Hawaii banks continued to be caught up in the malaise that has spread worldwide following the collapse over the past few days of Silicon Valley and Signature banks, and troubles Wednesday by Switzerland’s Credit Suisse.
Bank of Hawaii, the state’s second-largest bank, whose shares have been the hardest hit of any of the local
financial institutions, submitted its second regulatory filing in three days with the U.S. Securities and Exchange Commission. The bank
emphasized it is in solid financial shape and has
$10.6 billion in available
borrowing capacity.
“We have ample liquidity and overall deposit balances remain stable,” the bank said in Wednesday’s filing. “Our $10.6 billion of open lines and available collateral exceeds the $9.1 billion of uninsured or uncollateralized deposit balances.”
Still, the bank’s stock has been hammered and has now fallen for eight consecutive trading days from a close of $74.67 at the start of last week to $47.60 as of Wednesday’s close. Its shares fell $3.49, or 6.8%, on Wednesday to bring its total decline since the beginning of this week to 24.9%.
Shares of First Hawaiian Bank, the state’s largest, dipped 23 cents, or $1.09, to $20.94 on Wednesday to bring its decline this week to 9.1%.
Hawaiian Electric Industries Inc., which owns subsidiary American Savings Bank, the state’s third largest, saw its stock edge down 16 cents, or 0.4%, to $37.31 on Wednesday to bring its drop for the week to just
2 cents, or 0.1%.
The stock of Central Pacific Bank, the state’s fourth largest, rose 55 cents, or 2.9%, to $19.39 on Wednesday for its second straight gain. Its loss for the week is 3.9%.
Territorial Savings Bank, the state’s fifth largest, saw its shares dip 3 cents, or 0.2%, to $19.38 on Wednesday. Its loss for the week is 4.6%.
The Hawaii Bankers Association said last week that its eight member banks, which include the five publicly traded banks, are unaffected by the Silicon Valley Bank closure. The Signature and Credit Suisse woes came after HBA’s statement.
Executives of the five local banks indicated earlier this week that their financial stability was sound.
