Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 62

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 62
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 primarily due to an increase in the yield on the underlying assets in 2024.

Investment securities losses, net, decreased by $3.9 million in 2024 compared to the prior year primarily due to $4.6 million net losses on sales of investment securities in 2023, partially offset by higher fees paid to counterparties for Visa Class B share conversion rate expense during 2024.

Other noninterest income decreased by $17.4 million or 47% in 2024 compared to the prior year primarily due to a $14.7 million gain on the extinguishments of repurchase agreements during 2023 coupled with a decrease in customer derivative fees earned during 2024 as compared to the prior year.

30

Noninterest Expense

Table 4 presents the major components of noninterest expense for 2024 and 2023.

    Noninterest Expense
     
    Table 4

    Year Ended December 31,

    (dollars in thousands)
     
    2024

    2023

    Dollar Change

    Percent Change

    Salaries and Benefits:

    Salaries
     
    $
    154,538

    $
    154,497

    $
    41

    0
    %

    Incentive Compensation

    15,708

    13,339

    2,369

    18

    Retirement and Other Benefits

    15,408

    15,707

    (299
    )

    (2
    )

    Medical, Dental, and Life Insurance

    14,900

    12,767

    2,133

    17

    Share-Based Compensation

    13,667

    14,770

    (1,103
    )

    (7
    )

    Payroll Taxes

    13,232

    14,677

    (1,445
    )

    (10
    )

    Commission Expense

    3,575

    2,798

    777

    28

    Separation Expense

    1,536

    5,524

    (3,988
    )

    (72
    )

    Total Salaries and Benefits

    232,564

    234,079

    (1,515
    )

    (1
    )

    Net Occupancy

    42,084