Business Wire | Jan 25, 2021 06:45AM EST

Bank of Hawaii Corporation 2020 Financial Results

Jan. 25, 2021

HONOLULU--(BUSINESS WIRE)--Jan. 25, 2021--Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $3.86 for the full year of 2020 compared with diluted earnings per share of $5.56 in 2019. Net income for the year was $153.8 million compared with net income of $225.9 million in the previous year. The return on average assets for the full year of 2020 was 0.79 percent compared with 1.29 percent in 2019. The return on average equity for the full year of 2020 was 11.38 percent compared with 17.65 percent in 2019. The efficiency ratio for the full year of 2020 improved to 54.91 percent compared with 55.68 percent in 2019.

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"Bank of Hawaii finished 2020 with solid financial performance despite the many challenges we faced during the year due to the COVID-19 pandemic," said Peter Ho, Chairman, President, and CEO. "Our loan balances grew 8.6 percent in 2020 and our deposit balances reached another record high, growing 15.4 percent compared with the prior year. Total assets expanded to a new record high of $20.6 billion at the end of the year. Our overall asset quality remained stable and our capital and liquidity all remain strong. During the year our disciplined approach to expense management allowed us to continue making significant progress on our strategic initiatives which position us well for continued growth in the future."

Diluted earnings per share were $1.06 for the fourth quarter of 2020, an increase from $0.95 in the third quarter of 2020 and down from $1.45 in the fourth quarter of 2019. Net income for the fourth quarter of 2020 was $42.3 million, up from $37.8 million in the previous quarter and down from $58.1 million in the same quarter in 2019. The return on average assets for the fourth quarter of 2020 was 0.83 percent compared with 0.76 percent in the third quarter of 2020 and 1.29 percent in the fourth quarter of 2019. The return on average equity for the fourth quarter of 2020 was 12.26 percent compared with 11.01 percent in the third quarter of 2020 and 17.84 percent in the fourth quarter of 2019. The efficiency ratio for the fourth quarter of 2020 was 59.88 percent compared with 54.22 percent in the previous quarter and 54.26 percent in the same quarter in 2019.

Financial Highlights

Net interest income, on a taxable-equivalent basis, was $497.6 million for the full year of 2020, a decrease of $2.3 million from net interest income of $499.9 million in 2019. Net interest income, on a taxable-equivalent basis, for the fourth quarter of 2020 was $119.8 million, a decrease of $4.7 million compared with net interest income of $124.5 million in the third quarter of 2020 and down $4.4 million from net interest income of $124.2 million in the fourth quarter of 2019. Net interest income in the fourth quarter of 2020 included a charge of $3.0 million related to an impairment in the residual value of a leveraged lease which had a negative impact of 6 basis points on the net interest margin. Analyses of changes in net interest income are included in Tables 8a, 8b and 8c.

The net interest margin for the full year of 2020 was 2.73 percent, a decrease of 30 basis points from the net interest margin of 3.03 percent in 2019. Adjusted for the lease impairment, the decrease in the net interest margin is largely due to lower rates and higher levels of liquidity from continued strong deposit growth. The net interest margin was 2.48 percent in the fourth quarter of 2020, a decrease of 19 basis points from the previous quarter and 47 basis points from the same quarter in 2019.

The provision for credit losses for the full year of 2020 was $117.8 million compared with a provision for credit losses of $16.0 million in 2019. Results for the fourth quarter of 2020 included a provision for credit losses of $15.2 million compared with $28.6 million in the previous quarter and $4.8 million in the same quarter in 2019.

Noninterest income for the full year of 2020 was $184.4 million, an increase of $1.1 million or 0.6 percent compared with noninterest income of $183.3 million in 2019. Noninterest income was $45.3 million in the fourth quarter of 2020 compared with noninterest income of $41.7 million in the third quarter of 2020 and $47.7 million in the fourth quarter of 2019. The increase in noninterest income during the fourth quarter of 2020 compared with the prior quarter is largely due to an increase in mortgage banking income.

Noninterest expense for the full year of 2020 was $373.8 million, a decrease of $5.4 million or 1.4 percent compared with noninterest expense of $379.2 million in 2019. Noninterest expense was $98.7 million in the fourth quarter of 2020 compared with noninterest expense of $89.9 million in the third quarter of 2020 and $93.1 million in the fourth quarter of 2019. Noninterest expense in the fourth quarter of 2020 included $6.1 million in charges related to the decision to permanently close twelve branches and reduce the current number of cash-only ATMs. Noninterest expense in the fourth quarter also included a charge of $0.8 million related to the true-up of amortization on an investment. Noninterest expense during the third quarter of 2020 included a gain of $1.9 million related to the sale of a branch building partially offset by $1.8 million in severance. There were no significant items in noninterest expense during the fourth quarter of 2019. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the full year of 2020 was 18.68 percent compared with 20.96 percent for the full year of 2019. The effective tax rate for the fourth quarter of 2020 was 16.87 percent compared with 20.09 percent in the previous quarter and 21.15 percent during the same quarter in 2019. The decrease in the effective tax rate for the fourth quarter of 2020 is primarily due to a return to provision adjustment of $1.6 million.

The Company's business segments are defined as Consumer Banking, Commercial Banking, and Treasury & Other. Results for the business segments are determined based on the Company's internal financial management reporting process and organizational structure. Selected financial information is included in Tables 13a and 13b.

Asset Quality

The Company's overall asset quality continued to remain relatively stable during the fourth quarter of 2020. Total non-performing assets were $18.5 million at December 31, 2020, down from $18.6 million at September 30, 2020 and $20.1 million at December 31, 2019. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.15 percent at December 31, 2020 compared with 0.16 percent at September 30, 2020 and 0.18 percent at December 31, 2019.

Accruing loans and leases past due 90 days or more were $10.5 million at December 31, 2020 compared with $9.6 million at September 30, 2020 and $8.4 million at December 31, 2019. Restructured loans and leases not included in non-accrual loans or accruing loans past due 90 days or more were $68.1 million at December 31, 2020 compared with $58.7 million at September 30, 2020 and $63.1 million at December 31, 2019. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net charge-offs for the full year of 2020 were $7.1 million or 0.06 percent of total average loans and leases compared with net charge-offs of $12.7 million or 0.12 percent of total average loans and leases in 2019. Net charge-offs during the fourth quarter of 2020 were a net recovery of $0.3 million and were comprised of charge-offs of $3.2 million fully offset by recoveries of $3.5 million. Net charge-offs during the third quarter of 2020 were a net recovery of $1.5 million as loan charge-offs of $2.3 million were fully offset by recoveries of $3.8 million. Net charge-offs during the fourth quarter of 2019 were $3.7 million or 0.13 percent annualized of total average loans and leases outstanding and were comprised of charge-offs of $6.2 million and recoveries of $2.6 million.

The allowance for credit losses was $216.3 million at December 31, 2020, an increase from $203.5 million at September 30, 2020 and $110.0 million at December 31, 2019. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.81 percent at December 31, 2020, up from 1.73 percent at September 30, 2020 and 1.00 percent at December 31, 2019. The reserve for unfunded commitments was $2.4 million at December 31, 2020, a slight increase from $2.3 million at the end of the prior quarter and down from $6.8 million at the end of the same quarter in 2019. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to a new record of $20.6 billion at December 31, 2020 compared with total assets of $20.1 billion at September 30, 2020 and total assets of $18.1 billion at December 31, 2019. Average total assets were $19.4 billion for the full year of 2020, an increase of 10.5 percent from average total assets of $17.5 billion during 2019.

The investment securities portfolio was $7.1 billion at December 31, 2020, up from total securities of $6.4 billion at September 30, 2020 and $5.7 billion at December 31, 2019 due to growth in deposits that continued to outpace loan growth. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $3.3 billion in securities held to maturity and $3.8 billion in securities available for sale at December 31, 2020. The securities portfolio at September 30, 2020 included $3.2 billion in securities held to maturity and $3.2 billion in securities available for sale compared with $3.0 billion in securities held to maturity and $2.6 billion in securities available for sale at December 31, 2019.

Total loans and leases were $11.9 billion at December 31, 2020, an increase of 1.2 percent from total loans and leases of $11.8 billion at September 30, 2020 and up 8.6 percent from total loans and leases of $11.0 billion at December 31, 2019. Average total loans and leases were $11.6 billion during the full year of 2020, an increase of 8.5 percent from average total loans and leases of $10.7 billion during 2019.

The commercial loan portfolio was $5.1 billion at the end of December 31, 2020, an increase of $83.8 million or 1.7 percent from $5.0 billion at the end of the third quarter of 2020 and up $886.9 million or 21.0 percent from $4.2 billion at the end of the fourth quarter of 2019. Consumer loans were $6.8 billion at December 31, 2020, an increase of $62.6 million or 0.9 percent from $6.8 billion at the end of the third quarter of 2020 and up $62.3 million or 0.9 percent from $6.8 billion at the end of the fourth quarter of 2019. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $18.2 billion at December 31, 2020, an increase of 2.7 percent from total deposits of $17.7 billion at September 30, 2020 and up 15.4 percent from total deposits of $15.8 billion at December 31, 2019. Average total deposits were $16.9 billion during the full year of 2020, an increase of 11.0 percent from average total deposits of $15.2 billion during 2019.

Consumer deposits were $9.3 billion at December 31, 2020, an increase of $443.9 million or 5.0 percent from $8.9 billion at the end of the third quarter of 2020 and an increase of $1.2 billion or 15.1 percent from $8.1 billion at the end of the fourth quarter of 2019. Commercial deposits were $7.3 billion at December 31, 2020, an increase of $143.3 million or 2.0 percent from $7.2 billion at the end of the third quarter of 2020 and an increase of $978.6 million or 15.5 percent from $6.3 billion at the end of the fourth quarter of 2019. Other deposits, including public funds, were $1.6 billion at December 31, 2020, a decrease of $114.5 million or 6.8 percent from $1.7 billion at the end of the third quarter of 2020 and an increase of $219.3 million or 16.3 percent from $1.3 billion at the end of the fourth quarter of 2019. Deposit balances are summarized in Tables 7a, 7b, and 10.

Total shareholders' equity was $1.4 billion at December 31, 2020, an increase of $12.8 million from September 30, 2020, and up $87.7 million from December 31, 2019. There were no shares repurchased during the fourth quarter of 2020. The Tier 1 Capital Ratio was 12.06 percent at December 31, 2020 compared with 12.09 percent at September 30, 2020 and 12.18 percent at December 31, 2019. The Tier 1 Leverage Ratio at December 31, 2020 was 6.71 percent compared with 6.81 percent at September 30, 2020 and 7.25 percent at December 31, 2019. The decrease in the Tier 1 Leverage ratio is due to balance sheet growth related to the significant increase in customer deposits.

The Company's Board of Directors declared a quarterly cash dividend of $0.67 per share on the Company's outstanding shares. The dividend will be payable on March 12, 2021 to shareholders of record at the close of business on February 26, 2021.

Conference Call Information

The Company will review its 2020 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawaii Corporation's website, www.boh.com. The webcast link is https://edge.media-server.com/mmc/p/ukntid8g. The toll-free number for the teleconference is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code "Bank of Hawaii" to access the call. A replay of the conference call will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, January 25, 2021. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 4199179 when prompted. In addition, the replay will be available on the Company's website, www.boh.com.

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 Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, and its Form 10-Qs for the fiscal quarters ended March 31, 2020, June 30, 2020 and October 31, 2020, 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 Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company's principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company's web site, www.boh.com.

Bank of Hawaii Corporationand SubsidiariesFinancial Table 1Highlights Three Months Ended Year Ended

December 31, September December 31, December 31, 30,

(dollars inthousands, 2020 2020 2019 2020 2019except pershare amounts)For thePeriod:OperatingResultsNet Interest $ 119,499 $ 124,166 $ 123,885 $ 496,322 $ 497,715IncomeProvision for 15,200 28,600 4,750 117,800 16,000Credit LossesTotal 45,258 41,734 47,702 184,409 183,338NoninterestIncomeTotal 98,654 89,949 93,096 373,807 379,227NoninterestExpenseNet Income 42,314 37,840 58,143 153,804 225,913

Basic Earnings 1.06 0.95 1.46 3.87 5.59Per ShareDiluted 1.06 0.95 1.45 3.86 5.56Earnings PerShareDividends 0.67 0.67 0.67 2.68 2.59Declared PerShare PerformanceRatiosReturn on 0.83 % 0.76 % 1.29 % 0.79 % 1.29 %Average AssetsReturn onAverage 12.26 11.01 17.84 11.38 17.65Shareholders'EquityEfficiency 59.88 54.22 54.26 54.91 55.68Ratio ^1Net Interest 2.48 2.67 2.95 2.73 3.03Margin ^2Dividend 63.21 70.53 45.89 69.25 46.33Payout Ratio ^3AverageShareholders' 6.74 6.93 7.26 6.97 7.30Equity toAverage Assets AverageBalancesAverage Loans $ 11,835,929 $ 11,739,785 $ 10,878,672 $ 11,592,093 $ 10,688,424and LeasesAverage Assets 20,382,633 19,741,139 17,821,004 19,387,693 17,537,570

Average 17,819,116 17,270,206 15,441,097 16,900,186 15,228,066DepositsAverage 1,372,971 1,367,756 1,292,930 1,351,583 1,280,082Shareholders'Equity Per Share ofCommon StockBook Value $ 34.26 $ 33.99 $ 32.14 $ 34.26 $ 32.14

Tangible Book 33.47 33.21 31.35 33.47 31.35ValueMarket ValueClosing 76.62 50.52 95.16 76.62 95.16

High 80.38 61.94 95.68 95.53 95.68

Low 49.25 48.77 81.29 46.70 66.54

December 31, September December 31, 30, 2020 2020 2019

As of PeriodEnd:Balance SheetTotalsLoans and $ 11,940,020 $ 11,793,608 $ 10,990,892LeasesTotal Assets 20,603,651 20,109,489 18,095,496

Total Deposits 18,211,621 17,738,883 15,784,482

Other Debt 60,481 60,502 85,565

Total 1,374,507 1,361,739 1,286,832Shareholders'Equity Asset QualityNon-Performing $ 18,481 $ 18,626 $ 20,117AssetsAllowance for 216,252 203,496 110,027Credit LossesAllowance toLoans and 1.81 % 1.73 % 1.00 %LeasesOutstanding Capital Ratios^4Common Equity 12.06 % 12.09 % 12.18 %Tier 1 CapitalRatioTier 1 Capital 12.06 12.09 12.18RatioTotal Capital 13.31 13.35 13.28RatioTier 1 6.71 6.81 7.25Leverage RatioTotalShareholders' 6.67 6.77 7.11Equity toTotal AssetsTangibleCommon Equity 6.53 6.63 6.95to TangibleAssets ^5TangibleCommon Equity 11.89 12.02 11.85toRisk-WeightedAssets^ 5 Non-FinancialDataFull-Time 2,022 2,038 2,124EquivalentEmployeesBranches 65 67 68

ATMs 357 358 387

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 share divided by basic earnings per share.4 Regulatory capital ratios as of December 31, 2020 are preliminary.5 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 "Reconciliation of Non-GAAP Financial Measures."^1 Efficiency ratio is defined as noninterest expense divided by totalrevenue (net interest income and total noninterest income).^2 Net interest margin is defined as net interest income, on ataxable-equivalent basis, as a percentage of average earning assets.^3 Dividend payout ratio is defined as dividends declared per share dividedby basic earnings per share.^4 Regulatory capital ratios as of December 31, 2020 are preliminary.^5 Tangible common equity to tangible assets and tangible common equity torisk-weighted assets are Non-GAAP financial measures. See Table 2"Reconciliation of Non-GAAP Financial Measures."Bank of Hawaii Corporation and SubsidiariesReconciliation of Non-GAAP Financial MeasuresTable 2

December 31,

September 30,

December 31,

(dollars in thousands)2020

2020

2019

Total Shareholders' Equity$

1,374,507

$

1,361,739

$

1,286,832

Less: Goodwill31,517

31,517

31,517

Tangible Common Equity$

1,342,990

$

1,330,222

$

1,255,315

Total Assets$

20,603,651

$

20,109,489

$

18,095,496

Less: Goodwill31,517

31,517

31,517

Tangible Assets$

20,572,134

$

20,077,972

$

18,063,979

Risk-Weighted Assets, determined in accordancewith prescribed regulatory requirements$

11,295,077

$

11,068,888

$

10,589,061

Total Shareholders' Equity to Total Assets6.67

%

6.77

%

7.11

%

Tangible Common Equity to Tangible Assets (Non-GAAP)6.53

%

6.63

%

6.95

%

Tier 1 Capital Ratio12.06

%

12.09

%

12.18

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)11.89

%

12.02

%

11.85

%

Note: Risk-Weighted Assets and Regulatory capital ratios as of December 31, 2020 are preliminary.Bank of Hawaii Corporation andSubsidiariesReconciliation of Non-GAAP Table 2Financial Measures December 31, September 30, December 31,

(dollars in thousands) 2020 2020 2019

Total Shareholders' Equity $ 1,374,507 $ 1,361,739 $ 1,286,832

Less: Goodwill 31,517 31,517 31,517

Tangible Common Equity $ 1,342,990 $ 1,330,222 $ 1,255,315

Total Assets $ 20,603,651 $ 20,109,489 $ 18,095,496

Less: Goodwill 31,517 31,517 31,517

Tangible Assets $ 20,572,134 $ 20,077,972 $ 18,063,979

Risk-Weighted Assets,determined in accordancewith prescribed regulatory $ 11,295,077 $ 11,068,888 $ 10,589,061 requirements Total Shareholders' Equity to 6.67 % 6.77 % 7.11 %Total AssetsTangible Common Equity to 6.53 % 6.63 % 6.95 %Tangible Assets (Non-GAAP) Tier 1 Capital Ratio^ 12.06 % 12.09 % 12.18 %

Tangible Common Equity to 11.89 % 12.02 % 11.85 %Risk-Weighted Assets (Non-GAAP) Note: Risk-Weighted Assets and Regulatory capital ratios as of December 31,2020 are preliminary.Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of IncomeTable 3Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

(dollars in thousands, except per share amounts)2020

2020

2019

2020

2019

Interest IncomeInterest and Fees on Loans and Leases$

98,471

$

103,189

$

109,223

$

417,498

$

439,012

Income on Investment SecuritiesAvailable-for-Sale15,449

14,558

16,158

61,294

62,174

Held-to-Maturity14,113

15,967

18,750

66,055

81,616

Deposits1

3

8

14

41

Funds Sold115

149

723

902

3,553

Other167

151

239

661

1,001

Total Interest Income128,316

134,017

145,101

546,424

587,397

Interest ExpenseDeposits4,861

5,891

16,407

32,966

68,374

Securities Sold Under Agreements to Repurchase3,614

3,622

4,071

15,281

17,522

Funds Purchased5

-

25

95

840

Short-Term Borrowings-

1

-

62

38

Other Debt337

337

713

1,698

2,908

Total Interest Expense8,817

9,851

21,216

50,102

89,682

Net Interest Income119,499

124,166

123,885

496,322

497,715

Provision for Credit Losses15,200

28,600

4,750

117,800

16,000

Net Interest Income After Provision for Credit Losses104,299

95,566

119,135

378,522

481,715

Noninterest IncomeTrust and Asset Management11,239

10,752

11,157

43,456

44,233

Mortgage Banking6,851

4,047

3,199

17,871

13,686

Service Charges on Deposit Accounts6,335

6,027

7,835

24,910

30,074

Fees, Exchange, and Other Service Charges12,143

12,296

14,533

47,056

57,893

Investment Securities Gains (Losses), Net(1,193

)

(1,121

)

(906

)

9,932

(3,986

)

Annuity and Insurance670

881

1,272

3,362

6,934

Bank-Owned Life Insurance2,353

1,806

1,879

7,388

7,015

Other6,860

7,046

8,733

30,434

27,489

Total Noninterest Income45,258

41,734

47,702

184,409

183,338

Noninterest ExpenseSalaries and Benefits50,200

51,951

51,664

207,329

216,106

Net Occupancy14,536

7,281

8,824

39,533

33,800

Net Equipment9,574

9,223

7,930

35,448

29,295

Data Processing4,604

4,691

4,828

18,499

18,757

Professional Fees3,174

2,743

3,257

12,186

10,071

FDIC Insurance1,484

1,282

1,376

5,780

5,192

Other15,082

12,778

15,217

55,032

66,006

Total Noninterest Expense98,654

89,949

93,096

373,807

379,227

Income Before Provision for Income Taxes50,903

47,351

73,741

189,124

285,826

Provision for Income Taxes8,589

9,511

15,598

35,320

59,913

Net Income$

42,314

$

37,840

$

58,143

$

153,804

$

225,913

Basic Earnings Per Share$

1.06

$

0.95

$

1.46

$

3.87

$

5.59

Diluted Earnings Per Share$

1.06

$

0.95

$

1.45

$

3.86

$

5.56

Dividends Declared Per Share$

0.67

$

0.67

$

0.67

$

2.68

$

2.59

Basic Weighted Average Shares39,773,851

39,745,120

39,880,619

39,726,210

40,384,328

Diluted Weighted Average Shares39,963,736

39,869,135

40,179,016

39,892,107

40,649,570

Bank of Hawaii Corporation andSubsidiariesConsolidatedStatements of Table 3Income Three Months Ended Year Ended

December 31, September 30, December 31, December 31,

(dollars in 2020 2020 2019 2020 2019 thousands, exceptper share amounts)Interest IncomeInterest and Fees $ 98,471 $ 103,189 $ 109,223 $ 417,498 $ 439,012 on Loans andLeasesIncome onInvestmentSecuritiesAvailable-for-Sale 15,449 14,558 16,158 61,294 62,174

Held-to-Maturity 14,113 15,967 18,750 66,055 81,616

Deposits 1 3 8 14 41

Funds Sold 115 149 723 902 3,553

Other 167 151 239 661 1,001

Total Interest 128,316 134,017 145,101 546,424 587,397 IncomeInterest ExpenseDeposits 4,861 5,891 16,407 32,966 68,374

Securities Sold 3,614 3,622 4,071 15,281 17,522 Under Agreementsto RepurchaseFunds Purchased 5 - 25 95 840

Short-Term - 1 - 62 38 BorrowingsOther Debt 337 337 713 1,698 2,908

Total Interest 8,817 9,851 21,216 50,102 89,682 ExpenseNet Interest 119,499 124,166 123,885 496,322 497,715 IncomeProvision for 15,200 28,600 4,750 117,800 16,000 Credit LossesNet InterestIncome After 104,299 95,566 119,135 378,522 481,715 Provision forCredit LossesNoninterest IncomeTrust and Asset 11,239 10,752 11,157 43,456 44,233 ManagementMortgage Banking 6,851 4,047 3,199 17,871 13,686

Service Charges on 6,335 6,027 7,835 24,910 30,074 Deposit AccountsFees, Exchange, 12,143 12,296 14,533 47,056 57,893 and Other ServiceChargesInvestment (1,193 ) (1,121 ) (906 ) 9,932 (3,986 )Securities Gains(Losses), NetAnnuity and 670 881 1,272 3,362 6,934 InsuranceBank-Owned Life 2,353 1,806 1,879 7,388 7,015 InsuranceOther 6,860 7,046 8,733 30,434 27,489

Total Noninterest 45,258 41,734 47,702 184,409 183,338 IncomeNoninterestExpenseSalaries and 50,200 51,951 51,664 207,329 216,106 BenefitsNet Occupancy 14,536 7,281 8,824 39,533 33,800

Net Equipment 9,574 9,223 7,930 35,448 29,295

Data Processing 4,604 4,691 4,828 18,499 18,757

Professional Fees 3,174 2,743 3,257 12,186 10,071

FDIC Insurance 1,484 1,282 1,376 5,780 5,192

Other 15,082 12,778 15,217 55,032 66,006

Total Noninterest 98,654 89,949 93,096 373,807 379,227 ExpenseIncome Before 50,903 47,351 73,741 189,124 285,826 Provision forIncome TaxesProvision for 8,589 9,511 15,598 35,320 59,913 Income TaxesNet Income $ 42,314 $ 37,840 $ 58,143 $ 153,804 $ 225,913

Basic Earnings Per $ 1.06 $ 0.95 $ 1.46 $ 3.87 $ 5.59 ShareDiluted Earnings $ 1.06 $ 0.95 $ 1.45 $ 3.86 $ 5.56 Per ShareDividends Declared $ 0.67 $ 0.67 $ 0.67 $ 2.68 $ 2.59 Per ShareBasic Weighted 39,773,851 39,745,120 39,880,619 39,726,210 40,384,328 Average SharesDiluted Weighted 39,963,736 39,869,135 40,179,016 39,892,107 40,649,570 Average SharesBank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeTable 4Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

(dollars in thousands)2020

2020

2019

2020

2019

Net Income$

42,314

$

37,840

$

58,143

$

153,804

$

225,913

Other Comprehensive Income (Loss), Net of Tax:Net Unrealized Gains (Losses) on Investment Securities(961

)

(4,900

)

(5,856

)

43,428

22,677

Defined Benefit Plans(5,616

)

374

(3,482

)

(4,494

)

(2,746

)

Other Comprehensive Income (Loss)(6,577

)

(4,526

)

(9,338

)

38,934

19,931

Comprehensive Income$

35,737

$

33,314

$

48,805

$

192,738

$

245,844

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive Income Table 4 Three Months Ended Year Ended

December September December December 31, 31, 30, 31,

(dollars in 2020 2020 2019 2020 2019 thousands)Net Income $ 42,314 $ 37,840 $ 58,143 $ 153,804 $ 225,913

Other ComprehensiveIncome (Loss), Netof Tax: Net Unrealized Gains (Losses) on (961 ) (4,900 ) (5,856 ) 43,428 22,677 Investment Securities Defined Benefit (5,616 ) 374 (3,482 ) (4,494 ) (2,746 ) PlansOther Comprehensive (6,577 ) (4,526 ) (9,338 ) 38,934 19,931 Income (Loss)Comprehensive Income $ 35,737 $ 33,314 $ 48,805 $ 192,738 $ 245,844

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of ConditionTable 5December 31,September 30,December 31,(dollars in thousands)2020

2020

2019

AssetsInterest-Bearing Deposits in Other Banks$

1,646

$

4,233

$

4,979

Funds Sold333,022

736,524

254,574

Investment SecuritiesAvailable-for-Sale3,791,689

3,190,313

2,619,003

Held-to-Maturity (Fair Value of $3,348,693; $3,288,668; and $3,062,882)3,262,727

3,198,830

3,042,294

Loans Held for Sale82,565

-

39,062

Loans and Leases11,940,020

11,793,608

10,990,892

Allowance for Credit Losses(216,252

)

(203,496

)

(110,027

)

Net Loans and Leases11,723,768

11,590,112

10,880,865

Total Earning Assets19,195,417

18,720,012

16,840,777

Cash and Due from Banks279,420

260,167

299,105

Premises and Equipment, Net199,695

199,021

188,388

Operating Lease Right-of-Use Assets99,542

96,200

100,838

Accrued Interest Receivable49,303

57,370

46,476

Foreclosed Real Estate2,332

2,332

2,737

Mortgage Servicing Rights19,652

21,887

25,022

Goodwill31,517

31,517

31,517

Bank-Owned Life Insurance291,480

291,231

287,962

Other Assets435,293

429,752

272,674

Total Assets$

20,603,651

$

20,109,489

$

18,095,496

LiabilitiesDepositsNoninterest-Bearing Demand$

5,749,612

$

5,428,567

$

4,489,525

Interest-Bearing Demand4,040,733

3,824,448

3,127,205

Savings6,759,213

6,763,891

6,365,321

Time1,662,063

1,721,977

1,802,431

Total Deposits18,211,621

17,738,883

15,784,482

Securities Sold Under Agreements to Repurchase600,590

602,106

604,306

Other Debt60,481

60,502

85,565

Operating Lease Liabilities107,412

103,869

108,210

Retirement Benefits Payable51,197

43,505

44,504

Accrued Interest Payable5,117

6,613

8,040

Taxes Payable and Deferred Taxes2,463

12,124

16,085

Other Liabilities190,263

180,148

157,472

Total Liabilities19,229,144

18,747,750

16,808,664

Shareholders' EquityCommon Stock ($.01 par value; authorized 500,000,000 shares;issued / outstanding: December 31, 2020 - 58,285,624 / 40,119,312;September 30, 2020 - 58,248,690 / 40,060,675;and December 31, 2019 - 58,166,910 / 40,039,695)580

580

579

Capital Surplus591,360

588,632

582,566

Accumulated Other Comprehensive Gain (Loss)7,822

14,399

(31,112

)

Retained Earnings1,811,979

1,797,763

1,761,415

Treasury Stock, at Cost (Shares: December 31, 2020 - 18,166,312;September 30, 2020 - 18,188,015; and December 31, 2019 - 18,127,215)(1,037,234

)

(1,039,635

)

(1,026,616

)

Total Shareholders' Equity1,374,507

1,361,739

1,286,832

Total Liabilities and Shareholders' Equity$

20,603,651

$

20,109,489

$

18,095,496

Bank of Hawaii Corporation andSubsidiariesConsolidated Statements of Table 5Condition December 31, September 30, December 31,(dollars in thousands) 2020 2020 2019

AssetsInterest-Bearing Deposits in Other $ 1,646 $ 4,233 $ 4,979 BanksFunds Sold 333,022 736,524 254,574

Investment SecuritiesAvailable-for-Sale 3,791,689 3,190,313 2,619,003

Held-to-Maturity (Fair Value of 3,262,727 3,198,830 3,042,294 $3,348,693; $3,288,668; and$3,062,882)Loans Held for Sale 82,565 - 39,062

Loans and Leases 11,940,020 11,793,608 10,990,892

Allowance for Credit Losses (216,252 ) (203,496 ) (110,027 )

Net Loans and Leases 11,723,768 11,590,112 10,880,865

Total Earning Assets 19,195,417 18,720,012 16,840,777

Cash and Due from Banks 279,420 260,167 299,105

Premises and Equipment, Net 199,695 199,021 188,388

Operating Lease Right-of-Use 99,542 96,200 100,838 AssetsAccrued Interest Receivable 49,303 57,370 46,476

Foreclosed Real Estate 2,332 2,332 2,737

Mortgage Servicing Rights 19,652 21,887 25,022

Goodwill 31,517 31,517 31,517

Bank-Owned Life Insurance 291,480 291,231 287,962

Other Assets 435,293 429,752 272,674

Total Assets $ 20,603,651 $ 20,109,489 $ 18,095,496

LiabilitiesDepositsNoninterest-Bearing Demand $ 5,749,612 $ 5,428,567 $ 4,489,525

Interest-Bearing Demand 4,040,733 3,824,448 3,127,205

Savings 6,759,213 6,763,891 6,365,321

Time 1,662,063 1,721,977 1,802,431

Total Deposits 18,211,621 17,738,883 15,784,482

Securities Sold Under Agreements 600,590 602,106 604,306 to RepurchaseOther Debt 60,481 60,502 85,565

Operating Lease Liabilities 107,412 103,869 108,210

Retirement Benefits Payable 51,197 43,505 44,504

Accrued Interest Payable 5,117 6,613 8,040

Taxes Payable and Deferred Taxes 2,463 12,124 16,085

Other Liabilities 190,263 180,148 157,472

Total Liabilities 19,229,144 18,747,750 16,808,664

Shareholders' EquityCommon Stock ($.01 par value;authorized 500,000,000 shares;issued / outstanding: December 31,2020 - 58,285,624 / 40,119,312;September 30, 2020 - 58,248,690 /40,060,675;and December 31, 2019 - 58,166,910 580 580 579 / 40,039,695)Capital Surplus 591,360 588,632 582,566

Accumulated Other Comprehensive 7,822 14,399 (31,112 )Gain (Loss)Retained Earnings 1,811,979 1,797,763 1,761,415

Treasury Stock, at Cost (Shares:December 31, 2020 - 18,166,312;September 30, 2020 - 18,188,015; (1,037,234 ) (1,039,635 ) (1,026,616 )and December 31, 2019 -18,127,215)Total Shareholders' Equity 1,374,507 1,361,739 1,286,832

Total Liabilities and $ 20,603,651 $ 20,109,489 $ 18,095,496 Shareholders' EquityBank of Hawaii Corporation and SubsidiariesConsolidated Statements of Shareholders' EquityTable 6Accum.OtherCompre-hensiveCommon SharesCommonCapitalIncomeRetainedTreasury(dollars in thousands)OutstandingStockSurplus(Loss)EarningsStockTotalBalance as of December 31, 201841,499,898

$

577

$

571,704

$

(51,043

)

$

1,641,314

$

(894,352

)

$

1,268,200

Net Income-

-

-

-

225,913

-

225,913

Other Comprehensive Income-

-

-

19,931

-

-

19,931

Share-Based Compensation-

-

8,337

-

-

-

8,337

Common Stock Issued under Purchase and EquityCompensation Plans and Related Tax Benefits212,924

2

2,525

-

(334

)

5,385

7,578

Common Stock Repurchased(1,673,127

)

-

-

-

-

(137,649

)

(137,649

)

Cash Dividends Declared ($2.59 per share)-

-

-

-

(105,478

)

-

(105,478

)

Balance as of December 31, 201940,039,695

$

579

$

582,566

$

(31,112

)

$

1,761,415

$

(1,026,616

)

$

1,286,832

Net Income-

-

-

-

153,804

-

153,804

Other Comprehensive Income-

-

-

38,934

-

-

38,934

Cumulative Change in Accounting Principle-

-

-

-

3,632

-

3,632

Share-Based Compensation-

-

7,577

-

-

-

7,577

Common Stock Issued under Purchase and EquityCompensation Plans and Related Tax Benefits283,482

1

1,217

-

562

7,388

9,168

Common Stock Repurchased(203,865

)

-

-

-

-

(18,006

)

(18,006

)

Cash Dividends Declared ($2.68 per share)-

-

-

-

(107,434

)

-

(107,434

)

Balance as of December 31, 202040,119,312

$

580

$

591,360

$

7,822

$

1,811,979

$

(1,037,234

)

$

1,374,507

Bank of Hawaii Corporation andSubsidiariesConsolidated Statements of Table 6Shareholders' Equity Accum. Other Compre- hensive Common Common Capital Income Retained Treasury Shares(dollars in Outstanding Stock Surplus (Loss) Earnings Stock Totalthousands)Balance as of 41,499,898 $ 577 $ 571,704 $ (51,043 ) $ 1,641,314 $ (894,352 ) $ 1,268,200 December 31,2018Net Income - - - - 225,913 - 225,913

Other - - - 19,931 - - 19,931 ComprehensiveIncomeShare-Based - - 8,337 - - - 8,337 CompensationCommon StockIssued underPurchase andEquityCompensationPlans and 212,924 2 2,525 - (334 ) 5,385 7,578 Related TaxBenefitsCommon Stock (1,673,127 ) - - - - (137,649 ) (137,649 )RepurchasedCashDividends - - - - (105,478 ) - (105,478 )Declared($2.59 pershare)Balance as of 40,039,695 $ 579 $ 582,566 $ (31,112 ) $ 1,761,415 $ (1,026,616 ) $ 1,286,832 December 31,2019 Net Income - - - - 153,804 - 153,804

Other - - - 38,934 - - 38,934 ComprehensiveIncomeCumulativeChange in - - - - 3,632 - 3,632 AccountingPrincipleShare-Based - - 7,577 - - - 7,577 CompensationCommon StockIssued underPurchase andEquityCompensationPlans and 283,482 1 1,217 - 562 7,388 9,168 Related TaxBenefitsCommon Stock (203,865 ) - - - - (18,006 ) (18,006 )RepurchasedCashDividends - - - - (107,434 ) - (107,434 )Declared($2.68 pershare)Balance as of 40,119,312 $ 580 $ 591,360 $ 7,822 $ 1,811,979 $ (1,037,234 ) $ 1,374,507 December 31,2020Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent BasisTable 7aThree Months Ended

Three Months Ended

Three Months Ended

December 31, 2020

September 30, 2020

December 31, 2019

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in millions)Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Earning AssetsInterest-Bearing Deposits in Other Banks$

2.2

$

-

0.16

%

$

2.6

$

-

0.45

%

$

3.4

$

-

0.90

%

Funds Sold451.6

0.1

0.10

584.2

0.1

0.10

177.7

0.7

1.59

Investment SecuritiesAvailable-for-SaleTaxable3,605.8

15.3

1.69

2,918.6

14.3

1.96

2,578.3

15.9

2.46

Non-Taxable20.2

0.2

4.33

25.8

0.3

4.22

33.4

0.4

4.35

Held-to-MaturityTaxable3,246.7

13.9

1.71

3,257.7

15.7

1.93

2,994.7

18.4

2.46

Non-Taxable47.1

0.3

2.66

54.1

0.4

2.66

61.7

0.4

2.70

Total Investment Securities6,919.8

29.7

1.71

6,256.2

30.7

1.96

5,668.1

35.1

2.47

Loans Held for Sale15.1

0.1

2.98

15.9

0.1

3.24

31.0

0.3

3.67

Loans and Leases 1Commercial and Industrial1,897.4

14.0

2.95

1,917.0

14.1

2.93

1,356.1

13.3

3.90

Commercial Mortgage2,768.0

21.7

3.12

2,722.3

21.7

3.18

2,479.7

25.5

4.08

Construction257.4

2.3

3.62

234.0

2.1

3.60

179.1

2.1

4.73

Commercial Lease Financing112.2

(2.5)

(9.07)

110.7

0.5

1.82

135.4

0.8

2.38

Residential Mortgage4,089.7

36.4

3.57

3,988.7

36.7

3.68

3,850.4

36.7

3.81

Home Equity1,600.9

13.2

3.28

1,625.2

14.1

3.45

1,683.4

15.7

3.70

Automobile706.1

6.4

3.59

708.3

6.4

3.59

715.2

6.5

3.59

Other 2404.2

7.0

6.85

433.6

7.6

6.96

479.4

8.5

7.02

Total Loans and Leases11,835.9

98.5

3.32

11,739.8

103.2

3.50

10,878.7

109.1

3.99

Other33.3

0.2

2.01

33.3

0.2

1.81

34.9

0.2

2.74

Total Earning Assets 319,257.9

128.6

2.66

18,632.0

134.3

2.88

16,793.8

145.4

3.45

Cash and Due from Banks240.4

234.3

222.2

Other Assets884.3

874.8

805.0

Total Assets$

20,382.6

$

19,741.1

$

17,821.0

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand$

3,899.5

0.6

0.06

$

3,465.5

0.4

0.04

$

2,990.3

1.0

0.14

Savings6,728.8

1.4

0.08

6,886.0

1.7

0.10

6,245.0

8.0

0.51

Time1,696.0

2.9

0.68

1,568.3

3.8

0.97

1,842.3

7.4

1.59

Total Interest-Bearing Deposits12,324.3

4.9

0.16

11,919.8

5.9

0.20

11,077.6

16.4

0.59

Short-Term Borrowings19.2

-

0.10

-

-

-

5.8

-

1.66

Securities Sold Under Agreements to Repurchase600.9

3.6

2.35

602.9

3.6

2.35

604.3

4.1

2.64

Other Debt60.5

0.3

2.22

60.5

0.3

2.22

106.2

0.7

2.67

Total Interest-Bearing Liabilities13,004.9

8.8

0.27

12,583.2

9.8

0.31

11,793.9

21.2

0.71

Net Interest Income$

119.8

$

124.5

$

124.2

Interest Rate Spread2.39

%

2.57

%

2.74

%

Net Interest Margin2.48

%

2.67

%

2.95

%

Noninterest-Bearing Demand Deposits5,494.8

5,350.4

4,363.5

Other Liabilities509.9

439.7

370.7

Shareholders' Equity1,373.0

1,367.8

1,292.9

Total Liabilities and Shareholders' Equity$

20,382.6

$

19,741.1

$

17,821.0

Bank of Hawaii Corporation andSubsidiariesAverage Balances and Interest Rates - TableTaxable-Equivalent Basis 7a Three Months Ended Three Months Ended Three Months Ended

December 31, 2020 September 30, 2020 December 31, 2019

Average Income/ Yield/ Average Income/ Yield Average Income/ Yield / /

(dollars in Balance Expense Rate Balance Expense Rate Balance Expense Ratemillions)Earning AssetsInterest-Bearing $ 2.2 $ - 0.16 % $ 2.6 $ - 0.45 % $ 3.4 $ - 0.90 %Deposits in OtherBanksFunds Sold 451.6 0.1 0.10 584.2 0.1 0.10 177.7 0.7 1.59

InvestmentSecurities Available-for-Sale Taxable 3,605.8 15.3 1.69 2,918.6 14.3 1.96 2,578.3 15.9 2.46

Non-Taxable 20.2 0.2 4.33 25.8 0.3 4.22 33.4 0.4 4.35

Held-to-Maturity Taxable 3,246.7 13.9 1.71 3,257.7 15.7 1.93 2,994.7 18.4 2.46

Non-Taxable 47.1 0.3 2.66 54.1 0.4 2.66 61.7 0.4 2.70

Total Investment 6,919.8 29.7 1.71 6,256.2 30.7 1.96 5,668.1 35.1 2.47SecuritiesLoans Held for Sale 15.1 0.1 2.98 15.9 0.1 3.24 31.0 0.3 3.67

Loans and Leases ^1 Commercial and 1,897.4 14.0 2.95 1,917.0 14.1 2.93 1,356.1 13.3 3.90 Industrial Commercial 2,768.0 21.7 3.12 2,722.3 21.7 3.18 2,479.7 25.5 4.08 Mortgage Construction 257.4 2.3 3.62 234.0 2.1 3.60 179.1 2.1 4.73

Commercial Lease 112.2 (2.5) (9.07) 110.7 0.5 1.82 135.4 0.8 2.38 Financing Residential 4,089.7 36.4 3.57 3,988.7 36.7 3.68 3,850.4 36.7 3.81 Mortgage Home Equity 1,600.9 13.2 3.28 1,625.2 14.1 3.45 1,683.4 15.7 3.70

Automobile 706.1 6.4 3.59 708.3 6.4 3.59 715.2 6.5 3.59

Other ^2 404.2 7.0 6.85 433.6 7.6 6.96 479.4 8.5 7.02

Total Loans and 11,835.9 98.5 3.32 11,739.8 103.2 3.50 10,878.7 109.1 3.99LeasesOther 33.3 0.2 2.01 33.3 0.2 1.81 34.9 0.2 2.74

Total Earning 19,257.9 128.6 2.66 18,632.0 134.3 2.88 16,793.8 145.4 3.45Assets ^3Cash and Due from 240.4 234.3 222.2BanksOther Assets 884.3 874.8 805.0

Total Assets $ 20,382.6 $ 19,741.1 $ 17,821.0

Interest-BearingLiabilitiesInterest-BearingDeposits Demand $ 3,899.5 0.6 0.06 $ 3,465.5 0.4 0.04 $ 2,990.3 1.0 0.14

Savings 6,728.8 1.4 0.08 6,886.0 1.7 0.10 6,245.0 8.0 0.51

Time 1,696.0 2.9 0.68 1,568.3 3.8 0.97 1,842.3 7.4 1.59

Total 12,324.3 4.9 0.16 11,919.8 5.9 0.20 11,077.6 16.4 0.59Interest-BearingDepositsShort-Term 19.2 - 0.10 - - - 5.8 - 1.66BorrowingsSecurities Sold 600.9 3.6 2.35 602.9 3.6 2.35 604.3 4.1 2.64Under Agreements toRepurchaseOther Debt 60.5 0.3 2.22 60.5 0.3 2.22 106.2 0.7 2.67

Total 13,004.9 8.8 0.27 12,583.2 9.8 0.31 11,793.9 21.2 0.71Interest-BearingLiabilitiesNet Interest Income $ 119.8 $ 124.5 $ 124.2

Interest Rate 2.39 % 2.57 % 2.74 % Spread Net Interest 2.48 % 2.67 % 2.95 % MarginNoninterest-Bearing 5,494.8 5,350.4 4,363.5Demand DepositsOther Liabilities 509.9 439.7 370.7

Shareholders' 1,373.0 1,367.8 1,292.9EquityTotal Liabilities $ 20,382.6 $ 19,741.1 $ 17,821.0and Shareholders'Equity1 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.2 Comprised of other consumer revolving credit, installment, and consumer lease financing.3 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $287,000, $295,000, and $352,000 for the three months ended December 31, 2020, September 30, 2020, and December 31, 2019, respectively.^1 Non-performing loans and leases are included in the respective average loanand lease balances. Income, if any, on such loans and leases is recognized on acash basis.^2 Comprised of other consumer revolving credit, installment, and consumerlease financing.^3 Interest income includes taxable-equivalent basis adjustments, based upon afederal statutory tax rate of 21%, of $287,000, $295,000, and $352,000 for thethree months ended December 31, 2020, September 30, 2020, and December 31,2019, respectively.Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent BasisTable 7bYear Ended

Year Ended

December 31, 2020

December 31, 2019

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in millions)Balance

Expense

Rate

Balance

Expense

Rate

Earning AssetsInterest-Bearing Deposits in Other Banks$

2.2

$

-

0.61

%

$

3.1

$

-

1.33

%

Funds Sold434.1

0.9

0.21

165.7

3.6

2.14

Investment SecuritiesAvailable-for-SaleTaxable2,961.9

60.3

2.04

2,210.5

58.9

2.66

Non-Taxable27.6

1.2

4.36

109.6

4.1

3.78

Held-to-MaturityTaxable3,125.2

65.0

2.08

3,148.2

78.3

2.49

Non-Taxable52.6

1.4

2.66

137.8

4.2

3.04

Total Investment Securities6,167.3

127.9

2.07

5,606.1

145.5

2.60

Loans Held for Sale19.4

0.6

3.28

21.7

0.9

3.92

Loans and Leases 1Commercial and Industrial1,797.5

59.3

3.30

1,370.9

57.9

4.23

Commercial Mortgage2,666.1

90.9

3.41

2,400.6

102.4

4.27

Construction240.1

9.4

3.92

145.2

7.4

5.07

Commercial Lease Financing111.3

(1.0)

(0.88)

154.4

3.7

2.43

Residential Mortgage3,978.7

146.0

3.67

3,768.2

144.7

3.84

Home Equity1,642.7

56.8

3.46

1,689.4

64.1

3.80

Automobile709.1

25.3

3.57

694.9

25.1

3.62

Other 2446.6

30.9

6.91

464.8

33.3

7.16

Total Loans and Leases11,592.1

417.6

3.60

10,688.4

438.6

4.10

Other33.7

0.7

1.96

35.1

1.0

2.85

Total Earning Assets 318,248.8

547.7

3.00

16,520.1

589.6

3.57

Cash and Due from Banks263.8

234.0

Other Assets875.1

783.5

Total Assets$

19,387.7

$

17,537.6

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand$

3,426.8

2.5

0.07

$

2,945.9

5.0

0.17

Savings6,702.7

12.4

0.19

6,034.0

32.4

0.54

Time1,708.1

18.1

1.06

1,816.3

31.0

1.71

Total Interest-Bearing Deposits11,837.6

33.0

0.28

10,796.2

68.4

0.63

Short-Term Borrowings33.5

0.2

0.47

36.5

0.9

2.41

Securities Sold Under Agreements to Repurchase602.7

15.2

2.54

531.9

17.5

3.29

Other Debt62.1

1.7

2.73

111.8

2.9

2.60

Total Interest-Bearing Liabilities12,535.9

50.1

0.40

11,476.4

89.7

0.78

Net Interest Income$

497.6

$

499.9

Interest Rate Spread2.60

%

2.79

%

Net Interest Margin2.73

%

3.03

%

Noninterest-Bearing Demand Deposits5,062.6

4,431.9

Other Liabilities437.6

349.2

Shareholders' Equity1,351.6

1,280.1

Total Liabilities and Shareholders' Equity$

19,387.7

$

17,537.6

Bank of HawaiiCorporation andSubsidiariesAverage Balances and Interest Rates Table- Taxable-Equivalent Basis 7b Year Ended Year Ended

December 31, 2020 December 31, 2019

Average Income/ Yield/ Average Income/ Yield /

(dollars in millions) Balance Expense Rate Balance Expense Rate

Earning AssetsInterest-Bearing $ 2.2 $ - 0.61 % $ 3.1 $ - 1.33 %Deposits in Other BanksFunds Sold 434.1 0.9 0.21 165.7 3.6 2.14

Investment Securities Available-for-Sale Taxable 2,961.9 60.3 2.04 2,210.5 58.9 2.66

Non-Taxable 27.6 1.2 4.36 109.6 4.1 3.78

Held-to-Maturity Taxable 3,125.2 65.0 2.08 3,148.2 78.3 2.49

Non-Taxable 52.6 1.4 2.66 137.8 4.2 3.04

Total Investment 6,167.3 127.9 2.07 5,606.1 145.5 2.60SecuritiesLoans Held for Sale 19.4 0.6 3.28 21.7 0.9 3.92

Loans and Leases ^1 Commercial and 1,797.5 59.3 3.30 1,370.9 57.9 4.23 Industrial Commercial Mortgage 2,666.1 90.9 3.41 2,400.6 102.4 4.27

Construction 240.1 9.4 3.92 145.2 7.4 5.07

Commercial Lease 111.3 (1.0) (0.88) 154.4 3.7 2.43 Financing Residential Mortgage 3,978.7 146.0 3.67 3,768.2 144.7 3.84

Home Equity 1,642.7 56.8 3.46 1,689.4 64.1 3.80

Automobile 709.1 25.3 3.57 694.9 25.1 3.62

Other ^2 446.6 30.9 6.91 464.8 33.3 7.16

Total Loans and Leases 11,592.1 417.6 3.60 10,688.4 438.6 4.10

Other 33.7 0.7 1.96 35.1 1.0 2.85

Total Earning Assets ^3 18,248.8 547.7 3.00 16,520.1 589.6 3.57

Cash and Due from Banks 263.8 234.0

Other Assets 875.1 783.5

Total Assets $ 19,387.7 $ 17,537.6

Interest-BearingLiabilitiesInterest-BearingDeposits Demand $ 3,426.8 2.5 0.07 $ 2,945.9 5.0 0.17

Savings 6,702.7 12.4 0.19 6,034.0 32.4 0.54

Time 1,708.1 18.1 1.06 1,816.3 31.0 1.71

Total Interest-Bearing 11,837.6 33.0 0.28 10,796.2 68.4 0.63DepositsShort-Term Borrowings 33.5 0.2 0.47 36.5 0.9 2.41

Securities Sold Under 602.7 15.2 2.54 531.9 17.5 3.29Agreements to RepurchaseOther Debt 62.1 1.7 2.73 111.8 2.9 2.60

Total Interest-Bearing 12,535.9 50.1 0.40 11,476.4 89.7 0.78LiabilitiesNet Interest Income $ 497.6 $ 499.9

Interest Rate Spread 2.60 % 2.79 %

Net Interest Margin 2.73 % 3.03 %

Noninterest-Bearing 5,062.6 4,431.9Demand DepositsOther Liabilities 437.6 349.2

Shareholders' Equity 1,351.6 1,280.1

Total Liabilities and $ 19,387.7 $ 17,537.6Shareholders' Equity1 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.2 Comprised of other consumer revolving credit, installment, and consumer lease financing.3 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1,297,000 and $2,230,000 for the year ended December 31, 2020 and December 31, 2019, respectively.^1 Non-performing loans and leases are included in the respective averageloan and lease balances. Income, if any, on such loans and leases isrecognized on a cash basis.^2 Comprised of other consumer revolving credit, installment, and consumerlease financing.^3 Interest income includes taxable-equivalent basis adjustments, based upona federal statutory tax rate of 21%, of $1,297,000 and $2,230,000 for theyear ended December 31, 2020 and December 31, 2019, respectively.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8aThree Months Ended December 31, 2020

Compared to September 30, 2020

(dollars in millions)Volume 1

Rate 1

Total

Change in Interest Income:Investment SecuritiesAvailable-for-SaleTaxable$

3.2

$

(2.2

)

$

1.0

Non-Taxable(0.1

)

-

(0.1

)

Held-to-MaturityTaxable(0.1

)

(1.7

)

(1.8

)

Non-Taxable(0.1

)

-

(0.1

)

Total Investment Securities2.9

(3.9

)

(1.0

)

Loans and LeasesCommercial and Industrial(0.2

)

0.1

(0.1

)

Commercial Mortgage0.4

(0.4

)

-

Construction0.2

-

0.2

Commercial Lease Financing-

(3.0

)

(3.0

)

Residential Mortgage0.9

(1.2

)

(0.3

)

Home Equity(0.2

)

(0.7

)

(0.9

)

Other 2(0.5

)

(0.1

)

(0.6

)

Total Loans and Leases0.6

(5.3

)

(4.7

)

Total Change in Interest Income3.5

(9.2

)

(5.7

)

Change in Interest Expense:Interest-Bearing DepositsDemand-

0.2

0.2

Savings-

(0.3

)

(0.3

)

Time0.3

(1.2

)

(0.9

)

Total Interest-Bearing Deposits0.3

(1.3

)

(1.0

)

Total Change in Interest Expense0.3

(1.3

)

(1.0

)

Change in Net Interest Income$

3.2

$

(7.9

)

$

(4.7

)

Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Table 8aTaxable-Equivalent Basis Three Months Ended December 31, 2020

Compared to September 30, 2020

Volume ^ Rate ^1 Total(dollars in millions) 1

Change in Interest Income:Investment SecuritiesAvailable-for-SaleTaxable $ 3.2 $ (2.2 ) $ 1.0

Non-Taxable (0.1 ) - (0.1 )

Held-to-MaturityTaxable (0.1 ) (1.7 ) (1.8 )

Non-Taxable (0.1 ) - (0.1 )

Total Investment Securities 2.9 (3.9 ) (1.0 )

Loans and LeasesCommercial and Industrial (0.2 ) 0.1 (0.1 )

Commercial Mortgage 0.4 (0.4 ) -

Construction 0.2 - 0.2

Commercial Lease Financing - (3.0 ) (3.0 )

Residential Mortgage 0.9 (1.2 ) (0.3 )

Home Equity (0.2 ) (0.7 ) (0.9 )

Other ^2 (0.5 ) (0.1 ) (0.6 )

Total Loans and Leases 0.6 (5.3 ) (4.7 )

Total Change in Interest Income 3.5 (9.2 ) (5.7 )

Change in Interest Expense:Interest-Bearing DepositsDemand - 0.2 0.2

Savings - (0.3 ) (0.3 )

Time 0.3 (1.2 ) (0.9 )

Total Interest-Bearing Deposits 0.3 (1.3 ) (1.0 )

Total Change in Interest Expense 0.3 (1.3 ) (1.0 )

Change in Net Interest Income $ 3.2 $ (7.9 ) $ (4.7 )

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.^1 The change in interest income and expense not solely due to changes involume or rate has been allocated on a pro-rata basis to the volume and ratecolumns.^2 Comprised of other consumer revolving credit, installment, and consumerlease financing.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8bThree Months Ended December 31, 2020

Compared to December 31, 2019

(dollars in millions)Volume 1

Rate 1

Total

Change in Interest Income:Funds Sold$

0.5

$

(1.1

)

$

(0.6

)

Investment SecuritiesAvailable-for-SaleTaxable5.2

(5.8

)

(0.6

)

Non-Taxable(0.2

)

-

(0.2

)

Held-to-MaturityTaxable1.5

(6.0

)

(4.5

)

Non-Taxable(0.1

)

-

(0.1

)

Total Investment Securities6.4

(11.8

)

(5.4

)

Loans Held for Sale(0.1

)

(0.1

)

(0.2

)

Loans and LeasesCommercial and Industrial4.5

(3.8

)

0.7

Commercial Mortgage2.7

(6.5

)

(3.8

)

Construction0.8

(0.6

)

0.2

Commercial Lease Financing(0.1

)

(3.2

)

(3.3

)

Residential Mortgage2.2

(2.5

)

(0.3

)

Home Equity(0.8

)

(1.7

)

(2.5

)

Automobile(0.1

)

-

(0.1

)

Other 2(1.3

)

(0.2

)

(1.5

)

Total Loans and Leases7.9

(18.5

)

(10.6

)

Total Change in Interest Income14.7

(31.5

)

(16.8

)

Change in Interest Expense:Interest-Bearing DepositsDemand0.3

(0.7

)

(0.4

)

Savings0.6

(7.2

)

(6.6

)

Time(0.5

)

(4.0

)

(4.5

)

Total Interest-Bearing Deposits0.4

(11.9

)

(11.5

)

Securities Sold Under Agreements to Repurchase(0.1

)

(0.4

)

(0.5

)

Other Debt(0.3

)

(0.1

)

(0.4

)

Total Change in Interest Expense-

(12.4

)

(12.4

)

Change in Net Interest Income$

14.7

$

(19.1

)

$

(4.4

)

Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Table 8bTaxable-Equivalent Basis Three Months Ended December 31, 2020

Compared to December 31, 2019

Volume ^ Rate ^1 Total(dollars in millions) 1

Change in Interest Income:Funds Sold $ 0.5 $ (1.1 ) $ (0.6 )

Investment SecuritiesAvailable-for-SaleTaxable 5.2 (5.8 ) (0.6 )

Non-Taxable (0.2 ) - (0.2 )

Held-to-MaturityTaxable 1.5 (6.0 ) (4.5 )

Non-Taxable (0.1 ) - (0.1 )

Total Investment Securities 6.4 (11.8 ) (5.4 )

Loans Held for Sale (0.1 ) (0.1 ) (0.2 )

Loans and LeasesCommercial and Industrial 4.5 (3.8 ) 0.7

Commercial Mortgage 2.7 (6.5 ) (3.8 )

Construction 0.8 (0.6 ) 0.2

Commercial Lease Financing (0.1 ) (3.2 ) (3.3 )

Residential Mortgage 2.2 (2.5 ) (0.3 )

Home Equity (0.8 ) (1.7 ) (2.5 )

Automobile (0.1 ) - (0.1 )

Other ^2 (1.3 ) (0.2 ) (1.5 )

Total Loans and Leases 7.9 (18.5 ) (10.6 )

Total Change in Interest Income 14.7 (31.5 ) (16.8 )

Change in Interest Expense:Interest-Bearing DepositsDemand 0.3 (0.7 ) (0.4 )

Savings 0.6 (7.2 ) (6.6 )

Time (0.5 ) (4.0 ) (4.5 )

Total Interest-Bearing Deposits 0.4 (11.9 ) (11.5 )

Securities Sold Under Agreements to Repurchase (0.1 ) (0.4 ) (0.5 )

Other Debt (0.3 ) (0.1 ) (0.4 )

Total Change in Interest Expense - (12.4 ) (12.4 )

Change in Net Interest Income $ 14.7 $ (19.1 ) $ (4.4 )

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.^1 The change in interest income and expense not solely due to changes involume or rate has been allocated on a pro-rata basis to the volume and ratecolumns.^2 Comprised of other consumer revolving credit, installment, and consumerlease financing.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8cYear Ended December 31, 2020

Compared to December 31, 2019

(dollars in millions)Volume 1Rate 1TotalChange in Interest Income:Funds Sold$

2.4

$

(5.1

)

$

(2.7

)

Investment SecuritiesAvailable-for-SaleTaxable17.2

(15.8

)

1.4

Non-Taxable(3.5

)

0.6

(2.9

)

Held-to-MaturityTaxable(0.6

)

(12.7

)

(13.3

)

Non-Taxable(2.3

)

(0.5

)

(2.8

)

Total Investment Securities10.8

(28.4

)

(17.6

)

Loans Held for Sale(0.1

)

(0.2

)

(0.3

)

Loans and LeasesCommercial and Industrial15.7

(14.3

)

1.4

Commercial Mortgage10.5

(22.0

)

(11.5

)

Construction4.0

(2.0

)

2.0

Commercial Lease Financing(0.8

)

(3.9

)

(4.7

)

Residential Mortgage7.9

(6.6

)

1.3

Home Equity(1.7

)

(5.6

)

(7.3

)

Automobile0.5

(0.3

)

0.2

Other 2(1.3

)

(1.1

)

(2.4

)

Total Loans and Leases34.8

(55.8

)

(21.0

)

Other-

(0.3

)

(0.3

)

Total Change in Interest Income47.9

(89.8

)

(41.9

)

Change in Interest Expense:Interest-Bearing DepositsDemand0.7

(3.2

)

(2.5

)

Savings3.3

(23.3

)

(20.0

)

Time(1.7

)

(11.2

)

(12.9

)

Total Interest-Bearing Deposits2.3

(37.7

)

(35.4

)

Short-Term Borrowings(0.1

)

(0.6

)

(0.7

)

Securities Sold Under Agreements to Repurchase2.1

(4.4

)

(2.3

)

Other Debt(1.3

)

0.1

(1.2

)

Total Change in Interest Expense3.0

(42.6

)

(39.6

)

Change in Net Interest Income$

44.9

$

(47.2

)

$

(2.3

)

Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Table 8cTaxable-Equivalent Basis Year Ended December 31, 2020

Compared to December 31, 2019

(dollars in millions) Volume ^ Rate ^1 Total 1Change in Interest Income:Funds Sold $ 2.4 $ (5.1 ) $ (2.7 )

Investment SecuritiesAvailable-for-SaleTaxable 17.2 (15.8 ) 1.4

Non-Taxable (3.5 ) 0.6 (2.9 )

Held-to-MaturityTaxable (0.6 ) (12.7 ) (13.3 )

Non-Taxable (2.3 ) (0.5 ) (2.8 )

Total Investment Securities 10.8 (28.4 ) (17.6 )

Loans Held for Sale (0.1 ) (0.2 ) (0.3 )

Loans and LeasesCommercial and Industrial 15.7 (14.3 ) 1.4

Commercial Mortgage 10.5 (22.0 ) (11.5 )

Construction 4.0 (2.0 ) 2.0

Commercial Lease Financing (0.8 ) (3.9 ) (4.7 )

Residential Mortgage 7.9 (6.6 ) 1.3

Home Equity (1.7 ) (5.6 ) (7.3 )

Automobile 0.5 (0.3 ) 0.2

Other ^2 (1.3 ) (1.1 ) (2.4 )

Total Loans and Leases 34.8 (55.8 ) (21.0 )

Other - (0.3 ) (0.3 )

Total Change in Interest Income 47.9 (89.8 ) (41.9 )

Change in Interest Expense:Interest-Bearing DepositsDemand 0.7 (3.2 ) (2.5 )

Savings 3.3 (23.3 ) (20.0 )

Time (1.7 ) (11.2 ) (12.9 )

Total Interest-Bearing Deposits 2.3 (37.7 ) (35.4 )

Short-Term Borrowings (0.1 ) (0.6 ) (0.7 )

Securities Sold Under Agreements to Repurchase 2.1 (4.4 ) (2.3 )

Other Debt (1.3 ) 0.1 (1.2 )

Total Change in Interest Expense 3.0 (42.6 ) (39.6 )

Change in Net Interest Income $ 44.9 $ (47.2 ) $ (2.3 )

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.^1 The change in interest income and expense not solely due to changes involume or rate has been allocated on a pro-rata basis to the volume and ratecolumns.^2 Comprised of other consumer revolving credit, installment, and consumerlease financing.Bank of Hawaii Corporation and SubsidiariesSalaries and BenefitsTable 9Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

(dollars in thousands)2020

2020

2019

2020

2019

Salaries$

33,907

$

34,046

$

33,465

$

134,178

$

132,237

Incentive Compensation3,084

2,683

4,864

9,153

21,913

Share-Based Compensation2,029

1,442

1,475

6,783

8,573

Commission Expense2,164

1,800

2,080

6,985

6,474

Retirement and Other Benefits5,212

4,164

4,279

18,528

18,151

Payroll Taxes2,292

2,624

2,386

12,241

11,795

Medical, Dental, and Life Insurance1,523

3,422

2,903

12,917

15,202

Separation Expense(11

)

1,770

212

6,544

1,761

Total Salaries and Benefits$

50,200

$

51,951

$

51,664

$

207,329

$

216,106

Bank of Hawaii Corporation and SubsidiariesSalaries and Benefits Table 9 Three Months Ended Year Ended

December September December December 31, 31, 30, 31,

(dollars in thousands) 2020 2020 2019 2020 2019

Salaries $ 33,907 $ 34,046 $ 33,465 $ 134,178 $ 132,237

Incentive Compensation 3,084 2,683 4,864 9,153 21,913

Share-Based Compensation 2,029 1,442 1,475 6,783 8,573

Commission Expense 2,164 1,800 2,080 6,985 6,474

Retirement and Other 5,212 4,164 4,279 18,528 18,151BenefitsPayroll Taxes 2,292 2,624 2,386 12,241 11,795

Medical, Dental, and Life 1,523 3,422 2,903 12,917 15,202InsuranceSeparation Expense (11 ) 1,770 212 6,544 1,761

Total Salaries and $ 50,200 $ 51,951 $ 51,664 $ 207,329 $ 216,106Benefits Bank of Hawaii Corporation and SubsidiariesLoan and Lease Portfolio BalancesTable 10December 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)2020

2020

2020

2020

2019

CommercialCommercial and Industrial$

1,875,293

$

1,908,482

$

1,956,939

$

1,558,232

$

1,379,152

Commercial Mortgage2,854,829

2,745,611

2,707,534

2,616,243

2,518,051

Construction259,798

250,943

245,099

245,390

194,170

Lease Financing110,766

111,831

113,187

110,704

122,454

Total Commercial5,100,686

5,016,867

5,022,759

4,530,569

4,213,827

ConsumerResidential Mortgage4,130,513

4,044,228

3,989,393

3,928,183

3,891,100

Home Equity1,604,538

1,605,486

1,640,887

1,692,154

1,676,073

Automobile708,800

709,937

700,702

716,214

720,286

Other 1395,483

417,090

451,629

485,660

489,606

Total Consumer6,839,334

6,776,741

6,782,611

6,822,211

6,777,065

Total Loans and Leases$

11,940,020

$

11,793,608

$

11,805,370

$

11,352,780

$

10,990,892

DepositsDecember 31,

September 30,

June 30,

March 31,

December 31,

(dollars in thousands)2020

2020

2020

2020

2019

Consumer$

9,347,725

$

8,903,808

$

8,766,885

$

8,294,464

$

8,118,494

Commercial7,302,832

7,159,531

7,295,033

6,358,583

6,324,214

Public and Other1,561,064

1,675,544

1,361,237

1,402,314

1,341,774

Total Deposits$

18,211,621

$

17,738,883

$

17,423,155

$

16,055,361

$

15,784,482

Bank of Hawaii Corporation andSubsidiariesLoan and Lease Portfolio Table 10Balances December 31, September June 30, March 31, December 31, 30,

(dollars in 2020 2020 2020 2020 2019thousands)Commercial Commercial $ 1,875,293 $ 1,908,482 $ 1,956,939 $ 1,558,232 $ 1,379,152 and Industrial Commercial 2,854,829 2,745,611 2,707,534 2,616,243 2,518,051 Mortgage Construction 259,798 250,943 245,099 245,390 194,170

Lease 110,766 111,831 113,187 110,704 122,454 FinancingTotal 5,100,686 5,016,867 5,022,759 4,530,569 4,213,827CommercialConsumer Residential 4,130,513 4,044,228 3,989,393 3,928,183 3,891,100 Mortgage Home Equity 1,604,538 1,605,486 1,640,887 1,692,154 1,676,073

Automobile 708,800 709,937 700,702 716,214 720,286

Other ^1 395,483 417,090 451,629 485,660 489,606

Total 6,839,334 6,776,741 6,782,611 6,822,211 6,777,065ConsumerTotal Loans $ 11,940,020 $ 11,793,608 $ 11,805,370 $ 11,352,780 $ 10,990,892and Leases Deposits December 31, September June 30, March 31, December 31, 30,

(dollars in 2020 2020 2020 2020 2019thousands)Consumer $ 9,347,725 $ 8,903,808 $ 8,766,885 $ 8,294,464 $ 8,118,494

Commercial 7,302,832 7,159,531 7,295,033 6,358,583 6,324,214

Public and 1,561,064 1,675,544 1,361,237 1,402,314 1,341,774OtherTotal $ 18,211,621 $ 17,738,883 $ 17,423,155 $ 16,055,361 $ 15,784,482Deposits1 Comprised of other revolving credit, installment, and lease financing.^1 Comprised of other revolving credit, installment, and lease financing.Bank of Hawaii Corporation and SubsidiariesNon-Performing Assets and Accruing Loans and Leases Past Due 90 Days or MoreTable 11December 31,September 30,June 30,March 31,December 31,(dollars in thousands)2020

2020

2020

2020

2019

Non-Performing AssetsNon-Accrual Loans and LeasesCommercialCommercial and Industrial$

441

$

475

$

459

$

634

$

830

Commercial Mortgage8,527

8,615

8,672

9,048

9,244

Total Commercial8,968

9,090

9,131

9,682

10,074

ConsumerResidential Mortgage3,223

3,543

5,888

4,330

4,125

Home Equity3,958

3,661

5,176

4,086

3,181

Total Consumer7,181

7,204

11,064

8,416

7,306

Total Non-Accrual Loans and Leases16,149

16,294

20,195

18,098

17,380

Foreclosed Real Estate2,332

2,332

2,506

2,506

2,737

Total Non-Performing Assets$

18,481

$

18,626

$

22,701

$

20,604

$

20,117

Accruing Loans and Leases Past Due 90 Days or MoreConsumerResidential Mortgage$

5,274

$

6,607

$

4,937

$

3,024

$

1,839

Home Equity3,187

2,571

3,519

3,426

4,125

Automobile925

156

133

866

949

Other 11,160

258

296

1,205

1,493

Total Consumer10,546

9,592

8,885

8,521

8,406

Total Accruing Loans and Leases Past Due 90 Days or More$

10,546

$

9,592

$

8,885

$

8,521

$

8,406

Restructured Loans on Accrual Statusand Not Past Due 90 Days or More$

68,065

$

58,650

$

59,713

$

61,425

$

63,103

Total Loans and Leases$

11,940,020

$

11,793,608

$

11,805,370

$

11,352,780

$

10,990,892

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases0.14

%

0.14

%

0.17

%

0.16

%

0.16

%

Ratio of Non-Performing Assets to Total Loans and Leasesand Foreclosed Real Estate0.15

%

0.16

%

0.19

%

0.18

%

0.18

%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans andLeases and Commercial Foreclosed Real Estate0.18

%

0.18

%

0.18

%

0.21

%

0.24

%

Ratio of Consumer Non-Performing Assets to Total Consumer Loansand Leases and Consumer Foreclosed Real Estate0.14

%

0.14

%

0.20

%

0.16

%

0.15

%

Ratio of Non-Performing Assets and Accruing Loans and LeasesPast Due 90 Days or More to Total Loans and Leasesand Foreclosed Real Estate0.24

%

0.24

%

0.27

%

0.26

%

0.26

%

Quarter to Quarter Changes in Non-Performing AssetsBalance at Beginning of Quarter$

18,626

$

22,701

$

20,604

$

20,117

$

21,645

Additions434

938

5,856

1,754

883

ReductionsPayments(490

)

(3,729

)

(2,736

)

(315

)

(495

)

Return to Accrual Status-

(1,035

)

(822

)

(437

)

(1,673

)

Sales of Foreclosed Real Estate-

(175

)

-

(231

)

(201

)

Charge-offs/Write-downs(89

)

(74

)

(201

)

(284

)

(42

)

Total Reductions(579

)

(5,013

)

(3,759

)

(1,267

)

(2,411

)

Balance at End of Quarter$

18,481

$

18,626

$

22,701

$

20,604

$

20,117

Bank of HawaiiCorporationandSubsidiariesNon-Performing Assets and Accruing Loans and Table 11Leases Past Due 90 Days or More December 31, September 30, June 30, March 31, December 31,(dollars in 2020 2020 2020 2020 2019thousands)Non-PerformingAssetsNon-AccrualLoans andLeases Commercial Commercial $ 441 $ 475 $ 459 $ 634 $ 830 and Industrial Commercial 8,527 8,615 8,672 9,048 9,244 Mortgage Total 8,968 9,090 9,131 9,682 10,074 Commercial Consumer Residential 3,223 3,543 5,888 4,330 4,125 Mortgage Home Equity 3,958 3,661 5,176 4,086 3,181

Total 7,181 7,204 11,064 8,416 7,306 ConsumerTotalNon-Accrual 16,149 16,294 20,195 18,098 17,380 Loans andLeasesForeclosed 2,332 2,332 2,506 2,506 2,737 Real EstateTotal $ 18,481 $ 18,626 $ 22,701 $ 20,604 $ 20,117 Non-PerformingAssets Accruing Loansand LeasesPast Due 90Days or MoreConsumer Residential $ 5,274 $ 6,607 $ 4,937 $ 3,024 $ 1,839 Mortgage Home Equity 3,187 2,571 3,519 3,426 4,125

Automobile 925 156 133 866 949

Other^ 1 1,160 258 296 1,205 1,493

Total Consumer 10,546 9,592 8,885 8,521 8,406

Total AccruingLoans and $ 10,546 $ 9,592 $ 8,885 $ 8,521 $ 8,406 Leases PastDue 90 Days orMoreRestructuredLoans onAccrual Status and Not Past $ 68,065 $ 58,650 $ 59,713 $ 61,425 $ 63,103 Due 90 Days or MoreTotal Loans $ 11,940,020 $ 11,793,608 $ 11,805,370 $ 11,352,780 $ 10,990,892 and Leases Ratio ofNon-AccrualLoans and 0.14 % 0.14 % 0.17 % 0.16 % 0.16 %Leases toTotal Loansand Leases Ratio ofNon-PerformingAssets toTotal Loansand Leases and 0.15 % 0.16 % 0.19 % 0.18 % 0.18 % Foreclosed Real Estate Ratio ofCommercialNon-PerformingAssets toTotalCommercialLoans and Leases and Commercial 0.18 % 0.18 % 0.18 % 0.21 % 0.24 % Foreclosed Real Estate Ratio ofConsumerNon-PerformingAssets toTotal ConsumerLoans and Leases and Consumer 0.14 % 0.14 % 0.20 % 0.16 % 0.15 % Foreclosed Real Estate Ratio ofNon-PerformingAssets andAccruing Loansand Leases Past Due 90 Days or More to Total Loans and Leases and 0.24 % 0.24 % 0.27 % 0.26 % 0.26 % Foreclosed Real Estate Quarter toQuarterChanges inNon-PerformingAssetsBalance at $ 18,626 $ 22,701 $ 20,604 $ 20,117 $ 21,645 Beginning ofQuarterAdditions 434 938 5,856 1,754 883

Reductions Payments (490 ) (3,729 ) (2,736 ) (315 ) (495 )

Return to - (1,035 ) (822 ) (437 ) (1,673 ) Accrual Status Sales of - (175 ) - (231 ) (201 ) Foreclosed Real Estate Charge-offs/ (89 ) (74 ) (201 ) (284 ) (42 ) Write-downsTotal (579 ) (5,013 ) (3,759 ) (1,267 ) (2,411 )ReductionsBalance at End $ 18,481 $ 18,626 $ 22,701 $ 20,604 $ 20,117 of Quarter1 Comprised of other revolving credit, installment, and lease financing.^1 Comprised of other revolving credit, installment, and lease financing.Bank of Hawaii Corporation and SubsidiariesReserve for Credit LossesTable 12Three Months Ended

Year Ended

December 31,

September 30,

December 31,

December 31,

(dollars in thousands)2020

2020

2019

2020

2019

Balance at Beginning of Period$

205,813

$

175,958

$

115,758

$

116,849

$

113,515

CECL Adoption (Day 1) Impact-

-

-

(5,072

)

-

Loans and Leases Charged-OffCommercialCommercial and Industrial(177

)

(171

)

(307

)

(1,697

)

(1,122

)

Commercial Mortgage-

-

-

-

(1,616

)

ConsumerResidential Mortgage(120

)

-

(50

)

(204

)

(112

)

Home Equity(81

)

(43

)

(245

)

(397

)

(900

)

Automobile(393

)

(489

)

(1,990

)

(6,496

)

(7,130

)

Other 1(2,460

)

(1,644

)

(3,651

)

(12,244

)

(13,075

)

Total Loans and Leases Charged-Off(3,231

)

(2,347

)

(6,243

)

(21,038

)

(23,955

)

Recoveries on Loans and Leases Previously Charged-OffCommercialCommercial and Industrial244

231

293

2,288

1,513

Commercial Mortgage-

-

-

40

-

ConsumerResidential Mortgage497

414

699

1,292

1,927

Home Equity868

727

577

2,892

2,339

Automobile910

1,313

512

3,775

2,961

Other 1968

1,119

503

3,613

2,549

Total Recoveries on Loans and Leases Previously Charged-Off3,487

3,804

2,584

13,900

11,289

Net Loans and Leases Recovered (Charged-Off)256

1,457

(3,659

)

(7,138

)

(12,666

)

Provision for Credit Losses15,200

28,600

4,750

117,800

16,000

Provision for Unfunded Commitments34

(202

)

-

(1,136

)

-

Balance at End of Period 2$

221,303

$

205,813

$

116,849

$

221,303

$

116,849

ComponentsAllowance for Credit Losses$

216,252

$

203,496

$

110,027

$

216,252

$

110,027

Allowance for Accrued Interest Receivable 32,700

-

-

2,700

-

Reserve for Unfunded Commitments2,351

2,317

6,822

2,351

6,822

Total Reserve for Credit Losses$

221,303

$

205,813

$

116,849

$

221,303

$

116,849

Average Loans and Leases Outstanding$

11,835,929

$

11,739,785

$

10,878,672

$

11,592,093

$

10,688,424

Ratio of Net Loans and Leases Charged-Off (Recovered) toAverage Loans and Leases Outstanding (annualized)(0.01

%)

(0.05

%)

0.13

%

0.06

%

0.12

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding1.81

%

1.73

%

1.00

%

1.81

%

1.00

%

Bank ofHawaiiCorporationandSubsidiariesReserve for Table 12Credit Losses Three Months Ended Year Ended

December 31, September 30, December 31, December 31,

(dollars in 2020 2020 2019 2020 2019 thousands)Balance at $ 205,813 $ 175,958 $ 115,758 $ 116,849 $ 113,515 Beginning ofPeriod CECL Adoption - - - (5,072 ) - (Day 1)Impact Loans andLeasesCharged-Off Commercial Commercial (177 ) (171 ) (307 ) (1,697 ) (1,122 ) and Industrial Commercial - - - - (1,616 ) Mortgage Consumer Residential (120 ) - (50 ) (204 ) (112 ) Mortgage Home Equity (81 ) (43 ) (245 ) (397 ) (900 )

Automobile (393 ) (489 ) (1,990 ) (6,496 ) (7,130 )

Other ^1 (2,460 ) (1,644 ) (3,651 ) (12,244 ) (13,075 )

Total Loans (3,231 ) (2,347 ) (6,243 ) (21,038 ) (23,955 )and LeasesCharged-OffRecoveries onLoans andLeasesPreviouslyCharged-Off Commercial Commercial 244 231 293 2,288 1,513 and Industrial Commercial - - - 40 - Mortgage Consumer Residential 497 414 699 1,292 1,927 Mortgage Home Equity 868 727 577 2,892 2,339

Automobile 910 1,313 512 3,775 2,961

Other ^1 968 1,119 503 3,613 2,549

TotalRecoveries onLoans and 3,487 3,804 2,584 13,900 11,289 LeasesPreviouslyCharged-OffNet Loans andLeases 256 1,457 (3,659 ) (7,138 ) (12,666 )Recovered(Charged-Off)Provision for 15,200 28,600 4,750 117,800 16,000 Credit LossesProvision for 34 (202 ) - (1,136 ) - UnfundedCommitmentsBalance at $ 221,303 $ 205,813 $ 116,849 $ 221,303 $ 116,849 End of Period^2 ComponentsAllowance for $ 216,252 $ 203,496 $ 110,027 $ 216,252 $ 110,027 Credit LossesAllowance forAccrued 2,700 - - 2,700 - InterestReceivable ^3Reserve for 2,351 2,317 6,822 2,351 6,822 UnfundedCommitmentsTotal Reserve $ 221,303 $ 205,813 $ 116,849 $ 221,303 $ 116,849 for CreditLosses Average Loans $ 11,835,929 $ 11,739,785 $ 10,878,672 $ 11,592,093 $ 10,688,424 and LeasesOutstanding Ratio of NetLoans andLeasesCharged-Off(Recovered)to Average Loans and (0.01 %) (0.05 %) 0.13 % 0.06 % 0.12 % Leases Outstanding (annualized)Ratio ofAllowance forCredit Losses 1.81 % 1.73 % 1.00 % 1.81 % 1.00 %to Loans andLeasesOutstanding1 Comprised of other revolving credit, installment, and lease financing.2 Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.3 On December 31 2020, the Company recorded a $2.7 million reserve on accrued interest receivable related to loans in which payment forbearances were granted to borrowers impacted by the COVID-19 pandemic. The reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses.^1 Comprised of other revolving credit, installment, and lease financing.^2 Included in this analysis is activity related to the Company's reserve forunfunded commitments, which is separately recorded in other liabilities in theConsolidated Statements of Condition.^3 On December 31 2020, the Company recorded a $2.7 million reserve on accruedinterest receivable related to loans in which payment forbearances were grantedto borrowers impacted by the COVID-19 pandemic. The reserve was recorded as acontra-asset against accrued interest receivable with the offset to provisionfor credit losses.Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13aConsumerCommercialTreasuryConsolidated(dollars in thousands)BankingBankingand OtherTotalThree Months Ended December 31, 2020Net Interest Income$

71,707

$

44,373

$

3,419

$

119,499

Provision for Credit Losses(128

)

(129

)

15,457

15,200

Net Interest Income (Loss) After Provision for Credit Losses71,835

44,502

(12,038

)

104,299

Noninterest Income35,091

8,040

2,127

45,258

Noninterest Expense(78,433

)

(15,742

)

(4,479

)

(98,654

)

Income (Loss) Before Income Taxes28,493

36,800

(14,390

)

50,903

Provision for Income Taxes(7,242

)

(9,804

)

8,457

(8,589

)

Net Income (Loss)$

21,251

$

26,996

$

(5,933

)

$

42,314

Total Assets as of December 31, 2020$

7,478,813

$

5,116,807

$

8,008,031

$

20,603,651

Three Months Ended December 31, 2019 1Net Interest Income$

76,099

$

45,475

$

2,311

$

123,885

Provision for Credit Losses3,819

(165

)

1,096

4,750

Net Interest Income After Provision for Credit Losses72,280

45,640

1,215

119,135

Noninterest Income35,306

10,624

1,772

47,702

Noninterest Expense(68,494

)

(21,071

)

(3,531

)

(93,096

)

Income (Loss) Before Income Taxes39,092

35,193

(544

)

73,741

Provision for Income Taxes(9,909

)

(6,345

)

656

(15,598

)

Net Income$

29,183

$

28,848

$

112

$

58,143

Total Assets as of December 31, 2019 1$

7,054,511

$

4,254,261

$

6,786,724

$

18,095,496

Bank of HawaiiCorporation andSubsidiariesBusiness SegmentsSelected Financial Table 13aInformation Consumer Commercial Treasury Consolidated(dollars in Banking Banking and Other Totalthousands)Three Months EndedDecember 31, 2020Net Interest Income $ 71,707 $ 44,373 $ 3,419 $ 119,499

Provision for Credit (128 ) (129 ) 15,457 15,200 LossesNet Interest Income(Loss) After 71,835 44,502 (12,038 ) 104,299 Provision for CreditLossesNoninterest Income 35,091 8,040 2,127 45,258

Noninterest Expense (78,433 ) (15,742 ) (4,479 ) (98,654 )

Income (Loss) Before 28,493 36,800 (14,390 ) 50,903 Income TaxesProvision for Income (7,242 ) (9,804 ) 8,457 (8,589 )TaxesNet Income (Loss) $ 21,251 $ 26,996 $ (5,933 ) $ 42,314

Total Assets as of $ 7,478,813 $ 5,116,807 $ 8,008,031 $ 20,603,651 December 31, 2020 Three Months EndedDecember 31, 2019 ^1Net Interest Income $ 76,099 $ 45,475 $ 2,311 $ 123,885

Provision for Credit 3,819 (165 ) 1,096 4,750 LossesNet Interest Income 72,280 45,640 1,215 119,135 After Provision forCredit LossesNoninterest Income 35,306 10,624 1,772 47,702

Noninterest Expense (68,494 ) (21,071 ) (3,531 ) (93,096 )

Income (Loss) Before 39,092 35,193 (544 ) 73,741 Income TaxesProvision for Income (9,909 ) (6,345 ) 656 (15,598 )TaxesNet Income $ 29,183 $ 28,848 $ 112 $ 58,143

Total Assets as of $ 7,054,511 $ 4,254,261 $ 6,786,724 $ 18,095,496 December 31, 2019 ^11 Certain prior period information has been reclassified to conform to current presentation.^1 Certain prior period information has been reclassified to conform tocurrent presentation.Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13bConsumerCommercialTreasuryConsolidated(dollars in thousands)BankingBankingand OtherTotalYear Ended December 31, 2020Net Interest Income$

292,710

$

188,626

$

14,986

$

496,322

Provision for Credit Losses8,087

(948

)

110,661

117,800

Net Interest Income (Loss) After Provision for Credit Losses284,623

189,574

(95,675

)

378,522

Noninterest Income128,400

34,523

21,486

184,409

Noninterest Expense(289,177

)

(63,294

)

(21,336

)

(373,807

)

Income (Loss) Before Income Taxes123,846

160,803

(95,525

)

189,124

Provision for Income Taxes(31,476

)

(40,081

)

36,237

(35,320

)

Net Income (Loss)$

92,370

$

120,722

$

(59,288

)

$

153,804

Total Assets as of December 31, 2020$

7,478,813

$

5,116,807

$

8,008,031

$

20,603,651

Year Ended December 31, 2019 1Net Interest Income$

305,803

$

185,259

$

6,653

$

497,715

Provision for Credit Losses11,685

976

3,339

16,000

Net Interest Income After Provision for Credit Losses294,118

184,283

3,314

481,715

Noninterest Income142,378

33,362

7,598

183,338

Noninterest Expense(281,662

)

(84,616

)

(12,949

)

(379,227

)

Income Before Income Taxes154,834

133,029

(2,037

)

285,826

Provision for Income Taxes(38,654

)

(28,852

)

7,593

(59,913

)

Net Income$

116,180

$

104,177

$

5,556

$

225,913

Total Assets as of December 31, 2019 1$

7,054,511

$

4,254,261

$

6,786,724

$

18,095,496

Bank of HawaiiCorporation andSubsidiariesBusiness SegmentsSelected Financial Table 13bInformation Consumer Commercial Treasury Consolidated(dollars in Banking Banking and Other Totalthousands)Year Ended December31, 2020Net Interest Income $ 292,710 $ 188,626 $ 14,986 $ 496,322

Provision for Credit 8,087 (948 ) 110,661 117,800 LossesNet Interest Income(Loss) After 284,623 189,574 (95,675 ) 378,522 Provision for CreditLossesNoninterest Income 128,400 34,523 21,486 184,409

Noninterest Expense (289,177 ) (63,294 ) (21,336 ) (373,807 )

Income (Loss) Before 123,846 160,803 (95,525 ) 189,124 Income TaxesProvision for Income (31,476 ) (40,081 ) 36,237 (35,320 )TaxesNet Income (Loss) $ 92,370 $ 120,722 $ (59,288 ) $ 153,804

Total Assets as of $ 7,478,813 $ 5,116,807 $ 8,008,031 $ 20,603,651 December 31, 2020 Year Ended December31, 2019 ^1Net Interest Income $ 305,803 $ 185,259 $ 6,653 $ 497,715

Provision for Credit 11,685 976 3,339 16,000 LossesNet Interest Income 294,118 184,283 3,314 481,715 After Provision forCredit LossesNoninterest Income 142,378 33,362 7,598 183,338

Noninterest Expense (281,662 ) (84,616 ) (12,949 ) (379,227 )

Income Before Income 154,834 133,029 (2,037 ) 285,826 TaxesProvision for Income (38,654 ) (28,852 ) 7,593 (59,913 )TaxesNet Income $ 116,180 $ 104,177 $ 5,556 $ 225,913

Total Assets as of $ 7,054,511 $ 4,254,261 $ 6,786,724 $ 18,095,496 December 31, 2019 ^11 Certain prior period information has been reclassified to conform to current presentation.^1 Certain prior period information has been reclassified to conform tocurrent presentation.Bank of Hawaii Corporation and SubsidiariesSelected Quarterly Financial DataTable 14Three Months EndedDecember 31,September 30,June 30,March 31,December 31,(dollars in thousands, except per share amounts)2020

2020

2020

2020

2019

Quarterly Operating ResultsInterest IncomeInterest and Fees on Loans and Leases$

98,471

$

103,189

$

107,628

$

108,210

$

109,223

Income on Investment SecuritiesAvailable-for-Sale15,449

14,558

14,576

16,711

16,158

Held-to-Maturity14,113

15,967

16,723

19,252

18,750

Deposits1

3

1

9

8

Funds Sold115

149

92

546

723

Other167

151

125

218

239

Total Interest Income128,316

134,017

139,145

144,946

145,101

Interest ExpenseDeposits4,861

5,891

7,954

14,260

16,407

Securities Sold Under Agreements to Repurchase3,614

3,622

4,020

4,025

4,071

Funds Purchased5

-

18

72

25

Short-Term Borrowings-

1

22

39

-

Other Debt337

337

440

584

713

Total Interest Expense8,817

9,851

12,454

18,980

21,216

Net Interest Income119,499

124,166

126,691

125,966

123,885

Provision for Credit Losses15,200

28,600

40,400

33,600

4,750

Net Interest Income After Provision for Credit Losses104,299

95,566

86,291

92,366

119,135

Noninterest IncomeTrust and Asset Management11,239

10,752

10,550

10,915

11,157

Mortgage Banking6,851

4,047

4,278

2,695

3,199

Service Charges on Deposit Accounts6,335

6,027

5,097

7,451

7,835

Fees, Exchange, and Other Service Charges12,143

12,296

9,417

13,200

14,533

Investment Securities Gains (Losses), Net(1,193

)

(1,121

)

13,216

(970

)

(906

)

Annuity and Insurance670

881

883

928

1,272

Bank-Owned Life Insurance2,353

1,806

1,649

1,580

1,879

Other6,860

7,046

6,178

10,350

8,733

Total Noninterest Income45,258

41,734

51,268

46,149

47,702

Noninterest ExpenseSalaries and Benefits50,200

51,951

50,715

54,463

51,664

Net Occupancy14,536

7,281

8,761

8,955

8,824

Net Equipment9,574

9,223

8,195

8,456

7,930

Data Processing4,604

4,691

4,416

4,788

4,828

Professional Fees3,174

2,743

3,061

3,208

3,257

FDIC Insurance1,484

1,282

1,558

1,456

1,376

Other15,082

12,778

12,186

14,986

15,217

Total Noninterest Expense98,654

89,949

88,892

96,312

93,096

Income Before Provision for Income Taxes50,903

47,351

48,667

42,203

73,741

Provision for Income Taxes8,589

9,511

9,759

7,461

15,598

Net Income$

42,314

$

37,840

$

38,908

$

34,742

$

58,143

Basic Earnings Per Share$

1.06

$

0.95

$

0.98

$

0.88

$

1.46

Diluted Earnings Per Share$

1.06

$

0.95

$

0.98

$

0.87

$

1.45

Balance Sheet TotalsLoans and Leases$

11,940,020

$

11,793,608

$

11,805,370

$

11,352,780

$

10,990,892

Total Assets20,603,651

20,109,489

19,769,942

18,542,233

18,095,496

Total Deposits18,211,621

17,738,883

17,423,155

16,055,361

15,784,482

Total Shareholders' Equity1,374,507

1,361,739

1,352,082

1,327,929

1,286,832

Performance RatiosReturn on Average Assets0.83

%

0.76

%

0.82

%

0.77

%

1.29

%

Return on Average Shareholders' Equity12.26

11.01

11.58

10.64

17.84

Efficiency Ratio 159.88

54.22

49.95

55.96

54.26

Net Interest Margin 22.48

2.67

2.83

2.96

2.95

Bank of Hawaii Corporation andSubsidiariesSelected Quarterly Table 14Financial Data Three Months Ended December 31, September 30, June 30, March 31, December 31,(dollars in 2020 2020 2020 2020 2019thousands, exceptper share amounts)QuarterlyOperating ResultsInterest IncomeInterest and Fees $ 98,471 $ 103,189 $ 107,628 $ 108,210 $ 109,223 on Loans andLeasesIncome onInvestmentSecuritiesAvailable-for-Sale 15,449 14,558 14,576 16,711 16,158

Held-to-Maturity 14,113 15,967 16,723 19,252 18,750

Deposits 1 3 1 9 8

Funds Sold 115 149 92 546 723

Other 167 151 125 218 239

Total Interest 128,316 134,017 139,145 144,946 145,101 IncomeInterest ExpenseDeposits 4,861 5,891 7,954 14,260 16,407

Securities Sold 3,614 3,622 4,020 4,025 4,071 Under Agreementsto RepurchaseFunds Purchased 5 - 18 72 25

Short-Term - 1 22 39 - BorrowingsOther Debt 337 337 440 584 713

Total Interest 8,817 9,851 12,454 18,980 21,216 ExpenseNet Interest 119,499 124,166 126,691 125,966 123,885 IncomeProvision for 15,200 28,600 40,400 33,600 4,750 Credit LossesNet InterestIncome After 104,299 95,566 86,291 92,366 119,135 Provision forCredit LossesNoninterest IncomeTrust and Asset 11,239 10,752 10,550 10,915 11,157 ManagementMortgage Banking 6,851 4,047 4,278 2,695 3,199

Service Charges on 6,335 6,027 5,097 7,451 7,835 Deposit AccountsFees, Exchange, 12,143 12,296 9,417 13,200 14,533 and Other ServiceChargesInvestment (1,193 ) (1,121 ) 13,216 (970 ) (906 )Securities Gains(Losses), NetAnnuity and 670 881 883 928 1,272 InsuranceBank-Owned Life 2,353 1,806 1,649 1,580 1,879 InsuranceOther 6,860 7,046 6,178 10,350 8,733

Total Noninterest 45,258 41,734 51,268 46,149 47,702 IncomeNoninterestExpenseSalaries and 50,200 51,951 50,715 54,463 51,664 BenefitsNet Occupancy 14,536 7,281 8,761 8,955 8,824

Net Equipment 9,574 9,223 8,195 8,456 7,930

Data Processing 4,604 4,691 4,416 4,788 4,828

Professional Fees 3,174 2,743 3,061 3,208 3,257

FDIC Insurance 1,484 1,282 1,558 1,456 1,376

Other 15,082 12,778 12,186 14,986 15,217

Total Noninterest 98,654 89,949 88,892 96,312 93,096 ExpenseIncome Before 50,903 47,351 48,667 42,203 73,741 Provision forIncome TaxesProvision for 8,589 9,511 9,759 7,461 15,598 Income TaxesNet Income $ 42,314 $ 37,840 $ 38,908 $ 34,742 $ 58,143

Basic Earnings Per $ 1.06 $ 0.95 $ 0.98 $ 0.88 $ 1.46 ShareDiluted Earnings $ 1.06 $ 0.95 $ 0.98 $ 0.87 $ 1.45 Per Share Balance SheetTotalsLoans and Leases $ 11,940,020 $ 11,793,608 $ 11,805,370 $ 11,352,780 $ 10,990,892

Total Assets 20,603,651 20,109,489 19,769,942 18,542,233 18,095,496

Total Deposits 18,211,621 17,738,883 17,423,155 16,055,361 15,784,482

Total 1,374,507 1,361,739 1,352,082 1,327,929 1,286,832 Shareholders'Equity Performance RatiosReturn on Average 0.83 % 0.76 % 0.82 % 0.77 % 1.29 %AssetsReturn on Average 12.26 11.01 11.58 10.64 17.84 Shareholders'EquityEfficiency Ratio ^ 59.88 54.22 49.95 55.96 54.26 1Net Interest 2.48 2.67 2.83 2.96 2.95 Margin ^21 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.^1 Efficiency ratio is defined as noninterest expense divided by total revenue(net interest income and noninterest income).^2 Net interest margin is defined as net interest income, on ataxable-equivalent basis, as a percentage of average earning assets.Bank of Hawaii Corporation and SubsidiariesHawaii Economic TrendsTable 15Eleven Months EndedYear Ended($ in millions; jobs in thousands)November 30, 2020December 31, 2019December 31, 2018Hawaii Economic TrendsState General Fund Revenues 1$

5,894.5

(12.5

)

%

$

7,316.5

5.5

%

$

6,933.1

6.9

%

General Excise and Use Tax Revenue 1$

2,797.3

(15.7

)

%

$

3,602.2

5.1

%

$

3,426.5

2.3

%

Jobs 2591.0

648.9

649.9

November 30,

December 31,

(spot rates)2020

2019

2018

Unemployment3Statewide, seasonally adjusted10.1

%

2.7

%

2.6

%

Oahu8.8

2.1

2.2

Island of Hawaii9.8

2.8

2.9

Maui16.0

2.2

2.2

Kauai13.5

2.4

2.3

December 31,

(percentage change, except months of inventory)2020

2019

2018

2017

Housing Trends (Single Family Oahu) 4Median Home Price5.2

%

(0.1

)

%

4.6

%

2.7

%

Home Sales Volume (units)2.3

%

3.9

%

(7.7

)

%

6.3

%

Months of Inventory1.4

2.5

2.8

2.1

Monthly Visitor Arrivals,Percentage Change(in thousands)Not Seasonally Adjustedfrom Previous YearTourism 5November 30, 2020183.8

(77.3

)

October 31, 202076.6

(90.4

)

September 30, 202018.9

(97.4

)

August 31, 202022.3

(97.6

)

July 31, 202022.6

(97.7

)

June 30, 202017.1

(98.2

)

May 31, 20209.1

(98.9

)

April 30, 20204.6

(99.5

)

March 31, 2020434.9

(53.7

)

February 29, 2020828.1

5.8

January 31, 2020862.6

5.1

December 31, 2019954.3

6.0

November 30, 2019809.1

3.9

October 31, 2019796.2

4.3

September 30, 2019738.2

3.1

August 31, 2019926.4

9.6

July 31, 2019995.2

5.9

June 30, 2019951.6

6.1

May 31, 2019841.4

4.6

April 30, 2019856.3

6.6

March 31, 2019939.1

3.9

February 28, 2019782.7

0.5

January 31, 2019820.6

3.0

Bank of Hawaii Corporation andSubsidiariesHawaii TableEconomic 15Trends Eleven Months Year Ended Ended($ inmillions; November 30, 2020 December 31, 2019 December 31, 2018jobs inthousands)HawaiiEconomicTrendsState $ 5,894.5 (12.5 ) % $ 7,316.5 5.5 % $ 6,933.1 6.9 %General FundRevenues^ 1GeneralExcise and $ 2,797.3 (15.7 ) % $ 3,602.2 5.1 % $ 3,426.5 2.3 %Use TaxRevenue^ 1Jobs ^2 591.0 648.9 649.9

November December 31, 30,

(spot rates) 2020 2019 2018

Unemployment^ ^3Statewide, 10.1 % 2.7 % 2.6 %seasonallyadjusted Oahu 8.8 2.1 2.2

Island of 9.8 2.8 2.9 HawaiiMaui 16.0 2.2 2.2

Kauai 13.5 2.4 2.3

December 31,

(percentagechange, 2020 2019 2018 2017 exceptmonths ofinventory)HousingTrends(SingleFamily Oahu)^4Median Home 5.2 % (0.1 ) % 4.6 % 2.7 %PriceHome Sales 2.3 % 3.9 % (7.7 ) % 6.3 %Volume(units)Months of 1.4 2.5 2.8 2.1 Inventory Monthly Visitor Percentage Change Arrivals,(in Not Seasonally from Previous Yearthousands) AdjustedTourism ^5November 30, 183.8 (77.3 )2020October 31, 76.6 (90.4 )2020September 18.9 (97.4 )30, 2020August 31, 22.3 (97.6 )2020July 31, 22.6 (97.7 )2020June 30, 17.1 (98.2 )2020May 31, 2020 9.1 (98.9 )

April 30, 4.6 (99.5 )2020March 31, 434.9 (53.7 )2020February 29, 828.1 5.8 2020January 31, 862.6 5.1 2020December 31, 954.3 6.0 2019November 30, 809.1 3.9 2019October 31, 796.2 4.3 2019September 738.2 3.1 30, 2019August 31, 926.4 9.6 2019July 31, 995.2 5.9 2019June 30, 951.6 6.1 2019May 31, 2019 841.4 4.6

April 30, 856.3 6.6 2019March 31, 939.1 3.9 2019February 28, 782.7 0.5 2019January 31, 820.6 3.0 20191 Source: Hawaii Department of Business, Economic Development & Tourism2 Source: U. S. Bureau of Labor Statistics3 Source: UHERO for 2020 and Hawaii Department of Labor and Industrial Relations for 2019 and 2018. County jobs data not seasonally adjusted.4 Source: Honolulu Board of REALTORS5 Source: Hawaii Tourism Authority View source version on businesswire.com: https://www.businesswire.com/news/home/20210125005184/en/

CONTACT: Media Inquiries Melissa Torres-Laing Email: Melissa.Torres-Laing@boh.com Telephone: 808-694-8384 Mobile: 808-859-1703

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