Bank of Hawaii Corp Q3 2024 10-Q Filing

TL;DR

BOH filed its Q3 10-Q. Financials look solid.

AI Summary

Bank of Hawaii Corporation filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its assets, liabilities, and equity. Specific figures for revenue, net income, and other key financial metrics for the third quarter and year-to-date are presented.

Why It Matters

This filing provides investors and analysts with a detailed look at Bank of Hawaii's financial health and operational performance during the third quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

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 — Net Income (Specific net income figures are not detailed in the provided header information.)

Key Players & Entities

• BANK OF HAWAII CORP (company) — Filer
• 0000046195 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241029 (date) — Filing Date
• 130 MERCHANT STREET (location) — Business Address
• HONOLULU (location) — City
• HI (location) — State
• 96813 (location) — ZIP Code

FAQ

Key Financial Figures

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

Filing Documents

• boh-20240930.htm (10-Q) — 8598KB
• boh-ex31_1.htm (EX-31.1) — 18KB
• boh-ex31_2.htm (EX-31.2) — 19KB
• boh-ex32.htm (EX-32) — 15KB
• 0000950170-24-117887.txt ( ) — 35585KB
• boh-20240930.xsd (EX-101.SCH) — 2227KB
• boh-20240930_htm.xml (XML) — 11193KB

- Financial Information

Part I - Financial Information Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated Statements of Condition –September 30, 2024 and December 31, 2023 2 Consolidated Statements of Income –Three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income –Three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Shareholders' Equity –Three and nine months ended September 30, 2024 and 2023 5 Consolidated Statements of Cash Flows –Nine months ended September 30, 2024 and 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 43 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 4.

Controls and Procedures

Controls and Procedures 63

- Other Information

Part II - Other Information 64 Item 1.

Legal Proceedings

Legal Proceedings 64 Item 1A.

Risk Factors

Risk Factors 64 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 65 Item 5. Other Information 65 Item 6. Exhibits 66

Signatures

Signatures 67 1 Table of Contents Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Condition (Unaudited) (dollars in thousands, except per share amounts) September 30, 2024 December 31, 2023 Assets Interest-Bearing Deposits in Other Banks $ 8,287 $ 2,761 Funds Sold 992,854 690,112 Investment Securities Available-for-Sale 2,550,324 2,408,933 Held-to-Maturity (Fair Value of $ 4,072,596 and $ 4,253,637 ) 4,710,245 4,997,335 Loans Held for Sale 5,048 3,124 Loans and Leases 13,918,583 13,965,026 Allowance for Credit Losses ( 147,331 ) ( 146,403 ) Net Loans and Leases 13,771,252 13,818,623 Total Earning Assets 22,038,010 21,920,888 Cash and Due From Banks 271,622 308,071 Premises and Equipment, Net 191,899 194,855 Operating Lease Right-of-Use Assets 81,736 86,110 Accrued Interest Receivable 66,534 66,525 Foreclosed Real Estate 2,667 2,098 Mortgage Servicing Rights 19,571 20,880 Goodwill 31,517 31,517 Bank-Owned Life Insurance 475,263 462,894 Other Assets 620,355 639,458 Total Assets $ 23,799,174 $ 23,733,296 Liabilities Deposits Noninterest-Bearing Demand $ 5,412,048 $ 6,058,554 Interest-Bearing Demand 3,734,601 3,749,717 Savings 8,663,147 8,189,472 Time 3,168,526 3,057,302 Total Deposits 20,978,322 21,055,045 Securities Sold Under Agreements to Repurchase 100,490 150,490 Other Debt 558,297 560,190 Operating Lease Liabilities 90,356 94,693 Retirement Benefits Payable 22,870 23,673 Accrued Interest Payable 40,434 41,023 Taxes Payable 1,722 7,636 Other Liabilities 341,209 386,304 Total Liabilities 22,133,700 22,319,054 Commitments and Contingencies (Note 12) Shareholders' Equity Preferred Stock (Series A, $ .01 par value; authorized 180,000 shares issued and outstanding) 180,000 180,000 Preferred Stock (Series B

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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View this 10-Q filing on SEC EDGAR