Bank of Hawaii Corporation (BOH) reported in-line earnings per share of 87 cents for the first quarter of 2024, meeting market expectations. However, the company’s quarterly sales of $156.22 million fell short of the anticipated $160.21 million, according to Benzinga Pro data. Bank of Hawaii’s Chairman, President, and CEO Peter Ho praised the company’s solid financial performance, particularly its excellent credit quality with non-performing assets of 0.09% and net charge offs of 0.07%. Ho noted a modest decline in net interest margin by 2 basis points, while core noninterest income and noninterest expense remained stable. Average loan growth was steady, while average deposits declined slightly due to lower public deposits and the winding down of deposits related to the Lahaina fire. Ho highlighted improvements in key capital ratios as the company continues to build capital on its balance sheet. Despite the positive financial results, Bank of Hawaii shares experienced a slight decline in the subsequent trading session, closing 0.2% lower at $58.33. Several analysts adjusted their price targets for Bank of Hawaii following the earnings announcement. Piper Sandler lowered its target from $65 to $60, maintaining a Neutral rating. Keefe, Bruyette & Woods raised its target from $55 to $58 but maintained an Underperform rating. Barclays reduced its target from $51 to $50 and retained an Underweight rating.
Bank of Hawaii Reports In-Line Q1 Earnings, Shares Fall Slightly
