Investors continued bailing on Hawaii bank stocks Thursday even as top executives of the publicly traded financial institutions banded together to assure consumers that their deposits are safe.

The financial meltdown that resulted in the collapse of Silicon Valley Bank, Signature Bank and First Republic Bank has created tremors across the industry with PacWest Bancorp possibly the next to fall after reports that it is talking with potential investors and partners. PacWest’s stock nose-dived 22.7% to $4.70 Thursday after reporting a 9.5% deposit decline last week.

Hawaii Bankers Association Executive Director Neal Okabayashi, responding on behalf of the Hawaii banks, issued a statement proclaiming that Hawaii banks are in sound financial condition. None of the five publicly traded local banks responded individually.

“The fundamentals of the Hawaii banking industry remain strong, as evidenced by the recent round of earnings performances by all of the local banks,” Okabaya­shi said. “We are fortunate to be insulated from the problems that impacted these mainland banks. Our depositors are more relationship focused with longer tenures.”

Okabayashi also said the sharp stock price drops are not reflective of the banks’ financial performance.

“Stock prices are being driven by factors impacting regional and community banks across the country and are not specific to the Hawaii market,” he said. “Finally, all of the local banks are well capitalized with stable balance sheets, profitability and capital ratios.”

Still, investors were selling their shares Thursday and asking questions later.

Bank of Hawaii, the state’s second-largest bank, saw its shares tumble 10.2% to $35.01 in bringing its decline for the year to 54.9%.

First Hawaiian Bank, the state’s largest, had its stock drop 4.2% to $15.62 for a year-to-date decline of 40%.

American Savings Bank’s parent company, Hawaiian Electric Industries Inc., saw it shares slip 1.3% to $37.13 to bring its loss for the year to 11.3%.

Central Pacific Bank, the state’s fourth largest, fell 2.2% to $13.70 to extend its decline for the year to 32.5%.

Territorial Savings Bank, the state’s fifth largest, rose 2.4% to $10.54 but is still down 56.1% for the year.

All the local banks’ stocks are hovering around multiyear lows except that of American Savings’ parent company, HEI, which can offset the bank’s performance because it owns the state’s largest utility.

Nashville, Tenn.-based banking analyst Brett Rabatin said a lot of regional banks are under selling pressure with no buying support.

“There’s a few Western banks in particular where there’s questions about their deposits,” said Rabatin, managing director and director of research at Hovde Group, which serves the banking and thrift industry.

Rabatin said Hawaii banks are known for being fairly conservative with their balance sheets.

“Unfortunately, with rates having moved so much, Hawaii banks — like the industry — have a long-dated asset base for fixed-income securities and mortgage- backed securities,” he said. “Those two things are going to be a drag on profitability because there’s pressure to raise your deposit costs, but those are fixed-date assets and they don’t reprice for a while. So it will be a grind for the industry as they get through fixed-rate assets of securities and residential mortgages. Those securities will eventually mature. In the meantime the banks will continue to experience margin pressure.”

Rabatin, offering Bank of Hawaii as an example, said the institution will have lower deposit rates relative to promotional rates by mainland banks.

“Through this interest rate cycle, their deposit base should prove to be much stickier than mainland peers. … They, like others, will have to deal with margin pressures and the lack of anyone looking to buy the stock. So I think that’s going to be a grind for the industry. There’s also questions about increased regulations from regulators. There’s just too many unknown variables that make it hard for investors to own what used to be viewed, like Bank of Hawaii, as a very well-run conservative institution.”