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Overview of Bank of Hawaii Corp
Bank of Hawaii Corporation (NYSE: BOH) is a prominent regional financial services company and the largest independent financial institution in Hawaii. Established in 1897, the company has built a legacy of trust and reliability, serving businesses, consumers, and government entities across Hawaii, American Samoa, and the West Pacific. Through its primary subsidiary, Bank of Hawaii, the corporation provides a comprehensive range of financial products and services tailored to meet the unique needs of its diverse customer base.
Business Segments and Revenue Streams
The company operates through three key business segments: Consumer Banking, Commercial Banking, and Treasury and Other. This structure reflects its diversified approach to delivering financial solutions:
- Consumer Banking: The largest revenue-generating segment, offering a wide array of products and services, including loans, deposits, credit insurance, and private banking. It also provides trust services, investment management, and international client banking services, catering to both individual and institutional clients.
- Commercial Banking: Focused on serving businesses, this segment provides tailored financial solutions such as commercial loans, equipment leasing, and cash management services. Its expertise in supporting local enterprises underscores its commitment to regional economic growth.
- Treasury and Other: This segment manages the company’s investment portfolio, liquidity, and risk management strategies, playing a crucial role in maintaining financial stability and optimizing returns.
Core Services and Expertise
Bank of Hawaii Corp offers a broad spectrum of financial services, including traditional banking products like savings and checking accounts, as well as more specialized offerings such as securities brokerage, investment advisory, and institutional investment management. The company’s subsidiaries further enhance its capabilities by providing equipment leasing and credit insurance solutions, which cater to niche market needs. Its private banking and trust services emphasize personalized financial planning and wealth management, setting it apart in the competitive regional banking landscape.
Market Position and Regional Focus
As a regional bank with deep roots in Hawaii and the Pacific Islands, Bank of Hawaii Corp has a distinct competitive advantage. Its intimate understanding of local markets allows it to deliver tailored financial solutions that address the unique economic and cultural dynamics of the region. This regional expertise, combined with its comprehensive service portfolio, positions the company as a trusted partner for individuals and businesses alike.
Challenges and Opportunities
Operating in a geographically concentrated market presents both challenges and opportunities. Economic fluctuations in Hawaii and the Pacific Islands can impact demand for financial services, while competition from national banks and fintech companies adds pressure to innovate. However, Bank of Hawaii Corp’s long-standing presence, customer-centric approach, and diversified revenue streams enable it to navigate these challenges effectively. Its focus on digital transformation and community engagement further strengthens its market position.
Commitment to Community and Sustainability
Bank of Hawaii Corp is deeply committed to supporting the communities it serves. Through philanthropic initiatives, financial literacy programs, and sustainable business practices, the company demonstrates its dedication to fostering economic and social well-being in Hawaii and beyond. This commitment not only reinforces its reputation as a trusted financial institution but also aligns with broader trends toward corporate social responsibility in the financial services industry.
Conclusion
Bank of Hawaii Corp stands out as a cornerstone of financial services in Hawaii and the Pacific Islands. With its diversified business model, regional expertise, and unwavering commitment to customer satisfaction, the company continues to play a pivotal role in driving economic growth and providing innovative financial solutions. Its ability to adapt to changing market dynamics while maintaining a strong focus on community and sustainability underscores its enduring relevance in the financial sector.
Bank of Hawaii (BOH) reported its Q4 and full-year 2024 financial results. Full-year net income was $150.0 million, down 12.4% from 2023, with diluted EPS of $3.46 compared to $4.14 in 2023. Q4 2024 net income was $39.2 million with EPS of $0.85.
The bank's net interest margin was 2.19% in Q4 2024, up 1 basis point from Q3. Total assets stood at $23.6 billion with total deposits of $20.6 billion at year-end. The loan portfolio reached $14.1 billion, showing a 1.1% increase from Q3 2024.
Asset quality remained strong with non-performing assets at $19.3 million (0.14% of total loans). The Board declared a quarterly dividend of $0.70 per common share. The bank's capital position remained robust with a Tier 1 Capital Ratio of 13.95% at year-end.
Bank of Hawai'i (NYSE: BOH) has announced it will release its fourth quarter 2024 financial results on Monday, January 27, 2025, before market opens. The company will hold its quarterly conference call at 1:00 p.m. Eastern Time on the same day, featuring a slide presentation accessible through their website.
Additionally, the Board of Directors has declared quarterly dividend payments for its preferred stock series: $10.94 per share ($0.2735 per depositary share) for Series A (BOH.PRA) and $20.00 per share ($0.5000 per depositary share) for Series B (BOH.PRB). Both dividends will be payable on February 3, 2025, to shareholders of record as of January 17, 2025.
Bank of Hawaii (BOH) reported Q3 2024 net income of $40.4 million, with diluted earnings per share of $0.93, up from $0.81 in Q2 but down from $1.17 year-over-year. Net interest income reached $117.6 million, increasing 2.4% quarter-over-quarter but decreasing 2.7% year-over-year. The bank's total assets stood at $23.8 billion with total deposits of $21.0 billion. Net interest margin was 2.18%, up 3 basis points from Q2. The Board declared a quarterly dividend of $0.70 per common share. Asset quality remained strong with non-performing assets at $19.8 million, representing 0.14% of total loans and leases.
Bank of Hawai'i (NYSE: BOH) has announced its plans to release third quarter 2024 financial results on Monday, October 28, 2024 before the market opens. The company will hold its quarterly conference call at 2:00 p.m. Eastern Time (8:00 a.m. Hawai'i Time) on the same day. Investors can access the live call and slide presentation through the company's website at www.boh.com.
Additionally, the Board of Directors has declared quarterly dividend payments for its preferred stock series. The Series A Preferred Stock will receive $10.94 per share ($0.2735 per depositary share), while the Series B Preferred Stock will receive $20.00 per share ($0.5000 per depositary share). Both dividends will be payable on November 1, 2024 to shareholders of record as of October 17, 2024.
Bank of Hawai'i (BOH) has become the new fund sponsor for Hawaiian Tax-Free Trust, Hawai'i's first municipal bond fund, taking over from New York-based Aquila Management BOH's Asset Management Group will continue to serve as the investment advisor, managing the fund's portfolio assets since its inception in 1985. As the new fund sponsor, BOH will provide more local leadership for this fund designed for Hawai'i residents.
The Hawaiian Tax-Free Trust invests in securities financing local infrastructure projects, such as schools, highways, airports, and water facilities. It aims to provide income exempt from both State of Hawai'i and Federal income taxes while preserving capital. This transition marks a significant shift in the fund's management, bringing it fully under local control.
Bank of Hawai'i (NYSE: BOH) reported Q2 2024 financial results with diluted earnings per common share of $0.81, down from $0.87 in Q1 2024 and $1.12 in Q2 2023. Net income was $34.1 million, a 6.3% decrease from the previous quarter and 26.0% from Q2 2023. The company faced a $2.6 million FDIC Special Assessment charge, impacting EPS by $0.05. Net interest margin increased to 2.15%, up 4 basis points from Q1. Credit quality remained strong with non-performing assets at 0.11%. The company successfully raised $165 million through a preferred stock offering, strengthening its capital position. The Board declared a dividend of $0.70 per common share.
Bank of Hawai'i (BOH) has announced key leadership changes. James C. Polk has been promoted to President of Bank of Hawai'i and its primary operating subsidiary. Polk, with 25 years at BOH and over 35 years in financial services, will oversee all revenue-generating businesses, including Commercial Banking, Merchant Services, Cash Management, Wealth Management, and now Retail Banking.
Additionally, Matthew K.M. Emerson has been appointed Chief Retail Banking Officer. Emerson, who joined BOH in 2010, will be responsible for Consumer Banking products, Branch Banking, and the Contact Center. Both executives will report to Peter S. Ho, who continues as Chairman and CEO.
Bank of Hawai‘i (NYSE: BOH) will release its Q2 2024 financial results on July 22, 2024, before market opens. A conference call is scheduled at 2:00 p.m. ET (8:00 a.m. HT) on the same day, accessible via the company's website. A replay will be available for one year starting approximately 11:00 a.m. HT on July 22, 2024.
The Board declared quarterly dividends of $10.94 per share for Series A Preferred Stock ($0.2735 per depositary share) and $8.89 per share for Series B Preferred Stock ($0.2223 per depositary share). Dividends will be payable on August 1, 2024, to shareholders of record as of July 18, 2024.
The Series A and B Preferred Stocks trade on NYSE under symbols “BOH.PRA” and “BOH.PRB”. Bank of Hawai‘i , founded in 1897, offers regional financial services in Hawai‘i and the West Pacific.
Bank of Hawai‘i (NYSE: BOH) announced the pricing of a public offering of 6,600,000 depositary shares, each representing 1/40th ownership in an 8.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. This offering aims to generate gross proceeds of $165 million, with each preferred stock share having a $1,000 liquidation preference, translating to $25 per depositary share. The offering is set to close on June 21, 2024, provided customary closing conditions are met.
The net proceeds, estimated at $162 million after deducting underwriting discounts and commissions, will be used for general corporate purposes, including supporting asset growth. Joint-book running managers for the offering include BofA Securities, J.P. Morgan Securities, Keefe, Bruyette & Woods, and Wells Fargo Securities. The company will apply to list the depositary shares on the NYSE under the symbol 'BOHPrB'.
This announcement does not constitute an offer to sell or a solicitation to buy the securities, which have not been approved or disapproved by any regulatory authority.
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