Bank of Hawaii (BOH) Reports Third Quarter 2024 Financial Results
Bank of Hawaii Corporation (NYSE: BOH) has released its financial results for the third quarter of 2024, showcasing several key metrics and developments:
Key Financial Metrics
| Metric | Q3 2024 | Q2 2024 | Q3 2023 | YoY Change | QoQ Change |
|---|---|---|---|---|---|
| Diluted EPS | $0.93 | $0.81 | $1.17 | Down 20.5% | Up 14.8% |
| Net Income | $40.4 million | $34.1 million | $48.0 million | Down 15.8% | Up 18.4% |
The company reported a diluted earnings per share (EPS) of $0.93, representing a 14.8% increase from the prior quarter but a 20.5% decrease compared to the same quarter last year. The net income rose by 18.4% quarter-over-quarter but fell by 15.8% year-over-year. These results indicate an improvement from recent quarters, reflecting increased operational efficiencies and income streams, despite a somewhat challenging year-over-year comparison.
Revenue Performance by Segment
| Segment | Q3 2024 | Guidance Comparison |
|---|---|---|
| Net Interest Income | $117.6 million | Improvement noted |
| Noninterest Income | $45.1 million | Consistent with trends |
The bank achieved a slight increase in net interest income quarter-over-quarter, fueled by positive shifts in interest-bearing liabilities and asset yields. Noninterest income also showed a quarterly increase, primarily due to enhanced service charges and asset management income. However, year-over-year segments faced pressure due to past extraordinary gains.
Key Developments and Operational Highlights
- Asset Quality: Non-performing assets increased from the last quarter but remained manageable.
- Deposits and Loans: Total deposits rose to $21.0 billion, while total loans and leases were stable at $13.9 billion.
- Capital Ratios: The Tier 1 Capital Ratio improved to 14.05% from the previous quarter.
Officer Comments and Business Updates
Peter Ho, Chairman and CEO, commented, 'We are pleased to report improved net interest and noninterest income alongside controlled expenses and steady loan and deposit performance. Credit quality remained excellent.'
Dividends and Share Repurchase Program
The Board declared a quarterly dividend of $0.70 per common share, payable on December 13, 2024. No shares were repurchased under the share repurchase program in the third quarter, leaving $126.0 million in buyback authority.
Forward Guidance
While specific forward guidance figures were not provided, the report noted the bank's commitment to maintaining its current operational strength and strategic focus.
Stock Price Movement
Following the earnings announcement, Bank of Hawaii's stock experienced a positive price movement of approximately 9.56%.
Overall, Bank of Hawaii's third quarter 2024 demonstrates a robust operational performance with steady improvements in key financial areas, amid continuing strategic adjustments and focus on asset quality management.
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