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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, 2021

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

$.01 Par Value

 

BOH

 

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 20, 2021, there were 40,394,324 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, 2021, and March 31, 2020

2

 

 

 

 

Consolidated Statements of Comprehensive Income –
Three months ended Mach 31, 2021, and March 31, 2020

3

 

 

 

 

Consolidated Statements of Condition –
March 31, 2021, and December 31, 2020

4

 

 

 

 

Consolidated Statements of Shareholders’ Equity –
Three months ended March 31, 2021, and March 31, 2020

5

 

 

 

 

Consolidated Statements of Cash Flows –
Three months ended March 31, 2021, and March 31, 2020

6

 

 

 

 

Notes to Consolidated Financial Statements

7

 

 

 

Item 2.

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

49

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

78

 

 

 

Item 4.

Controls and Procedures

78

 

 

 

Part II - Other Information

 

 

 

 

Item 1A.

Risk Factors

79

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

 

 

 

Item 6.

Exhibits

82

 

 

 

Signatures

 

83

 

 

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)

 

2021

 

 

2020

 

Interest Income

 

 

 

 

 

 

 

 

Interest and Fees on Loans and Leases

 

$

99,299

 

 

$

108,210

 

Income on Investment Securities

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

15,837

 

 

 

16,711

 

Held-to-Maturity

 

 

13,300

 

 

 

19,252

 

Deposits

 

 

7

 

 

 

9

 

Funds Sold

 

 

137

 

 

 

546

 

Other

 

 

185

 

 

 

218

 

Total Interest Income

 

 

128,765

 

 

 

144,946

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

 

4,329

 

 

 

14,260

 

Securities Sold Under Agreements to Repurchase

 

 

3,533

 

 

 

4,025

 

Funds Purchased

 

 

1

 

 

 

72

 

Short-Term Borrowings

 

 

 

 

 

39

 

Other Debt

 

 

333

 

 

 

584

 

Total Interest Expense

 

 

8,196

 

 

 

18,980

 

Net Interest Income

 

 

120,569

 

 

 

125,966

 

Provision for Credit Losses

 

 

(14,300

)

 

 

33,600

 

Net Interest Income After Provision for Credit Losses

 

 

134,869

 

 

 

92,366

 

Noninterest Income

 

 

 

 

 

 

 

 

Trust and Asset Management

 

 

11,278

 

 

 

10,915

 

Mortgage Banking

 

 

5,862

 

 

 

2,695

 

Service Charges on Deposit Accounts

 

 

6,128

 

 

 

7,451

 

Fees, Exchange, and Other Service Charges

 

 

13,607

 

 

 

13,200

 

Investment Securities Gains (Losses), Net

 

 

(1,203

)

 

 

(970

)

Annuity and Insurance

 

 

702

 

 

 

928

 

Bank-Owned Life Insurance

 

 

1,917

 

 

 

1,580

 

Other

 

 

4,679

 

 

 

10,350

 

Total Noninterest Income

 

 

42,970

 

 

 

46,149

 

Noninterest Expense

 

 

 

 

 

 

 

 

Salaries and Benefits

 

 

56,251

 

 

 

54,463

 

Net Occupancy

 

 

9,090

 

 

 

8,955

 

Net Equipment

 

 

8,878

 

 

 

8,456

 

Data Processing

 

 

6,322

 

 

 

4,788

 

Professional Fees

 

 

3,406

 

 

 

3,208

 

FDIC Insurance

 

 

1,654

 

 

 

1,456

 

Other

 

 

13,264

 

 

 

14,986

 

Total Noninterest Expense

 

 

98,865

 

 

 

96,312

 

Income Before Provision for Income Taxes

 

 

78,974

 

 

 

42,203

 

Provision for Income Taxes

 

 

19,025

 

 

 

7,461

 

Net Income

 

$

59,949

 

 

$

34,742

 

Basic Earnings Per Share

 

$

1.51

 

 

$

0.88

 

Diluted Earnings Per Share

 

$

1.50

 

 

$

0.87

 

Dividends Declared Per Share

 

$

0.67

 

 

$

0.67

 

Basic Weighted Average Shares

 

 

39,827,590

 

 

 

39,681,611

 

Diluted Weighted Average Shares

 

 

40,071,477

 

 

 

39,916,986

 

 

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 (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(dollars in thousands)

 

2021

 

 

2020

 

Net Income

 

$

59,949

 

 

$

34,742

 

Other Comprehensive Income (Loss), Net of Tax:

 

 

 

 

 

 

 

 

Net Unrealized Gains (Losses) on Investment Securities

 

 

(50,050

)

 

 

41,559

 

Defined Benefit Plans

 

 

441

 

 

 

374

 

Total Other Comprehensive Income (Loss)

 

 

(49,609

)

 

 

41,933

 

Comprehensive Income

 

$

10,340

 

 

$

76,675

 

 

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,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Interest-Bearing Deposits in Other Banks

 

$

4,506

 

 

$

1,646

 

Funds Sold

 

 

1,101,631

 

 

 

333,022

 

Investment Securities

 

 

 

 

 

 

 

 

Available-for-Sale

 

 

4,024,763

 

 

 

3,791,689

 

Held-to-Maturity (Fair Value of $3,477,346 and $3,348,693)

 

 

3,464,360

 

 

 

3,262,727

 

Loans Held for Sale

 

 

18,320

 

 

 

82,565

 

Loans and Leases

 

 

12,140,703

 

 

 

11,940,020

 

Allowance for Credit Losses

 

 

(198,343

)

 

 

(216,252

)

Net Loans and Leases

 

 

11,942,360

 

 

 

11,723,768

 

Total Earning Assets

 

 

20,555,940

 

 

 

19,195,417

 

Cash and Due From Banks

 

 

286,717

 

 

 

279,420

 

Premises and Equipment, Net

 

 

198,107

 

 

 

199,695

 

Operating Lease Right-of-Use Assets

 

 

97,750

 

 

 

99,542

 

Accrued Interest Receivable

 

 

47,917

 

 

 

49,303

 

Foreclosed Real Estate

 

 

2,332

 

 

 

2,332

 

Mortgage Servicing Rights

 

 

22,320

 

 

 

19,652

 

Goodwill

 

 

31,517

 

 

 

31,517

 

Bank-Owned Life Insurance

 

 

291,764

 

 

 

291,480

 

Other Assets

 

 

412,907

 

 

 

435,293

 

Total Assets

 

$

21,947,271

 

 

$

20,603,651

 

Liabilities

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-Bearing Demand

 

$

6,227,436

 

 

$

5,749,612

 

Interest-Bearing Demand

 

 

4,379,243

 

 

 

4,040,733

 

Savings

 

 

7,474,580

 

 

 

6,759,213

 

Time

 

 

1,475,392

 

 

 

1,662,063

 

Total Deposits

 

 

19,556,651

 

 

 

18,211,621

 

Securities Sold Under Agreements to Repurchase

 

 

600,490

 

 

 

600,590

 

Other Debt

 

 

60,459

 

 

 

60,481

 

Operating Lease Liabilities

 

 

105,820

 

 

 

107,412

 

Retirement Benefits Payable

 

 

50,687

 

 

 

51,197

 

Accrued Interest Payable

 

 

4,109

 

 

 

5,117

 

Taxes Payable and Deferred Taxes

 

 

15,599

 

 

 

2,463

 

Other Liabilities

 

 

193,235

 

 

 

190,263

 

Total Liabilities

 

 

20,587,050

 

 

 

19,229,144

 

Shareholders’ Equity

 

 

 

 

 

 

 

 

Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding:

   March 31, 2021 - 58,553,365 /40,394,234 and December 31, 2020 - 58,285,624 /

   40,119,312)

 

 

580

 

 

 

580

 

Capital Surplus

 

 

594,804

 

 

 

591,360

 

Accumulated Other Comprehensive Income (Loss)

 

 

(41,787

)

 

 

7,822

 

Retained Earnings

 

 

1,844,057

 

 

 

1,811,979

 

Treasury Stock, at Cost (Shares; March 31, 2021 - 18,159,131

   and December 31, 2020 - 18,166,312)

 

 

(1,037,433

)

 

 

(1,037,234

)

Total Shareholders’ Equity

 

 

1,360,221

 

 

 

1,374,507

 

Total Liabilities and Shareholders’ Equity

 

$

21,947,271

 

 

$

20,603,651

 

 

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)

 

Common

Shares

Outstanding

 

 

Common

Stock

 

 

Capital

Surplus

 

 

Accum. Other

Compre-

hensive

Income(Loss)

 

 

Retained

Earnings

 

 

Treasury

Stock

 

 

Total

 

Balance as of December 31, 2020

 

 

40,119,312

 

 

$

580

 

 

$

591,360

 

 

$

7,822

 

 

$

1,811,979

 

 

$

(1,037,234

)

 

$

1,374,507

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,949

 

 

 

 

 

 

59,949

 

Other Comprehensive Loss

 

 

 

 

 

 

 

 

 

 

 

(49,609

)

 

 

 

 

 

 

 

 

(49,609

)

Share-Based Compensation

 

 

 

 

 

 

 

 

2,780

 

 

 

 

 

 

 

 

 

 

 

 

2,780

 

Common Stock Issued under Purchase and Equity

   Compensation Plans

 

 

310,905

 

 

 

 

 

 

664

 

 

 

 

 

 

(845

)

 

 

2,990

 

 

 

2,809

 

Common Stock Repurchased

 

 

(35,983

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,189

)

 

 

(3,189

)

Cash Dividends Declared ($0.67 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,026

)

 

 

 

 

 

(27,026

)

Balance as of March 31, 2021

 

 

40,394,234

 

 

$

580

 

 

$

594,804

 

 

$

(41,787

)

 

$

1,844,057

 

 

$

(1,037,433

)

 

$

1,360,221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

 

40,039,695

 

 

$

579

 

 

$

582,566

 

 

$

(31,112

)

 

$

1,761,415

 

 

$

(1,026,616

)

 

$

1,286,832

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,742

 

 

 

 

 

 

34,742

 

Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

41,933

 

 

 

 

 

 

 

 

 

41,933

 

Cumulative Change in Accounting Principle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,632