Bank of Hawaii(US:BOH)2024-10-28 17:30Financial Performance - Diluted earnings per common share for Q3 2024 were $0.93, up 14.8% from the linked quarter but down 20.5% year-over-year[1]. - Net income for Q3 2024 was $40.4 million, an increase of 18.4% from the linked quarter but a decrease of 15.8% from the same period last year[1]. - Net income for the three months ended September 30, 2024, was $40,358, compared to $34,083 in the previous quarter, reflecting a 18.5% increase[24]. - Net income for the three months ended September 30, 2024, was $40,358,000, down 15.7% from $47,903,000 in the same period last year[26]. - Comprehensive income for the three months ended September 30, 2024, was $79,359,000, compared to $29,723,000 in the same period last year, reflecting a significant increase[27]. Income and Expenses - Net interest income was $117.6 million, a 2.4% increase from the linked quarter but a 2.7% decrease year-over-year[3]. - Noninterest income reached $45.1 million, up 7.2% from the linked quarter but down 10.4% year-over-year[6]. - Total noninterest income rose to $45,110, up from $42,087 in the previous quarter[24]. - Total noninterest expense for the three months ended September 30, 2024, was $107,092,000, slightly down from $105,601,000 in the same period last year[26]. - Total interest income for the quarter ended September 2024 was $220,648,000, an increase from $213,530,000 in the previous quarter[49]. Assets and Liabilities - Total assets were $23.8 billion, reflecting a 2.1% increase from the linked quarter and a 1.1% increase year-over-year[13]. - Total assets as of September 30, 2024, were $23,799,174, an increase from $23,300,768 at the end of the previous quarter[25]. - Total liabilities stood at $22,133,700 thousand, an increase from $21,687,919 thousand in the previous quarter, representing a rise of 2.04%[28]. - Total deposits amounted to $21.0 billion, a 2.8% increase from the linked quarter and a 0.8% increase year-over-year[16]. - Total deposits as of September 30, 2024, reached $20,978,322, an increase from $20,408,502 on June 30, 2024, representing a growth of 2.8%[39]. Capital Ratios - The Tier 1 Capital Ratio was 14.05%, up from 13.96% in the linked quarter and significantly up from 12.53% year-over-year[17]. - The Tier 1 capital ratio as of September 30, 2024, was 14.05%, up from 13.96% in the previous quarter[25]. - Shareholders' equity increased to $1,665,474 from $1,612,849 in the previous quarter[25]. - Shareholders' equity rose to $1,621.9 million, indicating a strong capital position[30]. Credit Quality - Non-performing assets totaled $19.8 million, an increase of $4.6 million from the linked quarter and $8.3 million from the same period last year[10]. - Non-performing assets increased to $19,781 from $15,179 in the previous quarter[24]. - The provision for credit losses increased to $3,000 for the quarter, compared to $2,400 in the previous quarter[24]. - The ratio of non-performing assets to total loans and leases was 0.14% as of September 30, 2024, up from 0.11% in the previous quarter[42]. - The net charged-off loans and leases for the three months ended September 30, 2024, totaled $3,830 thousand, compared to $2,049 thousand in the same period of 2023, indicating an increase of 87%[43]. Yield and Margin - The average yield on loans and leases was 4.82%, up 6 basis points from the linked quarter and up 48 basis points year-over-year[5]. - The net interest margin for the nine months ended September 30, 2024, was 3.98%, compared to 3.57% for the same period in 2023, showing an improvement of 41 basis points[31]. - The interest rate spread was reported at 1.47% for the current quarter[30]. Dividends - The company declared dividends of $0.70 per common share for the three months ended September 30, 2024, consistent with the previous quarter[26]. - Cash dividends declared for common stock were $84,209 thousand, maintaining a consistent dividend policy at $2.10 per share[29]. Visitor Arrivals and Market Trends - Monthly visitor arrivals in August 2024 reached 819.2 thousand, reflecting a 6.9% increase from the previous year[51]. - Home sales volume rose by 5.8% year-over-year, but saw a significant decline of 26.3% from the previous quarter[51]. - The median home price increased by 4.8% compared to the previous year, while it decreased by 5.0% from the previous quarter[51].