Bank of Hawaii Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bank of Hawaii Corp. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

BANK OF HAWAII CORP (BOH-PB) filed a Annual Report (10-K) with the SEC on February 29, 2024. Bank of Hawaii Corp. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is commercial banking. The filing includes financial statements and risk factor disclosures. The company was formerly known as Pacific Century Financial Corp.

Why It Matters

For investors and stakeholders tracking BANK OF HAWAII CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bank of Hawaii's financial health, operational strategies, and risk exposures for the 2023 fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial statements and risk factors within the report are essential for understanding the bank's regulatory compliance, market position, and potential challenges in the banking sector.

Risk Assessment

Risk Level: medium — BANK OF HAWAII CORP shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and economic fluctuations, as evidenced by the detailed risk factors typically included in a 10-K filing for a financial institution.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Bank of Hawaii's performance and potential challenges in the current economic climate.

Key Numbers

• 20231231 — Fiscal Year End (Fiscal year end date)
• 0000046195 — Central Index Key (Company's Central Index Key)
• 6022 — Standard Industrial Classification (SIC code for State Commercial Banks)
• DE — State of Incorporation (State of incorporation)

Key Players & Entities

• BANK OF HAWAII CORP (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240229 (date) — Filed as of date
• 130 MERCHANT STREET (address) — Business address
• HONOLULU (location) — Business address city
• HI (location) — Business address state
• 96813 (postal_code) — Business address zip
• PACIFIC CENTURY FINANCIAL CORP (company) — Former company name

FAQ

Industry Context

Bank of Hawaii Corp. operates within the commercial banking industry, providing a range of financial services.

Regulatory Implications

As a commercial bank, the company is subject to extensive regulation by federal and state authorities to ensure financial stability and consumer protection.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset growth.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share BOH New York Stock Exchan
• $41 — date on the New York Stock Exchange o f $41.23, was approximately $ 1,602,235,278 .
• $28.3 million — he Bank's FDIC insurance assessment was $28.3 million in 2023, $6.5 million in 2022, and $6.5
• $6.5 million — e assessment was $28.3 million in 2023, $6.5 million in 2022, and $6.5 million in 2021. In
• $14.7 million — hare of the FDIC special assessment was $14.7 million which was recorded in the fourth quarte

Filing Documents

• boh-20231231.htm (10-K) — 9849KB
• boh-ex4_2.htm (EX-4.2) — 61KB
• boh-ex21_1.htm (EX-21.1) — 10KB
• boh-ex23_1.htm (EX-23.1) — 8KB
• boh-ex31_1.htm (EX-31.1) — 17KB
• boh-ex31_2.htm (EX-31.2) — 17KB
• boh-ex32.htm (EX-32) — 12KB
• boh-ex97.htm (EX-97) — 28KB
• img208022928_0.jpg (GRAPHIC) — 130KB
• 0000950170-24-023196.txt (&nbsp;) — 42502KB
• boh-20231231.xsd (EX-101.SCH) — 3378KB
• boh-20231231_htm.xml (XML) — 12065KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 8 Item 1B. Unresolved Staff Comments 16 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 19 Item 6. [Reserved] 20 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 53 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 117 Item 9A.

Controls and Procedures

Controls and Procedures 117 Item 9B. Other Information 119 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 119 Part III Item 10. Directors, Executive Officers and Corporate Governance 120 Item 11.

Executive Compensation

Executive Compensation 120 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 120 Item 13. Certain Relationships and Related Transactions, and Director Independence 120 Item 14. Principal Accounting Fees and Services 120 Part IV Item 15. Exhibits, Financial Statement Schedules 121 Item 16. Form 10-K Summary 125

Signatures

Signatures 126 1 Table of Contents Part I

Business

Item 1. Business General Bank of Hawaii Corporation ("Bank of Hawaii Corporation" or the "Parent") is a Delaware corporation and a bank holding company ("BHC") headquartered in Honolulu, Hawaii. The Parent's principal operating subsidiary, Bank of Hawaii ("Bank of Hawaii" or the "Bank"), was organized on December 17, 1897, and is chartered by the State of Hawaii. The Bank's deposits are insured by the Federal Deposit Insurance Corporation (the "FDIC") and the Bank is a member of the Federal Reserve System. The Bank, directly and through its subsidiaries, provides a broad range of financial products and services primarily to customers in Hawaii, Guam, and other Pacific Islands. References to "we," "our," "us," or "the Company" refer to the Parent and its subsidiaries and are consolidated for financial reporting purposes. The Bank's subsidiaries are identified in Exhibit 21.1 to this Form 10-K and include, among others, Bankoh Investment Services, Inc., and Pacific Century Life Insurance Corporation. The Bank's subsidiaries are engaged in securities brokerage, investment advisory services, and providing credit insurance. We are organized into three business segments for management reporting purposes: Consumer Banking, Commercial Banking, and Treasury and Other. See Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") and Note 13 to the Consolidated Financial Statements for more information. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports can be found free of charge on our website at www.boh.com as soon as reasonably practicable after such material is electronically filed with or furnished to the U.S. Securities and Exchange Commission (the "SEC"). The SEC maintains a website, www.sec.gov, which contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Our Corporate Go

View Full Filing

View this 10-K filing on SEC EDGAR