BOH - Earnings call transcript Q1 2021 | Bank of Hawaii Corporation

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Operator

Good day, and thank you for standing by. Welcome to the Bank of Hawaii Corporation First Quarter 2021 Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to one of your speakers today, Janelle Higa, Manager of Investor Relations. Ma'am, please go ahead.

Janelle Higa

good afternoon, and Michelle, you, morning, everyone. good Thank today. you for us joining Thank

Dean Chief me On Ho; CEO, Officer, and the our and this Financial is call with morning our Sellers. Officer, Risk Mary Chairman, President Chief Shigemura; our Peter

let And actual from Before statements. a that today's some we variety there results are believe materially our of remind conference we me projected. you the will may call differ those get contain reasonable, reasons started, while forward-looking assumptions are

slide available a like release. Investor referencing as website, be well the to earnings we'll call, now to the under the presentation A over call presentation Peter as During I'd boh.com, the And Relations. and on Ho. of turn copy release are our

Peter Ho

our delighted your quarter, efforts, our Mary some financials provide and time, appears positioned listen strong. you in in I'll thoughts Hawaiian on operating a year. poised reemerging to Capital Thanks, in like banking the Hawaii. environment dismal had are and give here to you particular, are as in more on the questions weather grow will to in. of color perform Dean to we'd of conclude last items and slides overview Conditions management, solid and At levels. I'd Bank quality. risk and Janelle. thanks an adjusted our begin time liquidity Hello, of ask few be are well stable, that. take ended XX. nicely remains on continue everyone, Tourism market, for economy, Hawaii this growing. after Credit performance Home to I'll economy In quarter year finances, March with from for improving XXXX controlled was little to Oahu, taking another the short, process we Hawaii conditions, primary highlight expense appears conditions the of period well. viral continue the to And a after to to the then the a our for discuss onetime digital allows. credit prices for

Slide So point, in the as but #X, here to unemployment for at first of this is about islands beginning high that national the with X% remains you standards, moving us in down right by see direction the quarter.

to really slide, Economic see has and is risk the of positively. a turn next you the you'll actually Hawaii revised is UHERO, financial our the -- number we which that If organization off the that organization of and Research of University base metrics models

and downward XXXX. the in So revision unemployment both XXXX for on

we've for to forecast unemployment X.X% positive most a this you forecast. down the as forecasted been that X.X% on March well March having And Here This personal the income. X.X% for in obviously revised 'XX, from to is on forecast. downward see on the GDP in from the slide, XX.X% forecast as then impact December recent in prior

forecast Here, was X.X% for versus you XXXX previously. significantly prior see for forecast. to pretty X.X% year revised upwards to minus the has basically been that the the 'XX X% already was XXXX again think, also last situation, improving by, for unemployment personal for this of Much I year. income, which up to percentage is a which upward GDP XX.X% the year, flat plus is XXXX, versus driven revised for And but basis minus on increase

to like perform markets exceptionally Turning many slide. well. estate across nation in to next the Hawaii, the market Real continues

getting is numbers year-to-date think, for March more I on prices, well up as almost side, record down sales period-to-period home. inventory are single-family just as think significantly, both levels. I to, home So single-family the perhaps XX.X% Median

well And well price up dropped months. median and inventories well with we're Condominium X.X% Hawaii on sales a are up as on So conditions Inventory X inventory year-to-date market X.X March Arrivals XX X.X%. and of point-to-point market on pick up median nicely. performing pretty to X.X now side at though as into condo days days beginning interesting for down as home. not the remain months. to single-family, to single-family side

our to had visitor most X/X forecasts arrivals, basically by So getting year-end. back levels you may historic that recall of

in this chart we're see way that our on to you Here, that well path.

being we're date trend and is, the a driven U.S. So is frankly, most in strong indicating to industry. think, for of domestic summer domestic, And the similar for visitor a pandemic international good that pretty in experience the still, most COVID airlines, you performing strong. both, a markets. people the optimism And speak would this there's pretty of industry, having working to struggling anecdotally, when of amount cases international to hotels the to with darn year in markets with is as a well. Hawaii I level of to by being our muted and are you travel our imagine, still normalize, the

this a good pandemic. we see day average through on are down in XXX,XXX. per consistent That's chart, pretty been has and the So sign bottom you really cases per terms near entire the of

On towards the the next vaccination rates bound country. you'll in slide, are of upper Hawaii see the

forward many there. can that uptake Hawaii towards herd a not-too-distant move Obviously, as future. possible as we good looking to hopefully, in immunity getting getting so residents So the vaccinated

quarter. will first here. for you finances turn So I'll let over the stop who to on the And call Dean? update me Dean, our

Dean Shigemura

you, Peter. Thank

or in or first billion continued $X.X by $X.X Our quarter year-over-year. quarter, billion increase XX% linked and strong X.X% deposit the an growth

the our grew core During by consumer by million. deposits billion, quarter, $XXX and public while reduced time over deposits we $X commercial

liquid us increased deposit and for rising X.X% funding primarily the to costs to against a loans. during profitability significant continue and $XXX mitigant assets is or with invested rates. X.X% deposit contributor deposits, low costs quarter basis decline impact and Total at year-over-year. increase total The we quarter, our continued As was a very in linked the extent, interest by quarter's or to a million to lesser of $XXX million and loans ending our growth funding X The flexibility approximately grow provides points.

flat core Excluding were loans loans, PPP quarter-over-quarter. approximately

quarter fourth and the investment and ended increase safe into by at portion $XXX portfolio billion. We the deploy of $XXX by continue excess Cash $X.X quarter income quarter balances was balances per and Included the for from Net the a $X quarter billion. the to a the a balances $XXX.X $X.XX in high $XX.X XXXX. impact $X.X to net $XXX.X from The million million fourth investments million $XXX quarter income in the growth million support in income $XX.X our near-term funding the with of liquid in to and in loan deployed of us was first and source and funding a stable net first million be or up well for in further quarter income interest increased and quarter as pressures. for interest Net strong provides leveraged mitigate was lease. an can quarter the rate the share, down first up impairment investment and fourth million first interest of reduction million of cash million XXXX. million, as liquidity from $XX.X of

discuss $XX.X to in we for quarter later, $XX.X totaled As of the Noninterest negative from The the a the losses million $XX.X income down the of quarter. Mary and XXXX. credit fourth provision first million quarter the $XX from lower in million spread was derivative deposit this recorded result customer gain first in to will interest decrease due lower quarter, million quarter on banking as due fees a revenue customer and accounts from derivative first decrease mortgage sales higher of was rates. and quarter income XXXX revenue. of on from fourth primarily lower The

as increasing support reduced to income expect revenue decrease million economy. year. other provisioning. the approximately We was reserve service higher is rates, to transaction the banking expected improving from $XX quarter fees, noninterest incentive will deposit for million per by be charges interest but of a other fees offset Mortgage XXXX, $XX and to of be In the compensation remainder result

improving totaled for XXXX, will outlook anticipate economic be levels. the provisioning $XX.X million. back first expense the With normal incentive and we quarter compensation Noninterest in to earnings

$X.X per bars XXXX, account, of rate approximately effective the million expenses When to expected noninterest related cards was first of The incentive us seasonal XXXX continue these incentives, up over first compensation year XXXX, XXXX quarter contactless and The we pre-pandemic normalized are the approximately restoration reserve million, voluntary compared which cards expenses includes of driven in reduce incentive million was of rather will was compensation million the which to income. on $XX.X the in onetime onetime issuance Note of Visa, of XXXX. XX.XX% levels, $XX the which Taking which than with tax tax as from mass highlighted items of X% for to and expense normalization to provisioning. well-managed down incentive at X.X% charges cards, XXXX, million XX%. annualized in up first to quarter place the the payroll expenses immediately dark first the expenses higher separation was prior compensation. related expire. quarter by only the of expenses and we XXXX for over incentive with of and the program, million, XXXX, as be XXXX Currently, normal and to or the last and $X.X existing hands quarter, pretax compared allows be for the was first customers with incentive desirable debit expenses incentive these in of support the effective quarter into of to XXXX $X.X restoration that $XXX million discussion and when includes X.X%. in $X.X normalization included the lower blue time discussed slide. first quarter of over expect in the extraordinary rate with an elected Even included increase When compensation million. traditional are are expenses that only our incentives, Adjusting adjusted for $X.X quarter's be

was Our return equity the our quarter XX.XX%, was first and ratio return assets XX.XX%. X.XX%, during the efficiency was on on

from by The million in first growth interest effects quarter as reduced the X.XX%. first Adjusting margin leverage which the X the as XX in Our fourth quarter, decline in lease net ongoing basis margin net for the first well was in strong the margin margin impairment, points rate $X the deposit by environment. the the reflects the lower quarter interest of in quarter lower points. the basis interest impact the was

quarter, We then decline approximately margin balance prepayments, the liquidity then have growth, impact second the with been risk-based increase sheet is which and continued of exclude expected to improve volatile estimates the strong deployment steepening of and half of yield capital the will maintained year. points X growth our the second levels. unpredictable. loan quarter interest second expect in the will the the curve. will These and in stabilize NII the deposit of year. in the excess approximately be PPP We liquidity. basis due half quarter, income second primarily flat margin with to Net the the in first increased expect We

CETX levels. regulatory XX.XX%, increased which is Tier the well X excess and capital, ratios our and well-capitalized Our capital to adding minimum to above

During first XX% paid $XX million net or of we income quarter, and out dividends. the

Our per XXXX. declared the share repurchase finally, a our suspended. Board program remains second share dividend for of of $X.XX quarter And

over call the turn I'll to Now Mary.

Mary Sellers

the At us to portfolio totaled weighted This secured PPP estate and Dean. loan high-quality unprecedented community with you, XX% real allowed portfolio, and on to a construct management us underwriting and customers provide disciplined consumer superior of XX% consistent, billion XX% remains these and net times. of the average outcome our a has loan-to-value Thank $XX.X quarter, built with XX%. the conservative end commercial. balances With through portfolio and combined of continued the support portfolio of

quarter from performance of commercial to million April deferral $XX.X secured $XX.X $X.X with XX%. date, more peak net quarter and quarter with charge-offs were $XXX,XXX the of from customers $X.X recoveries charge-offs strong our X.X% delinquent delinquent of million, of less the quarter X% Net and million quarter XX, the more XX interest. year. and XX% payment of down compared $X.X first stable loan-to-value return has loan of quarter. of $XXX,XXX XX% end. XXXX. loans Nonperforming of to pay XXXX average million loan-to-value on of having first Criticized as loans of quarter, the and loans. first fourth of for down or strong down consumer-related XX% weighted flat of at these a in continue X.X% XX% or to remaining end than Credit on down million and on metrics their $X.X days balances linked our remained were exposure XX deferrals, As deferral the linked deferral $XX.X up with totaled the been were average Loans And remained our at million year-over-year. deferrals in assets total the at commercial to customer for last period the in of million of a loans. total net are the having the days loan weighted

potential years, for we $XX The the As quarter. credit risk for Peter levels charge-offs million, allowance unemployment provision $XX.X income shared, recorded credit continue of and losses for the with of lower allowance consider the of the the noted, to is Dean linked This the next a unfunded included net million inherent provision this to- million, $XXX.X the UHERO fund with over PPP million, $XXX,XXX million and now in I'll a increase. a period several our commitments for credit which forecast $X $X.X does which, credit negative and allowance X.XX% allowance back loans and reduced of recent the to of net with to call with leases called personal to provision profile. risk negative losses Peter. for reserve total stronger decrease downside outlook reflective end economic coupled The The our X.XX% as quarter or most of provide was balances. at the of the market, turn of for the made pandemic.

Peter Ho

Mary. you, Thank Great.

where So digital this we'd is some insights just thoughts We some a finish hot we're with topic. topic into days. these and on out trending thought off

live increasing experience. really First primary in digital. of see the there think customer those the the that We about digital and about services beginning circle. investment. we products we And our of support you the our products experience. us loan banking XXst digital customers obviously, know for that an to component with think in here online century, us customers products in our What able e-commerce And is is for is customer focus or digitally, platforms. Really, providing products, how secondarily, our then basically of provide service digital to and and terms a one to able excited mobile being of services, so in through or being deposit format. We're terms

with as upgrade platform. will really online for good to go but have to to pretty chose as What This move. workhorse, mobile we FYS's believe experience what a recently, provide enable platforms for both So DX us us will superior been UX well we low-code as And us platforms flexibility consumer give opportunity better to us our then the and of between mobile much, platforms. alignment customers, on finally, with experience the need greater our give effectively much our and warrants. an capabilities, online much fly upgrade

digital as meaningful both well particularly we've The our digital for now side by digital e-commerce we've a in our side, of products been of of as other results investment XXXX sales towards way lending encouraged shifted making and by as deposit that few years Bank very ground, simplified the both This the strategy, pandemic. sub Hawaii. been in of a represents the people is a the result really as

a very to we cards in outcomes. think, reasons, obvious but rollout the is the and And effectively as with that for mentioned, And more our popular bullet. Dean made now contactless for, I the single Some a product decision swallow entire quarter. consumers. recent mentioned, tactical bite Dean right

chat So we into has positive. the right we're recently and on finally, think We so we outcome And think our the decision. introduced that's live far our for very customer platform. rollout the right that's then feedback mobile the been getting customers

our digitally, and is gives this live to us popular very So feature. with via which the ability customers the through interact chat, now phone a person, in

for franchise. the really, you for strategy, opportunity creation. a is see the the we the here obviously, value organization, on create tremendous next underpinning based just page, operating turn If leverage to the is to What to

And built to years, of so analytics, of see that here spaces X effectively past investment expenses lot you over really whole we've if you the and go such. marketing are digital a back e-commerce, what XXXX, the data not in

a into spaces, already lot be to this million IT we've just rate that from that, see XXXX but platform, about overall is You investment provided not built run our earlier. which incorporated the also you for up into that that these investment $XX direct Reminding million. chart you $XX Dean just expense of into should infrastructure really

investments is goal maintaining really, while best as future, think both necessary digital So our make as proper at well as an what as well expenses as the a into the I opportunity here efficiency time, forward. the is to investments as same and possible lot upside, of creating from going revenue

happy Again, front. and whatever you So listening in, on you questions we'd that's thank answer the might be that have. digital to for

Operator

[Operator Instructions].

America. first with Our line Poonawala of the question Ebrahim of from Bank comes

Ebrahim Poonawala

equity at just ratio the is look I the I to Peter, the capital, around X%. close common tangible first when or leverage around guess, question,

us announced give sheet. of as the continue I'm assuming, was in you're the stimulus think how February. new sense to that a managing in through could back come balance Just we liquidity

Just you're informing management a you're how capital how the sheet? managing and of give balance us sense thinking about how that's

Peter Ho

right, Ebrahim. But very a we that. obviously deposit experienced brand. Well, to XX.X% is great everyone which standpoint, capital. is quarters, measurements some past are to good. We've and/or two on that's I And stakeholder a The comfortable putting pressure from risk-based is in testament think the growth think extraordinary, with point, enjoyed you're your looking the

repurchase I to is right, of we're And get because obviously, number dividend I leverage earnings the in undergoing to levels that being are, where that exploring good To stress standpoint place, number the we've back we what stream we of of some the think into perhaps of are that And think an we back at from provisioning made run some with earnings they extent get that traditional other back sense wish a that going the where with to the on more X% need through level repurchase reverting to different plus level. with there's trip kind think ratio just You're kind program, historically, And suspended. head we a which growth. out. accelerate to closer being case deposits options. we the with options would is make like might to could

that XX% deposit types consumer look on pretty $X.XXX commercial you the about at stimulus front. as the could of growth, be activities, If well both of to much quarter, of growth for tied the as XX% so billion

the continues, To that downside That deposit and So people to investing hopefully businesses of inflow produce our backside consequences have that slows the the that, on now extent through spending capital there. to that, different into or think or we're money the inflow, that the extent really a could we'll that outlook. economy.

So pandemic. I it is What think question, more pandemic, around trying to liquidity the get screen. past, with of the the radar risk in Ebrahim, really, aspects of I think of to our with and next answer follow I your gotten a I as on meaningful we've quarters, credit question. to think we're dealing the It's are left think. aspects really and our arms the couple And

Ebrahim Poonawala

up good That's just, Got And your $XXX it. a million. expense Peter. guidance perspective, Dean, for around following

Just million for looking you you first are a at the at Or the number number? reported quarter, are ex clarify, core looking the wanted to $XX.X $X.X million?

Dean Shigemura

be would It the onetime items. including

Ebrahim Poonawala

including would the It be $XX.X? item, onetime

Dean Shigemura

Yes.

Ebrahim Poonawala

tourism that's half on sector of and get terms the What's in to in means economy running. just you of tourism hospitality And planning second a the question macro last year feels Got the kind in going like up activity opening terms think you're up, activity. one is of and seeing it. sense best the just just your fee of rebound the and as about

that Just loan tourism, of what expect, what give into inbound fee or growth of for terms you us bank? opportunity a the Peter, in revenue translates sense

Peter Ho

let think think somewhat with -- year. forecast conservative. the I out, end I the X/X always played probably things Ebrahim, by was return this And me expectation. visitors reasonable that that there of have of of as about think start I well, that's a the potentially

have And so in activity numbers, than the seeing we're already we would rebounding faster anticipated.

come consumers working than that underpinnings safe vacation. are: are of And then that remarks, you And demand you or And which somewhat I I would Hawaii, the quite think market. now. The to The think is, to anecdotal airlines desirous limited taking and are As be. used mentioned, so big destinations is market as will, business to then behind kind is really, that. into of just Hawaii, think because be. they not the options destination and And not likely lift, a for are U.S. the formal we even visitors secondly, I they when then back think of routes, in if I recipient. with when vaccine a think, stronger supply, mentioned about being again consumers, to one, faced is of are a component frankly, are to a evidence rollout like international the domestically, international a the I this you what about American where while are

is a good into us. being which hardware well of repositioned for bodes market, So this amount

see think terms and statement, second more I bit of what In in in a that But we I'm The I to stronger versus ATM growth. fees, half year going to growth commercial half. that the commercial probably, commercial that's we'll of little think P&L terms see of transactional anticipate suspect would the we'll but can I the first loan back-ended our hopeful, be deposits impact and means in bounce, immediate the things to like a pretty a side, that.

Operator

Our line next with D.A. Rulis question comes Davidson. Jeff from of the

Jeff Rulis

of I in housekeeping try to is million Maybe The going. just Round the a way. X the out came $XXX maybe you forgiveness item on X just PPP and guess, think -- coming mentioned I to what quick could you round, Round and balances, the track atomize

Dean Shigemura

in the Yes. then million. We loans of all 'XX. of vintage. in -- XXX new what XXXX $XXX -- about million And was originated came off almost Mainly it $XX roughly

Jeff Rulis

Got it.

for physical you digital and you oversimplify -- overlay not potentially that on Slide to guess, on Any expense what on it. factors thoughts maybe out thought if Kind I appreciate but overlay from compare? the that savings XX or would the then that to spend, maybe things, capturing enhancements would were spend interesting. of that the not if was slide, were breaking And that those that from we're to called of how I even Peter, Okay. that revenue look? how I some innovation. the And you've

Peter Ho

mean, that I an that and best marketing But our into you I think on we tough probably will, had give some investment numbers efficiency the it's operating leverage think to conceptually, digital us operating opportunity for or Yes. digital we've gives I story, of forecast that, hard Jeff. think and if quite time. that's

about we give teller some are yes picked to So -- And -- over of color, by looking both quarter, we've is to transactions. consumer XX% branch has our our equally as our deposit That seen The decline below ATM that's as rightsize up past us the as talked as you total, side down. mobile transactions in-store total coming branches just transactions, the couple of or to with years commerce promising. teller been well platform, we platforms. enabled deposit consumer last

deposit now consumer generating Our our their of origination, our are almost origination openings. or overall at deposit I openings And channels. minimum, account loan consumer tell through can direct-to-consumer represent online a products, of XX% you, deposit XX%

as or So other we're efficiency able seeing these line stable cheap, the taking that the then be well to basically because from make revenue out is expense building investment trick keep the things efficiencies. And -- out to our your standpoint the aren't opportunity. and as through relatively both

Operator

from line with Liesch Piper And our question Sandler. next of comes Andrew the

Andrew Liesch

dollar amount? that Just the fees do clarification have on the you PPP in quarter,

Dean Shigemura

Yes.

the about accelerated forgiveness the the break waivers $XXX,XXX in and that income, the net we to to $X.X we down, occurred that due of interest it million. had quarter. about And had base, fees of kind of kind then So were in

So in -- it total, was $X.X yes, million.

Andrew Liesch

get you just this forgiveness, reported accelerate that's to do a the Just here and of Okay. a more trying quarter? margin NII to of pace forecast. And going then think to

Dean Shigemura

pick -- is the I will at borrower we're expect as so the that with more guess, in Yes. slam well forecast And we had do I program, have they expectation pick more with The is think But new pretty were to tough quarter, forgiveness. to dealing to on SBA focused it's days. behavior it we be because up. SBA Last third these as quarter forgiveness. the a and up second expected

Andrew Liesch

forecast it's No, challenging out. to certainly Yes. court. No

right Just are you have loan that been of like there it And other expect anything sounds on to the just commercial noted gains in there confidence doing giving kind to Is you this -- year. half what then -- there. in growth, and now? comments see on that curious second continuing any that's some And your increase then well. residential mortgage construction thoughts see types you just

Dean Shigemura

Sure.

construction was a was up would X%. I somewhat quarter. good outsized PPP X%. of had environment. saw net for But was production the quarter flat, overall, about was say, C&I., down. So what an down really, was paydown And was Really commercial bad. we It CRE not of

quarter. $XXX we So million are about quarter, I first our rolling like and X-quarter per paydowns the think experienced something $XXX in million

little outsized a So there.

back. -- pick that front, that things bounce our X. another will And next bucket. we the opportunity at think for things barring to clarity recurrence we're up economically, of add hopefully, we've got -- pretty things as look look the that And pipeline just So should on to commercial quarter or I good continue

Operator

comes question with Bohlen next of from KBW. our line Jackie And the

Jackie Bohlen

a severance quarter. was includes my you X%. that the guidance is plus higher I got parts note little moving within expenses to in had I've quarter. up little the a had there, than think and bit catch wanted on some card know million understanding about that unique When that it and was it you and run I the that rollout the rate, I $XXX last

making? or I factor you'll that that more more pretty incentive takes that's be of mean it is to which year investments it's a if assume, if wondering factor the COGS, just So of a the would positive outlook other for

Peter Ho

of all It's that, Yes. Jackie.

pretty fronts. make of slate we higher to we marketing to just last the and contributing given So incentives. accrual on down contactless with than obviously expenses. But has rate and we full digital Like anticipate, got investments late we've a do forward brighter a would much efficiency outlook see rise late a that the and even year, rollout. made to to the hope That decision is go

there. So plus on about you're are expense. $X And right million our experiencing commissions a outcome we also

mortgage very just So come well. businesses has us, that to for line as continue as be item strong the up

good are really expenses generally it's for but it So look at reasons. -- as higher, we

Jackie Bohlen

clarity. Okay. of and good capital And the comments That's then discussion. to just related your kind buyback

diversify might take you you sheet back As want balance When actions management? mean you to do you the you think evaluate look think to into you might strong. internal balance if get is still sheet to you'll share growth repurchases, Or you about but decide capital options, pretty want stack?

Peter Ho

take on good purity all stack. We Well, in the the capital of are yes, I of think amount pride a table. options our

So that be third I look say would we probably at. would the that area that

The that to first got are thirdly, capital, And beneficiary sheet potentially takeout some good build I'd then opportunity. about. gain, capital if just of a believe is that are the generating be bunch additional could we we feel And items, help balance some obviously repos got intra be looking the we're then of would form probably second potentially. obviously, second-shelf some -- market a earnings of we've to going towards opportunities. outsized yes There that we longer-term we've say, which to quality be secondly,

Operator

Laurie of with our comes the Hunsicker line next Compass And question Point. from

Laurie Hunsicker

In fees fees for have pretty close just just two. of go it those quarter? Just the it what of $XXX,XXX have back rate in XQ? to the the what at was was in assume X%. was I regular if $X.X wanted Do you in to quarter, moment. PPP but you fourth words, forgiveness million And numbers just then comparable to this the a that for a was also other PPP

Dean Shigemura

Yes.

about in accelerated fees loans. the about $X and the on NII income were for embedded in the separately interest $XXX,XXX So QX million

Laurie Hunsicker

Perfect.

Round X and the PPP you think your amount remaining, terms Round of and total do fees then in remain. that that? X of X what's Okay. if about what actual What's under in is whatever And Round now you balance X? Round

Dean Shigemura

it's million total, In about $XX.X remaining. Yes.

Laurie Hunsicker

Perfect.

are branch down baked And Okay. expense? apologize there And expenses line more your through wanted any timing closures, branches. of And down XX. that this, that? separation remind you getting I Perfect. branch closure XX. million just you it on occupancy just And the but missed your ask on where if I you Can I've accounts into And was are I know is $XXX onetime if closing to then I guide? the on the see us to coming with then expense to

Peter Ho

Yes.

any to We Laurie, foreseeing really scale expenses charge, in-store a point. as of you As nothing I at took that this branch large right. recall, last optimization, our quarter, not on the And network. there's far see as pretty branch I'm down additional bring

Now change. things

separation know, baked So Dean? we'll don't in And you additional on there, expense, then see. the have do I

Dean Shigemura

think Not I so. really, nothing. don't

that areas to layoff rightsize sense Although looking today, proud very not for through And we're we've to of rightsize. the scenario we've opportunities that the been fact make to always had basically, any retirement pandemic really year. I'm afford at efficiency looking opportunity this just early not and this later itself opportunities may sure. as the path And we're at point. straight that

Laurie Hunsicker

Okay.

And Great. guess, Peter. high-level very Okay. then, I question, just a

go seen heard currency up. stock thoughts doing lot your M&A, of have obviously to on M&A. a we and And be can unusual buyers haven't We this it, an where around refresh recent a just is time

so at approach one of regional M&A that strongest have currencies what about if refresh your it's or And and Can unchanged? the whole banks think there X.Xx. how of bank the us out of given would you any be stock on you just you

Peter Ho

years, been more we're our great concept that organic in be pretty the well pretty that's for would growth an they a We've And years we kind in to it's and shareholders market valuation. building that like unchanged, basically, from markets of getting warranted. color story from that we great Well, and committed of -- same presence. think know Laurie. the resulted understand And that Yes. now, we XX-plus XX have and a have is

I a foresee I of foresee strength our stock, the M&A despite don't don't this at into us no. pushing that different yes, So vector point,

Operator

And no questions this to I'm further showing turn remarks. Higa time. back for conference And to Janelle Ms. further any like I'd over at the

Janelle Higa

Thank if joining you like thank additional much, any of Please today. feel questions interest you us discussed and any Hawaii. have topics on your everyone. everyone for I'd or free clarifications contact me continued Bank to of further for today to the so in

Operator

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

You disconnect. may now

Bank of Hawaii (BOH) 26 Apr 212021 Q1 Earnings call transcript