Bank Of Hawaii Q3: Earnings Beat, Total Deposits Up 1.4% Sequentially & More

Bank Of Hawaii Corp BOH reported third-quarter FY23 revenues of $171.27 million, beating the analyst consensus estimate of $160.74 million.

Quarterly EPS of $1.17 beat the analyst consensus of $0.97.

Total deposits were $20.8 billion as of September 30, 2023, an increase of 1.4% from June 30, 2023, and a decrease of 0.4% from September 30, 2022.

Net interest income was $120.9 million, a decrease of 2.7% Q/Q and 14.6% Y/Y. The reduction in net interest income was primarily due to higher funding costs, partially offset by higher earning asset yields.

Net interest margin was 2.13%, a decrease of 9 basis points from the prior quarter and 47 basis points from the same quarter of 2022. 

Noninterest income was $50.3 million, up 16.4% from the previous quarter and an increase of 64.2% from the same period in 2022.

The average yield on loans and leases was 4.34%, up 15 basis points from the prior quarter and up 85 basis points Y/Y.

Provision for credit losses for the third quarter was $2.0 million compared with $2.5 million in the previous quarter. The company had no provision for credit loss in the third quarter of 2022.

The Tier 1 Capital Ratio was 12.53% at September 30, 2023, compared with 12.21% at June 30, 2023, and 12.72% at September 30, 2022. 

Total remaining buyback authority under the share repurchase program was $126.0 million on September 30, 2023. No shares of common stock were repurchased in the third quarter of 2023.

Dividend: The Board of Directors declared a dividend of $0.70, payable on December 14, 2023, to shareholders of record at the close of business on November 30, 2023.

Price Action: BOH shares traded higher by 6.30% at $48.57 on the last check Monday.