Bank of Hawai‘i Corporation (NYSE: BOH) released its fourth-quarter and full-year financial results, reporting a diluted earnings per common share of $3.46 for the full year of 2024, down from $4.14 for the full year of 2023. Net income for the year was $150.0 million, marking a 12.4% decrease from the previous year. The return on average common equity for the full year of 2024 was 10.85%, compared with 13.89% in 2023.
In the fourth quarter of 2024, diluted earnings per common share were $0.85, compared with $0.93 during the linked quarter and $0.72 during the same period last year. Net income for the fourth quarter was $39.2 million, down 3.0% from the linked quarter and up 28.8% from the same period last year. The return on average common equity for the fourth quarter of 2024 was 10.30%, compared with 11.50% during the linked quarter and 9.55% during the same period last year.
The financial highlights for the fourth quarter of 2024 include a net interest income of $120.2 million, representing a 2.2% increase from the linked quarter and a 3.8% increase from the same period last year. The net interest margin was 2.19% in the fourth quarter of 2024, up 1 basis point from the linked quarter and up 6 basis points from the same period last year.
Noninterest income was $43.0 million in the fourth quarter of 2024, a decrease of 4.6% from the linked quarter and an increase of 1.8% from the same period in 2023. Noninterest expense was $107.9 million in the fourth quarter of 2024, representing an increase of 0.8% from the linked quarter and a decrease of 6.9% from the same period last year.
The allowance for credit losses on loans and leases was $148.5 million at December 31, 2024, an increase of $1.2 million from September 30, 2024, and an increase of $2.1 million from December 31, 2023.
Total assets were $23.6 billion at December 31, 2024, a decrease of 0.8% from September 30, 2024, and a decrease of 0.6% from December 31, 2023. Total deposits were $20.6 billion at December 31, 2024, a decrease of 1.6% from September 30, 2024, and a decrease of 2.0% from December 31, 2023.
The tier 1 capital ratio was 13.95% at December 31, 2024, compared with 14.05% at September 30, 2024, and 12.56% at December 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, payable on March 14, 2025, to shareholders of record at the close of business on February 28, 2025. Following these announcements, the company's shares moved 4.1%, and are now trading at a price of $74.0. For more information, read the company's full 8-K submission here.
