Business Wire | Oct 25, 2021 06:49AM EDT

Bank of Hawaii Corporation Third Quarter 2021 Financial Results

Oct. 25, 2021

HONOLULU--(BUSINESS WIRE)--Oct. 25, 2021--Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per common share of $1.52 for the third quarter of 2021, compared with diluted earnings per common share of $1.68 in the previous quarter and $0.95 in the same quarter last year. Net income for the third quarter of 2021 was $62.1 million, down 8.1% from the second quarter of 2021 and up 64.0% from the third quarter of 2020.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211025005224/en/

"Bank of Hawaii's operating results were solid in the third quarter of 2021," said Peter Ho, Chairman, President, and CEO. "Core consumer and commercial loan and deposit growth was strong in the quarter. Credit quality in the quarter remained good."

Financial Highlights

* The return on average assets for the third quarter of 2021 was 1.07% compared with 1.23% in the previous quarter and 0.76% in the same quarter last year.

* The return on average common equity for the third quarter of 2021 was 17.08% compared with 19.61% in the previous quarter and 11.01% in the same quarter last year.

* Net interest income for the third quarter of 2021 was $126.8 million, an increase of 2.7% from the second quarter of 2021 and an increase of 2.1% from the third quarter of 2020. Net interest margin was 2.32% in the third quarter of 2021, a decrease of 5 basis points from the previous quarter and 35 basis points from the same quarter last year. The decrease in the net interest margin from prior year is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates, partially offset by higher fees from Paycheck Protection Program ("PPP") loans, deployment of excess liquidity and core loan growth.

* The provision for credit losses for the third quarter of 2021 was a net benefit of $10.4 million compared with a net benefit of $16.1 million in the previous quarter and net expense of $28.6 million in the same quarter last year.

* Noninterest income was $41.4 million in the third quarter of 2021, a decrease of 6.9% from the second quarter of 2021 and a decrease of 0.9% from the third quarter of 2020. One-time items in the second quarter of 2021 included a gain of $3.7 million related to the sale of investment securities.

* Noninterest expense was $96.5 million in the third quarter of 2021, flat to the second quarter of 2021 and an increase of 7.3% from the third quarter of 2020. One-time significant items in the third quarter of 2021 included a gain of $6.3 million related to the sale of property partially offset by $3.8 million of fees related to the early termination of repurchase agreements and $1.2 million in severance. One-time significant items in the second quarter of 2021 included fees related to the early termination of FHLB advances and repurchase agreements of $3.2 million offset by a gain on the sale of property of $3.1 million. One-time significant items in 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.

* The efficiency ratio during the third quarter of 2021 was 57.38% compared with 57.47% in the previous quarter and 54.22% during the same quarter last year. The increase in the efficiency ratio from prior year is driven by an increase in noninterest expense.

* The effective tax rate for the third quarter of 2021 was 24.40% compared with 22.84% in the previous quarter and 20.09% during the same quarter last year. The increase from same quarter prior year is primarily due to higher pretax book income compared to relatively stable tax adjustments and the delayed impact of the TCJA on the deductibility of deferred executive compensation.

Asset Quality

The Company's overall asset quality continued to remain stable during the third quarter of 2021.

* Total non-performing assets were $20.6 million at September 30, 2021, up $1.6 million from June 30, 2021 and $2.0 million from September 30, 2020. Non-performing assets as percentage of total loans and leases and foreclosed real estate were 0.17% at the end of the quarter of 2021, up 1 basis point from the end of the prior quarter and the end of the same quarter last year.

* Net loan and lease charge-offs during the third quarter of 2021 were $1.2 million or 0.04% annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the third quarter of 2021 were comprised of charge-offs of $3.4 million partially offset by recoveries of $2.3 million. Compared to the prior quarter, net loan and lease charge-offs were flat. Compared to the third quarter of 2020, net loan and lease charge-offs increased by $2.7 million or 9 basis points annualized on total average loans and leases outstanding.

* The allowance for credit losses on loans and leases was $167.9 million at September 30, 2021, a decrease of $12.5 million from June 30, 2021 and $35.6 million from September 30, 2020. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.39% at the end of the quarter, down 11 basis points from the end of the prior quarter and 34 basis points from the end of the same quarter last year.

Balance Sheet

* Total assets increased to a new record of $23.0 billion at September 30, 2021, an increase of 1.3% from June 30, 2021 and 14.2% from September 30, 2020.

* The investment securities portfolio was $9.3 billion at September 30, 2021, up 9.2% from June 30, 2021 and 44.8% from September 30, 2020 due to growth in deposits that continued to outpace loan growth. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

* Total loans and leases were $12.1 billion at September 30, 2021, an increase of 0.3% from June 30, 2021 and 2.4% from September 30, 2020. Total loans excluding PPP loans were $11.8 billion at September 30, 2021, an increase of 2.4% from June 30, 2021 and an increase of 4.8% from September 30, 2020.

* Total deposits were $20.5 billion at September 30, 2021, an increase of 1.6% from June 30, 2021 and an increase of 15.5% from September 30, 2020.

* The Company early terminated $100.0 million of repurchase agreements in the third quarter of 2021.

Capital and Dividends

* The Tier 1 Capital Ratio was 13.47% at September 30, 2021 compared with 13.87% at June 30, 2021 and 12.09% at September 30, 2020. The increase from the same quarter in the prior year was driven by the issuance of preferred stock in the second quarter of 2021.

* The Tier 1 Leverage Ratio was 7.10% at September 30, 2021 compared with 7.31% at June 30, 2021 and 6.81% at September 30, 2020. The increase from the same quarter in the prior year was driven by the issuance of $180 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A in the second quarter of 2021.

* The Company repurchased 241.3 thousand shares of common stock at a total cost of $20.0 million under its share repurchase program in the third quarter of 2021 at an average cost of $82.89 per share repurchased. Total remaining buyback authority under the share repurchase program was $93.1 million at September 30, 2021.

* The Company's Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company's outstanding common shares. The dividend will be payable on December 14, 2021 to shareholders of record at the close of business on November 30, 2021.

* On October 5, 2021, the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. The depositary shares representing the Series A Preferred Stock are traded on the NYSE under the symbol "BOH.PRA." The dividend will be payable on November 1, 2021 to shareholders of record of the preferred stock at the close of business on October 18, 2021.

Conference Call Information

The Company will review its third quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawaii Corporation's website, www.boh.com.

* The webcast link is https://edge.media-server.com/mmc/p/3r3nw6ad * 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, October 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 6897518 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, 2020 and its Form 10-Q for the fiscal quarters ended March 31, 2021 and June 30, 2021, 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 Corporation and Subsidiaries Financial Table 1 Highlights Three Months Ended Nine Months Ended September June 30, September September 30, 30, 30, (dollars in thousands, 2021 2021 2020 2021 2020 except per share amounts) For the Period: Operating Results Net Interest $ 126,819 $ 123,514 $ 124,166 $ 370,902 $ 376,823 Income Provision for (10,400 ) (16,100 ) 28,600 (40,800 ) 102,600 Credit Losses ^1 Total 41,378 44,431 41,734 128,779 139,151 Noninterest Income Total 96,519 96,527 89,949 291,911 275,153 Noninterest Expense Net Income 62,053 67,533 37,840 189,535 111,490

Basic Earnings 1.53 1.69 0.95 4.73 2.81 Per Common Share Diluted 1.52 1.68 0.95 4.70 2.80 Earnings Per Common Share Dividends 0.70 0.67 0.67 2.04 2.01 Declared Per Common Share Performance Ratios Return on 1.07 % 1.23 % 0.76 % 1.15 % 0.78 % Average Assets Return on Average 15.41 19.17 11.01 17.31 11.08 Shareholders' Equity Return on 17.08 19.61 11.01 18.10 11.08 Average Common Equity ^8 Efficiency 57.38 57.47 54.22 58.42 53.33 Ratio ^2 Net Interest 2.32 2.37 2.67 2.37 2.82 Margin ^3 Dividend 45.75 39.64 70.53 42.95 71.53 Payout Ratio ^ 4 Average Shareholders' 6.95 6.40 6.93 6.63 7.06 Equity to Average Assets Average Balances Average Loans $ 11,958,321 $ 12,096,308 $ 11,739,785 $ 12,002,426 $ 11,510,222 and Leases Average Assets 22,993,036 22,073,569 19,741,139 22,079,174 19,053,626

Average 20,473,777 19,698,285 17,270,206 19,619,053 16,591,640 Deposits Average 1,598,076 1,412,924 1,367,756 1,463,566 1,344,402 Shareholders' Equity Per Share of Common Stock Book Value $ 35.30 $ 34.80 $ 33.99 $ 35.30 $ 33.99

Tangible Book 34.38 33.91 33.21 34.38 33.21 Value ^8 Market Value Closing 82.17 84.22 50.52 82.17 50.52

High 87.12 95.95 61.94 99.10 95.53

Low 75.68 81.23 48.77 75.65 46.70

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

2021 2021 2020 2020

As of Period End: Balance Sheet Totals Loans and $ 12,072,750 $ 12,041,378 $ 11,940,020 $ 11,793,608 Leases Total Assets 22,965,383 22,672,183 20,603,651 20,109,489

Total Deposits 20,493,678 20,169,709 18,211,621 17,738,883

Other Debt 10,414 10,437 60,481 60,502

Total 1,597,109 1,583,531 1,374,507 1,361,739 Shareholders' Equity Asset Quality Non-Performing $ 20,620 $ 18,974 $ 18,481 $ 18,626 Assets Allowance for Credit Losses 167,920 180,385 216,252 203,496 - Loans and Leases Allowance to Loans and 1.39 % 1.50 % 1.81 % 1.73 % Leases Outstanding ^5 Capital Ratios ^6 Common Equity 12.02 % 12.36 % 12.06 % 12.09 Tier 1 Capital % Ratio Tier 1 Capital 13.47 13.87 12.06 12.09 Ratio Total Capital 14.72 15.13 13.31 13.35 Ratio Tier 1 7.10 7.31 6.71 6.81 Leverage Ratio Total Shareholders' 6.95 6.98 6.67 6.77 Equity to Total Assets Tangible Common Equity 6.04 6.06 6.53 6.63 to Tangible Assets^ 7, 8 Tangible Common Equity 11.46 11.81 11.89 12.02 to Risk-Weighted Assets^ 7,8 Non-Financial Data Full-Time 2,049 2,085 2,022 2,038 Equivalent Employees Branches 54 54 65 67

ATMs 303 312 357 358

^ Provision for Credit Losses for 2021 includes Provision for Unfunded1 Commitments and Accrued Interest Receivable, 2020 represents only Provisions for Loans and Leases.^ Efficiency ratio is defined as noninterest expense divided by total revenue2 (net interest income and total noninterest income).

^ Net interest margin is defined as net interest income, on a taxable-equivalent3 basis, as a percentage of average earning assets.

^ Dividend payout ratio is defined as dividends declared per common share divided4 by basic earnings per common share.

^5 The numerator comprises the Allowance for Credit Losses - Loans and Leases.

^6 Regulatory capital ratios as of September 30, 2021 are preliminary.

Tangible common equity to tangible assets and tangible common equity to^ risk-weighted assets are Non-GAAP financial measures. Tangible common equity is7 defined by the Company as common shareholders' equity minus goodwill and intangible assets. Intangible assets are included as a component of other assets in the Consolidated Statements of Condition. See Table 2 "Reconciliation of Non-GAAP Financial Measures." Return on Average Common Equity was revised from 19.60% for the three months^ ended June 30, 2021, Tangible Common Equity to Tangible Asset was revised from8 6.08% for the three months ended June 30, 2021, Tangible Common Equity to Risk-Weighted Assets was revised from 11.85% for the three months ended June 30, 2021, and Tangible Book Value was revised from $34.02 for the three months ended June 30, 2021.Bank of Hawaii Corporation and SubsidiariesReconciliation of Non-GAAP Financial MeasuresTable 2

September 30,

June 30,

December 31,

September 30,

(dollars in thousands)2021

2021

2020

2020

Total Shareholders' Equity$

1,597,109

$

1,583,531

$

1,374,507

$

1,361,739

Less:Preferred Stock180,000

180,000

-

-

Goodwill31,517

31,517

31,517

31,517

Tangible Common Equity$

1,385,592

$

1,372,014

$

1,342,990

$

1,330,222

Total Assets$

22,965,383

$

22,672,183

$

20,603,651

$

20,109,489

Less:Goodwill31,517

31,517

31,517

31,517

Tangible Assets$

22,933,866

$

22,640,666

$

20,572,134

$

20,077,972

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements$

12,093,010

$

11,614,522

$

11,295,077

$

11,068,888

Total Shareholders' Equity to Total Assets6.95

%

6.98

%

6.67

%

6.77

%

Tangible Common Equity to Tangible Assets (Non-GAAP)6.04

%

6.06

%

6.53

%

6.63

%

Tier 1 Capital Ratio13.47

%

13.87

%

12.06

%

12.09

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)11.46

%

11.81

%

11.89

%

12.02

%

Note: Risk-Weighted Assets and Regulatory capital ratios as of September 30, 2021 are preliminary. Bank of HawaiiCorporation andSubsidiariesReconciliation of Table 2Non-GAAP FinancialMeasures September June 30, December September 30, 31, 30,

(dollars in 2021 2021 2020 2020 thousands) Total Shareholders' $ 1,597,109 $ 1,583,531 $ 1,374,507 $ 1,361,739 EquityLess: Preferred 180,000 180,000 - - Stock Goodwill 31,517 31,517 31,517 31,517

Tangible Common $ 1,385,592 $ 1,372,014 $ 1,342,990 $ 1,330,222 Equity Total Assets $ 22,965,383 $ 22,672,183 $ 20,603,651 $ 20,109,489

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

Tangible Assets $ 22,933,866 $ 22,640,666 $ 20,572,134 $ 20,077,972

Risk-WeightedAssets, determinedin accordance with $ 12,093,010 $ 11,614,522 $ 11,295,077 $ 11,068,888 prescribedregulatoryrequirements Total Shareholders' 6.95 % 6.98 % 6.67 % 6.77 %Equity to TotalAssetsTangible Common 6.04 % 6.06 % 6.53 % 6.63 %Equity to TangibleAssets (Non-GAAP) Tier 1 Capital 13.47 % 13.87 % 12.06 % 12.09 %RatioTangible CommonEquity to 11.46 % 11.81 % 11.89 % 12.02 %Risk-WeightedAssets (Non-GAAP) Note: Risk-Weighted Assets and Regulatory capital ratios as of September 30,2021 are preliminary.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)2021

2021

2020

2021

2020

Interest IncomeInterest and Fees on Loans and Leases$

100,570

$

100,894

$

103,189

$

300,763

$

319,027

Income on Investment SecuritiesAvailable-for-Sale16,396

16,467

14,558

48,700

45,845

Held-to-Maturity16,754

13,576

15,967

43,630

51,942

Deposits2

-

3

9

13

Funds Sold382

260

149

779

787

Other159

182

151

526

494

Total Interest Income134,263

131,379

134,017

394,407

418,108

Interest ExpenseDeposits3,837

4,152

5,891

12,318

28,105

Securities Sold Under Agreements to Repurchase3,423

3,470

3,622

10,426

11,667

Funds Purchased-

-

-

1

90

Short-Term Borrowings-

-

1

-

62

Other Debt184

243

337

760

1,361

Total Interest Expense7,444

7,865

9,851

23,505

41,285

Net Interest Income126,819

123,514

124,166

370,902

376,823

Provision for Credit Losses(10,400

)

(16,100

)

28,600

(40,800

)

102,600

Net Interest Income After Provision for Credit Losses137,219

139,614

95,566

411,702

274,223

Noninterest IncomeTrust and Asset Management11,415

11,682

10,752

34,375

32,217

Mortgage Banking3,136

3,058

4,047

12,056

11,020

Service Charges on Deposit Accounts6,510

6,065

6,027

18,703

18,575

Fees, Exchange, and Other Service Charges13,604

13,807

12,296

41,018

34,913

Investment Securities Gains (Losses), Net(1,259

)

2,423

(1,121

)

(39

)

11,125

Annuity and Insurance735

911

881

2,348

2,692

Bank-Owned Life Insurance1,897

2,063

1,806

5,877

5,035

Other5,340

4,422

7,046

14,441

23,574

Total Noninterest Income41,378

44,431

41,734

128,779

139,151

Noninterest ExpenseSalaries and Benefits56,447

56,161

51,951

168,859

157,129

Net Occupancy3,079

5,047

7,281

17,216

24,997

Net Equipment8,924

8,796

9,223

26,598

25,874

Data Processing4,722

4,557

4,691

15,601

13,895

Professional Fees2,948

3,114

2,743

9,468

9,012

FDIC Insurance1,594

1,669

1,282

4,917

4,296

Other18,805

17,183

12,778

49,252

39,950

Total Noninterest Expense96,519

96,527

89,949

291,911

275,153

Income Before Provision for Income Taxes82,078

87,518

47,351

248,570

138,221

Provision for Income Taxes20,025

19,985

9,511

59,035

26,731

Net Income$

62,053

$

67,533

$

37,840

$

189,535

$

111,490

Preferred Stock Dividends1,006

-

-

1,006

-

Net Income Available to Common Shareholders$

61,047

$

67,533

$

37,840

$

188,529

$

111,490

Basic Earnings Per Common Share$

1.53

$

1.69

$

0.95

$

4.73

$

2.81

Diluted Earnings Per Common Share$

1.52

$

1.68

$

0.95

$

4.70

$

2.80

Dividends Declared Per Common Share$

0.70

$

0.67

$

0.67

$

2.04

$

2.01

Basic Weighted Average Common Shares39,881,437

39,902,583

39,745,120

39,870,450

39,710,252

Diluted Weighted Average Common Shares40,080,919

40,122,905

39,869,135

40,088,899

39,872,406

Bank of Hawaii Corporation andSubsidiariesConsolidatedStatements of Table 3Income Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30,(dollars in 2021 2021 2020 2021 2020thousands, exceptper share amounts)Interest IncomeInterest and Fees $ 100,570 $ 100,894 $ 103,189 $ 300,763 $ 319,027on Loans andLeasesIncome onInvestmentSecuritiesAvailable-for-Sale 16,396 16,467 14,558 48,700 45,845

Held-to-Maturity 16,754 13,576 15,967 43,630 51,942

Deposits 2 - 3 9 13

Funds Sold 382 260 149 779 787

Other 159 182 151 526 494

Total Interest 134,263 131,379 134,017 394,407 418,108IncomeInterest ExpenseDeposits 3,837 4,152 5,891 12,318 28,105

Securities Sold 3,423 3,470 3,622 10,426 11,667Under Agreementsto RepurchaseFunds Purchased - - - 1 90

Short-Term - - 1 - 62BorrowingsOther Debt 184 243 337 760 1,361

Total Interest 7,444 7,865 9,851 23,505 41,285ExpenseNet Interest 126,819 123,514 124,166 370,902 376,823IncomeProvision for (10,400 ) (16,100 ) 28,600 (40,800 ) 102,600Credit LossesNet InterestIncome After 137,219 139,614 95,566 411,702 274,223Provision forCredit LossesNoninterest IncomeTrust and Asset 11,415 11,682 10,752 34,375 32,217ManagementMortgage Banking 3,136 3,058 4,047 12,056 11,020

Service Charges on 6,510 6,065 6,027 18,703 18,575Deposit AccountsFees, Exchange, 13,604 13,807 12,296 41,018 34,913and Other ServiceChargesInvestment (1,259 ) 2,423 (1,121 ) (39 ) 11,125Securities Gains(Losses), NetAnnuity and 735 911 881 2,348 2,692InsuranceBank-Owned Life 1,897 2,063 1,806 5,877 5,035InsuranceOther 5,340 4,422 7,046 14,441 23,574

Total Noninterest 41,378 44,431 41,734 128,779 139,151IncomeNoninterestExpenseSalaries and 56,447 56,161 51,951 168,859 157,129BenefitsNet Occupancy 3,079 5,047 7,281 17,216 24,997

Net Equipment 8,924 8,796 9,223 26,598 25,874

Data Processing 4,722 4,557 4,691 15,601 13,895

Professional Fees 2,948 3,114 2,743 9,468 9,012

FDIC Insurance 1,594 1,669 1,282 4,917 4,296

Other 18,805 17,183 12,778 49,252 39,950

Total Noninterest 96,519 96,527 89,949 291,911 275,153ExpenseIncome Before 82,078 87,518 47,351 248,570 138,221Provision forIncome TaxesProvision for 20,025 19,985 9,511 59,035 26,731Income TaxesNet Income $ 62,053 $ 67,533 $ 37,840 $ 189,535 $ 111,490

Preferred Stock 1,006 - - 1,006 -DividendsNet IncomeAvailable to $ 61,047 $ 67,533 $ 37,840 $ 188,529 $ 111,490CommonShareholdersBasic Earnings Per $ 1.53 $ 1.69 $ 0.95 $ 4.73 $ 2.81Common ShareDiluted Earnings $ 1.52 $ 1.68 $ 0.95 $ 4.70 $ 2.80Per Common ShareDividends Declared $ 0.70 $ 0.67 $ 0.67 $ 2.04 $ 2.01Per Common ShareBasic Weighted 39,881,437 39,902,583 39,745,120 39,870,450 39,710,252Average CommonSharesDiluted Weighted 40,080,919 40,122,905 39,869,135 40,088,899 39,872,406Average CommonSharesBank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeTable 4

Three Months EndedNine Months EndedSeptember 30,June 30,September 30,September 30,(dollars in thousands)2021

2021

2020

2021

2020

Net Income$

62,053

$

67,533

$

37,840

$

189,535

$

111,490

Other Comprehensive Income (Loss), Net of Tax:Net Unrealized Gains (Losses) on Investment Securities(7,541

)

(123

)

(4,900

)

(57,714

)

44,389

Defined Benefit Plans441

442

374

1,324

1,122

Other Comprehensive Income (Loss)(7,100

)

319

(4,526

)

(56,390

)

45,511

Comprehensive Income$

54,953

$

67,852

$

33,314

$

133,145

$

157,001

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) 2021 2021 2020 2021 2020

Net Income $ 62,053 $ 67,533 $ 37,840 $ 189,535 $ 111,490

Other ComprehensiveIncome (Loss), Net ofTax:Net Unrealized Gains (7,541 ) (123 ) (4,900 ) (57,714 ) 44,389(Losses) on InvestmentSecuritiesDefined Benefit Plans 441 442 374 1,324 1,122

Other Comprehensive (7,100 ) 319 (4,526 ) (56,390 ) 45,511Income (Loss)Comprehensive Income $ 54,953 $ 67,852 $ 33,314 $ 133,145 $ 157,001

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

June 30,

December 31,

September 30,

(dollars in thousands)2021

2021

2020

2020

AssetsInterest-Bearing Deposits in Other Banks$

2,188

$

2,584

$

1,646

$

4,233

Funds Sold422,063

909,730

333,022

736,524

Investment SecuritiesAvailable-for-Sale4,353,520

4,522,941

3,791,689

3,190,313

Held-to-Maturity (Fair Value of $4,895,763; $3,965,117; $3,348,693; and $3,288,668)4,899,880

3,947,613

3,262,727

3,198,830

Loans Held for Sale21,965

47,490

82,565

-

Loans and Leases12,072,750

12,041,378

11,940,020

11,793,608

Allowance for Credit Losses(167,920

)

(180,385

)

(216,252

)

(203,496

)

Net Loans and Leases11,904,830

11,860,993

11,723,768

11,590,112

Total Earning Assets21,604,446

21,291,351

19,195,417

18,720,012

Cash and Due from Banks231,711

269,153

279,420

260,167

Premises and Equipment, Net199,144

198,508

199,695

199,021

Operating Lease Right-of-Use Assets97,007

97,264

99,542

96,200

Accrued Interest Receivable46,751

47,046

49,303

57,370

Foreclosed Real Estate2,332

2,332

2,332

2,332

Mortgage Servicing Rights22,099

21,473

19,652

21,887

Goodwill31,517

31,517

31,517

31,517

Bank-Owned Life Insurance293,230

292,805

291,480

291,231

Other Assets437,146

420,734

435,293

429,752

Total Assets$

22,965,383

$

22,672,183

$

20,603,651

$

20,109,489

LiabilitiesDepositsNoninterest-Bearing Demand$

7,111,693

$

6,570,232

$

5,749,612

$

5,428,567

Interest-Bearing Demand4,768,725

4,498,825

4,040,733

3,824,448

Savings7,540,345

7,704,575

6,759,213

6,763,891

Time1,072,915

1,396,077

1,662,063

1,721,977

Total Deposits20,493,678

20,169,709

18,211,621

17,738,883

Securities Sold Under Agreements to Repurchase450,490

550,490

600,590

602,106

Other Debt10,414

10,437

60,481

60,502

Operating Lease Liabilities104,452

105,380

107,412

103,869

Retirement Benefits Payable49,802

50,260

51,197

43,505

Accrued Interest Payable3,415

3,879

5,117

6,613

Taxes Payable and Deferred Taxes9,815

11,844

2,463

12,124

Other Liabilities246,208

186,653

190,263

180,148

Total Liabilities21,368,274

21,088,652

19,229,144

18,747,750

Shareholders' EquityPreferred Stock ($.01 par value; authorized 180,000 shares; issued and outstanding: September 30, 2021 and June 30, 2021 - 180,000 shares)180,000

180,000

-

-

Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: September 30, 2021 - 58,559,089 / 40,305,801; June 30, 2021 - 58,557,754 / 40,465,482; December 31, 2020 - 58,285,624 / 40,119,312; and September 30, 2020 - 58,248,690 / 40,060,675)580

580

580

580

Capital Surplus598,341

594,261

591,360

588,632

Accumulated Other Comprehensive Income (Loss)(48,568

)

(41,468

)

7,822

14,399

Retained Earnings1,916,861

1,884,431

1,811,979

1,797,763

Treasury Stock, at Cost (Shares: September 30, 2021 - 18,253,288; June 30, 2021 - 18,092,272; December 31, 2020 - 18,166,312; and September 30, 2020 - 18,188,015)(1,050,105

)

(1,034,273

)

(1,037,234

)

(1,039,635

)

Total Shareholders' Equity1,597,109

1,583,531

1,374,507

1,361,739

Total Liabilities and Shareholders' Equity$

22,965,383

$

22,672,183

$

20,603,651

$

20,109,489

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

(dollars in 2021 2021 2020 2020 thousands)AssetsInterest-Bearing $ 2,188 $ 2,584 $ 1,646 $ 4,233 Deposits in OtherBanksFunds Sold 422,063 909,730 333,022 736,524

InvestmentSecuritiesAvailable-for-Sale 4,353,520 4,522,941 3,791,689 3,190,313

Held-to-Maturity(Fair Value of$4,895,763; 4,899,880 3,947,613 3,262,727 3,198,830 $3,965,117;$3,348,693; and$3,288,668)Loans Held for Sale 21,965 47,490 82,565 -

Loans and Leases 12,072,750 12,041,378 11,940,020 11,793,608

Allowance for (167,920 ) (180,385 ) (216,252 ) (203,496 )Credit LossesNet Loans and 11,904,830 11,860,993 11,723,768 11,590,112 LeasesTotal Earning 21,604,446 21,291,351 19,195,417 18,720,012 AssetsCash and Due from 231,711 269,153 279,420 260,167 BanksPremises and 199,144 198,508 199,695 199,021 Equipment, NetOperating Lease 97,007 97,264 99,542 96,200 Right-of-Use AssetsAccrued Interest 46,751 47,046 49,303 57,370 ReceivableForeclosed Real 2,332 2,332 2,332 2,332 EstateMortgage Servicing 22,099 21,473 19,652 21,887 RightsGoodwill 31,517 31,517 31,517 31,517

Bank-Owned Life 293,230 292,805 291,480 291,231 InsuranceOther Assets 437,146 420,734 435,293 429,752

Total Assets $ 22,965,383 $ 22,672,183 $ 20,603,651 $ 20,109,489

LiabilitiesDepositsNoninterest-Bearing $ 7,111,693 $ 6,570,232 $ 5,749,612 $ 5,428,567 DemandInterest-Bearing 4,768,725 4,498,825 4,040,733 3,824,448 DemandSavings 7,540,345 7,704,575 6,759,213 6,763,891

Time 1,072,915 1,396,077 1,662,063 1,721,977

Total Deposits 20,493,678 20,169,709 18,211,621 17,738,883

Securities Sold 450,490 550,490 600,590 602,106 Under Agreements toRepurchaseOther Debt 10,414 10,437 60,481 60,502

Operating Lease 104,452 105,380 107,412 103,869 LiabilitiesRetirement Benefits 49,802 50,260 51,197 43,505 PayableAccrued Interest 3,415 3,879 5,117 6,613 PayableTaxes Payable and 9,815 11,844 2,463 12,124 Deferred TaxesOther Liabilities 246,208 186,653 190,263 180,148

Total Liabilities 21,368,274 21,088,652 19,229,144 18,747,750

Shareholders'EquityPreferred Stock($.01 par value;authorized 180,000shares; issued and 180,000 180,000 - - outstanding:September 30, 2021and June 30, 2021 -180,000 shares)Common Stock ($.01par value;authorized500,000,000 shares;issued /outstanding:September 30, 2021- 58,559,089 /40,305,801; June 580 580 580 580 30, 2021 -58,557,754 /40,465,482;December 31, 2020 -58,285,624 /40,119,312; andSeptember 30, 2020- 58,248,690 /40,060,675)Capital Surplus 598,341 594,261 591,360 588,632

Accumulated Other (48,568 ) (41,468 ) 7,822 14,399 ComprehensiveIncome (Loss)Retained Earnings 1,916,861 1,884,431 1,811,979 1,797,763

Treasury Stock, atCost (Shares:September 30, 2021- 18,253,288; June30, 2021 - (1,050,105 ) (1,034,273 ) (1,037,234 ) (1,039,635 )18,092,272;December 31, 2020 -18,166,312; andSeptember 30, 2020- 18,188,015)Total Shareholders' 1,597,109 1,583,531 1,374,507 1,361,739 EquityTotal Liabilities $ 22,965,383 $ 22,672,183 $ 20,603,651 $ 20,109,489 and Shareholders'EquityBank of Hawaii Corporation and SubsidiariesConsolidated Statements of Shareholders' EquityTable 6Accum.

Other

Compre-

Preferred

Common

hensive

Shares

Preferred

Shares

Common

Capital

Income

Retained

Treasury

(dollars in thousands)Outstanding

Stock

Outstanding

Stock

Surplus

(Loss)

Earnings

Stock

Total

Balance as of December 31, 2020-

$

-

40,119,312

$

580

$

591,360

$

7,822

$

1,811,979

$

(1,037,234

)

$

1,374,507

Net Income-

-

-

-

-

-

189,535

-

189,535

Other Comprehensive Loss-

-

-

-

-

(56,390

)

-

-

(56,390

)

Share-Based Compensation-

-

-

-

9,658

-

-

-

9,658

Preferred Stock Issued, Net180,000

180,000

-

-

(4,513

)

-

-

-

175,487

Common Stock Issued under Purchase and Equity Compensation Plans-

-

466,265

-

1,836

-

(1,218

)

10,541

11,159

Common Stock Repurchased-

-

(279,776

)

-

-

-

-

(23,412

)

(23,412

)

Cash Dividends Declared Common Stock($2.04 per share)-

-

-

-

-

-

(82,429

)

-

(82,429

)

Cash Dividends Declared Preferred Stock-

-

-

-

-

-

(1,006

)

-

(1,006

)

Balance as of September 30, 2021180,000

$

180,000

40,305,801

$

580

$

598,341

$

(48,568

)

$

1,916,861

$

(1,050,105

)

$

1,597,109

Balance as of December 31, 2019-

$

-

40,039,695

$

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 Equity Compensation Plans-

-

222,682

1

719

-

1,762

4,878

7,360

Common Stock Repurchased-

-

(201,702

)

-

-

-

-

(17,897

)

(17,897

)

Cash Dividends Declared Common Stock($2.01 per share)-

-

-

-

-

-

(80,536

)

-

(80,536

)

Balance as of September 30, 2020-

$

-

40,060,675

$

580

$

588,632

$

14,399

$

1,797,763

$

(1,039,635

)

$

1,361,739

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of Shareholders' Equity Table 6 Accum.

Other

Compre-

Preferred Common hensive

Shares Preferred Shares Common Capital Income Retained Treasury

(dollars in Outstanding Stock Outstanding Stock Surplus (Loss) Earnings Stock Totalthousands)Balance as of - $ - 40,119,312 $ 580 $ 591,360 $ 7,822 $ 1,811,979 $ (1,037,234 ) $ 1,374,507 December 31,2020Net Income - - - - - - 189,535 - 189,535

Other - - - - - (56,390 ) - - (56,390 )ComprehensiveLossShare-Based - - - - 9,658 - - - 9,658 CompensationPreferred 180,000 180,000 - - (4,513 ) - - - 175,487 Stock Issued,NetCommon StockIssued underPurchase and - - 466,265 - 1,836 - (1,218 ) 10,541 11,159 EquityCompensationPlansCommon Stock - - (279,776 ) - - - - (23,412 ) (23,412 )RepurchasedCashDividendsDeclared - - - - - - (82,429 ) - (82,429 )Common Stock($2.04 pershare)CashDividends - - - - - - (1,006 ) - (1,006 )DeclaredPreferredStockBalance as of 180,000 $ 180,000 40,305,801 $ 580 $ 598,341 $ (48,568 ) $ 1,916,861 $ (1,050,105 ) $ 1,597,109 September 30,2021

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 and - - 222,682 1 719 - 1,762 4,878 7,360 EquityCompensationPlansCommon Stock - - (201,702 ) - - - - (17,897 ) (17,897 )RepurchasedCashDividendsDeclared - - - - - - (80,536 ) - (80,536 )Common Stock($2.01 pershare)Balance as of - $ - 40,060,675 $ 580 $ 588,632 $ 14,399 $ 1,797,763 $ (1,039,635 ) $ 1,361,739 September 30,2020Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent BasisTable 7a

Three Months EndedThree Months EndedThree Months EndedSeptember 30, 2021June 30, 2021September 30, 2020AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/(dollars in millions)BalanceExpenseRateBalanceExpenseRateBalanceExpenseRateEarning AssetsInterest-Bearing Deposits in Other Banks$

3.2

$

-

0.23

%

$

2.2

$

-

0.04

%

$

2.6

$

-

0.45

%

Funds Sold999.5

0.4

0.15

946.2

0.3

0.11

584.2

0.1

0.10

Investment SecuritiesAvailable-for-SaleTaxable4,454.9

16.3

1.46

4,290.8

16.3

1.53

2,918.6

14.3

1.96

Non-Taxable10.1

0.1

4.34

12.3

0.1

4.27

25.8

0.3

4.22

Held-to-MaturityTaxable4,294.6

16.5

1.53

3,496.2

13.4

1.53

3,257.7

15.7

1.93

Non-Taxable64.8

0.4

2.37

41.5

0.3

2.53

54.1

0.4

2.66

Total Investment Securities8,824.4

33.3

1.51

7,840.8

30.1

1.54

6,256.2

30.7

1.96

Loans Held for Sale24.6

0.2

2.80

25.7

0.2

2.86

15.9

0.1

3.24

Loans and Leases 1Commercial and Industrial1,644.8

17.0

4.09

1,934.5

16.8

3.49

1,917.0

14.1

2.93

Commercial Mortgage2,952.7

21.9

2.94

2,883.5

21.3

2.96

2,722.3

21.7

3.18

Construction289.9

2.5

3.38

285.6

2.6

3.66

234.0

2.1

3.60

Commercial Lease Financing109.3

0.4

1.58

105.7

0.4

1.54

110.7

0.5

1.82

Residential Mortgage4,253.2

34.8

3.27

4,234.3

35.6

3.35

3,988.7

36.7

3.68

Home Equity1,621.4

12.2

2.97

1,573.4

12.1

3.09

1,625.2

14.1

3.45

Automobile718.7

6.2

3.41

710.4

6.1

3.45

708.3

6.4

3.59

Other 2368.3

5.7

6.16

368.9

6.0

6.53

433.6

7.6

6.96

Total Loans and Leases11,958.3

100.7

3.35

12,096.3

100.9

3.34

11,739.8

103.2

3.50

Other31.5

0.2

2.02

32.3

0.2

2.26

33.3

0.2

1.81

Total Earning Assets 321,841.5

134.8

2.45

20,943.5

131.7

2.52

18,632.0

134.3

2.88

Cash and Due from Banks252.2

256.1

234.3

Other Assets899.3

874.0

874.8

Total Assets$

22,993.0

$

22,073.6

$

19,741.1

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand$

4,707.1

0.7

0.06

$

4,452.4

0.7

0.07

$

3,465.5

0.4

0.04

Savings7,687.0

1.8

0.09

7,533.0

1.8

0.09

6,886.0

1.7

0.10

Time1,267.0

1.4

0.44

1,418.4

1.7

0.47

1,568.3

3.8

0.97

Total Interest-Bearing Deposits13,661.1

3.9

0.11

13,403.8

4.2

0.12

11,919.8

5.9

0.20

Securities Sold Under Agreements to Repurchase547.8

3.4

2.45

570.3

3.5

2.41

602.9

3.6

2.35

Other Debt10.4

0.2

7.04

30.2

0.2

3.22

60.5

0.3

2.22

Total Interest-Bearing Liabilities14,219.3

7.5

0.21

14,004.3

7.9

0.22

12,583.2

9.8

0.31

Net Interest Income$

127.3

$

123.8

$

124.5

Interest Rate Spread2.24

%

2.30

%

2.57

%

Net Interest Margin2.32

%

2.37

%

2.67

%

Noninterest-Bearing Demand Deposits6,812.7

6,294.5

5,350.4

Other Liabilities362.9

361.9

439.7

Shareholders' Equity1,598.1

1,412.9

1,367.8

Total Liabilities and Shareholders' Equity$

22,993.0

$

22,073.6

$

19,741.1

1

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 $315,000, $269,000, and $295,000 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively. Bank of Hawaii Corporation and Subsidiaries Average Balances and Interest Rates - Taxable-Equivalent Basis Table 7a

Three Months Ended Three Months Ended Three Months Ended September 30, 2021 June 30, 2021 September 30, 2020 Average Income/ Yield Average Income/ Yield Average Income/ Yield / / / (dollars in Balance Expense Rate Balance Expense Rate Balance Expense Rate millions) Earning Assets Interest-Bearing $ 3.2 $ - 0.23 % $ 2.2 $ - 0.04 % $ 2.6 $ - 0.45 % Deposits in Other Banks Funds Sold 999.5 0.4 0.15 946.2 0.3 0.11 584.2 0.1 0.10

Investment Securities Available-for-Sale Taxable 4,454.9 16.3 1.46 4,290.8 16.3 1.53 2,918.6 14.3 1.96

Non-Taxable 10.1 0.1 4.34 12.3 0.1 4.27 25.8 0.3 4.22

Held-to-Maturity Taxable 4,294.6 16.5 1.53 3,496.2 13.4 1.53 3,257.7 15.7 1.93

Non-Taxable 64.8 0.4 2.37 41.5 0.3 2.53 54.1 0.4 2.66

Total Investment 8,824.4 33.3 1.51 7,840.8 30.1 1.54 6,256.2 30.7 1.96 Securities Loans Held for Sale 24.6 0.2 2.80 25.7 0.2 2.86 15.9 0.1 3.24

Loans and Leases ^1 Commercial and 1,644.8 17.0 4.09 1,934.5 16.8 3.49 1,917.0 14.1 2.93 Industrial Commercial Mortgage 2,952.7 21.9 2.94 2,883.5 21.3 2.96 2,722.3 21.7 3.18

Construction 289.9 2.5 3.38 285.6 2.6 3.66 234.0 2.1 3.60

Commercial Lease 109.3 0.4 1.58 105.7 0.4 1.54 110.7 0.5 1.82 Financing Residential 4,253.2 34.8 3.27 4,234.3 35.6 3.35 3,988.7 36.7 3.68 Mortgage Home Equity 1,621.4 12.2 2.97 1,573.4 12.1 3.09 1,625.2 14.1 3.45

Automobile 718.7 6.2 3.41 710.4 6.1 3.45 708.3 6.4 3.59

Other ^2 368.3 5.7 6.16 368.9 6.0 6.53 433.6 7.6 6.96

Total Loans and 11,958.3 100.7 3.35 12,096.3 100.9 3.34 11,739.8 103.2 3.50 Leases Other 31.5 0.2 2.02 32.3 0.2 2.26 33.3 0.2 1.81

Total Earning 21,841.5 134.8 2.45 20,943.5 131.7 2.52 18,632.0 134.3 2.88 Assets ^3 Cash and Due from 252.2 256.1 234.3 Banks Other Assets 899.3 874.0 874.8

Total Assets $ 22,993.0 $ 22,073.6 $ 19,741.1

Interest-Bearing Liabilities Interest-Bearing Deposits Demand $ 4,707.1 0.7 0.06 $ 4,452.4 0.7 0.07 $ 3,465.5 0.4 0.04

Savings 7,687.0 1.8 0.09 7,533.0 1.8 0.09 6,886.0 1.7 0.10

Time 1,267.0 1.4 0.44 1,418.4 1.7 0.47 1,568.3 3.8 0.97

Total 13,661.1 3.9 0.11 13,403.8 4.2 0.12 11,919.8 5.9 0.20 Interest-Bearing Deposits Securities Sold 547.8 3.4 2.45 570.3 3.5 2.41 602.9 3.6 2.35 Under Agreements to Repurchase Other Debt 10.4 0.2 7.04 30.2 0.2 3.22 60.5 0.3 2.22

Total 14,219.3 7.5 0.21 14,004.3 7.9 0.22 12,583.2 9.8 0.31 Interest-Bearing Liabilities Net Interest Income $ 127.3 $ 123.8 $ 124.5

Interest Rate 2.24 % 2.30 % 2.57 % Spread Net Interest Margin 2.32 % 2.37 % 2.67 %

Noninterest-Bearing 6,812.7 6,294.5 5,350.4 Demand Deposits Other Liabilities 362.9 361.9 439.7

Shareholders' 1,598.1 1,412.9 1,367.8 Equity Total Liabilities $ 22,993.0 $ 22,073.6 $ 19,741.1 and Shareholders' Equity ^1 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. ^ Comprised of other consumer revolving credit, installment, and consumer lease2 financing.

Interest income includes taxable-equivalent basis adjustments, based upon a^3 federal statutory tax rate of 21%, of $315,000, $269,000, and $295,000 for the three months ended September 30, 2021, June 30, 2021, and September 30, 2020, respectively.Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent BasisTable 7b

Nine Months Ended

Nine Months Ended

September 30, 2021

September 30, 2020

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in millions)Balance

Expense

Rate

Balance

Expense

Rate

Earning AssetsInterest-Bearing Deposits in Other Banks$

2.9

$

-

0.44

%

$

2.2

$

-

0.76

%

Funds Sold833.7

0.8

0.12

428.3

0.8

0.24

Investment SecuritiesAvailable-for-SaleTaxable4,252.9

48.4

1.52

2,745.7

45.1

2.19

Non-Taxable11.5

0.4

4.29

30.1

1.0

4.37

Held-to-MaturityTaxable3,728.9

42.9

1.53

3,084.4

51.0

2.21

Non-Taxable48.2

0.9

2.46

54.4

1.1

2.66

Total Investment Securities8,041.5

92.6

1.54

5,914.6

98.2

2.21

Loans Held for Sale25.5

0.5

2.81

20.8

0.5

3.35

Loans and Leases 1Commercial and Industrial1,826.9

48.1

3.52

1,763.9

45.2

3.43

Commercial Mortgage2,894.5

64.5

2.98

2,631.9

69.2

3.51

Construction280.0

7.3

3.51

234.3

7.1

4.04

Commercial Lease Financing107.1

1.2

1.52

111.0

1.6

1.88

Residential Mortgage4,211.8

106.2

3.36

3,941.3

109.5

3.70

Home Equity1,596.4

36.9

3.09

1,656.8

43.6

3.51

Automobile712.5

18.4

3.46

710.2

19.0

3.57

Other 2373.2

18.1

6.48

460.8

23.9

6.93

Total Loans and Leases12,002.4

300.7

3.35

11,510.2

319.1

3.70

Other32.4

0.5

2.17

33.9

0.5

1.95

Total Earning Assets 320,938.4

395.1

2.52

17,910.0

419.1

3.12

Cash and Due from Banks259.6

271.7

Other Assets881.2

871.9

Total Assets$

22,079.2

$

19,053.6

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand$

4,450.6

2.0

0.06

$

3,268.1

1.9

0.08

Savings7,414.6

5.0

0.09

6,693.9

11.0

0.22

Time1,437.1

5.3

0.49

1,712.2

15.2

1.19

Total Interest-Bearing Deposits13,302.3

12.3

0.12

11,674.2

28.1

0.32

Short-Term Borrowings0.8

-

0.09

38.3

0.2

0.52

Securities Sold Under Agreements to Repurchase572.7

10.4

2.40

603.4

11.6

2.54

Other Debt33.5

0.8

3.03

62.6

1.4

2.90

Total Interest-Bearing Liabilities13,909.3

23.5

0.22

12,378.5

41.3

0.44

Net Interest Income$

371.6

$

377.8

Interest Rate Spread2.30

%

2.68

%

Net Interest Margin2.37

%

2.82

%

Noninterest-Bearing Demand Deposits6,316.8

4,917.4

Other Liabilities389.5

413.3

Shareholders' Equity1,463.6

1,344.4

Total Liabilities and Shareholders' Equity$

22,079.2

$

19,053.6

1

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 $836,000 and $1,010,000 for the nine months ended September 30, 2021 and September 30, 2020, respectively. Bank of Hawaii Corporation and Subsidiaries Average Balances and Interest Rates - Taxable-Equivalent Basis Table 7b

Nine Months Ended Nine Months Ended

September 30, 2021 September 30, 2020

Average Income/ Yield Average Income/ Yield / /

(dollars in Balance Expense Rate Balance Expense Rate millions) Earning Assets Interest-Bearing $ 2.9 $ - 0.44 % $ 2.2 $ - 0.76 % Deposits in Other Banks Funds Sold 833.7 0.8 0.12 428.3 0.8 0.24

Investment Securities Available-for-Sale Taxable 4,252.9 48.4 1.52 2,745.7 45.1 2.19

Non-Taxable 11.5 0.4 4.29 30.1 1.0 4.37

Held-to-Maturity Taxable 3,728.9 42.9 1.53 3,084.4 51.0 2.21

Non-Taxable 48.2 0.9 2.46 54.4 1.1 2.66

Total Investment 8,041.5 92.6 1.54 5,914.6 98.2 2.21 Securities Loans Held for Sale 25.5 0.5 2.81 20.8 0.5 3.35

Loans and Leases ^1 Commercial and 1,826.9 48.1 3.52 1,763.9 45.2 3.43 Industrial Commercial Mortgage 2,894.5 64.5 2.98 2,631.9 69.2 3.51

Construction 280.0 7.3 3.51 234.3 7.1 4.04

Commercial Lease 107.1 1.2 1.52 111.0 1.6 1.88 Financing Residential 4,211.8 106.2 3.36 3,941.3 109.5 3.70 Mortgage Home Equity 1,596.4 36.9 3.09 1,656.8 43.6 3.51

Automobile 712.5 18.4 3.46 710.2 19.0 3.57

Other ^2 373.2 18.1 6.48 460.8 23.9 6.93

Total Loans and 12,002.4 300.7 3.35 11,510.2 319.1 3.70 Leases Other 32.4 0.5 2.17 33.9 0.5 1.95

Total Earning 20,938.4 395.1 2.52 17,910.0 419.1 3.12 Assets ^3 Cash and Due from 259.6 271.7 Banks Other Assets 881.2 871.9

Total Assets $ 22,079.2 $ 19,053.6

Interest-Bearing Liabilities Interest-Bearing Deposits Demand $ 4,450.6 2.0 0.06 $ 3,268.1 1.9 0.08

Savings 7,414.6 5.0 0.09 6,693.9 11.0 0.22

Time 1,437.1 5.3 0.49 1,712.2 15.2 1.19

Total 13,302.3 12.3 0.12 11,674.2 28.1 0.32 Interest-Bearing Deposits Short-Term 0.8 - 0.09 38.3 0.2 0.52 Borrowings Securities Sold 572.7 10.4 2.40 603.4 11.6 2.54 Under Agreements to Repurchase Other Debt 33.5 0.8 3.03 62.6 1.4 2.90

Total 13,909.3 23.5 0.22 12,378.5 41.3 0.44 Interest-Bearing Liabilities Net Interest Income $ 371.6 $ 377.8

Interest Rate 2.30 % 2.68 % Spread Net Interest Margin 2.37 % 2.82 %

Noninterest-Bearing 6,316.8 4,917.4 Demand Deposits Other Liabilities 389.5 413.3

Shareholders' 1,463.6 1,344.4 Equity Total Liabilities $ 22,079.2 $ 19,053.6 and Shareholders' Equity ^ Non-performing loans and leases are included in the respective average loan and1 lease balances. Income, if any, on such loans and leases is recognized on a cash basis.^ Comprised of other consumer revolving credit, installment, and consumer lease2 financing.

^ Interest income includes taxable-equivalent basis adjustments, based upon a3 federal statutory tax rate of 21%, of $836,000 and $1,010,000 for the nine months ended September 30, 2021 and September 30, 2020, respectively.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8aThree Months Ended September 30, 2021Compared to June 30, 2021(dollars in millions)Volume 1

Rate 1

Total

Change in Interest Income:Funds Sold$

-

$

0.1

$

0.1

Investment SecuritiesAvailable-for-SaleTaxable0.6

(0.6

)

-

Held-to-MaturityTaxable3.1

-

3.1

Non-Taxable0.1

-

0.1

Total Investment Securities3.8

(0.6

)

3.2

Loans and LeasesCommercial and Industrial(4.0

)

4.2

0.2

Commercial Mortgage0.7

(0.1

)

0.6

Construction0.1

(0.2

)

(0.1

)

Commercial Lease Financing0.1

(0.1

)

-

Residential Mortgage0.2

(1.0

)

(0.8

)

Home Equity0.5

(0.4

)

0.1

Automobile0.1

-

0.1

Other 2-

(0.3

)

(0.3

)

Total Loans and Leases(2.3

)

2.1

(0.2

)

Total Change in Interest Income1.5

1.6

3.1

Change in Interest Expense:Interest-Bearing DepositsDemand0.1

(0.1

)

-

Time(0.2

)

(0.1

)

(0.3

)

Total Interest-Bearing Deposits(0.1

)

(0.2

)

(0.3

)

Securities Sold Under Agreements to Repurchase(0.1

)

-

(0.1

)

Other Debt(0.2

)

0.2

-

Total Change in Interest Expense(0.4

)

-

(0.4

)

Change in Net Interest Income$

1.9

$

1.6

$

3.5

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. Bank of Hawaii Corporation and Subsidiaries Analysis of Change in Net Interest Income - Table 8a Taxable-Equivalent Basis Three Months Ended September 30, 2021 Compared to June 30, 2021 Volume ^ Rate ^1 Total (dollars in millions) 1

Change in Interest Income: Funds Sold $ - $ 0.1 $ 0.1

Investment Securities Available-for-Sale Taxable 0.6 (0.6 ) -

Held-to-Maturity Taxable 3.1 - 3.1

Non-Taxable 0.1 - 0.1

Total Investment Securities 3.8 (0.6 ) 3.2

Loans and Leases Commercial and Industrial (4.0 ) 4.2 0.2

Commercial Mortgage 0.7 (0.1 ) 0.6

Construction 0.1 (0.2 ) (0.1 )

Commercial Lease Financing 0.1 (0.1 ) -

Residential Mortgage 0.2 (1.0 ) (0.8 )

Home Equity 0.5 (0.4 ) 0.1

Automobile 0.1 - 0.1

Other ^2 - (0.3 ) (0.3 )

Total Loans and Leases (2.3 ) 2.1 (0.2 )

Total Change in Interest Income 1.5 1.6 3.1

Change in Interest Expense: Interest-Bearing Deposits Demand 0.1 (0.1 ) -

Time (0.2 ) (0.1 ) (0.3 )

Total Interest-Bearing Deposits (0.1 ) (0.2 ) (0.3 )

Securities Sold Under Agreements to Repurchase (0.1 ) - (0.1 )

Other Debt (0.2 ) 0.2 -

Total Change in Interest Expense (0.4 ) - (0.4 )

Change in Net Interest Income $ 1.9 $ 1.6 $ 3.5

^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.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8bThree Months Ended September 30, 2021Compared to September 30, 2020(dollars in millions)Volume 1

Rate 1

Total

Change in Interest Income:Funds Sold$

0.2

$

0.1

$

0.3

Investment SecuritiesAvailable-for-SaleTaxable6.3

(4.3

)

2.0

Non-Taxable(0.2

)

-

(0.2

)

Held-to-MaturityTaxable4.4

(3.6

)

0.8

Non-Taxable0.1

(0.1

)

-

Total Investment Securities10.6

(8.0

)

2.6

Loans Held for Sale0.1

-

0.1

Loans and LeasesCommercial and Industrial(2.1

)

5.0

2.9

Commercial Mortgage1.8

(1.6

)

0.2

Construction0.5

(0.1

)

0.4

Commercial Lease Financing-

(0.1

)

(0.1

)

Residential Mortgage2.3

(4.2

)

(1.9

)

Home Equity-

(1.9

)

(1.9

)

Automobile0.1

(0.3

)

(0.2

)

Other 2(1.1

)

(0.8

)

(1.9

)

Total Loans and Leases1.5

(4.0

)

(2.5

)

Total Change in Interest Income12.4

(11.9

)

0.5

Change in Interest Expense:Interest-Bearing DepositsDemand0.2

0.1

0.3

Savings0.2

(0.1

)

0.1

Time(0.6

)

(1.8

)

(2.4

)

Total Interest-Bearing Deposits(0.2

)

(1.8

)

(2.0

)

Securities Sold Under Agreements to Repurchase(0.3

)

0.1

(0.2

)

Other Debt(0.4

)

0.3

(0.1

)

Total Change in Interest Expense(0.9

)

(1.4

)

(2.3

)

Change in Net Interest Income$

13.3

$

(10.5

)

$

2.8

1

The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.2

Comprised of other consumer revolving credit, installment, and consumer lease financing. Bank of Hawaii Corporation and Subsidiaries Analysis of Change in Net Interest Income - Taxable-Equivalent Table 8b Basis Three Months Ended September 30, 2021 Compared to September 30, 2020 Volume ^ Rate ^1 Total (dollars in millions) 1

Change in Interest Income: Funds Sold $ 0.2 $ 0.1 $ 0.3

Investment Securities Available-for-Sale Taxable 6.3 (4.3 ) 2.0

Non-Taxable (0.2 ) - (0.2 )

Held-to-Maturity Taxable 4.4 (3.6 ) 0.8

Non-Taxable 0.1 (0.1 ) -

Total Investment Securities 10.6 (8.0 ) 2.6

Loans Held for Sale 0.1 - 0.1

Loans and Leases Commercial and Industrial (2.1 ) 5.0 2.9

Commercial Mortgage 1.8 (1.6 ) 0.2

Construction 0.5 (0.1 ) 0.4

Commercial Lease Financing - (0.1 ) (0.1 )

Residential Mortgage 2.3 (4.2 ) (1.9 )

Home Equity - (1.9 ) (1.9 )

Automobile 0.1 (0.3 ) (0.2 )

Other ^2 (1.1 ) (0.8 ) (1.9 )

Total Loans and Leases 1.5 (4.0 ) (2.5 )

Total Change in Interest Income 12.4 (11.9 ) 0.5

Change in Interest Expense: Interest-Bearing Deposits Demand 0.2 0.1 0.3

Savings 0.2 (0.1 ) 0.1

Time (0.6 ) (1.8 ) (2.4 )

Total Interest-Bearing Deposits (0.2 ) (1.8 ) (2.0 )

Securities Sold Under Agreements to Repurchase (0.3 ) 0.1 (0.2 )

Other Debt (0.4 ) 0.3 (0.1 )

Total Change in Interest Expense (0.9 ) (1.4 ) (2.3 )

Change in Net Interest Income $ 13.3 $ (10.5 ) $ 2.8

^1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.^2 Comprised of other consumer revolving credit, installment, and consumer lease financing.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8cNine Months Ended September 30, 2021Compared to September 30, 2020(dollars in millions)Volume 1

Rate 1

Total

Change in Interest Income:Funds Sold$

0.5

$

(0.5

)

$

-

Investment SecuritiesAvailable-for-SaleTaxable19.9

(16.6

)

3.3

Non-Taxable(0.6

)

-

(0.6

)

Held-to-MaturityTaxable9.4

(17.5

)

(8.1

)

Non-Taxable(0.1

)

(0.1

)

(0.2

)

Total Investment Securities28.6

(34.2

)

(5.6

)

Loans Held for Sale0.1

(0.1

)

-

Loans and LeasesCommercial and Industrial6.4

(3.5

)

2.9

Commercial Mortgage6.5

(11.2

)

(4.7

)

Construction1.2

(1.0

)

0.2

Commercial Lease Financing(0.1

)

(0.3

)

(0.4

)

Residential Mortgage7.2

(10.5

)

(3.3

)

Home Equity(1.5

)

(5.2

)

(6.7

)

Automobile-

(0.6

)

(0.6

)

Other 2(4.3

)

(1.5

)

(5.8

)

Total Loans and Leases15.4

(33.8

)

(18.4

)

Total Change in Interest Income44.6

(68.6

)

(24.0

)

Change in Interest Expense:Interest-Bearing DepositsDemand0.6

(0.5

)

0.1

Savings1.1

(7.1

)

(6.0

)

Time(2.1

)

(7.8

)

(9.9

)

Total Interest-Bearing Deposits(0.4

)

(15.4

)

(15.8

)

Short-Term Borrowings(0.1

)

(0.1

)

(0.2

)

Securities Sold Under Agreements to Repurchase(0.6

)

(0.6

)

(1.2

)

Other Debt(0.7

)

0.1

(0.6

)

Total Change in Interest Expense(1.8

)

(16.0

)

(17.8

)

Change in Net Interest Income$

46.4

$

(52.6

)

$

(6.2

)

1

The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.2

Comprised of other consumer revolving credit, installment, and consumer lease financing. Bank of Hawaii Corporation and Subsidiaries Analysis of Change in Net Interest Income - Taxable-Equivalent Table 8c Basis Nine Months Ended September 30, 2021 Compared to September 30, 2020 Volume ^ Rate ^1 Total (dollars in millions) 1

Change in Interest Income: Funds Sold $ 0.5 $ (0.5 ) $ -

Investment Securities Available-for-Sale Taxable 19.9 (16.6 ) 3.3

Non-Taxable (0.6 ) - (0.6 )

Held-to-Maturity Taxable 9.4 (17.5 ) (8.1 )

Non-Taxable (0.1 ) (0.1 ) (0.2 )

Total Investment Securities 28.6 (34.2 ) (5.6 )

Loans Held for Sale 0.1 (0.1 ) -

Loans and Leases Commercial and Industrial 6.4 (3.5 ) 2.9

Commercial Mortgage 6.5 (11.2 ) (4.7 )

Construction 1.2 (1.0 ) 0.2

Commercial Lease Financing (0.1 ) (0.3 ) (0.4 )

Residential Mortgage 7.2 (10.5 ) (3.3 )

Home Equity (1.5 ) (5.2 ) (6.7 )

Automobile - (0.6 ) (0.6 )

Other ^2 (4.3 ) (1.5 ) (5.8 )

Total Loans and Leases 15.4 (33.8 ) (18.4 )

Total Change in Interest Income 44.6 (68.6 ) (24.0 )

Change in Interest Expense: Interest-Bearing Deposits Demand 0.6 (0.5 ) 0.1

Savings 1.1 (7.1 ) (6.0 )

Time (2.1 ) (7.8 ) (9.9 )

Total Interest-Bearing Deposits (0.4 ) (15.4 ) (15.8 )

Short-Term Borrowings (0.1 ) (0.1 ) (0.2 )

Securities Sold Under Agreements to Repurchase (0.6 ) (0.6 ) (1.2 )

Other Debt (0.7 ) 0.1 (0.6 )

Total Change in Interest Expense (1.8 ) (16.0 ) (17.8 )

Change in Net Interest Income $ 46.4 $ (52.6 ) $ (6.2 )

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

Three Months EndedNine Months EndedSeptember 30,

June 30,

September 30,

September 30,

(dollars in thousands)2021

2021

2020

2021

2020

Salaries$

34,676

$

33,413

$

34,046

$

99,658

$

100,271

Incentive Compensation4,677

5,172

2,683

15,763

6,069

Share-Based Compensation3,335

3,174

1,442

9,093

4,754

Commission Expense1,772

2,599

1,800

6,807

4,821

Retirement and Other Benefits4,746

5,289

4,164

15,552

13,316

Payroll Taxes2,825

3,026

2,624

9,819

9,949

Medical, Dental, and Life Insurance3,222

3,204

3,422

8,850

11,394

Separation Expense1,194

284

1,770

3,317

6,555

Total Salaries and Benefits$

56,447

$

56,161

$

51,951

$

168,859

$

157,129

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) 2021 2021 2020 2021 2020

Salaries $ 34,676 $ 33,413 $ 34,046 $ 99,658 $ 100,271

Incentive Compensation 4,677 5,172 2,683 15,763 6,069

Share-Based 3,335 3,174 1,442 9,093 4,754CompensationCommission Expense 1,772 2,599 1,800 6,807 4,821

Retirement and Other 4,746 5,289 4,164 15,552 13,316BenefitsPayroll Taxes 2,825 3,026 2,624 9,819 9,949

Medical, Dental, and 3,222 3,204 3,422 8,850 11,394Life InsuranceSeparation Expense 1,194 284 1,770 3,317 6,555

Total Salaries and $ 56,447 $ 56,161 $ 51,951 $ 168,859 $ 157,129BenefitsBank of Hawaii Corporation and SubsidiariesLoan and Lease Portfolio BalancesTable 10

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)2021

2021

2021

2020

2020

CommercialCommercial and Industrial$

1,325,446

$

1,257,305

$

1,288,496

$

1,357,610

$

1,376,843

PPP 1268,480

513,513

725,485

517,683

531,639

Commercial Mortgage2,994,520

2,944,435

2,859,246

2,854,829

2,745,611

Construction296,052

277,393

281,164

259,798

250,943

Lease Financing107,526

110,500

104,980

110,766

111,831

Total Commercial4,992,024

5,103,146

5,259,371

5,100,686

5,016,867

ConsumerResidential Mortgage4,272,540

4,264,180

4,216,976

4,130,513

4,044,228

Home Equity1,680,229

1,594,781

1,577,500

1,604,538

1,605,486

Automobile727,234

714,729

710,407

708,800

709,937

Other 2400,723

364,542

376,449

395,483

417,090

Total Consumer7,080,726

6,938,232

6,881,332

6,839,334

6,776,741

Total Loans and Leases$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

$

11,793,608

DepositsSeptember 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)2021

2021

2021

2020

2020

Consumer$

10,150,199

$

9,848,285

$

9,746,713

$

9,347,725

$

8,903,808

Commercial8,767,733

8,675,909

8,241,102

7,302,832

7,159,531

Public and Other1,575,746

1,645,515

1,568,836

1,561,064

1,675,544

Total Deposits$

20,493,678

$

20,169,709

$

19,556,651

$

18,211,621

$

17,738,883

1

The PPP amounts presented, which are reported net of deferred costs and fees, were previously included as a component of the Commercial and Industrial loan class.2

Comprised of other revolving credit, installment, and lease financing. Bank of Hawaii Corporation and Subsidiaries Loan and Lease Portfolio Balances Table 10

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

(dollars in 2021 2021 2021 2020 2020 thousands) Commercial Commercial $ 1,325,446 $ 1,257,305 $ 1,288,496 $ 1,357,610 $ 1,376,843 and Industrial PPP ^1 268,480 513,513 725,485 517,683 531,639

Commercial 2,994,520 2,944,435 2,859,246 2,854,829 2,745,611 Mortgage Construction 296,052 277,393 281,164 259,798 250,943

Lease 107,526 110,500 104,980 110,766 111,831 Financing Total 4,992,024 5,103,146 5,259,371 5,100,686 5,016,867 Commercial Consumer Residential 4,272,540 4,264,180 4,216,976 4,130,513 4,044,228 Mortgage Home Equity 1,680,229 1,594,781 1,577,500 1,604,538 1,605,486

Automobile 727,234 714,729 710,407 708,800 709,937

Other ^2 400,723 364,542 376,449 395,483 417,090

Total 7,080,726 6,938,232 6,881,332 6,839,334 6,776,741 Consumer Total Loans $ 12,072,750 $ 12,041,378 $ 12,140,703 $ 11,940,020 $ 11,793,608 and Leases Deposits September June 30, March 31, December 31, September 30, 30,

(dollars in 2021 2021 2021 2020 2020 thousands) Consumer $ 10,150,199 $ 9,848,285 $ 9,746,713 $ 9,347,725 $ 8,903,808

Commercial 8,767,733 8,675,909 8,241,102 7,302,832 7,159,531

Public and 1,575,746 1,645,515 1,568,836 1,561,064 1,675,544 Other Total $ 20,493,678 $ 20,169,709 $ 19,556,651 $ 18,211,621 $ 17,738,883 Deposits ^ The PPP amounts presented, which are reported net of deferred costs and fees,1 were previously included as a component of the Commercial and Industrial loan class.^2 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 11

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands)2021

2021

2021

2020

2020

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

209

$

258

$

293

$

441

$

475

Commercial Mortgage8,309

8,413

8,503

8,527

8,615

Total Commercial8,518

8,671

8,796

8,968

9,090

ConsumerResidential Mortgage4,348

2,437

1,804

3,223

3,543

Home Equity5,422

5,534

4,951

3,958

3,661

Total Consumer9,770

7,971

6,755

7,181

7,204

Total Non-Accrual Loans and Leases18,288

16,642

15,551

16,149

16,294

Foreclosed Real Estate2,332

2,332

2,332

2,332

2,332

Total Non-Performing Assets$

20,620

$

18,974

$

17,883

$

18,481

$

18,626

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

-

$

-

$

9

$

-

$

-

Total Commercial-

-

9

-

-

ConsumerResidential Mortgage$

4,776

$

4,069

$

4,069

$

5,274

$

6,607

Home Equity2,946

4,498

4,906

3,187

2,571

Automobile395

277

604

925

156

Other 1593

434

828

1,160

258

Total Consumer8,710

9,278

10,407

10,546

9,592

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

8,710

$

9,278

$

10,416

$

10,546

$

9,592

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

62,787

$

74,926

$

74,216

$

68,065

$

58,650

Total Loans and Leases$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

$

11,793,608

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases0.15

%

0.14

%

0.13

%

0.14

%

0.14

%

Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate0.17

%

0.16

%

0.15

%

0.15

%

0.16

%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate0.17

%

0.17

%

0.17

%

0.18

%

0.18

%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate0.17

%

0.15

%

0.13

%

0.14

%

0.14

%

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

%

0.23

%

0.23

%

0.24

%

0.24

%

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

18,974

$

17,883

$

18,481

$

18,626

$

22,701

Additions3,171

2,229

2,992

434

938

ReductionsPayments(889

)

(722

)

(2,481

)

(490

)

(3,729

)

Return to Accrual Status(606

)

(416

)

(1,014

)

-

(1,035

)

Sales of Foreclosed Real Estate-

-

-

-

(175

)

Charge-offs/Write-downs(30

)

-

(95

)

(89

)

(74

)

Total Reductions(1,525

)

(1,138

)

(3,590

)

(579

)

(5,013

)

Balance at End of Quarter$

20,620

$

18,974

$

17,883

$

18,481

$

18,626

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 More Table 11

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

(dollars in 2021 2021 2021 2020 2020thousands)Non-Performing AssetsNon-AccrualLoans and LeasesCommercial Commercial and $ 209 $ 258 $ 293 $ 441 $ 475 IndustrialCommercial 8,309 8,413 8,503 8,527 8,615 MortgageTotal 8,518 8,671 8,796 8,968 9,090 CommercialConsumer Residential 4,348 2,437 1,804 3,223 3,543 MortgageHome Equity 5,422 5,534 4,951 3,958 3,661

Total Consumer 9,770 7,971 6,755 7,181 7,204

TotalNon-Accrual 18,288 16,642 15,551 16,149 16,294 Loans andLeasesForeclosed 2,332 2,332 2,332 2,332 2,332 Real EstateTotal $ 20,620 $ 18,974 $ 17,883 $ 18,481 $ 18,626 Non-Performing Assets Accruing Loansand Leases Past Due 90Days or MoreCommercial Commercial and $ - $ - $ 9 $ - $ - IndustrialTotal - - 9 - - CommercialConsumer Residential $ 4,776 $ 4,069 $ 4,069 $ 5,274 $ 6,607 MortgageHome Equity 2,946 4,498 4,906 3,187 2,571

Automobile 395 277 604 925 156

Other^ 1 593 434 828 1,160 258

Total Consumer 8,710 9,278 10,407 10,546 9,592

Total AccruingLoans and $ 8,710 $ 9,278 $ 10,416 $ 10,546 $ 9,592 Leases Past Due 90 Days orMoreRestructuredLoans onAccrual Status $ 62,787 $ 74,926 $ 74,216 $ 68,065 $ 58,650 and Not PastDue 90 Days orMoreTotal Loans $ 12,072,750 $ 12,041,378 $ 12,140,703 $ 11,940,020 $ 11,793,608 and Leases Ratio ofNon-AccrualLoans and 0.15 % 0.14 % 0.13 % 0.14 % 0.14 %Leases toTotal Loansand Leases Ratio ofNon-PerformingAssets to 0.17 % 0.16 % 0.15 % 0.15 % 0.16 %Total Loans and Leases andForeclosedReal Estate Ratio ofCommercialNon-PerformingAssets toTotal 0.17 % 0.17 % 0.17 % 0.18 % 0.18 %Commercial Loans andLeases andCommercialForeclosedReal Estate Ratio ofConsumerNon-PerformingAssets toTotal Consumer 0.17 % 0.15 % 0.13 % 0.14 % 0.14 %Loans andLeases andConsumerForeclosedReal Estate Ratio ofNon-PerformingAssets andAccruing Loansand Leases 0.24 % 0.23 % 0.23 % 0.24 % 0.24 %Past Due 90 Days or Moreto Total Loansand Leases andForeclosedReal Estate Quarter toQuarterChanges in Non-PerformingAssetsBalance at $ 18,974 $ 17,883 $ 18,481 $ 18,626 $ 22,701 Beginning of QuarterAdditions 3,171 2,229 2,992 434 938

Reductions Payments (889 ) (722 ) (2,481 ) (490 ) (3,729 )

Return to (606 ) (416 ) (1,014 ) - (1,035 )Accrual StatusSales of - - - - (175 )Foreclosed Real EstateCharge-offs/ (30 ) - (95 ) (89 ) (74 )Write-downsTotal (1,525 ) (1,138 ) (3,590 ) (579 ) (5,013 )ReductionsBalance at End $ 20,620 $ 18,974 $ 17,883 $ 18,481 $ 18,626 of Quarter ^1 Comprised of other revolving credit, installment, and lease financing.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)2021

2021

2020

2021

2020

Balance at Beginning of Period$

186,371

$

203,779

$

175,958

$

221,303

116,849

CECL Adoption (Day 1) Impact-

-

-

-

(5,072

)

Loans and Leases Charged-OffCommercialCommercial and Industrial(196

)

(456

)

(171

)

(900

)

(1,520

)

ConsumerResidential Mortgage(197

)

(115

)

-

(316

)

(84

)

Home Equity(289

)

(107

)

(43

)

(412

)

(316

)

Automobile(576

)

(1,209

)

(489

)

(3,894

)

(6,103

)

Other 1(2,187

)

(2,422

)

(1,644

)

(8,523

)

(9,784

)

Total Loans and Leases Charged-Off(3,445

)

(4,309

)

(2,347

)

(14,045

)

(17,807

)

Recoveries on Loans and Leases Previously Charged-OffCommercialCommercial and Industrial118

144

231

374

2,044

Commercial Mortgage-

-

-

-

40

ConsumerResidential Mortgage173

481

414

1,609

795

Home Equity216

527

727

1,276

2,024

Automobile943

1,172

1,313

3,034

2,865

Other 1802

801

1,119

2,459

2,645

Total Recoveries on Loans and Leases Previously Charged-Off2,252

3,125

3,804

8,752

10,413

Net Recovered (Charged-Off) - Loans and Leases(1,193

)

(1,184

)

1,457

(5,293

)

(7,394

)

Net Charged-Off - Accrued Interest Receivable(70

)

(124

)

-

(502

)

Provision for Credit Losses:Loans and Leases(11,272

)

(16,774

)

28,600

(43,039

)

102,600

Accrued Interest Receivable(703

)

(828

)

-

(1,531

)

-

Unfunded Commitments1,575

1,502

(202

)

3,770

(1,170

)

Balance at End of Period 2$

174,708

$

186,371

$

205,813

$

174,708

$

205,813

ComponentsAllowance for Credit Losses - Loans and Leases$

167,920

180,385

203,496

$

167,920

203,496

Allowance for Credit Losses - Accrued Interest Receivable667

1,440

-

667

-

Reserve for Unfunded Commitments6,121

4,546

2,317

6,121

2,317

Total Reserve for Credit Losses$

174,708

$

186,371

$

205,813

$

174,708

$

205,813

Average Loans and Leases Outstanding$

11,958,321

$

12,096,308

$

11,739,785

$

12,002,426

$

11,510,222

Ratio of Net Loans and Leases Charged-Off (Recovered) toAverage Loans and Leases Outstanding (annualized)0.04

%

0.04

%

(0.05

%)

0.06

%

0.09

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 31.39

%

1.50

%

1.73

%

1.39

%

1.73

%

1

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

The numerator comprises the Allowance for Credit Losses - Loans and Leases. Bank of Hawaii Corporation and Subsidiaries Reserve for Table 12 Credit Losses Three Months Ended Nine Months Ended

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

(dollars in 2021 2021 2020 2021 2020 thousands) Balance at $ 186,371 $ 203,779 $ 175,958 $ 221,303 116,849 Beginning of Period CECL Adoption - - - - (5,072 ) (Day 1) Impact Loans and Leases Charged-Off Commercial Commercial (196 ) (456 ) (171 ) (900 ) (1,520 ) and Industrial Consumer Residential (197 ) (115 ) - (316 ) (84 ) Mortgage Home Equity (289 ) (107 ) (43 ) (412 ) (316 )

Automobile (576 ) (1,209 ) (489 ) (3,894 ) (6,103 )

Other ^1 (2,187 ) (2,422 ) (1,644 ) (8,523 ) (9,784 )

Total Loans (3,445 ) (4,309 ) (2,347 ) (14,045 ) (17,807 ) and Leases Charged-Off Recoveries on Loans and Leases Previously Charged-Off Commercial Commercial 118 144 231 374 2,044 and Industrial Commercial - - - - 40 Mortgage Consumer Residential 173 481 414 1,609 795 Mortgage Home Equity 216 527 727 1,276 2,024

Automobile 943 1,172 1,313 3,034 2,865

Other ^1 802 801 1,119 2,459 2,645

Total Recoveries on Loans and 2,252 3,125 3,804 8,752 10,413 Leases Previously Charged-Off Net Recovered (Charged-Off) (1,193 ) (1,184 ) 1,457 (5,293 ) (7,394 ) - Loans and Leases Net Charged-Off - (70 ) (124 ) - (502 ) Accrued Interest Receivable Provision for Credit Losses: Loans and (11,272 ) (16,774 ) 28,600 (43,039 ) 102,600 Leases Accrued (703 ) (828 ) - (1,531 ) - Interest Receivable Unfunded 1,575 1,502 (202 ) 3,770 (1,170 ) Commitments Balance at $ 174,708 $ 186,371 $ 205,813 $ 174,708 $ 205,813 End of Period ^2 Components Allowance for Credit Losses $ 167,920 180,385 203,496 $ 167,920 203,496 - Loans and Leases Allowance for Credit Losses 667 1,440 - 667 - - Accrued Interest Receivable Reserve for 6,121 4,546 2,317 6,121 2,317 Unfunded Commitments Total Reserve $ 174,708 $ 186,371 $ 205,813 $ 174,708 $ 205,813 for Credit Losses Average Loans $ 11,958,321 $ 12,096,308 $ 11,739,785 $ 12,002,426 $ 11,510,222 and Leases Outstanding Ratio of Net Loans and Leases Charged-Off (Recovered) to Average Loans and Leases 0.04 % 0.04 % (0.05 %) 0.06 % 0.09 % Outstanding (annualized) Ratio of Allowance for Credit Losses 1.39 % 1.50 % 1.73 % 1.39 % 1.73 % to Loans and Leases Outstanding ^ 3 ^1 Comprised of other revolving credit, installment, and lease financing.

^ Included in this analysis is activity related to the Company's reserve for2 unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.^3 The numerator comprises the Allowance for Credit Losses - Loans and Leases.

Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13aConsumer

Commercial

Treasury

Consolidated

(dollars in thousands)Banking

Banking

and Other

Total

Three Months Ended September 30, 2021Net Interest Income$

72,062

$

50,088

$

4,669

$

126,819

Provision for Credit Losses1,235

(42

)

(11,593

)

(10,400

)

Net Interest Income After Provision for Credit Losses70,827

50,130

16,262

137,219

Noninterest Income32,046

7,906

1,426

41,378

Noninterest Expense(71,377

)

(15,924

)

(9,218

)

(96,519

)

Income Before Income Taxes31,496

42,112

8,470

82,078

Provision for Income Taxes(8,001

)

(10,373

)

(1,651

)

(20,025

)

Net Income$

23,495

$

31,739

$

6,819

$

62,053

Total Assets as of September 30, 2021$

7,530,513

$

5,087,831

$

10,347,039

$

22,965,383

Three 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

Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial Information Table 13a Consumer Commercial Treasury Consolidated

(dollars in Banking Banking and Other Totalthousands)Three MonthsEnded September 30,2021Net Interest $ 72,062 $ 50,088 $ 4,669 $ 126,819 IncomeProvision for 1,235 (42 ) (11,593 ) (10,400 )Credit LossesNet InterestIncome After 70,827 50,130 16,262 137,219 Provision forCredit LossesNoninterest 32,046 7,906 1,426 41,378 IncomeNoninterest (71,377 ) (15,924 ) (9,218 ) (96,519 )ExpenseIncome Before 31,496 42,112 8,470 82,078 Income TaxesProvision for (8,001 ) (10,373 ) (1,651 ) (20,025 )Income TaxesNet Income $ 23,495 $ 31,739 $ 6,819 $ 62,053

Total Assetsas of $ 7,530,513 $ 5,087,831 $ 10,347,039 $ 22,965,383 September 30,2021 Three MonthsEnded September 30,2020Net Interest $ 73,868 $ 47,797 $ 2,501 $ 124,166 IncomeProvision for (1,372 ) (85 ) 30,057 28,600 Credit LossesNet InterestIncome (Loss) 75,240 47,882 (27,556 ) 95,566 After Provision forCredit LossesNoninterest 31,776 7,672 2,286 41,734 IncomeNoninterest (69,408 ) (15,430 ) (5,111 ) (89,949 )ExpenseIncome (Loss) 37,608 40,124 (30,381 ) 47,351 Before Income TaxesProvision for (9,627 ) (9,784 ) 9,900 (9,511 )Income TaxesNet Income $ 27,981 $ 30,340 $ (20,481 ) $ 37,840 (Loss)Total Assetsas of $ 7,383,822 $ 5,027,836 $ 7,697,831 $ 20,109,489 September 30,2020Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13bConsumer

Commercial

Treasury

Consolidated

(dollars in thousands)Banking

Banking

and Other

Total

Nine Months Ended September 30, 2021Net Interest Income$

212,991

$

146,269

$

11,642

$

370,902

Provision for Credit Losses5,088

205

(46,093

)

(40,800

)

Net Interest Income After Provision for Credit Losses207,903

146,064

57,735

411,702

Noninterest Income98,344

22,339

8,096

128,779

Noninterest Expense(222,426

)

(47,343

)

(22,142

)

(291,911

)

Income Before Income Taxes83,821

121,060

43,689

248,570

Provision for Income Taxes(20,840

)

(29,634

)

(8,561

)

(59,035

)

Net Income$

62,981

$

91,426

$

35,128

$

189,535

Total Assets as of September 30, 2021$

7,530,513

$

5,087,831

$

10,347,039

$

22,965,383

Nine Months Ended September 30, 2020Net 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

Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial Information Table 13b Consumer Commercial Treasury Consolidated

(dollars in Banking Banking and Other Totalthousands)Nine MonthsEnded September 30,2021Net Interest $ 212,991 $ 146,269 $ 11,642 $ 370,902 IncomeProvision for 5,088 205 (46,093 ) (40,800 )Credit LossesNet InterestIncome After 207,903 146,064 57,735 411,702 Provision forCredit LossesNoninterest 98,344 22,339 8,096 128,779 IncomeNoninterest (222,426 ) (47,343 ) (22,142 ) (291,911 )ExpenseIncome Before 83,821 121,060 43,689 248,570 Income TaxesProvision for (20,840 ) (29,634 ) (8,561 ) (59,035 )Income TaxesNet Income $ 62,981 $ 91,426 $ 35,128 $ 189,535

Total Assetsas of $ 7,530,513 $ 5,087,831 $ 10,347,039 $ 22,965,383 September 30,2021 Nine MonthsEnded September 30,2020Net Interest $ 221,003 $ 144,253 $ 11,567 $ 376,823 IncomeProvision for 8,215 (819 ) 95,204 102,600 Credit LossesNet InterestIncome (Loss) 212,788 145,072 (83,637 ) 274,223 After Provision forCredit LossesNoninterest 93,309 26,483 19,359 139,151 IncomeNoninterest (210,744 ) (47,552 ) (16,857 ) (275,153 )ExpenseIncome (Loss) 95,353 124,003 (81,135 ) 138,221 Before Income TaxesProvision for (24,235 ) (30,278 ) 27,782 (26,731 )Income TaxesNet Income $ 71,118 $ 93,725 $ (53,353 ) $ 111,490 (Loss)Total Assetsas of $ 7,383,822 $ 5,027,836 $ 7,697,831 $ 20,109,489 September 30,2020Bank of Hawaii Corporation and SubsidiariesSelected Quarterly Financial DataTable 14

Three Months EndedSeptember 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands, except per share amounts)2021

2021

2021

2020

2020

Quarterly Operating ResultsInterest IncomeInterest and Fees on Loans and Leases$

100,570

$

100,894

$

99,299

$

98,471

$

103,189

Income on Investment SecuritiesAvailable-for-Sale16,396

16,467

15,837

15,449

14,558

Held-to-Maturity16,754

13,576

13,300

14,113

15,967

Deposits2

-

7

1

3

Funds Sold382

260

137

115

149

Other159

182

185

167

151

Total Interest Income134,263

131,379

128,765

128,316

134,017

Interest ExpenseDeposits3,837

4,152

4,329

4,861

5,891

Securities Sold Under Agreements to Repurchase3,423

3,470

3,533

3,614

3,622

Funds Purchased-

-

1

5

-

Short-Term Borrowings-

-

-

-

1

Other Debt184

243

333

337

337

Total Interest Expense7,444

7,865

8,196

8,817

9,851

Net Interest Income126,819

123,514

120,569

119,499

124,166

Provision for Credit Losses(10,400)

(16,100)

(14,300)

15,200

28,600

Net Interest Income After Provision for Credit Losses137,219

139,614

134,869

104,299

95,566

Noninterest IncomeTrust and Asset Management11,415

11,682

11,278

11,239

10,752

Mortgage Banking3,136

3,058

5,862

6,851

4,047

Service Charges on Deposit Accounts6,510

6,065

6,128

6,335

6,027

Fees, Exchange, and Other Service Charges13,604

13,807

13,607

12,143

12,296

Investment Securities Gains (Losses), Net(1,259)

2,423

(1,203)

(1,193)

(1,121)

Annuity and Insurance735

911

702

670

881

Bank-Owned Life Insurance1,897

2,063

1,917

2,353

1,806

Other5,340

4,422

4,679

6,860

7,046

Total Noninterest Income41,378

44,431

42,970

45,258

41,734

Noninterest ExpenseSalaries and Benefits56,447

56,161

56,251

50,200

51,951

Net Occupancy3,079

5,047

9,090

14,536

7,281

Net Equipment8,924

8,796

8,878

9,574

9,223

Data Processing4,722

4,557

6,322

4,604

4,691

Professional Fees2,948

3,114

3,406

3,174

2,743

FDIC Insurance1,594

1,669

1,654

1,484

1,282

Other18,805

17,183

13,264

15,082

12,778

Total Noninterest Expense96,519

96,527

98,865

98,654

89,949

Income Before Provision for Income Taxes82,078

87,518

78,974

50,903

47,351

Provision for Income Taxes20,025

19,985

19,025

8,589

9,511

Net Income$

62,053

$

67,533

$

59,949

$

42,314

$

37,840

Preferred Stock Dividends1,006

-

-

-

-

Net Income Available to Common Shareholders$

61,047

$

67,533

$

59,949

$

42,314

$

37,840

Basic Earnings Per Common Share$

1.53

$

1.69

$

1.51

$

1.06

$

0.95

Diluted Earnings Per Common Share$

1.52

$

1.68

$

1.50

$

1.06

$

0.95

Balance Sheet TotalsLoans and Leases$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

$

11,793,608

Total Assets22,965,383

22,672,183

21,947,271

20,603,651

20,109,489

Total Deposits20,493,678

20,169,709

19,556,651

18,211,621

17,738,883

Total Shareholders' Equity1,597,109

1,583,531

1,360,221

1,374,507

1,361,739

Performance RatiosReturn on Average Assets1.07

%

1.23

%

1.15

%

0.83

%

0.76

%

Return on Average Shareholders' Equity15.41

19.17

17.65

12.26

11.01

Return on Average Common Equity17.08

19.61

17.65

12.26

11.01

Efficiency Ratio 157.38

57.47

60.45

59.88

54.22

Net Interest Margin 22.32

2.37

2.43

2.48

2.67

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 a taxable-equivalent basis, as a percentage of average earning assets. Bank of Hawaii Corporation and Subsidiaries Selected Quarterly Financial Data Table 14

Three Months Ended September June 30, March 31, December 31, September 30, 30,

(dollars in 2021 2021 2021 2020 2020 thousands, except per share amounts) Quarterly Operating Results Interest Income Interest and Fees $ 100,570 $ 100,894 $ 99,299 $ 98,471 $ 103,189 on Loans and Leases Income on Investment Securities Available-for-Sale 16,396 16,467 15,837 15,449 14,558

Held-to-Maturity 16,754 13,576 13,300 14,113 15,967

Deposits 2 - 7 1 3

Funds Sold 382 260 137 115 149

Other 159 182 185 167 151

Total Interest 134,263 131,379 128,765 128,316 134,017 Income Interest Expense Deposits 3,837 4,152 4,329 4,861 5,891

Securities Sold 3,423 3,470 3,533 3,614 3,622 Under Agreements to Repurchase Funds Purchased - - 1 5 -

Short-Term - - - - 1 Borrowings Other Debt 184 243 333 337 337

Total Interest 7,444 7,865 8,196 8,817 9,851 Expense Net Interest 126,819 123,514 120,569 119,499 124,166 Income Provision for (10,400) (16,100) (14,300) 15,200 28,600 Credit Losses Net Interest Income After 137,219 139,614 134,869 104,299 95,566 Provision for Credit Losses Noninterest Income Trust and Asset 11,415 11,682 11,278 11,239 10,752 Management Mortgage Banking 3,136 3,058 5,862 6,851 4,047

Service Charges on 6,510 6,065 6,128 6,335 6,027 Deposit Accounts Fees, Exchange, 13,604 13,807 13,607 12,143 12,296 and Other Service Charges Investment (1,259) 2,423 (1,203) (1,193) (1,121) Securities Gains (Losses), Net Annuity and 735 911 702 670 881 Insurance Bank-Owned Life 1,897 2,063 1,917 2,353 1,806 Insurance Other 5,340 4,422 4,679 6,860 7,046

Total Noninterest 41,378 44,431 42,970 45,258 41,734 Income Noninterest Expense Salaries and 56,447 56,161 56,251 50,200 51,951 Benefits Net Occupancy 3,079 5,047 9,090 14,536 7,281

Net Equipment 8,924 8,796 8,878 9,574 9,223

Data Processing 4,722 4,557 6,322 4,604 4,691

Professional Fees 2,948 3,114 3,406 3,174 2,743

FDIC Insurance 1,594 1,669 1,654 1,484 1,282

Other 18,805 17,183 13,264 15,082 12,778

Total Noninterest 96,519 96,527 98,865 98,654 89,949 Expense Income Before 82,078 87,518 78,974 50,903 47,351 Provision for Income Taxes Provision for 20,025 19,985 19,025 8,589 9,511 Income Taxes Net Income $ 62,053 $ 67,533 $ 59,949 $ 42,314 $ 37,840

Preferred Stock 1,006 - - - - Dividends Net Income Available to $ 61,047 $ 67,533 $ 59,949 $ 42,314 $ 37,840 Common Shareholders Basic Earnings Per $ 1.53 $ 1.69 $ 1.51 $ 1.06 $ 0.95 Common Share Diluted Earnings $ 1.52 $ 1.68 $ 1.50 $ 1.06 $ 0.95 Per Common Share Balance Sheet Totals Loans and Leases $ 12,072,750 $ 12,041,378 $ 12,140,703 $ 11,940,020 $ 11,793,608

Total Assets 22,965,383 22,672,183 21,947,271 20,603,651 20,109,489

Total Deposits 20,493,678 20,169,709 19,556,651 18,211,621 17,738,883

Total 1,597,109 1,583,531 1,360,221 1,374,507 1,361,739 Shareholders' Equity Performance Ratios Return on Average 1.07 % 1.23 % 1.15 % 0.83 % 0.76 % Assets Return on Average 15.41 19.17 17.65 12.26 11.01 Shareholders' Equity Return on Average 17.08 19.61 17.65 12.26 11.01 Common Equity Efficiency Ratio ^ 57.38 57.47 60.45 59.88 54.22 1 Net Interest 2.32 2.37 2.43 2.48 2.67 Margin ^2 ^ Efficiency ratio is defined as noninterest expense divided by total revenue1 (net interest income and noninterest income).

^ Net interest margin is defined as net interest income, on a taxable-equivalent2 basis, as a percentage of average earning assets.

Bank of Hawaii Corporation and SubsidiariesHawaii Economic TrendsTable 15

Eight Months Ended

Year Ended

($ in millions; jobs in thousands)August 31, 2021

December 31, 2020

December 31, 2019

Hawaii Economic TrendsState General Fund Revenues 1$

5,325.4

21.2

%

$

6,415.1

(12.3)

%

$

7,316.5

5.5

%

General Excise and Use Tax Revenue 1$

2,367.9

11.6

%

$

3,038.8

(15.6)

%

$

3,602.2

5.1

%

Jobs 2601.8

588.2

659.7

August 31,

December 31,

(spot rates)2021

2020

2019

Unemployment, seasonally adjusted 3Statewide7.0

%

10.3

%

2.1

%

Oahu6.0

9.3

2.0

Island of Hawaii6.6

10.1

2.5

Maui8.5

14.3

2.0

Kauai8.9

13.9

2.1

September 30,

December 31,

(percentage change, except months of inventory)2021

2020

2019

2018

Housing Trends (Single Family Oahu) 4Median Home Price20.2

%5.2

%

(0.1)

%

4.6

%

Home Sales Volume (units)24.2

%2.3

%

3.9

%

(7.7)

%

Months of Inventory1.2

1.4

2.5

2.8

Monthly Visitor Arrivals,

Percentage Change

(in thousands)Not Seasonally Adjusted

from Previous Year

Tourism 5August 31, 2021722.4

3,133.1

July 31, 2021879.6

3,798.4

June 30, 2021791.1

4,534.7

May 31, 2021629.7

6,807.4

April 30, 2021484.1

10,506.3

March 31, 2021439.8

1.1

February 28, 2021235.3

(71.6)

January 31, 2021172.0

(80.1)

December 31, 2020235.8

(75.2)

November 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, 2019952.4

5.8

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

1 Source: Hawaii Department of Business, Economic Development & Tourism2 Source: U. S. Bureau of Labor Statistics3 Source: UHERO4 Source: Honolulu Board of REALTORS5 Source: Hawaii Tourism Authority View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005224/en/

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

CONTACT: Investor/Analyst Inquiries Janelle Higa Email: Janelle.Higa@boh.com Telephone: 808-694-8007