Bank of Hawaii Corp Files Q2 2024 10-Q

TL;DR

**BOH Q2 10-Q FILED: Check financials for latest performance.**

AI Summary

Bank of Hawaii Corporation filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific financial figures and operational details are provided within the report, which is crucial for investors and stakeholders to assess the bank's health and future prospects.

Why It Matters

This 10-Q filing provides a detailed look into Bank of Hawaii's financial performance and condition as of June 30, 2024, offering insights into its operational health and potential risks for investors.

Risk Assessment

Risk Level: medium — Quarterly reports like this 10-Q are essential for understanding a company's ongoing financial health and can reveal emerging risks or opportunities.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided header information.)
• N/A — Total Equity (Specific equity figures are not detailed in the provided header information.)

Key Players & Entities

• BANK OF HAWAII CORP (company) — Filer of the 10-Q
• 0000046195 (company) — Central Index Key for Bank of Hawaii Corp
• 20240630 (date) — Period of report for the 10-Q
• 20240723 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• boh-20240630.htm (10-Q) — 8495KB
• boh-ex31_1.htm (EX-31.1) — 18KB
• boh-ex31_2.htm (EX-31.2) — 19KB
• boh-ex32.htm (EX-32) — 15KB
• 0000950170-24-085428.txt ( ) — 35577KB
• boh-20240630.xsd (EX-101.SCH) — 2173KB
• boh-20240630_htm.xml (XML) — 11332KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Income – Three and six months ended June 30, 2024 and June 30, 2023 2 Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2024 and June 30, 2023 3 Consolidated Statements of Condition – June 30, 2024 and December 31, 2023 4 Consolidated Statements of Shareholders' Equity – Six months ended June 30, 2024 and June 30, 2023 5 Consolidated Statements of Cash Flows – Six months ended June 30, 2024 and June 30, 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 45 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 4.

Controls and Procedures

Controls and Procedures 66

- Other Information

Part II - Other Information 67 Item 1.

Legal Proceedings

Legal Proceedings 67 Item 1A.

Risk Factors

Risk Factors 67 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 5. Other Information 68 Item 6. Exhibits 69

Signatures

Signatures 70 1 Table of Contents Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands, except per share amounts) 2024 2023 2024 2023 Interest Income Interest and Fees on Loans and Leases $ 163,208 $ 144,541 $ 322,544 $ 281,042 Income on Investment Securities Available-for-Sale 21,468 23,301 43,225 47,194 Held-to-Maturity 21,595 23,375 43,731 47,323 Deposits 25 18 55 45 Funds Sold 6,114 6,395 12,241 9,761 Other 1,120 2,121 2,090 2,718 Total Interest Income 213,530 199,751 423,886 388,083 Interest Expense Deposits 91,542 53,779 180,598 91,573 Securities Sold Under Agreements to Repurchase 1,180 5,436 2,623 10,813 Funds Purchased 44 184 44 888 Short-Term Borrowings — 2,510 — 5,713 Other Debt 5,918 13,494 11,837 18,793 Total Interest Expense 98,684 75,403 195,102 127,780 Net Interest Income 114,846 124,348 228,784 260,303 Provision for Credit Losses 2,400 2,500 4,400 4,500 Net Interest Income After Provision for Credit Losses 112,446 121,848 224,384 255,803 Noninterest Income Trust and Asset Management 12,223 11,215 23,412 21,905 Mortgage Banking 1,028 1,176 1,979 2,180 Service Charges on Deposit Accounts 7,730 7,587 15,677 15,324 Fees, Exchange, and Other Service Charges 13,769 14,150 27,892 27,958 Investment Securities Losses, Net ( 1,601 ) ( 1,310 ) ( 3,098 ) ( 3,102 ) Annuity and Insurance 1,583 1,038 2,629 2,309 Bank-Owned Life Insurance 3,396 2,876 6,752 5,718 Other 3,959 6,523 9,129 11,700 Total Noninterest Income 42,087 43,255 84,372 83,992 Noninterest Expense Salaries and Benefits 57,033 56,175 115,248 121,263 Net Occupancy 10,559 9,99

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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