Form 4: Bank of Hawaii Director Updates Share Ownership

Bank of Hawaii Corp. Director Robert W. Wo Jr. updated his beneficial ownership, including 5,000 shares acquired indirectly through a trust and previously omitted from filings.

Summary

• Director Robert W. Wo Jr. reported changes in his beneficial ownership of Bank of Hawaii Corp. common stock.
• On September 13, 2019, Mr. Wo became a co-trustee of the Robert Ching Wo Trust 1985 following the grantor's death.
• This change resulted in the indirect beneficial ownership of 5,000 shares of common stock through the Trust, which were inadvertently omitted from prior filings.
• Mr. Wo disclaims beneficial ownership of these 5,000 shares except to the extent of his pecuniary interest, as he is one of five beneficiaries of the Trust.
• Following the reported transaction, Mr. Wo's beneficial ownership includes 44,635 shares held directly, 5,000 shares indirectly through the Robert Ching Wo Trust 1985, 8,034 shares indirectly through an Irrevocable Trust, 1,800 shares indirectly owned by his wife, and 1,000 shares indirectly owned by his wife's trust.
• Additionally, Mr. Wo holds 33,470 shares underlying a Directors' Deferred Compensation Plan BOHC Fund, which are directly owned.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While a past omission is noted, the filing corrects it, indicating compliance. The director's continued significant ownership is generally positive for shareholder alignment.

Positives

• Increased transparency regarding beneficial ownership by correcting prior omissions.
• Director's continued significant beneficial ownership aligns interests with shareholders.

Negatives

• Prior inadvertent omission of 5,000 shares from filings indicates a past reporting oversight.

Risks

• Potential for regulatory scrutiny due to past inadvertent omission of shares from filings.

Future Outlook

NA

Industry Context

This Form 4 filing is a standard regulatory disclosure for insider transactions and beneficial ownership changes. It does not provide broader industry context or trends, focusing solely on an individual director's shareholdings.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased transparency regarding director's holdings. The correction of a past omission ensures more accurate public records.

Key Dates

Recommendation

This Form 4 filing is a routine disclosure of a director's beneficial ownership update, including a correction for previously omitted shares. It does not contain information that would fundamentally alter the investment thesis for Bank of Hawaii Corp. The director's continued significant holdings are a neutral to slightly positive signal of alignment, but the filing itself provides no new operational or financial data to warrant a change in investment stance.

Keywords

Bank of Hawaii, BOH, SEC Form 4, Beneficial Ownership, Director, Insider Trading, Trust, Corporate Governance, Share Ownership, Financial Reporting