BOH Bank of Hawaii Corporation

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report	January 27, 2025
(Date of earliest event reported)

 

BANK OF HAWAII CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware	1-6887	99-0148992
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

130 Merchant Street	Honolulu	Hawaii	96813
(Address of principal executive offices)	(City)	(State)	(Zip Code)

 

(888) 643-3888

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		BOH		New York Stock Exchange
Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A		BOH.PRA		New York Stock Exchange
Depository Shares, Each Representing 1/40th Interest in a Share of 8.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B		BOH.PRB		New York Stock Exchange

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition.

On January 27, 2025, Bank of Hawaii Corporation announced its results of operations for the quarter ended December 31, 2024. The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.
99.1	January 27, 2025 Press Release: Bank of Hawaii Corporation Fourth Quarter 2024 Financial Results. Any internet addresses provided in this release are for informational purposes only and are not intended to be hyperlinks. Furnished herewith.
99.2	Bank of Hawaii Corporation Fourth Quarter 2024 Financial Report
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: January 27, 2025	Bank of Hawaii Corporation
	By:	/s/ Patrick M. McGuirk
		Patrick M. McGuirk
		Vice Chair and Chief Administrative Officer

 

 

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Bank of Hawai‘i Corporation Fourth Quarter and Full Year 2024 Financial Results

 

 

 

FOR IMMEDIATE RELEASE

 

HONOLULU, HI (January 27, 2025) -- Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $3.46 for the full year of 2024, compared with $4.14 for the full year of 2023. Net income for the year was $150.0 million, down 12.4% from the previous year. The return on average common equity for the full year of 2024 was 10.85% compared with 13.89% in 2023.

 

“Bank of Hawai‘i finished 2024 with strong financial performance,” said Peter Ho, Chairman and CEO. “In the fourth quarter, our net interest income and net interest margin continued their upward trajectories and average loan balances and average deposit balances grew. During 2024, we strengthened capital levels, controlled core expenses and maintained excellent credit quality.”

 

Diluted earnings per common share was $0.85 for the fourth quarter of 2024, compared with $0.93 during the linked quarter and $0.72 during the same period last year. Net income for the fourth quarter of 2024 was $39.2 million, down 3.0% from the linked quarter and up 28.8% from the same period last year. The return on average common equity for the fourth quarter of 2024 was 10.30% compared with 11.50% during the linked quarter and 9.55% during the same period last year.

 

 

Financial Highlights

 

Net interest income for the fourth quarter of 2024 was $120.2 million, an increase of 2.2% from the linked quarter and an increase of 3.8% as compared to the same period last year. The increase from the previous quarter was primarily due to higher average balance of our earning assets, slowing of deposit mix shift and repricing and lower funding costs, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to higher earning asset yields and higher average balance of our earning assets, partially offset by higher average balance of interest-bearing deposits.

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Bank of Hawai‘i Corporation Fourth Quarter and Full Year 2024 Financial Results Page 2

 

 

Net interest margin was 2.19% in the fourth quarter of 2024, an increase of 1 basis point from the linked quarter and an increase of 6 basis points from the same period last year. The increase from the linked quarter was primarily due to lower interest-bearing deposits rates, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to higher earning asset yields, partially offset by higher interest-bearing deposit rates.

 

The average yield on loans and leases was 4.73% in the fourth quarter of 2024, down 9 basis points from the linked quarter and up 19 basis points from the same period last year. The average yield on total earning assets was 3.97% in the fourth quarter of 2024, down 9 basis points from the linked quarter and up 12 basis points from the same period last year. The average cost of interest-bearing deposits was 2.37% in the fourth quarter of 2024, down 15 basis points from the linked quarter and up 7 basis points from the same period last year. The average quarterly cost of total deposits, including noninterest-bearing deposits, was 1.77%, down 10 basis points from the linked quarter and up 10 basis points from the same period last year. The changes in yields and rates over the linked quarter reflected the lower rate environment, including lower benchmark interest rates. The changes in yields and rates year over year period reflected repricing of our loans and an elevated deposit mix shift during the period.

 

Noninterest income was $43.0 million in the fourth quarter of 2024, a decrease of 4.6% from the linked quarter and an increase of 1.8% from the same period in 2023. Noninterest income in the fourth quarter of 2024 included a $2.4 million charge incurred in connection with a change in our Visa Class B conversion ratio. Adjusted for this item, noninterest income would have been $45.4 million, an increase of 0.7% from the linked quarter and an increase of 7.5% from the same period in 2023. The increase from the same period last year was primarily due to increases in trust and asset management income, service charges on deposits accounts, and fees, exchange, and other service charges.

 

Noninterest expense was $107.9 million in the fourth quarter of 2024, an increase of 0.8% from the linked quarter and a decrease of 6.9% from the same period last year. Noninterest expense in the fourth quarter of 2023 included an industry-wide FDIC Special Assessment of $14.7 million and $1.7 million of expense savings that were not expected to recur in 2024. Adjusted for these items, noninterest expense in the fourth quarter of 2024 increased by 4.9% from adjusted noninterest expense in the same period last year. The increase was primarily due to higher medical cost in the fourth quarter of 2024 that are not expected to repeat.

 

The effective tax rate for the fourth quarter of 2024 was 24.02% compared with 23.33% during the linked quarter and 23.25% during the same period last year.

 

 

Asset Quality

 

The Company’s overall asset quality remained strong during the fourth quarter of 2024. Provision for credit losses for the fourth quarter of 2024 was $3.8 million compared with $3.0 million in the linked quarter and $2.5 million in the same period last year.

 

Total non-performing assets were $19.3 million at December 31, 2024, down $0.5 million from September 30, 2024 and up $7.6 million from December 31, 2023. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.14% at the end of the quarter, flat from the linked quarter and an increase of 5 basis points from the same period last year.

 

 

 

 

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Bank of Hawai‘i Corporation Fourth Quarter and Full Year 2024 Financial Results Page 3

 

 

Net loan and lease charge-offs during the fourth quarter of 2024 were $3.4 million or 10 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.2 million partially offset by gross recoveries of $1.8 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $0.4 million or 1 basis point annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $1.7 million or 5 basis points annualized on total average loans and leases outstanding.

 

The allowance for credit losses on loans and leases was $148.5 million at December 31, 2024, an increase of $1.2 million from September 30, 2024 and an increase of $2.1 million from December 31, 2023. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, flat from the linked quarter and up 1 basis point from the same period last year.

 

 

Balance Sheet

 

Total assets were $23.6 billion at December 31, 2024, a decrease of 0.8% from September 30, 2024 and a decrease of 0.6% from December 31, 2023. The decrease from the prior periods was primarily due to a decrease in cash and cash equivalents.

 

The investment securities portfolio was $7.3 billion at December 31, 2024, an increase of 0.7% from September 30, 2024 and a decrease of 1.3% from December 31, 2023. This linked quarter increase was primarily due to the purchases of investment securities in the fourth quarter partially offset by cashflows from the portfolio. The decrease from the same period last year was primarily due to cashflows from the portfolio not being reinvested into securities, partially offset by purchases of investment securities in the third and fourth quarters of 2024. The majority of investment purchases during 2024 were in floating rate securities. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

 

Total loans and leases were $14.1 billion at December 31, 2024, an increase of 1.1% from September 30, 2024 and an increase of 0.8% from December 31, 2023. Total commercial loans were $6.1 billion at December 31, 2024, an increase of 3.3% from September 30, 2024 and an increase of 6.0% from December 31, 2023. The increase from the previous periods was primarily due to loan production within our commercial mortgage portfolio. Total consumer loans were $8.0 billion at December 31, 2024, a decrease of 0.5% from the linked quarter and a decrease of 2.9% from the same period last year. The decrease from the linked quarter was primarily due to declines in our home equity and automobile portfolios. The decrease from the same period last year was primarily due to declines in our residential mortgage, home equity and automobile portfolios.

 

Total deposits were $20.6 billion at December 31, 2024, a decrease of 1.6% from September 30, 2024 and a decrease of 2.0% from December 31, 2023. Noninterest-bearing deposits made up 26.3% of total deposit balances at December 31, 2024, up from 25.8% at September 30, 2024 and down from 28.8% at December 31, 2023. Average total deposits were $20.8 billion for the fourth quarter of 2024, up 1.3% from $20.5 billion in the linked quarter and up 0.3% from $20.7 billion in the same period last year.

 

 

Capital and Dividends

 

The Company’s capital levels remain well above regulatory well-capitalized minimums.

 

 

 

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Bank of Hawai‘i Corporation Fourth Quarter and Full Year 2024 Financial Results Page 4

 

 

The Tier 1 Capital Ratio was 13.95% at December 31, 2024 compared with 14.05% at September 30, 2024 and 12.56% at December 31, 2023. The Tier 1 Leverage Ratio was 8.31% at December 31, 2024, compared with 8.38% at September 30, 2024 and 7.51% at December 31, 2023. The decreases from the linked quarter were due to increases in risk-weighted assets and average total assets partially offset by retained earnings growth. The increases from the same period last year were primarily due to the issuance of $165.0 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, at a rate of 8.00% in the second quarter of 2024.

 

No shares of common stock were repurchased under the share repurchase program in the fourth quarter of 2024. Total remaining buyback authority under the share repurchase program was $126.0 million at December 31, 2024.

 

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, 2025 to shareholders of record at the close of business on February 28, 2025.

 

On January 6, 2025, the Company announced that the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on February 3, 2025 to shareholders of record of the preferred stock as of the close of business on January 17, 2025.

 

 

Conference Call Information

 

The Company will review its fourth quarter financial results today at 8:00 a.m. Hawai‘i 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 Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link: https://register-conf.media-server.com/register/BI24eacfe4bc38408fa2cf3382f4c7a832. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, January 27, 2025. The replay will be available on the Company's website, www.boh.com.

 

 

Investor Announcements

 

Investors and others should note that the Company intends to announce financial and other information to the Company’s investors using the Company’s investor relations website at https://ir.boh.com, social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.

 

 

 

 

 

 

 

 

 

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Bank of Hawai‘i Corporation Fourth Quarter and Full Year 2024 Financial Results Page 5

 

 

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 Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2023 and its Form 10-Q for fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, 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 Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawai‘i and the West Pacific. The Company's principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.

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Bank of Hawai‘i 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)	2024				2024				2023				2024				2023
For the Period:
Operating Results
Net Interest Income	$	120,178			$	117,618			$	115,785			$	466,580			$	497,025
Provision for Credit Losses		3,750				3,000				2,500				11,150				9,000
Total Noninterest Income		43,047				45,110				42,283				172,529				176,609
Total Noninterest Expense		107,931				107,092				115,962				430,108				437,518
Pre-Provision Net Revenue		55,294				55,636				42,106				209,001				236,116
Net Income		39,162				40,358				30,396				149,994				171,202
Net Income Available to Common Shareholders		33,893				36,922				28,427				137,350				163,325
Basic Earnings Per Common Share		0.86				0.94				0.72				3.48				4.16
Diluted Earnings Per Common Share		0.85				0.93				0.72				3.46				4.14
Dividends Declared Per Common Share		0.70				0.70				0.70				2.80				2.80
Performance Ratios
Return on Average Assets		0.66		%		0.69		%		0.51		%		0.64		%		0.71		%
Return on Average Shareholders' Equity		9.42				9.90				8.86				9.78				12.63
Return on Average Common Equity		10.30				11.50				9.55				10.85				13.89
Efficiency Ratio 1		66.12				65.81				73.36				67.30				64.95
Net Interest Margin 2		2.19				2.18				2.13				2.16				2.24
Dividend Payout Ratio 3		81.40				74.47				97.22				80.46				67.31
Average Shareholders' Equity to Average Assets		6.98				6.95				5.80				6.56				5.66
Average Balances
Average Loans and Leases	$	13,964,687			$	13,809,977			$	13,906,114			$	13,868,916			$	13,851,551
Average Assets		23,682,494				23,338,529				23,449,215				23,362,736				23,954,186
Average Deposits		20,756,682				20,484,391				20,704,070				20,536,239				20,412,378
Average Shareholders' Equity		1,654,156				1,621,936				1,360,641				1,533,243				1,355,536
Per Share of Common Stock
Book Value	$	33.27			$	33.22			$	31.05			$	33.27			$	31.05
Tangible Book Value		32.47				32.43				30.25				32.47				30.25
Market Value
Closing		71.24				62.77				72.46				71.24				72.46
High		82.70				70.44				75.19				82.70				81.73
Low		60.58				55.75				45.56				54.50				30.83
	December 31,				September 30,				December 31,
	2024				2024				2023
As of Period End:
Balance Sheet Totals
Loans and Leases	$	14,075,980			$	13,918,583			$	13,965,026
Total Assets		23,601,114				23,799,174				23,733,296
Total Deposits		20,633,037				20,978,322				21,055,045
Other Debt		558,274				558,297				560,190
Total Shareholders' Equity		1,667,774				1,665,474				1,414,242
Asset Quality
Non-Performing Assets	$	19,300			$	19,781			$	11,747
Allowance for Credit Losses - Loans and Leases		148,528				147,331				146,403
Allowance to Loans and Leases Outstanding 4		1.06		%		1.06		%		1.05		%
Capital Ratios 5
Common Equity Tier 1 Capital Ratio		11.59		%		11.66		%		11.33		%
Tier 1 Capital Ratio		13.95				14.05				12.56
Total Capital Ratio		15.00				15.11				13.60
Tier 1 Leverage Ratio		8.31				8.38				7.51
Total Shareholders' Equity to Total Assets		7.07				7.00				5.96
Tangible Common Equity to Tangible Assets 6		5.48				5.42				5.07
Tangible Common Equity to Risk-Weighted Assets 6		9.08				9.17				8.45
Non-Financial Data
Full-Time Equivalent Employees		1,865				1,854				1,899
Branches		50				50				51
ATMs		317				317				318
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5 Regulatory capital ratios as of December 31, 2024 are preliminary.
6 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".

 

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Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures							Table 2
	December 31,			September 30,			December 31,
(dollars in thousands)	2024			2024			2023
Total Shareholders' Equity	$	1,667,774		$	1,665,474		$	1,414,242
Less: Preferred Stock		345,000			345,000			180,000
Goodwill		31,517			31,517			31,517
Tangible Common Equity	$	1,291,257		$	1,288,957		$	1,202,725
Total Assets	$	23,601,114		$	23,799,174		$	23,733,296
Less: Goodwill		31,517			31,517			31,517
Tangible Assets	$	23,569,597		$	23,767,657		$	23,701,779
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1	$	14,225,908		$	14,054,698		$	14,226,780
Total Shareholders' Equity to Total Assets		7.07	%		7.00	%		5.96	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		5.48	%		5.42	%		5.07	%
Tier 1 Capital Ratio 1		13.95	%		14.05	%		12.56	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1		9.08	%		9.17	%		8.45	%
1 Regulatory capital ratios as of December 31, 2024 are preliminary.

 

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Bank of Hawai‘i 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)	2024			2024			2023				2024			2023
Interest Income
Interest and Fees on Loans and Leases	$	164,785		$	166,286		$	158,324			$	653,615		$	590,611
Income on Investment Securities
Available-for-Sale		23,223			23,257			22,782				89,705			93,528
Held-to-Maturity		20,677			21,107			22,589				85,515			92,750
Cash and Cash Equivalents		9,425			8,980			5,728				30,701			28,380
Other		1,107			1,018			924				4,215			5,106
Total Interest Income		219,217			220,648			210,347				863,751			810,375
Interest Expense
Deposits		92,099			96,067			87,121				368,764			250,847
Securities Sold Under Agreements to Repurchase		992			993			1,459				4,608			16,306
Funds Purchased		-			-			-				44			888
Short-Term Borrowings		-			-			-				-			5,713
Other Debt		5,948			5,970			5,982				23,755			39,596
Total Interest Expense		99,039			103,030			94,562				397,171			313,350
Net Interest Income		120,178			117,618			115,785				466,580			497,025
Provision for Credit Losses		3,750			3,000			2,500				11,150			9,000
Net Interest Income After Provision for Credit Losses		116,428			114,618			113,285				455,430			488,025
Noninterest Income
Fees, Exchange, and Other Service Charges		14,399			14,945			13,774				57,236			55,556
Trust and Asset Management		12,157			11,916			11,144				47,485			43,597
Service Charges on Deposit Accounts		8,678			8,075			7,949				32,430			31,116
Bank-Owned Life Insurance		3,283			3,533			3,176				13,568			11,643
Annuity and Insurance		1,347			1,460			1,271				5,436			4,736
Mortgage Banking		942			1,188			1,016				4,109			4,255
Investment Securities Losses, Net		(3,306	)		(1,103	)		(1,619	)			(7,507	)		(11,455	)
Other		5,547			5,096			5,572				19,772			37,161
Total Noninterest Income		43,047			45,110			42,283				172,529			176,609
Noninterest Expense
Salaries and Benefits		58,690			58,626			53,991				232,564			234,079
Net Equipment		10,308			10,120			9,826				40,886			40,251
Net Occupancy		10,263			10,806			9,734				42,084			39,924
Data Processing		5,313			4,712			4,948				19,540			18,836
Professional Fees		4,988			4,725			5,079				19,319			17,459
FDIC Insurance		3,711			3,355			18,545				17,850			28,313
Other		14,658			14,748			13,839				57,865			58,656
Total Noninterest Expense		107,931			107,092			115,962				430,108			437,518
Income Before Provision for Income Taxes		51,544			52,636			39,606				197,851			227,116
Provision for Income Taxes		12,382			12,278			9,210				47,857			55,914
Net Income	$	39,162		$	40,358		$	30,396			$	149,994		$	171,202
Preferred Stock Dividends		5,269			3,436			1,969				12,644			7,877
Net Income Available to Common Shareholders	$	33,893		$	36,922		$	28,427			$	137,350		$	163,325
Basic Earnings Per Common Share	$	0.86		$	0.94		$	0.72			$	3.48		$	4.16
Diluted Earnings Per Common Share	$	0.85		$	0.93		$	0.72			$	3.46		$	4.14
Dividends Declared Per Common Share	$	0.70		$	0.70		$	0.70			$	2.80		$	2.80
Basic Weighted Average Common Shares		39,513,210			39,488,187			39,303,525				39,450,737			39,274,291
Diluted Weighted Average Common Shares		39,836,758			39,736,492			39,539,191				39,700,388			39,428,912

 

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Bank of Hawai‘i 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)		2024				2024				2023					2024				2023
Net Income	$		39,162		$		40,358		$		30,396			$		149,994		$		171,202
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities			(7,388	)			38,833				43,357					53,435				36,152
Defined Benefit Plans			(641	)			168				1,566					(136	)			1,818
Other Comprehensive Income (Loss)			(8,029	)			39,001				44,923					53,299				37,970
Comprehensive Income	$		31,133		$		79,359		$		75,319			$		203,293		$		209,172

 

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Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition							Table 5
	December 31,			September 30,			December 31,
(dollars in thousands, except per share amounts)	2024			2024			2023
Assets
Cash and Cash Equivalents	$	763,571		$	1,272,763		$	1,000,944
Investment Securities
Available-for-Sale		2,689,528			2,550,324			2,408,933
Held-to-Maturity (Fair Value of $3,820,882; $4,072,596; and $4,253,637)		4,618,543			4,710,245			4,997,335
Loans Held for Sale		2,150			5,048			3,124
Loans and Leases		14,075,980			13,918,583			13,965,026
Allowance for Credit Losses		(148,528	)		(147,331	)		(146,403	)
Net Loans and Leases		13,927,452			13,771,252			13,818,623
Premises and Equipment, Net		184,480			191,899			194,855
Operating Lease Right-of-Use Assets		80,165			81,736			86,110
Accrued Interest Receivable		66,367			66,534			66,525
Mortgage Servicing Rights		19,199			19,571			20,880
Goodwill		31,517			31,517			31,517
Bank-Owned Life Insurance		481,184			475,263			462,894
Other Assets		736,958			623,022			641,556
Total Assets	$	23,601,114		$	23,799,174		$	23,733,296
Liabilities
Deposits
Noninterest-Bearing Demand	$	5,423,562		$	5,412,048		$	6,058,554
Interest-Bearing Demand		3,784,984			3,734,601			3,749,717
Savings		8,364,916			8,663,147			8,189,472
Time		3,059,575			3,168,526			3,057,302
Total Deposits		20,633,037			20,978,322			21,055,045
Securities Sold Under Agreements to Repurchase		100,000			100,490			150,490
Other Debt		558,274			558,297			560,190
Operating Lease Liabilities		88,794			90,356			94,693
Retirement Benefits Payable		23,760			22,870			23,673
Accrued Interest Payable		34,799			40,434			41,023
Other Liabilities		494,676			342,931			393,940
Total Liabilities		21,933,340			22,133,700			22,319,054
Shareholders' Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)		180,000			180,000			180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)		165,000			165,000			-
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 31, 2024 - 58,765,864 / 39,762,255;
September 30, 2024 - 58,765,907 / 39,748,304; and December 31, 2023 - 58,755,465 / 39,753,138)		585			585			583
Capital Surplus		647,403			643,620			636,422
Accumulated Other Comprehensive Loss		(343,389	)		(335,360	)		(396,688	)
Retained Earnings		2,133,838			2,127,585			2,107,569
Treasury Stock, at Cost (Shares: December 31, 2024 - 19,003,609; September 30, 2024 - 19,017,603;
and December 31, 2023 - 19,002,327)		(1,115,663	)		(1,115,956	)		(1,113,644	)
Total Shareholders' Equity		1,667,774			1,665,474			1,414,242
Total Liabilities and Shareholders' Equity	$	23,601,114		$	23,799,174		$	23,733,296

 

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Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																												Table 6
																							Accumulated
		Preferred						Preferred															Other
		Shares			Preferred			Shares			Preferred			Common									Comprehensive
		Series A			Series A			Series B			Series B			Shares			Common			Capital			Income					Retained			Treasury
(dollars in thousands, except per share amounts)		Outstanding			Stock			Outstanding			Stock			Outstanding			Stock			Surplus			(Loss)					Earnings			Stock			Total
Balance as of December 31, 2022			180,000		$	180,000			-		$	-			39,835,750		$	582		$	620,578		$	(434,658	)		$		2,055,912		$	(1,105,419	)	$	1,316,995
Net Income			-			-			-			-			-			-			-			-					171,202			-			171,202
Other Comprehensive Income			-			-			-			-			-			-			-			37,970					-			-			37,970
Share-Based Compensation			-			-			-			-			-			-			15,656			-					-			-			15,656
Common Stock Issued under Purchase
and Equity Compensation Plans			-			-			-			-			130,286			1			188			-					127			6,065			6,381
Common Stock Repurchased			-			-			-			-			(212,898	)		-			-			-					-			(14,290	)		(14,290	)
Cash Dividends Declared Common Stock
($2.80 per share)			-			-			-			-			-			-			-			-					(111,795	)		-			(111,795	)
Cash Dividends Declared Preferred Stock			-			-			-			-			-			-			-			-					(7,877	)		-			(7,877	)
Balance as of December 31, 2023			180,000		$	180,000			-		$	-			39,753,138		$	583		$	636,422		$	(396,688	)		$		2,107,569		$	(1,113,644	)	$	1,414,242
Net Income			-		$	-			-		$	-			-		$	-		$	-		$	-			$		149,994		$	-		$	149,994
Other Comprehensive Income			-			-			-			-			-			-			-			53,299					-			-			53,299
Share-Based Compensation			-			-			-			-			-			-			14,444			-					-			-			14,444
Preferred Stock Issued, Net			-			-			165,000			165,000			-			-			(4,386	)		-					-			-			160,614
Common Stock Issued under Purchase
and Equity Compensation Plans			-			-			-			-			96,394			2			923			-					1,232			3,283			5,440
Common Stock Repurchased			-			-			-			-			(87,277	)		-			-			-					-			(5,302	)		(5,302	)
Cash Dividends Declared Common Stock
($2.80 per share)			-			-			-			-			-			-			-			-					(112,313	)		-			(112,313	)
Cash Dividends Declared Preferred Stock			-			-			-			-			-			-			-			-					(12,644	)		-			(12,644	)
Balance as of December 31, 2024			180,000		$	180,000			165,000		$	165,000			39,762,255		$	585		$	647,403		$	(343,389	)		$		2,133,838		$	(1,115,663	)	$	1,667,774

 

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Bank of Hawai‘i 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, 2024										September 30, 2024										December 31, 2023
	Average			Income /			Yield /				Average			Income /			Yield /				Average			Income /			Yield /
(dollars in millions)	Balance			Expense 2			Rate				Balance			Expense 2			Rate				Balance			Expense 2			Rate
Earning Assets
Cash and Cash Equivalents	$	784.9		$	9.4			4.70		%	$	667.8		$	9.0			5.26		%	$	419.3		$	5.7			5.35		%
Investment Securities
Available-for-Sale
Taxable		2,614.5			23.0			3.50				2,430.0			23.0			3.80				2,362.4			22.8			3.84
Non-Taxable		21.5			0.3			6.39				11.8			0.2			6.63				1.8			0.0			1.90
Held-to-Maturity
Taxable		4,636.7			20.5			1.77				4,735.5			21.0			1.77				5,013.6			22.4			1.79
Non-Taxable		34.3			0.2			2.10				34.4			0.2			2.10				34.9			0.2			2.10
Total Investment Securities		7,307.0			44.0			2.41				7,211.7			44.4			2.46				7,412.7			45.4			2.45
Loans Held for Sale		4.0			0.1			5.86				3.8			0.1			6.13				3.8			0.1			6.89
Loans and Leases 3
Commercial Mortgage		3,868.7			52.0			5.34				3,744.6			52.0			5.51				3,760.1			51.5			5.42
Commercial and Industrial		1,697.9			22.1			5.18				1,665.3			22.6			5.42				1,615.4			21.3			5.24
Construction		346.6			6.6			7.54				357.3			7.1			7.95				279.5			4.8			6.84
Commercial Lease Financing		82.9			0.7			3.62				59.6			0.4			2.58				60.1			0.3			1.95
Residential Mortgage		4,621.0			45.3			3.93				4,593.7			46.4			4.03				4,676.0			45.1			3.86
Home Equity		2,181.6			22.5			4.10				2,206.9			22.4			4.04				2,276.2			20.9			3.65
Automobile		774.4			9.5			4.90				795.7			9.4			4.72				845.7			8.6			4.02
Other		391.6			7.2			7.29				386.9			6.9			7.13				393.1			6.3			6.40
Total Loans and Leases		13,964.7			165.9			4.73				13,810.0			167.2			4.82				13,906.1			158.8			4.54
Other		65.0			1.1			6.82				63.2			0.9			6.43				60.0			1.0			6.16
Total Earning Assets		22,125.6			220.5			3.97				21,756.5			221.7			4.06				21,801.9			211.0			3.85
Non-Earning Assets		1,556.9										1,582.0										1,647.3
Total Assets	$	23,682.5									$	23,338.5									$	23,449.2
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,655.8			7.8			0.85			$	3,775.6			8.9			0.94			$	3,737.3			7.7			0.82
Savings		8,652.2			52.6			2.42				8,402.9			55.7			2.63				8,441.0			51.1			2.40
Time		3,142.8			31.7			4.02				3,008.7			31.5			4.17				2,830.0			28.3			3.97
Total Interest-Bearing Deposits		15,450.8			92.1			2.37				15,187.2			96.1			2.52				15,008.3			87.1			2.30
Securities Sold Under Agreements to Repurchase		100.2			1.0			3.87				100.5			1.0			3.87				150.5			1.5			3.79
Other Debt		558.3			5.9			4.24				560.1			5.9			4.24				560.2			6.0			4.24
Total Interest-Bearing Liabilities		16,109.3			99.0			2.45				15,847.8			103.0			2.59				15,719.0			94.6			2.39
Net Interest Income				$	121.5									$	118.7									$	116.4
Interest Rate Spread								1.52		%								1.47		%								1.46		%
Net Interest Margin								2.19		%								2.18		%								2.13		%
Noninterest-Bearing Demand Deposits		5,305.9										5,297.2										5,695.8
Other Liabilities		613.1										571.6										673.8
Shareholders' Equity		1,654.2										1,621.9										1,360.6
Total Liabilities and Shareholders' Equity	$	23,682.5									$	23,338.5									$	23,449.2
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.3 million, $1.0 million, and $605 thousand
for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
3 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.

 

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Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1														Table 7b
	Year Ended										Year Ended
	December 31, 2024										December 31, 2023
	Average			Income /			Yield /				Average			Income /			Yield /
(dollars in millions)	Balance			Expense 2			Rate				Balance			Expense 2			Rate
Earning Assets
Cash and Cash Equivalents	$	594.1		$	30.7			5.17		%	$	543.9		$	28.4			5.22		%
Investment Securities
Available-for-Sale
Taxable		2,433.8			89.3			3.67				2,631.0			93.4			3.55
Non-Taxable		9.2			0.6			6.05				6.1			0.2			4.06
Held-to-Maturity
Taxable		4,783.5			84.9			1.78				5,173.9			92.2			1.78
Non-Taxable		34.5			0.7			2.10				35.1			0.7			2.10
Total Investment Securities		7,261.0			175.5			2.42				7,846.1			186.5			2.38
Loans Held for Sale		2.9			0.2			6.05				3.0			0.2			6.16
Loans and Leases 3
Commercial Mortgage		3,763.6			205.9			5.47				3,776.2			197.0			5.22
Commercial and Industrial		1,679.8			89.2			5.31				1,511.2			74.2			4.91
Construction		333.4			25.6			7.66				262.1			16.0			6.09
Commercial Lease Financing		65.1			1.7			2.68				63.7			0.8			1.30
Residential Mortgage		4,614.8			182.4			3.95				4,690.5			168.9			3.60
Home Equity		2,217.5			87.8			3.96				2,268.0			78.2			3.45
Automobile		803.6			37.0			4.61				866.1			31.8			3.67
Other		391.1			27.4			7.01				413.8			25.3			6.12
Total Loans and Leases		13,868.9			657.0			4.74				13,851.6			592.2			4.28
Other		63.2			4.2			6.66				78.3			5.1			6.51
Total Earning Assets		21,790.1			867.6			3.98				22,322.9			812.4			3.64
Non-Earning Assets		1,572.6										1,631.3
Total Assets	$	23,362.7									$	23,954.2
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,745.9			33.2			0.89			$	3,978.7			27.0			0.68
Savings		8,362.3			209.7			2.51				8,018.4			137.4			1.71
Time		3,042.3			125.9			4.14				2,424.8			86.4			3.56
Total Interest-Bearing Deposits		15,150.5			368.8			2.43				14,421.9			250.8			1.74
Funds Purchased		0.8			0.0			5.46				18.5			0.9			4.79
Short-Term Borrowings		0.0			0.0			5.25				114.0			5.7			5.01
Securities Sold Under Agreements to Repurchase		118.2			4.6			3.90				530.9			16.3			3.07
Other Debt		559.6			23.8			4.24				921.8			39.7			4.30
Total Interest-Bearing Liabilities		15,829.1			397.2			2.51				16,007.1			313.4			1.96
Net Interest Income				$	470.4									$	499.0
Interest Rate Spread								1.47		%								1.68		%
Net Interest Margin								2.16		%								2.24		%
Noninterest-Bearing Demand Deposits		5,385.8										5,990.5
Other Liabilities		614.6										601.1
Shareholders' Equity		1,533.2										1,355.5
Total Liabilities and Shareholders' Equity	$	23,362.7									$	23,954.2
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $3.8 million and $2.0 million
for the year ended December 31, 2024 and December 31, 2023, respectively.
3 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.

 

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Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended December 31, 2024
	Compared to September 30, 2024
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Cash and Cash Equivalents	$	1.5		$	(1.0	)	$	0.4
Investment Securities
Available-for-Sale
Taxable		1.8			(1.7	)		0.0
Non-Taxable		0.2			(0.0	)		0.1
Held-to-Maturity
Taxable		(0.5	)		0.0			(0.5	)
Non-Taxable		(0.1	)		(0.0	)		(0.1	)
Total Investment Securities		1.3			(1.7	)		(0.4	)
Loans Held for Sale		0.0			(0.0	)		(0.0	)
Loans and Leases
Commercial Mortgage		1.7			(1.7	)		(0.0	)
Commercial and Industrial		0.6			(1.0	)		(0.5	)
Construction		(0.2	)		(0.3	)		(0.5	)
Commercial Lease Financing		0.2			0.1			0.3
Residential Mortgage		0.3			(1.3	)		(1.1	)
Home Equity		(0.3	)		0.4			0.1
Automobile		(0.3	)		0.4			0.1
Other		0.1			0.2			0.2
Total Loans and Leases		2.1			(3.4	)		(1.3	)
Other		0.0			0.1			0.1
Total Change in Interest Income		4.9			(6.1	)		(1.2	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.3	)		(0.8	)		(1.1	)
Savings		1.6			(4.7	)		(3.1	)
Time		1.4			(1.2	)		0.2
Total Interest-Bearing Deposits		2.7			(6.7	)		(4.0	)
Securities Sold Under Agreements to Repurchase		(0.0	)		0.0			(0.0	)
Other Debt		(0.0	)		(0.0	)		(0.0	)
Total Change in Interest Expense		2.7			(6.7	)		(4.0	)
Change in Net Interest Income	$	2.2		$	0.6		$	2.8
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

 

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Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended December 31, 2024
	Compared to December 31, 2023
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Cash and Cash Equivalents	$	4.5		$	(0.8	)	$	3.7
Investment Securities
Available-for-Sale
Taxable		2.3			(2.1	)		0.2
Non-Taxable		0.3			-			0.3
Held-to-Maturity
Taxable		(1.7	)		(0.2	)		(1.9	)
Non-Taxable		(0.0	)		(0.0	)		(0.0	)
Total Investment Securities		0.9			(2.3	)		(1.4	)
Loans Held for Sale		0.0			(0.0	)		(0.0	)
Loans and Leases
Commercial Mortgage		1.4			(0.9	)		0.5
Commercial and Industrial		1.1			(0.3	)		0.8
Construction		1.2			0.6			1.8
Commercial Lease Financing		0.3			0.1			0.4
Residential Mortgage		(0.6	)		0.8			0.2
Home Equity		(0.9	)		2.5			1.6
Automobile		(0.8	)		1.7			0.9
Other		-			0.9			0.9
Total Loans and Leases		1.7			5.4			7.1
Other		0.1			0.1			0.2
Total Change in Interest Income		7.1			2.4			9.5
Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.2	)		0.3			0.1
Savings		1.2			0.3			1.5
Time		3.1			0.3			3.4
Total Interest-Bearing Deposits		4.1			0.9			5.0
Securities Sold Under Agreements to Repurchase		(0.5	)		-			(0.5	)
Other Debt		(0.1	)		-			(0.1	)
Total Change in Interest Expense		3.5			0.9			4.4
Change in Net Interest Income	$	3.6		$	1.5		$	5.1
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

 

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Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8c
	Year Ended December 31, 2024
	Compared to December 31, 2023
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Cash and Cash Equivalents	$	2.6		$	(0.3	)	$	2.3
Investment Securities
Available-for-Sale
Taxable		(7.2	)		3.1			(4.1	)
Non-Taxable		0.2			0.2			0.4
Held-to-Maturity
Taxable		(6.9	)		(0.4	)		(7.3	)
Non-Taxable		(0.0	)		-			(0.0	)
Total Investment Securities		(13.9	)		2.9			(11.0	)
Loans Held for Sale		(0.0	)		(0.0	)		(0.0	)
Loans and Leases
Commercial Mortgage		(0.6	)		9.5			8.9
Commercial and Industrial		8.9			6.1			15.0
Construction		4.9			4.7			9.6
Commercial Lease Financing		0.2			0.7			0.9
Residential Mortgage		(2.7	)		16.2			13.5
Home Equity		(1.8	)		11.4			9.6
Automobile		(2.5	)		7.7			5.2
Other		(1.4	)		3.5			2.1
Total Loans and Leases		5.0			59.8			64.8
Other		(1.0	)		0.1			(0.9	)
Total Change in Interest Income		(7.3	)		62.5			55.2
Change in Interest Expense:
Interest-Bearing Deposits
Demand		(1.7	)		7.9			6.2
Savings		6.2			66.1			72.3
Time		24.2			15.3			39.5
Total Interest-Bearing Deposits		28.7			89.3			118.0
Funds Purchased		(1.0	)		0.1			(0.9	)
Short-Term Borrowings		(6.0	)		0.3			(5.7	)
Securities Sold Under Agreements to Repurchase		(15.2	)		3.5			(11.7	)
Other Debt		(15.4	)		(0.5	)		(15.9	)
Total Change in Interest Expense		(8.9	)		92.7			83.8
Change in Net Interest Income	$	1.6		$	(30.2	)	$	(28.6	)
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

 

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Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits																			Table 9
		Three Months Ended													Year Ended
		December 31,				September 30,				December 31,					December 31,
(dollars in thousands)		2024				2024				2023					2024				2023
Salaries	$		38,852		$		38,993		$		38,492			$		154,538		$		154,497
Medical, Dental, and Life Insurance			4,965				3,512				2,500					14,900				12,767
Incentive Compensation			4,423				5,086				3,402					15,708				13,339
Retirement and Other Benefits			3,456				3,692				2,521					15,408				15,707
Share-Based Compensation			3,208				3,364				3,443					13,667				14,770
Payroll Taxes			2,593				2,839				2,598					13,232				14,677
Commission Expense			1,085				979				700					3,575				2,798
Separation Expense			108				161				335					1,536				5,524
Total Salaries and Benefits	$		58,690		$		58,626		$		53,991			$		232,564		$		234,079

 

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Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances													Table 10
	December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)	2024			2024			2024			2024			2023
Commercial
Commercial Mortgage	$	4,020,622		$	3,868,566		$	3,741,140		$	3,715,032		$	3,749,016
Commercial and Industrial		1,705,133			1,681,693			1,699,438			1,679,659			1,664,068
Construction		308,898			319,150			315,571			323,069			304,463
Lease Financing		90,756			60,665			59,388			57,817			59,939
Total Commercial		6,125,409			5,930,074			5,815,537			5,775,577			5,777,486
Consumer
Residential Mortgage		4,628,283			4,622,677			4,595,586			4,616,900			4,684,171
Home Equity		2,165,514			2,195,844			2,221,073			2,240,946			2,264,827
Automobile		764,146			786,910			806,240			825,854			837,830
Other		392,628			383,078			392,830			394,560			400,712
Total Consumer		7,950,571			7,988,509			8,015,729			8,078,260			8,187,540
Total Loans and Leases	$	14,075,980		$	13,918,583		$	13,831,266		$	13,853,837		$	13,965,026
Deposits
	December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)	2024			2024			2024			2024			2023
Consumer	$	10,397,777		$	10,340,466		$	10,382,432		$	10,429,004		$	10,319,809
Commercial		8,299,590			8,356,239			7,995,618			8,323,330			8,601,224
Public and Other		1,935,670			2,281,617			2,030,452			1,924,252			2,134,012
Total Deposits	$	20,633,037		$	20,978,322		$	20,408,502		$	20,676,586		$	21,055,045
Average Deposits
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)	2024			2024			2024			2024			2023
Consumer	$	10,327,928		$	10,345,772		$	10,379,724		$	10,313,730		$	10,092,727
Commercial		8,564,213			8,207,310			8,188,685			8,334,540			8,581,426
Public and Other		1,864,541			1,931,309			1,789,984			1,895,370			2,029,917
Total Deposits	$	20,756,682		$	20,484,391		$	20,358,393		$	20,543,640		$	20,704,070

 

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Bank of Hawai‘i 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)	2024			2024			2024			2024			2023
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	4,627		$	6,218		$	3,681		$	13		$	39
Commercial Mortgage		2,450			2,680			2,601			2,714			2,884
Total Commercial		7,077			8,898			6,282			2,727			2,923
Consumer
Residential Mortgage		5,052			4,269			2,998			3,199			2,935
Home Equity		4,514			3,947			3,227			3,240			3,791
Total Consumer		9,566			8,216			6,225			6,439			6,726
Total Non-Accrual Loans and Leases		16,643			17,114			12,507			9,166			9,649
Foreclosed Real Estate		2,657			2,667			2,672			2,672			2,098
Total Non-Performing Assets	$	19,300		$	19,781		$	15,179		$	11,838		$	11,747
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage	$	3,984		$	4,421		$	4,524		$	3,378		$	3,814
Home Equity		2,845			1,980			2,025			1,580			1,734
Automobile		776			580			568			517			399
Other		677			554			733			872			648
Total Consumer		8,282			7,535			7,850			6,347			6,595
Total Accruing Loans and Leases Past Due 90 Days or More	$	8,282		$	7,535		$	7,850		$	6,347		$	6,595
Total Loans and Leases	$	14,075,980		$	13,918,583		$	13,831,266		$	13,853,837		$	13,965,026
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.12	%		0.12	%		0.09	%		0.07	%		0.07	%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate		0.14	%		0.14	%		0.11	%		0.09	%		0.08	%
Ratio of Non-Performing Assets to Total Assets		0.08	%		0.08	%		0.07	%		0.05	%		0.05	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate		0.12	%		0.15	%		0.11	%		0.05	%		0.05	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate		0.15	%		0.14	%		0.11	%		0.11	%		0.11	%
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		0.20	%		0.20	%		0.17	%		0.13	%		0.13	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	19,781		$	15,179		$	11,838		$	11,747		$	11,519
Additions		2,198			5,557			5,257			1,652			2,683
Reductions
Payments		(708	)		(734	)		(844	)		(921	)		(2,018	)
Return to Accrual Status		(476	)		(81	)		(1,018	)		(617	)		(437	)
Charge-offs / Write-downs		(1,495	)		(140	)		(54	)		(23	)		-
Total Reductions		(2,679	)		(955	)		(1,916	)		(1,561	)		(2,455	)
Balance at End of Quarter	$	19,300		$	19,781		$	15,179		$	11,838		$	11,747

 

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Bank of Hawai‘i 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)	2024			2024			2023				2024			2023
Balance at Beginning of Period	$	150,325		$	151,155		$	151,653			$	152,429		$	151,247
Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(352	)		(1,021	)		(229	)			(2,608	)		(987	)
Consumer
Residential Mortgage		(337	)		-			-				(385	)		(6	)
Home Equity		(339	)		(125	)		(14	)			(701	)		(82	)
Automobile		(1,548	)		(1,651	)		(938	)			(5,342	)		(5,247	)
Other		(2,637	)		(2,539	)		(2,349	)			(10,098	)		(8,645	)
Total Loans and Leases Charged-Off		(5,213	)		(5,336	)		(3,530	)			(19,134	)		(14,967	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		386			66			125				831			350
Consumer
Residential Mortgage		150			48			301				303			489
Home Equity		177			318			180				792			1,073
Automobile		609			552			612				2,168			2,782
Other		465			522			588				2,110			2,455
Total Recoveries on Loans and Leases Previously Charged-Off		1,787			1,506			1,806				6,204			7,149
Net Charged-Off Loans and Leases		(3,426	)		(3,830	)		(1,724	)			(12,930	)		(7,818	)
Provision for Credit Losses:
Loans and Leases		4,623			3,684			2,864				15,055			9,782
Unfunded Commitments		(873	)		(684	)		(364	)			(3,905	)		(782	)
Total Provision for Credit Losses		3,750			3,000			2,500				11,150			9,000
Balance at End of Period	$	150,649		$	150,325		$	152,429			$	150,649		$	152,429
Components
Allowance for Credit Losses - Loans and Leases	$	148,528		$	147,331		$	146,403			$	148,528		$	146,403
Reserve for Unfunded Commitments		2,121			2,994			6,026				2,121			6,026
Total Reserve for Credit Losses	$	150,649		$	150,325		$	152,429			$	150,649		$	152,429
Average Loans and Leases Outstanding	$	13,964,687		$	13,809,977		$	13,906,114			$	13,868,916		$	13,851,551
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)		0.10	%		0.11	%		0.05	%			0.09	%		0.06	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1		1.06	%		1.06	%		1.05	%			1.06	%		1.05	%
1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.

 

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Bank of Hawai‘i 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, 2024
Net Interest Income (Expense)	$	98,019		$	53,516		$	(31,357	)	$	120,178
Provision for (Recapture of) Credit Losses		3,751			(326	)		325			3,750
Net Interest Income (Expense) After Provision for Credit Losses		94,268			53,842			(31,682	)		116,428
Noninterest Income		34,800			7,490			757			43,047
Noninterest Expense		85,516			18,874			3,541			107,931
Income (Loss) Before Income Taxes		43,552			42,458			(34,466	)		51,544
Provision (Benefit) for Income Taxes		11,136			10,819			(9,573	)		12,382
Net Income (Loss)	$	32,416		$	31,639		$	(24,893	)	$	39,162
Total Assets as of December 31, 2024	$	8,288,997		$	6,145,162		$	9,166,955		$	23,601,114
Three Months December 31, 2023 1
Net Interest Income (Expense)	$	99,629		$	49,572		$	(33,416	)	$	115,785
Provision for (Recapture of) Credit Losses		1,738			(15	)		777			2,500
Net Interest Income (Expense) After Provision for Credit Losses		97,891			49,587			(34,193	)		113,285
Noninterest Income		32,247			7,944			2,092			42,283
Noninterest Expense		92,793			18,958			4,211			115,962
Income (Loss) Before Income Taxes		37,345			38,573			(36,312	)		39,606
Provision (Benefit) for Income Taxes		9,575			9,764			(10,129	)		9,210
Net Income (Loss)	$	27,770		$	28,809		$	(26,183	)	$	30,396
Total Assets as of December 31, 2023	$	8,486,771		$	5,831,880		$	9,414,645		$	23,733,296
1 Certain prior period information has been reclassified to conform to current presentation.

 

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Bank of Hawai‘i 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, 2024
Net Interest Income (Expense)	$	391,137		$	206,450		$	(131,007	)	$	466,580
Provision for (Recapture of) Credit Losses		11,969			913			(1,732	)		11,150
Net Interest Income (Expense) After Provision for Credit Losses		379,168			205,537			(129,275	)		455,430
Noninterest Income		134,568			28,768			9,193			172,529
Noninterest Expense		339,944			74,352			15,812			430,108
Income (Loss) Before Income Taxes		173,792			159,953			(135,894	)		197,851
Provision (Benefit) for Income Taxes		44,290			40,530			(36,963	)		47,857
Net Income (Loss)	$	129,502		$	119,423		$	(98,931	)	$	149,994
Total Assets as of December 31, 2024	$	8,288,997		$	6,145,162		$	9,166,955		$	23,601,114
Year Ended December 31, 2023 1
Net Interest Income (Expense)	$	393,310		$	209,436		$	(105,721	)	$	497,025
Provision for (Recapture of) Credit Losses		7,773			44			1,183			9,000
Net Interest Income (Expense) After Provision for Credit Losses		385,537			209,392			(106,904	)		488,025
Noninterest Income		126,373			33,016			17,220			176,609
Noninterest Expense		340,336			77,486			19,696			437,518
Income (Loss) Before Income Taxes		171,574			164,922			(109,380	)		227,116
Provision (Benefit) for Income Taxes		44,141			41,109			(29,336	)		55,914
Net Income (Loss)	$	127,433		$	123,813		$	(80,044	)	$	171,202
Total Assets as of December 31, 2023	$	8,486,771		$	5,831,880		$	9,414,645		$	23,733,296
1 Certain prior period information has been reclassified to conform to current presentation.

 

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Bank of Hawai‘i 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)	2024				2024				2024				2024				2023
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	164,785			$	166,286			$	163,208			$	159,336			$	158,324
Income on Investment Securities
Available-for-Sale		23,223				23,257				21,468				21,757				22,782
Held-to-Maturity		20,677				21,107				21,595				22,136				22,589
Cash and Cash Equivalents		9,425				8,980				6,139				6,157				5,728
Other		1,107				1,018				1,120				970				924
Total Interest Income		219,217				220,648				213,530				210,356				210,347
Interest Expense
Deposits		92,099				96,067				91,542				89,056				87,121
Securities Sold Under Agreements to Repurchase		992				993				1,180				1,443				1,459
Funds Purchased		-				-				44				-				-
Other Debt		5,948				5,970				5,918				5,919				5,982
Total Interest Expense		99,039				103,030				98,684				96,418				94,562
Net Interest Income		120,178				117,618				114,846				113,938				115,785
Provision for Credit Losses		3,750				3,000				2,400				2,000				2,500
Net Interest Income After Provision for Credit Losses		116,428				114,618				112,446				111,938				113,285
Noninterest Income
Fees, Exchange, and Other Service Charges		14,399				14,945				13,769				14,123				13,774
Trust and Asset Management		12,157				11,916				12,223				11,189				11,144
Service Charges on Deposit Accounts		8,678				8,075				7,730				7,947				7,949
Bank-Owned Life Insurance		3,283				3,533				3,396				3,356				3,176
Annuity and Insurance		1,347				1,460				1,583				1,046				1,271
Mortgage Banking		942				1,188				1,028				951				1,016
Investment Securities Losses, Net		(3,306	)			(1,103	)			(1,601	)			(1,497	)			(1,619	)
Other		5,547				5,096				3,959				5,170				5,572
Total Noninterest Income		43,047				45,110				42,087				42,285				42,283
Noninterest Expense
Salaries and Benefits		58,690				58,626				57,033				58,215				53,991
Net Equipment		10,308				10,120				10,355				10,103				9,826
Net Occupancy		10,263				10,806				10,559				10,456				9,734
Data Processing		5,313				4,712				4,745				4,770				4,948
Professional Fees		4,988				4,725				4,929				4,677				5,079
FDIC Insurance		3,711				3,355				7,170				3,614				18,545
Other		14,658				14,748				14,435				14,024				13,839
Total Noninterest Expense		107,931				107,092				109,226				105,859				115,962
Income Before Provision for Income Taxes		51,544				52,636				45,307				48,364				39,606
Provision for Income Taxes		12,382				12,278				11,224				11,973				9,210
Net Income	$	39,162			$	40,358			$	34,083			$	36,391			$	30,396
Preferred Stock Dividends		5,269				3,436				1,969				1,969				1,969
Net Income Available to Common Shareholders	$	33,893			$	36,922			$	32,114			$	34,422			$	28,427
Basic Earnings Per Common Share	$	0.86			$	0.94			$	0.81			$	0.87			$	0.72
Diluted Earnings Per Common Share	$	0.85			$	0.93			$	0.81			$	0.87			$	0.72
Balance Sheet Totals
Loans and Leases	$	14,075,980			$	13,918,583			$	13,831,266			$	13,853,837			$	13,965,026
Total Assets		23,601,114				23,799,174				23,300,768				23,420,860				23,733,296
Total Deposits		20,633,037				20,978,322				20,408,502				20,676,586				21,055,045
Total Shareholders' Equity		1,667,774				1,665,474				1,612,849				1,435,977				1,414,242
Performance Ratios
Return on Average Assets		0.66		%		0.69		%		0.59		%		0.63		%		0.51		%
Return on Average Shareholders' Equity		9.42				9.90				9.53				10.34				8.86
Return on Average Common Equity		10.30				11.50				10.41				11.20				9.55
Efficiency Ratio 1		66.12				65.81				69.60				67.76				73.36
Net Interest Margin 2		2.19				2.18				2.15				2.11				2.13
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

 

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Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends																				Table 15
	Eleven Months Ended							Year Ended
(dollars in millions; jobs in thousands)	November 30, 2024							December 31, 2023								December 31, 2022
Hawaii Economic Trends
State General Fund Revenues 1	$	9,295.7			6.5		%	$	9,504.1				0.7		%	$	9,441.3				16.0		%
General Excise and Use Tax Revenue 1		4,137.1			0.4				4,474.1				4.9				4,263.4				18.3
Jobs 2		652.7							655.2								653.3
												November 30,				December 31,
												2024				2023				2022
Unemployment, seasonally adjusted 2
Statewide													2.9		%		3.0		%		3.2		%
Honolulu County													2.8				2.6				3.1
Hawaii County													3.0				2.8				3.5
Maui County													3.4				6.2				3.5
Kauai County													2.9				2.5				3.1
								December 31,
(1-year percentage change, except months of inventory)								2024				2023				2022				2021
Housing Trends (Single Family Oahu) 3
Median Home Price									4.8		%		(5.0	)	%		11.6		%		19.3		%
Home Sales Volume (units)									9.1		%		(26.3	)	%		(23.2	)	%		17.9		%
Months of Inventory									2.9				2.8				2.1				0.8
								Monthly Visitor Arrivals,								Percentage Change
(in thousands, except percent change)								Not Seasonally Adjusted								from Previous Year
Tourism 4
November 30, 2024													762.7								5.7		%
October 31, 2024													739.0								5.5
September 30, 2024													688.8								6.3
August 31, 2024													819.2								6.9
July 31, 2024													925.3								(0.5	)
June 30, 2024													872.6								(1.5	)
May 31, 2024													757.8								(4.1	)
April 30, 2024													721.9								(10.5	)
March 31, 2024													843.5								(5.5	)
February 29, 2024													752.7								2.6
January 31, 2024													745.6								(3.8	)
December 31, 2023													845.6								(1.5	)
November 30, 2023													721.3								0.3
October 31, 2023													700.4								(3.7	)
September 30, 2023													648.1								(6.4	)
August 31, 2023													766.6								(7.6	)
July 31, 2023													930.2								1.3
June 30, 2023													886.0								5.3
May 31, 2023													790.5								2.1
April 30, 2023													806.2								(0.4	)
March 31, 2023													892.2								13.6
February 28, 2023													733.6								17.6
January 31, 2023													775.1								36.7
December 31, 2022													858.3								14.0
November 30, 2022													719.0								17.1
1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U.S. Bureau of Labor Statistics
3 Source: Honolulu Board of Realtors
4 Source: Hawaii Tourism Authority

 

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Bank of Hawai‘i Corporationfourth quarter 2024 financial report January 27, 2025

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this presentation, and other statements made by the Company in connection with it, may contain forward-looking statements concerning, among other things, forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. we have not committed to update forward-looking statements to reflect later events or circumstances disclosure 2 forward-looking statements

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diversified, lower risk loan assets fourth quarter 2024 highlights broad & deep market penetration stable balance sheet performance earnings highlights strong credit credit remained pristine modest increase in average loan and average deposit balances stable average noninterest-bearing demand deposit and low yield interest-bearing deposit balances tier 1 capital ratio of 13.95% and total capital ratio of 15.00% $0.85 diluted earnings per common share $39.2 million net income net interest margin expanded for the third consecutive quarter to 2.19% and December net interest margin expanded to 2.26% average cost of total deposits decreased to 1.77% from 1.87% 10.30% return on average common equity 0.10% net charge-off rate 0.14% non-performing assets level 79% of loan portfolio real-estate secured with combined wtd avg LTV of 51% CRE portfolio comprises 29% of total loans, office 3%

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leader in a unique deposit market source: FDIC Annual Summary of Deposits as of June 30, 2019, June 30, 2023 and June 30, 2024 the leader in a unique deposit market with five local competitors holding 96% of the bank deposit market

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stable deposit balances $ in billions note: numbers may not add up due to rounding

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∆ NIBD and low yield interest-bearing deposits $ in billions note: low yield interest-bearing deposits include accounts yielding interest of 10 bps or less

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cost of fundsinterest-bearing deposits source: S&P Capital IQ; KBW Regional Banking Index (KRX)

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cost of fundstotal deposits source: S&P Capital IQ; KBW Regional Banking Index (KRX)

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unemployment experience & forecast source for Hawai‘i unemployment: University of Hawaii Economic Research Organization (UHERO), seasonally adjusted source for national unemployment: Bureau of Labor Statistics, seasonally adjusted 9

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10 visitor arrivals monthly by market, indexed to January 2017 source: Hawaii Department of Business, Economic Development, and Tourism (DBEDT)

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revenue per available room revenue per available room (RevPAR) source: Hawaii Department of Business, Economic Development, and Tourism (DBEDT)

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  single family homes condominiums   Dec 24 Dec 23 Δ Dec 23 2024 2023 Δ 2023 Dec 24 Dec 23 Δ Dec 23 2024 2023 Δ 2023 median sales price (000s) $1,055 $997 5.8% $1,100 $1,050 4.8% $540 $510 5.9% $515 $509 1.3% closed sales 228 182 25.3% 2,793 2,560 9.1% 323 272 18.8% 4,459 4,573 -2.5% median days on market 20 18 2 days 19 22 3 days 36 26 10 days 30 21 9 days stable real estate prices Oahu market indicators source: Honolulu Board of Realtors, compiled from MLS data

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credit performance

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lending philosophy note: as of December 31, 2024 we lend in our core markets to long-standing relationships

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consumer portfolio 56% of total loans asset type % total consumer % total loans WALTV wtd avg FICO residential mortgage 58% 33% 49% 805 home equity 27% 15% 46% 790 real estate secured 85% 48% 48% 800 automobile 10% 5% n/a 733 other consumer 5% 3% n/a 760 total consumer 100% 56% n/a 791 note: $ in billions other consumer comprises of consumer revolving credit, installment, and consumer lease financing. wtd avg monitoring FICO for other consumer utilizes origination FICO for consumer lease financing $8.0B consumer

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commercial portfolio residential mortgage home equity 44% of total loans $6.1B commercial asset type % total comml % total loans WALTV commercial real estate 66% 29% 55% construction 5% 2% 57% real estate secured 71% 31% 55% commercial & industrial 28% 12% n/a leasing 1% 1% n/a total commercial 100% 44% n/a note: $ in billions

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vacancy inventory (sq ft)   3Q24 3Q23 10 yr avg 10 yr CAGR industrial 1.10% 0.64% 1.75% 0.28% office 13.13% 13.52% 12.46% - 1.08% retail 5.82% 5.79% 5.91% 0.74% multi-family 3.96% 3.83% 4.80% 0.73% Oahu market vacancies and inventory note: 10-year average vacancy and 10-yr CAGR for inventory are based on year-end 2013 through 2023 source: Colliers (industrial, office, retail) and CoStar (multi-family) stable real estate market

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commercial real estate (CRE) 29% of total loans wtd avg LTV 57% 55% 54% 53% 57% 54% % owner n/a 42% 3% n/a 20% 26% avg exposure ($millions) $3.3 $2.5 $4.4 $14.2 $1.8 $3.7

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CRE scheduled maturities modest near-term maturities

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CRE loan balances by LTV LTV > 80% - $81MM, 2.0% of CRE

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credit quality 1 76% of total criticized is secured with 56% wtd avg LTV 1

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financial update

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NII and NIM trends increasing NII and NIM $ in millions

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cashflow repricing quarterly impact from cashflows repricing: +$2.8 million $ in millions note: +$2.8 million in quarterly impact from cashflows repricing assumes that the cashflows from maturities/prepayments from loans were reinvested into the same products and the cashflows from maturities/prepayments from investment portfolio were reinvested into cash and cash equivalents at fourth quarter average rate of 4.70%

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deposit mix shift and repricing quarterly NII impact from deposit mix shift and repricing in 4Q24: $(0.9) million $ in millions note: low yield interest-bearing deposits include accounts yielding interest of 10 bps or less

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NII impact from cashflow repricing in 2024 $ in millions +$15.8 million in cumulative NII from 4Q23 to 4Q24 from cashflow repricing note: quarterly impact from cashflows repricing assumes that the cashflows from maturities/prepayments from loans were reinvested into the same products and the cashflows from maturities/prepayments from investment portfolio were reinvested into fed funds sold; numbers may not add up due to rounding

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decrease in cost of deposits decrease in total deposit and interest-bearing deposit costs

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cost of deposits by product lower costs across all deposit products

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time deposit maturity schedule 47% of time deposits set to reprice in 3 months and 71% in 6 months note: as of December 31, 2024

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rate sensitive earning assets and interest-bearing deposits note: loans, investments, swap and FF sold balances are as of December 31, 2024; rate sensitive deposit balances are 4Q24 average balances; low-yield accounts are accounts yielding interest of 10 bps or less; all qualified business money management checking accounts are included in ‘IBD excl. low-yield accounts’ rate sensitive earning assets rate sensitive interest-bearing deposits $7.0B $10.0B balance sheet well-positioned for a range of rate outcomes $ in billions

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optimizing balance sheet note: swaps in ‘earning asset composition’ and ‘swap composition’ does not include $300 million of forward swaps; ‘securities purchases / sales’ do not include stock and PCLI purchases

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noninterest income $ in millions increasing core noninterest income note: numbers may not add up due to rounding normalizing item: +$2.4 Visa Class B conversion ratio adjustment

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noninterest expense $ in millions continued discipline in expense management note: numbers may not add up due to rounding normalizing items: -$14.7 FDIC special assessment +$1.7 other expense savings (not expected to recur in 2024)

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financial summary $ in millions, except per share amounts note: numbers may not add up due to rounding 4Q 2024 3Q 2024 4Q 2023 ∆ 3Q 2024 ∆ 4Q 2023 2024 ∆ 2023 net interest income $ 120.2 $ 117.6 $ 115.8 $ 2.6 $ 4.4 $ 466.6 $ (30.4) noninterest income 43.0   45.1   42.3   (2.1)   0.8   172.5 (4.1) total revenue 163.2 162.7 158.1 0.5 5.2 639.1 (34.5) noninterest expense 107.9   107.1   116.0   0.8   (8.0)   430.1 (7.4) operating income 55.3   55.6   42.1 (0.3) 13.2 209.0 (27.1) credit provision 3.8 3.0 2.5 0.8 1.3 11.2 2.2 income taxes 12.4 12.3 9.2 0.1 3.2 47.9 (8.1) net income $ 39.2   $ 40.4   $ 30.4   $ (1.2)   $ 8.8   $ 150.0 $ (21.2) net income available to common $ 33.9   $ 36.9   $ 28.4   $ (3.0)   $ 5.5   $ 137.4 $ (26.0) diluted EPS $ 0.85   $ 0.93   $ 0.72   $ (0.08)   $ 0.13   $ 3.46 $ (0.68) return on assets 0.66 % 0.69 % 0.51 % (0.03) % 0.15 % 0.64 % (0.07) % return on common equity 10.30 11.50 9.55 (1.20) 0.75 10.85 (3.04) net interest margin 2.19 2.18 2.13 0.01 0.06 2.16 (0.08) end of period balances investment portfolio $ 7,308 $ 7,261 $ 7,406 0.7 % (1.3) % $ 7,308 (1.3) % loans and leases 14,076 13,919 13,965 1.1 0.8 14,076 0.8 total deposits 20,633 20,978 21,055 (1.6) (2.0) 20,633 (2.0) shareholders' equity 1,668 1,665 1,414 0.1 17.9 1,668 17.9

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capital note: 4Q24 regulatory capital ratios are preliminary 13.6% strong capital 13.6% RWA / total assets

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high quality and low cost deposit base in unique and competitively advantageous deposit market continuing trend of increase in NII and NIM exceptional credit quality strong liquidity and risk-based capital takeaways

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Q & A

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appendix

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insured/collateralized deposits note: as of December 31, 2024, numbers may not add up due to rounding

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note: as of December 31, 2024, cash includes fed funds sold, interest-bearing deposits in other banks and cash and due from banks, and securities available includes unencumbered investment securities Bank of Hawai‘i carries substantial liquidity lines and equivalents for both day-to-day operational and liquidity backstop purposes readily available liquidity

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Oahu market inventory CRE supply constraints 10-yr CAGR: 0.3% 10-yr CAGR: -1.1% 10-yr CAGR: 0.7% 10-yr CAGR: 0.7% note: 10-yr CAGR for inventory are based on year-end 2013 through 2023 source: Colliers (industrial, office, retail) and CoStar (multi-family)

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CRE office 3% of total loans 57% wtd avg LTV $1.8MM average exposure 24% CBD (Downtown Honolulu) - 63% wtd avg LTV - 46% with repayment guaranties 39% maturing prior to 2027 2.2% criticized highlights $371MM

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CRE multi-family 7% of total loans 57% wtd avg LTV $3.3MM average exposure 99.1% LIHTC, affordable or market 18% maturing prior to 2027 5.2% criticized highlights $1.0B

v3.24.4

Document and Entity Information	Jan. 27, 2025
Document Document And Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Jan. 27, 2025
Entity Registrant Name	BANK OF HAWAII CORPORATION
Amendment Flag	false
Entity Central Index Key	0000046195
Entity File Number	1-6887
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0148992
Entity Address, Address Line One	130 Merchant Street
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	888
Local Phone Number	643-3888
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document Document And Entity Information [Line Items]
Security 12b Title	Common Stock, par value $0.01 per share
Trading Symbol	BOH
Security Exchange Name	NYSE
Series A Preferred Stock [Member]
Document Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	BOH.PRA
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document Document And Entity Information [Line Items]
Security 12b Title	Depository Shares, Each Representing 1/40th Interest in a Share of 8.000% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B
Trading Symbol	BOH.PRB
Security Exchange Name	NYSE

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