Bank of Hawaii Surpasses Q3 Expectations, Net Income Rises

HONOLULU - Bank of Hawaii Company (NYSE: BOH) announced third-quarter earnings that exceeded analysts' expectations. Net income rose by 18.4% compared to the previous quarter.
The bank reported net income of $40.4 million, or $0.93 per diluted share, for the third quarter of 2024. This is higher than the analysts’ projected earnings of $0.82 per share. Revenue came in at $162.73 million, also surpassing the consensus estimate of $160.3 million.
Net interest income increased by 2.4% quarter-over-quarter to $117.6 million, thanks to higher asset yields and balances. The net interest margin expanded by 3 basis points from the second quarter to 2.18%.
Chairman and CEO Peter Ho stated, "We are pleased to report improved net interest income and non-interest income, alongside controlled expenses and stable loan and deposit performance for the third quarter of 2024."
Total loans and leases increased by 0.6% from the previous quarter to $13.9 billion. Total deposits rose by 2.8% to $21.0 billion.
The bank maintained strong capital levels, with the Tier 1 capital ratio increasing from 13.96% in the second quarter to 14.05%.
Bank of Hawaii announced a quarterly cash dividend of $0.70 per share to be paid on December 13, 2024, to shareholders of record as of November 29, 2024.