UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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(Mark One) |
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the quarterly period ended September 30, 2004 |
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or |
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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for the transition period from to |
Commission File Number 1-6887
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BANK OF HAWAII CORPORATION |
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(Exact name of registrant as specified in its charter) |
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Delaware |
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99-0148992 |
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(State of incorporation) |
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(IRS Employer Identification No.) |
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130 Merchant Street, Honolulu, Hawaii |
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96813 |
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(Address of principal executive offices) |
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(Zip Code) |
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1-(888)-643-3888 |
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(Registrant’s telephone number, including area code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes ý No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $.01 Par Value; outstanding at October 22, 2004 – 52,968,560 shares
Bank of Hawaii Corporation
Form 10-Q
INDEX
2
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
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Three
Months Ended |
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Nine
Months Ended |
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(dollars in thousands except per share amounts) |
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2004 |
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2003 |
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2004 |
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2003 |
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Interest Income |
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Interest and Fees on Loans and Leases |
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$ |
82,079 |
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$ |
82,715 |
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$ |
243,853 |
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$ |
254,442 |
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Income on Investment Securities - Available for Sale |
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24,543 |
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16,483 |
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67,134 |
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58,761 |
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Income on Investment Securities - Held to Maturity |
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6,370 |
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6,407 |
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20,057 |
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11,773 |
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Deposits |
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496 |
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1,179 |
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3,373 |
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3,647 |
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Funds Sold |
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108 |
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248 |
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702 |
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1,834 |
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Other |
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801 |
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1,032 |
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2,524 |
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3,237 |
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Total Interest Income |
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114,397 |
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108,064 |
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337,643 |
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333,694 |
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Interest Expense |
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Deposits |
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8,990 |
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10,284 |
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26,750 |
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38,040 |
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Securities Sold Under Agreements to Repurchase |
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2,085 |
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1,947 |
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6,233 |
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6,580 |
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Funds Purchased |
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683 |
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271 |
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1,420 |
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695 |
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Short-Term Borrowings |
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15 |
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26 |
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43 |
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75 |
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Long-Term Debt |
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3,845 |
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4,431 |
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12,538 |
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15,714 |
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Total Interest Expense |
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15,618 |
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16,959 |
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46,984 |
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61,104 |
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Net Interest Income |
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98,779 |
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91,105 |
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290,659 |
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272,590 |
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Provision for Loan and Lease Losses |
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— |
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— |
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(3,500) |
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— |
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Net Interest Income After Provision for Loan and Lease Losses |
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98,779 |
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91,105 |
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294,159 |
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272,590 |
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Non-Interest Income |
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Trust and Asset Management |
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12,672 |
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12,511 |
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39,531 |
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38,237 |
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Mortgage Banking |
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1,711 |
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5,888 |
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6,496 |
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12,232 |
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Service Charges on Deposit Accounts |
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9,472 |
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8,901 |
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28,962 |
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26,496 |
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Fees, Exchange, and Other Service Charges |
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13,741 |
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16,034 |
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41,223 |
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42,496 |
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Investment Securities Gains (Losses) |
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— |
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639 |
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(37) |
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1,809 |
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Insurance |
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3,560 |
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3,988 |
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10,506 |
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10,083 |
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Other |
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11,898 |
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5,830 |
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30,063 |
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17,930 |
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Total Non-Interest Income |
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53,054 |
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53,791 |
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156,744 |
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149,283 |
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Non-Interest Expense |
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Salaries and Benefits |
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46,566 |
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45,731 |
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139,256 |
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139,871 |
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Net Occupancy Expense |
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9,812 |
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9,806 |
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28,741 |
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29,047 |
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Net Equipment Expense |
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5,847 |
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7,301 |
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17,610 |
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26,257 |
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Information Technology Systems Replacement Project |
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— |
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4,349 |
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— |
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21,871 |
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Other |
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21,965 |
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21,690 |
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66,730 |
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