Bank of Hawaii Corporation (NYSE:BOH) Q4 2023 Earnings Conference Call January 22, 2024 1:00 PM ET

Company Participants

Cindy Wyrick - Director of Investor Relations

Peter Ho - Chairman, President and Chief Executive Officer

Brad Shairson - Vice Chair and Deputy Risk Officer

Mary Sellers - Vice Chair and Chief Risk Officer

Dean Shigemura - Vice Chair and Chief Financial Officer

Conference Call Participants

Jeffrey Rulis - D.A. Davidson

Andrew Liesch - Piper Sandler

Kelly Motta - KBW

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Bank of Hawaii Corporation Fourth 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 like now to turn the conference over to Cindy Wyrick, Director of Investor Relations. Please go ahead.

Cindy Wyrick

Thank you, and welcome everyone. Thank you for joining us today as we discuss the financial results for the fourth quarter and the full year of 2023.

Joining me today is our CEO, Peter Ho; our CFO, Dean Shigemura; our Chief Risk Officer, Mary Sellers; Vice Chair and Deputy Risk Officer, Brad Shairson; and our Manager of Investor Relations, Chang Park.

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 that 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. Both of these are available on our website, boh.com, under the investor relations link.

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

Peter Ho

Thanks, Cindy. Good morning or good afternoon, everyone. We appreciate your interest in Bank of Hawaii. Bank of Hawaii produced another solid financial performance for the fourth quarter of 2023. Average deposits grew for the second consecutive quarter, up 1% on a linked basis and up 1.8% year-over-year. Loans were again flat in the quarter. Margins ebbed in the quarter with NIM of 2.13%, flat to the second quarter. Expenses outside of the industry-wide FDIC special assessment were well controlled and fee income was solid. Capital is measured by Tier 1, CET1. Total capital and Tier 1 leverage continue to improve. Credit remains a strong story.