UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Securities registered pursuant to Section 12(b) of the Act:
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Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Preferred Stock, Series A |
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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. ☐
Item 7.01 Regulation FD Disclosure
Bank of Hawai‘i Corporation, parent company of Bank of Hawai‘i, provides the attached operational overview in light of recent industry events and market volatility. Deposits are well-diversified by industry and depositor type – the average consumer balance is $18,000; the average commercial balance is $134,000. We have ample liquidity and our regulatory capital ratios remain strong.
From time to time, Bank of Hawai‘i Corporation intends to use the presentation slides attached hereto as Exhibit 99.1 in conversations with investors and analysts. The presentation materials will also be available on Bank of Hawai‘i Corporation’s website at http://ir.boh.com/events-and-presentations.
The information in Item 7.01 of this report (including Exhibit 99.1 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01. |
Financial Statements and Exhibits. |
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(d) |
Exhibits |
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Exhibit No. |
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99.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
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Date: March 13, 2023 |
Bank of Hawaii Corporation |
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/s/ Patrick M. McGuirk |
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Patrick M. McGuirk |
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Senior Executive Vice President and Corporate Secretary |
Bank of Hawai‘i Corporation operational overview March 12, 2023 Exhibit 99.1
operational highlights 2 unique and competitively advantageous deposit market exceptional deposit base substantial liquidity back up high quality assets
notable accolades 3 Rated Aa3 by Moody’s Investor Service for Long-term Deposits – the highest deposit rating in Hawaii and of the highest in the U.S. Named “Hawaii’s Best Bank” by readers of the Honolulu Star- Advertiser for the last 12 years consecutively Ranked No. 3 among America’s Most Trusted Companies in the banking industry by Newsweek
our deposits 4 Over our 125 year history in the islands, Bank of Hawaii has developed an exceptionally seasoned deposit base, built one relationship at a time, over many years, and in neighborhoods and communities we know
steady, measured & balanced deposit growth $ in billions 5 source: CAGR through February 28, 2023 balances increased by $33 million on March 10
unique deposit market 6 source: S&P Capital IQ FDIC Annual Summary of Deposits as of June 30, 2022 unique deposit market with five local competitors holding 97% of the bank deposit market
granular 7 note: as of February 28, 2023 # depositors fully FDIC insured 98% $ balances FDIC insured 48% average consumer account balance $18,000 average commercial account balance $134,000
diversified deposit base 8 note: as of February 28, 2023
diversified deposit base 9 *note: as of February 28, 2023, no sector included in ‘other’ comprises more than 3.5% of total, excludes foreign currency and agency accounts
highly operational in nature 10 note: as of February 28, 2023 overall demand: 52%
tenured deposit base 11 note: as of February 28, 2023
liquidity lines 12 Bank of Hawaii carries substantial liquidity lines and equivalents for both day-to-day operational purposes as well as for liquidity back stop purposes. The high quality of our asset base provides us with ample access.
available borrowing capacity 13 $ in billions *does not include the Bank Term Funding Program.
our assets 14 Serving an island based community for over 125 years has steered us to embrace values like stewardship and sustainability. It is with these values that we manage the assets of the organization.
asset composition 15 note: as of December 31, 2022
loan portfolio as of 12/31/22, excluding PPP 16 40% commercial 73% real estate secured wtd avg LTV 57% 57% w/ BOH ≥ 10 yrs avg balance $0.7MM commercial real estate commercial residential mortgage home equity auto leasing other consumer construction 60% consumer 84% real estate secured wtd avg LTV 55% 57% w/ BOH ≥ 10 yrs 80% of portfolio secured with quality real estate with combined weighted average loan to value of 56% note: excludes $20MM in PPP loan balances including deferred costs and fees
geographic focus 17 note: as of December 31, 2022 we lend in markets we know to customers we understand
conservative and liquid investment portfolio 18 high-quality, low-risk investment portfolio note: as of December 31, 2022
operational take aways 19 unique and competitively advantageous deposit market exceptional deposit base substantial liquidity back up high quality assets