Bank of Hawai‘i Corporation reported strong financial results for 2024, with diluted earnings per share of $3.46 for the year and $0.85 for the fourth quarter. Net income for the year was $150 million, a 12.4% decline from 2023, while fourth-quarter net income reached $39.2 million, reflecting a 28.8% increase year-over-year. Total assets were $23.6 billion at year-end, and total deposits stood at $20.6 billion, with noninterest-bearing deposits comprising 26.3% of the total. The company’s net interest margin for the fourth quarter increased to 2.19%, supported by higher earning asset yields and controlled deposit costs.

Asset quality remained strong, with non-performing assets at $19.3 million, representing 0.14% of total loans and leases. Provision for credit losses for the fourth quarter was $3.8 million, reflecting an increase from prior periods. The allowance for credit losses was $148.5 million, maintaining a ratio of 1.06% to total loans and leases. Meanwhile, total loans and leases grew modestly to $14.1 billion, with a notable 6.0% year-over-year increase in commercial loans, though consumer loans declined.

The company declared a quarterly dividend of $0.70 per common share, payable in March 2025. Capital ratios remained robust, with the Tier 1 Capital Ratio at 13.95%. No share repurchases occurred in the fourth quarter, leaving $126 million in buyback authority. Preferred stock dividends were also announced, reinforcing the company’s commitment to returning value to shareholders while maintaining strong capital and credit quality metrics.