Bank of Hawai‘i Corporation Third Quarter 2025 Financial Results

Diluted Earnings Per Common Share of $1.20Net Income of $53.3 MillionNet Interest Income $136.7 MillionNet Interest Margin 2.46%Average Deposits Increased by 7.1% Annualized from the Linked QuarterBoard of Directors Declares Dividend of $0.70 Per Common Share HONOLULU--(BUSINESS WIRE)--Oct. 27, 2025-- Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $1.20 for the third quarter of 2025, compared with $1.06 during the linked quarter and $0.93 during the same period last year. Net income for the third quarter of 2025 was $53.3 million, up 12.0% from the linked quarter and up 32.2% from the same period last year. The return on average common equity for the third quarter of 2025 was 13.59% compared with 12.50% during the linked quarter and 11.50% during the same period last year. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251027189639/en/ “Bank of Hawai‘i delivered another quarter of solid results in the third quarter of 2025,” said Peter Ho, Chairman and CEO. “We achieved our sixth consecutive quarter of net interest income and margin expansion. Average deposit balances increased by 7.1% annualized and end of period total loans and leases increased modestly. Our credit quality remains exceptional, and we remain focused on prudent expense management and long-term value creation for our stakeholders.” Financial Highlights Net interest income for the third quarter of 2025 was $136.7 million, an increase of 5.4% from the linked quarter and an increase of 16.2% as compared to the same period last year. The increase from the previous quarter was primarily driven by higher earning assets due to deposit growth and higher earning asset yields, as cash flows from fixed rate assets rolling off at lower interest rates reinvested at higher current rates (fixed asset repricing). The increase from the same period last year was primarily due to lower interest-bearing deposit rates and higher earning assets due to deposit growth. Net interest margin was 2.46% in the third quarter of 2025, an increase of 7 basis points from the linked quarter and an increase of 28 basis points from the same period last year. As discussed above, the increase from the previous quarter was primarily due to higher earning assets and fixed asset repricing. The increase from the same period last year was primarily due to lower interest-bearing deposit rates. The average yield on loans and leases was 4.86% in the third quarter of 2025, up 6 basis points from the linked quarter and up 4 basis points from the same period last year. The average yield on total earning assets was 4.08% in the third quarter of 2025, up 7 basis points from the linked quarter and up 2 basis points from the same period last year. The increase in loan yield from the linked quarter is due to new and existing loans earning higher rates than paid off loans. The average rate of interest-bearing deposits was 2.14% in the third quarter of 2025, down 2 basis points from the linked quarter and down 38 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.59%, down 1 basis point from the linked quarter and down 28 basis points from the same period last year. The decrease from the linked quarter was primarily due to a decrease in time deposit rates. The decrease from the same period last year was primarily due to lower benchmark interest rates and overall decreases in rates. Noninterest income was $46.0 million in the third quarter of 2025, an increase of 2.6% from the linked quarter and an increase of 1.9% from the same period in 2024. Noninterest income in the third quarter included a $0.8 million charge related to a Visa Class B share conversion ratio change, while the linked quarter included a $0.8 million gain related to a BOLI recovery. Adjusted for these items, noninterest income increased by 6.3% from the linked quarter and increased by 3.6% from the same period in 2024. The increases from the linked quarter and same period last year were primarily due to increases in income from trust and asset management, customer derivative program fees, and loan fees, partially offset by lower annuity and insurance income. Noninterest expense was $112.4 million in the third quarter of 2025, an increase of 1.4% from the linked quarter and an increase of 4.9% from the same period last year. Noninterest expense in the third quarter included a severance-related charge of $2.1 million, while the linked quarter included a severance-related charge of $1.4 million. Adjusted for these items, noninterest expense increased by 0.8% from the linked quarter and increased by 3.0% from the same period in 2024. The increase from the linked quarter was primarily due to higher salaries and benefits, partially offset by other expenses. The increase from the same period last year was primarily due to higher salaries and benefits, partially offset by lower professional fees. The effective tax rate for the third quarter of 2025 was 21.27% compared with 21.19% during the linked quarter and 23.33% during the same period last year. The lower effective tax rate in the current quarter as compared to the linked quarter was primarily due to an increase in tax-exempt income. Compared to the same period last year, the decrease was primarily due to a decrease in tax expense from discrete items and an increase in tax-exempt income. Asset Quality The Company’s overall asset quality remained strong during the third quarter of 2025. Provision for credit losses for the third quarter of 2025 was $2.5 million, down $0.8 million from the linked quarter and down $0.5 million in the same period last year. Total non-performing assets were $16.9 million at September 30, 2025, down $1.0 million from June 30, 2025 and down $2.9 million from September 30, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.12% at the end of the quarter, a decrease of 1 basis point from the linked quarter and a decrease of 2 basis points from the same period last year. Net loan and lease charge-offs during the third quarter of 2025 were $2.6 million or 7 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $4.0 million partially offset by gross recoveries of $1.4 million, consistent with net loan and lease charge-offs from the linked quarter. Compared to the same period last year, net loan and lease charge-offs decreased by $1.3 million or 4 basis points annualized on total average loans and leases outstanding. The allowance for credit losses on loans and leases was $148.8 million at September 30, 2025, an increase of $0.2 million from June 30, 2025 and an increase of $1.4 million from September 30, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, unchanged from the linked quarter and the same period last year. Balance Sheet Total assets were $24.0 billion at September 30, 2025, an increase of 1.3% from June 30, 2025 and an increase of 0.9% from September 30, 2024. The increase from the linked quarter was primarily due to increases in cash and cash equivalents and available-for-sale securities, partially offset by a decrease in held-to-maturity securities. The increase from the same period last year was primarily due to increases in available-for-sale investment securities, partially offset by decreases in held-to-maturity securities and cash and cash equivalents. The investment securities portfolio was $7.6 billion at September 30, 2025, an increase of 0.9% from June 30, 2025 and an increase of 5.0% from September 30, 2024. The increases from the prior periods were primarily due to the purchases of investment securities, partially offset by the amortization of the portfolio. The investment securities portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises. Total loans and leases were $14.0 billion at September 30, 2025, an increase of 0.1% from June 30, 2025 and an increase of 0.7% from September 30, 2024. Total commercial loans were $6.1 billion at September 30, 2025, a decrease of 0.1% from June 30, 2025 and an increase of 2.8% from September 30, 2024. The decrease from the linked quarter was primarily due to loan amortization and paydowns within our commercial and industrial portfolio. The increase from the same period last year was primarily due to healthy loan production within our commercial mortgage portfolio, partially offset by loan amortization and paydowns in our commercial and industrial portfolio. Total consumer loans were $7.9 billion at September 30, 2025, an increase of 0.4% from the linked quarter and a decrease of 0.8% from the same period last year. The increase from the linked quarter was primarily due to increased production in the residential mortgage portfolio, partially offset by amortization and paydowns in the automobile portfolio. The decrease from the same period last year was primarily due to declines in our automobile and home equity portfolios. Total deposits were $21.1 billion at September 30, 2025, an increase of 1.4% from June 30, 2025 and an increase of 0.5% from September 30, 2024. Noninterest-bearing deposits made up 25.6% of total deposit balances at September 30, 2025, down from 26.1% at June 30, 2025 and down from 25.8% at September 30, 2024. Average total deposits were $21.1 billion for the third quarter of 2025, up 1.8% from the linked quarter and up 2.9% from the same period last year. Capital and Dividends The Company’s capital levels remain well above regulatory well-capitalized minimums. The Tier 1 Capital Ratio was 14.34% at September 30, 2025 compared with 14.17% at June 30, 2025 and 14.05% at September 30, 2024. The increase from the linked quarter was due to retained earnings growth. The increase from the same period last year was primarily due to retained earnings growth, partially offset by an increase in risk-weighted assets. The Tier 1 Leverage Ratio was 8.44% at September 30, 2025, compared with 8.46% at June 30, 2025 and 8.38% at September 30, 2024. The decrease from the linked quarter was due to an increase in average total assets, partially offset by an increase in retained earnings. The increase from the same period last year was due to an increase in retained earnings, partially offset by an increase in average assets. No shares of common stock were repurchased under the share repurchase program in the third quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at September 30, 2025. 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 12, 2025 to shareholders of record at the close of business on November 28, 2025. On October 3, 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 November 3, 2025 to shareholders of record of the preferred stock as of the close of business on October 17, 2025. Conference Call Information The Company will review its third 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-conf.media-server.com/register/BI5601a213890442eb9322468299a2c8d5. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, October 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. 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, 2024 and its Form 10-Q for fiscal quarters ended March 31, 2025 and June 30, 2025, 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. Bank of Hawai‘i Corporation and Subsidiaries Financial Highlights Table 1 Three Months Ended Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 For the Period: Operating Results Net Interest Income $ 136,675 $ 129,683 $ 117,618 $ 392,165 $ 346,402 Provision for Credit Losses 2,500 3,250 3,000 9,000 7,400 Total Noninterest Income 45,966 44,795 45,110 134,819 129,482 Total Noninterest Expense 112,387 110,783 107,092 333,629 322,177 Pre-Provision Net Revenue 70,254 63,695 55,636 193,355 153,707 Net Income 53,345 47,637 40,358 144,967 110,832 Net Income Available to Common Shareholders 48,076 42,368 36,922 129,159 103,457 Basic Earnings Per Common Share 1.21 1.07 0.94 3.26 2.62 Diluted Earnings Per Common Share 1.20 1.06 0.93 3.24 2.61 Dividends Declared Per Common Share 0.70 0.70 0.70 2.10 2.10 Performance Ratios Return on Average Assets 0.88 % 0.81 % 0.69 % 0.82 % 0.64 % Return on Average Shareholders' Equity 12.10 11.21 9.90 11.34 9.92 Return on Average Common Equity 13.59 12.50 11.50 12.65 11.04 Efficiency Ratio 1 61.53 63.49 65.81 63.31 67.70 Net Interest Margin 2 2.46 2.39 2.18 2.39 2.15 Dividend Payout Ratio 3 57.85 65.42 74.47 64.42 80.15 Average Shareholders' Equity to Average Assets 7.29 7.22 6.95 7.20 6.42 Average Balances Average Loans and Leases $ 13,982,003 $ 14,049,025 $ 13,809,977 $ 14,030,773 $ 13,836,760 Average Assets 23,995,037 23,596,955 23,338,529 23,744,661 23,255,372 Average Deposits 21,068,286 20,699,694 20,484,391 20,813,967 20,462,222 Average Shareholders' Equity 1,748,576 1,704,415 1,621,936 1,709,788 1,492,645 Per Share of Common Stock Book Value $ 36.35 $ 35.16 $ 33.22 $ 36.35 $ 33.22 Tangible Book Value 35.56 34.37 32.43 35.56 32.43 Market Value Closing 65.64 67.53 62.77 65.64 62.77 High 71.90 71.35 70.44 76.00 73.73 Low 60.32 57.45 55.75 57.45 54.50 September 30, 2025 June 30, 2025 December 31, 2024 September 30, 2024 As of Period End: Balance Sheet Totals Loans and Leases $ 14,021,579 $ 14,002,178 $ 14,075,980 $ 13,918,583 Total Assets 24,014,609 23,709,752 23,601,114 23,799,174 Total Deposits 21,080,669 20,798,914 20,633,037 20,978,322 Other Debt 558,201 558,226 558,274 558,297 Total Shareholders' Equity 1,791,183 1,743,107 1,667,774 1,665,474 Asset Quality Non-Performing Assets $ 16,864 $ 17,881 $ 19,300 $ 19,781 Allowance for Credit Losses - Loans and Leases 148,778 148,543 148,528 147,331 Allowance to Loans and Leases Outstanding 4 1.06 % 1.06 % 1.06 % 1.06 % Capital Ratios 5 Common Equity Tier 1 Capital Ratio 11.98 % 11.81 % 11.59 % 11.66 % Tier 1 Capital Ratio 14.34 14.17 13.95 14.05 Total Capital Ratio 15.40 15.23 15.00 15.11 Tier 1 Leverage Ratio 8.44 8.46 8.31 8.38 Total Shareholders' Equity to Total Assets 7.46 7.35 7.07 7.00 Tangible Common Equity to Tangible Assets 6 5.90 5.77 5.48 5.42 Tangible Common Equity to Risk-Weighted Assets 6 9.95 9.62 9.08 9.17 Non-Financial Data Full-Time Equivalent Employees 1,905 1,921 1,865 1,854 Branches 51 51 50 50 ATMs 322 317 317 317 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 September 30, 2025 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 Reconciliation of Non-GAAP Financial Measures Table 2 (dollars in thousands) September 30, 2025 June 30, 2025 December 31, 2024 September 30, 2024 Total Shareholders' Equity $ 1,791,183 $ 1,743,107 $ 1,667,774 $ 1,665,474 Less: Preferred Stock 345,000 345,000 345,000 345,000 Goodwill 31,517 31,517 31,517 31,517 Tangible Common Equity $ 1,414,666 $ 1,366,590 $ 1,291,257 $ 1,288,957 Total Assets $ 24,014,609 $ 23,709,752 $ 23,601,114 $ 23,799,174 Less: Goodwill 31,517 31,517 31,517 31,517 Tangible Assets $ 23,983,092 $ 23,678,235 $ 23,569,597 $ 23,767,657 Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1 $ 14,215,866 $ 14,208,032 $ 14,225,908 $ 14,054,698 Total Shareholders' Equity to Total Assets 7.46 % 7.35 % 7.07 % 7.00 % Tangible Common Equity to Tangible Assets (Non-GAAP) 5.90 % 5.77 % 5.48 % 5.42 % Tier 1 Capital Ratio 1 14.34 % 14.17 % 13.95 % 14.05 % Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 9.95 % 9.62 % 9.08 % 9.17 % 1 Regulatory capital ratios as of September 30, 2025 are preliminary. Bank of Hawai‘i Corporation and Subsidiaries Consolidated Statements of Income Table 3 Three Months Ended Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Interest Income Interest and Fees on Loans and Leases $ 169,411 $ 166,779 $ 166,286 $ 499,272 $ 488,830 Income on Investment Securities Available-for-Sale 29,702 27,007 23,257 81,077 66,482 Held-to-Maturity 19,332 19,835 21,107 59,458 64,838 Cash and Cash Equivalents 8,195 3,817 8,980 17,472 21,276 Other 1,068 1,097 1,018 3,250 3,108 Total Interest Income 227,708 218,535 220,648 660,529 644,534 Interest Expense Deposits 84,590 82,476 96,067 248,758 276,665 Securities Sold Under Agreements to Repurchase 496 491 993 1,731 3,616 Other Debt 5,947 5,885 5,970 17,875 17,851 Total Interest Expense 91,033 88,852 103,030 268,364 298,132 Net Interest Income 136,675 129,683 117,618 392,165 346,402 Provision for Credit Losses 2,500 3,250 3,000 9,000 7,400 Net Interest Income After Provision for Credit Losses 134,175 126,433 114,618 383,165 339,002 Noninterest Income Fees, Exchange, and Other Service Charges 15,219 14,383 14,945 44,039 42,837 Trust and Asset Management 12,598 12,097 11,916 36,436 35,328 Service Charges on Deposit Accounts 8,510 8,119 8,075 24,888 23,752 Bank-Owned Life Insurance 3,681 3,714 3,533 11,006 10,285 Annuity and Insurance 1,095 1,437 1,460 4,087 4,089 Mortgage Banking 906 849 1,188 2,743 3,167 Investment Securities Losses, Net (1,945 ) (1,126 ) (1,103 ) (4,678 ) (4,201 ) Other 5,902 5,322 5,096 16,298 14,225 Total Noninterest Income 45,966 44,795 45,110 134,819 129,482 Noninterest Expense Salaries and Benefits 62,905 61,308 58,626 187,097 173,874 Net Occupancy 10,932 10,499 10,806 31,990 31,821 Net Equipment 10,285 9,977 10,120 30,454 30,578 Data Processing 5,603 5,456 4,712 16,326 14,227 Professional Fees 4,022 4,263 4,725 12,549 14,331 FDIC Insurance 3,508 3,640 3,355 8,790 14,139 Other 15,132 15,640 14,748 46,423 43,207 Total Noninterest Expense 112,387 110,783 107,092 333,629 322,177 Income Before Provision for Income Taxes 67,754 60,445 52,636 184,355 146,307 Provision for Income Taxes 14,409 12,808 12,278 39,388 35,475 Net Income $ 53,345 $ 47,637 $ 40,358 $ 144,967 $ 110,832 Preferred Stock Dividends 5,269 5,269 3,436 15,808 7,375 Net Income Available to Common Shareholders $ 48,076 $ 42,368 $ 36,922 $ 129,159 $ 103,457 Basic Earnings Per Common Share $ 1.21 $ 1.07 $ 0.94 $ 3.26 $ 2.62 Diluted Earnings Per Common Share $ 1.20 $ 1.06 $ 0.93 $ 3.24 $ 2.61 Dividends Declared Per Common Share $ 0.70 $ 0.70 $ 0.70 $ 2.10 $ 2.10 Basic Weighted Average Common Shares 39,655,741 39,622,998 39,488,187 39,611,372 39,429,815 Diluted Weighted Average Common Shares 39,980,931 39,895,093 39,736,492 39,919,998 39,654,705 Bank of Hawai‘i Corporation and Subsidiaries Consolidated Statements of Comprehensive Income Table 4 Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net Income $ 53,345 $ 47,637 $ 40,358 $ 144,967 $ 110,832 Other Comprehensive Income, Net of Tax: Net Change in Unrealized Gains on Investment Securities 22,711 18,970 38,833 66,441 60,823 Net Change in Defined Benefit Plans 232 233 168 697 505 Other Comprehensive Income 22,943 19,203 39,001 67,138 61,328 Comprehensive Income $ 76,288 $ 66,840 $ 79,359 $ 212,105 $ 172,160 Bank of Hawai‘i Corporation and Subsidiaries Consolidated Statements of Condition Table 5 (dollars in thousands, except per share amounts) September 30, 2025 June 30, 2025 December 31, 2024 September 30, 2024 Assets Cash and Cash Equivalents $ 985,223 $ 768,683 $ 763,571 $ 1,272,763 Investment Securities Available-for-Sale 3,280,410 3,111,504 2,689,528 2,550,324 Held-to-Maturity (Fair Value of $3,717,573; 3,754,794; $3,820,882; and $4,072,596) 4,340,032 4,441,353 4,618,543 4,710,245 Loans Held for Sale 1,236 1,867 2,150 5,048 Loans and Leases 14,021,579 14,002,178 14,075,980 13,918,583 Allowance for Credit Losses (148,778 ) (148,543 ) (148,528 ) (147,331 ) Net Loans and Leases 13,872,801 13,853,635 13,927,452 13,771,252 Premises and Equipment, Net 196,093 192,221 184,480 191,899 Operating Lease Right-of-Use Assets 82,804 83,594 80,165 81,736 Accrued Interest Receivable 69,224 67,204 66,367 66,534 Mortgage Servicing Rights 17,927 18,362 19,199 19,571 Goodwill 31,517 31,517 31,517 31,517 Bank-Owned Life Insurance 494,041 488,028 481,184 475,263 Other Assets 643,301 651,784 736,958 623,022 Total Assets $ 24,014,609 $ 23,709,752 $ 23,601,114 $ 23,799,174 Liabilities Deposits Noninterest-Bearing Demand $ 5,400,943 $ 5,424,471 $ 5,423,562 $ 5,412,048 Interest-Bearing Demand 3,813,921 3,855,120 3,784,984 3,734,601 Savings 8,814,451 8,481,328 8,364,916 8,663,147 Time 3,051,354 3,037,995 3,059,575 3,168,526 Total Deposits 21,080,669 20,798,914 20,633,037 20,978,322 Securities Sold Under Agreements to Repurchase 50,000 50,000 100,000 100,490 Other Debt 558,201 558,226 558,274 558,297 Operating Lease Liabilities 91,690 92,381 88,794 90,356 Retirement Benefits Payable 23,352 23,528 23,760 22,870 Accrued Interest Payable 27,580 26,732 34,799 40,434 Other Liabilities 391,934 416,864 494,676 342,931 Total Liabilities 22,223,426 21,966,645 21,933,340 22,133,700 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, $.01 par value; authorized 165,000 shares issued and outstanding) 165,000 165,000 165,000 165,000 Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: September 30, 2025 - 58,779,666 / 39,785,201); June 30, 2025 - 58,775,870 / 39,765,375; December 31, 2024 - 58,765,907 / 39,762,255; and September 30, 2024 - 58,765,907 / 39,748,304) 587 587 585 585 Capital Surplus 659,922 655,479 647,403 643,620 Accumulated Other Comprehensive Loss (276,251 ) (299,194 ) (343,389 ) (335,360 ) Retained Earnings 2,178,263 2,158,450 2,133,838 2,127,585 Treasury Stock, at Cost (Shares: September 30, 2025 - 18,994,465; June 30, 2025 - 19,010,495; December 31, 2024 - 19,003,609; and September 30, 2024 - 19,017,603) (1,116,338 ) (1,117,215 ) (1,115,663 ) (1,115,956 ) Total Shareholders’ Equity 1,791,183 1,743,107 1,667,774 1,665,474 Total Liabilities and Shareholders’ Equity $ 24,014,609 $ 23,709,752 $ 23,601,114 $ 23,799,174 Bank of Hawai‘i Corporation and Subsidiaries Consolidated Statements of Shareholders' Equity Table 6 (dollars in thousands, except per share amounts) Preferred Shares Series A Outstanding Preferred Series A Stock Preferred Shares Series B Outstanding Preferred Series B Stock Common Shares Outstanding Common Stock Capital Surplus Accum. Other Comprehensive Income (Loss) Retained Earnings Treasury Stock Total 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 Net Income – – – – – – – – 144,967 – 144,967 Other Comprehensive Income – – – – – – – 67,138 – – 67,138 Share-Based Compensation – – – – – – 11,680 – – – 11,680 Common Stock Issued under Purchase and Equity Compensation Plans – – – – 78,817 2 839 – – 3,060 3,901 Common Stock Repurchased – – – – (55,871 ) – – – – (3,735 ) (3,735 ) Cash Dividends Declared Common Stock ($2.10 per share) – – – – – – – – (84,735 ) – (84,735 ) Cash Dividends Declared Preferred Stock – – – – – – – – (15,807 ) – (15,807 ) Balance as of September 30, 2025 180,000 $ 180,000 165,000 $ 165,000 39,785,201 $ 587 $ 659,922 $ (276,251 ) $ 2,178,263 $ (1,116,338 ) $ 1,791,183 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 Bank of Hawai‘i Corporation and Subsidiaries Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7a Three Months Ended September 30, 2025 Three Months Ended June 30, 2025 Three Months Ended September 30, 2024 (dollars in millions) Average Balance Income/Expense 2 Yield/Rate Average Balance Income/Expense 2 Yield/Rate Average Balance Income/Expense 2 Yield/Rate Earning Assets Cash and Cash Equivalents $ 744.3 $ 8.2 4.31 % $ 353.7 $ 3.8 4.27 % $ 667.8 $ 9.0 5.27 % Investment Securities Available-for-Sale Taxable 3,157.8 29.3 3.70 2,987.2 26.7 3.58 2,430.0 23.0 3.80 Non-Taxable 32.4 0.5 5.98 27.4 0.4 5.85 11.8 0.2 6.63 Held-to-Maturity Taxable 4,363.9 19.2 1.76 4,462.1 19.7 1.77 4,735.5 21.0 1.77 Non-Taxable 33.8 0.2 2.10 34.0 0.2 2.10 34.4 0.2 2.10 Total Investment Securities 7,587.9 49.2 2.59 7,510.7 47.0 2.50 7,211.7 44.4 2.46 Loans Held for Sale 1.6 0.0 5.92 2.2 0.0 5.66 3.8 0.1 6.13 Loans and Leases 3 Commercial Mortgage 4,016.3 54.3 5.36 4,025.2 53.7 5.35 3,744.6 52.0 5.51 Commercial and Industrial 1,600.7 20.5 5.09 1,668.1 21.1 5.07 1,665.3 22.6 5.42 Construction 394.4 7.3 7.32 366.2 6.7 7.30 357.3 7.1 7.95 Commercial Lease Financing 93.0 1.0 4.11 93.4 1.0 4.07 59.6 0.4 2.58 Residential Mortgage 4,638.1 46.7 4.02 4,626.5 45.6 3.95 4,593.7 46.4 4.03 Home Equity 2,129.6 23.9 4.46 2,141.5 23.3 4.37 2,206.9 22.4 4.04 Automobile 706.9 9.5 5.35 730.1 9.4 5.19 795.7 9.4 4.72 Other 403.0 7.7 7.63 398.0 7.5 7.53 386.9 6.9 7.13 Total Loans and Leases 13,982.0 170.9 4.86 14,049.0 168.3 4.80 13,810.0 167.2 4.82 Other 65.3 1.1 6.54 65.2 1.1 6.72 63.2 0.9 6.43 Total Earning Assets 22,381.1 229.4 4.08 21,980.8 220.2 4.01 21,756.5 221.7 4.06 Non-Earning Assets 1,613.9 1,616.2 1,582.0 Total Assets $ 23,995.0 $ 23,597.0 $ 23,338.5 Interest-Bearing Liabilities Interest-Bearing Deposits Demand $ 3,781.0 $ 7.8 0.81 % $ 3,705.5 $ 7.6 0.82 % $ 3,775.6 $ 8.9 0.94 % Savings 8,831.0 50.6 2.28 8,578.6 48.1 2.25 8,402.9 55.7 2.63 Time 3,057.6 26.2 3.40 3,050.0 26.8 3.52 3,008.7 31.5 4.17 Total Interest-Bearing Deposits 15,669.6 84.6 2.14 15,334.1 82.5 2.16 15,187.2 96.1 2.52 Securities Sold Under Agreements to Repurchase 50.0 0.5 3.89 50.0 0.5 3.88 100.5 1.0 3.87 Other Debt 558.3 6.0 4.23 558.3 5.9 4.23 560.1 5.9 4.24 Total Interest-Bearing Liabilities 16,277.9 91.1 2.22 15,942.4 88.9 2.24 15,847.8 103.0 2.59 Net Interest Income $ 138.3 $ 131.3 $ 118.7 Interest Rate Spread 1.86 % 1.77 % 1.47 % Net Interest Margin 2.46 % 2.39 % 2.18 % Noninterest-Bearing Demand Deposits 5,398.7 5,365.6 5,297.2 Other Liabilities 569.8 584.6 571.6 Shareholders' Equity 1,748.6 1,704.4 1,621.9 Total Liabilities and Shareholders' Equity $ 23,995.0 $ 23,597.0 $ 23,338.5 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 $1.7 million, $1.6 million, and $1.0 million for the three months ended September 30, 2025, June 30, 2025, and September 30, 2024, respectively.3 Non-performing loans and leases are included in the respective average loan and lease balances. Bank of Hawai‘i Corporation and Subsidiaries Average Balances and Interest Rates - Taxable-Equivalent Basis 1 Table 7b Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 (dollars in millions) Average Balance Income/Expense 2 Yield/Rate Average Balance Income/Expense 2 Yield/Rate Earning Assets Cash and Cash Equivalents $ 533.5 $ 17.5 4.32 % $ 530.0 $ 21.3 5.28 % Investment Securities Available-for-Sale Taxable 2,979.8 80.2 3.59 2,373.1 66.4 3.73 Non-Taxable 27.0 1.2 5.85 5.0 0.2 5.59 Held-to-Maturity Taxable 4,457.6 59.0 1.77 4,832.9 64.4 1.78 Non-Taxable 34.0 0.5 2.10 34.6 0.5 2.10 Total Investment Securities 7,498.4 140.9 2.51 7,245.6 131.5 2.42 Loans Held for Sale 2.0 0.1 5.89 2.5 0.1 6.16 Loans and Leases 3 Commercial Mortgage 4,018.9 160.5 5.34 3,728.3 153.9 5.52 Commercial and Industrial 1,657.1 62.9 5.07 1,673.6 67.1 5.36 Construction 366.6 20.0 7.28 329.0 19.0 7.71 Commercial Lease Financing 92.5 2.8 4.00 59.1 1.0 2.25 Residential Mortgage 4,627.2 137.1 3.95 4,613.0 137.0 3.96 Home Equity 2,141.8 69.7 4.35 2,229.5 65.3 3.91 Automobile 729.7 28.3 5.18 813.3 27.5 4.51 Other 397.0 22.3 7.52 391.0 20.2 6.91 Total Loans and Leases 14,030.8 503.6 4.80 13,836.8 491.0 4.74 Other 65.2 3.2 6.64 62.6 3.1 6.61 Total Earning Assets 22,129.9 665.3 4.01 21,677.5 647.0 3.98 Non-Earning Assets 1,614.8 1,577.9 Total Assets $ 23,744.7 $ 23,255.4 Interest-Bearing Liabilities Interest-Bearing Deposits Demand $ 3,753.3 $ 22.4 0.80 % $ 3,776.1 $ 25.4 0.90 % Savings 8,652.4 146.0 2.25 8,264.9 157.1 2.54 Time 3,048.4 80.4 3.53 3,008.6 94.2 4.18 Total Interest-Bearing Deposits 15,454.1 248.8 2.15 15,049.6 276.7 2.46 Securities Sold Under Agreements to Repurchase 58.8 1.7 3.88 124.2 3.6 3.82 Other Debt 564.9 17.8 4.23 561.3 17.8 4.25 Total Interest-Bearing Liabilities 16,077.8 268.3 2.23 15,735.1 298.1 2.53 Net Interest Income $ 397.0 $ 348.8 Interest Rate Spread 1.78 % 1.45 % Net Interest Margin 2.39 % 2.15 % Noninterest-Bearing Demand Deposits 5,359.9 5,412.6 Other Liabilities 597.2 615.1 Shareholders' Equity 1,709.8 1,492.6 Total Liabilities and Shareholders' Equity $ 23,744.7 $ 23,255.4 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 $4.8 million and $2.5 million for the nine months ended September 30, 2025 and September 30, 2024, respectively. 3 Non-performing loans and leases are included in the respective average loan and lease balances. Bank of Hawai‘i Corporation and Subsidiaries Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a Three Months Ended September 30, 2025 Compared to June 30, 2025 (dollars in millions) Volume 1 Rate 1 Total Change in Interest Income: Cash and Cash Equivalents $ 4.4 $ 0.0 $ 4.4 Investment Securities Available-for-Sale Taxable 1.6 1.0 2.6 Non-Taxable 0.1 0.0 0.1 Held-to-Maturity Taxable (0.4 ) (0.1 ) (0.5 ) Non-Taxable 0.0 0.0 0.0 Total Investment Securities 1.3 0.9 2.2 Loans Held for Sale 0.0 0.0 0.0 Loans and Leases Commercial Mortgage 0.2 0.4 0.6 Commercial and Industrial (0.7 ) 0.1 (0.6 ) Construction 0.6 0.0 0.6 Commercial Lease Financing 0.0 0.0 0.0 Residential Mortgage 0.1 1.0 1.1 Home Equity (0.1 ) 0.7 0.6 Automobile (0.2 ) 0.3 0.1 Other 0.1 0.1 0.2 Total Loans and Leases 0.0 2.6 2.6 Other 0.0 0.0 0.0 Total Change in Interest Income 5.7 3.5 9.2 Change in Interest Expense: Interest-Bearing Deposits Demand 0.2 0.0 0.2 Savings 1.8 0.7 2.5 Time 0.1 (0.7 ) (0.6 ) Total Interest-Bearing Deposits 2.1 0.0 2.1 Securities Sold Under Agreements to Repurchase — 0.0 0.0 Other Debt 0.1 0.0 0.1 Total Change in Interest Expense 2.2 0.0 2.2 Change in Net Interest Income $ 3.5 $ 3.5 $ 7.0 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 September 30, 2025 Compared to September 30, 2024 (dollars in millions) Volume 1 Rate 1 Total Change in Interest Income: Cash and Cash Equivalents $ 1.0 $ (1.8 ) $ (0.8 ) Investment Securities Available-for-Sale Taxable 6.8 (0.5 ) 6.3 Non-Taxable 0.3 0.0 0.3 Held-to-Maturity Taxable (1.6 ) (0.2 ) (1.8 ) Non-Taxable 0.0 — 0.0 Total Investment Securities 5.5 (0.7 ) 4.8 Loans Held for Sale (0.1 ) 0.0 (0.1 ) Loans and Leases Commercial Mortgage 3.7 (1.4 ) 2.3 Commercial and Industrial (0.8 ) (1.3 ) (2.1 ) Construction 0.8 (0.6 ) 0.2 Commercial Lease Financing 0.5 0.1 0.6 Residential Mortgage 0.4 (0.1 ) 0.3 Home Equity (0.8 ) 2.3 1.5 Automobile (1.1 ) 1.2 0.1 Other 0.3 0.5 0.8 Total Loans and Leases 3.0 0.7 3.7 Other 0.1 0.1 0.2 Total Change in Interest Income 9.5 (1.7 ) 7.8 Change in Interest Expense: Interest-Bearing Deposits Demand 0.0 (1.1 ) (1.1 ) Savings 2.7 (7.8 ) (5.1 ) Time 0.6 (5.9 ) (5.3 ) Total Interest-Bearing Deposits 3.3 (14.8 ) (11.5 ) Securities Sold Under Agreements to Repurchase (0.5 ) 0.0 (0.5 ) Other Debt 0.0 0.1 0.1 Total Change in Interest Expense 2.8 (14.7 ) (11.9 ) Change in Net Interest Income $ 6.7 $ 13.0 $ 19.7 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 Nine Months Ended September 30, 2025 Compared to September 30, 2024 (dollars in millions) Volume 1 Rate 1 Total Change in Interest Income: Cash and Cash Equivalents $ 0.1 $ (3.9 ) $ (3.8 ) Investment Securities Available-for-Sale Taxable 16.3 (2.5 ) 13.8 Non-Taxable 1.0 0.0 1.0 Held-to-Maturity Taxable (5.0 ) (0.4 ) (5.4 ) Non-Taxable 0.0 0.0 0.0 Total Investment Securities 12.3 (2.9 ) 9.4 Loans Held for Sale 0.0 0.0 0.0 Loans and Leases Commercial Mortgage 11.7 (5.1 ) 6.6 Commercial and Industrial (0.6 ) (3.6 ) (4.2 ) Construction 2.1 (1.1 ) 1.0 Commercial Lease Financing 1.4 0.4 1.8 Residential Mortgage 0.4 (0.3 ) 0.1 Home Equity (2.7 ) 7.1 4.4 Automobile (3.0 ) 3.8 0.8 Other 0.3 1.8 2.1 Total Loans and Leases 9.6 3.0 12.6 Other 0.1 0.0 0.1 Total Change in Interest Income 22.1 (3.8 ) 18.3 Change in Interest Expense: Interest-Bearing Deposits Demand (0.2 ) (2.8 ) (3.0 ) Savings 7.1 (18.2 ) (11.1 ) Time 1.2 (15.0 ) (13.8 ) Total Interest-Bearing Deposits 8.1 (36.0 ) (27.9 ) Securities Sold Under Agreements to Repurchase (2.0 ) 0.1 (1.9 ) Other Debt 0.1 (0.1 ) 0.0 Total Change in Interest Expense 6.2 (36.0 ) (29.8 ) Change in Net Interest Income $ 15.9 $ 32.2 $ 48.1 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 Salaries and Benefits Table 9 Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Salaries $ 40,428 $ 39,644 $ 38,993 $ 118,314 $ 115,686 Incentive Compensation 4,280 5,067 5,086 14,920 11,285 Share-Based Compensation 3,979 3,668 3,364 11,148 10,459 Medical, Dental, and Life Insurance 3,908 3,610 3,512 12,055 9,935 Retirement and Other Benefits 3,895 3,894 3,692 12,850 11,952 Payroll Taxes 2,998 2,998 2,839 10,762 10,639 Separation Expense 2,091 1,374 161 3,546 1,428 Commission Expense 1,326 1,053 979 3,502 2,490 Total Salaries and Benefits $ 62,905 $ 61,308 $ 58,626 $ 187,097 $ 173,874 Bank of Hawai‘i Corporation and Subsidiaries Loan and Lease Portfolio Balances Table 10 (dollars in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Commercial Commercial Mortgage $ 4,040,711 $ 4,038,956 $ 4,038,287 $ 4,020,622 $ 3,868,566 Commercial and Industrial 1,581,232 1,597,560 1,703,290 1,705,133 1,681,693 Construction 380,944 374,768 363,716 308,898 319,150 Lease Financing 92,213 92,842 92,456 90,756 60,665 Total Commercial 6,095,100 6,104,126 6,197,749 6,125,409 5,930,074 Consumer Residential Mortgage 4,685,214 4,637,014 4,630,876 4,628,283 4,622,677 Home Equity 2,129,599 2,139,025 2,144,955 2,165,514 2,195,844 Automobile 699,244 715,688 740,390 764,146 786,910 Other 412,422 406,325 401,353 392,628 383,078 Total Consumer 7,926,479 7,898,052 7,917,574 7,950,571 7,988,509 Total Loans and Leases $ 14,021,579 $ 14,002,178 $ 14,115,323 $ 14,075,980 $ 13,918,583 Deposits (dollars in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Consumer $ 10,393,932 $ 10,429,271 $ 10,522,627 $ 10,397,777 $ 10,340,466 Commercial 8,348,396 8,243,898 8,411,838 8,299,590 8,356,239 Public and Other 2,338,341 2,125,745 2,073,752 1,935,670 2,281,617 Total Deposits $ 21,080,669 $ 20,798,914 $ 21,008,217 $ 20,633,037 $ 20,978,322 Average Deposits Three Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Consumer $ 10,387,715 $ 10,435,867 $ 10,408,747 $ 10,327,928 $ 10,345,772 Commercial 8,504,078 8,316,893 8,318,182 8,564,213 8,207,310 Public and Other 2,176,493 1,946,933 1,942,610 1,864,541 1,931,309 Total Deposits $ 21,068,286 $ 20,699,693 $ 20,669,539 $ 20,756,682 $ 20,484,391 Bank of Hawai‘i Corporation and Subsidiaries Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11 (dollars in thousands) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Non-Performing Assets Non-Accrual Loans and Leases Commercial Commercial Mortgage $ 2,498 $ 2,566 $ 2,195 $ 2,450 $ 2,680 Commercial and Industrial 3,506 3,744 3,451 4,627 6,218 Total Commercial 6,004 6,310 5,646 7,077 8,898 Consumer Residential Mortgage 5,628 5,842 4,686 5,052 4,269 Home Equity 5,107 5,387 5,759 4,514 3,947 Total Consumer 10,735 11,229 10,445 9,566 8,216 Total Non-Accrual Loans and Leases 16,739 17,539 16,091 16,643 17,114 Foreclosed Real Estate 125 342 1,360 2,657 2,667 Total Non-Performing Assets $ 16,864 $ 17,881 $ 17,451 $ 19,300 $ 19,781 Accruing Loans and Leases Past Due 90 Days or More Consumer Residential Mortgage $ 7,456 $ 9,070 $ 3,895 $ 3,984 $ 4,421 Home Equity 2,765 1,867 2,228 2,845 1,980 Automobile 525 680 486 776 580 Other 578 630 943 677 554 Total Consumer 11,324 12,247 7,552 8,282 7,535 Total Accruing Loans and Leases Past Due 90 Days or More $ 11,324 $ 12,247 $ 7,552 $ 8,282 $ 7,535 Total Loans and Leases $ 14,021,579 $ 14,002,178 $ 14,115,323 $ 14,075,980 $ 13,918,583 Ratio of Non-Accrual Loans and Leases to Total Loans and Leases 0.12 % 0.13 % 0.11 % 0.12 % 0.12 % Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate 0.12 % 0.13 % 0.12 % 0.14 % 0.14 % Ratio of Non-Performing Assets to Total Assets 0.07 % 0.08 % 0.07 % 0.08 % 0.08 % Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate 0.10 % 0.10 % 0.09 % 0.12 % 0.15 % Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate 0.14 % 0.15 % 0.15 % 0.15 % 0.14 % 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 % 0.22 % 0.18 % 0.20 % 0.20 % Quarter to Quarter Changes in Non-Performing Assets Balance at Beginning of Quarter $ 17,881 $ 17,451 $ 19,300 $ 19,781 $ 15,179 Additions 1 959 3,522 2,209 2,198 5,557 Reductions Payments (804 ) (1,424 ) (1,212 ) (708 ) (734 ) Return to Accrual Status (321 ) (574 ) (244 ) (476 ) (81 ) Sales of Foreclosed Real Estate (216 ) (1,040 ) (1,492 ) - - Charge-offs / Write-downs 1 (635 ) (54 ) (1,110 ) (1,495 ) (140 ) Total Reductions (1,976 ) (3,092 ) (4,058 ) (2,679 ) (955 ) Balance at End of Quarter $ 16,864 $ 17,881 $ 17,451 $ 19,300 $ 19,781 1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period. Bank of Hawai‘i Corporation and Subsidiaries Reserve for Credit Losses Table 12 Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2025 June 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Balance at Beginning of Period $ 150,128 $ 149,496 $ 151,155 $ 150,649 $ 152,429 Loans and Leases Charged-Off Commercial Commercial and Industrial (171 ) (206 ) (1,021 ) (1,776 ) (2,256 ) Consumer Residential Mortgage — — — — (48 ) Home Equity (28 ) (155 ) (125 ) (258 ) (362 ) Automobile (1,368 ) (1,253 ) (1,651 ) (4,372 ) (3,794 ) Other (2,392 ) (2,397 ) (2,539 ) (7,273 ) (7,461 ) Total Loans and Leases Charged-Off (3,959 ) (4,011 ) (5,336 ) (13,679 ) (13,921 ) Recoveries on Loans and Leases Previously Charged-Off Commercial Commercial and Industrial 98 78 66 253 445 Consumer Residential Mortgage 58 11 48 80 153 Home Equity 177 180 318 485 615 Automobile 559 557 552 1,749 1,559 Other 490 567 522 1,514 1,645 Total Recoveries on Loans and Leases Previously Charged-Off 1,382 1,393 1,506 4,081 4,417 Net Charged-Off - Loans and Leases (2,577 ) (2,618 ) (3,830 ) (9,598 ) (9,504 ) Provision for Credit Losses: Loans and Leases 2,812 3,454 3,684 9,848 10,432 Unfunded Commitments (312 ) (204 ) (684 ) (848 ) (3,032 ) Total Provision for Credit Losses 2,500 3,250 3,000 9,000 7,400 Balance at End of Period $ 150,051 $ 150,128 $ 150,325 $ 150,051 $ 150,325 Components Allowance for Credit Losses - Loans and Leases $ 148,778 $ 148,543 $ 147,331 $ 148,778 $ 147,331 Reserve for Unfunded Commitments 1,273 1,585 2,994 1,273 2,994 Total Reserve for Credit Losses $ 150,051 $ 150,128 $ 150,325 $ 150,051 $ 150,325 Average Loans and Leases Outstanding $ 13,982,003 $ 14,049,025 $ 13,809,977 $ 14,030,773 $ 13,836,760 Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized) 0.07 % 0.07 % 0.11 % 0.09 % 0.09 % Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1 1.06 % 1.06 % 1.06 % 1.06 % 1.06 % 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 13 (dollars in thousands) Consumer Banking Commercial Banking Treasury and Other Consolidated Total Three Months Ended September 30, 2025 Net Interest Income (Expense) $ 95,948 $ 54,196 $ (13,469 ) $ 136,675 Provision for (Recapture of) Credit Losses 2,578 (1 ) (77 ) 2,500 Net Interest Income (Expense) After Provision for Credit Losses 93,370 54,197 (13,392 ) 134,175 Noninterest Income 33,870 9,550 2,546 45,966 Salaries and Benefits 21,318 5,103 36,484 62,905 Net Occupancy 7,392 396 3,144 10,932 Other Noninterest Expense 58,412 13,759 (33,621 ) 38,550 Noninterest Expense 87,122 19,258 6,007 112,387 Income (Loss) Before Provision for Income Taxes 40,118 44,489 (16,853 ) 67,754 Provision (Benefit) for Income Taxes 10,200 11,398 (7,189 ) 14,409 Net Income (Loss) $ 29,918 $ 33,091 $ (9,664 ) $ 53,345 Total Assets as of September 30, 2025 $ 8,282,239 $ 6,120,551 $ 9,611,819 $ 24,014,609 Three Months Ended September 30, 2024 ¹ Net Interest Income (Expense) $ 97,919 $ 50,556 $ (30,857 ) $ 117,618 Provision for (Recapture of) 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 Salaries and Benefits 20,419 5,035 33,172 58,626 Net Occupancy 6,864 475 3,467 10,806 Other Noninterest Expense 57,429 13,315 (33,084 ) 37,660 Noninterest Expense 84,712 18,825 3,555 107,092 Income (Loss) Before Provision for Income Taxes 44,282 38,745 (30,391 ) 52,636 Provision (Benefit) 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 Nine Months Ended September 30, 2025 Net Interest Income (Expense) $ 286,911 $ 163,719 $ (58,465 ) $ 392,165 Provision for (Recapture of) Credit Losses 8,492 1,106 (598 ) 9,000 Net Interest Income (Expense) After Provision for Credit Losses 278,419 162,613 (57,867 ) 383,165 Noninterest Income 101,349 23,448 10,022 134,819 Salaries and Benefits 63,455 15,400 108,242 187,097 Net Occupancy 21,601 1,198 9,191 31,990 Other Noninterest Expense 175,243 41,176 (101,877 ) 114,542 Noninterest Expense 260,299 57,774 15,556 333,629 Income (Loss) Before Provision for Income Taxes 119,469 128,287 (63,401 ) 184,355 Provision (Benefit) for Income Taxes 30,362 32,813 (23,787 ) 39,388 Net Income (Loss) $ 89,107 $ 95,474 $ (39,614 ) $ 144,967 Total Assets as of September 30, 2025 $ 8,282,239 $ 6,120,551 $ 9,611,819 $ 24,014,609 Nine Months Ended September 30, 2024 ¹ Net Interest Income (Expense) $ 293,118 $ 152,934 $ (99,650 ) $ 346,402 Provision for (Recapture of) 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 Salaries and Benefits 61,493 15,636 96,745 173,874 Net Occupancy 20,476 1,343 10,002 31,821 Other Noninterest Expense 172,459 38,499 (94,476 ) 116,482 Noninterest Expense 254,428 55,478 12,271 322,177 Income (Loss) Before Provision for Income Taxes 130,240 117,495 (101,428 ) 146,307 Provision (Benefit) 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 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 (dollars in thousands, except per share amounts) September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Quarterly Operating Results Interest Income Interest and Fees on Loans and Leases $ 169,411 $ 166,779 $ 163,082 $ 164,785 $ 166,286 Income on Investment Securities Available-for-Sale 29,702 27,007 24,368 23,223 23,257 Held-to-Maturity 19,332 19,835 20,291 20,677 21,107 Cash and Cash Equivalents 8,195 3,817 5,460 9,425 8,980 Other 1,068 1,097 1,085 1,107 1,018 Total Interest Income 227,708 218,535 214,286 219,217 220,648 Interest Expense Deposits 84,590 82,476 81,692 92,099 96,067 Securities Sold Under Agreements to Repurchase 496 491 744 992 993 Other Debt 5,947 5,885 6,043 5,948 5,970 Total Interest Expense 91,033 88,852 88,479 99,039 103,030 Net Interest Income 136,675 129,683 125,807 120,178 117,618 Provision for Credit Losses 2,500 3,250 3,250 3,750 3,000 Net Interest Income After Provision for Credit Losses 134,175 126,433 122,557 116,428 114,618 Noninterest Income Fees, Exchange, and Other Service Charges 15,219 14,383 14,437 14,399 14,945 Trust and Asset Management 12,598 12,097 11,741 12,157 11,916 Service Charges on Deposit Accounts 8,510 8,119 8,259 8,678 8,075 Bank-Owned Life Insurance 3,681 3,714 3,611 3,283 3,533 Annuity and Insurance 1,095 1,437 1,555 1,347 1,460 Mortgage Banking 906 849 988 942 1,188 Investment Securities Losses, Net (1,945 ) (1,126 ) (1,607 ) (3,306 ) (1,103 ) Other 5,902 5,322 5,074 5,547 5,096 Total Noninterest Income 45,966 44,795 44,058 43,047 45,110 Noninterest Expense Salaries and Benefits 62,905 61,308 62,884 58,690 58,626 Net Occupancy 10,932 10,499 10,559 10,263 10,806 Net Equipment 10,285 9,977 10,192 10,308 10,120 Data Processing 5,603 5,456 5,267 5,313 4,712 Professional Fees 4,022 4,263 4,264 4,988 4,725 FDIC Insurance 3,508 3,640 1,642 3,711 3,355 Other 15,132 15,640 15,651 14,658 14,748 Total Noninterest Expense 112,387 110,783 110,459 107,931 107,092 Income Before Provision for Income Taxes 67,754 60,445 56,156 51,544 52,636 Provision for Income Taxes 14,409 12,808 12,171 12,382 12,278 Net Income $ 53,345 $ 47,637 $ 43,985 $ 39,162 $ 40,358 Preferred Stock Dividends 5,269 5,269 5,269 5,269 3,436 Net Income Available to Common Shareholders $ 48,076 $ 42,368 $ 38,716 $ 33,893 $ 36,922 Basic Earnings Per Common Share $ 1.21 $ 1.07 $ 0.98 $ 0.86 $ 0.94 Diluted Earnings Per Common Share $ 1.20 $ 1.06 $ 0.97 $ 0.85 $ 0.93 Balance Sheet Totals Loans and Leases $ 14,021,579 $ 14,002,178 $ 14,115,323 $ 14,075,980 $ 13,918,583 Total Assets 24,014,609 23,709,752 23,885,056 23,601,114 23,799,174 Total Deposits 21,080,669 20,798,914 21,008,217 20,633,037 20,978,322 Total Shareholders' Equity 1,791,183 1,743,107 1,704,935 1,667,774 1,665,474 Performance Ratios Return on Average Assets 0.88 % 0.81 % 0.75 % 0.66 % 0.69 % Return on Average Shareholders' Equity 12.10 11.21 10.65 9.42 9.90 Return on Average Common Equity 13.59 12.50 11.80 10.30 11.50 Efficiency Ratio 1 61.53 63.49 65.03 66.12 65.81 Net Interest Margin 2 2.46 2.39 2.32 2.19 2.18 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 Six Months Ended Year Ended (dollars in millions, jobs in thousands, 1-year percentage change) June 30, 2025 1 December 31, 2024 December 31, 2023 Hawaii Economic Trends State General Fund Revenues 2 $ 4,895.8 (3.0 )% $ 10,124.9 6.5 % $ 9,504.1 0.7 % General Excise and Use Tax Revenue 2 2,417.3 5.9 4,495.0 0.5 4,474.1 4.9 Jobs 3 669.0 661.6 657.7 August 31, December 31, 2025 2024 2023 Unemployment, seasonally adjusted 3 Statewide 2.7 % 3.0 % 3.0 % Honolulu County 2.5 2.9 2.5 Hawaii County 3.0 3.4 2.9 Maui County 3.0 3.7 5.8 Kauai County 2.6 3.0 2.5 September 30, December 31, (1-year percentage change, except months of inventory) 2025 2024 2023 2022 Housing Trends (Single Family Oahu) 4 Median Home Price 4.1 % 4.8 % (5.0 )% 11.6 % Home Sales Volume (units) 0.8 % 9.1 % (26.3 )% (23.2 )% Months of Inventory 3.4 2.9 2.8 2.1 (in thousands, except percentage change) Monthly Visitor Arrivals, Not Seasonally Adjusted Percentage Change from Previous Year Tourism 5 August 31, 2025 806.8 (2.6 )% July 31, 2025 870.8 (4.6 ) June 30, 2025 855.7 (1.9 ) May 31, 2025 766.4 1.1 April 30, 2025 810.3 9.4 March 31, 2025 890.0 2.8 February 28, 2025 739.7 (1.7 ) January 31, 2025 773.1 3.7 December 31, 2024 892.0 5.3 November 30, 2024 762.7 5.7 October 31, 2024 739.0 5.5 September 30, 2024 688.8 6.3 August 31, 2024 828.3 8.1 July 31, 2024 912.8 (1.9 ) June 30, 2024 872.6 (1.5 ) May 31, 2024 757.8 (4.1 ) April 30, 2024 740.7 (8.1 ) March 31, 2024 865.8 (3.0 ) February 29, 2024 752.7 2.6 January 31, 2024 745.6 (3.8 ) December 31, 2023 847.3 (1.3 ) 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 ) 1 Based on the latest available data2 Source: Hawaii Department of Business, Economic Development & Tourism3 Source: U.S. Bureau of Labor Statistics4 Source: Honolulu Board of Realtors5 Source: Hawaii Tourism Authority View source version on businesswire.com: https://www.businesswire.com/news/home/20251027189639/en/ Media Inquiries Melissa Torres-Laing Email: [email protected] Phone: 808-694-8384 Mobile: 808-859-1703 Investor/Analyst Inquiries Chang Park Email: [email protected] Phone: 808-694-8238 Patricia Lam Email: [email protected] Phone: 808-694-8575 Source: Bank of Hawai‘i Corporation