Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 189

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 189
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 )

    (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 $1.9 million in 2024 compared to a $14.7 million charge in 2023 in connection with the special assessment. This special assessment was designed to recover the losses to the Deposit Insurance Fund arising from the protection of uninsured depositors following the closures of Silicon Valley Bank, Signature Bank and First Republic Bank. The collection of the special assessment started in the second quarter of 2024 and will be paid in eight quarterly installments.

Total other expense decreased by $0.8 million or 1% in 2024 compared to the prior year primarily due to lower broker's charges as a result of fewer customer swaps in 2024 as compared to 2023.

Income Taxes

Table