Bank of Hawaii Corporation reported a net income of $47.6 million for the second quarter of 2025, marking a 40% increase from $34.1 million in the same period last year. This growth translated to diluted earnings per share of $1.06, up from $0.81 in the prior year. The return on average common equity improved to 12.50% from 10.41% year-over-year. The bank's net interest income rose to $129.7 million, a 13% increase compared to the previous year, driven by a net interest margin of 2.39%, which reflects a 24 basis point improvement.
In terms of balance sheet performance, total assets increased by 0.5% to $23.7 billion as of June 30, 2025, compared to $23.6 billion at the end of 2024. Total loans and leases decreased slightly to $14.0 billion, down 0.5% from the previous period, while total deposits rose to $20.8 billion, an increase of 0.8%. The allowance for credit losses remained stable at $148.5 million, representing 1.06% of total loans and leases, indicating a consistent approach to managing credit risk.
Operationally, the bank's noninterest income also saw a 6% increase to $44.8 million, attributed to growth in service charges and trust and asset management fees. Noninterest expenses were $110.8 million, a modest increase of 1% from the previous year, reflecting ongoing investments in operational efficiency. The effective tax rate for the quarter was 21.19%, down from 24.77% in the prior year, contributing to the overall increase in net income.
Looking ahead, Bank of Hawaii Corporation remains focused on maintaining its strong financial position while navigating potential economic challenges, particularly in the tourism sector, which is vital to its operations in Hawaii and the Pacific Islands. The bank's management continues to emphasize prudent risk management and capital strategies to support growth and shareholder value. The Board of Directors has declared a quarterly cash dividend of $0.70 per share, payable on September 15, 2025, reflecting the bank's commitment to returning value to its shareholders.
About BANK OF HAWAII CORP
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