Bank of Hawaii reports Q4 EPS 72c with charge, consensus $1.00

An industry-wide FDIC Special Assessment resulted in a $14.7M charge in the fourth quarter of 2023 which negatively impacted diluted earnings per common share by 29c. Net interest margin was 2.13% in the fourth quarter of 2023, unchanged from the previous quarter and a decrease of 47 basis points from the same quarter of 2022. Net interest margin in the fourth quarter of 2023 was negatively impacted by higher funding costs, partially offset by higher earning asset yields. “Bank of Hawai’i managed through a challenging economic environment in 2023 and delivered strong financial results,” said Peter Ho, Chairman, President, and CEO. “Over the past year, we have demonstrated the resilience of our brand, deposit base and distinct business model. Total deposits were up 2.1% from the prior year and our credit quality remained excellent with non-performing assets of 0.08% at quarter end and net charge offs of 0.05% in the quarter. Our noninterest income held steady and we continued to demonstrate disciplined expense management. We focused on strengthening our balance sheet during the year and we are well positioned to deliver strong results in 2024.”