Q2 2024 Bank of Hawaii Corp Earnings Call Transcript
Key Points
- Net interest margin and net interest income advanced for the first time in several quarters.
- Credit quality remains strong with a pristine loan portfolio.
- Capital levels significantly improved due to a successful $165 million preferred capital raise.
- Stable deposit levels with non-interest bearing deposits stabilizing at $5.3 billion.
- Hawaiian economy continues to outperform the broader market with stable job conditions and improving visitor spending.
- Visitor market impacted by the tragic fires, with visitor spending and arrivals down in May year-over-year.
- Non-interest income slightly down by $200,000 from the first quarter.
- Expenses increased due to a $2.6 million one-time FDIC special assessment and $800,000 in severance expenses.
- Net income and earnings per common share decreased from the previous quarter.
- Continued pressure on deposit mix and pricing, resulting in slightly higher overall deposit costs.
Good day, and thank you for standing by. Welcome to Bank of Hawaii Corporation's second quarter 2024 earnings conference call. (operator instructions) Please note that today's conference may be recorded. I will now hand the conference over to your speaker host, Chang Park, Senior Vice President, Investor Relations Director. Please go ahead.
Thank you. Good morning and good afternoon. Thank you for joining us today. As we discuss the financial results for the second quarter of 2024. Joining me today is our Chairman and CEO, Peter Ho, CFO, Dean Shigemura, and Chief Risk Officer, Brad Shairson .
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, will be referencing a slide presentation as well as our earnings release. Both of these are available on
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