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Bank of Hawai‘i Corporation First Quarter 2025 Financial Results

Bank of Hawai‘i Corporation First Quarter 2025 Financial Results

Business Wire21-04-2025

HONOLULU--(BUSINESS WIRE)--Bank of Hawai'i Corporation (NYSE: BOH) (the 'Company') today reported diluted earnings per common share of $0.97 for the first quarter of 2025, compared with $0.85 during the linked quarter and $0.87 during the same period last year. Net income for the first quarter of 2025 was $44.0 million, up 12.3% from the linked quarter and up 20.9% from the same period last year. The return on average common equity for the first quarter of 2025 was 11.80% compared with 10.30% during the linked quarter and 11.20% during the same period last year.
'Bank of Hawai'i started 2025 with strong financial results,' said Peter Ho, Chairman and CEO. 'In the first quarter, our net interest income and net interest margin both improved meaningfully for the fourth consecutive quarter. Average loan balances grew while average deposit balances held steady. We continued to optimize our balance sheet and our credit quality remained excellent.'
Financial Highlights
Net interest income for the first quarter of 2025 was $125.8 million, an increase of 4.7% from the linked quarter and an increase of 10.4% as compared to the same period last year. The increase from the previous quarter was primarily due to lower interest-bearing deposit rates and slowing of the shift from noninterest-bearing and interest-bearing accounts yielding less than 10 basis points to higher interest-bearing deposit accounts (deposit mix shift), partially offset by lower average balance of our earning asset balances and lower earning asset yields. The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of deposit mix shift, higher earning asset yields and higher average balance of our earning assets, partially offset by lower average balance of noninterest-bearing deposits.
Net interest margin was 2.32% in the first quarter of 2025, an increase of 13 basis points from the linked quarter and an increase of 21 basis points from the same period last year. The increase from the previous quarter was primarily due to lower interest-bearing deposit rates and slowing of deposit mix shift, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of deposit mix shift and higher earning asset yields.
The average yield on loans and leases was 4.72% in the first quarter of 2025, down 1 basis point from the linked quarter and up 9 basis points from the same period last year. The average yield on total earning assets was 3.95% in the first quarter of 2025, down 2 basis points from the linked quarter and up 6 basis points from the same period last year. The average rate of interest-bearing deposits was 2.16% in the first quarter of 2025, down 21 basis points from the linked quarter and down 23 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.60%, down 17 basis points from the linked quarter and down 14 basis points from the same period last year. The changes in yields and rates over the prior periods reflected the lower rate environment, including lower benchmark interest rates.
Noninterest income was $44.1 million in the first quarter of 2025, an increase of 2.3% from the linked quarter and an increase of 4.2% from the same period in 2024. The increase from the linked quarter was primarily due to a decrease in investment securities losses and increases in bank-owned life insurance income and annuity and insurance income, partially offset by decreases in trust and asset management income, service charges on deposit accounts and other income. The increase from the same period last year was primarily due to increases in trust and asset management income, service charges on deposit accounts, bank-owned life insurance income and annuity and insurance income.
Noninterest expense was $110.5 million in the first quarter of 2025, an increase of 2.3% from the linked quarter and an increase of 4.3% from the same period last year. The increase from the prior periods was primarily due to higher salaries and benefits and other expenses, partially offset by lower FDIC insurance and professional fees.
The effective tax rate for the first quarter of 2025 was 21.67% compared with 24.02% during the linked quarter and 24.76% during the same period last year. The lower effective tax rate in the current quarter as compared to the linked quarter was primarily due to a decrease in disallowed compensation and an increase in tax benefits associated with certain tax advantaged investments. Compared to the same period last year, the decrease was primarily due to an increase in tax benefits associated with certain tax advantaged investments and a decrease in tax expense from discrete items.
Asset Quality
The Company's overall asset quality remained strong during the first quarter of 2025. Provision for credit losses for the first quarter of 2025 was $3.3 million compared with $3.8 million in the linked quarter and $2.0 million in the same period last year.
Total non-performing assets were $17.5 million at March 31, 2025, down $1.8 million from December 31, 2024 and up $5.6 million from March 31, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.12% at the end of the quarter, a decrease of 2 basis points from the linked quarter and an increase of 3 basis points from the same period last year.
Net loan and lease charge-offs during the first quarter of 2025 were $4.4 million or 13 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.7 million partially offset by gross recoveries of $1.3 million. Compared to the linked quarter, net loan and lease charge-offs increased by $1.0 million or 3 basis points annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $2.1 million or 6 basis points annualized on total average loans and leases outstanding.
The allowance for credit losses on loans and leases was $147.7 million at March 31, 2025, a decrease of $0.8 million from December 31, 2024 and flat from March 31, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.05% at the end of the quarter, down 1 basis point from the linked quarter and down 2 basis points from the same period last year.
Balance Sheet
Total assets were $23.9 billion at March 31, 2025, an increase of 1.2% from December 31, 2024 and an increase of 2.0% from March 31, 2024. The increase from the linked quarter was primarily due to increases in cash and cash equivalents and investment securities. The increase from the same period last year was primarily due to increases in loans and investment securities.
The investment securities portfolio was $7.4 billion at March 31, 2025, an increase of 1.6% from December 31, 2024 and an increase of 2.2% from March 31, 2024. The increase from the prior periods was primarily due to the purchases of investment securities, partially offset by cashflows from the portfolio. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
Total loans and leases were $14.1 billion at March 31, 2025, an increase of 0.3% from December 31, 2024 and an increase of 1.9% from March 31, 2024. Total commercial loans were $6.2 billion at March 31, 2025, an increase of 1.2% from December 31, 2024 and an increase of 7.3% from March 31, 2024. The increase from the linked quarter was primarily due to loan production within our construction portfolio. The increase from the same period last year was primarily due to loan production within our commercial mortgage portfolio. Total consumer loans were $7.9 billion at March 31, 2025, a decrease of 0.4% from the linked quarter and a decrease of 2.0% from the same period last year. The decrease from the prior periods was due to declines in our home equity and automobile portfolios.
Total deposits were $21.0 billion at March 31, 2025, an increase of 1.8% from December 31, 2024 and an increase of 1.6% from March 31, 2024. Noninterest-bearing deposits made up 26.1% of total deposit balances at March 31, 2025, down from 26.3% at December 31, 2024 and down from 26.8% at March 31, 2024. Average total deposits were $20.7 billion for the first quarter of 2025, down 0.4% from $20.8 billion in the linked quarter and up 0.6% from $20.5 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 13.93% at March 31, 2025 compared with 13.95% at December 31, 2024 and 12.74% at March 31, 2024. The decrease from the linked quarter were due to increases in risk-weighted assets, partially offset by retained earnings growth. The increase from the same period last year was 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. The Tier 1 Leverage Ratio was 8.36% at March 31, 2025, compared with 8.31% at December 31, 2024 and 7.62% at March 31, 2024. The increase from the linked quarter were due to a decrease in average total assets and an increase in retained earnings.
No shares of common stock were repurchased under the share repurchase program in the first quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2025.
The Company's Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company's outstanding common shares. The dividend will be payable on June 13, 2025 to shareholders of record at the close of business on May 30, 2025.
On April 4, 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 May 1, 2025 to shareholders of record of the preferred stock as of the close of business on April 16, 2025.
Conference Call Information
The Company will review its first quarter financial results today at 8:00 a.m. Hawai'i Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai'i Corporation's website, www.boh.com. The webcast can be accessed via the link: https://register-conf.media-server.com/register/BI61ce682f562949d3b8f602272bc03f6e. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai'i Time on Monday, April 21, 2025. The replay will be available on the Company's website, www.boh.com.
Investor Announcements
Investors and others should note that the Company intends to announce financial and other information to the Company's investors using the Company's investor relations website at https://ir.boh.com, social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company's disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.
Forward-Looking Statements
This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai'i Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 which was 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
December 31, March 31,
(dollars in thousands, except per share amounts)
2025
2024
2024
For the Period:
Operating Results
Net Interest Income
$
125,807
$
120,178
$
113,938
Provision for Credit Losses
3,250
3,750
2,000
Total Noninterest Income
44,058
43,047
42,285
Total Noninterest Expense
110,459
107,931
105,859
Pre-Provision Net Revenue
59,406
55,294
50,364
Net Income
43,985
39,162
36,391
Net Income Available to Common Shareholders
38,716
33,893
34,422
Basic Earnings Per Common Share
0.98
0.86
0.87
Diluted Earnings Per Common Share
0.97
0.85
0.87
Dividends Declared Per Common Share
0.70
0.70
0.70
Performance Ratios
Return on Average Assets
0.75
%
0.66
%
0.63
%
Return on Average Shareholders' Equity
10.65
9.42
10.34
Return on Average Common Equity
11.80
10.30
11.20
Efficiency Ratio 1
65.03
66.12
67.76
Net Interest Margin 2
2.32
2.19
2.11
Dividend Payout Ratio 3
71.43
81.40
80.46
Average Shareholders' Equity to Average Assets
7.09
6.98
6.08
Average Balances
Average Loans and Leases
$
14,062,173
$
13,964,687
$
13,868,800
Average Assets
23,638,068
23,682,494
23,281,566
Average Deposits
20,669,539
20,756,682
20,543,640
Average Shareholders' Equity
1,675,571
1,654,156
1,416,102
Per Share of Common Stock
Book Value
$
34.23
$
33.27
$
31.62
Tangible Book Value
33.43
32.47
30.83
Market Value
Closing
68.97
71.24
62.39
High
76.00
82.70
73.73
Low
65.82
60.58
58.38
March 31, December 31, March 31,
2025
2024
2024
As of Period End:
Balance Sheet Totals
Loans and Leases
$
14,115,323
$
14,075,980
$
13,853,837
Total Assets
23,885,056
23,601,114
23,420,860
Total Deposits
21,008,217
20,633,037
20,676,586
Other Debt
558,250
558,274
560,163
Total Shareholders' Equity
1,704,935
1,667,774
1,435,977
Asset Quality
Non-Performing Assets
$
17,451
$
19,300
$
11,838
Allowance for Credit Losses - Loans and Leases
147,707
148,528
147,664
Allowance to Loans and Leases Outstanding 4
1.05
%
1.06
%
1.07
%
Capital Ratios 5
Common Equity Tier 1 Capital Ratio
11.58
%
11.59
%
11.50
%
Tier 1 Capital Ratio
13.93
13.95
12.74
Total Capital Ratio
14.97
15.00
13.81
Tier 1 Leverage Ratio
8.36
8.31
7.62
Total Shareholders' Equity to Total Assets
7.14
7.07
6.13
Tangible Common Equity to Tangible Assets 6
5.57
5.48
5.24
Tangible Common Equity to Risk-Weighted Assets 6
9.28
9.08
8.70
Non-Financial Data
Full-Time Equivalent Employees
1,876
1,865
1,891
Branches
50
50
50
ATMs
316
317
315
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 March 31, 2025 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".
Expand
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Income Table 3
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands, except per share amounts)
2025
2024
2024
Interest Income
Interest and Fees on Loans and Leases
$
163,082
$
164,785
$
159,336
Income on Investment Securities
Available-for-Sale
24,368
23,223
21,757
Held-to-Maturity
20,291
20,677
22,136
Cash and Cash Equivalents
5,460
9,425
6,157
Other
1,085
1,107
970
Total Interest Income
214,286
219,217
210,356
Interest Expense
Deposits
81,692
92,099
89,056
Securities Sold Under Agreements to Repurchase
744
992
1,443
Other Debt
6,043
5,948
5,919
Total Interest Expense
88,479
99,039
96,418
Net Interest Income
125,807
120,178
113,938
Provision for Credit Losses
3,250
3,750
2,000
Net Interest Income After Provision for Credit Losses
122,557
116,428
111,938
Noninterest Income
Fees, Exchange, and Other Service Charges
14,437
14,399
14,123
Trust and Asset Management
11,741
12,157
11,189
Service Charges on Deposit Accounts
8,259
8,678
7,947
Bank-Owned Life Insurance
3,611
3,283
3,356
Annuity and Insurance
1,555
1,347
1,046
Mortgage Banking
988
942
951
Investment Securities Losses, Net
(1,607
)
(3,306
)
(1,497
)
Other
5,074
5,547
5,170
Total Noninterest Income
44,058
43,047
42,285
Noninterest Expense
Salaries and Benefits
62,884
58,690
58,215
Net Occupancy
10,559
10,263
10,456
Net Equipment
10,192
10,308
10,103
Data Processing
5,267
5,313
4,770
Professional Fees
4,264
4,988
4,677
FDIC Insurance
1,642
3,711
3,614
Other
15,651
14,658
14,024
Total Noninterest Expense
110,459
107,931
105,859
Income Before Provision for Income Taxes
56,156
51,544
48,364
Provision for Income Taxes
12,171
12,382
11,973
Net Income
$
43,985
$
39,162
$
36,391
Preferred Stock Dividends
5,269
5,269
1,969
Net Income Available to Common Shareholders
$
38,716
$
33,893
$
34,422
Basic Earnings Per Common Share
$
0.98
$
0.86
$
0.87
Diluted Earnings Per Common Share
$
0.97
$
0.85
$
0.87
Dividends Declared Per Common Share
$
0.70
$
0.70
$
0.70
Basic Weighted Average Common Shares
39,554,834
39,513,210
39,350,390
Diluted Weighted Average Common Shares
39,876,406
39,836,758
39,626,463
Expand
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income Table 4
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)
2025
2024
2024
Net Income
$
43,985
$
39,162
$
36,391
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities
24,760
(7,388
)
12,938
Defined Benefit Plans
232
(641
)
169
Other Comprehensive Income (Loss)
24,992
(8,029
)
13,107
Comprehensive Income
$
68,977
$
31,133
$
49,498
Expand
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
March 31, December 31, March 31,
(dollars in thousands, except per share amounts)
2025
2024
2024
Assets
Cash and Cash Equivalents
$
935,200
$
763,571
$
891,521
Investment Securities
Available-for-Sale
2,887,019
2,689,528
2,352,051
Held-to-Maturity (Fair Value of $3,823,655; $3,820,882; and $4,104,622)
4,535,108
4,618,543
4,913,457
Loans Held for Sale
2,640
2,150
2,182
Loans and Leases
14,115,323
14,075,980
13,853,837
Allowance for Credit Losses
(147,707
)
(148,528
)
(147,664
)
Net Loans and Leases
13,967,616
13,927,452
13,706,173
Premises and Equipment, Net
187,858
184,480
192,486
Operating Lease Right-of-Use Assets
83,577
80,165
85,501
Accrued Interest Receivable
67,706
66,367
67,887
Mortgage Servicing Rights
18,770
19,199
20,422
Goodwill
31,517
31,517
31,517
Bank-Owned Life Insurance
481,260
481,184
468,206
Other Assets
686,785
736,958
689,457
Total Assets
$
23,885,056
$
23,601,114
$
23,420,860
Liabilities
Deposits
Noninterest-Bearing Demand
$
5,493,232
$
5,423,562
$
5,542,930
Interest-Bearing Demand
3,775,948
3,784,984
3,823,224
Savings
8,700,143
8,364,916
8,231,245
Time
3,038,894
3,059,575
3,079,187
Total Deposits
21,008,217
20,633,037
20,676,586
Securities Sold Under Agreements to Repurchase
50,000
100,000
150,490
Other Debt
558,250
558,274
560,163
Operating Lease Liabilities
92,267
88,794
94,104
Retirement Benefits Payable
23,640
23,760
23,365
Accrued Interest Payable
23,261
34,799
37,081
Other Liabilities
424,486
494,676
443,094
Total Liabilities
22,180,121
21,933,340
21,984,883
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: March 31, 2025 - 58,765,864 / 39,734,304; December 31, 2024 - 58,765,907 / 39,762,255; and March 31, 2024 - 58,753,708 / 39,720,724)
586
585
584
Capital Surplus
651,374
647,403
640,663
Accumulated Other Comprehensive Loss
(318,397
)
(343,389
)
(383,581
)
Retained Earnings
2,144,326
2,133,838
2,114,729
Treasury Stock, at Cost (Shares: March 31, 2025 - 19,031,560; December 31, 2024 - 19,003,609; and March 31, 2024 - 19,032,984)
(1,117,954
)
(1,115,663
)
(1,116,418
)
Total Shareholders' Equity
1,704,935
1,667,774
1,435,977
Total Liabilities and Shareholders' Equity
$
23,885,056
$
23,601,114
$
23,420,860
Expand
Bank of Hawai'i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity Table 6
Accumulated
Preferred Preferred Other
Shares Preferred Shares Preferred Common Comprehensive
Series A Series A Series B Series B Shares Common Capital Income Retained Treasury
(dollars in thousands, except per share amounts) Outstanding Stock Outstanding Stock Outstanding Stock Surplus (Loss) Earnings Stock Total
Balance as of December 31, 2024
180,000
$
180,000
165,000
$
165,000
39,762,255
$
585
$
647,403
$
(343,389
)
$
2,133,838
$
(1,115,663
)
$
1,667,774
Net Income
-
-
-
-
-
-
-
-
43,985
-
43,985
Other Comprehensive Income
-
-
-
-
-
-
-
24,992
-
-
24,992
Share-Based Compensation
-
-
-
-
-
-
3,680
-
-
-
3,680
Common Stock Issued under Purchase
and Equity Compensation Plans
-
-
-
-
19,477
1
291
-
-
1,023
1,315
Common Stock Repurchased
-
-
-
-
(47,428
)
-
-
-
-
(3,314
)
(3,314
)
Cash Dividends Declared Common Stock ($0.70 per share)
-
-
-
-
-
-
-
-
(28,228
)
-
(28,228
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
-
-
(5,269
)
-
(5,269
)
Balance as of March 31, 2025
180,000
$
180,000
165,000
$
165,000
39,734,304
$
586
$
651,374
$
(318,397
)
$
2,144,326
$
(1,117,954
)
$
1,704,935
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
-
-
-
-
-
-
-
-
36,391
-
36,391
Other Comprehensive Income
-
-
-
-
-
-
-
13,107
-
-
13,107
Share-Based Compensation
-
-
-
-
-
-
4,030
-
-
-
4,030
Common Stock Issued under Purchase
and Equity Compensation Plans
-
-
-
-
21,332
1
211
-
794
546
1,552
Common Stock Repurchased
-
-
-
-
(53,746
)
-
-
-
-
(3,320
)
(3,320
)
Cash Dividends Declared Common Stock ($0.70 per share)
-
-
-
-
-
-
-
-
(28,056
)
-
(28,056
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
-
-
(1,969
)
-
(1,969
)
Balance as of March 31, 2024
180,000
$
180,000
-
$
-
39,720,724
$
584
$
640,663
$
(383,581
)
$
2,114,729
$
(1,116,418
)
$
1,435,977
Expand
Bank of Hawai'i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7
Three Months Ended Three Months Ended Three Months Ended
March 31, 2025 December 31, 2024 March 31, 2024
Average Income / Yield / Average Income / Yield / Average Income / Yield /
(dollars in millions) Balance Expense 2 Rate Balance Expense 2 Rate Balance Expense 2 Rate
Earning Assets
Cash and Cash Equivalents
$
500.0
$
5.5
4.37
%
$
784.9
$
9.4
4.70
%
$
460.7
$
6.1
5.29
%
Investment Securities
Available-for-Sale
Taxable
2,790.3
24.1
3.47
2,614.5
23.0
3.50
2,380.4
21.8
3.66
Non-Taxable
21.3
0.3
5.68
21.5
0.3
6.39
1.7
0.0
1.99
Held-to-Maturity
Taxable
4,548.6
20.2
1.77
4,636.7
20.5
1.77
4,926.8
21.9
1.79
Non-Taxable
34.1
0.2
2.09
34.3
0.2
2.10
34.7
0.2
2.10
Total Investment Securities
7,394.3
44.8
2.43
7,307.0
44.0
2.41
7,343.6
43.9
2.40
Loans Held for Sale
2.3
0.0
6.06
4.0
0.1
5.86
2.2
0.0
6.17
Loans and Leases 3
Commercial Mortgage
4,015.2
52.5
5.30
3,868.7
52.0
5.34
3,716.6
50.5
5.46
Commercial and Industrial
1,703.7
21.3
5.06
1,697.9
22.1
5.18
1,663.3
22.0
5.34
Construction
338.5
6.0
7.22
346.6
6.6
7.54
307.9
5.6
7.27
Commercial Lease Financing
91.1
0.9
3.83
82.9
0.7
3.62
58.4
0.3
1.87
Residential Mortgage
4,616.7
44.8
3.88
4,621.0
45.3
3.93
4,649.9
45.0
3.87
Home Equity
2,154.4
22.5
4.23
2,181.6
22.5
4.10
2,250.1
21.1
3.78
Automobile
752.6
9.3
5.02
774.4
9.5
4.90
831.0
8.9
4.30
Other
390.0
7.1
7.41
391.6
7.2
7.29
391.6
6.5
6.66
Total Loans and Leases
14,062.2
164.4
4.72
13,964.7
165.9
4.73
13,868.8
159.9
4.63
Other
65.1
1.1
6.67
65.0
1.1
6.82
62.3
1.1
6.23
Total Earning Assets
22,023.9
215.8
3.95
22,125.6
220.5
3.97
21,737.6
211.0
3.89
Non-Earning Assets
1,614.2
1,556.9
1,544.0
Total Assets
$
23,638.1
$
23,682.5
$
23,281.6
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand
$
3,773.4
7.1
0.76
$
3,655.8
7.8
0.85
$
3,764.2
7.7
0.82
Savings
8,544.5
47.1
2.23
8,652.2
52.6
2.42
8,131.3
49.4
2.44
Time
3,037.3
27.5
3.67
3,142.8
31.7
4.02
3,081.1
32.0
4.18
Total Interest-Bearing Deposits
15,355.2
81.7
2.16
15,450.8
92.1
2.37
14,976.6
89.1
2.39
Securities Sold Under Agreements to Repurchase
76.7
0.7
3.88
100.2
1.0
3.87
150.5
1.4
3.79
Other Debt
578.2
6.1
4.24
558.3
5.9
4.24
560.1
5.9
4.25
Total Interest-Bearing Liabilities
16,010.1
88.5
2.24
16,109.3
99.0
2.45
15,687.2
96.4
2.47
Net Interest Income
$
127.3
$
121.5
$
114.6
Interest Rate Spread
1.71
%
1.52
%
1.42
%
Net Interest Margin
2.32
%
2.19
%
2.11
%
Noninterest-Bearing Demand Deposits
5,314.3
5,305.9
5,567.0
Other Liabilities
638.1
613.1
611.3
Shareholders' Equity
1,675.6
1,654.2
1,416.1
Total Liabilities and Shareholders' Equity
$
23,638.1
$
23,682.5
$
23,281.6
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 $1.5 million, $1.3 million, and $690 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a
Three Months Ended March 31, 2025
Compared to December 31, 2024
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Cash and Cash Equivalents
$
(3.3
)
$
(0.5
)
$
(3.9
)
Investment Securities
Available-for-Sale
Taxable
1.3
(0.2
)
1.1
Non-Taxable
(0.0
)
(0.0
)
(0.0
)
Held-to-Maturity
Taxable
(0.3
)
0.0
(0.3
)
Non-Taxable
(0.0
)
(0.0
)
(0.0
)
Total Investment Securities
1.0
(0.2
)
0.8
Loans Held for Sale
(0.0
)
0.0
(0.0
)
Loans and Leases
Commercial Mortgage
1.1
(0.6
)
0.5
Commercial and Industrial
0.0
(0.9
)
(0.8
)
Construction
(0.3
)
(0.4
)
(0.6
)
Commercial Lease Financing
0.1
0.1
0.2
Residential Mortgage
0.1
(0.5
)
(0.5
)
Home Equity
(0.4
)
0.4
(0.0
)
Automobile
(0.4
)
0.1
(0.2
)
Other
(0.1
)
(0.1
)
(0.1
)
Total Loans and Leases
0.2
(1.7
)
(1.5
)
Other
0.0
(0.0
)
(0.0
)
Total Change in Interest Income
(2.2
)
(2.5
)
(4.7
)
Change in Interest Expense:
Interest-Bearing Deposits
Demand
0.2
(0.9
)
(0.7
)
Savings
(0.8
)
(4.7
)
(5.5
)
Time
(1.2
)
(3.0
)
(4.2
)
Total Interest-Bearing Deposits
(1.8
)
(8.6
)
(10.4
)
Securities Sold Under Agreements to Repurchase
(0.2
)
0.0
(0.2
)
Other Debt
0.1
0.1
0.2
Total Change in Interest Expense
(1.9
)
(8.6
)
(10.5
)
Change in Net Interest Income
$
(0.3
)
$
6.0
$
5.8
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.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
Three Months Ended March 31, 2025
Compared to March 31, 2024
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Cash and Cash Equivalents
$
0.5
$
(1.1
)
$
(0.6
)
Investment Securities
Available-for-Sale
Taxable
3.5
(1.2
)
2.3
Non-Taxable
0.3
-
0.3
Held-to-Maturity
Taxable
(1.6
)
(0.1
)
(1.7
)
Non-Taxable
(0.0
)
(0.0
)
(0.0
)
Total Investment Securities
2.2
(1.3
)
0.9
Loans Held for Sale
0.0
(0.0
)
0.0
Loans and Leases
Commercial Mortgage
3.6
(1.6
)
2.0
Commercial and Industrial
0.6
(1.3
)
(0.7
)
Construction
0.5
(0.1
)
0.4
Commercial Lease Financing
0.4
0.2
0.6
Residential Mortgage
(0.3
)
0.1
(0.2
)
Home Equity
(1.0
)
2.4
1.4
Automobile
(0.9
)
1.3
0.4
Other
-
0.6
0.6
Total Loans and Leases
2.9
1.6
4.5
Other
-
(0.0
)
(0.0
)
Total Change in Interest Income
5.6
(0.8
)
4.8
Change in Interest Expense:
Interest-Bearing Deposits
Demand
-
(0.6
)
(0.6
)
Savings
2.3
(4.6
)
(2.3
)
Time
(0.5
)
(4.0
)
(4.5
)
Total Interest-Bearing Deposits
1.8
(9.2
)
(7.4
)
Securities Sold Under Agreements to Repurchase
(0.7
)
-
(0.7
)
Other Debt
0.1
0.1
0.2
Total Change in Interest Expense
1.2
(9.1
)
(7.9
)
Change in Net Interest Income
$
4.4
$
8.3
$
12.7
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.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Salaries and Benefits Table 9
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2025
2024
2024
Salaries
$
38,242
$
38,852
$
38,031
Incentive Compensation
5,573
4,423
3,090
Retirement and Other Benefits
5,061
3,456
4,299
Payroll Taxes
4,766
2,593
4,730
Medical, Dental, and Life Insurance
4,537
4,965
3,212
Share-Based Compensation
3,501
3,208
3,799
Commission Expense
1,123
1,085
572
Separation Expense
81
108
482
Total Salaries and Benefits
$
62,884
$
58,690
$
58,215
Expand
Bank of Hawai'i Corporation and Subsidiaries
Loan and Lease Portfolio Balances Table 10
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)
2025
2024
2024
2024
2024
Commercial
Commercial Mortgage
$
4,038,287
$
4,020,622
$
3,868,566
$
3,741,140
$
3,715,032
Commercial and Industrial
1,703,290
1,705,133
1,681,693
1,699,438
1,679,659
Construction
363,716
308,898
319,150
315,571
323,069
Lease Financing
92,456
90,756
60,665
59,388
57,817
Total Commercial
6,197,749
6,125,409
5,930,074
5,815,537
5,775,577
Consumer
Residential Mortgage
4,630,876
4,628,283
4,622,677
4,595,586
4,616,900
Home Equity
2,144,955
2,165,514
2,195,844
2,221,073
2,240,946
Automobile
740,390
764,146
786,910
806,240
825,854
Other
401,353
392,628
383,078
392,830
394,560
Total Consumer
7,917,574
7,950,571
7,988,509
8,015,729
8,078,260
Total Loans and Leases
$
14,115,323
$
14,075,980
$
13,918,583
$
13,831,266
$
13,853,837
Deposits
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)
2025
2024
2024
2024
2024
Consumer
$
10,522,627
$
10,397,777
$
10,340,466
$
10,382,432
$
10,429,004
Commercial
8,411,838
8,299,590
8,356,239
7,995,618
8,323,330
Public and Other
2,073,752
1,935,670
2,281,617
2,030,452
1,924,252
Total Deposits
$
21,008,217
$
20,633,037
$
20,978,322
$
20,408,502
$
20,676,586
Average Deposits
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)
2025
2024
2024
2024
2024
Consumer
$
10,408,747
$
10,327,928
$
10,345,772
$
10,379,724
$
10,313,730
Commercial
8,318,182
8,564,213
8,207,310
8,188,685
8,334,540
Public and Other
1,942,610
1,864,541
1,931,309
1,789,984
1,895,370
Total Deposits
$
20,669,539
$
20,756,682
$
20,484,391
$
20,358,393
$
20,543,640
Expand
Bank of Hawai'i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)
2025
2024
2024
2024
2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage
$
2,195
$
2,450
$
2,680
$
2,601
$
2,714
Commercial and Industrial
3,451
4,627
6,218
3,681
13
Total Commercial
5,646
7,077
8,898
6,282
2,727
Consumer
Residential Mortgage
4,686
5,052
4,269
2,998
3,199
Home Equity
5,759
4,514
3,947
3,227
3,240
Total Consumer
10,445
9,566
8,216
6,225
6,439
Total Non-Accrual Loans and Leases
16,091
16,643
17,114
12,507
9,166
Foreclosed Real Estate
1,360
2,657
2,667
2,672
2,672
Total Non-Performing Assets
$
17,451
$
19,300
$
19,781
$
15,179
$
11,838
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage
$
3,895
$
3,984
$
4,421
$
4,524
$
3,378
Home Equity
2,228
2,845
1,980
2,025
1,580
Automobile
486
776
580
568
517
Other
943
677
554
733
872
Total Consumer
7,552
8,282
7,535
7,850
6,347
Total Accruing Loans and Leases Past Due 90 Days or More
$
7,552
$
8,282
$
7,535
$
7,850
$
6,347
Total Loans and Leases
$
14,115,323
$
14,075,980
$
13,918,583
$
13,831,266
$
13,853,837
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases
0.11
%
0.12
%
0.12
%
0.09
%
0.07
%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate
0.12
%
0.14
%
0.14
%
0.11
%
0.09
%
Ratio of Non-Performing Assets to Total Assets
0.07
%
0.08
%
0.08
%
0.07
%
0.05
%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate
0.09
%
0.12
%
0.15
%
0.11
%
0.05
%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate
0.15
%
0.15
%
0.14
%
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
0.18
%
0.20
%
0.20
%
0.17
%
0.13
%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter
$
19,300
$
19,781
$
15,179
$
11,838
$
11,747
Additions 1
2,209
2,198
5,557
5,257
1,652
Reductions
Payments
(1,212
)
(708
)
(734
)
(844
)
(921
)
Return to Accrual Status
(244
)
(476
)
(81
)
(1,018
)
(617
)
Sales of Foreclosed Real Estate
(1,492
)
-
-
-
-
Charge-offs / Write-downs 1
(1,110
)
(1,495
)
(140
)
(54
)
(23
)
Total Reductions
(4,058
)
(2,679
)
(955
)
(1,916
)
(1,561
)
Balance at End of Quarter
$
17,451
$
19,300
$
19,781
$
15,179
$
11,838
1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Reserve for Credit Losses Table 12
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)
2025
2024
2024
Balance at Beginning of Period
$
150,649
$
150,325
$
152,429
Loans and Leases Charged-Off
Commercial
Commercial and Industrial
(1,399
)
(353
)
(360
)
Consumer
Residential Mortgage
-
(337
)
-
Home Equity
(75
)
(339
)
(35
)
Automobile
(1,751
)
(1,548
)
(1,048
)
Other
(2,484
)
(2,637
)
(2,312
)
Total Loans and Leases Charged-Off
(5,709
)
(5,214
)
(3,755
)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial
77
387
116
Consumer
Residential Mortgage
11
150
42
Home Equity
128
177
184
Automobile
633
609
526
Other
457
465
606
Total Recoveries on Loans and Leases Previously Charged-Off
1,306
1,788
1,474
Net Charged-Off Loans and Leases
(4,403
)
(3,426
)
(2,281
)
Provision for Credit Losses:
Loans and Leases
3,582
4,623
3,542
Unfunded Commitments
(332
)
(873
)
(1,542
)
Total Provision for Credit Losses
3,250
3,750
2,000
Balance at End of Period
$
149,496
$
150,649
$
152,148
Components
Allowance for Credit Losses - Loans and Leases
$
147,707
$
148,528
$
147,664
Reserve for Unfunded Commitments
1,789
2,121
4,484
Total Reserve for Credit Losses
$
149,496
$
150,649
$
152,148
Average Loans and Leases Outstanding
$
14,062,173
$
13,964,687
$
13,868,800
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)
0.13
%
0.10
%
0.07
%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1
1.05
%
1.06
%
1.07
%
1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Business Segments Selected Financial Information Table 13
Consumer Commercial Treasury Consolidated
(dollars in thousands) Banking Banking and Other Total
Three Months Ended March 31, 2025
Net Interest Income (Expense)
$
95,624
$
55,574
$
(25,391
)
$
125,807
Provision for (Recapture of) Credit Losses
3,295
1,108
(1,153
)
3,250
Net Interest Income (Expense) After Provision for Credit Losses
92,329
54,466
(24,238
)
122,557
Noninterest Income
33,498
7,734
2,826
44,058
Salaries and Benefits
21,105
5,360
36,419
62,884
Net Occupancy
7,067
400
3,092
10,559
Other Noninterest Expense
58,202
13,882
(35,068
)
37,016
Noninterest Expense
86,374
19,642
4,443
110,459
Income (Loss) Before Income Taxes
39,453
42,558
(25,855
)
56,156
Provision (Benefit) for Income Taxes
10,001
10,869
(8,699
)
12,171
Net Income (Loss)
$
29,452
$
31,689
$
(17,156
)
$
43,985
Total Assets as of March 31, 2025
$
8,246,158
$
6,219,971
$
9,418,927
$
23,885,056
Three Months March 31, 2024 1
Net Interest Income (Expense)
$
96,994
$
51,493
$
(34,549
)
$
113,938
Provision for (Recapture of) Credit Losses
2,287
(6
)
(281
)
2,000
Net Interest Income (Expense) After Provision for Credit Losses
94,707
51,499
(34,268
)
111,938
Noninterest Income
31,982
6,794
3,509
42,285
Salaries and Benefits
20,917
5,516
31,782
58,215
Net Occupancy
6,864
447
3,145
10,456
Other Noninterest Expense
54,924
12,680
(30,416
)
37,188
Noninterest Expense
82,705
18,643
4,511
105,859
Income (Loss) Before Income Taxes
43,984
39,650
(35,270
)
48,364
Provision (Benefit) for Income Taxes
11,181
10,008
(9,216
)
11,973
Net Income (Loss)
$
32,803
$
29,642
$
(26,054
)
$
36,391
Total Assets as of March 31, 2024
$
8,396,623
$
5,830,056
$
9,194,181
$
23,420,860
1 Certain prior period information has been reclassified to conform to current presentation.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Selected Quarterly Financial Data Table 14
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands, except per share amounts)
2025
2024
2024
2024
2024
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases
$
163,082
$
164,785
$
166,286
$
163,208
$
159,336
Income on Investment Securities
Available-for-Sale
24,368
23,223
23,257
21,468
21,757
Held-to-Maturity
20,291
20,677
21,107
21,595
22,136
Cash and Cash Equivalents
5,460
9,425
8,980
6,139
6,157
Other
1,085
1,107
1,018
1,120
970
Total Interest Income
214,286
219,217
220,648
213,530
210,356
Interest Expense
Deposits
81,692
92,099
96,067
91,542
89,056
Securities Sold Under Agreements to Repurchase
744
992
993
1,180
1,443
Other Debt
6,043
5,948
5,970
5,962
5,919
Total Interest Expense
88,479
99,039
103,030
98,684
96,418
Net Interest Income
125,807
120,178
117,618
114,846
113,938
Provision for Credit Losses
3,250
3,750
3,000
2,400
2,000
Net Interest Income After Provision for Credit Losses
122,557
116,428
114,618
112,446
111,938
Noninterest Income
Fees, Exchange, and Other Service Charges
14,437
14,399
14,945
13,769
14,123
Trust and Asset Management
11,741
12,157
11,916
12,223
11,189
Service Charges on Deposit Accounts
8,259
8,678
8,075
7,730
7,947
Bank-Owned Life Insurance
3,611
3,283
3,533
3,396
3,356
Annuity and Insurance
1,555
1,347
1,460
1,583
1,046
Mortgage Banking
988
942
1,188
1,028
951
Investment Securities Losses, Net
(1,607
)
(3,306
)
(1,103
)
(1,601
)
(1,497
)
Other
5,074
5,547
5,096
3,959
5,170
Total Noninterest Income
44,058
43,047
45,110
42,087
42,285
Noninterest Expense
Salaries and Benefits
62,884
58,690
58,626
57,033
58,215
Net Occupancy
10,559
10,263
10,806
10,559
10,456
Net Equipment
10,192
10,308
10,120
10,355
10,103
Data Processing
5,267
5,313
4,712
4,745
4,770
Professional Fees
4,264
4,988
4,725
4,929
4,677
FDIC Insurance
1,642
3,711
3,355
7,170
3,614
Other
15,651
14,658
14,748
14,435
14,024
Total Noninterest Expense
110,459
107,931
107,092
109,226
105,859
Income Before Provision for Income Taxes
56,156
51,544
52,636
45,307
48,364
Provision for Income Taxes
12,171
12,382
12,278
11,224
11,973
Net Income
$
43,985
$
39,162
$
40,358
$
34,083
$
36,391
Preferred Stock Dividends
5,269
5,269
3,436
1,969
1,969
Net Income Available to Common Shareholders
$
38,716
$
33,893
$
36,922
$
32,114
$
34,422
Basic Earnings Per Common Share
$
0.98
$
0.86
$
0.94
$
0.81
$
0.87
Diluted Earnings Per Common Share
$
0.97
$
0.85
$
0.93
$
0.81
$
0.87
Balance Sheet Totals
Loans and Leases
$
14,115,323
$
14,075,980
$
13,918,583
$
13,831,266
$
13,853,837
Total Assets
23,885,056
23,601,114
23,799,174
23,300,768
23,420,860
Total Deposits
21,008,217
20,633,037
20,978,322
20,408,502
20,676,586
Total Shareholders' Equity
1,704,935
1,667,774
1,665,474
1,612,849
1,435,977
Performance Ratios
Return on Average Assets
0.75
%
0.66
%
0.69
%
0.59
%
0.63
%
Return on Average Shareholders' Equity
10.65
9.42
9.90
9.53
10.34
Return on Average Common Equity
11.80
10.30
11.50
10.41
11.20
Efficiency Ratio 1
65.03
66.12
65.81
69.60
67.76
Net Interest Margin 2
2.32
2.19
2.18
2.15
2.11
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.
Expand
Bank of Hawai'i Corporation and Subsidiaries
Hawaii Economic Trends Table 15
Two Months Ended Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change) February 28, 2025 December 31, 2024 December 31, 2023
Hawaii Economic Trends
State General Fund Revenues 1
$
1,489.1
(7.1
)
%
$
10,124.9
6.5
%
$
9,504.1
0.7
%
General Excise and Use Tax Revenue 1
853.7
5.1
4,495.0
0.5
4,474.1
4.9
Jobs 2
664.5
661.6
657.7
March 31, December 31,
2025
2024
2023
Unemployment, seasonally adjusted 2
Statewide
2.9
%
3.0
%
3.0
%
Honolulu County
2.8
2.9
2.5
Hawaii County
3.1
3.4
2.8
Maui County
3.1
3.7
5.8
Kauai County
2.7
3.0
2.5
March 31, December 31,
(1-year percentage change, except months of inventory)
2025
2024
2023
2022
Housing Trends (Single Family Oahu) 3
Median Home Price
7.5
%
4.8
%
(5.0
)
%
11.6
%
Home Sales Volume (units)
(4.0
)
%
9.1
%
(26.3
)
%
(23.2
)
%
Months of Inventory
3.3
2.9
2.8
2.1
Monthly Visitor Arrivals, Percentage Change
(in thousands, except percentage change) Not Seasonally Adjusted from Previous Year
Tourism 4
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
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
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
April 30, 2023
806.2
(0.4
)
March 31, 2023
892.2
13.6
February 28, 2023
733.6
17.6
1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U.S. Bureau of Labor Statistics
3 Source: Honolulu Board of Realtors
4 Source: Hawaii Tourism Authority
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3 Magnificent Stocks to Buy in June
3 Magnificent Stocks to Buy in June

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3 Magnificent Stocks to Buy in June

Shopify is benefiting from organic growth in e-commerce, and it's aiding that by expanding its addressable market in multiple ways. Cava stock's recent dip offers a great opportunity to invest in this fast-growing restaurant business. After years of setbacks, the pieces are in place for a recovery at Nike. 10 stocks we like better than Shopify › Investors can set themselves up for life with a portfolio of well-chosen growth stocks. Investing in companies that are likely to be earning substantially higher revenue and profits in 10 years than they are today will help you multiply your savings. To give you some ideas, three contributors recently selected three stocks that they believe are positioned to deliver excellent returns in the coming years. Here's why they like Shopify (NASDAQ: SHOP), Cava Group (NYSE: CAVA), and Nike (NYSE: NKE). (Shopify): Shopify is the largest e-commerce services provider in the U.S., with about 30% of the market, according to Statista. That gives it a strong moat against the competition, and it's constantly releasing new features and tools to satisfy demand and keep its top position. The company has developed a complete ecosystem offering everything an omnichannel retailer needs to operate. It has moved way past its origins as an e-commerce website developer to offer full commerce services, from back-end management systems to point-of-sale devices for physical retailers. Merchant clients can sign up for whole packages or individual components. That gives it access to large leading companies that might need specific services, and it counts businesses like Kraft Heinz and Mattel as clients. It also has partnerships with major tech players like Amazon and Meta Platforms. Not only has business been good, but revenue also grew in the 2025 first quarter by 27% year over year. It's now been eight quarters of revenue growth above 25%, and profits are also on the rise. Operating income nearly doubled in the first quarter, and free-cash-flow margin expanded from 12% to 15%. Management sees a long runway. E-commerce is still increasing as a percentage of retail sales, providing organic growth opportunities for years. According to eMarketer, e-commerce made up 20.3% of sales last year, and it's expected to increase to 23% by 2027. That represents trillions of dollars, and a large chunk of that will end up in Shopify's system as its millions of merchants benefit. It has many other growth drivers. Its merchants get stronger with time, and that's true across different time periods. Barriers to entry for entrepreneurs continue to come down, and more small businesses create new opportunities for Shopify as the leader in e-commerce. It's expanding its addressable market through increasing its product line, its geographies, and the size of its clients. And its market opportunity increased from $46 billion when it started in 2015 to almost $900 billion by 2023. Shopify stock is down this year as the market has concerns about tariffs, and now is a great time to pick up shares. John Ballard (Cava Group): If there's a restaurant stock that has the makings of the next Chipotle, it's Cava. With the stock down 28% year to date, investors have a great opportunity to start a position at a more reasonable valuation. The stock's recent dip can be attributed to its steep valuation entering the year, as Cava continues to report strong financial results. The chain is satisfying a healthy appetite for its Mediterranean-based menu. It just opened 15 net new restaurants last quarter, helping to drive revenue up 28% year over year. And it's important to point out that it is seeing strong growth at existing locations. Same-restaurant sales (comps) surged 10.8% year over year, with guest traffic up 7.5%. 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Though the company is facing a challenging macroeconomic climate with changing tariff rates, it appears to be regaining market share in running-shoe sales from Deckers' HOKA brand, which reported slowing growth in its recent earnings report. Nike also said in its last quarter that it had returned to growth in running footwear, driven by the Pegasus 41 and new shoes like the Pegasus Premium. Management also said that it expected revenue growth and gross margin to bottom in the fourth quarter and "begin to moderate there." If Nike can show it's taking steps to recovery and expects improving performance in fiscal 2026, the stock could move higher on the earnings report. While a turnaround won't happen overnight, the first step is earning investor confidence, and Nike can do that later this month when it reports fourth-quarter results. Before you buy stock in Shopify, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Shopify wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $674,395!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $858,011!* Now, it's worth noting Stock Advisor's total average return is 997% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. 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1 Magnificent Pipeline Stock Down Nearly 20% to Buy and Hold Forever
1 Magnificent Pipeline Stock Down Nearly 20% to Buy and Hold Forever

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At its current share price, Energy Transfer's distribution yields more than 7%, and the payouts have been growing. It has greatly improved its balance sheet and contract structure over the past few years. The master limited partnership has strong growth opportunities ahead of it. 10 stocks we like better than Energy Transfer › One of my favorite pipeline stocks to buy right now is Energy Transfer (NYSE: ET), and investors can pick up the master limited partnership (MLP) on sale, with shares trading down nearly 20% from their high as of this writing. In fact, the stock is one of my largest holdings. Here's why Energy Transfer is a great stock to buy and hold for the long term. Energy Transfer has built one of the largest integrated midstream systems in the U.S., handling the transport, storage, and processing of natural gas, crude oil, natural gas liquids (NGLs), and refined products. 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If You Invested $10K In Weyerhaeuser Stock 10 Years Ago, How Much Would You Have Now?
If You Invested $10K In Weyerhaeuser Stock 10 Years Ago, How Much Would You Have Now?

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If You Invested $10K In Weyerhaeuser Stock 10 Years Ago, How Much Would You Have Now?

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Weyerhaeuser Co. (NYSE:WY) is a real estate investment trust, which owns or controls approximately 11 million acres of timberlands in the U.S. and manages additional timberlands under long-term licenses in Canada. The company's stock traded at approximately $31.85 per share 10 years ago. If you had invested $10,000, you could have bought roughly 314 shares. Currently, shares trade at $25.67, meaning your investment's value could have declined to $8,060 from stock price depreciation. However, Weyerhaeuser also paid dividends during these 10 years. Don't Miss: Invest Where It Hurts — And Help Millions Heal: If there was a new fund backed by Jeff Bezos offering a ? Weyerhaeuser's dividend yield is currently 3.27%. Over the last 10 years, it has paid about $13.15 in dividends per share, which means you could have made $4,128 from dividends alone. Summing up $8,060 and $4,128, we end up with the final value of your investment, which is $12,188. This is how much you could have made if you had invested $10,000 in Weyerhaeuser stock 10 years ago. This means a total return of 21.88%. However, this figure is significantly less than the S&P 500 total return for the same period, which was 237.37%. Weyerhaeuser has a consensus rating of "Buy" and a price target of $35.17 based on the ratings of 13 analysts. The price target implies around 37% potential upside from the current stock price. Trending: With Point, you can On April 24, the company announced its Q1 2025 earnings, posting adjusted EPS of $0.11, beating the consensus estimate of $0.10, and revenues of $1.76 billion, in line with expectations, as reported by Benzinga. "We delivered solid results across each of our businesses in the first quarter," said CEO Devin W. Stockfish. "In addition, we increased our quarterly base dividend for the fourth consecutive year. I'm pleased with the organization's performance, particularly in light of the uncertain macroeconomic backdrop. Turning to our outlook, we are well positioned to navigate a range of market conditions in the near term, and we remain confident about the longer-term demand fundamentals that support our businesses." Given the expected upside potential, growth-focused investors may find Weyerhaeuser stock attractive. Furthermore, they can benefit from the company's solid dividend yield of 3.27%. Check out this article by Benzinga for three more stocks offering high dividend yields. Read Next: Maximize saving for your retirement and cut down on taxes: . , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Image: Shutterstock This article If You Invested $10K In Weyerhaeuser Stock 10 Years Ago, How Much Would You Have Now? originally appeared on Sign in to access your portfolio

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