Bank of Hawai‘i Corporation (NYSE: BOH) has reported its financial results for the third quarter of 2024, with diluted earnings per common share at $0.93, an increase from $0.81 in the linked quarter and a decrease from $1.17 in the same period last year. Net income for the third quarter of 2024 was $40.4 million, up 18.4% from the linked quarter and down 15.8% from the same period last year. The return on average common equity for the third quarter of 2024 was 11.50%, compared with 10.41% during the linked quarter and 15.38% during the same period last year.
Net interest income for the third quarter of 2024 was $117.6 million, an increase of 2.4% from the linked quarter and a decrease of 2.7% as compared to the same period last year. The net interest margin was 2.18% in the third quarter of 2024, an increase of 3 basis points from the linked quarter and an increase of 5 basis points from the same period last year.
Noninterest income was $45.1 million in the third quarter of 2024, an increase of 7.2% from the linked quarter and a decrease of 10.4% from the same period in 2023. Noninterest expense was $107.1 million in the third quarter of 2024, a decrease of 2.0% from the linked quarter and an increase of 1.4% from the same period last year.
The company's overall asset quality remained strong during the third quarter of 2024. Provision for credit losses for the third quarter of 2024 was $3.0 million compared with $2.4 million in the linked quarter and $2.0 million in the same period last year. Total non-performing assets were $19.8 million at September 30, 2024, up $4.6 million from June 30, 2024, and up $8.3 million from September 30, 2023.
Total assets were $23.8 billion at September 30, 2024, an increase of 2.1% from June 30, 2024, and an increase of 1.1% from September 30, 2023. Total deposits were $21.0 billion at September 30, 2024, an increase of 2.8% from June 30, 2024, and an increase of 0.8% from September 30, 2023.
The tier 1 capital ratio was 14.05% at September 30, 2024, compared with 13.96% at June 30, 2024, and 12.53% at September 30, 2023. The tier 1 leverage ratio was 8.38% at September 30, 2024, up 1 basis point from 8.37% at June 30, 2024, and up 116 basis points from 7.22% at September 30, 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 complete financial results and further details will be discussed in the conference call accessible on the investor relations link of Bank of Hawai‘i Corporation's website.
These figures and details provide a comprehensive overview of Bank of Hawai‘i Corporation's performance in the third quarter of 2024. The market has reacted to these announcements by moving the company's shares 9.7% to a price of $72.41. For the full picture, make sure to review Bank of Hawaii's 8-K report.
