BANK OF HAWAII CORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

BOH$70.46-0.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

	Year Ended December 31,
(dollars in thousands)	2023	2022	2021
Operating Activities
Net Income	$171,202	$225,804	$253,372
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Provision for Credit Losses	9,000	(7,800)	(50,500)
Depreciation and Amortization	21,324	21,377	21,084
Amortization of Deferred Loans and Leases Fees, Net	491	(215)	(16,728)
Amortization and Accretion of Premiums/Discounts on Investment Securities, Net	13,222	20,824	36,488
Amortization of Operating Lease Right-of-Use-Assets	11,667	11,843	11,493
Share-Based Compensation	15,656	16,066	13,267
Benefit Plan Contributions	(2,141)	(1,679)	(1,687)
Deferred Income Taxes	(11,205)	(2,713)	3,020
Gains on Sale of Premises and Equipment	—	—	(8,655)
Loss on Agreement to Sell Assets That Will Terminate Certain Leveraged Leases	—	6,918	—
Net Gains on Sales of Loans and Leases	(2,103)	(4,100)	(14,889)
Net Losses on Investment Securities	11,455	6,111	1,297
Proceeds from Sales of Loans Held for Sale	57,738	133,715	508,199
Originations of Loans Held for Sale	(60,084)	(106,965)	(408,210)
Net Tax Benefits from Share-Based Compensation	(516)	166	1,611
Net Change in Other Assets and Other Liabilities	(85,485)	13,608	27,989
Net Cash Provided by Operating Activities	150,221	332,960	377,151
Investing Activities
Investment Securities Available-for-Sale:
Proceeds from Sales, Prepayments and Maturities	463,442	677,087	1,487,043
Purchases	(511)	(1,058,922)	(2,100,693)
Investment Securities Held-to-Maturity:
Proceeds from Prepayments and Maturities	434,528	645,463	1,221,585
Purchases	—	(91,229)	(2,676,376)
Net Change in Loans and Leases	(325,262)	(1,397,056)	(342,767)
Premises and Equipment, Net	(9,402)	(28,761)	(22,372)
Proceeds from Sale of Premises and Equipment	—	—	10,246
Net Cash Provided by (Used in) Investing Activities	562,795	(1,253,418)	(2,423,334)
Financing Activities
Net Change in Deposits	439,349	255,588	2,148,487
Net Change in Short-Term Borrowings	(575,000)	275,000	(150,100)
Proceeds from Other Debt	1,350,000	400,000	—
Repayments of Other Debt	(1,200,104)	(97)	(50,090)
Proceeds from Issuance of Preferred Stock	—	—	175,487
Proceeds from Issuance of Common Stock	5,878	6,797	13,611
Repurchase of Common Stock	(14,290)	(55,063)	(31,258)
Cash Dividends Paid on Common Stock	(111,795)	(112,557)	(110,633)
Cash Dividends Paid on Preferred Stock	(7,877)	(7,877)	(2,975)
Net Cash (Used in) Provided by Financing Activities	(113,839)	761,791	1,992,529
Net Change in Cash and Cash Equivalents	599,177	(158,667)	(53,654)
Cash and Cash Equivalents at Beginning of Period	401,767	560,434	614,088
Cash and Cash Equivalents at End of Period	$1,000,944	$401,767	$560,434
Supplemental Information
Cash Paid for Interest	$282,025	$49,609	$32,044
Cash Paid for Income Taxes	52,246	53,025	48,764
Non-Cash Investing and Financing Activities:
Transfer of Investment Securities from Available-for-Sale to Held-to-Maturity	—	1,275,043	—
Transfer from Loans to Foreclosed Real Estate	1,625	—	—
Transfers from Loans to Loans Held for Sale	—	380	34,647
Transfers from Loans Held for Sale to Loans	569	—	—

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.