10-Q 1 boh-10q_20220630.htm 10-Q boh-10q_20220630.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 June 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 July 19, 2022, there were 40,182,789 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 six months ended June 30, 2022, and June 30, 2021

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three and six months ended June 30, 2022, and June 30, 2021

3

 

 

 

 

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

4

 

 

 

 

Consolidated Statements of Shareholders’ Equity –
Six months ended June 30, 2022, and June 30, 2021

5

 

 

 

 

Consolidated Statements of Cash Flows –
Six months ended June 30, 2022, and June 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

61

 

 

 

Item 4.

Controls and Procedures

61

 

 

 

Part II - Other Information

62

 

 

 

Item 1.

Legal Proceedings

62

 

 

 

Item 1A.

Risk Factors

62

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

 

 

 

Item 6.

Exhibits

63

 

 

 

Signatures

 

64

 

 

1

Table of Contents

 

 

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(dollars in thousands, except per share amounts)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Fees on Loans and Leases

 

$

101,663

 

 

$

100,894

 

 

$

196,102

 

 

$

200,193

 

Income on Investment Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

17,984

 

 

 

16,467

 

 

 

35,084

 

 

 

32,304

 

Held-to-Maturity

 

 

18,838

 

 

 

13,576

 

 

 

37,539

 

 

 

26,876

 

Deposits

 

 

5

 

 

 

—

 

 

 

9

 

 

 

7

 

Funds Sold

 

 

719

 

 

 

260

 

 

 

846

 

 

 

397

 

Other

 

 

353

 

 

 

182

 

 

 

555

 

 

 

367

 

Total Interest Income

 

 

139,562

 

 

 

131,379

 

 

 

270,135

 

 

 

260,144

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

3,535

 

 

 

4,152

 

 

 

5,888

 

 

 

8,481

 

Securities Sold Under Agreements to Repurchase

 

 

2,794

 

 

 

3,470

 

 

 

5,566

 

 

 

7,003

 

Funds Purchased

 

 

57

 

 

 

—

 

 

 

59

 

 

 

1

 

Short-Term Borrowings

 

 

92

 

 

 

—

 

 

 

92

 

 

 

—

 

Other Debt

 

 

182

 

 

 

243

 

 

 

365

 

 

 

576

 

Total Interest Expense

 

 

6,660

 

 

 

7,865

 

 

 

11,970

 

 

 

16,061

 

Net Interest Income

 

 

132,902

 

 

 

123,514

 

 

 

258,165

 

 

 

244,083

 

Provision for Credit Losses

 

 

(2,500

)

 

 

(16,100

)

 

 

(8,000

)

 

 

(30,400

)

Net Interest Income After Provision for Credit Losses

 

 

135,402

 

 

 

139,614

 

 

 

266,165

 

 

 

274,483

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust and Asset Management

 

 

11,457

 

 

 

11,682

 

 

 

22,733

 

 

 

22,960

 

Mortgage Banking

 

 

1,247

 

 

 

3,058

 

 

 

3,987

 

 

 

8,920

 

Service Charges on Deposit Accounts

 

 

7,309

 

 

 

6,065

 

 

 

14,581

 

 

 

12,193

 

Fees, Exchange, and Other Service Charges

 

 

14,193

 

 

 

13,807

 

 

 

27,145

 

 

 

27,414

 

Investment Securities Gains (Losses), Net

 

 

(1,295

)

 

 

2,423

 

 

 

(2,840

)

 

 

1,220

 

Annuity and Insurance

 

 

870

 

 

 

911

 

 

 

1,661

 

 

 

1,613

 

Bank-Owned Life Insurance

 

 

2,658

 

 

 

2,063

 

 

 

5,007

 

 

 

3,980

 

Other

 

 

5,719

 

 

 

4,422

 

 

 

13,435

 

 

 

9,101

 

Total Noninterest Income

 

 

42,158

 

 

 

44,431

 

 

 

85,709

 

 

 

87,401

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and Benefits

 

 

57,769

 

 

 

56,161

 

 

 

117,693

 

 

 

112,412

 

Net Occupancy

 

 

9,930

 

 

 

5,047

 

 

 

19,756

 

 

 

14,137

 

Net Equipment

 

 

9,543

 

 

 

8,796

 

 

 

18,696

 

 

 

17,674

 

Data Processing

 

 

4,607

 

 

 

4,557

 

 

 

9,167

 

 

 

10,879

 

Professional Fees

 

 

3,542

 

 

 

3,114

 

 

 

6,800

 

 

 

6,520

 

FDIC Insurance

 

 

1,590

 

 

 

1,669

 

 

 

3,092

 

 

 

3,323

 

Other

 

 

15,958

 

 

 

17,183

 

 

 

31,609

 

 

 

30,447

 

Total Noninterest Expense

 

 

102,939

 

 

 

96,527

 

 

 

206,813

 

 

 

195,392

 

Income Before Provision for Income Taxes

 

 

74,621

 

 

 

87,518

 

 

 

145,061

 

 

 

166,492

 

Provision for Income Taxes

 

 

17,759

 

 

 

19,985

 

 

 

33,365

 

 

 

39,010

 

Net Income

 

$

56,862

 

 

$

67,533

 

 

$

111,696

 

 

$

127,482

 

Preferred Stock Dividends

 

 

1,969

 

 

 

—

 

 

 

3,938

 

 

 

—

 

Net Income Available to Common Shareholders

 

$

54,893

 

 

$

67,533

 

 

$

107,758

 

 

$

127,482

 

Basic Earnings Per Common Share

 

$

1.38

 

 

$

1.69

 

 

$

2.71

 

 

$

3.20

 

Diluted Earnings Per Common Share

 

$

1.38

 

 

$

1.68

 

 

$

2.70

 

 

$

3.18

 

Dividends Declared Per Common Share

 

$

0.70

 

 

$

0.67

 

 

$

1.40

 

 

$

1.34

 

Basic Weighted Average Common Shares

 

 

39,693,593

 

 

 

39,902,583

 

 

 

39,722,985

 

 

 

39,865,268

 

Diluted Weighted Average Common Shares

 

 

39,842,608

 

 

 

40,122,905

 

 

 

39,896,700

 

 

 

40,096,527

 

 

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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(dollars in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net Income

 

$

56,862

 

 

$

67,533

 

 

$

111,696

 

 

$

127,482

 

Other Comprehensive Income (Loss), Net of Tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Unrealized Losses on Investment Securities

 

 

(122,647

)

 

 

(123

)

 

 

(302,771

)

 

 

(50,173

)

Defined Benefit Plans

 

 

352

 

 

 

442

 

 

 

705

 

 

 

883

 

Total Other Comprehensive Income (Loss)

 

 

(122,295

)

 

 

319

 

 

 

(302,066

)

 

 

(49,290

)

Comprehensive Income (Loss)

 

$

(65,433

)

 

$

67,852

 

 

$

(190,370

)

 

$

78,192

 

 

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)

 

June 30,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Interest-Bearing Deposits in Other Banks

 

$

2,264

 

 

$

2,571

 

Funds Sold

 

 

576,430

 

 

 

361,536

 

Investment Securities

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

3,955,476

 

 

 

4,276,056

 

Held-to-Maturity (Fair Value of $3,823,739 and $4,646,619)

 

 

4,321,693

 

 

 

4,694,780

 

Loans Held for Sale

 

 

4,514

 

 

 

26,746

 

Loans and Leases

 

 

12,951,573

 

 

 

12,259,076

 

Allowance for Credit Losses

 

 

(148,512

)

 

 

(157,821

)

Net Loans and Leases

 

 

12,803,061

 

 

 

12,101,255

 

Total Earning Assets

 

 

21,663,438

 

 

 

21,462,944

 

Cash and Due From Banks

 

 

260,672

 

 

 

196,327

 

Premises and Equipment, Net

 

 

202,063

 

 

 

199,393

 

Operating Lease Right-of-Use Assets