In a recent development at Bank of Hawaii Corporation (NYSE:BOH), Peter S. Ho has stepped down from his role as President, while retaining his positions as Chairman and CEO. Concurrently, the company has elevated James C. Polk, previously Vice Chair and Chief Banking Officer, to President. This transition took place today, as disclosed in a filing with the U.S. Securities and Exchange Commission.
James C. Polk, 58, has been with Bank of Hawaii since 1999 and has served in various leadership capacities over the past 25 years. His roles have spanned oversight of Commercial Banking, Consumer Banking, Retail Lending & Deposit Products, and the West Pacific Region. In 2016, Polk was appointed Vice Chair, and in 2021 he took on the role of Chief Banking Officer.
With his promotion to President, Polk will now oversee all revenue-generating businesses of the company, including Commercial Banking, Cash Management, Merchant Services, Wealth Management, Retail Banking, Branch Banking, and the Contact Center.
The company has recognized Polk's promotion with an increase in his annual salary to $570,000 and a long-term, performance-based restricted stock unit award valued at $500,000.
The announcement signifies a strategic realignment of Bank of Hawaii's executive team, as Peter S. Ho focuses on his duties as Chairman and CEO, with James C. Polk taking over the day-to-day leadership responsibilities as President. The move is part of the company's ongoing efforts to ensure strong leadership and continued growth.
This news comes directly from an 8-K filing by Bank of Hawaii Corporation, providing investors with the latest information on the company's executive management structure.
In other recent news, Bank of Hawaii has been the focus of several adjustments by financial analysts. Jefferies reduced the price target for the bank's shares to $53, maintaining a Hold rating, following the announcement of a $165 million preferred equity raise with an 8% coupon. This move is expected to increase the bank's Tier 1 and Total capital ratios, though it may reduce earnings per share by an estimated 9% in the first quarter of 2024.
Meanwhile, Keefe, Bruyette & Woods raised the stock price target to $58 despite a miss on margin guidance, and Piper Sandler reduced its price target to $60 due to anticipation of narrower net interest margins. Both firms maintained their previous ratings on the stock.
In terms of earnings, Bank of Hawaii reported a steady Q1 2024 performance with net income of $36.4 million and earnings per share of $0.87. Non-interest income remained consistent at $42.3 million, despite a slight decline in net interest income.
These recent developments underline the evolving financial landscape for Bank of Hawaii, as it navigates through capital adjustments, analyst ratings, and net interest income dynamics.
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