Bank of Hawaii Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bank of Hawaii Corp. filed its Q1 2024 10-Q, detailing financial performance and loan portfolio specifics.</b>

AI Summary

BANK OF HAWAII CORP (BOH-PB) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. Bank of Hawaii Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to consumer and home equity loan segments. Information on financing receivables, including those 30-59 days past due, is provided. Details on fair value estimates and inputs (Level 1 and Level 3) are presented. The report references mortgage banking income and net interest income.

Why It Matters

For investors and stakeholders tracking BANK OF HAWAII CORP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial snapshot of Bank of Hawaii Corp., crucial for assessing its current performance and stability. The specific data on loan delinquencies, fair value measurements, and income streams offers insights into the bank's risk exposure and revenue generation strategies.

Risk Assessment

Risk Level: medium — BANK OF HAWAII CORP shows moderate risk based on this filing. The filing contains details on various loan segments and their past-due status, indicating potential credit risk exposure that requires ongoing monitoring.

Analyst Insight

Investors should review the detailed breakdown of loan portfolios and fair value disclosures to assess the bank's credit quality and market risk.

Key Numbers

• 2024-03-31 — Period End Date (Reported period)
• 2023-03-31 — Comparison Date (Financing receivables past due reference)
• 2023-12-31 — Comparison Date (Home equity loan segment reference)
• 2024-03-31 — As of Date (Fair value inputs reference)

Key Players & Entities

• BANK OF HAWAII CORP (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-04-23 (date) — Filing date
• 130 MERCHANT STREET (address) — Business address
• HONOLULU (location) — Business address city
• HI (location) — Business address state
• 96813 (postal_code) — Business address zip
• 0000046195 (company_id) — Central Index Key

FAQ

Risk Factors

• Financing Receivables Past Due [medium — financial]: The filing details financing receivables, including those 30-59 days past due, indicating potential credit risk.
• Fair Value Measurements [medium — financial]: The report includes fair value estimates and the inputs used (Level 1 and Level 3), which are subject to estimation and market volatility.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial performance during the quarter.)

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. (Crucial for understanding the valuation of assets and liabilities, especially in financial institutions.)

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share BOH New York Stock Exchan

Filing Documents

• boh-20240331.htm (10-Q) — 6545KB
• boh-ex31_1.htm (EX-31.1) — 18KB
• boh-ex31_2.htm (EX-31.2) — 19KB
• boh-ex32.htm (EX-32) — 15KB
• 0000950170-24-046634.txt (&nbsp;) — 28747KB
• boh-20240331.xsd (EX-101.SCH) — 2077KB
• boh-20240331_htm.xml (XML) — 8790KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Income – Three months ended March 31, 2024, and March 31, 2023 2 Consolidated Statements of Comprehensive Income – Three months ended March 31, 2024, and March 31, 2023 3 Consolidated Statements of Condition – March 31, 2024, and December 31, 2023 4 Consolidated Statements of Shareholders' Equity – Three months ended March 31, 2024, and March 31, 20 23 5 Consolidated Statements of Cash Flows – Three months ended March 31, 2024, and March 31, 2023 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 58 Item 4.

Controls and Procedures

Controls and Procedures 58

- Other Information

Part II - Other Information 59 Item 1.

Legal Proceedings

Legal Proceedings 59 Item 1A.

Risk Factors

Risk Factors 59 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60 Item 5. Other Information 60 Item 6. Exhibits 61

Signatures

Signatures 62 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) 2024 2023 Interest Income Interest and Fees on Loans and Leases $ 159,336 $ 136,501 Income on Investment Securities Available-for-Sale 21,757 23,893 Held-to-Maturity 22,136 23,948 Deposits 30 27 Funds Sold 6,127 3,366 Other 970 597 Total Interest Income 210,356 188,332 Interest Expense Deposits 89,056 37,794 Securities Sold Under Agreements to Repurchase 1,443 5,377 Funds Purchased — 704 Short-Term Borrowings — 3,203 Other Debt 5,919 5,299 Total Interest Expense 96,418 52,377 Net Interest Income 113,938 135,955 Provision for Credit Losses 2,000 2,000 Net Interest Income After Provision for Credit Losses 111,938 133,955 Noninterest Income Trust and Asset Management 11,189 10,690 Mortgage Banking 951 1,004 Service Charges on Deposit Accounts 7,947 7,737 Fees, Exchange, and Other Service Charges 14,123 13,808 Investment Securities Losses, Net ( 1,497 ) ( 1,792 ) Annuity and Insurance 1,046 1,271 Bank-Owned Life Insurance 3,356 2,842 Other 5,170 5,177 Total Noninterest Income 42,285 40,737 Noninterest Expense Salaries and Benefits 58,215 65,088 Net Occupancy 10,456 9,872 Net Equipment 10,103 10,375 Data Processing 4,770 4,583 Professional Fees 4,677 3,883 FDIC Insurance 3,614 3,234 Other 14,024 14,884 Total Noninterest Expense 105,859 111,919 Income Before Provision for Income Taxes 48,364 62,773 Provision for Income Taxes 11,973 15,931 Net Income $ 36,391 $ 46,842 Preferred Stock Dividends 1,969 1,969 Net Income Available to Common Shareholders $ 34,422 $ 44,873 Basic Earnings Per Common Share $

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Note 1. Summary of Significant Accounting Policies Basis of Presentation Bank of Hawaii Corporation (the "Parent") is a Delaware corporation and a bank holding company headquartered in Honolulu, Hawaii. Bank of Hawaii Corporation is a trade name of Bank of Hawaii Corporation, and along with its subsidiaries (collectively, the "Company"), provides a broad range of financial products and services to businesses, consumers and governments in Hawaii and the West Pacific. The majority of the Company's operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accompanying consolidated financial statements include the accounts of the Parent and its subsidiaries. The Parent's principal operating subsidiary is Bank of Hawaii (the "Bank"), doing business as Bank of Hawaii. The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. Intercompany accounts and transactions have been eliminated in consolidation. Certain prior period information has been reclassified to conform to the current period presentation. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for the full fiscal year or any future period. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and accompanying notes r

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