Bank of Hawaii Corporation Fourth Quarter 2021 Financial Results

  • 2021 Record Earnings of $6.25 Per Diluted Common Share
  • 2021 Net Income $253.4 Million
  • Diluted Earnings Per Common Share $1.55 for the Fourth Quarter of 2021
  • Net Income $63.8 Million for the Fourth Quarter of 2021
  • Board of Directors Declares Dividend of $0.70 Per Common Share

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BOH 4Q 2021 Earnings Release Supplement

HONOLULU--()--Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per common share of $6.25 for the full year of 2021, compared with diluted earnings per common share of $3.86 for the full year of 2020. Net income for the year was $253.4 million, up 64.7% from the previous year. Return on average assets for the full year of 2021 was 1.14%, compared with 0.79% in 2020. Return on common equity for the full year of 2021 was 17.92%, compared with 11.38% in 2020.

“Bank of Hawaii finished 2021 with solid financial performance despite the continued impacts of the COVID-19 pandemic," said Peter Ho, Chairman, President, and CEO. “Core loan balances grew 6.2% in 2021 and deposits surpassed $20 billion, growing 11.8% in 2021. Overall asset quality remained good, and capital and liquidity remain strong as we finished the year. During the year, we continued making significant progress on our strategic initiatives which position us well for continued growth in the future.”

Diluted earnings per common share for the fourth quarter of 2021 was $1.55, compared with diluted earnings per common share of $1.52 in the previous quarter and $1.06 in the same quarter of 2020. Net income for the fourth quarter of 2021 was $63.8 million, up 2.9% from the third quarter of 2021 and up 50.9% from the fourth quarter of 2020.

Financial Highlights

  • The return on average assets for the fourth quarter of 2021 was 1.12% compared with 1.07% in the previous quarter and 0.83% in the same quarter of 2020.
  • The return on average common equity for the fourth quarter of 2021 was 17.40% compared with 17.08% in the previous quarter and 12.26% in the same quarter of 2020.
  • Net interest income for the fourth quarter of 2021 was $126.4 million, a decrease of 0.3% from the third quarter of 2021 and an increase of 5.8% from the fourth quarter of 2020. Net interest margin was 2.34% in the fourth quarter of 2021, an increase of 2 basis points from the previous quarter and a decrease of 14 basis points from the same quarter of 2020.
    • The decrease in the net interest margin from the prior year is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates, partially offset by higher fees from Paycheck Protection Program (“PPP”) loans, deployment of excess liquidity and core loan growth.
    • One-time significant items in the fourth quarter of 2021 included a negative $0.9 million adjustment to deferred mortgage loan fees related to prior quarters which had a negative impact of 2 basis points on the net interest margin.
    • One-time significant items 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 provision for credit losses for the fourth quarter of 2021 was a net benefit of $9.7 million compared with a net benefit of $10.4 million in the previous quarter and net expense of $15.2 million in the same quarter of 2020.
  • Noninterest income was $42.6 million in the fourth quarter of 2021, an increase of 2.9% from previous quarter and a decrease of 5.9% from the same quarter of 2020.
    • The decrease from the fourth quarter of 2020 was primarily driven by a decrease in customer derivative program and mortgage banking income.
  • Noninterest expense was $101.7 million in the fourth quarter of 2021, an increase of 5.3% from the previous quarter and 3.1% from the same quarter of 2020.
    • One-time significant items in the fourth quarter of 2021 included $1.2 million related to an increase in vacation carryover limits.
    • One-time significant items in the third quarter of 2021 included a gain of $6.3 million related to the sale of property partially offset by $3.8 million of fees related to the early termination of repurchase agreements and $1.2 million in severance.
    • One-time significant items 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 and a charge of $0.8 million related to the true-up of amortization on an investment.
  • The efficiency ratio during the fourth quarter of 2021 was 60.18% compared with 57.38% in the previous quarter and 59.88% during the same quarter of 2020.
  • The effective tax rate for the fourth quarter of 2021 was 17.08% compared with 24.40% in the previous quarter and 16.87% during the same quarter of 2020.
    • The fourth quarter of 2021 includes 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 fourth quarter of 2020 includes a $1.6 million benefit from return to provision adjustment.

Asset Quality

The Company’s overall asset quality continued to remain good during the fourth quarter of 2021.

  • Total non-performing assets were $19.0 million at December 31, 2021, down by $1.7 million from September 30, 2021 and up $0.5 million from December 31, 2020. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.15% at the end of the quarter, down 2 basis points from the end of the prior quarter and flat compared to the end of the same quarter of 2020.
  • Net loan and lease charge-offs during the fourth quarter of 2021 were $0.7 million or 0.02% annualized of total average loans and leases outstanding.
    • Net loan and lease charge-offs for the fourth quarter of 2021 were comprised of charge-offs of $3.3 million partially offset by recoveries of $2.6 million.
    • Compared to the prior quarter, net loan and lease charge-offs decreased by $0.5 million or 2 basis points annualized on total average loans and leases outstanding.
    • Compared to the fourth quarter of 2020, net loan and lease charge-offs increased by $0.9 million or 3 basis points annualized on total average loans and leases outstanding.
  • The allowance for credit losses on loans and leases was $157.8 million at December 31, 2021, a decrease of $10.1 million from September 30, 2021 and $58.4 million from December 31, 2020. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.29% at the end of the quarter, down 10 basis points from the end of the prior quarter and down 52 basis points from the end of the same quarter of 2020.

Balance Sheet

  • Total assets were $22.8 billion at December 31, 2021, a decrease of 0.8% from September 30, 2021 and an increase of 10.6% from December 31, 2020.
  • The investment securities portfolio was $9.0 billion at December 31, 2021, a decrease of 3.1% from September 30, 2021 and an increase of 27.2% from December 31, 2020.
    • The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
    • The increase from prior year is primarily due to growth in deposits that outpaced loan growth.
  • Total loans and leases were $12.3 billion at December 31, 2021, an increase of 1.5% from September 30, 2021 and 2.7% from December 31, 2020.
    • Total loans and leases excluding PPP loans were $12.1 billion at December 31, 2021, an increase of 2.8% from September 30, 2021 and an increase of 6.2% from December 31, 2020.
  • Total deposits were $20.4 billion at December 31, 2021, a decrease of 0.7% from September 30, 2021 and an increase of 11.8% from December 31, 2020.

Capital and Dividends

  • The Tier 1 Capital Ratio was 13.56% at December 31, 2021 compared with 13.47% at September 30, 2021 and 12.06% at December 31, 2020.
    • The increase from the same quarter in 2020 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 7.32% at December 31, 2021 compared with 7.10% at September 30, 2021 and 6.71% at December 31, 2020.
    • The increase from the same quarter in 2020 was driven by the aforementioned issuance of preferred stock in the second quarter of 2021.
  • The Company repurchased 87.5 thousand shares of common stock at a total cost of $7.3 million under its share repurchase program in the fourth quarter of 2021 at an average cost of $83.83 per share repurchased.
    • Total remaining buyback authority under the share repurchase program was $85.7 million at December 31, 2021.
  • 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 March 14, 2022 to shareholders of record at the close of business on February 28, 2022.
  • On January 4, 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 February 1, 2022 to shareholders of record of the preferred stock at the close of business on January 18, 2022.

Conference Call Information

The Company will review its 2021 financial results today at 8:00 a.m. Hawaii Time (1:00 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/wajqjveu.
  • 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, January 24, 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 3179105 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 and its Form 10-Q for the fiscal quarters ended March 31, 2021 and June 30, 2021 and September 30, 2021, which were 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 Year Ended

December 31,

 

September 30,

 

December 31,

 

December 31,

(dollars in thousands, except per share amounts)

 

2021

 

 

 

2021

 

 

 

2020

 

 

2021

 

 

 

2020

For the Period:
Operating Results
Net Interest Income

$

126,388

 

$

126,819

 

$

119,499

$

497,290

 

$

496,322

Provision for Credit Losses 1

 

(9,700

)

 

(10,400

)

 

15,200

 

(50,500

)

 

117,800

Total Noninterest Income

 

42,574

 

 

41,378

 

 

45,258

 

171,353

 

 

184,409

Total Noninterest Expense

 

101,678

 

 

96,519

 

 

98,654

 

393,589

 

 

373,807

Net Income

 

63,837

 

 

62,053

 

 

42,314

 

253,372

 

 

153,804

Basic Earnings Per Common Share

 

1.56

 

 

1.53

 

 

1.06

 

6.29

 

 

3.87

Diluted Earnings Per Common Share

 

1.55

 

 

1.52

 

 

1.06

 

6.25

 

 

3.86

Dividends Declared Per Common Share

 

0.70

 

 

0.70

 

 

0.67

 

2.74

 

 

2.68

 
Performance Ratios
Return on Average Assets

 

1.12

 

%

 

1.07

 

%

 

0.83

%

 

1.14

 

%

 

0.79

%

Return on Average Shareholders' Equity

 

15.92

 

 

15.41

 

 

12.26

 

16.94

 

 

11.38

Return on Average Common Equity

 

17.40

 

 

17.08

 

 

12.26

 

17.92

 

 

11.38

Efficiency Ratio 2

 

60.18

 

 

57.38

 

 

59.88

 

58.86

 

 

54.91

Net Interest Margin 3

 

2.34

 

 

2.32

 

 

2.48

 

2.36

 

 

2.73

Dividend Payout Ratio 4

 

44.87

 

 

45.75

 

 

63.21

 

43.56

 

 

69.25

Average Shareholders' Equity to Average Assets

 

7.02

 

 

6.95

 

 

6.74

 

6.73

 

 

6.97

 
Average Balances
Average Loans and Leases

$

12,086,705

 

$

11,958,321

 

$

11,835,929

$

12,023,669

 

$

11,592,093

Average Assets

 

22,666,280

 

 

22,993,036

 

 

20,382,633

 

22,227,156

 

 

19,387,693

Average Deposits

 

20,222,470

 

 

20,473,777

 

 

17,819,116

 

19,771,147

 

 

16,900,186

Average Shareholders' Equity

 

1,590,600

 

 

1,598,076

 

 

1,372,971

 

1,495,586

 

 

1,351,583

 
Per Share of Common Stock
Book Value 5

$

35.57

 

$

35.16

 

$

34.26

$

35.57

 

$

34.26

Tangible Book Value

 

34.78

 

 

34.38

 

 

33.47

 

34.78

 

 

33.47

Market Value
Closing

 

83.76

 

 

82.17

 

 

76.62

 

83.76

 

 

76.62

High

 

88.96

 

 

87.12

 

 

80.38

 

99.10

 

 

95.53

Low

 

78.73

 

 

75.68

 

 

49.25

 

75.65

 

 

46.70

 

December 31,

 

September 30,

 

December 31,

 

2021

 

 

2021

 

 

 

2020

As of Period End:
Balance Sheet Totals
Loans and Leases

$

12,259,076

$

12,072,750

 

$

11,940,020

Total Assets

 

22,784,941

 

22,965,383

 

 

20,603,651

Total Deposits

 

20,360,108

 

20,493,678

 

 

18,211,621

Other Debt

 

10,391

 

10,414

 

 

60,481

Total Shareholders' Equity

 

1,611,611

 

1,597,109

 

 

1,374,507

 
Asset Quality
Non-Performing Assets

$

18,966

$

20,620

 

$

18,481

Allowance for Credit Losses - Loans and Leases

 

157,821

 

167,920

 

 

216,252

Allowance to Loans and Leases Outstanding 6

 

1.29

%

 

1.39

 

%

 

1.81

%

 
Capital Ratios 7
Common Equity Tier 1 Capital Ratio

 

12.12

%

 

12.02

 

%

 

12.06

%

Tier 1 Capital Ratio

 

13.56

 

13.47

 

 

12.06

Total Capital Ratio

 

14.81

 

14.72

 

 

13.31

Tier 1 Leverage Ratio

 

7.32

 

7.10

 

 

6.71

Total Shareholders' Equity to Total Assets

 

7.07

 

6.95

 

 

6.67

Tangible Common Equity to Tangible Assets 8

 

6.15

 

6.04

 

 

6.53

Tangible Common Equity to Risk-Weighted Assets 8

 

11.44

 

11.46

 

 

11.89

 
Non-Financial Data
Full-Time Equivalent Employees

 

2,056

 

2,049

 

 

2,022

Branches

 

54

 

54

 

 

65

ATMs

 

307

 

303

 

 

357

 
1 Provision for Credit Losses for 2021 includes Provision for Unfunded Commitments and Accrued Interest Receivable, 2020 represents only Provisions for Loans and Leases.
2 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
3 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
4 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
5 Book Value Per Share of Common Stock was revised from $35.30 for the three months ended September 30, 2021.
6 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
7 Regulatory capital ratios as of December 31, 2021 are preliminary.
8 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
December 31, September 30, December 31,
(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

 
Total Shareholders' Equity

$

1,611,611

 

$

1,597,109

 

$

1,374,507

 

Less: Preferred Stock

 

180,000

 

 

180,000

 

 

-

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Common Equity

$

1,400,094

 

$

1,385,592

 

$

1,342,990

 

 
Total Assets

 

22,784,941

 

 

22,965,383

 

 

20,603,651

 

Less: Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Tangible Assets

$

22,753,424

 

$

22,933,866

 

$

20,572,134

 

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

$

12,236,805

 

$

12,093,010

 

$

11,295,077

 

 
Total Shareholders' Equity to Total Assets

 

7.07

%

 

6.95

%

 

6.67

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

 

6.15

%

 

6.04

%

 

6.53

%

 
Tier 1 Capital Ratio 1

 

13.56

%

 

13.47

%

 

12.06

%

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

 

11.44

%

 

11.46

%

 

11.89

%

 
1 Regulatory capital ratios as of December 31, 2021 are preliminary.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income Table 3
Three Months Ended Year Ended
December 31, September 30, December 31, December 31,
(dollars in thousands, except per share amounts)

 

2021

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

Interest Income
Interest and Fees on Loans and Leases

$

97,853

 

$

100,570

 

$

98,471

 

$

398,616

 

$

417,498

Income on Investment Securities
Available-for-Sale

 

15,850

 

 

16,396

 

 

15,449

 

 

64,550

 

 

61,294

Held-to-Maturity

 

18,325

 

 

16,754

 

 

14,113

 

 

61,955

 

 

66,055

Deposits

 

1

 

 

2

 

 

1

 

 

10

 

 

14

Funds Sold

 

104

 

 

382

 

 

115

 

 

883

 

 

902

Other

 

176

 

 

159

 

 

167

 

 

702

 

 

661

Total Interest Income

 

132,309

 

 

134,263

 

 

128,316

 

 

526,716

 

 

546,424

Interest Expense
Deposits

 

2,898

 

 

3,837

 

 

4,861

 

 

15,216

 

 

32,966

Securities Sold Under Agreements to Repurchase

 

2,834

 

 

3,423

 

 

3,614

 

 

13,260

 

 

15,281

Funds Purchased

 

6

 

 

-

 

 

5

 

 

7

 

 

95

Short-Term Borrowings

 

-

 

 

-

 

 

-

 

 

-

 

 

62

Other Debt

 

183

 

 

184

 

 

337

 

 

943

 

 

1,698

Total Interest Expense

 

5,921

 

 

7,444

 

 

8,817

 

 

29,426

 

 

50,102

Net Interest Income

 

126,388

 

 

126,819

 

 

119,499

 

 

497,290

 

 

496,322

Provision for Credit Losses

 

(9,700

)

 

(10,400

)

 

15,200

 

 

(50,500

)

 

117,800

Net Interest Income After Provision for Credit Losses

 

136,088

 

 

137,219

 

 

104,299

 

 

547,790

 

 

378,522

Noninterest Income
Trust and Asset Management

 

11,693

 

 

11,415

 

 

11,239

 

 

46,068

 

 

43,456

Mortgage Banking

 

2,908

 

 

3,136

 

 

6,851

 

 

14,964

 

 

17,871

Service Charges on Deposit Accounts

 

6,861

 

 

6,510

 

 

6,335

 

 

25,564

 

 

24,910

Fees, Exchange, and Other Service Charges

 

14,439

 

 

13,604

 

 

12,143

 

 

55,457

 

 

47,056

Investment Securities Gains (Losses), Net

 

(1,258

)

 

(1,259

)

 

(1,193

)

 

(1,297

)

 

9,932

Annuity and Insurance

 

876

 

 

735

 

 

670

 

 

3,224

 

 

3,362

Bank-Owned Life Insurance

 

1,907

 

 

1,897

 

 

2,353

 

 

7,784

 

 

7,388

Other

 

5,148

 

 

5,340

 

 

6,860

 

 

19,589

 

 

30,434

Total Noninterest Income

 

42,574

 

 

41,378

 

 

45,258

 

 

171,353

 

 

184,409

Noninterest Expense
Salaries and Benefits

 

59,434

 

 

56,447

 

 

50,200

 

 

228,293

 

 

207,329

Net Occupancy

 

9,028

 

 

3,079

 

 

14,536

 

 

26,244

 

 

39,533

Net Equipment

 

9,105

 

 

8,924

 

 

9,574

 

 

35,703

 

 

35,448

Data Processing

 

4,696

 

 

4,722

 

 

4,604

 

 

20,297

 

 

18,499

Professional Fees

 

3,427

 

 

2,948

 

 

3,174

 

 

12,895

 

 

12,186

FDIC Insurance

 

1,619

 

 

1,594

 

 

1,484

 

 

6,536

 

 

5,780

Other

 

14,369

 

 

18,805

 

 

15,082

 

 

63,621

 

 

55,032

Total Noninterest Expense

 

101,678

 

 

96,519

 

 

98,654

 

 

393,589

 

 

373,807

Income Before Provision for Income Taxes

 

76,984

 

 

82,078

 

 

50,903

 

 

325,554

 

 

189,124

Provision for Income Taxes

 

13,147

 

 

20,025

 

 

8,589

 

 

72,182

 

 

35,320

Net Income

$

63,837

 

$

62,053

 

$

42,314

 

$

253,372

 

$

153,804

Preferred Stock Dividends

 

1,969

 

 

1,006

 

 

-

 

 

2,975

 

 

-

Net Income Available to Common Shareholders

$

61,868

 

$

61,047

 

$

42,314

 

$

250,397

 

$

153,804

Basic Earnings Per Common Share

$

1.56

 

$

1.53

 

$

1.06

 

$

6.29

 

$

3.87

Diluted Earnings Per Common Share

$

1.55

 

$

1.52

 

$

1.06

 

$

6.25

 

$

3.86

Dividends Declared Per Common Share

$

0.70

 

$

0.70

 

$

0.67

 

$

2.74

 

$

2.68

Basic Weighted Average Common Shares

 

39,741,063

 

 

39,881,437

 

 

39,773,851

 

 

39,837,798

 

 

39,726,210

Diluted Weighted Average Common Shares

 

39,955,525

 

 

40,080,919

 

 

39,963,736

 

 

40,053,664

 

 

39,892,107

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income Table 4
Three Months Ended Year Ended
December 31, September 30, December 31, December 31,
(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Net Income

$

63,837

 

$

62,053

 

$

42,314

 

$

253,372

 

$

153,804

 

Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities

 

(26,244

)

 

(7,541

)

 

(961

)

 

(83,958

)

 

43,428

 

Defined Benefit Plans

 

8,430

 

 

441

 

 

(5,616

)

 

9,754

 

 

(4,494

)

Other Comprehensive Income (Loss)

 

(17,814

)

 

(7,100

)

 

(6,577

)

 

(74,204

)

 

38,934

 

Comprehensive Income

$

46,023

 

$

54,953

 

$

35,737

 

$

179,168

 

$

192,738

 

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
December 31, September 30, December 31,
(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

Assets
Interest-Bearing Deposits in Other Banks

$

2,571

 

$

2,188

 

$

1,646

 

Funds Sold

 

361,536

 

 

422,063

 

 

333,022

 

Investment Securities
Available-for-Sale

 

4,276,056

 

 

4,353,520

 

 

3,791,689

 

Held-to-Maturity (Fair Value of $4,646,619; $4,895,763; $3,348,693)

 

4,694,780

 

 

4,899,880

 

 

3,262,727

 

Loans Held for Sale

 

26,746

 

 

21,965

 

 

82,565

 

Loans and Leases

 

12,259,076

 

 

12,072,750

 

 

11,940,020

 

Allowance for Credit Losses

 

(157,821

)

 

(167,920

)

 

(216,252

)

Net Loans and Leases

 

12,101,255

 

 

11,904,830

 

 

11,723,768

 

Total Earning Assets

 

21,462,944

 

 

21,604,446

 

 

19,195,417

 

Cash and Due from Banks

 

196,327

 

 

231,711

 

 

279,420

 

Premises and Equipment, Net

 

199,393

 

 

199,144

 

 

199,695

 

Operating Lease Right-of-Use Assets

 

95,621

 

 

97,007

 

 

99,542

 

Accrued Interest Receivable

 

45,242

 

 

46,751

 

 

49,303

 

Foreclosed Real Estate

 

2,332

 

 

2,332

 

 

2,332

 

Mortgage Servicing Rights

 

22,251

 

 

22,099

 

 

19,652

 

Goodwill

 

31,517

 

 

31,517

 

 

31,517

 

Bank-Owned Life Insurance

 

344,587

 

 

293,230

 

 

291,480

 

Other Assets

 

384,727

 

 

437,146

 

 

435,293

 

Total Assets

$

22,784,941

 

$

22,965,383

 

$

20,603,651

 

 
Liabilities
Deposits
Noninterest-Bearing Demand

 

7,275,287

 

 

7,111,693

 

 

5,749,612

 

Interest-Bearing Demand

 

4,628,567

 

 

4,768,725

 

 

4,040,733

 

Savings

 

7,456,165

 

 

7,540,345

 

 

6,759,213

 

Time

 

1,000,089

 

 

1,072,915

 

 

1,662,063

 

Total Deposits

 

20,360,108

 

 

20,493,678

 

 

18,211,621

 

Securities Sold Under Agreements to Repurchase

 

450,490

 

 

450,490

 

 

600,590

 

Other Debt

 

10,391

 

 

10,414

 

 

60,481

 

Operating Lease Liabilities

 

103,210

 

 

104,452

 

 

107,412

 

Retirement Benefits Payable

 

38,494

 

 

49,802

 

 

51,197

 

Accrued Interest Payable

 

2,499

 

 

3,415

 

 

5,117

 

Taxes Payable

 

11,901

 

 

9,815

 

 

2,463

 

Other Liabilities

 

196,237

 

 

246,208

 

 

190,263

 

Total Liabilities

 

21,173,330

 

 

21,368,274

 

 

19,229,144

 

Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: December 31, 2021 and September 30, 2021 - 180,000)

 

180,000

 

 

180,000

 

 

-

 

Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 31, 2021 - 58,554,669 / 40,253,193;
September 30, 2021 - 58,559,089 / 40,305,801; and December 31, 2020 - 58,285,624 / 40,119,312)

 

581

 

 

580

 

 

580

 

Capital Surplus

 

602,508

 

 

598,341

 

 

591,360

 

Accumulated Other Comprehensive Income (Loss)

 

(66,382

)

 

(48,568

)

 

7,822

 

Retained Earnings

 

1,950,375

 

 

1,916,861

 

 

1,811,979

 

Treasury Stock, at Cost (Shares: December 31, 2021 - 18,301,476; September 30, 2021 - 18,253,288;
and December 31, 2020 - 18,166,312)

 

(1,055,471

)

 

(1,050,105

)

 

(1,037,234

)

Total Shareholders' Equity

 

1,611,611

 

 

1,597,109

 

 

1,374,507

 

Total Liabilities and Shareholders' Equity

$

22,784,941

 

$

22,965,383

 

$

20,603,651

 

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, 2019

-

$

-

40,039,695

 

$

579

$

582,566

 

$

(31,112

)

$

1,761,415

 

$

(1,026,616

)

$

1,286,832

 

Net Income

-

 

-

-

 

 

-

 

-

 

 

-

 

 

153,804

 

 

-

 

 

153,804

 

Other Comprehensive Income

-

 

-

-

 

 

-

 

-

 

 

38,934

 

 

-

 

 

-

 

 

38,934

 

Cumulative Change in Accounting Principle

-

 

-

-

 

 

-

 

-

 

 

-

 

 

3,632

 

 

-

 

 

3,632

 

Share-Based Compensation

-

 

-

-

 

 

-

 

7,577

 

 

-

 

 

-

 

 

-

 

 

7,577

 

Common Stock Issued under Purchase

 

 

and Equity Compensation Plans

-

 

-

283,482

 

 

1

 

1,217

 

 

-

 

 

562

 

 

7,388

 

 

9,168

 

Common Stock Repurchased

-

 

-

(203,865

)

 

-

 

-

 

 

-

 

 

-

 

 

(18,006

)

 

(18,006

)

Cash Dividends Declared Common Stock

 

 

($2.68 per share)

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(107,434

)

 

-

 

 

(107,434

)

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

-

 

-

-

 

 

-

 

-

 

 

-

 

 

253,372

 

 

-

 

 

253,372

 

Other Comprehensive Loss

-

 

-

-

 

 

-

 

-

 

 

(74,204

)

 

-

 

 

-

 

 

(74,204

)

Share-Based Compensation

-

 

-

-

 

 

-

 

13,267

 

 

-

 

 

-

 

 

-

 

 

13,267

 

Preferred Stock Issued, Net

180,000

 

180,000

-

 

 

-

 

(4,513

)

 

-

 

 

-

 

 

-

 

 

175,487

 

Common Stock Issued under Purchase
and Equity Compensation Plans

-

 

-

507,121

 

 

1

 

2,394

 

 

-

 

 

(1,368

)

 

13,021

 

 

14,048

 

Common Stock Repurchased

-

 

-

(373,240

)

 

-

 

-

 

 

-

 

 

-

 

 

(31,258

)

 

(31,258

)

Cash Dividends Declared Common Stock
($2.74 per share)

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(110,633

)

 

-

 

 

(110,633

)

Cash Dividends Declared Preferred Stock

-

 

-

-

 

 

-

 

-

 

 

-

 

 

(2,975

)

 

-

 

 

(2,975

)

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

 

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7a
Three Months Ended Three Months Ended Three Months Ended
December 31, 2021 September 30, 2021 December 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

$ 2.2

$ -

0.05

%

$ 3.2

$ -

0.23

%

$ 2.2

$ -

0.16

%

Funds Sold

273.2

0.1

0.15

999.5

0.4

0.15

451.6

0.1

0.10

Investment Securities
Available-for-Sale
Taxable

4,308.6

15.8

1.47

4,454.9

16.3

1.46

3,605.8

15.3

1.69

Non-Taxable

5.8

0.1

3.67

10.1

0.1

4.34

20.2

0.2

4.33

Held-to-Maturity
Taxable

4,757.4

18.1

1.52

4,294.6

16.5

1.53

3,246.7

13.9

1.71

Non-Taxable

58.0

0.3

2.31

64.8

0.4

2.37

47.1

0.3

2.66

Total Investment Securities

9,129.8

34.3

1.50

8,824.4

33.3

1.51

6,919.8

29.7

1.71

Loans Held for Sale

20.8

0.1

2.85

24.6

0.2

2.80

15.1

0.1

2.98

Loans and Leases 2
Commercial and Industrial

1,478.0

14.6

3.92

1,644.8

17.0

4.09

1,897.4

14.0

2.95

Commercial Mortgage

3,075.1

22.2

2.86

2,952.7

21.9

2.94

2,768.0

21.7

3.12

Construction

246.8

2.2

3.50

289.9

2.5

3.38

257.4

2.3

3.62

Commercial Lease Financing

107.4

0.3

1.12

109.3

0.4

1.58

112.2

(2.5)

(9.07)

Residential Mortgage

4,293.6

33.9

3.16

4,253.2

34.8

3.27

4,089.7

36.4

3.57

Home Equity

1,757.8

12.8

2.88

1,621.4

12.2

2.97

1,600.9

13.2

3.28

Automobile

730.2

6.1

3.34

718.7

6.2

3.41

706.1

6.4

3.59

Other 3

397.8

5.8

5.79

368.3

5.7

6.16

404.2

7.0

6.85

Total Loans and Leases

12,086.7

97.9

3.22

11,958.3

100.7

3.35

11,835.9

98.5

3.32

Other

34.4

0.2

2.05

31.5

0.2

2.02

33.3

0.2

2.01

Total Earning Assets 4

21,547.1

132.6

2.45

21,841.5

134.8

2.45

19,257.9

128.6

2.66

Cash and Due from Banks

231.3

252.2

240.4

Other Assets

887.9

899.3

884.3

Total Assets

$ 22,666.3

$ 22,993.0

$ 20,382.6

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

4,685.7

0.7

0.06

4,707.1

0.7

0.06

3,899.5

0.6

0.06

Savings

7,443.2

1.2

0.06

7,687.0

1.8

0.09

6,728.8

1.4

0.08

Time

1,019.2

1.0

0.40

1,267.0

1.4

0.44

1,696.0

2.9

0.68

Total Interest-Bearing Deposits

13,148.1

2.9

0.09

13,661.1

3.9

0.11

12,324.3

4.9

0.16

Short-Term Borrowings

18.5

-

0.13

-

-

-

19.2

-

0.10

Securities Sold Under Agreements to Repurchase

450.5

2.8

2.46

547.8

3.4

2.45

600.9

3.6

2.35

Other Debt

10.4

0.2

7.05

10.4

0.2

7.04

60.5

0.3

2.22

Total Interest-Bearing Liabilities

13,627.5

5.9

0.17

14,219.3

7.5

0.21

13,004.9

8.8

0.27

Net Interest Income

$ 126.7

$ 127.3

$ 119.8

Interest Rate Spread

2.28

%

2.24

%

2.39

%

Net Interest Margin

2.34

%

2.32

%

2.48

%

Noninterest-Bearing Demand Deposits

7,074.4

6,812.7

5,494.8

Other Liabilities

373.8

362.9

509.9

Shareholders' Equity

1,590.6

1,598.1

1,373.0

Total Liabilities and Shareholders' Equity

$ 22,666.3

$ 22,993.0

$ 20,382.6

 
 
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 $280,000, $315,000, and $287,000
for the three months ended December 31, 2021, September 30, 2021, and December 30, 2020, respectively.
Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7b
Year Ended Year Ended
December 31, 2021 December 31, 2020
Average Income/ Yield/ Average Income/ Yield/
(dollars in millions) Balance Expense Rate Balance Expense Rate
Earning Assets
Interest-Bearing Deposits in Other Banks

$

2.7

$

-

0.36

%

$

2.2

$

-

 

0.61

 

%

Funds Sold

 

692.4

 

0.9

0.13

 

434.1

 

0.9

 

0.21

 

Investment Securities
Available-for-Sale
Taxable

 

4,266.9

 

64.2

1.50

 

2,961.9

 

60.3

 

2.04

 

Non-Taxable

 

10.1

 

0.4

4.21

 

27.6

 

1.2

 

4.36

 

Held-to-Maturity
Taxable

 

3,988.1

 

61.0

1.53

 

3,125.2

 

65.0

 

2.08

 

Non-Taxable

 

50.7

 

1.2

2.41

 

52.6

 

1.4

 

2.66

 

Total Investment Securities

 

8,315.8

 

126.8

1.53

 

6,167.3

 

127.9

 

2.07

 

Loans Held for Sale

 

24.3

 

0.7

2.82

 

19.4

 

0.6

 

3.28

 

Loans and Leases 2
Commercial and Industrial

 

1,739.0

 

62.8

3.61

 

1,797.5

 

59.3

 

3.30

 

Commercial Mortgage

 

2,940.0

 

86.7

2.95

 

2,666.1

 

90.9

 

3.41

 

Construction

 

271.6

 

9.5

3.50

 

240.1

 

9.4

 

3.92

 

Commercial Lease Financing

 

107.2

 

1.5

1.42

 

111.3

 

(1.0

)

(0.88

)

Residential Mortgage

 

4,232.4

 

140.1

3.31

 

3,978.7

 

146.0

 

3.67

 

Home Equity

 

1,637.1

 

49.6

3.03

 

1,642.7

 

56.8

 

3.46

 

Automobile

 

717.0

 

24.6

3.43

 

709.1

 

25.3

 

3.57

 

Other 3

 

379.4

 

23.9

6.30

 

446.6

 

30.9

 

6.91

 

Total Loans and Leases

 

12,023.7

 

398.7

3.32

 

11,592.1

 

417.6

 

3.60

 

Other

 

32.9

 

0.7

2.13

 

33.7

 

0.7

 

1.96

 

Total Earning Assets 4

 

21,091.8

 

527.8

2.50

 

18,248.8

 

547.7

 

3.00

 

Cash and Due from Banks

 

252.5

 

263.8

Other Assets

 

882.9

 

875.1

Total Assets

$

22,227.2

$

19,387.7

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

 

4,509.8

 

2.7

0.06

 

3,426.8

 

2.5

 

0.07

 

Savings

 

7,421.9

 

6.2

0.08

 

6,702.7

 

12.4

 

0.19

 

Time

 

1,331.8

 

6.3

0.47

 

1,708.1

 

18.1

 

1.06

 

Total Interest-Bearing Deposits

 

13,263.5

 

15.2

0.11

 

11,837.6

 

33.0

 

0.28

 

Short-Term Borrowings

 

5.2

 

-

0.13

 

33.5

 

0.2

 

0.47

 

Securities Sold Under Agreements to Repurchase

 

541.9

 

13.3

2.45

 

602.7

 

15.2

 

2.54

 

Other Debt

 

27.7

 

0.9

3.41

 

62.1

 

1.7

 

2.73

 

Total Interest-Bearing Liabilities

 

13,838.3

 

29.4

0.21

 

12,535.9

 

50.1

 

0.40

 

Net Interest Income

$

498.4

$

497.6

 

Interest Rate Spread

2.29

%

2.60

 

%

Net Interest Margin

2.36

%

2.73

 

%

Noninterest-Bearing Demand Deposits

 

6,507.6

 

5,062.6

Other Liabilities

 

385.7

 

437.6

Shareholders' Equity

 

1,495.6

 

1,351.6

Total Liabilities and Shareholders' Equity

$

22,227.2

$

19,387.7

 
 
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 $1,116,000 and $1,297,000
for the year ended December 31, 2021 and December 31, 2020, respectively.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a
Three Months Ended December 31, 2021
Compared to September 30, 2021
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Funds Sold

$

(0.3

)

$

-

 

$

(0.3

)

Investment Securities
Available-for-Sale
Taxable

 

(0.5

)

 

-

 

 

(0.5

)

Held-to-Maturity
Taxable

 

1.7

 

 

(0.1

)

 

1.6

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Total Investment Securities

 

1.1

 

 

(0.1

)

 

1.0

 

Loans Held for Sale

 

(0.1

)

 

-

 

 

(0.1

)

Loans and Leases
Commercial and Industrial

 

(5.1

)

 

2.7

 

 

(2.4

)

Commercial Mortgage

 

0.9

 

 

(0.6

)

 

0.3

 

Construction

 

(0.4

)

 

0.1

 

 

(0.3

)

Commercial Lease Financing

 

-

 

 

(0.1

)

 

(0.1

)

Residential Mortgage

 

0.3

 

 

(1.2

)

 

(0.9

)

Home Equity

 

1.0

 

 

(0.4

)

 

0.6

 

Automobile

 

0.1

 

 

(0.2

)

 

(0.1

)

Other 2

 

0.5

 

 

(0.4

)

 

0.1

 

Total Loans and Leases

 

(2.7

)

 

(0.1

)

 

(2.8

)

Total Change in Interest Income

 

(2.0

)

 

(0.2

)

 

(2.2

)

 
Change in Interest Expense:
Interest-Bearing Deposits
Savings

 

(0.1

)

 

(0.5

)

 

(0.6

)

Time

 

(0.3

)

 

(0.1

)

 

(0.4

)

Total Interest-Bearing Deposits

 

(0.4

)

 

(0.6

)

 

(1.0

)

Securities Sold Under Agreements to Repurchase

 

(0.6

)

 

-

 

 

(0.6

)

Total Change in Interest Expense

 

(1.0

)

 

(0.6

)

 

(1.6

)

 
Change in Net Interest Income

$

(1.0

)

$

0.4

 

$

(0.6

)

 
 
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 December 31, 2021
Compared to December 31, 2020
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Funds Sold

$

(0.1

)

$

0.1

 

$

-

 

Investment Securities
Available-for-Sale
Taxable

 

2.7

 

 

(2.2

)

 

0.5

 

Non-Taxable

 

(0.1

)

 

-

 

 

(0.1

)

Held-to-Maturity
Taxable

 

5.9

 

 

(1.7

)

 

4.2

 

Non-Taxable

 

0.1

 

 

(0.1

)

 

-

 

Total Investment Securities

 

8.6

 

 

(4.0

)

 

4.6

 

Loans and Leases
Commercial and Industrial

 

(4.3

)

 

4.9

 

 

0.6

 

Commercial Mortgage

 

2.3

 

 

(1.8

)

 

0.5

 

Construction

 

(0.1

)

 

-

 

 

(0.1

)

Commercial Lease Financing

 

0.1

 

 

2.7

 

 

2.8

 

Residential Mortgage

 

1.8

 

 

(4.3

)

 

(2.5

)

Home Equity

 

1.2

 

 

(1.6

)

 

(0.4

)

Automobile

 

0.1

 

 

(0.4

)

 

(0.3

)

Other 2

 

(0.1

)

 

(1.1

)

 

(1.2

)

Total Loans and Leases

 

1.0

 

 

(1.6

)

 

(0.6

)

Total Change in Interest Income

 

9.5

 

 

(5.5

)

 

4.0

 

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

 

0.1

 

 

-

 

 

0.1

 

Savings

 

0.1

 

 

(0.3

)

 

(0.2

)

Time

 

(1.0

)

 

(0.9

)

 

(1.9

)

Total Interest-Bearing Deposits

 

(0.8

)

 

(1.2

)

 

(2.0

)

Securities Sold Under Agreements to Repurchase

 

(0.9

)

 

0.1

 

 

(0.8

)

Other Debt

 

(0.4

)

 

0.3

 

 

(0.1

)

Total Change in Interest Expense

 

(2.1

)

 

(0.8

)

 

(2.9

)

 
Change in Net Interest Income

$

11.6

 

$

(4.7

)

$

6.9

 

 
 
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 8c
Year Ended December 31, 2021
Compared to December 31, 2020
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Funds Sold

$ 0.4

$ (0.4)

$ -

Investment Securities
Available-for-Sale
Taxable

22.2

(18.3)

3.9

Non-Taxable

(0.7)

(0.1)

(0.8)

Held-to-Maturity
Taxable

15.5

(19.5)

(4.0)

Non-Taxable

(0.1)

(0.1)

(0.2)

Total Investment Securities

36.9

(38.0)

(1.1)

Loans Held for Sale

0.2

(0.1)

0.1

Loans and Leases
Commercial and Industrial

1.6

1.9

3.5

Commercial Mortgage

8.8

(13.0)

(4.2)

Construction

1.2

(1.1)

0.1

Commercial Lease Financing

-

2.5

2.5

Residential Mortgage

8.9

(14.8)

(5.9)

Home Equity

(0.2)

(7.0)

(7.2)

Automobile

0.3

(1.0)

(0.7)

Other 2

(4.4)

(2.6)

(7.0)

Total Loans and Leases

16.2

(35.1)

(18.9)

Total Change in Interest Income

53.7

(73.6)

(19.9)

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

0.7

(0.5)

0.2

Savings

1.2

(7.4)

(6.2)

Time

(3.4)

(8.4)

(11.8)

Total Interest-Bearing Deposits

(1.5)

(16.3)

(17.8)

Short-Term Borrowings

(0.1)

(0.1)

(0.2)

Securities Sold Under Agreements to Repurchase

(1.5)

(0.4)

(1.9)

Other Debt

(1.1)

0.3

(0.8)

Total Change in Interest Expense

(4.2)

(16.5)

(20.7)

 
Change in Net Interest Income

$ 57.9

$ (57.1)

$ 0.8

 
 
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 Year Ended
December 31, September 30, December 31, December 31,
(dollars in thousands)

 

2021

 

2021

 

2020

 

 

 

2021

 

2020

Salaries

$

35,758

$

34,676

$

33,907

 

$

135,416

$

134,178

Incentive Compensation

 

6,699

 

4,677

 

3,084

 

 

22,462

 

9,153

Share-Based Compensation

 

3,396

 

3,335

 

2,029

 

 

12,489

 

6,783

Commission Expense

 

2,094

 

1,772

 

2,164

 

 

8,901

 

6,985

Retirement and Other Benefits

 

4,661

 

4,746

 

5,212

 

 

20,213

 

18,528

Payroll Taxes

 

2,585

 

2,825

 

2,292

 

 

12,404

 

12,241

Medical, Dental, and Life Insurance

 

3,981

 

3,222

 

1,523

 

 

12,831

 

12,917

Separation Expense

 

260

 

1,194

 

(11

)

 

3,577

 

6,544

Total Salaries and Benefits

$

59,434

$

56,447

$

50,200

 

$

228,293

$

207,329

Bank of Hawaii Corporation and Subsidiaries
Loans and Leases Table 10
December 31, September 30, June 30, March 31, December 31,
(dollars in thousands)

 

2021

 

2021

 

2021

 

2021

 

2020

Commercial
Commercial and Industrial

$

1,361,921

$

1,325,446

$

1,257,305

$

1,288,496

$

1,357,610

PPP 1

 

126,779

 

268,480

 

513,513

 

725,485

 

517,683

Commercial Mortgage

 

3,152,130

 

2,994,520

 

2,944,435

 

2,859,246

 

2,854,829

Construction

 

220,254

 

296,052

 

277,393

 

281,164

 

259,798

Lease Financing

 

105,108

 

107,526

 

110,500

 

104,980

 

110,766

Total Commercial

 

4,966,192

 

4,992,024

 

5,103,146

 

5,259,371

 

5,100,686

Consumer
Residential Mortgage

 

4,309,602

 

4,272,540

 

4,264,180

 

4,216,976

 

4,130,513

Home Equity

 

1,836,588

 

1,680,229

 

1,594,781

 

1,577,500

 

1,604,538

Automobile

 

736,565

 

727,234

 

714,729

 

710,407

 

708,800

Other 2

 

410,129

 

400,723

 

364,542

 

376,449

 

395,483

Total Consumer

 

7,292,884

 

7,080,726

 

6,938,232

 

6,881,332

 

6,839,334

Total Loans and Leases

$

12,259,076

$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

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

 

2021

 

2021

 

2021

 

2021

 

2020

Consumer

$

10,438,844

$

10,150,199

$

9,848,285

$

9,746,713

$

9,347,725

Commercial

 

8,641,932

 

8,767,733

 

8,675,909

 

8,241,102

 

7,302,832

Public and Other

 

1,279,332

 

1,575,746

 

1,645,515

 

1,568,836

 

1,561,064

Total Deposits

$

20,360,108

$

20,493,678

$

20,169,709

$

19,556,651

$

18,211,621

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

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

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

$

243

 

$

209

 

$

258

 

$

293

 

$

441

 

Commercial Mortgage

 

8,205

 

 

8,309

 

 

8,413

 

 

8,503

 

 

8,527

 

Total Commercial

 

8,448

 

 

8,518

 

 

8,671

 

 

8,796

 

 

8,968

 

Consumer
Residential Mortgage

 

3,305

 

 

4,348

 

 

2,437

 

 

1,804

 

 

3,223

 

Home Equity

 

4,881

 

 

5,422

 

 

5,534

 

 

4,951

 

 

3,958

 

Total Consumer

 

8,186

 

 

9,770

 

 

7,971

 

 

6,755

 

 

7,181

 

Total Non-Accrual Loans and Leases

 

16,634

 

 

18,288

 

 

16,642

 

 

15,551

 

 

16,149

 

Foreclosed Real Estate

 

2,332

 

 

2,332

 

 

2,332

 

 

2,332

 

 

2,332

 

Total Non-Performing Assets

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

$

18,481

 

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

 

-

 

 

-

 

 

-

 

 

9

 

 

-

 

Total Commercial

 

-

 

 

-

 

 

-

 

 

9

 

 

-

 

Consumer
Residential Mortgage

 

3,159

 

 

4,776

 

 

4,069

 

 

4,069

 

 

5,274

 

Home Equity

 

3,456

 

 

2,946

 

 

4,498

 

 

4,906

 

 

3,187

 

Automobile

 

729

 

 

395

 

 

277

 

 

604

 

 

925

 

Other 1

 

426

 

 

593

 

 

434

 

 

828

 

 

1,160

 

Total Consumer

 

7,770

 

 

8,710

 

 

9,278

 

 

10,407

 

 

10,546

 

Total Accruing Loans and Leases Past Due 90 Days or More

$

7,770

 

$

8,710

 

$

9,278

 

$

10,416

 

$

10,546

 

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

$

60,519

 

$

62,787

 

$

74,926

 

$

74,216

 

$

68,065

 

Total Loans and Leases

$

12,259,076

 

$

12,072,750

 

$

12,041,378

 

$

12,140,703

 

$

11,940,020

 

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

 

0.14

%

 

0.15

%

 

0.14

%

 

0.13

%

 

0.14

%

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

 

0.15

%

 

0.17

%

 

0.16

%

 

0.15

%

 

0.15

%

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

 

0.17

%

 

0.17

%

 

0.17

%

 

0.17

%

 

0.18

%

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

 

0.14

%

 

0.17

%

 

0.15

%

 

0.13

%

 

0.14

%

 
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

%

 

0.24

%

 

0.23

%

 

0.23

%

 

0.24

%

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

$

20,620

 

$

18,974

 

$

17,883

 

$

18,481

 

$

18,626

 

Additions

 

357

 

 

3,171

 

 

2,229

 

 

2,992

 

 

434

 

Reductions
Payments

 

(972

)

 

(889

)

 

(722

)

 

(2,481

)

 

(490

)

Return to Accrual Status

 

(1,038

)

 

(606

)

 

(416

)

 

(1,014

)

 

-

 

Charge-offs/Write-downs

 

(1

)

 

(30

)

 

-

 

 

(95

)

 

(89

)

Total Reductions

 

(2,011

)

 

(1,525

)

 

(1,138

)

 

(3,590

)

 

(579

)

Balance at End of Quarter

$

18,966

 

$

20,620

 

$

18,974

 

$

17,883

 

$

18,481

 

 
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 Year Ended
December 31, September 30, December 31, December 31,
(dollars in thousands)

 

2021

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

Balance at Beginning of Period

$

174,708

 

$

186,371

 

$

205,813

 

$

221,303

 

$

116,849

 

 
CECL Adoption (Day 1) Impact

 

-

 

 

-

 

 

-

 

 

-

 

 

(5,072

)

 
Loans and Leases Charged-Off
Commercial
Commercial and Industrial

 

(217

)

 

(196

)

 

(177

)

 

(1,117

)

 

(1,697

)

Consumer
Residential Mortgage

 

-

 

 

(197

)

 

(120

)

 

(316

)

 

(204

)

Home Equity

 

(5

)

 

(289

)

 

(81

)

 

(417

)

 

(397

)

Automobile

 

(1,045

)

 

(576

)

 

(393

)

 

(4,939

)

 

(6,496

)

Other 1

 

(2,007

)

 

(2,187

)

 

(2,460

)

 

(10,530

)

 

(12,244

)

Total Loans and Leases Charged-Off

 

(3,274

)

 

(3,445

)

 

(3,231

)

 

(17,319

)

 

(21,038

)

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

 

132

 

 

118

 

 

244

 

 

506

 

 

2,288

 

Commercial Mortgage

 

-

 

 

-

 

 

-

 

 

-

 

 

40

 

Consumer
Residential Mortgage

 

858

 

 

173

 

 

497

 

 

2,467

 

 

1,292

 

Home Equity

 

390

 

 

216

 

 

868

 

 

1,666

 

 

2,892

 

Automobile

 

476

 

 

943

 

 

910

 

 

3,510

 

 

3,775

 

Other 1

 

746

 

 

802

 

 

968

 

 

3,205

 

 

3,613

 

Total Recoveries on Loans and Leases Previously Charged-Off

 

2,602

 

 

2,252

 

 

3,487

 

 

11,354

 

 

13,900

 

Net Recovered (Charged-Off) - Loans and Leases

 

(672

)

 

(1,193

)

 

256

 

 

(5,965

)

 

(7,138

)

Net Charged-Off - Accrued Interest Receivable

 

(39

)

 

(70

)

 

-

 

 

(541

)

 

-

 

Provision for Credit Losses:
Loans and Leases

 

(9,427

)

 

(11,272

)

 

15,200

 

 

(52,466

)

 

117,800

 

Accrued Interest Receivable

 

(214

)

 

(703

)

 

-

 

 

(1,745

)

 

-

 

Unfunded Commitments

 

(59

)

 

1,575

 

 

34

 

 

3,711

 

 

(1,136

)

Balance at End of Period 2

$

164,297

 

$

174,708

 

$

221,303

 

$

164,297

 

$

221,303

 

 
Components
Allowance for Credit Losses - Loans and Leases

 

157,821

 

 

167,920

 

 

216,252

 

 

157,821

 

 

216,252

 

Allowance for Credit Losses - Accrued Interest Receivable

 

414

 

 

667

 

 

2,700

 

 

414

 

 

2,700

 

Reserve for Unfunded Commitments

 

6,062

 

 

6,121

 

 

2,351

 

 

6,062

 

 

2,351

 

Total Reserve for Credit Losses

$

164,297

 

$

174,708

 

$

221,303

 

$

164,297

 

$

221,303

 

 
Average Loans and Leases Outstanding

$

12,086,705

 

$

11,958,321

 

$

11,835,929

 

$

12,023,669

 

$

11,592,093

 

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

 

0.02

%

 

0.04

%

 

(0.01

%)

 

0.05

%

 

0.06

%

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

 

1.29

%

 

1.39

%

 

1.81

%

 

1.29

%

 

1.81

%

 
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 13a

Consumer

Commercial

Treasury

Consolidated

(dollars in thousands)

Banking

Banking

and Other

Total

Three Months Ended December 31, 2021
Net Interest Income

$

71,007

 

$

48,140

 

$

7,241

 

$

126,388

 

Provision for Credit Losses

 

676

 

 

(4

)

 

(10,372

)

 

(9,700

)

Net Interest Income After Provision for Credit Losses

 

70,331

 

 

48,144

 

 

17,613

 

 

136,088

 

Noninterest Income

 

32,948

 

 

8,298

 

 

1,328

 

 

42,574

 

Noninterest Expense

 

(81,273

)

 

(17,127

)

 

(3,278

)

 

(101,678

)

Income Before Income Taxes

 

22,006

 

 

39,315

 

 

15,663

 

 

76,984

 

Provision for Income Taxes

 

(5,602

)

 

(9,436

)

 

1,891

 

 

(13,147

)

Net Income

$

16,404

 

$

29,879

 

$

17,554

 

$

63,837

 

Total Assets as of December 31, 2021

$

7,675,823

 

$

5,107,001

 

$

10,002,117

 

$

22,784,941

 

 
Three Months Ended December 31, 2020
Net Interest Income

$

71,707

 

$

44,373

 

$

3,419

 

$

119,499

 

Provision for Credit Losses

 

(128

)

 

(129

)

 

15,457

 

 

15,200

 

Net Interest Income (Loss) After Provision for Credit Losses

 

71,835

 

 

44,502

 

 

(12,038

)

 

104,299

 

Noninterest Income

 

35,091

 

 

8,040

 

 

2,127

 

 

45,258

 

Noninterest Expense

 

(78,433

)

 

(15,742

)

 

(4,479

)

 

(98,654

)

Income (Loss) Before Income Taxes

 

28,493

 

 

36,800

 

 

(14,390

)

 

50,903

 

Provision for Income Taxes

 

(7,242

)

 

(9,804

)

 

8,457

 

 

(8,589

)

Net Income (Loss)

$

21,251

 

$

26,996

 

$

(5,933

)

$

42,314

 

Total Assets as of December 31, 2020

$

7,478,813

 

$

5,116,807

 

$

8,008,031

 

$

20,603,651

 

Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information Table 13b

Consumer

Commercial

Treasury

Consolidated

(dollars in thousands)

Banking

Banking

and Other

Total

Year Ended December 31, 2021
Net Interest Income

$

283,998

 

$

194,409

 

$

18,883

 

$

497,290

 

Provision for Credit Losses

 

5,764

 

 

201

 

 

(56,465

)

 

(50,500

)

Net Interest Income After Provision for Credit Losses

 

278,234

 

 

194,208

 

 

75,348

 

 

547,790

 

Noninterest Income

 

131,292

 

 

30,637

 

 

9,424

 

 

171,353

 

Noninterest Expense

 

(303,699

)

 

(64,470

)

 

(25,420

)

 

(393,589

)

Income Before Income Taxes

 

105,827

 

 

160,375

 

 

59,352

 

 

325,554

 

Provision for Income Taxes

 

(26,442

)

 

(39,070

)

 

(6,670

)

 

(72,182

)

Net Income

$

79,385

 

$

121,305

 

$

52,682

 

$

253,372

 

Total Assets as of December 31, 2021

$

7,675,823

 

$

5,107,001

 

$

10,002,117

 

$

22,784,941

 

 
Year Ended December 31, 2020
Net Interest Income

$

292,710

 

$

188,626

 

$

14,986

 

$

496,322

 

Provision for Credit Losses

 

8,087

 

 

(948

)

 

110,661

 

 

117,800

 

Net Interest Income (Loss) After Provision for Credit Losses

 

284,623

 

 

189,574

 

 

(95,675

)

 

378,522

 

Noninterest Income

 

128,400

 

 

34,523

 

 

21,486

 

 

184,409

 

Noninterest Expense

 

(289,177

)

 

(63,294

)

 

(21,336

)

 

(373,807

)

Income (Loss) Before Income Taxes

 

123,846

 

 

160,803

 

 

(95,525

)

 

189,124

 

Provision for Income Taxes

 

(31,476

)

 

(40,081

)

 

36,237

 

 

(35,320

)

Net Income (Loss)

$

92,370

 

$

120,722

 

$

(59,288

)

$

153,804

 

Total Assets as of December 31, 2020

$

7,478,813

 

$

5,116,807

 

$

8,008,031

 

$

20,603,651

 

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

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

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

$

97,853

 

$

100,570

 

$

100,894

 

$

99,299

 

$

98,471

 

Income on Investment Securities
Available-for-Sale

 

15,850

 

 

16,396

 

 

16,467

 

 

15,837

 

 

15,449

 

Held-to-Maturity

 

18,325

 

 

16,754

 

 

13,576

 

 

13,300

 

 

14,113

 

Deposits

 

1

 

 

2

 

 

-

 

 

7

 

 

1

 

Funds Sold

 

104

 

 

382

 

 

260

 

 

137

 

 

115

 

Other

 

176

 

 

159

 

 

182

 

 

185

 

 

167

 

Total Interest Income

 

132,309

 

 

134,263

 

 

131,379

 

 

128,765

 

 

128,316

 

Interest Expense
Deposits

 

2,898

 

 

3,837

 

 

4,152

 

 

4,329

 

 

4,861

 

Securities Sold Under Agreements to Repurchase

 

2,834

 

 

3,423

 

 

3,470

 

 

3,533

 

 

3,614

 

Funds Purchased

 

6

 

 

-

 

 

-

 

 

1

 

 

5

 

Other Debt

 

183

 

 

184

 

 

243

 

 

333

 

 

337

 

Total Interest Expense

 

5,921

 

 

7,444

 

 

7,865

 

 

8,196

 

 

8,817

 

Net Interest Income

 

126,388

 

 

126,819

 

 

123,514

 

 

120,569

 

 

119,499

 

Provision for Credit Losses

 

(9,700

)

 

(10,400

)

 

(16,100

)

 

(14,300

)

 

15,200

 

Net Interest Income After Provision for Credit Losses

 

136,088

 

 

137,219

 

 

139,614

 

 

134,869

 

 

104,299

 

Noninterest Income
Trust and Asset Management

 

11,693

 

 

11,415

 

 

11,682

 

 

11,278

 

 

11,239

 

Mortgage Banking

 

2,908

 

 

3,136

 

 

3,058

 

 

5,862

 

 

6,851

 

Service Charges on Deposit Accounts

 

6,861

 

 

6,510

 

 

6,065

 

 

6,128

 

 

6,335

 

Fees, Exchange, and Other Service Charges

 

14,439

 

 

13,604

 

 

13,807

 

 

13,607

 

 

12,143

 

Investment Securities Gains (Losses), Net

 

(1,258

)

 

(1,259

)

 

2,423

 

 

(1,203

)

 

(1,193

)

Annuity and Insurance

 

876

 

 

735

 

 

911

 

 

702

 

 

670

 

Bank-Owned Life Insurance

 

1,907

 

 

1,897

 

 

2,063

 

 

1,917

 

 

2,353

 

Other

 

5,148

 

 

5,340

 

 

4,422

 

 

4,679

 

 

6,860

 

Total Noninterest Income

 

42,574

 

 

41,378

 

 

44,431

 

 

42,970

 

 

45,258

 

Noninterest Expense
Salaries and Benefits

 

59,434

 

 

56,447

 

 

56,161

 

 

56,251

 

 

50,200

 

Net Occupancy

 

9,028

 

 

3,079

 

 

5,047

 

 

9,090

 

 

14,536

 

Net Equipment

 

9,105

 

 

8,924

 

 

8,796

 

 

8,878

 

 

9,574

 

Data Processing

 

4,696

 

 

4,722

 

 

4,557

 

 

6,322

 

 

4,604

 

Professional Fees

 

3,427

 

 

2,948

 

 

3,114

 

 

3,406

 

 

3,174

 

FDIC Insurance

 

1,619

 

 

1,594

 

 

1,669

 

 

1,654

 

 

1,484

 

Other

 

14,369

 

 

18,805

 

 

17,183

 

 

13,264

 

 

15,082

 

Total Noninterest Expense

 

101,678

 

 

96,519

 

 

96,527

 

 

98,865

 

 

98,654

 

Income Before Provision for Income Taxes

 

76,984

 

 

82,078

 

 

87,518

 

 

78,974

 

 

50,903

 

Provision for Income Taxes

 

13,147

 

 

20,025

 

 

19,985

 

 

19,025

 

 

8,589

 

Net Income

$

63,837

 

$

62,053

 

$

67,533

 

$

59,949

 

$

42,314

 

Preferred Stock Dividends

 

1,969

 

 

1,006

 

 

-

 

 

-

 

 

-

 

Net Income Available to Common Shareholders

$

61,868

 

$

61,047

 

$

67,533

 

$

59,949

 

$

42,314

 

 
Basic Earnings Per Common Share

$

1.56

 

$

1.53

 

$

1.69

 

$

1.51

 

$

1.06

 

Diluted Earnings Per Common Share

$

1.55

 

$

1.52

 

$

1.68

 

$

1.50

 

$

1.06

 

 
Balance Sheet Totals
Loans and Leases

$

12,259,076

 

$

12,072,750

 

$

12,041,378

 

$

12,140,703

 

$

11,940,020

 

Total Assets

 

22,784,941

 

 

22,965,383

 

 

22,672,183

 

 

21,947,271

 

 

20,603,651

 

Total Deposits

 

20,360,108

 

 

20,493,678

 

 

20,169,709

 

 

19,556,651

 

 

18,211,621

 

Total Shareholders' Equity

 

1,611,611

 

 

1,597,109

 

 

1,583,531

 

 

1,360,221

 

 

1,374,507

 

 
Performance Ratios
Return on Average Assets

 

1.12

 

%

 

1.07

 

%

 

1.23

 

%

 

1.15

 

%

 

0.83

 

Return on Average Shareholders' Equity

 

15.92

 

 

15.41

 

 

19.17

 

 

17.65

 

 

12.26

 

Return on Average Common Equity

 

17.40

 

 

17.08

 

 

19.61

 

 

17.65

 

 

12.26

 

Efficiency Ratio 1

 

60.18

 

 

57.38

 

 

57.47

 

 

60.45

 

 

59.88

 

Net Interest Margin 2

 

2.34

 

 

2.32

 

 

2.37

 

 

2.43

 

 

2.48

 

 
 
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
Eleven Months Ended Year Ended
($ in millions; jobs in thousands) November 30, 2021 December 31, 2020 December 31, 2019
Hawaii Economic Trends
State General Fund Revenues 1

$

7,441.8

26.8

%

$

6,415.1

(12.3

)

%

$

7,316.5

 

5.5

 

%

General Excise and Use Tax Revenue 1

 

3,293.9

17.8

 

3,038.8

(15.6

)

 

3,602.2

 

5.1

 

Jobs 2

 

608.0

 

588.2

 

659.7

 

 
November 30, December 31,

2021

 

 

2020

 

2019

 

Unemployment, seasonally adjusted 3
Statewide

6.0

 

%

 

10.3

 

%

2.1

 

%

 
Honolulu County

4.9

 

 

9.3

 

2.0

 

Hawaii County

5.1

 

 

10.1

 

2.5

 

Maui County

6.8

 

 

14.3

 

2.0

 

Kauai County

7.0

 

 

13.9

 

2.1

 

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

 

2021

2020

 

 

2019

 

2018

 

Housing Trends (Single Family Home - Oahu) 4
Median Home Price

 

19.3

%

5.2

 

%

 

(0.1

)

%

4.6

 

%

Home Sales Volume (units)

 

17.9

%

2.3

 

%

 

3.9

 

%

(7.7

)

%

Months of Inventory

 

0.8

1.4

 

 

2.5

 

2.8

 

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