Bank of Hawaii(US:BOH)2025-01-27 17:30Earnings and Net Income - Diluted earnings per common share for the full year 2024 was $3.46, down from $4.14 in 2023, with net income of $150.0 million, a 12.4% decrease year-over-year[2] - Net income for Q4 2024 was $39.2 million, down 3.0% from the linked quarter but up 28.8% from the same period last year[3] - Net Income for Q4 2024 reached $39.16 million, up from $30.40 million in Q4 2023[27] - Net income for the year ended December 31, 2024, was $149.994 million, compared to $171.202 million in 2023[29] - Net Income for 2023 was $171.2 million, compared to $149.994 million in 2024[32] - Net Income for Q4 2024 rose to $39.16 million, compared to $30.40 million in Q4 2023[46] Net Interest Income and Margin - Net interest income for Q4 2024 was $120.2 million, up 2.2% from the linked quarter and 3.8% year-over-year[4] - Net interest margin for Q4 2024 was 2.19%, up 1 basis point from the linked quarter and 6 basis points year-over-year[5] - Net Interest Income for Q4 2024 increased to $120.18 million, up from $115.79 million in Q4 2023[27] - Net interest income for the year ended December 31, 2024, was $466.580 million, compared to $497.025 million in 2023[29] - Net Interest Income rose to $121.5 million in Q4 2024, compared to $118.7 million in Q3 2024 and $116.4 million in Q4 2023[33] - Net Interest Margin improved to 2.19% in Q4 2024, compared to 2.18% in Q3 2024 and 2.13% in Q4 2023[33] - Net interest income declined to $470.4 million in 2024 from $499.0 million in 2023, with a net interest margin of 2.16% compared to 2.24% in 2023[35] - Net Interest Income for Q4 2024 increased to $120.18 million, up from $115.79 million in Q4 2023[46] - Net Interest Margin for Q4 2024 improved to 2.19%, up from 2.13% in Q4 2023[48] Assets and Liabilities - Total assets at year-end 2024 were $23.6 billion, a 0.8% decrease from Q3 2024 and a 0.6% decrease year-over-year[14] - Total loans and leases at year-end 2024 were $14.1 billion, up 1.1% from Q3 2024 and 0.8% year-over-year[16] - Total deposits at year-end 2024 were $20.6 billion, down 1.6% from Q3 2024 and 2.0% year-over-year[17] - Total assets as of December 31, 2024, were $23.601 billion, compared to $23.733 billion in 2023[31] - Loans and leases as of December 31, 2024, were $14.076 billion, compared to $13.965 billion in 2023[31] - Total Earning Assets increased to $22,125.6 million in Q4 2024, up from $21,756.5 million in Q3 2024 and $21,801.9 million in Q4 2023[33] - Total Loans and Leases reached $13,964.7 million in Q4 2024, slightly up from $13,810.0 million in Q3 2024 and $13,906.1 million in Q4 2023[33] - Interest-Bearing Deposits totaled $15,450.8 million in Q4 2024, up from $15,187.2 million in Q3 2024 and $15,008.3 million in Q4 2023[33] - Total Investment Securities stood at $7,307.0 million in Q4 2024, slightly up from $7,211.7 million in Q3 2024 and $7,412.7 million in Q4 2023[33] - Total Interest-Bearing Liabilities were $16,109.3 million in Q4 2024, up from $15,847.8 million in Q3 2024 and $15,719.0 million in Q4 2023[33] - Total Assets as of December 31, 2024, decreased to $23.60 billion from $23.73 billion in 2023[46] - Total Deposits as of December 31, 2024, decreased to $20.63 billion from $21.06 billion in 2023[48] Capital and Equity - Tier 1 Capital Ratio at year-end 2024 was 13.95%, compared to 14.05% in Q3 2024 and 12.56% year-over-year[19] - Common Equity Tier 1 Capital Ratio for Q4 2024 was 11.59%, up from 11.33% in Q4 2023[27] - Tangible Common Equity to Tangible Assets ratio for Q4 2024 was 5.48%, compared to 5.07% in Q4 2023[28] - Total Shareholders' Equity to Total Assets ratio for Q4 2024 was 7.07%, up from 5.96% in Q4 2023[28] - Total Shareholders' Equity increased from $1.316995 billion in 2022 to $1.414242 billion in 2023 and further to $1.667774 billion in 2024[32] - Shareholders' Equity increased to $1,654.2 million in Q4 2024, up from $1,621.9 million in Q3 2024 and $1,360.6 million in Q4 2023[33] Dividends and Shareholder Returns - The Board of Directors declared a quarterly cash dividend of $0.70 per common share, payable on March 14, 2025[20] - Cash Dividends Declared for Common Stock remained consistent at $2.80 per share, totaling $111.795 million in 2023 and $112.313 million in 2024[32] - Cash Dividends Declared for Preferred Stock increased from $7.877 million in 2023 to $12.644 million in 2024[32] - Preferred Stock Issued in 2024 amounted to $160.614 million[32] Non-Performing Assets and Credit Quality - Non-performing assets at year-end 2024 were $19.3 million, down $0.5 million from Q3 2024 but up $7.6 million year-over-year[11] - Non-Performing Assets increased to $19.30 million in Q4 2024 from $11.75 million in Q4 2023[27] - Provision for Credit Losses in Q4 2024 was $3.75 million, higher than $2.50 million in Q4 2023[46] Employee and Compensation Metrics - Full-Time Equivalent Employees decreased to 1,865 in Q4 2024 from 1,899 in Q4 2023[27] - Total salaries and benefits for 2024 were $232.6 million, slightly lower than the $234.1 million in 2023, with medical, dental, and life insurance costs increasing to $14.9 million from $12.8 million[40] Loan and Deposit Portfolio - The loan and lease portfolio grew to $14.08 billion in December 2024, up from $13.97 billion in December 2023, with commercial loans increasing to $6.13 billion from $5.78 billion[41] - Consumer deposits remained stable at $10.40 billion in December 2024, compared to $10.32 billion in December 2023, while commercial deposits decreased to $8.30 billion from $8.60 billion[42] - Average deposits for the three months ended December 2024 were $20.76 billion, slightly higher than the $20.70 billion in the same period of 2023, with consumer deposits averaging $10.33 billion[43] Interest Income and Expense - Total interest income for the year ended December 31, 2024, was $863.751 million, up from $810.375 million in 2023[29] - Total Interest Income for Q4 2024 was $219.22 million, compared to $210.35 million in Q4 2023[48] - Interest expense rose by $83.8 million in 2024, largely due to a $118.0 million increase in interest-bearing deposits, with savings accounts contributing $72.3 million[39] - Total change in interest income for Q4 2024 compared to Q4 2023 was $9.5 million, with $7.1 million from volume and $2.4 million from rate changes[38] - Total change in interest expense for Q4 2024 compared to Q4 2023 was $4.4 million, with $3.5 million from volume and $0.9 million from rate changes[38] - Interest-bearing deposits contributed $5.0 million to the change in interest expense for Q4 2024 compared to Q4 2023, with $4.1 million from volume and $0.9 million from rate changes[38] Efficiency and Performance Ratios - Return on Average Assets for Q4 2024 was 0.66%, compared to 0.51% in Q4 2023[27] - Efficiency Ratio for Q4 2024 improved to 66.12%, down from 73.36% in Q4 2023[48] Comprehensive Income and Other Metrics - Comprehensive income for the year ended December 31, 2024, was $203.293 million, down from $209.172 million in 2023[30] - Other Comprehensive Income increased from $37.97 million in 2023 to $53.299 million in 2024[32] - Share-Based Compensation decreased from $15.656 million in 2023 to $14.444 million in 2024[32] - Common Stock Repurchased decreased from $14.29 million in 2023 to $5.302 million in 2024[32]