BOH - Earnings call transcript Q2 2022 | Bank of Hawaii Corporation

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the Bank of Hawaii Corporation Second Quarter 2022 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. to Executive conference Director Vice Relations. like speaker, to of now Lam, Jennifer President, would hand over the your Investor I Treasurer and

may You begin.

Jennifer Lam

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

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

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

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

Peter Ho

and Thanks, the consecutive during of growth target. second quarter good Bank solid higher was quarter. produced rate everyone loans a performance Jennifer, the of on fifth the quarter at for linked Core morning, XXXX. Deposit Hawaii grew prior than

is which savings is XX% by positioned type consumer rates. by customer and base, type demand and product deposit Our well rising for and commercial XX% core core

I'll tourism cover then and and if are improve. and the both the to the our benefits quarter. predominant We increased turn are clearly next Hawaii continues Mary seeing to and with strategic our in investments market, few sharing commercial Margins economy efficiency activity business spend of improved increased the statistics to risk. financials. in credit call in conditions then expanded, consumer minutes production. through businesses the and cover credit you overall Dean Wide will improve over

towards an in X.X% pandemic compares between the and Here [indiscernible] levels. early X.X% from the Hawaii unemployment the you This see U.S. the differential that standpoint. existed unemployment national at to Mainland favorably just

for XX%. increased on cooled prices X.X suppressed inventory Oahu, at real the sale levels XX% for both June year condominiums. months of and condominiums inventories to inventory Once prior up of state for actually estate May from for as although levels On in for XX.X% inventory months current prior the for up the are and travel of RevPAR making remains actually the the turn visitor spend single-family housing up improve pre-pandemic versus supply to XX% by visitors with The month Year-to-date meaningfully of and over to sales XXXX by single-family to international and performance me Of XX% arrival front, U.S. of levels year highlights. condominiums of levels homes XX% down sales activity homes to at XX% share arrivals the June are remains levels and visitor compared for single-family Oahu. homes travel levels the with on market return industry continues yet. ahead financial XXXX levels XXXX X.X is state high. the visitor Traditionally, XXXX specifically across note, strong at less of as having comes support than yet of and from levels Obviously, of numbers are half XXX.X% Dean market. XXX.X% our now Dean? to shortfall. spend. and let XXXX And levels. of as This call Hawaii demand despite

Dean Shigemura

Thank Peter. you,

by averages. year-over-year. above XX.X% and recent double-digit growth and accelerated portfolios quarter over year-over-year. XX.X% annualized million net linked quarter in PPP last and of $X.X Core Our loans XX.X% or billion respectively well growth loan and Growth or at X.X% strong the was across balanced commercial second X.X% with Core consumer several annual loan linked continued increased core loan X.X% growth quarter. has and $XXX paydowns quarters both the by rate

commercial in our loan million underwriting and growth by estate will Mary conservative portfolios X.X% increased later, or predominantly achieved remaining while was $XXX As practices portfolio with maintaining consumer our linked and secured. discuss environment. cost basis management solid costs real disciplined Deposits a quarter low rising of increase a providing points. just points this rate of average an We of X maintained pricing source basis with X quarter deposit funding discipline our during deposit

maintained for core remaining of are base million our our nearly customers. Adjusting three XX our Compared our quarter. $XXX.X the and XX increased first government the years customers consumer $XXX.X deposit core deposits and income deposit was with our $XXX,XXX core for in further or our by the interest predominantly also X.X% to we of accounts. second The up base and quality Nearly total deposits $X.X or interest million. Interest in earlier recoveries. these, quarters X% $XX.X million accounts. loans deposit income XX.X%. in XX% PPP us million been with operating net We from deposits of included the Non-interest of years. is demonstrated relationships attractive checking and second have income commercial stable with and quarter, $X.X was and savings NII from of than over XX% half public million, core customers from by deposit more recognized in year for are the longevity quarter

margin Our core net points basis by linked interest quarter XX X.XX%. increased to

sustainable rates. growth increasing NII and further being interest for our loan margin, consistent the and are in and robust deposit growth provides which by bolstered Our foundation

peers. loan-to-deposit affords flexibility. regional and Our pricing room greater our well This relative as to low as local remains to to grow ratio assets us continue

will turnover in our continue continue changes benefit reprice of and asset balance XX% sheets we to we the to grow, position from or years. earning higher in two rates. As sensitive to interest next rates maintained our assets

enable flows Net to second quarter million cash sheet second In was both evolving us income deposit the million. net from balance share XXXX for per the in and also common loan was quarter income rate was interest earnings and environments. will $X.XX. portfolios position interest of the the sizable addition, $XXX.X $XX.X In

by growth the and $X.X quarter's income recoveries strong $XXX.X interest discussed As interest rates. up million and driven income, loan earlier, interest linked which net loan excludes core quarter rising core interest was PPP million

Mary the $X.X in mortgage service higher first As banking second totaled this credit was Non-interest losses from decrease other recorded down the negative by swap a quarter. million provision due and income lower discuss, $XX.X quarter. offset transactional partially primarily and charges revenue, of to quarter, will million we for income The $X.X million fees.

fees. the $X negative Class We with banking million, first in continuing adjustments, innovation one-time the our $X.X income Non-interest third were the on in well fees from mortgage a the Adjusting taxes to one-time million payouts we linked items, the living offset ratio, second quarter's increased quarter. as related incentive expect and began X, in these reported non-interest quarter's will expense quarters totaled and continued quarter. annual during higher while as of cost to quarter, due discipline, securities workday of one seasonal for which and adjustment investments. Included the as or $XX expected as quarter, conversion to made is Visa annual down losses. pressures investment maintain estimate asset expenses million million In during approximately $XX in in quarter. quarter, expenses increases is change transaction primarily and the able million in payroll $XXX.X to extra the the expenses to gains expense the million be quarter of first revenue second on which merit April by B item third management were a benefit Included $X.X second income approximately $XXX,XXX the a overall contra are

expenses advantage Our elsewhere. opportunities to able innovation continued while take the investments to of quarter during reduce we were

will expenses pressure XXXX of be million inflation full-year the as continues to For approximately expenses. $XXX overall

be will quarter slightly fourth third due differences In quarters. between higher expenses addition, the than seasonal the payroll to quarter the

Our equity XX.X%. XX.XX% our second return ratio was on efficiency quarter return was X.X%. on assets during common and the was The

interest net XX up the second X.XX%, the from margin in Our points basis first was quarter. quarter

quarter. increase earlier, was discussed quarter of during also The second an X.XX%, basis margin XX and increase the the the growth As reflects impact of margin strong core rising rates. linked in core loan ongoing points

increase core improvement basis in continued expect X to quarter. margin in with X an points the of third We our

support are continued remain growth. positioned levels capital we strong Our and to well

ample quarter negatively and third capital room in while growing assets total the adjustment to assets a of lower our risk excess impacted with and loan our to reflecting are common continue XX.XX% CETX strong of robust providing us levels interest available-for-sale below the Our equity. respectively the rates maintaining securities well a in still valuation were XX.XX% regulatory above book and our requirements. in relative capital profile tangible Higher and AOCI Despite peers growth, levels. total ratios weighted risk minimum well-capitalized healthy with and reduction our resulting portfolio

had distribution this on no capital and our regulatory capital However, capabilities. impact

We shareholders per income for of for $X.XX repurchased and common out quarter $XX XXXX. million paid common XX% And we of Board preferred to stock shares in a million. dividends. declared quarter, $X the third a available finally, and of million of the dividend common dividends of During our XXX,XXX total $XX share stock net or

I'll over Mary. the turn Now to call

Mary Sellers

you, Thank Dean.

or loans the points a leases were basis the last X loan down assets days appropriately X loan continued and estate quality who points, basis XX%. more remained with secured million reflects of And most quarter. portfolio in down our and X discipline and impacted year-over-year. commercial and was loan $XX.X or with quarter exposures estate X people Our just had $XX.X diversified to XX% sustained loan improve weighted $X.X modestly loans points COVID. year. or the points prior basis as communities of underwriting XX% Non-performing estate Loans XX with management delinquent quality production average by customers second or in sized and Net we secured remained driven totaled from a the of X markets million second conservative know financial quarter is XX for and very real been of points real or trust. assets These remained million basis in weighted lending in stable are at linked of while XX with category a criticized points compared by points in annualized performance of loan with quarter, year-over-year. exposure is production points the underpinnings of basis coupled strategy The the Credit the performance at in the strong average basis quarter, real XX%. strong. the loan-to-value portfolio with both we basis end we period All represented construct by understand, and loan-to-value charge-offs and portfolio of second basis lease $XXX,XXX by first those X.X% quarter non-performing quality combined secured consistent, our continued improvement down average leveraged. XX in that of result of total

the of production of a XX% had again, secured average a mortgage estate, quarter’s commercial weighted had Residential production production home of and strong. had was consistent. weighted consumer consumer average real average also leveraged. strong construction production combined loan-to-value loan-to-values of for conservatively Our production mortgage remain XX% of weighted loan-to-value with and first and Portfolio equity XX% loan-to-value a all remained very and and in XX% XX% metrics weighted equity was home our lien our position. average XX%. FICO scores very monitoring respectively. production

Our is home commercial and monitoring mortgage of have in weighted very portfolios home position. loan-to-value remain FICOs loan-to-values first the Residential average and again, construction average And have of respectively. lien equity and XX% XX% XX% combined portfolio and strong. weighted equity LTVs mortgage XX% of portfolios a or XX% respectively.

for Peter. was outlook economic of linked-period. for economic forecast end the coupled The our provision improving $X.X at quarter. quarter, loans the This reserve net continuing million X.XX% provision the $X.X million this we credit losses $X.X charge-offs now the turn to to recession. the credit included profile, and risk and by a allowance commitments decrease our allowance and million, reduce a downside the million The in reflects the for back for noted, consider for I'll total for of which or with the uncertainty of $X.X call negative recorded with Dean losses As while negative credit $XXX,XXX allowance market broader leases. $XXX.X up risk million unfunded a of to of the

Peter Ho

Mary. Thanks,

committed see, highlighted it we'd Hawaii. be your for always whatever the of can you We to well economic take of and as the remain questions. solid present on in for chart was the principles as capital market consistency, now future. Bank efficiency conditions happy near conservatism As in screen. And your We another quarter and to positioned remain

Operator

line you. of first Thank Piper Instructions] Our the [Operator Sandler. from with comes question Liesch Andrew

Your line is open.

Andrew Liesch

taking Thanks the Thanks. Hi, everyone. questions. for

Peter Ho

Hey, Andrew.

Andrew Liesch

Peter, just start the loan to here. want on side

on And housing then You good of well? the referenced the curious, pipeline commercial driving You loan growth just the equity challenge to where growth. growth. the supply along side home continue stand up does with that what's kind really put as

are pipeline that stand put just you curious is growth up? driving this to I'm guys and what where So able

Peter Ho

Yes.

opening strategic bit So showing a I around nicely a quarter, I remarks it’s efforts. some think through my think Really in really on of Andrew. comment up this of our

got X% years, wise our units. maybe basically, which Hawaii know, the emphasize that of up segment. and was So you really large traditionally unit with growth, corporate saw business in small that us And we this I building What of production, lender our business out five large in we corporate And most middle of part was beginning kind came Bank past I'd for the really mid-market all to middle small of business unit, generated number. that kind commercial our that's begin about commercial quarter, say market of really loan growth the market of loan as think but considered X% flat and a more side. in small

So very a and area. that big and fortunate over past well. up real building have support pick known lenders of in as We've staff us number which marketplaces, obviously the well as we've their had to was been up satisfying been has of with XX% impact years a lenders market this about particular couple to middle staffed

commercial market as off really but that businesses, but both have to see great one of consistency pick now is corporate I having think taking has one other what to have if quarter nicely, middle business quarter, So strategic quarters the and several, and our they'll kind really point and grown hopefully to shape business we're is grow really having the generally quarters. two in past the a up is good to our quarter, result over this this bit, a and next but starting a going a it is that's of falter growth of the quarter tends quarter several the really large numbers little

mortgage been side, run the of that the had QX On built a of an rate consumer home and of the in pipeline has you saw equity had businesses, or was some our prior growth that backlog for on yes, kind obviously rates up residential. increase. But lot impact to

in So application home will we see in as certainly likely well. a mortgage, think equity that we volumes, downturn residential in probably

really basis pretty at on really existing think lines. to couple remain to refi their equity say cash loan tends out. home that couple push as the you market a the for in private despite banking. past all years, of kind will, in Those offset, over improvements if and that being of wholesale, nice we've are potentially available scale haven't some point by rate in headwinds at to that the pipeline to as are business loan would home Although on hesitant up But by quarters growth market growth with a the people I I incent number as vectors because well commercial, this despite continued the fund being and continued level loan growth of consumer, are channel of least a some to past show to first we mortgages refi made existing growth out that really at online, in rate. consumer people See of overall, starting lines us really drop giving next and that constructive of us driven equity off been

Andrew Liesch

wouldn't assumptions detail. the of Got margin you it. And points some third Thanks X a for to X mean What on basis and XX assume a we this are then I just next point hike why helpful. mentioned outlook, quarter. given on later be the month? last That's in had that that behind week? expansion that really Dean, that? basis hike just the rate stronger week just rate Does that Or

Dean Shigemura

Yes.

XX we're and after in for this another this sometime week the XX quarter. So third assuming then – that maybe

then so to the on So X% even growth, maybe on a around number. based that's loan how got a tenure that flattish it is kind and bit we of little to continued

Andrew Liesch

Got costs that saying might pace that funding smaller expansion? it. you Are slow rising of

Dean Shigemura

of on of benefits but end continue The that little we're but more bit long the is to flattish going continuing just some years. that, mainly end, little benefits from the the kind throughout that, realize to be next quarters short several on a it's instantaneous. A and but a will

the to that's we X to X. got So how

Andrew Liesch

Got it. All the right. questions. step Well, thank for back. you taking I will

Peter Ho

Okay. Andrew. you, Thank

Operator

Thank you.

Our with next line the question America. of comes from Motta of Kelly Bank

is line open. Your

Kelly Motta

with KBW. This Kelly Hi. Motta is

Peter Ho

who knew Kelly. I Yes. you were,

Kelly Motta

quarter. the question. Great for Thanks Okay.

a maybe are take anything maybe Mary. closely credit showing more wondering Peter, down you there's just necessarily delinquencies, that that across bit a isn't mentioned remarks, up yet? reported watching in question in Just metrics wondering, board if The this metrics the criticize for prepared good. the you and credit in

Mary Sellers

Actually, no, seeing we're not early any signs deterioration. of really any

impact everything our there and Of portfolio. on in eye rates consumer course, still book have of good given our we the but rising inflation, our commercial looks

is Our continually depth financial very lot And we're strong this, metrics, to from any kind the should see know, be really concerned of as client there's in about. segment to if we that a weather base have capacity of through you financially. streaming more but

Kelly Motta

a with terms deposit seasonality those them parse to Got then saw with assume costs base the back to bit there cost if How quarter? core looks costs as deposits. faster. for of in are increase like higher just turning I public those color. bit to a remind reprice was funding increase] as, in also it. performed this we costs, out, well quarter, the are your of me Thanks what [an Can this you were funding it changing you the kind And – or

Dean Shigemura

Yes.

do top mainly deposits, due tax in the seasonality a at start property bump we February in to and So That's just receipts. to of kind have August. of public

we of our the up pick able some to terms increase that were And at mostly. come rising – some balances to market costs. costs, with rates, So us What we a the lower of in saw funding deposits than is did public our side. then cost those the on we rates, public

say, expected our move is, rates, The the some end be to are public movements one still an published is that. locally. that rate should very at a increase of of top I So no overall, seeing we within And of thought has the – well muted for was that's locally. market, that's what but we're the or and kind There plan. attractive pretty deposit environment

Peter Ho

I in yield the rate indicated, general, Yes. have be good pretty And expected, deposit some Kelly, more going in depositors is to ask the we Dean you're to the books, broader mega increase with one that's to and feeling large think. that, pretty in mean marketplace. see as I always discipline extraordinary for who marketplace good. rightfully quite are going But

got to Now our basis of point we've increase a XX another still a coming is have kind disciplined manner. lift bit, yields through likely shortly. likely And will hopefully in but that hope

Kelly Motta

I Got it. all back. color step will the appreciate here. I

Peter Ho

Thank you, Kelly.

Operator

you. Thank

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

is open. line Your

Laurie Hunsicker

Yes. Good Hi. Thanks. morning.

Peter Ho

Hey, Laurie.

Laurie Hunsicker

public And of time? the much Kelly time? how billion], if then that that in where last quarter, number terms [$X.XXX was much was seeing a deposits, Just of billion], how the [$X.XXX on was you comparable have

Peter Ho

Laurie. In public time,

Laurie Hunsicker

Yes.

Peter Ho

Yes.

time alluded quarter public was was So to, was of XX and but public a as XXX]. it's year, time Last lumpy, [XXX, XXX. so public XX last time quarter quarter kind the Dean this

Laurie Hunsicker

on us? with have then that do a public blended your of you share all Got you could And cost it. Okay. deposits

Peter Ho

I know if have but us right on We don't it now. we do,

Laurie Hunsicker

thinking be we that Okay. next bit. about that? Tax a around should for jumped year? worries. about how we That's little be How No should rate, thinking

Dean Shigemura

good bit year did is full-year to still this next at little looking items. second into then a we're – But the XXXX, number. up now, due this think quarter right probably some for and discrete XX% It I a year. quarter tick

Laurie Hunsicker

macro, Great. is And all you. really of three Okay. this then just for more

Mainland, on far we leverage provide Hawaii categories, and If anything flash books. are? How just can where you starting you on versus as office that LTVs? and you two any us could us details could those give to lending where we us are much is a on just office signals as are refreshing refresh share The

Peter Ho

just and for office very have you say leverage do and I'll portfolios small on Yes. are us Mary details that?

Mary Sellers

Sure.

of exposure total we in basis total leverage disclosed the quarter. at X% of portfolio. about of C&I. this that figure roughly is of criticized the don't terms or the with at We end X we of includes exposure eight a X.X% timeshare a of $X.X leveraged, Mainland It Mainland C&I borrowers and enjoy is about ownership and The point. it's global as average an million. represents have with seven deposit Hawaii is Xx balance? exposure relationship In second company there here, points leverage vacation presence around significant any

Laurie Hunsicker

sorry. I'm

You said XX% Mainland. was

Mary Sellers

Yes.

Laurie Hunsicker

The XX. timeshare really

thanks. Okay,

Just clarifying.

go Okay, ahead.

Mary Sellers

a accounts XX% of leverage It family the and balance significant with the is convenience current of for depth, relationship company C&I. established sundry is X.XX% long that, large and store also, a of operates total or Hawaii about a exposure and C&I, is by Okay. that their here X.X% owned that or of capacity a is enjoy total about largest in there X.Xx. financial

Laurie Hunsicker

you do the have super – detail? helpful. then Do you And office that's

Mary Sellers

is is the commercial the XX%, commercial million. average book. in portfolio portfolio The the XX% loan average mortgage $X.X mortgage total of segment It weighted LTV smallest represents on Sure. that our is

XX% Mainland a diversified loan of book. $X.X on dispersion, key couple – to is is In weighted average The geographic have LTV average commercial XX%, portfolio and is that's extended customers of terms the mortgage who relationship million.

properties been in space, couple X% key There relationship is LTV. office dynamics who In and that's weighted geographic number that have pools with diversified Mainland XX% A The LTV changing Their to Class Class a is Guam, A space XX% and in the a Hawaii of XX% is other of with on Oahu, portfolios. use. downtown constraints in into of is XX% XX% in of is with predominantly a submarkets – Hawaii have terms tend been XX%. have average supply converted have of generally an balance in collateral in – to extended Hawaii be on customers dispersion,

segmentation medical type really XX And of we've in years. other tenant. its last in about lowest is is vacancy of in terms got kind at the XX% rate government that there, So

Laurie Hunsicker

I'm – XX% so sorry.

So medical overall just in to government. clear, XX%

Mary Sellers

Yes.

Laurie Hunsicker

then And That's Okay. you… when great.

Mary Sellers

Oh, I'm sorry, ahead. go

Laurie Hunsicker

was office you Or mean meant? repurposed, do spaces converted use, you just into you by Is say, it of getting that into is what what you to of did converted some I going some said mean when getting other that? the condos?

Mary Sellers

been That's which to downtown limited happening the in area, more helped vacancy stabilize rents. and supply has and created

Laurie Hunsicker

Got it. Perfect.

Okay, color. for it. great. that appreciate Thanks I

Mary Sellers

Sure.

Operator

Thank you.

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

Your line open. is

Jeffrey Rulis

Thank you. Good morning.

Dean Shigemura

Jeff. Hey,

Jeffrey Rulis

to XX just the part on follow-up that basis Dean, margin. I or points. portion of guess what the from that recoveries? up was What interest reported of

Dean Shigemura

points. about Was X basis

Jeffrey Rulis

Okay. And that the excludes that. XXX Is core right?

Dean Shigemura

Yes.

Jeffrey Rulis

Okay.

Dean Shigemura

So interest its basis loans. points points X from PPP basis X from the recovery,

Jeffrey Rulis

What Do Yes. margin? Right. Thank for the was monthly a the month June? you have margin of you. June

Dean Shigemura

We monthly a do we normally basis. on – don't disclose believe

Jeffrey Rulis

the upward to was trends the quarter. assume throughout Safe

Dean Shigemura

Yes, it was.

Jeffrey Rulis

of the locally, Got the the on thoughts spend, differences of you seen what – on are domestic throw expectations in Peter, side visitors, could great it. out but much. haven't I of and activity coming question but still and guess the that some and international kind back, a for kind I any Maybe the resumption as there. are are we of the international headwinds there what numbers the mean,

on end? thoughts So that any

Peter Ho

going Jeff. to a it maybe – It's Yes. be while,

now pretty together point. is, that is than by Koreans the make Japanese segment. of who at are and down, spend. is Japan, of back international less has effectively and are down who smattering of what offsetting headlined but number this as the kind kind are XX% kind of That traditionally what of Korea, over So XX% Canada, countries quite about up bad, happening and that, of the right kind not arrivals bad as a it been of And it that, bounced half other what we generates have Canadians XX% of

So good to positive. newly and And their country able Australians there. seeing fraction leave we're are that's of kind

So guess. it's Japan that I of it's Korea, and kind think anybody's

COVID But if all imagine the and kind appreciates viral that’s I quite I visitor some issues. just also, house, of kind combination of and will. both of, I the their understand you health have can also domestic again, think of And in only issues, industry having starting policy, to Japan's think Japanese right. conditions, issues I that it's residents

of don't for a that. I to predicting first business that's come talked [indiscernible] mean, So more kind know When But quarter year. kind We a kind think next the of we little later thought think of previously of are probably beginning sure. them bit hotel area know. And I back, professionals, kind the which thinking summer might of previously. than number of to eventually will perhaps I had quarter I a I been be sentiment XXXX.

we push if So of almost and environment, that's out. XX% a the people. that in take traffic at would eventually we're we a just I'm where of a those right bit so of domestic macro is by don't But I put at not have by and a arrivals somewhat kind out we the zoom over now that a got look as bit June all we've of want much blessing international we market spend. strong visitor XXX% sure obviously because back as a mean,

a deep fold softening be in might a and us affair kind long with. as to So back. certainly potentially they've forward. to Hawaii, imagine get got we international to going can that only is see love standing that get is it visitor I way start look at I is side, as really a of Japanese U.S. for the domestic to market in which we as the back you the the know, move And anxious little nice

Jeffrey Rulis

Thanks, some Peter. Makes Yes. sense.

Peter Ho

you. Thank Yes.

Operator

you. Thank

We the follow-up Andrew. question from have line a of

is line open. Your

Andrew Liesch

the regulatory know so the Thanks continue Yes, X%, the on with here to question And here? just what's of – on, most that but shares ratios much. appetite where buyback. ratio I back below you the buying capital and the the focus TCE

Dean Shigemura

component, now distribution still though levels that capital forward the the repurchase it of had modest several similar still to we hasn't I affected program. part in our our important the capital in even going to we've of kind Right last program because expect of reduction – to capital plans, another the continued a quarters. continues AOCI mean Yes. our taken be buyback management

Andrew Liesch

it. Got follow-up. the right. taking for Yes, thank you All

Peter Ho

Okay. Thanks Andrew.

Operator

Thank you.

line question a of have with follow-up We Kelly KBW. the Motta from

Kelly Motta

so you Thank Hi. much follow-up. for the

your that Class share XX. it Just that adjustment, think guidance, XX with adjustment. the I really model that but B also just to wanted housekeeping small a you was Visa I excludes excluding that Visa I it to assume clarify item, fee out? caught was quarter, the Last I

Dean Shigemura

XX the excluded, say you XX When includes adjustment. the Yes. to

So on it be XX normalized would to a therefore basis, XX.

same guidance that the previous had roughly we So quarters.

Kelly Motta

you much. it. Got very Thank Okay.

Operator

in the Jennifer you. call showing over queue. for would turn to questions Thank the no I'm closing further I back to remarks. like now

Jennifer Lam

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

Operator

Thank gentlemen, call. and you. for you Thank your concludes today's participation. conference this Ladies

wonderful Everyone, You have disconnect. may now a day.

Bank of Hawaii (BOH) 25 Jul 222022 Q2 Earnings call transcript