Bank of Hawai‘i Corporation (NYSE: BOH) has reported its first quarter 2024 financial results, showing a diluted earnings per common share of $0.87, a 19.7% increase from the previous quarter, yet a 22.3% decrease from the same quarter in 2023. The net income for the first quarter of 2024 was $36.4 million, up 19.7% from the previous quarter and down 22.3% from the same quarter in 2023. The return on average common equity for the first quarter of 2024 was 11.20%, compared with 9.55% in the previous quarter and 15.79% in the same quarter of 2023.
Net interest income for the first quarter of 2024 was $113.9 million, a decrease of 1.6% from the previous quarter and a decrease of 16.2% from the same quarter of 2023. The net interest margin was 2.11% in the first quarter of 2024, a decrease of 2 basis points from the previous quarter and a decrease of 36 basis points from the same quarter of 2023.
Noninterest income was $42.3 million in the first quarter of 2024, flat from the previous quarter and an increase of 3.8% from the same period in 2023. Noninterest expense was $105.9 million in the first quarter of 2024, a decrease of 8.7% from the previous quarter and a decrease of 5.4% from the same quarter of 2023.
Total assets were $23.4 billion at March 31, 2024, a decrease of 1.3% from December 31, 2023, and a decrease of 2.1% from March 31, 2023. The tier 1 capital ratio was 12.74% at March 31, 2024, compared with 12.56% at December 31, 2023, and 12.10% at March 31, 2023.
The company's board of directors declared a quarterly cash dividend of $0.70 per share on the company’s outstanding common shares. The dividend will be payable on June 14, 2024, to shareholders of record at the close of business on May 31, 2024. The company did not repurchase any shares of common stock under the share repurchase program in the first quarter of 2024. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2024.
The company’s overall asset quality remained strong during the first quarter of 2024. Total non-performing assets were $11.8 million at March 31, 2024, up $0.1 million from December 31, 2023, and down $0.3 million from March 31, 2023. Net loan and lease charge-offs during the first quarter of 2024 were $2.3 million or 7 basis points annualized of total average loans and leases outstanding.
These results indicate a mixed performance for Bank of Hawai‘i Corporation in the first quarter of 2024, characterized by changes in various financial metrics compared to both the previous quarter and the same quarter in 2023. The market has reacted to these announcements by moving the company's shares 0.2% to a price of $58.51. For the full picture, make sure to review Bank of Hawaii's 8-K report.
