Bank of Hawaii Corp. (BOH)

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Why is Bank of Hawaii Corp. (BOH) Stock down?

We've noticed a 5.17% decline in Bank of Hawaii Corp. (BOH) stock during the 2024-04-10 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

23 Jan, 2024:

Bank of Hawaii Corp. (BOH) stock dropped by 5.37% due to a disappointing earnings report for the fourth quarter of 2023. BOH reported earnings per share (EPS) of 72 cents, missing the Zacks Consensus Estimate of 89 cents. This marked a substantial drop from the $1.50 earned in the same quarter of the previous year.

Adjusted EPS and Charges: It's worth noting that the reported EPS included an FDIC Special Assessment charge of 29 cents. Excluding this charge, the adjusted EPS would have been $1.01.
Factors Affecting Quarterly Results: The quarterly results of BOH were impacted by a decrease in net interest income (NII) and an increase in provisions and expenses. However, there was some positive influence from improved non-interest income, as well as increased loan and deposit balances.
Net Income and Annual Performance: BOH reported a net income of $30.4 million for the quarter, a significant drop of 50.4% compared to the previous year. In 2023, the company's earnings per share amounted to $4.14, reflecting a decline of 24.5% from the previous year. This figure missed the Zacks Consensus Estimate of $4.28. Net income (GAAP) for the year was $171.2 million, down 24.2%.
Revenues and Expenses: BOH's total revenues in the fourth quarter fell by 13.1% year over year to $158.1 million, missing the Zacks Consensus Estimate of $161.03 million. For the full year 2023, total revenues were $674 million, a decrease of 3.5% from the previous year but surpassing the Zacks Consensus Estimate of $673.2 million.
Net Interest Income and Non-Interest Income: NII for the quarter was $115.8 million, down 17.7% year over year due to higher funding costs, partially offset by higher earning asset yields. Non-interest income increased by 2.7% year over year, reaching $42.3 million.
Expenses and Efficiency Ratio: Non-interest expenses increased by 12.9% to $116 million for the quarter, including the FDIC Special Assessment charge of $14.7 million. Adjusted core non-interest expenses amounted to $102.9 million. The efficiency ratio increased to 73.36% from 56.46% in the year-ago period, indicating lower profitability.