Bank of Hawai‘i Corporation Reports Third Quarter 2024 Financial Results
Bank of Hawai‘i Corporation (NYSE: BOH) has disclosed its financial outcomes for the third quarter of 2024. Below is a detailed overview of the key financial metrics, segment performances, and other operational updates from the earnings release.
Key Financial Metrics
| Metric | Q3 2024 | QoQ Change | YoY Change | Consensus Estimates |
|---|---|---|---|---|
| Diluted Earnings Per Share | $0.93 | +14.8% | -20.5% | $0.82 |
| Net Income | $40.4M | +18.4% | -15.8% | - |
| Net Interest Margin | 2.18% | +3 bps | +5 bps | - |
Bank of Hawai‘i saw a positive QoQ growth in both revenue and earnings, but earnings were down compared to the same period last year. The company exceeded Wall Street EPS expectations, seeing an increase due to improved net interest income and noninterest income while managing expenses effectively.
Revenue Breakdown by Segment
Due to limited provided data, a detailed segment revenue breakdown was unavailable. However, overall income was positively impacted by increased trust and asset management income, fees, exchange activities, and other service charges.
Key Developments and Operational Highlights
- Dividend Declaration : A $0.70 per common share dividend was announced, payable on December 13, 2024.
- Board Announcements : Declared dividends for preferred stocks at $10.94 and $20.00 per share for Series A and B, respectively.
- Asset Quality : Credit quality remains robust with a minimal increase in non-performing assets to $19.8 million.
- Liquidity Position : Readily available liquidity stood strong at $10.6 billion.
Comments from Company Officers
Peter Ho, Chairman and CEO, emphasized improved net interest and noninterest incomes, praising the stabilization in loan and deposit performances alongside excellent credit quality.
Dividend and Share Repurchase Program
A dividend of $0.70 per common share has been declared. There were no new common stock repurchases in the recent quarter, leaving a remaining buyback authority of $126 million under the program.
Forward Guidance
No specific forward guidance was provided in the release, suggesting a cautious outlook amid uncertain economic conditions.
Stock Price Movement
Following the earnings report, Bank of Hawai‘i’s stock experienced a slight dip, decreasing by approximately 0.96%.
Bank of Hawai‘i Corporation continues to display resilient financial health with steady asset quality and liquidity, underpinned by strategic management of revenues and expenses despite a challenging macroeconomic environment.
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