Bank of Hawaii Corporation (NYSE:BOH) Q2 2023 Earnings Call Transcript July 24, 2023 2:00 PM ET

Company Participants

Cindy Wyrick - Director of Investor Relations

Peter Ho - CEO

Mary Sellers - Chief Risk Officer

Dean Shigemura - CFO

Conference Call Participants

Jeff Rulis - D.A. Davidson

Andrew Liesch - Piper Sandler

Kelly Motta - KBW

Operator

Good day and thank you for standing by. Welcome to the Bank of Hawaii Corporation Second Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Cindy Wyrick, Director of Investor Relations. Please go ahead.

Cindy Wyrick

Thank you. I'd like to welcome everyone and thank you for joining us today as we discuss the financial results for the second quarter of 2023. Joining me today is our CEO, Peter Ho; our CFO, Dean Shigemura; our Chief Risk Officer, Mary Sellers and the newest member of our IR team [indiscernible].

Before we get started let me remind you that today's conference call will contain some forward-looking statements. And while we believe our assumptions are reasonable, there are a variety of reasons that the actual results may differ materially from those projected. During the call today, we will be referencing a slide presentation as well as the earnings release, both of which are available on our website boh.com under the Investor Relations tab.

And now I'd like to turn the call over to Peter Ho.

Peter Ho

Thanks, Cindy. Good morning or good afternoon everyone. Thank you for your interest in Bank Hawaii Corporation. I'll begin today's call with some general commentary on our results. I'll then hand the call over to Mary to cover off on credit, which is a great story. And then, Dean will get a little deeper into the financials. We'll then be happy to entertain your questions.

Bank Hawaii delivered solid results for the second quarter of 2023. Total deposits grew in the quarter and we enhanced our liquidity position substantially with cash and immediately available credit lines. Credit remains a strength with NPAs and net charge-offs of 8 basis points and 4 basis points, respectively. We recorded earnings per share of $1.12 for the quarter. Net interest income was negatively impacted by higher interest rates and attendant higher borrowing costs. Fee income performed well during the quarter and expenses were controlled, both on a reported and normalized basis.