Bank of Hawaii Corporation (NYSE:BOH) Q3 2024 Earnings Call Transcript October 28, 2024 2:00 PM ET

Company Participants

Chang Park - SVP, IR Director
Peter Ho - Chairman and CEO
Bradley Shairson - CRO
Dean Shigemura - CFO
James Polk - President and Chief Banking Officer

Conference Call Participants

Jeff Rulis - D. A. Davidson
Jared Shaw - Barclays
Andrew Liesch - Piper Sandler
Kelly Motta - KBW

Operator

Good day and thank you for standing by. Welcome to the Bank of Hawaii Corporation Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' 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, Chang Park, Senior Vice President, Investor Relations Director. Please go ahead.

Chang Park

Good morning and good afternoon. Thank you for joining us today for our third quarter 2024 earnings conference call. Joining me today is our Chairman and CEO, Peter Ho; President and Chief Banking Officer, Jim Polk; CFO, Dean Shigemura; Chief Risk Officer, Brad Shairson; and our Deputy CFO, Brad Satenberg.

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 this morning, we'll be referencing our 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.

Peter Ho

Thanks, Chang, and good morning or good afternoon, everyone. Bank of Hawaii is pleased to report another solid performance in the third quarter of 2024. Net income and diluted earnings per share increased notably on a linked basis. Net interest income and NIM expanded for the second straight quarter. Fee income grew and operating expenses fell on a linked basis. Loans and deposits grew in the quarter, capital levels improved and credit quality remains pristine.

As is our custom, I will spend a little time highlighting market conditions in the islands, I'll then ask Brad to provide a few comments on credit quality and Dean will provide further detail on our financials. The balance sheet performed well in the quarter with higher spot loan and deposit balances and stable average balances. Capital levels improved across all measures on top of the meaningful step-up in Q2.