- Average Deposits Up 0.4% Linked Quarter
- Diluted Earnings Per Common Share $1.14
- Net Income $46.8 Million
- Board of Directors Declares Dividend of $0.70 Per Common
Share
Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted
earnings per common share of $1.14 for the first quarter of 2023,
compared with diluted earnings per common share of $1.50 in the
previous quarter and $1.32 in the same quarter of 2022. Net income
for the first quarter of 2023 was $46.8 million, down 23.6% from
the previous quarter and down 14.6% from the same quarter of 2022.
The return on average common equity for the first quarter of 2023
was 15.79% compared with 21.28% in the previous quarter and 15.44%
in the same quarter of 2022.
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“Amidst a challenging macro environmental backdrop, Bank of
Hawai‘i delivered solid operating performance in the first quarter
of 2023," said Peter Ho, Chairman, President, and CEO. “Average
deposits grew 0.4% in the first quarter and were essentially flat
from a year ago. Spot deposit balances were down 0.6% from the
prior quarter and down 1.1% from the prior year. Deposit costs,
while rising, continue to show the benefits of our unique Hawai‘i
deposit base which is diversified and long tenured. Loans grew 1.3%
on a linked quarter basis with growth across both our consumer and
commercial portfolios. Credit quality remains excellent.
Non-performing assets were lower on both a linked quarter and year
on year basis. Annualized net charge-offs were 0.08% during the
quarter.”
Financial Highlights
Net interest income for the first quarter of 2023 was $136.0
million, a decrease of 3.4% from the previous quarter and an
increase of 8.5% from the same quarter of 2022. The decrease in net
interest income in the first quarter of 2023 compared to the prior
quarter was due to two fewer days in the quarter, which reduced net
interest income by approximately $1.6 million, as well as higher
funding costs, partially offset by loan growth and higher earning
asset yields. The increase in net interest income compared to the
same period in 2022 was primarily due to loan growth and higher
earning asset yields, partially offset by higher funding costs.
Net interest margin was 2.47% in the first quarter of 2023, a
decrease of 13 basis points from the previous quarter and an
increase of 13 basis points from the same quarter of 2022. The
decrease in net interest margin in the first quarter of 2023
compared to the prior quarter was due to higher funding costs,
partially offset by higher earning asset yields. The increase in
net interest margin from the same period in 2022 was primarily due
to higher earning asset yields, partially offset by higher funding
costs.
The average yield on loans and leases was 4.03% in the first
quarter of 2023, up 22 basis points from the prior quarter and up
93 basis points from the same quarter of 2022. The average yield on
total earning assets was 3.42% in the first quarter of 2023, up 25
basis points from the prior quarter and up 98 basis points from the
same quarter of 2022. The average cost of interest-bearing deposits
was 1.09% in the first quarter of 2023, up 40 basis points from the
prior quarter and up 102 basis points from the same quarter of
2022. The average cost of total deposits, including
noninterest-bearing deposits, was 0.75%, up 29 basis points from
the prior quarter and up 70 basis points from the same quarter of
2022. The changes in yields and rates over the linked quarter and
year over year period reflected the higher rate environment,
including higher benchmark interest rates.
Noninterest income was $40.7 million in the first quarter of
2023, a decrease of 1.1% from the previous quarter and a decrease
of 6.5% from the same period in 2022. Noninterest income in the
first quarter of 2023 included a negative adjustment of $0.6
million related to a change in the Visa Class B conversion ratio.
Adjusted for this item, noninterest income in the first quarter was
$41.3 million, up 0.3% from the prior quarter and down 5.2% from
the same period in 2022. The decrease in noninterest income
compared to the same period in 2022 was due to lower customer swap
transactions and lower mortgage banking income.
Noninterest expense was $111.9 million in the first quarter of
2023, an increase of 9.0% from the previous quarter and an increase
of 7.7% from the same quarter of 2022. Noninterest expense in the
first quarters 2022 and 2023 included seasonal payroll expenses of
approximately $3.7 million and approximately $4.0 million,
respectively. In addition, noninterest expense in the first quarter
of 2023 included separation expenses of $3.1 million. Adjusted for
these items, noninterest expense for the first quarter of 2023 was
$104.9 million, an increase of 2.1% from the prior quarter and 4.7%
from adjusted noninterest expense in same period in 2022. The
linked quarter increase was primarily due to an industry-wide
increase in FDIC insurance expense of $1.5 million. The increase
from the same period in 2022, adjusting for nonrecurring items in
both periods, was primarily due to higher salaries and benefits
expense of $1.8 million, higher software license fees of $0.9
million and higher FDIC insurance expense of $1.7 million.
The effective tax rate for the first quarter of 2023 was 25.38%
compared with 22.40% in the previous quarter and 22.15% during the
same quarter of 2022. The increase in the effective tax rate on a
linked quarter basis was due to a non-recurring benefit from the
leveraged lease terminations received in the fourth quarter and an
unfavorable discrete tax item in the first quarter. The year over
year increase was primarily due to lower benefits from tax credit
investments. The effective tax rate in the first quarter of 2022
also included benefits from leveraged leases that have since been
terminated.
Asset Quality
The Company’s overall asset quality remained strong during the
first quarter of 2023. Provision for credit losses for the first
quarter of 2023 was $2.0 million compared with $0.2 million in the
previous quarter and a net benefit of $5.5 million in the same
quarter of 2022.
Total non-performing assets were $12.1 million at March 31,
2023, down $0.5 million from December 31, 2022 and down $7.9
million from March 31, 2022. Non-performing assets as a percentage
of total loans and leases and foreclosed real estate were 0.09% at
the end of the quarter, flat from the end of the prior quarter and
a decrease of 7 basis points from the same quarter of 2022.
Net loan and lease charge-offs during the first quarter of 2023
were $2.7 million or 0.08% annualized of total average loans and
leases outstanding. Net loan and lease charge-offs for the first
quarter of 2023 were comprised of charge-offs of $4.3 million
partially offset by recoveries of $1.6 million. Compared to the
prior quarter, net loan and lease charge-offs increased by $0.8
million or 3 basis points annualized on total average loans and
leases outstanding. Compared to the same quarter of 2022, net loan
and lease charge-offs increased by $1.2 million or 3 basis points
annualized on total average loans and leases outstanding.
The allowance for credit losses on loans and leases was $143.6
million at March 31, 2023, a decrease of $0.9 million from December
31, 2022 and a decrease of $8.5 million from March 31, 2022. The
ratio of the allowance for credit losses to total loans and leases
outstanding was 1.04% at the end of the quarter, down 2 basis
points from the end of the prior quarter and down 17 basis points
from the end of the same quarter of 2022.
Balance Sheet
Total assets were $23.9 billion at March 31, 2023, an increase
of 1.4% from December 31, 2022 and an increase of 4.1% from March
31, 2022, primarily due to growth in our earning assets.
The investment securities portfolio was $8.1 billion at March
31, 2023, a decrease of 1.6% from December 31, 2022 and a decrease
of 7.1% from March 31, 2022. These decreases were due to cashflows
from the portfolio exceeding the pace of reinvestment. Period end
unrealized losses on securities decreased by $120.7 million from
the prior quarter end. The investment portfolio remains largely
comprised of securities issued by U.S. government agencies and U.S.
government-sponsored enterprises.
Total loans and leases were $13.8 billion at March 31, 2023, an
increase of 1.3% from December 31, 2022 and an increase of 10.2%
from March 31, 2022. Total commercial loans were $5.6 billion at
March 31, 2023, an increase of 1.9% from the prior quarter and an
increase of 10.9% from the same quarter of 2022, primarily due to
an increase in our commercial mortgage portfolio. Total consumer
loans were $8.3 billion as of March 31, 2023, an increase of 0.9%
from the prior quarter and 9.7% from the same period in 2022,
primarily driven by increases in our residential mortgage and home
equity portfolios.
Total deposits were $20.5 billion at March 31, 2023, a decrease
of 0.6% from December 31, 2022 and a decrease of 1.1% from March
31, 2022. Noninterest bearing deposits made up 31% of total deposit
balances as of March 31, 2023, down from 33% as of December 31,
2022 and 36% as of March 31, 2022. Average deposits were $20.4
billion for the first quarter of 2023, up 0.4% from $20.3 billion
in the prior quarter, and essentially unchanged from the first
quarter of 2022. As of March 31, 2023 insured and collateralized
deposits represent 58% of total deposit balances, up from 57% as of
December 31, 2022 and 56% as of March 31, 2022.
Capital and Dividends
The Company’s capital levels remain well within regulatory
well-capitalized guidelines.
The Tier 1 Capital Ratio was 12.10% at March 31, 2023 compared
with 12.15% at December 31, 2022 and 13.22% at March 31, 2022. The
Tier 1 Leverage Ratio was 7.19% at March 31, 2023 compared with
7.37% at December 31, 2022 and 7.30% at March 31, 2022. The decline
in the Tier 1 Capital Ratio was due to an increase in risk-weighted
assets and the decline in the Tier 1 Leverage Ratio was due to an
increase in average total assets, both as a result of loan growth
over the period.
The Company repurchased 150.0 thousand shares of common stock at
a total cost of $9.9 million under its share repurchase program in
the first quarter of 2023. Total remaining buyback authority under
the share repurchase program was $126.0 million 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, 2023 to
shareholders of record at the close of business on May 31,
2023.
On April 4, 2023, the Board of Directors declared the quarterly
dividend payment of $10.94 per share, equivalent to $0.2735 per
depositary share, on its preferred stock. The depositary shares
representing the Series A Preferred Stock are traded on the NYSE
under the symbol “BOH.PRA.” The dividend will be payable on May 1,
2023 to shareholders of record of the preferred stock as of April
14, 2023.
Conference Call
Information
The Company will review its first quarter financial results
today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live
call, including a slide presentation, will be accessible on the
investor relations link of Bank of Hawai‘i Corporation's website,
www.boh.com. The webcast can be accessed via the link below:
https://register.vevent.com/register/BIf628c91a80f642cb96f2725eff121a04.
A replay of the conference call will be available for one year
beginning approximately 11:00 a.m. Hawaii Time on Monday, April 24,
2023. The replay will be accessible via the same link. In addition,
the replay will be available on the Company's website,
www.boh.com.
Forward-Looking
Statements
This news release, and other statements made by the Company in
connection with it may contain "forward-looking statements" (as
defined in the Private Securities Litigation Reform Act of 1995)
that involve risks and uncertainties that could cause results to be
materially different from expectations. Forecasts of our financial
results and condition, expectations for our operations and business
prospects, and our assumptions used in those forecasts and
expectations are examples of certain of these forward-looking
statements. Do not unduly rely on forward-looking statements.
Actual results might differ significantly from our forecasts and
expectations because of a variety of factors. More information
about these factors is contained in Bank of Hawai‘i Corporation's
Annual Report on Form 10-K for the year ended December 31, 2022
which was filed with the U.S. Securities and Exchange Commission.
These forward-looking statements are not guarantees of future
performance and speak only as of the date made, and, except as
required by law, the Company undertakes no obligation to update or
revise any forward-looking statements to reflect subsequent events,
new information or future circumstances.
Bank of Hawai‘i Corporation is an independent regional financial
services company serving businesses, consumers, and governments in
Hawaii and the West Pacific. The Company's principal subsidiary,
Bank of Hawai‘i, was founded in 1897. For more information about
Bank of Hawai‘i Corporation, see the Company’s web site,
www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of
Hawaii Corporation.
Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights
Table 1
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands, except per
share amounts)
2023
2022
2022
For the Period: Operating
Results Net Interest Income
$
135,955
$
140,738
$
125,263
Provision for Credit Losses
2,000
200
(5,500
)
Total Noninterest Income
40,737
41,172
43,551
Total Noninterest Expense
111,919
102,703
103,874
Pre-Provision Net Revenue
64,773
79,207
64,940
Net Income
46,842
61,307
54,834
Net Income Available to Common Shareholders
44,873
59,338
52,865
Basic Earnings Per Common Share
1.14
1.51
1.33
Diluted Earnings Per Common Share
1.14
1.50
1.32
Dividends Declared Per Common Share
0.70
0.70
0.70
Performance Ratios Return on Average Assets
0.80
%
1.05
%
0.97
%
Return on Average Shareholders' Equity
14.25
18.91
14.18
Return on Average Common Equity
15.79
21.28
15.44
Efficiency Ratio 1
63.34
56.46
61.53
Net Interest Margin 2
2.47
2.60
2.34
Dividend Payout Ratio 3
61.40
46.36
52.63
Average Shareholders' Equity to Average Assets
5.59
5.56
6.87
Average Balances Average Loans and Leases
$
13,717,483
$
13,452,791
$
12,290,402
Average Assets
23,865,478
23,147,398
22,847,488
Average Deposits
20,430,882
20,341,327
20,426,076
Average Shareholders' Equity
1,332,889
1,286,291
1,568,725
Per Share of Common Stock Book Value
$
29.62
$
28.54
$
31.50
Tangible Book Value
28.83
27.75
30.71
Market Value Closing
52.08
77.56
83.92
High
81.73
82.87
92.38
Low
34.71
70.15
79.60
March 31, December 31, March 31,
2023
2022
2022
As of Period End: Balance
Sheet Totals Loans and Leases
$
13,824,522
$
13,646,420
$
12,544,492
Total Assets
23,931,977
23,606,877
23,000,317
Total Deposits
20,491,300
20,615,696
20,716,287
Other Debt
510,269
410,294
10,367
Total Shareholders' Equity
1,354,430
1,316,995
1,448,885
Asset Quality Non-Performing Assets
$
12,124
$
12,647
$
19,979
Allowance for Credit Losses - Loans and Leases
143,577
144,439
152,028
Allowance to Loans and Leases Outstanding 4
1.04
%
1.06
%
1.21
%
Capital Ratios 5 Common Equity Tier 1 Capital Ratio
10.88
%
10.92
%
11.83
%
Tier 1 Capital Ratio
12.10
12.15
13.22
Total Capital Ratio
13.13
13.17
14.41
Tier 1 Leverage Ratio
7.19
7.37
7.30
Total Shareholders' Equity to Total Assets
5.66
5.58
6.30
Tangible Common Equity to Tangible Assets 6
4.78
4.69
5.39
Tangible Common Equity to Risk-Weighted Assets 6
7.97
7.76
9.77
Non-Financial Data Full-Time Equivalent Employees
2,025
2,076
2,084
Branches
51
51
54
ATMs
320
320
307
1
Efficiency ratio is defined as noninterest expense divided by total
revenue (net interest income and total noninterest income).
2
Net interest margin is defined as net interest income, on a
taxable-equivalent basis, as a percentage of average earning
assets.
3
Dividend payout ratio is defined as dividends declared per common
share divided by basic earnings per common share.
4
The numerator comprises the Allowance for Credit Losses - Loans and
Leases.
5
Regulatory capital ratios as of March 31, 2023 are preliminary.
6
Tangible common equity to tangible assets and tangible common
equity to risk-weighted assets are Non-GAAP financial measures.
Tangible common equity is defined by the Company as common
shareholders' equity minus goodwill. See Table 2 "Reconciliation of
Non-GAAP Financial Measures".
Bank of Hawai‘i Corporation and
Subsidiaries Reconciliation of Non-GAAP Financial
Measures Table 2
March 31,
December 31,
March 31,
(dollars in thousands)
2023
2022
2022
Total Shareholders' Equity
$
1,354,430
$
1,316,995
$
1,448,885
Less: Preferred Stock
180,000
180,000
180,000
Goodwill
31,517
31,517
31,517
Tangible Common Equity
$
1,142,913
$
1,105,478
$
1,237,368
Total Assets
23,931,977
23,606,877
23,000,317
Less: Goodwill
31,517
31,517
31,517
Tangible Assets
$
23,900,460
$
23,575,360
$
22,968,800
Risk-Weighted Assets, determined in accordance with
prescribed regulatory requirements 1
$
14,341,397
$
14,238,798
$
12,663,646
Total Shareholders' Equity to Total Assets
5.66
%
5.58
%
6.30
%
Tangible Common Equity to Tangible Assets (Non-GAAP)
4.78
%
4.69
%
5.39
%
Tier 1 Capital Ratio 1
12.10
%
12.15
%
13.22
%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1
7.97
%
7.76
%
9.77
%
1
Regulatory capital ratios as of March 31, 2023 are preliminary.
Bank of Hawai‘i Corporation and Subsidiaries Consolidated
Statements of Income Table 3
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands, except per share amounts)
2023
2022
2022
Interest Income Interest and Fees on Loans and Leases
$
136,501
$
128,683
$
94,439
Income on Investment Securities Available-for-Sale
23,893
18,476
17,100
Held-to-Maturity
23,948
23,708
18,701
Deposits
27
13
4
Funds Sold
3,366
1,093
127
Other
597
340
202
Total Interest Income
188,332
172,313
130,573
Interest Expense Deposits
37,794
23,494
2,353
Securities Sold Under Agreements to Repurchase
5,377
4,289
2,772
Funds Purchased
704
318
2
Short-Term Borrowings
3,203
1,978
-
Other Debt
5,299
1,496
183
Total Interest Expense
52,377
31,575
5,310
Net Interest Income
135,955
140,738
125,263
Provision for Credit Losses
2,000
200
(5,500
)
Net Interest Income After Provision for Credit Losses
133,955
140,538
130,763
Noninterest Income Trust and Asset Management
10,690
10,652
11,276
Mortgage Banking
1,004
991
2,740
Service Charges on Deposit Accounts
7,737
7,513
7,272
Fees, Exchange, and Other Service Charges
13,808
13,906
12,952
Investment Securities Losses, Net
(1,792
)
(1,124
)
(1,545
)
Annuity and Insurance
1,271
1,087
791
Bank-Owned Life Insurance
2,842
2,475
2,349
Other
5,177
5,672
7,716
Total Noninterest Income
40,737
41,172
43,551
Noninterest Expense Salaries and Benefits
65,088
57,639
59,924
Net Occupancy
9,872
9,499
9,826
Net Equipment
10,375
9,942
9,153
Data Processing
4,583
4,579
4,560
Professional Fees
3,883
3,958
3,258
FDIC Insurance
3,234
1,774
1,502
Other
14,884
15,312
15,651
Total Noninterest Expense
111,919
102,703
103,874
Income Before Provision for Income Taxes
62,773
79,007
70,440
Provision for Income Taxes
15,931
17,700
15,606
Net Income
$
46,842
$
61,307
$
54,834
Preferred Stock Dividends
1,969
1,969
1,969
Net Income Available to Common Shareholders
$
44,873
$
59,338
$
52,865
Basic Earnings Per Common Share
$
1.14
$
1.51
$
1.33
Diluted Earnings Per Common Share
$
1.14
$
1.50
$
1.32
Dividends Declared Per Common Share
$
0.70
$
0.70
$
0.70
Basic Weighted Average Common Shares
39,276,833
39,395,338
39,752,679
Diluted Weighted Average Common Shares
39,465,889
39,618,896
39,956,391
Bank of Hawai‘i Corporation
and Subsidiaries
Consolidated Statements of
Comprehensive Income (Loss)
Table 4
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2023
2022
2022
Net Income
$
46,842
$
61,307
$
54,834
Other Comprehensive Income (Loss), Net of Tax: Net Unrealized Gains
(Losses) on Investment Securities
29,276
5,677
(180,124
)
Defined Benefit Plans
84
7,359
353
Other Comprehensive Income (Loss)
29,360
13,036
(179,771
)
Comprehensive Income (Loss)
$
76,202
$
74,343
$
(124,937
)
Bank of Hawai‘i Corporation and Subsidiaries Consolidated
Statements of Condition Table 5
March 31,
December 31,
March 31,
(dollars in thousands)
2023
2022
2022
Assets Interest-Bearing Deposits in Other Banks
$
2,554
$
3,724
$
2,488
Funds Sold
272,018
81,364
356,373
Investment Securities Available-for-Sale
2,815,083
2,844,823
4,258,534
Held-to-Maturity (Fair Value of $4,601,876; $4,615,393; and
$4,171,262)
5,312,815
5,414,139
4,489,615
Loans Held for Sale
2,149
1,035
5,293
Loans and Leases
13,824,522
13,646,420
12,544,492
Allowance for Credit Losses
(143,577
)
(144,439
)
(152,028
)
Net Loans and Leases
13,680,945
13,501,981
12,392,464
Total Earning Assets
22,085,564
21,847,066
21,504,767
Cash and Due from Banks
337,413
316,679
236,193
Premises and Equipment, Net
203,131
206,777
199,743
Operating Lease Right-of-Use Assets
91,387
92,307
93,563
Accrued Interest Receivable
63,175
61,002
45,392
Foreclosed Real Estate
1,040
1,040
2,332
Mortgage Servicing Rights
22,102
22,619
23,968
Goodwill
31,517
31,517
31,517
Bank-Owned Life Insurance
455,602
453,882
446,926
Other Assets
641,046
573,988
415,916
Total Assets
$
23,931,977
$
23,606,877
$
23,000,317
Liabilities Deposits Noninterest-Bearing Demand
$
6,385,872
$
6,714,982
$
7,500,741
Interest-Bearing Demand
4,283,801
4,232,567
4,591,178
Savings
7,898,874
7,962,410
7,701,849
Time
1,922,753
1,705,737
922,519
Total Deposits
20,491,300
20,615,696
20,716,287
Short-Term Borrowings
325,000
-
-
Securities Sold Under Agreements to Repurchase
725,490
725,490
450,490
Other Debt
510,269
410,294
10,367
Operating Lease Liabilities
99,746
100,526
101,274
Retirement Benefits Payable
26,768
26,991
38,008
Accrued Interest Payable
13,061
9,698
2,545
Taxes Payable
11,039
7,104
17,265
Other Liabilities
374,874
394,083
215,196
Total Liabilities
22,577,547
22,289,882
21,551,432
Shareholders' Equity Preferred Stock ($.01 par value;
authorized 180,000 shares; issued / outstanding: March 31, 2023;
December 31, 2022; and March 31, 2022 - 180,000)
180,000
180,000
180,000
Common Stock ($.01 par value; authorized 500,000,000 shares; issued
/ outstanding: March 31, 2023 - 58,722,929 / 39,646,506; December
31, 2022 - 58,733,625 / 39,835,750; and March 31, 2022 - 58,717,811
/ 40,288,365)
583
582
582
Capital Surplus
624,126
620,578
607,061
Accumulated Other Comprehensive Loss
(405,298
)
(434,658
)
(246,153
)
Retained Earnings
2,074,428
2,055,912
1,974,790
Treasury Stock, at Cost (Shares: March 31, 2023 - 19,076,423;
December 31, 2022 - 18,897,875; and March 31, 2022 - 18,429,446)
(1,119,409
)
(1,105,419
)
(1,067,395
)
Total Shareholders' Equity
1,354,430
1,316,995
1,448,885
Total Liabilities and Shareholders' Equity
$
23,931,977
$
23,606,877
$
23,000,317
Bank of Hawai‘i Corporation and Subsidiaries Consolidated
Statements of Shareholders' Equity
Table 6
Accumulated Other Preferred Common
Comprehensive Shares
Preferred
Shares Common Capital Income
Retained Treasury (dollars in thousands)
Outstanding Stock Outstanding Stock
Surplus (Loss) Earnings Stock
Total Balance as of December 31, 2022
180,000
$
180,000
39,835,750
$
582
$
620,578
$
(434,658
)
$
2,055,912
$
(1,105,419
)
$
1,316,995
Net Income
-
-
-
-
-
-
46,842
-
46,842
Other Comprehensive Income
-
-
-
-
-
29,360
-
-
29,360
Share-Based Compensation
-
-
-
-
3,371
-
-
-
3,371
Common Stock Issued under Purchase and Equity Compensation Plans
-
-
13,164
1
177
-
1,587
(197
)
1,568
Common Stock Repurchased
-
-
(202,408
)
-
-
-
-
(13,793
)
(13,793
)
Cash Dividends Declared Common Stock ($0.70 per share)
-
-
-
-
-
-
(27,944
)
-
(27,944
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
(1,969
)
-
(1,969
)
Balance as of March 31, 2023
180,000
$
180,000
39,646,506
$
583
$
624,126
$
(405,298
)
$
2,074,428
$
(1,119,409
)
$
1,354,430
Balance as of December 31, 2021
180,000
180,000
40,253,193
581
602,508
(66,382
)
1,950,375
(1,055,471
)
1,611,611
Net Income
-
-
-
-
-
-
54,834
-
54,834
Other Comprehensive Loss
-
-
-
-
-
(179,771
)
-
-
(179,771
)
Share-Based Compensation
-
-
-
-
4,010
-
-
-
4,010
Common Stock Issued under Purchase and Equity Compensation Plans
-
-
197,783
1
543
-
(185
)
2,036
2,395
Common Stock Repurchased
-
-
(162,611
)
-
-
-
-
(13,960
)
(13,960
)
Cash Dividends Declared Common Stock ($0.70 per share)
-
-
-
-
-
-
(28,265
)
-
(28,265
)
Cash Dividends Declared Preferred Stock
-
-
-
-
-
-
(1,969
)
-
(1,969
)
Balance as of March 31, 2022
180,000
$
180,000
40,288,365
$
582
$
607,061
$
(246,153
)
$
1,974,790
$
(1,067,395
)
$
1,448,885
Bank of Hawai‘i Corporation and Subsidiaries Average
Balances and Interest Rates - Taxable-Equivalent Basis 1
Table 7 Three Months Ended Three Months Ended
Three Months Ended March 31, 2023 December 31,
2022 March 31, 2022 Average Income/
Yield/ Average Income/ Yield/
Average Income/ Yield/ (dollars in millions)
Balance Expense 2 Rate Balance
Expense 2 Rate Balance Expense 2
Rate Earning Assets Interest-Bearing Deposits in
Other Banks
$
1.7
$
-
6.25
%
$
2.2
$
-
2.32
%
$
3.4
$
-
0.45
%
Funds Sold
295.9
3.4
4.55
118.1
1.2
3.62
238.5
0.1
0.21
Investment Securities Available-for-Sale Taxable
2,820.3
23.8
3.40
2,593.5
18.4
2.83
4,399.9
17.1
1.56
Non-Taxable
9.6
0.1
4.38
7.5
0.1
4.14
3.0
-
1.93
Held-to-Maturity Taxable
5,336.2
23.8
1.78
5,401.9
23.5
1.74
4,567.4
18.6
1.63
Non-Taxable
35.3
0.2
2.10
35.4
0.2
2.10
35.8
0.2
2.10
Total Investment Securities
8,201.4
47.9
2.34
8,038.3
42.2
2.10
9,006.1
35.9
1.59
Loans Held for Sale
1.5
-
5.30
3.3
-
5.65
13.7
0.1
2.78
Loans and Leases 3 Commercial and Industrial
1,411.4
16.2
4.67
1,379.9
14.8
4.25
1,332.9
9.0
2.73
Paycheck Protection Program
16.9
0.1
2.35
21.3
0.1
2.30
89.0
1.8
8.33
Commercial Mortgage
3,736.9
45.1
4.90
3,627.4
40.6
4.44
3,158.8
21.7
2.80
Construction
280.4
3.9
5.65
246.9
3.3
5.29
227.6
2.1
3.68
Commercial Lease Financing
66.9
-
(0.14
)
72.0
0.3
1.49
98.8
0.4
1.45
Residential Mortgage
4,666.0
39.9
3.42
4,617.9
38.9
3.37
4,343.3
34.9
3.21
Home Equity
2,239.4
18.2
3.30
2,207.7
17.9
3.23
1,898.9
13.3
2.83
Automobile
871.8
7.3
3.37
851.1
7.0
3.29
737.4
5.9
3.23
Other 4
427.8
6.2
5.83
428.6
6.1
5.64
403.7
5.5
5.47
Total Loans and Leases
13,717.5
136.9
4.03
13,452.8
129.0
3.81
12,290.4
94.6
3.10
Other
67.2
0.6
3.56
50.1
0.4
2.72
36.7
0.2
2.21
Total Earning Assets
22,285.2
188.8
3.42
21,664.8
172.8
3.17
21,588.8
130.9
2.44
Cash and Due from Banks
319.1
244.3
233.3
Other Assets
1,261.2
1,238.3
1,025.4
Total Assets
$
23,865.5
$
23,147.4
$
22,847.5
Interest-Bearing Liabilities Interest-Bearing
Deposits Demand
$
4,215.9
5.2
0.50
$
4,131.4
3.5
0.33
$
4,655.4
0.5
0.04
Savings
8,009.0
20.6
1.05
7,869.9
13.4
0.68
7,540.6
1.1
0.06
Time
1,789.9
12.0
2.71
1,467.7
6.6
1.78
971.5
0.8
0.34
Total Interest-Bearing Deposits
14,014.8
37.8
1.09
13,469.0
23.5
0.69
13,167.5
2.4
0.07
Short-Term Borrowings
325.4
3.9
4.80
234.9
2.3
3.82
6.8
-
0.11
Securities Sold Under Agreements to Repurchase
725.5
5.4
2.96
594.5
4.3
2.82
450.5
2.8
2.46
Other Debt
499.6
5.3
4.30
137.5
1.5
4.32
10.4
0.2
7.05
Total Interest-Bearing Liabilities
15,565.3
52.4
1.36
14,435.9
31.6
0.87
13,635.2
5.4
0.16
Net Interest Income
$
136.4
$
141.2
$
125.5
Interest Rate Spread
2.06
%
2.30
%
2.28
%
Net Interest Margin
2.47
%
2.60
%
2.34
%
Noninterest-Bearing Demand Deposits
6,416.1
6,872.3
7,258.6
Other Liabilities
551.2
552.9
385.0
Shareholders' Equity
1,332.9
1,286.3
1,568.7
Total Liabilities and Shareholders' Equity
$
23,865.5
$
23,147.4
$
22,847.5
1
Due to rounding, the amounts presented in this table may not tie to
other amounts presented elsewhere in this report.
2
Interest income includes taxable-equivalent basis adjustments,
based upon a federal statutory tax rate of 21%, of $495,000,
$433,000, and $254,000
for the three months ended March 31, 2023, December 31, 2022, and
March 31, 2022, respectively.
3
Non-performing loans and leases are included in the respective
average loan and lease balances. Income, if any, on such loans and
leases is recognized on a cash basis.
4
Comprised of other consumer revolving credit, installment, and
consumer lease financing.
Bank of Hawai‘i Corporation and
Subsidiaries Analysis of Change in Net Interest Income -
Taxable-Equivalent Basis Table 8a Three Months Ended
March 31, 2023 Compared to December 31, 2022 (dollars in
millions)
Volume 1 Rate 1 Total Change in
Interest Income: Funds Sold
$
1.9
$
0.3
$
2.2
Investment Securities Available-for-Sale Taxable
1.6
3.8
5.4
Held-to-Maturity Taxable
(0.2
)
0.5
0.3
Total Investment Securities
1.4
4.3
5.7
Loans and Leases Commercial and Industrial
0.3
1.1
1.4
Commercial Mortgage
1.0
3.5
4.5
Construction
0.4
0.2
0.6
Commercial Lease Financing
-
(0.3
)
(0.3
)
Residential Mortgage
0.4
0.6
1.0
Home Equity
0.1
0.2
0.3
Automobile
0.1
0.2
0.3
Other 2
-
0.1
0.1
Total Loans and Leases
2.3
5.6
7.9
Other
0.1
0.1
0.2
Total Change in Interest Income
5.7
10.3
16.0
Change in Interest Expense: Interest-Bearing Deposits Demand
0.1
1.6
1.7
Savings
0.2
7.0
7.2
Time
1.6
3.8
5.4
Total Interest-Bearing Deposits
1.9
12.4
14.3
Short-Term Borrowings
1.0
0.6
1.6
Securities Sold Under Agreements to Repurchase
0.9
0.2
1.1
Other Debt
3.8
-
3.8
Total Change in Interest Expense
7.6
13.2
20.8
Change in Net Interest Income
$
(1.9
)
$
(2.9
)
$
(4.8
)
1
The change in interest income and expense not solely due to changes
in volume or rate has been allocated on a pro-rata basis to the
volume and rate columns.
2
Comprised of other consumer revolving credit, installment, and
consumer lease financing.
Bank of Hawai‘i Corporation and
Subsidiaries Analysis of Change in Net Interest Income -
Taxable-Equivalent Basis Table 8b Three Months Ended
March 31, 2023 Compared to March 31, 2022 (dollars in
millions)
Volume 1 Rate 1 Total Change in
Interest Income: Funds Sold
$
-
$
3.3
$
3.3
Investment Securities Available-for-Sale Taxable
(7.8
)
14.5
6.7
Non-Taxable
0.1
-
0.1
Held-to-Maturity Taxable
3.3
1.9
5.2
Total Investment Securities
(4.4
)
16.4
12.0
Loans Held for Sale
(0.1
)
-
(0.1
)
Loans and Leases Commercial and Industrial
0.6
6.6
7.2
Paycheck Protection Program
(0.9
)
(0.8
)
(1.7
)
Commercial Mortgage
4.6
18.8
23.4
Construction
0.6
1.2
1.8
Commercial Lease Financing
(0.2
)
(0.2
)
(0.4
)
Residential Mortgage
2.7
2.3
5.0
Home Equity
2.5
2.4
4.9
Automobile
1.1
0.3
1.4
Other 2
0.3
0.4
0.7
Total Loans and Leases
11.3
31.0
42.3
Other
0.2
0.2
0.4
Total Change in Interest Income
7.0
50.9
57.9
Change in Interest Expense: Interest-Bearing Deposits Demand
-
4.7
4.7
Savings
-
19.5
19.5
Time
1.2
10.0
11.2
Total Interest-Bearing Deposits
1.2
34.2
35.4
Short-Term Borrowings
2.0
1.9
3.9
Securities Sold Under Agreements to Repurchase
2.0
0.6
2.6
Other Debt
5.2
(0.1
)
5.1
Total Change in Interest Expense
10.4
36.6
47.0
Change in Net Interest Income
$
(3.4
)
$
14.3
$
10.9
1
The change in interest income and expense not solely due to changes
in volume or rate has been allocated on a pro-rata basis to the
volume and rate columns.
2
Comprised of other consumer revolving credit, installment, and
consumer lease financing.
Bank of Hawai‘i Corporation and
Subsidiaries Salaries and Benefits Table 9
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2023
2022
2022
Salaries
$
38,617
$
37,395
$
34,932
Incentive Compensation
3,997
5,356
6,111
Share-Based Compensation
3,159
3,901
3,799
Commission Expense
647
830
1,641
Retirement and Other Benefits
5,888
4,065
4,693
Payroll Taxes
5,848
2,591
4,944
Medical, Dental, and Life Insurance
3,864
3,528
3,234
Separation Expense
3,068
(27
)
570
Total Salaries and Benefits
$
65,088
$
57,639
$
59,924
Bank of Hawai‘i Corporation and Subsidiaries Loan and
Lease Portfolio Balances Table 10
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2023
2022
2022
2022
2022
Commercial Commercial and Industrial
$
1,425,916
$
1,389,066
$
1,368,966
$
1,323,830
$
1,354,757
Paycheck Protection Program
15,175
19,579
22,955
31,964
57,809
Commercial Mortgage
3,826,283
3,725,542
3,591,943
3,464,126
3,257,689
Construction
232,903
260,825
236,498
246,177
248,363
Lease Financing
65,611
69,491
73,989
89,535
98,107
Total Commercial
5,565,888
5,464,503
5,294,351
5,155,632
5,016,725
Consumer Residential Mortgage
4,691,298
4,653,072
4,585,723
4,486,571
4,405,718
Home Equity
2,260,001
2,225,950
2,185,484
2,101,612
1,958,285
Automobile
877,979
870,396
820,640
775,065
742,934
Other 1
429,356
432,499
435,408
432,693
420,830
Total Consumer
8,258,634
8,181,917
8,027,255
7,795,941
7,527,767
Total Loans and Leases
$
13,824,522
$
13,646,420
$
13,321,606
$
12,951,573
$
12,544,492
Deposits
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2023
2022
2022
2022
2022
Consumer
$
10,158,833
$
10,304,335
$
10,507,946
$
10,554,121
$
10,654,192
Commercial
8,594,441
8,569,670
8,841,781
8,824,609
8,818,477
Public and Other
1,738,026
1,741,691
1,539,046
1,646,951
1,243,618
Total Deposits
$
20,491,300
$
20,615,696
$
20,888,773
$
21,025,681
$
20,716,287
1
Comprised of other revolving credit, installment, and lease
financing.
Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90
Days or More Table 11
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands)
2023
2022
2022
2022
2022
Non-Performing Assets Non-Accrual Loans and Leases
Commercial Commercial and Industrial
$
31
$
37
$
49
$
85
$
99
Commercial Mortgage
3,216
3,309
3,396
3,462
8,065
Total Commercial
3,247
3,346
3,445
3,547
8,164
Consumer Residential Mortgage
4,199
4,239
4,945
5,179
3,845
Home Equity
3,638
4,022
4,438
4,435
5,638
Total Consumer
7,837
8,261
9,383
9,614
9,483
Total Non-Accrual Loans and Leases
11,084
11,607
12,828
13,161
17,647
Foreclosed Real Estate
1,040
1,040
1,040
2,332
2,332
Total Non-Performing Assets
$
12,124
$
12,647
$
13,868
$
15,493
$
19,979
Accruing Loans and Leases Past Due 90 Days or More
Commercial Commercial and Industrial
$
-
$
-
$
-
$
-
$
22
Total Commercial
-
-
-
-
22
Consumer Residential Mortgage
4,566
2,429
3,279
2,638
4,113
Home Equity
1,723
1,673
1,061
2,029
2,722
Automobile
598
589
467
359
504
Other 1
632
683
513
508
649
Total Consumer
7,519
5,374
5,320
5,534
7,988
Total Accruing Loans and Leases Past Due 90 Days or More
$
7,519
$
5,374
$
5,320
$
5,534
$
8,010
Total Loans and Leases
$
13,824,522
$
13,646,420
$
13,321,606
$
12,951,573
$
12,544,492
Ratio of Non-Accrual Loans and Leases to Total Loans and
Leases
0.08
%
0.09
%
0.10
%
0.10
%
0.14
%
Ratio of Non-Performing Assets to Total Loans and Leases and
Foreclosed Real Estate
0.09
%
0.09
%
0.10
%
0.12
%
0.16
%
Ratio of Non-Performing Assets to Total Assets
0.05
%
0.05
%
0.06
%
0.06
%
0.07
%
Ratio of Commercial Non-Performing Assets to Total
Commercial Loans and Leases and Commercial Foreclosed Real Estate
0.06
%
0.06
%
0.07
%
0.07
%
0.16
%
Ratio of Consumer Non-Performing Assets to Total Consumer
Loans and Leases and Consumer Foreclosed Real Estate
0.11
%
0.11
%
0.13
%
0.15
%
0.16
%
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases and Foreclosed
Real Estate
0.14
%
0.13
%
0.14
%
0.16
%
0.22
%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter
$
12,647
$
13,868
$
15,493
$
19,979
$
18,966
Additions
552
704
489
2,293
2,243
Reductions Payments
(778
)
(1,605
)
(706
)
(5,511
)
(1,230
)
Return to Accrual Status
(297
)
(301
)
(116
)
(1,267
)
-
Sales of Foreclosed Real Estate
-
-
(1,292
)
-
-
Charge-offs / Write-downs
-
(19
)
-
(1
)
-
Total Reductions
(1,075
)
(1,925
)
(2,114
)
(6,779
)
(1,230
)
Balance at End of Quarter
$
12,124
$
12,647
$
13,868
$
15,493
$
19,979
1
Comprised of other revolving credit, installment, and lease
financing.
Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses Table 12
Three Months Ended
March 31,
December 31,
March 31,
(dollars in thousands)
2023
2022
2022
Balance at Beginning of Period
$
151,247
$
152,927
$
164,297
Loans and Leases Charged-Off Commercial Commercial and
Industrial
(261
)
(196
)
(349
)
Consumer Home Equity
(50
)
(10
)
(68
)
Automobile
(1,663
)
(1,171
)
(1,530
)
Other 1
(2,335
)
(1,846
)
(1,961
)
Total Loans and Leases Charged-Off
(4,309
)
(3,223
)
(3,908
)
Recoveries on Loans and Leases Previously Charged-Off Commercial
Commercial and Industrial
50
87
369
Consumer Residential Mortgage
61
63
54
Home Equity
184
202
515
Automobile
672
412
739
Other 1
674
604
745
Total Recoveries on Loans and Leases Previously Charged-Off
1,641
1,368
2,422
Net Charged-Off - Loans and Leases
(2,668
)
(1,855
)
(1,486
)
Net Charged-Off - Accrued Interest Receivable
-
(25
)
(47
)
Provision for Credit Losses: Loans and Leases
1,806
(142
)
(4,307
)
Accrued Interest Receivable
-
25
(367
)
Unfunded Commitments
194
317
(826
)
Total Provision for Credit Losses
2,000
200
(5,500
)
Balance at End of Period
$
150,579
$
151,247
$
157,264
Components Allowance for Credit Losses - Loans and
Leases
$
143,577
$
144,439
$
152,028
Reserve for Unfunded Commitments
7,002
6,808
5,236
Total Reserve for Credit Losses
$
150,579
$
151,247
$
157,264
Average Loans and Leases Outstanding
$
13,717,483
$
13,452,791
$
12,290,402
Ratio of Net Loans and Leases Charged-Off to Average Loans
and Leases Outstanding (annualized)
0.08
%
0.05
%
0.05
%
Ratio of Allowance for Credit Losses to Loans and Leases
Outstanding 2
1.04
%
1.06
%
1.21
%
1
Comprised of other revolving credit, installment, and lease
financing.
2
The numerator comprises the Allowance for Credit Losses - Loans and
Leases.
Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information Table
13 Consumer Commercial Treasury
Consolidated (dollars in thousands)
Banking
Banking and Other Total Three Months Ended
March 31, 2023 Net Interest Income (Loss)
$
98,008
$
56,705
$
(18,758
)
$
135,955
Provision for Credit Losses
2,669
(1
)
(668
)
2,000
Net Interest Income (Loss) After Provision for Credit Losses
95,339
56,706
(18,090
)
133,955
Noninterest Income
31,154
8,649
934
40,737
Noninterest Expense
(85,073
)
(20,289
)
(6,557
)
(111,919
)
Income (Loss) Before Income Taxes
41,420
45,066
(23,713
)
62,773
Provision for Income Taxes
(10,623
)
(10,793
)
5,485
(15,931
)
Net Income (Loss)
$
30,797
$
34,273
$
(18,228
)
$
46,842
Total Assets as of March 31, 2023
$
8,654,243
$
5,625,254
$
9,652,480
$
23,931,977
Three Months Ended March 31, 2022 1 Net Interest
Income
$
70,361
$
46,349
$
8,553
$
125,263
Provision for Credit Losses
1,683
(197
)
(6,986
)
(5,500
)
Net Interest Income After Provision for Credit Losses
68,678
46,546
15,539
130,763
Noninterest Income
31,969
10,198
1,384
43,551
Noninterest Expense
(81,810
)
(18,669
)
(3,395
)
(103,874
)
Income Before Income Taxes
18,837
38,075
13,528
70,440
Provision for Income Taxes
(4,714
)
(9,197
)
(1,695
)
(15,606
)
Net Income
$
14,123
$
28,878
$
11,833
$
54,834
Total Assets as of March 31, 2022 1
$
7,927,186
$
5,174,115
$
9,899,016
$
23,000,317
1
Certain prior period information has been reclassified to conform
to current presentation.
Bank of Hawai‘i Corporation and
Subsidiaries Selected Quarterly Financial Data Table
14 Three Months Ended
March 31,
December 31,
September 30,
June 30,
March 31,
(dollars in thousands, except per share amounts)
2023
2022
2022
2022
2022
Quarterly Operating Results Interest Income Interest and
Fees on Loans and Leases
$
136,501
$
128,683
$
115,013
$
101,663
$
94,439
Income on Investment Securities Available-for-Sale
23,893
18,476
16,995
17,984
17,100
Held-to-Maturity
23,948
23,708
20,243
18,838
18,701
Deposits
27
13
10
5
4
Funds Sold
3,366
1,093
2,335
719
127
Other
597
340
322
353
202
Total Interest Income
188,332
172,313
154,918
139,562
130,573
Interest Expense Deposits
37,794
23,494
10,296
3,535
2,353
Securities Sold Under Agreements to Repurchase
5,377
4,289
2,745
2,794
2,772
Funds Purchased
704
318
40
57
2
Short-Term Borrowings
3,203
1,978
-
92
-
Other Debt
5,299
1,496
182
182
183
Total Interest Expense
52,377
31,575
13,263
6,660
5,310
Net Interest Income
135,955
140,738
141,655
132,902
125,263
Provision for Credit Losses
2,000
200
-
(2,500
)
(5,500
)
Net Interest Income After Provision for Credit Losses
133,955
140,538
141,655
135,402
130,763
Noninterest Income Trust and Asset Management
10,690
10,652
10,418
11,457
11,276
Mortgage Banking
1,004
991
1,002
1,247
2,740
Service Charges on Deposit Accounts
7,737
7,513
7,526
7,309
7,272
Fees, Exchange, and Other Service Charges
13,808
13,906
13,863
14,193
12,952
Investment Securities Losses, Net
(1,792
)
(1,124
)
(2,147
)
(1,295
)
(1,545
)
Annuity and Insurance
1,271
1,087
1,034
870
791
Bank-Owned Life Insurance
2,842
2,475
2,486
2,658
2,349
Other
5,177
5,672
(3,522
)
5,719
7,716
Total Noninterest Income
40,737
41,172
30,660
42,158
43,551
Noninterest Expense Salaries and Benefits
65,088
57,639
59,938
57,769
59,924
Net Occupancy
9,872
9,499
10,186
9,930
9,826
Net Equipment
10,375
9,942
9,736
9,543
9,153
Data Processing
4,583
4,579
4,616
4,607
4,560
Professional Fees
3,883
3,958
3,799
3,542
3,258
FDIC Insurance
3,234
1,774
1,680
1,590
1,502
Other
14,884
15,312
15,794
15,958
15,651
Total Noninterest Expense
111,919
102,703
105,749
102,939
103,874
Income Before Provision for Income Taxes
62,773
79,007
66,566
74,621
70,440
Provision for Income Taxes
15,931
17,700
13,765
17,759
15,606
Net Income
$
46,842
$
61,307
$
52,801
$
56,862
$
54,834
Preferred Stock Dividends
1,969
1,969
1,969
1,969
1,969
Net Income Available to Common Shareholders
$
44,873
$
59,338
$
50,832
$
54,893
$
52,865
Basic Earnings Per Common Share
$
1.14
$
1.51
$
1.28
$
1.38
$
1.33
Diluted Earnings Per Common Share
$
1.14
$
1.50
$
1.28
$
1.38
$
1.32
Balance Sheet Totals Loans and Leases
$
13,824,522
$
13,646,420
$
13,321,606
$
12,951,573
$
12,544,492
Total Assets
23,931,977
23,606,877
23,134,040
23,232,699
23,000,317
Total Deposits
20,491,300
20,615,696
20,888,773
21,025,681
20,716,287
Total Shareholders' Equity
1,354,430
1,316,995
1,282,384
1,348,746
1,448,885
Performance Ratios Return on Average Assets
0.80
%
1.05
%
0.91
%
1.00
%
0.97
%
Return on Average Shareholders' Equity
14.25
18.91
15.31
16.40
14.18
Return on Average Common Equity
15.79
21.28
16.98
18.19
15.44
Efficiency Ratio 1
63.34
56.46
61.37
58.80
61.53
Net Interest Margin 2
2.47
2.60
2.60
2.47
2.34
1
Efficiency ratio is defined as noninterest expense divided by total
revenue (net interest income and noninterest income).
2
Net interest margin is defined as net interest income, on a
taxable-equivalent basis, as a percentage of average earning
assets.
Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends Table 15 One Month
Ended Year Ended (dollars in millions; jobs in
thousands)
February 28, 2023 December 31, 2022
December 31, 2021 Hawaii Economic Trends State
General Fund Revenues 1
$
1,544.9
(0.2
)%
$
9,441.3
16.0
%
$
8,137.9
26.9
%
General Excise and Use Tax Revenue 1
797.0
12.8
4,263.4
18.3
3,604.3
18.6
Jobs 2
654.2
654.5
642.6
February 28, December 31,
2023
2022
2021
Unemployment, seasonally
adjusted 3
Statewide
3.6
%
3.7
%
3.2
%
Honolulu County
3.7
3.3
3.7
Hawaii County
3.8
4.7
1.8
Maui County
3.2
4.5
2.4
Kauai County
3.2
4.7
2.7
March 31,
December 31,
(1-year percentage change, except months of inventory)
2023
2022
2021
2020
Housing Trends (Single Family Oahu) 4 Median Home Price
(6.8
)%
11.6
%
19.3
%
5.2
%
Home Sales Volume (units)
(37.0
)%
(23.2
)%
17.9
%
2.3
%
Months of Inventory
2.1
2.1
0.8
1.4
Monthly Visitor Arrivals, Percentage Change
(in thousands)
Not Seasonally Adjusted from Previous
Year Tourism 5 February 28, 2023
733.6
17.6
%
January 31, 2023
775.1
36.7
December 31, 2022
858.1
14.0
November 30, 2022
725.5
18.2
October 31, 2022
726.1
31.8
September 30, 2022
691.8
37.1
August 31, 2022
829.7
14.8
July 31, 2022
919.2
4.5
June 30, 2022
841.8
6.4
May 31, 2022
774.1
22.9
April 30, 2022
809.6
67.3
March 31, 2022
785.7
78.7
February 28, 2022
623.7
165.1
January 31, 2022
567.2
229.8
December 31,2021
752.8
219.3
November 30, 2021
614.0
234.1
October 31, 2021
550.8
618.2
September 30, 2021
504.6
2,641.0
August 31, 2021
723.0
2,995.6
July 31, 2021
879.6
3,798.4
June 30, 2021
791.1
4,534.7
May 31, 2021
629.7
6,807.4
April 30, 2021
484.1
10,506.3
March 31, 2021
439.8
1.1
February 28, 2021
235.3
(71.6
)
1
Source: Hawaii Department of Business, Economic Development &
Tourism
2
Source: U.S. Bureau of Labor Statistics
3
Source: University of Hawaii Economic Research Organization (UHERO)
4
Source: Honolulu Board of Realtors
5
Source: Hawaii Tourism Authority
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230424005195/en/
Media Inquiries Melissa Torres-Laing
Email: Melissa.Torres-Laing@boh.com Telephone: 808-694-8384
Mobile: 808-859-1703
Investor/Analyst Inquiries Jennifer Lam
Email: Jennifer.Lam@boh.com Telephone: 808-694-8121
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