10-Q 1 boh-10q_20220331.htm 10-Q boh-10q_20220331.htm
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Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

(Mark One)

 

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2022

or

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition

period from              to

Commission File Number: 1-6887

 

BANK OF HAWAII CORP

(Exact name of registrant as specified in its charter)

 

Delaware

 

99-0148992

(State of incorporation)

 

(I.R.S. Employer Identification No.)

 

130 Merchant Street

 

Honolulu

 

Hawaii

 

96813

(Address of principal executive offices)

 

(City)

 

(State)

 

(Zip Code)

 

1-888-643-3888

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

 

BOH

 

New York Stock Exchange

 

Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Preferred Stock, Series A

 

BOH.PRA

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   No 

As of April 19, 2022, there were 40,288,597 shares of common stock outstanding.

 

 


Table of Contents

 

 

Bank of Hawaii Corporation

Form 10-Q

Index

 

 

 

Page

 

 

 

Part I - Financial Information

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

 

Consolidated Statements of Income –
Three months ended March 31, 2022, and March 31, 2021

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three months ended March 31, 2022, and March 31, 2021

3

 

 

 

 

Consolidated Statements of Condition –
March 31, 2022, and December 31, 2021

4

 

 

 

 

Consolidated Statements of Shareholders’ Equity –
Three months ended March 31, 2022, and March 31, 2021

5

 

 

 

 

Consolidated Statements of Cash Flows –
Three months ended March 31, 2022, and March 31, 2021

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

35

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

57

 

 

 

Item 4.

Controls and Procedures

57

 

 

 

Part II - Other Information

 

 

 

 

Item 1.

Legal Proceedings

58

 

 

 

Item 1A.

Risk Factors

58

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

 

 

 

Item 6.

Exhibits

59

 

 

 

Signatures

 

60

 

 

1


Table of Contents

 

 

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars in thousands, except per share amounts)

 

2022

 

 

2021

 

Interest Income

 

 

 

 

 

 

 

 

Interest and Fees on Loans and Leases

 

$

94,439

 

 

$

99,299

 

Income on Investment Securities

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

17,100

 

 

 

15,837

 

Held-to-Maturity

 

 

18,701

 

 

 

13,300

 

Deposits

 

 

4

 

 

 

7

 

Funds Sold

 

 

127

 

 

 

137

 

Other

 

 

202

 

 

 

185

 

Total Interest Income

 

 

130,573

 

 

 

128,765

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

 

2,353

 

 

 

4,329

 

Securities Sold Under Agreements to Repurchase

 

 

2,772

 

 

 

3,533

 

Funds Purchased

 

 

2

 

 

 

1

 

Other Debt

 

 

183

 

 

 

333

 

Total Interest Expense

 

 

5,310

 

 

 

8,196

 

Net Interest Income

 

 

125,263

 

 

 

120,569

 

Provision for Credit Losses

 

 

(5,500

)

 

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

 

130,763

 

 

 

134,869

 

Noninterest Income

 

 

 

 

 

 

 

 

Trust and Asset Management

 

 

11,276

 

 

 

11,278

 

Mortgage Banking

 

 

2,740

 

 

 

5,862

 

Service Charges on Deposit Accounts

 

 

7,272

 

 

 

6,128

 

Fees, Exchange, and Other Service Charges

 

 

12,952

 

 

 

13,607

 

Investment Securities Losses, Net

 

 

(1,545

)

 

 

(1,203

)

Annuity and Insurance

 

 

791

 

 

 

702

 

Bank-Owned Life Insurance

 

 

2,349

 

 

 

1,917

 

Other

 

 

7,716

 

 

 

4,679

 

Total Noninterest Income

 

 

43,551

 

 

 

42,970

 

Noninterest Expense

 

 

 

 

 

 

 

 

Salaries and Benefits

 

 

59,924

 

 

 

56,251

 

Net Occupancy

 

 

9,826

 

 

 

9,090

 

Net Equipment

 

 

9,153

 

 

 

8,878

 

Data Processing

 

 

4,560

 

 

 

6,322

 

Professional Fees

 

 

3,258

 

 

 

3,406

 

FDIC Insurance

 

 

1,502

 

 

 

1,654

 

Other

 

 

15,651

 

 

 

13,264

 

Total Noninterest Expense

 

 

103,874

 

 

 

98,865

 

Income Before Provision for Income Taxes

 

 

70,440

 

 

 

78,974

 

Provision for Income Taxes

 

 

15,606

 

 

 

19,025

 

Net Income

 

$

54,834

 

 

$

59,949

 

Preferred Stock Dividends

 

 

1,969

 

 

 

 

Net Income Available to Common Shareholders

 

$

52,865

 

 

$

59,949

 

Basic Earnings Per Common Share

 

$

1.33

 

 

$

1.51

 

Diluted Earnings Per Common Share

 

$

1.32

 

 

$

1.50

 

Dividends Declared Per Common Share

 

$

0.70

 

 

$

0.67

 

Basic Weighted Average Common Shares

 

 

39,752,679

 

 

 

39,827,590

 

Diluted Weighted Average Common Shares

 

 

39,956,391

 

 

 

40,071,477

 

 

The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).

2


Table of Contents

 

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars in thousands)

 

2022

 

 

2021

 

Net Income

 

$

54,834

 

 

$

59,949

 

Other Comprehensive Income (Loss), Net of Tax:

 

 

 

 

 

 

 

 

Net Unrealized Losses on Investment Securities

 

 

(180,124

)

 

 

(50,050

)

Defined Benefit Plans

 

 

353

 

 

 

441

 

Total Other Comprehensive Loss

 

 

(179,771

)

 

 

(49,609

)

Comprehensive Income (Loss)

 

$

(124,937

)

 

$

10,340

 

 

The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).

3


Table of Contents

 

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Condition (Unaudited)

 

(dollars in thousands)

 

March 31,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Interest-Bearing Deposits in Other Banks

 

$

2,488

 

 

$

2,571

 

Funds Sold

 

 

356,373

 

 

 

361,536

 

Investment Securities

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

4,258,534

 

 

 

4,276,056

 

Held-to-Maturity (Fair Value of $4,171,262 and $4,646,619)

 

 

4,489,615

 

 

 

4,694,780

 

Loans Held for Sale

 

 

5,293

 

 

 

26,746

 

Loans and Leases

 

 

12,544,492

 

 

 

12,259,076

 

Allowance for Credit Losses

 

 

(152,028

)

 

 

(157,821

)

Net Loans and Leases

 

 

12,392,464

 

 

 

12,101,255

 

Total Earning Assets

 

 

21,504,767

 

 

 

21,462,944

 

Cash and Due From Banks

 

 

236,193

 

 

 

196,327

 

Premises and Equipment, Net

 

 

199,743

 

 

 

199,393

 

Operating Lease Right-of-Use Assets

 

 

93,563

 

 

 

95,621

 

Accrued Interest Receivable

 

 

45,392

 

 

 

45,242

 

Foreclosed Real Estate

 

 

2,332

 

 

 

2,332

 

Mortgage Servicing Rights

 

 

23,968

 

 

 

22,251

 

Goodwill

 

 

31,517

 

 

 

31,517

 

Bank-Owned Life Insurance

 

 

446,926

 

 

 

344,587

 

Other Assets

 

 

415,916

 

 

 

384,727

 

Total Assets

 

$

23,000,317

 

 

$

22,784,941

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-Bearing Demand

 

$

7,500,741

 

 

$

7,275,287

 

Interest-Bearing Demand

 

 

4,591,178

 

 

 

4,628,567

 

Savings

 

 

7,701,849

 

 

 

7,456,165

 

Time

 

 

922,519

 

 

 

1,000,089

 

Total Deposits

 

 

20,716,287

 

 

 

20,360,108

 

Securities Sold Under Agreements to Repurchase

 

 

450,490

 

 

 

450,490

 

Other Debt

 

 

10,367

 

 

 

10,391

 

Operating Lease Liabilities

 

 

101,274

 

 

 

103,210

 

Retirement Benefits Payable

 

 

38,008

 

 

 

38,494

 

Accrued Interest Payable

 

 

2,545

 

 

 

2,499

 

Taxes Payable

 

 

17,265

 

 

 

11,901

 

Other Liabilities

 

 

215,196

 

 

 

196,237

 

Total Liabilities

 

 

21,551,432

 

 

 

21,173,330

 

Commitments, Contingencies, and Guarantees (Note 12)

 

 

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Preferred Stock ($.01 par value; authorized 180,000 shares;

   issued and outstanding: March 31, 2022 and December 31, 2021 - 180,000)

 

 

180,000

 

 

 

180,000

 

Common Stock ($.01 par value; authorized 500,000,000 shares;

   issued / outstanding: March 31, 2022 - 58,717,811 / 40,288,365

   and December 31, 2021 - 58,554,669 / 40,253,193)

 

 

582

 

 

 

581

 

Capital Surplus

 

 

607,061

 

 

 

602,508

 

Accumulated Other Comprehensive Loss

 

 

(246,153

)

 

 

(66,382

)

Retained Earnings

 

 

1,974,790

 

 

 

1,950,375

 

Treasury Stock, at Cost (Shares; March 31, 2022 - 18,429,446

   and December 31, 2021 - 18,301,476)

 

 

(1,067,395

)

 

 

(1,055,471

)

Total Shareholders’ Equity

 

 

1,448,885

 

 

 

1,611,611

 

Total Liabilities and Shareholders’ Equity

 

$

23,000,317

 

 

$

22,784,941

 

 

The accompanying notes are an integral part of the Consolidated Financial Statements (Unaudited).

4


Table of Contents

 

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Shareholders’ Equity (Unaudited)

 

(dollars in thousands)

 

Preferred

Shares

Outstanding

 

 

Preferred

Stock

 

 

Common

Shares

Outstanding

 

 

Common

Stock

 

 

Capital

Surplus

 

 

Accum. Other

Comprehensive

Income (Loss)

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Total

 

Balance as of December 31, 2021

 

 

180,000

 

 

$

180,000

 

 

 

40,253,193

 

 

$

581

 

 

$

602,508

 

 

$

(66,382

)

 

$

1,950,375

 

 

$

(1,055,471

)

 

$

1,611,611

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,834

 

 

 

 

 

 

54,834

 

Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(179,771

)

 

 

 

 

 

 

 

 

(179,771

)

Share-Based Compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,010

 

 

 

 

 

 

 

 

 

 

 

 

4,010

 

Common Stock Issued under Purchase and

   Equity Compensation Plans

 

 

 

 

 

 

 

 

197,783

 

 

 

1

 

 

 

543

 

 

 

 

 

 

(185

)

 

 

2,036

 

 

 

2,395

 

Common Stock Repurchased

 

 

 

 

 

 

 

 

(162,611

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,960

)

 

 

(13,960

)

Cash Dividends Declared Common Stock

   ($0.70 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,265

)

 

 

 

 

 

(28,265

)

Cash Dividends Declared Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,969

)