10-Q 1 boh-10q_20220930.htm 10-Q BOH 3Q 2022 0930 boh-10q_20220930.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 September 30, 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 CORPORATION

(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 October 18, 2022, there were 40,012,833 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 and nine months ended September 30, 2022, and September 30, 2021

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three and nine months ended September 30, 2022, and September 30, 2021

3

 

 

 

 

Consolidated Statements of Condition –
September 30, 2022, and December 31, 2021

4

 

 

 

 

Consolidated Statements of Shareholders’ Equity –
Nine months ended September 30, 2022, and September 30, 2021

5

 

 

 

 

Consolidated Statements of Cash Flows –
Nine months ended September 30, 2022, and September 30, 2021

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

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

38

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

62

 

 

 

Item 4.

Controls and Procedures

62

 

 

 

Part II - Other Information

63

 

 

 

Item 1.

Legal Proceedings

63

 

 

 

Item 1A.

Risk Factors

63

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

 

 

 

Item 6.

Exhibits

64

 

 

 

Signatures

 

65

 

 

1


Table of Contents

 

 

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Fees on Loans and Leases

 

$

115,013

 

 

$

100,570

 

 

$

311,115

 

 

$

300,763

 

Income on Investment Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

16,995

 

 

 

16,396

 

 

 

52,079

 

 

 

48,700

 

Held-to-Maturity

 

 

20,243

 

 

 

16,754

 

 

 

57,782

 

 

 

43,630

 

Deposits

 

 

10

 

 

 

2

 

 

 

19

 

 

 

9

 

Funds Sold

 

 

2,335

 

 

 

382

 

 

 

3,181

 

 

 

779

 

Other

 

 

322

 

 

 

159

 

 

 

877

 

 

 

526

 

Total Interest Income

 

 

154,918

 

 

 

134,263

 

 

 

425,053

 

 

 

394,407

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

10,296

 

 

 

3,837

 

 

 

16,184

 

 

 

12,318

 

Securities Sold Under Agreements to Repurchase

 

 

2,745

 

 

 

3,423

 

 

 

8,311

 

 

 

10,426

 

Funds Purchased

 

 

40

 

 

 

 

 

 

99

 

 

 

1

 

Short-Term Borrowings

 

 

 

 

 

 

 

 

92

 

 

 

 

Other Debt

 

 

182

 

 

 

184

 

 

 

547

 

 

 

760

 

Total Interest Expense

 

 

13,263

 

 

 

7,444

 

 

 

25,233

 

 

 

23,505

 

Net Interest Income

 

 

141,655

 

 

 

126,819

 

 

 

399,820

 

 

 

370,902

 

Provision for Credit Losses

 

 

 

 

 

(10,400

)

 

 

(8,000

)

 

 

(40,800

)

Net Interest Income After Provision for Credit Losses

 

 

141,655

 

 

 

137,219

 

 

 

407,820

 

 

 

411,702

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust and Asset Management

 

 

10,418

 

 

 

11,415

 

 

 

33,151

 

 

 

34,375

 

Mortgage Banking

 

 

1,002

 

 

 

3,136

 

 

 

4,989

 

 

 

12,056

 

Service Charges on Deposit Accounts

 

 

7,526

 

 

 

6,510

 

 

 

22,107

 

 

 

18,703

 

Fees, Exchange, and Other Service Charges

 

 

13,863

 

 

 

13,604

 

 

 

41,008

 

 

 

41,018

 

Investment Securities Losses, Net

 

 

(2,147

)

 

 

(1,259

)

 

 

(4,987

)

 

 

(39

)

Annuity and Insurance

 

 

1,034

 

 

 

735

 

 

 

2,695

 

 

 

2,348

 

Bank-Owned Life Insurance

 

 

2,486

 

 

 

1,897

 

 

 

7,493

 

 

 

5,877

 

Other

 

 

(3,522

)

 

 

5,340

 

 

 

9,913

 

 

 

14,441

 

Total Noninterest Income

 

 

30,660

 

 

 

41,378

 

 

 

116,369

 

 

 

128,779

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and Benefits

 

 

59,938

 

 

 

56,447

 

 

 

177,631

 

 

 

168,859

 

Net Occupancy

 

 

10,186

 

 

 

3,079

 

 

 

29,942

 

 

 

17,216

 

Net Equipment

 

 

9,736

 

 

 

8,924

 

 

 

28,432

 

 

 

26,598

 

Data Processing

 

 

4,616

 

 

 

4,722

 

 

 

13,783

 

 

 

15,601

 

Professional Fees

 

 

3,799

 

 

 

2,948

 

 

 

10,599

 

 

 

9,468

 

FDIC Insurance

 

 

1,680

 

 

 

1,594

 

 

 

4,772

 

 

 

4,917

 

Other

 

 

15,794

 

 

 

18,805

 

 

 

47,403

 

 

 

49,252

 

Total Noninterest Expense

 

 

105,749

 

 

 

96,519

 

 

 

312,562

 

 

 

291,911

 

Income Before Provision for Income Taxes

 

 

66,566

 

 

 

82,078

 

 

 

211,627

 

 

 

248,570

 

Provision for Income Taxes

 

 

13,765

 

 

 

20,025

 

 

 

47,130

 

 

 

59,035

 

Net Income

 

$

52,801

 

 

$

62,053

 

 

$

164,497

 

 

$

189,535

 

Preferred Stock Dividends

 

 

1,969

 

 

 

1,006

 

 

 

5,908

 

 

 

1,006

 

Net Income Available to Common Shareholders

 

$

50,832

 

 

$

61,047

 

 

$

158,589

 

 

$

188,529

 

Basic Earnings Per Common Share

 

$

1.28

 

 

$

1.53

 

 

$

4.00

 

 

$

4.73

 

Diluted Earnings Per Common Share

 

$

1.28

 

 

$

1.52

 

 

$

3.98

 

 

$

4.70

 

Dividends Declared Per Common Share

 

$

0.70

 

 

$

0.70

 

 

$

2.10

 

 

$

2.04

 

Basic Weighted Average Common Shares

 

 

39,567,047

 

 

 

39,881,437

 

 

 

39,670,409

 

 

 

39,870,450

 

Diluted Weighted Average Common Shares

 

 

39,758,209

 

 

 

40,080,919

 

 

 

39,848,795

 

 

 

40,088,899

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

 

$

52,801

 

 

$

62,053

 

 

$

164,497

 

 

$

189,535

 

Other Comprehensive Loss, Net of Tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Unrealized Losses on Investment Securities

 

 

(79,600

)

 

 

(7,541

)

 

 

(382,371

)

 

 

(57,714

)

Defined Benefit Plans

 

 

354

 

 

 

441

 

 

 

1,059

 

 

 

1,324

 

Total Other Comprehensive Loss

 

 

(79,246

)

 

 

(7,100

)

 

 

(381,312

)

 

 

(56,390

)

Comprehensive Income (Loss)

 

$

(26,445

)

 

$

54,953

 

 

$

(216,815

)

 

$

133,145

 

 

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)

 

September 30,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Interest-Bearing Deposits in Other Banks

 

$

5,429

 

 

$

2,571

 

Funds Sold

 

 

402,714

 

 

 

361,536

 

Investment Securities

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

2,424,608

 

 

 

4,276,056

 

Held-to-Maturity (Fair Value of $4,668,074 and $4,646,619)

 

 

5,461,160

 

 

 

4,694,780

 

Loans Held for Sale

 

 

418

 

 

 

26,746

 

Loans and Leases

 

 

13,321,606

 

 

 

12,259,076

 

Allowance for Credit Losses

 

 

(146,436

)

 

 

(157,821

)

Net Loans and Leases

 

 

13,175,170

 

 

 

12,101,255

 

Total Earning Assets

 

 

21,469,499