Bank of Hawaii Corporation reported a net income of $150.0 million for the fiscal year ending December 31, 2024, reflecting a decrease of 12% from the previous year's net income of $171.2 million. The diluted earnings per share also fell to $3.46, down from $4.14 in 2023. The company's return on average assets was 0.64%, a decline of 7 basis points from the prior year, while the return on average shareholders' equity decreased to 9.78% from 12.63%. The decrease in profitability was attributed to higher funding costs and a reduction in net interest income, which totaled $466.6 million, down 6% from $497.0 million in 2023.
In terms of operational metrics, total loans and leases increased by 1% to $14.1 billion, while total deposits decreased by 2% to $20.6 billion. The allowance for credit losses on loans and leases rose to $148.5 million, representing 1.06% of total loans and leases, compared to $146.4 million or 1.05% in the previous year. The company reported non-performing assets of $19.3 million, an increase from $11.7 million in 2023, with the ratio of non-performing assets to total loans and leases at 0.14%, up 6 basis points from the prior year.
Strategically, Bank of Hawaii continued to focus on enhancing its capital position, with total shareholders' equity increasing by 18% to $1.7 billion, primarily due to the issuance of Series B Preferred Stock. The company declared a quarterly cash dividend of $0.70 per share, payable on March 14, 2025. Additionally, the bank's capital ratios remained strong, with a Common Equity Tier 1 Capital Ratio of 11.59%, well above the regulatory minimum of 6.5%.
Looking ahead, Bank of Hawaii anticipates moderate growth in visitor arrivals and spending in Hawaii, which is expected to positively impact its financial performance. The company is also closely monitoring the ongoing recovery efforts in Maui following the wildfires in August 2023, which have affected local economic conditions. Management remains committed to maintaining a strong liquidity position and prudent risk management strategies to navigate potential economic challenges.
About BANK OF HAWAII CORP
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.