Bank of Hawai‘i Corporation First Quarter 2026 Financial Results
-
Diluted Earnings Per Common Share of
$1.30 -
Net Income of
$57.4 Million - Net Interest Margin Increased to 2.74%, a 13 Basis Point Improvement
- Quarterly Cost of Deposits Decreased to 1.26%, a 17 Basis Point Improvement
-
Share Repurchases of
$15.1 Million
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260420410662/en/
“Bank of Hawai‘i began the year on firm footing,” said
Financial Highlights
Net interest income for the first quarter of 2026 was
Net interest margin was 2.74% in the first quarter of 2026, an increase of 13 basis points from the linked quarter, reflecting the same deposit cost and asset yield dynamics as previously mentioned.
The average yield on total earning assets was 4.03% and the average yield on loans and leases was 4.75% in the first quarter of 2026, down 4 basis points and 6 basis points, respectively, from the linked quarter. As discussed above, the decrease in loan yield from the linked quarter was primarily driven by floating-rate assets repricing to lower current interest rates, partially offset by fixed asset repricing.
The average rate of interest-bearing deposits was 1.72% and the average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.26%, down 22 basis points and 17 basis points, respectively, from the linked quarter. As discussed above, the decreases were primarily due to the repricing down of our interest-bearing deposits following the
Noninterest income was
Noninterest expense was
The effective tax rate for the first quarter of 2026 was 22.91% compared to 21.50% during the linked quarter. The higher effective tax rate in the current quarter as compared to the linked quarter was primarily due to lower benefits from certain tax advantaged investments and an increase in tax expense from discrete items.
Asset Quality
The Company’s overall asset quality remained strong during the first quarter of 2026. Provision for credit losses for the first quarter of 2026 was
Total non-performing assets were
Net loan and lease charge-offs during the first quarter of 2026 were
The allowance for credit losses on loans and leases was
Balance Sheet
Total assets were
The investment securities portfolio was
Total loans and leases were
Total deposits were
Capital and Dividends
The Company’s capital levels remain well above regulatory well-capitalized minimums.
The Tier 1 Capital Ratio was 14.40% at
The Company repurchased 194.1 thousand shares of common stock at a total cost of
The Company’s Board of Directors declared a quarterly cash dividend of
On
Conference Call Information
The Company will review its first quarter financial results today at
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,
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
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 Hawai‘i Corporation and Subsidiaries |
||||||||||||
|
Financial Highlights |
|
|
|
|
|
Table 1 |
||||||
|
|
|
Three Months Ended |
||||||||||
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
||||||
|
For the Period: |
|
|
|
|
|
|
||||||
|
Operating Results |
|
|
|
|
|
|
||||||
|
Net Interest Income |
|
$ |
150,990 |
|
|
$ |
145,374 |
|
|
$ |
125,807 |
|
|
Provision for Credit Losses |
|
|
1,750 |
|
|
|
2,500 |
|
|
|
3,250 |
|
|
Total Noninterest Income |
|
|
41,332 |
|
|
|
44,271 |
|
|
|
44,058 |
|
|
Total Noninterest Expense |
|
|
116,071 |
|
|
|
109,518 |
|
|
|
110,459 |
|
|
Pre-Provision Net Revenue |
|
|
76,251 |
|
|
|
80,127 |
|
|
|
59,406 |
|
|
Net Income |
|
|
57,432 |
|
|
|
60,935 |
|
|
|
43,985 |
|
|
Net Income Available to Common Shareholders |
|
|
52,163 |
|
|
|
55,666 |
|
|
|
38,716 |
|
|
Basic Earnings Per Common Share |
|
|
1.32 |
|
|
|
1.40 |
|
|
|
0.98 |
|
|
Diluted Earnings Per Common Share |
|
|
1.30 |
|
|
|
1.39 |
|
|
|
0.97 |
|
|
Dividends Declared Per Common Share |
|
|
0.70 |
|
|
|
0.70 |
|
|
|
0.70 |
|
|
Performance Ratios |
|
|
|
|
|
|
||||||
|
Return on Average Assets |
|
|
0.97 |
% |
|
|
1.01 |
% |
|
|
0.75 |
% |
|
Return on Average Shareholders' Equity |
|
|
12.47 |
|
|
|
13.33 |
|
|
|
10.65 |
|
|
Return on Average Common Equity |
|
|
13.90 |
|
|
|
15.03 |
|
|
|
11.80 |
|
|
Efficiency Ratio 1 |
|
|
60.35 |
|
|
|
57.75 |
|
|
|
65.03 |
|
|
Net Interest Margin 2 |
|
|
2.74 |
|
|
|
2.61 |
|
|
|
2.32 |
|
|
Dividend Payout Ratio 3 |
|
|
53.03 |
|
|
|
50.00 |
|
|
|
71.43 |
|
|
Average Shareholders' Equity to Average Assets |
|
|
7.81 |
|
|
|
7.57 |
|
|
|
7.09 |
|
|
Average Balances |
|
|
|
|
|
|
||||||
|
Average Loans and Leases |
|
$ |
14,083,875 |
|
|
$ |
14,013,532 |
|
|
$ |
14,062,173 |
|
|
Average Assets |
|
|
23,915,334 |
|
|
|
23,958,401 |
|
|
|
23,638,068 |
|
|
Average Deposits |
|
|
20,915,443 |
|
|
|
20,980,199 |
|
|
|
20,669,539 |
|
|
Average Shareholders' Equity |
|
|
1,867,165 |
|
|
|
1,814,000 |
|
|
|
1,675,571 |
|
|
Per Share of Common Stock |
|
|
|
|
|
|
||||||
|
Book Value |
|
$ |
38.10 |
|
|
$ |
37.92 |
|
|
$ |
34.23 |
|
|
Tangible Book Value |
|
|
37.31 |
|
|
|
37.12 |
|
|
|
33.43 |
|
|
Market Value |
|
|
|
|
|
|
||||||
|
Closing |
|
|
74.25 |
|
|
|
68.37 |
|
|
|
68.97 |
|
|
High |
|
|
80.61 |
|
|
|
71.85 |
|
|
|
76.00 |
|
|
Low |
|
|
67.04 |
|
|
|
59.36 |
|
|
|
65.82 |
|
|
|
|
|
|
|
|
|
||||||
|
As of Period End: |
|
|
|
|
|
|
||||||
|
Balance Sheet Totals |
|
|
|
|
|
|
||||||
|
Loans and Leases |
|
$ |
14,192,811 |
|
|
$ |
14,082,050 |
|
|
$ |
14,115,323 |
|
|
Total Assets |
|
|
23,909,933 |
|
|
|
24,176,364 |
|
|
|
23,885,056 |
|
|
Total Deposits |
|
|
20,957,930 |
|
|
|
21,188,495 |
|
|
|
21,008,217 |
|
|
Other Debt |
|
|
558,150 |
|
|
|
558,176 |
|
|
|
558,250 |
|
|
Total Shareholders' Equity |
|
|
1,854,563 |
|
|
|
1,851,212 |
|
|
|
1,704,935 |
|
|
Asset Quality |
|
|
|
|
|
|
||||||
|
Non-Performing Assets |
|
$ |
12,090 |
|
|
$ |
14,171 |
|
|
$ |
17,451 |
|
|
Allowance for Credit Losses - Loans and Leases |
|
|
146,962 |
|
|
|
146,766 |
|
|
|
147,707 |
|
|
Allowance to Loans and Leases Outstanding 4 |
|
|
1.04 |
% |
|
|
1.04 |
% |
|
|
1.05 |
% |
|
Capital Ratios 5 |
|
|
|
|
|
|
||||||
|
Common Equity Tier 1 Capital Ratio 6 |
|
|
12.06 |
% |
|
|
12.14 |
% |
|
|
11.58 |
% |
|
Tier 1 Capital Ratio |
|
|
14.40 |
|
|
|
14.49 |
|
|
|
13.93 |
|
|
Total Capital Ratio |
|
|
15.44 |
|
|
|
15.54 |
|
|
|
14.97 |
|
|
Tier 1 Leverage Ratio |
|
|
8.62 |
|
|
|
8.57 |
|
|
|
8.36 |
|
|
Total Shareholders' Equity to Total Assets |
|
|
7.76 |
|
|
|
7.66 |
|
|
|
7.14 |
|
|
Tangible Common Equity to Tangible Assets 7 |
|
|
6.19 |
|
|
|
6.11 |
|
|
|
5.57 |
|
|
Tangible Common Equity to Risk-Weighted Assets 7 |
|
|
10.28 |
|
|
|
10.35 |
|
|
|
9.28 |
|
|
Non-Financial Data |
|
|
|
|
|
|
||||||
|
Full-Time Equivalent Employees |
|
|
1,866 |
|
|
|
1,877 |
|
|
|
1,876 |
|
|
Branches |
|
|
52 |
|
|
|
51 |
|
|
|
50 |
|
|
ATMs |
|
|
319 |
|
|
|
320 |
|
|
|
316 |
|
|
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
|
||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
|
|
|||||||
|
Reconciliation of Non-GAAP Financial Measures |
|
|
Table 2 |
||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|||
|
Total Shareholders' Equity |
|
$ |
1,854,563 |
|
$ |
1,851,212 |
|
$ |
1,704,935 |
|
Less: Preferred Stock |
|
|
345,000 |
|
|
345,000 |
|
|
345,000 |
|
|
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
Tangible Common Equity |
|
$ |
1,478,046 |
|
$ |
1,474,695 |
|
$ |
1,328,418 |
|
|
|
|
|
|
|
|
|||
|
Total Assets |
|
$ |
23,909,933 |
|
$ |
24,176,364 |
|
$ |
23,885,056 |
|
Less: |
|
|
31,517 |
|
|
31,517 |
|
|
31,517 |
|
Tangible Assets |
|
$ |
23,878,416 |
|
$ |
24,144,847 |
|
$ |
23,853,539 |
|
|
|
|
|
|
|
|
|||
|
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1, 2 |
|
$ |
14,382,622 |
|
$ |
14,246,238 |
|
$ |
14,319,932 |
|
|
|
|
|
|
|
|
|||
|
Total Shareholders' Equity to Total Assets |
|
|
7.76% |
|
|
7.66% |
|
|
7.14% |
|
Tangible Common Equity to Tangible Assets (Non-GAAP) |
|
|
6.19% |
|
|
6.11% |
|
|
5.57% |
|
|
|
|
|
|
|
|
|||
|
Tier 1 Capital Ratio 1 |
|
|
14.40% |
|
|
14.49% |
|
|
13.93% |
|
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 |
|
|
10.28% |
|
|
10.35% |
|
|
9.28% |
|
1 Regulatory capital ratios as of |
|||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
||||||||||||
|
Consolidated Statements of Income |
|
Table 3 |
||||||||||
|
|
|
Three Months Ended |
||||||||||
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
||||||
|
Interest Income |
|
|
|
|
|
|
||||||
|
Interest and Fees on Loans and Leases |
|
$ |
164,469 |
|
|
$ |
168,234 |
|
|
$ |
163,082 |
|
|
Income on |
|
|
|
|
|
|
||||||
|
Available-for-Sale |
|
|
34,575 |
|
|
|
32,950 |
|
|
|
24,368 |
|
|
Held-to-Maturity |
|
|
18,541 |
|
|
|
18,929 |
|
|
|
20,291 |
|
|
Cash and Cash Equivalents |
|
|
3,329 |
|
|
|
5,936 |
|
|
|
5,460 |
|
|
Other |
|
|
1,293 |
|
|
|
1,245 |
|
|
|
1,085 |
|
|
Total Interest Income |
|
|
222,207 |
|
|
|
227,294 |
|
|
|
214,286 |
|
|
Interest Expense |
|
|
|
|
|
|
||||||
|
Deposits |
|
|
64,886 |
|
|
|
75,477 |
|
|
|
81,692 |
|
|
Securities Sold Under Agreements to Repurchase |
|
|
486 |
|
|
|
496 |
|
|
|
744 |
|
|
Other Debt |
|
|
5,845 |
|
|
|
5,947 |
|
|
|
6,043 |
|
|
Total Interest Expense |
|
|
71,217 |
|
|
|
81,920 |
|
|
|
88,479 |
|
|
Net Interest Income |
|
|
150,990 |
|
|
|
145,374 |
|
|
|
125,807 |
|
|
Provision for Credit Losses |
|
|
1,750 |
|
|
|
2,500 |
|
|
|
3,250 |
|
|
Net Interest Income After Provision for Credit Losses |
|
|
149,240 |
|
|
|
142,874 |
|
|
|
122,557 |
|
|
Noninterest Income |
|
|
|
|
|
|
||||||
|
Trust and Asset Management |
|
|
12,445 |
|
|
|
12,883 |
|
|
|
11,741 |
|
|
Fees, Exchange, and Other Service Charges |
|
|
10,928 |
|
|
|
12,298 |
|
|
|
14,437 |
|
|
Service Charges on Deposit Accounts |
|
|
8,440 |
|
|
|
8,694 |
|
|
|
8,259 |
|
|
Bank-Owned Life Insurance |
|
|
4,147 |
|
|
|
3,758 |
|
|
|
3,611 |
|
|
Annuity and Insurance |
|
|
1,469 |
|
|
|
1,124 |
|
|
|
1,555 |
|
|
Mortgage Banking |
|
|
876 |
|
|
|
917 |
|
|
|
988 |
|
|
Investment Securities Losses, Net |
|
|
(1,272 |
) |
|
|
(18,717 |
) |
|
|
(1,607 |
) |
|
Other |
|
|
4,299 |
|
|
|
23,314 |
|
|
|
5,074 |
|
|
Total Noninterest Income |
|
|
41,332 |
|
|
|
44,271 |
|
|
|
44,058 |
|
|
Noninterest Expense |
|
|
|
|
|
|
||||||
|
Salaries and Benefits |
|
|
68,457 |
|
|
|
61,675 |
|
|
|
62,884 |
|
|
Net Occupancy |
|
|
10,782 |
|
|
|
10,029 |
|
|
|
10,559 |
|
|
Net Equipment |
|
|
10,611 |
|
|
|
10,047 |
|
|
|
10,192 |
|
|
Data Processing |
|
|
5,581 |
|
|
|
5,659 |
|
|
|
5,267 |
|
|
Professional Fees |
|
|
4,226 |
|
|
|
3,682 |
|
|
|
4,264 |
|
|
|
|
|
2,719 |
|
|
|
2,378 |
|
|
|
1,642 |
|
|
Other |
|
|
13,695 |
|
|
|
16,048 |
|
|
|
15,651 |
|
|
Total Noninterest Expense |
|
|
116,071 |
|
|
|
109,518 |
|
|
|
110,459 |
|
|
Income Before Provision for Income Taxes |
|
|
74,501 |
|
|
|
77,627 |
|
|
|
56,156 |
|
|
Provision for Income Taxes |
|
|
17,069 |
|
|
|
16,692 |
|
|
|
12,171 |
|
|
Net Income |
|
$ |
57,432 |
|
|
$ |
60,935 |
|
|
$ |
43,985 |
|
|
Preferred Stock Dividends |
|
|
5,269 |
|
|
|
5,269 |
|
|
|
5,269 |
|
|
Net Income Available to Common Shareholders |
|
$ |
52,163 |
|
|
$ |
55,666 |
|
|
$ |
38,716 |
|
|
Basic Earnings Per Common Share |
|
$ |
1.32 |
|
|
$ |
1.40 |
|
|
$ |
0.98 |
|
|
Diluted Earnings Per Common Share |
|
$ |
1.30 |
|
|
$ |
1.39 |
|
|
$ |
0.97 |
|
|
Dividends Declared Per Common Share |
|
$ |
0.70 |
|
|
$ |
0.70 |
|
|
$ |
0.70 |
|
|
Basic Weighted Average Common Shares |
|
|
39,568,000 |
|
|
|
39,641,382 |
|
|
|
39,554,834 |
|
|
Diluted Weighted Average Common Shares |
|
|
39,981,356 |
|
|
|
40,003,635 |
|
|
|
39,876,406 |
|
|
Bank of Hawai‘i Corporation and Subsidiaries |
||||||||||
|
Consolidated Statements of Comprehensive Income |
|
Table 4 |
||||||||
|
|
Three Months Ended |
|||||||||
|
(dollars in thousands) |
|
|
|
|
|
|||||
|
Net Income |
$ |
57,432 |
|
|
$ |
60,935 |
|
$ |
43,985 |
|
|
Other Comprehensive Income (Loss), Net of Tax: |
|
|
|
|
|
|||||
|
Net Change in Unrealized Gains (Losses) on |
|
(3,001 |
) |
|
|
29,367 |
|
|
24,760 |
|
|
Net Change in Defined Benefit Plans |
|
222 |
|
|
|
2,446 |
|
|
232 |
|
|
Other Comprehensive Income (Loss) |
|
(2,779 |
) |
|
|
31,813 |
|
|
24,992 |
|
|
Comprehensive Income |
$ |
54,653 |
|
|
$ |
92,748 |
|
$ |
68,977 |
|
|
Bank of Hawai‘i Corporation and Subsidiaries |
|
|
||||||||||
|
Consolidated Statements of Condition |
|
|
|
|
|
Table 5 |
||||||
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
||||||
|
Assets |
|
|
|
|
|
|
||||||
|
Cash and Cash Equivalents |
|
$ |
425,080 |
|
|
$ |
946,520 |
|
|
$ |
935,200 |
|
|
|
|
|
|
|
|
|
||||||
|
Available-for-Sale |
|
|
3,722,405 |
|
|
|
3,510,652 |
|
|
|
2,887,019 |
|
|
Held-to-Maturity (Fair Value of |
|
|
4,163,261 |
|
|
|
4,245,681 |
|
|
|
4,535,108 |
|
|
Loans Held for Sale |
|
|
3,609 |
|
|
|
4,369 |
|
|
|
2,640 |
|
|
Loans and Leases |
|
|
14,192,811 |
|
|
|
14,082,050 |
|
|
|
14,115,323 |
|
|
Allowance for Credit Losses |
|
|
(146,962 |
) |
|
|
(146,766 |
) |
|
|
(147,707 |
) |
|
Net Loans and Leases |
|
|
14,045,849 |
|
|
|
13,935,284 |
|
|
|
13,967,616 |
|
|
Premises and Equipment, Net |
|
|
215,859 |
|
|
|
199,747 |
|
|
|
187,858 |
|
|
Operating Lease Right-of-Use Assets |
|
|
82,244 |
|
|
|
83,424 |
|
|
|
83,577 |
|
|
Accrued Interest Receivable |
|
|
70,555 |
|
|
|
69,899 |
|
|
|
67,706 |
|
|
Mortgage Servicing Rights |
|
|
17,036 |
|
|
|
17,455 |
|
|
|
18,770 |
|
|
|
|
|
31,517 |
|
|
|
31,517 |
|
|
|
31,517 |
|
|
Bank-Owned Life Insurance |
|
|
499,681 |
|
|
|
499,795 |
|
|
|
481,260 |
|
|
Other Assets |
|
|
632,837 |
|
|
|
632,021 |
|
|
|
686,785 |
|
|
Total Assets |
|
$ |
23,909,933 |
|
|
$ |
24,176,364 |
|
|
$ |
23,885,056 |
|
|
Liabilities |
|
|
|
|
|
|
||||||
|
Deposits |
|
|
|
|
|
|
||||||
|
Noninterest-Bearing Demand |
|
$ |
5,653,265 |
|
|
$ |
5,755,371 |
|
|
$ |
5,493,232 |
|
|
Interest-Bearing Demand |
|
|
3,884,305 |
|
|
|
3,910,952 |
|
|
|
3,775,948 |
|
|
Savings |
|
|
8,683,875 |
|
|
|
8,741,090 |
|
|
|
8,700,143 |
|
|
Time |
|
|
2,736,485 |
|
|
|
2,781,082 |
|
|
|
3,038,894 |
|
|
Total Deposits |
|
|
20,957,930 |
|
|
|
21,188,495 |
|
|
|
21,008,217 |
|
|
Securities Sold Under Agreements to Repurchase |
|
|
50,000 |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
Other Debt |
|
|
558,150 |
|
|
|
558,176 |
|
|
|
558,250 |
|
|
Operating Lease Liabilities |
|
|
91,213 |
|
|
|
92,402 |
|
|
|
92,267 |
|
|
Retirement Benefits Payable |
|
|
25,686 |
|
|
|
20,139 |
|
|
|
23,640 |
|
|
Accrued Interest Payable |
|
|
19,757 |
|
|
|
22,370 |
|
|
|
23,261 |
|
|
Other Liabilities |
|
|
352,634 |
|
|
|
393,570 |
|
|
|
424,486 |
|
|
Total Liabilities |
|
|
22,055,370 |
|
|
|
22,325,152 |
|
|
|
22,180,121 |
|
|
Shareholders’ Equity |
|
|
|
|
|
|
||||||
|
Preferred Stock (Series A, |
|
|
180,000 |
|
|
|
180,000 |
|
|
|
180,000 |
|
|
Preferred Stock (Series B, |
|
|
165,000 |
|
|
|
165,000 |
|
|
|
165,000 |
|
|
Common Stock ( |
|
|
590 |
|
|
|
587 |
|
|
|
586 |
|
|
Capital Surplus |
|
|
672,584 |
|
|
|
664,781 |
|
|
|
651,374 |
|
|
Accumulated Other Comprehensive Loss |
|
|
(247,217 |
) |
|
|
(244,438 |
) |
|
|
(318,397 |
) |
|
Retained Earnings |
|
|
2,229,539 |
|
|
|
2,205,707 |
|
|
|
2,144,326 |
|
|
Treasury Stock, at Cost (Shares: |
|
|
(1,145,933 |
) |
|
|
(1,120,425 |
) |
|
|
(1,117,954 |
) |
|
Total Shareholders’ Equity |
|
|
1,854,563 |
|
|
|
1,851,212 |
|
|
|
1,704,935 |
|
|
Total Liabilities and Shareholders’ Equity |
|
$ |
23,909,933 |
|
|
$ |
24,176,364 |
|
|
$ |
23,885,056 |
|
|
Bank of Hawai‘i Corporation and Subsidiaries |
|||||||||||||||||||||||||||||||||||
|
Consolidated Statements of Shareholders' Equity |
|
Table 6 |
|||||||||||||||||||||||||||||||||
|
(dollars in thousands, except per share amounts) |
|
Preferred Shares Series A Outstanding |
|
Preferred Series A Stock |
|
Preferred Shares Series B Outstanding |
|
Preferred Series B Stock |
|
Common Shares Outstanding |
|
Common Stock |
|
Capital Surplus |
|
Accum. Other Comprehensive Income (Loss) |
|
Retained Earnings |
|
Treasury Stock |
|
Total |
|||||||||||||
|
Balance as of |
|
180,000 |
|
$ |
180,000 |
|
165,000 |
|
$ |
165,000 |
|
39,725,698 |
|
|
$ |
587 |
|
$ |
664,781 |
|
$ |
(244,438 |
) |
|
$ |
2,205,707 |
|
|
$ |
(1,120,425 |
) |
|
$ |
1,851,212 |
|
|
Net Income |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
– |
|
|
– |
|
|
|
57,432 |
|
|
|
– |
|
|
|
57,432 |
|
|
Other Comprehensive Loss |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
– |
|
|
(2,779 |
) |
|
|
– |
|
|
|
– |
|
|
|
(2,779 |
) |
|
Share-Based Compensation |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
7,459 |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
7,459 |
|
|
Common Stock Issued Under Purchase and Equity Compensation Plans |
|
– |
|
|
– |
|
– |
|
|
– |
|
237,399 |
|
|
|
3 |
|
|
344 |
|
|
– |
|
|
|
– |
|
|
|
881 |
|
|
|
1,228 |
|
|
Common Stock Repurchased Under Share Repurchase Program |
|
– |
|
|
– |
|
– |
|
|
– |
|
(194,096 |
) |
|
|
– |
|
|
– |
|
|
– |
|
|
|
– |
|
|
|
(15,109 |
) |
|
|
(15,109 |
) |
|
Equity Compensation Plan Common Stock Repurchases |
|
– |
|
|
– |
|
– |
|
|
– |
|
(148,438 |
) |
|
|
– |
|
|
– |
|
|
– |
|
|
|
– |
|
|
|
(11,280 |
) |
|
|
(11,280 |
) |
|
Cash Dividends Declared Common Stock ( |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
– |
|
|
– |
|
|
|
(28,331 |
) |
|
|
– |
|
|
|
(28,331 |
) |
|
Cash Dividends Declared Preferred Stock |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
– |
|
|
– |
|
|
|
(5,269 |
) |
|
|
– |
|
|
|
(5,269 |
) |
|
Balance as of |
|
180,000 |
|
$ |
180,000 |
|
165,000 |
|
$ |
165,000 |
|
39,620,563 |
|
|
$ |
590 |
|
$ |
672,584 |
|
$ |
(247,217 |
) |
|
$ |
2,229,539 |
|
|
$ |
(1,145,933 |
) |
|
$ |
1,854,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Balance as of |
|
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 |
|
|
Equity Compensation Plan Common Stock Repurchases |
|
– |
|
|
– |
|
– |
|
|
– |
|
(47,428 |
) |
|
|
– |
|
|
– |
|
|
– |
|
|
|
– |
|
|
|
(3,314 |
) |
|
|
(3,314 |
) |
|
Cash Dividends Declared Common Stock ( |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
– |
|
|
– |
|
|
|
(28,228 |
) |
|
|
– |
|
|
|
(28,228 |
) |
|
Cash Dividends Declared Preferred Stock |
|
– |
|
|
– |
|
– |
|
|
– |
|
– |
|
|
|
– |
|
|
– |
|
|
– |
|
|
|
(5,269 |
) |
|
|
– |
|
|
|
(5,269 |
) |
|
Balance as of |
|
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 |
|
|
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 |
||||||||||||||||||||||
|
(dollars in millions) |
Average Balance |
Income/Expense 2 |
Yield/Rate |
|
Average Balance |
Income/Expense 2 |
Yield/Rate |
|
Average Balance |
Income/Expense 2 |
Yield/Rate |
||||||||||||||||
|
Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Cash and Cash Equivalents |
$ |
372.5 |
$ |
3.3 |
3.58 |
% |
|
$ |
604.5 |
$ |
6.0 |
3.84 |
% |
|
$ |
500.0 |
$ |
5.5 |
4.37 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Taxable |
|
3,598.1 |
|
34.2 |
3.82 |
|
|
|
3,363.4 |
|
32.5 |
3.86 |
|
|
|
2,790.3 |
|
24.1 |
3.47 |
|
|||||||
|
Non-Taxable |
|
32.1 |
|
0.4 |
5.07 |
|
|
|
32.0 |
|
0.5 |
5.80 |
|
|
|
21.3 |
|
0.3 |
5.68 |
|
|||||||
|
Held-to-Maturity |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Taxable |
|
4,175.4 |
|
18.4 |
1.76 |
|
|
|
4,265.7 |
|
18.8 |
1.76 |
|
|
|
4,548.6 |
|
20.2 |
1.77 |
|
|||||||
|
Non-Taxable |
|
33.5 |
|
0.2 |
2.10 |
|
|
|
33.7 |
|
0.2 |
2.10 |
|
|
|
34.1 |
|
0.2 |
2.09 |
|
|||||||
|
|
|
7,839.1 |
|
53.2 |
2.72 |
|
|
|
7,694.8 |
|
52.0 |
2.70 |
|
|
|
7,394.3 |
|
44.8 |
2.43 |
|
|||||||
|
Loans Held for Sale |
|
3.6 |
|
0.1 |
5.22 |
|
|
|
2.4 |
|
0.0 |
5.51 |
|
|
|
2.3 |
|
0.0 |
6.06 |
|
|||||||
|
Loans and Leases 3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Commercial Mortgage |
|
4,220.6 |
|
54.1 |
5.19 |
|
|
|
4,124.5 |
|
55.2 |
5.31 |
|
|
|
4,015.2 |
|
52.5 |
5.30 |
|
|||||||
|
Commercial and Industrial |
|
1,583.4 |
|
18.7 |
4.79 |
|
|
|
1,590.0 |
|
19.6 |
4.90 |
|
|
|
1,703.7 |
|
21.3 |
5.06 |
|
|||||||
|
Construction |
|
215.7 |
|
3.4 |
6.46 |
|
|
|
265.5 |
|
4.6 |
6.89 |
|
|
|
338.5 |
|
6.0 |
7.22 |
|
|||||||
|
Commercial Lease Financing |
|
86.9 |
|
0.9 |
4.29 |
|
|
|
89.7 |
|
0.9 |
4.19 |
|
|
|
91.1 |
|
0.9 |
3.83 |
|
|||||||
|
|
|
4,781.9 |
|
47.8 |
4.00 |
|
|
|
4,719.8 |
|
47.5 |
4.03 |
|
|
|
4,616.7 |
|
44.8 |
3.88 |
|
|||||||
|
Home Equity |
|
2,103.1 |
|
23.6 |
4.55 |
|
|
|
2,122.1 |
|
24.3 |
4.54 |
|
|
|
2,154.4 |
|
22.5 |
4.23 |
|
|||||||
|
Automobile |
|
684.6 |
|
9.4 |
5.57 |
|
|
|
692.7 |
|
9.6 |
5.49 |
|
|
|
752.6 |
|
9.3 |
5.02 |
|
|||||||
|
Other |
|
407.7 |
|
7.8 |
7.76 |
|
|
|
409.2 |
|
7.9 |
7.64 |
|
|
|
390.0 |
|
7.1 |
7.41 |
|
|||||||
|
Total Loans and Leases |
|
14,083.9 |
|
165.7 |
4.75 |
|
|
|
14,013.5 |
|
169.6 |
4.81 |
|
|
|
14,062.2 |
|
164.4 |
4.72 |
|
|||||||
|
Other |
|
81.9 |
|
1.3 |
6.31 |
|
|
|
82.2 |
|
1.2 |
6.06 |
|
|
|
65.1 |
|
1.1 |
6.67 |
|
|||||||
|
Total Earning Assets |
|
22,381.0 |
|
223.6 |
4.03 |
|
|
|
22,397.4 |
|
228.8 |
4.07 |
|
|
|
22,023.9 |
|
215.8 |
3.95 |
|
|||||||
|
Non-Earning Assets |
|
1,534.3 |
|
|
|
|
1,561.0 |
|
|
|
|
1,614.2 |
|
|
|||||||||||||
|
Total Assets |
$ |
23,915.3 |
|
|
|
$ |
23,958.4 |
|
|
|
$ |
23,638.1 |
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Interest-Bearing Deposits |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Demand |
$ |
3,839.0 |
$ |
6.6 |
0.69 |
% |
|
$ |
3,697.9 |
$ |
7.3 |
0.78 |
% |
|
$ |
3,773.4 |
$ |
7.1 |
0.76 |
% |
|||||||
|
Savings |
|
8,668.4 |
|
38.7 |
1.81 |
|
|
|
8,738.2 |
|
44.3 |
2.01 |
|
|
|
8,544.5 |
|
47.1 |
2.23 |
|
|||||||
|
Time |
|
2,753.6 |
|
19.6 |
2.89 |
|
|
|
2,974.0 |
|
23.9 |
3.18 |
|
|
|
3,037.3 |
|
27.5 |
3.67 |
|
|||||||
|
Total Interest-Bearing Deposits |
|
15,261.0 |
|
64.9 |
1.72 |
|
|
|
15,410.1 |
|
75.5 |
1.94 |
|
|
|
15,355.2 |
|
81.7 |
2.16 |
|
|||||||
|
Securities Sold Under Agreements to Repurchase |
|
50.0 |
|
0.5 |
3.89 |
|
|
|
50.0 |
|
0.5 |
3.89 |
|
|
|
76.7 |
|
0.7 |
3.88 |
|
|||||||
|
Other Debt |
|
560.9 |
|
5.8 |
4.23 |
|
|
|
558.2 |
|
5.9 |
4.23 |
|
|
|
578.2 |
|
6.1 |
4.24 |
|
|||||||
|
Total Interest-Bearing Liabilities |
|
15,871.9 |
|
71.2 |
1.82 |
|
|
|
16,018.3 |
|
81.9 |
2.03 |
|
|
|
16,010.1 |
|
88.5 |
2.24 |
|
|||||||
|
Net Interest Income |
|
$ |
152.4 |
|
|
|
$ |
146.9 |
|
|
|
$ |
127.3 |
|
|||||||||||||
|
Interest Rate Spread |
|
|
2.21 |
% |
|
|
|
2.04 |
% |
|
|
|
1.71 |
% |
|||||||||||||
|
Net Interest Margin |
|
|
2.74 |
% |
|
|
|
2.61 |
% |
|
|
|
2.32 |
% |
|||||||||||||
|
Noninterest-Bearing Demand Deposits |
|
5,654.4 |
|
|
|
|
5,570.1 |
|
|
|
|
5,314.3 |
|
|
|||||||||||||
|
Other Liabilities |
|
521.8 |
|
|
|
|
556.0 |
|
|
|
|
638.1 |
|
|
|||||||||||||
|
Shareholders' Equity |
|
1,867.2 |
|
|
|
|
1,814.0 |
|
|
|
|
1,675.6 |
|
|
|||||||||||||
|
Total Liabilities and Shareholders' Equity |
$ |
23,915.3 |
|
|
|
$ |
23,958.4 |
|
|
|
$ |
23,638.1 |
|
|
|||||||||||||
|
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
|
|||||||||||||||||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
|
|
||||||||||
|
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis |
|
Table 8a |
||||||||||
|
|
Three Months Ended |
|||||||||||
|
|
Compared to |
|||||||||||
|
(dollars in millions) |
Volume 1 |
|
Rate 1 |
|
Total |
|||||||
|
Change in Interest Income: |
|
|
|
|
|
|||||||
|
Cash and Cash Equivalents |
$ |
(2.2 |
) |
|
$ |
(0.4 |
) |
|
$ |
(2.6 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Available-for-Sale |
|
|
|
|
|
|||||||
|
Taxable |
|
2.1 |
|
|
|
(0.4 |
) |
|
|
1.7 |
|
|
|
Non-Taxable |
|
— |
|
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
Held-to-Maturity |
|
|
|
|
|
|||||||
|
Taxable |
|
(0.4 |
) |
|
|
0.0 |
|
|
|
(0.4 |
) |
|
|
Non-Taxable |
|
0.0 |
|
|
|
— |
|
|
|
0.0 |
|
|
|
|
|
1.7 |
|
|
|
(0.5 |
) |
|
|
1.2 |
|
|
|
Loans Held for Sale |
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
Loans and Leases |
|
|
|
|
|
|||||||
|
Commercial Mortgage |
|
0.6 |
|
|
|
(1.8 |
) |
|
|
(1.2 |
) |
|
|
Commercial and Industrial |
|
(0.1 |
) |
|
|
(0.8 |
) |
|
|
(0.9 |
) |
|
|
Construction |
|
(0.9 |
) |
|
|
(0.3 |
) |
|
|
(1.2 |
) |
|
|
Commercial Lease Financing |
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
|
|
0.6 |
|
|
|
(0.3 |
) |
|
|
0.3 |
|
|
|
Home Equity |
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
(0.6 |
) |
|
|
Automobile |
|
(0.2 |
) |
|
|
0.0 |
|
|
|
(0.2 |
) |
|
|
Other |
|
(0.1 |
) |
|
|
0.0 |
|
|
|
(0.1 |
) |
|
|
Total Loans and Leases |
|
(0.6 |
) |
|
|
(3.3 |
) |
|
|
(3.9 |
) |
|
|
Other |
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
Total Change in Interest Income |
|
(1.1 |
) |
|
|
(4.2 |
) |
|
|
(5.3 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Change in Interest Expense: |
|
|
|
|
|
|||||||
|
Interest-Bearing Deposits |
|
|
|
|
|
|||||||
|
Demand |
|
0.2 |
|
|
|
(0.9 |
) |
|
|
(0.7 |
) |
|
|
Savings |
|
(0.4 |
) |
|
|
(5.2 |
) |
|
|
(5.6 |
) |
|
|
Time |
|
(1.9 |
) |
|
|
(2.4 |
) |
|
|
(4.3 |
) |
|
|
Total Interest-Bearing Deposits |
|
(2.1 |
) |
|
|
(8.5 |
) |
|
|
(10.6 |
) |
|
|
Securities Sold Under Agreements to Repurchase |
|
— |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
Other Debt |
|
(0.1 |
) |
|
|
0.0 |
|
|
|
(0.1 |
) |
|
|
Total Change in Interest Expense |
|
(2.2 |
) |
|
|
(8.5 |
) |
|
|
(10.7 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Change in Net Interest Income |
$ |
1.1 |
|
|
$ |
4.3 |
|
|
$ |
5.4 |
|
|
|
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. |
||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
||||||||||||
|
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis |
|
Table 8b |
||||||||||
|
|
Three Months Ended |
|||||||||||
|
|
Compared to |
|||||||||||
|
(dollars in millions) |
Volume 1 |
|
Rate 1 |
|
Total |
|||||||
|
Change in Interest Income: |
|
|
|
|
|
|||||||
|
Cash and Cash Equivalents |
$ |
(1.2 |
) |
|
$ |
(0.9 |
) |
|
$ |
(2.1 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Available-for-Sale |
|
|
|
|
|
|||||||
|
Taxable |
|
7.5 |
|
|
|
2.6 |
|
|
|
10.1 |
|
|
|
Non-Taxable |
|
0.1 |
|
|
|
0.0 |
|
|
|
0.1 |
|
|
|
Held-to-Maturity |
|
|
|
|
|
|||||||
|
Taxable |
|
(1.6 |
) |
|
|
(0.1 |
) |
|
|
(1.7 |
) |
|
|
Non-Taxable |
|
0.0 |
|
|
|
— |
|
|
|
0.0 |
|
|
|
|
|
6.0 |
|
|
|
2.5 |
|
|
|
8.5 |
|
|
|
Loans Held for Sale |
|
0.0 |
|
|
|
0.0 |
|
|
|
0.0 |
|
|
|
Loans and Leases |
|
|
|
|
|
|||||||
|
Commercial Mortgage |
|
2.7 |
|
|
|
(1.2 |
) |
|
|
1.5 |
|
|
|
Commercial and Industrial |
|
(1.5 |
) |
|
|
(1.1 |
) |
|
|
(2.6 |
) |
|
|
Construction |
|
(2.0 |
) |
|
|
(0.6 |
) |
|
|
(2.6 |
) |
|
|
Commercial Lease Financing |
|
0.0 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
|
|
1.6 |
|
|
|
1.4 |
|
|
|
3.0 |
|
|
|
Home Equity |
|
(0.5 |
) |
|
|
1.6 |
|
|
|
1.1 |
|
|
|
Automobile |
|
(0.9 |
) |
|
|
1.0 |
|
|
|
0.1 |
|
|
|
Other |
|
0.3 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
Total Loans and Leases |
|
(0.3 |
) |
|
|
1.6 |
|
|
|
1.3 |
|
|
|
Other |
|
0.4 |
|
|
|
(0.3 |
) |
|
|
0.1 |
|
|
|
Total Change in Interest Income |
|
4.9 |
|
|
|
2.9 |
|
|
|
7.8 |
|
|
|
|
|
|
|
|
|
|||||||
|
Change in Interest Expense: |
|
|
|
|
|
|||||||
|
Interest-Bearing Deposits |
|
|
|
|
|
|||||||
|
Demand |
|
0.2 |
|
|
|
(0.7 |
) |
|
|
(0.5 |
) |
|
|
Savings |
|
0.6 |
|
|
|
(9.0 |
) |
|
|
(8.4 |
) |
|
|
Time |
|
(2.4 |
) |
|
|
(5.5 |
) |
|
|
(7.9 |
) |
|
|
Total Interest-Bearing Deposits |
|
(1.6 |
) |
|
|
(15.2 |
) |
|
|
(16.8 |
) |
|
|
Securities Sold Under Agreements to Repurchase |
|
(0.3 |
) |
|
|
0.0 |
|
|
|
(0.3 |
) |
|
|
Other Debt |
|
(0.2 |
) |
|
|
0.0 |
|
|
|
(0.2 |
) |
|
|
Total Change in Interest Expense |
|
(2.1 |
) |
|
|
(15.2 |
) |
|
|
(17.3 |
) |
|
|
|
|
|
|
|
|
|||||||
|
Change in Net Interest Income |
$ |
7.0 |
|
|
$ |
18.1 |
|
|
$ |
25.1 |
|
|
|
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. |
||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
|||||||||
|
Salaries and Benefits |
|
|
|
Table 9 |
|||||
|
|
|
Three Months Ended |
|||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|||
|
Salaries |
|
$ |
38,990 |
|
$ |
39,915 |
|
$ |
38,242 |
|
Share-Based Compensation |
|
|
7,282 |
|
|
4,379 |
|
|
3,501 |
|
Incentive Compensation |
|
|
6,083 |
|
|
4,535 |
|
|
5,573 |
|
Payroll Taxes |
|
|
5,321 |
|
|
2,740 |
|
|
4,766 |
|
Retirement and Other Benefits |
|
|
4,597 |
|
|
4,378 |
|
|
5,061 |
|
Medical, Dental, and Life Insurance |
|
|
4,222 |
|
|
3,916 |
|
|
4,537 |
|
Commission Expense |
|
|
1,213 |
|
|
1,670 |
|
|
1,123 |
|
Separation Expense |
|
|
749 |
|
|
142 |
|
|
81 |
|
Total Salaries and Benefits |
|
$ |
68,457 |
|
$ |
61,675 |
|
$ |
62,884 |
|
Bank of Hawai‘i Corporation and Subsidiaries |
|||||||||||||||
|
Loan and Lease Portfolio Balances |
|
|
|
Table 10 |
|||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||
|
Commercial |
|
|
|
|
|
|
|
|
|
||||||
|
Commercial Mortgage |
$ |
4,341,448 |
|
$ |
4,205,791 |
|
$ |
4,040,711 |
|
$ |
4,038,956 |
|
$ |
4,038,287 |
|
|
Commercial and Industrial |
|
1,575,207 |
|
|
1,584,245 |
|
|
1,581,232 |
|
|
1,597,560 |
|
|
1,703,290 |
|
|
Construction |
|
204,993 |
|
|
208,584 |
|
|
380,944 |
|
|
374,768 |
|
|
363,716 |
|
|
Lease Financing |
|
84,651 |
|
|
88,303 |
|
|
92,213 |
|
|
92,842 |
|
|
92,456 |
|
|
Total Commercial |
|
6,206,299 |
|
|
6,086,923 |
|
|
6,095,100 |
|
|
6,104,126 |
|
|
6,197,749 |
|
|
Consumer |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
4,800,256 |
|
|
4,775,502 |
|
|
4,685,214 |
|
|
4,637,014 |
|
|
4,630,876 |
|
|
Home Equity |
|
2,095,521 |
|
|
2,114,809 |
|
|
2,129,599 |
|
|
2,139,025 |
|
|
2,144,955 |
|
|
Automobile |
|
680,570 |
|
|
690,376 |
|
|
699,244 |
|
|
715,688 |
|
|
740,390 |
|
|
Other |
|
410,165 |
|
|
414,440 |
|
|
412,422 |
|
|
406,325 |
|
|
401,353 |
|
|
Total Consumer |
|
7,986,512 |
|
|
7,995,127 |
|
|
7,926,479 |
|
|
7,898,052 |
|
|
7,917,574 |
|
|
Total Loans and Leases |
$ |
14,192,811 |
|
$ |
14,082,050 |
|
$ |
14,021,579 |
|
$ |
14,002,178 |
|
$ |
14,115,323 |
|
|
Deposits |
|
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||
|
Consumer |
$ |
10,530,223 |
|
$ |
10,466,617 |
|
$ |
10,393,932 |
|
$ |
10,429,271 |
|
$ |
10,522,627 |
|
|
Commercial |
|
8,340,279 |
|
|
8,597,265 |
|
|
8,348,396 |
|
|
8,243,898 |
|
|
8,411,838 |
|
|
Public and Other |
|
2,087,428 |
|
|
2,124,613 |
|
|
2,338,341 |
|
|
2,125,745 |
|
|
2,073,752 |
|
|
Total Deposits |
$ |
20,957,930 |
|
$ |
21,188,495 |
|
$ |
21,080,669 |
|
$ |
20,798,914 |
|
$ |
21,008,217 |
|
|
Average Deposits |
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
||||||
|
Consumer |
$ |
10,461,004 |
|
$ |
10,373,200 |
|
$ |
10,387,715 |
|
$ |
10,435,867 |
|
$ |
10,408,747 |
|
|
Commercial |
|
8,431,519 |
|
|
8,478,592 |
|
|
8,504,078 |
|
|
8,316,893 |
|
|
8,318,182 |
|
|
Public and Other |
|
2,022,920 |
|
|
2,128,407 |
|
|
2,176,493 |
|
|
1,946,933 |
|
|
1,942,610 |
|
|
Total Deposits |
$ |
20,915,443 |
|
$ |
20,980,199 |
|
$ |
21,068,286 |
|
$ |
20,699,693 |
|
$ |
20,669,539 |
|
|
Bank of Hawai‘i Corporation and Subsidiaries |
|
|
||||||||||||||||||
|
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More |
|
Table 11 |
||||||||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Non-Performing Assets |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Non-Accrual Loans and Leases |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commercial Mortgage |
$ |
- |
|
|
$ |
2,085 |
|
|
$ |
2,498 |
|
|
$ |
2,566 |
|
|
$ |
2,195 |
|
|
|
Commercial and Industrial |
|
1,860 |
|
|
|
1,940 |
|
|
|
3,506 |
|
|
|
3,744 |
|
|
|
3,451 |
|
|
|
Total Commercial |
|
1,860 |
|
|
|
4,025 |
|
|
|
6,004 |
|
|
|
6,310 |
|
|
|
5,646 |
|
|
|
Consumer |
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
5,410 |
|
|
|
5,382 |
|
|
|
5,628 |
|
|
|
5,842 |
|
|
|
4,686 |
|
|
|
Home Equity |
|
4,525 |
|
|
|
4,469 |
|
|
|
5,107 |
|
|
|
5,387 |
|
|
|
5,759 |
|
|
|
Total Consumer |
|
9,935 |
|
|
|
9,851 |
|
|
|
10,735 |
|
|
|
11,229 |
|
|
|
10,445 |
|
|
|
Total Non-Accrual Loans and Leases |
|
11,795 |
|
|
|
13,876 |
|
|
|
16,739 |
|
|
|
17,539 |
|
|
|
16,091 |
|
|
|
|
|
295 |
|
|
|
295 |
|
|
|
125 |
|
|
|
342 |
|
|
|
1,360 |
|
|
|
Total Non-Performing Assets |
$ |
12,090 |
|
|
$ |
14,171 |
|
|
$ |
16,864 |
|
|
$ |
17,881 |
|
|
$ |
17,451 |
|
|
|
Accruing Loans and Leases Past Due 90 Days or More |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Consumer |
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
$ |
10,733 |
|
|
$ |
8,834 |
|
|
$ |
7,456 |
|
|
$ |
9,070 |
|
|
$ |
3,895 |
|
|
|
Home Equity |
|
1,556 |
|
|
|
2,152 |
|
|
|
2,765 |
|
|
|
1,867 |
|
|
|
2,228 |
|
|
|
Automobile |
|
672 |
|
|
|
520 |
|
|
|
525 |
|
|
|
680 |
|
|
|
486 |
|
|
|
Other |
|
764 |
|
|
|
753 |
|
|
|
578 |
|
|
|
630 |
|
|
|
943 |
|
|
|
Total Consumer |
|
13,725 |
|
|
|
12,259 |
|
|
|
11,324 |
|
|
|
12,247 |
|
|
|
7,552 |
|
|
|
Total Accruing Loans and Leases Past Due 90 Days or More |
$ |
13,725 |
|
|
$ |
12,259 |
|
|
$ |
11,324 |
|
|
$ |
12,247 |
|
|
$ |
7,552 |
|
|
|
Total Loans and Leases |
$ |
14,192,811 |
|
|
$ |
14,082,050 |
|
|
$ |
14,021,579 |
|
|
$ |
14,002,178 |
|
|
$ |
14,115,323 |
|
|
|
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases |
|
0.08 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.11 |
% |
|
|
Ratio of Non-Performing Assets to Total Loans and Leases and |
|
0.09 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.12 |
% |
|
|
Ratio of Non-Performing Assets to Total Assets |
|
0.05 |
% |
|
|
0.06 |
% |
|
|
0.07 |
% |
|
|
0.08 |
% |
|
|
0.07 |
% |
|
|
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and |
|
0.03 |
% |
|
|
0.07 |
% |
|
|
0.10 |
% |
|
|
0.10 |
% |
|
|
0.09 |
% |
|
|
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and |
|
0.13 |
% |
|
|
0.13 |
% |
|
|
0.14 |
% |
|
|
0.15 |
% |
|
|
0.15 |
% |
|
|
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases and |
|
0.18 |
% |
|
|
0.19 |
% |
|
|
0.20 |
% |
|
|
0.22 |
% |
|
|
0.18 |
% |
|
|
Quarter to Quarter Changes in Non-Performing Assets Balance at Beginning of Quarter |
$ |
14,171 |
|
|
$ |
16,864 |
|
|
$ |
17,881 |
|
|
$ |
17,451 |
|
|
$ |
19,300 |
|
|
|
Additions 1 |
|
1,010 |
|
|
|
2,608 |
|
|
|
959 |
|
|
|
3,522 |
|
|
|
2,209 |
|
|
|
Reductions |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Payments |
|
(2,744 |
) |
|
|
(2,631 |
) |
|
|
(804 |
) |
|
|
(1,424 |
) |
|
|
(1,212 |
) |
|
|
Return to Accrual Status |
|
(341 |
) |
|
|
(1,217 |
) |
|
|
(321 |
) |
|
|
(574 |
) |
|
|
(244 |
) |
|
|
Sales of |
|
- |
|
|
|
(120 |
) |
|
|
(216 |
) |
|
|
(1,040 |
) |
|
|
(1,492 |
) |
|
|
Charge-offs / Write-downs 1 |
|
(6 |
) |
|
|
(1,333 |
) |
|
|
(635 |
) |
|
|
(54 |
) |
|
|
(1,110 |
) |
|
|
Total Reductions |
|
(3,091 |
) |
|
|
(5,301 |
) |
|
|
(1,976 |
) |
|
|
(3,092 |
) |
|
|
(4,058 |
) |
|
|
Balance at End of Quarter |
$ |
12,090 |
|
|
$ |
14,171 |
|
|
$ |
16,864 |
|
|
$ |
17,881 |
|
|
$ |
17,451 |
|
|
|
1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period. |
||||||||||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
||||||||||||
|
Reserve for Credit Losses |
|
|
Table 12 |
|||||||||
|
|
Three Months Ended |
|||||||||||
|
(dollars in thousands) |
|
|
|
|||||||||
|
Balance at Beginning of Period |
$ |
148,403 |
|
$ |
150,051 |
|
$ |
150,649 |
|
|||
|
Loans and Leases Charged-Off |
|
|
|
|||||||||
|
Commercial |
|
|
|
|||||||||
|
Commercial and Industrial |
|
(230 |
) |
|
(1,331 |
) |
|
(1,399 |
) |
|||
|
Consumer |
|
|
|
|||||||||
|
|
|
(15 |
) |
|
— |
|
|
— |
|
|||
|
Home Equity |
|
(6 |
) |
|
(165 |
) |
|
(75 |
) |
|||
|
Automobile |
|
(1,417 |
) |
|
(1,654 |
) |
|
(1,751 |
) |
|||
|
Other |
|
(2,394 |
) |
|
(2,192 |
) |
|
(2,484 |
) |
|||
|
Total Loans and Leases Charged-Off |
|
(4,062 |
) |
|
(5,342 |
) |
|
(5,709 |
) |
|||
|
Recoveries on Loans and Leases Previously Charged-Off |
|
|
|
|||||||||
|
Commercial |
|
|
|
|||||||||
|
Commercial Mortgage |
|
1,617 |
|
|
— |
|
|
— |
|
|||
|
Commercial and Industrial |
|
53 |
|
|
92 |
|
|
77 |
|
|||
|
Consumer |
|
|
|
|||||||||
|
|
|
11 |
|
|
11 |
|
|
11 |
|
|||
|
Home Equity |
|
137 |
|
|
88 |
|
|
128 |
|
|||
|
Automobile |
|
579 |
|
|
517 |
|
|
633 |
|
|||
|
Other |
|
590 |
|
|
486 |
|
|
457 |
|
|||
|
Total Recoveries on Loans and Leases |
|
2,987 |
|
|
1,194 |
|
|
1,306 |
|
|||
|
Net Charged-Off - Loans and Leases |
|
(1,075 |
) |
|
(4,148 |
) |
|
(4,403 |
) |
|||
|
Provision for Credit Losses: |
|
|
|
|||||||||
|
Loans and Leases |
|
1,271 |
|
|
2,136 |
|
|
3,582 |
|
|||
|
Unfunded Commitments |
|
479 |
|
|
364 |
|
|
(332 |
) |
|||
|
Total Provision for Credit Losses |
|
1,750 |
|
|
2,500 |
|
|
3,250 |
|
|||
|
Balance at End of Period |
$ |
149,078 |
|
$ |
148,403 |
|
$ |
149,496 |
|
|||
|
Components |
|
|
|
|||||||||
|
Allowance for Credit Losses - Loans and Leases |
$ |
146,962 |
|
$ |
146,766 |
|
$ |
147,707 |
|
|||
|
Reserve for Unfunded Commitments |
|
2,116 |
|
|
1,637 |
|
|
1,789 |
|
|||
|
Total Reserve for Credit Losses |
$ |
149,078 |
|
$ |
148,403 |
|
$ |
149,496 |
|
|||
|
Average Loans and Leases Outstanding |
$ |
14,083,875 |
|
$ |
14,013,532 |
|
$ |
14,062,173 |
|
|||
|
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized) |
|
0.03 |
% |
|
0.12 |
% |
|
0.13 |
% |
|||
|
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1 |
|
1.04 |
% |
|
1.04 |
% |
|
1.05 |
% |
|||
|
1 The numerator comprises the Allowance for Credit Losses - Loans and Leases. |
||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
|
|
||||||||||||||||||
|
Selected Quarterly Financial Data |
|
Table 13 |
||||||||||||||||||
|
|
Three Months Ended |
|||||||||||||||||||
|
(dollars in thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Quarterly Operating Results |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Interest Income |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Interest and Fees on Loans and Leases |
$ |
164,469 |
|
|
$ |
168,234 |
|
|
$ |
169,411 |
|
|
$ |
166,779 |
|
|
$ |
163,082 |
|
|
|
Income on |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Available-for-Sale |
|
34,575 |
|
|
|
32,950 |
|
|
|
29,702 |
|
|
|
27,007 |
|
|
|
24,368 |
|
|
|
Held-to-Maturity |
|
18,541 |
|
|
|
18,929 |
|
|
|
19,332 |
|
|
|
19,835 |
|
|
|
20,291 |
|
|
|
Cash and Cash Equivalents |
|
3,329 |
|
|
|
5,936 |
|
|
|
8,195 |
|
|
|
3,817 |
|
|
|
5,460 |
|
|
|
Other |
|
1,293 |
|
|
|
1,245 |
|
|
|
1,068 |
|
|
|
1,097 |
|
|
|
1,085 |
|
|
|
Total Interest Income |
|
222,207 |
|
|
|
227,294 |
|
|
|
227,708 |
|
|
|
218,535 |
|
|
|
214,286 |
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Deposits |
|
64,886 |
|
|
|
75,477 |
|
|
|
84,590 |
|
|
|
82,476 |
|
|
|
81,692 |
|
|
|
Securities Sold Under Agreements to Repurchase |
|
486 |
|
|
|
496 |
|
|
|
496 |
|
|
|
491 |
|
|
|
744 |
|
|
|
Other Debt |
|
5,845 |
|
|
|
5,947 |
|
|
|
5,947 |
|
|
|
5,885 |
|
|
|
6,043 |
|
|
|
Total Interest Expense |
|
71,217 |
|
|
|
81,920 |
|
|
|
91,033 |
|
|
|
88,852 |
|
|
|
88,479 |
|
|
|
Net Interest Income |
|
150,990 |
|
|
|
145,374 |
|
|
|
136,675 |
|
|
|
129,683 |
|
|
|
125,807 |
|
|
|
Provision for Credit Losses |
|
1,750 |
|
|
|
2,500 |
|
|
|
2,500 |
|
|
|
3,250 |
|
|
|
3,250 |
|
|
|
Net Interest Income After Provision for Credit Losses |
|
149,240 |
|
|
|
142,874 |
|
|
|
134,175 |
|
|
|
126,433 |
|
|
|
122,557 |
|
|
|
Noninterest Income |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Trust and Asset Management |
|
12,445 |
|
|
|
12,883 |
|
|
|
12,598 |
|
|
|
12,097 |
|
|
|
11,741 |
|
|
|
Fees, Exchange, and Other Service Charges |
|
10,928 |
|
|
|
12,298 |
|
|
|
15,219 |
|
|
|
14,383 |
|
|
|
14,437 |
|
|
|
Service Charges on Deposit Accounts |
|
8,440 |
|
|
|
8,694 |
|
|
|
8,510 |
|
|
|
8,119 |
|
|
|
8,259 |
|
|
|
Bank-Owned Life Insurance |
|
4,147 |
|
|
|
3,758 |
|
|
|
3,681 |
|
|
|
3,714 |
|
|
|
3,611 |
|
|
|
Annuity and Insurance |
|
1,469 |
|
|
|
1,124 |
|
|
|
1,095 |
|
|
|
1,437 |
|
|
|
1,555 |
|
|
|
Mortgage Banking |
|
876 |
|
|
|
917 |
|
|
|
906 |
|
|
|
849 |
|
|
|
988 |
|
|
|
Investment Securities Losses, Net |
|
(1,272 |
) |
|
|
(18,717 |
) |
|
|
(1,945 |
) |
|
|
(1,126 |
) |
|
|
(1,607 |
) |
|
|
Other |
|
4,299 |
|
|
|
23,314 |
|
|
|
5,902 |
|
|
|
5,322 |
|
|
|
5,074 |
|
|
|
Total Noninterest Income |
|
41,332 |
|
|
|
44,271 |
|
|
|
45,966 |
|
|
|
44,795 |
|
|
|
44,058 |
|
|
|
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Salaries and Benefits |
|
68,457 |
|
|
|
61,675 |
|
|
|
62,905 |
|
|
|
61,308 |
|
|
|
62,884 |
|
|
|
Net Occupancy |
|
10,782 |
|
|
|
10,029 |
|
|
|
10,932 |
|
|
|
10,499 |
|
|
|
10,559 |
|
|
|
Net Equipment |
|
10,611 |
|
|
|
10,047 |
|
|
|
10,285 |
|
|
|
9,977 |
|
|
|
10,192 |
|
|
|
Data Processing |
|
5,581 |
|
|
|
5,659 |
|
|
|
5,603 |
|
|
|
5,456 |
|
|
|
5,267 |
|
|
|
Professional Fees |
|
4,226 |
|
|
|
3,682 |
|
|
|
4,022 |
|
|
|
4,263 |
|
|
|
4,264 |
|
|
|
|
|
2,719 |
|
|
|
2,378 |
|
|
|
3,508 |
|
|
|
3,640 |
|
|
|
1,642 |
|
|
|
Other |
|
13,695 |
|
|
|
16,048 |
|
|
|
15,132 |
|
|
|
15,640 |
|
|
|
15,651 |
|
|
|
Total Noninterest Expense |
|
116,071 |
|
|
|
109,518 |
|
|
|
112,387 |
|
|
|
110,783 |
|
|
|
110,459 |
|
|
|
Income Before Provision for Income Taxes |
|
74,501 |
|
|
|
77,627 |
|
|
|
67,754 |
|
|
|
60,445 |
|
|
|
56,156 |
|
|
|
Provision for Income Taxes |
|
17,069 |
|
|
|
16,692 |
|
|
|
14,409 |
|
|
|
12,808 |
|
|
|
12,171 |
|
|
|
Net Income |
$ |
57,432 |
|
|
$ |
60,935 |
|
|
$ |
53,345 |
|
|
$ |
47,637 |
|
|
$ |
43,985 |
|
|
|
Preferred Stock Dividends |
|
5,269 |
|
|
|
5,269 |
|
|
|
5,269 |
|
|
|
5,269 |
|
|
|
5,269 |
|
|
|
Net Income Available to Common Shareholders |
$ |
52,163 |
|
|
$ |
55,666 |
|
|
$ |
48,076 |
|
|
$ |
42,368 |
|
|
$ |
38,716 |
|
|
|
Basic Earnings Per Common Share |
$ |
1.32 |
|
|
$ |
1.40 |
|
|
$ |
1.21 |
|
|
$ |
1.07 |
|
|
$ |
0.98 |
|
|
|
Diluted Earnings Per Common Share |
$ |
1.30 |
|
|
$ |
1.39 |
|
|
$ |
1.20 |
|
|
$ |
1.06 |
|
|
$ |
0.97 |
|
|
|
Balance Sheet Totals |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Loans and Leases |
$ |
14,192,811 |
|
|
$ |
14,082,050 |
|
|
$ |
14,021,579 |
|
|
$ |
14,002,178 |
|
|
$ |
14,115,323 |
|
|
|
Total Assets |
|
23,909,933 |
|
|
|
24,176,364 |
|
|
|
24,014,609 |
|
|
|
23,709,752 |
|
|
|
23,885,056 |
|
|
|
Total Deposits |
|
20,957,930 |
|
|
|
21,188,495 |
|
|
|
21,080,669 |
|
|
|
20,798,914 |
|
|
|
21,008,217 |
|
|
|
Total Shareholders' Equity |
|
1,854,563 |
|
|
|
1,851,212 |
|
|
|
1,791,183 |
|
|
|
1,743,107 |
|
|
|
1,704,935 |
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|||||||||||
|
Return on Average Assets |
|
0.97 |
% |
|
|
1.01 |
% |
|
|
0.88 |
% |
|
|
0.81 |
% |
|
|
0.75 |
% |
|
|
Return on Average Shareholders' Equity |
|
12.47 |
|
|
|
13.33 |
|
|
|
12.10 |
|
|
|
11.21 |
|
|
|
10.65 |
|
|
|
Return on Average Common Equity |
|
13.90 |
|
|
|
15.03 |
|
|
|
13.59 |
|
|
|
12.50 |
|
|
|
11.80 |
|
|
|
Efficiency Ratio 1 |
|
60.35 |
|
|
|
57.75 |
|
|
|
61.53 |
|
|
|
63.49 |
|
|
|
65.03 |
|
|
|
Net Interest Margin 2 |
|
2.74 |
|
|
|
2.61 |
|
|
|
2.46 |
|
|
|
2.39 |
|
|
|
2.32 |
|
|
|
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
|
||||||||||||||||||||
|
Bank of Hawai‘i Corporation and Subsidiaries |
|||||||||||||||||
|
Hawaii Economic Trends |
|
|
|
|
|
|
|
|
|
|
Table 14 |
||||||
|
|
|
|
Year Ended |
||||||||||||||
|
(dollars in millions, jobs in thousands, 1-year percentage change) |
|
|
|
|
|
||||||||||||
|
Hawaii Economic Trends |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
General Excise and Use Tax Revenue 1 |
889.1 |
|
4.1 |
% |
|
4,773.4 |
|
|
6.2 |
% |
|
4,495.0 |
|
|
0.5 |
% |
|
|
Jobs 2 |
672.7 |
|
|
|
672.9 |
|
|
|
|
669.0 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
2026 |
|
2025 |
|
2024 |
||||||
|
Unemployment, seasonally adjusted 2 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Statewide |
|
|
|
|
|
|
2.6 |
% |
|
2.6 |
% |
|
3.0 |
% |
|||
|
|
|
|
|
|
|
|
2.6 |
|
|
2.5 |
|
|
2.9 |
|
|||
|
|
|
|
|
|
|
|
2.9 |
|
|
3.1 |
|
|
3.5 |
|
|||
|
|
|
|
|
|
|
|
2.9 |
|
|
2.9 |
|
|
3.6 |
|
|||
|
|
|
|
|
|
|
|
2.0 |
|
|
2.7 |
|
|
3.0 |
|
|||
|
|
|
|
|
|
|
|
|
||||||||||
|
(1-year percentage change, except months of inventory) |
|
|
|
2026 |
|
2025 |
|
2024 |
|
2023 |
|||||||
|
Housing Trends (Single Family Oahu) 3 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Median Home Price |
|
|
|
|
0.9 |
% |
|
3.5 |
% |
|
4.8 |
% |
|
(5.0 |
)% |
||
|
Home Sales Volume (units) |
|
|
|
|
2.2 |
% |
|
3.5 |
% |
|
9.1 |
% |
|
(26.3 |
)% |
||
|
Months of Inventory |
|
|
|
|
2.8 |
|
|
2.6 |
|
|
2.9 |
|
|
2.8 |
|
||
|
(in thousands, except percentage change) |
|
Monthly Visitor Arrivals,
|
|
Percentage Change
|
|
|
Tourism 4 |
|
|
|
|
|
|
|
|
760.8 |
|
2.9 |
% |
|
|
|
858.7 |
|
11.1 |
|
|
|
|
850.3 |
|
(4.4 |
) |
|
|
|
728.1 |
|
(3.7 |
) |
|
|
|
727.2 |
|
(1.2 |
) |
|
|
|
674.9 |
|
(2.2 |
) |
|
|
|
806.8 |
|
(2.6 |
) |
|
|
|
870.8 |
|
(4.6 |
) |
|
|
|
855.7 |
|
(1.9 |
) |
|
|
|
766.4 |
|
1.1 |
|
|
|
|
810.3 |
|
9.4 |
|
|
|
|
890.0 |
|
2.8 |
|
|
|
|
739.7 |
|
(1.7 |
) |
|
|
|
773.1 |
|
3.7 |
|
|
|
|
889.6 |
|
5.0 |
|
|
|
|
755.8 |
|
4.8 |
|
|
|
|
736.1 |
|
5.1 |
|
|
|
|
690.2 |
|
6.5 |
|
|
|
|
828.3 |
|
8.1 |
|
|
|
|
912.8 |
|
(1.9 |
) |
|
|
|
872.6 |
|
(1.5 |
) |
|
|
|
757.8 |
|
(4.1 |
) |
|
|
|
740.7 |
|
(8.1 |
) |
|
|
|
865.8 |
|
(3.0 |
) |
|
|
|
752.7 |
|
2.6 |
|
|
1 Source: Hawaii |
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260420410662/en/
Media Inquiries
Email: Melissa.Torres-Laing@boh.com
Phone: 808-694-8384
Mobile: 808-859-1703
Investor/Analyst Inquiries
Email: Chang.Park@boh.com
Phone: 808-694-8238
Email: Patricia.Lam@boh.com
Phone: 808-694-8575
Source: Bank of Hawai‘i Corporation