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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report			October 10, 2019
(Date of earliest event reported)

 

BANK OF HAWAII CORP

(Exact name of registrant as specified in its charter)

 

Delaware			1-6887			99-0148992
(State of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

 

130 Merchant Street			Honolulu			Hawaii			96813
(Address of principal executive offices)			(City)			(State)			(Zip Code)

(888) 643-3888

(Registrant's telephone number, including area code)

 N/A

(Former name or former address, if changed since last report)

 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

$.01 Par Value

BOH

New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. o

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Item 8.01 OTHER EVENTS

Consistent with Bank of Hawaii Corporation’s (the “Company”) strategy to continue to exit its leveraged lease exposure, on October 8, 2019, the Company entered into an agreement to early terminate a sale and leaseback agreement that the Company originally entered into in 2000 for locomotives and rail cars.

This early termination will reduce lease outstandings by approximately $42.7 million. The remaining leveraged lease outstandings will be $33.2 million.

As part of this early termination, the Company will record in the fourth quarter of 2019 a pretax gain of approximately $3.8 million as well as reduce income tax expense by approximately $1.8 million. The transaction is expected to close on October 31, 2019.

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Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Date: October 10, 2019			Bank of Hawaii Corporation
			By:			/s/ Mark A. Rossi
						Mark A. Rossi
						Vice Chairman and Corporate Secretary