Q3 2022 Bank of Hawaii Corp Earnings Call

October 24, 2022

The conference will begin shortly to raise your hand during Q&A you can dial star one one.

[music].

Yeah.

Good day, and thank you for standing by and welcome to the Bank of Hawaii Corporation third quarter 2022 earnings Conference call. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask.

A question during the session you will need to press star one one on your telephone.

Please be advised that today's conference is being recorded I would now like to hand, the conference over to your speaker today, Jennifer Lamb Senior executive President and Treasurer of director of Investor Relations. Please go ahead.

Good morning, and 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 <unk>, and our Chief risk Officer Mary Sellers.

Before we get started let me remind you that today's conference call will contain 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 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 <unk> com under Investor Relations and now I'd like to turn the call over to Peter Ho.

Thanks, Jennifer Hello, Hi, and good morning, or good afternoon, everyone.

Thanks for your continued interest in bank of Hawaii.

Q3 was another solid quarter for the bank loan growth net of PPP loans registered another solid quarter up two 9% for the linked quarter and 12, 7% year over year.

Our growth was balanced across both consumer and commercial categories and source predominantly from our core Hawaii and what specific markets.

Production quality was strong.

Overall deposits were down 0.7% in the quarter on a linked basis, resulting from lower public deposits consumer and commercial deposits were essentially flat in the quarter.

Noninterest bearing demand deposits as a percentage of overall deposits remained steady at 35%.

Deposit betas continue to perform quite well at our 64% loan to deposit ratio gives us funding and pricing flexibility.

While betas will naturally rise further as overall market rates peak, we believe the strong core nature of our deposit base being 50% consumer and 42% commercial the granularity of our deposits with nearly half of our combined consumer and commercial deposit balances sitting in accounts size under a five.

<unk>.

And the overall liquidity of the way deposit market.

As us quite well.

Net interest income and net interest margin improved nicely in the quarter as Dan will share with you in a moment.

Recurring non interest revenue was lower in the quarter. What was the drop was as a result of sharply higher market interest rates in the quarter.

Credit remains pristine.

During the quarter, we took a $6 $9 million charge to terminate a lease entered into in 2000.

Bank of Hawaii was active in the national leverage lease market from 19, 87% 2004, 2005, we made the strategic decision to exit this business and begin the orderly wind down of our portfolio.

With the termination of this lease I am pleased to note that we have now effectively exited the leveraged lease business.

As we look forward higher rates and the spectra of recession and positioned us well on a relative basis, given the quality of our deposit franchise, our liquidity and our history of risk conservatism.

As is our custom I will share with your analysis and commentary on market conditions.

We will follow with more detail on our financials and Barry I will close with some commentary on our risk position will be.

We then happy to answer your questions.

Yeah.

So on this slide you can see unemployment levels have.

Actually reached a bit of a milestone so unemployment as of September is now down to three 5% the.

The significance of that is basically we are now at parity with the U S. National average for the first time really since the beginning.

Eric.

Turning to the visitor market.

What you see here is continued strong performance overall and in particular with our U S domestic visitor.

In that light blue band.

On the bottom.

At the beginning of the return of Japanese visitors. So in October of this year.

Government and the Japanese government basically open the.

The lanes to Japanese too.

Sure.

Trips abroad, again, and we're beginning to experience out here in the islands.

Starting off slowly and I think perhaps that the yen conversion rate.

The impact the overall outcome, but nonetheless happy to see Japanese visitors returning to the islands and potentially a nice buffer against potential.

Economic slowdown conditions on the U S mainland.

On the next slide to see revenue per available room, revpar, performing quite nicely versus last year, and performing quite nicely versus even pre pandemic levels.

And then finally.

The local real estate market as is demonstrated by.

Wahoo market for single family homes and condominiums.

Despite the spike in interest rates.

Recently.

We use to perform pretty well median sales prices.

September September is still positive.

For both single family homes as well as condominiums.

Mentor and days on market slowing a bit, but still pretty tight conditions and still lower.

Meaningfully versus pre pandemic levels.

So now let me turn the call over to Dean who will share with you.

Some updates on our financials team. Thank.

Thank you Peter.

We again realized strong loan growth in the quarter core loans net of PPP paydowns increased by $379 million or two 9% linked quarter and by $1 5 billion or 12, 7% year over year.

Growth was again balanced across both commercial and consumer loan portfolios at two 9% and 3% linked quarter respectively.

And 11, 6% and 13, 4% year over year, respectively.

The robust double digit annualized growth trend has led to significant market share gains in our primary lending market, where we hold the largest market share.

As Mary will discuss later growth has growth was achieved while maintaining our conservative underwriting and disciplined portfolio management practices with our commercial and consumer loan portfolios remaining predominantly real estate secured.

Yes.

Deposits decreased by 137 million or 7% linked quarter and increased by approximately $400 million or one 9% year from a year earlier the linked quarter decrease was primarily in our public deposits.

Overall, our deposit mix remained relatively unchanged for the quarter with core deposits continuing to provide a stable source of low cost funding in a rising rate environment.

More than 70% of our deposit customers have been with us for over 10 years and nearly half for more than 20 years now.

<unk>, 93% of deposits are from core commercial and consumer customers and the remaining 7% consists of public deposits that are predominantly government operating accounts.

94% of total deposits are in core checking and savings accounts with 35% in noninterest bearing and only 6% and time deposits.

Our total deposit costs remain well contained with average total deposit costs of 20 basis points in the quarter and a total deposit beta of 5% cycle percent cycle to date.

Net interest income in the third quarter was $141 7 million, which included 200000 from PPP loans.

<unk> for the PPP interest income core net interest income was $141 4 million up $10 1 million or seven 8% linked quarter and up $22 5 million or 19% from the third quarter of 2021, driven by continued strong loan growth and rising interest rates.

Net interest income and margin growth are being supported by our balance sheets asset sensitive position that benefits from higher rates.

60% of our earning assets will reprice our turnover in the next two years with sizeable cash flows on both loan and investment portfolios.

The yield differential between new and maturing loans was approximately 85 basis points in the third quarter and is expected to increase to approximately 110 basis points in the fourth quarter.

The yield differential from investment run off is two 5% to 3% if we invested in securities and more than 3% if we invested in loans.

These cash flows will support continuing growth in net interest income.

Table us to position the balance sheet for evolving interest rate environments.

In the third quarter, we maintained overall.

<unk> discipline, while continuing with our innovation investments.

Noninterest expense in the third quarter totaled $105 7 million <unk>.

Included in the third quarter expenses or severance expenses of $1 8 million as we continued to adjust our workforce for the evolving economic environment and will lead to annualized savings of $2 million.

Adjusting for the onetime severance the third quarter as expenses were $103 9 million, an increase of $1 million linked quarter, primarily due to our continued commitment to invest in our business.

This was partially offset by our core expenses, which were slightly lower.

For the full year of 2022 expenses normalized for the $1 8 million severance expense in the third quarter will be approximately $415 million.

Which is unchanged from previous guidance or approximately $417 million on a reported basis when including the severance.

Yes.

In the third quarter of 2022 net income was $52 8 million and earnings per common share was $1 28.

Net interest income in the third quarter was $141 7 million as discussed earlier core net interest income, which excludes PPP interest income was $141 4 million up $10 1 million linked quarter, driven by strong core loan growth and rising interest rates.

As Mary will discuss later, we did not record a provision for credit losses this quarter.

Noninterest income totaled $30 7 million in the third quarter.

$7 5 million from the second.

The third quarter's income was impacted by a one time $6 $9 million charge related to the loss on sale of leased equipment and a $900000 charge related to a change in the visa class B conversion ratio.

The sale of the leased assets and termination of the loss leverage lease which was originated in 2000 and completes our exit from the leveraged lease market with no remaining residual exposure.

There were two additional contra revenue items in other noninterest income totaled $1 1 million related to hedging or foreign currency deposits and a charge on paid.

Charge paid on collateral received related to customer swap transactions.

There was no overall impact to income is equal and offsetting benefits were recognized in net interest income.

Thus noninterest income was reduced by approximately $1 1 million.

Net interest income was higher by $1 1 billion.

Market volatility and higher interest rates resulted in decreases in asset management fees.

Mortgage banking income in swap revenue.

We expect noninterest income will be approximately $39 million in the fourth quarter.

Rates in volatile market conditions continued to pressure in mortgage banking income and asset management fees.

Our return on assets during the third quarter was <unk>, 91%. The return on common equity was $16, 98% and our efficiency ratio was 60, 137%.

The changes from the prior quarter, primarily driven by the one time items impacting the third quarter.

Both reported and core net interest margin was 260% linked quarter with linked quarter increases of 13.

13% and 16 basis points respectively.

While the margin will continue to benefit from higher rates reinvestment mix shifts in loan growth accelerating deposit betas will temporary increases thus.

Thus, we expect growth in margin will be approximately five basis points in the fourth quarter.

The effective tax rate in the third quarter was 27% as part of the aforementioned sale of the leased equipment. We recognized a tax benefit of $1 8 million that reduced our tax provision in the third quarter.

The tax rate in the fourth quarter is expected to be approximately 23%.

As Mark just contingent conditions continue to evolve we are maintaining our strong capital and liquidity levels.

Both positioned to support continued growth opportunities.

Our loan to deposit ratio remains low relative to regional and local peers.

<unk> us room to continue growing our assets, while maintaining greater pricing flexibility.

Our capital levels remained strong.

Our CET, one and total capital ratios were 11, four 2% and $13 eight 2% respectively.

Healthy excess above the regulatory minimum well capitalized requirements.

Despite robust loan growth our risk weighted assets relative to total assets are still well below the levels of our peers, reflecting our lower risk profile and providing us with ample room to continue growing while maintaining strong capital levels.

During the quarter approximately one $3 billion in market value of securities were transferred from the available for sale portfolio to the held to maturity portfolio in order to reduce the sensitivity of the OCI to higher interest rates.

During the third quarter, we paid out $28 million or 55% of net income available to common shareholders in dividends and $2 million and preferred stock dividends.

We repurchased 187 5000 shares of common stock for a total of $15 million.

And finally, our board declared a dividend of <unk> 70 per common share for the fourth quarter of 2022.

Now I'll turn the call over to Mary.

Our loan portfolio construct with 97% in Hawaii, and Guam assets continues to reflect our strategy of lending in markets, we know and the people we know.

These underpinnings, coupled with consistent conservative underwriting and disciplined portfolio management resulted in a loan portfolio that is diversified by categories is appropriately sized exposures and it's 80% secured by quality real estate with a combined weighted average LTV of 56% credit.

Performance remained very strong in the third quarter net loan and lease charge offs were $1 1 million or three basis points of average loans and leases annualized compared with two basis points in the second quarter and four basis points in the third quarter of last year.

Nonperforming assets totaled $15 5 million or 10 basis points at the end of the quarter down two basis points for the linked period and down seven basis points year over year, all nonperforming assets are secured with real estate with a weighted average loan to value.

Percent loan.

<unk> delinquent 30 days or more totaled $24 million or 18 basis points down $3 6 million or three basis points from two Q and down $4 3 million or five basis points year over year and.

<unk> criticized exposure represented just 112% of total loans down 18 basis points from the prior quarter and 119 basis points year over year, driven by continued sustained improvements in the financial performance of those customers who had been most impacted by Covid.

The quality of our loan production remained strong year to date, 68% of commercial protection is secured with quality real estate conservatively leveraged commercial mortgage production has a weighted average loan to value of 59%.

Construction production has a weighted average loan to value of 74%.

78% of year to date consumer protection are secured with real estate again conservatively leveraged.

<unk> mortgage and home equity production have weighted average loan to values and combined weighted average loan to values of 64, and 59% respectively, 74% of home equity production is in first lien.

Similarly.

Pico scores for all our consumer production remained very strong and consistent.

Portfolio monitoring metrics also remained very strong our commercial mortgage construction portfolios.

Our commercial mortgage and construction portfolios have weighted average loan to values of 56% and 63%, respectively, and our residential mortgage and home equity portfolios have weighted average loan to values are combined loan to values of 57% and 52%.

72% of the home equity portfolio is in a first lien position and monitoring FICO remained very strong at.

At the end of the quarter the allowance for credit losses was $146 4 million down $2 1 million for the linked quarter and the ratio of the allowance to total loans and leases outstanding was one 1% down five basis points from the prior quarter. The decrease in coverage. This quarter is driven off the return of Internet.

No visitors and the continued reduction in the impact of Covid on travel and economic activity in our core markets.

<unk> continues to consider the downside risk of a recession and impacts of inflation and rising interest rates.

The reserve for unfunded credit commitments was $6 5 million at the end of the quarter up 900000 for the linked period.

Now I'll turn the call back to Peter.

Thanks, Barry thank.

Thank you again for your interest and we'd be happy to answer your questions at this time.

Okay.

And thank you as a reminder to ask a question you will need to press star one one on your telephone please be advised level compile the Q&A roster.

And one moment for our first question.

Okay.

And our first question comes from Jeff <unk> from D. A Davidson your line is now open.

Thanks, Good morning.

Hey, Jeff.

The.

Interesting.

Got it.

Tracking interest bearing deposit.

Average rate.

Increases in line with your expectations, just really looking for some color about how youre approaching.

Is it.

One off customer requests or anything that led to that increase linked quarter.

I think you've mentioned that 5% cycled debate.

To date data.

Just trying to check in on the interest bearing cost increase.

<unk>.

Yes in terms of the data cycle to date, it's pretty much in line in terms of what we had been expecting.

And how we are managing the overall deposits.

Clearly the more interest rate sensitive customers tend to be our higher end customers.

Those are where we're having to pay up a little bit more then.

The average rate.

However, the total portfolio.

Deposit portfolio itself has been kind of been.

Well in line of what we had been expecting to date in the rack rates have been very muted in terms of increases so it's really.

Kind of being driven by the market.

Increases in rates the rapid rise in rates.

And where we are having to.

Just our deposit prices.

Yes, Jeff maybe I'll just add that.

Overall, I'd say were.

Pretty.

More than satisfied with kind of where the betas are falling out at this point.

That's not to say that with the with the sudden and rapid increase in rates. If there isn't some latent deposit pricing to follow but kind of where we stand right now we feel pretty good about where we are beta wise.

Thanks, So just on a related.

The deposit balances.

Any thoughts on kind of a.

Looking at it.

2023.

Is the idea just to simply maintain balances it looks like the public fund side is okay.

And those balances are moving around a bit but.

What would you couch deposit growth on net for 23, either specific or just generally speaking how should we think about balances.

I think that well I think given where we are from a loan to deposit standpoint, we don't feel obviously intense pressure on the pricing side.

That may impact balances somewhat.

So kind of I think where we are aspirational.

Deposits for next.

The next several quarters is flat to up modestly would be a pretty good outcome for us.

While still being able to maintain.

And improving margins.

Okay, and maybe one last one Peter on that.

Just the buyback in <unk> and <unk>.

Again I'm sure you get asked a lot about that the TCE ratio.

Generally hasnt been a concern of yours.

Just checking about buyback appetite and the general capital level.

Any thoughts on that front.

But I think given where our currency is right now we're very anxious to be buying.

So we will be active again this quarter.

Were tempered a bit by as you alluded to some of the capital considerations as well as just kind of overall economic conditions. We've got a great portfolio of asked of earning assets, but we just can't get away from the fact that given where rates have gone well just have to see over the next couple of quarters.

What that means for us from overall economic standpoint, but I think the bottom line. Jeff is we want to be an active purchaser of our stock at these prices for sure and we've got the liquidity and earnings power to do that.

Alright, I appreciate it thanks.

Yes, Thank you and thank you.

And one moment for our next question and we do please ask that you limit yourself to one question and one follow up and our next question comes from Kelly Motta from K B W. Your line is now open.

Hey, good morning. Thanks, so much for the question good morning.

Loan growth was really strong this past quarter.

I'm wondering, especially with the return of foreign tourism as you look out what you.

Your expectation is for growth on a go forward basis.

Yes. So good question Kelly, So we were nearly.

12% annualized this quarter.

So we were obviously happy to generate that kind of growth that we've done in market great quality assets.

As we look forward I think.

Maybe tipping a little bit towards a potential U S mainland slowdown and potentially a little bit slower return to visitor from the Japan market because of.

The dollar yen situation.

We're more comfortable is in kind of the higher single digits to potentially just touching on double digit annualized loan growth at this point.

Got it that makes sense.

And then kind of circling back to the previous question on in terms of how to fund the growth.

Can you remind us how much what the cash flows are off your securities book.

It seems like if if deposit growth is.

Kind of flattish maybe down slightly.

Do you intend to fund incremental loan growth with the <unk>.

Cash flows.

<unk> block.

As well as if you could provide a roll off yield of the securities book that would be really helpful.

Yes, so in the third quarter investment runoff was about $263 million.

And then what we have projected out is roughly.

900, so we did take into account the higher rates that it might be.

Such slower going forward.

But in general if you look at the third quarter, most almost well the loan growth was funded by the most of it was funded by the investment portfolio.

Would be the plan if deposits were.

Flat.

In terms of the runoff yields it was about one 9%.

Do you expect a similar yield similar runoff yields going forward.

And for Q.

Very similar I mean, it might be a basis point or two higher but generally around there I would say 190% to 2%.

Got it maybe just one housekeeping item for me.

With your fee guidance that that's inclusive of the visa class B.

Payments is that correct.

Yes.

Okay. Thank you I will step back I appreciate the time.

Thanks Kelly.

Ian Thank you.

One moment for our next question.

And our next question comes from Andrew Liesch from Piper Sandler Your line is now open.

Hey, good afternoon, everyone and good morning, everyone. Thanks for taking my question.

Looking at the expense guide into next year.

So.

Maybe about a 104 million here in the fourth quarter is that a good jumping off point I think in the past you've mentioned.

Normal annual inflation and cost of about 4% is that how we should be looking at 2023.

Yes, I think so Andrew netting out the severance actions that we took this quarter so coming off of the $4 15.

Run base that we have the quarter for a while for the 22 year.

Gotcha Alright, that's helpful.

And then.

Sure.

All the other question behalf. Thanks, so much I'll step back.

Thank you.

And thank you.

And one moment for our next question.

And our next question comes from Laurie Hunsicker.

From Compass point your line is now open.

Yeah, Hi, Thanks, good morning.

I just wanted to go back to expenses.

On page 12 of your deck, the $1 $3 million year of innovation.

Was that one time and also that the $2 million of annual savings.

I guess three branch closures.

Did any of that actually can start this quarter or are that starts into next quarter.

I mean, I guess, Andrew touched on it a little bit with the 104 I'm just trying to understand it a little better.

Yeah, let.

Let me first start with the $2 million that is not related to branch closures that is related to some of the adjustments we made to our.

Mark for us.

And the savings actually will start mainly in the 2003.

Some of the exits are occurring in the fourth quarter. So really the run rate is going to be impacted in the in 2023.

In terms of the $1 3 million.

Investment.

It's part of our ongoing program to continue to.

Reinvest into the company.

<unk> kind of positioning us for the future.

And so that that continues I guess, maybe asked a different way.

The cost savings that youre going to get from the France closure is not in that $2 million number.

What is that or is that just kind of be reinvested. It doesn't it doesn't actually go to the bottom line.

So the $2 million Laurie.

Just trying to understand what you're referencing there.

Yes.

So $2 million.

Yes, the $2 million does not really branch.

Branch closure.

Right.

Just closed three branches in the quarter correct.

No we did not.

Okay. I was looking I thought you went from 54 down to 51 branches.

Sure.

What I can follow up with you offline just one very quick question for me.

In terms of your public deposits to $1 billion, how much of that was with time.

Public.

Deposits.

180.

$80 million.

Yes, the time went from.

Two $1 80.

Okay great.

Alright ill follow up with you on branches offline. Thank you very much.

Thank you.

And thank you and one moment our next question.

And our next question comes from Kelly Motta from <unk>. Your line is now open.

Hey, Thank you so much for the follow up.

I appreciate all the commentary around margin and deposit betas, just wondering if we could take it out a bit further.

In terms of where we think NII and margin should you should.

And kind of.

I think you had said five basis points of margin expansion this quarter.

Do you think we can get further expansion into 2023 and any any color around peak margin.

Timing and amount would be helpful.

Because of the uncertainty and the interest rates, it's hard to project out.

But just this is going to be a very long term commentary but.

As we get past kind of the where the rates settled in.

Cause of the way our balance sheet is constructed we will continue to see some repricing of our assets, especially at <unk>.

Of the fixed rate nature.

It may settle in in that plus two basis points, but near term it could move around some.

So I think that the.

<unk>.

Kelly is that.

Certainly into 2023.

Probably our guess is it will continue to see.

Spansion of the NIM, but probably at a slower rate as our deposit costs.

To catch up to the rapid increase in rates and as our assets, which as Dean pointed out were largely are largely fixed repriced at a higher that just kind of a naturally higher yield.

Got it. Thank you. Thank you so much for.

The additional.

Question I really appreciate it.

Yes.

And thank you and I am showing no further questions I would now like to turn the call back over to Jennifer Lam for closing remarks.

I'd like to thank everyone for joining us today and for your continued interest in bank of Hawaii. Please feel free to contact me. If you have any additional questions or need further clarification on any of the topics. We discussed today. Thank you everyone.

This concludes today's conference call. Thank you for participating you may now disconnect.

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Q3 2022 Bank of Hawaii Corp Earnings Call

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