Latest news with #PeterHo
The Star
4 days ago
- Business
- The Star
Ipoh fans celebrate Liverpool win with open-top parade
Supporters at the live screening of the club's trophy lifting ceremony at a restaurant in Ipoh. ABOUT 100 supporters of Liverpool Football Club attended a private gathering in Ipoh, Perak, to celebrate the Merseysiders' 20th English Premier League title win. The event was organised by the club supporters' group Ipoh Kop End at the Five Thousand Years Restaurant during the live screening of the trophy lifting ceremony. Event organiser Peter Ho said those who attended watched the match between Liverpool and Crystal Palace before the title celebration. 'We also had a correct score competition and lucky draw. 'Some members won jerseys signed by former Liverpool player Luis Garcia, official merchandise and other prizes. 'We also sang songs on stage during the trophy lifting ceremony,' he said when contacted. Ho said as a supporter of Liverpool for over 33 years, the title triumph meant that the club was now the apex English football club. 'I believe it's just the beginning and there'll be more to come. 'We are planning to hold another gathering for the first match of next season at the restaurant in August, so I hope that more can join in,' he added. The open-top bus with supporters driving through Ipoh to celebrate Liverpool's 20th English Premier League title win. Veteran coach and lifelong supporter of Liverpool Datuk M. Karathu, who was the event's guest of honour, said he was happy to see so many fans gathered there. 'I am thankful to the organiser for bringing together so many supporters for this celebration,' he said. Karathu, who has also coached the Perak football team, however could not hide his disappointment about what was happening to Perak FC. 'It pains me to think that fans in the state will not have a team to support in the Malaysian Super League next season,' he added. Perak FC had said that it would officially stop all its operations due to financial issues. XOX Pro Sport Sdn Bhd, the club's owners, announced that it would withdraw from the league and were hoping to sell the club. Earlier, about 40 members of the Liverpool supporters' group also took part in an open-top bus parade through the city centre. The bus set off from Ipoh Padang and made its way to Jalan Sultan Idris Shah, Ipoh Railway Station, Ipoh Old Town and Birch Memorial Clock Tower, before returning to Ipoh Padang. Parade co-organiser Edwin Seibel Nathan said participants had a wonderful time on board. 'It rained earlier, but it stopped as we boarded the bus, so the cool weather made it even more enjoyable,' he said. 'There were people waving as we passed by and cars honking as well. 'Some who couldn't join in the parade came to the field to send us off and welcome us back.' He said many participants took pictures with a replica trophy that he brought along. 'Many said they want to do this again if Liverpool wins another trophy,' he added.
Yahoo
22-04-2025
- Business
- Yahoo
Bank of Hawaii Corp (BOH) Q1 2025 Earnings Call Highlights: Strong Net Interest Income Growth ...
Net Interest Income: $125.8 million, a 4.6% increase on a linked basis. Net Interest Margin: Expanded to 2.32%, an increase of 13 basis points from the fourth quarter. Period-End Deposits: Grew 7.3% annualized to $21 billion. Period-End Loans: Increased 1.1% annualized to $14.1 billion. Net Charge-Offs: $4.4 million, or 13 basis points annualized. Non-Performing Assets (NPAs): 12 basis points. Allowance for Credit Losses (ACL): $147.7 million, with a ratio of 1.05% to outstandings. Non-Interest Income: $44.1 million, adjusted to $44.6 million after non-core charges. Expenses: $110.5 million, including $2.8 million of seasonal payroll taxes and benefits. Net Income: $44 million. Earnings Per Common Share: $0.97. Return on Common Equity: 11.8%. Provision for Credit Losses: $3.3 million. Tier 1 Capital Ratio: 13.9%. Total Capital Ratio: 15%. Common Share Dividend: $0.70 per share for the second quarter of 2025. Warning! GuruFocus has detected 3 Warning Sign with BOH. Release Date: April 21, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Net interest income and net interest margin improved for the fourth consecutive quarter, with net interest income growing by 4.6% on a linked basis. Credit quality remained strong with low net charge-offs and non-performing assets, indicating a stable loan portfolio. Bank of Hawaii Corp (NYSE:BOH) maintained its leading position in market share within Hawaii, demonstrating strong brand performance. Deposit funding costs decreased for the second straight quarter, contributing to improved financial performance. The bank's capital levels have improved substantially from a year ago, providing a solid financial foundation. Economic conditions in Hawaii remain stable but are impacted by the Maui market, which could affect future performance. Non-interest income was slightly lower due to market volatility and reduced customer derivative transactions. Expenses increased in the first quarter, partly due to seasonal payroll taxes and benefits, which could pressure future profitability. The bank faces potential risks from tariff-related impacts on tourism, particularly affecting Canadian and Japanese markets. Loan growth outlook remains uncertain due to market volatility and economic conditions, which could impact future earnings. Q: Is the target of a 2.50% net interest margin by year-end still attainable, and how do deposit costs factor into this? A: Peter Ho, CEO, stated that achieving a 2.50% net interest margin is possible if the current trends continue, particularly with the management of low-cost deposits. Rate cuts could further aid in reaching this target. Dean Shigemura, CFO, added that market volatility could impact this goal, but there is a path to achieving it. Q: What was the end-of-period deposit cost, and how does it compare to the average? A: Dean Shigemura, CFO, reported that the average deposit cost was 1.6%, with the exit rate slightly above that level. The repricing of time deposits is expected to lower rates further. Q: Have there been any changes to the qualitative assumptions or scenario weightings in the allowance for credit losses (ACL)? A: Dean Shigemura, CFO, confirmed that there were no changes to the qualitative assumptions or scenario weightings. The economic outlook for Hawaii is slightly worse than before, but no adjustments were made to the qualitative factors. Q: How is the tourism sector performing, and are there any impacts from tariffs? A: Peter Ho, CEO, noted that tourism has held up well, though Canadian traffic might be affected by tariff sentiments. The U.S. domestic market remains strong, and a flat year for visitor numbers is anticipated unless economic conditions worsen or tariff sentiments escalate. Q: What is the outlook for loan growth, and have there been any disruptions due to economic uncertainty? A: James Polk, Chief Banking Officer, stated that the outlook remains consistent with previous guidance of low single-digit growth. The commercial pipeline is solid, and there has been an increase in mortgage and HELOC applications. However, market uncertainty could impact these projections. Q: Can you explain the increase in net charge-offs this quarter? A: Bradley Shairson, Chief Risk Officer, explained that the increase was due to a single loan charge-off of $1.1 million, previously in nonperforming assets. Overall, consumer charge-offs were slightly down, and the trend remains positive. Q: What is the impact of new swaps on the fixed rate percentage of earning assets? A: Dean Shigemura, CFO, indicated that the new swaps slightly reduced the fixed asset mix to about 55%. The swap portfolio is used to adjust the fixed rate exposure as investments mature. Q: Have any projects fallen out of the loan pipeline due to economic concerns? A: Peter Ho, CEO, and Bradley Shairson, Chief Risk Officer, mentioned that while there are ongoing discussions among developers and contractors, no projects have been canceled yet. However, the uncertain environment could lead to quick changes in pipeline trends. Q: What is the current status of the forward starting swaps, and how do they affect margin modeling? A: Dean Shigemura, CFO, detailed that $100 million of swaps will become active in the third and fourth quarters of this year and the first quarter of next year, with $200 million in the second quarter of next year. These swaps are staggered to manage interest rate exposure. Q: How are you managing potential tariff impacts on clients? A: Bradley Shairson, Chief Risk Officer, explained that the bank has analyzed potential tariff impacts, focusing on industries like auto dealers and retail. The direct tariff exposure is nominal, with only 4% of the loan portfolio potentially affected. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Associated Press
21-04-2025
- Business
- Associated Press
Bank of Hawai‘i Corporation First Quarter 2025 Financial Results
HONOLULU--(BUSINESS WIRE)--Apr 21, 2025-- 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. This press release features multimedia. View the full release here: '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 ' and ' 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, The webcast can be accessed via the link: 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, 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 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, of Hawai'i Corporation is a trade name of Bank of Hawaii Corporation. View source version on CONTACT: Investor/Analyst Inquiries Chang Park Email: [email protected] Phone: 808-694-8238Media Inquiries Melissa Torres-Laing Email: [email protected] Phone: 808-694-8384 Mobile: 808-859-1703 KEYWORD: UNITED STATES NORTH AMERICA HAWAII INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE SOURCE: Bank of Hawai'i Corporation Copyright Business Wire 2025. PUB: 04/21/2025 06:45 AM/DISC: 04/21/2025 06:46 AM
Business Wire
21-04-2025
- Business
- Business Wire
Bank of Hawai‘i Corporation First Quarter 2025 Financial Results
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 ' and ' 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, The webcast can be accessed via the link: 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, 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 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, 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 Expand
