Equibles

8-K

BANK OF HAWAII CORP (BOH)

8-K 2024-10-28 For: 2024-10-28
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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 October 28, 2024
(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 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 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 October 28, 2024, Bank of Hawaii Corporation announced its results of operations for the quarter ended September 30, 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 October 28, 2024 Press Release: Bank of Hawaii Corporation Third 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 Third 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: October 28, 2024 Bank of Hawaii Corporation
By: /s/ Patrick M. McGuirk
Patrick M. McGuirk
Vice Chair and Chief Administrative Officer

EX-99.1

Exhibit 99.1

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Bank of Hawai‘i Corporation Third Quarter 2024 Financial Results

  • Diluted Earnings Per Common Share $0.93
  • Total Assets $23.8 Billion and Total Deposits $21.0 Billion at Quarter End
  • Net Income $40.4 Million
  • Net Interest Margin 2.18%
  • Board of Directors Declares Dividend of $0.70 Per Common Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 28, 2024) -- Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted earnings per common share of $0.93 for the third quarter of 2024, compared with diluted earnings per common share of $0.81 in the linked quarter and $1.17 in the same period last year. Net income for the third quarter of 2024 was $40.4 million, up 18.4% from the linked quarter and down 15.8% from the same period last year. The return on average common equity for the third quarter of 2024 was 11.50% compared with 10.41% during the linked quarter and 15.38% during the same period last year.

“For the third quarter 2024, we are pleased to report improved net interest income and noninterest income, alongside controlled expenses and steady loan and deposit performance. Credit remained excellent,” said Peter Ho, Chairman and CEO.

Financial Highlights

Net interest income for the third quarter of 2024 was $117.6 million, an increase of 2.4% from the linked quarter and a decrease of 2.7% as compared to the same period last year. The increase from the previous quarter was primarily due to increases in the average balance and yield on our earning assets, partially offset by increases in the average balance and cost of our interest-bearing liabilities. The decrease from same period last year was primarily due to decreases in the average balance of our earnings assets and higher funding costs, partially offset by higher earning asset yields and lower average balance of our interest-bearing liabilities.

Net interest margin was 2.18% in the third quarter of 2024, an increase of 3 basis points from the linked quarter and an increase of 5 basis points from the same period last year. The increase from the linked quarter was primarily due to higher earning asset yields, partially offset by higher funding costs. The increase from the same period last year was primarily due to higher earning asset yields and lower average balance of our earning assets, partially offset by higher funding costs.

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Bank of Hawai‘i Corporation Third Quarter 2024 Financial Results Page 2

The average yield on loans and leases was 4.82% in the third quarter of 2024, up 6 basis points from the linked quarter and up 48 basis points from the same period last year. The average yield on total earning assets was 4.06% in the third quarter of 2024, up 7 basis points from the linked quarter and up 34 basis points from the same period last year. The average cost of interest-bearing deposits was 2.52% in the third quarter of 2024, up 6 basis points from the linked quarter and up 57 basis points from the same period last year. The average cost of total deposits, including noninterest-bearing deposits, was 1.87%, up 6 basis points from the linked quarter and up 47 basis points from the same period last year. The changes in yields and rates over the linked quarter and year over year period reflected deposit mix shift and repricing.

Noninterest income was $45.1 million in the third quarter of 2024, an increase of 7.2% from the linked quarter and a decrease of 10.4% from the same period in 2023. Noninterest income in the third quarter of 2023 included a $14.7 million gain from the early termination of private repurchase agreements, partially offset by a $4.6 million net loss related to investment securities sales and a negative $0.8 million adjustment related to a change in the Visa Class B conversion ratio. Adjusted for these items, noninterest income increased by 9.9% from adjusted noninterest income in the same period in 2023. The increase from the same period last year was primarily due to increases in trust and asset management income, and fees, exchange, and other service charges.

Noninterest expense was $107.1 million in the third quarter of 2024, a decrease of 2.0% from the linked quarter and an increase of 1.4% from the same period last year. Noninterest expense in the second quarter of 2024 included an industry-wide FDIC Special Assessment of $2.6 million, separation expenses of $0.8 million and $0.6 million of other expenses that are not expected to recur in 2024. Noninterest expense in the third quarter of 2023 included separation expenses of $2.1 million and extraordinary expenses related to the Maui wildfires of $0.4 million. Adjusted for these items, noninterest expense increased by 1.7% from adjusted noninterest expense in the linked quarter and increased by 3.9% from adjusted noninterest expense in the same period last year.

The effective tax rate for the third quarter of 2024 was 23.33% compared with 24.77% during the linked quarter and 24.76% during the same period last year. The lower effective tax rate in the third quarter of 2024 as compared to the linked quarter was mainly due to a decrease in discrete items and an increase in tax exempt income. The lower effective tax rate in the third quarter of 2024 as compared to the same period last year was primarily due to an increase in tax benefits from low-income housing investments and an increase in tax exempt income.

Asset Quality

The Company’s overall asset quality remained strong during the third quarter of 2024. Provision for credit losses for the third quarter of 2024 was $3.0 million compared with $2.4 million in the linked quarter and $2.0 million in the same period last year.

Total non-performing assets were $19.8 million at September 30, 2024, up $4.6 million from June 30, 2024 and up $8.3 million from September 30, 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, an increase of 3 basis points from the linked quarter and an increase of 6 basis points from the same period last year.

Net loan and lease charge-offs during the third quarter of 2024 were $3.8 million or 11 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.3 million partially offset by gross recoveries of $1.5 million. Compared to the linked quarter, net loan and lease charge-offs increased 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 $1.8 million or 5 basis points annualized on total average loans and leases outstanding.

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Bank of Hawai‘i Corporation Third Quarter 2024 Financial Results Page 3

The allowance for credit losses on loans and leases was $147.3 million at September 30, 2024, a decrease of $0.1 million from June 30, 2024 and an increase of $2.1 million from September 30, 2023. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, down 1 basis point from the linked quarter and up 2 basis points from the same period last year.

Balance Sheet

Total assets were $23.8 billion at September 30, 2024, an increase of 2.1% from June 30, 2024 and an increase of 1.1% from September 30, 2023. The increase from the prior periods was primarily due to an increase in federal funds sold.

The investment securities portfolio was $7.3 billion at September 30, 2024, an increase of 2.1% from June 30, 2024 and a decrease of 2.9% from September 30, 2023. This linked quarter increase was primarily due to the purchases of $236.1 million of floating rate investment securities partially offset by cashflows from the portfolio. The decrease from the same period last year was primarily due to the sale of $159.1 million of investment securities in the third quarter of 2023 and cashflows from the portfolio, partially offset by the above-mentioned purchase of investment securities in the third quarter of 2024. 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 $13.9 billion at September 30, 2024, an increase of 0.6% from June 30, 2024 and flat from September 30, 2023. Total commercial loans were $5.9 billion at September 30, 2024, an increase of 2.0% from June 30, 2024 and an increase of 4.4% from September 30, 2023. The increase from the linked quarter was primarily due to an increase in commercial mortgage portfolio. The increase from the same period last year was primarily due to increases in commercial mortgage, construction and commercial and industrial portfolios. Total consumer loans were $8.0 billion at September 30, 2024, a decrease of 0.3% from the linked quarter and a decrease of 3.1% from the same period last year. The decrease from the linked quarter was primarily due to decreases in our home equity and automobile portfolios, partially offset by an increase in residential mortgage portfolio. The decrease from the same period last year was primarily due to decreases in our residential mortgage, home equity and automobile portfolios.

Total deposits were $21.0 billion at September 30, 2024, an increase of 2.8% from June 30, 2024 and an increase of 0.8% from September 30, 2023. Noninterest-bearing deposits made up 25.8% of total deposit balances at September 30, 2024, down from 26.3% at June 30, 2024 and down from 27.3% at September 30, 2023. Average total deposits were $20.5 billion for the third quarter of 2024, up 0.6% from $20.4 billion in the linked quarter and flat from the same period last year. Insured and uninsured but collateralized deposits represented 58% of total deposit balances at September 30, 2024, down from 59% at June 30, 2024 and flat from September 30, 2023. At the end of the quarter, our readily available liquidity of $10.6 billion exceeded total uninsured and uncollateralized deposits of $8.8 billion.

Capital and Dividends

The Company’s capital levels increased quarter over quarter and remain well above regulatory well-capitalized minimums.

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Bank of Hawai‘i Corporation Third Quarter 2024 Financial Results Page 4

The Tier 1 Capital Ratio was 14.05% at September 30, 2024 compared with 13.96% at June 30, 2024 and 12.53% at September 30, 2023. The Tier 1 Leverage Ratio was 8.38% at September 30, 2024, up 1 basis point from 8.37% at June 30, 2024 and up 116 basis points from 7.22% at September 30, 2023. The increases from the linked quarter were due to retained earnings growth and partially offset by increases in risk-weighted assets and average total assets. 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 third quarter of 2024. Total remaining buyback authority under the share repurchase program was $126.0 million at September 30, 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 December 13, 2024 to shareholders of record at the close of business on November 29, 2024.

On October 4, 2024, 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 November 1, 2024 to shareholders of record of the preferred stock as of the close of business on October 17, 2024.

Conference Call Information

The Company will review its second quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 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.vevent.com/register/BIe5723fafb08d499d83a299d646fa683d. A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawai‘i Time on Monday, October 28, 2024. 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 Third Quarter 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 and June 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 Nine Months Ended
September 30, June 30, September 30, September 30,
(dollars in thousands, except per share amounts) 2024 2024 2023 2024 2023
For the Period:
Operating Results
Net Interest Income $ 117,618 $ 114,846 $ 120,937 $ 346,402 $ 381,240
Provision for Credit Losses 3,000 2,400 2,000 7,400 6,500
Total Noninterest Income 45,110 42,087 50,334 129,482 134,326
Total Noninterest Expense 107,092 109,226 105,601 322,177 321,556
Pre-Provision Net Revenue 55,636 47,707 65,670 153,707 194,010
Net Income 40,358 34,083 47,903 110,832 140,806
Net Income Available to Common Shareholders 1 36,922 32,114 45,934 103,458 134,899
Basic Earnings Per Common Share 0.94 0.81 1.17 2.62 3.44
Diluted Earnings Per Common Share 0.93 0.81 1.17 2.61 3.42
Dividends Declared Per Common Share 0.70 0.70 0.70 2.10 2.10
Performance Ratios
Return on Average Assets 0.69 % 0.59 % 0.78 % 0.64 % 0.78 %
Return on Average Shareholders' Equity 9.90 9.53 13.92 9.92 13.91
Return on Average Common Equity 11.50 10.41 15.38 11.04 15.37
Efficiency Ratio 2 65.81 69.60 61.66 67.70 62.37
Net Interest Margin 3 2.18 2.15 2.13 2.15 2.27
Dividend Payout Ratio 4 74.47 86.42 59.83 80.15 61.05
Average Shareholders' Equity to Average Assets 6.95 6.22 5.60 6.42 5.61
Average Balances
Average Loans and Leases $ 13,809,977 $ 13,831,797 $ 13,903,214 $ 13,836,760 $ 13,833,164
Average Assets 23,338,529 23,145,107 24,387,421 23,255,372 24,124,360
Average Deposits 20,484,391 20,358,393 20,492,082 20,462,222 20,314,079
Average Shareholders' Equity 1,621,936 1,438,476 1,365,143 1,492,645 1,353,815
Per Share of Common Stock
Book Value $ 33.22 $ 31.91 $ 29.78 $ 33.22 $ 29.78
Tangible Book Value 32.43 31.12 28.99 32.43 28.99
Market Value
Closing 62.77 57.21 49.69 62.77 49.69
High 70.44 62.53 58.63 73.73 81.73
Low 55.75 54.50 39.02 54.50 30.83
September 30, June 30, December 31, September 30,
2024 2024 2023 2023
As of Period End:
Balance Sheet Totals
Loans and Leases $ 13,918,583 $ 13,831,266 $ 13,965,026 $ 13,919,491
Total Assets 23,799,174 23,300,768 23,733,296 23,549,785
Total Deposits 20,978,322 20,408,502 21,055,045 20,802,309
Other Debt 558,297 560,136 560,190 560,217
Total Shareholders' Equity 1,665,474 1,612,849 1,414,242 1,363,840
Asset Quality
Non-Performing Assets $ 19,781 $ 15,179 $ 11,747 $ 11,519
Allowance for Credit Losses - Loans and Leases 147,331 147,477 146,403 145,263
Allowance to Loans and Leases Outstanding 5 1.06 % 1.07 % 1.05 % 1.04 %
Capital Ratios 6
Common Equity Tier 1 Capital Ratio 7 11.66 % 11.56 % 11.33 % 11.29 %
Tier 1 Capital Ratio 7 14.05 13.96 12.56 12.53
Total Capital Ratio 7 15.11 15.02 13.60 13.56
Tier 1 Leverage Ratio 8.38 8.37 7.51 7.22
Total Shareholders' Equity to Total Assets 7.00 6.92 5.96 5.79
Tangible Common Equity to Tangible Assets 8 5.42 5.31 5.07 4.90
Tangible Common Equity to Risk-Weighted Assets 7, 8 9.17 8.80 8.45 8.10
Non-Financial Data
Full-Time Equivalent Employees 1,854 1,910 1,899 1,919
Branches 50 50 51 51
ATMs 317 317 318 320
1  Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2  Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
3  Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
4  Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
5  The numerator comprises the Allowance for Credit Losses - Loans and Leases.
6  Regulatory capital ratios as of September 30, 2024 are preliminary.
7  Regulatory capital ratios for June 30, 2024 have been updated to reflect final reported ratios.
8  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
September 30, June 30, December 31, September 30,
(dollars in thousands) 2024 2024 2023 2023
Total Shareholders' Equity $ 1,665,474 $ 1,612,849 $ 1,414,242 $ 1,363,840
Less: Preferred Stock 345,000 345,000 180,000 180,000
Goodwill 31,517 31,517 31,517 31,517
Tangible Common Equity $ 1,288,957 $ 1,236,332 $ 1,202,725 $ 1,152,323
Total Assets $ 23,799,174 $ 23,300,768 $ 23,733,296 $ 23,549,785
Less: Goodwill 31,517 31,517 31,517 31,517
Tangible Assets $ 23,767,657 $ 23,269,251 $ 23,701,779 $ 23,518,268
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1, 2 $ 14,054,698 $ 14,051,627 $ 14,226,780 $ 14,222,825
Total Shareholders' Equity to Total Assets 7.00 % 6.92 % 5.96 % 5.79 %
Tangible Common Equity to Tangible Assets (Non-GAAP) 5.42 % 5.31 % 5.07 % 4.90 %
Tier 1 Capital Ratio 1, 2 14.05 % 13.96 % 12.56 % 12.53 %
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1, 2 9.17 % 8.80 % 8.45 % 8.10 %
1  Regulatory capital ratios as of September 30, 2024 are preliminary.
2  Regulatory capital ratios for June 30, 2024 have been updated to reflect final reported ratios.
Bank of Hawai‘i Corporation and Subsidiaries
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Consolidated Statements of Income Table 3
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
(dollars in thousands, except per share amounts) 2024 2024 2023 2024 2023
Interest Income
Interest and Fees on Loans and Leases $ 166,286 $ 163,208 $ 151,245 $ 488,830 $ 432,287
Income on Investment Securities
Available-for-Sale 23,257 21,468 23,552 66,482 70,746
Held-to-Maturity 21,107 21,595 22,838 64,838 70,161
Deposits 29 25 18 84 63
Funds Sold 8,951 6,114 12,828 21,192 22,589
Other 1,018 1,120 1,464 3,108 4,182
Total Interest Income 220,648 213,530 211,945 644,534 600,028
Interest Expense
Deposits 96,067 91,542 72,153 276,665 163,726
Securities Sold Under Agreements to Repurchase 993 1,180 4,034 3,616 14,847
Funds Purchased - 44 - 44 888
Short-Term Borrowings - - - - 5,713
Other Debt 5,970 5,918 14,821 17,807 33,614
Total Interest Expense 103,030 98,684 91,008 298,132 218,788
Net Interest Income 117,618 114,846 120,937 346,402 381,240
Provision for Credit Losses 3,000 2,400 2,000 7,400 6,500
Net Interest Income After Provision for Credit Losses 114,618 112,446 118,937 339,002 374,740
Noninterest Income
Fees, Exchange, and Other Service Charges 14,945 13,769 13,824 42,837 41,782
Trust and Asset Management 11,916 12,223 10,548 35,328 32,453
Service Charges on Deposit Accounts 8,075 7,730 7,843 23,752 23,167
Bank-Owned Life Insurance 3,533 3,396 2,749 10,285 8,467
Annuity and Insurance 1,460 1,583 1,156 4,089 3,465
Mortgage Banking 1,188 1,028 1,059 3,167 3,239
Investment Securities Losses, Net (1,103 ) (1,601 ) (6,734 ) (4,201 ) (9,836 )
Other 5,096 3,959 19,889 14,225 31,589
Total Noninterest Income 45,110 42,087 50,334 129,482 134,326
Noninterest Expense
Salaries and Benefits 58,626 57,033 58,825 173,874 180,088
Net Occupancy 10,806 10,559 10,327 31,821 30,190
Net Equipment 10,120 10,355 9,477 30,578 30,425
Professional Fees 4,725 4,929 3,846 14,331 12,380
Data Processing 4,712 4,745 4,706 14,227 13,888
FDIC Insurance 3,355 7,170 3,361 14,139 9,768
Other 14,748 14,435 15,059 43,207 44,817
Total Noninterest Expense 107,092 109,226 105,601 322,177 321,556
Income Before Provision for Income Taxes 52,636 45,307 63,670 146,307 187,510
Provision for Income Taxes 12,278 11,224 15,767 35,475 46,704
Net Income $ 40,358 $ 34,083 $ 47,903 $ 110,832 $ 140,806
Preferred Stock Dividends 3,436 1,969 1,969 7,375 5,908
Net Income Available to Common Shareholders $ 36,922 $ 32,114 $ 45,934 $ 103,457 $ 134,898
Basic Earnings Per Common Share $ 0.94 $ 0.81 $ 1.17 $ 2.62 $ 3.44
Diluted Earnings Per Common Share $ 0.93 $ 0.81 $ 1.17 $ 2.61 $ 3.42
Dividends Declared Per Common Share $ 0.70 $ 0.70 $ 0.70 $ 2.10 $ 2.10
Basic Weighted Average Common Shares 39,488,187 39,450,551 39,274,626 39,429,815 39,264,450
Diluted Weighted Average Common Shares 39,736,492 39,618,705 39,420,531 39,654,705 39,392,433
Bank of Hawai‘i Corporation and Subsidiaries
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Consolidated Statements of Comprehensive Income
(dollars in thousands)
Net Income 40,358 34,083 47,903 110,832 140,806
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities 38,833 9,052 (18,264 ) 60,823 (7,205 )
Defined Benefit Plans 168 168 84 505 252
Other Comprehensive Income (Loss) 39,001 9,220 (18,180 ) 61,328 (6,953 )
Comprehensive Income 79,359 43,303 29,723 172,160 133,853

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition Table 5
June 30, December 31, September 30,
(dollars in thousands, except share amounts) 2024 2023 2023
Assets
Interest-Bearing Deposits in Other Banks 8,287 $ 3,259 $ 2,761 $ 4,676
Funds Sold 992,854 624,089 690,112 386,086
Investment Securities
Available-for-Sale 2,550,324 2,298,092 2,408,933 2,387,324
Held-to-Maturity (Fair Value of 4,072,596; 4,002,122; 4,253,637; and 4,104,469) 4,710,245 4,812,954 4,997,335 5,088,013
Loans Held for Sale 5,048 2,664 3,124 1,450
Loans and Leases 13,918,583 13,831,266 13,965,026 13,919,491
Allowance for Credit Losses (147,331 ) (147,477 ) (146,403 ) (145,263 )
Net Loans and Leases 13,771,252 13,683,789 13,818,623 13,774,228
Total Earning Assets 22,038,010 21,424,847 21,920,888 21,641,777
Cash and Due from Banks 271,622 297,990 308,071 261,464
Premises and Equipment, Net 191,899 192,319 194,855 196,094
Operating Lease Right-of-Use Assets 81,736 84,757 86,110 86,896
Accrued Interest Receivable 66,534 67,554 66,525 65,541
Foreclosed Real Estate 2,667 2,672 2,098 1,040
Mortgage Servicing Rights 19,571 19,954 20,880 21,273
Goodwill 31,517 31,517 31,517 31,517
Bank-Owned Life Insurance 475,263 470,708 462,894 458,260
Other Assets 620,355 708,450 639,458 785,923
Total Assets 23,799,174 $ 23,300,768 $ 23,733,296 $ 23,549,785
Liabilities
Deposits
Noninterest-Bearing Demand 5,412,048 $ 5,371,593 $ 6,058,554 $ 5,687,442
Interest-Bearing Demand 3,734,601 3,928,295 3,749,717 3,925,469
Savings 8,663,147 8,207,902 8,189,472 8,530,384
Time 3,168,526 2,900,712 3,057,302 2,659,014
Total Deposits 20,978,322 20,408,502 21,055,045 20,802,309
Securities Sold Under Agreements to Repurchase 100,490 100,490 150,490 150,490
Other Debt 558,297 560,136 560,190 560,217
Operating Lease Liabilities 90,356 93,364 94,693 95,453
Retirement Benefits Payable 22,870 23,142 23,673 26,074
Accrued Interest Payable 40,434 37,278 41,023 33,434
Taxes Payable 1,722 5,289 7,636 6,965
Other Liabilities 341,209 459,718 386,304 511,003
Total Liabilities 22,133,700 21,687,919 22,319,054 22,185,945
Shareholders' Equity
Preferred Stock (Series A, .01 par value; authorized 180,000 shares issued and outstanding) 180,000 180,000 180,000 180,000
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: September 30, 2024 - 58,765,907 / 39,748,304;
June 30, 2024 - 58,765,907 / 39,729,941; December 31, 2023 - 58,755,465 / 39,753,138;
and September 30, 2023 - 58,767,820 / 39,748,700) 585 585 583 583
Capital Surplus 643,620 639,841 636,422 632,425
Accumulated Other Comprehensive Loss (335,360 ) (374,361 ) (396,688 ) (441,611 )
Retained Earnings 2,127,585 2,119,140 2,107,569 2,108,702
Treasury Stock, at Cost (Shares: September 30, 2024 - 19,017,603; June 30, 2024 - 19,035,966;
December 31, 2023 - 19,002,327; and September 30, 2023 - 19,019,120) (1,115,956 ) (1,117,356 ) (1,113,644 ) (1,116,259 )
Total Shareholders' Equity 1,665,474 1,612,849 1,414,242 1,363,840
Total Liabilities and Shareholders' Equity 23,799,174 $ 23,300,768 $ 23,733,296 $ 23,549,785

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity Table 6
Accumulated
Preferred Other
Preferred Shares Preferred Common Comprehensive
Series A Series B Series B Shares Common Capital Income Retained Treasury
(dollars in thousands, except share amounts) Stock Outstanding Stock Outstanding Stock Surplus (Loss) Earnings Stock Total
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 - - - - - - - - 110,832 - 110,832
Other Comprehensive Income - - - - - - - 61,328 - - 61,328
Share-Based Compensation - - - - - - 11,051 - - - 11,051
Preferred Stock Issued, Net - - 165,000 165,000 - - (4,386 ) - - - 160,614
Common Stock Issued under Purchase and
Equity Compensation Plans - - - - 78,753 2 533 - 768 2,829 4,132
Common Stock Repurchased - - - - (83,587 ) - - - - (5,141 ) (5,141 )
Cash Dividends Declared Common Stock (2.10 per share) - - - - - - - - (84,209 ) - (84,209 )
Cash Dividends Declared Preferred Stock - - - - - - - - (7,375 ) - (7,375 )
Balance as of September 30, 2024 180,000 $ 180,000 165,000 $ 165,000 39,748,304 $ 585 $ 643,620 $ (335,360 ) $ 2,127,585 $ (1,115,956 ) $ 1,665,474
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 - - - - - - - - 140,806 - 140,806
Other Comprehensive Loss - - - - - - - (6,953 ) - - (6,953 )
Share-Based Compensation - - - - - - 11,979 - - - 11,979
Common Stock Issued under Purchase and
Equity Compensation Plans - - - - 121,040 1 (132 ) - 1,716 3,216 4,801
Common Stock Repurchased - - - - (208,090 ) - - - - (14,056 ) (14,056 )
Cash Dividends Declared Common Stock (2.10 per share) - - - - - - - - (83,824 ) - (83,824 )
Cash Dividends Declared Preferred Stock - - - - - - - - (5,908 ) - (5,908 )
Balance as of September 30, 2023 180,000 $ 180,000 - $ - 39,748,700 $ 583 $ 632,425 $ (441,611 ) $ 2,108,702 $ (1,116,259 ) $ 1,363,840

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
June 30, 2024 September 30, 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
Interest-Bearing Deposits in Other Banks 4.0 $ 0.0 2.89 % $ 4.3 $ 0.0 2.40 % $ 2.9 $ 0.0 2.40 %
Funds Sold 663.8 9.0 5.28 455.8 6.1 5.31 944.8 12.8 5.31
Investment Securities
Available-for-Sale
Taxable 2,430.0 23.0 3.80 2,308.3 21.5 3.73 2,605.4 23.5 3.60
Non-Taxable 11.8 0.2 6.63 1.6 0.0 2.01 3.5 0.0 3.21
Held-to-Maturity
Taxable 4,735.5 21.0 1.77 4,837.2 21.4 1.77 5,118.6 22.7 1.77
Non-Taxable 34.4 0.2 2.10 34.6 0.2 2.10 35.0 0.2 2.10
Total Investment Securities 7,211.7 44.4 2.46 7,181.7 43.1 2.40 7,762.5 46.4 2.39
Loans Held for Sale 3.8 0.1 6.13 1.4 0.0 6.30 3.8 0.1 6.28
Loans and Leases 3
Commercial and Industrial 1,658.1 22.6 5.43 1,683.2 22.3 5.34 1,515.0 18.9 4.96
Paycheck Protection Program 7.2 0.0 1.42 9.5 0.1 2.24 13.1 0.0 1.32
Commercial Mortgage 3,744.6 52.0 5.51 3,723.6 51.6 5.57 3,792.6 51.1 5.35
Construction 357.3 7.1 7.95 321.3 6.3 7.85 241.9 3.7 6.09
Commercial Lease Financing 59.6 0.4 2.58 59.3 0.3 2.28 62.6 0.3 1.84
Residential Mortgage 4,593.7 46.4 4.03 4,595.2 45.6 3.97 4,715.3 42.8 3.62
Home Equity 2,206.9 22.4 4.04 2,231.7 21.8 3.92 2,283.5 20.1 3.49
Automobile 795.7 9.4 4.72 813.5 9.1 4.52 868.0 8.2 3.75
Other 4 386.9 6.9 7.13 394.5 6.8 6.95 411.2 6.5 6.24
Total Loans and Leases 13,810.0 167.2 4.82 13,831.8 163.9 4.76 13,903.2 151.6 4.34
Other 63.2 0.9 6.43 62.5 1.2 7.18 91.6 1.5 6.40
Total Earning Assets 21,756.5 221.7 4.06 21,537.5 214.3 3.99 22,708.8 212.4 3.72
Cash and Due from Banks 258.8 233.4 289.8
Other Assets 1,323.2 1,374.2 1,388.8
Total Assets 23,338.5 $ 23,145.1 $ 24,387.4
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand 3,775.6 8.9 0.94 $ 3,788.5 8.8 0.94 $ 3,929.7 6.6 0.67
Savings 8,402.9 55.7 2.63 8,259.2 52.0 2.53 7,952.6 39.1 1.95
Time 3,008.7 31.5 4.17 2,935.9 30.7 4.20 2,767.8 26.5 3.79
Total Interest-Bearing Deposits 15,187.2 96.1 2.52 14,983.6 91.5 2.46 14,650.1 72.2 1.95
Funds Purchased 0.0 0.0 5.40 3.2 0.0 5.37 - - -
Short-Term Borrowings 0.0 0.0 5.40 0.0 0.0 5.40 - - -
Securities Sold Under Agreements to Repurchase 100.5 1.0 3.87 121.9 1.2 3.83 528.5 4.0 2.99
Other Debt 560.1 5.9 4.24 560.2 6.0 4.25 1,365.7 14.8 4.31
Total Interest-Bearing Liabilities 15,847.8 103.0 2.59 15,668.9 98.7 2.53 16,544.3 91.0 2.18
Net Interest Income $ 118.7 $ 115.6 $ 121.4
Interest Rate Spread 1.47 % 1.46 % 1.54 %
Net Interest Margin 2.18 % 2.15 % 2.13 %
Noninterest-Bearing Demand Deposits 5,297.2 5,374.8 5,842.0
Other Liabilities 571.6 662.9 636.0
Shareholders' Equity 1,621.9 1,438.5 1,365.1
Total Liabilities and Shareholders' Equity 23,338.5 $ 23,145.1 $ 24,387.4
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 1.0 million, 774 thousand, and 437 thousand
for the three months ended September 30, 2024, June 30, 2024, and September 30, 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.
4  Comprised of other consumer revolving credit, installment, and consumer lease financing.

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7b
Nine Months Ended
September 30, 2023
Income / Yield / Average Income / Yield /
(dollars in millions) Expense 2 Rate Balance Expense 2 Rate
Earning Assets
Interest-Bearing Deposits in Other Banks 4.3 $ 0.1 2.59 % $ 3.2 $ 0.1 2.60 %
Funds Sold 525.7 21.2 5.30 582.7 22.6 5.11
Investment Securities
Available-for-Sale
Taxable 2,373.1 66.4 3.73 2,721.5 70.6 3.46
Non-Taxable 5.0 0.2 5.59 7.6 0.2 4.22
Held-to-Maturity
Taxable 4,832.9 64.4 1.78 5,227.8 69.7 1.78
Non-Taxable 34.6 0.5 2.10 35.2 0.6 2.10
Total Investment Securities 7,245.6 131.5 2.42 7,992.1 141.1 2.36
Loans Held for Sale 2.5 0.1 6.16 2.7 0.1 5.82
Loans and Leases 3
Commercial and Industrial 1,664.5 67.0 5.38 1,461.2 52.7 4.82
Paycheck Protection Program 9.1 0.1 1.70 14.8 0.2 1.70
Commercial Mortgage 3,728.3 153.9 5.52 3,781.7 145.6 5.15
Construction 329.0 19.0 7.71 256.2 11.1 5.81
Commercial Lease Financing 59.1 1.0 2.25 64.9 0.5 1.11
Residential Mortgage 4,613.0 137.0 3.96 4,695.4 123.8 3.51
Home Equity 2,229.5 65.3 3.91 2,265.2 57.3 3.38
Automobile 813.3 27.5 4.51 873.0 23.2 3.55
Other 4 391.0 20.2 6.91 420.8 19.0 6.04
Total Loans and Leases 13,836.8 491.0 4.74 13,833.2 433.4 4.19
Other 62.6 3.1 6.61 84.6 4.1 6.59
Total Earning Assets 21,677.5 647.0 3.98 22,498.5 601.4 3.57
Cash and Due from Banks 244.4 308.4
Other Assets 1,333.5 1,317.5
Total Assets 23,255.4 $ 24,124.4
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand 3,776.1 25.4 0.90 $ 4,060.0 19.3 0.64
Savings 8,264.9 157.1 2.54 7,876.1 86.3 1.46
Time 3,008.6 94.2 4.18 2,288.2 58.1 3.40
Total Interest-Bearing Deposits 15,049.6 276.7 2.46 14,224.3 163.7 1.54
Funds Purchased 1.1 0.0 5.37 24.8 0.9 4.72
Short-Term Borrowings 0.0 0.0 5.40 152.4 5.7 4.94
Securities Sold Under Agreements to Repurchase 124.2 3.6 3.82 659.1 14.8 2.97
Other Debt 560.2 17.8 4.25 1,043.6 33.7 4.31
Total Interest-Bearing Liabilities 15,735.1 298.1 2.53 16,104.2 218.8 1.81
Net Interest Income $ 348.8 $ 382.6
Interest Rate Spread 1.45 % 1.76 %
Net Interest Margin 2.15 % 2.27 %
Noninterest-Bearing Demand Deposits 5,412.6 6,089.8
Other Liabilities 615.1 576.6
Shareholders' Equity 1,492.6 1,353.8
Total Liabilities and Shareholders' Equity 23,255.4 $ 24,124.4
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 2.5 million and 1.4 million
for the nine months ended September 30, 2024 and September 30, 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.
4  Comprised of other consumer revolving credit, installment, and consumer lease financing.

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 September 30, 2024
Compared to June 30, 2024
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks $ (0.0 ) $ 0.0 $ 0.0
Funds Sold 3.0 (0.0 ) 2.9
Investment Securities
Available-for-Sale
Taxable 1.2 0.3 1.5
Non-Taxable 0.1 0.1 0.2
Held-to-Maturity
Taxable (0.4 ) 0.1 (0.4 )
Non-Taxable (0.0 ) (0.0 ) (0.0 )
Total Investment Securities 0.9 0.4 1.3
Loans Held for Sale 0.0 (0.0 ) 0.0
Loans and Leases
Commercial and Industrial (0.2 ) 0.5 0.3
Paycheck Protection Program (0.1 ) (0.0 ) (0.1 )
Commercial Mortgage 0.5 (0.1 ) 0.4
Construction 0.8 (0.0 ) 0.8
Commercial Lease Financing 0.1 0.0 0.1
Residential Mortgage (0.0 ) 0.8 0.8
Home Equity (0.2 ) 0.8 0.6
Automobile (0.2 ) 0.5 0.3
Other 2 (0.1 ) 0.2 0.1
Total Loans and Leases 0.6 2.8 3.3
Other (0.0 ) (0.3 ) (0.3 )
Total Change in Interest Income 4.5 2.9 7.4
Change in Interest Expense:
Interest-Bearing Deposits
Demand 0.1 0.0 0.1
Savings 1.1 2.6 3.7
Time 1.0 (0.2 ) 0.9
Total Interest-Bearing Deposits 2.2 2.4 4.6
Funds Purchased (0.0 ) 0.0 (0.0 )
Short-Term Borrowings (0.0 ) - (0.0 )
Securities Sold Under Agreements to Repurchase (0.2 ) 0.0 (0.2 )
Other Debt 0.0 (0.1 ) (0.0 )
Total Change in Interest Expense 1.9 2.4 4.3
Change in Net Interest Income $ 2.5 $ 0.5 $ 3.0
1  The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2  Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- ---
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
Three Months Ended September 30, 2024
Compared to September 30, 2023
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks $ 0.0 $ 0.0 $ 0.0
Funds Sold (3.8 ) 0.0 (3.8 )
Investment Securities
Available-for-Sale
Taxable (1.7 ) 1.2 (0.5 )
Non-Taxable 0.1 0.1 0.2
Held-to-Maturity
Taxable (1.7 ) (0.0 ) (1.7 )
Non-Taxable (0.0 ) (0.0 ) (0.0 )
Total Investment Securities (3.3 ) 1.3 (2.0 )
Loans Held for Sale 0.0 (0.0 ) (0.0 )
Loans and Leases
Commercial and Industrial 1.8 1.9 3.7
Paycheck Protection Program (0.0 ) 0.0 (0.0 )
Commercial Mortgage (0.6 ) 1.5 0.9
Construction 2.1 1.3 3.4
Commercial Lease Financing 0.0 0.1 0.1
Residential Mortgage (1.1 ) 4.7 3.6
Home Equity (0.7 ) 3.0 2.3
Automobile (0.7 ) 1.9 1.2
Other 2 (0.5 ) 0.9 0.4
Total Loans and Leases 0.3 15.3 15.6
Other (0.5 ) 0.0 (0.5 )
Total Change in Interest Income (7.3 ) 16.6 9.3
Change in Interest Expense:
Interest-Bearing Deposits
Demand (0.3 ) 2.6 2.3
Savings 2.3 14.3 16.6
Time 2.4 2.6 5.0
Total Interest-Bearing Deposits 4.4 19.5 23.9
Securities Sold Under Agreements to Repurchase (4.0 ) 1.0 (3.0 )
Other Debt (8.7 ) (0.2 ) (8.9 )
Total Change in Interest Expense (8.3 ) 20.3 12.0
Change in Net Interest Income $ 1.0 $ (3.7 ) $ (2.7 )
1  The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2  Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- ---
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8c
Nine Months Ended September 30, 2024
Compared to September 30, 2023
(dollars in millions) Volume 1 Rate 1 Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks $ 0.0 $ (0.0 ) $ 0.0
Funds Sold (2.2 ) 0.8 (1.4 )
Investment Securities
Available-for-Sale
Taxable (9.4 ) 5.2 (4.2 )
Non-Taxable (0.1 ) 0.1 -
Held-to-Maturity
Taxable (5.2 ) (0.1 ) (5.3 )
Non-Taxable (0.0 ) (0.1 ) (0.1 )
Total Investment Securities (14.7 ) 5.1 (9.6 )
Loans Held for Sale (0.0 ) 0.0 -
Loans and Leases
Commercial and Industrial 7.8 6.5 14.3
Paycheck Protection Program (0.1 ) (0.0 ) (0.1 )
Commercial Mortgage (2.1 ) 10.4 8.3
Construction 3.6 4.3 7.9
Commercial Lease Financing (0.0 ) 0.5 0.5
Residential Mortgage (2.2 ) 15.4 13.2
Home Equity (0.9 ) 8.9 8.0
Automobile (1.6 ) 5.9 4.3
Other 2 (1.4 ) 2.6 1.2
Total Loans and Leases 3.1 54.5 57.6
Other (1.1 ) 0.1 (1.0 )
Total Change in Interest Income (14.9 ) 60.5 45.6
Change in Interest Expense:
Interest-Bearing Deposits
Demand (1.4 ) 7.5 6.1
Savings 4.5 66.3 70.8
Time 20.8 15.3 36.1
Total Interest-Bearing Deposits 23.9 89.1 113.0
Funds Purchased (1.0 ) 0.1 (0.9 )
Short-Term Borrowings (6.2 ) 0.5 (5.7 )
Securities Sold Under Agreements to Repurchase (14.6 ) 3.4 (11.2 )
Other Debt (15.4 ) (0.5 ) (15.9 )
Total Change in Interest Expense (13.3 ) 92.6 79.3
Change in Net Interest Income $ (1.6 ) $ (32.1 ) $ (33.7 )
1  The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2  Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- --- ---
Salaries and Benefits
(dollars in thousands)
Salaries 38,993 38,662 39,426 115,686 116,005
Incentive Compensation 5,086 3,109 2,956 11,285 9,937
Retirement and Other Benefits 3,692 3,961 3,809 11,952 13,186
Medical, Dental, and Life Insurance 3,512 3,211 2,835 9,935 10,267
Share-Based Compensation 3,364 3,296 4,072 10,459 11,327
Payroll Taxes 2,839 3,070 2,921 10,639 12,079
Commission Expense 979 939 676 2,490 2,098
Separation Expense 161 785 2,130 1,428 5,189
Total Salaries and Benefits 58,626 57,033 58,825 173,874 180,088

All values are in US Dollars.

Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances Table 10
September 30, June 30, March 31, December 31, September 30,
(dollars in thousands) 2024 2024 2024 2023 2023
Commercial
Commercial Mortgage $ 3,868,566 $ 3,741,140 $ 3,715,032 $ 3,749,016 $ 3,784,339
Commercial and Industrial 1,675,347 1,691,441 1,669,482 1,652,699 1,569,572
Construction 319,150 315,571 323,069 304,463 251,507
Lease Financing 60,665 59,388 57,817 59,939 61,522
Paycheck Protection Program 6,346 7,997 10,177 11,369 12,529
Total Commercial 5,930,074 5,815,537 5,775,577 5,777,486 5,679,469
Consumer
Residential Mortgage 4,622,677 4,595,586 4,616,900 4,684,171 4,699,140
Home Equity 2,195,844 2,221,073 2,240,946 2,264,827 2,285,974
Automobile 786,910 806,240 825,854 837,830 856,113
Other 1 383,078 392,830 394,560 400,712 398,795
Total Consumer 7,988,509 8,015,729 8,078,260 8,187,540 8,240,022
Total Loans and Leases $ 13,918,583 $ 13,831,266 $ 13,853,837 $ 13,965,026 $ 13,919,491
1  Comprised of other revolving credit, installment, and lease financing.
Deposits
September 30, June 30, March 31, December 31, September 30,
(dollars in thousands) 2024 2024 2024 2023 2023
Consumer $ 10,340,466 $ 10,382,432 $ 10,429,004 $ 10,319,809 $ 10,036,261
Commercial 8,356,239 7,995,618 8,323,330 8,601,224 8,564,536
Public and Other 2,281,617 2,030,452 1,924,252 2,134,012 2,201,512
Total Deposits $ 20,978,322 $ 20,408,502 $ 20,676,586 $ 21,055,045 $ 20,802,309
Average Deposits
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(dollars in thousands) 2024 2024 2024 2023 2023
Consumer $ 10,345,772 $ 10,379,724 $ 10,313,730 $ 10,092,727 $ 9,963,690
Commercial 8,207,310 8,188,685 8,334,540 8,581,426 8,288,891
Public and Other 1,931,309 1,789,984 1,895,370 2,029,917 2,239,501
Total Deposits $ 20,484,391 $ 20,358,393 $ 20,543,640 $ 20,704,070 $ 20,492,082
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11
September 30, June 30, March 31, December 31, September 30,
(dollars in thousands) 2024 2024 2024 2023 2023
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial $ 6,218 $ 3,681 $ 13 $ 39 $ 43
Commercial Mortgage 2,680 2,601 2,714 2,884 2,996
Total Commercial 8,898 6,282 2,727 2,923 3,039
Consumer
Residential Mortgage 4,269 2,998 3,199 2,935 3,706
Home Equity 3,947 3,227 3,240 3,791 3,734
Total Consumer 8,216 6,225 6,439 6,726 7,440
Total Non-Accrual Loans and Leases 17,114 12,507 9,166 9,649 10,479
Foreclosed Real Estate 2,667 2,672 2,672 2,098 1,040
Total Non-Performing Assets $ 19,781 $ 15,179 $ 11,838 $ 11,747 $ 11,519
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage $ 4,421 $ 4,524 $ 3,378 $ 3,814 $ 3,519
Home Equity 1,980 2,025 1,580 1,734 2,172
Automobile 580 568 517 399 393
Other 1 554 733 872 648 643
Total Consumer 7,535 7,850 6,347 6,595 6,727
Total Accruing Loans and Leases Past Due 90 Days or More $ 7,535 $ 7,850 $ 6,347 $ 6,595 $ 6,727
Total Loans and Leases $ 13,918,583 $ 13,831,266 $ 13,853,837 $ 13,965,026 $ 13,919,491
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases 0.12 % 0.09 % 0.07 % 0.07 % 0.08 %
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate 0.14 % 0.11 % 0.09 % 0.08 % 0.08 %
Ratio of Non-Performing Assets to Total Assets 0.08 % 0.07 % 0.05 % 0.05 % 0.05 %
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate 0.15 % 0.11 % 0.05 % 0.05 % 0.05 %
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate 0.14 % 0.11 % 0.11 % 0.11 % 0.10 %
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 % 0.17 % 0.13 % 0.13 % 0.13 %
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter $ 15,179 $ 11,838 $ 11,747 $ 11,519 $ 11,477
Additions 5,557 5,257 1,652 2,683 1,318
Reductions
Payments (734 ) (844 ) (921 ) (2,018 ) (1,017 )
Return to Accrual Status (81 ) (1,018 ) (617 ) (437 ) (259 )
Charge-offs / Write-downs (140 ) (54 ) (23 ) - -
Total Reductions (955 ) (1,916 ) (1,561 ) (2,455 ) (1,276 )
Balance at End of Quarter $ 19,781 $ 15,179 $ 11,838 $ 11,747 $ 11,519
1  Comprised of other revolving credit, installment, and lease financing.
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Reserve for Credit Losses Table 12
Three Months Ended Nine Months Ended
September 30, June 30, September 30, September 30,
(dollars in thousands) 2024 2024 2023 2024 2023
Balance at Beginning of Period $ 151,155 $ 152,148 $ 151,702 $ 152,429 $ 151,247
Loans and Leases Charged-Off
Commercial
Commercial and Industrial (1,021 ) (875 ) (294 ) (2,256 ) (758 )
Consumer
Residential Mortgage - (48 ) - (48 ) (6 )
Home Equity (125 ) (202 ) (13 ) (362 ) (68 )
Automobile (1,651 ) (1,095 ) (1,353 ) (3,794 ) (4,309 )
Other 1 (2,539 ) (2,610 ) (1,957 ) (7,461 ) (6,296 )
Total Loans and Leases Charged-Off (5,336 ) (4,830 ) (3,617 ) (13,921 ) (11,437 )
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial 66 263 72 445 225
Consumer
Residential Mortgage 48 63 69 153 188
Home Equity 318 113 131 615 893
Automobile 552 481 721 1,559 2,170
Other 1 522 517 575 1,645 1,867
Total Recoveries on Loans and Leases Previously Charged-Off 1,506 1,437 1,568 4,417 5,343
Net Charged-Off - Loans and Leases (3,830 ) (3,393 ) (2,049 ) (9,504 ) (6,094 )
Provision for Credit Losses:
Loans and Leases 3,684 3,206 1,945 10,432 6,918
Unfunded Commitments (684 ) (806 ) 55 (3,032 ) (418 )
Total Provision for Credit Losses 3,000 2,400 2,000 7,400 6,500
Balance at End of Period $ 150,325 $ 151,155 $ 151,653 $ 150,325 $ 151,653
Components
Allowance for Credit Losses - Loans and Leases $ 147,331 $ 147,477 $ 145,263 $ 147,331 $ 145,263
Reserve for Unfunded Commitments 2,994 3,678 6,390 2,994 6,390
Total Reserve for Credit Losses $ 150,325 $ 151,155 $ 151,653 $ 150,325 $ 151,653
Average Loans and Leases Outstanding $ 13,809,977 $ 13,831,797 $ 13,903,214 $ 13,836,760 $ 13,833,164
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized) 0.11 % 0.10 % 0.06 % 0.09 % 0.06 %
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 2 1.06 % 1.07 % 1.04 % 1.06 % 1.04 %
1  Comprised of other revolving credit, installment, and lease financing.
2  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 September 30, 2024
Net Interest Income (Expense) $ 97,919 $ 50,556 $ (30,857 ) $ 117,618
Provision for Credit Losses 3,058 772 (830 ) 3,000
Net Interest Income (Expense) After Provision for Credit Losses 94,861 49,784 (30,027 ) 114,618
Noninterest Income 34,133 7,786 3,191 45,110
Noninterest Expense (84,712 ) (18,825 ) (3,555 ) (107,092 )
Income (Loss) Before Income Taxes 44,282 38,745 (30,391 ) 52,636
Provision for Income Taxes (11,289 ) (9,816 ) 8,827 (12,278 )
Net Income (Loss) $ 32,993 $ 28,929 $ (21,564 ) $ 40,358
Total Assets as of September 30, 2024 $ 8,308,389 $ 5,952,321 $ 9,538,464 $ 23,799,174
Three Months September 30, 2023 1
Net Interest Income (Expense) $ 98,984 $ 52,066 $ (30,113 ) $ 120,937
Provision for Credit Losses 1,974 74 (48 ) 2,000
Net Interest Income (Expense) After Provision for Credit Losses 97,010 51,992 (30,065 ) 118,937
Noninterest Income 31,027 8,483 10,824 50,334
Noninterest Expense (81,377 ) (18,937 ) (5,287 ) (105,601 )
Income (Loss) Before Income Taxes 46,660 41,538 (24,528 ) 63,670
Provision for Income Taxes (12,073 ) (10,523 ) 6,829 (15,767 )
Net Income (Loss) $ 34,587 $ 31,015 $ (17,699 ) $ 47,903
Total Assets as of September 30, 2023 $ 8,584,796 $ 5,719,577 $ 9,245,412 $ 23,549,785
1 Certain prior period information has been reclassified to conform to current presentation.
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
Nine Months Ended September 30, 2024
Net Interest Income (Expense) $ 293,118 $ 152,934 $ (99,650 ) $ 346,402
Provision for Credit Losses 8,218 1,239 (2,057 ) 7,400
Net Interest Income (Expense) After Provision for Credit Losses 284,900 151,695 (97,593 ) 339,002
Noninterest Income 99,768 21,278 8,436 129,482
Noninterest Expense (254,428 ) (55,478 ) (12,271 ) (322,177 )
Income (Loss) Before Income Taxes 130,240 117,495 (101,428 ) 146,307
Provision for Income Taxes (33,154 ) (29,711 ) 27,390 (35,475 )
Net Income (Loss) $ 97,086 $ 87,784 $ (74,038 ) $ 110,832
Total Assets as of September 30, 2024 $ 8,308,389 $ 5,952,321 $ 9,538,464 $ 23,799,174
Nine Months Ended September 30, 2023 1
Net Interest Income (Expense) $ 293,681 $ 159,864 $ (72,305 ) $ 381,240
Provision for Credit Losses 6,035 59 406 6,500
Net Interest Income (Expense) After Provision for Credit Losses 287,646 159,805 (72,711 ) 374,740
Noninterest Income 94,126 25,072 15,128 134,326
Noninterest Expense (247,543 ) (58,528 ) (15,485 ) (321,556 )
Income (Loss) Before Income Taxes 134,229 126,349 (73,068 ) 187,510
Provision for Income Taxes (34,566 ) (31,345 ) 19,207 (46,704 )
Net Income (Loss) $ 99,663 $ 95,004 $ (53,861 ) $ 140,806
Total Assets as of September 30, 2023 $ 8,584,796 $ 5,719,577 $ 9,245,412 $ 23,549,785
1 Certain prior period information has been reclassified to conform to current presentation.
Bank of Hawai‘i Corporation and Subsidiaries
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Selected Quarterly Financial Data Table 14
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(dollars in thousands, except per share amounts) 2024 2024 2024 2023 2023
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases $ 166,286 $ 163,208 $ 159,336 $ 158,324 $ 151,245
Income on Investment Securities
Available-for-Sale 23,257 21,468 21,757 22,782 23,552
Held-to-Maturity 21,107 21,595 22,136 22,589 22,838
Deposits 29 25 30 23 18
Funds Sold 8,951 6,114 6,127 5,705 12,828
Other 1,018 1,120 970 924 1,464
Total Interest Income 220,648 213,530 210,356 210,347 211,945
Interest Expense
Deposits 96,067 91,542 89,056 87,121 72,153
Securities Sold Under Agreements to Repurchase 993 1,180 1,443 1,459 4,034
Funds Purchased - 44 - - -
Other Debt 5,970 5,918 5,919 5,982 14,821
Total Interest Expense 103,030 98,684 96,418 94,562 91,008
Net Interest Income 117,618 114,846 113,938 115,785 120,937
Provision for Credit Losses 3,000 2,400 2,000 2,500 2,000
Net Interest Income After Provision for Credit Losses 114,618 112,446 111,938 113,285 118,937
Noninterest Income
Fees, Exchange, and Other Service Charges 14,945 13,769 14,123 13,774 13,824
Trust and Asset Management 11,916 12,223 11,189 11,144 10,548
Service Charges on Deposit Accounts 8,075 7,730 7,947 7,949 7,843
Bank-Owned Life Insurance 3,533 3,396 3,356 3,176 2,749
Annuity and Insurance 1,460 1,583 1,046 1,271 1,156
Mortgage Banking 1,188 1,028 951 1,016 1,059
Investment Securities Losses, Net (1,103 ) (1,601 ) (1,497 ) (1,619 ) (6,734 )
Other 5,096 3,959 5,170 5,572 19,889
Total Noninterest Income 45,110 42,087 42,285 42,283 50,334
Noninterest Expense
Salaries and Benefits 58,626 57,033 58,215 53,991 58,825
Net Occupancy 10,806 10,559 10,456 9,734 10,327
Net Equipment 10,120 10,355 10,103 9,826 9,477
Professional Fees 4,725 4,929 4,677 5,079 3,846
Data Processing 4,712 4,745 4,770 4,948 4,706
FDIC Insurance 3,355 7,170 3,614 18,545 3,361
Other 14,748 14,435 14,024 13,839 15,059
Total Noninterest Expense 107,092 109,226 105,859 115,962 105,601
Income Before Provision for Income Taxes 52,636 45,307 48,364 39,606 63,670
Provision for Income Taxes 12,278 11,224 11,973 9,210 15,767
Net Income $ 40,358 $ 34,083 $ 36,391 $ 30,396 $ 47,903
Preferred Stock Dividends 3,436 1,969 1,969 1,969 1,969
Net Income Available to Common Shareholders $ 36,922 $ 32,114 $ 34,422 $ 28,427 $ 45,934
Basic Earnings Per Common Share $ 0.94 $ 0.81 $ 0.87 $ 0.72 $ 1.17
Diluted Earnings Per Common Share $ 0.93 $ 0.81 $ 0.87 $ 0.72 $ 1.17
Balance Sheet Totals
Loans and Leases $ 13,918,583 $ 13,831,266 $ 13,853,837 $ 13,965,026 $ 13,919,491
Total Assets 23,799,174 23,300,768 23,420,860 23,733,296 23,549,785
Total Deposits 20,978,322 20,408,502 20,676,586 21,055,045 20,802,309
Total Shareholders' Equity 1,665,474 1,612,849 1,435,977 1,414,242 1,363,840
Performance Ratios
Return on Average Assets 0.69 % 0.59 % 0.63 % 0.51 % 0.78 %
Return on Average Shareholders' Equity 9.90 9.53 10.34 8.86 13.92
Return on Average Common Equity 11.50 10.41 11.20 9.55 15.38
Efficiency Ratio 1 65.81 69.60 67.76 73.36 61.66
Net Interest Margin 2 2.18 2.15 2.11 2.13 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
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Hawaii Economic Trends Table 15
Eight Months Ended Year Ended
(dollars in millions; jobs in thousands) August 31, 2024 December 31, 2023 December 31, 2022
Hawaii Economic Trends
State General Fund Revenues 1 $ 6,568.2 1.5 % $ 9,504.1 0.7 % $ 9,441.3 16.0 %
General Excise and Use Tax Revenue 1 3,094.1 2.2 4,474.1 4.9 4,263.4 18.3
Jobs 2 651.1 655.2 653.3
September 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 3.2 2.8 3.5
Maui County 2.5 6.2 3.5
Kauai County 3.5 2.5 3.1
September 30, 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) 5.8 % (26.3 ) % (23.2 ) % 17.9 %
Months of Inventory 3.4 2.8 2.1 0.8
Monthly Visitor Arrivals, Percentage Change
(in thousands, except percent change) Not Seasonally Adjusted from Previous Year
Tourism 4
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 720.3 0.2
October 31, 2023 700.3 (3.7 )
September 30, 2023 643.1 (7.1 )
August 31, 2023 766.0 (7.7 )
July 31, 2023 929.4 1.2
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
October 31, 2022 727.4 32.1
September 30, 2022 692.2 37.2
August 31, 2022 829.8 14.8
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 third quarter 2024 financial report October 28, 2024 Exhibit 99.2

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 highlights broad & deep market penetration stable balance sheet performance earnings highlights strong credit stable loan and deposit performance tier 1 capital ratio of 14.05% and total capital ratio of 15.11% $10.6 billion in readily available liquidity compared to $8.8 billion in uninsured/uncollateralized deposits $0.93 diluted earnings per common share $40.4 million net income net interest margin expanded to 2.18% 1.87% average cost of total deposits 11.50% return on average common equity 0.11% 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 28% of total loans, office 3%

Slide 4

highlights – balance sheet $ in billions

Slide 5

our deposits through our 127 year history in the islands, Bank of Hawai‘i has developed an exceptionally seasoned deposit base, built one relationship at a time, over many years, and in neighborhoods and communities we understand unique marketplace diversified long tenured ✔ ✔ ✔

Slide 6

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 7

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

Slide 8

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

Slide 9

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

Slide 10

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 10

Slide 11

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

Slide 12

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

Slide 13

single family homes condominiums   YTD-24 YTD-23 Δ YTD-23 YTD-24 YTD-23 Δ YTD-23 median sales price (000s) $1,100 $1,050 4.8% $510 $505 1.0% closed sales 2,101 1,985 5.8% 3,390 3,592 -5.6% median days on market 18 22 4 days 29 20 9 days stable real estate prices Oahu market indicators – YTD 2024 as of September source: Honolulu Board of Realtors, compiled from MLS data

Slide 14

credit performance

Slide 15

lending philosophy note: as of September 30, 2024 we lend in our core markets to long-standing relationships

Slide 16

steady organic loan growth $ in billions

Slide 17

$8.0B consumer consumer portfolio 57% of total loans asset type % total consumer % total loans WALTV wtd avg FICO residential mortgage 58% 33% 49% 805 home equity 27% 16% 46% 790 real estate secured 85% 49% 48% 800 automobile 10% 6% n/a 733 other consumer 5% 3% n/a 759 total consumer 100% 57% n/a 792 note: $ in billions

Slide 18

commercial portfolio residential mortgage home equity 43% of total loans $5.9B commercial asset type % total comml % total loans WALTV commercial real estate 65% 28% 56% construction 5% 2% 56% real estate secured 71% 30% 56% commercial & industrial 28% 12% n/a leasing 1% 0.4% n/a total commercial 100% 43% n/a note: $ in billions; rates may not foot due to rounding; excludes $6MM in PPP loan balances including deferred costs and fees

Slide 19

vacancy inventory (sq ft)   2Q24 2Q23 10 yr avg 10 yr CAGR industrial 1.05% 0.76% 1.75% 0.28% office 13.57% 12.71% 12.46% - 1.08% retail 6.09% 5.92% 5.91% 0.74% multi-family 4.10% 4.40% 4.67% 0.70% 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 20

commercial real estate (CRE) 28% of total loans wtd avg LTV 58% 56% 54% 53% 57% 54% % owner n/a 42% 4% n/a 20% 26% avg exposure ($millions) $3.1 $2.5 $4.1 $13.6 $1.8 $3.8

Slide 21

CRE scheduled maturities modest near-term maturities

Slide 22

CRE loan balances by LTV LTV > 80% - $84MM, 2.2% of CRE

Slide 23

credit quality 1 77% of total criticized is secured with 57% wtd avg LTV 2 adjusted to exclude loan fully paid off in October 1

Slide 24

financial update

Slide 25

NII and NIM trends increasing NII and NIM $ in millions

Slide 26

NII breakdown $ in millions

Slide 27

cashflow repricing quarterly impact from cashflows repricing: +$3.6 million $ in millions note: quarterly impact from cashflows repricing assumes that the cashflows from maturities/prepayments from loans are reinvested into the same products; assumes cashflows from maturities/prepayments from investment portfolio are reinvested into Fed Funds at 5.3%

Slide 28

deposit mix shift and repricing quarterly NII impact from deposit mix shift and repricing in 3Q24: $(2.6) million $ in millions note: low yield interest-bearing deposits include accounts yielding interest of 10 bps or less

Slide 29

rate sensitive earning assets and interest-bearing deposits net NII impact per quarter for 50 bps FF decrease from rate sensitive earning assets: $(9.6) million short-term net NII impact per quarter for 50 bps FF decrease from rate sensitive deposits: +$7.1 million long-term net NII impact per quarter for 50 bps FF decrease from rate sensitive deposits: +$10.8 million short-term net NII impact: -$(2.5) million & long-term net NII impact: +$1.2 million note: loans, investments and swap balances are as of September 30; FF sold balance is 3Q24 quarterly average balance; rate sensitive deposit balances are 3Q24 average balances; low-yield accounts are accounts yielding interest of 10 bps or less; all of qualified business money management checking accounts are included in ‘IBD excl. low-yield accounts’; long-term NII impact per quarter for 50 bps FF decrease from rate sensitive deposits assumes 85% beta on savings excl. low-yield accounts & IBD excl. low-yield accounts and 100% beta on time deposits; short-term NII impact assumes 0% beta on time deposits rate sensitive earning assets $9.7B rate sensitive interest-bearing deposits balances balances NII impact NII impact $7.6B

Slide 30

time deposit maturity schedule 39% of time deposits set to reprice in 3 months and 70% in 6 months note: as of September 30, 2024

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 items: +$0.8 Visa Class B conversion ratio adjustment +$4.6 net loss on securities sales -$14.7 gain on early termination of private repurchase agreements

Slide 33

noninterest expense $ in millions continued discipline in expense management note: numbers may not add up due to rounding normalizing items: -$2.1 separation -$0.4 extraordinary expenses related to Maui wildfires normalizing items: -$2.6 FDIC special assessment -$0.8 separation -$0.6 other expenses (not expected to recur in 2024)

Slide 34

financial summary $ in millions, except per share amounts 3Q 2024 2Q 2024 3Q 2023 ∆ 2Q 2024 ∆ 3Q 2023 net interest income $ 117.6 $ 114.8 $ 120.9 $ 2.8 $ (3.3) noninterest income 45.1   42.1   50.3   3.0   (5.2)   total revenue 162.7 156.9 171.3 5.8 (8.5) noninterest expense 107.1   109.2   105.6   (2.1)   1.5   operating income 55.6   47.7   65.7 7.9 (10.0) credit provision 3.0 2.4 2.0 0.6 1.0 income taxes 12.3 11.2 15.8 1.1 (3.5) net income $ 40.4   $ 34.1   $ 47.9   $ 6.3   $ (7.5)   net income available to common $ 36.9   $ 32.1   $ 45.9   $ 4.8   $ (9.0)   diluted EPS $ 0.93   $ 0.81   $ 1.17   $ 0.12   $ (0.24)   return on assets 0.69 % 0.59 % 0.78 % 0.10 % (0.09) % return on average common equity 11.50 10.41 15.38 1.09 (3.88) net interest margin 2.18 2.15 2.13 0.03 0.05 end of period balances investment portfolio $ 7,261 $ 7,111 $ 7,475 2.1 % (2.9) % loans and leases 13,919 13,831 13,919 0.6 (0.0) total deposits 20,978 20,409 20,802 2.8 0.8 shareholders' equity 1,665 1,613 1,364 3.3 22.1 note: numbers may not add up due to rounding

Slide 35

capital note: 3Q24 regulatory capital ratios are preliminary; AOCI $ in millions 13.6% strong capital 13.6% RWA / total assets 13.6% AOCI

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 September 30, 2024, numbers may not add up due to rounding

Slide 40

note: as of September 30, 2024, cash includes fed funds sold 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 3% maturing prior to 2026 2.4% criticized highlights $372MM

Slide 43

CRE multi-family 7% of total loans 58% wtd avg LTV $3.1MM average exposure 99.2% LIHTC, affordable or market 18% maturing prior to 2026 5.8% criticized highlights $923MM

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