Bank of Hawaii Corporation (NYSE:BOH) Q1 2023 Earnings Conference Call April 24, 2023 2:00 PM ET

Company Participants

Jennifer Lam - Senior Executive Vice President, Treasurer and Director of Investor Relations

Peter Ho - Chairman, President and CEO

Mary Sellers - Chief Risk Officer

Dean Shigemura - CFO

Conference Call Participants

Andrew Liesch - Piper Sandler

Kelly Motta - KBW

Jeff Rulis - D.A. Davidson

Operator

Good day, and thank you for standing by. Welcome to the Bank of Hawaii Corporation's First Quarter 2023 Earnings Conference Call. [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, Jennifer Lam, Senior Executive Vice President, Treasurer and Director of Investor Relations. Please go ahead.

Jennifer Lam

Thank you. Good morning, good afternoon, everyone. Thank you for joining us today. On the call with me this morning is our Chairman, President and CEO, Peter Ho; our Chief Financial Officer, Dean Shigemura; and our Chief Risk Officer, Mary Sellers.

Before we get started, let me remind you that today's conference call will contain some forward-looking statements. While we believe our assumptions are reasonable, there are a variety of reasons the actual results may differ materially from those projected. During the call, we'll be referencing a slide presentation as well as the earnings release. A copy of the presentation and release are available on our website, boh.com, under Investor Relations. And now I'd like to turn the call over to Peter Ho.

Peter Ho

Thanks, Jennifer. Good morning or good afternoon, everyone. Thank you for your continued interest in Bank of Hawaii. Despite the drama and challenges of the past 1.5 months, Bank of Hawaii recorded solid results. Deposits grew on an average basis, but were down modestly on a spot basis. Loans grew across both commercial and consumer categories. Margins reflected the continued inversion of the yield curve.

If the last few weeks have taught us anything, it is that business models matter in banking, the quality of relationship as well as the diversity of relationship with one-to-one client base are both critical. At Bank of Hawaii, we believe our 125-year commitment to a community bank-based model achieves both key factors. We've been focused on the Hawaii and West Pacific markets for many, many years now. This focus has allowed us to build uniquely long-standing relationships with our clientele, relationships that work both ways.