 

106.2

5.33

 

3,720.1

 

102.1

5.52

Commercial and Industrial

 

1,685.8

 

42.3

5.06

 

1,678.0

 

44.5

5.33

Construction

 

352.4

 

12.7

7.26

 

314.6

 

11.8

7.57

Commercial Lease Financing

 

92.3

 

1.8

3.95

 

58.8

 

0.6

2.08

Residential Mortgage

 

4,621.6

 

90.5

3.91

 

4,622.6

 

90.7

3.92

Home Equity

 

2,147.9

 

45.8

4.30

 

2,240.9

 

42.9

3.85

Automobile

 

741.3

 

18.8

5.10

 

822.2

 

18.0

4.41

Other

 

394.0

 

14.6

7.47

 

393.1

 

13.3

6.80

Total Loans and Leases

 

14,055.6

 

332.7

4.76

 

13,850.3

 

323.9

4.70

Other

 

65.2

 

2.1

6.70

 

62.4

 

2.0

6.70

Total Earning Assets

 

22,002.2

 

435.9

3.98

 

21,637.6

 

425.3

3.94

Non-Earning Assets

 

1,615.2

 

1,575.7

Total Assets

$

23,617.4

$

23,213.3

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

$

3,739.2

 

14.7

0.79

$

3,776.3

 

16.5

0.88

Savings

 

8,561.7

 

95.2

2.24

 

8,195.3

 

101.4

2.49

Time

 

3,043.7

 

54.3

3.60

 

3,008.5

 

62.7

4.19

Total Interest-Bearing Deposits

 

15,344.6

 

164.2

2.16

 

14,980.1

 

180.6

2.42

Securities Sold Under Agreements to Repurchase

 

63.3

 

1.2

3.88

 

136.2

 

2.6

3.81

Other Debt

 

568.2

 

11.9

4.23

 

561.8

 

11.9

4.25

Total Interest-Bearing Liabilities

 

15,976.1

 

177.3

2.24

 

15,678.1

 

195.1

2.50

Net Interest Income

$

258.6

$

230.2

Interest Rate Spread

1.74

%

1.44

%

Net Interest Margin

2.36

%

2.13

%

Noninterest-Bearing Demand Deposits

 

5,340.1

 

5,470.9

Other Liabilities

 

611.1

 

637.0

Shareholders' Equity

 

1,690.1

 

1,427.3

Total Liabilities and Shareholders' Equity

$

23,617.4

$

23,213.3

 

 

 

 

 

 

 

 

 

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 $3.1 million and $1.5 million
for the six months ended June 30, 2025 and June 30, 2024, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances.

 

Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis

Table 8a

Three Months Ended June 30, 2025
Compared to March 31, 2025
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Cash and Cash Equivalents

$

(1.6

)

$

(0.1

)

$

(1.7

)

Investment Securities
Available-for-Sale
Taxable

 

1.8

 

 

0.8

 

 

2.6

 

Non-Taxable

 

0.1

 

 

0.0

 

 

0.1

 

Held-to-Maturity
Taxable

 

(0.4

)

 

(0.1

)

 

(0.5

)

Non-Taxable

 

0.0

 

 

0.0

 

 

0.0

 

Total Investment Securities

 

1.5

 

 

0.7

 

 

2.2

 

Loans Held for Sale

 

0.0

 

 

0.0

 

 

0.0

 

Loans and Leases
Commercial Mortgage

 

0.2

 

 

1.0

 

 

1.2

 

Commercial and Industrial

 

(0.2

)

 

0.0

 

 

(0.2

)

Construction

 

0.6

 

 

0.1

 

 

0.7

 

Commercial Lease Financing

 

0.1

 

 

0.0

 

 

0.1

 

Residential Mortgage

 

0.1

 

 

0.7

 

 

0.8

 

Home Equity

 

(0.1

)

 

0.9

 

 

0.8

 

Automobile

 

(0.2

)

 

0.3

 

 

0.1

 

Other

 

0.2

 

 

0.2

 

 

0.4

 

Total Loans and Leases

 

0.7

 

 

3.2

 

 

3.9

 

Other

 

0.0

 

 

0.0

 

 

0.0

 

Total Change in Interest Income

 

0.6

 

 

3.8

 

 

4.4

 

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

(0.1

)

 

0.6

 

 

0.5

 

Savings

 

0.4

 

 

0.6

 

 

1.0

 

Time

 

0.2

 

 

(0.9

)

 

(0.7

)

Total Interest-Bearing Deposits

 

0.5

 

 

0.3

 

 

0.8

 

Securities Sold Under Agreements to Repurchase

 

(0.3

)

 

0.1

 

 

(0.2

)

Other Debt

 

(0.2

)

 

0.0

 

 

(0.2

)

Total Change in Interest Expense

 

0.0

 

 

0.4

 

 

0.4

 

 
Change in Net Interest Income

$

0.6

 

$

3.4

 

$

4.0

 

 

 

 

 

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 June 30, 2025
Compared to June 30, 2024
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Cash and Cash Equivalents

$

(1.3

)

$

(1.0

)

$

(2.3

)

Investment Securities
Available-for-Sale
Taxable

 

6.1

 

 

(0.9

)

 

5.2

 

Non-Taxable

 

0.4

 

 

0.0

 

 

0.4

 

Held-to-Maturity
Taxable

 

(1.7

)

 

(0.1

)

 

(1.8

)

Non-Taxable

 

0.0

 

 

-

 

 

0.0

 

Total Investment Securities

 

4.8

 

 

(1.0

)

 

3.8

 

Loans Held for Sale

 

0.0

 

 

0.0

 

 

0.0

 

Loans and Leases
Commercial Mortgage

 

4.2

 

 

(2.1

)

 

2.1

 

Commercial and Industrial

 

(0.3

)

 

(1.0

)

 

(1.3

)

Construction

 

0.9

 

 

(0.5

)

 

0.4

 

Commercial Lease Financing

 

0.5

 

 

0.2

 

 

0.7

 

Residential Mortgage

 

0.3

 

 

(0.3

)

 

0.0

 

Home Equity

 

(0.9

)

 

2.4

 

 

1.5

 

Automobile

 

(1.0

)

 

1.3

 

 

0.3

 

Other

 

0.1

 

 

0.6

 

 

0.7

 

Total Loans and Leases

 

3.8

 

 

0.6

 

 

4.4

 

Other

 

0.2

 

 

(0.3

)

 

(0.1

)

Total Change in Interest Income

 

7.5

 

 

(1.7

)

 

5.8

 

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

(0.2

)

 

(1.0

)

 

(1.2

)

Savings

 

2.0

 

 

(5.9

)

 

(3.9

)

Time

 

1.2

 

 

(5.1

)

 

(3.9

)

Total Interest-Bearing Deposits

 

3.0

 

 

(12.0

)

 

(9.0

)

Securities Sold Under Agreements to Repurchase

 

(0.7

)

 

0.0

 

 

(0.7

)

Other Debt

 

0.0

 

 

(0.1

)

 

(0.1

)

Total Change in Interest Expense

 

2.3

 

 

(12.1

)

 

(9.8

)

 
Change in Net Interest Income

$

5.2

 

$

10.4

 

$

15.6

 

 

 

 

 

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
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis

Table 8c

Six Months Ended June 30, 2025
Compared to June 30, 2024
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Cash and Cash Equivalents

$

(0.9

)

$

(2.1

)

$

(3.0

)

Investment Securities
Available-for-Sale
Taxable

 

9.6

 

 

(2.0

)

 

7.6

 

Non-Taxable

 

0.6

 

 

0.1

 

 

0.7

 

Held-to-Maturity
Taxable

 

(3.3

)

 

(0.3

)

 

(3.6

)

Non-Taxable

 

0.0

 

 

-

 

 

0.0

 

Total Investment Securities

 

6.9

 

 

(2.2

)

 

4.7

 

Loans Held for Sale

 

0.0

 

 

0.0

 

 

0.0

 

Loans and Leases
Commercial Mortgage

 

7.8

 

 

(3.7

)

 

4.1

 

Commercial and Industrial

 

0.2

 

 

(2.4

)

 

(2.2

)

Construction

 

1.4

 

 

(0.5

)

 

0.9

 

Commercial Lease Financing

 

0.9

 

 

0.3

 

 

1.2

 

Residential Mortgage

 

0.0

 

 

(0.2

)

 

(0.2

)

Home Equity

 

(1.9

)

 

4.8

 

 

2.9

 

Automobile

 

(1.8

)

 

2.6

 

 

0.8

 

Other

0.0'

 

1.3

 

 

1.3

 

Total Loans and Leases

 

6.6

 

 

2.2

 

 

8.8

 

Other

 

0.1

 

 

0.0

 

 

0.1

 

Total Change in Interest Income

 

12.7

 

 

(2.1

)

 

10.6

 

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

(0.2

)

 

(1.6

)

 

(1.8

)

Savings

 

4.3

 

 

(10.5

)

 

(6.2

)

Time

 

0.7

 

 

(9.1

)

 

(8.4

)

Total Interest-Bearing Deposits

 

4.8

 

 

(21.2

)

 

(16.4

)

Securities Sold Under Agreements to Repurchase

 

(1.4

)

 

0.0

 

 

(1.4

)

Other Debt

 

0.1

 

 

(0.1

)

 

0.0

 

Total Change in Interest Expense

 

3.5

 

 

(21.3

)

 

(17.8

)

 
Change in Net Interest Income

$

9.2

 

$

19.2

 

$

28.4

 

 

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 Six Months Ended
June 30, March 31, June 30, June 30,
(dollars in thousands)

 

2025

 

2025

 

2024

 

 

2025

 

2024

Salaries

$

39,644

$

38,242

$

38,662

$

77,886

$

76,693

Incentive Compensation

 

5,067

 

5,573

 

3,109

 

10,640

 

6,199

Retirement and Other Benefits

 

3,894

 

5,061

 

3,961

 

8,955

 

8,260

Share-Based Compensation

 

3,668

 

3,501

 

3,296

 

7,169

 

7,095

Medical, Dental, and Life Insurance

 

3,610

 

4,537

 

3,211

 

8,147

 

6,423

Payroll Taxes

 

2,998

 

4,766

 

3,070

 

7,764

 

7,800

Separation Expense

 

1,374

 

81

 

785

 

1,455

 

1,267

Commission Expense

 

1,053

 

1,123

 

939

 

2,176

 

1,511

Total Salaries and Benefits

$

61,308

$

62,884

$

57,033

$

124,192

$

115,248

 

 

 

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances

Table 10

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

 

2025

 

2025

 

2024

 

2024

 

2024

Commercial
Commercial Mortgage

$

4,038,956

$

4,038,287

$

4,020,622

$

3,868,566

$

3,741,140

Commercial and Industrial

 

1,597,560

 

1,703,290

 

1,705,133

 

1,681,693

 

1,699,438

Construction

 

374,768

 

363,716

 

308,898

 

319,150

 

315,571

Lease Financing

 

92,842

 

92,456

 

90,756

 

60,665

 

59,388

Total Commercial

 

6,104,126

 

6,197,749

 

6,125,409

 

5,930,074

 

5,815,537

Consumer
Residential Mortgage

 

4,637,014

 

4,630,876

 

4,628,283

 

4,622,677

 

4,595,586

Home Equity

 

2,139,025

 

2,144,955

 

2,165,514

 

2,195,844

 

2,221,073

Automobile

 

715,688

 

740,390

 

764,146

 

786,910

 

806,240

Other

 

406,325

 

401,353

 

392,628

 

383,078

 

392,830

Total Consumer

 

7,898,052

 

7,917,574

 

7,950,571

 

7,988,509

 

8,015,729

Total Loans and Leases

$

14,002,178

$

14,115,323

$

14,075,980

$

13,918,583

$

13,831,266

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

 

2025

 

2025

 

2024

 

2024

 

2024

Consumer

$

10,429,271

$

10,522,627

$

10,397,777

$

10,340,466

$

10,382,432

Commercial

 

8,243,898

 

8,411,838

 

8,299,590

 

8,356,239

 

7,995,618

Public and Other

 

2,125,745

 

2,073,752

 

1,935,670

 

2,281,617

 

2,030,452

Total Deposits

$

20,798,914

$

21,008,217

$

20,633,037

$

20,978,322

$

20,408,502

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

 

2025

 

2025

 

2024

 

2024

 

2024

Consumer

$

10,435,867

$

10,408,747

$

10,327,928

$

10,345,772

$

10,379,724

Commercial

 

8,316,893

 

8,318,182

 

8,564,213

 

8,207,310

 

8,188,685

Public and Other

 

1,946,933

 

1,942,610

 

1,864,541

 

1,931,309

 

1,789,984

Total Deposits

$

20,699,693

$

20,669,539

$

20,756,682

$

20,484,391

$

20,358,393

 

 

 

 

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More

Table 11

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

 

2025

 

 

2025

 

 

2024

 

 

2024

 

 

2024

 

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

$

2,566

 

$

2,195

 

$

2,450

 

$

2,680

 

$

2,601

 

Commercial and Industrial

 

3,744

 

 

3,451

 

 

4,627

 

 

6,218

 

 

3,681

 

Total Commercial

 

6,310

 

 

5,646

 

 

7,077

 

 

8,898

 

 

6,282

 

Consumer
Residential Mortgage

 

5,842

 

 

4,686

 

 

5,052

 

 

4,269

 

 

2,998

 

Home Equity

 

5,387

 

 

5,759

 

 

4,514

 

 

3,947

 

 

3,227

 

Total Consumer

 

11,229

 

 

10,445

 

 

9,566

 

 

8,216

 

 

6,225

 

Total Non-Accrual Loans and Leases

 

17,539

 

 

16,091

 

 

16,643

 

 

17,114

 

 

12,507

 

Foreclosed Real Estate

 

342

 

 

1,360

 

 

2,657

 

 

2,667

 

 

2,672

 

Total Non-Performing Assets

$

17,881

 

$

17,451

 

$

19,300

 

$

19,781

 

$

15,179

 

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

$

9,070

 

$

3,895

 

$

3,984

 

$

4,421

 

$

4,524

 

Home Equity

 

1,867

 

 

2,228

 

 

2,845

 

 

1,980

 

 

2,025

 

Automobile

 

680

 

 

486

 

 

776

 

 

580

 

 

568

 

Other

 

630

 

 

943

 

 

677

 

 

554

 

 

733

 

Total Consumer

 

12,247

 

 

7,552

 

 

8,282

 

 

7,535

 

 

7,850

 

Total Accruing Loans and Leases Past Due 90 Days or More

$

12,247

 

$

7,552

 

$

8,282

 

$

7,535

 

$

7,850

 

Total Loans and Leases

$

14,002,178

 

$

14,115,323

 

$

14,075,980

 

$

13,918,583

 

$

13,831,266

 

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

 

0.13

%

 

0.11

%

 

0.12

%

 

0.12

%

 

0.09

%

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

 

0.13

%

 

0.12

%

 

0.14

%

 

0.14

%

 

0.11

%

 
Ratio of Non-Performing Assets to Total Assets

 

0.08

%

 

0.07

%

 

0.08

%

 

0.08

%

 

0.07

%

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

 

0.10

%

 

0.09

%

 

0.12

%

 

0.15

%

 

0.11

%

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

 

0.15

%

 

0.15

%

 

0.15

%

 

0.14

%

 

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

 

0.22

%

 

0.18

%

 

0.20

%

 

0.20

%

 

0.17

%

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

$

17,451

 

$

19,300

 

$

19,781

 

$

15,179

 

$

11,838

 

Additions 1

 

3,522

 

 

2,209

 

 

2,198

 

 

5,557

 

 

5,257

 

Reductions
Payments

 

(1,424

)

 

(1,212

)

 

(708

)

 

(734

)

 

(844

)

Return to Accrual Status

 

(574

)

 

(244

)

 

(476

)

 

(81

)

 

(1,018

)

Sales of Foreclosed Real Estate

 

(1,040

)

 

(1,492

)

 

-

 

 

-

 

 

-

 

Charge-offs / Write-downs 1

 

(54

)

 

(1,110

)

 

(1,495

)

 

(140

)

 

(54

)

Total Reductions

 

(3,092

)

 

(4,058

)

 

(2,679

)

 

(955

)

 

(1,916

)

Balance at End of Quarter

$

17,881

 

$

17,451

 

$

19,300

 

$

19,781

 

$

15,179

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses

Table 12

Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30,
(dollars in thousands)

 

2025

 

 

2025

 

 

2024

 

 

 

2025

 

 

2024

 

Balance at Beginning of Period

$

149,496

 

$

150,649

 

$

152,148

 

$

150,649

 

$

152,429

 

 
Loans and Leases Charged-Off
Commercial
Commercial and Industrial

 

(206

)

 

(1,399

)

 

(875

)

 

(1,605

)

 

(1,235

)

Consumer
Residential Mortgage

 

-

 

 

-

 

 

(48

)

 

-

 

 

(48

)

Home Equity

 

(155

)

 

(75

)

 

(202

)

 

(230

)

 

(237

)

Automobile

 

(1,253

)

 

(1,751

)

 

(1,095

)

 

(3,004

)

 

(2,143

)

Other

 

(2,397

)

 

(2,484

)

 

(2,610

)

 

(4,881

)

 

(4,922

)

Total Loans and Leases Charged-Off

 

(4,011

)

 

(5,709

)

 

(4,830

)

 

(9,720

)

 

(8,585

)

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

 

78

 

 

77

 

 

263

 

 

155

 

 

379

 

Consumer
Residential Mortgage

 

11

 

 

11

 

 

63

 

 

22

 

 

105

 

Home Equity

 

180

 

 

128

 

 

113

 

 

308

 

 

297

 

Automobile

 

557

 

 

633

 

 

481

 

 

1,190

 

 

1,007

 

Other

 

567

 

 

457

 

 

517

 

 

1,024

 

 

1,123

 

Total Recoveries on Loans and Leases Previously Charged-Off

 

1,393

 

 

1,306

 

 

1,437

 

 

2,699

 

 

2,911

 

Net Charged-Off Loans and Leases

 

(2,618

)

 

(4,403

)

 

(3,393

)

 

(7,021

)

 

(5,674

)

Provision for Credit Losses:
Loans and Leases

 

3,454

 

 

3,582

 

 

3,206

 

 

7,036

 

 

6,748

 

Unfunded Commitments

 

(204

)

 

(332

)

 

(806

)

 

(536

)

 

(2,348

)

Total Provision for Credit Losses

 

3,250

 

 

3,250

 

 

2,400

 

 

6,500

 

 

4,400

 

Balance at End of Period

$

150,128

 

$

149,496

 

$

151,155

 

$

150,128

 

$

151,155

 

 
Components
Allowance for Credit Losses - Loans and Leases

$

148,543

 

$

147,707

 

$

147,477

 

$

148,543

 

$

147,477

 

Reserve for Unfunded Commitments

 

1,585

 

 

1,789

 

 

3,678

 

 

1,585

 

 

3,678

 

Total Reserve for Credit Losses

$

150,128

 

$

149,496

 

$

151,155

 

$

150,128

 

$

151,155

 

 
Average Loans and Leases Outstanding

$

14,049,025

 

$

14,062,173

 

$

13,831,797

 

$

14,055,563

 

$

13,850,299

 

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

 

0.07

%

 

0.13

%

 

0.10

%

 

0.10

%

 

0.08

%

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

 

1.06

%

 

1.05

%

 

1.07

%

 

1.06

%

 

1.07

%

 

 

 

 

 

 

 

1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.

 

 

 

 

Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information

Table 13a

Consumer Commercial Treasury Consolidated
(dollars in thousands) Banking Banking and Other Total
Three Months Ended June 30, 2025
Net Interest Income (Expense)

$

95,339

$

53,949

 

$

(19,605

)

$

129,683

Provision for (Recapture of) Credit Losses

 

2,619

 

(1

)

 

632

 

 

3,250

Net Interest Income (Expense) After Provision for Credit Losses

 

92,720

 

53,950

 

 

(20,237

)

 

126,433

Noninterest Income

 

33,981

 

6,164

 

 

4,650

 

 

44,795

Salaries and Benefits

 

21,032

 

4,937

 

 

35,339

 

 

61,308

Net Occupancy

 

7,142

 

402

 

 

2,955

 

 

10,499

Other Noninterest Expense

 

58,629

 

13,535

 

 

(33,188

)

 

38,976

Noninterest Expense

 

86,803

 

18,874

 

 

5,106

 

 

110,783

Income (Loss) Before Provision for Income Taxes

 

39,898

 

41,240

 

 

(20,693

)

 

60,445

Provision (Benefit) for Income Taxes

 

10,161

 

10,546

 

 

(7,899

)

 

12,808

Net Income (Loss)

$

29,737

$

30,694

 

$

(12,794

)

$

47,637

Total Assets as of June 30, 2025

$

8,228,766

$

6,139,748

 

$

9,341,238

 

$

23,709,752

 
Three Months June 30, 2024 1
Net Interest Income (Expense)

$

98,205

$

50,885

 

$

(34,244

)

$

114,846

Provision for (Recapture of) Credit Losses

 

2,873

 

473

 

 

(946

)

 

2,400

Net Interest Income (Expense) After Provision for Credit Losses

 

95,332

 

50,412

 

 

(33,298

)

 

112,446

Noninterest Income

 

33,653

 

6,698

 

 

1,736

 

 

42,087

Salaries and Benefits

 

20,157

 

5,085

 

 

31,791

 

 

57,033

Net Occupancy

 

6,748

 

421

 

 

3,390

 

 

10,559

Other Noninterest Expense

 

60,106

 

12,504

 

 

(30,976

)

 

41,634

Noninterest Expense

 

87,011

 

18,010

 

 

4,205

 

 

109,226

Income (Loss) Before Provision for Income Taxes

 

41,974

 

39,100

 

 

(35,767

)

 

45,307

Provision (Benefit) for Income Taxes

 

10,685

 

9,887

 

 

(9,348

)

 

11,224

Net Income (Loss)

$

31,289

$

29,213

 

$

(26,419

)

$

34,083

Total Assets as of June 30, 2024

$

8,357,830

$

5,835,399

 

$

9,107,539

 

$

23,300,768

 

 

 

 

 

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
Six Months Ended June 30, 2025
Net Interest Income (Expense)

$

190,963

$

109,523

$

(44,996

)

$

255,490

Provision for (Recapture of) Credit Losses

 

5,914

 

1,107

 

(521

)

 

6,500

Net Interest Income (Expense) After Provision for Credit Losses

 

185,049

 

108,416

 

(44,475

)

 

248,990

Noninterest Income

 

67,479

 

13,898

 

7,476

 

 

88,853

Salaries and Benefits

 

42,137

 

10,297

 

71,758

 

 

124,192

Net Occupancy

 

14,209

 

802

 

6,047

 

 

21,058

Other Noninterest Expense

 

116,831

 

27,417

 

(68,256

)

 

75,992

Noninterest Expense

 

173,177

 

38,516

 

9,549

 

 

221,242

Income (Loss) Before Provision for Income Taxes

 

79,351

 

83,798

 

(46,548

)

 

116,601

Provision (Benefit) for Income Taxes

 

20,162

 

21,415

 

(16,598

)

 

24,979

Net Income (Loss)

$

59,189

$

62,383

$

(29,950

)

$

91,622

Total Assets as of June 30, 2025

$

8,228,766

$

6,139,748

$

9,341,238

 

$

23,709,752

 
Six Months Ended June 30, 2024 1
Net Interest Income (Expense)

$

195,199

$

102,378

$

(68,793

)

$

228,784

Provision for (Recapture of) Credit Losses

 

5,160

 

467

 

(1,227

)

 

4,400

Net Interest Income (Expense) After Provision for Credit Losses

 

190,039

 

101,911

 

(67,566

)

 

224,384

Noninterest Income

 

65,635

 

13,492

 

5,245

 

 

84,372

Salaries and Benefits

 

41,074

 

10,601

 

63,573

 

 

115,248

Net Occupancy

 

13,612

 

868

 

6,535

 

 

21,015

Other Noninterest Expense

 

115,030

 

25,184

 

(61,392

)

 

78,822

Noninterest Expense

 

169,716

 

36,653

 

8,716

 

 

215,085

Income (Loss) Before Provision for Income Taxes

 

85,958

 

78,750

 

(71,037

)

 

93,671

Provision (Benefit) for Income Taxes

 

21,865

 

19,895

 

(18,563

)

 

23,197

Net Income (Loss)

$

64,093

$

58,855

$

(52,474

)

$

70,474

Total Assets as of June 30, 2024

$

8,357,830

$

5,835,399

$

9,107,539

 

$

23,300,768

 

 

 

 

 

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
June 30, March 31, December 31, September 30, June 30,
(dollars in thousands, except per share amounts)

 

2025

 

 

 

2025

 

 

 

2024

 

 

 

2024

 

 

 

2024

 

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

$

166,779

 

$

163,082

 

$

164,785

 

$

166,286

 

$

163,208

 

Income on Investment Securities
Available-for-Sale

 

27,007

 

 

24,368

 

 

23,223

 

 

23,257

 

 

21,468

 

Held-to-Maturity

 

19,835

 

 

20,291

 

 

20,677

 

 

21,107

 

 

21,595

 

Cash and Cash Equivalents

 

3,817

 

 

5,460

 

 

9,425

 

 

8,980

 

 

6,139

 

Other

 

1,097

 

 

1,085

 

 

1,107

 

 

1,018

 

 

1,120

 

Total Interest Income

 

218,535

 

 

214,286

 

 

219,217

 

 

220,648

 

 

213,530

 

Interest Expense
Deposits

 

82,476

 

 

81,692

 

 

92,099

 

 

96,067

 

 

91,542

 

Securities Sold Under Agreements to Repurchase

 

491

 

 

744

 

 

992

 

 

993

 

 

1,180

 

Other Debt

 

5,885

 

 

6,043

 

 

5,948

 

 

5,970

 

 

5,962

 

Total Interest Expense

 

88,852

 

 

88,479

 

 

99,039

 

 

103,030

 

 

98,684

 

Net Interest Income

 

129,683

 

 

125,807

 

 

120,178

 

 

117,618

 

 

114,846

 

Provision for Credit Losses

 

3,250

 

 

3,250

 

 

3,750

 

 

3,000

 

 

2,400

 

Net Interest Income After Provision for Credit Losses

 

126,433

 

 

122,557

 

 

116,428

 

 

114,618

 

 

112,446

 

Noninterest Income
Fees, Exchange, and Other Service Charges

 

14,383

 

 

14,437

 

 

14,399

 

 

14,945

 

 

13,769

 

Trust and Asset Management

 

12,097

 

 

11,741

 

 

12,157

 

 

11,916

 

 

12,223

 

Service Charges on Deposit Accounts

 

8,119

 

 

8,259

 

 

8,678

 

 

8,075

 

 

7,730

 

Bank-Owned Life Insurance

 

3,714

 

 

3,611

 

 

3,283

 

 

3,533

 

 

3,396

 

Annuity and Insurance

 

1,437

 

 

1,555

 

 

1,347

 

 

1,460

 

 

1,583

 

Mortgage Banking

 

849

 

 

988

 

 

942

 

 

1,188

 

 

1,028

 

Investment Securities Losses, Net

 

(1,126

)

 

(1,607

)

 

(3,306

)

 

(1,103

)

 

(1,601

)

Other

 

5,322

 

 

5,074

 

 

5,547

 

 

5,096

 

 

3,959

 

Total Noninterest Income

 

44,795

 

 

44,058

 

 

43,047

 

 

45,110

 

 

42,087

 

Noninterest Expense
Salaries and Benefits

 

61,308

 

 

62,884

 

 

58,690

 

 

58,626

 

 

57,033

 

Net Occupancy

 

10,499

 

 

10,559

 

 

10,263

 

 

10,806

 

 

10,559

 

Net Equipment

 

9,977

 

 

10,192

 

 

10,308

 

 

10,120

 

 

10,355

 

Data Processing

 

5,456

 

 

5,267

 

 

5,313

 

 

4,712

 

 

4,745

 

Professional Fees

 

4,263

 

 

4,264

 

 

4,988

 

 

4,725

 

 

4,929

 

FDIC Insurance

 

3,640

 

 

1,642

 

 

3,711

 

 

3,355

 

 

7,170

 

Other

 

15,640

 

 

15,651

 

 

14,658

 

 

14,748

 

 

14,435

 

Total Noninterest Expense

 

110,783

 

 

110,459

 

 

107,931

 

 

107,092

 

 

109,226

 

Income Before Provision for Income Taxes

 

60,445

 

 

56,156

 

 

51,544

 

 

52,636

 

 

45,307

 

Provision for Income Taxes

 

12,808

 

 

12,171

 

 

12,382

 

 

12,278

 

 

11,224

 

Net Income

$

47,637

 

$

43,985

 

$

39,162

 

$

40,358

 

$

34,083

 

Preferred Stock Dividends

 

5,269

 

 

5,269

 

 

5,269

 

 

3,436

 

 

1,969

 

Net Income Available to Common Shareholders

$

42,368

 

$

38,716

 

$

33,893

 

$

36,922

 

$

32,114

 

 
Basic Earnings Per Common Share

$

1.07

 

$

0.98

 

$

0.86

 

$

0.94

 

$

0.81

 

Diluted Earnings Per Common Share

$

1.06

 

$

0.97

 

$

0.85

 

$

0.93

 

$

0.81

 

 
Balance Sheet Totals
Loans and Leases

$

14,002,178

 

$

14,115,323

 

$

14,075,980

 

$

13,918,583

 

$

13,831,266

 

Total Assets

 

23,709,752

 

 

23,885,056

 

 

23,601,114

 

 

23,799,174

 

 

23,300,768

 

Total Deposits

 

20,798,914

 

 

21,008,217

 

 

20,633,037

 

 

20,978,322

 

 

20,408,502

 

Total Shareholders' Equity

 

1,743,107

 

 

1,704,935

 

 

1,667,774

 

 

1,665,474

 

 

1,612,849

 

 
Performance Ratios
Return on Average Assets

 

0.81

 

%

 

0.75

 

%

 

0.66

 

%

 

0.69

 

%

 

0.59

 

%

Return on Average Shareholders' Equity

 

11.21

 

 

10.65

 

 

9.42

 

 

9.90

 

 

9.53

 

Return on Average Common Equity

 

12.50

 

 

11.80

 

 

10.30

 

 

11.50

 

 

10.41

 

Efficiency Ratio 1

 

63.49

 

 

65.03

 

 

66.12

 

 

65.81

 

 

69.60

 

Net Interest Margin 2

 

2.39

 

 

2.32

 

 

2.19

 

 

2.18

 

 

2.15

 

 

 

 

 

 

 

 

 

 

 

 

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

Five Months Ended Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change) May 31, 2025 December 31, 2024 December 31, 2023
Hawaii Economic Trends
State General Fund Revenues 1

$

4,053.8

(3.4

)

%

$

10,124.9

 

6.5

%

$

9,504.1

 

0.7

 

%

General Excise and Use Tax Revenue 1

 

2,037.7

6.5

 

 

4,495.0

 

0.5

 

4,474.1

 

4.9

 

Jobs 2

 

669.3

 

661.6

 

 

657.7

 

 
June 30, December 31,

2025

2024

 

2023

 

Unemployment, seasonally adjusted 2
Statewide

2.8

%

 

3.0

 

%

3.0

 

%

Honolulu County

2.7

 

2.9

 

2.5

 

Hawaii County

3.3

 

3.4

 

2.9

 

Maui County

3.0

 

3.7

 

5.8

 

Kauai County

2.5

 

3.0

 

2.5

 

 
June 30, December 31,
(1-year percentage change, except months of inventory)

 

2025

 

2024

 

2023

 

 

2022

 

Housing Trends (Single Family Oahu) 3
Median Home Price

 

6.0

 

%

4.8

%

 

(5.0

)

%

11.6

 

%

Home Sales Volume (units)

 

(2.1

)

%

9.1

%

 

(26.3

)

%

(23.2

)

%

Months of Inventory

 

3.7

 

2.9

 

2.8

 

2.1

 

 
Monthly Visitor Arrivals, Percentage Change
(in thousands, except percentage change) Not Seasonally Adjusted from Previous Year
Tourism 4
May 31, 2025

766.4

1.1

 

%

April 30, 2025

810.3

9.4

 

March 31, 2025

890.0

2.8

 

February 28, 2025

739.7

(1.7

)

January 31, 2025

773.1

3.7

 

December 31, 2024

892.0

5.3

 

November 30, 2024

762.7

5.7

 

October 31, 2024

739.0

5.5

 

September 30, 2024

688.8

6.3

 

August 31, 2024

819.2

6.9

 

July 31, 2024

925.3

(0.5

)

June 30, 2024

872.6

(1.5

)

May 31, 2024

757.8

(4.1

)

April 30, 2024

740.7

(8.1

)

March 31, 2024

865.8

(3.0

)

February 29, 2024

752.7

2.6

 

January 31, 2024

745.6

(3.8

)

December 31, 2023

847.3

(1.3

)

November 30, 2023

721.3

0.3

 

October 31, 2023

700.4

(3.7

)

September 30, 2023

648.1

(6.4

)

August 31, 2023

766.6

(7.6

)

July 31, 2023

930.2

1.3

 

June 30, 2023

886.0

5.3

 

May 31, 2023

790.5

2.1

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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