Date of Report | |||||
(Date of earliest event reported) |
(State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (City) | (State) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c)) |
Exhibit No. | ||||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: July 28, 2025 | Bank of Hawaii Corporation | |||||||
By: | /s/ Patrick M. McGuirk | |||||||
Patrick M. McGuirk | ||||||||
Vice Chair and Chief Administrative Officer |
Bank of Hawai‘i Corporation Second Quarter 2025 Financial Results | Page 2 |
Bank of Hawai‘i Corporation Second Quarter 2025 Financial Results | Page 3 |
Bank of Hawai‘i Corporation Second Quarter 2025 Financial Results | Page 4 |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||||||||||||||||||
Financial Highlights | Table 1 | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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, 2025 | March 31, 2025 | December 31, 2024 | June 30, 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 |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures | Table 2 | |||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 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 | % |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||||||||||||||||||
Consolidated Statements of Income | Table 3 | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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 | ||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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 | |||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | December 31, 2024 | June 30, 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | Preferred Shares Series A Outstanding | Preferred Series A Stock | Preferred Shares Series B Outstanding | Preferred Series B Stock | Common Shares Outstanding | Common Stock | Capital Surplus | Accum. Other Comprehensive Income (Loss) | Retained Earnings | Treasury 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 June 30, 2025 | Three Months Ended March 31, 2025 | Three Months Ended June 30, 2024 | |||||||||||||||||||||||||||||||||
(dollars in millions) | Average Balance | Income/Expense 2 | Yield/Rate | Average Balance | Income/Expense 2 | Yield/Rate | Average Balance | Income/Expense 2 | Yield/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 |
Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||||||||||||
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 | Table 7b | ||||||||||||||||||||||
Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | ||||||||||||||||||||||
(dollars in millions) | Average Balance | Income/Expense 2 | Yield/Rate | Average Balance | Income/Expense 2 | Yield/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 | 3.83 | |||||||||||||||||
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 |
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 |
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 |
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 |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||||||||||||||||||
Salaries and Benefits | Table 9 | |||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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 | ||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 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 | |||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 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 | |||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 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 | ||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 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 |
Bank of Hawai‘i Corporation and Subsidiaries | ||||||||||||||||||||
Reserve for Credit Losses | Table 12 | |||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
(dollars in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | June 30, 2025 | June 30, 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 | % |
Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||||||||||||
Business Segments Selected Financial Information | Table 13 | ||||||||||||||||||||||
(dollars in thousands) | Consumer Banking | Commercial Banking | Treasury and Other | Consolidated 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 Ended 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 | |||||||||||||||
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 |
Bank of Hawai‘i Corporation and Subsidiaries | |||||||||||||||||||||||||||||
Selected Quarterly Financial Data | Table 14 | ||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||
(dollars in thousands, except per share amounts) | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 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 |
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 |
(in thousands, except percentage change) | Monthly Visitor Arrivals, Not Seasonally Adjusted | Percentage Change 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 |
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