Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 139

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 139
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 to shares of common stock upon completion of one or more criteria, including service period, performance or other conditions as established by the Compensation Committee, such as vesting tied to the Company’s financial performance relative to the peer group or achievement of an absolute financial performance target. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. Generally, restricted stock vests over periods ranging from one year to five years from the date of grant. Restricted stock and dividends may be forfeited if an employee terminates prior to vesting.As of December 31, 2024, total shares authorized under the plans were 2.4 million shares, of which 1.4 million shares were available for future grants.The Company recognizes compensation expense, measured as the fair value of the share-based award on the date of grant, on a straight-line basis over the requisite service period. Share-based compensation is recorded in the consolidated statements of income as a component of salaries and benefits for employees and as a component of other noninterest expense for non-employee directors, with a corresponding increase to capital surplus in shareholders’ equity. For the years ended December 31, 2024, 2023 and 2022, compensation expense and the related income tax benefit recognized for stock options and restricted stock were as follows: 

        (dollars in thousands)
         
        2024

        2023

        2022

        Compensation Expense
         
        $
        14,444

        $
        15,656

        $
        16,066

        Income Tax Benefit

        3,832

        4,153

        4,262

       Restricted Stock As of December 31, 2024, unrecognized compensation expense related to unvested restricted stock was $18.6 million. The unrecognized compensation expense is expected to be recognized over a weighted average period of 2.04 years.The following table presents the activity for restricted stock: 

        Number of Shares

        Weighted Average Grant Date Fair Value

        Grant Date Fair Value of Restricted Stock that Vested During the Year (in thousands)

        Unvested as of December 31, 2021

        500,536

        $
        87.28

        Granted

        192,030

        85.80

        Vested

        (138,823
        )

        83.21

        $
        11,640

        Forfeited