Bank of Hawaii (BOH) exceeded earnings estimates in the second quarter of 2024 but saw a decline in net income and revenues. While the company’s NIM improved, higher expenses and a drop in loan and deposit balances were offsetting factors. Credit quality remained mixed, but capital ratios improved. Although the company anticipates a stable or slightly higher NIM in the third quarter, overall estimates for Bank of Hawaii have trended downwards, resulting in a Zacks Rank #4 (Sell).
Bank of Hawaii Corporation (BOH) released its financial results for the first quarter of 2024 on Monday, reporting earnings per share of 87 cents, in line with market estimates. However, the company’s quarterly revenue missed expectations, coming in at $156.22 million instead of the anticipated $160.21 million. Bank of Hawaii’s Chairman, President, and CEO Peter Ho commented, “Bank of Hawai’i’s financial performance was solid for the first quarter of 2024. Credit quality remained excellent, with non-performing assets at 0.09% and net charge offs at 0.07%.” Despite these positive indicators, Bank of Hawaii’s shares fell slightly in the following trading session, closing 0.2% lower at $58.33.
