The following is a summary of the Bank of Hawaii Corporation (BOH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Bank of Hawaii Corporation reported steady fee income and operating expenses for Q1 2024.

• The bank saw a decrease in interest income by $1.8 million due to a lesser deposit balance and a lesser number of interest-earning days in the quarter.

• Net income was $36.4 million and earnings per common share were $0.87, reflecting increases from previous quarter figures.

• Total cost of deposits increased by 7 basis points in the quarter.

• The allowance for credit losses on loans and leases was $147.7 million at the end of the quarter.

• The bank experienced stable loan and deposit levels throughout the quarter, with a deposit amount of $20.5 billion.

• The bank's expenses for Q1 included a seasonal impact of $2.2 million.

• The company does not plan to repurchase shares of common stock in the current market environment.

Business Progress:

• Bank of Hawaii saw steady and organic loan portfolio growth, averaging 6.5% per year from 2020 to end of 2023.

• The bank saw significant growth in Japan with expenditures up by 57.8% and arrivals by 84.3% annually.

• The bank has made strategic investments in its deposit franchise for stability under challenging market conditions and holds 97% of the state's FDIC reported deposits.

• Credit quality within the bank remains excellent and it is actively engaging in client relationship management for loan portfolio stability.

• The bank has identified a significant trend of conversion from office spaces to multi-family housing, seen as a positive in the region due to constraints in housing availability.

• The bank is experiencing operational difficulties due to the lack of additional industrial supplies resulted from low vacancy rates.

More details: Bank of Hawaii Corp IR

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