Bank of Hawaii reports Q1 EPS , consensus 87c

Q1 provision for credit losses was $2.0M vs. $2.5M in the previous quarter and $2.0M in the same quarter of 2023. Tier 1 Capital Ratio was 12.74% at March 31, 2024 compared with 12.56% at December 31, 2023 and 12.10% at March 31, 2023. Tangible book value was $30.83 from $30.25 at previous quarter end. “Bank of Hawai’i’s financial performance was solid for the first quarter of 2024,” said Peter Ho, CEO. “Credit quality, our hallmark, remained excellent with non-performing assets of 0.09% at quarter end and net charge offs of 0.07% during the quarter. Our net interest margin declined marginally by 2 basis points, while our core noninterest income and noninterest expense remained steady. Average loan growth was steady. Average deposits were down modestly, largely related to lower public deposits and the run-off of Lahaina fire related deposits which ran up in the prior quarter and spent down in Q1. All key capital ratios improved in the quarter as we continue to grow capital on the balance sheet.”