Bank of Hawai‘i Corporation Fourth Quarter and Full Year 2024 Financial Results

Rhea-AI Summary

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.

Positive

• Net interest margin improved to 2.19%, up 6 basis points year-over-year
• Strong capital position with Tier 1 Capital Ratio at 13.95%
• Total loans increased by 1.1% quarter-over-quarter to $14.1 billion
• Commercial loans grew 6.0% year-over-year
• Maintained quarterly dividend at $0.70 per share

Negative

• Full-year net income decreased 12.4% to $150.0 million
• Diluted EPS declined to $3.46 from $4.14 year-over-year
• Total deposits decreased 2.0% year-over-year
• Consumer loans declined 2.9% year-over-year
• Net loan charge-offs increased by 5 basis points year-over-year

Insights

Financial Analyst

Bank of Hawaii's Q4 2024 results reveal a complex picture of resilience amid challenging market conditions. The 28.8% year-over-year increase in net income to $39.2 million demonstrates strong fundamental performance, despite a slight quarterly decline. The net interest margin improvement to 2.19% is particularly noteworthy in the current rate environment, achieved through effective balance sheet management.

Several key metrics warrant attention: First, the deposit mix shift continues to evolve, with noninterest-bearing deposits now comprising 26.3% of total deposits, down from 28.8% year-over-year. This shift, while impacting funding costs, has been well-managed as evidenced by the 10 basis point reduction in total deposit costs quarter-over-quarter to 1.77%.

Asset quality remains exemplary with non-performing assets at just 0.14% of total loans, while the allowance for credit losses stands at a conservative 1.06%. The bank's capital position strengthened significantly year-over-year, with the Tier 1 Capital Ratio at 13.95%, well above regulatory requirements. This robust capital buffer, combined with the maintained $0.70 quarterly dividend, signals management's confidence in the bank's stability and earnings potential.

The commercial loan growth of 6.0% year-over-year, primarily driven by commercial mortgages, indicates strong business relationships in their core market, though this is partially offset by a 2.9% decline in consumer loans. The strategic focus on floating rate securities in the investment portfolio demonstrates prudent interest rate risk management in an uncertain rate environment.

• 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

HONOLULU--(BUSINESS WIRE)-- 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.

“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/

Investor/Analyst Inquiries

Chang Park

Email: Chang.Park@boh.com

Phone: 808-694-8238

Media Inquiries

Melissa Torres-Laing

Email: Melissa.Torres-Laing@boh.com

Phone: 808-694-8384

Mobile: 808-859-1703

Source: Bank of Hawai‘i Corporation

FAQ

What was Bank of Hawaii's (BOH) earnings per share for Q4 2024?

Bank of Hawaii reported diluted earnings per share of $0.85 for Q4 2024, compared to $0.93 in Q3 2024 and $0.72 in Q4 2023.

How much did Bank of Hawaii's (BOH) net income decline in 2024?

Bank of Hawaii's net income declined by 12.4% in 2024, falling to $150.0 million from the previous year.

What is Bank of Hawaii's (BOH) current quarterly dividend?

Bank of Hawaii declared a quarterly cash dividend of $0.70 per share, payable on March 14, 2025.

What was BOH's net interest margin in Q4 2024?

Bank of Hawaii's net interest margin was 2.19% in Q4 2024, up 1 basis point from Q3 2024 and up 6 basis points year-over-year.

How much were Bank of Hawaii's (BOH) total deposits at the end of 2024?

Bank of Hawaii's total deposits were $20.6 billion at December 31, 2024, showing a decrease of 2.0% from December 31, 2023.