Business Wire | Oct 26, 2020 06:45AM EDT

Bank of Hawaii Corporation Third Quarter 2020 Financial Results

Oct. 26, 2020

HONOLULU--(BUSINESS WIRE)--Oct. 26, 2020--Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.95 for the third quarter of 2020 compared with diluted earnings per share of $0.98 in the previous quarter and diluted earnings per share of $1.29 in the same quarter last year. Net income for the third quarter of 2020 was $37.8 million compared with net income of $38.9 million in the second quarter of 2020 and net income of $52.1 million in the third quarter of 2019.

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Loan and lease balances were $11.8 billion at September 30, 2020 down slightly from June 30, 2020, up 7.3 percent from December 31, 2019, and up 8.4 percent compared with September 30, 2019. Total deposits reached another record high of $17.7 billion at the end of the third quarter of 2020, an increase of 1.8 percent from June 30, 2020, up 12.4 percent from December 31, 2019, and up 15.6 percent compared with September 30, 2019.

"Our financial results for the third quarter largely reflect current conditions at the local, national and global level," said Peter Ho, Chairman, President and CEO. "Our long-standing commitment to conservatism, liquidity and capital strength positions us relatively well to these extraordinary times."

The return on average assets for the third quarter of 2020 was 0.76 percent, down from 0.82 percent in the previous quarter and 1.17 percent in the same quarter last year. The return on average equity for the third quarter of 2020 was 11.01 percent compared with 11.58 percent for the second quarter of 2020 and 16.02 percent for the third quarter of 2019. The efficiency ratio for the third quarter of 2020 was 54.22 percent compared with 49.95 percent in the previous quarter and 58.55 percent in the same quarter last year.

For the nine-month period ended September 30, 2020, net income was $111.5 million, down from net income of $167.8 million during the same period last year. Diluted earnings per share were $2.80 for the nine-month period in 2020 compared with diluted earnings per share of $4.11 for the same period in 2019. The return on average assets for the nine-month period ended September 30, 2020 was 0.78 percent compared with the return on average assets of 1.29 percent for the same nine months in 2019. The 2020 year-to-date return on average equity was 11.08 percent compared with 17.58 percent for the nine months ended September 30, 2019. The efficiency ratio for the nine-month period in 2020 was 53.33 percent compared with 56.16 percent in the same period last year.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2020 was $124.5 million, a decrease of $2.5 million compared with $127.0 million in the second quarter of 2020 and a decrease of $0.7 million compared with $125.2 million in the third quarter of 2019. Net interest income in the second quarter of 2020 included an interest recovery of $2.9 million that increased the margin by 7 basis points. Net interest income, on a taxable equivalent basis, for the nine-month period in 2020 was $377.8 million, an increase of $2.1 million compared with net interest income of $375.7 million for the same period in 2019. Analyses of the changes in net interest income are included in Tables 8a, 8b and 8c.

The net interest margin was 2.67 percent for the third quarter of 2020, down 16 basis points from 2.83 percent in the previous quarter and down 34 basis points from the net interest margin of 3.01 percent in the third quarter of 2019. The decrease is largely due to lower rates and higher levels of liquidity due to the strong deposit growth. The net interest margin for the nine-month period in 2020 was 2.82 percent compared with the net interest margin of 3.05 percent for the same nine-month period last year.

Results for the third quarter of 2020 included a provision for credit losses of $28.6 million compared with $40.4 million in the previous quarter and $4.3 million in the same quarter last year. The provision for credit losses for the nine-month period in 2020 was $102.6 million compared with a provision for credit losses of $11.3 million during the same period in 2019.

Noninterest income was $41.7 million in the third quarter of 2020, a decrease of $9.6 million compared with $51.3 million in the second quarter of 2020 and a decrease of $4.8 million compared with $46.5 million in the third quarter of 2019. There were no significant items in noninterest income during the third quarter of 2020 or the third quarter of 2019. Noninterest income during the second quarter of 2020 included a gain of $14.2 million related to a sale of Visa Class B shares. Adjusted for the sale of the Visa shares, the increase in noninterest income compared to the prior quarter was primarily due to higher fee income. The decline in noninterest revenue compared to the third quarter last year is due to lower fee income resulting from decreased customer and visitor activity related to the COVID-19 pandemic. Noninterest income for the nine-month period in 2020 was $139.2 million, an increase of $3.6 million compared with noninterest income of $135.6 million for the same period in 2019.

Noninterest expense was $89.9 million in the third quarter of 2020, an increase of $1.0 million compared with $88.9 million in the second quarter of 2020 and a decrease of $10.4 million compared with $100.3 million in the third quarter last year. 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 second quarter of 2020. Noninterest expense in the third quarter of 2019 included a $6.0 million increase in legal reserves. Noninterest expense for the nine-month period in 2020 was $275.2 million, a decrease of $10.9 million compared with noninterest expense of $286.1 million for the same period in 2019. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the third quarter of 2020 was 20.09 percent compared with 20.05 percent in the previous quarter and 22.08 percent in the same quarter last year. The effective tax rate for the nine-month period in 2020 was 19.34 percent compared with an effective tax rate of 20.89 percent during the same period last year.

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 asset quality remained relatively stable during the third quarter of 2020. Total non-performing assets were $18.6 million at September 30, 2020 down from $22.7 million at June 30, 2020 and $21.6 million at September 30, 2019. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.16 percent, down from 0.19 percent at the end of the previous quarter and 0.20 percent at the end of the third quarter last year.

Accruing loans and leases past due 90 days or more were $9.6 million at September 30, 2020 compared with $8.9 million at June 30, 2020 and $6.1 million at September 30, 2019. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $58.7 million at September 30, 2020, compared with $59.7 million at June 30, 2020 and $46.2 million at September 30, 2019. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loan and lease charge-offs during the third quarter of 2020 were a net recovery of $1.5 million. Loan and lease charge-offs of $2.3 million during the quarter were fully offset by recoveries of $3.8 million. Net charge-offs during the second quarter of 2020 were $5.1 million or 0.18 percent annualized of total average loans and leases outstanding and comprised of $8.3 million in charge-offs and recoveries of $3.2 million. Net charge-offs during the third quarter of 2019 were $3.0 million or 0.11 percent annualized of total average loans and leases outstanding and comprised of $5.8 million in charge-offs and recoveries of $2.8 million. Net charge-offs during the nine-month period in 2020 were $7.4 million or 0.09 percent annualized of total average loans and leases outstanding compared with net charge-offs of $9.0 million or 0.11 percent annualized of total average loans and leases outstanding for the nine-month period in 2019.

The allowance for credit losses was $203.5 million at September 30, 2020 compared with $173.4 million at June 30, 2020 and $108.9 million at September 30, 2019. The ratio of the allowance for credit losses to total loans and leases was 1.73 percent at September 30, 2020 compared with 1.47 percent at June 30, 2020 and 1.00 percent at September 30, 2019. The reserve for unfunded commitments was $2.3 million at September 30, 2020 compared with $2.5 million at June 30, 2020 and $6.8 million at September 30, 2019. Details of loan and lease charge-offs, recoveries and components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to $20.1 billion at September 30, 2020 compared with $19.8 billion at June 30, 2020 and $17.7 billion at September 30, 2019. Average total assets were $19.7 billion during the third quarter of 2020 compared with $19.2 billion during the previous quarter and $17.6 billion during the third quarter last year.

The investment securities portfolio was $6.4 billion at September 30, 2020, up from $6.0 billion at June 30, 2020 and $5.5 billion at September 30, 2019 due to strong growth in deposits that outpaced loan growth. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $3.2 billion in securities held to maturity and $3.2 billion in securities available for sale. The securities portfolio at June 30, 2020 included $3.3 billion in securities held to maturity and $2.7 billion in securities available for sale compared with $2.9 billion in securities held to maturity and $2.6 billion in securities available for sale at September 30, 2019.

Total loans and leases were $11.8 billion at September 30, 2020. Average total loans and leases were $11.7 billion during the third quarter of 2020 up slightly from the previous quarter and up 9.0 percent from $10.8 billion during the same quarter last year. The commercial loan portfolio was $5.0 billion at September 30, 2020, down $5.9 million or 0.1 percent from June 30, 2020, and up $860.1 million or 20.7 percent from September 30, 2019. The consumer loan portfolio was $6.8 billion at September 30, 2020, down $5.9 million or 0.1 percent from June 30, 2020, and up $52.2 million or 0.8 percent from September 30, 2019.

Total deposits were $17.7 billion at September 30, 2020. Average total deposits were $17.3 billion during the third quarter of 2020, up 3.5 percent from $16.7 billion during the previous quarter and up 12.7 percent from $15.3 billion during the same quarter last year. Consumer deposits increased to $8.9 billion at September 30, 2020, up $136.9 million or 1.6 percent from $8.8 billion at June 30, 2020 and up $1.0 billion or 12.8 percent from $7.9 billion at September 30, 2019. Commercial deposits were $7.2 billion at September 30, 2020, down $135.5 million or 1.9 percent from $7.3 billion at June 30, 2020 and were up $1.0 billion or 16.3 percent from $6.2 billion at September 30, 2019. Other deposits, including public funds, were $1.7 billion at September 30, 2020, an increase of $314.3 million or 23.1 percent from June 30, 2020 and up $381.7 million or 29.5 percent from September 30, 2019. Deposit balances are summarized in Tables 7a, 7b, and 10.

Total shareholders' equity increased to $1.36 billion at September 30, 2020 compared with $1.35 billion at June 30, 2020 and $1.29 billion at September 30, 2019. There were no shares repurchased during the third quarter of 2020. The Tier 1 Capital Ratio at September 30, 2020 was 12.09 percent compared with 12.04 percent at June 30, 2020 and 12.33 percent at September 30, 2019. The Tier 1 leverage ratio at September 30, 2020 was 6.81 percent compared with 6.90 percent at June 30, 2020 and 7.32 percent at September 30, 2019.

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 December 14, 2020 to shareholders of record at the close of business on November 30, 2020.

Conference Call Information

The Company will review its third quarter 2020 financial results today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The live call, including a slide presentation, will be accessible on the investor relations link of Company's website, www.boh.com. The webcast link is https://edge.media-server.com/mmc/p/xr9ecjhk. 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 will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, October 26, 2020. 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 6164797 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", such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. 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, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is a 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 Corporation and SubsidiariesFinancial Table 1Highlights Three Months Ended Nine Months Ended

September June 30, September September 30, 30, 30,

(dollars inthousands, 2020 2020 2019 2020 2019except pershare amounts)For thePeriod:OperatingResultsNet Interest $ 124,166 $ 126,691 $ 124,896 $ 376,823 $ 373,830IncomeProvision for 28,600 40,400 4,250 102,600 11,250Credit LossesTotal 41,734 51,268 46,507 139,151 135,636NoninterestIncomeTotal 89,949 88,892 100,349 275,153 286,131NoninterestExpenseNet Income 37,840 38,908 52,052 111,490 167,770

Basic Earnings 0.95 0.98 1.30 2.81 4.14Per ShareDiluted 0.95 0.98 1.29 2.80 4.11Earnings PerShareDividends 0.67 0.67 0.65 2.01 1.92Declared PerShare PerformanceRatiosReturn on 0.76 % 0.82 % 1.17 % 0.78 % 1.29 %Average AssetsReturn onAverage 11.01 11.58 16.02 11.08 17.58Shareholders'EquityEfficiency 54.22 49.95 58.55 53.33 56.16Ratio ^1Net Interest 2.67 2.83 3.01 2.82 3.05Margin ^2Dividend 70.53 68.37 50.00 71.53 46.38Payout Ratio ^3AverageShareholders' 6.93 7.04 7.32 7.06 7.31Equity toAverage Assets AverageBalancesAverage Loans $ 11,739,785 $ 11,727,649 $ 10,770,720 $ 11,510,222 $ 10,624,311and LeasesAverage Assets 19,741,139 19,189,581 17,605,394 19,053,626 17,442,054

Average 17,270,206 16,679,511 15,330,691 16,591,640 15,156,275DepositsAverage 1,367,756 1,351,345 1,289,417 1,344,402 1,275,753Shareholders'Equity Per Share ofCommon StockBook Value $ 33.99 $ 33.76 $ 32.00 $ 33.99 $ 32.00

Tangible Book 33.21 32.97 31.22 33.21 31.22ValueMarket ValueClosing 50.52 61.41 85.93 50.52 85.93

High 61.94 72.74 88.20 95.53 88.20

Low 48.77 51.15 79.13 46.70 66.54

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

2020 2020 2019 2019

As of PeriodEnd:Balance SheetTotalsLoans and $ 11,793,608 $ 11,805,370 $ 10,990,892 $ 10,881,298LeasesTotal Assets 20,109,489 19,769,942 18,095,496 17,672,140

Total Deposits 17,738,883 17,423,155 15,784,482 15,340,752

Other Debt 60,502 60,524 85,565 110,585

Total 1,361,739 1,352,082 1,286,832 1,291,490Shareholders'Equity Asset QualityNon-Performing $ 18,626 $ 22,701 $ 20,117 $ 21,645AssetsAllowance for 203,496 173,439 138,150 108,936Credit LossesAllowance toLoans and 1.73 % 1.47 % 1.00 % 1.00 %LeasesOutstanding Capital Ratios^4Common Equity 12.09 % 12.04 % 12.18 % 12.33 %Tier 1 CapitalRatioTier 1 Capital 12.09 12.04 12.18 12.33RatioTotal Capital 13.35 13.29 13.28 13.44RatioTier 1 6.81 6.90 7.25 7.32Leverage RatioTotalShareholders' 6.77 6.84 7.11 7.31Equity toTotal AssetsTangibleCommon Equity 6.63 6.69 6.95 7.14to TangibleAssets ^5TangibleCommon Equity 12.02 12.07 11.85 12.10toRisk-WeightedAssets^ 5 Non-FinancialDataFull-Time 2,038 2,112 2,124 2,124EquivalentEmployeesBranches 67 67 68 67

ATMs 358 367 387 379

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 September 30, 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 total revenue(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 divided bybasic earnings per share.^4 Regulatory capital ratios as of September 30, 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 2September 30,

June 30,

December 31,

September 30,

(dollars in thousands)2020

2020

2019

2019

Total Shareholders' Equity$

1,361,739

$

1,352,082

$

1,286,832

$

1,291,490

Less: Goodwill31,517

31,517

31,517

31,517

Tangible Common Equity$

1,330,222

$

1,320,565

$

1,255,315

$

1,259,973

Total Assets$

20,109,489

$

19,769,942

$

18,095,496

$

17,672,140

Less: Goodwill31,517

31,517

31,517

31,517

Tangible Assets$

20,077,972

$

19,738,425

$

18,063,979

$

17,640,623

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

11,068,888

$

10,941,894

$

10,589,061

$

10,416,560

Total Shareholders' Equity to Total Assets6.77

%

6.84

%

7.11

%

7.31

%

Tangible Common Equity to Tangible Assets (Non-GAAP)6.63

%

6.69

%

6.95

%

7.14

%

Tier 1 Capital Ratio12.09

%

12.04

%

12.18

%

12.33

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)12.02

%

12.07

%

11.85

%

12.10

%

Note: Risk-Weighted Assets and Regulatory capital ratios as of September 30, 2020 are preliminary.Bank of HawaiiCorporation andSubsidiariesReconciliationof Non-GAAP Table 2FinancialMeasures September June 30, December 31, September 30, 30,

(dollars in 2020 2020 2019 2019thousands) Total $ 1,361,739 $ 1,352,082 $ 1,286,832 $ 1,291,490 Shareholders'EquityLess: Goodwill 31,517 31,517 31,517 31,517

Tangible Common $ 1,330,222 $ 1,320,565 $ 1,255,315 $ 1,259,973 Equity Total Assets $ 20,109,489 $ 19,769,942 $ 18,095,496 $ 17,672,140

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

Tangible Assets $ 20,077,972 $ 19,738,425 $ 18,063,979 $ 17,640,623

Risk-WeightedAssets,determined inaccordancewith prescribed $ 11,068,888 $ 10,941,894 $ 10,589,061 $ 10,416,560 regulatoryrequirements TotalShareholders' 6.77 % 6.84 % 7.11 % 7.31 %Equity to TotalAssetsTangible CommonEquity to 6.63 % 6.69 % 6.95 % 7.14 %Tangible Assets(Non-GAAP) Tier 1 Capital 12.09 % 12.04 % 12.18 % 12.33 %Ratio^Tangible CommonEquity to 12.02 % 12.07 % 11.85 % 12.10 %Risk-WeightedAssets(Non-GAAP) Note:Risk-WeightedAssets andRegulatorycapital ratiosas of September30, 2020 arepreliminary.Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of IncomeTable 3Three Months EndedNine Months EndedSeptember 30,

June 30,

September 30,

September 30,

(dollars in thousands, except per share amounts)2020

2020

2019

2020

2019

Interest IncomeInterest and Fees on Loans and Leases$

103,189

$

107,628

$

110,877

$

319,027

$

329,789

Income on Investment SecuritiesAvailable-for-Sale14,558

14,576

17,512

45,845

46,016

Held-to-Maturity15,967

16,723

18,796

51,942

62,866

Deposits3

1

9

13

33

Funds Sold149

92

656

787

2,830

Other151

125

233

494

762

Total Interest Income134,017

139,145

148,083

418,108

442,296

Interest ExpenseDeposits5,891

7,954

18,055

28,105

51,967

Securities Sold Under Agreements to Repurchase3,622

4,020

4,257

11,667

13,451

Funds Purchased-

18

146

90

815

Short-Term Borrowings1

22

1

62

38

Other Debt337

440

728

1,361

2,195

Total Interest Expense9,851

12,454

23,187

41,285

68,466

Net Interest Income124,166

126,691

124,896

376,823

373,830

Provision for Credit Losses28,600

40,400

4,250

102,600

11,250

Net Interest Income After Provision for Credit Losses95,566

86,291

120,646

274,223

362,580

Noninterest IncomeTrust and Asset Management10,752

10,550

10,930

32,217

33,076

Mortgage Banking4,047

4,278

4,864

11,020

10,487

Service Charges on Deposit Accounts6,027

5,097

7,592

18,575

22,239

Fees, Exchange, and Other Service Charges12,296

9,417

14,900

34,913

43,360

Investment Securities Gains (Losses), Net(1,121

)

13,216

(1,469

)

11,125

(3,080

)

Annuity and Insurance881

883

1,278

2,692

5,662

Bank-Owned Life Insurance1,806

1,649

1,647

5,035

5,136

Other7,046

6,178

6,765

23,574

18,756

Total Noninterest Income41,734

51,268

46,507

139,151

135,636

Noninterest ExpenseSalaries and Benefits51,951

50,715

54,345

157,129

164,442

Net Occupancy7,281

8,761

8,803

24,997

24,976

Net Equipment9,223

8,195

7,637

25,874

21,365

Data Processing4,691

4,416

4,676

13,895

13,929

Professional Fees2,743

3,061

2,184

9,012

6,814

FDIC Insurance1,282

1,558

1,257

4,296

3,816

Other12,778

12,186

21,447

39,950

50,789

Total Noninterest Expense89,949

88,892

100,349

275,153

286,131

Income Before Provision for Income Taxes47,351

48,667

66,804

138,221

212,085

Provision for Income Taxes9,511

9,759

14,752

26,731

44,315

Net Income$

37,840

$

38,908

$

52,052

$

111,490

$

167,770

Basic Earnings Per Share$

0.95

$

0.98

$

1.30

$

2.81

$

4.14

Diluted Earnings Per Share$

0.95

$

0.98

$

1.29

$

2.80

$

4.11

Dividends Declared Per Share$

0.67

$

0.67

$

0.65

$

2.01

$

1.92

Basic Weighted Average Shares39,745,120

39,703,735

40,190,508

39,710,252

40,554,036

Diluted Weighted Average Shares39,869,135

39,832,475

40,450,742

39,872,406

40,806,295

Bank of Hawaii Corporation andSubsidiariesConsolidatedStatements of Table 3Income Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30,

(dollars in 2020 2020 2019 2020 2019 thousands, exceptper share amounts)Interest IncomeInterest and Fees $ 103,189 $ 107,628 $ 110,877 $ 319,027 $ 329,789 on Loans andLeasesIncome onInvestmentSecuritiesAvailable-for-Sale 14,558 14,576 17,512 45,845 46,016

Held-to-Maturity 15,967 16,723 18,796 51,942 62,866

Deposits 3 1 9 13 33

Funds Sold 149 92 656 787 2,830

Other 151 125 233 494 762

Total Interest 134,017 139,145 148,083 418,108 442,296 IncomeInterest ExpenseDeposits 5,891 7,954 18,055 28,105 51,967

Securities Sold 3,622 4,020 4,257 11,667 13,451 Under Agreementsto RepurchaseFunds Purchased - 18 146 90 815

Short-Term 1 22 1 62 38 BorrowingsOther Debt 337 440 728 1,361 2,195

Total Interest 9,851 12,454 23,187 41,285 68,466 ExpenseNet Interest 124,166 126,691 124,896 376,823 373,830 IncomeProvision for 28,600 40,400 4,250 102,600 11,250 Credit LossesNet InterestIncome After 95,566 86,291 120,646 274,223 362,580 Provision forCredit LossesNoninterest IncomeTrust and Asset 10,752 10,550 10,930 32,217 33,076 ManagementMortgage Banking 4,047 4,278 4,864 11,020 10,487

Service Charges on 6,027 5,097 7,592 18,575 22,239 Deposit AccountsFees, Exchange, 12,296 9,417 14,900 34,913 43,360 and Other ServiceChargesInvestment (1,121 ) 13,216 (1,469 ) 11,125 (3,080 )Securities Gains(Losses), NetAnnuity and 881 883 1,278 2,692 5,662 InsuranceBank-Owned Life 1,806 1,649 1,647 5,035 5,136 InsuranceOther 7,046 6,178 6,765 23,574 18,756

Total Noninterest 41,734 51,268 46,507 139,151 135,636 IncomeNoninterestExpenseSalaries and 51,951 50,715 54,345 157,129 164,442 BenefitsNet Occupancy 7,281 8,761 8,803 24,997 24,976

Net Equipment 9,223 8,195 7,637 25,874 21,365

Data Processing 4,691 4,416 4,676 13,895 13,929

Professional Fees 2,743 3,061 2,184 9,012 6,814

FDIC Insurance 1,282 1,558 1,257 4,296 3,816

Other 12,778 12,186 21,447 39,950 50,789

Total Noninterest 89,949 88,892 100,349 275,153 286,131 ExpenseIncome Before 47,351 48,667 66,804 138,221 212,085 Provision forIncome TaxesProvision for 9,511 9,759 14,752 26,731 44,315 Income TaxesNet Income $ 37,840 $ 38,908 $ 52,052 $ 111,490 $ 167,770

Basic Earnings Per $ 0.95 $ 0.98 $ 1.30 $ 2.81 $ 4.14 ShareDiluted Earnings $ 0.95 $ 0.98 $ 1.29 $ 2.80 $ 4.11 Per ShareDividends Declared $ 0.67 $ 0.67 $ 0.65 $ 2.01 $ 1.92 Per ShareBasic Weighted 39,745,120 39,703,735 40,190,508 39,710,252 40,554,036 Average SharesDiluted Weighted 39,869,135 39,832,475 40,450,742 39,872,406 40,806,295 Average Shares Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeTable 4Three Months EndedNine Months EndedSeptember 30,

June 30,

September 30,

September 30,

(dollars in thousands)2020

2020

2019

2020

2019

Net Income$

37,840

$

38,908

$

52,052

$

111,490

$

167,770

Other Comprehensive Income (Loss), Net of Tax:Net Unrealized Gains (Losses) on Investment Securities(4,900

)

7,730

5,405

44,389

28,533

Defined Benefit Plans374

374

245

1,122

736

Other Comprehensive Income (Loss)(4,526

)

8,104

5,650

45,511

29,269

Comprehensive Income$

33,314

$

47,012

$

57,702

$

157,001

$

197,039

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive Income Table 4 Three Months Ended Nine Months Ended September June 30, September September 30, 30, 30,

(dollars in thousands) 2020 2020 2019 2020 2019

Net Income $ 37,840 $ 38,908 $ 52,052 $ 111,490 $ 167,770

Other Comprehensive Income(Loss), Net of Tax: Net Unrealized Gains (4,900 ) 7,730 5,405 44,389 28,533 (Losses) on Investment Securities Defined Benefit Plans 374 374 245 1,122 736

Other Comprehensive Income (4,526 ) 8,104 5,650 45,511 29,269(Loss)Comprehensive Income $ 33,314 $ 47,012 $ 57,702 $ 157,001 $ 197,039

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of ConditionTable 5September 30,

June 30,

December 31,

September 30,

(dollars in thousands)2020

2020

2019

2019

AssetsInterest-Bearing Deposits in Other Banks$

4,233

$

2,310

$

4,979

$

2,946

Funds Sold736,524

800,857

254,574

108,446

Investment SecuritiesAvailable-for-Sale3,190,313

2,726,478

2,619,003

2,594,394

Held-to-Maturity (Fair Value of $3,288,668; $3,374,294; $3,062,882; and $2,972,273)3,198,830

3,276,829

3,042,294

2,946,910

Loans Held for Sale-

20,711

39,062

36,720

Loans and Leases11,793,608

11,805,370

10,990,892

10,881,298

Allowance for Credit Losses(203,496

)

(173,439

)

(110,027

)

(108,936

)

Net Loans and Leases11,590,112

11,631,931

10,880,865

10,772,362

Total Earning Assets18,720,012

18,459,116

16,840,777

16,461,778

Cash and Due from Banks260,167

242,423

299,105

259,492

Premises and Equipment, Net199,021

198,582

188,388

179,453

Operating Lease Right-of-Use Assets96,200

97,166

100,838

101,005

Accrued Interest Receivable57,370

50,645

46,476

47,897

Foreclosed Real Estate2,332

2,506

2,737

2,939

Mortgage Servicing Rights21,887

22,904

25,022

24,408

Goodwill31,517

31,517

31,517

31,517

Bank-Owned Life Insurance291,231

291,185

287,962

286,936

Other Assets429,752

373,898

272,674

276,715

Total Assets$

20,109,489

$

19,769,942

$

18,095,496

$

17,672,140

LiabilitiesDepositsNoninterest-Bearing Demand$

5,428,567

$

5,485,015

$

4,489,525

$

4,392,706

Interest-Bearing Demand3,824,448

3,437,654

3,127,205

3,000,865

Savings6,763,891

6,821,710

6,365,321

6,141,098

Time1,721,977

1,678,776

1,802,431

1,806,083

Total Deposits17,738,883

17,423,155

15,784,482

15,340,752

Securities Sold Under Agreements to Repurchase602,106

603,206

604,306

604,299

Other Debt60,502

60,524

85,565

110,585

Operating Lease Liabilities103,869

104,741

108,210

108,264

Retirement Benefits Payable43,505

43,833

44,504

39,682

Accrued Interest Payable6,613

7,775

8,040

8,435

Taxes Payable and Deferred Taxes12,124

38,297

16,085

21,089

Other Liabilities180,148

136,329

157,472

147,544

Total Liabilities18,747,750

18,417,860

16,808,664

16,380,650

Shareholders' EquityCommon Stock ($.01 par value; authorized 500,000,000 shares;issued / outstanding: September 30, 2020 - 58,248,690 / 40,060,675;June 30, 2020 - 58,263,452 / 40,047,694; December 31, 2019 - 58,166,910 / 40,039,695;and September 30, 2019 - 58,176,305 / 40,359,259)580

580

579

579

Capital Surplus588,632

586,946

582,566

580,200

Accumulated Other Comprehensive Gain (Loss)14,399

18,925

(31,112

)

(21,774

)

Retained Earnings1,797,763

1,786,351

1,761,415

1,730,437

Treasury Stock, at Cost (Shares: September 30, 2020 - 18,188,015; June 30, 2020 - 18,215,758;December 31, 2019 - 18,127,215; and September 30, 2019 - 17,817,046)(1,039,635

)

(1,040,720

)

(1,026,616

)

(997,952

)

Total Shareholders' Equity1,361,739

1,352,082

1,286,832

1,291,490

Total Liabilities and Shareholders' Equity$

20,109,489

$

19,769,942

$

18,095,496

$

17,672,140

Bank of HawaiiCorporation andSubsidiariesConsolidatedStatements of Table 5Condition September 30, June 30, December 31, September 30,

(dollars in 2020 2020 2019 2019thousands)AssetsInterest-Bearing $ 4,233 $ 2,310 $ 4,979 $ 2,946 Deposits in OtherBanksFunds Sold 736,524 800,857 254,574 108,446

InvestmentSecuritiesAvailable-for-Sale 3,190,313 2,726,478 2,619,003 2,594,394

Held-to-Maturity(Fair Value of$3,288,668; 3,198,830 3,276,829 3,042,294 2,946,910 $3,374,294;$3,062,882; and$2,972,273)Loans Held for Sale - 20,711 39,062 36,720

Loans and Leases 11,793,608 11,805,370 10,990,892 10,881,298

Allowance for (203,496 ) (173,439 ) (110,027 ) (108,936 )Credit LossesNet Loans and 11,590,112 11,631,931 10,880,865 10,772,362 LeasesTotal Earning 18,720,012 18,459,116 16,840,777 16,461,778 AssetsCash and Due from 260,167 242,423 299,105 259,492 BanksPremises and 199,021 198,582 188,388 179,453 Equipment, NetOperating Lease 96,200 97,166 100,838 101,005 Right-of-Use AssetsAccrued Interest 57,370 50,645 46,476 47,897 ReceivableForeclosed Real 2,332 2,506 2,737 2,939 EstateMortgage Servicing 21,887 22,904 25,022 24,408 RightsGoodwill 31,517 31,517 31,517 31,517

Bank-Owned Life 291,231 291,185 287,962 286,936 InsuranceOther Assets 429,752 373,898 272,674 276,715

Total Assets $ 20,109,489 $ 19,769,942 $ 18,095,496 $ 17,672,140

LiabilitiesDepositsNoninterest-Bearing $ 5,428,567 $ 5,485,015 $ 4,489,525 $ 4,392,706 DemandInterest-Bearing 3,824,448 3,437,654 3,127,205 3,000,865 DemandSavings 6,763,891 6,821,710 6,365,321 6,141,098

Time 1,721,977 1,678,776 1,802,431 1,806,083

Total Deposits 17,738,883 17,423,155 15,784,482 15,340,752

Securities Sold 602,106 603,206 604,306 604,299 Under Agreements toRepurchaseOther Debt 60,502 60,524 85,565 110,585

Operating Lease 103,869 104,741 108,210 108,264 LiabilitiesRetirement Benefits 43,505 43,833 44,504 39,682 PayableAccrued Interest 6,613 7,775 8,040 8,435 PayableTaxes Payable and 12,124 38,297 16,085 21,089 Deferred TaxesOther Liabilities 180,148 136,329 157,472 147,544

Total Liabilities 18,747,750 18,417,860 16,808,664 16,380,650

Shareholders'EquityCommon Stock ($.01par value;authorized500,000,000 shares;issued /outstanding:September 30, 2020- 58,248,690 /40,060,675;June 30, 2020 -58,263,452 /40,047,694;December 31, 2019 -58,166,910 /40,039,695;and September 30, 580 580 579 579 2019 - 58,176,305 /40,359,259)Capital Surplus 588,632 586,946 582,566 580,200

Accumulated Other 14,399 18,925 (31,112 ) (21,774 )Comprehensive Gain(Loss)Retained Earnings 1,797,763 1,786,351 1,761,415 1,730,437

Treasury Stock, atCost (Shares:September 30, 2020- 18,188,015; June30, 2020 -18,215,758;December 31, 2019 -18,127,215; and (1,039,635 ) (1,040,720 ) (1,026,616 ) (997,952 )September 30, 2019- 17,817,046)Total Shareholders' 1,361,739 1,352,082 1,286,832 1,291,490 EquityTotal Liabilities $ 20,109,489 $ 19,769,942 $ 18,095,496 $ 17,672,140 and 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, 201940,039,695

$

579

$

582,566

$

(31,112

)

$

1,761,415

$

(1,026,616

)

$

1,286,832

Net Income-

-

-

-

111,490

-

111,490

Other Comprehensive Income-

-

-

45,511

-

-

45,511

Cumulative Change in Accounting Principle-

-

-

-

3,632

-

3,632

Share-Based Compensation-

-

5,347

-

-

-

5,347

Common Stock Issued under Purchase and EquityCompensation Plans222,682

1

719

-

1,762

4,878

7,360

Common Stock Repurchased(201,702

)

-

-

-

-

(17,897

)

(17,897

)

Cash Dividends Declared ($2.01 per share)-

-

-

-

(80,536

)

-

(80,536

)

Balance as of September 30, 202040,060,675

$

580

$

588,632

$

14,399

$

1,797,763

$

(1,039,635

)

$

1,361,739

Balance as of December 31, 201841,499,898

$

577

$

571,704

$

(51,043

)

$

1,641,314

$

(894,352

)

$

1,268,200

Net Income-

-

-

-

167,770

-

167,770

Other Comprehensive Income-

-

-

29,269

-

-

29,269

Share-Based Compensation-

-

6,662

-

-

-

6,662

Common Stock Issued under Purchase and EquityCompensation Plans200,984

2

1,834

-

(109

)

4,275

6,002

Common Stock Repurchased(1,341,623

)

-

-

-

-

(107,875

)

(107,875

)

Cash Dividends Declared ($1.92 per share)-

-

-

-

(78,538

)

-

(78,538

)

Balance as of September 30, 201940,359,259

$

579

$

580,200

$

(21,774

)

$

1,730,437

$

(997,952

)

$

1,291,490

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of Shareholders' Equity Table 6 Accum. Other Compre- hensive Common Common Capital Income Retained Treasury Shares(dollars in Outstanding Stock Surplus (Loss) Earnings Stock Totalthousands)Balance as of 40,039,695 $ 579 $ 582,566 $ (31,112 ) $ 1,761,415 $ (1,026,616 ) $ 1,286,832 December 31,2019Net Income - - - - 111,490 - 111,490

Other - - - 45,511 - - 45,511 ComprehensiveIncomeCumulativeChange in - - - - 3,632 - 3,632 AccountingPrincipleShare-Based - - 5,347 - - - 5,347 CompensationCommon StockIssued underPurchase andEquityCompensation 222,682 1 719 - 1,762 4,878 7,360 PlansCommon Stock (201,702 ) - - - - (17,897 ) (17,897 )RepurchasedCashDividends - - - - (80,536 ) - (80,536 )Declared($2.01 pershare)Balance as of 40,060,675 $ 580 $ 588,632 $ 14,399 $ 1,797,763 $ (1,039,635 ) $ 1,361,739 September 30,2020 Balance as of 41,499,898 $ 577 $ 571,704 $ (51,043 ) $ 1,641,314 $ (894,352 ) $ 1,268,200 December 31,2018Net Income - - - - 167,770 - 167,770

Other - - - 29,269 - - 29,269 ComprehensiveIncomeShare-Based - - 6,662 - - - 6,662 CompensationCommon StockIssued underPurchase andEquityCompensation 200,984 2 1,834 - (109 ) 4,275 6,002 PlansCommon Stock (1,341,623 ) - - - - (107,875 ) (107,875 )RepurchasedCashDividends - - - - (78,538 ) - (78,538 )Declared($1.92 pershare)Balance as of 40,359,259 $ 579 $ 580,200 $ (21,774 ) $ 1,730,437 $ (997,952 ) $ 1,291,490 September 30,2019Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent BasisTable 7aThree Months Ended

Three Months Ended

Three Months Ended

September 30, 2020

June 30, 2020

September 30, 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$

2.6

$

-

0.45

%

$

2.6

$

-

0.18

%

$

3.1

$

-

1.19

%

Funds Sold584.2

0.1

0.10

545.9

0.1

0.07

121.1

0.7

2.12

Investment SecuritiesAvailable-for-SaleTaxable2,918.6

14.3

1.96

2,614.1

14.3

2.19

2,647.9

17.1

2.59

Non-Taxable25.8

0.3

4.22

32.2

0.4

4.45

42.6

0.5

4.45

Held-to-MaturityTaxable3,257.7

15.7

1.93

2,957.6

16.4

2.22

2,873.7

18.5

2.57

Non-Taxable54.1

0.4

2.66

54.4

0.4

2.66

65.2

0.4

2.72

Total Investment Securities6,256.2

30.7

1.96

5,658.3

31.5

2.22

5,629.4

36.5

2.59

Loans Held for Sale15.9

0.1

3.24

23.4

0.2

3.24

24.3

0.2

3.94

Loans and Leases 1Commercial and Industrial1,917.0

14.1

2.93

1,963.8

17.9

3.67

1,383.8

14.4

4.14

Commercial Mortgage2,722.3

21.7

3.18

2,622.9

22.3

3.42

2,423.7

26.2

4.28

Construction234.0

2.1

3.60

255.8

2.5

3.93

126.0

1.6

5.10

Commercial Lease Financing110.7

0.5

1.82

110.9

0.5

1.88

161.8

1.0

2.57

Residential Mortgage3,988.7

36.7

3.68

3,939.6

36.0

3.65

3,809.6

36.5

3.83

Home Equity1,625.2

14.1

3.45

1,665.2

14.3

3.45

1,689.2

16.1

3.79

Automobile708.3

6.4

3.59

701.2

6.2

3.55

707.0

6.4

3.59

Other 2433.6

7.6

6.96

468.2

7.9

6.77

469.6

8.5

7.16

Total Loans and Leases11,739.8

103.2

3.50

11,727.6

107.6

3.68

10,770.7

110.7

4.09

Other33.3

0.2

1.81

34.0

0.1

1.47

35.0

0.3

2.66

Total Earning Assets 318,632.0

134.3

2.88

17,991.8

139.5

3.11

16,583.6

148.4

3.56

Cash and Due from Banks234.3

302.4

231.5

Other Assets874.8

895.4

790.3

Total Assets$

19,741.1

$

19,189.6

$

17,605.4

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand$

3,465.5

0.4

0.04

$

3,226.6

0.6

0.07

$

2,950.2

1.1

0.15

Savings6,886.0

1.7

0.10

6,691.4

2.2

0.13

6,122.0

8.8

0.57

Time1,568.3

3.8

0.97

1,826.8

5.2

1.13

1,851.0

8.2

1.75

Total Interest-Bearing Deposits11,919.8

5.9

0.20

11,744.8

8.0

0.27

10,923.2

18.1

0.66

Short-Term Borrowings-

-

-

57.6

-

0.28

27.1

0.1

2.13

Securities Sold Under Agreements to Repurchase602.9

3.6

2.35

602.9

4.0

2.64

513.8

4.3

3.24

Other Debt60.5

0.3

2.22

60.5

0.5

2.91

110.6

0.7

2.62

Total Interest-Bearing Liabilities12,583.2

9.8

0.31

12,465.8

12.5

0.40

11,574.7

23.2

0.79

Net Interest Income$

124.5

$

127.0

$

125.2

Interest Rate Spread2.57

%

2.71

%

2.77

%

Net Interest Margin2.67

%

2.83

%

3.01

%

Noninterest-Bearing Demand Deposits5,350.4

4,934.7

4,407.5

Other Liabilities439.7

437.8

333.8

Shareholders' Equity1,367.8

1,351.3

1,289.4

Total Liabilities and Shareholders' Equity$

19,741.1

$

19,189.6

$

17,605.4

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

September 30, 2020 June 30, 2020 September 30, 2019

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

(dollars in Balance Expense Rate Balance Expense Rate Balance Expense Ratemillions)Earning AssetsInterest-Bearing $ 2.6 $ - 0.45 % $ 2.6 $ - 0.18 % $ 3.1 $ - 1.19 %Deposits in OtherBanksFunds Sold 584.2 0.1 0.10 545.9 0.1 0.07 121.1 0.7 2.12

InvestmentSecurities Available-for-Sale Taxable 2,918.6 14.3 1.96 2,614.1 14.3 2.19 2,647.9 17.1 2.59

Non-Taxable 25.8 0.3 4.22 32.2 0.4 4.45 42.6 0.5 4.45

Held-to-Maturity Taxable 3,257.7 15.7 1.93 2,957.6 16.4 2.22 2,873.7 18.5 2.57

Non-Taxable 54.1 0.4 2.66 54.4 0.4 2.66 65.2 0.4 2.72

Total Investment 6,256.2 30.7 1.96 5,658.3 31.5 2.22 5,629.4 36.5 2.59SecuritiesLoans Held for Sale 15.9 0.1 3.24 23.4 0.2 3.24 24.3 0.2 3.94

Loans and Leases ^1 Commercial and 1,917.0 14.1 2.93 1,963.8 17.9 3.67 1,383.8 14.4 4.14 Industrial Commercial 2,722.3 21.7 3.18 2,622.9 22.3 3.42 2,423.7 26.2 4.28 Mortgage Construction 234.0 2.1 3.60 255.8 2.5 3.93 126.0 1.6 5.10

Commercial Lease 110.7 0.5 1.82 110.9 0.5 1.88 161.8 1.0 2.57 Financing Residential 3,988.7 36.7 3.68 3,939.6 36.0 3.65 3,809.6 36.5 3.83 Mortgage Home Equity 1,625.2 14.1 3.45 1,665.2 14.3 3.45 1,689.2 16.1 3.79

Automobile 708.3 6.4 3.59 701.2 6.2 3.55 707.0 6.4 3.59

Other ^2 433.6 7.6 6.96 468.2 7.9 6.77 469.6 8.5 7.16

Total Loans and 11,739.8 103.2 3.50 11,727.6 107.6 3.68 10,770.7 110.7 4.09LeasesOther 33.3 0.2 1.81 34.0 0.1 1.47 35.0 0.3 2.66

Total Earning 18,632.0 134.3 2.88 17,991.8 139.5 3.11 16,583.6 148.4 3.56Assets ^3Cash and Due from 234.3 302.4 231.5BanksOther Assets 874.8 895.4 790.3

Total Assets $ 19,741.1 $ 19,189.6 $ 17,605.4

Interest-BearingLiabilitiesInterest-BearingDeposits Demand $ 3,465.5 0.4 0.04 $ 3,226.6 0.6 0.07 $ 2,950.2 1.1 0.15

Savings 6,886.0 1.7 0.10 6,691.4 2.2 0.13 6,122.0 8.8 0.57

Time 1,568.3 3.8 0.97 1,826.8 5.2 1.13 1,851.0 8.2 1.75

Total 11,919.8 5.9 0.20 11,744.8 8.0 0.27 10,923.2 18.1 0.66Interest-BearingDepositsShort-Term - - - 57.6 - 0.28 27.1 0.1 2.13BorrowingsSecurities Sold 602.9 3.6 2.35 602.9 4.0 2.64 513.8 4.3 3.24Under Agreements toRepurchaseOther Debt 60.5 0.3 2.22 60.5 0.5 2.91 110.6 0.7 2.62

Total 12,583.2 9.8 0.31 12,465.8 12.5 0.40 11,574.7 23.2 0.79Interest-BearingLiabilitiesNet Interest Income $ 124.5 $ 127.0 $ 125.2

Interest Rate 2.57 % 2.71 % 2.77 % Spread Net Interest 2.67 % 2.83 % 3.01 % MarginNoninterest-Bearing 5,350.4 4,934.7 4,407.5Demand DepositsOther Liabilities 439.7 437.8 333.8

Shareholders' 1,367.8 1,351.3 1,289.4EquityTotal Liabilities $ 19,741.1 $ 19,189.6 $ 17,605.4and 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 $295,000, $358,000, and $296,000 for the three months ended September 30, 2020, June 30, 2020, and September 30, 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 $295,000, $358,000, and $296,000 forthe three months ended September 30, 2020, June 30, 2020, and September 30,2019, respectively.Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent BasisTable 7bNine Months EndedNine Months EndedSeptember 30, 2020September 30, 2019AverageIncome/Yield/AverageIncome/Yield/(dollars in millions)BalanceExpenseRateBalanceExpenseRateEarning AssetsInterest-Bearing Deposits in Other Banks$

2.2

$

-

0.76

%

$

3.0

$

-

1.49

%

Funds Sold428.3

0.8

0.24

161.7

2.8

2.31

Investment SecuritiesAvailable-for-SaleTaxable2,745.7

45.1

2.19

2,086.5

43.0

2.75

Non-Taxable30.1

1.0

4.37

135.3

3.8

3.73

Held-to-MaturityTaxable3,084.4

51.0

2.21

3,199.9

59.9

2.50

Non-Taxable54.4

1.1

2.66

163.5

3.8

3.08

Total Investment Securities5,914.6

98.2

2.21

5,585.2

110.5

2.64

Loans Held for Sale20.8

0.5

3.35

18.5

0.6

4.06

Loans and Leases 1Commercial and Industrial1,763.9

45.2

3.43

1,375.9

44.6

4.33

Commercial Mortgage2,631.9

69.2

3.51

2,373.9

76.9

4.33

Construction234.3

7.1

4.04

133.8

5.2

5.22

Commercial Lease Financing111.0

1.6

1.88

160.9

3.0

2.45

Residential Mortgage3,941.3

109.5

3.70

3,740.5

108.0

3.85

Home Equity1,656.8

43.6

3.51

1,691.4

48.4

3.83

Automobile710.2

19.0

3.57

688.0

18.6

3.62

Other 2460.8

23.9

6.93

459.9

24.8

7.21

Total Loans and Leases11,510.2

319.1

3.70

10,624.3

329.5

4.14

Other33.9

0.5

1.95

35.2

0.8

2.89

Total Earning Assets 317,910.0

419.1

3.12

16,427.9

444.2

3.61

Cash and Due from Banks271.7

237.9

Other Assets871.9

776.3

Total Assets$

19,053.6

$

17,442.1

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand$

3,268.1

1.9

0.08

$

2,930.9

4.0

0.18

Savings6,693.9

11.0

0.22

5,962.9

24.4

0.55

Time1,712.2

15.2

1.19

1,807.6

23.6

1.75

Total Interest-Bearing Deposits11,674.2

28.1

0.32

10,701.4

52.0

0.65

Short-Term Borrowings38.3

0.2

0.52

46.8

0.9

2.40

Securities Sold Under Agreements to Repurchase603.4

11.6

2.54

507.5

13.4

3.50

Other Debt62.6

1.4

2.90

113.7

2.2

2.58

Total Interest-Bearing Liabilities12,378.5

41.3

0.44

11,369.4

68.5

0.80

Net Interest Income$

377.8

$

375.7

Interest Rate Spread2.68

%

2.81

%

Net Interest Margin2.82

%

3.05

%

Noninterest-Bearing Demand Deposits4,917.4

4,454.9

Other Liabilities413.3

342.0

Shareholders' Equity1,344.4

1,275.8

Total Liabilities and Shareholders' Equity$

19,053.6

$

17,442.1

Bank of Hawaii Corporation andSubsidiariesAverage Balances and Interest Rates - TableTaxable-Equivalent Basis 7b Nine Months Ended Nine Months Ended September 30, 2020 September 30, 2019 Average Income/ Yield Average Income/ Yield / /(dollars in millions) Balance Expense Rate Balance Expense RateEarning AssetsInterest-Bearing Deposits $ 2.2 $ - 0.76 % $ 3.0 $ - 1.49 %in Other BanksFunds Sold 428.3 0.8 0.24 161.7 2.8 2.31

Investment Securities Available-for-Sale Taxable 2,745.7 45.1 2.19 2,086.5 43.0 2.75

Non-Taxable 30.1 1.0 4.37 135.3 3.8 3.73

Held-to-Maturity Taxable 3,084.4 51.0 2.21 3,199.9 59.9 2.50

Non-Taxable 54.4 1.1 2.66 163.5 3.8 3.08

Total Investment 5,914.6 98.2 2.21 5,585.2 110.5 2.64SecuritiesLoans Held for Sale 20.8 0.5 3.35 18.5 0.6 4.06

Loans and Leases ^1 Commercial and 1,763.9 45.2 3.43 1,375.9 44.6 4.33 Industrial Commercial Mortgage 2,631.9 69.2 3.51 2,373.9 76.9 4.33

Construction 234.3 7.1 4.04 133.8 5.2 5.22

Commercial Lease 111.0 1.6 1.88 160.9 3.0 2.45 Financing Residential Mortgage 3,941.3 109.5 3.70 3,740.5 108.0 3.85

Home Equity 1,656.8 43.6 3.51 1,691.4 48.4 3.83

Automobile 710.2 19.0 3.57 688.0 18.6 3.62

Other ^2 460.8 23.9 6.93 459.9 24.8 7.21

Total Loans and Leases 11,510.2 319.1 3.70 10,624.3 329.5 4.14

Other 33.9 0.5 1.95 35.2 0.8 2.89

Total Earning Assets ^3 17,910.0 419.1 3.12 16,427.9 444.2 3.61

Cash and Due from Banks 271.7 237.9

Other Assets 871.9 776.3

Total Assets $ 19,053.6 $ 17,442.1

Interest-BearingLiabilitiesInterest-Bearing Deposits Demand $ 3,268.1 1.9 0.08 $ 2,930.9 4.0 0.18

Savings 6,693.9 11.0 0.22 5,962.9 24.4 0.55

Time 1,712.2 15.2 1.19 1,807.6 23.6 1.75

Total Interest-Bearing 11,674.2 28.1 0.32 10,701.4 52.0 0.65DepositsShort-Term Borrowings 38.3 0.2 0.52 46.8 0.9 2.40

Securities Sold Under 603.4 11.6 2.54 507.5 13.4 3.50Agreements to RepurchaseOther Debt 62.6 1.4 2.90 113.7 2.2 2.58

Total Interest-Bearing 12,378.5 41.3 0.44 11,369.4 68.5 0.80LiabilitiesNet Interest Income $ 377.8 $ 375.7

Interest Rate Spread 2.68 % 2.81 %

Net Interest Margin 2.82 % 3.05 %

Noninterest-Bearing 4,917.4 4,454.9Demand DepositsOther Liabilities 413.3 342.0

Shareholders' Equity 1,344.4 1,275.8

Total Liabilities and $ 19,053.6 $ 17,442.1Shareholders' 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 $1,010,000 and $1,878,000 for the nine months ended September 30, 2020 and September 30, 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 $1,010,000 and $1,878,000 for thenine months ended September 30, 2020 and September 30, 2019, respectively.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8aThree Months Ended September 30, 2020

Compared to June 30, 2020

(dollars in millions)Volume 1

Rate 1

Total

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

1.6

$

(1.6

)

$

-

Non-Taxable(0.1

)

-

(0.1

)

Held-to-MaturityTaxable1.6

(2.3

)

(0.7

)

Total Investment Securities3.1

(3.9

)

(0.8

)

Loans Held for Sale(0.1

)

-

(0.1

)

Loans and LeasesCommercial and Industrial(0.4

)

(3.4

)

(3.8

)

Commercial Mortgage0.9

(1.5

)

(0.6

)

Construction(0.2

)

(0.2

)

(0.4

)

Residential Mortgage0.5

0.2

0.7

Home Equity(0.2

)

-

(0.2

)

Automobile0.1

0.1

0.2

Other 2(0.5

)

0.2

(0.3

)

Total Loans and Leases0.2

(4.6

)

(4.4

)

Other-

0.1

0.1

Total Change in Interest Income3.2

(8.4

)

(5.2

)

Change in Interest Expense:Interest-Bearing DepositsDemand-

(0.2

)

(0.2

)

Savings0.1

(0.6

)

(0.5

)

Time(0.7

)

(0.7

)

(1.4

)

Total Interest-Bearing Deposits(0.6

)

(1.5

)

(2.1

)

Securities Sold Under Agreements to Repurchase-

(0.4

)

(0.4

)

Other Debt-

(0.2

)

(0.2

)

Total Change in Interest Expense(0.6

)

(2.1

)

(2.7

)

Change in Net Interest Income$

3.8

$

(6.3

)

$

(2.5

)

Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Table 8aTaxable-Equivalent Basis Three Months Ended September 30, 2020

Compared to June 30, 2020

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

Change in Interest Income:Investment SecuritiesAvailable-for-SaleTaxable $ 1.6 $ (1.6 ) $ -

Non-Taxable (0.1 ) - (0.1 )

Held-to-MaturityTaxable 1.6 (2.3 ) (0.7 )

Total Investment Securities 3.1 (3.9 ) (0.8 )

Loans Held for Sale (0.1 ) - (0.1 )

Loans and LeasesCommercial and Industrial (0.4 ) (3.4 ) (3.8 )

Commercial Mortgage 0.9 (1.5 ) (0.6 )

Construction (0.2 ) (0.2 ) (0.4 )

Residential Mortgage 0.5 0.2 0.7

Home Equity (0.2 ) - (0.2 )

Automobile 0.1 0.1 0.2

Other ^2 (0.5 ) 0.2 (0.3 )

Total Loans and Leases 0.2 (4.6 ) (4.4 )

Other - 0.1 0.1

Total Change in Interest Income 3.2 (8.4 ) (5.2 )

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

Savings 0.1 (0.6 ) (0.5 )

Time (0.7 ) (0.7 ) (1.4 )

Total Interest-Bearing Deposits (0.6 ) (1.5 ) (2.1 )

Securities Sold Under Agreements to Repurchase - (0.4 ) (0.4 )

Other Debt - (0.2 ) (0.2 )

Total Change in Interest Expense (0.6 ) (2.1 ) (2.7 )

Change in Net Interest Income $ 3.8 $ (6.3 ) $ (2.5 )

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 September 30, 2020

Compared to September 30, 2019

(dollars in millions)Volume 1

Rate 1

Total

Change in Interest Income:Funds Sold$

0.6

$

(1.2

)

$

(0.6

)

Investment SecuritiesAvailable-for-SaleTaxable1.6

(4.4

)

(2.8

)

Non-Taxable(0.2

)

-

(0.2

)

Held-to-MaturityTaxable2.2

(5.0

)

(2.8

)

Total Investment Securities3.6

(9.4

)

(5.8

)

Loans Held for Sale(0.1

)

-

(0.1

)

Loans and LeasesCommercial and Industrial4.6

(4.9

)

(0.3

)

Commercial Mortgage2.9

(7.4

)

(4.5

)

Construction1.1

(0.6

)

0.5

Commercial Lease Financing(0.3

)

(0.2

)

(0.5

)

Residential Mortgage1.7

(1.5

)

0.2

Home Equity(0.6

)

(1.4

)

(2.0

)

Other 2(0.6

)

(0.3

)

(0.9

)

Total Loans and Leases8.8

(16.3

)

(7.5

)

Other-

(0.1

)

(0.1

)

Total Change in Interest Income12.9

(27.0

)

(14.1

)

Change in Interest Expense:Interest-Bearing DepositsDemand0.2

(0.9

)

(0.7

)

Savings1.0

(8.1

)

(7.1

)

Time(1.2

)

(3.2

)

(4.4

)

Total Interest-Bearing Deposits-

(12.2

)

(12.2

)

Short-Term Borrowings(0.1

)

-

(0.1

)

Securities Sold Under Agreements to Repurchase0.6

(1.3

)

(0.7

)

Other Debt(0.3

)

(0.1

)

(0.4

)

Total Change in Interest Expense0.2

(13.6

)

(13.4

)

Change in Net Interest Income$

12.7

$

(13.4

)

$

(0.7

)

Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Table 8bTaxable-Equivalent Basis Three Months Ended September 30, 2020

Compared to September 30, 2019

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

Change in Interest Income:Funds Sold $ 0.6 $ (1.2 ) $ (0.6 )

Investment SecuritiesAvailable-for-SaleTaxable 1.6 (4.4 ) (2.8 )

Non-Taxable (0.2 ) - (0.2 )

Held-to-MaturityTaxable 2.2 (5.0 ) (2.8 )

Total Investment Securities 3.6 (9.4 ) (5.8 )

Loans Held for Sale (0.1 ) - (0.1 )

Loans and LeasesCommercial and Industrial 4.6 (4.9 ) (0.3 )

Commercial Mortgage 2.9 (7.4 ) (4.5 )

Construction 1.1 (0.6 ) 0.5

Commercial Lease Financing (0.3 ) (0.2 ) (0.5 )

Residential Mortgage 1.7 (1.5 ) 0.2

Home Equity (0.6 ) (1.4 ) (2.0 )

Other ^2 (0.6 ) (0.3 ) (0.9 )

Total Loans and Leases 8.8 (16.3 ) (7.5 )

Other - (0.1 ) (0.1 )

Total Change in Interest Income 12.9 (27.0 ) (14.1 )

Change in Interest Expense:Interest-Bearing DepositsDemand 0.2 (0.9 ) (0.7 )

Savings 1.0 (8.1 ) (7.1 )

Time (1.2 ) (3.2 ) (4.4 )

Total Interest-Bearing Deposits - (12.2 ) (12.2 )

Short-Term Borrowings (0.1 ) - (0.1 )

Securities Sold Under Agreements to Repurchase 0.6 (1.3 ) (0.7 )

Other Debt (0.3 ) (0.1 ) (0.4 )

Total Change in Interest Expense 0.2 (13.6 ) (13.4 )

Change in Net Interest Income $ 12.7 $ (13.4 ) $ (0.7 )

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 8cNine Months Ended September 30, 2020Compared to September 30, 2019(dollars in millions)Volume 1Rate 1TotalChange in Interest Income:Funds Sold$

2.0

$

(4.0

)

$

(2.0

)

Investment SecuritiesAvailable-for-SaleTaxable12.0

(9.9

)

2.1

Non-Taxable(3.4

)

0.6

(2.8

)

Held-to-MaturityTaxable(2.1

)

(6.8

)

(8.9

)

Non-Taxable(2.2

)

(0.5

)

(2.7

)

Total Investment Securities4.3

(16.6

)

(12.3

)

Loans Held for Sale0.1

(0.2

)

(0.1

)

Loans and LeasesCommercial and Industrial11.1

(10.5

)

0.6

Commercial Mortgage7.8

(15.5

)

(7.7

)

Construction3.3

(1.4

)

1.9

Commercial Lease Financing(0.8

)

(0.6

)

(1.4

)

Residential Mortgage5.6

(4.1

)

1.5

Home Equity(0.9

)

(3.9

)

(4.8

)

Automobile0.6

(0.2

)

0.4

Other 2-

(0.9

)

(0.9

)

Total Loans and Leases26.7

(37.1

)

(10.4

)

Other(0.1

)

(0.2

)

(0.3

)

Total Change in Interest Income33.0

(58.1

)

(25.1

)

Change in Interest Expense:Interest-Bearing DepositsDemand0.4

(2.5

)

(2.1

)

Savings2.7

(16.1

)

(13.4

)

Time(1.2

)

(7.2

)

(8.4

)

Total Interest-Bearing Deposits1.9

(25.8

)

(23.9

)

Short-Term Borrowings(0.1

)

(0.6

)

(0.7

)

Securities Sold Under Agreements to Repurchase2.3

(4.1

)

(1.8

)

Other Debt(1.1

)

0.3

(0.8

)

Total Change in Interest Expense3.0

(30.2

)

(27.2

)

Change in Net Interest Income$

30.0

$

(27.9

)

$

2.1

Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Table 8cTaxable-Equivalent Basis Nine Months Ended September 30, 2020 Compared to September 30, 2019(dollars in millions) Volume ^ Rate ^1 Total 1Change in Interest Income:Funds Sold $ 2.0 $ (4.0 ) $ (2.0 )

Investment SecuritiesAvailable-for-SaleTaxable 12.0 (9.9 ) 2.1

Non-Taxable (3.4 ) 0.6 (2.8 )

Held-to-MaturityTaxable (2.1 ) (6.8 ) (8.9 )

Non-Taxable (2.2 ) (0.5 ) (2.7 )

Total Investment Securities 4.3 (16.6 ) (12.3 )

Loans Held for Sale 0.1 (0.2 ) (0.1 )

Loans and LeasesCommercial and Industrial 11.1 (10.5 ) 0.6

Commercial Mortgage 7.8 (15.5 ) (7.7 )

Construction 3.3 (1.4 ) 1.9

Commercial Lease Financing (0.8 ) (0.6 ) (1.4 )

Residential Mortgage 5.6 (4.1 ) 1.5

Home Equity (0.9 ) (3.9 ) (4.8 )

Automobile 0.6 (0.2 ) 0.4

Other ^2 - (0.9 ) (0.9 )

Total Loans and Leases 26.7 (37.1 ) (10.4 )

Other (0.1 ) (0.2 ) (0.3 )

Total Change in Interest Income 33.0 (58.1 ) (25.1 )

Change in Interest Expense:Interest-Bearing DepositsDemand 0.4 (2.5 ) (2.1 )

Savings 2.7 (16.1 ) (13.4 )

Time (1.2 ) (7.2 ) (8.4 )

Total Interest-Bearing Deposits 1.9 (25.8 ) (23.9 )

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

Securities Sold Under Agreements to Repurchase 2.3 (4.1 ) (1.8 )

Other Debt (1.1 ) 0.3 (0.8 )

Total Change in Interest Expense 3.0 (30.2 ) (27.2 )

Change in Net Interest Income $ 30.0 $ (27.9 ) $ 2.1

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

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(dollars in thousands)2020

2020

2019

2020

2019

Salaries$

34,046

$

32,739

$

33,458

$

100,271

$

98,772

Incentive Compensation2,683

3,141

5,681

6,069

17,049

Share-Based Compensation1,442

2,021

2,025

4,754

7,098

Commission Expense1,800

1,647

1,760

4,821

4,394

Retirement and Other Benefits4,164

4,446

4,185

13,316

13,872

Payroll Taxes2,624

2,782

2,519

9,949

9,409

Medical, Dental, and Life Insurance3,422

3,830

3,908

11,394

12,299

Separation Expense1,770

109

809

6,555

1,549

Total Salaries and Benefits$

51,951

$

50,715

$

54,345

$

157,129

$

164,442

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

September June 30, September September 30, 30, 30,

(dollars in thousands) 2020 2020 2019 2020 2019

Salaries $ 34,046 $ 32,739 $ 33,458 $ 100,271 $ 98,772

Incentive Compensation 2,683 3,141 5,681 6,069 17,049

Share-Based Compensation 1,442 2,021 2,025 4,754 7,098

Commission Expense 1,800 1,647 1,760 4,821 4,394

Retirement and Other 4,164 4,446 4,185 13,316 13,872BenefitsPayroll Taxes 2,624 2,782 2,519 9,949 9,409

Medical, Dental, and Life 3,422 3,830 3,908 11,394 12,299InsuranceSeparation Expense 1,770 109 809 6,555 1,549

Total Salaries and Benefits $ 51,951 $ 50,715 $ 54,345 $ 157,129 $ 164,442

Bank of Hawaii Corporation and SubsidiariesLoan and Lease Portfolio BalancesTable 10September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)2020

2020

2020

2019

2019

CommercialCommercial and Industrial$

1,908,482

$

1,956,939

$

1,558,232

$

1,379,152

$

1,361,011

Commercial Mortgage2,745,611

2,707,534

2,616,243

2,518,051

2,477,296

Construction250,943

245,099

245,390

194,170

154,754

Lease Financing111,831

113,187

110,704

122,454

163,672

Total Commercial5,016,867

5,022,759

4,530,569

4,213,827

4,156,733

ConsumerResidential Mortgage4,044,228

3,989,393

3,928,183

3,891,100

3,846,511

Home Equity1,605,486

1,640,887

1,692,154

1,676,073

1,681,951

Automobile709,937

700,702

716,214

720,286

713,424

Other 1417,090

451,629

485,660

489,606

482,679

Total Consumer6,776,741

6,782,611

6,822,211

6,777,065

6,724,565

Total Loans and Leases$

11,793,608

$

11,805,370

$

11,352,780

$

10,990,892

$

10,881,298

DepositsSeptember 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)2020

2020

2020

2019

2019

Consumer$

8,903,808

$

8,766,885

$

8,294,464

$

8,118,494

$

7,893,454

Commercial7,159,531

7,295,033

6,358,583

6,324,214

6,153,492

Public and Other1,675,544

1,361,237

1,402,314

1,341,774

1,293,806

Total Deposits$

17,738,883

$

17,423,155

$

16,055,361

$

15,784,482

$

15,340,752

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

(dollars in 2020 2020 2020 2019 2019thousands)Commercial Commercial $ 1,908,482 $ 1,956,939 $ 1,558,232 $ 1,379,152 $ 1,361,011 and Industrial Commercial 2,745,611 2,707,534 2,616,243 2,518,051 2,477,296 Mortgage Construction 250,943 245,099 245,390 194,170 154,754

Lease 111,831 113,187 110,704 122,454 163,672 FinancingTotal 5,016,867 5,022,759 4,530,569 4,213,827 4,156,733CommercialConsumer Residential 4,044,228 3,989,393 3,928,183 3,891,100 3,846,511 Mortgage Home Equity 1,605,486 1,640,887 1,692,154 1,676,073 1,681,951

Automobile 709,937 700,702 716,214 720,286 713,424

Other ^1 417,090 451,629 485,660 489,606 482,679

Total Consumer 6,776,741 6,782,611 6,822,211 6,777,065 6,724,565

Total Loans $ 11,793,608 $ 11,805,370 $ 11,352,780 $ 10,990,892 $ 10,881,298and Leases Deposits September June 30, March 31, December 31, September 30, 30,

(dollars in 2020 2020 2020 2019 2019thousands)Consumer $ 8,903,808 $ 8,766,885 $ 8,294,464 $ 8,118,494 $ 7,893,454

Commercial 7,159,531 7,295,033 6,358,583 6,324,214 6,153,492

Public and 1,675,544 1,361,237 1,402,314 1,341,774 1,293,806OtherTotal Deposits $ 17,738,883 $ 17,423,155 $ 16,055,361 $ 15,784,482 $ 15,340,752

1 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 11September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)2020

2020

2020

2019

2019

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

475

$

459

$

634

$

830

$

573

Commercial Mortgage8,615

8,672

9,048

9,244

11,088

Total Commercial9,090

9,131

9,682

10,074

11,661

ConsumerResidential Mortgage3,543

5,888

4,330

4,125

4,258

Home Equity3,661

5,176

4,086

3,181

2,787

Total Consumer7,204

11,064

8,416

7,306

7,045

Total Non-Accrual Loans and Leases16,294

20,195

18,098

17,380

18,706

Foreclosed Real Estate2,332

2,506

2,506

2,737

2,939

Total Non-Performing Assets$

18,626

$

22,701

$

20,604

$

20,117

$

21,645

Accruing Loans and Leases Past Due 90 Days or MoreCommercialCommercial and Industrial$

-

$

-

$

-

$

-

$

81

Total Commercial-

-

-

-

81

ConsumerResidential Mortgage6,607

4,937

3,024

1,839

2,032

Home Equity2,571

3,519

3,426

4,125

2,320

Automobile156

133

866

949

582

Other 1258

296

1,205

1,493

1,076

Total Consumer9,592

8,885

8,521

8,406

6,010

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

9,592

$

8,885

$

8,521

$

8,406

$

6,091

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

$

58,650

$

59,713

$

61,425

$

63,103

$

46,178

Total Loans and Leases$

11,793,608

$

11,805,370

$

11,352,780

$

10,990,892

$

10,881,298

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

%

0.17

%

0.16

%

0.16

%

0.17

%

Ratio of Non-Performing Assets to Total Loans and Leasesand Foreclosed Real Estate0.16

%

0.19

%

0.18

%

0.18

%

0.20

%

Ratio of Commercial Non-Performing Assets to Total Commercial Loansand Leases and Commercial Foreclosed Real Estate0.18

%

0.18

%

0.21

%

0.24

%

0.28

%

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

%

0.20

%

0.16

%

0.15

%

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

%

0.27

%

0.26

%

0.26

%

0.25

%

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

22,701

$

20,604

$

20,117

$

21,645

$

21,782

Additions938

5,856

1,754

883

1,035

ReductionsPayments(3,729

)

(2,736

)

(315

)

(495

)

(984

)

Return to Accrual Status(1,035

)

(822

)

(437

)

(1,673

)

-

Sales of Foreclosed Real Estate(175

)

-

(231

)

(201

)

-

Charge-offs/Write-downs(74

)

(201

)

(284

)

(42

)

(188

)

Total Reductions(5,013

)

(3,759

)

(1,267

)

(2,411

)

(1,172

)

Balance at End of Quarter$

18,626

$

22,701

$

20,604

$

20,117

$

21,645

Bank of Hawaii Corporation and SubsidiariesNon-Performing Assets and Accruing Loans and Leases Past Due 90 Days or Table 11More September 30, June 30, March 31, December 31, September 30,

(dollars in 2020 2020 2020 2019 2019thousands)Non-PerformingAssetsNon-AccrualLoans andLeases Commercial Commercial $ 475 $ 459 $ 634 $ 830 $ 573 and Industrial Commercial 8,615 8,672 9,048 9,244 11,088 Mortgage Total 9,090 9,131 9,682 10,074 11,661 Commercial Consumer Residential 3,543 5,888 4,330 4,125 4,258 Mortgage Home Equity 3,661 5,176 4,086 3,181 2,787

Total 7,204 11,064 8,416 7,306 7,045 ConsumerTotalNon-Accrual 16,294 20,195 18,098 17,380 18,706 Loans andLeasesForeclosed 2,332 2,506 2,506 2,737 2,939 Real EstateTotal $ 18,626 $ 22,701 $ 20,604 $ 20,117 $ 21,645 Non-PerformingAssets Accruing Loansand LeasesPast Due 90Days or MoreCommercial Commercial $ - $ - $ - $ - $ 81 and IndustrialTotal - - - - 81 CommercialConsumer Residential 6,607 4,937 3,024 1,839 2,032 Mortgage Home Equity 2,571 3,519 3,426 4,125 2,320

Automobile 156 133 866 949 582

Other^ 1 258 296 1,205 1,493 1,076

Total Consumer 9,592 8,885 8,521 8,406 6,010

Total AccruingLoans and $ 9,592 $ 8,885 $ 8,521 $ 8,406 $ 6,091 Leases PastDue 90 Days orMoreRestructuredLoans onAccrual Status and Not Past Due 90 Days $ 58,650 $ 59,713 $ 61,425 $ 63,103 $ 46,178 or More

Total Loans $ 11,793,608 $ 11,805,370 $ 11,352,780 $ 10,990,892 $ 10,881,298 and Leases Ratio ofNon-AccrualLoans and 0.14 % 0.17 % 0.16 % 0.16 % 0.17 %Leases toTotal Loansand Leases Ratio ofNon-PerformingAssets toTotal Loansand Leases and 0.16 % 0.19 % 0.18 % 0.18 % 0.20 % Foreclosed Real Estate Ratio ofCommercialNon-PerformingAssets toTotalCommercialLoans and Leases and 0.18 % 0.18 % 0.21 % 0.24 % 0.28 % Commercial Foreclosed Real Estate Ratio ofConsumerNon-PerformingAssets toTotal ConsumerLoans and Leases and Consumer 0.14 % 0.20 % 0.16 % 0.15 % 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 % 0.27 % 0.26 % 0.26 % 0.25 % Foreclosed Real Estate Quarter toQuarterChanges inNon-PerformingAssetsBalance at $ 22,701 $ 20,604 $ 20,117 $ 21,645 $ 21,782 Beginning ofQuarterAdditions 938 5,856 1,754 883 1,035

Reductions Payments (3,729 ) (2,736 ) (315 ) (495 ) (984 )

Return to (1,035 ) (822 ) (437 ) (1,673 ) - Accrual Status Sales of (175 ) - (231 ) (201 ) - Foreclosed Real Estate Charge-offs/ (74 ) (201 ) (284 ) (42 ) (188 ) Write-downsTotal (5,013 ) (3,759 ) (1,267 ) (2,411 ) (1,172 )ReductionsBalance at End $ 18,626 $ 22,701 $ 20,604 $ 20,117 $ 21,645 of Quarter1 Comprised of other revolving credit, installment, and lease financing.^1 Comprised of other revolving credit, installment, and leasefinancing.Bank of Hawaii Corporation and SubsidiariesReserve for Credit LossesTable 12Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

September 30,

(dollars in thousands)2020

2020

2019

2020

2019

Balance at Beginning of Period$

175,958

$

141,467

114,494

$

116,849

113,515

CECL Adoption (Day 1) Impact-

-

-

(5,072

)

-

Loans and Leases Charged-OffCommercialCommercial and Industrial(171

)

(656

)

(239

)

(1,520

)

(815

)

Commercial Mortgage-

-

-

-

(1,616

)

ConsumerResidential Mortgage-

(64

)

(7

)

(84

)

(62

)

Home Equity(43

)

(273

)

(215

)

(316

)

(655

)

Automobile(489

)

(3,114

)

(1,696

)

(6,103

)

(5,140

)

Other 1(1,644

)

(4,176

)

(3,598

)

(9,784

)

(9,424

)

Total Loans and Leases Charged-Off(2,347

)

(8,283

)

(5,755

)

(17,807

)

(17,712

)

Recoveries on Loans and Leases Previously Charged-OffCommercialCommercial and Industrial231

1,524

318

2,044

1,220

Commercial Mortgage-

-

-

40

-

ConsumerResidential Mortgage414

118

649

795

1,228

Home Equity727

321

428

2,024

1,762

Automobile1,313

547

660

2,865

2,449

Other 11,119

662

714

2,645

2,046

Total Recoveries on Loans and Leases Previously Charged-Off3,804

3,172

2,769

10,413

8,705

Net Loans and Leases Recovered (Charged-Off)1,457

(5,111

)

(2,986

)

(7,394

)

(9,007

)

Provision for Credit Losses28,600

40,400

4,250

102,600

11,250

Provision for Unfunded Commitments(202

)

(798

)

-

(1,170

)

-

Balance at End of Period 2$

205,813

$

175,958

$

115,758

$

205,813

$

115,758

ComponentsAllowance for Credit Losses$

203,496

173,439

108,936

$

203,496

108,936

Reserve for Unfunded Commitments2,317

2,519

6,822

2,317

6,822

Total Reserve for Credit Losses$

205,813

$

175,958

$

115,758

$

205,813

$

115,758

Average Loans and Leases Outstanding$

11,739,785

$

11,727,649

$

10,770,720

$

11,510,222

$

10,624,311

Ratio of Net Loans and Leases Charged-Off (Recovered) toAverage Loans and Leases Outstanding (annualized)(0.05

%)

0.18

%

0.11

%

0.09

%

0.11

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding1.73

%

1.47

%

1.00

%

1.73

%

1.00

%

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

September 30, June 30, September 30, September 30,

(dollars in 2020 2020 2019 2020 2019 thousands)Balance at $ 175,958 $ 141,467 114,494 $ 116,849 113,515 Beginning ofPeriod CECL Adoption - - - (5,072 ) - (Day 1)Impact Loans andLeasesCharged-Off Commercial Commercial (171 ) (656 ) (239 ) (1,520 ) (815 ) and Industrial Commercial - - - - (1,616 ) Mortgage Consumer Residential - (64 ) (7 ) (84 ) (62 ) Mortgage Home Equity (43 ) (273 ) (215 ) (316 ) (655 )

Automobile (489 ) (3,114 ) (1,696 ) (6,103 ) (5,140 )

Other ^1 (1,644 ) (4,176 ) (3,598 ) (9,784 ) (9,424 )

Total Loans (2,347 ) (8,283 ) (5,755 ) (17,807 ) (17,712 )and LeasesCharged-OffRecoveries onLoans andLeasesPreviouslyCharged-Off Commercial Commercial 231 1,524 318 2,044 1,220 and Industrial Commercial - - - 40 - Mortgage Consumer Residential 414 118 649 795 1,228 Mortgage Home Equity 727 321 428 2,024 1,762

Automobile 1,313 547 660 2,865 2,449

Other ^1 1,119 662 714 2,645 2,046

TotalRecoveries onLoans and 3,804 3,172 2,769 10,413 8,705 LeasesPreviouslyCharged-OffNet Loans andLeases 1,457 (5,111 ) (2,986 ) (7,394 ) (9,007 )Recovered(Charged-Off)Provision for 28,600 40,400 4,250 102,600 11,250 Credit LossesProvision for (202 ) (798 ) - (1,170 ) - UnfundedCommitmentsBalance at $ 205,813 $ 175,958 $ 115,758 $ 205,813 $ 115,758 End of Period^2 ComponentsAllowance for $ 203,496 173,439 108,936 $ 203,496 108,936 Credit LossesReserve for 2,317 2,519 6,822 2,317 6,822 UnfundedCommitmentsTotal Reserve $ 205,813 $ 175,958 $ 115,758 $ 205,813 $ 115,758 for CreditLosses Average Loans $ 11,739,785 $ 11,727,649 $ 10,770,720 $ 11,510,222 $ 10,624,311 and LeasesOutstanding Ratio of NetLoans andLeasesCharged-Off(Recovered)to Average Loans and (0.05 %) 0.18 % 0.11 % 0.09 % 0.11 % Leases Outstanding (annualized)Ratio ofAllowance forCredit Losses 1.73 % 1.47 % 1.00 % 1.73 % 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.^1 Comprised of other revolving credit, installment, and leasefinancing.^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.Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13aConsumerCommercialTreasuryConsolidated(dollars in thousands)BankingBankingand OtherTotalThree Months Ended September 30, 2020Net Interest Income$

73,868

$

47,797

$

2,501

$

124,166

Provision for Credit Losses(1,372

)

(85

)

30,057

28,600

Net Interest Income (Loss) After Provision for Credit Losses75,240

47,882

(27,556

)

95,566

Noninterest Income31,776

7,672

2,286

41,734

Noninterest Expense(69,408

)

(15,430

)

(5,111

)

(89,949

)

Income (Loss) Before Income Taxes37,608

40,124

(30,381

)

47,351

Provision for Income Taxes(9,627

)

(9,784

)

9,900

(9,511

)

Net Income (Loss)$

27,981

$

30,340

$

(20,481

)

$

37,840

Total Assets as of September 30, 2020$

7,383,822

$

5,027,836

$

7,697,831

$

20,109,489

Three Months Ended September 30, 2019 1Net Interest Income$

76,289

$

46,791

$

1,816

$

124,896

Provision for Credit Losses3,116

(130

)

1,264

4,250

Net Interest Income After Provision for Credit Losses73,173

46,921

552

120,646

Noninterest Income36,627

8,739

1,141

46,507

Noninterest Expense(75,198

)

(21,330

)

(3,821

)

(100,349

)

Income (Loss) Before Income Taxes34,602

34,330

(2,128

)

66,804

Provision for Income Taxes(8,506

)

(8,560

)

2,314

(14,752

)

Net Income$

26,096

$

25,770

$

186

$

52,052

Total Assets as of September 30, 2019 1$

6,993,290

$

4,145,717

$

6,533,133

$

17,672,140

Bank of HawaiiCorporation andSubsidiariesBusiness SegmentsSelected Financial Table 13aInformation Consumer Commercial Treasury Consolidated(dollars in Banking Banking and Other Totalthousands)Three Months EndedSeptember 30, 2020Net Interest Income $ 73,868 $ 47,797 $ 2,501 $ 124,166

Provision for (1,372 ) (85 ) 30,057 28,600 Credit LossesNet Interest Income(Loss) After 75,240 47,882 (27,556 ) 95,566 Provision forCredit LossesNoninterest Income 31,776 7,672 2,286 41,734

Noninterest Expense (69,408 ) (15,430 ) (5,111 ) (89,949 )

Income (Loss) 37,608 40,124 (30,381 ) 47,351 Before Income TaxesProvision for (9,627 ) (9,784 ) 9,900 (9,511 )Income TaxesNet Income (Loss) $ 27,981 $ 30,340 $ (20,481 ) $ 37,840

Total Assets as of $ 7,383,822 $ 5,027,836 $ 7,697,831 $ 20,109,489 September 30, 2020 Three Months EndedSeptember 30, 2019^1Net Interest Income $ 76,289 $ 46,791 $ 1,816 $ 124,896

Provision for 3,116 (130 ) 1,264 4,250 Credit LossesNet Interest Income 73,173 46,921 552 120,646 After Provision forCredit LossesNoninterest Income 36,627 8,739 1,141 46,507

Noninterest Expense (75,198 ) (21,330 ) (3,821 ) (100,349 )

Income (Loss) 34,602 34,330 (2,128 ) 66,804 Before Income TaxesProvision for (8,506 ) (8,560 ) 2,314 (14,752 )Income TaxesNet Income $ 26,096 $ 25,770 $ 186 $ 52,052

Total Assets as of $ 6,993,290 $ 4,145,717 $ 6,533,133 $ 17,672,140 September 30, 2019^11 Certain prior period information has been reclassified to conform to current presentation.^1 Certain prior period information has been reclassified to conform to currentpresentation.Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13bConsumerCommercialTreasuryConsolidated(dollars in thousands)BankingBankingand OtherTotalNine Months Ended September 30, 2020 1Net Interest Income$

221,003

$

144,253

$

11,567

$

376,823

Provision for Credit Losses8,215

(819

)

95,204

102,600

Net Interest Income (Loss) After Provision for Credit Losses212,788

145,072

(83,637

)

274,223

Noninterest Income93,309

26,483

19,359

139,151

Noninterest Expense(210,744

)

(47,552

)

(16,857

)

(275,153

)

Income (Loss) Before Income Taxes95,353

124,003

(81,135

)

138,221

Provision for Income Taxes(24,235

)

(30,278

)

27,782

(26,731

)

Net Income (Loss)$

71,118

$

93,725

$

(53,353

)

$

111,490

Total Assets as of September 30, 2020$

7,383,822

$

5,027,836

$

7,697,831

$

20,109,489

Nine Months Ended September 30, 2019 1Net Interest Income$

229,704

$

139,784

$

4,342

$

373,830

Provision for Credit Losses7,866

1,141

2,243

11,250

Net Interest Income After Provision for Credit Losses221,838

138,643

2,099

362,580

Noninterest Income107,072

22,738

5,826

135,636

Noninterest Expense(213,168

)

(63,545

)

(9,418

)

(286,131

)

Income Before Income Taxes115,742

97,836

(1,493

)

212,085

Provision for Income Taxes(28,745

)

(22,507

)

6,937

(44,315

)

Net Income$

86,997

$

75,329

$

5,444

$

167,770

Total Assets as of September 30, 2019 1$

6,993,290

$

4,145,717

$

6,533,133

$

17,672,140

Bank of HawaiiCorporation andSubsidiariesBusiness SegmentsSelected Financial Table 13bInformation Consumer Commercial Treasury Consolidated(dollars in Banking Banking and Other Totalthousands)Nine Months EndedSeptember 30, 2020^1Net Interest Income $ 221,003 $ 144,253 $ 11,567 $ 376,823

Provision for 8,215 (819 ) 95,204 102,600 Credit LossesNet Interest Income(Loss) After 212,788 145,072 (83,637 ) 274,223 Provision forCredit LossesNoninterest Income 93,309 26,483 19,359 139,151

Noninterest Expense (210,744 ) (47,552 ) (16,857 ) (275,153 )

Income (Loss) 95,353 124,003 (81,135 ) 138,221 Before Income TaxesProvision for (24,235 ) (30,278 ) 27,782 (26,731 )Income TaxesNet Income (Loss) $ 71,118 $ 93,725 $ (53,353 ) $ 111,490

Total Assets as of $ 7,383,822 $ 5,027,836 $ 7,697,831 $ 20,109,489 September 30, 2020 Nine Months EndedSeptember 30, 2019^1Net Interest Income $ 229,704 $ 139,784 $ 4,342 $ 373,830

Provision for 7,866 1,141 2,243 11,250 Credit LossesNet Interest Income 221,838 138,643 2,099 362,580 After Provision forCredit LossesNoninterest Income 107,072 22,738 5,826 135,636

Noninterest Expense (213,168 ) (63,545 ) (9,418 ) (286,131 )

Income Before 115,742 97,836 (1,493 ) 212,085 Income TaxesProvision for (28,745 ) (22,507 ) 6,937 (44,315 )Income TaxesNet Income $ 86,997 $ 75,329 $ 5,444 $ 167,770

Total Assets as of $ 6,993,290 $ 4,145,717 $ 6,533,133 $ 17,672,140 September 30, 2019^11 Certain prior period information has been reclassified to conform to current presentation.^1 Certain prior period information has been reclassified to conform to currentpresentation.Bank of Hawaii Corporation and SubsidiariesSelected Quarterly Financial DataTable 14Three Months EndedSeptember 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands, except per share amounts)2020

2020

2020

2019

2019

Quarterly Operating ResultsInterest IncomeInterest and Fees on Loans and Leases$

103,189

$

107,628

$

108,210

$

109,223

$

110,877

Income on Investment SecuritiesAvailable-for-Sale14,558

14,576

16,711

16,158

17,512

Held-to-Maturity15,967

16,723

19,252

18,750

18,796

Deposits3

1

9

8

9

Funds Sold149

92

546

723

656

Other151

125

218

239

233

Total Interest Income134,017

139,145

144,946

145,101

148,083

Interest ExpenseDeposits5,891

7,954

14,260

16,407

18,055

Securities Sold Under Agreements to Repurchase3,622

4,020

4,025

4,071

4,257

Funds Purchased-

18

72

25

146

Short-Term Borrowings1

22

39

-

1

Other Debt337

440

584

713

728

Total Interest Expense9,851

12,454

18,980

21,216

23,187

Net Interest Income124,166

126,691

125,966

123,885

124,896

Provision for Credit Losses28,600

40,400

33,600

4,750

4,250

Net Interest Income After Provision for Credit Losses95,566

86,291

92,366

119,135

120,646

Noninterest IncomeTrust and Asset Management10,752

10,550

10,915

11,157

10,930

Mortgage Banking4,047

4,278

2,695

3,199

4,864

Service Charges on Deposit Accounts6,027

5,097

7,451

7,835

7,592

Fees, Exchange, and Other Service Charges12,296

9,417

13,200

14,533

14,900

Investment Securities Gains (Losses), Net(1,121

)

13,216

(970

)

(906

)

(1,469

)

Annuity and Insurance881

883

928

1,272

1,278

Bank-Owned Life Insurance1,806

1,649

1,580

1,879

1,647

Other7,046

6,178

10,350

8,733

6,765

Total Noninterest Income41,734

51,268

46,149

47,702

46,507

Noninterest ExpenseSalaries and Benefits51,951

50,715

54,463

51,664

54,345

Net Occupancy7,281

8,761

8,955

8,824

8,803

Net Equipment9,223

8,195

8,456

7,930

7,637

Data Processing4,691

4,416

4,788

4,828

4,676

Professional Fees2,743

3,061

3,208

3,257

2,184

FDIC Insurance1,282

1,558

1,456

1,376

1,257

Other12,778

12,186

14,986

15,217

21,447

Total Noninterest Expense89,949

88,892

96,312

93,096

100,349

Income Before Provision for Income Taxes47,351

48,667

42,203

73,741

66,804

Provision for Income Taxes9,511

9,759

7,461

15,598

14,752

Net Income$

37,840

$

38,908

$

34,742

$

58,143

$

52,052

Basic Earnings Per Share$

0.95

$

0.98

$

0.88

$

1.46

$

1.30

Diluted Earnings Per Share$

0.95

$

0.98

$

0.87

$

1.45

$

1.29

Balance Sheet TotalsLoans and Leases$

11,793,608

$

11,805,370

$

11,352,780

$

10,990,892

$

10,881,298

Total Assets20,109,489

19,769,942

18,542,233

18,095,496

17,672,140

Total Deposits17,738,883

17,423,155

16,055,361

15,784,482

15,340,752

Total Shareholders' Equity1,361,739

1,352,082

1,327,929

1,286,832

1,291,490

Performance RatiosReturn on Average Assets0.76

%

0.82

%

0.77

%

1.29

%

1.17

%

Return on Average Shareholders' Equity11.01

11.58

10.64

17.84

16.02

Efficiency Ratio 154.22

49.95

55.96

54.26

58.55

Net Interest Margin 22.67

2.83

2.96

2.95

3.01

Bank of Hawaii Corporation andSubsidiariesSelected Quarterly Table 14Financial Data Three Months Ended September June 30, March 31, December September 30, 31, 30,

(dollars in 2020 2020 2020 2019 2019 thousands, exceptper share amounts)Quarterly OperatingResultsInterest IncomeInterest and Fees on $ 103,189 $ 107,628 $ 108,210 $ 109,223 $ 110,877 Loans and LeasesIncome on InvestmentSecuritiesAvailable-for-Sale 14,558 14,576 16,711 16,158 17,512

Held-to-Maturity 15,967 16,723 19,252 18,750 18,796

Deposits 3 1 9 8 9

Funds Sold 149 92 546 723 656

Other 151 125 218 239 233

Total Interest 134,017 139,145 144,946 145,101 148,083 IncomeInterest ExpenseDeposits 5,891 7,954 14,260 16,407 18,055

Securities Sold 3,622 4,020 4,025 4,071 4,257 Under Agreements toRepurchaseFunds Purchased - 18 72 25 146

Short-Term 1 22 39 - 1 BorrowingsOther Debt 337 440 584 713 728

Total Interest 9,851 12,454 18,980 21,216 23,187 ExpenseNet Interest Income 124,166 126,691 125,966 123,885 124,896

Provision for Credit 28,600 40,400 33,600 4,750 4,250 LossesNet Interest Income 95,566 86,291 92,366 119,135 120,646 After Provision forCredit LossesNoninterest IncomeTrust and Asset 10,752 10,550 10,915 11,157 10,930 ManagementMortgage Banking 4,047 4,278 2,695 3,199 4,864

Service Charges on 6,027 5,097 7,451 7,835 7,592 Deposit AccountsFees, Exchange, and 12,296 9,417 13,200 14,533 14,900 Other ServiceChargesInvestment (1,121 ) 13,216 (970 ) (906 ) (1,469 )Securities Gains(Losses), NetAnnuity and 881 883 928 1,272 1,278 InsuranceBank-Owned Life 1,806 1,649 1,580 1,879 1,647 InsuranceOther 7,046 6,178 10,350 8,733 6,765

Total Noninterest 41,734 51,268 46,149 47,702 46,507 IncomeNoninterest ExpenseSalaries and 51,951 50,715 54,463 51,664 54,345 BenefitsNet Occupancy 7,281 8,761 8,955 8,824 8,803

Net Equipment 9,223 8,195 8,456 7,930 7,637

Data Processing 4,691 4,416 4,788 4,828 4,676

Professional Fees 2,743 3,061 3,208 3,257 2,184

FDIC Insurance 1,282 1,558 1,456 1,376 1,257

Other 12,778 12,186 14,986 15,217 21,447

Total Noninterest 89,949 88,892 96,312 93,096 100,349 ExpenseIncome Before 47,351 48,667 42,203 73,741 66,804 Provision for IncomeTaxesProvision for Income 9,511 9,759 7,461 15,598 14,752 TaxesNet Income $ 37,840 $ 38,908 $ 34,742 $ 58,143 $ 52,052

Basic Earnings Per $ 0.95 $ 0.98 $ 0.88 $ 1.46 $ 1.30 ShareDiluted Earnings Per $ 0.95 $ 0.98 $ 0.87 $ 1.45 $ 1.29 Share Balance Sheet TotalsLoans and Leases $ 11,793,608 $ 11,805,370 $ 11,352,780 $ 10,990,892 $ 10,881,298

Total Assets 20,109,489 19,769,942 18,542,233 18,095,496 17,672,140

Total Deposits 17,738,883 17,423,155 16,055,361 15,784,482 15,340,752

Total Shareholders' 1,361,739 1,352,082 1,327,929 1,286,832 1,291,490 Equity Performance RatiosReturn on Average 0.76 % 0.82 % 0.77 % 1.29 % 1.17 %AssetsReturn on Average 11.01 11.58 10.64 17.84 16.02 Shareholders' EquityEfficiency Ratio ^1 54.22 49.95 55.96 54.26 58.55

Net Interest Margin 2.67 2.83 2.96 2.95 3.01 ^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 15Eight Months EndedYear Ended($ in millions; jobs in thousands)August 31, 2020December 31, 2019December 31, 2018Hawaii Economic TrendsState General Fund Revenues 1$

4,406.3

(11.1

)

%

$

7,316.5

5.5

%

$

6,933.1

6.9

%

General Excise and Use Tax Revenue 1$

2,118.7

(13.3

)

%

$

3,602.2

5.1

%

$

3,426.5

2.3

%

Jobs 2557.2

648.9

649.0

August 31,

December 31,

(spot rates)2020

2019

2018

Unemployment 3Statewide, seasonally adjusted12.5

%

2.7

%

2.6

%

Oahu10.6

2.1

2.2

Island of Hawaii11.8

2.8

2.9

Maui20.7

2.2

2.2

Kauai17.8

2.4

2.3

September 30,

December 31,

(percentage change, except months of inventory)2020

2019

2018

2017

Housing Trends (Single Family Oahu) 4Median Home Price3.3

%

(0.1

)

%

4.6

%

2.7

%

Home Sales Volume (units)(1.4

)

%

3.9

%

(7.7

)

%

6.3

%

Months of Inventory1.9

2.5

2.8

2.1

Monthly Visitor Arrivals,Percentage Change(in thousands)Not Seasonally Adjustedfrom Previous YearTourism 5August 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, 2019811.4

4.2

October 31, 2019800.4

4.8

September 30, 2019741.3

3.5

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

December 31, 2018900.2

2.3

November 30, 2018778.5

3.9

October 31, 2018763.7

3.5

September 30, 2018716.1

2.2

August 31, 2018845.1

3.2

July 31, 2018939.4

5.3

June 30, 2018897.1

7.3

May 31, 2018804.1

7.0

April 30, 2018803.0

6.6

March 31, 2018903.6

12.5

February 28, 2018778.6

10.3

January 31, 2018796.5

5.4

Bank of Hawaii Corporation andSubsidiariesHawaii TableEconomic 15Trends Eight Months Year Ended Ended($ inmillions; August 31, 2020 December 31, 2019 December 31, 2018jobs inthousands)HawaiiEconomicTrendsState $ 4,406.3 (11.1 ) % $ 7,316.5 5.5 % $ 6,933.1 6.9 %General FundRevenues^ 1GeneralExcise and $ 2,118.7 (13.3 ) % $ 3,602.2 5.1 % $ 3,426.5 2.3 %Use TaxRevenue^ 1Jobs ^2 557.2 648.9 649.0

August December 31, 31,

(spot rates) 2020 2019 2018

Unemployment^ 3Statewide, 12.5 % 2.7 % 2.6 %seasonallyadjusted Oahu 10.6 2.1 2.2

Island of 11.8 2.8 2.9 HawaiiMaui 20.7 2.2 2.2

Kauai 17.8 2.4 2.3

September December 31, 30,

(percentagechange, 2020 2019 2018 2017 exceptmonths ofinventory)HousingTrends(SingleFamily Oahu)^4Median Home 3.3 % (0.1 ) % 4.6 % 2.7 %PriceHome Sales (1.4 ) % 3.9 % (7.7 ) % 6.3 %Volume(units)Months of 1.9 2.5 2.8 2.1 Inventory Monthly Visitor Percentage Change Arrivals,(in Not Seasonally from Previous Yearthousands) AdjustedTourism ^5August 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, 811.4 4.2 2019October 31, 800.4 4.8 2019September 741.3 3.5 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 2019December 31, 900.2 2.3 2018November 30, 778.5 3.9 2018October 31, 763.7 3.5 2018September 716.1 2.2 30, 2018August 31, 845.1 3.2 2018July 31, 939.4 5.3 2018June 30, 897.1 7.3 2018May 31, 2018 804.1 7.0

April 30, 803.0 6.6 2018March 31, 903.6 12.5 2018February 28, 778.6 10.3 2018January 31, 796.5 5.4 20181 Source: Hawaii Department of Business, Economic Development & Tourism2 Source: U. S. Bureau of Labor Statistics3 Source: Hawaii Department of Labor and Industrial Relations, 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/20201026005241/en/

CONTACT: Media Inquiries Stafford Kiguchi Telephone: 808-694-8580 Mobile: 808-265-6367 E-mail: Stafford.Kiguchi@boh.com

CONTACT: Investor/Analyst Inquiries Cindy Wyrick Telephone: 808-694-8430 E-mail: Cindy.Wyrick@boh.com