Business Wire | Jan 24, 2022 06:48AM EST

Bank of Hawaii Corporation Fourth Quarter 2021 Financial Results

Jan. 24, 2022

HONOLULU--(BUSINESS WIRE)--Jan. 24, 2022--Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per common share of $6.25 for the full year of 2021, compared with diluted earnings per common share of $3.86 for the full year of 2020. Net income for the year was $253.4 million, up 64.7% from the previous year. Return on average assets for the full year of 2021 was 1.14%, compared with 0.79% in 2020. Return on common equity for the full year of 2021 was 17.92%, compared with 11.38% in 2020.

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"Bank of Hawaii finished 2021 with solid financial performance despite the continued impacts of the COVID-19 pandemic," said Peter Ho, Chairman, President, and CEO. "Core loan balances grew 6.2% in 2021 and deposits surpassed $20 billion, growing 11.8% in 2021. Overall asset quality remained good, and capital and liquidity remain strong as we finished the year. During the year, we continued making significant progress on our strategic initiatives which position us well for continued growth in the future."

Diluted earnings per common share for the fourth quarter of 2021 was $1.55, compared with diluted earnings per common share of $1.52 in the previous quarter and $1.06 in the same quarter of 2020. Net income for the fourth quarter of 2021 was $63.8 million, up 2.9% from the third quarter of 2021 and up 50.9% from the fourth quarter of 2020.

Financial Highlights

* The return on average assets for the fourth quarter of 2021 was 1.12% compared with 1.07% in the previous quarter and 0.83% in the same quarter of 2020.

* The return on average common equity for the fourth quarter of 2021 was 17.40% compared with 17.08% in the previous quarter and 12.26% in the same quarter of 2020.

* Net interest income for the fourth quarter of 2021 was $126.4 million, a decrease of 0.3% from the third quarter of 2021 and an increase of 5.8% from the fourth quarter of 2020. Net interest margin was 2.34% in the fourth quarter of 2021, an increase of 2 basis points from the previous quarter and a decrease of 14 basis points from the same quarter of 2020. The decrease in the net interest margin from the 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. One-time significant items in the fourth quarter of 2021 included a negative $0.9 million adjustment to deferred mortgage loan fees related to prior quarters which had a negative impact of 2 basis points on the net interest margin. One-time significant items in the fourth quarter of 2020 included a charge of $3.0 million related to an impairment in the residual value of a leveraged lease which had a negative impact of 6 basis points on the net interest margin.

* The provision for credit losses for the fourth quarter of 2021 was a net benefit of $9.7 million compared with a net benefit of $10.4 million in the previous quarter and net expense of $15.2 million in the same quarter of 2020.

* Noninterest income was $42.6 million in the fourth quarter of 2021, an increase of 2.9% from previous quarter and a decrease of 5.9% from the same quarter of 2020. The decrease from the fourth quarter of 2020 was primarily driven by a decrease in customer derivative program and mortgage banking income.

* Noninterest expense was $101.7 million in the fourth quarter of 2021, an increase of 5.3% from the previous quarter and 3.1% from the same quarter of 2020. One-time significant items in the fourth quarter of 2021 included $1.2 million related to an increase in vacation carryover limits. 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 fourth quarter of 2020 included $6.1 million in charges related to the decision to permanently close twelve branches and reduce the current number of cash-only ATMs and a charge of $0.8 million related to the true-up of amortization on an investment.

* The efficiency ratio during the fourth quarter of 2021 was 60.18% compared with 57.38% in the previous quarter and 59.88% during the same quarter of 2020.

* The effective tax rate for the fourth quarter of 2021 was 17.08% compared with 24.40% in the previous quarter and 16.87% during the same quarter of 2020. The fourth quarter of 2021 includes a $3.6 million benefit due to larger than expected tax credits from 2020 and a reduction in the valuation allowance related to low-income housing partnerships. The fourth quarter of 2020 includes a $1.6 million benefit from return to provision adjustment.

Asset Quality

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

* Total non-performing assets were $19.0 million at December 31, 2021, down by $1.7 million from September 30, 2021 and up $0.5 million from December 31, 2020. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.15% at the end of the quarter, down 2 basis points from the end of the prior quarter and flat compared to the end of the same quarter of 2020.

* Net loan and lease charge-offs during the fourth quarter of 2021 were $0.7 million or 0.02% annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the fourth quarter of 2021 were comprised of charge-offs of $3.3 million partially offset by recoveries of $2.6 million. Compared to the prior quarter, net loan and lease charge-offs decreased by $0.5 million or 2 basis points annualized on total average loans and leases outstanding. Compared to the fourth quarter of 2020, net loan and lease charge-offs increased by $0.9 million or 3 basis points annualized on total average loans and leases outstanding.

* The allowance for credit losses on loans and leases was $157.8 million at December 31, 2021, a decrease of $10.1 million from September 30, 2021 and $58.4 million from December 31, 2020. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.29% at the end of the quarter, down 10 basis points from the end of the prior quarter and down 52 basis points from the end of the same quarter of 2020.

Balance Sheet

* Total assets were $22.8 billion at December 31, 2021, a decrease of 0.8% from September 30, 2021 and an increase of 10.6% from December 31, 2020.

* The investment securities portfolio was $9.0 billion at December 31, 2021, a decrease of 3.1% from September 30, 2021 and an increase of 27.2% from December 31, 2020. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises. The increase from prior year is primarily due to growth in deposits that outpaced loan growth.

* Total loans and leases were $12.3 billion at December 31, 2021, an increase of 1.5% from September 30, 2021 and 2.7% from December 31, 2020. Total loans and leases excluding PPP loans were $12.1 billion at December 31, 2021, an increase of 2.8% from September 30, 2021 and an increase of 6.2% from December 31, 2020.

* Total deposits were $20.4 billion at December 31, 2021, a decrease of 0.7% from September 30, 2021 and an increase of 11.8% from December 31, 2020.

Capital and Dividends

* The Tier 1 Capital Ratio was 13.56% at December 31, 2021 compared with 13.47% at September 30, 2021 and 12.06% at December 31, 2020. The increase from the same quarter in 2020 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 Tier 1 Leverage Ratio was 7.32% at December 31, 2021 compared with 7.10% at September 30, 2021 and 6.71% at December 31, 2020. The increase from the same quarter in 2020 was driven by the aforementioned issuance of preferred stock in the second quarter of 2021.

* The Company repurchased 87.5 thousand shares of common stock at a total cost of $7.3 million under its share repurchase program in the fourth quarter of 2021 at an average cost of $83.83 per share repurchased. Total remaining buyback authority under the share repurchase program was $85.7 million at December 31, 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 March 14, 2022 to shareholders of record at the close of business on February 28, 2022.

* On January 4, 2022, the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock. 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 February 1, 2022 to shareholders of record of the preferred stock at the close of business on January 18, 2022.

Conference Call Information

The Company will review its 2021 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawaii Corporation's website, www.boh.com.

* The webcast link is https://edge.media-server.com/mmc/p/wajqjveu. * The toll-free number for the teleconference is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code "Bank of Hawaii" to access the call. * A replay of the conference call will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, January 24, 2022. 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 3179105 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 and September 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 Corporationand SubsidiariesFinancial TableHighlights 1 Three Months Ended Year Ended December 31, September 30, December 31, December 31,

(dollars inthousands, 2021 2021 2020 2021 2020except pershare amounts)For thePeriod:OperatingResultsNet Interest $ 126,388 $ 126,819 $ 119,499 $ 497,290 $ 496,322IncomeProvision for (9,700 ) (10,400 ) 15,200 (50,500 ) 117,800Credit Losses^1Total 42,574 41,378 45,258 171,353 184,409NoninterestIncomeTotal 101,678 96,519 98,654 393,589 373,807NoninterestExpenseNet Income 63,837 62,053 42,314 253,372 153,804

Basic Earnings 1.56 1.53 1.06 6.29 3.87Per CommonShareDiluted 1.55 1.52 1.06 6.25 3.86Earnings PerCommon ShareDividends 0.70 0.70 0.67 2.74 2.68Declared PerCommon Share PerformanceRatiosReturn on 1.12 % 1.07 % 0.83 % 1.14 % 0.79 %Average AssetsReturn onAverage 15.92 15.41 12.26 16.94 11.38Shareholders'EquityReturn on 17.40 17.08 12.26 17.92 11.38Average CommonEquityEfficiency 60.18 57.38 59.88 58.86 54.91Ratio ^2Net Interest 2.34 2.32 2.48 2.36 2.73Margin ^3Dividend 44.87 45.75 63.21 43.56 69.25Payout Ratio ^4AverageShareholders' 7.02 6.95 6.74 6.73 6.97Equity toAverage Assets AverageBalancesAverage Loans $ 12,086,705 $ 11,958,321 $ 11,835,929 $ 12,023,669 $ 11,592,093and LeasesAverage Assets 22,666,280 22,993,036 20,382,633 22,227,156 19,387,693

Average 20,222,470 20,473,777 17,819,116 19,771,147 16,900,186DepositsAverage 1,590,600 1,598,076 1,372,971 1,495,586 1,351,583Shareholders'Equity Per Share ofCommon StockBook Value ^5 $ 35.57 $ 35.16 $ 34.26 $ 35.57 $ 34.26

Tangible Book 34.78 34.38 33.47 34.78 33.47ValueMarket ValueClosing 83.76 82.17 76.62 83.76 76.62

High 88.96 87.12 80.38 99.10 95.53

Low 78.73 75.68 49.25 75.65 46.70

December 31, September 30, December 31,

2021 2021 2020

As of PeriodEnd:Balance SheetTotalsLoans and $ 12,259,076 $ 12,072,750 $ 11,940,020LeasesTotal Assets 22,784,941 22,965,383 20,603,651

Total Deposits 20,360,108 20,493,678 18,211,621

Other Debt 10,391 10,414 60,481

Total 1,611,611 1,597,109 1,374,507Shareholders'Equity Asset QualityNon-Performing $ 18,966 $ 20,620 $ 18,481AssetsAllowance forCredit Losses 157,821 167,920 216,252- Loans andLeasesAllowance toLoans and 1.29 % 1.39 % 1.81 %LeasesOutstanding ^6 Capital Ratios^7Common Equity 12.12 % 12.02 % 12.06 %Tier 1 CapitalRatioTier 1 Capital 13.56 13.47 12.06RatioTotal Capital 14.81 14.72 13.31RatioTier 1 7.32 7.10 6.71Leverage RatioTotalShareholders' 7.07 6.95 6.67Equity toTotal AssetsTangibleCommon Equity 6.15 6.04 6.53to TangibleAssets^ 8TangibleCommon Equity 11.44 11.46 11.89toRisk-WeightedAssets^ 8 Non-FinancialDataFull-Time 2,056 2,049 2,022EquivalentEmployeesBranches 54 54 65

ATMs 307 303 357

^1 Provision for Credit Losses for 2021 includes Provision for UnfundedCommitments and Accrued Interest Receivable, 2020 represents only Provisionsfor Loans and Leases.^2 Efficiency ratio is defined as noninterestexpense divided by total revenue (net interestincome and total noninterest income).^3 Net interest margin is defined as netinterest income, on a taxable-equivalentbasis, as a percentage of average earningassets.^4 Dividend payout ratio is defined asdividends declared per common share divided bybasic earnings per common share.^5 Book Value Per Share of Common Stock wasrevised from $35.30 for the three months endedSeptember 30, 2021.^6 The numerator comprisesthe Allowance for CreditLosses - Loans and Leases.^7 Regulatorycapital ratiosas of December31, 2021 arepreliminary.^8 Tangible common equity to tangible assets and tangible common equity torisk-weighted assets are Non-GAAP financial measures. Tangible common equityis defined by the Companyas common shareholders' equity minus goodwill.See Table 2 "Reconciliation of Non-GAAPFinancial Measures."Bank of Hawaii Corporation and SubsidiariesReconciliation of Non-GAAP Financial MeasuresTable 2December 31,September 30,December 31,(dollars in thousands)2021

2021

2020

Total Shareholders' Equity$

1,611,611

$

1,597,109

$

1,374,507

Less:Preferred Stock180,000

180,000

-

Goodwill31,517

31,517

31,517

Tangible Common Equity$

1,400,094

$

1,385,592

$

1,342,990

Total Assets22,784,941

22,965,383

20,603,651

Less:Goodwill31,517

31,517

31,517

Tangible Assets$

22,753,424

$

22,933,866

$

20,572,134

Risk-Weighted Assets, determined in accordancewith prescribed regulatory requirements 1$

12,236,805

$

12,093,010

$

11,295,077

Total Shareholders' Equity to Total Assets7.07

%

6.95

%

6.67

%

Tangible Common Equity to Tangible Assets (Non-GAAP)6.15

%

6.04

%

6.53

%

Tier 1 Capital Ratio 113.56

%

13.47

%

12.06

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 111.44

%

11.46

%

11.89

%

1 Regulatory capital ratios as of December 31, 2021 are preliminary.Bank of Hawaii Corporation andSubsidiariesReconciliation of Non-GAAP Table 2Financial Measures December 31, September 30, December 31,(dollars in thousands) 2021 2021 2020

Total Shareholders' Equity $ 1,611,611 $ 1,597,109 $ 1,374,507

Less: Preferred Stock 180,000 180,000 -

Goodwill 31,517 31,517 31,517

Tangible Common Equity $ 1,400,094 $ 1,385,592 $ 1,342,990

Total Assets 22,784,941 22,965,383 20,603,651

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

Tangible Assets $ 22,753,424 $ 22,933,866 $ 20,572,134

Risk-Weighted Assets, determinedin accordancewith prescribed regulatory $ 12,236,805 $ 12,093,010 $ 11,295,077 requirements ^1 Total Shareholders' Equity to 7.07 % 6.95 % 6.67 %Total AssetsTangible Common Equity to Tangible 6.15 % 6.04 % 6.53 %Assets (Non-GAAP) Tier 1 Capital Ratio^ 1 13.56 % 13.47 % 12.06 %

Tangible Common Equity to 11.44 % 11.46 % 11.89 %Risk-Weighted Assets (Non-GAAP) ^1 ^1 Regulatory capital ratios as ofDecember 31, 2021 are preliminary.Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of IncomeTable 3Three Months EndedYear EndedDecember 31,September 30,December 31,December 31,(dollars in thousands, except per share amounts)2021

2021

2020

2021

2020

Interest IncomeInterest and Fees on Loans and Leases$

97,853

$

100,570

$

98,471

$

398,616

$

417,498

Income on Investment SecuritiesAvailable-for-Sale15,850

16,396

15,449

64,550

61,294

Held-to-Maturity18,325

16,754

14,113

61,955

66,055

Deposits1

2

1

10

14

Funds Sold104

382

115

883

902

Other176

159

167

702

661

Total Interest Income132,309

134,263

128,316

526,716

546,424

Interest ExpenseDeposits2,898

3,837

4,861

15,216

32,966

Securities Sold Under Agreements to Repurchase2,834

3,423

3,614

13,260

15,281

Funds Purchased6

-

5

7

95

Short-Term Borrowings-

-

-

-

62

Other Debt183

184

337

943

1,698

Total Interest Expense5,921

7,444

8,817

29,426

50,102

Net Interest Income126,388

126,819

119,499

497,290

496,322

Provision for Credit Losses(9,700

)

(10,400

)

15,200

(50,500

)

117,800

Net Interest Income After Provision for Credit Losses136,088

137,219

104,299

547,790

378,522

Noninterest IncomeTrust and Asset Management11,693

11,415

11,239

46,068

43,456

Mortgage Banking2,908

3,136

6,851

14,964

17,871

Service Charges on Deposit Accounts6,861

6,510

6,335

25,564

24,910

Fees, Exchange, and Other Service Charges14,439

13,604

12,143

55,457

47,056

Investment Securities Gains (Losses), Net(1,258

)

(1,259

)

(1,193

)

(1,297

)

9,932

Annuity and Insurance876

735

670

3,224

3,362

Bank-Owned Life Insurance1,907

1,897

2,353

7,784

7,388

Other5,148

5,340

6,860

19,589

30,434

Total Noninterest Income42,574

41,378

45,258

171,353

184,409

Noninterest ExpenseSalaries and Benefits59,434

56,447

50,200

228,293

207,329

Net Occupancy9,028

3,079

14,536

26,244

39,533

Net Equipment9,105

8,924

9,574

35,703

35,448

Data Processing4,696

4,722

4,604

20,297

18,499

Professional Fees3,427

2,948

3,174

12,895

12,186

FDIC Insurance1,619

1,594

1,484

6,536

5,780

Other14,369

18,805

15,082

63,621

55,032

Total Noninterest Expense101,678

96,519

98,654

393,589

373,807

Income Before Provision for Income Taxes76,984

82,078

50,903

325,554

189,124

Provision for Income Taxes13,147

20,025

8,589

72,182

35,320

Net Income$

63,837

$

62,053

$

42,314

$

253,372

$

153,804

Preferred Stock Dividends1,969

1,006

-

2,975

-

Net Income Available to Common Shareholders$

61,868

$

61,047

$

42,314

$

250,397

$

153,804

Basic Earnings Per Common Share$

1.56

$

1.53

$

1.06

$

6.29

$

3.87

Diluted Earnings Per Common Share$

1.55

$

1.52

$

1.06

$

6.25

$

3.86

Dividends Declared Per Common Share$

0.70

$

0.70

$

0.67

$

2.74

$

2.68

Basic Weighted Average Common Shares39,741,063

39,881,437

39,773,851

39,837,798

39,726,210

Diluted Weighted Average Common Shares39,955,525

40,080,919

39,963,736

40,053,664

39,892,107

Bank of HawaiiCorporation andSubsidiariesConsolidatedStatements of Table 3Income Three Months Ended Year Ended December 31, September 30, December 31, December 31,(dollars in 2021 2021 2020 2021 2020thousands, exceptper share amounts)Interest IncomeInterest and Fees $ 97,853 $ 100,570 $ 98,471 $ 398,616 $ 417,498on Loans andLeasesIncome onInvestmentSecuritiesAvailable-for-Sale 15,850 16,396 15,449 64,550 61,294

Held-to-Maturity 18,325 16,754 14,113 61,955 66,055

Deposits 1 2 1 10 14

Funds Sold 104 382 115 883 902

Other 176 159 167 702 661

Total Interest 132,309 134,263 128,316 526,716 546,424IncomeInterest ExpenseDeposits 2,898 3,837 4,861 15,216 32,966

Securities Sold 2,834 3,423 3,614 13,260 15,281Under Agreementsto RepurchaseFunds Purchased 6 - 5 7 95

Short-Term - - - - 62BorrowingsOther Debt 183 184 337 943 1,698

Total Interest 5,921 7,444 8,817 29,426 50,102ExpenseNet Interest 126,388 126,819 119,499 497,290 496,322IncomeProvision for (9,700 ) (10,400 ) 15,200 (50,500 ) 117,800Credit LossesNet InterestIncome After 136,088 137,219 104,299 547,790 378,522Provision forCredit LossesNoninterest IncomeTrust and Asset 11,693 11,415 11,239 46,068 43,456ManagementMortgage Banking 2,908 3,136 6,851 14,964 17,871

Service Charges on 6,861 6,510 6,335 25,564 24,910Deposit AccountsFees, Exchange, 14,439 13,604 12,143 55,457 47,056and Other ServiceChargesInvestment (1,258 ) (1,259 ) (1,193 ) (1,297 ) 9,932Securities Gains(Losses), NetAnnuity and 876 735 670 3,224 3,362InsuranceBank-Owned Life 1,907 1,897 2,353 7,784 7,388InsuranceOther 5,148 5,340 6,860 19,589 30,434

Total Noninterest 42,574 41,378 45,258 171,353 184,409IncomeNoninterestExpenseSalaries and 59,434 56,447 50,200 228,293 207,329BenefitsNet Occupancy 9,028 3,079 14,536 26,244 39,533

Net Equipment 9,105 8,924 9,574 35,703 35,448

Data Processing 4,696 4,722 4,604 20,297 18,499

Professional Fees 3,427 2,948 3,174 12,895 12,186

FDIC Insurance 1,619 1,594 1,484 6,536 5,780

Other 14,369 18,805 15,082 63,621 55,032

Total Noninterest 101,678 96,519 98,654 393,589 373,807ExpenseIncome Before 76,984 82,078 50,903 325,554 189,124Provision forIncome TaxesProvision for 13,147 20,025 8,589 72,182 35,320Income TaxesNet Income $ 63,837 $ 62,053 $ 42,314 $ 253,372 $ 153,804

Preferred Stock 1,969 1,006 - 2,975 -DividendsNet IncomeAvailable to $ 61,868 $ 61,047 $ 42,314 $ 250,397 $ 153,804CommonShareholdersBasic Earnings Per $ 1.56 $ 1.53 $ 1.06 $ 6.29 $ 3.87Common ShareDiluted Earnings $ 1.55 $ 1.52 $ 1.06 $ 6.25 $ 3.86Per Common ShareDividends Declared $ 0.70 $ 0.70 $ 0.67 $ 2.74 $ 2.68Per Common ShareBasic Weighted 39,741,063 39,881,437 39,773,851 39,837,798 39,726,210Average CommonSharesDiluted Weighted 39,955,525 40,080,919 39,963,736 40,053,664 39,892,107Average CommonSharesBank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive IncomeTable 4Three Months EndedYear EndedDecember 31,September 30,December 31,December 31,(dollars in thousands)2021

2021

2020

2021

2020

Net Income$

63,837

$

62,053

$

42,314

$

253,372

$

153,804

Other Comprehensive Income (Loss), Net of Tax:Net Unrealized Gains (Losses) on Investment Securities(26,244

)

(7,541

)

(961

)

(83,958

)

43,428

Defined Benefit Plans8,430

441

(5,616

)

9,754

(4,494

)

Other Comprehensive Income (Loss)(17,814

)

(7,100

)

(6,577

)

(74,204

)

38,934

Comprehensive Income$

46,023

$

54,953

$

35,737

$

179,168

$

192,738

Bank of Hawaii Corporation and SubsidiariesConsolidated Statements of Comprehensive Income Table 4 Three Months Ended Year Ended December September December December 31, 31, 30, 31,(dollars in 2021 2021 2020 2021 2020 thousands)Net Income $ 63,837 $ 62,053 $ 42,314 $ 253,372 $ 153,804

Other ComprehensiveIncome (Loss), Netof Tax: Net Unrealized Gains (Losses) on (26,244 ) (7,541 ) (961 ) (83,958 ) 43,428 Investment Securities Defined Benefit 8,430 441 (5,616 ) 9,754 (4,494 ) PlansOther Comprehensive (17,814 ) (7,100 ) (6,577 ) (74,204 ) 38,934 Income (Loss)Comprehensive $ 46,023 $ 54,953 $ 35,737 $ 179,168 $ 192,738 IncomeBank of Hawaii Corporation and SubsidiariesConsolidated Statements of ConditionTable 5December 31,September 30,December 31,(dollars in thousands)2021

2021

2020

AssetsInterest-Bearing Deposits in Other Banks$

2,571

$

2,188

$

1,646

Funds Sold361,536

422,063

333,022

Investment SecuritiesAvailable-for-Sale4,276,056

4,353,520

3,791,689

Held-to-Maturity (Fair Value of $4,646,619; $4,895,763; $3,348,693)4,694,780

4,899,880

3,262,727

Loans Held for Sale26,746

21,965

82,565

Loans and Leases12,259,076

12,072,750

11,940,020

Allowance for Credit Losses(157,821

)

(167,920

)

(216,252

)

Net Loans and Leases12,101,255

11,904,830

11,723,768

Total Earning Assets21,462,944

21,604,446

19,195,417

Cash and Due from Banks196,327

231,711

279,420

Premises and Equipment, Net199,393

199,144

199,695

Operating Lease Right-of-Use Assets95,621

97,007

99,542

Accrued Interest Receivable45,242

46,751

49,303

Foreclosed Real Estate2,332

2,332

2,332

Mortgage Servicing Rights22,251

22,099

19,652

Goodwill31,517

31,517

31,517

Bank-Owned Life Insurance344,587

293,230

291,480

Other Assets384,727

437,146

435,293

Total Assets$

22,784,941

$

22,965,383

$

20,603,651

LiabilitiesDepositsNoninterest-Bearing Demand7,275,287

7,111,693

5,749,612

Interest-Bearing Demand4,628,567

4,768,725

4,040,733

Savings7,456,165

7,540,345

6,759,213

Time1,000,089

1,072,915

1,662,063

Total Deposits20,360,108

20,493,678

18,211,621

Securities Sold Under Agreements to Repurchase450,490

450,490

600,590

Other Debt10,391

10,414

60,481

Operating Lease Liabilities103,210

104,452

107,412

Retirement Benefits Payable38,494

49,802

51,197

Accrued Interest Payable2,499

3,415

5,117

Taxes Payable11,901

9,815

2,463

Other Liabilities196,237

246,208

190,263

Total Liabilities21,173,330

21,368,274

19,229,144

Shareholders' EquityPreferred Stock ($.01 par value; authorized 180,000 shares;issued / outstanding: December 31, 2021 and September 30, 2021 - 180,000)180,000

180,000

-

Common Stock ($.01 par value; authorized 500,000,000 shares;issued / outstanding: December 31, 2021 - 58,554,669 / 40,253,193;September 30, 2021 - 58,559,089 / 40,305,801; and December 31, 2020 - 58,285,624 / 40,119,312)581

580

580

Capital Surplus602,508

598,341

591,360

Accumulated Other Comprehensive Income (Loss)(66,382

)

(48,568

)

7,822

Retained Earnings1,950,375

1,916,861

1,811,979

Treasury Stock, at Cost (Shares: December 31, 2021 - 18,301,476; September 30, 2021 - 18,253,288;and December 31, 2020 - 18,166,312)(1,055,471

)

(1,050,105

)

(1,037,234

)

Total Shareholders' Equity1,611,611

1,597,109

1,374,507

Total Liabilities and Shareholders' Equity$

22,784,941

$

22,965,383

$

20,603,651

Bank of Hawaii Corporation andSubsidiariesConsolidated Statements of Table 5Condition December 31, September 30, December 31,(dollars in thousands) 2021 2021 2020

AssetsInterest-Bearing Deposits in Other $ 2,571 $ 2,188 $ 1,646 BanksFunds Sold 361,536 422,063 333,022

Investment SecuritiesAvailable-for-Sale 4,276,056 4,353,520 3,791,689

Held-to-Maturity (Fair Value of 4,694,780 4,899,880 3,262,727 $4,646,619; $4,895,763;$3,348,693)Loans Held for Sale 26,746 21,965 82,565

Loans and Leases 12,259,076 12,072,750 11,940,020

Allowance for Credit Losses (157,821 ) (167,920 ) (216,252 )

Net Loans and Leases 12,101,255 11,904,830 11,723,768

Total Earning Assets 21,462,944 21,604,446 19,195,417

Cash and Due from Banks 196,327 231,711 279,420

Premises and Equipment, Net 199,393 199,144 199,695

Operating Lease Right-of-Use 95,621 97,007 99,542 AssetsAccrued Interest Receivable 45,242 46,751 49,303

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

Mortgage Servicing Rights 22,251 22,099 19,652

Goodwill 31,517 31,517 31,517

Bank-Owned Life Insurance 344,587 293,230 291,480

Other Assets 384,727 437,146 435,293

Total Assets $ 22,784,941 $ 22,965,383 $ 20,603,651

LiabilitiesDepositsNoninterest-Bearing Demand 7,275,287 7,111,693 5,749,612

Interest-Bearing Demand 4,628,567 4,768,725 4,040,733

Savings 7,456,165 7,540,345 6,759,213

Time 1,000,089 1,072,915 1,662,063

Total Deposits 20,360,108 20,493,678 18,211,621

Securities Sold Under Agreements 450,490 450,490 600,590 to RepurchaseOther Debt 10,391 10,414 60,481

Operating Lease Liabilities 103,210 104,452 107,412

Retirement Benefits Payable 38,494 49,802 51,197

Accrued Interest Payable 2,499 3,415 5,117

Taxes Payable 11,901 9,815 2,463

Other Liabilities 196,237 246,208 190,263

Total Liabilities 21,173,330 21,368,274 19,229,144

Shareholders' EquityPreferred Stock ($.01 par value;authorized 180,000 shares;issued / outstanding: December 31, 180,000 180,000 - 2021 and September 30, 2021 -180,000)Common Stock ($.01 par value;authorized 500,000,000 shares;issued / outstanding: December 31,2021 - 58,554,669 / 40,253,193;September 30, 2021 - 58,559,089 / 581 580 580 40,305,801; and December 31, 2020- 58,285,624 / 40,119,312)Capital Surplus 602,508 598,341 591,360

Accumulated Other Comprehensive (66,382 ) (48,568 ) 7,822 Income (Loss)Retained Earnings 1,950,375 1,916,861 1,811,979

Treasury Stock, at Cost (Shares:December 31, 2021 - 18,301,476;September 30, 2021 - 18,253,288;and December 31, 2020 - (1,055,471 ) (1,050,105 ) (1,037,234 )18,166,312)Total Shareholders' Equity 1,611,611 1,597,109 1,374,507

Total Liabilities and $ 22,784,941 $ 22,965,383 $ 20,603,651 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, 2019-

$

-

40,039,695

$

579

$

582,566

$

(31,112

)

$

1,761,415

$

(1,026,616

)

$

1,286,832

Net Income-

-

-

-

-

-

153,804

-

153,804

Other Comprehensive Income-

-

-

-

-

38,934

-

-

38,934

Cumulative Change in Accounting Principle-

-

-

-

-

-

3,632

-

3,632

Share-Based Compensation-

-

-

-

7,577

-

-

-

7,577

Common Stock Issued under Purchaseand Equity Compensation Plans-

-

283,482

1

1,217

-

562

7,388

9,168

Common Stock Repurchased-

-

(203,865

)

-

-

-

-

(18,006

)

(18,006

)

Cash Dividends Declared Common Stock($2.68 per share)-

-

-

-

-

-

(107,434

)

-

(107,434

)

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-

-

-

-

-

-

253,372

-

253,372

Other Comprehensive Loss-

-

-

-

-

(74,204

)

-

-

(74,204

)

Share-Based Compensation-

-

-

-

13,267

-

-

-

13,267

Preferred Stock Issued, Net180,000

180,000

-

-

(4,513

)

-

-

-

175,487

Common Stock Issued under Purchaseand Equity Compensation Plans-

-

507,121

1

2,394

-

(1,368

)

13,021

14,048

Common Stock Repurchased-

-

(373,240

)

-

-

-

-

(31,258

)

(31,258

)

Cash Dividends Declared Common Stock($2.74 per share)-

-

-

-

-

-

(110,633

)

-

(110,633

)

Cash Dividends Declared Preferred Stock-

-

-

-

-

-

(2,975

)

-

(2,975

)

Balance as of December 31, 2021180,000

$

180,000

40,253,193

$

581

$

602,508

$

(66,382

)

$

1,950,375

$

(1,055,471

)

$

1,611,611

Bank of Hawaii Corporation andSubsidiariesConsolidated Statements of Table 6Shareholders' Equity 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 - $ - 40,039,695 $ 579 $ 582,566 $ (31,112 ) $ 1,761,415 $ (1,026,616 ) $ 1,286,832 December 31,2019Net Income - - - - - - 153,804 - 153,804

Other - - - - - 38,934 - - 38,934 ComprehensiveIncomeCumulativeChange in - - - - - - 3,632 - 3,632 AccountingPrincipleShare-Based - - - - 7,577 - - - 7,577 CompensationCommon Stock Issued underPurchaseand Equity - - 283,482 1 1,217 - 562 7,388 9,168 CompensationPlansCommon Stock - - (203,865 ) - - - - (18,006 ) (18,006 )RepurchasedCashDividends DeclaredCommon Stock($2.68 per - - - - - - (107,434 ) - (107,434 )share)Balance as of - $ - 40,119,312 $ 580 $ 591,360 $ 7,822 $ 1,811,979 $ (1,037,234 ) $ 1,374,507 December 31,2020 Net Income - - - - - - 253,372 - 253,372

Other - - - - - (74,204 ) - - (74,204 )ComprehensiveLossShare-Based - - - - 13,267 - - - 13,267 CompensationPreferred 180,000 180,000 - - (4,513 ) - - - 175,487 Stock Issued,NetCommon StockIssued underPurchaseand Equity - - 507,121 1 2,394 - (1,368 ) 13,021 14,048 CompensationPlansCommon Stock - - (373,240 ) - - - - (31,258 ) (31,258 )RepurchasedCashDividendsDeclaredCommon Stock($2.74 per - - - - - - (110,633 ) - (110,633 )share)CashDividends - - - - - - (2,975 ) - (2,975 )DeclaredPreferredStockBalance as of 180,000 $ 180,000 40,253,193 $ 581 $ 602,508 $ (66,382 ) $ 1,950,375 $ (1,055,471 ) $ 1,611,611 December 31,2021Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent Basis 1Table 7aThree Months EndedThree Months EndedThree Months EndedDecember 31, 2021September 30, 2021December 31, 2020AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/(dollars in millions)BalanceExpenseRateBalanceExpenseRateBalanceExpenseRateEarning AssetsInterest-Bearing Deposits in Other Banks$ 2.2

$ -

0.05

%

$ 3.2

$ -

0.23

%

$ 2.2

$ -

0.16

%

Funds Sold273.2

0.1

0.15

999.5

0.4

0.15

451.6

0.1

0.10

Investment SecuritiesAvailable-for-SaleTaxable4,308.6

15.8

1.47

4,454.9

16.3

1.46

3,605.8

15.3

1.69

Non-Taxable5.8

0.1

3.67

10.1

0.1

4.34

20.2

0.2

4.33

Held-to-MaturityTaxable4,757.4

18.1

1.52

4,294.6

16.5

1.53

3,246.7

13.9

1.71

Non-Taxable58.0

0.3

2.31

64.8

0.4

2.37

47.1

0.3

2.66

Total Investment Securities9,129.8

34.3

1.50

8,824.4

33.3

1.51

6,919.8

29.7

1.71

Loans Held for Sale20.8

0.1

2.85

24.6

0.2

2.80

15.1

0.1

2.98

Loans and Leases 2Commercial and Industrial1,478.0

14.6

3.92

1,644.8

17.0

4.09

1,897.4

14.0

2.95

Commercial Mortgage3,075.1

22.2

2.86

2,952.7

21.9

2.94

2,768.0

21.7

3.12

Construction246.8

2.2

3.50

289.9

2.5

3.38

257.4

2.3

3.62

Commercial Lease Financing107.4

0.3

1.12

109.3

0.4

1.58

112.2

(2.5)

(9.07)

Residential Mortgage4,293.6

33.9

3.16

4,253.2

34.8

3.27

4,089.7

36.4

3.57

Home Equity1,757.8

12.8

2.88

1,621.4

12.2

2.97

1,600.9

13.2

3.28

Automobile730.2

6.1

3.34

718.7

6.2

3.41

706.1

6.4

3.59

Other 3397.8

5.8

5.79

368.3

5.7

6.16

404.2

7.0

6.85

Total Loans and Leases12,086.7

97.9

3.22

11,958.3

100.7

3.35

11,835.9

98.5

3.32

Other34.4

0.2

2.05

31.5

0.2

2.02

33.3

0.2

2.01

Total Earning Assets 421,547.1

132.6

2.45

21,841.5

134.8

2.45

19,257.9

128.6

2.66

Cash and Due from Banks231.3

252.2

240.4

Other Assets887.9

899.3

884.3

Total Assets$ 22,666.3

$ 22,993.0

$ 20,382.6

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand4,685.7

0.7

0.06

4,707.1

0.7

0.06

3,899.5

0.6

0.06

Savings7,443.2

1.2

0.06

7,687.0

1.8

0.09

6,728.8

1.4

0.08

Time1,019.2

1.0

0.40

1,267.0

1.4

0.44

1,696.0

2.9

0.68

Total Interest-Bearing Deposits13,148.1

2.9

0.09

13,661.1

3.9

0.11

12,324.3

4.9

0.16

Short-Term Borrowings18.5

-

0.13

-

-

-

19.2

-

0.10

Securities Sold Under Agreements to Repurchase450.5

2.8

2.46

547.8

3.4

2.45

600.9

3.6

2.35

Other Debt10.4

0.2

7.05

10.4

0.2

7.04

60.5

0.3

2.22

Total Interest-Bearing Liabilities13,627.5

5.9

0.17

14,219.3

7.5

0.21

13,004.9

8.8

0.27

Net Interest Income$ 126.7

$ 127.3

$ 119.8

Interest Rate Spread2.28

%

2.24

%

2.39

%

Net Interest Margin2.34

%

2.32

%

2.48

%

Noninterest-Bearing Demand Deposits7,074.4

6,812.7

5,494.8

Other Liabilities373.8

362.9

509.9

Shareholders' Equity1,590.6

1,598.1

1,373.0

Total Liabilities and Shareholders' Equity$ 22,666.3

$ 22,993.0

$ 20,382.6

1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.2 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.3 Comprised of other consumer revolving credit, installment, and consumer lease financing.4 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $280,000, $315,000, and $287,000for the three months ended December 31, 2021, September 30, 2021, and December 30, 2020, respectively.Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - TableTaxable-Equivalent Basis ^1 7a Three Months Ended Three Months Ended Three Months Ended December 31, 2021 September 30, 2021 December 31, 2020 Average Income/ Yield Average Income/ Yield Average Income/ Yield/ / /(dollars in millions) Balance Expense Rate Balance Expense Rate Balance Expense RateEarning AssetsInterest-Bearing Deposits in Other $ 2.2 $ - 0.05 % $ 3.2 $ - 0.23 % $ 2.2 $ - 0.16 %BanksFunds Sold 273.2 0.1 0.15 999.5 0.4 0.15 451.6 0.1 0.10

Investment Securities Available-for-Sale Taxable 4,308.6 15.8 1.47 4,454.9 16.3 1.46 3,605.8 15.3 1.69

Non-Taxable 5.8 0.1 3.67 10.1 0.1 4.34 20.2 0.2 4.33

Held-to-Maturity Taxable 4,757.4 18.1 1.52 4,294.6 16.5 1.53 3,246.7 13.9 1.71

Non-Taxable 58.0 0.3 2.31 64.8 0.4 2.37 47.1 0.3 2.66

Total Investment Securities 9,129.8 34.3 1.50 8,824.4 33.3 1.51 6,919.8 29.7 1.71

Loans Held for Sale 20.8 0.1 2.85 24.6 0.2 2.80 15.1 0.1 2.98

Loans and Leases ^2 Commercial and 1,478.0 14.6 3.92 1,644.8 17.0 4.09 1,897.4 14.0 2.95 Industrial Commercial 3,075.1 22.2 2.86 2,952.7 21.9 2.94 2,768.0 21.7 3.12 Mortgage Construction 246.8 2.2 3.50 289.9 2.5 3.38 257.4 2.3 3.62

Commercial Lease 107.4 0.3 1.12 109.3 0.4 1.58 112.2 (2.5) (9.07) Financing Residential 4,293.6 33.9 3.16 4,253.2 34.8 3.27 4,089.7 36.4 3.57 Mortgage Home Equity 1,757.8 12.8 2.88 1,621.4 12.2 2.97 1,600.9 13.2 3.28

Automobile 730.2 6.1 3.34 718.7 6.2 3.41 706.1 6.4 3.59

Other ^3 397.8 5.8 5.79 368.3 5.7 6.16 404.2 7.0 6.85

Total Loans and Leases 12,086.7 97.9 3.22 11,958.3 100.7 3.35 11,835.9 98.5 3.32

Other 34.4 0.2 2.05 31.5 0.2 2.02 33.3 0.2 2.01

Total Earning Assets ^4 21,547.1 132.6 2.45 21,841.5 134.8 2.45 19,257.9 128.6 2.66

Cash and Due from Banks 231.3 252.2 240.4

Other Assets 887.9 899.3 884.3

$ $ $Total Assets 22,666.3 22,993.0 20,382.6

Interest-Bearing LiabilitiesInterest-Bearing Deposits Demand 4,685.7 0.7 0.06 4,707.1 0.7 0.06 3,899.5 0.6 0.06

Savings 7,443.2 1.2 0.06 7,687.0 1.8 0.09 6,728.8 1.4 0.08

Time 1,019.2 1.0 0.40 1,267.0 1.4 0.44 1,696.0 2.9 0.68

Total Interest-Bearing Deposits 13,148.1 2.9 0.09 13,661.1 3.9 0.11 12,324.3 4.9 0.16

Short-Term Borrowings 18.5 - 0.13 - - - 19.2 - 0.10

Securities Sold Under Agreements to 450.5 2.8 2.46 547.8 3.4 2.45 600.9 3.6 2.35RepurchaseOther Debt 10.4 0.2 7.05 10.4 0.2 7.04 60.5 0.3 2.22

Total Interest-Bearing Liabilities 13,627.5 5.9 0.17 14,219.3 7.5 0.21 13,004.9 8.8 0.27

Net Interest Income $ 126.7 $ 127.3 $ 119.8

Interest Rate 2.28 % 2.24 % 2.39 % Spread Net Interest 2.34 % 2.32 % 2.48 % MarginNoninterest-Bearing Demand Deposits 7,074.4 6,812.7 5,494.8

Other Liabilities 373.8 362.9 509.9

Shareholders' Equity 1,590.6 1,598.1 1,373.0

Total Liabilities and Shareholders' $ $ $Equity 22,666.3 22,993.0 20,382.6

^1 Due torounding, theamounts presentedin this table maynot tie to otheramounts presentedelsewhere in thisreport.^2 Non-performingloans and leasesare included inthe respectiveaverage loan andlease balances.Income, if any, onsuch loans andleases isrecognized on acash basis.^3 Comprised ofother consumerrevolving credit,installment, andconsumer leasefinancing.^4 Interest incomeincludestaxable-equivalentbasis adjustments,based upon afederal statutorytax rate of 21%,of $280,000,$315,000, and$287,000for the threemonths endedDecember 31, 2021,September 30,2021, and December30, 2020,respectively.Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent Basis 1Table 7bYear EndedYear EndedDecember 31, 2021December 31, 2020AverageIncome/Yield/AverageIncome/Yield/(dollars in millions)BalanceExpenseRateBalanceExpenseRateEarning AssetsInterest-Bearing Deposits in Other Banks$

2.7

$

-

0.36

%

$

2.2

$

-

0.61

%

Funds Sold692.4

0.9

0.13

434.1

0.9

0.21

Investment SecuritiesAvailable-for-SaleTaxable4,266.9

64.2

1.50

2,961.9

60.3

2.04

Non-Taxable10.1

0.4

4.21

27.6

1.2

4.36

Held-to-MaturityTaxable3,988.1

61.0

1.53

3,125.2

65.0

2.08

Non-Taxable50.7

1.2

2.41

52.6

1.4

2.66

Total Investment Securities8,315.8

126.8

1.53

6,167.3

127.9

2.07

Loans Held for Sale24.3

0.7

2.82

19.4

0.6

3.28

Loans and Leases 2Commercial and Industrial1,739.0

62.8

3.61

1,797.5

59.3

3.30

Commercial Mortgage2,940.0

86.7

2.95

2,666.1

90.9

3.41

Construction271.6

9.5

3.50

240.1

9.4

3.92

Commercial Lease Financing107.2

1.5

1.42

111.3

(1.0

)

(0.88

)

Residential Mortgage4,232.4

140.1

3.31

3,978.7

146.0

3.67

Home Equity1,637.1

49.6

3.03

1,642.7

56.8

3.46

Automobile717.0

24.6

3.43

709.1

25.3

3.57

Other 3379.4

23.9

6.30

446.6

30.9

6.91

Total Loans and Leases12,023.7

398.7

3.32

11,592.1

417.6

3.60

Other32.9

0.7

2.13

33.7

0.7

1.96

Total Earning Assets 421,091.8

527.8

2.50

18,248.8

547.7

3.00

Cash and Due from Banks252.5

263.8

Other Assets882.9

875.1

Total Assets$

22,227.2

$

19,387.7

Interest-Bearing LiabilitiesInterest-Bearing DepositsDemand4,509.8

2.7

0.06

3,426.8

2.5

0.07

Savings7,421.9

6.2

0.08

6,702.7

12.4

0.19

Time1,331.8

6.3

0.47

1,708.1

18.1

1.06

Total Interest-Bearing Deposits13,263.5

15.2

0.11

11,837.6

33.0

0.28

Short-Term Borrowings5.2

-

0.13

33.5

0.2

0.47

Securities Sold Under Agreements to Repurchase541.9

13.3

2.45

602.7

15.2

2.54

Other Debt27.7

0.9

3.41

62.1

1.7

2.73

Total Interest-Bearing Liabilities13,838.3

29.4

0.21

12,535.9

50.1

0.40

Net Interest Income$

498.4

$

497.6

Interest Rate Spread2.29

%

2.60

%

Net Interest Margin2.36

%

2.73

%

Noninterest-Bearing Demand Deposits6,507.6

5,062.6

Other Liabilities385.7

437.6

Shareholders' Equity1,495.6

1,351.6

Total Liabilities and Shareholders' Equity$

22,227.2

$

19,387.7

1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.2 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.3 Comprised of other consumer revolving credit, installment, and consumer lease financing.4 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1,116,000 and $1,297,000for the year ended December 31, 2021 and December 31, 2020, respectively.Bank of Hawaii Corporation and SubsidiariesAverage Balances and Interest Rates - Taxable-Equivalent TableBasis ^1 7b Year Ended Year Ended December 31, 2021 December 31, 2020 Average Income/ Yield Average Income/ Yield/ /(dollars in millions) Balance Expense Rate Balance Expense RateEarning AssetsInterest-Bearing Deposits in Other $ 2.7 $ - 0.36 % $ 2.2 $ - 0.61 %BanksFunds Sold 692.4 0.9 0.13 434.1 0.9 0.21

Investment Securities Available-for-Sale Taxable 4,266.9 64.2 1.50 2,961.9 60.3 2.04

Non-Taxable 10.1 0.4 4.21 27.6 1.2 4.36

Held-to-Maturity Taxable 3,988.1 61.0 1.53 3,125.2 65.0 2.08

Non-Taxable 50.7 1.2 2.41 52.6 1.4 2.66

Total Investment Securities 8,315.8 126.8 1.53 6,167.3 127.9 2.07

Loans Held for Sale 24.3 0.7 2.82 19.4 0.6 3.28

Loans and Leases ^2 Commercial and 1,739.0 62.8 3.61 1,797.5 59.3 3.30 Industrial Commercial 2,940.0 86.7 2.95 2,666.1 90.9 3.41 Mortgage Construction 271.6 9.5 3.50 240.1 9.4 3.92

Commercial Lease 107.2 1.5 1.42 111.3 (1.0 ) (0.88 ) Financing Residential 4,232.4 140.1 3.31 3,978.7 146.0 3.67 Mortgage Home Equity 1,637.1 49.6 3.03 1,642.7 56.8 3.46

Automobile 717.0 24.6 3.43 709.1 25.3 3.57

Other ^3 379.4 23.9 6.30 446.6 30.9 6.91

Total Loans and Leases 12,023.7 398.7 3.32 11,592.1 417.6 3.60

Other 32.9 0.7 2.13 33.7 0.7 1.96

Total Earning Assets ^4 21,091.8 527.8 2.50 18,248.8 547.7 3.00

Cash and Due from Banks 252.5 263.8

Other Assets 882.9 875.1

Total Assets $ 22,227.2 $ 19,387.7

Interest-Bearing LiabilitiesInterest-Bearing Deposits Demand 4,509.8 2.7 0.06 3,426.8 2.5 0.07

Savings 7,421.9 6.2 0.08 6,702.7 12.4 0.19

Time 1,331.8 6.3 0.47 1,708.1 18.1 1.06

Total Interest-Bearing Deposits 13,263.5 15.2 0.11 11,837.6 33.0 0.28

Short-Term Borrowings 5.2 - 0.13 33.5 0.2 0.47

Securities Sold Under Agreements to 541.9 13.3 2.45 602.7 15.2 2.54 RepurchaseOther Debt 27.7 0.9 3.41 62.1 1.7 2.73

Total Interest-Bearing Liabilities 13,838.3 29.4 0.21 12,535.9 50.1 0.40

Net Interest Income $ 498.4 $ 497.6

Interest Rate 2.29 % 2.60 % Spread Net Interest 2.36 % 2.73 % MarginNoninterest-Bearing Demand Deposits 6,507.6 5,062.6

Other Liabilities 385.7 437.6

Shareholders' Equity 1,495.6 1,351.6

Total Liabilities and Shareholders' $ 22,227.2 $ 19,387.7Equity ^1 Due torounding, theamounts presentedin this table maynot tie to otheramounts presentedelsewhere in thisreport.^2 Non-performingloans and leasesare included inthe respectiveaverage loan andlease balances.Income, if any, onsuch loans andleases isrecognized on acash basis.^3 Comprised ofother consumerrevolving credit,installment, andconsumer leasefinancing.^4 Interest incomeincludestaxable-equivalentbasis adjustments,based upon afederal statutorytax rate of 21%,of $1,116,000 and$1,297,000for the year endedDecember 31, 2021and December 31,2020,respectively.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8aThree Months Ended December 31, 2021Compared to September 30, 2021(dollars in millions)Volume 1Rate 1TotalChange in Interest Income:Funds Sold$

(0.3

)

$

-

$

(0.3

)

Investment SecuritiesAvailable-for-SaleTaxable(0.5

)

-

(0.5

)

Held-to-MaturityTaxable1.7

(0.1

)

1.6

Non-Taxable(0.1

)

-

(0.1

)

Total Investment Securities1.1

(0.1

)

1.0

Loans Held for Sale(0.1

)

-

(0.1

)

Loans and LeasesCommercial and Industrial(5.1

)

2.7

(2.4

)

Commercial Mortgage0.9

(0.6

)

0.3

Construction(0.4

)

0.1

(0.3

)

Commercial Lease Financing-

(0.1

)

(0.1

)

Residential Mortgage0.3

(1.2

)

(0.9

)

Home Equity1.0

(0.4

)

0.6

Automobile0.1

(0.2

)

(0.1

)

Other 20.5

(0.4

)

0.1

Total Loans and Leases(2.7

)

(0.1

)

(2.8

)

Total Change in Interest Income(2.0

)

(0.2

)

(2.2

)

Change in Interest Expense:Interest-Bearing DepositsSavings(0.1

)

(0.5

)

(0.6

)

Time(0.3

)

(0.1

)

(0.4

)

Total Interest-Bearing Deposits(0.4

)

(0.6

)

(1.0

)

Securities Sold Under Agreements to Repurchase(0.6

)

-

(0.6

)

Total Change in Interest Expense(1.0

)

(0.6

)

(1.6

)

Change in Net Interest Income$

(1.0

)

$

0.4

$

(0.6

)

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 - Table 8aTaxable-Equivalent Basis Three Months Ended December 31, 2021 Compared to September 30, 2021(dollars in millions) Volume ^ Rate ^1 Total 1Change in Interest Income:Funds Sold $ (0.3 ) $ - $ (0.3 )

Investment SecuritiesAvailable-for-SaleTaxable (0.5 ) - (0.5 )

Held-to-MaturityTaxable 1.7 (0.1 ) 1.6

Non-Taxable (0.1 ) - (0.1 )

Total Investment Securities 1.1 (0.1 ) 1.0

Loans Held for Sale (0.1 ) - (0.1 )

Loans and LeasesCommercial and Industrial (5.1 ) 2.7 (2.4 )

Commercial Mortgage 0.9 (0.6 ) 0.3

Construction (0.4 ) 0.1 (0.3 )

Commercial Lease Financing - (0.1 ) (0.1 )

Residential Mortgage 0.3 (1.2 ) (0.9 )

Home Equity 1.0 (0.4 ) 0.6

Automobile 0.1 (0.2 ) (0.1 )

Other ^2 0.5 (0.4 ) 0.1

Total Loans and Leases (2.7 ) (0.1 ) (2.8 )

Total Change in Interest Income (2.0 ) (0.2 ) (2.2 )

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

Time (0.3 ) (0.1 ) (0.4 )

Total Interest-Bearing Deposits (0.4 ) (0.6 ) (1.0 )

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

Total Change in Interest Expense (1.0 ) (0.6 ) (1.6 )

Change in Net Interest Income $ (1.0 ) $ 0.4 $ (0.6 )

^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 consumer lease financing.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8bThree Months Ended December 31, 2021Compared to December 31, 2020(dollars in millions)Volume 1Rate 1TotalChange in Interest Income:Funds Sold$

(0.1

)

$

0.1

$

-

Investment SecuritiesAvailable-for-SaleTaxable2.7

(2.2

)

0.5

Non-Taxable(0.1

)

-

(0.1

)

Held-to-MaturityTaxable5.9

(1.7

)

4.2

Non-Taxable0.1

(0.1

)

-

Total Investment Securities8.6

(4.0

)

4.6

Loans and LeasesCommercial and Industrial(4.3

)

4.9

0.6

Commercial Mortgage2.3

(1.8

)

0.5

Construction(0.1

)

-

(0.1

)

Commercial Lease Financing0.1

2.7

2.8

Residential Mortgage1.8

(4.3

)

(2.5

)

Home Equity1.2

(1.6

)

(0.4

)

Automobile0.1

(0.4

)

(0.3

)

Other 2(0.1

)

(1.1

)

(1.2

)

Total Loans and Leases1.0

(1.6

)

(0.6

)

Total Change in Interest Income9.5

(5.5

)

4.0

Change in Interest Expense:Interest-Bearing DepositsDemand0.1

-

0.1

Savings0.1

(0.3

)

(0.2

)

Time(1.0

)

(0.9

)

(1.9

)

Total Interest-Bearing Deposits(0.8

)

(1.2

)

(2.0

)

Securities Sold Under Agreements to Repurchase(0.9

)

0.1

(0.8

)

Other Debt(0.4

)

0.3

(0.1

)

Total Change in Interest Expense(2.1

)

(0.8

)

(2.9

)

Change in Net Interest Income$

11.6

$

(4.7

)

$

6.9

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 - Table 8bTaxable-Equivalent Basis Three Months Ended December 31, 2021 Compared to December 31, 2020(dollars in millions) Volume ^ Rate ^1 Total 1Change in Interest Income:Funds Sold $ (0.1 ) $ 0.1 $ -

Investment SecuritiesAvailable-for-SaleTaxable 2.7 (2.2 ) 0.5

Non-Taxable (0.1 ) - (0.1 )

Held-to-MaturityTaxable 5.9 (1.7 ) 4.2

Non-Taxable 0.1 (0.1 ) -

Total Investment Securities 8.6 (4.0 ) 4.6

Loans and LeasesCommercial and Industrial (4.3 ) 4.9 0.6

Commercial Mortgage 2.3 (1.8 ) 0.5

Construction (0.1 ) - (0.1 )

Commercial Lease Financing 0.1 2.7 2.8

Residential Mortgage 1.8 (4.3 ) (2.5 )

Home Equity 1.2 (1.6 ) (0.4 )

Automobile 0.1 (0.4 ) (0.3 )

Other ^2 (0.1 ) (1.1 ) (1.2 )

Total Loans and Leases 1.0 (1.6 ) (0.6 )

Total Change in Interest Income 9.5 (5.5 ) 4.0

Change in Interest Expense:Interest-Bearing DepositsDemand 0.1 - 0.1

Savings 0.1 (0.3 ) (0.2 )

Time (1.0 ) (0.9 ) (1.9 )

Total Interest-Bearing Deposits (0.8 ) (1.2 ) (2.0 )

Securities Sold Under Agreements to Repurchase (0.9 ) 0.1 (0.8 )

Other Debt (0.4 ) 0.3 (0.1 )

Total Change in Interest Expense (2.1 ) (0.8 ) (2.9 )

Change in Net Interest Income $ 11.6 $ (4.7 ) $ 6.9

^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 consumer lease financing.Bank of Hawaii Corporation and SubsidiariesAnalysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8cYear Ended December 31, 2021Compared to December 31, 2020(dollars in millions)Volume 1Rate 1TotalChange in Interest Income:Funds Sold$ 0.4

$ (0.4)

$ -

Investment SecuritiesAvailable-for-SaleTaxable22.2

(18.3)

3.9

Non-Taxable(0.7)

(0.1)

(0.8)

Held-to-MaturityTaxable15.5

(19.5)

(4.0)

Non-Taxable(0.1)

(0.1)

(0.2)

Total Investment Securities36.9

(38.0)

(1.1)

Loans Held for Sale0.2

(0.1)

0.1

Loans and LeasesCommercial and Industrial1.6

1.9

3.5

Commercial Mortgage8.8

(13.0)

(4.2)

Construction1.2

(1.1)

0.1

Commercial Lease Financing-

2.5

2.5

Residential Mortgage8.9

(14.8)

(5.9)

Home Equity(0.2)

(7.0)

(7.2)

Automobile0.3

(1.0)

(0.7)

Other 2(4.4)

(2.6)

(7.0)

Total Loans and Leases16.2

(35.1)

(18.9)

Total Change in Interest Income53.7

(73.6)

(19.9)

Change in Interest Expense:Interest-Bearing DepositsDemand0.7

(0.5)

0.2

Savings1.2

(7.4)

(6.2)

Time(3.4)

(8.4)

(11.8)

Total Interest-Bearing Deposits(1.5)

(16.3)

(17.8)

Short-Term Borrowings(0.1)

(0.1)

(0.2)

Securities Sold Under Agreements to Repurchase(1.5)

(0.4)

(1.9)

Other Debt(1.1)

0.3

(0.8)

Total Change in Interest Expense(4.2)

(16.5)

(20.7)

Change in Net Interest Income$ 57.9

$ (57.1)

$ 0.8

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 TableBasis 8c Year Ended December 31, 2021 Compared to December 31, 2020(dollars in millions) Volume Rate ^ Total ^1 1Change in Interest Income: $ 0.4 $ $ -Funds Sold (0.4)

Investment SecuritiesAvailable-for-SaleTaxable 22.2 (18.3) 3.9

Non-Taxable (0.7) (0.1) (0.8)

Held-to-MaturityTaxable 15.5 (19.5) (4.0)

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

Total Investment Securities 36.9 (38.0) (1.1)

Loans Held for Sale 0.2 (0.1) 0.1

Loans and LeasesCommercial and Industrial 1.6 1.9 3.5

Commercial Mortgage 8.8 (13.0) (4.2)

Construction 1.2 (1.1) 0.1

Commercial Lease Financing - 2.5 2.5

Residential Mortgage 8.9 (14.8) (5.9)

Home Equity (0.2) (7.0) (7.2)

Automobile 0.3 (1.0) (0.7)

Other ^2 (4.4) (2.6) (7.0)

Total Loans and Leases 16.2 (35.1) (18.9)

Total Change in Interest Income 53.7 (73.6) (19.9)

Change in Interest Expense:Interest-Bearing DepositsDemand 0.7 (0.5) 0.2

Savings 1.2 (7.4) (6.2)

Time (3.4) (8.4) (11.8)

Total Interest-Bearing Deposits (1.5) (16.3) (17.8)

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

Securities Sold Under Agreements to Repurchase (1.5) (0.4) (1.9)

Other Debt (1.1) 0.3 (0.8)

Total Change in Interest Expense (4.2) (16.5) (20.7)

$ 57.9 $ $ 0.8Change in Net Interest Income (57.1)

^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 consumer lease financing.Bank of Hawaii Corporation and SubsidiariesSalaries and BenefitsTable 9Three Months EndedYear EndedDecember 31,September 30,December 31,December 31,(dollars in thousands)2021

2021

2020

2021

2020

Salaries$

35,758

$

34,676

$

33,907

$

135,416

$

134,178

Incentive Compensation6,699

4,677

3,084

22,462

9,153

Share-Based Compensation3,396

3,335

2,029

12,489

6,783

Commission Expense2,094

1,772

2,164

8,901

6,985

Retirement and Other Benefits4,661

4,746

5,212

20,213

18,528

Payroll Taxes2,585

2,825

2,292

12,404

12,241

Medical, Dental, and Life Insurance3,981

3,222

1,523

12,831

12,917

Separation Expense260

1,194

(11

)

3,577

6,544

Total Salaries and Benefits$

59,434

$

56,447

$

50,200

$

228,293

$

207,329

Bank of Hawaii Corporation andSubsidiariesSalaries and Benefits Table 9 Three Months Ended Year Ended December September December December 31, 31, 30, 31,(dollars in thousands) 2021 2021 2020 2021 2020

Salaries $ 35,758 $ 34,676 $ 33,907 $ 135,416 $ 134,178

Incentive Compensation 6,699 4,677 3,084 22,462 9,153

Share-Based Compensation 3,396 3,335 2,029 12,489 6,783

Commission Expense 2,094 1,772 2,164 8,901 6,985

Retirement and Other 4,661 4,746 5,212 20,213 18,528BenefitsPayroll Taxes 2,585 2,825 2,292 12,404 12,241

Medical, Dental, and Life 3,981 3,222 1,523 12,831 12,917InsuranceSeparation Expense 260 1,194 (11 ) 3,577 6,544

Total Salaries and $ 59,434 $ 56,447 $ 50,200 $ 228,293 $ 207,329BenefitsBank of Hawaii Corporation and SubsidiariesLoans and LeasesTable 10December 31,September 30,June 30,March 31,December 31,(dollars in thousands)2021

2021

2021

2021

2020

CommercialCommercial and Industrial$

1,361,921

$

1,325,446

$

1,257,305

$

1,288,496

$

1,357,610

PPP 1126,779

268,480

513,513

725,485

517,683

Commercial Mortgage3,152,130

2,994,520

2,944,435

2,859,246

2,854,829

Construction220,254

296,052

277,393

281,164

259,798

Lease Financing105,108

107,526

110,500

104,980

110,766

Total Commercial4,966,192

4,992,024

5,103,146

5,259,371

5,100,686

ConsumerResidential Mortgage4,309,602

4,272,540

4,264,180

4,216,976

4,130,513

Home Equity1,836,588

1,680,229

1,594,781

1,577,500

1,604,538

Automobile736,565

727,234

714,729

710,407

708,800

Other 2410,129

400,723

364,542

376,449

395,483

Total Consumer7,292,884

7,080,726

6,938,232

6,881,332

6,839,334

Total Loans and Leases$

12,259,076

$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

DepositsDecember 31,September 30,June 30,March 31,December 31,(dollars in thousands)2021

2021

2021

2021

2020

Consumer$

10,438,844

$

10,150,199

$

9,848,285

$

9,746,713

$

9,347,725

Commercial8,641,932

8,767,733

8,675,909

8,241,102

7,302,832

Public and Other1,279,332

1,575,746

1,645,515

1,568,836

1,561,064

Total Deposits$

20,360,108

$

20,493,678

$

20,169,709

$

19,556,651

$

18,211,621

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 Corporationand SubsidiariesLoans and Leases Table 10 December 31, September June 30, March 31, December 31, 30,(dollars in 2021 2021 2021 2021 2020thousands)Commercial Commercial $ 1,361,921 $ 1,325,446 $ 1,257,305 $ 1,288,496 $ 1,357,610 and Industrial PPP ^1 126,779 268,480 513,513 725,485 517,683

Commercial 3,152,130 2,994,520 2,944,435 2,859,246 2,854,829 Mortgage Construction 220,254 296,052 277,393 281,164 259,798

Lease 105,108 107,526 110,500 104,980 110,766 FinancingTotal 4,966,192 4,992,024 5,103,146 5,259,371 5,100,686CommercialConsumer Residential 4,309,602 4,272,540 4,264,180 4,216,976 4,130,513 Mortgage Home Equity 1,836,588 1,680,229 1,594,781 1,577,500 1,604,538

Automobile 736,565 727,234 714,729 710,407 708,800

Other ^2 410,129 400,723 364,542 376,449 395,483

Total Consumer 7,292,884 7,080,726 6,938,232 6,881,332 6,839,334

Total Loans $ 12,259,076 $ 12,072,750 $ 12,041,378 $ 12,140,703 $ 11,940,020and Leases Deposits December 31, September June 30, March 31, December 31, 30,(dollars in 2021 2021 2021 2021 2020thousands)Consumer $ 10,438,844 $ 10,150,199 $ 9,848,285 $ 9,746,713 $ 9,347,725

Commercial 8,641,932 8,767,733 8,675,909 8,241,102 7,302,832

Public and 1,279,332 1,575,746 1,645,515 1,568,836 1,561,064OtherTotal Deposits $ 20,360,108 $ 20,493,678 $ 20,169,709 $ 19,556,651 $ 18,211,621

^1 The PPP amounts presented, which are reported net of deferred costs andfees, were previously included as a component of the Commercial and Industrialloan class.^2 Comprised of otherrevolving credit,installment, and leasefinancing.Bank of Hawaii Corporation and SubsidiariesNon-Performing Assets and Accruing Loans and Leases Past Due 90 Days or MoreTable 11December 31,September 30,June 30,March 31,December 31,(dollars in thousands)2021

2021

2021

2021

2020

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

243

$

209

$

258

$

293

$

441

Commercial Mortgage8,205

8,309

8,413

8,503

8,527

Total Commercial8,448

8,518

8,671

8,796

8,968

ConsumerResidential Mortgage3,305

4,348

2,437

1,804

3,223

Home Equity4,881

5,422

5,534

4,951

3,958

Total Consumer8,186

9,770

7,971

6,755

7,181

Total Non-Accrual Loans and Leases16,634

18,288

16,642

15,551

16,149

Foreclosed Real Estate2,332

2,332

2,332

2,332

2,332

Total Non-Performing Assets$

18,966

$

20,620

$

18,974

$

17,883

$

18,481

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

-

-

9

-

Total Commercial-

-

-

9

-

ConsumerResidential Mortgage3,159

4,776

4,069

4,069

5,274

Home Equity3,456

2,946

4,498

4,906

3,187

Automobile729

395

277

604

925

Other 1426

593

434

828

1,160

Total Consumer7,770

8,710

9,278

10,407

10,546

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

7,770

$

8,710

$

9,278

$

10,416

$

10,546

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

60,519

$

62,787

$

74,926

$

74,216

$

68,065

Total Loans and Leases$

12,259,076

$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

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

%

0.15

%

0.14

%

0.13

%

0.14

%

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

%

0.17

%

0.16

%

0.15

%

0.15

%

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

%

0.17

%

0.17

%

0.17

%

0.18

%

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

%

0.17

%

0.15

%

0.13

%

0.14

%

Ratio of Non-Performing Assets and Accruing Loans and LeasesPast Due 90 Days or More to Total Loans and Leasesand Foreclosed Real Estate0.22

%

0.24

%

0.23

%

0.23

%

0.24

%

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

20,620

$

18,974

$

17,883

$

18,481

$

18,626

Additions357

3,171

2,229

2,992

434

ReductionsPayments(972

)

(889

)

(722

)

(2,481

)

(490

)

Return to Accrual Status(1,038

)

(606

)

(416

)

(1,014

)

-

Charge-offs/Write-downs(1

)

(30

)

-

(95

)

(89

)

Total Reductions(2,011

)

(1,525

)

(1,138

)

(3,590

)

(579

)

Balance at End of Quarter$

18,966

$

20,620

$

18,974

$

17,883

$

18,481

1 Comprised of other revolving credit, installment, and lease financing.Bank of HawaiiCorporation andSubsidiariesNon-Performing Assets and Accruing Loans and Leases Table 11Past Due 90 Days or More December 31, September 30, June 30, March 31, December 31,(dollars in thousands) 2021 2021 2021 2021 2020

Non-Performing AssetsNon-Accrual Loans andLeases Commercial Commercial $ 243 $ 209 $ 258 $ 293 $ 441 and Industrial Commercial 8,205 8,309 8,413 8,503 8,527 Mortgage Total Commercial 8,448 8,518 8,671 8,796 8,968

Consumer Residential 3,305 4,348 2,437 1,804 3,223 Mortgage Home Equity 4,881 5,422 5,534 4,951 3,958

Total Consumer 8,186 9,770 7,971 6,755 7,181

Total Non-Accrual Loans 16,634 18,288 16,642 15,551 16,149 and LeasesForeclosed Real Estate 2,332 2,332 2,332 2,332 2,332

Total Non-Performing $ 18,966 $ 20,620 $ 18,974 $ 17,883 $ 18,481 Assets Accruing Loans andLeases Past Due 90 Daysor MoreCommercial Commercial and - - - 9 - IndustrialTotal Commercial - - - 9 -

Consumer Residential Mortgage 3,159 4,776 4,069 4,069 5,274

Home Equity 3,456 2,946 4,498 4,906 3,187

Automobile 729 395 277 604 925

Other ^1 426 593 434 828 1,160

Total Consumer 7,770 8,710 9,278 10,407 10,546

Total Accruing Loans $ 7,770 $ 8,710 $ 9,278 $ 10,416 $ 10,546 and Leases Past Due 90Days or MoreRestructured Loans onAccrual Statusand Not Past Due 90 $ 60,519 $ 62,787 $ 74,926 $ 74,216 $ 68,065 Days or MoreTotal Loans and Leases $ 12,259,076 $ 12,072,750 $ 12,041,378 $ 12,140,703 $ 11,940,020

Ratio ofNon-AccrualLoans and 0.14 % 0.15 % 0.14 % 0.13 % 0.14 %Leases toTotal Loansand Leases Ratio of Non-PerformingAssets to Total Loansand Leases and Foreclosed 0.15 % 0.17 % 0.16 % 0.15 % 0.15 % Real Estate Ratio of CommercialNon-Performing Assetsto Total CommercialLoans and Leases and Commercial 0.17 % 0.17 % 0.17 % 0.17 % 0.18 % Foreclosed Real Estate Ratio of ConsumerNon-Performing Assetsto Total Consumer Loans and Leases and Consumer 0.14 % 0.17 % 0.15 % 0.13 % 0.14 % Foreclosed Real Estate Ratio of Non-PerformingAssets and AccruingLoans and Leases Past Due 90 Days or More to Total Loans and Leases and Foreclosed Real 0.22 % 0.24 % 0.23 % 0.23 % 0.24 % Estate Quarter to QuarterChanges inNon-Performing AssetsBalance at Beginning of $ 20,620 $ 18,974 $ 17,883 $ 18,481 $ 18,626 QuarterAdditions 357 3,171 2,229 2,992 434

Reductions Payments (972 ) (889 ) (722 ) (2,481 ) (490 )

Return to Accrual (1,038 ) (606 ) (416 ) (1,014 ) - Status Charge-offs/ (1 ) (30 ) - (95 ) (89 ) Write-downsTotal Reductions (2,011 ) (1,525 ) (1,138 ) (3,590 ) (579 )

Balance at End of $ 18,966 $ 20,620 $ 18,974 $ 17,883 $ 18,481 Quarter ^1 Comprised of otherrevolving credit,installment, and leasefinancing.Bank of Hawaii Corporation and SubsidiariesReserve for Credit LossesTable 12Three Months EndedYear EndedDecember 31,September 30,December 31,December 31,(dollars in thousands)2021

2021

2020

2021

2020

Balance at Beginning of Period$

174,708

$

186,371

$

205,813

$

221,303

$

116,849

CECL Adoption (Day 1) Impact-

-

-

-

(5,072

)

Loans and Leases Charged-OffCommercialCommercial and Industrial(217

)

(196

)

(177

)

(1,117

)

(1,697

)

ConsumerResidential Mortgage-

(197

)

(120

)

(316

)

(204

)

Home Equity(5

)

(289

)

(81

)

(417

)

(397

)

Automobile(1,045

)

(576

)

(393

)

(4,939

)

(6,496

)

Other 1(2,007

)

(2,187

)

(2,460

)

(10,530

)

(12,244

)

Total Loans and Leases Charged-Off(3,274

)

(3,445

)

(3,231

)

(17,319

)

(21,038

)

Recoveries on Loans and Leases Previously Charged-OffCommercialCommercial and Industrial132

118

244

506

2,288

Commercial Mortgage-

-

-

-

40

ConsumerResidential Mortgage858

173

497

2,467

1,292

Home Equity390

216

868

1,666

2,892

Automobile476

943

910

3,510

3,775

Other 1746

802

968

3,205

3,613

Total Recoveries on Loans and Leases Previously Charged-Off2,602

2,252

3,487

11,354

13,900

Net Recovered (Charged-Off) - Loans and Leases(672

)

(1,193

)

256

(5,965

)

(7,138

)

Net Charged-Off - Accrued Interest Receivable(39

)

(70

)

-

(541

)

-

Provision for Credit Losses:Loans and Leases(9,427

)

(11,272

)

15,200

(52,466

)

117,800

Accrued Interest Receivable(214

)

(703

)

-

(1,745

)

-

Unfunded Commitments(59

)

1,575

34

3,711

(1,136

)

Balance at End of Period 2$

164,297

$

174,708

$

221,303

$

164,297

$

221,303

ComponentsAllowance for Credit Losses - Loans and Leases157,821

167,920

216,252

157,821

216,252

Allowance for Credit Losses - Accrued Interest Receivable414

667

2,700

414

2,700

Reserve for Unfunded Commitments6,062

6,121

2,351

6,062

2,351

Total Reserve for Credit Losses$

164,297

$

174,708

$

221,303

$

164,297

$

221,303

Average Loans and Leases Outstanding$

12,086,705

$

11,958,321

$

11,835,929

$

12,023,669

$

11,592,093

Ratio of Net Loans and Leases Charged-Off (Recovered) toAverage Loans and Leases Outstanding (annualized)0.02

%

0.04

%

(0.01

%)

0.05

%

0.06

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 31.29

%

1.39

%

1.81

%

1.29

%

1.81

%

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 ofHawaiiCorporationandSubsidiariesReserve for Table 12Credit Losses Three Months Ended Year Ended December 31, September 30, December 31, December 31,(dollars in 2021 2021 2020 2021 2020 thousands)Balance at $ 174,708 $ 186,371 $ 205,813 $ 221,303 $ 116,849 Beginning ofPeriod CECL Adoption - - - - (5,072 )(Day 1)Impact Loans andLeasesCharged-Off Commercial Commercial (217 ) (196 ) (177 ) (1,117 ) (1,697 ) and Industrial Consumer Residential - (197 ) (120 ) (316 ) (204 ) Mortgage Home Equity (5 ) (289 ) (81 ) (417 ) (397 )

Automobile (1,045 ) (576 ) (393 ) (4,939 ) (6,496 )

Other ^1 (2,007 ) (2,187 ) (2,460 ) (10,530 ) (12,244 )

Total Loans (3,274 ) (3,445 ) (3,231 ) (17,319 ) (21,038 )and LeasesCharged-OffRecoveries onLoans andLeasesPreviouslyCharged-Off Commercial Commercial 132 118 244 506 2,288 and Industrial Commercial - - - - 40 Mortgage Consumer Residential 858 173 497 2,467 1,292 Mortgage Home Equity 390 216 868 1,666 2,892

Automobile 476 943 910 3,510 3,775

Other ^1 746 802 968 3,205 3,613

TotalRecoveries onLoans and 2,602 2,252 3,487 11,354 13,900 LeasesPreviouslyCharged-OffNet Recovered(Charged-Off) (672 ) (1,193 ) 256 (5,965 ) (7,138 )- Loans andLeasesNetCharged-Off - (39 ) (70 ) - (541 ) - AccruedInterestReceivableProvision forCreditLosses:Loans and (9,427 ) (11,272 ) 15,200 (52,466 ) 117,800 LeasesAccrued (214 ) (703 ) - (1,745 ) - InterestReceivableUnfunded (59 ) 1,575 34 3,711 (1,136 )CommitmentsBalance at $ 164,297 $ 174,708 $ 221,303 $ 164,297 $ 221,303 End of Period^2 ComponentsAllowance forCredit Losses 157,821 167,920 216,252 157,821 216,252 - Loans andLeasesAllowance forCredit Losses 414 667 2,700 414 2,700 - AccruedInterestReceivableReserve for 6,062 6,121 2,351 6,062 2,351 UnfundedCommitmentsTotal Reserve $ 164,297 $ 174,708 $ 221,303 $ 164,297 $ 221,303 for CreditLosses Average Loans $ 12,086,705 $ 11,958,321 $ 11,835,929 $ 12,023,669 $ 11,592,093 and LeasesOutstanding Ratio of NetLoans andLeasesCharged-Off(Recovered)to Average Loans and 0.02 % 0.04 % (0.01 %) 0.05 % 0.06 % Leases Outstanding (annualized)Ratio ofAllowance forCredit Losses 1.29 % 1.39 % 1.81 % 1.29 % 1.81 %to Loans andLeasesOutstanding ^3 ^1 Comprisedof otherrevolvingcredit,installment,and leasefinancing.^2 Included in this analysis is activity related to the Company's reservefor unfunded commitments, which is separately recorded in other liabilitiesin the Consolidated Statements of Condition.^3 Thenumeratorcomprises theAllowance forCredit Losses- Loans andLeases.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 December 31, 2021Net Interest Income$

71,007

$

48,140

$

7,241

$

126,388

Provision for Credit Losses676

(4

)

(10,372

)

(9,700

)

Net Interest Income After Provision for Credit Losses70,331

48,144

17,613

136,088

Noninterest Income32,948

8,298

1,328

42,574

Noninterest Expense(81,273

)

(17,127

)

(3,278

)

(101,678

)

Income Before Income Taxes22,006

39,315

15,663

76,984

Provision for Income Taxes(5,602

)

(9,436

)

1,891

(13,147

)

Net Income$

16,404

$

29,879

$

17,554

$

63,837

Total Assets as of December 31, 2021$

7,675,823

$

5,107,001

$

10,002,117

$

22,784,941

Three Months Ended December 31, 2020Net Interest Income$

71,707

$

44,373

$

3,419

$

119,499

Provision for Credit Losses(128

)

(129

)

15,457

15,200

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

44,502

(12,038

)

104,299

Noninterest Income35,091

8,040

2,127

45,258

Noninterest Expense(78,433

)

(15,742

)

(4,479

)

(98,654

)

Income (Loss) Before Income Taxes28,493

36,800

(14,390

)

50,903

Provision for Income Taxes(7,242

)

(9,804

)

8,457

(8,589

)

Net Income (Loss)$

21,251

$

26,996

$

(5,933

)

$

42,314

Total Assets as of December 31, 2020$

7,478,813

$

5,116,807

$

8,008,031

$

20,603,651

Bank of HawaiiCorporation andSubsidiariesBusiness SegmentsSelected Financial Table 13aInformation Consumer Commercial Treasury Consolidated

(dollars in Banking Banking and Other Totalthousands)Three Months EndedDecember 31, 2021Net Interest Income $ 71,007 $ 48,140 $ 7,241 $ 126,388

Provision for Credit 676 (4 ) (10,372 ) (9,700 )LossesNet Interest Income 70,331 48,144 17,613 136,088 After Provision forCredit LossesNoninterest Income 32,948 8,298 1,328 42,574

Noninterest Expense (81,273 ) (17,127 ) (3,278 ) (101,678 )

Income Before Income 22,006 39,315 15,663 76,984 TaxesProvision for Income (5,602 ) (9,436 ) 1,891 (13,147 )TaxesNet Income $ 16,404 $ 29,879 $ 17,554 $ 63,837

Total Assets as of $ 7,675,823 $ 5,107,001 $ 10,002,117 $ 22,784,941 December 31, 2021 Three Months EndedDecember 31, 2020Net Interest Income $ 71,707 $ 44,373 $ 3,419 $ 119,499

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

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

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

Total Assets as of $ 7,478,813 $ 5,116,807 $ 8,008,031 $ 20,603,651 December 31, 2020Bank of Hawaii Corporation and SubsidiariesBusiness Segments Selected Financial InformationTable 13bConsumer

Commercial

Treasury

Consolidated

(dollars in thousands)Banking

Banking

and Other

Total

Year Ended December 31, 2021Net Interest Income$

283,998

$

194,409

$

18,883

$

497,290

Provision for Credit Losses5,764

201

(56,465

)

(50,500

)

Net Interest Income After Provision for Credit Losses278,234

194,208

75,348

547,790

Noninterest Income131,292

30,637

9,424

171,353

Noninterest Expense(303,699

)

(64,470

)

(25,420

)

(393,589

)

Income Before Income Taxes105,827

160,375

59,352

325,554

Provision for Income Taxes(26,442

)

(39,070

)

(6,670

)

(72,182

)

Net Income$

79,385

$

121,305

$

52,682

$

253,372

Total Assets as of December 31, 2021$

7,675,823

$

5,107,001

$

10,002,117

$

22,784,941

Year Ended December 31, 2020Net Interest Income$

292,710

$

188,626

$

14,986

$

496,322

Provision for Credit Losses8,087

(948

)

110,661

117,800

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

189,574

(95,675

)

378,522

Noninterest Income128,400

34,523

21,486

184,409

Noninterest Expense(289,177

)

(63,294

)

(21,336

)

(373,807

)

Income (Loss) Before Income Taxes123,846

160,803

(95,525

)

189,124

Provision for Income Taxes(31,476

)

(40,081

)

36,237

(35,320

)

Net Income (Loss)$

92,370

$

120,722

$

(59,288

)

$

153,804

Total Assets as of December 31, 2020$

7,478,813

$

5,116,807

$

8,008,031

$

20,603,651

Bank of HawaiiCorporation andSubsidiariesBusiness SegmentsSelected Financial Table 13bInformation Consumer Commercial Treasury Consolidated

(dollars in Banking Banking and Other Totalthousands)Year Ended December31, 2021Net Interest Income $ 283,998 $ 194,409 $ 18,883 $ 497,290

Provision for Credit 5,764 201 (56,465 ) (50,500 )LossesNet Interest Income 278,234 194,208 75,348 547,790 After Provision forCredit LossesNoninterest Income 131,292 30,637 9,424 171,353

Noninterest Expense (303,699 ) (64,470 ) (25,420 ) (393,589 )

Income Before Income 105,827 160,375 59,352 325,554 TaxesProvision for Income (26,442 ) (39,070 ) (6,670 ) (72,182 )TaxesNet Income $ 79,385 $ 121,305 $ 52,682 $ 253,372

Total Assets as of $ 7,675,823 $ 5,107,001 $ 10,002,117 $ 22,784,941 December 31, 2021 Year Ended December31, 2020Net Interest Income $ 292,710 $ 188,626 $ 14,986 $ 496,322

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

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

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

Total Assets as of $ 7,478,813 $ 5,116,807 $ 8,008,031 $ 20,603,651 December 31, 2020Bank of Hawaii Corporation and SubsidiariesSelected Quarterly Financial DataTable 14Three Months EndedDecember 31,September 30,June 30,March 31,December 31,(dollars in thousands, except per share amounts)2021

2021

2021

2021

2020

Quarterly Operating ResultsInterest IncomeInterest and Fees on Loans and Leases$

97,853

$

100,570

$

100,894

$

99,299

$

98,471

Income on Investment SecuritiesAvailable-for-Sale15,850

16,396

16,467

15,837

15,449

Held-to-Maturity18,325

16,754

13,576

13,300

14,113

Deposits1

2

-

7

1

Funds Sold104

382

260

137

115

Other176

159

182

185

167

Total Interest Income132,309

134,263

131,379

128,765

128,316

Interest ExpenseDeposits2,898

3,837

4,152

4,329

4,861

Securities Sold Under Agreements to Repurchase2,834

3,423

3,470

3,533

3,614

Funds Purchased6

-

-

1

5

Other Debt183

184

243

333

337

Total Interest Expense5,921

7,444

7,865

8,196

8,817

Net Interest Income126,388

126,819

123,514

120,569

119,499

Provision for Credit Losses(9,700

)

(10,400

)

(16,100

)

(14,300

)

15,200

Net Interest Income After Provision for Credit Losses136,088

137,219

139,614

134,869

104,299

Noninterest IncomeTrust and Asset Management11,693

11,415

11,682

11,278

11,239

Mortgage Banking2,908

3,136

3,058

5,862

6,851

Service Charges on Deposit Accounts6,861

6,510

6,065

6,128

6,335

Fees, Exchange, and Other Service Charges14,439

13,604

13,807

13,607

12,143

Investment Securities Gains (Losses), Net(1,258

)

(1,259

)

2,423

(1,203

)

(1,193

)

Annuity and Insurance876

735

911

702

670

Bank-Owned Life Insurance1,907

1,897

2,063

1,917

2,353

Other5,148

5,340

4,422

4,679

6,860

Total Noninterest Income42,574

41,378

44,431

42,970

45,258

Noninterest ExpenseSalaries and Benefits59,434

56,447

56,161

56,251

50,200

Net Occupancy9,028

3,079

5,047

9,090

14,536

Net Equipment9,105

8,924

8,796

8,878

9,574

Data Processing4,696

4,722

4,557

6,322

4,604

Professional Fees3,427

2,948

3,114

3,406

3,174

FDIC Insurance1,619

1,594

1,669

1,654

1,484

Other14,369

18,805

17,183

13,264

15,082

Total Noninterest Expense101,678

96,519

96,527

98,865

98,654

Income Before Provision for Income Taxes76,984

82,078

87,518

78,974

50,903

Provision for Income Taxes13,147

20,025

19,985

19,025

8,589

Net Income$

63,837

$

62,053

$

67,533

$

59,949

$

42,314

Preferred Stock Dividends1,969

1,006

-

-

-

Net Income Available to Common Shareholders$

61,868

$

61,047

$

67,533

$

59,949

$

42,314

Basic Earnings Per Common Share$

1.56

$

1.53

$

1.69

$

1.51

$

1.06

Diluted Earnings Per Common Share$

1.55

$

1.52

$

1.68

$

1.50

$

1.06

Balance Sheet TotalsLoans and Leases$

12,259,076

$

12,072,750

$

12,041,378

$

12,140,703

$

11,940,020

Total Assets22,784,941

22,965,383

22,672,183

21,947,271

20,603,651

Total Deposits20,360,108

20,493,678

20,169,709

19,556,651

18,211,621

Total Shareholders' Equity1,611,611

1,597,109

1,583,531

1,360,221

1,374,507

Performance RatiosReturn on Average Assets1.12

%

1.07

%

1.23

%

1.15

%

0.83

Return on Average Shareholders' Equity15.92

15.41

19.17

17.65

12.26

Return on Average Common Equity17.40

17.08

19.61

17.65

12.26

Efficiency Ratio 160.18

57.38

57.47

60.45

59.88

Net Interest Margin 22.34

2.32

2.37

2.43

2.48

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 andSubsidiariesSelected Quarterly Table 14Financial Data Three Months Ended December 31, September 30, June 30, March 31, December 31,(dollars in 2021 2021 2021 2021 2020 thousands, exceptper share amounts)QuarterlyOperating ResultsInterest IncomeInterest and Fees $ 97,853 $ 100,570 $ 100,894 $ 99,299 $ 98,471 on Loans andLeasesIncome onInvestmentSecuritiesAvailable-for-Sale 15,850 16,396 16,467 15,837 15,449

Held-to-Maturity 18,325 16,754 13,576 13,300 14,113

Deposits 1 2 - 7 1

Funds Sold 104 382 260 137 115

Other 176 159 182 185 167

Total Interest 132,309 134,263 131,379 128,765 128,316 IncomeInterest ExpenseDeposits 2,898 3,837 4,152 4,329 4,861

Securities Sold 2,834 3,423 3,470 3,533 3,614 Under Agreementsto RepurchaseFunds Purchased 6 - - 1 5

Other Debt 183 184 243 333 337

Total Interest 5,921 7,444 7,865 8,196 8,817 ExpenseNet Interest 126,388 126,819 123,514 120,569 119,499 IncomeProvision for (9,700 ) (10,400 ) (16,100 ) (14,300 ) 15,200 Credit LossesNet InterestIncome After 136,088 137,219 139,614 134,869 104,299 Provision forCredit LossesNoninterest IncomeTrust and Asset 11,693 11,415 11,682 11,278 11,239 ManagementMortgage Banking 2,908 3,136 3,058 5,862 6,851

Service Charges on 6,861 6,510 6,065 6,128 6,335 Deposit AccountsFees, Exchange, 14,439 13,604 13,807 13,607 12,143 and Other ServiceChargesInvestment (1,258 ) (1,259 ) 2,423 (1,203 ) (1,193 )Securities Gains(Losses), NetAnnuity and 876 735 911 702 670 InsuranceBank-Owned Life 1,907 1,897 2,063 1,917 2,353 InsuranceOther 5,148 5,340 4,422 4,679 6,860

Total Noninterest 42,574 41,378 44,431 42,970 45,258 IncomeNoninterestExpenseSalaries and 59,434 56,447 56,161 56,251 50,200 BenefitsNet Occupancy 9,028 3,079 5,047 9,090 14,536

Net Equipment 9,105 8,924 8,796 8,878 9,574

Data Processing 4,696 4,722 4,557 6,322 4,604

Professional Fees 3,427 2,948 3,114 3,406 3,174

FDIC Insurance 1,619 1,594 1,669 1,654 1,484

Other 14,369 18,805 17,183 13,264 15,082

Total Noninterest 101,678 96,519 96,527 98,865 98,654 ExpenseIncome Before 76,984 82,078 87,518 78,974 50,903 Provision forIncome TaxesProvision for 13,147 20,025 19,985 19,025 8,589 Income TaxesNet Income $ 63,837 $ 62,053 $ 67,533 $ 59,949 $ 42,314

Preferred Stock 1,969 1,006 - - - DividendsNet IncomeAvailable to $ 61,868 $ 61,047 $ 67,533 $ 59,949 $ 42,314 CommonShareholders Basic Earnings Per $ 1.56 $ 1.53 $ 1.69 $ 1.51 $ 1.06 Common ShareDiluted Earnings $ 1.55 $ 1.52 $ 1.68 $ 1.50 $ 1.06 Per Common Share Balance SheetTotalsLoans and Leases $ 12,259,076 $ 12,072,750 $ 12,041,378 $ 12,140,703 $ 11,940,020

Total Assets 22,784,941 22,965,383 22,672,183 21,947,271 20,603,651

Total Deposits 20,360,108 20,493,678 20,169,709 19,556,651 18,211,621

Total 1,611,611 1,597,109 1,583,531 1,360,221 1,374,507 Shareholders'Equity Performance RatiosReturn on Average 1.12 % 1.07 % 1.23 % 1.15 % 0.83 AssetsReturn on Average 15.92 15.41 19.17 17.65 12.26 Shareholders'EquityReturn on Average 17.40 17.08 19.61 17.65 12.26 Common EquityEfficiency Ratio ^ 60.18 57.38 57.47 60.45 59.88 1Net Interest 2.34 2.32 2.37 2.43 2.48 Margin ^2 ^1 Efficiency ratio is defined as noninterestexpense divided by total revenue (net interestincome and noninterest income).^2 Net interest margin is defined as net interest income, on ataxable-equivalent basis, as a percentage of average earningassets.Bank of Hawaii Corporation and SubsidiariesHawaii Economic TrendsTable 15Eleven Months EndedYear Ended($ in millions; jobs in thousands)November 30, 2021December 31, 2020December 31, 2019Hawaii Economic TrendsState General Fund Revenues 1$

7,441.8

26.8

%

$

6,415.1

(12.3

)

%

$

7,316.5

5.5

%

General Excise and Use Tax Revenue 13,293.9

17.8

3,038.8

(15.6

)

3,602.2

5.1

Jobs 2608.0

588.2

659.7

November 30,December 31,2021

2020

2019

Unemployment, seasonally adjusted 3Statewide6.0

%

10.3

%

2.1

%

Honolulu County4.9

9.3

2.0

Hawaii County5.1

10.1

2.5

Maui County6.8

14.3

2.0

Kauai County7.0

13.9

2.1

December 31,(percentage change, except months of inventory)2021

2020

2019

2018

Housing Trends (Single Family Home - Oahu) 4Median Home Price19.3

%

5.2

%

(0.1

)

%

4.6

%

Home Sales Volume (units)17.9

%

2.3

%

3.9

%

(7.7

)

%

Months of Inventory0.8

1.4

2.5

2.8

Monthly Visitor Arrivals,Percentage Change(in thousands)Not Seasonally Adjustedfrom Previous YearTourism 5November 30, 2021613.4

233.8

%

October 31, 2021550.8

618.2

September 30, 2021505.9

2,647.9

August 31, 2021722.4

2,993.0

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, 202076.7

(90.4

)

September 30, 202018.4

(97.5

)

August 31, 202023.4

(97.5

)

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

1 Source: Hawaii Department of Business, Economic Development & Tourism2 Source: U.S. Bureau of Labor Statistics3 Source: University of Hawaii Economic Research Organization (UHERO)4 Source: Honolulu Board of Realtors5 Source: Hawaii Tourism Authority View source version on businesswire.com: https://www.businesswire.com/news/home/20220124005190/en/

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