The following is a summary of the Bank of Hawaii Corporation (BOH) Q1 2024 Earnings Call Transcript:
Financial Performance:
Bank of Hawaii Corporation reported steady fee income and operating expenses for Q1 2024.
The bank saw a decrease in interest income by $1.8 million due to a lesser deposit balance and a lesser number of interest-earning days in the quarter.
Net income was $36.4 million and earnings per common share were $0.87, reflecting increases from previous quarter figures.
Total cost of deposits increased by 7 basis points in the quarter.
The allowance for credit losses on loans and leases was $147.7 million at the end of the quarter.
The bank experienced stable loan and deposit levels throughout the quarter, with a deposit amount of $20.5 billion.
The bank's expenses for Q1 included a seasonal impact of $2.2 million.
The company does not plan to repurchase shares of common stock in the current market environment.
Business Progress:
Bank of Hawaii saw steady and organic loan portfolio growth, averaging 6.5% per year from 2020 to end of 2023.
The bank saw significant growth in Japan with expenditures up by 57.8% and arrivals by 84.3% annually.
The bank has made strategic investments in its deposit franchise for stability under challenging market conditions and holds 97% of the state's FDIC reported deposits.
Credit quality within the bank remains excellent and it is actively engaging in client relationship management for loan portfolio stability.
The bank has identified a significant trend of conversion from office spaces to multi-family housing, seen as a positive in the region due to constraints in housing availability.
The bank is experiencing operational difficulties due to the lack of additional industrial supplies resulted from low vacancy rates.
More details: Bank of Hawaii Corp IR
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