Bank of Hawaii reports Q1 EPS $1.14, consensus $1.23

Q1 NII was $136.0M, a decrease of 3.4% from the previous quarter and an increase of 8.5% from the same quarter of 2022. Q1 net interest margin was 2.47%, a decrease of 13 basis points from the previous quarter and an increase of 13 basis points from the same quarter of 2022. "Amidst a challenging macro environmental backdrop, Bank of Hawai’i delivered solid operating performance in the first quarter of 2023," said CEO Peter Ho. "Average deposits grew 0.4% in Q1 and were essentially flat from a year ago. Spot deposit balances were down 0.6% from the prior quarter and down 1.1% from the prior year. Deposit costs, while rising, continue to show the benefits of our unique Hawai’i deposit base which is diversified and long tenured. Loans grew 1.3% on a linked quarter basis with growth across both our consumer and commercial portfolios. Credit quality remains excellent. Non-performing assets were lower on both a linked quarter and year on year basis. Annualized net charge-offs were 0.08% during the quarter."