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Bank of Hawaii Corporation

$BOH
$60.98
Капитализция: $2B
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О компании

Банковский холдинг со штаб-квартирой в столице Гавайев, Гонолулу. Главная операционная дочерняя компания - Bank of Hawaii - была учреждена 17 декабря 1897 года в рамках юрисдикции штата Гавайи. Банк и показать больше
его дочерние предприятия — Bank of Hawaii Leasing, Inc., Bankoh Investment Services, Inc. и Pacific Century Life Insurance Corporation — предоставляют широкий спектр финансовых продуктов и услуг. Их клиенты находятся главным образом на Гавайях, Гуаме и других тихоокеанских островах. Дочерние предприятия предлагают следующие услуги: лизинг оборудования, брокерские операции с ценными бумагами, услуги консультантов по инвестициям и страхование кредитов.
Bank of Hawaii Corporation operates as the bank holding company for Bank of Hawaii that provides various financial products and services in Hawaii, Guam, and other Pacific Islands. It operates in three segments: Consumer Banking, Commercial Banking, and Treasury and Other. The Consumer Banking segment offers checking, savings, and time deposit accounts residential mortgage loans, home equity lines of credit, automobile loans and leases, personal lines of credit, installment loans, small business loans and leases, and credit cards private and international client banking, and trust services to individuals and families, and high-net-worth individuals investment management and institutional investment advisory services to corporations, government entities, and foundations and brokerage offering equities, mutual funds, life insurance, and annuity products. This segment operates 65 branch locations and 357 ATMs throughout Hawaii and the Pacific Islands, as well as through a customer service center, and online and mobile banking. The Commercial Banking segment provides corporate banking, commercial real estate loans, commercial lease financing, auto dealer financing, and deposit products. It offers commercial lending and deposit products to middle-market and large companies, and government entities commercial real estate mortgages to investors, developers, and builders and international banking and merchant services. The Treasury and Other segment offers corporate asset and liability management services, including interest rate risk management and foreign exchange services. Bank of Hawaii Corporation was founded in 1897 and is headquartered in Honolulu, Hawaii.
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Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY
04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY
Квартальная отчетность будет доступна после Регистрации

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Аналитик Аарон Кесслер поддерживает с сильной покупкой и снижает целевую цену со xxx до yyy долларов.
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Bank of Hawaii Corporation First Quarter 2022 Financial Results

Финансовые результаты корпорации Bank of Hawaii за первый квартал 2022 г.

25 апр. 2022 г.

Diluted Earnings Per Common Share $1.32

Net Income $54.8 Million

Board of Directors Declares Dividend of $0.70 Per Common Share

HONOLULU--(BUSINESS WIRE)--Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per common share of $1.32 for the first quarter of 2022, compared with diluted earnings per common share of $1.55 in the previous quarter and $1.50 in the same quarter last year. Net income for the first quarter of 2022 was $54.8 million, down 14.1% from the fourth quarter of 2021 and down 8.5% from the first quarter of 2021.

“Bank of Hawaii had a good start to 2022 with solid operating performance," said Peter Ho, Chairman, President, and CEO. “We saw good continuing momentum in core loan and deposit growth and expansion in core net interest margin. Asset quality continued its stable trend, and capital and liquidity remain strong.”

Financial Highlights

  • The return on average assets for the first quarter of 2022 was 0.97% compared with 1.12% in the previous quarter and 1.15% in the same quarter of 2021. The return on average common equity for the first quarter of 2022 was 15.44% compared with 17.40% in the previous quarter and 17.65% in the same quarter of 2021.
    • The decrease from prior quarter was primarily driven by lower provision release and seasonal payroll expenses.
    • The decrease from prior year was primarily driven by lower provision release.
  • Net interest income for the first quarter of 2022 was $125.3 million, a decrease of 0.9% from the fourth quarter of 2021 and an increase of 3.9% from the first quarter of 2021. Net interest margin was 2.34% in the first quarter of 2022, unchanged compared to the previous quarter and a decrease of 9 basis points from the same quarter of 2021.
    • One-time significant items in the fourth quarter of 2021 included a negative $0.9 million adjustment to net interest income for deferred mortgage loan fees related to prior quarters of 2021. The adjustment had a negative impact of 2 basis points on the net interest margin.
  • The provision for credit losses for the first quarter of 2022 was a net benefit of $5.5 million compared with a net benefit of $9.7 million in the previous quarter and a net benefit of $14.3 million in the same quarter of 2021.
  • Noninterest income was $43.6 million in the first quarter of 2022, an increase of 2.3% from the previous quarter and an increase of 1.4% from the same quarter of 2021.
  • Noninterest expense was $103.9 million in the first quarter of 2022, an increase of 2.2% from the previous quarter and an increase of 5.1% from the same quarter of 2021.
    • Noninterest expense in the first quarter of 2022 included seasonal payroll expenses of approximately $3.7 million.
    • One-time significant items in the fourth quarter of 2021 included $1.2 million related to an increase in vacation carryover limits.
    • Noninterest expense in the first quarter of 2021 included seasonal payroll expenses of approximately $2.1 million, charges related to the rollout of contactless cards of $1.9 million, and separation expenses of $1.8 million.
  • The effective tax rate for the first quarter of 2022 was 22.15% compared with 17.08% in the previous quarter and 24.09% during the same quarter of 2021.
    • The fourth quarter of 2021 included a $3.6 million benefit due to larger than expected tax credits from 2020 and a reduction in the valuation allowance related to low-income housing partnerships.

The Company’s overall asset quality continued to remain strong during the first quarter of 2022.

  • Total non-performing assets were $20.0 million at March 31, 2022, up by $1.0 million from December 31, 2021 and up $2.1 million from March 31, 2021. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.16% at the end of the quarter, an increase of 1 basis point from the end of both the prior quarter and same quarter of 2021.
  • Net loan and lease charge-offs during the first quarter of 2022 were $1.5 million or 0.05% annualized of total average loans and leases outstanding.
    • Net loan and lease charge-offs for the first quarter of 2022 were comprised of charge-offs of $3.9 million partially offset by recoveries of $2.4 million.
    • Compared to the prior quarter, net loan and lease charge-offs increased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding.
    • Compared to the same quarter of 2021, net loan and lease charge-offs decreased by $1.4 million or 5 basis points annualized on total average loans and leases outstanding.
  • The allowance for credit losses on loans and leases was $152.0 million at March 31, 2022, a decrease of $5.8 million from December 31, 2021 and $46.3 million from March 31, 2021. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.21% at the end of the quarter, down 8 basis points from the end of the prior quarter and down 42 basis points from the end of the same quarter of 2021.
  • Total assets were $23.0 billion at March 31, 2022, an increase of 0.9% from December 31, 2021 and an increase of 4.8% from March 31, 2021.
  • The investment securities portfolio was $8.7 billion at March 31, 2022, a decrease of 2.5% from December 31, 2021 and an increase of 16.8% from March 31, 2021.
    • The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
    • The increase from March 31, 2021 was primarily due to growth in deposits that outpaced loan growth.
  • Total loans and leases were $12.5 billion at March 31, 2022, an increase of 2.3% from December 31, 2021 and an increase of 3.3% from March 31, 2021.
    • Total loans and leases excluding PPP loans were $12.5 billion at March 31, 2022, an increase of 2.9% from December 31, 2021 and an increase of 9.4% from March 31, 2021.
  • Total deposits reached a new record high of $20.7 billion at March 31, 2022, an increase of 1.7% from December 31, 2021 and an increase of 5.9% from March 31, 2021.

Capital and Dividends

  • The Tier 1 Capital Ratio was 13.22% at March 31, 2022 compared with 13.56% at December 31, 2021 and 12.35% at March 31, 2021.
    • The increase from the same period in 2021 was driven by the issuance of $180 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A in the second quarter of 2021.
  • The Tier 1 Leverage Ratio was 7.30% at March 31, 2022 compared with 7.32% at December 31, 2021 and 6.61% at March 31, 2021.
    • The increase from the same period in 2021 was driven by the aforementioned issuance of preferred stock in the second quarter of 2021.
  • The Company repurchased 116.8 thousand shares of common stock at a total cost of $10.0 million under its share repurchase program in the first quarter of 2022 at an average cost of $85.34 per share repurchased.
    • Total remaining buyback authority under the share repurchase program was $75.8 million at March 31, 2022.
  • The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on June 14, 2022 to shareholders of record at the close of business on May 31, 2022.
  • On April 5, 2022, the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock. The depositary shares representing the Series A Preferred Stock are traded on the NYSE under the symbol “BOH.PRA.” The dividend will be payable on May 2, 2022 to shareholders of record of the preferred stock at the close of business on April 18, 2022.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawaii Corporation's website, www.boh.com.

  • The webcast link is https://edge.media-server.com/mmc/p/5x73dqat.
  • The toll-free number for the teleconference is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code “Bank of Hawaii” to access the call.
  • A replay of the conference call will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, April 25, 2022. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 4637209 when prompted. In addition, the replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2021 which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company's principal subsidiary, Bank of Hawai'i, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights Table 1
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands, except per share amounts)

2022

2021

2021

For the Period:
Operating Results
Net Interest Income

$

125,263

 

$

126,388

 

$

120,569

 

Provision for Credit Losses

 

(5,500

)

 

(9,700

)

 

(14,300

)

Total Noninterest Income

 

43,551

 

 

42,574

 

 

42,970

 

Total Noninterest Expense

 

103,874

 

 

101,678

 

 

98,865

 

Net Income

 

54,834

 

 

63,837

 

 

59,949

 

Basic Earnings Per Common Share

 

1.33

 

 

1.56

 

 

1.51

 

Diluted Earnings Per Common Share

 

1.32

 

 

1.55

 

 

1.50

 

Dividends Declared Per Common Share

 

0.70

 

 

0.70

 

 

0.67

 

 
Performance Ratios
Return on Average Assets

 

0.97

 

%

 

1.12

 

%

 

1.15

 

%

Return on Average Shareholders' Equity

 

14.18

 

 

15.92

 

 

17.65

 

Return on Average Common Equity

 

15.44

 

 

17.40

 

 

17.65

 

Efficiency Ratio 1

 

61.53

 

 

60.18

 

 

60.45

 

Net Interest Margin 2

 

2.34

 

 

2.34

 

 

2.43

 

Dividend Payout Ratio 3

 

52.63

 

 

44.87

 

 

44.37

 

Average Shareholders' Equity to Average Assets

 

6.87

 

 

7.02

 

 

6.51

 

 
Average Balances
Average Loans and Leases

$

12,290,402

 

$

12,086,705

 

$

11,952,587

 

Average Assets

 

22,847,488

 

 

22,666,280

 

 

21,150,670

 

Average Deposits

 

20,426,076

 

 

20,222,470

 

 

18,665,222

 

Average Shareholders' Equity

 

1,568,725

 

 

1,590,600

 

 

1,377,272

 

 
Per Share of Common Stock
Book Value

$

31.50

 

$

35.57

 

$

33.67

 

Tangible Book Value

 

30.71

 

 

34.78

 

 

32.89

 

Market Value
Closing

 

83.92

 

 

83.76

 

 

89.49

 

High

 

92.38

 

 

88.96

 

 

99.10

 

Low

 

79.60

 

 

78.73

 

 

75.65

 

 
March 31, December 31, March 31,

2022

2021

2021

As of Period End:
Balance Sheet Totals
Loans and Leases

$

12,544,492

 

$

12,259,076

 

$

12,140,703

 

Total Assets

 

23,000,317

 

 

22,784,941

 

 

21,947,271

 

Total Deposits

 

20,716,287

 

 

20,360,108

 

 

19,556,651

 

Other Debt

 

10,367

 

 

10,391

 

 

60,459

 

Total Shareholders' Equity

 

1,448,885

 

 

1,611,611

 

 

1,360,221

 

 
Asset Quality
Non-Performing Assets

$

19,979

 

$

18,966

 

$

17,883

 

Allowance for Credit Losses - Loans and Leases

 

152,028

 

 

157,821

 

 

198,343

 

Allowance to Loans and Leases Outstanding 4

 

1.21

 

%

 

1.29

 

%

 

1.63

 

%

 
Capital Ratios 5
Common Equity Tier 1 Capital Ratio

 

11.83

 

%

 

12.12

 

%

 

12.35

 

%

Tier 1 Capital Ratio

 

13.22

 

 

13.56

 

 

12.35

 

Total Capital Ratio

 

14.41

 

 

14.81

 

 

13.61

 

Tier 1 Leverage Ratio

 

7.30

 

 

7.32

 

 

6.61

 

Total Shareholders' Equity to Total Assets

 

6.30

 

 

7.07

 

 

6.20

 

Tangible Common Equity to Tangible Assets 6

 

5.39

 

 

6.15

 

 

6.06

 

Tangible Common Equity to Risk-Weighted Assets 6

 

9.77

 

 

11.44

 

 

11.78

 

 
Non-Financial Data
Full-Time Equivalent Employees

 

2,084

 

 

2,056

 

 

2,058

 

Branches

 

54

 

 

54

 

 

63

 

ATMs

 

307

 

 

307

 

 

361

 

 
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5 Regulatory capital ratios as of March 31, 2022 are preliminary.
6 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 2 "Reconciliation of Non-GAAP Financial Measures".
Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures Table 2
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

 
Total Shareholders' Equity

$

1,448,885

 

$

1,611,611

 

$

1,360,221

 

Less: Preferred Stock

 

180,000

 

 

180,000

 

 

-

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Common Equity

$

1,237,368

 

$

1,400,094

 

$

1,328,704

 

 
Total Assets

 

23,000,317

 

 

22,784,941

 

 

21,947,271

 

Less: Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Assets

$

22,968,800

 

$

22,753,424

 

$

21,915,754

 

 
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1

$

12,663,646

 

$

12,236,805

 

$

11,275,565

 

 
Total Shareholders' Equity to Total Assets

 

6.30

%

 

7.07

%

 

6.20

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

 

5.39

%

 

6.15

%

 

6.06

%

 
Tier 1 Capital Ratio 1

 

13.22

%

 

13.56

%

 

12.35

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1

 

9.77

%

 

11.44

%

 

11.78

%

 
1 Regulatory capital ratios as of March 31, 2022 are preliminary.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income Table 3
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands, except per share amounts)

2022

2021

2021

Interest Income
Interest and Fees on Loans and Leases

$

94,439

 

$

97,853

 

$

99,299

 

Income on Investment Securities
Available-for-Sale

 

17,100

 

 

15,850

 

 

15,837

 

Held-to-Maturity

 

18,701

 

 

18,325

 

 

13,300

 

Deposits

 

4

 

 

1

 

 

7

 

Funds Sold

 

127

 

 

104

 

 

137

 

Other

 

202

 

 

176

 

 

185

 

Total Interest Income

 

130,573

 

 

132,309

 

 

128,765

 

Interest Expense
Deposits

 

2,353

 

 

2,898

 

 

4,329

 

Securities Sold Under Agreements to Repurchase

 

2,772

 

 

2,834

 

 

3,533

 

Funds Purchased

 

2

 

 

6

 

 

1

 

Other Debt

 

183

 

 

183

 

 

333

 

Total Interest Expense

 

5,310

 

 

5,921

 

 

8,196

 

Net Interest Income

 

125,263

 

 

126,388

 

 

120,569

 

Provision for Credit Losses

 

(5,500

)

 

(9,700

)

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

130,763

 

 

136,088

 

 

134,869

 

Noninterest Income
Trust and Asset Management

 

11,276

 

 

11,693

 

 

11,278

 

Mortgage Banking

 

2,740

 

 

2,908

 

 

5,862

 

Service Charges on Deposit Accounts

 

7,272

 

 

6,861

 

 

6,128

 

Fees, Exchange, and Other Service Charges

 

12,952

 

 

14,439

 

 

13,607

 

Investment Securities Losses, Net

 

(1,545

)

 

(1,258

)

 

(1,203

)

Annuity and Insurance

 

791

 

 

876

 

 

702

 

Bank-Owned Life Insurance

 

2,349

 

 

1,907

 

 

1,917

 

Other

 

7,716

 

 

5,148

 

 

4,679

 

Total Noninterest Income

 

43,551

 

 

42,574

 

 

42,970

 

Noninterest Expense
Salaries and Benefits

 

59,924

 

 

59,434

 

 

56,251

 

Net Occupancy

 

9,826

 

 

9,028

 

 

9,090

 

Net Equipment

 

9,153

 

 

9,105

 

 

8,878

 

Data Processing

 

4,560

 

 

4,696

 

 

6,322

 

Professional Fees

 

3,258

 

 

3,427

 

 

3,406

 

FDIC Insurance

 

1,502

 

 

1,619

 

 

1,654

 

Other

 

15,651

 

 

14,369

 

 

13,264

 

Total Noninterest Expense

 

103,874

 

 

101,678

 

 

98,865

 

Income Before Provision for Income Taxes

 

70,440

 

 

76,984

 

 

78,974

 

Provision for Income Taxes

 

15,606

 

 

13,147

 

 

19,025

 

Net Income

$

54,834

 

$

63,837

 

$

59,949

 

Preferred Stock Dividends

 

1,969

 

 

1,969

 

 

-

 

Net Income Available to Common Shareholders

$

52,865

 

$

61,868

 

$

59,949

 

Basic Earnings Per Common Share

$

1.33

 

$

1.56

 

$

1.51

 

Diluted Earnings Per Common Share

$

1.32

 

$

1.55

 

$

1.50

 

Dividends Declared Per Common Share

$

0.70

 

$

0.70

 

$

0.67

 

Basic Weighted Average Common Shares

 

39,752,679

 

 

39,741,063

 

 

39,827,590

 

Diluted Weighted Average Common Shares

 

39,956,391

 

 

39,955,525

 

 

40,071,477

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss) Table 4
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Net Income

$

54,834

 

$

63,837

 

$

59,949

 

Other Comprehensive Loss, Net of Tax:
Net Unrealized Losses on Investment Securities

 

(180,124

)

 

(26,244

)

 

(50,050

)

Defined Benefit Plans

 

353

 

 

8,430

 

 

441

 

Other Comprehensive Loss

 

(179,771

)

 

(17,814

)

 

(49,609

)

Comprehensive Income (Loss)

$

(124,937

)

$

46,023

 

$

10,340

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Assets
Interest-Bearing Deposits in Other Banks

$

2,488

 

$

2,571

 

$

4,506

 

Funds Sold

 

356,373

 

 

361,536

 

 

1,101,631

 

Investment Securities
Available-for-Sale

 

4,258,534

 

 

4,276,056

 

 

4,024,763

 

Held-to-Maturity (Fair Value of $4,171,262; $4,646,619; $3,477,346)

 

4,489,615

 

 

4,694,780

 

 

3,464,360

 

Loans Held for Sale

 

5,293

 

 

26,746

 

 

18,320

 

Loans and Leases

 

12,544,492

 

 

12,259,076

 

 

12,140,703

 

Allowance for Credit Losses

 

(152,028

)

 

(157,821

)

 

(198,343

)

Net Loans and Leases

 

12,392,464

 

 

12,101,255

 

 

11,942,360

 

Total Earning Assets

 

21,504,767

 

 

21,462,944

 

 

20,555,940

 

Cash and Due from Banks

 

236,193

 

 

196,327

 

 

286,717

 

Premises and Equipment, Net

 

199,743

 

 

199,393

 

 

198,107

 

Operating Lease Right-of-Use Assets

 

93,563

 

 

95,621

 

 

97,750

 

Accrued Interest Receivable

 

45,392

 

 

45,242

 

 

47,917

 

Foreclosed Real Estate

 

2,332

 

 

2,332

 

 

2,332

 

Mortgage Servicing Rights

 

23,968

 

 

22,251

 

 

22,320

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Bank-Owned Life Insurance

 

446,926

 

 

344,587

 

 

291,764

 

Other Assets

 

415,916

 

 

384,727

 

 

412,907

 

Total Assets

$

23,000,317

 

$

22,784,941

 

$

21,947,271

 

 
Liabilities
Deposits
Noninterest-Bearing Demand

 

7,500,741

 

 

7,275,287

 

 

6,227,436

 

Interest-Bearing Demand

 

4,591,178

 

 

4,628,567

 

 

4,379,243

 

Savings

 

7,701,849

 

 

7,456,165

 

 

7,474,580

 

Time

 

922,519

 

 

1,000,089

 

 

1,475,392

 

Total Deposits

 

20,716,287

 

 

20,360,108

 

 

19,556,651

 

Securities Sold Under Agreements to Repurchase

 

450,490

 

 

450,490

 

 

600,490

 

Other Debt

 

10,367

 

 

10,391

 

 

60,459

 

Operating Lease Liabilities

 

101,274

 

 

103,210

 

 

105,820

 

Retirement Benefits Payable

 

38,008

 

 

38,494

 

 

50,687

 

Accrued Interest Payable

 

2,545

 

 

2,499

 

 

4,109

 

Taxes Payable

 

17,265

 

 

11,901

 

 

15,599

 

Other Liabilities

 

215,196

 

 

196,237

 

 

193,235

 

Total Liabilities

 

21,551,432

 

 

21,173,330

 

 

20,587,050

 

Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: March 31, 2022 and December 31, 2021 - 180,000)

 

180,000

 

 

180,000

 

 

-

 

Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2022 - 58,717,811 / 40,288,365;
December 31, 2021 - 58,554,669 / 40,253,193; and March 31, 2021 - 58,553,365 / 40,394,234)

 

582

 

 

581

 

 

580

 

Capital Surplus

 

607,061

 

 

602,508

 

 

594,804

 

Accumulated Other Comprehensive Loss

 

(246,153

)

 

(66,382

)

 

(41,787

)

Retained Earnings

 

1,974,790

 

 

1,950,375

 

 

1,844,057

 

Treasury Stock, at Cost (Shares: March 31, 2022 - 18,429,446; December 31, 2021 - 18,301,476;
and March 31, 2021 - 18,159,131)

 

(1,067,395

)

 

(1,055,471

)

 

(1,037,433

)

Total Shareholders' Equity

 

1,448,885

 

 

1,611,611

 

 

1,360,221

 

Total Liabilities and Shareholders' Equity

$

23,000,317

 

$

22,784,941

 

$

21,947,271

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity Table 6

 

 

 

 

 

Accum.

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Compre-

 

 

 

Preferred

 

Common

 

 

hensive

 

 

 

Shares

Preferred

Shares

Common

Capital

Income

Retained

Treasury

 

(dollars in thousands)

Outstanding

Stock

Outstanding

Stock

Surplus

(Loss)

Earnings

Stock

Total

Balance as of December 31, 2021

180,000

$

180,000

40,253,193

 

$

581

$

602,508

$

(66,382

)

$

1,950,375

 

$

(1,055,471

)

$

1,611,611

 

Net Income

-

 

-

-

 

 

-

 

-

 

-

 

 

54,834

 

 

-

 

 

54,834

 

Other Comprehensive Loss

-

 

-

-

 

 

-

 

-

 

(179,771

)

 

-

 

 

-

 

 

(179,771

)

Share-Based Compensation

-

 

-

-

 

 

-

 

4,010

 

-

 

 

-

 

 

-

 

 

4,010

 

Common Stock Issued under Purchase and
Equity Compensation Plans

-

 

-

197,783

 

 

1

 

543

 

-

 

 

(185

)

 

2,036

 

 

2,395

 

Common Stock Repurchased

-

 

-

(162,611

)

 

-

 

-

 

-

 

 

-

 

 

(13,960

)

 

(13,960

)

Cash Dividends Declared Common Stock
($0.70 per share)

-

 

-

-

 

 

-

 

-

 

-

 

 

(28,265

)

 

-

 

 

(28,265

)

Cash Dividends Declared Preferred Stock

-

 

-

-

 

 

-

 

-

 

-

 

 

(1,969

)

 

-

 

 

(1,969

)

Balance as of March 31, 2022

180,000

$

180,000

40,288,365

 

$

582

$

607,061

$

(246,153

)

$

1,974,790

 

$

(1,067,395

)

$

1,448,885

 

 
Balance as of December 31, 2020

-

 

-

40,119,312

 

 

580

 

591,360

 

7,822

 

 

1,811,979

 

 

(1,037,234

)

 

1,374,507

 

Net Income

-

 

-

-

 

 

-

 

-

 

-

 

 

59,949

 

 

-

 

 

59,949

 

Other Comprehensive Loss

-

 

-

-

 

 

-

 

-

 

(49,609

)

 

-

 

 

-

 

 

(49,609

)

Share-Based Compensation

-

 

-

-

 

 

-

 

2,780

 

-

 

 

-

 

 

-

 

 

2,780

 

Common Stock Issued under Purchase and
Equity Compensation Plans

-

 

-

310,905

 

 

-

 

664

 

-

 

 

(845

)

 

2,990

 

 

2,809

 

Common Stock Repurchased

-

 

-

(35,983

)

 

-

 

-

 

-

 

 

-

 

 

(3,189

)

 

(3,189

)

Cash Dividends Declared Common Stock
($0.67 per share)

-

 

-

-

 

 

-

 

-

 

-

 

 

(27,026

)

 

-

 

 

(27,026

)

Balance as of March 31, 2021

-

$

-

40,394,234

 

$

580

$

594,804

$

(41,787

)

$

1,844,057

 

$

(1,037,433

)

$

1,360,221

 

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7
Three Months Ended Three Months Ended Three Months Ended
March 31, 2022 December 31, 2021 March 31, 2021
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
(dollars in millions) Balance Expense Rate Balance Expense Rate Balance Expense Rate
Earning Assets
Interest-Bearing Deposits in Other Banks

$

3.4

$

-

0.45

%

$

2.2

$

-

0.05

%

$

3.2

$

-

0.93

%

Funds Sold

 

238.5

 

0.1

0.21

 

273.2

 

0.1

0.15

 

550.6

 

0.1

0.10

Investment Securities
Available-for-Sale
Taxable

 

4,399.9

 

17.1

1.56

 

4,308.6

 

15.8

1.47

 

4,007.9

 

15.8

1.57

Non-Taxable

 

3.0

 

-

1.93

 

5.8

 

0.1

3.67

 

12.3

 

0.1

4.27

Held-to-Maturity
Taxable

 

4,567.4

 

18.6

1.63

 

4,757.4

 

18.1

1.52

 

3,385.8

 

13.1

1.55

Non-Taxable

 

35.8

 

0.2

2.10

 

58.0

 

0.3

2.31

 

38.1

 

0.2

2.55

Total Investment Securities

 

9,006.1

 

35.9

1.59

 

9,129.8

 

34.3

1.50

 

7,444.1

 

29.2

1.57

Loans Held for Sale

 

13.7

 

0.1

2.78

 

20.8

 

0.1

2.85

 

26.2

 

0.2

2.76

Loans and Leases 2
Commercial and Industrial

 

1,421.9

 

10.8

3.08

 

1,478.0

 

14.6

3.92

 

1,904.5

 

14.3

3.05

Commercial Mortgage

 

3,158.8

 

21.7

2.80

 

3,075.1

 

22.2

2.86

 

2,846.0

 

21.3

3.04

Construction

 

227.6

 

2.1

3.68

 

246.8

 

2.2

3.50

 

264.1

 

2.3

3.48

Commercial Lease Financing

 

98.8

 

0.4

1.45

 

107.4

 

0.3

1.12

 

106.4

 

0.4

1.43

Residential Mortgage

 

4,343.3

 

34.9

3.21

 

4,293.6

 

33.9

3.16

 

4,146.6

 

35.9

3.46

Home Equity

 

1,898.9

 

13.3

2.83

 

1,757.8

 

12.8

2.88

 

1,594.1

 

12.6

3.20

Automobile

 

737.4

 

5.9

3.23

 

730.2

 

6.1

3.34

 

708.3

 

6.1

3.51

Other 3

 

403.7

 

5.5

5.47

 

397.8

 

5.8

5.79

 

382.6

 

6.4

6.75

Total Loans and Leases

 

12,290.4

 

94.6

3.10

 

12,086.7

 

97.9

3.22

 

11,952.6

 

99.3

3.35

Other

 

36.7

 

0.2

2.21

 

34.4

 

0.2

2.05

 

33.4

 

0.2

2.21

Total Earning Assets 4

 

21,588.8

 

130.9

2.44

 

21,547.1

 

132.6

2.45

 

20,010.1

 

129.0

2.60

Cash and Due from Banks

 

233.3

 

231.3

 

270.7

Other Assets

 

1,025.4

 

887.9

 

869.9

Total Assets

$

22,847.5

$

22,666.3

$

21,150.7

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

 

4,655.4

 

0.5

0.04

 

4,685.7

 

0.7

0.06

 

4,186.4

 

0.6

0.06

Savings

 

7,540.6

 

1.1

0.06

 

7,443.2

 

1.2

0.06

 

7,016.6

 

1.5

0.09

Time

 

971.5

 

0.8

0.34

 

1,019.2

 

1.0

0.40

 

1,630.0

 

2.2

0.56

Total Interest-Bearing Deposits

 

13,167.5

 

2.4

0.07

 

13,148.1

 

2.9

0.09

 

12,833.0

 

4.3

0.14

Short-Term Borrowings

 

6.8

 

-

0.11

 

18.5

 

-

0.13

 

2.4

 

-

0.09

Securities Sold Under Agreements to Repurchase

 

450.5

 

2.8

2.46

 

450.5

 

2.8

2.46

 

600.5

 

3.6

2.35

Other Debt

 

10.4

 

0.2

7.05

 

10.4

 

0.2

7.05

 

60.5

 

0.3

2.22

Total Interest-Bearing Liabilities

 

13,635.2

 

5.4

0.16

 

13,627.5

 

5.9

0.17

 

13,496.4

 

8.2

0.24

Net Interest Income

$

125.5

$

126.7

$

120.8

Interest Rate Spread

2.28

%

2.28

%

2.36

%

Net Interest Margin

2.34

%

2.34

%

2.43

%

Noninterest-Bearing Demand Deposits

 

7,258.6

 

7,074.4

 

5,832.2

Other Liabilities

 

385.0

 

373.8

 

444.8

Shareholders' Equity

 

1,568.7

 

1,590.6

 

1,377.3

Total Liabilities and Shareholders' Equity

$

22,847.5

$

22,666.3

$

21,150.7

 
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
3 Comprised of other consumer revolving credit, installment, and consumer lease financing.
4 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $254,000, $280,000, and $252,000 for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a
Three Months Ended March 31, 2022
Compared to December 31, 2021
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Investment Securities
Available-for-Sale
Taxable

$

0.3

 

$

1.0

 

$

1.3

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Held-to-Maturity
Taxable

 

(0.7

)

 

1.2

 

 

0.5

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Total Investment Securities

 

(0.6

)

 

2.2

 

 

1.6

 

Loans and Leases
Commercial and Industrial

 

(2.3

)

 

(1.5

)

 

(3.8

)

Commercial Mortgage

 

0.3

 

 

(0.8

)

 

(0.5

)

Construction

 

(0.2

)

 

0.1

 

 

(0.1

)

Commercial Lease Financing

 

-

 

 

0.1

 

 

0.1

 

Residential Mortgage

 

0.4

 

 

0.6

 

 

1.0

 

Home Equity

 

0.8

 

 

(0.3

)

 

0.5

 

Automobile

 

0.1

 

 

(0.3

)

 

(0.2

)

Other 2

 

0.1

 

 

(0.4

)

 

(0.3

)

Total Loans and Leases

 

(0.8

)

 

(2.5

)

 

(3.3

)

Total Change in Interest Income

 

(1.4

)

 

(0.3

)

 

(1.7

)

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

-

 

 

(0.2

)

 

(0.2

)

Savings

 

-

 

 

(0.1

)

 

(0.1

)

Time

 

(0.1

)

 

(0.1

)

 

(0.2

)

Total Interest-Bearing Deposits

 

(0.1

)

 

(0.4

)

 

(0.5

)

Securities Sold Under Agreements to Repurchase

 

0.1

 

 

(0.1

)

 

-

 

Total Change in Interest Expense

 

-

 

 

(0.5

)

 

(0.5

)

 
Change in Net Interest Income

$

(1.4

)

$

0.2

 

$

(1.2

)

 
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
Three Months Ended March 31, 2022
Compared to March 31, 2021
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Funds Sold

$

(0.1

)

$

0.1

 

$

-

 

Investment Securities
Available-for-Sale
Taxable

 

1.5

 

 

(0.2

)

 

1.3

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Held-to-Maturity
Taxable

 

4.8

 

 

0.7

 

 

5.5

 

Total Investment Securities

 

6.2

 

 

0.5

 

 

6.7

 

Loans Held for Sale

 

(0.1

)

 

-

 

 

(0.1

)

Loans and Leases
Commercial and Industrial

 

(6.0

)

 

2.5

 

 

(3.5

)

Commercial Mortgage

 

2.2

 

 

(1.8

)

 

0.4

 

Construction

 

(0.3

)

 

0.1

 

 

(0.2

)

Commercial Lease Financing

 

0.1

 

 

(0.1

)

 

-

 

Residential Mortgage

 

1.7

 

 

(2.7

)

 

(1.0

)

Home Equity

 

2.2

 

 

(1.5

)

 

0.7

 

Automobile

 

0.3

 

 

(0.5

)

 

(0.2

)

Other 2

 

0.3

 

 

(1.2

)

 

(0.9

)

Total Loans and Leases

 

0.5

 

 

(5.2

)

 

(4.7

)

Total Change in Interest Income

 

6.5

 

 

(4.6

)

 

1.9

 

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

0.1

 

 

(0.2

)

 

(0.1

)

Savings

 

0.1

 

 

(0.5

)

 

(0.4

)

Time

 

(0.7

)

 

(0.7

)

 

(1.4

)

Total Interest-Bearing Deposits

 

(0.5

)

 

(1.4

)

 

(1.9

)

Securities Sold Under Agreements to Repurchase

 

(1.0

)

 

0.2

 

 

(0.8

)

Other Debt

 

(0.4

)

 

0.3

 

 

(0.1

)

Total Change in Interest Expense

 

(1.9

)

 

(0.9

)

 

(2.8

)

 
Change in Net Interest Income

$

8.4

 

$

(3.7

)

$

4.7

 

 
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits Table 9
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Salaries

$

34,932

$

35,758

$

31,569

Incentive Compensation

 

6,111

 

6,699

 

5,914

Share-Based Compensation

 

3,799

 

3,396

 

2,584

Commission Expense

 

1,641

 

2,094

 

2,436

Retirement and Other Benefits

 

4,693

 

4,661

 

5,517

Payroll Taxes

 

4,944

 

2,585

 

3,968

Medical, Dental, and Life Insurance

 

3,234

 

3,981

 

2,424

Separation Expense

 

570

 

260

 

1,839

Total Salaries and Benefits

$

59,924

$

59,434

$

56,251

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances Table 10
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)

2022

2021

2021

2021

2021

Commercial
Commercial and Industrial

$

1,354,757

$

1,361,921

$

1,325,446

$

1,257,305

$

1,288,496

PPP 1

 

57,809

 

126,779

 

268,480

 

513,513

 

725,485

Commercial Mortgage

 

3,257,689

 

3,152,130

 

2,994,520

 

2,944,435

 

2,859,246

Construction

 

248,363

 

220,254

 

296,052

 

277,393

 

281,164

Lease Financing

 

98,107

 

105,108

 

107,526

 

110,500

 

104,980

Total Commercial

 

5,016,725

 

4,966,192

 

4,992,024

 

5,103,146

 

5,259,371

Consumer
Residential Mortgage

 

4,405,718

 

4,309,602

 

4,272,540

 

4,264,180

 

4,216,976

Home Equity

 

1,958,285

 

1,836,588

 

1,680,229

 

1,594,781

 

1,577,500

Automobile

 

742,934

 

736,565

 

727,234

 

714,729

 

710,407

Other 2

 

420,830

 

410,129

 

400,723

 

364,542

 

376,449

Total Consumer

 

7,527,767

 

7,292,884

 

7,080,726

 

6,938,232

 

6,881,332

Total Loans and Leases

$

12,544,492

$

12,259,076

$

12,072,750

$

12,041,378

$

12,140,703

 
 
Deposits
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)

2022

2021

2021

2021

2021

Consumer

$

10,654,192

$

10,438,844

$

10,150,199

$

9,848,285

$

9,746,713

Commercial

 

8,818,477

 

8,641,932

 

8,767,733

 

8,675,909

 

8,241,102

Public and Other

 

1,243,618

 

1,279,332

 

1,575,746

 

1,645,515

 

1,568,836

Total Deposits

$

20,716,287

$

20,360,108

$

20,493,678

$

20,169,709

$

19,556,651

 
1 The PPP amounts presented, which are reported net of deferred costs and fees, were previously included as a component of the Commercial and Industrial loan class.
2 Comprised of other revolving credit, installment, and lease financing.
Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)

2022

2021

2021

2021

2021

Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial

$

99

 

$

243

 

$

209

 

$

258

 

$

293

 

Commercial Mortgage

 

8,065

 

 

8,205

 

 

8,309

 

 

8,413

 

 

8,503

 

Total Commercial

 

8,164

 

 

8,448

 

 

8,518

 

 

8,671

 

 

8,796

 

Consumer
Residential Mortgage

 

3,845

 

 

3,305

 

 

4,348

 

 

2,437

 

 

1,804

 

Home Equity

 

5,638

 

 

4,881

 

 

5,422

 

 

5,534

 

 

4,951

 

Total Consumer

 

9,483

 

 

8,186

 

 

9,770

 

 

7,971

 

 

6,755

 

Total Non-Accrual Loans and Leases

 

17,647

 

 

16,634

 

 

18,288

 

 

16,642

 

 

15,551

 

Foreclosed Real Estate

 

2,332

 

 

2,332

 

 

2,332

 

 

2,332

 

 

2,332

 

Total Non-Performing Assets

$

19,979

 

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

 
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial

 

22

 

 

-

 

 

-

 

 

-

 

 

9

 

Total Commercial

 

22

 

 

-

 

 

-

 

 

-

 

 

9

 

Consumer
Residential Mortgage

 

4,113

 

 

3,159

 

 

4,776

 

 

4,069

 

 

4,069

 

Home Equity

 

2,722

 

 

3,456

 

 

2,946

 

 

4,498

 

 

4,906

 

Automobile

 

504

 

 

729

 

 

395

 

 

277

 

 

604

 

Other 1

 

649

 

 

426

 

 

593

 

 

434

 

 

828

 

Total Consumer

 

7,988

 

 

7,770

 

 

8,710

 

 

9,278

 

 

10,407

 

Total Accruing Loans and Leases Past Due 90 Days or More

$

8,010

 

$

7,770

 

$

8,710

 

$

9,278

 

$

10,416

 

Restructured Loans on Accrual Status
and Not Past Due 90 Days or More

$

54,136

 

$

60,519

 

$

62,787

 

$

74,926

 

$

74,216

 

Total Loans and Leases

$

12,544,492

 

$

12,259,076

 

$

12,072,750

 

$

12,041,378

 

$

12,140,703

 

 
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases

 

0.14

%

 

0.14

%

 

0.15

%

 

0.14

%

 

0.13

%

 
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate

 

0.16

%

 

0.15

%

 

0.17

%

 

0.16

%

 

0.15

%

 
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate

 

0.16

%

 

0.17

%

 

0.17

%

 

0.17

%

 

0.17

%

 
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate

 

0.16

%

 

0.14

%

 

0.17

%

 

0.15

%

 

0.13

%

 
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed Real Estate

 

0.22

%

 

0.22

%

 

0.24

%

 

0.23

%

 

0.23

%

 
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

$

18,481

 

Additions

 

2,243

 

 

357

 

 

3,171

 

 

2,229

 

 

2,992

 

Reductions
Payments

 

(1,230

)

 

(972

)

 

(889

)

 

(722

)

 

(2,481

)

Return to Accrual Status

 

-

 

 

(1,038

)

 

(606

)

 

(416

)

 

(1,014

)

Charge-offs/Write-downs

 

-

 

 

(1

)

 

(30

)

 

-

 

 

(95

)

Total Reductions

 

(1,230

)

 

(2,011

)

 

(1,525

)

 

(1,138

)

 

(3,590

)

Balance at End of Quarter

$

19,979

 

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

 
1 Comprised of other revolving credit, installment, and lease financing.
Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses Table 12
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Balance at Beginning of Period

$

164,297

 

$

174,708

 

 

221,303

 

 
Loans and Leases Charged-Off
Commercial
Commercial and Industrial

 

(349

)

 

(217

)

 

(248

)

Consumer
Residential Mortgage

 

-

 

 

-

 

 

(4

)

Home Equity

 

(68

)

 

(5

)

 

(16

)

Automobile

 

(1,530

)

 

(1,045

)

 

(2,109

)

Other 1

 

(1,961

)

 

(2,007

)

 

(3,914

)

Total Loans and Leases Charged-Off

 

(3,908

)

 

(3,274

)

 

(6,291

)

Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial

 

369

 

 

132

 

 

112

 

Consumer
Residential Mortgage

 

54

 

 

858

 

 

955

 

Home Equity

 

515

 

 

390

 

 

533

 

Automobile

 

739

 

 

476

 

 

919

 

Other 1

 

745

 

 

746

 

 

856

 

Total Recoveries on Loans and Leases Previously Charged-Off

 

2,422

 

 

2,602

 

 

3,375

 

Net Charged-Off - Loans and Leases

 

(1,486

)

 

(672

)

 

(2,916

)

Net Charged-Off - Accrued Interest Receivable

 

(47

)

 

(39

)

 

(308

)

Provision for Credit Losses:
Loans and Leases

 

(4,307

)

 

(9,427

)

 

(14,993

)

Accrued Interest Receivable

 

(367

)

 

(214

)

 

-

 

Unfunded Commitments

 

(826

)

 

(59

)

 

693

 

Balance at End of Period 2

$

157,264

 

$

164,297

 

$

203,779

 

 
Components
Allowance for Credit Losses - Loans and Leases

 

152,028

 

 

157,821

 

 

198,343

 

Allowance for Credit Losses - Accrued Interest Receivable

 

-

 

 

414

 

 

2,392

 

Reserve for Unfunded Commitments

 

5,236

 

 

6,062

 

 

3,044

 

Total Reserve for Credit Losses

$

157,264

 

$

164,297

 

$

203,779

 

 
Average Loans and Leases Outstanding

$

12,290,402

 

$

12,086,705

 

$

11,952,587

 

 
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)

 

0.05

%

 

0.02

%

 

0.10

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 3

 

1.21

%

 

1.29

%

 

1.63

%

 
1 Comprised of other revolving credit, installment, and lease financing.
2 Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.
3 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information Table 13
Consumer Commercial

Treasury

Consolidated

(dollars in thousands)

Banking

Banking

and Other

Total

Three Months Ended March 31, 2022
Net Interest Income

$

70,235

 

$

46,349

 

$

8,679

 

$

125,263

 

Provision for Credit Losses

 

1,683

 

 

(197

)

 

(6,986

)

 

(5,500

)

Net Interest Income After Provision for Credit Losses

 

68,552

 

 

46,546

 

 

15,665

 

 

130,763

 

Noninterest Income

 

31,969

 

 

10,198

 

 

1,384

 

 

43,551

 

Noninterest Expense

 

(81,698

)

 

(18,669

)

 

(3,507

)

 

(103,874

)

Income Before Income Taxes

 

18,823

 

 

38,075

 

 

13,542

 

 

70,440

 

Provision for Income Taxes

 

(4,710

)

 

(9,197

)

 

(1,699

)

 

(15,606

)

Net Income

$

14,113

 

$

28,878

 

$

11,843

 

$

54,834

 

Total Assets as of March 31, 2022

$

7,900,273

 

$

5,174,115

 

$

9,925,929

 

$

23,000,317

 

 
Three Months Ended March 31, 2021
Net Interest Income

$

69,762

 

$

47,143

 

$

3,664

 

$

120,569

 

Provision for Credit Losses

 

2,866

 

 

50

 

 

(17,216

)

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

66,896

 

 

47,093

 

 

20,880

 

 

134,869

 

Noninterest Income

 

33,698

 

 

7,858

 

 

1,414

 

 

42,970

 

Noninterest Expense

 

(78,181

)

 

(15,677

)

 

(5,007

)

 

(98,865

)

Income Before Income Taxes

 

22,413

 

 

39,274

 

 

17,287

 

 

78,974

 

Provision for Income Taxes

 

(5,474

)

 

(9,558

)

 

(3,993

)

 

(19,025

)

Net Income

$

16,939

 

$

29,716

 

$

13,294

 

$

59,949

 

Total Assets as of March 31, 2021

$

7,556,756

 

$

5,224,386

 

$

9,166,129

 

$

21,947,271

 

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data Table 14
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands, except per share amounts)

2022

2021

2021

2021

2021

Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases

$

94,439

 

$

97,853

 

$

100,570

 

$

100,894

 

$

99,299

 

Income on Investment Securities
Available-for-Sale

 

17,100

 

 

15,850

 

 

16,396

 

 

16,467

 

 

15,837

 

Held-to-Maturity

 

18,701

 

 

18,325

 

 

16,754

 

 

13,576

 

 

13,300

 

Deposits

 

4

 

 

1

 

 

2

 

 

-

 

 

7

 

Funds Sold

 

127

 

 

104

 

 

382

 

 

260

 

 

137

 

Other

 

202

 

 

176

 

 

159

 

 

182

 

 

185

 

Total Interest Income

 

130,573

 

 

132,309

 

 

134,263

 

 

131,379

 

 

128,765

 

Interest Expense
Deposits

 

2,353

 

 

2,898

 

 

3,837

 

 

4,152

 

 

4,329

 

Securities Sold Under Agreements to Repurchase

 

2,772

 

 

2,834

 

 

3,423

 

 

3,470

 

 

3,533

 

Funds Purchased

 

2

 

 

6

 

 

-

 

 

-

 

 

1

 

Other Debt

 

183

 

 

183

 

 

184

 

 

243

 

 

333

 

Total Interest Expense

 

5,310

 

 

5,921

 

 

7,444

 

 

7,865

 

 

8,196

 

Net Interest Income

 

125,263

 

 

126,388

 

 

126,819

 

 

123,514

 

 

120,569

 

Provision for Credit Losses

 

(5,500

)

 

(9,700

)

 

(10,400

)

 

(16,100

)

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

130,763

 

 

136,088

 

 

137,219

 

 

139,614

 

 

134,869

 

Noninterest Income
Trust and Asset Management

 

11,276

 

 

11,693

 

 

11,415

 

 

11,682

 

 

11,278

 

Mortgage Banking

 

2,740

 

 

2,908

 

 

3,136

 

 

3,058

 

 

5,862

 

Service Charges on Deposit Accounts

 

7,272

 

 

6,861

 

 

6,510

 

 

6,065

 

 

6,128

 

Fees, Exchange, and Other Service Charges

 

12,952

 

 

14,439

 

 

13,604

 

 

13,807

 

 

13,607

 

Investment Securities Gains (Losses), Net

 

(1,545

)

 

(1,258

)

 

(1,259

)

 

2,423

 

 

(1,203

)

Annuity and Insurance

 

791

 

 

876

 

 

735

 

 

911

 

 

702

 

Bank-Owned Life Insurance

 

2,349

 

 

1,907

 

 

1,897

 

 

2,063

 

 

1,917

 

Other

 

7,716

 

 

5,148

 

 

5,340

 

 

4,422

 

 

4,679

 

Total Noninterest Income

 

43,551

 

 

42,574

 

 

41,378

 

 

44,431

 

 

42,970

 

Noninterest Expense
Salaries and Benefits

 

59,924

 

 

59,434

 

 

56,447

 

 

56,161

 

 

56,251

 

Net Occupancy

 

9,826

 

 

9,028

 

 

3,079

 

 

5,047

 

 

9,090

 

Net Equipment

 

9,153

 

 

9,105

 

 

8,924

 

 

8,796

 

 

8,878

 

Data Processing

 

4,560

 

 

4,696

 

 

4,722

 

 

4,557

 

 

6,322

 

Professional Fees

 

3,258

 

 

3,427

 

 

2,948

 

 

3,114

 

 

3,406

 

FDIC Insurance

 

1,502

 

 

1,619

 

 

1,594

 

 

1,669

 

 

1,654

 

Other

 

15,651

 

 

14,369

 

 

18,805

 

 

17,183

 

 

13,264

 

Total Noninterest Expense

 

103,874

 

 

101,678

 

 

96,519

 

 

96,527

 

 

98,865

 

Income Before Provision for Income Taxes

 

70,440

 

 

76,984

 

 

82,078

 

 

87,518

 

 

78,974

 

Provision for Income Taxes

 

15,606

 

 

13,147

 

 

20,025

 

 

19,985

 

 

19,025

 

Net Income

$

54,834

 

$

63,837

 

$

62,053

 

$

67,533

 

$

59,949

 

Preferred Stock Dividends

 

1,969

 

 

1,969

 

 

1,006

 

 

-

 

 

-

 

Net Income Available to Common Shareholders

$

52,865

 

$

61,868

 

$

61,047

 

$

67,533

 

$

59,949

 

 
Basic Earnings Per Common Share

$

1.33

 

$

1.56

 

$

1.53

 

$

1.69

 

$

1.51

 

Diluted Earnings Per Common Share

$

1.32

 

$

1.55

 

$

1.52

 

$

1.68

 

$

1.50

 

 
Balance Sheet Totals
Loans and Leases

$

12,544,492

 

$

12,259,076

 

$

12,072,750

 

$

12,041,378

 

$

12,140,703

 

Total Assets

 

23,000,317

 

 

22,784,941

 

 

22,965,383

 

 

22,672,183

 

 

21,947,271

 

Total Deposits

 

20,716,287

 

 

20,360,108

 

 

20,493,678

 

 

20,169,709

 

 

19,556,651

 

Total Shareholders' Equity

 

1,448,885

 

 

1,611,611

 

 

1,597,109

 

 

1,583,531

 

 

1,360,221

 

 
Performance Ratios
Return on Average Assets

 

0.97

 

%

 

1.12

 

%

 

1.07

 

%

 

1.23

 

%

 

1.15

 

%

Return on Average Shareholders' Equity

 

14.18

 

 

15.92

 

 

15.41

 

 

19.17

 

 

17.65

 

Return on Average Common Equity

 

15.44

 

 

17.40

 

 

17.08

 

 

19.61

 

 

17.65

 

Efficiency Ratio 1

 

61.53

 

 

60.18

 

 

57.38

 

 

57.47

 

 

60.45

 

Net Interest Margin 2

 

2.34

 

 

2.34

 

 

2.32

 

 

2.37

 

 

2.43

 

 
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends Table 15
Two Months Ended Year Ended
($ in millions; jobs in thousands) February 28, 2022 December 31, 2021 December 31, 2020
Hawaii Economic Trends
State General Fund Revenues 1

$

1,543.9

41.1

%

$

8,147.0

 

27.0

%

$

6,415.1

(12.3

)

%

General Excise and Use Tax Revenue 1

 

706.6

27.8

 

3,604.3

 

18.6

 

3,038.8

(15.6

)

Jobs 2

 

644.3

 

642.6

 

 

594.4

 
March 31, December 31,

2022

2021

 

2020

Unemployment, seasonally adjusted 3
Statewide

4.1

%

 

4.3

%

9.8

 

%

Honolulu County

4.0

 

4.1

8.9

 

Hawaii County

4.0

 

4.1

9.2

 

Maui County

4.8

 

5.1

13.7

 

Kauai County

4.6

 

5.9

13.5

 

 
March 31, December 31,
(percentage change, except months of inventory)

2022

2021

2020

2019

Housing Trends (Single Family Oahu) 4
Median Home Price

 

20.2

 

%

19.3

%

 

5.2

%

(0.1

)

%

Home Sales Volume (units)

 

(2.6

)

%

17.9

%

 

2.3

%

3.9

 

%

Months of Inventory

 

1.0

 

0.8

 

1.4

2.5

 

 
Monthly Visitor Arrivals, Percentage Change
(in thousands) Not Seasonally Adjusted from Previous Year
Tourism 5
February 28, 2022

623.7

165.1

 

%

January 31, 2022

567.2

229.8

 

December 31, 2021

753.7

219.6

 

November 30, 2021

613.4

233.8

 

October 31, 2021

550.8

618.2

 

September 30, 2021

505.9

2,647.9

 

August 31, 2021

722.4

2,993.0

 

July 31, 2021

879.6

3,798.4

 

June 30, 2021

791.1

4,534.7

 

May 31, 2021

629.7

6,807.4

 

April 30, 2021

484.1

10,506.3

 

March 31, 2021

439.8

1.1

 

February 28, 2021

235.3

(71.6

)

January 31, 2021

172.0

(80.1

)

December 31, 2020

235.8

(75.2

)

November 30, 2020

183.8

(77.3

)

October 31, 2020

76.7

(90.4

)

September 30, 2020

18.4

(97.5

)

August 31, 2020

23.4

(97.5

)

July 31, 2020

22.6

(97.7

)

June 30, 2020

17.1

(98.2

)

May 31, 2020

9.1

(98.9

)

April 30, 2020

4.6

(99.5

)

March 31, 2020

434.9

(53.7

)

February 29, 2020

828.1

5.8

 

January 31, 2020

862.6

5.1

 

 
1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U.S. Bureau of Labor Statistics
3 Source: University of Hawaii Economic Research Organization (UHERO)
4 Source: Honolulu Board of Realtors
5 Source: Hawaii Tourism Authority

Разводненная Прибыль На Одну Обыкновенную Акцию $1,32

Чистая Прибыль $54,8 Млн.

Совет директоров Объявляет Дивиденды в размере 0,70 доллара на Одну Обыкновенную акцию

ГОНОЛУЛУ -- (BUSINESS WIRE)-- Корпорация Bank of Hawaii (NYSE: BOH) сегодня сообщила о разводненной прибыли на одну обыкновенную акцию в размере 1,32 доллара за первый квартал 2022 года по сравнению с разводненной прибылью на одну обыкновенную акцию в размере 1,55 доллара в предыдущем квартале и 1,50 доллара в том же квартале прошлого года. Чистая прибыль за первый квартал 2022 года составила 54,8 млн долларов, что на 14,1% меньше, чем в четвертом квартале 2021 года, и на 8,5% меньше, чем в первом квартале 2021 года.

“У Bank of Hawaii было хорошее начало 2022 года с хорошими операционными показателями", - сказал Питер Хо, председатель, президент и генеральный директор. “Мы наблюдали хорошую продолжающуюся динамику роста основных кредитов и депозитов, а также увеличение базовой чистой процентной маржи. Качество активов продолжило свою стабильную тенденцию, а капитал и ликвидность остаются высокими”.

Основные финансовые показатели

  • Средняя доходность активов за первый квартал 2022 года составила 0,97% по сравнению с 1,12% в предыдущем квартале и 1,15% в том же квартале 2021 года. Средняя доходность обыкновенного капитала за первый квартал 2022 года составила 15,44% по сравнению с 17,40% в предыдущем квартале и 17,65% в том же квартале 2021 года.
    • Снижение по сравнению с предыдущим кварталом было в основном обусловлено снижением объема резервов и сезонными расходами на заработную плату.
    • Снижение по сравнению с предыдущим годом было в основном обусловлено более низким высвобождением резервов.
  • Чистый процентный доход за первый квартал 2022 года составил 125,3 млн долларов, что на 0,9% меньше, чем в четвертом квартале 2021 года, и на 3,9% больше, чем в первом квартале 2021 года. Чистая процентная маржа составила 2,34% в первом квартале 2022 года, не изменившись по сравнению с предыдущим кварталом и снизившись на 9 базисных пунктов по сравнению с тем же кварталом 2021 года.
    • Единовременные существенные статьи в четвертом квартале 2021 года включали отрицательную корректировку чистого процентного дохода на сумму 0,9 млн долларов США в связи с отложенными сборами по ипотечным кредитам, относящимися к предыдущим кварталам 2021 года. Корректировка оказала негативное влияние на чистую процентную маржу в размере 2 базисных пунктов.
  • Резерв на покрытие кредитных убытков за первый квартал 2022 года составил чистую выгоду в размере 5,5 млн долларов США по сравнению с чистой выгодой в размере 9,7 млн долларов США в предыдущем квартале и чистой выгодой в размере 14,3 млн долларов США в том же квартале 2021 года.
  • Непроцентный доход в первом квартале 2022 года составил 43,6 миллиона долларов, что на 2,3% больше, чем в предыдущем квартале, и на 1,4% больше, чем в том же квартале 2021 года.
  • Непроцентные расходы в первом квартале 2022 года составили 103,9 млн долларов, что на 2,2% больше, чем в предыдущем квартале, и на 5,1% больше, чем в том же квартале 2021 года.
    • Непроцентные расходы в первом квартале 2022 года включали сезонные расходы на заработную плату в размере примерно 3,7 млн. долл.
    • Единовременные значительные расходы в четвертом квартале 2021 года включали 1,2 миллиона долларов, связанные с увеличением лимитов на перенос отпусков.
    • Непроцентные расходы в первом квартале 2021 года включали сезонные расходы на заработную плату в размере примерно 2,1 миллиона долларов, расходы, связанные с внедрением бесконтактных карт, в размере 1,9 миллиона долларов и расходы на увольнение в размере 1,8 миллиона долларов.
  • Эффективная налоговая ставка за первый квартал 2022 года составила 22,15% по сравнению с 17,08% в предыдущем квартале и 24,09% в том же квартале 2021 года.
    • Четвертый квартал 2021 года включал выплату пособия в размере 3,6 миллиона долларов в связи с большими, чем ожидалось, налоговыми льготами с 2020 года и сокращением надбавки за оценку, связанной с жилищными партнерствами с низким доходом.

Общее качество активов Компании продолжало оставаться высоким в течение первого квартала 2022 года.

  • Общая сумма неработающих активов на 31 марта 2022 года составила 20,0 млн долларов, что на 1,0 млн долларов больше, чем 31 декабря 2021 года, и на 2,1 млн долларов больше, чем 31 марта 2021 года. Неработающие активы в процентах от общего объема кредитов и аренды, а также недвижимости, на которую обращено взыскание, на конец квартала составили 0,16%, что на 1 базисный пункт больше, чем на конец предыдущего квартала и того же квартала 2021 года.
  • Чистые списания по кредитам и аренде в течение первого квартала 2022 года составили 1,5 миллиона долларов, или 0,05% в годовом исчислении от общего среднего объема непогашенных кредитов и договоров аренды.
    • Чистые списания по кредитам и аренде за первый квартал 2022 года состояли из списаний в размере 3,9 млн долларов США, частично компенсированных возмещением в размере 2,4 млн долларов США.
    • По сравнению с предыдущим кварталом чистые списания по кредитам и договорам аренды увеличились на 0,8 миллиона долларов, или на 3 базисных пункта в годовом исчислении, в отношении общего среднего объема непогашенных кредитов и договоров аренды.
    • По сравнению с тем же кварталом 2021 года чистые списания по кредитам и лизингу сократились на 1,4 миллиона долларов, или на 5 базисных пунктов в годовом исчислении, в отношении общего среднего объема непогашенных кредитов и договоров аренды.
  • Резерв на возможные потери по кредитам и договорам аренды на 31 марта 2022 года составил 152,0 млн долларов США, что на 5,8 млн долларов меньше, чем 31 декабря 2021 года, и на 46,3 млн долларов меньше, чем 31 марта 2021 года. Отношение резерва на возможные потери по кредитам к общей сумме непогашенных кредитов и договоров аренды на конец квартала составило 1,21%, что на 8 базисных пунктов меньше, чем на конец предыдущего квартала, и на 42 базисных пункта меньше, чем на конец того же квартала 2021 года.
  • Общий объем активов на 31 марта 2022 года составил 23,0 миллиарда долларов, увеличившись на 0,9% по сравнению с 31 декабря 2021 года и увеличившись на 4,8% по сравнению с 31 марта 2021 года.
  • Портфель инвестиционных ценных бумаг на 31 марта 2022 года составил 8,7 миллиарда долларов, что на 2,5% меньше, чем 31 декабря 2021 года, и на 16,8% больше, чем 31 марта 2021 года.
    • Инвестиционный портфель по-прежнему в основном состоит из ценных бумаг, выпущенных правительственными учреждениями США и предприятиями, спонсируемыми правительством США.
    • Увеличение с 31 марта 2021 года произошло в первую очередь за счет роста депозитов, который опережал рост кредитов.
  • Общий объем кредитов и лизинга на 31 марта 2022 года составил 12,5 миллиарда долларов, увеличившись на 2,3% по сравнению с 31 декабря 2021 года и увеличившись на 3,3% по сравнению с 31 марта 2021 года.
    • Общий объем кредитов и лизинга без учета кредитов по ГЧП составил 12,5 млрд долларов США на 31 марта 2022 года, увеличившись на 2,9% по сравнению с 31 декабря 2021 года и увеличившись на 9,4% по сравнению с 31 марта 2021 года.
  • Общий объем депозитов достиг нового рекордного уровня в 20,7 миллиарда долларов на 31 марта 2022 года, увеличившись на 1,7% по сравнению с 31 декабря 2021 года и увеличившись на 5,9% по сравнению с 31 марта 2021 года.

Капитал и дивиденды

  • Коэффициент достаточности капитала 1-го уровня на 31 марта 2022 года составлял 13,22% по сравнению с 13,56% на 31 декабря 2021 года и 12,35% на 31 марта 2021 года.
    • Увеличение по сравнению с аналогичным периодом 2021 года было обусловлено выпуском Некумулятивных Бессрочных привилегированных акций серии А с Фиксированной ставкой на 180 миллионов долларов во втором квартале 2021 года.
  • Коэффициент кредитного плеча 1-го уровня составлял 7,30% на 31 марта 2022 года по сравнению с 7,32% на 31 декабря 2021 года и 6,61% на 31 марта 2021 года.
    • Увеличение по сравнению с аналогичным периодом 2021 года было обусловлено вышеупомянутым выпуском привилегированных акций во втором квартале 2021 года.
  • Компания выкупила 116,8 тыс. обыкновенных акций общей стоимостью 10,0 млн долларов США в рамках своей программы обратного выкупа акций в первом квартале 2022 года по средней цене 85,34 доллара за выкупленную акцию.
    • Общая сумма оставшихся полномочий на выкуп акций в рамках программы обратного выкупа составила 75,8 миллиона долларов по состоянию на 31 марта 2022 года.
  • Совет директоров Компании объявил ежеквартальный денежный дивиденд в размере 0,70 доллара на акцию по размещенным обыкновенным акциям Компании. Дивиденды будут выплачены 14 июня 2022 года акционерам record при закрытии бизнеса 31 мая 2022 года.
  • 5 апреля 2022 года Совет директоров объявил о ежеквартальной выплате дивидендов по привилегированным акциям в размере 10,94 доллара на акцию, что эквивалентно 0,2735 доллара на одну депозитарную акцию. Депозитарные акции, представляющие Привилегированные акции серии А, торгуются на NYSE под символом “BOH.PRA”. Дивиденды будут выплачены 2 мая 2022 года акционерам привилегированных акций record на момент закрытия торгов 18 апреля 2022 года.

Информация о конференц-звонке

Компания рассмотрит свои финансовые результаты за первый квартал сегодня в 8:00 утра по Гавайскому времени (14:00 вечера по Восточному времени). Прямая трансляция, включая слайд-презентацию, будет доступна по ссылке по связям с инвесторами на веб-сайте Bank of Hawaii Corporation, www.boh.com .

  • Ссылка на веб-трансляцию - это https://edge.media-server.com/mmc/p/5x73dqat .
  • Бесплатный номер для телеконференции - 1 (844) 543-5235 в Соединенных Штатах и Канаде и 1 (703) 318-2209 для других международных абонентов. Используйте код доступа “Bank of Hawaii” для доступа к вызову.
  • Повтор телефонной конференции будет доступен в течение одной недели, начиная примерно с 11:00 утра по Гавайскому времени в понедельник, 25 апреля 2022 года. Номер повтора: 1 (855) 859-2056 в Соединенных Штатах и Канаде и 1 (404) 537-3406 из других международных пунктов. При появлении запроса введите идентификатор конференции 4637209. Кроме того, повтор будет доступен на веб-сайте компании, www.boh.com .

Прогнозные заявления

Этот пресс-релиз и другие заявления, сделанные Компанией в связи с ним, могут содержать "прогнозные заявления" (как определено в Законе о реформе судебных разбирательств по частным ценным бумагам 1995 года), которые связаны с рисками и неопределенностями, которые могут привести к тому, что результаты будут существенно отличаться от ожиданий. Прогнозы наших финансовых результатов и состояния, ожидания в отношении нашей деятельности и перспектив бизнеса, а также наши предположения, использованные в этих прогнозах и ожиданиях, являются примерами некоторых из этих прогнозных заявлений. Не полагайтесь чрезмерно на прогнозные заявления. Фактические результаты могут существенно отличаться от наших прогнозов и ожиданий из-за целого ряда факторов. Более подробная информация об этих факторах содержится в Годовом отчете Корпорации Bank of Hawaii по форме 10-K за год, закончившийся 31 декабря 2021 года, который был подан в Комиссию по ценным бумагам и биржам США. Эти прогнозные заявления не являются гарантией будущих результатов и действуют только на указанную дату, и, за исключением случаев, предусмотренных законом, Компания не берет на себя никаких обязательств по обновлению или пересмотру любых прогнозных заявлений для отражения последующих событий, новой информации или будущих обстоятельств.

Bank of Hawaii Corporation - независимая региональная компания по предоставлению финансовых услуг, обслуживающая предприятия, потребителей и правительства на Гавайях и в западной части Тихого океана. Основная дочерняя компания компании, Bank of Hawai'i, была основана в 1897 году. Для получения дополнительной информации о корпорации Bank of Hawaii посетите веб-сайт компании, www.boh.com .

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights Table 1
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands, except per share amounts)

2022

2021

2021

For the Period:
Operating Results
Net Interest Income

$

125,263

 

$

126,388

 

$

120,569

 

Provision for Credit Losses

 

(5,500

)

 

(9,700

)

 

(14,300

)

Total Noninterest Income

 

43,551

 

 

42,574

 

 

42,970

 

Total Noninterest Expense

 

103,874

 

 

101,678

 

 

98,865

 

Net Income

 

54,834

 

 

63,837

 

 

59,949

 

Basic Earnings Per Common Share

 

1.33

 

 

1.56

 

 

1.51

 

Diluted Earnings Per Common Share

 

1.32

 

 

1.55

 

 

1.50

 

Dividends Declared Per Common Share

 

0.70

 

 

0.70

 

 

0.67

 

 
Performance Ratios
Return on Average Assets

 

0.97

 

%

 

1.12

 

%

 

1.15

 

%

Return on Average Shareholders' Equity

 

14.18

 

 

15.92

 

 

17.65

 

Return on Average Common Equity

 

15.44

 

 

17.40

 

 

17.65

 

Efficiency Ratio 1

 

61.53

 

 

60.18

 

 

60.45

 

Net Interest Margin 2

 

2.34

 

 

2.34

 

 

2.43

 

Dividend Payout Ratio 3

 

52.63

 

 

44.87

 

 

44.37

 

Average Shareholders' Equity to Average Assets

 

6.87

 

 

7.02

 

 

6.51

 

 
Average Balances
Average Loans and Leases

$

12,290,402

 

$

12,086,705

 

$

11,952,587

 

Average Assets

 

22,847,488

 

 

22,666,280

 

 

21,150,670

 

Average Deposits

 

20,426,076

 

 

20,222,470

 

 

18,665,222

 

Average Shareholders' Equity

 

1,568,725

 

 

1,590,600

 

 

1,377,272

 

 
Per Share of Common Stock
Book Value

$

31.50

 

$

35.57

 

$

33.67

 

Tangible Book Value

 

30.71

 

 

34.78

 

 

32.89

 

Market Value
Closing

 

83.92

 

 

83.76

 

 

89.49

 

High

 

92.38

 

 

88.96

 

 

99.10

 

Low

 

79.60

 

 

78.73

 

 

75.65

 

 
March 31, December 31, March 31,

2022

2021

2021

As of Period End:
Balance Sheet Totals
Loans and Leases

$

12,544,492

 

$

12,259,076

 

$

12,140,703

 

Total Assets

 

23,000,317

 

 

22,784,941

 

 

21,947,271

 

Total Deposits

 

20,716,287

 

 

20,360,108

 

 

19,556,651

 

Other Debt

 

10,367

 

 

10,391

 

 

60,459

 

Total Shareholders' Equity

 

1,448,885

 

 

1,611,611

 

 

1,360,221

 

 
Asset Quality
Non-Performing Assets

$

19,979

 

$

18,966

 

$

17,883

 

Allowance for Credit Losses - Loans and Leases

 

152,028

 

 

157,821

 

 

198,343

 

Allowance to Loans and Leases Outstanding 4

 

1.21

 

%

 

1.29

 

%

 

1.63

 

%

 
Capital Ratios 5
Common Equity Tier 1 Capital Ratio

 

11.83

 

%

 

12.12

 

%

 

12.35

 

%

Tier 1 Capital Ratio

 

13.22

 

 

13.56

 

 

12.35

 

Total Capital Ratio

 

14.41

 

 

14.81

 

 

13.61

 

Tier 1 Leverage Ratio

 

7.30

 

 

7.32

 

 

6.61

 

Total Shareholders' Equity to Total Assets

 

6.30

 

 

7.07

 

 

6.20

 

Tangible Common Equity to Tangible Assets 6

 

5.39

 

 

6.15

 

 

6.06

 

Tangible Common Equity to Risk-Weighted Assets 6

 

9.77

 

 

11.44

 

 

11.78

 

 
Non-Financial Data
Full-Time Equivalent Employees

 

2,084

 

 

2,056

 

 

2,058

 

Branches

 

54

 

 

54

 

 

63

 

ATMs

 

307

 

 

307

 

 

361

 

 
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5 Regulatory capital ratios as of March 31, 2022 are preliminary.
6 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 2 "Reconciliation of Non-GAAP Financial Measures".
Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures Table 2
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

 
Total Shareholders' Equity

$

1,448,885

 

$

1,611,611

 

$

1,360,221

 

Less: Preferred Stock

 

180,000

 

 

180,000

 

 

-

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Common Equity

$

1,237,368

 

$

1,400,094

 

$

1,328,704

 

 
Total Assets

 

23,000,317

 

 

22,784,941

 

 

21,947,271

 

Less: Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Assets

$

22,968,800

 

$

22,753,424

 

$

21,915,754

 

 
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1

$

12,663,646

 

$

12,236,805

 

$

11,275,565

 

 
Total Shareholders' Equity to Total Assets

 

6.30

%

 

7.07

%

 

6.20

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

 

5.39

%

 

6.15

%

 

6.06

%

 
Tier 1 Capital Ratio 1

 

13.22

%

 

13.56

%

 

12.35

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1

 

9.77

%

 

11.44

%

 

11.78

%

 
1 Regulatory capital ratios as of March 31, 2022 are preliminary.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income Table 3
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands, except per share amounts)

2022

2021

2021

Interest Income
Interest and Fees on Loans and Leases

$

94,439

 

$

97,853

 

$

99,299

 

Income on Investment Securities
Available-for-Sale

 

17,100

 

 

15,850

 

 

15,837

 

Held-to-Maturity

 

18,701

 

 

18,325

 

 

13,300

 

Deposits

 

4

 

 

1

 

 

7

 

Funds Sold

 

127

 

 

104

 

 

137

 

Other

 

202

 

 

176

 

 

185

 

Total Interest Income

 

130,573

 

 

132,309

 

 

128,765

 

Interest Expense
Deposits

 

2,353

 

 

2,898

 

 

4,329

 

Securities Sold Under Agreements to Repurchase

 

2,772

 

 

2,834

 

 

3,533

 

Funds Purchased

 

2

 

 

6

 

 

1

 

Other Debt

 

183

 

 

183

 

 

333

 

Total Interest Expense

 

5,310

 

 

5,921

 

 

8,196

 

Net Interest Income

 

125,263

 

 

126,388

 

 

120,569

 

Provision for Credit Losses

 

(5,500

)

 

(9,700

)

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

130,763

 

 

136,088

 

 

134,869

 

Noninterest Income
Trust and Asset Management

 

11,276

 

 

11,693

 

 

11,278

 

Mortgage Banking

 

2,740

 

 

2,908

 

 

5,862

 

Service Charges on Deposit Accounts

 

7,272

 

 

6,861

 

 

6,128

 

Fees, Exchange, and Other Service Charges

 

12,952

 

 

14,439

 

 

13,607

 

Investment Securities Losses, Net

 

(1,545

)

 

(1,258

)

 

(1,203

)

Annuity and Insurance

 

791

 

 

876

 

 

702

 

Bank-Owned Life Insurance

 

2,349

 

 

1,907

 

 

1,917

 

Other

 

7,716

 

 

5,148

 

 

4,679

 

Total Noninterest Income

 

43,551

 

 

42,574

 

 

42,970

 

Noninterest Expense
Salaries and Benefits

 

59,924

 

 

59,434

 

 

56,251

 

Net Occupancy

 

9,826

 

 

9,028

 

 

9,090

 

Net Equipment

 

9,153

 

 

9,105

 

 

8,878

 

Data Processing

 

4,560

 

 

4,696

 

 

6,322

 

Professional Fees

 

3,258

 

 

3,427

 

 

3,406

 

FDIC Insurance

 

1,502

 

 

1,619

 

 

1,654

 

Other

 

15,651

 

 

14,369

 

 

13,264

 

Total Noninterest Expense

 

103,874

 

 

101,678

 

 

98,865

 

Income Before Provision for Income Taxes

 

70,440

 

 

76,984

 

 

78,974

 

Provision for Income Taxes

 

15,606

 

 

13,147

 

 

19,025

 

Net Income

$

54,834

 

$

63,837

 

$

59,949

 

Preferred Stock Dividends

 

1,969

 

 

1,969

 

 

-

 

Net Income Available to Common Shareholders

$

52,865

 

$

61,868

 

$

59,949

 

Basic Earnings Per Common Share

$

1.33

 

$

1.56

 

$

1.51

 

Diluted Earnings Per Common Share

$

1.32

 

$

1.55

 

$

1.50

 

Dividends Declared Per Common Share

$

0.70

 

$

0.70

 

$

0.67

 

Basic Weighted Average Common Shares

 

39,752,679

 

 

39,741,063

 

 

39,827,590

 

Diluted Weighted Average Common Shares

 

39,956,391

 

 

39,955,525

 

 

40,071,477

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss) Table 4
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Net Income

$

54,834

 

$

63,837

 

$

59,949

 

Other Comprehensive Loss, Net of Tax:
Net Unrealized Losses on Investment Securities

 

(180,124

)

 

(26,244

)

 

(50,050

)

Defined Benefit Plans

 

353

 

 

8,430

 

 

441

 

Other Comprehensive Loss

 

(179,771

)

 

(17,814

)

 

(49,609

)

Comprehensive Income (Loss)

$

(124,937

)

$

46,023

 

$

10,340

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Assets
Interest-Bearing Deposits in Other Banks

$

2,488

 

$

2,571

 

$

4,506

 

Funds Sold

 

356,373

 

 

361,536

 

 

1,101,631

 

Investment Securities
Available-for-Sale

 

4,258,534

 

 

4,276,056

 

 

4,024,763

 

Held-to-Maturity (Fair Value of $4,171,262; $4,646,619; $3,477,346)

 

4,489,615

 

 

4,694,780

 

 

3,464,360

 

Loans Held for Sale

 

5,293

 

 

26,746

 

 

18,320

 

Loans and Leases

 

12,544,492

 

 

12,259,076

 

 

12,140,703

 

Allowance for Credit Losses

 

(152,028

)

 

(157,821

)

 

(198,343

)

Net Loans and Leases

 

12,392,464

 

 

12,101,255

 

 

11,942,360

 

Total Earning Assets

 

21,504,767

 

 

21,462,944

 

 

20,555,940

 

Cash and Due from Banks

 

236,193

 

 

196,327

 

 

286,717

 

Premises and Equipment, Net

 

199,743

 

 

199,393

 

 

198,107

 

Operating Lease Right-of-Use Assets

 

93,563

 

 

95,621

 

 

97,750

 

Accrued Interest Receivable

 

45,392

 

 

45,242

 

 

47,917

 

Foreclosed Real Estate

 

2,332

 

 

2,332

 

 

2,332

 

Mortgage Servicing Rights

 

23,968

 

 

22,251

 

 

22,320

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Bank-Owned Life Insurance

 

446,926

 

 

344,587

 

 

291,764

 

Other Assets

 

415,916

 

 

384,727

 

 

412,907

 

Total Assets

$

23,000,317

 

$

22,784,941

 

$

21,947,271

 

 
Liabilities
Deposits
Noninterest-Bearing Demand

 

7,500,741

 

 

7,275,287

 

 

6,227,436

 

Interest-Bearing Demand

 

4,591,178

 

 

4,628,567

 

 

4,379,243

 

Savings

 

7,701,849

 

 

7,456,165

 

 

7,474,580

 

Time

 

922,519

 

 

1,000,089

 

 

1,475,392

 

Total Deposits

 

20,716,287

 

 

20,360,108

 

 

19,556,651

 

Securities Sold Under Agreements to Repurchase

 

450,490

 

 

450,490

 

 

600,490

 

Other Debt

 

10,367

 

 

10,391

 

 

60,459

 

Operating Lease Liabilities

 

101,274

 

 

103,210

 

 

105,820

 

Retirement Benefits Payable

 

38,008

 

 

38,494

 

 

50,687

 

Accrued Interest Payable

 

2,545

 

 

2,499

 

 

4,109

 

Taxes Payable

 

17,265

 

 

11,901

 

 

15,599

 

Other Liabilities

 

215,196

 

 

196,237

 

 

193,235

 

Total Liabilities

 

21,551,432

 

 

21,173,330

 

 

20,587,050

 

Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: March 31, 2022 and December 31, 2021 - 180,000)

 

180,000

 

 

180,000

 

 

-

 

Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2022 - 58,717,811 / 40,288,365;
December 31, 2021 - 58,554,669 / 40,253,193; and March 31, 2021 - 58,553,365 / 40,394,234)

 

582

 

 

581

 

 

580

 

Capital Surplus

 

607,061

 

 

602,508

 

 

594,804

 

Accumulated Other Comprehensive Loss

 

(246,153

)

 

(66,382

)

 

(41,787

)

Retained Earnings

 

1,974,790

 

 

1,950,375

 

 

1,844,057

 

Treasury Stock, at Cost (Shares: March 31, 2022 - 18,429,446; December 31, 2021 - 18,301,476;
and March 31, 2021 - 18,159,131)

 

(1,067,395

)

 

(1,055,471

)

 

(1,037,433

)

Total Shareholders' Equity

 

1,448,885

 

 

1,611,611

 

 

1,360,221

 

Total Liabilities and Shareholders' Equity

$

23,000,317

 

$

22,784,941

 

$

21,947,271

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity Table 6

 

 

 

 

 

Accum.

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

Compre-

 

 

 

Preferred

 

Common

 

 

hensive

 

 

 

Shares

Preferred

Shares

Common

Capital

Income

Retained

Treasury

 

(dollars in thousands)

Outstanding

Stock

Outstanding

Stock

Surplus

(Loss)

Earnings

Stock

Total

Balance as of December 31, 2021

180,000

$

180,000

40,253,193

 

$

581

$

602,508

$

(66,382

)

$

1,950,375

 

$

(1,055,471

)

$

1,611,611

 

Net Income

-

 

-

-

 

 

-

 

-

 

-

 

 

54,834

 

 

-

 

 

54,834

 

Other Comprehensive Loss

-

 

-

-

 

 

-

 

-

 

(179,771

)

 

-

 

 

-

 

 

(179,771

)

Share-Based Compensation

-

 

-

-

 

 

-

 

4,010

 

-

 

 

-

 

 

-

 

 

4,010

 

Common Stock Issued under Purchase and
Equity Compensation Plans

-

 

-

197,783

 

 

1

 

543

 

-

 

 

(185

)

 

2,036

 

 

2,395

 

Common Stock Repurchased

-

 

-

(162,611

)

 

-

 

-

 

-

 

 

-

 

 

(13,960

)

 

(13,960

)

Cash Dividends Declared Common Stock
($0.70 per share)

-

 

-

-

 

 

-

 

-

 

-

 

 

(28,265

)

 

-

 

 

(28,265

)

Cash Dividends Declared Preferred Stock

-

 

-

-

 

 

-

 

-

 

-

 

 

(1,969

)

 

-

 

 

(1,969

)

Balance as of March 31, 2022

180,000

$

180,000

40,288,365

 

$

582

$

607,061

$

(246,153

)

$

1,974,790

 

$

(1,067,395

)

$

1,448,885

 

 
Balance as of December 31, 2020

-

 

-

40,119,312

 

 

580

 

591,360

 

7,822

 

 

1,811,979

 

 

(1,037,234

)

 

1,374,507

 

Net Income

-

 

-

-

 

 

-

 

-

 

-

 

 

59,949

 

 

-

 

 

59,949

 

Other Comprehensive Loss

-

 

-

-

 

 

-

 

-

 

(49,609

)

 

-

 

 

-

 

 

(49,609

)

Share-Based Compensation

-

 

-

-

 

 

-

 

2,780

 

-

 

 

-

 

 

-

 

 

2,780

 

Common Stock Issued under Purchase and
Equity Compensation Plans

-

 

-

310,905

 

 

-

 

664

 

-

 

 

(845

)

 

2,990

 

 

2,809

 

Common Stock Repurchased

-

 

-

(35,983

)

 

-

 

-

 

-

 

 

-

 

 

(3,189

)

 

(3,189

)

Cash Dividends Declared Common Stock
($0.67 per share)

-

 

-

-

 

 

-

 

-

 

-

 

 

(27,026

)

 

-

 

 

(27,026

)

Balance as of March 31, 2021

-

$

-

40,394,234

 

$

580

$

594,804

$

(41,787

)

$

1,844,057

 

$

(1,037,433

)

$

1,360,221

 

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7
Three Months Ended Three Months Ended Three Months Ended
March 31, 2022 December 31, 2021 March 31, 2021
Average Income/ Yield/ Average Income/ Yield/ Average Income/ Yield/
(dollars in millions) Balance Expense Rate Balance Expense Rate Balance Expense Rate
Earning Assets
Interest-Bearing Deposits in Other Banks

$

3.4

$

-

0.45

%

$

2.2

$

-

0.05

%

$

3.2

$

-

0.93

%

Funds Sold

 

238.5

 

0.1

0.21

 

273.2

 

0.1

0.15

 

550.6

 

0.1

0.10

Investment Securities
Available-for-Sale
Taxable

 

4,399.9

 

17.1

1.56

 

4,308.6

 

15.8

1.47

 

4,007.9

 

15.8

1.57

Non-Taxable

 

3.0

 

-

1.93

 

5.8

 

0.1

3.67

 

12.3

 

0.1

4.27

Held-to-Maturity
Taxable

 

4,567.4

 

18.6

1.63

 

4,757.4

 

18.1

1.52

 

3,385.8

 

13.1

1.55

Non-Taxable

 

35.8

 

0.2

2.10

 

58.0

 

0.3

2.31

 

38.1

 

0.2

2.55

Total Investment Securities

 

9,006.1

 

35.9

1.59

 

9,129.8

 

34.3

1.50

 

7,444.1

 

29.2

1.57

Loans Held for Sale

 

13.7

 

0.1

2.78

 

20.8

 

0.1

2.85

 

26.2

 

0.2

2.76

Loans and Leases 2
Commercial and Industrial

 

1,421.9

 

10.8

3.08

 

1,478.0

 

14.6

3.92

 

1,904.5

 

14.3

3.05

Commercial Mortgage

 

3,158.8

 

21.7

2.80

 

3,075.1

 

22.2

2.86

 

2,846.0

 

21.3

3.04

Construction

 

227.6

 

2.1

3.68

 

246.8

 

2.2

3.50

 

264.1

 

2.3

3.48

Commercial Lease Financing

 

98.8

 

0.4

1.45

 

107.4

 

0.3

1.12

 

106.4

 

0.4

1.43

Residential Mortgage

 

4,343.3

 

34.9

3.21

 

4,293.6

 

33.9

3.16

 

4,146.6

 

35.9

3.46

Home Equity

 

1,898.9

 

13.3

2.83

 

1,757.8

 

12.8

2.88

 

1,594.1

 

12.6

3.20

Automobile

 

737.4

 

5.9

3.23

 

730.2

 

6.1

3.34

 

708.3

 

6.1

3.51

Other 3

 

403.7

 

5.5

5.47

 

397.8

 

5.8

5.79

 

382.6

 

6.4

6.75

Total Loans and Leases

 

12,290.4

 

94.6

3.10

 

12,086.7

 

97.9

3.22

 

11,952.6

 

99.3

3.35

Other

 

36.7

 

0.2

2.21

 

34.4

 

0.2

2.05

 

33.4

 

0.2

2.21

Total Earning Assets 4

 

21,588.8

 

130.9

2.44

 

21,547.1

 

132.6

2.45

 

20,010.1

 

129.0

2.60

Cash and Due from Banks

 

233.3

 

231.3

 

270.7

Other Assets

 

1,025.4

 

887.9

 

869.9

Total Assets

$

22,847.5

$

22,666.3

$

21,150.7

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

 

4,655.4

 

0.5

0.04

 

4,685.7

 

0.7

0.06

 

4,186.4

 

0.6

0.06

Savings

 

7,540.6

 

1.1

0.06

 

7,443.2

 

1.2

0.06

 

7,016.6

 

1.5

0.09

Time

 

971.5

 

0.8

0.34

 

1,019.2

 

1.0

0.40

 

1,630.0

 

2.2

0.56

Total Interest-Bearing Deposits

 

13,167.5

 

2.4

0.07

 

13,148.1

 

2.9

0.09

 

12,833.0

 

4.3

0.14

Short-Term Borrowings

 

6.8

 

-

0.11

 

18.5

 

-

0.13

 

2.4

 

-

0.09

Securities Sold Under Agreements to Repurchase

 

450.5

 

2.8

2.46

 

450.5

 

2.8

2.46

 

600.5

 

3.6

2.35

Other Debt

 

10.4

 

0.2

7.05

 

10.4

 

0.2

7.05

 

60.5

 

0.3

2.22

Total Interest-Bearing Liabilities

 

13,635.2

 

5.4

0.16

 

13,627.5

 

5.9

0.17

 

13,496.4

 

8.2

0.24

Net Interest Income

$

125.5

$

126.7

$

120.8

Interest Rate Spread

2.28

%

2.28

%

2.36

%

Net Interest Margin

2.34

%

2.34

%

2.43

%

Noninterest-Bearing Demand Deposits

 

7,258.6

 

7,074.4

 

5,832.2

Other Liabilities

 

385.0

 

373.8

 

444.8

Shareholders' Equity

 

1,568.7

 

1,590.6

 

1,377.3

Total Liabilities and Shareholders' Equity

$

22,847.5

$

22,666.3

$

21,150.7

 
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
3 Comprised of other consumer revolving credit, installment, and consumer lease financing.
4 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $254,000, $280,000, and $252,000 for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a
Three Months Ended March 31, 2022
Compared to December 31, 2021
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Investment Securities
Available-for-Sale
Taxable

$

0.3

 

$

1.0

 

$

1.3

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Held-to-Maturity
Taxable

 

(0.7

)

 

1.2

 

 

0.5

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Total Investment Securities

 

(0.6

)

 

2.2

 

 

1.6

 

Loans and Leases
Commercial and Industrial

 

(2.3

)

 

(1.5

)

 

(3.8

)

Commercial Mortgage

 

0.3

 

 

(0.8

)

 

(0.5

)

Construction

 

(0.2

)

 

0.1

 

 

(0.1

)

Commercial Lease Financing

 

-

 

 

0.1

 

 

0.1

 

Residential Mortgage

 

0.4

 

 

0.6

 

 

1.0

 

Home Equity

 

0.8

 

 

(0.3

)

 

0.5

 

Automobile

 

0.1

 

 

(0.3

)

 

(0.2

)

Other 2

 

0.1

 

 

(0.4

)

 

(0.3

)

Total Loans and Leases

 

(0.8

)

 

(2.5

)

 

(3.3

)

Total Change in Interest Income

 

(1.4

)

 

(0.3

)

 

(1.7

)

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

-

 

 

(0.2

)

 

(0.2

)

Savings

 

-

 

 

(0.1

)

 

(0.1

)

Time

 

(0.1

)

 

(0.1

)

 

(0.2

)

Total Interest-Bearing Deposits

 

(0.1

)

 

(0.4

)

 

(0.5

)

Securities Sold Under Agreements to Repurchase

 

0.1

 

 

(0.1

)

 

-

 

Total Change in Interest Expense

 

-

 

 

(0.5

)

 

(0.5

)

 
Change in Net Interest Income

$

(1.4

)

$

0.2

 

$

(1.2

)

 
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
Three Months Ended March 31, 2022
Compared to March 31, 2021
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Funds Sold

$

(0.1

)

$

0.1

 

$

-

 

Investment Securities
Available-for-Sale
Taxable

 

1.5

 

 

(0.2

)

 

1.3

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Held-to-Maturity
Taxable

 

4.8

 

 

0.7

 

 

5.5

 

Total Investment Securities

 

6.2

 

 

0.5

 

 

6.7

 

Loans Held for Sale

 

(0.1

)

 

-

 

 

(0.1

)

Loans and Leases
Commercial and Industrial

 

(6.0

)

 

2.5

 

 

(3.5

)

Commercial Mortgage

 

2.2

 

 

(1.8

)

 

0.4

 

Construction

 

(0.3

)

 

0.1

 

 

(0.2

)

Commercial Lease Financing

 

0.1

 

 

(0.1

)

 

-

 

Residential Mortgage

 

1.7

 

 

(2.7

)

 

(1.0

)

Home Equity

 

2.2

 

 

(1.5

)

 

0.7

 

Automobile

 

0.3

 

 

(0.5

)

 

(0.2

)

Other 2

 

0.3

 

 

(1.2

)

 

(0.9

)

Total Loans and Leases

 

0.5

 

 

(5.2

)

 

(4.7

)

Total Change in Interest Income

 

6.5

 

 

(4.6

)

 

1.9

 

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

0.1

 

 

(0.2

)

 

(0.1

)

Savings

 

0.1

 

 

(0.5

)

 

(0.4

)

Time

 

(0.7

)

 

(0.7

)

 

(1.4

)

Total Interest-Bearing Deposits

 

(0.5

)

 

(1.4

)

 

(1.9

)

Securities Sold Under Agreements to Repurchase

 

(1.0

)

 

0.2

 

 

(0.8

)

Other Debt

 

(0.4

)

 

0.3

 

 

(0.1

)

Total Change in Interest Expense

 

(1.9

)

 

(0.9

)

 

(2.8

)

 
Change in Net Interest Income

$

8.4

 

$

(3.7

)

$

4.7

 

 
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits Table 9
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Salaries

$

34,932

$

35,758

$

31,569

Incentive Compensation

 

6,111

 

6,699

 

5,914

Share-Based Compensation

 

3,799

 

3,396

 

2,584

Commission Expense

 

1,641

 

2,094

 

2,436

Retirement and Other Benefits

 

4,693

 

4,661

 

5,517

Payroll Taxes

 

4,944

 

2,585

 

3,968

Medical, Dental, and Life Insurance

 

3,234

 

3,981

 

2,424

Separation Expense

 

570

 

260

 

1,839

Total Salaries and Benefits

$

59,924

$

59,434

$

56,251

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances Table 10
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)

2022

2021

2021

2021

2021

Commercial
Commercial and Industrial

$

1,354,757

$

1,361,921

$

1,325,446

$

1,257,305

$

1,288,496

PPP 1

 

57,809

 

126,779

 

268,480

 

513,513

 

725,485

Commercial Mortgage

 

3,257,689

 

3,152,130

 

2,994,520

 

2,944,435

 

2,859,246

Construction

 

248,363

 

220,254

 

296,052

 

277,393

 

281,164

Lease Financing

 

98,107

 

105,108

 

107,526

 

110,500

 

104,980

Total Commercial

 

5,016,725

 

4,966,192

 

4,992,024

 

5,103,146

 

5,259,371

Consumer
Residential Mortgage

 

4,405,718

 

4,309,602

 

4,272,540

 

4,264,180

 

4,216,976

Home Equity

 

1,958,285

 

1,836,588

 

1,680,229

 

1,594,781

 

1,577,500

Automobile

 

742,934

 

736,565

 

727,234

 

714,729

 

710,407

Other 2

 

420,830

 

410,129

 

400,723

 

364,542

 

376,449

Total Consumer

 

7,527,767

 

7,292,884

 

7,080,726

 

6,938,232

 

6,881,332

Total Loans and Leases

$

12,544,492

$

12,259,076

$

12,072,750

$

12,041,378

$

12,140,703

 
 
Deposits
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)

2022

2021

2021

2021

2021

Consumer

$

10,654,192

$

10,438,844

$

10,150,199

$

9,848,285

$

9,746,713

Commercial

 

8,818,477

 

8,641,932

 

8,767,733

 

8,675,909

 

8,241,102

Public and Other

 

1,243,618

 

1,279,332

 

1,575,746

 

1,645,515

 

1,568,836

Total Deposits

$

20,716,287

$

20,360,108

$

20,493,678

$

20,169,709

$

19,556,651

 
1 The PPP amounts presented, which are reported net of deferred costs and fees, were previously included as a component of the Commercial and Industrial loan class.
2 Comprised of other revolving credit, installment, and lease financing.
Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)

2022

2021

2021

2021

2021

Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial

$

99

 

$

243

 

$

209

 

$

258

 

$

293

 

Commercial Mortgage

 

8,065

 

 

8,205

 

 

8,309

 

 

8,413

 

 

8,503

 

Total Commercial

 

8,164

 

 

8,448

 

 

8,518

 

 

8,671

 

 

8,796

 

Consumer
Residential Mortgage

 

3,845

 

 

3,305

 

 

4,348

 

 

2,437

 

 

1,804

 

Home Equity

 

5,638

 

 

4,881

 

 

5,422

 

 

5,534

 

 

4,951

 

Total Consumer

 

9,483

 

 

8,186

 

 

9,770

 

 

7,971

 

 

6,755

 

Total Non-Accrual Loans and Leases

 

17,647

 

 

16,634

 

 

18,288

 

 

16,642

 

 

15,551

 

Foreclosed Real Estate

 

2,332

 

 

2,332

 

 

2,332

 

 

2,332

 

 

2,332

 

Total Non-Performing Assets

$

19,979

 

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

 
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial

 

22

 

 

-

 

 

-

 

 

-

 

 

9

 

Total Commercial

 

22

 

 

-

 

 

-

 

 

-

 

 

9

 

Consumer
Residential Mortgage

 

4,113

 

 

3,159

 

 

4,776

 

 

4,069

 

 

4,069

 

Home Equity

 

2,722

 

 

3,456

 

 

2,946

 

 

4,498

 

 

4,906

 

Automobile

 

504

 

 

729

 

 

395

 

 

277

 

 

604

 

Other 1

 

649

 

 

426

 

 

593

 

 

434

 

 

828

 

Total Consumer

 

7,988

 

 

7,770

 

 

8,710

 

 

9,278

 

 

10,407

 

Total Accruing Loans and Leases Past Due 90 Days or More

$

8,010

 

$

7,770

 

$

8,710

 

$

9,278

 

$

10,416

 

Restructured Loans on Accrual Status
and Not Past Due 90 Days or More

$

54,136

 

$

60,519

 

$

62,787

 

$

74,926

 

$

74,216

 

Total Loans and Leases

$

12,544,492

 

$

12,259,076

 

$

12,072,750

 

$

12,041,378

 

$

12,140,703

 

 
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases

 

0.14

%

 

0.14

%

 

0.15

%

 

0.14

%

 

0.13

%

 
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate

 

0.16

%

 

0.15

%

 

0.17

%

 

0.16

%

 

0.15

%

 
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate

 

0.16

%

 

0.17

%

 

0.17

%

 

0.17

%

 

0.17

%

 
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate

 

0.16

%

 

0.14

%

 

0.17

%

 

0.15

%

 

0.13

%

 
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed Real Estate

 

0.22

%

 

0.22

%

 

0.24

%

 

0.23

%

 

0.23

%

 
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

$

18,481

 

Additions

 

2,243

 

 

357

 

 

3,171

 

 

2,229

 

 

2,992

 

Reductions
Payments

 

(1,230

)

 

(972

)

 

(889

)

 

(722

)

 

(2,481

)

Return to Accrual Status

 

-

 

 

(1,038

)

 

(606

)

 

(416

)

 

(1,014

)

Charge-offs/Write-downs

 

-

 

 

(1

)

 

(30

)

 

-

 

 

(95

)

Total Reductions

 

(1,230

)

 

(2,011

)

 

(1,525

)

 

(1,138

)

 

(3,590

)

Balance at End of Quarter

$

19,979

 

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

 
1 Comprised of other revolving credit, installment, and lease financing.
Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses Table 12
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands)

2022

2021

2021

Balance at Beginning of Period

$

164,297

 

$

174,708

 

 

221,303

 

 
Loans and Leases Charged-Off
Commercial
Commercial and Industrial

 

(349

)

 

(217

)

 

(248

)

Consumer
Residential Mortgage

 

-

 

 

-

 

 

(4

)

Home Equity

 

(68

)

 

(5

)

 

(16

)

Automobile

 

(1,530

)

 

(1,045

)

 

(2,109

)

Other 1

 

(1,961

)

 

(2,007

)

 

(3,914

)

Total Loans and Leases Charged-Off

 

(3,908

)

 

(3,274

)

 

(6,291

)

Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial

 

369

 

 

132

 

 

112

 

Consumer
Residential Mortgage

 

54

 

 

858

 

 

955

 

Home Equity

 

515

 

 

390

 

 

533

 

Automobile

 

739

 

 

476

 

 

919

 

Other 1

 

745

 

 

746

 

 

856

 

Total Recoveries on Loans and Leases Previously Charged-Off

 

2,422

 

 

2,602

 

 

3,375

 

Net Charged-Off - Loans and Leases

 

(1,486

)

 

(672

)

 

(2,916

)

Net Charged-Off - Accrued Interest Receivable

 

(47

)

 

(39

)

 

(308

)

Provision for Credit Losses:
Loans and Leases

 

(4,307

)

 

(9,427

)

 

(14,993

)

Accrued Interest Receivable

 

(367

)

 

(214

)

 

-

 

Unfunded Commitments

 

(826

)

 

(59

)

 

693

 

Balance at End of Period 2

$

157,264

 

$

164,297

 

$

203,779

 

 
Components
Allowance for Credit Losses - Loans and Leases

 

152,028

 

 

157,821

 

 

198,343

 

Allowance for Credit Losses - Accrued Interest Receivable

 

-

 

 

414

 

 

2,392

 

Reserve for Unfunded Commitments

 

5,236

 

 

6,062

 

 

3,044

 

Total Reserve for Credit Losses

$

157,264

 

$

164,297

 

$

203,779

 

 
Average Loans and Leases Outstanding

$

12,290,402

 

$

12,086,705

 

$

11,952,587

 

 
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)

 

0.05

%

 

0.02

%

 

0.10

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 3

 

1.21

%

 

1.29

%

 

1.63

%

 
1 Comprised of other revolving credit, installment, and lease financing.
2 Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.
3 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information Table 13
Consumer Commercial

Treasury

Consolidated

(dollars in thousands)

Banking

Banking

and Other

Total

Three Months Ended March 31, 2022
Net Interest Income

$

70,235

 

$

46,349

 

$

8,679

 

$

125,263

 

Provision for Credit Losses

 

1,683

 

 

(197

)

 

(6,986

)

 

(5,500

)

Net Interest Income After Provision for Credit Losses

 

68,552

 

 

46,546

 

 

15,665

 

 

130,763

 

Noninterest Income

 

31,969

 

 

10,198

 

 

1,384

 

 

43,551

 

Noninterest Expense

 

(81,698

)

 

(18,669

)

 

(3,507

)

 

(103,874

)

Income Before Income Taxes

 

18,823

 

 

38,075

 

 

13,542

 

 

70,440

 

Provision for Income Taxes

 

(4,710

)

 

(9,197

)

 

(1,699

)

 

(15,606

)

Net Income

$

14,113

 

$

28,878

 

$

11,843

 

$

54,834

 

Total Assets as of March 31, 2022

$

7,900,273

 

$

5,174,115

 

$

9,925,929

 

$

23,000,317

 

 
Three Months Ended March 31, 2021
Net Interest Income

$

69,762

 

$

47,143

 

$

3,664

 

$

120,569

 

Provision for Credit Losses

 

2,866

 

 

50

 

 

(17,216

)

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

66,896

 

 

47,093

 

 

20,880

 

 

134,869

 

Noninterest Income

 

33,698

 

 

7,858

 

 

1,414

 

 

42,970

 

Noninterest Expense

 

(78,181

)

 

(15,677

)

 

(5,007

)

 

(98,865

)

Income Before Income Taxes

 

22,413

 

 

39,274

 

 

17,287

 

 

78,974

 

Provision for Income Taxes

 

(5,474

)

 

(9,558

)

 

(3,993

)

 

(19,025

)

Net Income

$

16,939

 

$

29,716

 

$

13,294

 

$

59,949

 

Total Assets as of March 31, 2021

$

7,556,756

 

$

5,224,386

 

$

9,166,129

 

$

21,947,271

 

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data Table 14
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands, except per share amounts)

2022

2021

2021

2021

2021

Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases

$

94,439

 

$

97,853

 

$

100,570

 

$

100,894

 

$

99,299

 

Income on Investment Securities
Available-for-Sale

 

17,100

 

 

15,850

 

 

16,396

 

 

16,467

 

 

15,837

 

Held-to-Maturity

 

18,701

 

 

18,325

 

 

16,754

 

 

13,576

 

 

13,300

 

Deposits

 

4

 

 

1

 

 

2

 

 

-

 

 

7

 

Funds Sold

 

127

 

 

104

 

 

382

 

 

260

 

 

137

 

Other

 

202

 

 

176

 

 

159

 

 

182

 

 

185

 

Total Interest Income

 

130,573

 

 

132,309

 

 

134,263

 

 

131,379

 

 

128,765

 

Interest Expense
Deposits

 

2,353

 

 

2,898

 

 

3,837

 

 

4,152

 

 

4,329

 

Securities Sold Under Agreements to Repurchase

 

2,772

 

 

2,834

 

 

3,423

 

 

3,470

 

 

3,533

 

Funds Purchased

 

2

 

 

6

 

 

-

 

 

-

 

 

1

 

Other Debt

 

183

 

 

183

 

 

184

 

 

243

 

 

333

 

Total Interest Expense

 

5,310

 

 

5,921

 

 

7,444

 

 

7,865

 

 

8,196

 

Net Interest Income

 

125,263

 

 

126,388

 

 

126,819

 

 

123,514

 

 

120,569

 

Provision for Credit Losses

 

(5,500

)

 

(9,700

)

 

(10,400

)

 

(16,100

)

 

(14,300

)

Net Interest Income After Provision for Credit Losses

 

130,763

 

 

136,088

 

 

137,219

 

 

139,614

 

 

134,869

 

Noninterest Income
Trust and Asset Management

 

11,276

 

 

11,693

 

 

11,415

 

 

11,682

 

 

11,278

 

Mortgage Banking

 

2,740

 

 

2,908

 

 

3,136

 

 

3,058

 

 

5,862

 

Service Charges on Deposit Accounts

 

7,272

 

 

6,861

 

 

6,510

 

 

6,065

 

 

6,128

 

Fees, Exchange, and Other Service Charges

 

12,952

 

 

14,439

 

 

13,604

 

 

13,807

 

 

13,607

 

Investment Securities Gains (Losses), Net

 

(1,545

)

 

(1,258

)

 

(1,259

)

 

2,423

 

 

(1,203

)

Annuity and Insurance

 

791

 

 

876

 

 

735

 

 

911

 

 

702

 

Bank-Owned Life Insurance

 

2,349

 

 

1,907

 

 

1,897

 

 

2,063

 

 

1,917

 

Other

 

7,716

 

 

5,148

 

 

5,340

 

 

4,422

 

 

4,679

 

Total Noninterest Income

 

43,551

 

 

42,574

 

 

41,378

 

 

44,431

 

 

42,970

 

Noninterest Expense
Salaries and Benefits

 

59,924

 

 

59,434

 

 

56,447

 

 

56,161

 

 

56,251

 

Net Occupancy

 

9,826

 

 

9,028

 

 

3,079

 

 

5,047

 

 

9,090

 

Net Equipment

 

9,153

 

 

9,105

 

 

8,924

 

 

8,796

 

 

8,878

 

Data Processing

 

4,560

 

 

4,696

 

 

4,722

 

 

4,557

 

 

6,322

 

Professional Fees

 

3,258

 

 

3,427

 

 

2,948

 

 

3,114

 

 

3,406

 

FDIC Insurance

 

1,502

 

 

1,619

 

 

1,594

 

 

1,669

 

 

1,654

 

Other

 

15,651

 

 

14,369

 

 

18,805

 

 

17,183

 

 

13,264

 

Total Noninterest Expense

 

103,874

 

 

101,678

 

 

96,519

 

 

96,527

 

 

98,865

 

Income Before Provision for Income Taxes

 

70,440

 

 

76,984

 

 

82,078

 

 

87,518

 

 

78,974

 

Provision for Income Taxes

 

15,606

 

 

13,147

 

 

20,025

 

 

19,985

 

 

19,025

 

Net Income

$

54,834

 

$

63,837

 

$

62,053

 

$

67,533

 

$

59,949

 

Preferred Stock Dividends

 

1,969

 

 

1,969

 

 

1,006

 

 

-

 

 

-

 

Net Income Available to Common Shareholders

$

52,865

 

$

61,868

 

$

61,047

 

$

67,533

 

$

59,949

 

 
Basic Earnings Per Common Share

$

1.33

 

$

1.56

 

$

1.53

 

$

1.69

 

$

1.51

 

Diluted Earnings Per Common Share

$

1.32

 

$

1.55

 

$

1.52

 

$

1.68

 

$

1.50

 

 
Balance Sheet Totals
Loans and Leases

$

12,544,492

 

$

12,259,076

 

$

12,072,750

 

$

12,041,378

 

$

12,140,703

 

Total Assets

 

23,000,317

 

 

22,784,941

 

 

22,965,383

 

 

22,672,183

 

 

21,947,271

 

Total Deposits

 

20,716,287

 

 

20,360,108

 

 

20,493,678

 

 

20,169,709

 

 

19,556,651

 

Total Shareholders' Equity

 

1,448,885

 

 

1,611,611

 

 

1,597,109

 

 

1,583,531

 

 

1,360,221

 

 
Performance Ratios
Return on Average Assets

 

0.97

 

%

 

1.12

 

%

 

1.07

 

%

 

1.23

 

%

 

1.15

 

%

Return on Average Shareholders' Equity

 

14.18

 

 

15.92

 

 

15.41

 

 

19.17

 

 

17.65

 

Return on Average Common Equity

 

15.44

 

 

17.40

 

 

17.08

 

 

19.61

 

 

17.65

 

Efficiency Ratio 1

 

61.53

 

 

60.18

 

 

57.38

 

 

57.47

 

 

60.45

 

Net Interest Margin 2

 

2.34

 

 

2.34

 

 

2.32

 

 

2.37

 

 

2.43

 

 
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends Table 15
Two Months Ended Year Ended
($ in millions; jobs in thousands) February 28, 2022 December 31, 2021 December 31, 2020
Hawaii Economic Trends
State General Fund Revenues 1

$

1,543.9

41.1

%

$

8,147.0

 

27.0

%

$

6,415.1

(12.3

)

%

General Excise and Use Tax Revenue 1

 

706.6

27.8

 

3,604.3

 

18.6

 

3,038.8

(15.6

)

Jobs 2

 

644.3

 

642.6

 

 

594.4

 
March 31, December 31,

2022

2021

 

2020

Unemployment, seasonally adjusted 3
Statewide

4.1

%

 

4.3

%

9.8

 

%

Honolulu County

4.0

 

4.1

8.9

 

Hawaii County

4.0

 

4.1

9.2

 

Maui County

4.8

 

5.1

13.7

 

Kauai County

4.6

 

5.9

13.5

 

 
March 31, December 31,
(percentage change, except months of inventory)

2022

2021

2020

2019

Housing Trends (Single Family Oahu) 4
Median Home Price

 

20.2

 

%

19.3

%

 

5.2

%

(0.1

)

%

Home Sales Volume (units)

 

(2.6

)

%

17.9

%

 

2.3

%

3.9

 

%

Months of Inventory

 

1.0

 

0.8

 

1.4

2.5

 

 
Monthly Visitor Arrivals, Percentage Change
(in thousands) Not Seasonally Adjusted from Previous Year
Tourism 5
February 28, 2022

623.7

165.1

 

%

January 31, 2022

567.2

229.8

 

December 31, 2021

753.7

219.6

 

November 30, 2021

613.4

233.8

 

October 31, 2021

550.8

618.2

 

September 30, 2021

505.9

2,647.9

 

August 31, 2021

722.4

2,993.0

 

July 31, 2021

879.6

3,798.4

 

June 30, 2021

791.1

4,534.7

 

May 31, 2021

629.7

6,807.4

 

April 30, 2021

484.1

10,506.3

 

March 31, 2021

439.8

1.1

 

February 28, 2021

235.3

(71.6

)

January 31, 2021

172.0

(80.1

)

December 31, 2020

235.8

(75.2

)

November 30, 2020

183.8

(77.3

)

October 31, 2020

76.7

(90.4

)

September 30, 2020

18.4

(97.5

)

August 31, 2020

23.4

(97.5

)

July 31, 2020

22.6

(97.7

)

June 30, 2020

17.1

(98.2

)

May 31, 2020

9.1

(98.9

)

April 30, 2020

4.6

(99.5

)

March 31, 2020

434.9

(53.7

)

February 29, 2020

828.1

5.8

 

January 31, 2020

862.6

5.1

 

 
1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U.S. Bureau of Labor Statistics
3 Source: University of Hawaii Economic Research Organization (UHERO)
4 Source: Honolulu Board of Realtors
5 Source: Hawaii Tourism Authority
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06.07.2022, 00:16 МСК Bank of Hawaii Corporation Conference Call to Discuss Second Quarter 2022 Financial Results and Board Declares Quarterly Dividend for Preferred Stock HONOLULU--(BUSINESS WIRE)--Bank of Hawaii Corporation (NYSE: BOH) will release second quarter 2022 financial results on Monday, July 25, 2022 before the market opens and hold its quarterly conference call at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) on the same day.Конференц-звонок корпорации Bank of Hawaii для обсуждения финансовых результатов за второй квартал 2022 года и объявления советом директоров ежеквартальных дивидендов по привилегированным акциям ГОНОЛУЛУ — (BUSINESS WIRE) — Корпорация Bank of Hawaii (NYSE: BOH) опубликует финансовые результаты за второй квартал 2022 года в понедельник, 25 июля 2022 года, до открытия рынка, и проведет ежеквартальную телефонную конференцию в 14:00 по восточному времени (8:00). 00:00 по гавайскому времени) в тот же день.
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06.04.2022, 00:18 МСК Bank of Hawaii Corporation Conference Call to Discuss First Quarter 2022 Financial Results and Board Declares Quarterly Dividend for Preferred Stock HONOLULU--(BUSINESS WIRE)--Bank of Hawaii Corporation (NYSE: BOH) will release first quarter 2022 financial results on Monday, April 25, 2022 before the market opens and hold its quarterly conference call at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time) on the same day.Конференц-звонок корпорации Bank of Hawaii для обсуждения финансовых результатов за первый квартал 2022 года и объявления советом директоров ежеквартальных дивидендов по привилегированным акциям ГОНОЛУЛУ — (BUSINESS WIRE) — Корпорация Bank of Hawaii (NYSE: BOH) опубликует финансовые результаты за первый квартал 2022 года в понедельник, 25 апреля 2022 года, до открытия рынка, и проведет ежеквартальную телефонную конференцию в 14:00 по восточному времени (8:00). 00:00 по гавайскому времени) в тот же день.
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