Bank of Hawaii reports Q2 EPS 81c, consensus 86c

Reports Q2 provision for credit losses was $2.4M vs. $2.0M in the previous quarter and $2.5M in the same quarter of 2023. Tier 1 Capital Ratio was 13.99% at June 30, 2024 compared with 12.74% at March 31, 2024 and 12.21% at June 30, 2023. Tangible book value was $1.12 from $30.83 at previous quarter end. “Bank of Hawai’i delivered strong financial results in Q2 2024,” said Peter Ho, CEO. “Credit quality remained exceptional with non-performing assets of 0.11% at quarter end and net charge-offs of 0.10% during the quarter. Our net interest margin increased by 4 basis points as we continued to benefit from cashflows repricing. Our core noninterest income remained steady while core noninterest expense increased by 2.0%. Average deposits were down by 0.9% and average loans were down modestly. Finally, we successfully closed a preferred stock offering in late June, strengthening our already strong capital levels.”