Bank of Hawaii reports Q2 EPS $1.12, consensus $1.12

Reports Q2 net loan and lease charge-offs $1.4M or 4 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the Q2 of 2023 were comprised of charge-offs of $3.5M partially offset by recoveries of $2.1M.”Bank of Hawai’i delivered solid financial results in the Q2,” said Peter Ho, Chairman, President, and CEO. “Our brand strength, built through 125 years of building lasting and long-standing relationships with the consumers, businesses and municipalities of Hawai’i, helped us deliver yet another quarter of stable deposit performance. Total deposits were up modestly from a quarter ago. We also added additional liquidity to the balance sheet with cash and other immediately available borrowing lines growing to $8.5B at quarter end. Loans grew 0.7% with growth coming from both our consumer and commercial businesses. Credit quality remained pristine with non-performing assets of 0.08% at quarter end and net charge offs of 0.04% in the quarter. CRE loans and office CRE loans were 27.3% and 2.7% of total loans at quarter end with both categories having weighted average LTVs of 56%. Scheduled maturities for CRE loans and office CRE loans total 10% and 3% respectively through 2024. Finally, our capital position improved in the quarter, as measured by CET 1, Tier 1 Capital, Total Capital and Tier 1 Leverage.”