Bank of Hawai鈥榠 Corporation Third Quarter 2024 Financial Results

Diluted Earnings Per Common Share $0.93
Total Assets $23.8 Billion and Total Deposits $21.0 Billion at Quarter End
Net Income $40.4 Million
Net Interest Margin 2.18%
Board of Directors Declares Dividend of $0.70 Per Common Share

HONOLULU--(BUSINESS WIRE)-- Bank of Hawai鈥榠 Corporation (NYSE: BOH) today reported diluted earnings per common share of $0.93 for the third quarter of 2024, compared with diluted earnings per common share of $0.81 in the linked quarter and $1.17 in the same period last year. Net income for the third quarter of 2024 was $40.4 million, up 18.4% from the linked quarter and down 15.8% from the same period last year. The return on average common equity for the third quarter of 2024 was 11.50% compared with 10.41% during the linked quarter and 15.38% during the same period last year.

鈥淔or the third quarter 2024, we are pleased to report improved net interest income and noninterest income, alongside controlled expenses and steady loan and deposit performance. Credit remained excellent,鈥� said Peter Ho, Chairman and CEO.

Financial Highlights

Net interest income for the third quarter of 2024 was $117.6 million, an increase of 2.4% from the linked quarter and a decrease of 2.7% as compared to the same period last year. The increase from the previous quarter was primarily due to increases in the average balance and yield on our earning assets, partially offset by increases in the average balance and cost of our interest-bearing liabilities. The decrease from same period last year was primarily due to decreases in the average balance of our earnings assets and higher funding costs, partially offset by higher earning asset yields and lower average balance of our interest-bearing liabilities.

Net interest margin was 2.18% in the third quarter of 2024, an increase of 3 basis points from the linked quarter and an increase of 5 basis points from the same period last year. The increase from the linked quarter was primarily due to higher earning asset yields, partially offset by higher funding costs. The increase from the same period last year was primarily due to higher earning asset yields and lower average balance of our earning assets, partially offset by higher funding costs.

The average yield on loans and leases was 4.82% in the third quarter of 2024, up 6 basis points from the linked quarter and up 48 basis points from the same period last year. The average yield on total earning assets was 4.06% in the third quarter of 2024, up 7 basis points from the linked quarter and up 34 basis points from the same period last year. The average cost of interest-bearing deposits was 2.52% in the third quarter of 2024, up 6 basis points from the linked quarter and up 57 basis points from the same period last year. The average cost of total deposits, including noninterest-bearing deposits, was 1.87%, up 6 basis points from the linked quarter and up 47 basis points from the same period last year. The changes in yields and rates over the linked quarter and year over year period reflected deposit mix shift and repricing.

Noninterest income was $45.1 million in the third quarter of 2024, an increase of 7.2% from the linked quarter and a decrease of 10.4% from the same period in 2023. Noninterest income in the third quarter of 2023 included a $14.7 million gain from the early termination of private repurchase agreements, partially offset by a $4.6 million net loss related to investment securities sales and a negative $0.8 million adjustment related to a change in the Visa Class B conversion ratio. Adjusted for these items, noninterest income increased by 9.9% from adjusted noninterest income in the same period in 2023. The increase from the same period last year was primarily due to increases in trust and asset management income, and fees, exchange, and other service charges.

Noninterest expense was $107.1 million in the third quarter of 2024, a decrease of 2.0% from the linked quarter and an increase of 1.4% from the same period last year. Noninterest expense in the second quarter of 2024 included an industry-wide FDIC Special Assessment of $2.6 million, separation expenses of $0.8 million and $0.6 million of other expenses that are not expected to recur in 2024. Noninterest expense in the third quarter of 2023 included separation expenses of $2.1 million and extraordinary expenses related to the Maui wildfires of $0.4 million. Adjusted for these items, noninterest expense increased by 1.7% from adjusted noninterest expense in the linked quarter and increased by 3.9% from adjusted noninterest expense in the same period last year.

The effective tax rate for the third quarter of 2024 was 23.33% compared with 24.77% during the linked quarter and 24.76% during the same period last year. The lower effective tax rate in the third quarter of 2024 as compared to the linked quarter was mainly due to a decrease in discrete items and an increase in tax exempt income. The lower effective tax rate in the third quarter of 2024 as compared to the same period last year was primarily due to an increase in tax benefits from low-income housing investments and an increase in tax exempt income.

Asset Quality

The Company鈥檚 overall asset quality remained strong during the third quarter of 2024. Provision for credit losses for the third quarter of 2024 was $3.0 million compared with $2.4 million in the linked quarter and $2.0 million in the same period last year.

Total non-performing assets were $19.8 million at September 30, 2024, up $4.6 million from June 30, 2024 and up $8.3 million from September 30, 2023. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.14% at the end of the quarter, an increase of 3 basis points from the linked quarter and an increase of 6 basis points from the same period last year.

Net loan and lease charge-offs during the third quarter of 2024 were $3.8 million or 11 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.3 million partially offset by gross recoveries of $1.5 million. Compared to the linked quarter, net loan and lease charge-offs increased by $0.4 million or 1 basis point annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $1.8 million or 5 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $147.3 million at September 30, 2024, a decrease of $0.1 million from June 30, 2024 and an increase of $2.1 million from September 30, 2023. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, down 1 basis point from the linked quarter and up 2 basis points from the same period last year.

Balance Sheet

Total assets were $23.8 billion at September 30, 2024, an increase of 2.1% from June 30, 2024 and an increase of 1.1% from September 30, 2023. The increase from the prior periods was primarily due to an increase in federal funds sold.

The investment securities portfolio was $7.3 billion at September 30, 2024, an increase of 2.1% from June 30, 2024 and a decrease of 2.9% from September 30, 2023. This linked quarter increase was primarily due to the purchases of $236.1 million of floating rate investment securities partially offset by cashflows from the portfolio. The decrease from the same period last year was primarily due to the sale of $159.1 million of investment securities in the third quarter of 2023 and cashflows from the portfolio, partially offset by the above-mentioned purchase of investment securities in the third quarter of 2024. 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 $13.9 billion at September 30, 2024, an increase of 0.6% from June 30, 2024 and flat from September 30, 2023. Total commercial loans were $5.9 billion at September 30, 2024, an increase of 2.0% from June 30, 2024 and an increase of 4.4% from September 30, 2023. The increase from the linked quarter was primarily due to an increase in commercial mortgage portfolio. The increase from the same period last year was primarily due to increases in commercial mortgage, construction and commercial and industrial portfolios. Total consumer loans were $8.0 billion at September 30, 2024, a decrease of 0.3% from the linked quarter and a decrease of 3.1% from the same period last year. The decrease from the linked quarter was primarily due to decreases in our home equity and automobile portfolios, partially offset by an increase in residential mortgage portfolio. The decrease from the same period last year was primarily due to decreases in our residential mortgage, home equity and automobile portfolios.

Total deposits were $21.0 billion at September 30, 2024, an increase of 2.8% from June 30, 2024 and an increase of 0.8% from September 30, 2023. Noninterest-bearing deposits made up 25.8% of total deposit balances at September 30, 2024, down from 26.3% at June 30, 2024 and down from 27.3% at September 30, 2023. Average total deposits were $20.5 billion for the third quarter of 2024, up 0.6% from $20.4 billion in the linked quarter and flat from the same period last year. Insured and uninsured but collateralized deposits represented 58% of total deposit balances at September 30, 2024, down from 59% at June 30, 2024 and flat from September 30, 2023. At the end of the quarter, our readily available liquidity of $10.6 billion exceeded total uninsured and uncollateralized deposits of $8.8 billion.

Capital and Dividends

The Company鈥檚 capital levels increased quarter over quarter and remain well above regulatory well-capitalized minimums.

The Tier 1 Capital Ratio was 14.05% at September 30, 2024 compared with 13.96% at June 30, 2024 and 12.53% at September 30, 2023. The Tier 1 Leverage Ratio was 8.38% at September 30, 2024, up 1 basis point from 8.37% at June 30, 2024 and up 116 basis points from 7.22% at September 30, 2023. The increases from the linked quarter were due to retained earnings growth and partially offset by increases in risk-weighted assets and average total assets. The increases from the same period last year were primarily due to the issuance of $165.0 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, at a rate of 8.00% in the second quarter of 2024.

No shares of common stock were repurchased under the share repurchase program in the third quarter of 2024. Total remaining buyback authority under the share repurchase program was $126.0 million at September 30, 2024.

The Company鈥檚 Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company鈥檚 outstanding common shares. The dividend will be payable on December 13, 2024 to shareholders of record at the close of business on November 29, 2024.

On October 4, 2024, the Company announced that the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol 鈥淏OH.PRA鈥� and 鈥淏OH.PRB鈥�, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on November 1, 2024 to shareholders of record of the preferred stock as of the close of business on October 17, 2024.

Conference Call Information

The Company will review its third quarter financial results today at 8:00 a.m. Hawai鈥榠 Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai鈥榠 Corporation's website, . The webcast can be accessed via the link: . A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawai鈥榠 Time on Monday, October 28, 2024. The replay will be available on the Company's website, .

Investor Announcements

Investors and others should note that the Company intends to announce financial and other information to the Company鈥檚 investors using the Company鈥檚 investor relations website at , social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company鈥檚 disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai鈥榠 Corporation's Annual Report on Form 10-K for the year ended December 31, 2023 and its Form 10-Q for fiscal quarters ended March 31, 2024 and June 30, 2024, which were filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Bank of Hawai鈥榠 Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawai鈥榠 and the West Pacific. The Company鈥�s principal subsidiary, Bank of Hawai鈥榠, was founded in 1897. For more information about Bank of Hawai鈥榠 Corporation, see the Company鈥檚 website, . Bank of Hawai鈥榠 Corporation is a trade name of Bank of Hawaii Corporation.

															听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Financial Highlights													Table 1
	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(dollars in thousands, except per share amounts)	听	2024		听	2024		听	2023		听	2024		听	2023
For the Period:
Operating Results
Net Interest Income	$	117,618		$	114,846		$	120,937		$	346,402		$	381,240
Provision for Credit Losses	听	3,000		听	2,400		听	2,000		听	7,400		听	6,500
Total Noninterest Income	听	45,110		听	42,087		听	50,334		听	129,482		听	134,326
Total Noninterest Expense	听	107,092		听	109,226		听	105,601		听	322,177		听	321,556
Pre-Provision Net Revenue	听	55,636		听	47,707		听	65,670		听	153,707		听	194,010
Net Income	听	40,358		听	34,083		听	47,903		听	110,832		听	140,806
Net Income Available to Common Shareholders¹	听	36,922		听	32,114		听	45,934		听	103,458		听	134,899
Basic Earnings Per Common Share	听	0.94		听	0.81		听	1.17		听	2.62		听	3.44
Diluted Earnings Per Common Share	听	0.93		听	0.81		听	1.17		听	2.61		听	3.42
Dividends Declared Per Common Share	听	0.70		听	0.70		听	0.70		听	2.10		听	2.10
															听
Performance Ratios
Return on Average Assets	听	0.69	%	听	0.59	%	听	0.78	%	听	0.64	%	听	0.78	%
Return on Average Shareholders' Equity	听	9.90		听	9.53		听	13.92		听	9.92		听	13.91
Return on Average Common Equity	听	11.50		听	10.41		听	15.38		听	11.04		听	15.37
Efficiency Ratio²	听	65.81		听	69.60		听	61.66		听	67.70		听	62.37
Net Interest Margin³	听	2.18		听	2.15		听	2.13		听	2.15		听	2.27
Dividend Payout Ratio⁴	听	74.47		听	86.42		听	59.83		听	80.15		听	61.05
Average Shareholders' Equity to Average Assets	听	6.95		听	6.22		听	5.60		听	6.42		听	5.61
															听
Average Balances
Average Loans and Leases	$	13,809,977		$	13,831,797		$	13,903,214		$	13,836,760		$	13,833,164
Average Assets	听	23,338,529		听	23,145,107		听	24,387,421		听	23,255,372		听	24,124,360
Average Deposits	听	20,484,391		听	20,358,393		听	20,492,082		听	20,462,222		听	20,314,079
Average Shareholders' Equity	听	1,621,936		听	1,438,476		听	1,365,143		听	1,492,645		听	1,353,815
															听
Per Share of Common Stock
Book Value	$	33.22		$	31.91		$	29.78		$	33.22		$	29.78
Tangible Book Value	听	32.43		听	31.12		听	28.99		听	32.43		听	28.99
Market Value
Closing	听	62.77		听	57.21		听	49.69		听	62.77		听	49.69
High	听	70.44		听	62.53		听	58.63		听	73.73		听	81.73
Low	听	55.75		听	54.50		听	39.02		听	54.50		听	30.83
															听
				September 30,			June 30,			December 31,			September 30,
				听	2024		听	2024		听	2023		听	2023
As of Period End:
Balance Sheet Totals
Loans and Leases				$	13,918,583		$	13,831,266		$	13,965,026		$	13,919,491
Total Assets				听	23,799,174		听	23,300,768		听	23,733,296		听	23,549,785
Total Deposits				听	20,978,322		听	20,408,502		听	21,055,045		听	20,802,309
Other Debt				听	558,297		听	560,136		听	560,190		听	560,217
Total Shareholders' Equity				听	1,665,474		听	1,612,849		听	1,414,242		听	1,363,840
															听
Asset Quality
Non-Performing Assets				$	19,781		$	15,179		$	11,747		$	11,519
Allowance for Credit Losses - Loans and Leases				听	147,331		听	147,477		听	146,403		听	145,263
Allowance to Loans and Leases Outstanding⁵				听	1.06	%	听	1.07	%	听	1.05	%	听	1.04	%
															听
Capital Ratios⁶
Common Equity Tier 1 Capital Ratio⁷				听	11.66	%	听	11.56	%	听	11.33	%	听	11.29	%
Tier 1 Capital Ratio⁷				听	14.05		听	13.96		听	12.56		听	12.53
Total Capital Ratio⁷				听	15.11		听	15.02		听	13.60		听	13.56
Tier 1 Leverage Ratio				听	8.38		听	8.37		听	7.51		听	7.22
Total Shareholders' Equity to Total Assets				听	7.00		听	6.92		听	5.96		听	5.79
Tangible Common Equity to Tangible Assets⁸				听	5.42		听	5.31		听	5.07		听	4.90
Tangible Common Equity to Risk-Weighted Assets^{7, 8}				听	9.17		听	8.80		听	8.45		听	8.10
															听
Non-Financial Data
Full-Time Equivalent Employees				听	1,854		听	1,910		听	1,899		听	1,919
Branches				听	50		听	50		听	51		听	51
ATMs				听	317		听	317		听	318		听	320
															听
¹Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
²Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
³Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
⁴Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
⁵The numerator comprises the Allowance for Credit Losses - Loans and Leases.
⁶Regulatory capital ratios as of September 30, 2024 are preliminary.
⁷Regulatory capital ratios for June 30, 2024 have been updated to reflect final reported ratios.
⁸Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 2 "Reconciliation of Non-GAAP Financial Measures".

										听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures										Table 2
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands)	听	2024	听	听	2024	听	听	2023	听	听	2023	听
										听
Total Shareholders' Equity	$	1,665,474	听	$	1,612,849	听	$	1,414,242	听	$	1,363,840	听
Less: Preferred Stock	听	345,000	听	听	345,000	听	听	180,000	听	听	180,000	听
Goodwill	听	31,517	听	听	31,517	听	听	31,517	听	听	31,517	听
Tangible Common Equity	$	1,288,957	听	$	1,236,332	听	$	1,202,725	听	$	1,152,323	听
										听
Total Assets	$	23,799,174	听	$	23,300,768	听	$	23,733,296	听	$	23,549,785	听
Less: Goodwill	听	31,517	听	听	31,517	听	听	31,517	听	听	31,517	听
Tangible Assets	$	23,767,657	听	$	23,269,251	听	$	23,701,779	听	$	23,518,268	听
										听
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements^{1, 2}	$	14,054,698	听	$	14,051,627	听	$	14,226,780	听	$	14,222,825	听
										听
Total Shareholders' Equity to Total Assets	听	7.00	%	听	6.92	%	听	5.96	%	听	5.79	%
Tangible Common Equity to Tangible Assets (Non-GAAP)	听	5.42	%	听	5.31	%	听	5.07	%	听	4.90	%
										听
Tier 1 Capital Ratio^{1, 2}	听	14.05	%	听	13.96	%	听	12.56	%	听	12.53	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)^{1, 2}	听	9.17	%	听	8.80	%	听	8.45	%	听	8.10	%
										听
¹Regulatory capital ratios as of September 30, 2024 are preliminary.
²Regulatory capital ratios for June 30, 2024 have been updated to reflect final reported ratios.

听

Bank of Hawai鈥榠 Corporation and Subsidiaries

Consolidated Statements of Income

Table 3

Three Months Ended

Nine Months Ended

September 30,

June 30,

September 30,

(dollars in thousands, except per share amounts)

听

2024

听

2024

听

2023

听

2024

听

2023

听

Interest Income

Interest and Fees on Loans and Leases

166,286

听

163,208

听

151,245

听

488,830

听

432,287

听

Income on Investment Securities

Available-for-Sale

听

23,257

听

21,468

听

23,552

听

66,482

听

70,746

听

Held-to-Maturity

听

21,107

听

21,595

听

22,838

听

64,838

听

70,161

听

Deposits

听

Funds Sold

听

8,951

听

6,114

听

12,828

听

21,192

听

22,589

听

Other

听

1,018

听

1,120

听

1,464

听

3,108

听

4,182

听

Total Interest Income

听

220,648

听

213,530

听

211,945

听

644,534

听

600,028

听

Interest Expense

Deposits

听

96,067

听

91,542

听

72,153

听

276,665

听

163,726

听

Securities Sold Under Agreements to Repurchase

听

993

听

1,180

听

4,034

听

3,616

听

14,847

听

Funds Purchased

听

888

听

Short-Term Borrowings

听

5,713

听

Other Debt

听

5,970

听

5,918

听

14,821

听

17,807

听

33,614

听

Total Interest Expense

听

103,030

听

98,684

听

91,008

听

298,132

听

218,788

听

Net Interest Income

听

117,618

听

114,846

听

120,937

听

346,402

听

381,240

听

Provision for Credit Losses

听

3,000

听

2,400

听

2,000

听

7,400

听

6,500

听

Net Interest Income After Provision for Credit Losses

听

114,618

听

112,446

听

118,937

听

339,002

听

374,740

听

Noninterest Income

Fees, Exchange, and Other Service Charges

听

14,945

听

13,769

听

13,824

听

42,837

听

41,782

听

Trust and Asset Management

听

11,916

听

12,223

听

10,548

听

35,328

听

32,453

听

Service Charges on Deposit Accounts

听

8,075

听

7,730

听

7,843

听

23,752

听

23,167

听

Bank-Owned Life Insurance

听

3,533

听

3,396

听

2,749

听

10,285

听

8,467

听

Annuity and Insurance

听

1,460

听

1,583

听

1,156

听

4,089

听

3,465

听

Mortgage Banking

听

1,188

听

1,028

听

1,059

听

3,167

听

3,239

听

Investment Securities Losses, Net

听

(1,103

)

听

(1,601

)

听

(6,734

)

听

(4,201

)

听

(9,836

)

Other

听

5,096

听

3,959

听

19,889

听

14,225

听

31,589

听

Total Noninterest Income

听

45,110

听

42,087

听

50,334

听

129,482

听

134,326

听

Noninterest Expense

Salaries and Benefits

听

58,626

听

57,033

听

58,825

听

173,874

听

180,088

听

Net Occupancy

听

10,806

听

10,559

听

10,327

听

31,821

听

30,190

听

Net Equipment

听

10,120

听

10,355

听

9,477

听

30,578

听

30,425

听

Professional Fees

听

4,725

听

4,929

听

3,846

听

14,331

听

12,380

听

Data Processing

听

4,712

听

4,745

听

4,706

听

14,227

听

13,888

听

FDIC Insurance

听

3,355

听

7,170

听

3,361

听

14,139

听

9,768

听

Other

听

14,748

听

14,435

听

15,059

听

43,207

听

44,817

听

Total Noninterest Expense

听

107,092

听

109,226

听

105,601

听

322,177

听

321,556

听

Income Before Provision for Income Taxes

听

52,636

听

45,307

听

63,670

听

146,307

听

187,510

听

Provision for Income Taxes

听

12,278

听

11,224

听

15,767

听

35,475

听

46,704

听

Net Income

40,358

听

34,083

听

47,903

听

110,832

听

140,806

听

Preferred Stock Dividends

听

3,436

听

1,969

听

1,969

听

7,375

听

5,908

听

Net Income Available to Common Shareholders

36,922

听

32,114

听

45,934

听

103,457

听

134,898

听

Basic Earnings Per Common Share

0.94

听

0.81

听

1.17

听

2.62

听

3.44

听

Diluted Earnings Per Common Share

0.93

听

0.81

听

1.17

听

2.61

听

3.42

听

Dividends Declared Per Common Share

0.70

听

0.70

听

0.70

听

2.10

听

2.10

听

Basic Weighted Average Common Shares

听

39,488,187

听

39,450,551

听

39,274,626

听

39,429,815

听

39,264,450

听

Diluted Weighted Average Common Shares

听

39,736,492

听

39,618,705

听

39,420,531

听

39,654,705

听

39,392,433

听

											听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income												Table 4
	Three Months Ended								Nine Months Ended
	September 30,		June 30,		September 30,				September 30,
(dollars in thousands)	听	2024	听	2024	听	2023	听	听	听	2024	听	2023	听
Net Income	$	40,358	$	34,083	$	47,903	听		$	110,832	$	140,806	听
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities	听	38,833	听	9,052	听	(18,264	)		听	60,823	听	(7,205	)
Defined Benefit Plans	听	168	听	168	听	84	听		听	505	听	252	听
Other Comprehensive Income (Loss)	听	39,001	听	9,220	听	(18,180	)		听	61,328	听	(6,953	)
Comprehensive Income	$	79,359	$	43,303	$	29,723	听		$	172,160	$	133,853	听

听

Bank of Hawai鈥榠 Corporation and Subsidiaries

Consolidated Statements of Condition

Table 5

September 30,

June 30,

December 31,

September 30,

(dollars in thousands, except share amounts)

听

2024

听

2024

听

2023

听

2023

听

Assets

Interest-Bearing Deposits in Other Banks

8,287

听

3,259

听

2,761

听

4,676

听

Funds Sold

听

992,854

听

624,089

听

690,112

听

386,086

听

Investment Securities

Available-for-Sale

听

2,550,324

听

2,298,092

听

2,408,933

听

2,387,324

听

Held-to-Maturity (Fair Value of $4,072,596; $4,002,122; $4,253,637; and $4,104,469)

听

4,710,245

听

4,812,954

听

4,997,335

听

5,088,013

听

Loans Held for Sale

听

5,048

听

2,664

听

3,124

听

1,450

听

Loans and Leases

听

13,918,583

听

13,831,266

听

13,965,026

听

13,919,491

听

Allowance for Credit Losses

听

(147,331

)

听

(147,477

)

听

(146,403

)

听

(145,263

)

Net Loans and Leases

听

13,771,252

听

13,683,789

听

13,818,623

听

13,774,228

听

Total Earning Assets

听

22,038,010

听

21,424,847

听

21,920,888

听

21,641,777

听

Cash and Due from Banks

听

271,622

听

297,990

听

308,071

听

261,464

听

Premises and Equipment, Net

听

191,899

听

192,319

听

194,855

听

196,094

听

Operating Lease Right-of-Use Assets

听

81,736

听

84,757

听

86,110

听

86,896

听

Accrued Interest Receivable

听

66,534

听

67,554

听

66,525

听

65,541

听

Foreclosed AG真人官方 Estate

听

2,667

听

2,672

听

2,098

听

1,040

听

Mortgage Servicing Rights

听

19,571

听

19,954

听

20,880

听

21,273

听

Goodwill

听

31,517

听

31,517

听

31,517

听

31,517

听

Bank-Owned Life Insurance

听

475,263

听

470,708

听

462,894

听

458,260

听

Other Assets

听

620,355

听

708,450

听

639,458

听

785,923

听

Total Assets

23,799,174

听

23,300,768

听

23,733,296

听

23,549,785

听

Liabilities

Deposits

Noninterest-Bearing Demand

5,412,048

听

5,371,593

听

6,058,554

听

5,687,442

听

Interest-Bearing Demand

听

3,734,601

听

3,928,295

听

3,749,717

听

3,925,469

听

Savings

听

8,663,147

听

8,207,902

听

8,189,472

听

8,530,384

听

Time

听

3,168,526

听

2,900,712

听

3,057,302

听

2,659,014

听

Total Deposits

听

20,978,322

听

20,408,502

听

21,055,045

听

20,802,309

听

Securities Sold Under Agreements to Repurchase

听

100,490

听

100,490

听

150,490

听

150,490

听

Other Debt

听

558,297

听

560,136

听

560,190

听

560,217

听

Operating Lease Liabilities

听

90,356

听

93,364

听

94,693

听

95,453

听

Retirement Benefits Payable

听

22,870

听

23,142

听

23,673

听

26,074

听

Accrued Interest Payable

听

40,434

听

37,278

听

41,023

听

33,434

听

Taxes Payable

听

1,722

听

5,289

听

7,636

听

6,965

听

Other Liabilities

听

341,209

听

459,718

听

386,304

听

511,003

听

Total Liabilities

听

22,133,700

听

21,687,919

听

22,319,054

听

22,185,945

听

Shareholders' Equity

Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)

听

180,000

听

180,000

听

180,000

听

180,000

听

Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)

听

165,000

听

165,000

听

Common Stock ($.01 par value; authorized 500,000,000 shares;

issued / outstanding: September 30, 2024 - 58,765,907 / 39,748,304;

June 30, 2024 - 58,765,907 / 39,729,941; December 31, 2023 - 58,755,465 / 39,753,138;

and September 30, 2023 - 58,767,820 / 39,748,700)

听

585

听

585

听

583

听

583

听

Capital Surplus

听

643,620

听

639,841

听

636,422

听

632,425

听

Accumulated Other Comprehensive Loss

听

(335,360

)

听

(374,361

)

听

(396,688

)

听

(441,611

)

Retained Earnings

听

2,127,585

听

2,119,140

听

2,107,569

听

2,108,702

听

Treasury Stock, at Cost (Shares: September 30, 2024 - 19,017,603; June 30, 2024 - 19,035,966;

December 31, 2023 - 19,002,327; and September 30, 2023 - 19,019,120)

听

(1,115,956

)

听

(1,117,356

)

听

(1,113,644

)

听

(1,116,259

)

Total Shareholders' Equity

听

1,665,474

听

1,612,849

听

1,414,242

听

1,363,840

听

Total Liabilities and Shareholders' Equity

23,799,174

听

23,300,768

听

23,733,296

听

23,549,785

听

																							听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																							Table 6
														Accumulated
	Preferred			Preferred										Other
	Shares	Preferred		Shares	Preferred		Common							Comprehensive
	Series A	Series A		Series B	Series B		Shares		Common		Capital			Income			Retained			Treasury
(dollars in thousands, except share amounts)	Outstanding	Stock		Outstanding	Stock		Outstanding		Stock		Surplus			(Loss)			Earnings			Stock			Total
Balance as of December 31, 2023	180,000	$	180,000	-	$	-	39,753,138	听	$	583	$	636,422	听	$	(396,688	)	$	2,107,569	听	$	(1,113,644	)	$	1,414,242	听
Net Income	-	听	-	-	听	-	-	听	听	-	听	-	听	听	-	听	听	110,832	听	听	-	听	听	110,832	听
Other Comprehensive Income	-	听	-	-	听	-	-	听	听	-	听	-	听	听	61,328	听	听	-	听	听	-	听	听	61,328	听
Share-Based Compensation	-	听	-	-	听	-	-	听	听	-	听	11,051	听	听	-	听	听	-	听	听	-	听	听	11,051	听
Preferred Stock Issued, Net	-	听	-	165,000	听	165,000	-	听	听	-	听	(4,386	)	听	-	听	听	-	听	听	-	听	听	160,614	听
Common Stock Issued under Purchase and
Equity Compensation Plans	-	听	-	-	听	-	78,753	听	听	2	听	533	听	听	-	听	听	768	听	听	2,829	听	听	4,132	听
Common Stock Repurchased	-	听	-	-	听	-	(83,587	)	听	-	听	-	听	听	-	听	听	-	听	听	(5,141	)	听	(5,141	)
Cash Dividends Declared Common Stock ($2.10 per share)	-	听	-	-	听	-	-	听	听	-	听	-	听	听	-	听	听	(84,209	)	听	-	听	听	(84,209	)
Cash Dividends Declared Preferred Stock	-	听	-	-	听	-	-	听	听	-	听	-	听	听	-	听	听	(7,375	)	听	-	听	听	(7,375	)
Balance as of September 30, 2024	180,000	$	180,000	165,000	$	165,000	39,748,304	听	$	585	$	643,620	听	$	(335,360	)	$	2,127,585	听	$	(1,115,956	)	$	1,665,474	听
																							听
Balance as of December 31, 2022	180,000	$	180,000	-	$	-	39,835,750	听	$	582	$	620,578	听	$	(434,658	)	$	2,055,912	听	$	(1,105,419	)	$	1,316,995	听
Net Income	-	听	-	-	听	-	-	听	听	-	听	-	听	听	-	听	听	140,806	听	听	-	听	听	140,806	听
Other Comprehensive Loss	-	听	-	-	听	-	-	听	听	-	听	-	听	听	(6,953	)	听	-	听	听	-	听	听	(6,953	)
Share-Based Compensation	-	听	-	-	听	-	-	听	听	-	听	11,979	听	听	-	听	听	-	听	听	-	听	听	11,979	听
Common Stock Issued under Purchase and
Equity Compensation Plans	-	听	-	-	听	-	121,040	听	听	1	听	(132	)	听	-	听	听	1,716	听	听	3,216	听	听	4,801	听
Common Stock Repurchased	-	听	-	-	听	-	(208,090	)	听	-	听	-	听	听	-	听	听	-	听	听	(14,056	)	听	(14,056	)
Cash Dividends Declared Common Stock ($2.10 per share)	-	听	-	-	听	-	-	听	听	-	听	-	听	听	-	听	听	(83,824	)	听	-	听	听	(83,824	)
Cash Dividends Declared Preferred Stock	-	听	-	-	听	-	-	听	听	-	听	-	听	听	-	听	听	(5,908	)	听	-	听	听	(5,908	)
Balance as of September 30, 2023	180,000	$	180,000	-	$	-	39,748,700	听	$	583	$	632,425	听	$	(441,611	)	$	2,108,702	听	$	(1,116,259	)	$	1,363,840	听

																		听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis¹															Table 7a
	Three Months Ended						Three Months Ended						Three Months Ended
	September 30, 2024						June 30, 2024						September 30, 2023
	Average		Income /		Yield /		Average		Income /		Yield /		Average		Income /		Yield /
(dollars in millions)	Balance		Expense²		Rate		Balance		Expense²		Rate		Balance		Expense²		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	4.0	$	0.0	2.89	%	$	4.3	$	0.0	2.40	%	$	2.9	$	0.0	2.40	%
Funds Sold	听	663.8	听	9.0	5.28		听	455.8	听	6.1	5.31		听	944.8	听	12.8	5.31
Investment Securities
Available-for-Sale
Taxable	听	2,430.0	听	23.0	3.80		听	2,308.3	听	21.5	3.73		听	2,605.4	听	23.5	3.60
Non-Taxable	听	11.8	听	0.2	6.63		听	1.6	听	0.0	2.01		听	3.5	听	0.0	3.21
Held-to-Maturity
Taxable	听	4,735.5	听	21.0	1.77		听	4,837.2	听	21.4	1.77		听	5,118.6	听	22.7	1.77
Non-Taxable	听	34.4	听	0.2	2.10		听	34.6	听	0.2	2.10		听	35.0	听	0.2	2.10
Total Investment Securities	听	7,211.7	听	44.4	2.46		听	7,181.7	听	43.1	2.40		听	7,762.5	听	46.4	2.39
Loans Held for Sale	听	3.8	听	0.1	6.13		听	1.4	听	0.0	6.30		听	3.8	听	0.1	6.28
Loans and Leases³
Commercial and Industrial	听	1,658.1	听	22.6	5.43		听	1,683.2	听	22.3	5.34		听	1,515.0	听	18.9	4.96
Paycheck Protection Program	听	7.2	听	0.0	1.42		听	9.5	听	0.1	2.24		听	13.1	听	0.0	1.32
Commercial Mortgage	听	3,744.6	听	52.0	5.51		听	3,723.6	听	51.6	5.57		听	3,792.6	听	51.1	5.35
Construction	听	357.3	听	7.1	7.95		听	321.3	听	6.3	7.85		听	241.9	听	3.7	6.09
Commercial Lease Financing	听	59.6	听	0.4	2.58		听	59.3	听	0.3	2.28		听	62.6	听	0.3	1.84
Residential Mortgage	听	4,593.7	听	46.4	4.03		听	4,595.2	听	45.6	3.97		听	4,715.3	听	42.8	3.62
Home Equity	听	2,206.9	听	22.4	4.04		听	2,231.7	听	21.8	3.92		听	2,283.5	听	20.1	3.49
Automobile	听	795.7	听	9.4	4.72		听	813.5	听	9.1	4.52		听	868.0	听	8.2	3.75
Other⁴	听	386.9	听	6.9	7.13		听	394.5	听	6.8	6.95		听	411.2	听	6.5	6.24
Total Loans and Leases	听	13,810.0	听	167.2	4.82		听	13,831.8	听	163.9	4.76		听	13,903.2	听	151.6	4.34
Other	听	63.2	听	0.9	6.43		听	62.5	听	1.2	7.18		听	91.6	听	1.5	6.40
Total Earning Assets	听	21,756.5	听	221.7	4.06		听	21,537.5	听	214.3	3.99		听	22,708.8	听	212.4	3.72
Cash and Due from Banks	听	258.8					听	233.4					听	289.8
Other Assets	听	1,323.2					听	1,374.2					听	1,388.8
Total Assets	$	23,338.5					$	23,145.1					$	24,387.4
																		听
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,775.6	听	8.9	0.94		$	3,788.5	听	8.8	0.94		$	3,929.7	听	6.6	0.67
Savings	听	8,402.9	听	55.7	2.63		听	8,259.2	听	52.0	2.53		听	7,952.6	听	39.1	1.95
Time	听	3,008.7	听	31.5	4.17		听	2,935.9	听	30.7	4.20		听	2,767.8	听	26.5	3.79
Total Interest-Bearing Deposits	听	15,187.2	听	96.1	2.52		听	14,983.6	听	91.5	2.46		听	14,650.1	听	72.2	1.95
Funds Purchased	听	0.0	听	0.0	5.40		听	3.2	听	0.0	5.37		听	-	听	-	-
Short-Term Borrowings	听	0.0	听	0.0	5.40		听	0.0	听	0.0	5.40		听	-	听	-	-
Securities Sold Under Agreements to Repurchase	听	100.5	听	1.0	3.87		听	121.9	听	1.2	3.83		听	528.5	听	4.0	2.99
Other Debt	听	560.1	听	5.9	4.24		听	560.2	听	6.0	4.25		听	1,365.7	听	14.8	4.31
Total Interest-Bearing Liabilities	听	15,847.8	听	103.0	2.59		听	15,668.9	听	98.7	2.53		听	16,544.3	听	91.0	2.18
Net Interest Income			$	118.7					$	115.6					$	121.4
Interest Rate Spread					1.47	%					1.46	%					1.54	%
Net Interest Margin					2.18	%					2.15	%					2.13	%
Noninterest-Bearing Demand Deposits	听	5,297.2					听	5,374.8					听	5,842.0
Other Liabilities	听	571.6					听	662.9					听	636.0
Shareholders' Equity	听	1,621.9					听	1,438.5					听	1,365.1
Total Liabilities and Shareholders' Equity	$	23,338.5					$	23,145.1					$	24,387.4
																		听
¹Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
²Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.0 million, $774 thousand, and $437 thousand for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
³Non-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.
⁴Comprised of other consumer revolving credit, installment, and consumer lease financing.

												听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis¹									Table 7b
	Nine Months Ended						Nine Months Ended
	September 30, 2024						September 30, 2023
	Average		Income /		Yield /		Average		Income /		Yield /
(dollars in millions)	Balance		Expense²		Rate		Balance		Expense²		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	4.3	$	0.1	2.59	%	$	3.2	$	0.1	2.60	%
Funds Sold	听	525.7	听	21.2	5.30		听	582.7	听	22.6	5.11
Investment Securities
Available-for-Sale
Taxable	听	2,373.1	听	66.4	3.73		听	2,721.5	听	70.6	3.46
Non-Taxable	听	5.0	听	0.2	5.59		听	7.6	听	0.2	4.22
Held-to-Maturity
Taxable	听	4,832.9	听	64.4	1.78		听	5,227.8	听	69.7	1.78
Non-Taxable	听	34.6	听	0.5	2.10		听	35.2	听	0.6	2.10
Total Investment Securities	听	7,245.6	听	131.5	2.42		听	7,992.1	听	141.1	2.36
Loans Held for Sale	听	2.5	听	0.1	6.16		听	2.7	听	0.1	5.82
Loans and Leases³
Commercial and Industrial	听	1,664.5	听	67.0	5.38		听	1,461.2	听	52.7	4.82
Paycheck Protection Program	听	9.1	听	0.1	1.70		听	14.8	听	0.2	1.70
Commercial Mortgage	听	3,728.3	听	153.9	5.52		听	3,781.7	听	145.6	5.15
Construction	听	329.0	听	19.0	7.71		听	256.2	听	11.1	5.81
Commercial Lease Financing	听	59.1	听	1.0	2.25		听	64.9	听	0.5	1.11
Residential Mortgage	听	4,613.0	听	137.0	3.96		听	4,695.4	听	123.8	3.51
Home Equity	听	2,229.5	听	65.3	3.91		听	2,265.2	听	57.3	3.38
Automobile	听	813.3	听	27.5	4.51		听	873.0	听	23.2	3.55
Other⁴	听	391.0	听	20.2	6.91		听	420.8	听	19.0	6.04
Total Loans and Leases	听	13,836.8	听	491.0	4.74		听	13,833.2	听	433.4	4.19
Other	听	62.6	听	3.1	6.61		听	84.6	听	4.1	6.59
Total Earning Assets	听	21,677.5	听	647.0	3.98		听	22,498.5	听	601.4	3.57
Cash and Due from Banks	听	244.4					听	308.4
Other Assets	听	1,333.5					听	1,317.5
Total Assets	$	23,255.4					$	24,124.4
												听
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,776.1	听	25.4	0.90		$	4,060.0	听	19.3	0.64
Savings	听	8,264.9	听	157.1	2.54		听	7,876.1	听	86.3	1.46
Time	听	3,008.6	听	94.2	4.18		听	2,288.2	听	58.1	3.40
Total Interest-Bearing Deposits	听	15,049.6	听	276.7	2.46		听	14,224.3	听	163.7	1.54
Funds Purchased	听	1.1	听	0.0	5.37		听	24.8	听	0.9	4.72
Short-Term Borrowings	听	0.0	听	0.0	5.40		听	152.4	听	5.7	4.94
Securities Sold Under Agreements to Repurchase	听	124.2	听	3.6	3.82		听	659.1	听	14.8	2.97
Other Debt	听	560.2	听	17.8	4.25		听	1,043.6	听	33.7	4.31
Total Interest-Bearing Liabilities	听	15,735.1	听	298.1	2.53		听	16,104.2	听	218.8	1.81
Net Interest Income			$	348.8					$	382.6
Interest Rate Spread					1.45	%					1.76	%
Net Interest Margin					2.15	%					2.27	%
Noninterest-Bearing Demand Deposits	听	5,412.6					听	6,089.8
Other Liabilities	听	615.1					听	576.6
Shareholders' Equity	听	1,492.6					听	1,353.8
Total Liabilities and Shareholders' Equity	$	23,255.4					$	24,124.4
												听
¹Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
²Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $2.5 million and $1.4 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.
³Non-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.
⁴Comprised of other consumer revolving credit, installment, and consumer lease financing.

							听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended September 30, 2024
	Compared to June 30, 2024
(dollars in millions)	Volume¹			Rate¹			Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	(0.0	)	$	0.0	听	$	0.0	听
Funds Sold	听	3.0	听	听	(0.0	)	听	2.9	听
Investment Securities
Available-for-Sale
Taxable	听	1.2	听	听	0.3	听	听	1.5	听
Non-Taxable	听	0.1	听	听	0.1	听	听	0.2	听
Held-to-Maturity
Taxable	听	(0.4	)	听	0.1	听	听	(0.4	)
Non-Taxable	听	(0.0	)	听	(0.0	)	听	(0.0	)
Total Investment Securities	听	0.9	听	听	0.4	听	听	1.3	听
Loans Held for Sale	听	0.0	听	听	(0.0	)	听	0.0	听
Loans and Leases
Commercial and Industrial	听	(0.2	)	听	0.5	听	听	0.3	听
Paycheck Protection Program	听	(0.1	)	听	(0.0	)	听	(0.1	)
Commercial Mortgage	听	0.5	听	听	(0.1	)	听	0.4	听
Construction	听	0.8	听	听	(0.0	)	听	0.8	听
Commercial Lease Financing	听	0.1	听	听	0.0	听	听	0.1	听
Residential Mortgage	听	(0.0	)	听	0.8	听	听	0.8	听
Home Equity	听	(0.2	)	听	0.8	听	听	0.6	听
Automobile	听	(0.2	)	听	0.5	听	听	0.3	听
Other²	听	(0.1	)	听	0.2	听	听	0.1	听
Total Loans and Leases	听	0.6	听	听	2.8	听	听	3.3	听
Other	听	(0.0	)	听	(0.3	)	听	(0.3	)
Total Change in Interest Income	听	4.5	听	听	2.9	听	听	7.4	听
							听
Change in Interest Expense:
Interest-Bearing Deposits
Demand	听	0.1	听	听	0.0	听	听	0.1	听
Savings	听	1.1	听	听	2.6	听	听	3.7	听
Time	听	1.0	听	听	(0.2	)	听	0.9	听
Total Interest-Bearing Deposits	听	2.2	听	听	2.4	听	听	4.6	听
Funds Purchased	听	(0.0	)	听	0.0	听	听	(0.0	)
Short-Term Borrowings	听	(0.0	)	听	-	听	听	(0.0	)
Securities Sold Under Agreements to Repurchase	听	(0.2	)	听	0.0	听	听	(0.2	)
Other Debt	听	0.0	听	听	(0.1	)	听	(0.0	)
Total Change in Interest Expense	听	1.9	听	听	2.4	听	听	4.3	听
							听
Change in Net Interest Income	$	2.5	听	$	0.5	听	$	3.0	听
							听
¹The 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.
²Comprised of other consumer revolving credit, installment, and consumer lease financing.

							听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended September 30, 2024
	Compared to September 30, 2023
(dollars in millions)	Volume¹			Rate¹			Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	0.0	听	$	0.0	听	$	0.0	听
Funds Sold	听	(3.8	)	听	0.0	听	听	(3.8	)
Investment Securities
Available-for-Sale
Taxable	听	(1.7	)	听	1.2	听	听	(0.5	)
Non-Taxable	听	0.1	听	听	0.1	听	听	0.2	听
Held-to-Maturity
Taxable	听	(1.7	)	听	(0.0	)	听	(1.7	)
Non-Taxable	听	(0.0	)	听	(0.0	)	听	(0.0	)
Total Investment Securities	听	(3.3	)	听	1.3	听	听	(2.0	)
Loans Held for Sale	听	0.0	听	听	(0.0	)	听	(0.0	)
Loans and Leases
Commercial and Industrial	听	1.8	听	听	1.9	听	听	3.7	听
Paycheck Protection Program	听	(0.0	)	听	0.0	听	听	(0.0	)
Commercial Mortgage	听	(0.6	)	听	1.5	听	听	0.9	听
Construction	听	2.1	听	听	1.3	听	听	3.4	听
Commercial Lease Financing	听	0.0	听	听	0.1	听	听	0.1	听
Residential Mortgage	听	(1.1	)	听	4.7	听	听	3.6	听
Home Equity	听	(0.7	)	听	3.0	听	听	2.3	听
Automobile	听	(0.7	)	听	1.9	听	听	1.2	听
Other²	听	(0.5	)	听	0.9	听	听	0.4	听
Total Loans and Leases	听	0.3	听	听	15.3	听	听	15.6	听
Other	听	(0.5	)	听	0.0	听	听	(0.5	)
Total Change in Interest Income	听	(7.3	)	听	16.6	听	听	9.3	听
							听
Change in Interest Expense:
Interest-Bearing Deposits
Demand	听	(0.3	)	听	2.6	听	听	2.3	听
Savings	听	2.3	听	听	14.3	听	听	16.6	听
Time	听	2.4	听	听	2.6	听	听	5.0	听
Total Interest-Bearing Deposits	听	4.4	听	听	19.5	听	听	23.9	听
Securities Sold Under Agreements to Repurchase	听	(4.0	)	听	1.0	听	听	(3.0	)
Other Debt	听	(8.7	)	听	(0.2	)	听	(8.9	)
Total Change in Interest Expense	听	(8.3	)	听	20.3	听	听	12.0	听
							听
Change in Net Interest Income	$	1.0	听	$	(3.7	)	$	(2.7	)
							听
¹The 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.
²Comprised of other consumer revolving credit, installment, and consumer lease financing.

							听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8c
	Nine Months Ended September 30, 2024
	Compared to September 30, 2023
(dollars in millions)	Volume¹			Rate¹			Total
Change in Interest Income:
Interest-Bearing Deposits in Other Banks	$	0.0	听	$	(0.0	)	$	0.0	听
Funds Sold	听	(2.2	)	听	0.8	听	听	(1.4	)
Investment Securities
Available-for-Sale
Taxable	听	(9.4	)	听	5.2	听	听	(4.2	)
Non-Taxable	听	(0.1	)	听	0.1	听	听	-	听
Held-to-Maturity
Taxable	听	(5.2	)	听	(0.1	)	听	(5.3	)
Non-Taxable	听	(0.0	)	听	(0.1	)	听	(0.1	)
Total Investment Securities	听	(14.7	)	听	5.1	听	听	(9.6	)
Loans Held for Sale	听	(0.0	)	听	0.0	听	听	-	听
Loans and Leases
Commercial and Industrial	听	7.8	听	听	6.5	听	听	14.3	听
Paycheck Protection Program	听	(0.1	)	听	(0.0	)	听	(0.1	)
Commercial Mortgage	听	(2.1	)	听	10.4	听	听	8.3	听
Construction	听	3.6	听	听	4.3	听	听	7.9	听
Commercial Lease Financing	听	(0.0	)	听	0.5	听	听	0.5	听
Residential Mortgage	听	(2.2	)	听	15.4	听	听	13.2	听
Home Equity	听	(0.9	)	听	8.9	听	听	8.0	听
Automobile	听	(1.6	)	听	5.9	听	听	4.3	听
Other²	听	(1.4	)	听	2.6	听	听	1.2	听
Total Loans and Leases	听	3.1	听	听	54.5	听	听	57.6	听
Other	听	(1.1	)	听	0.1	听	听	(1.0	)
Total Change in Interest Income	听	(14.9	)	听	60.5	听	听	45.6	听
							听
Change in Interest Expense:
Interest-Bearing Deposits
Demand	听	(1.4	)	听	7.5	听	听	6.1	听
Savings	听	4.5	听	听	66.3	听	听	70.8	听
Time	听	20.8	听	听	15.3	听	听	36.1	听
Total Interest-Bearing Deposits	听	23.9	听	听	89.1	听	听	113.0	听
Funds Purchased	听	(1.0	)	听	0.1	听	听	(0.9	)
Short-Term Borrowings	听	(6.2	)	听	0.5	听	听	(5.7	)
Securities Sold Under Agreements to Repurchase	听	(14.6	)	听	3.4	听	听	(11.2	)
Other Debt	听	(15.4	)	听	(0.5	)	听	(15.9	)
Total Change in Interest Expense	听	(13.3	)	听	92.6	听	听	79.3	听
							听
Change in Net Interest Income	$	(1.6	)	$	(32.1	)	$	(33.7	)
							听
¹The 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.
²Comprised of other consumer revolving credit, installment, and consumer lease financing.

										听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Salaries and Benefits										Table 9
	Three Months Ended							Nine Months Ended
	September 30,		June 30,		September 30,			September 30,
(dollars in thousands)	听	2024	听	2024	听	2023	听	听	2024	听	2023
Salaries	$	38,993	$	38,662	$	39,426		$	115,686	$	116,005
Incentive Compensation	听	5,086	听	3,109	听	2,956		听	11,285	听	9,937
Retirement and Other Benefits	听	3,692	听	3,961	听	3,809		听	11,952	听	13,186
Medical, Dental, and Life Insurance	听	3,512	听	3,211	听	2,835		听	9,935	听	10,267
Share-Based Compensation	听	3,364	听	3,296	听	4,072		听	10,459	听	11,327
Payroll Taxes	听	2,839	听	3,070	听	2,921		听	10,639	听	12,079
Commission Expense	听	979	听	939	听	676		听	2,490	听	2,098
Separation Expense	听	161	听	785	听	2,130		听	1,428	听	5,189
Total Salaries and Benefits	$	58,626	$	57,033	$	58,825		$	173,874	$	180,088

									听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Loan and Lease Portfolio Balances									Table 10
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	听	2024	听	2024	听	2024	听	2023	听	2023
Commercial
Commercial Mortgage	$	3,868,566	$	3,741,140	$	3,715,032	$	3,749,016	$	3,784,339
Commercial and Industrial	听	1,675,347	听	1,691,441	听	1,669,482	听	1,652,699	听	1,569,572
Construction	听	319,150	听	315,571	听	323,069	听	304,463	听	251,507
Lease Financing	听	60,665	听	59,388	听	57,817	听	59,939	听	61,522
Paycheck Protection Program	听	6,346	听	7,997	听	10,177	听	11,369	听	12,529
Total Commercial	听	5,930,074	听	5,815,537	听	5,775,577	听	5,777,486	听	5,679,469
Consumer
Residential Mortgage	听	4,622,677	听	4,595,586	听	4,616,900	听	4,684,171	听	4,699,140
Home Equity	听	2,195,844	听	2,221,073	听	2,240,946	听	2,264,827	听	2,285,974
Automobile	听	786,910	听	806,240	听	825,854	听	837,830	听	856,113
Other¹	听	383,078	听	392,830	听	394,560	听	400,712	听	398,795
Total Consumer	听	7,988,509	听	8,015,729	听	8,078,260	听	8,187,540	听	8,240,022
Total Loans and Leases	$	13,918,583	$	13,831,266	$	13,853,837	$	13,965,026	$	13,919,491
¹Comprised of other revolving credit, installment, and lease financing.
									听
Deposits
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	听	2024	听	2024	听	2024	听	2023	听	2023
Consumer	$	10,340,466	$	10,382,432	$	10,429,004	$	10,319,809	$	10,036,261
Commercial	听	8,356,239	听	7,995,618	听	8,323,330	听	8,601,224	听	8,564,536
Public and Other	听	2,281,617	听	2,030,452	听	1,924,252	听	2,134,012	听	2,201,512
Total Deposits	$	20,978,322	$	20,408,502	$	20,676,586	$	21,055,045	$	20,802,309
									听
									听
Average Deposits
	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)	听	2024	听	2024	听	2024	听	2023	听	2023
Consumer	$	10,345,772	$	10,379,724	$	10,313,730	$	10,092,727	$	9,963,690
Commercial	听	8,207,310	听	8,188,685	听	8,334,540	听	8,581,426	听	8,288,891
Public and Other	听	1,931,309	听	1,789,984	听	1,895,370	听	2,029,917	听	2,239,501
Total Deposits	$	20,484,391	$	20,358,393	$	20,543,640	$	20,704,070	$	20,492,082

													听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Non-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 thousands)	听	2024		听	2024		听	2024		听	2023		听	2023
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	6,218	听	$	3,681	听	$	13	听	$	39	听	$	43	听
Commercial Mortgage	听	2,680	听	听	2,601	听	听	2,714	听	听	2,884	听	听	2,996	听
Total Commercial	听	8,898	听	听	6,282	听	听	2,727	听	听	2,923	听	听	3,039	听
Consumer
Residential Mortgage	听	4,269	听	听	2,998	听	听	3,199	听	听	2,935	听	听	3,706	听
Home Equity	听	3,947	听	听	3,227	听	听	3,240	听	听	3,791	听	听	3,734	听
Total Consumer	听	8,216	听	听	6,225	听	听	6,439	听	听	6,726	听	听	7,440	听
Total Non-Accrual Loans and Leases	听	17,114	听	听	12,507	听	听	9,166	听	听	9,649	听	听	10,479	听
Foreclosed AG真人官方 Estate	听	2,667	听	听	2,672	听	听	2,672	听	听	2,098	听	听	1,040	听
Total Non-Performing Assets	$	19,781	听	$	15,179	听	$	11,838	听	$	11,747	听	$	11,519	听
													听
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage	$	4,421	听	$	4,524	听	$	3,378	听	$	3,814	听	$	3,519	听
Home Equity	听	1,980	听	听	2,025	听	听	1,580	听	听	1,734	听	听	2,172	听
Automobile	听	580	听	听	568	听	听	517	听	听	399	听	听	393	听
Other¹	听	554	听	听	733	听	听	872	听	听	648	听	听	643	听
Total Consumer	听	7,535	听	听	7,850	听	听	6,347	听	听	6,595	听	听	6,727	听
Total Accruing Loans and Leases Past Due 90 Days or More	$	7,535	听	$	7,850	听	$	6,347	听	$	6,595	听	$	6,727	听
Total Loans and Leases	$	13,918,583	听	$	13,831,266	听	$	13,853,837	听	$	13,965,026	听	$	13,919,491	听
													听
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	听	0.12	%	听	0.09	%	听	0.07	%	听	0.07	%	听	0.08	%
													听
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed AG真人官方 Estate	听	0.14	%	听	0.11	%	听	0.09	%	听	0.08	%	听	0.08	%
													听
Ratio of Non-Performing Assets to Total Assets	听	0.08	%	听	0.07	%	听	0.05	%	听	0.05	%	听	0.05	%
													听
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed AG真人官方 Estate	听	0.15	%	听	0.11	%	听	0.05	%	听	0.05	%	听	0.05	%
													听
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed AG真人官方 Estate	听	0.14	%	听	0.11	%	听	0.11	%	听	0.11	%	听	0.10	%
													听
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed AG真人官方 Estate	听	0.20	%	听	0.17	%	听	0.13	%	听	0.13	%	听	0.13	%
													听
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	15,179	听	$	11,838	听	$	11,747	听	$	11,519	听	$	11,477	听
Additions	听	5,557	听	听	5,257	听	听	1,652	听	听	2,683	听	听	1,318	听
Reductions
Payments	听	(734	)	听	(844	)	听	(921	)	听	(2,018	)	听	(1,017	)
Return to Accrual Status	听	(81	)	听	(1,018	)	听	(617	)	听	(437	)	听	(259	)
Charge-offs / Write-downs	听	(140	)	听	(54	)	听	(23	)	听	-	听	听	-	听
Total Reductions	听	(955	)	听	(1,916	)	听	(1,561	)	听	(2,455	)	听	(1,276	)
Balance at End of Quarter	$	19,781	听	$	15,179	听	$	11,838	听	$	11,747	听	$	11,519	听
													听
¹Comprised of other revolving credit, installment, and lease financing.

														听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Reserve for Credit Losses														Table 12
	Three Months Ended										Nine Months Ended
	September 30,			June 30,			September 30,				September 30,
(dollars in thousands)	听	2024	听	听	2024	听	听	2023	听	听	听	2024	听	听	2023	听
Balance at Beginning of Period	$	151,155	听	$	152,148	听	$	151,702	听		$	152,429	听	$	151,247	听
														听
Loans and Leases Charged-Off
Commercial
Commercial and Industrial	听	(1,021	)	听	(875	)	听	(294	)		听	(2,256	)	听	(758	)
Consumer
Residential Mortgage	听	-	听	听	(48	)	听	-	听		听	(48	)	听	(6	)
Home Equity	听	(125	)	听	(202	)	听	(13	)		听	(362	)	听	(68	)
Automobile	听	(1,651	)	听	(1,095	)	听	(1,353	)		听	(3,794	)	听	(4,309	)
Other¹	听	(2,539	)	听	(2,610	)	听	(1,957	)		听	(7,461	)	听	(6,296	)
Total Loans and Leases Charged-Off	听	(5,336	)	听	(4,830	)	听	(3,617	)		听	(13,921	)	听	(11,437	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial	听	66	听	听	263	听	听	72	听		听	445	听	听	225	听
Consumer
Residential Mortgage	听	48	听	听	63	听	听	69	听		听	153	听	听	188	听
Home Equity	听	318	听	听	113	听	听	131	听		听	615	听	听	893	听
Automobile	听	552	听	听	481	听	听	721	听		听	1,559	听	听	2,170	听
Other¹	听	522	听	听	517	听	听	575	听		听	1,645	听	听	1,867	听
Total Recoveries on Loans and Leases Previously Charged-Off	听	1,506	听	听	1,437	听	听	1,568	听		听	4,417	听	听	5,343	听
Net Charged-Off - Loans and Leases	听	(3,830	)	听	(3,393	)	听	(2,049	)		听	(9,504	)	听	(6,094	)
Provision for Credit Losses:
Loans and Leases	听	3,684	听	听	3,206	听	听	1,945	听		听	10,432	听	听	6,918	听
Unfunded Commitments	听	(684	)	听	(806	)	听	55	听		听	(3,032	)	听	(418	)
Total Provision for Credit Losses	听	3,000	听	听	2,400	听	听	2,000	听		听	7,400	听	听	6,500	听
Balance at End of Period	$	150,325	听	$	151,155	听	$	151,653	听		$	150,325	听	$	151,653	听
														听
Components
Allowance for Credit Losses - Loans and Leases	$	147,331	听	$	147,477	听	$	145,263	听		$	147,331	听	$	145,263	听
Reserve for Unfunded Commitments	听	2,994	听	听	3,678	听	听	6,390	听		听	2,994	听	听	6,390	听
Total Reserve for Credit Losses	$	150,325	听	$	151,155	听	$	151,653	听		$	150,325	听	$	151,653	听
														听
Average Loans and Leases Outstanding	$	13,809,977	听	$	13,831,797	听	$	13,903,214	听		$	13,836,760	听	$	13,833,164	听
														听
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)	听	0.11	%	听	0.10	%	听	0.06	%		听	0.09	%	听	0.06	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding²	听	1.06	%	听	1.07	%	听	1.04	%		听	1.06	%	听	1.04	%
														听
¹Comprised of other revolving credit, installment, and lease financing.
²The numerator comprises the Allowance for Credit Losses - Loans and Leases.

										听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Business Segments Selected Financial Information										Table 13a
	Consumer			Commercial			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			and Other			Total
Three Months Ended September 30, 2024
Net Interest Income (Expense)	$	97,919	听	$	50,556	听	$	(30,857	)	$	117,618	听
Provision for Credit Losses	听	3,058	听	听	772	听	听	(830	)	听	3,000	听
Net Interest Income (Expense) After Provision for Credit Losses	听	94,861	听	听	49,784	听	听	(30,027	)	听	114,618	听
Noninterest Income	听	34,133	听	听	7,786	听	听	3,191	听	听	45,110	听
Noninterest Expense	听	(84,712	)	听	(18,825	)	听	(3,555	)	听	(107,092	)
Income (Loss) Before Income Taxes	听	44,282	听	听	38,745	听	听	(30,391	)	听	52,636	听
Provision for Income Taxes	听	(11,289	)	听	(9,816	)	听	8,827	听	听	(12,278	)
Net Income (Loss)	$	32,993	听	$	28,929	听	$	(21,564	)	$	40,358	听
Total Assets as of September 30, 2024	$	8,308,389	听	$	5,952,321	听	$	9,538,464	听	$	23,799,174	听
										听
Three Months Ended September 30, 2023¹
Net Interest Income (Expense)	$	98,984	听	$	52,066	听	$	(30,113	)	$	120,937	听
Provision for Credit Losses	听	1,974	听	听	74	听	听	(48	)	听	2,000	听
Net Interest Income (Expense) After Provision for Credit Losses	听	97,010	听	听	51,992	听	听	(30,065	)	听	118,937	听
Noninterest Income	听	31,027	听	听	8,483	听	听	10,824	听	听	50,334	听
Noninterest Expense	听	(81,377	)	听	(18,937	)	听	(5,287	)	听	(105,601	)
Income (Loss) Before Income Taxes	听	46,660	听	听	41,538	听	听	(24,528	)	听	63,670	听
Provision for Income Taxes	听	(12,073	)	听	(10,523	)	听	6,829	听	听	(15,767	)
Net Income (Loss)	$	34,587	听	$	31,015	听	$	(17,699	)	$	47,903	听
Total Assets as of September 30, 2023	$	8,584,796	听	$	5,719,577	听	$	9,245,412	听	$	23,549,785	听
										听
¹Certain prior period information has been reclassified to conform to current presentation.

										听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Business Segments Selected Financial Information										Table 13b
	Consumer			Commercial			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			and Other			Total
Nine Months Ended September 30, 2024
Net Interest Income (Expense)	$	293,118	听	$	152,934	听	$	(99,650	)	$	346,402	听
Provision for Credit Losses	听	8,218	听	听	1,239	听	听	(2,057	)	听	7,400	听
Net Interest Income (Expense) After Provision for Credit Losses	听	284,900	听	听	151,695	听	听	(97,593	)	听	339,002	听
Noninterest Income	听	99,768	听	听	21,278	听	听	8,436	听	听	129,482	听
Noninterest Expense	听	(254,428	)	听	(55,478	)	听	(12,271	)	听	(322,177	)
Income (Loss) Before Income Taxes	听	130,240	听	听	117,495	听	听	(101,428	)	听	146,307	听
Provision for Income Taxes	听	(33,154	)	听	(29,711	)	听	27,390	听	听	(35,475	)
Net Income (Loss)	$	97,086	听	$	87,784	听	$	(74,038	)	$	110,832	听
Total Assets as of September 30, 2024	$	8,308,389	听	$	5,952,321	听	$	9,538,464	听	$	23,799,174	听
										听
Nine Months Ended September 30, 2023¹
Net Interest Income (Expense)	$	293,681	听	$	159,864	听	$	(72,305	)	$	381,240	听
Provision for Credit Losses	听	6,035	听	听	59	听	听	406	听	听	6,500	听
Net Interest Income (Expense) After Provision for Credit Losses	听	287,646	听	听	159,805	听	听	(72,711	)	听	374,740	听
Noninterest Income	听	94,126	听	听	25,072	听	听	15,128	听	听	134,326	听
Noninterest Expense	听	(247,543	)	听	(58,528	)	听	(15,485	)	听	(321,556	)
Income (Loss) Before Income Taxes	听	134,229	听	听	126,349	听	听	(73,068	)	听	187,510	听
Provision for Income Taxes	听	(34,566	)	听	(31,345	)	听	19,207	听	听	(46,704	)
Net Income (Loss)	$	99,663	听	$	95,004	听	$	(53,861	)	$	140,806	听
Total Assets as of September 30, 2023	$	8,584,796	听	$	5,719,577	听	$	9,245,412	听	$	23,549,785	听
										听
¹Certain prior period information has been reclassified to conform to current presentation.

听

Bank of Hawai鈥榠 Corporation and Subsidiaries

Selected Quarterly Financial Data

Table 14

Three Months Ended

September 30,

June 30,

March 31,

December 31,

September 30,

(dollars in thousands, except per share amounts)

听

2024

听

2024

听

2024

听

2023

听

2023

听

Quarterly Operating Results

Interest Income

Interest and Fees on Loans and Leases

166,286

听

163,208

听

159,336

听

158,324

听

151,245

听

Income on Investment Securities

Available-for-Sale

听

23,257

听

21,468

听

21,757

听

22,782

听

23,552

听

Held-to-Maturity

听

21,107

听

21,595

听

22,136

听

22,589

听

22,838

听

Deposits

听

Funds Sold

听

8,951

听

6,114

听

6,127

听

5,705

听

12,828

听

Other

听

1,018

听

1,120

听

970

听

924

听

1,464

听

Total Interest Income

听

220,648

听

213,530

听

210,356

听

210,347

听

211,945

听

Interest Expense

Deposits

听

96,067

听

91,542

听

89,056

听

87,121

听

72,153

听

Securities Sold Under Agreements to Repurchase

听

993

听

1,180

听

1,443

听

1,459

听

4,034

听

Funds Purchased

听

Other Debt

听

5,970

听

5,918

听

5,919

听

5,982

听

14,821

听

Total Interest Expense

听

103,030

听

98,684

听

96,418

听

94,562

听

91,008

听

Net Interest Income

听

117,618

听

114,846

听

113,938

听

115,785

听

120,937

听

Provision for Credit Losses

听

3,000

听

2,400

听

2,000

听

2,500

听

2,000

听

Net Interest Income After Provision for Credit Losses

听

114,618

听

112,446

听

111,938

听

113,285

听

118,937

听

Noninterest Income

Fees, Exchange, and Other Service Charges

听

14,945

听

13,769

听

14,123

听

13,774

听

13,824

听

Trust and Asset Management

听

11,916

听

12,223

听

11,189

听

11,144

听

10,548

听

Service Charges on Deposit Accounts

听

8,075

听

7,730

听

7,947

听

7,949

听

7,843

听

Bank-Owned Life Insurance

听

3,533

听

3,396

听

3,356

听

3,176

听

2,749

听

Annuity and Insurance

听

1,460

听

1,583

听

1,046

听

1,271

听

1,156

听

Mortgage Banking

听

1,188

听

1,028

听

951

听

1,016

听

1,059

听

Investment Securities Losses, Net

听

(1,103

)

听

(1,601

)

听

(1,497

)

听

(1,619

)

听

(6,734

)

Other

听

5,096

听

3,959

听

5,170

听

5,572

听

19,889

听

Total Noninterest Income

听

45,110

听

42,087

听

42,285

听

42,283

听

50,334

听

Noninterest Expense

Salaries and Benefits

听

58,626

听

57,033

听

58,215

听

53,991

听

58,825

听

Net Occupancy

听

10,806

听

10,559

听

10,456

听

9,734

听

10,327

听

Net Equipment

听

10,120

听

10,355

听

10,103

听

9,826

听

9,477

听

Professional Fees

听

4,725

听

4,929

听

4,677

听

5,079

听

3,846

听

Data Processing

听

4,712

听

4,745

听

4,770

听

4,948

听

4,706

听

FDIC Insurance

听

3,355

听

7,170

听

3,614

听

18,545

听

3,361

听

Other

听

14,748

听

14,435

听

14,024

听

13,839

听

15,059

听

Total Noninterest Expense

听

107,092

听

109,226

听

105,859

听

115,962

听

105,601

听

Income Before Provision for Income Taxes

听

52,636

听

45,307

听

48,364

听

39,606

听

63,670

听

Provision for Income Taxes

听

12,278

听

11,224

听

11,973

听

9,210

听

15,767

听

Net Income

40,358

听

34,083

听

36,391

听

30,396

听

47,903

听

Preferred Stock Dividends

听

3,436

听

1,969

听

1,969

听

1,969

听

1,969

听

Net Income Available to Common Shareholders

36,922

听

32,114

听

34,422

听

28,427

听

45,934

听

Basic Earnings Per Common Share

0.94

听

0.81

听

0.87

听

0.72

听

1.17

听

Diluted Earnings Per Common Share

0.93

听

0.81

听

0.87

听

0.72

听

1.17

听

Balance Sheet Totals

Loans and Leases

13,918,583

听

13,831,266

听

13,853,837

听

13,965,026

听

13,919,491

听

Total Assets

听

23,799,174

听

23,300,768

听

23,420,860

听

23,733,296

听

23,549,785

听

Total Deposits

听

20,978,322

听

20,408,502

听

20,676,586

听

21,055,045

听

20,802,309

听

Total Shareholders' Equity

听

1,665,474

听

1,612,849

听

1,435,977

听

1,414,242

听

1,363,840

听

Performance Ratios

Return on Average Assets

听

0.69

听

0.59

听

0.63

听

0.51

听

0.78

Return on Average Shareholders' Equity

听

9.90

听

9.53

听

10.34

听

8.86

听

13.92

听

Return on Average Common Equity

听

11.50

听

10.41

听

11.20

听

9.55

听

15.38

听

Efficiency Ratio¹

听

65.81

听

69.60

听

67.76

听

73.36

听

61.66

听

Net Interest Margin²

听

2.18

听

2.15

听

2.11

听

2.13

听

2.13

听

¹Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

²Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

													听
Bank of Hawai鈥榠 Corporation and Subsidiaries
Hawaii Economic Trends													Table 15
	Eight Months Ended				Year Ended
(dollars in millions; jobs in thousands)	August 31, 2024				December 31, 2023					December 31, 2022
Hawaii Economic Trends
State General Fund Revenues¹	$	6,568.2	1.5	%	$	9,504.1	听	0.7	%	$	9,441.3	听	16.0	%
General Excise and Use Tax Revenue¹	听	3,094.1	2.2	听	听	4,474.1	听	4.9	听	听	4,263.4	听	18.3	听
Jobs²	听	651.1			听	655.2	听			听	653.3	听
													听
								September 30,		December 31,
								2024		2023			2022
Unemployment, seasonally adjusted²
Statewide								2.9	%	听	3.0	%	3.2	%
Honolulu County								2.8	听	听	2.6	听	3.1	听
Hawaii County								3.2	听	听	2.8	听	3.5	听
Maui County								2.5	听	听	6.2	听	3.5	听
Kauai County								3.5	听	听	2.5	听	3.1	听
													听
					September 30,			December 31,
(1-year percentage change, except months of inventory)					听	2024	听	2023		听	2022	听	2021	听
Housing Trends (Single Family Oahu)³
Median Home Price					听	4.8	%	(5.0	)%	听	11.6	%	19.3	%
Home Sales Volume (units)					听	5.8	%	(26.3	)%	听	(23.2	)%	17.9	%
Months of Inventory					听	3.4	听	2.8	听	听	2.1	听	0.8	听
													听
					Monthly Visitor Arrivals,					Percentage Change
(in thousands, except percent change)					Not Seasonally Adjusted					from Previous Year
Tourism⁴
August 31, 2024								819.2	听				6.9	%
July 31, 2024								925.3	听				(0.5	)
June 30, 2024								872.6	听				(1.5	)
May 31, 2024								757.8	听				(4.1	)
April 30, 2024								721.9	听				(10.5	)
March 31, 2024								843.5	听				(5.5	)
February 29, 2024								752.7	听				2.6	听
January 31, 2024								745.6	听				(3.8	)
December 31, 2023								845.6	听				(1.5	)
November 30, 2023								720.3	听				0.2	听
October 31, 2023								700.3	听				(3.7	)
September 30, 2023								643.1	听				(7.1	)
August 31, 2023								766.0	听				(7.7	)
July 31, 2023								929.4	听				1.2	听
June 30, 2023								886.0	听				5.3	听
May 31, 2023								790.5	听				2.1	听
April 30, 2023								806.2	听				(0.4	)
March 31, 2023								892.2	听				13.6	听
February 28, 2023								733.6	听				17.6	听
January 31, 2023								775.1	听				36.7	听
December 31, 2022								858.3	听				14.0	听
November 30, 2022								719.0	听				17.1	听
October 31, 2022								727.4	听				32.1	听
September 30, 2022								692.2	听				37.2	听
August 31, 2022								829.8	听				14.8	听
听	听		听		听			听		听			听
¹Source: Hawaii Department of Business, Economic Development & Tourism
²Source: U.S. Bureau of Labor Statistics
³Source: Honolulu Board of AG真人官方tors
⁴Source: Hawaii Tourism Authority

听

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Source: Bank of Hawai鈥榠 Corporation

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