Bank of 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 remained a strength with NPAs and net charge-offs of eight basis points and four basis points respectively. We recorded earnings per share of $1.12 for the quarter. Debt 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. Given the environment, expense management will continue to be a particular focus of ours going forward.

Jul 24, 2023 / receipt, needs a key / Peter Ho, CEO | earnings call 2023-07-24 | transcript 9dc288f1-5c37-44ee-8547-a4839a7d533f | chars 1955-2664 | segment 1

Canada, Japan, Korea, and kind of a smattering of other countries make up the international segment. Yeah. That together generates about 35% of arrivals and 35% of spend. And what we have happening right now is that number is less than half of what it has been traditionally. Kind of headlined by the Japanese, who are down over 90%, and the Koreans who are down not quite as bad as that, but pretty bad. Kind of offsetting that... Canadians are kind of effectively a bounce back at this point so that's positive and Australians are kind of newly able to leave their country and we're seeing good traction there so you know I think that it's Japan and Korea it's kind of anybody's guess I think that the combination of both kind of you know health issues and conditions And I understand Japan's kind of, again, starting to have some viral issues, COVID issues. But I also think it's also, you know, just policy, right? And, you know, I can only imagine that the domestic Japanese visitor industry quite appreciates having all of their residents in-house, if you will. So I don't know. I mean, I think, you know, eventually the business will come back. That's for sure. We know that. But kind of predicting which quarter might be a little bit more of a fool's error than perhaps we thought previously. You know, when I talk to hotel professionals, a number of them are kind of thinking kind of beginning first quarter next year. And I think probably the sentiment had previously been kind of summer to

Jul 25, 2022 / receipt, needs a key / Peter, other | earnings call 2022-07-25 | transcript b53b5b7f-7c5c-4f38-ab00-74b5361afc03 | chars 27870-29370 | segment 29

The visitor industry continues to improve with the month of May at 91.6% of 2019 levels by arrival and 110.6% of 2019 levels by visitor spend. Year-to-date numbers are 85% and 102.3% of 2019 arrivals and spend levels. This performance comes despite less than half of the international market, traditionally 35% of our visitor market having yet to return as of yet. Obviously, strong support from U.S. visitors is making up meaningfully for the shortfall. REVPAR levels across the state are actually ahead of 2019 levels as demand for travel, and specifically travel to Hawaii, remains high.

Jul 25, 2022 / receipt, needs a key / Peter Ho, CEO | earnings call 2022-07-25 | transcript b53b5b7f-7c5c-4f38-ab00-74b5361afc03 | chars 3154-3744 | segment 3

The visitor industry, as I mentioned, is doing quite nicely. So you see this chart here, really since the relaunch of our safe travels program, visitor arrivals have increased substantively. basically now approaching pre-pandemic levels. Airlift is a great story. In June, actually, we had 1,027,000 seats into the islands, which is a 14.3% increase from June of 2019. And July and August forecasts are even more robust than that. So the airlines are doing their jobs well. Arrivals are looking good. The most recent data we have from the Hawaii Tourism Authority has arrivals at 74% of 2019 levels, so pre-pandemic levels. Visitor days at 83% of pre-pandemic levels and expenditures at just under 80% of 2019 levels. And we have reason to believe that the balance of the summer, June, July, and August should eclipse those numbers as well.

Jul 26, 2021 / receipt, needs a key / Peter Ho, CEO | earnings call 2021-07-26 | transcript c78e6db9-49ec-4cd5-b07b-3176878ce151 | chars 3170-4010 | segment 3

Yeah, so I think international is yet to bounce back. So what's interesting is we're nearly back to full strength in terms of visitor traffic, and that's without the international market, which historically is called a third of our marketplace. The benefit to that traveler is they are a bit higher spending, so I think that's you know, upside, you know, out there somewhere as the international traveler returns. And then the other piece, at least the visitor segment, is the group business and incentive. And beginning to hear those types of excursions beginning to percolate up again, but as you can appreciate, there's a bit of a lag before we'll start to see that traffic back in. So I think the international and group and incentive is effectively the next legs up for the visitor industry, and I think probably a little bit higher margin product than what we're getting right now.

Jul 26, 2021 / receipt, needs a key / Peter Ho, CEO | earnings call 2021-07-26 | transcript c78e6db9-49ec-4cd5-b07b-3176878ce151 | chars 17359-18246 | segment 17

The visitor industry, as I mentioned, is doing quite nicely. So you see this chart here, really since the relaunch or the launch of our Safe Travels program, visitor arrivals have increased substantively. basically now approaching pre-pandemic levels. Airlift is a great story. In June, actually, we had 1,027,000 seats into the islands, which is a 14.3% increase from June of 2019. And July and August forecasts are even more robust than that. So the airlines are doing their jobs well. Arrivals are looking good. The most recent data we have from the Hawaii Tourism Authority has arrivals at 74% of 2019 levels, so pre-pandemic levels. Visitor days at 83% of pre-pandemic levels and expenditures at just under 80% of 2019 levels. And we have reason to believe that the balance of the summer, June, July, and August should eclipse those numbers as well.

Jul 26, 2021 / receipt, needs a key / Peter Ho, CEO | earnings call 2021-07-26 | transcript c78e6db9-49ec-4cd5-b07b-3176878ce151 | chars 35230-36084 | segment 36

Yeah, so that's a good question. So I would say that, you know, obviously the visitor industry is a big component of the local economy. But I think what we found through the pandemic is it's, you know, as big as it is, there are other factors that drive our local economy as well. And so, you know, construction industry, driven by the health of the real estate sectors is in a good space. That's been helpful. The defense sector has been extremely strong and likely to get stronger given the geopolitical tensions in the Pacific here. And so those drivers, I think, have really been major contributors to the local economy getting back on its feet. And I think that In order for our economy to be at full strength, obviously we need a healthy visitor segment, but there are other factors as well, and those factors seem to be doing well. The visitor front has been - the velocity with which we've come back has really been surprising, at least to me it has been surprising, and given variant notwithstanding - I think the opportunity for kind of the next stage with the return of international travelers and the next stage with the return of group and incentive travelers bodes well for that important segment.

Jul 26, 2021 / receipt, needs a key / Peter, other | earnings call 2021-07-26 | transcript c78e6db9-49ec-4cd5-b07b-3176878ce151 | chars 56296-57507 | segment 58

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