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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, 2024

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 April 16, 2024, there were 39,695,792 shares of common stock outstanding.


Bank of Hawai‘i Corporation

Form 10-Q

Index

 

 

 

Page

 

 

 

Part I - Financial Information

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

 

Consolidated Statements of Income –
Three months ended March 31, 2024, and March 31, 2023

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three months ended March 31, 2024, and March 31, 2023

3

 

 

 

 

Consolidated Statements of Condition –
March 31, 2024, and December 31, 2023

4

 

 

 

 

Consolidated Statements of Shareholders’ Equity –
Three months ended March 31, 2024, and March 31, 20
23

5

 

 

 

 

Consolidated Statements of Cash Flows –
Three months ended March 31, 2024, and March 31, 2023

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

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

39

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

 

 

 

Item 4.

Controls and Procedures

58

 

 

 

Part II - Other Information

59

 

 

 

Item 1.

Legal Proceedings

59

 

 

 

Item 1A.

Risk Factors

59

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

 

 

 

Item 5.

Other Information

60

 

 

 

Item 6.

Exhibits

61

 

 

 

Signatures

 

62

 

1


Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

(dollars in thousands, except per share amounts)

 

 

2024

 

 

2023

 

Interest Income

 

 

 

 

 

 

 

Interest and Fees on Loans and Leases

 

 

$

159,336

 

 

$

136,501

 

Income on Investment Securities

 

 

 

 

 

 

 

Available-for-Sale

 

 

 

21,757

 

 

 

23,893

 

Held-to-Maturity

 

 

 

22,136

 

 

 

23,948

 

Deposits

 

 

 

30

 

 

 

27

 

Funds Sold

 

 

 

6,127

 

 

 

3,366

 

Other

 

 

 

970

 

 

 

597

 

Total Interest Income

 

 

 

210,356

 

 

 

188,332

 

Interest Expense

 

 

 

 

 

 

 

Deposits

 

 

 

89,056

 

 

 

37,794

 

Securities Sold Under Agreements to Repurchase

 

 

 

1,443

 

 

 

5,377

 

Funds Purchased

 

 

 

 

 

 

704

 

Short-Term Borrowings

 

 

 

 

 

 

3,203

 

Other Debt

 

 

 

5,919

 

 

 

5,299

 

Total Interest Expense

 

 

 

96,418

 

 

 

52,377

 

Net Interest Income

 

 

 

113,938

 

 

 

135,955

 

Provision for Credit Losses

 

 

 

2,000

 

 

 

2,000

 

Net Interest Income After Provision for Credit Losses

 

 

 

111,938

 

 

 

133,955

 

Noninterest Income

 

 

 

 

 

 

 

Trust and Asset Management

 

 

 

11,189

 

 

 

10,690

 

Mortgage Banking

 

 

 

951

 

 

 

1,004

 

Service Charges on Deposit Accounts

 

 

 

7,947

 

 

 

7,737

 

Fees, Exchange, and Other Service Charges

 

 

 

14,123

 

 

 

13,808

 

Investment Securities Losses, Net

 

 

 

(1,497

)

 

 

(1,792

)

Annuity and Insurance

 

 

 

1,046

 

 

 

1,271

 

Bank-Owned Life Insurance

 

 

 

3,356

 

 

 

2,842

 

Other

 

 

 

5,170

 

 

 

5,177

 

Total Noninterest Income

 

 

 

42,285

 

 

 

40,737

 

Noninterest Expense

 

 

 

 

 

 

 

Salaries and Benefits

 

 

 

58,215

 

 

 

65,088

 

Net Occupancy

 

 

 

10,456

 

 

 

9,872

 

Net Equipment

 

 

 

10,103

 

 

 

10,375

 

Data Processing

 

 

 

4,770

 

 

 

4,583

 

Professional Fees

 

 

 

4,677

 

 

 

3,883

 

FDIC Insurance

 

 

 

3,614

 

 

 

3,234

 

Other

 

 

 

14,024

 

 

 

14,884

 

Total Noninterest Expense

 

 

 

105,859

 

 

 

111,919

 

Income Before Provision for Income Taxes

 

 

 

48,364

 

 

 

62,773

 

Provision for Income Taxes

 

 

 

11,973

 

 

 

15,931

 

Net Income

 

 

$

36,391

 

 

$

46,842

 

Preferred Stock Dividends

 

 

 

1,969

 

 

 

1,969

 

Net Income Available to Common Shareholders

 

 

$

34,422

 

 

$

44,873

 

Basic Earnings Per Common Share

 

 

$

0.87

 

 

$

1.14

 

Diluted Earnings Per Common Share

 

 

$

0.87

 

 

$

1.14

 

Dividends Declared Per Common Share

 

 

$

0.70

 

 

$

0.70

 

Basic Weighted Average Common Shares

 

 

 

39,350,390

 

 

 

39,276,833

 

Diluted Weighted Average Common Shares

 

 

 

39,626,463

 

 

 

39,465,889

 

 

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

2


Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars in thousands)

 

2024

 

 

2023

 

Net Income

 

$

36,391

 

 

$

46,842

 

Other Comprehensive Income , Net of Tax:

 

 

 

 

 

 

Net Unrealized Gains on Investment Securities

 

 

12,938

 

 

 

29,276

 

Defined Benefit Plans

 

 

169

 

 

 

84

 

Total Other Comprehensive Income

 

 

13,107

 

 

 

29,360

 

Comprehensive Income

 

$

49,498

 

 

$

76,202

 

 

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

3


Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Condition (Unaudited)

 

(dollars in thousands)

 

March 31,
2024

 

 

December 31,
2023

 

Assets

 

 

 

 

 

 

Interest-Bearing Deposits in Other Banks

 

$

2,742

 

 

$

2,761

 

Funds Sold

 

 

673,489

 

 

 

690,112

 

Investment Securities

 

 

 

 

 

 

Available-for-Sale

 

 

2,352,051

 

 

 

2,408,933

 

Held-to-Maturity (Fair Value of $4,104,622 and $4,253,637)

 

 

4,913,457

 

 

 

4,997,335

 

Loans Held for Sale

 

 

2,182

 

 

 

3,124

 

Loans and Leases

 

 

13,853,837

 

 

 

13,965,026

 

Allowance for Credit Losses

 

 

(147,664

)

 

 

(146,403

)

Net Loans and Leases

 

 

13,706,173

 

 

 

13,818,623

 

Total Earning Assets

 

 

21,650,094

 

 

 

21,920,888

 

Cash and Due From Banks

 

 

215,290

 

 

 

308,071

 

Premises and Equipment, Net

 

 

192,486

 

 

 

194,855

 

Operating Lease Right-of-Use Assets

 

 

85,501

 

 

 

86,110

 

Accrued Interest Receivable

 

 

67,887

 

 

 

66,525

 

Foreclosed Real Estate

 

 

2,672

 

 

 

2,098

 

Mortgage Servicing Rights

 

 

20,422

 

 

 

20,880

 

Goodwill

 

 

31,517

 

 

 

31,517

 

Bank-Owned Life Insurance

 

 

468,206

 

 

 

462,894

 

Other Assets

 

 

686,785

 

 

 

639,458

 

Total Assets

 

$

23,420,860

 

 

$

23,733,296

 

Liabilities

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-Bearing Demand

 

$

5,542,930

 

 

$

6,058,554

 

Interest-Bearing Demand

 

 

3,823,224

 

 

 

3,749,717

 

Savings

 

 

8,231,245

 

 

 

8,189,472

 

Time

 

 

3,079,187

 

 

 

3,057,302

 

Total Deposits

 

 

20,676,586

 

 

 

21,055,045

 

Securities Sold Under Agreements to Repurchase

 

 

150,490

 

 

 

150,490

 

Other Debt

 

 

560,163

 

 

 

560,190

 

Operating Lease Liabilities

 

 

94,104

 

 

 

94,693

 

Retirement Benefits Payable

 

 

23,365

 

 

 

23,673

 

Accrued Interest Payable

 

 

37,081

 

 

 

41,023

 

Taxes Payable

 

 

7,378

 

 

 

7,636

 

Other Liabilities

 

 

435,716

 

 

 

386,304

 

Total Liabilities

 

 

21,984,883

 

 

 

22,319,054

 

Commitments and Contingencies (Note 12)

 

 

 

 

 

 

Shareholders’ Equity

 

 

 

 

 

 

Preferred Stock ($.01 par value; authorized 180,000 shares;
   issued and outstanding: March 31, 2024 and December 31, 2023 -
180,000)

 

 

180,000

 

 

 

180,000

 

Common Stock ($.01 par value; authorized 500,000,000 shares;
       issued / outstanding: March 31, 2024 -
58,753,708 / 39,720,724
       and December 31, 2023 -
58,755,465 / 39,753,138)

 

 

584

 

 

 

583

 

Capital Surplus

 

 

640,663

 

 

 

636,422

 

Accumulated Other Comprehensive Loss

 

 

(383,581

)

 

 

(396,688

)

Retained Earnings

 

 

2,114,729

 

 

 

2,107,569

 

Treasury Stock, at Cost (Shares: March 31, 2024 - 19,032,984
       and December 31, 2023 -
19,002,327)

 

 

(1,116,418

)

 

 

(1,113,644

)

Total Shareholders’ Equity

 

 

1,435,977

 

 

 

1,414,242

 

Total Liabilities and Shareholders’ Equity

 

$

23,420,860

 

 

$

23,733,296

 

 

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

4


Bank of Hawai‘i 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, 2023

 

 

180,000

 

 

$

180,000

 

 

 

39,753,138

 

 

$

583

 

 

$

636,422

 

 

$

(396,688

)

 

$

2,107,569

 

 

$

(1,113,644

)

 

$

1,414,242

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,391

 

 

 

 

 

 

36,391

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,107

 

 

 

 

 

 

 

 

 

13,107

 

Share-Based Compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,030

 

 

 

 

 

 

 

 

 

 

 

 

4,030

 

Common Stock Issued under Purchase
    and Equity Compensation Plans

 

 

 

 

 

 

 

 

21,332

 

 

 

1

 

 

 

211

 

 

 

 

 

 

794

 

 

 

546

 

 

 

1,552

 

Common Stock Repurchased

 

 

 

 

 

 

 

 

(53,746

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,320

)

 

 

(3,320

)

Cash Dividends Declared Common
    Stock ($
0.70 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,056

)

 

 

 

 

 

(28,056

)

Cash Dividends Declared Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,969

)

 

 

 

 

 

(1,969

)

Balance as of March 31, 2024

 

 

180,000

 

 

$

180,000

 

 

 

39,720,724

 

 

$

584

 

 

$

640,663

 

 

$

(383,581

)

 

$

2,114,729

 

 

$

(1,116,418

)

 

$

1,435,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2022

 

 

180,000

 

 

$

180,000

 

 

 

39,835,750

 

 

$

582

 

 

$

620,578

 

 

$

(434,658

)

 

$

2,055,912

 

 

$

(1,105,419

)

 

$

1,316,995

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,842

 

 

 

 

 

 

46,842

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,360

 

 

 

 

 

 

 

 

 

29,360

 

Share-Based Compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,371

 

 

 

 

 

 

 

 

 

 

 

 

3,371

 

Common Stock Issued under Purchase
    and Equity Compensation Plans

 

 

 

 

 

 

 

 

13,164

 

 

 

1

 

 

 

177

 

 

 

 

 

 

1,587

 

 

 

(197

)

 

 

1,568

 

Common Stock Repurchased

 

 

 

 

 

 

 

 

(202,408

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13,793

)

 

 

(13,793

)

Cash Dividends Declared Common
    Stock ($
0.70 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,944

)

 

 

 

 

 

(27,944

)

Cash Dividends Declared Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,969

)

 

 

 

 

 

(1,969

)

Balance as of March 31, 2023

 

 

180,000

 

 

$

180,000

 

 

 

39,646,506

 

 

$

583

 

 

$

624,126

 

 

$

(405,298

)

 

$

2,074,428

 

 

$

(1,119,409

)

 

$

1,354,430

 

 

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

5


Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars in thousands)

 

2024

 

 

2023

 

Operating Activities

 

 

 

 

 

 

Net Income

 

$

36,391

 

 

$

46,842

 

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:

 

 

 

 

 

 

Provision for Credit Losses

 

 

2,000

 

 

 

2,000

 

Depreciation and Amortization

 

 

5,230

 

 

 

5,885

 

Amortization of Deferred Loan and Lease (Fees) Costs, Net

 

 

48

 

 

 

323

 

Amortization and Accretion of Premiums/Discounts on Investment Securities, Net

 

 

3,071

 

 

 

3,390

 

Amortization of Operating Lease Right-of-Use Assets

 

 

3,019

 

 

 

2,908

 

Share-Based Compensation

 

 

4,030

 

 

 

3,371

 

Benefit Plan Contributions

 

 

(571

)

 

 

(419

)

Deferred Income Taxes

 

 

2,468

 

 

 

5,708

 

Net Gains on Sales of Loans and Leases

 

 

(537

)

 

 

(676

)

Net Losses on Sales of Investment Securities

 

 

1,497

 

 

 

1,792

 

Proceeds from Sales of Loans Held for Sale

 

 

11,836

 

 

 

7,299

 

Originations of Loans Held for Sale

 

 

(10,800

)

 

 

(8,384

)

Net Tax Benefits (Deficiency) from Share-Based Compensation

 

 

(844

)

 

 

(418

)

Net Change in Other Assets and Other Liabilities

 

 

(3

)

 

 

(100,580

)