Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 61

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 61
---
 quarter of 2023 and the termination of $625.0 million in repurchase agreements ($575.0 million in the third quarter of 2023 and $50.0 million in the second quarter of 2024). This 

29

decrease was partially offset by an increase in our interest-bearing deposits. The cost of our interest-bearing liabilities in 2024 increased by 55 basis points compared to the prior year, primarily driven by customer migration from non-interest bearing and low yield deposit accounts to higher rate deposit products. The cost of our interest-bearing deposits increased by 69 basis points in 2024 compared to the prior year.

Noninterest Income

Table 3 presents the major components of noninterest income for 2024 and 2023.

    Noninterest Income
     
    Table 3

    Year Ended December 31,

    (dollars in thousands)
     
    2024

    2023

    Dollar Change

    Percent Change

    Fees, Exchange, and Other Service Charges
     
    $
    57,236

    $
    55,556

    $
    1,680

    3
    %

    Trust and Asset Management

    47,485

    43,597

    3,888

    9

    Service Charges on Deposit Accounts

    32,430

    31,116

    1,314

    4

    Bank-Owned Life Insurance

    13,568

    11,643

    1,925

    17

    Annuity and Insurance

    5,436

    4,736

    700

    15

    Mortgage Banking

    4,109

    4,255

    (146
    )

    (3
    )

    Investment Securities Losses, Net

    (7,507
    )

    (11,455
    )

    3,948

    (34
    )

    Other

    19,772

    37,161

    (17,389
    )

    (47
    )

    Total Noninterest Income
     
    $
    172,529

    $
    176,609

    $
    (4,080
    )

    (2
    )%

Bank-owned life insurance increased by $1.9 million or 17% in 2024 compared to the prior year