Q3 2024 Bank of Hawaii Corp Earnings Call Transcript
Key Points
- Bank of Hawaii Corp (BOH) reported an increase in net income and diluted earnings per share for the third quarter of 2024.
- Net interest income and net interest margin expanded for the second consecutive quarter.
- The company maintained its top deposit market share position in Hawaii for 2024.
- Credit quality remains strong with low net charge-offs and stable non-performing assets.
- Capital levels improved across all measures, with a Tier 1 capital ratio of 14.05% and a total capital ratio of 15.11%.
- Loan growth has slowed due to suppressed demand from the high rate environment.
- Deposit mix shift negatively impacted net interest income by $2.6 million in the third quarter.
- Non-interest bearing and low-yield interest bearing deposit balances declined by $315 million linked quarter.
- Criticized assets grew slightly, reaching 2.42% at quarter end.
- The company expects a one-time charge of $2.3 million related to the Visa Class B conversion ratio change in the fourth quarter.
Good day and thank you for standing by. Welcome to the Bank of Hawaii Corporation Third Quarter 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Chang Park, Senior Vice President, Investor Relations Director. Please go ahead.
Good morning and good afternoon. Thank you for joining us today for our third quarter 2024 earnings conference call. Joining me today is our Chairman and CEO, Peter Ho; CFO, Dean Shigemura; Chief Risk Officer, Brad Shairson; and our Deputy CFO, Brad Satenberg.
Before we get started, let me remind you that today's conference call will contain some forward-looking statements. And while we believe our assumptions are reasonable, there are a variety of reasons that the actual results may differ materially from those projected. During the call this morning, we'll be referencing our slide presentation as well as the earnings release. Both of
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