Equibles

8-K

BANK OF HAWAII CORP (BOH)

8-K 2025-01-27 For: 2025-01-27
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Added on April 04, 2026

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. ☐

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)

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

EX-99.1

Exhibit 99.1

img208590026_0.jpg

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

  • Diluted Earnings Per Common Share of $3.46 and $0.85 for the Year and Quarter Ended December 31, 2024, Respectively
  • Net Income of $150.0 Million and $39.2 Million for the Year and Quarter Ended December 31, 2024, Respectively
  • Total Assets $23.6 Billion and Total Deposits $20.6 Billion at Year End
  • Net Interest Margin 2.19% for the Fourth Quarter of 2024
  • Board of Directors Declares Dividend of $0.70 Per Common Share

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".
Bank of Hawai‘i Corporation and Subsidiaries
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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.
Bank of Hawai‘i Corporation and Subsidiaries
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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
Bank of Hawai‘i Corporation and Subsidiaries
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Consolidated Statements of Comprehensive Income
(dollars in thousands)
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

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
September 30, December 31,
(dollars in thousands, except per share amounts) 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

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity
Accumulated
Preferred Other
Preferred Shares Preferred Common Comprehensive
Series A Series B Series B Shares Common Capital Income Treasury
(dollars in thousands, except per share amounts) Stock Outstanding Stock Outstanding Stock Surplus (Loss) 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

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7a
Three Months Ended Three Months Ended
September 30, 2024 December 31, 2023
Income / Yield / Average Income / Yield / Average Income / Yield /
(dollars in millions) 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.

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7b
Year Ended
December 31, 2023
Income / Yield / Average Income / Yield /
(dollars in millions) 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.

All values are in US Dollars.

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.
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.
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.
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- --- ---
Salaries and Benefits
(dollars in thousands)
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

All values are in US Dollars.

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
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
Bank of Hawai‘i Corporation and Subsidiaries
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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.
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.
Bank of Hawai‘i Corporation and Subsidiaries
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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.
Bank of Hawai‘i Corporation and Subsidiaries
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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.
Bank of Hawai‘i Corporation and Subsidiaries
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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

Slide 1

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

Slide 2

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

Slide 3

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%

Slide 4

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

Slide 5

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

Slide 6

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

Slide 7

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

Slide 8

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

Slide 9

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

Slide 10

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

Slide 11

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

Slide 12

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

Slide 13

credit performance

Slide 14

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

Slide 15

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

Slide 16

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

Slide 17

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

Slide 18

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

Slide 19

CRE scheduled maturities modest near-term maturities

Slide 20

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

Slide 21

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

Slide 22

financial update

Slide 23

NII and NIM trends increasing NII and NIM $ in millions

Slide 24

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%

Slide 25

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

Slide 26

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

Slide 27

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

Slide 28

cost of deposits by product lower costs across all deposit products

Slide 29

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

Slide 30

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

Slide 31

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

Slide 32

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

Slide 33

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)

Slide 34

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

Slide 35

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

Slide 36

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

Slide 37

Q & A

Slide 38

appendix

Slide 39

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

Slide 40

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

Slide 41

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)

Slide 42

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

Slide 43

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

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