Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 63

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 63
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39,924

    2,160

    5

    Net Equipment

    40,886

    40,251

    635

    2

    Data Processing

    19,540

    18,836

    704

    4

    Professional Fees

    19,319

    17,459

    1,860

    11

    FDIC Insurance

    17,850

    28,313

    (10,463
    )

    (37
    )

    Other Expense:

    Advertising

    7,842

    8,171

    (329
    )

    (4
    )

    Delivery and Postage Services

    6,865

    6,656

    209

    3

    Merchant Transaction and Card Processing Fees

    6,772

    6,509

    263

    4

    Mileage Program Travel

    4,268

    4,381

    (113
    )

    (3
    )

    Broker's Charges

    2,002

    3,508

    (1,506
    )

    (43
    )

    Other

    30,116

    29,431

    685

    2

    Total Other Expense

    57,865

    58,656

    (791
    )

    (1
    )

    Total Noninterest Expense
     
    $
    430,108

    $
    437,518

    $
    (7,410
    )

    (2
    )%

Total salaries and benefits decreased by $1.5 million or 1% in 2024 compared to the prior year primarily due to a decrease in separation expense coupled with a decrease in payroll taxes and share-based compensation, partially offset by an increase in incentive compensation expense and medical, dental, and life insurance expense.

Professional fees expense increased by $1.9 million or 11% in 2024 compared to the prior year primarily due to an increase in consulting fees and various outsourced support functions related to enhancing our risk management efforts. 

FDIC insurance expense decreased by $10.5 million or 37% in 2024 compared to the prior year, primarily due to a decrease in the industry-wide FDIC special assessment. We recorded a charge of