Financial News
Bank of Hawaii Corporation First Quarter 2021 Financial Results
Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.50 for the first quarter of 2021, compared with diluted earnings per share of $1.06 in the previous quarter and $0.87 in the same quarter last year. Net income for the first quarter of 2021 was $59.9 million compared with net income of $42.3 million in the fourth quarter of 2020 and $34.7 million in the first quarter of 2020.
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“We are pleased with our financial performance during the first quarter of 2021," said Peter Ho, Chairman, President, and CEO. “Our balance sheet remains strong with deposit balances and total assets reaching new record highs, solid asset quality, and high levels of liquidity and capital.”
The return on average assets for the first quarter of 2021 was 1.15 percent compared with 0.83 percent during the previous quarter and 0.77 percent in the same quarter last year. The return on average equity for the first quarter of 2021 was 17.65 percent compared with 12.26 percent during the previous quarter and 10.64 percent in the same quarter last year.
Financial Highlights
Net interest income, on a taxable-equivalent basis, for the first quarter of 2021 was $120.8 million, an increase of $1.0 million from $119.8 million in the fourth quarter of 2020 and down $5.5 million from $126.3 million in the first quarter of 2020. The net interest margin was 2.43 percent in the first quarter of 2021, a decrease of 5 basis points from 2.48 percent the previous quarter and 53 basis points from 2.96 percent in the same quarter last year. Net interest income in the fourth quarter of 2020 included a charge of $3.0 million related to an impairment in the residual value of a leveraged lease which had a negative impact of 6 basis points on the net interest margin. The decrease in the net interest margin is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates. Analyses of changes in net interest income are included in Tables 8a and 8b.
Results for the first quarter of 2021 included a negative provision for credit losses of $14.3 million compared with a provision for credit losses of $15.2 million in the previous quarter and $33.6 million in the same quarter last year.
Noninterest income was $43.0 million in the first quarter of 2021 compared with noninterest income of $45.3 million in the fourth quarter of 2020 and $46.1 million in the first quarter of 2020. The decrease in noninterest income during the first quarter of 2021 compared with the prior quarter is largely due to a decrease in customer derivative program and mortgage banking income. The decrease in noninterest income compared to the first quarter of 2020 is largely due to a decrease in customer derivative program income and lower service charges on deposit accounts.
Noninterest expense was $98.9 million in the first quarter of 2021 compared with noninterest expense of $98.7 million in the fourth quarter of 2020 and $96.3 million in the first quarter of 2020. 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. Noninterest expense in the first quarter of 2021 also included the restoration of corporate incentives that were eliminated in the first quarter of 2020. Noninterest expense in the fourth quarter of 2020 included $6.1 million in charges related to the decision to permanently close twelve branches and reduce the current number of cash-only ATMs. Noninterest expense in the fourth quarter of 2020 also included a charge of $0.8 million related to the true-up of amortization on an investment. Noninterest expense in the first quarter of 2020 included seasonal payroll expenses of approximately $3.1 million and separation expenses of $4.7 million that were partially offset by the elimination of corporate incentive accruals. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.
The efficiency ratio during the first quarter of 2021 was 60.45 percent compared with 59.88 percent in the previous quarter and 55.96 percent during the same quarter last year.
The effective tax rate for the first quarter of 2021 was 24.09 percent compared with 16.87 percent in the previous quarter and 17.68 percent during the same quarter in 2020. The increase in the effective tax rate for the first quarter of 2021 was primarily due to higher pretax book income in the first quarter of 2021. The fourth quarter of 2020 included a return to provision adjustment of $1.6 million. There were no significant items impacting the tax rate during the first quarter of 2020.
The Company’s business segments are defined as Consumer Banking, Commercial Banking, and Treasury & Other. Results for the business segments are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information is included in Tables 13.
Asset Quality
The Company’s overall asset quality remained stable during the first quarter of 2021. Total non-performing assets were $17.9 million at March 31, 2021, down from $18.5 million at December 31, 2020 and from $20.6 million at March 31, 2020. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.15 percent at the end of the first quarter of 2021, compared with 0.15 percent at the end of the fourth quarter of 2020 and 0.18 percent at the end of the first quarter of 2020.
Bank of Hawaii Corporation First Quarter 2021 Financial Results Page 3
Accruing loans and leases past due 90 days or more were $10.4 million at March 31, 2021 compared with $10.5 million at December 31, 2020 and $8.5 million at March 31, 2020. Restructured loans on accrual status and not past due 90 days or more were $74.2 million at March 31, 2021 compared with $68.1 million at December 31, 2020 and $61.4 million at March 31, 2020. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.
Net loan and lease charge-offs during the first quarter of 2021 were $2.9 million or 0.10 percent annualized of total average loans and leases outstanding and were comprised of charge-offs of $6.3 million partially offset by recoveries of $3.4 million. Net charge-offs during the fourth quarter of 2020 were a net recovery of $0.3 million and were comprised of charge-offs of $3.2 million fully offset by recoveries of $3.5 million. Net charge-offs during the first quarter of 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and were comprised of $7.2 million of charge-offs partially offset by recoveries of $3.4 million.
The allowance for credit losses on loans and leases was $198.3 million at March 31, 2021, a decrease from $216.3 million at December 31, 2020 and an increase from $138.2 million at March 31, 2020. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.63 percent at March 31, 2021, down from 1.81 percent at December 31, 2020 and up from 1.22 percent at March 31, 2020. The reserve for unfunded commitments was $3.0 million at March 31, 2021, a slight increase from $2.4 million at the end of the prior quarter and down from $3.3 million at the end of the same quarter in 2020. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.
Other Financial Highlights
Total assets increased to a new record of $21.9 billion at March 31, 2021, compared with total assets of $20.6 billion at December 31, 2020 and $18.5 billion at March 31, 2020. Average total assets were $21.2 billion during the first quarter of 2021, an increase from $20.4 billion during the fourth quarter of 2020 and $18.2 billion in the first quarter of 2020.
The investment securities portfolio was $7.5 billion at March 31, 2021, up from $7.1 billion at December 31, 2020 and from $5.7 billion at March 31, 2020 due to growth in deposits that continued to outpace loan growth. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $4.0 billion in securities available-for-sale and $3.5 billion in securities held-to-maturity at March 31, 2021. The securities portfolio at December 31, 2020 included $3.8 billion in securities available-for-sale and $3.3 billion in securities held-to-maturity. The securities portfolio at March 31, 2020 included $2.7 billion in securities available-for-sale and $3.0 billion in securities held-to-maturity.
Total loans and leases were $12.1 billion at March 31, 2021, an increase of 1.7 percent from total loans and leases of $11.9 billion at December 31, 2020 and up 6.9 percent from $11.4 billion at March 31, 2020. Average total loans and leases were $12.0 billion during the first quarter of 2021, an increase from average total loans and leases of $11.8 billion during the fourth quarter of 2020 and $11.1 billion during the first quarter of 2020.
The commercial loan portfolio was $5.3 billion at the end of March 31, 2021, an increase of $158.7 million or 3.1 percent from $5.1 billion at the end of the fourth quarter of 2020 and up $728.8 million or 16.1 percent from $4.5 billion at the end of the first quarter of 2020. Consumer loans were $6.9 billion at March 31, 2021, an increase of $42.0 million or 0.6 percent from $6.8 billion at the end of the fourth quarter of 2020 and up $59.1 million or 0.9 percent from $6.8 billion at the end of the first quarter of 2020. Loan and lease portfolio balances are summarized in Table 10.
Total deposits were $19.6 billion at March 31, 2021, an increase of 7.4 percent from total deposits of $18.2 billion at December 31, 2020 and up 21.8 percent from total deposits of $16.1 billion at March 31, 2020. Average total deposits were $18.7 billion during the first quarter of 2021, an increase from $17.8 billion during the fourth quarter of 2020 and from $15.8 billion during first quarter of 2020.
Consumer deposits were $9.7 billion at March 31, 2021, an increase of $399.0 million or 4.3 percent from $9.3 billion at the end of the fourth quarter of 2020 and an increase of $1.5 billion or 17.5 percent from $8.3 billion at the end of the first quarter of 2020. Commercial deposits were $8.2 billion at March 31, 2021, an increase of $938.3 million or 12.8 percent from $7.3 billion at the end of the fourth quarter of 2020 and an increase of $1.9 billion or 29.6 percent from $6.4 billion at the end of the first quarter of 2020. Other deposits, including public funds, were $1.6 billion at March 31, 2021, an increase of $7.8 million or 0.5 percent from $1.6 billion at the end of the fourth quarter of 2020 and an increase of $166.5 million or 11.9 percent from $1.4 billion at the end of the first quarter of 2020. Deposit balances are summarized in Tables 7 and 10.
Total shareholders’ equity was $1.4 billion at March 31, 2021, a decrease of $14.3 million from December 31, 2020, and an increase of $32.3 million from March 31, 2020. In the first quarter of 2021 there were no repurchases under the share repurchase program. The Tier 1 Capital Ratio was 12.35 percent at March 31, 2021 compared with 12.06 percent at December 31, 2020 and 11.81 percent at March 31, 2020. The Tier 1 Leverage Ratio at March 31, 2021 was 6.61 percent compared with 6.71 percent at December 31, 2020 and 7.12 percent at March 30, 2020. The decrease in the Tier 1 Leverage ratio is due to balance sheet growth related to the significant increase in customer deposits.
The Company’s Board of Directors declared a quarterly cash dividend of $0.67 per share on the Company’s outstanding shares. The dividend will be payable on June 14, 2021 to shareholders of record at the close of business on May 28, 2021.
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/xbnzsss3. 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 26, 2021. 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 8037629 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, 2020, 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 Hawaii, 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) | 2021 | 2020 | 2020 | ||||||||
| For the Period: | |||||||||||
| Operating Results | |||||||||||
| Net Interest Income | $ | 120,569 | $ | 119,499 | $ | 125,966 | |||||
| Provision for Credit Losses | (14,300 | ) | 15,200 | 33,600 | |||||||
| Total Noninterest Income | 42,970 | 45,258 | 46,149 | ||||||||
| Total Noninterest Expense | 98,865 | 98,654 | 96,312 | ||||||||
| Net Income | 59,949 | 42,314 | 34,742 | ||||||||
| Basic Earnings Per Share | 1.51 | 1.06 | 0.88 | ||||||||
| Diluted Earnings Per Share | 1.50 | 1.06 | 0.87 | ||||||||
| Dividends Declared Per Share | 0.67 | 0.67 | 0.67 | ||||||||
| Performance Ratios | |||||||||||
| Return on Average Assets | 1.15 | % | 0.83 | % | 0.77 | % | |||||
| Return on Average Shareholders' Equity | 17.65 | 12.26 | 10.64 | ||||||||
| Efficiency Ratio 1 | 60.45 | 59.88 | 55.96 | ||||||||
| Net Interest Margin 2 | 2.43 | 2.48 | 2.96 | ||||||||
| Dividend Payout Ratio 3 | 44.37 | 63.21 | 76.14 | ||||||||
| Average Shareholders' Equity to Average Assets | 6.51 | 6.74 | 7.21 | ||||||||
| Average Balances | |||||||||||
| Average Loans and Leases | $ | 11,952,587 | $ | 11,835,929 | $ | 11,060,707 | |||||
| Average Assets | 21,150,670 | 20,382,633 | 18,222,602 | ||||||||
| Average Deposits | 18,665,222 | 17,819,116 | 15,817,745 | ||||||||
| Average Shareholders' Equity | 1,377,272 | 1,372,971 | 1,313,848 | ||||||||
| Per Share of Common Stock | |||||||||||
| Book Value | $ | 33.67 | $ | 34.26 | $ | 33.20 | |||||
| Tangible Book Value | 32.89 | 33.47 | 32.41 | ||||||||
| Market Value | |||||||||||
| Closing | 89.49 | 76.62 | 54.91 | ||||||||
| High | 99.10 | 80.38 | 95.53 | ||||||||
| Low | 75.65 | 49.25 | 46.70 | ||||||||
March 31, | December 31, | March 31, | |||||||||
2021 | 2020 | 2020 | |||||||||
| As of Period End: | |||||||||||
| Balance Sheet Totals | |||||||||||
| Loans and Leases | $ | 12,140,703 | $ | 11,940,020 | $ | 11,352,780 | |||||
| Total Assets | 21,947,271 | 20,603,651 | 18,542,233 | ||||||||
| Total Deposits | 19,556,651 | 18,211,621 | 16,055,361 | ||||||||
| Other Debt | 60,459 | 60,481 | 60,545 | ||||||||
| Total Shareholders' Equity | 1,360,221 | 1,374,507 | 1,327,929 | ||||||||
| Asset Quality | |||||||||||
| Non-Performing Assets | $ | 17,883 | $ | 18,481 | $ | 20,604 | |||||
| Allowance for Credit Losses | 198,343 | 216,252 | 138,150 | ||||||||
| Allowance to Loans and Leases Outstanding | 1.63 | % | 1.81 | % | 1.22 | % | |||||
| Capital Ratios 4 | |||||||||||
| Common Equity Tier 1 Capital Ratio | 12.35 | % | 12.06 | % | 11.81 | % | |||||
| Tier 1 Capital Ratio | 12.35 | 12.06 | 11.81 | ||||||||
| Total Capital Ratio | 13.61 | 13.31 | 13.06 | ||||||||
| Tier 1 Leverage Ratio | 6.61 | 6.71 | 7.12 | ||||||||
| Total Shareholders' Equity to Total Assets | 6.20 | 6.67 | 7.16 | ||||||||
| Tangible Common Equity to Tangible Assets 5 | 6.06 | 6.53 | 7.00 | ||||||||
| Tangible Common Equity to Risk-Weighted Assets 5 | 11.78 | 11.89 | 11.85 | ||||||||
| Non-Financial Data | |||||||||||
| Full-Time Equivalent Employees | 2,058 | 2,022 | 2,094 | ||||||||
| Branches | 63 | 65 | 67 | ||||||||
| ATMs | 361 | 357 | 382 | ||||||||
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 share divided by basic earnings per share. | |
4 | Regulatory capital ratios as of March 31, 2021 are preliminary. CET 1 / Tier 1 Capital Ratios revised from 11.85%, Total Capital Ratio revised from 13.10%, and Tier 1 Leverage Ratio revised from 7.14% as of March 31, 2020. | |
5 | Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. 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) | 2021 | 2020 | 2020 | |||||||||
| Total Shareholders' Equity | $ | 1,360,221 | $ | 1,374,507 | $ | 1,327,929 | ||||||
| Less:Goodwill | 31,517 | 31,517 | 31,517 | |||||||||
| Tangible Common Equity | $ | 1,328,704 | $ | 1,342,990 | $ | 1,296,412 | ||||||
| Total Assets | $ | 21,947,271 | $ | 20,603,651 | $ | 18,542,233 | ||||||
| Less:Goodwill | 31,517 | 31,517 | 31,517 | |||||||||
| Tangible Assets | $ | 21,915,754 | $ | 20,572,134 | $ | 18,510,716 | ||||||
| Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements | $ | 11,275,565 | $ | 11,295,077 | $ | 10,944,260 | ||||||
| Total Shareholders' Equity to Total Assets | 6.20 | % | 6.67 | % | 7.16 | % | ||||||
| Tangible Common Equity to Tangible Assets (Non-GAAP) | 6.06 | % | 6.53 | % | 7.00 | % | ||||||
| Tier 1 Capital Ratio | 12.35 | % | 12.06 | % | 11.81 | % | ||||||
| Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) | 11.78 | % | 11.89 | % | 11.85 | % | ||||||
| Note: Risk-Weighted Assets and Regulatory capital ratios as of March 31, 2021 are preliminary. Risk-Weighted Assets revised from $10,941,909 and Tier 1 Capital Ratio revised from 11.85% as of March 31, 2020. |
| 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) | 2021 | 2020 | 2020 | |||||||||
| Interest Income | ||||||||||||
| Interest and Fees on Loans and Leases | $ | 99,299 | $ | 98,471 | $ | 108,210 | ||||||
| Income on Investment Securities | ||||||||||||
| Available-for-Sale | 15,837 | 15,449 | 16,711 | |||||||||
| Held-to-Maturity | 13,300 | 14,113 | 19,252 | |||||||||
| Deposits | 7 | 1 | 9 | |||||||||
| Funds Sold | 137 | 115 | 546 | |||||||||
| Other | 185 | 167 | 218 | |||||||||
| Total Interest Income | 128,765 | 128,316 | 144,946 | |||||||||
| Interest Expense | ||||||||||||
| Deposits | 4,329 | 4,861 | 14,260 | |||||||||
| Securities Sold Under Agreements to Repurchase | 3,533 | 3,614 | 4,025 | |||||||||
| Funds Purchased | 1 | 5 | 72 | |||||||||
| Short-Term Borrowings | - | - | 39 | |||||||||
| Other Debt | 333 | 337 | 584 | |||||||||
| Total Interest Expense | 8,196 | 8,817 | 18,980 | |||||||||
| Net Interest Income | 120,569 | 119,499 | 125,966 | |||||||||
| Provision for Credit Losses | (14,300 | ) | 15,200 | 33,600 | ||||||||
| Net Interest Income After Provision for Credit Losses | 134,869 | 104,299 | 92,366 | |||||||||
| Noninterest Income | ||||||||||||
| Trust and Asset Management | 11,278 | 11,239 | 10,915 | |||||||||
| Mortgage Banking | 5,862 | 6,851 | 2,695 | |||||||||
| Service Charges on Deposit Accounts | 6,128 | 6,335 | 7,451 | |||||||||
| Fees, Exchange, and Other Service Charges | 13,607 | 12,143 | 13,200 | |||||||||
| Investment Securities Gains (Losses), Net | (1,203 | ) | (1,193 | ) | (970 | ) | ||||||
| Annuity and Insurance | 702 | 670 | 928 | |||||||||
| Bank-Owned Life Insurance | 1,917 | 2,353 | 1,580 | |||||||||
| Other | 4,679 | 6,860 | 10,350 | |||||||||
| Total Noninterest Income | 42,970 | 45,258 | 46,149 | |||||||||
| Noninterest Expense | ||||||||||||
| Salaries and Benefits | 56,251 | 50,200 | 54,463 | |||||||||
| Net Occupancy | 9,090 | 14,536 | 8,955 | |||||||||
| Net Equipment | 8,878 | 9,574 | 8,456 | |||||||||
| Data Processing | 6,322 | 4,604 | 4,788 | |||||||||
| Professional Fees | 3,406 | 3,174 | 3,208 | |||||||||
| FDIC Insurance | 1,654 | 1,484 | 1,456 | |||||||||
| Other | 13,264 | 15,082 | 14,986 | |||||||||
| Total Noninterest Expense | 98,865 | 98,654 | 96,312 | |||||||||
| Income Before Provision for Income Taxes | 78,974 | 50,903 | 42,203 | |||||||||
| Provision for Income Taxes | 19,025 | 8,589 | 7,461 | |||||||||
| Net Income | $ | 59,949 | $ | 42,314 | $ | 34,742 | ||||||
| Basic Earnings Per Share | $ | 1.51 | $ | 1.06 | $ | 0.88 | ||||||
| Diluted Earnings Per Share | $ | 1.50 | $ | 1.06 | $ | 0.87 | ||||||
| Dividends Declared Per Share | $ | 0.67 | $ | 0.67 | $ | 0.67 | ||||||
| Basic Weighted Average Shares | 39,827,590 | 39,773,851 | 39,681,611 | |||||||||
| Diluted Weighted Average Shares | 40,071,477 | 39,963,736 | 39,916,986 | |||||||||
| Bank of Hawaii Corporation and Subsidiaries | |||||||||||
| Consolidated Statements of Comprehensive Income | Table 4 | ||||||||||
| Three Months Ended | |||||||||||
March 31, | December 31, | March 31, | |||||||||
| (dollars in thousands) | 2021 | 2020 | 2020 | ||||||||
| Net Income | $ | 59,949 | $ | 42,314 | $ | 34,742 | |||||
| Other Comprehensive Income (Loss), Net of Tax: | |||||||||||
| Net Unrealized Gains (Losses) on Investment Securities | (50,050 | ) | (961 | ) | 41,559 | ||||||
| Defined Benefit Plans | 441 | (5,616 | ) | 374 | |||||||
| Other Comprehensive Income (Loss) | (49,609 | ) | (6,577 | ) | 41,933 | ||||||
| Comprehensive Income | $ | 10,340 | $ | 35,737 | $ | 76,675 | |||||
| Bank of Hawaii Corporation and Subsidiaries | ||||||||||||
| Consolidated Statements of Condition | Table 5 | |||||||||||
March 31, | December 31, | March 31, | ||||||||||
| (dollars in thousands) | 2021 | 2020 | 2020 | |||||||||
| Assets | ||||||||||||
| Interest-Bearing Deposits in Other Banks | $ | 4,506 | $ | 1,646 | $ | 6,346 | ||||||
| Funds Sold | 1,101,631 | 333,022 | 96,898 | |||||||||
| Investment Securities | ||||||||||||
| Available-for-Sale | 4,024,763 | 3,791,689 | 2,681,049 | |||||||||
| Held-to-Maturity (Fair Value of $3,477,346; $3,348,693; and $3,104,020) | 3,464,360 | 3,262,727 | 3,004,139 | |||||||||
| Loans Held for Sale | 18,320 | 82,565 | 20,789 | |||||||||
| Loans and Leases | 12,140,703 | 11,940,020 | 11,352,780 | |||||||||
| Allowance for Credit Losses | (198,343 | ) | (216,252 | ) | (138,150 | ) | ||||||
| Net Loans and Leases | 11,942,360 | 11,723,768 | 11,214,630 | |||||||||
| Total Earning Assets | 20,555,940 | 19,195,417 | 17,023,851 | |||||||||
| Cash and Due from Banks | 286,717 | 279,420 | 453,465 | |||||||||
| Premises and Equipment, Net | 198,107 | 199,695 | 196,228 | |||||||||
| Operating Lease Right-of-Use Assets | 97,750 | 99,542 | 98,695 | |||||||||
| Accrued Interest Receivable | 47,917 | 49,303 | 46,996 | |||||||||
| Foreclosed Real Estate | 2,332 | 2,332 | 2,506 | |||||||||
| Mortgage Servicing Rights | 22,320 | 19,652 | 22,537 | |||||||||
| Goodwill | 31,517 | 31,517 | 31,517 | |||||||||
| Bank-Owned Life Insurance | 291,764 | 291,480 | 289,536 | |||||||||
| Other Assets | 412,907 | 435,293 | 376,902 | |||||||||
| Total Assets | $ | 21,947,271 | $ | 20,603,651 | $ | 18,542,233 | ||||||
| Liabilities | ||||||||||||
| Deposits | ||||||||||||
| Noninterest-Bearing Demand | $ | 6,227,436 | $ | 5,749,612 | $ | 4,378,918 | ||||||
| Interest-Bearing Demand | 4,379,243 | 4,040,733 | 3,261,101 | |||||||||
| Savings | 7,474,580 | 6,759,213 | 6,670,530 | |||||||||
| Time | 1,475,392 | 1,662,063 | 1,744,812 | |||||||||
| Total Deposits | 19,556,651 | 18,211,621 | 16,055,361 | |||||||||
| Funds Purchased | - | - | 75,000 | |||||||||
| Short-Term Borrowings | - | - | 75,000 | |||||||||
| Securities Sold Under Agreements to Repurchase | 600,490 | 600,590 | 603,206 | |||||||||
| Other Debt | 60,459 | 60,481 | 60,545 | |||||||||
| Operating Lease Liabilities | 105,820 | 107,412 | 106,180 | |||||||||
| Retirement Benefits Payable | 50,687 | 51,197 | 44,124 | |||||||||
| Accrued Interest Payable | 4,109 | 5,117 | 7,932 | |||||||||
| Taxes Payable and Deferred Taxes | 15,599 | 2,463 | 32,793 | |||||||||
| Other Liabilities | 193,235 | 190,263 | 154,163 | |||||||||
| Total Liabilities | 20,587,050 | 19,229,144 | 17,214,304 | |||||||||
| Shareholders' Equity | ||||||||||||
| Common Stock ($.01 par value; authorized 500,000,000 shares; | ||||||||||||
| issued / outstanding: March 31, 2021 - 58,553,365 / 40,394,234; | ||||||||||||
| December 31, 2020 - 58,285,624 / 40,119,312; | ||||||||||||
| and March 31, 2020 - 58,251,725 / 39,996,510) | 580 | 580 | 579 | |||||||||
| Capital Surplus | 594,804 | 591,360 | 584,392 | |||||||||
| Accumulated Other Comprehensive Income (Loss) | (41,787 | ) | 7,822 | 10,821 | ||||||||
| Retained Earnings | 1,844,057 | 1,811,979 | 1,773,607 | |||||||||
| Treasury Stock, at Cost (Shares: March 31, 2021 - 18,159,131; | ||||||||||||
| December 31, 2020 - 18,166,312; and March 31, 2020 - 18,255,215) | (1,037,433 | ) | (1,037,234 | ) | (1,041,470 | ) | ||||||
| Total Shareholders' Equity | 1,360,221 | 1,374,507 | 1,327,929 | |||||||||
| Total Liabilities and Shareholders' Equity | $ | 21,947,271 | $ | 20,603,651 | $ | 18,542,233 | ||||||
| Bank of Hawaii Corporation and Subsidiaries | |||||||||||||||||||||||||
| Consolidated Statements of Shareholders' Equity | Table 6 | ||||||||||||||||||||||||
Accum. | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Compre- | |||||||||||||||||||||||||
hensive | |||||||||||||||||||||||||
Common Shares | Common | Capital | Income | Retained | Treasury | ||||||||||||||||||||
| (dollars in thousands) | Outstanding | Stock | Surplus | (Loss) | Earnings | Stock | Total | ||||||||||||||||||
| 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 ($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 | ||||||||||
| Balance as of December 31, 2019 | 40,039,695 | $ | 579 | $ | 582,566 | $ | (31,112 | ) | $ | 1,761,415 | $ | (1,026,616 | ) | $ | 1,286,832 | ||||||||||
| Net Income | - | - | - | - | 34,742 | - | 34,742 | ||||||||||||||||||
| Other Comprehensive Income | - | - | - | 41,933 | - | - | 41,933 | ||||||||||||||||||
| Cumulative Change in Accounting Principle | - | - | - | - | 3,632 | - | 3,632 | ||||||||||||||||||
| Share-Based Compensation | - | - | 1,497 | - | - | - | 1,497 | ||||||||||||||||||
| Common Stock Issued under Purchase and Equity | |||||||||||||||||||||||||
| Compensation Plans | 154,091 | - | 329 | - | 653 | 2,779 | 3,761 | ||||||||||||||||||
| Common Stock Repurchased | (197,276 | ) | - | - | - | - | (17,633 | ) | (17,633 | ) | |||||||||||||||
| Cash Dividends Declared ($0.67 per share) | - | - | - | - | (26,835 | ) | - | (26,835 | ) | ||||||||||||||||
| Balance as of March 31, 2020 | 39,996,510 | $ | 579 | $ | 584,392 | $ | 10,821 | $ | 1,773,607 | $ | (1,041,470 | ) | $ | 1,327,929 | |||||||||||
| Bank of Hawaii Corporation and Subsidiaries | ||||||||||||||||||||||||||||
| Average Balances and Interest Rates - Taxable-Equivalent Basis | Table 7 | |||||||||||||||||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||
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 | $ | 3.2 | $ | - | 0.93 | % | $ | 2.2 | $ | - | 0.16 | % | $ | 1.4 | $ | - | 2.36 | % | ||||||||||
| Funds Sold | 550.6 | 0.1 | 0.10 | 451.6 | 0.1 | 0.10 | 152.8 | 0.6 | 1.41 | |||||||||||||||||||
| Investment Securities | ||||||||||||||||||||||||||||
| Available-for-Sale | ||||||||||||||||||||||||||||
| Taxable | 4,007.9 | 15.8 | 1.57 | 3,605.8 | 15.3 | 1.69 | 2,702.4 | 16.4 | 2.43 | |||||||||||||||||||
| Non-Taxable | 12.3 | 0.1 | 4.27 | 20.2 | 0.2 | 4.33 | 32.4 | 0.4 | 4.40 | |||||||||||||||||||
| Held-to-Maturity | ||||||||||||||||||||||||||||
| Taxable | 3,385.8 | 13.1 | 1.55 | 3,246.7 | 13.9 | 1.71 | 3,036.2 | 18.9 | 2.50 | |||||||||||||||||||
| Non-Taxable | 38.1 | 0.2 | 2.55 | 47.1 | 0.3 | 2.66 | 54.7 | 0.4 | 2.67 | |||||||||||||||||||
| Total Investment Securities | 7,444.1 | 29.2 | 1.57 | 6,919.8 | 29.7 | 1.71 | 5,825.7 | 36.1 | 2.48 | |||||||||||||||||||
| Loans Held for Sale | 26.2 | 0.2 | 2.76 | 15.1 | 0.1 | 2.98 | 23.2 | 0.2 | 3.54 | |||||||||||||||||||
| Loans and Leases 1 | ||||||||||||||||||||||||||||
| Commercial and Industrial | 1,904.5 | 14.3 | 3.05 | 1,897.4 | 14.0 | 2.95 | 1,409.3 | 13.2 | 3.77 | |||||||||||||||||||
| Commercial Mortgage | 2,846.0 | 21.3 | 3.04 | 2,768.0 | 21.7 | 3.12 | 2,549.4 | 25.1 | 3.96 | |||||||||||||||||||
| Construction | 264.1 | 2.3 | 3.48 | 257.4 | 2.3 | 3.62 | 213.2 | 2.5 | 4.65 | |||||||||||||||||||
| Commercial Lease Financing | 106.4 | 0.4 | 1.43 | 112.2 | (2.5 | ) | (9.07 | ) | 111.4 | 0.5 | 1.95 | |||||||||||||||||
| Residential Mortgage | 4,146.6 | 35.9 | 3.46 | 4,089.7 | 36.4 | 3.57 | 3,895.4 | 36.9 | 3.79 | |||||||||||||||||||
| Home Equity | 1,594.1 | 12.6 | 3.20 | 1,600.9 | 13.2 | 3.28 | 1,680.2 | 15.2 | 3.64 | |||||||||||||||||||
| Automobile | 708.3 | 6.1 | 3.51 | 706.1 | 6.4 | 3.59 | 721.0 | 6.4 | 3.56 | |||||||||||||||||||
| Other 2 | 382.6 | 6.4 | 6.75 | 404.2 | 7.0 | 6.85 | 480.8 | 8.4 | 7.06 | |||||||||||||||||||
| Total Loans and Leases | 11,952.6 | 99.3 | 3.35 | 11,835.9 | 98.5 | 3.32 | 11,060.7 | 108.2 | 3.93 | |||||||||||||||||||
| Other | 33.4 | 0.2 | 2.21 | 33.3 | 0.2 | 2.01 | 34.3 | 0.2 | 2.54 | |||||||||||||||||||
| Total Earning Assets 3 | 20,010.1 | 129.0 | 2.60 | 19,257.9 | 128.6 | 2.66 | 17,098.1 | 145.3 | 3.41 | |||||||||||||||||||
| Cash and Due from Banks | 270.7 | 240.4 | 278.8 | |||||||||||||||||||||||||
| Other Assets | 869.9 | 884.3 | 845.7 | |||||||||||||||||||||||||
| Total Assets | $ | 21,150.7 | $ | 20,382.6 | $ | 18,222.6 | ||||||||||||||||||||||
| Interest-Bearing Liabilities | ||||||||||||||||||||||||||||
| Interest-Bearing Deposits | ||||||||||||||||||||||||||||
| Demand | $ | 4,186.4 | 0.6 | 0.06 | $ | 3,899.5 | 0.6 | 0.06 | $ | 3,110.0 | 1.0 | 0.12 | ||||||||||||||||
| Savings | 7,016.6 | 1.5 | 0.09 | 6,728.8 | 1.4 | 0.08 | 6,502.4 | 7.1 | 0.44 | |||||||||||||||||||
| Time | 1,630.0 | 2.2 | 0.56 | 1,696.0 | 2.9 | 0.68 | 1,743.0 | 6.2 | 1.43 | |||||||||||||||||||
| Total Interest-Bearing Deposits | 12,833.0 | 4.3 | 0.14 | 12,324.3 | 4.9 | 0.16 | 11,355.4 | 14.3 | 0.51 | |||||||||||||||||||
| Short-Term Borrowings | 2.4 | - | 0.09 | 19.2 | - | 0.10 | 57.8 | 0.1 | 0.76 | |||||||||||||||||||
| Securities Sold Under Agreements to Repurchase | 600.5 | 3.6 | 2.35 | 600.9 | 3.6 | 2.35 | 604.1 | 4.0 | 2.64 | |||||||||||||||||||
| Other Debt | 60.5 | 0.3 | 2.22 | 60.5 | 0.3 | 2.22 | 66.9 | 0.6 | 3.51 | |||||||||||||||||||
| Total Interest-Bearing Liabilities | 13,496.4 | 8.2 | 0.24 | 13,004.9 | 8.8 | 0.27 | 12,084.2 | 19.0 | 0.63 | |||||||||||||||||||
| Net Interest Income | $ | 120.8 | $ | 119.8 | $ | 126.3 | ||||||||||||||||||||||
| Interest Rate Spread | 2.36 | % | 2.39 | % | 2.78 | % | ||||||||||||||||||||||
| Net Interest Margin | 2.43 | % | 2.48 | % | 2.96 | % | ||||||||||||||||||||||
| Noninterest-Bearing Demand Deposits | 5,832.2 | 5,494.8 | 4,462.3 | |||||||||||||||||||||||||
| Other Liabilities | 444.8 | 509.9 | 362.3 | |||||||||||||||||||||||||
| Shareholders' Equity | 1,377.3 | 1,373.0 | 1,313.8 | |||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity | $ | 21,150.7 | $ | 20,382.6 | $ | 18,222.6 | ||||||||||||||||||||||
1 | 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. | |
2 | Comprised of other consumer revolving credit, installment, and consumer lease financing. | |
3 | Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $252,000, $287,000, and $357,000 for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively. |
| Bank of Hawaii Corporation and Subsidiaries | ||||||||||||
| Analysis of Change in Net Interest Income - Taxable-Equivalent Basis | Table 8a | |||||||||||
Three Months Ended March 31, 2021 | ||||||||||||
Compared to December 31, 2020 | ||||||||||||
| (dollars in millions) | Volume 1 | Rate 1 | Total | |||||||||
| Change in Interest Income: | ||||||||||||
| Investment Securities | ||||||||||||
| Available-for-Sale | ||||||||||||
| Taxable | $ | 1.6 | $ | (1.1 | ) | $ | 0.5 | |||||
| Non-Taxable | (0.1 | ) | - | (0.1 | ) | |||||||
| Held-to-Maturity | ||||||||||||
| Taxable | 0.6 | (1.4 | ) | (0.8 | ) | |||||||
| Non-Taxable | (0.1 | ) | - | (0.1 | ) | |||||||
| Total Investment Securities | 2.0 | (2.5 | ) | (0.5 | ) | |||||||
| Loans Held for Sale | 0.1 | - | 0.1 | |||||||||
| Loans and Leases | ||||||||||||
| Commercial and Industrial | - | 0.3 | 0.3 | |||||||||
| Commercial Mortgage | 0.4 | (0.8 | ) | (0.4 | ) | |||||||
| Construction | 0.1 | (0.1 | ) | - | ||||||||
| Commercial Lease Financing | 0.1 | 2.8 | 2.9 | |||||||||
| Residential Mortgage | 0.5 | (1.0 | ) | (0.5 | ) | |||||||
| Home Equity | (0.1 | ) | (0.5 | ) | (0.6 | ) | ||||||
| Automobile | - | (0.3 | ) | (0.3 | ) | |||||||
| Other 2 | (0.5 | ) | (0.1 | ) | (0.6 | ) | ||||||
| Total Loans and Leases | 0.5 | 0.3 | 0.8 | |||||||||
| Total Change in Interest Income | 2.6 | (2.2 | ) | 0.4 | ||||||||
| Change in Interest Expense: | ||||||||||||
| Interest-Bearing Deposits | ||||||||||||
| Savings | - | 0.1 | 0.1 | |||||||||
| Time | (0.1 | ) | (0.6 | ) | (0.7 | ) | ||||||
| Total Interest-Bearing Deposits | (0.1 | ) | (0.5 | ) | (0.6 | ) | ||||||
| Total Change in Interest Expense | (0.1 | ) | (0.5 | ) | (0.6 | ) | ||||||
| Change in Net Interest Income | $ | 2.7 | $ | (1.7 | ) | $ | 1.0 | |||||
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, 2021 | ||||||||||||
| Compared to March 31, 2020 | ||||||||||||
| (dollars in millions) | Volume 1 | Rate 1 | Total | |||||||||
| Change in Interest Income: | ||||||||||||
| Funds Sold | $ | 0.4 | $ | (0.9 | ) | $ | (0.5 | ) | ||||
| Investment Securities | ||||||||||||
| Available-for-Sale | ||||||||||||
| Taxable | 6.4 | (7.0 | ) | (0.6 | ) | |||||||
| Non-Taxable | (0.2 | ) | (0.1 | ) | (0.3 | ) | ||||||
| Held-to-Maturity | ||||||||||||
| Taxable | 2.0 | (7.8 | ) | (5.8 | ) | |||||||
| Non-Taxable | (0.1 | ) | (0.1 | ) | (0.2 | ) | ||||||
| Total Investment Securities | 8.1 | (15.0 | ) | (6.9 | ) | |||||||
| Loans and Leases | ||||||||||||
| Commercial and Industrial | 3.9 | (2.8 | ) | 1.1 | ||||||||
| Commercial Mortgage | 2.6 | (6.4 | ) | (3.8 | ) | |||||||
| Construction | 0.5 | (0.7 | ) | (0.2 | ) | |||||||
| Commercial Lease Financing | - | (0.1 | ) | (0.1 | ) | |||||||
| Residential Mortgage | 2.3 | (3.3 | ) | (1.0 | ) | |||||||
| Home Equity | (0.8 | ) | (1.8 | ) | (2.6 | ) | ||||||
| Automobile | (0.2 | ) | (0.1 | ) | (0.3 | ) | ||||||
| Other 2 | (1.7 | ) | (0.3 | ) | (2.0 | ) | ||||||
| Total Loans and Leases | 6.6 | (15.5 | ) | (8.9 | ) | |||||||
| Total Change in Interest Income | 15.1 | (31.4 | ) | (16.3 | ) | |||||||
| Change in Interest Expense: | ||||||||||||
| Interest-Bearing Deposits | ||||||||||||
| Demand | 0.2 | (0.6 | ) | (0.4 | ) | |||||||
| Savings | 0.5 | (6.1 | ) | (5.6 | ) | |||||||
| Time | (0.4 | ) | (3.6 | ) | (4.0 | ) | ||||||
| Total Interest-Bearing Deposits | 0.3 | (10.3 | ) | (10.0 | ) | |||||||
| Short-Term Borrowings | (0.1 | ) | - | (0.1 | ) | |||||||
| Securities Sold Under Agreements to Repurchase | 0.1 | (0.5 | ) | (0.4 | ) | |||||||
| Other Debt | (0.1 | ) | (0.2 | ) | (0.3 | ) | ||||||
| Total Change in Interest Expense | 0.2 | (11.0 | ) | (10.8 | ) | |||||||
| Change in Net Interest Income | $ | 14.9 | $ | (20.4 | ) | $ | (5.5 | ) | ||||
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) | 2021 | 2020 | 2020 | |||||||
| Salaries | $ | 31,569 | $ | 33,907 | $ | 33,486 | ||||
| Incentive Compensation | 5,914 | 3,084 | 245 | |||||||
| Share-Based Compensation | 2,584 | 2,029 | 1,291 | |||||||
| Commission Expense | 2,436 | 2,164 | 1,374 | |||||||
| Retirement and Other Benefits | 5,517 | 5,212 | 4,706 | |||||||
| Payroll Taxes | 3,968 | 2,292 | 4,543 | |||||||
| Medical, Dental, and Life Insurance | 2,424 | 1,523 | 4,142 | |||||||
| Separation Expense | 1,839 | (11 | ) | 4,676 | ||||||
| Total Salaries and Benefits | $ | 56,251 | $ | 50,200 | $ | 54,463 | ||||
| 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) | 2021 | 2020 | 2020 | 2020 | 2020 | |||||
| Commercial | ||||||||||
| Commercial and Industrial | $ 2,013,981 | $ 1,875,293 | $ 1,908,482 | $ 1,956,939 | $ 1,558,232 | |||||
| Commercial Mortgage | 2,859,246 | 2,854,829 | 2,745,611 | 2,707,534 | 2,616,243 | |||||
| Construction | 281,164 | 259,798 | 250,943 | 245,099 | 245,390 | |||||
| Lease Financing | 104,980 | 110,766 | 111,831 | 113,187 | 110,704 | |||||
| Total Commercial | 5,259,371 | 5,100,686 | 5,016,867 | 5,022,759 | 4,530,569 | |||||
| Consumer | ||||||||||
| Residential Mortgage | 4,216,976 | 4,130,513 | 4,044,228 | 3,989,393 | 3,928,183 | |||||
| Home Equity | 1,577,500 | 1,604,538 | 1,605,486 | 1,640,887 | 1,692,154 | |||||
| Automobile | 710,407 | 708,800 | 709,937 | 700,702 | 716,214 | |||||
| Other 1 | 376,449 | 395,483 | 417,090 | 451,629 | 485,660 | |||||
| Total Consumer | 6,881,332 | 6,839,334 | 6,776,741 | 6,782,611 | 6,822,211 | |||||
| Total Loans and Leases | $ 12,140,703 | $ 11,940,020 | $ 11,793,608 | $ 11,805,370 | $ 11,352,780 | |||||
| Deposits | ||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||
| (dollars in thousands) | 2021 | 2020 | 2020 | 2020 | 2020 | |||||
| Consumer | $ 9,746,713 | $ 9,347,725 | $ 8,903,808 | $ 8,766,885 | $ 8,294,464 | |||||
| Commercial | 8,241,102 | 7,302,832 | 7,159,531 | 7,295,033 | 6,358,583 | |||||
| Public and Other | 1,568,836 | 1,561,064 | 1,675,544 | 1,361,237 | 1,402,314 | |||||
| Total Deposits | $ 19,556,651 | $ 18,211,621 | $ 17,738,883 | $ 17,423,155 | $ 16,055,361 | |||||
1 | 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) | 2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||||
| Non-Performing Assets | ||||||||||||||||||||
| Non-Accrual Loans and Leases | ||||||||||||||||||||
| Commercial | ||||||||||||||||||||
| Commercial and Industrial | $ | 293 | $ | 441 | $ | 475 | $ | 459 | $ | 634 | ||||||||||
| Commercial Mortgage | 8,503 | 8,527 | 8,615 | 8,672 | 9,048 | |||||||||||||||
| Total Commercial | 8,796 | 8,968 | 9,090 | 9,131 | 9,682 | |||||||||||||||
| Consumer | ||||||||||||||||||||
| Residential Mortgage | 1,804 | 3,223 | 3,543 | 5,888 | 4,330 | |||||||||||||||
| Home Equity | 4,951 | 3,958 | 3,661 | 5,176 | 4,086 | |||||||||||||||
| Total Consumer | 6,755 | 7,181 | 7,204 | 11,064 | 8,416 | |||||||||||||||
| Total Non-Accrual Loans and Leases | 15,551 | 16,149 | 16,294 | 20,195 | 18,098 | |||||||||||||||
| Foreclosed Real Estate | 2,332 | 2,332 | 2,332 | 2,506 | 2,506 | |||||||||||||||
| Total Non-Performing Assets | $ | 17,883 | $ | 18,481 | $ | 18,626 | $ | 22,701 | $ | 20,604 | ||||||||||
| Accruing Loans and Leases Past Due 90 Days or More | ||||||||||||||||||||
| Commercial | ||||||||||||||||||||
| Commercial and Industrial | $ | 9 | $ | - | $ | - | $ | - | $ | - | ||||||||||
| Total Commercial | 9 | - | - | - | - | |||||||||||||||
| Consumer | ||||||||||||||||||||
| Residential Mortgage | $ | 4,069 | $ | 5,274 | $ | 6,607 | $ | 4,937 | $ | 3,024 | ||||||||||
| Home Equity | 4,906 | 3,187 | 2,571 | 3,519 | 3,426 | |||||||||||||||
| Automobile | 604 | 925 | 156 | 133 | 866 | |||||||||||||||
| Other 1 | 828 | 1,160 | 258 | 296 | 1,205 | |||||||||||||||
| Total Consumer | 10,407 | 10,546 | 9,592 | 8,885 | 8,521 | |||||||||||||||
| Total Accruing Loans and Leases Past Due 90 Days or More | $ | 10,416 | $ | 10,546 | $ | 9,592 | $ | 8,885 | $ | 8,521 | ||||||||||
| Restructured Loans on Accrual Status | ||||||||||||||||||||
| and Not Past Due 90 Days or More | $ | 74,216 | $ | 68,065 | $ | 58,650 | $ | 59,713 | $ | 61,425 | ||||||||||
| Total Loans and Leases | $ | 12,140,703 | $ | 11,940,020 | $ | 11,793,608 | $ | 11,805,370 | $ | 11,352,780 | ||||||||||
| Ratio of Non-Accrual Loans and Leases to Total Loans and Leases | 0.13 | % | 0.14 | % | 0.14 | % | 0.17 | % | 0.16 | % | ||||||||||
| Ratio of Non-Performing Assets to Total Loans and Leases | ||||||||||||||||||||
| and Foreclosed Real Estate | 0.15 | % | 0.15 | % | 0.16 | % | 0.19 | % | 0.18 | % | ||||||||||
| Ratio of Commercial Non-Performing Assets to Total Commercial Loans | ||||||||||||||||||||
| and Leases and Commercial Foreclosed Real Estate | 0.17 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.21 | % | ||||||||||
| Ratio of Consumer Non-Performing Assets to Total Consumer Loans | ||||||||||||||||||||
| and Leases and Consumer Foreclosed Real Estate | 0.13 | % | 0.14 | % | 0.14 | % | 0.20 | % | 0.16 | % | ||||||||||
| 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 | 0.23 | % | 0.24 | % | 0.24 | % | 0.27 | % | 0.26 | % | ||||||||||
| Quarter to Quarter Changes in Non-Performing Assets | ||||||||||||||||||||
| Balance at Beginning of Quarter | $ | 18,481 | $ | 18,626 | $ | 22,701 | $ | 20,604 | $ | 20,117 | ||||||||||
| Additions | 2,992 | 434 | 938 | 5,856 | 1,754 | |||||||||||||||
| Reductions | ||||||||||||||||||||
| Payments | (2,481 | ) | (490 | ) | (3,729 | ) | (2,736 | ) | (315 | ) | ||||||||||
| Return to Accrual Status | (1,014 | ) | - | (1,035 | ) | (822 | ) | (437 | ) | |||||||||||
| Sales of Foreclosed Real Estate | - | - | (175 | ) | - | (231 | ) | |||||||||||||
| Charge-offs/Write-downs | (95 | ) | (89 | ) | (74 | ) | (201 | ) | (284 | ) | ||||||||||
| Total Reductions | (3,590 | ) | (579 | ) | (5,013 | ) | (3,759 | ) | (1,267 | ) | ||||||||||
| Balance at End of Quarter | $ | 17,883 | $ | 18,481 | $ | 18,626 | $ | 22,701 | $ | 20,604 | ||||||||||
| 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) | 2021 | 2020 | 2020 | |||||||||
| Balance at Beginning of Period | $ | 221,303 | $ | 205,813 | $ | 116,849 | ||||||
| CECL Adoption (Day 1) Impact | - | - | (5,072 | ) | ||||||||
| Loans and Leases Charged-Off | ||||||||||||
| Commercial | ||||||||||||
| Commercial and Industrial | (248 | ) | (177 | ) | (693 | ) | ||||||
| Consumer | ||||||||||||
| Residential Mortgage | (4 | ) | (120 | ) | (20 | ) | ||||||
| Home Equity | (16 | ) | (81 | ) | - | |||||||
| Automobile | (2,109 | ) | (393 | ) | (2,500 | ) | ||||||
| Other 1 | (3,914 | ) | (2,460 | ) | (3,964 | ) | ||||||
| Total Loans and Leases Charged-Off | (6,291 | ) | (3,231 | ) | (7,177 | ) | ||||||
| Recoveries on Loans and Leases Previously Charged-Off | ||||||||||||
| Commercial | ||||||||||||
| Commercial and Industrial | 112 | 244 | 289 | |||||||||
| Commercial Mortgage | - | - | 40 | |||||||||
| Consumer | ||||||||||||
| Residential Mortgage | 955 | 497 | 263 | |||||||||
| Home Equity | 533 | 868 | 976 | |||||||||
| Automobile | 919 | 910 | 1,005 | |||||||||
| Other 1 | 856 | 968 | 864 | |||||||||
| Total Recoveries on Loans and Leases Previously Charged-Off | 3,375 | 3,487 | 3,437 | |||||||||
| Net Recovered (Charged-Off) - Loans and Leases | (2,916 | ) | 256 | (3,740 | ) | |||||||
| Net Charged-Off - Accrued Interest Receivable | (308 | ) | - | - | ||||||||
| Provision for Credit Losses: | ||||||||||||
| Loans and Leases | (14,993 | ) | 12,500 | 33,600 | ||||||||
| Accrued Interest Receivable 2 | - | 2,700 | - | |||||||||
| Unfunded Commitments 3 | 693 | 34 | (170 | ) | ||||||||
| Balance at End of Period | $ | 203,779 | $ | 221,303 | $ | 141,467 | ||||||
| Components | ||||||||||||
| Allowance for Credit Losses - Loans and Leases | $ | 198,343 | 216,252 | 138,150 | ||||||||
| Allowance for Credit Losses - Accrued Interest Receivable 2 | 2,392 | 2,700 | - | |||||||||
| Reserve for Unfunded Commitments 3 | 3,044 | 2,351 | 3,317 | |||||||||
| Total Reserve for Credit Losses | $ | 203,779 | $ | 221,303 | $ | 141,467 | ||||||
| Average Loans and Leases Outstanding | $ | 11,952,587 | $ | 11,835,929 | $ | 11,060,707 | ||||||
| Ratio of Net Loans and Leases Charged-Off (Recovered) to | ||||||||||||
| Average Loans and Leases Outstanding (annualized) | 0.10 | % | (0.01 | %) | 0.14 | % | ||||||
| Ratio of Allowance for Credit Losses to Loans and Leases Outstanding | 1.63 | % | 1.81 | % | 1.22 | % | ||||||
1 | Comprised of other revolving credit, installment, and lease financing. | |
2 | Beginning December 31, 2020, the Company established a reserve on accrued interest receivable related to loans in which interest payment forbearances were granted to borrowers impacted by the COVID-19 pandemic. The reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses. | |
3 | The reserve for unfunded commitments is separately recorded in other liabilities in the consolidated statements of condition. For the three months ended March 31, 2021, the offsetting provision was recorded in provision for credit losses in the consolidated statements of income. In previous reporting periods, the offsetting provision was recorded in other noninterest expense. |
| 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, 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 | ||||||||
| Three Months Ended March 31, 2020 1 | ||||||||||||||||
| Net Interest Income | $ | 73,914 | $ | 45,237 | $ | 6,815 | $ | 125,966 | ||||||||
| Provision for Credit Losses | 3,451 | 290 | 29,859 | 33,600 | ||||||||||||
| Net Interest Income (Loss) After Provision for Credit Losses | 70,463 | 44,947 | (23,044 | ) | 92,366 | |||||||||||
| Noninterest Income | 32,590 | 11,735 | 1,824 | 46,149 | ||||||||||||
| Noninterest Expense | (70,746 | ) | (17,346 | ) | (8,220 | ) | (96,312 | ) | ||||||||
| Income (Loss) Before Income Taxes | 32,307 | 39,336 | (29,440 | ) | 42,203 | |||||||||||
| Provision for Income Taxes | (8,116 | ) | (9,555 | ) | 10,210 | (7,461 | ) | |||||||||
| Net Income (Loss) | $ | 24,191 | $ | 29,781 | $ | (19,230 | ) | $ | 34,742 | |||||||
| Total Assets as of March 31, 2020 1 | $ | 7,388,217 | $ | 4,728,651 | $ | 6,425,365 | $ | 18,542,233 | ||||||||
1 | Certain prior period information has been reclassified to conform to current presentation. |
| 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) | 2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||||||||
| Quarterly Operating Results | ||||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||||
| Interest and Fees on Loans and Leases | $ | 99,299 | $ | 98,471 | $ | 103,189 | $ | 107,628 | $ | 108,210 | ||||||||||||||
| Income on Investment Securities | ||||||||||||||||||||||||
| Available-for-Sale | 15,837 | 15,449 | 14,558 | 14,576 | 16,711 | |||||||||||||||||||
| Held-to-Maturity | 13,300 | 14,113 | 15,967 | 16,723 | 19,252 | |||||||||||||||||||
| Deposits | 7 | 1 | 3 | 1 | 9 | |||||||||||||||||||
| Funds Sold | 137 | 115 | 149 | 92 | 546 | |||||||||||||||||||
| Other | 185 | 167 | 151 | 125 | 218 | |||||||||||||||||||
| Total Interest Income | 128,765 | 128,316 | 134,017 | 139,145 | 144,946 | |||||||||||||||||||
| Interest Expense | ||||||||||||||||||||||||
| Deposits | 4,329 | 4,861 | 5,891 | 7,954 | 14,260 | |||||||||||||||||||
| Securities Sold Under Agreements to Repurchase | 3,533 | 3,614 | 3,622 | 4,020 | 4,025 | |||||||||||||||||||
| Funds Purchased | 1 | 5 | - | 18 | 72 | |||||||||||||||||||
| Short-Term Borrowings | - | - | 1 | 22 | 39 | |||||||||||||||||||
| Other Debt | 333 | 337 | 337 | 440 | 584 | |||||||||||||||||||
| Total Interest Expense | 8,196 | 8,817 | 9,851 | 12,454 | 18,980 | |||||||||||||||||||
| Net Interest Income | 120,569 | 119,499 | 124,166 | 126,691 | 125,966 | |||||||||||||||||||
| Provision for Credit Losses | (14,300 | ) | 15,200 | 28,600 | 40,400 | 33,600 | ||||||||||||||||||
| Net Interest Income After Provision for Credit Losses | 134,869 | 104,299 | 95,566 | 86,291 | 92,366 | |||||||||||||||||||
| Noninterest Income | ||||||||||||||||||||||||
| Trust and Asset Management | 11,278 | 11,239 | 10,752 | 10,550 | 10,915 | |||||||||||||||||||
| Mortgage Banking | 5,862 | 6,851 | 4,047 | 4,278 | 2,695 | |||||||||||||||||||
| Service Charges on Deposit Accounts | 6,128 | 6,335 | 6,027 | 5,097 | 7,451 | |||||||||||||||||||
| Fees, Exchange, and Other Service Charges | 13,607 | 12,143 | 12,296 | 9,417 | 13,200 | |||||||||||||||||||
| Investment Securities Gains (Losses), Net | (1,203 | ) | (1,193 | ) | (1,121 | ) | 13,216 | (970 | ) | |||||||||||||||
| Annuity and Insurance | 702 | 670 | 881 | 883 | 928 | |||||||||||||||||||
| Bank-Owned Life Insurance | 1,917 | 2,353 | 1,806 | 1,649 | 1,580 | |||||||||||||||||||
| Other | 4,679 | 6,860 | 7,046 | 6,178 | 10,350 | |||||||||||||||||||
| Total Noninterest Income | 42,970 | 45,258 | 41,734 | 51,268 | 46,149 | |||||||||||||||||||
| Noninterest Expense | ||||||||||||||||||||||||
| Salaries and Benefits | 56,251 | 50,200 | 51,951 | 50,715 | 54,463 | |||||||||||||||||||
| Net Occupancy | 9,090 | 14,536 | 7,281 | 8,761 | 8,955 | |||||||||||||||||||
| Net Equipment | 8,878 | 9,574 | 9,223 | 8,195 | 8,456 | |||||||||||||||||||
| Data Processing | 6,322 | 4,604 | 4,691 | 4,416 | 4,788 | |||||||||||||||||||
| Professional Fees | 3,406 | 3,174 | 2,743 | 3,061 | 3,208 | |||||||||||||||||||
| FDIC Insurance | 1,654 | 1,484 | 1,282 | 1,558 | 1,456 | |||||||||||||||||||
| Other | 13,264 | 15,082 | 12,778 | 12,186 | 14,986 | |||||||||||||||||||
| Total Noninterest Expense | 98,865 | 98,654 | 89,949 | 88,892 | 96,312 | |||||||||||||||||||
| Income Before Provision for Income Taxes | 78,974 | 50,903 | 47,351 | 48,667 | 42,203 | |||||||||||||||||||
| Provision for Income Taxes | 19,025 | 8,589 | 9,511 | 9,759 | 7,461 | |||||||||||||||||||
| Net Income | $ | 59,949 | $ | 42,314 | $ | 37,840 | $ | 38,908 | $ | 34,742 | ||||||||||||||
| Basic Earnings Per Share | $ | 1.51 | $ | 1.06 | $ | 0.95 | $ | 0.98 | $ | 0.88 | ||||||||||||||
| Diluted Earnings Per Share | $ | 1.50 | $ | 1.06 | $ | 0.95 | $ | 0.98 | $ | 0.87 | ||||||||||||||
| Balance Sheet Totals | ||||||||||||||||||||||||
| Loans and Leases | $ | 12,140,703 | $ | 11,940,020 | $ | 11,793,608 | $ | 11,805,370 | $ | 11,352,780 | ||||||||||||||
| Total Assets | 21,947,271 | 20,603,651 | 20,109,489 | 19,769,942 | 18,542,233 | |||||||||||||||||||
| Total Deposits | 19,556,651 | 18,211,621 | 17,738,883 | 17,423,155 | 16,055,361 | |||||||||||||||||||
| Total Shareholders' Equity | 1,360,221 | 1,374,507 | 1,361,739 | 1,352,082 | 1,327,929 | |||||||||||||||||||
| Performance Ratios | ||||||||||||||||||||||||
| Return on Average Assets | 1.15 | % | 0.83 | % | 0.76 | % | 0.82 | % | 0.77 | % | ||||||||||||||
| Return on Average Shareholders' Equity | 17.65 | 12.26 | 11.01 | 11.58 | 10.64 | |||||||||||||||||||
| Efficiency Ratio 1 | 60.45 | 59.88 | 54.22 | 49.95 | 55.96 | |||||||||||||||||||
| Net Interest Margin 2 | 2.43 | 2.48 | 2.67 | 2.83 | 2.96 | |||||||||||||||||||
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, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
| Hawaii Economic Trends | |||||||||||||||||
| State General Fund Revenues 1 | $ 1,111.9 | (17.6) | % | $ 6,415.1 | (12.3) | % | $ 7,316.5 | 5.5 | % | ||||||||
| General Excise and Use Tax Revenue 1 | $ 551.1 | (18.9) | % | $ 3,038.8 | (15.6) | % | $ 3,602.2 | 5.1 | % | ||||||||
| Jobs 2 | 595.3 | 588.2 | 659.7 | ||||||||||||||
March 31, | December 31, | ||||||||||||||||
| (spot rates) | 2021 | 2020 | 2019 | ||||||||||||||
| Unemployment, seasonally adjusted 3 | |||||||||||||||||
| Statewide | 9.0 | % | 10.3 | % | 2.1 | % | |||||||||||
| Oahu | 7.6 | 9.3 | 2.0 | ||||||||||||||
| Island of Hawaii | 8.3 | 10.1 | 2.5 | ||||||||||||||
| Maui | 12.1 | 14.3 | 2.0 | ||||||||||||||
| Kauai | 13.0 | 13.9 | 2.1 | ||||||||||||||
March 31, | December 31, | ||||||||||||||||
| (percentage change, except months of inventory) | 2021 | 2020 | 2019 | 2018 | |||||||||||||
| Housing Trends (Single Family Oahu) 4 | |||||||||||||||||
| Median Home Price | 17.3 | % | 5.2 | % | (0.1) | % | 4.6 | % | |||||||||
| Home Sales Volume (units) | 11.9 | % | 2.3 | % | 3.9 | % | (7.7) | % | |||||||||
| Months of Inventory | 1.3 | 1.4 | 2.5 | 2.8 | |||||||||||||
| Monthly Visitor Arrivals, | Percentage Change | ||||||||||||||||
| (in thousands) | Not Seasonally Adjusted | from Previous Year | |||||||||||||||
| Tourism 5 | |||||||||||||||||
| 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 | 76.6 | (90.4) | |||||||||||||||
| September 30, 2020 | 18.9 | (97.4) | |||||||||||||||
| August 31, 2020 | 22.3 | (97.6) | |||||||||||||||
| 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 | |||||||||||||||
| December 31, 2019 | 952.4 | 5.8 | |||||||||||||||
| November 30, 2019 | 809.1 | 3.9 | |||||||||||||||
| October 31, 2019 | 796.2 | 4.3 | |||||||||||||||
| September 30, 2019 | 738.2 | 3.1 | |||||||||||||||
| August 31, 2019 | 926.4 | 9.6 | |||||||||||||||
| July 31, 2019 | 995.2 | 5.9 | |||||||||||||||
| June 30, 2019 | 951.6 | 6.1 | |||||||||||||||
| May 31, 2019 | 841.4 | 4.6 | |||||||||||||||
| April 30, 2019 | 856.3 | 6.6 | |||||||||||||||
| March 31, 2019 | 939.1 | 3.9 | |||||||||||||||
| February 28, 2019 | 782.7 | 0.5 | |||||||||||||||
| January 31, 2019 | 820.6 | 3.0 | |||||||||||||||
1 | Source: Hawaii Department of Business, Economic Development & Tourism | |
2 | Source: U. S. Bureau of Labor Statistics | |
3 | Source: UHERO | |
4 | Source: Honolulu Board of REALTORS | |
5 | Source: Hawaii Tourism Authority |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005158/en/
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Email: Melissa.Torres-Laing@boh.com
Telephone: 808-694-8384
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