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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, 2023

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 17, 2023, there were 39,750,569 shares of common stock outstanding.


Table of Contents

 

Bank of Hawai‘i 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, 2023, and September 30, 2022

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three and nine months ended September 30, 2023, and September 30, 2022

3

 

 

 

 

Consolidated Statements of Condition –
September 30, 2023, and December 31, 2022

4

 

 

 

 

Consolidated Statements of Shareholders’ Equity –
Nine months ended September 30, 2023, and September 30, 2022

5

 

 

 

 

Consolidated Statements of Cash Flows –
Nine months ended September 30, 2023, and September 30, 2022

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

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

43

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

67

 

 

 

Item 4.

Controls and Procedures

67

 

 

 

Part II - Other Information

68

 

 

 

Item 1.

Legal Proceedings

68

 

 

 

Item 1A.

Risk Factors

68

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

 

 

 

Item 5.

Other Information

69

 

 

 

Item 6.

Exhibits

69

 

 

 

Signatures

 

71

 

1


Table of Contents

 

Bank of Hawai‘i 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)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest Income

 

 

 

 

 

 

 

 

 

 

 

 

Interest and Fees on Loans and Leases

 

$

151,245

 

 

$

115,013

 

 

$

432,287

 

 

$

311,115

 

Income on Investment Securities

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

23,552

 

 

 

16,995

 

 

 

70,746

 

 

 

52,079

 

Held-to-Maturity

 

 

22,838

 

 

 

20,243

 

 

 

70,161

 

 

 

57,782

 

Deposits

 

 

18

 

 

 

10

 

 

 

63

 

 

 

19

 

Funds Sold

 

 

12,828

 

 

 

2,335

 

 

 

22,589

 

 

 

3,181

 

Other

 

 

1,464

 

 

 

322

 

 

 

4,182

 

 

 

877

 

Total Interest Income

 

 

211,945

 

 

 

154,918

 

 

 

600,028

 

 

 

425,053

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

72,153

 

 

 

10,296

 

 

 

163,726

 

 

 

16,184

 

Securities Sold Under Agreements to Repurchase

 

 

4,034

 

 

 

2,745

 

 

 

14,847

 

 

 

8,311

 

Funds Purchased

 

 

 

 

 

40

 

 

 

888

 

 

 

99

 

Short-Term Borrowings

 

 

 

 

 

 

 

 

5,713

 

 

 

92

 

Other Debt

 

 

14,821

 

 

 

182

 

 

 

33,614

 

 

 

547

 

Total Interest Expense

 

 

91,008

 

 

 

13,263

 

 

 

218,788

 

 

 

25,233

 

Net Interest Income

 

 

120,937

 

 

 

141,655

 

 

 

381,240

 

 

 

399,820

 

Provision for Credit Losses

 

 

2,000

 

 

 

 

 

 

6,500

 

 

 

(8,000

)

Net Interest Income After Provision for Credit Losses

 

 

118,937

 

 

 

141,655

 

 

 

374,740

 

 

 

407,820

 

Noninterest Income

 

 

 

 

 

 

 

 

 

 

 

 

Trust and Asset Management

 

 

10,548

 

 

 

10,418

 

 

 

32,453

 

 

 

33,151

 

Mortgage Banking

 

 

1,059

 

 

 

1,002

 

 

 

3,239

 

 

 

4,989

 

Service Charges on Deposit Accounts

 

 

7,843

 

 

 

7,526

 

 

 

23,167

 

 

 

22,107

 

Fees, Exchange, and Other Service Charges

 

 

13,824

 

 

 

13,863

 

 

 

41,782

 

 

 

41,008

 

Investment Securities Losses, Net

 

 

(6,734

)

 

 

(2,147

)

 

 

(9,836

)

 

 

(4,987

)

Annuity and Insurance

 

 

1,156

 

 

 

1,034

 

 

 

3,465

 

 

 

2,695

 

Bank-Owned Life Insurance

 

 

2,749

 

 

 

2,486

 

 

 

8,467

 

 

 

7,493

 

Other

 

 

19,889

 

 

 

(3,522

)

 

 

31,589

 

 

 

9,913

 

Total Noninterest Income

 

 

50,334

 

 

 

30,660

 

 

 

134,326

 

 

 

116,369

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and Benefits

 

 

58,825

 

 

 

59,938

 

 

 

180,088

 

 

 

177,631

 

Net Occupancy

 

 

10,327

 

 

 

10,186

 

 

 

30,190

 

 

 

29,942

 

Net Equipment

 

 

9,477

 

 

 

9,736

 

 

 

30,425

 

 

 

28,432

 

Data Processing

 

 

4,706

 

 

 

4,616

 

 

 

13,888

 

 

 

13,783

 

Professional Fees

 

 

3,846

 

 

 

3,799

 

 

 

12,380

 

 

 

10,599

 

FDIC Insurance

 

 

3,361

 

 

 

1,680

 

 

 

9,768

 

 

 

4,772

 

Other

 

 

15,059

 

 

 

15,794

 

 

 

44,817

 

 

 

47,403

 

Total Noninterest Expense

 

 

105,601

 

 

 

105,749

 

 

 

321,556

 

 

 

312,562

 

Income Before Provision for Income Taxes

 

 

63,670

 

 

 

66,566

 

 

 

187,510

 

 

 

211,627

 

Provision for Income Taxes

 

 

15,767

 

 

 

13,765

 

 

 

46,704

 

 

 

47,130

 

Net Income

 

$

47,903

 

 

$

52,801

 

 

$

140,806

 

 

$

164,497

 

Preferred Stock Dividends

 

 

1,969

 

 

 

1,969

 

 

 

5,908

 

 

 

5,908

 

Net Income Available to Common Shareholders

 

$

45,934

 

 

$

50,832

 

 

$

134,898

 

 

$

158,589

 

Basic Earnings Per Common Share

 

$

1.17

 

 

$

1.28

 

 

$

3.44

 

 

$

4.00

 

Diluted Earnings Per Common Share

 

$

1.17

 

 

$

1.28

 

 

$

3.42

 

 

$

3.98

 

Dividends Declared Per Common Share

 

$

0.70

 

 

$

0.70

 

 

$

2.10

 

 

$

2.10

 

Basic Weighted Average Common Shares

 

 

39,274,626

 

 

 

39,567,047

 

 

 

39,264,450

 

 

 

39,670,409

 

Diluted Weighted Average Common Shares

 

 

39,420,531

 

 

 

39,758,209

 

 

 

39,392,433

 

 

 

39,848,795

 

 

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

2


Table of Contents

 

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(dollars in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net Income

 

$

47,903

 

 

$

52,801

 

 

$

140,806

 

 

$

164,497

 

Other Comprehensive Loss, Net of Tax:

 

 

 

 

 

 

 

 

 

 

 

 

Net Unrealized Losses on Investment Securities

 

 

(18,264

)

 

 

(79,600

)

 

 

(7,205

)

 

 

(382,371

)

Defined Benefit Plans

 

 

84

 

 

 

354

 

 

 

252

 

 

 

1,059

 

Total Other Comprehensive Loss

 

 

(18,180

)

 

 

(79,246

)

 

 

(6,953

)

 

 

(381,312

)

Comprehensive Income (Loss)

 

$

29,723

 

 

$

(26,445

)

 

$

133,853

 

 

$

(216,815

)

 

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

3


Table of Contents

 

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Condition (Unaudited)

 

(dollars in thousands)

 

September 30,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Interest-Bearing Deposits in Other Banks

 

$

4,676

 

 

$

3,724

 

Funds Sold

 

 

386,086

 

 

 

81,364

 

Investment Securities

 

 

 

 

 

 

Available-for-Sale

 

 

2,387,324

 

 

 

2,844,823

 

Held-to-Maturity (Fair Value of $4,104,469 and $4,615,393)

 

 

5,088,013

 

 

 

5,414,139

 

Loans Held for Sale

 

 

1,450

 

 

 

1,035

 

Loans and Leases

 

 

13,919,491

 

 

 

13,646,420

 

Allowance for Credit Losses

 

 

(145,263

)

 

 

(144,439

)

Net Loans and Leases

 

 

13,774,228

 

 

 

13,501,981

 

Total Earning Assets

 

 

21,641,777

 

 

 

21,847,066

 

Cash and Due From Banks

 

 

261,464

 

 

 

316,679

 

Premises and Equipment, Net

 

 

196,094

 

 

 

206,777

 

Operating Lease Right-of-Use Assets

 

 

86,896

 

 

 

92,307

 

Accrued Interest Receivable

 

 

65,541

 

 

 

61,002

 

Foreclosed Real Estate

 

 

1,040

 

 

 

1,040

 

Mortgage Servicing Rights

 

 

21,273

 

 

 

22,619

 

Goodwill

 

 

31,517

 

 

 

31,517

 

Bank-Owned Life Insurance

 

 

458,260

 

 

 

453,882

 

Other Assets

 

 

785,923

 

 

 

573,988

 

Total Assets

 

$

23,549,785