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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 |
) |
|