Bank of Hawaii

St ren gt h a n d
Res ilien ce 

ADVA NCI NG  

TO GE THER 

TO WAR D A 

BR IG HTER  

F UTUR E

2020 ANNUAL REPORT

C O N T E N T S

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S t r e n g t h  a n d  R e s i l i e n c e   
A D VA N C I N G TO G E T H E R TO WA R D   
A B R I G H T E R F U T U R E

Bank of Hawaii has been using its strength and 
resilience to rise above challenges since our 
founding in 1897—and 2020 was no exception. 
Although it was a year filled with uncertainty,  
we continued to support our shareholders, 
employees, customers and community.

In 2015, the Bank of Hawaii canoe, Ulu o ka lā 
(referring to the “first rays of sun on the horizon”) 
was commissioned and built by master canoe 
builder Nakoa Prejean. It was unveiled and 
blessed a year later, and shared with the public  
at the grand reopening of the bank’s Main 
Branch in downtown Honolulu. Years later, 
working together—as Nakoa Prejean and Main 
Branch Manager Lono Kealoha do in the cover 
photo to securely wrap the ama to the canoe—
remains true, as we help guide our community  
to a brighter future.

© 2020, Bank of Hawaii Corporation. Bank of Hawaii®, Bank of Hawaii The Private Bank, Bankoh® and the Bank of Hawaii logo are federally registered trademarks 
of Bank of Hawaii. SimpliFi Mortgage, SimpliFi Arena, EASE by Bank of Hawaii, and Kālai Services are federally registered service marks of Bank of Hawaii. Bankoh 
Investment Services, Inc. is a non-banking subsidiary of Bank of Hawaii, member FINRA and SIPC. Cardless Cash is a trademark of FIS. All other trademarks and 
service marks appearing in this report, in print or online, are the property of their respective owners and no claim of ownership is made by their use. The 
individuals and/or owners of any other trademarks, logos, brands or other designations or origin mentioned herein did not sponsor, approve or endorse this 
publication.

HawaiianMiles is a federally registered service mark of Hawaiian Airlines, Inc.

 
 
 
 
 
 
C h a i r m a n ’ s   M e s s a g e 

D e a r   F e l l o w   S h a r e h o l d e r s ,

2020 was genuinely a year of generational 
proportion. It was a year of profound loss, challenge 
and opportunity.

Our collective loss rests in the nearly 500,000 
Americans who have sadly succumbed to COVID-19. 
Further, nearly 10 million Americans, a year after the 
start of the pandemic, remain unemployed as a result 
of economic fallout. Here in the islands, the loss of 
tourism resulted in record unemployment, which 
remains at triple pre-pandemic levels.

The suddenness, novelty and virulence of the 
pandemic created profound challenges for the world, 
our community and, indeed, our organization. As a 
truly global pandemic, COVID-19 has impacted 
literally every major market in the world.

While the crisis provided ample opportunity to make 
the world and our country a smaller, more connected 
place, this opportunity, sadly, remains elusive and 
still aspirational. We remain hopeful. Here in the 
islands, however, the notion of connection has rung 
more true. City and state government and the local 
business community realized early that collective 
cooperation would be required to see us through. 
Food insecurity brought on by soaring joblessness 
was met by contributions from the public, private 
and philanthropic sectors.

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C h a i r m a n ’ s   M e s s a g e 

2020

Our conservative posture, ample capital and liquidity stocks, and 

Hawaii’s Economy

meaningful market presence has positioned us exceptionally well 

over the past year. We’ve been able to amply build capital and 

reserves, while supporting our employees, customers, shareholders 

and community—no easy task given the sudden downdraft in the 

economy. I’m proud to say that we are a leader in nearly every 

stakeholder metric through the pandemic.

Despite all of the loss and challenge 
aforementioned, we remain excited by 
the opportunities we see ahead. The 
pandemic has created an unprecedented 
need for leadership connectedness at 
the local level. Our organization has 
actively engaged both civically and 
philanthropically. As we help our 
community move forward from here, 
we’re confident that we have a 
knowledgeable understanding of the 
needs and challenges that exist.

Health and safety concerns created 
overnight changes in consumer behavior. 
It’s believed that these changes have 
accelerated digital adoption by at least  
a few years. We witnessed meaningful 
change in how our customers utilized 
Bank of Hawaii both from service and 
e-commerce channels.

We’re pleased to report that our 
investment in technology, digital 
capabilities and more efficient branch 
space has positioned us well for this 
adjustment. We believe the trends of the 
past year will simply further the changes 
that were already well under way, and we 
are excited to continue our quest of 
providing a wholly relevant 21st-century 
banking experience at Bank of Hawaii.

Perhaps one of the greatest 
opportunities afforded us through the 
COVID-19 pandemic has been our ability 
to demonstrate our commitment and 
support to our customers and 
employees through this most 
challenging period. At the onset of  
the pandemic, we were able to 
accommodate just over 15% of our 
borrowers with alternate payment 
options. Fortunately for all involved, that 
percentage has now fallen to 3.5% of our 
borrowers, and continues to decline.

On the employee front, we’ve been 
fortunate to avoid forced reductions in 
staff and have engaged and utilized 
employees in new and productive ways. 
Work from home has applied to roughly 
two-thirds of our workforce. From a 
technology standpoint, this pivot has 
worked seamlessly. Our view is that 
through 2021 we will continue to tinker 
with the work-from-home model. Likely, 
the end result will be a better, happier, 
more engaged and efficient workforce 
for us moving forward.

We will expand further in the  
remaining text.

Continued Financial Strength

As mentioned, our long-standing 
commitment to conservatism, liquidity 
and capital strength positioned us well to 
meet the challenges of this extraordinary 
environment. While financial results 
reflect fluctuating conditions at the local, 
national and global level, Bank of Hawaii 
continues to perform well, and deliver its 
unbroken history of shareholder 
dividends.

Diluted earnings per share for the full 
year of 2020 were $3.86, compared to 
$5.56 in 2019. Loans grew 8.6% to $11.9 
billion compared to 2019, and deposits 
increased 15.4% to $18.2 billion 
compared to 2019. We ended the year 
with a record-breaking high of $20.6 
billion in total assets, up from $18.1 
billion at the end of 2019.

We are proud to have Moody’s Investors 
Service affirm our deposits at Aa2, a 
ranking that places us among the top  
6 financial institutions in the U.S., 
compared to 15 in 2019, and highest in 
Hawaii. Additionally, Forbes magazine 
also recognized us, for the twelfth 
consecutive year, as one of America’s 
Best Banks.

Hawaii ended the year with the lowest 
COVID-19 infection rate in the nation. 
However, global waves of the pandemic 
led to shutdowns that disrupted 
economic progress, especially to Hawaii’s 
visitor industry. With over 3,000 
businesses closed, including hundreds of 
hotels, Hawaii’s unemployment rate 
peaked in April at 23.8% and declined to 
9.3% in December 2020. The arrival of 
vaccines at the end of 2020 improves the 
prospects for economic growth in 2021, 
according to projections from UHERO, 
the University of Hawai‘i Economic 
Research Organization.

For all of 2020, total visitor arrivals 
declined 73.8% to 2,716,195, compared 
to 10.5 million in 2019. A survey 
conducted in late December/early 
January by the Hawaii Tourism Authority 
revealed that 90% of visitors reported 
their trips as “excellent,” despite the 
pandemic. In large part, Hawaii’s Safe 
Travels program, which allows visitors to 
bypass quarantine with a negative test, 
has gone smoothly and allows the state 
to welcome back tourists in a safe way.

In 2020, average median single-family 
home prices on Oahu, our primary 
market, rose 5.2% to $830,000 from 
$789,000 in 2019. Average median 
condominium prices increased 2.4% to 
$435,000 from $425,000 in 2019. The 
median sales price for single-family 
homes and condominiums also continued 
to trend upward for Maui and Hawaii 
Island. On Kauai, this figure was also up 
for single-family homes, but trended 
down for condominiums. Hawaii remains 
a relatively stable market, driven by 
record-low mortgage rates and 
heightened competition.

Meeting the Challenges  
of COVID-19

To lead the company through the 
pandemic, our leadership team quickly 
stepped forward while acclimating to the 
new and ever-changing coronavirus 
landscape. Our Bank of Hawaii COVID-19 
Planning Committee convened in late 
January, and included leaders from 
across the bank.

From the beginning, we set out to: 
ensure the health and safety of our 
employees and customers, provide for 
the essential financial needs of our 
customers and community, and provide 
essential services to those key in aiding 
in our state’s recovery. We continue to 
coordinate actions across all levels of the 
organization—from our Executive 
Committee to the frontlines. From 
making sizable community contributions 
to retrofitting our facilities at an 
incredible pace, we’ve implemented new 
health practices within our branch 
network and facilities.

In early March, I was invited to join 
Hawaii House Speaker Scott Saiki in 
co-chairing the House Select Committee 
on COVID-19 Economic and Financial 
Preparedness. The committee was 
formed to work with representatives 
from local and state government, private 
industry, and nonprofit organizations to 
inform the Hawaii House of 
Representatives on potential economic 
and financial impacts to the state, 
develop short- and long-term mitigation 
plans, and monitor COVID-19 conditions 
and outcomes.

In an effort to provide additional data, 
our Bank of Hawaii Foundation funded 
two comprehensive statewide studies on 
the impacts of the pandemic on 
residents, and reactions to tactics, such 
as reopening businesses and pre-travel 
testing programs. A baseline study was 
published in July and a follow-up study 
was published in December. In addition 
to highlighting how the pandemic has 
exacerbated hardships for residents, they 
also provided findings to help shape 
actions for recovery. The COVID-19 in 
Hawaii: Facts and Insights Volume 2 
study can be viewed at www.boh.com/
facts-figures.

Ensuring the Well-being  
of Our Employees

In order to protect their health and 
safety, 60% of our workforce was sent 
home to work with laptops and tablets, 
prior to the state’s official work-from-
home orders in mid-March. Although 
many missed the daily interactions with 

teammates, they continue to provide 
exceptional customer service.

We retrofitted our branches and facilities 
with upgrades like improved ventilation 
and air filtration, and plexiglass dividers 
at interaction sites, such as teller stations 
and other common traffic areas. We also 
developed a health screening app based 
on health protocols, increased our 
sanitizing procedures, and committed to 
maintaining ongoing inventory of 
personal protective equipment for 
employees’ use.

We know that the pandemic is not a 
short-term situation, and that physical 
protocols and social distancing are likely 
to be with us well into the future. We are 
deeply committed to supporting our 
employees as they juggle their concerns 
about the health of their families and the 
economy in addition to managing job 
responsibilities. We added on-site work 
pay incentives for both full-time and 
part-time workers during the shutdowns, 
and implemented new mental health 
solutions to help all teammates manage 
self-care during the pandemic.

In May, we began offering employees 
family-style meals once a week. Bankoh 
Meals-To-Go are free pre-packaged 
meals that serve a family of four. 
Employees not in need have the option  
to donate their meals to people 
experiencing food insecurity, including 
the elderly and frontline workers. By the 
end of the year, nearly 200,000 meals  
had been distributed. Food from meals 
not utilized is donated to Aloha Harvest, 
which received nearly 5,000 pounds of 
food by the end of 2020. Bankoh 
Meals-To-Go has been extended through 
the end of June 2021.

Every year we enjoy celebrating the 
recipients of our Bank of Hawaii 
Foundation Scholarship, children and 
grandchildren of employees who use the 
funds for college expenses. In 2020, we 
took the celebration online and honored 
the 27 scholars in a congratulatory video 
on social media. In total, our 2020 
scholars received $94,500. Since the 
program’s inception, our Bank of Hawaii 

Foundation has awarded more than 
$700,000 to 121 scholars through this 
special program.

Bank of Hawaii has always promoted an 
inclusive workplace that respects and 
welcomes all teammates. However, the 
vulnerability created by the pandemic 
has also created opportunities to take  
a fresh look at the unique needs of our 
workforce. Although events were 
different in 2020, we made virtual 
gatherings a priority. Programs to 
explore diversity, equity and inclusion 
included “Coming to Work with Pride”  
to celebrate the LGBTQ+ community, 
“Leading Women” for women in the 
workplace, and opportunities to honor 
the military and veterans.

“ H e a l t h   a n d   s a f e t y

 concerns created overnight changes in 
consumer behavior. It’s believed that these 
changes have accelerated digital adoption  
by at least a few years.”

Caring for Our Community

Central to our Bank of Hawaii culture is 
treating one another like ‘ohana, or 
family. Our customers, coworkers, 
business partners, and members of the 
larger community all received our 
consideration and support as we worked 
together to address some of the 
hardships of the pandemic.

In April, Bank of Hawaii Foundation 
donated an unprecedented $3 million to 
the Hawai‘i Community Foundation’s 
Hawai‘i Resilience Fund to address the 
social and economic impacts of 
COVID-19 in Hawaii. One million dollars 
each was donated for (1) health and 
safety, (2) food and nourishment, and (3) 
economic recovery efforts. 

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C h a i r m a n ’ s   M e s s a g e 

In November, we announced a special 
sponsorship, scholarship and 
stewardship investment of over $5 
million to support the University of 
Hawai‘i and its athletics program. 
Because the economic impact of 
COVID-19 has greatly affected UH sports 
and its student-athletes, Bank of Hawaii 
provided $5 million in sponsorship 
funding over the next decade. As part of 
the agreement, UH extended rights to 
Bank of Hawaii to rename the arena 

“ W e   b e l i e v e   t h e   t r e n d s

  of the past year will simply further the 
changes that were already well under way, 
and we are excited to continue our quest of 
providing a wholly relevant 21st-century 
banking experience at Bank of Hawaii.”

“SimpliFi Arena at Stan Sheriff Center,” 
retaining the legacy of beloved former 
UH Athletic Director Bruce “Stan” Sheriff, 
while acknowledging our advocacy for 
UH sports. BOH Foundation established 
an additional $100,000 endowment 
scholarship fund in the name of Stan 
Sheriff to provide scholarship support to 
student-athletes beginning with the 
2021-2022 school year.

We also took additional steps to help 
minimize the financial impact of the 
pandemic on customers, such as offering 
loan forbearances for up to six months 
for residential mortgages, home equity 
loans and home equity lines for BOH 
customers in Hawaii and West Pacific. 
We also waived ATM fees on all BOH 
ATMs through June 2020 as well as 
waiving fees for BOH debit card 
transactions at non-BOH ATMs in the 
U.S. and Territories. 

BOH’s team of more than 300 employees 
processed over 4,500 SBA Paycheck 
Protection Program applications, totaling 
more than $560 million, to help support 
local businesses.

In addition, we offered an online 
small-dollar emergency loan program, 
and assisted nearly 1,500 consumers to 
apply, to help cover basic living 
expenses.

customers to connect with us. Another 
feature in our mobile app is the ability for 
customers to link their account to a 
mobile wallet for contactless transactions 
such as Apple Pay and PayPal.

We also supported healthcare efforts, 
including a donation of over 1,000 N95 
face masks and 200 face shields, which 
went to Hawai‘i Pacific Health and The 
Queen’s Health Systems. We continued 
to donate PPE to hospitals and medical 
facilities across our market. BOH 
Foundation also donated $100,000 to 
the Healthcare Association of Hawaii.

For our efforts, the Aloha Chapter of the 
Association of Fundraising Professionals 
recognized Bank of Hawaii as the 
Outstanding Corporation for 2020 on 
National Philanthropy Day in November. 
The award recognized our corporate 
philanthropic support, in-kind support 
and community leadership.

Meeting the Changing  
Needs of Customers

Customer experience is even more 
important during challenging situations, 
and we continue to strive for the right 
balance between evolving technology 
and the personal connections that 
customers depend upon. The right 
balance is different for every customer, 
and the pandemic has changed many of 
their habits. Our ability to personally 
connect on a one-to-one basis—whether 
digitally, online or in person—is what 
determines our success.

To better understand and meet our 
customers’ changing preferences, we 
implemented a new framework for 
gathering customer data and insights. 
Called CX (Customer Experience ), the 
new process will help us identify and 
design improvements to help us focus on 
making interactions seamless and more 
effective.

Our ongoing investment in digital 
solutions began years ago and helped 
expedite our response to customers’ 
increased reliance on digital options 
during the pandemic.

For example, this year we added the 
personal touch of a live chat feature to 
our mobile app, as an alternative for 

Aloha and Mahalo to Mark Rossi

I want to wish Vice Chair Mark Rossi a 
sincere mahalo for his many years of 
good counsel and personalized service. 
Chief Administrative Officer, General 
Counsel and Corporate Secretary, Mark 
joined Bank of Hawaii in 2007, and 
graciously delayed retirement until the 
end of 2020 to further help us through 
the pandemic and provide ample time 
for us to find his successor. As a member 
of our Executive Committee, Mark led 
our teams in all aspects of Legal, 
Corporate Communications, 
Government Relations, Corporate 
Secretary, Corporate Security and 
Corporate Insurance Services.

In November, we welcomed Patrick 
McGuirk as our new Chief General 
Counsel. As a member of our Executive 
Committee, Patrick oversees our 
Corporate Security, Corporate Secretary, 
Corporate Risk Insurance, and Legal 
divisions. With more than 25 years of 
legal experience in financial services, 
Patrick’s expertise includes a vast 
knowledge of the legal issues facing the 
industry and will serve our company well 
as we continue to grow and change.

In Closing

I’d like to thank our directors for their 
support and express my thanks to our 
employees; I’m incredibly proud of the 
way they have performed and responded 
to the challenges of the past year. We 
have continued to work together well 
and to support one another while serving 
our customers and community. I remain 
confident that together our company, 
coworkers, community and shareholders 
will emerge stronger and more 
adaptable than ever.

Mahalo nui loa,

Peter S. Ho 
Chairman, President and CEO

2 0 2 0   F i n a n c i a l   S u m m a r y

2 0 2 0   F I N A N C I A L   S U M M A R Y
Bank of Hawaii Cor poration and Subsidiaries (doll ars in thousand s, e xcept per share amounts) 

FOR THE YEAR ENDED DECEMBER 31 

2020 

2019

Earnings Highlights and Performance Ratios
Net Income  
Basic Earnings Per Share  
Diluted Earnings Per Share 
Dividends Declared Per Share 
Net Income to Average Total Assets (ROA)  
Net Income to Average Shareholders’ Equity (ROE)  
Net Interest Margin 1  
Efficiency Ratio 2  
Market Price Per Share of Common Stock:
          Closing  
          High 
          Low  

AS OF DECEMBER 31

Statements of Condition Highlights and Performance Ratios
Loans and Leases  
Total Assets 
Total Deposits  
Other Debt  
Total Shareholders’ Equity  
Book Value Per Common Share  
Allowance to Loans and Leases Outstanding 
Full-Time Equivalent Employees   
Branches and Offices  

FOR THE QUARTER ENDED DECEMBER 31

Earnings Highlights and Performance Ratios
Net Income  
Basic Earnings Per Share  
Diluted Earnings Per Share  
Net Income to Average Total Assets (ROA)  
Net Income to Average Shareholders’ Equity (ROE)  
Net Interest Margin 1  
Efficiency Ratio 2  

$ 

$ 

 153,804    
  3.87    
  3.86   
 2.68    
0.79   %  
11.38    %  
2.73    %  
 %  

54.91 

76.62   
95.53  
 46.70    

$  11,940,020   
 20,603,651    
18,211,621   
 60,481   

$ 

$ 

1,374,507 
34.26 
 1.81   %  
2,022    
 65    

 42,314    
 1.06   
  1.06  

0.83   %  
12.26   %  
2.48   %  
59.88   %  

$ 

$ 

 225,913
 5.59 
  5.56  
 2.59 
1.29   %
17.65   %
3.03    %
 55.68   % 

95.16
 95.68
 66.54 

$   10,990,892  
  18,095,496  
  15,784,482  
85,565 
   1,286,832 
 32.14 

$ 

 $ 

1.00    % 

 2,124
 68 

58,143 
 1.46  
1.45
1.29    % 
17.84   % 
2.95   % 
54.26   %  

1  Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets. 
2  Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
Y e a r   i n   R e v i e w

R i s i n g 

T o   M e e t   E v o l v i n g   C h a l l e n g e s

2020 brought extraordinary challenges and change.  

Through it all we used our skills, expertise and resources to care for 

one another while looking ahead to create a better tomorrow for 

our community. During the pandemic and beyond, one thing 

remains constant —Bank of Hawaii’s staunch support for our 

customers, our colleagues, our shareholders and our community.

As we discover new pathways for recovery and success, we are honored 
to have received the following recognitions in 2020:

•  Moody’s Investors Service:

-  affirmed our Aa2 “Bank Deposit Long-Term Rating,” placing BOH  
  among the top 6 financial institutions in the U.S., and the highest  

in Hawaii; and

-  rated BOH with an A1 “Baseline Credit Assessment,” placing us    
  among the top 2 institutions in the U.S.

•  Forbes magazine:

-  ranked us as one of “America’s Best Banks” for the twelfth  
  consecutive year, making BOH the only local bank to be 
  recognized in all 12 years the list has been compiled; 

•  The readers of Honolulu Star-Advertiser, Hawaii Tribune-Herald, 
Honolulu magazine, and Hawaii Home + Remodeling magazine  
all selected BOH as Hawaii’s “Best Bank.”

   
 
 
 
 
 
O U R   R E S P O N S E   T O   C O V I D -19 

Because people are at the heart of our business, the 
health and safety of our employees, customers, 
business partners, and the community are our first 
priority. Since the beginning of the pandemic, we’ve 
taken stringent actions based on scientific guidelines 
while also following evolving government regulations. 
Our mobile migration to laptops and tablets prior to 
the pandemic helped us to swiftly transition office 
employees to a remote work environment, allowing 
us to seamlessly provide the highest level of service 
possible to our customers.

More details about the measures we took are 
highlighted throughout this annual report. Here are 
some of the many actions we implemented during 
the pandemic.

Protective Measures in Branches and Facilities

When stay-at-home orders for the state of Hawaii were put into place in March,  
Bank of Hawaii temporarily closed select branches. As a business providing essential 
financial services, we implemented new procedures to maintain the health of our 
employees and customers. All employees are required to pass a daily wellness 
questionnaire and temperature check before entering the workplace, practice and 
enforce social distancing, and queue customers six feet apart. While employees have 
been wearing face masks since early in the pandemic, all customers entering a BOH 
branch or facility have been required to do so since July 6.

In addition, to minimize risk for the most vulnerable individuals, we designated the 
first hour of all branch operations as kūpuna hour, exclusively for people 65+ and 
at-risk individuals and their caregivers.

The ventilation in all of our facilities was upgraded, and air filtration servicing was 
increased. Our branches have been equipped with plexiglass shields at teller 
stations, sanitation supplies, social distancing signage and floor markers. To help 
reduce spreading the virus, all on-site employees follow cleaning procedures at the 
start and end of each day, in addition to our daily scheduled janitorial sanitizing.

Increased Customer Response

During the pandemic, we responded to record call volumes and online inquiries.  
To meet this greater demand, we retrained employees from our temporarily closed 
branches, as well as added staff to our social media team to manage these new 
responsibilities. 

SBA’s Payroll Protection Program (PPP)

Expediting PPP loans was an important part of our response to help local business 
owners. We created a dedicated PPP team of more than 400 employees from every 
major area of the bank. They worked around the clock to process applications at the 
peak of the program, and then continued to work on loan forgiveness. By the end  
of June, we processed more than 4,500 PPP loans totaling over $560 million.

Emergency Relief and Financial Assistance

To help lessen the financial impact of COVID-19, we put a number of programs in 
place to help affected individual and business customers. These included waiving 
ATM surcharge fees and early withdrawal penalty fees on CDs, and deferring loan 
payments far beyond the requirements of the CARES Act. We offered six months  
of forbearance and loan extensions rather than the typical 90 days offered in our 
marketplace. We also utilized technology to enable customers to complete 
necessary documentation online rather than in person. We also reached out 
proactively to inform people that help was available to clients with loans of all sizes, 
from large commercial clients to consumers with small installment loans.

An online small-dollar loan program was also set up for people who needed 
emergency funding. These were loans of up to $3,000, with no payments required 
for the first four months, a low fixed interest rate, and a loan term of 40 months.  
We assisted 1,500 consumers to secure these emergency loans during the program 
period from April 22 to June 30. 

Now into 2021, we continue to work with our customers to modify loan terms and 
help them reestablish their ability to pay loans of all types, including mortgages, 
auto and home equity.

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       7  

  Y e a r   i n   R e v i e w

ONGOING, LONG-R ANGE INITIATIVES

We are always looking forward and initiating improvements in our 
products and services in order to meet the shifting preferences and 
expectations of customers and the broader community. Many of these 
improvements take years of preparation before we can implement them. 
Here are a few of the 2020 projects whose implementation was planned 
prior to the pandemic.

Improving Customer Experience

To better understand and meet our 
customers’ ever-changing expectations,  
we have implemented a new framework 
for collecting timely customer feedback 
and insights across our channels—in-
person interactions, online and mobile 
experiences, and through market surveys.

The investment in firsthand feedback from 
our customers is vital to our success. In 
2020, more than 20,000 surveys were 
collected which informed business 
decisions and helped us deliver on our 
promises to our customers.

The CX (Customer Experience) initiative 
utilizes these insights to inform and create 
new or improved customer experiences.  
CX is a continuous, disciplined approach 
to reduce customer friction points, and 
helps us focus on making their interactions 
easier, more effective and emotionally 
positive. For example, as a result of 
reviewing survey results and other data, 
we refined how we engage with our 
customers in the branch lobbies and 
enhanced training for a smoother and 
more consistent account opening process.

The new Waialae-Kahala Branch will open in spring 2021.

Investment in Our “Branch of 
Tomorrow” Network

Currently, 49 of our branches are open 
across our markets in Hawaii and the 
West Pacific. Although some of our 
branches remained temporarily closed in 
2020, and many of our office employees 
are working from home, the 
transformation of our workspaces 
continues. Prior to the pandemic, we 
celebrated the opening of our new Iwilei 
Branch on Oahu in early March. The 
4,700-square-foot space is the ninth 
modernized “Branch of Tomorrow.”  
New features include improved energy 
efficiencies, upgraded technology 
(including free Wi-Fi and easy-deposit 
ATMs with Cardless Cash), and other 
service enhancements in addition to the 
health protection measures put in place. 

Construction continues at our four 
newest “Branches of Tomorrow.” Our 
new Waialae-Kahala, Mililani and Safeway 
Kona branches will welcome customers in 
the first half of 2021, and our new Hilo 
Branch on Hawaii Island will break 
ground later in the year. Further, planning 
continues for our West Pacific regional 
headquarters and branch in Tamuning, 
Guam.

Digital Solutions for Consumers

Our significant investment in digital 
enhancements has not only been 
essential during the pandemic, but an 
added convenience for our customers as 
we look toward the future. Bank of Hawaii 
continues to provide more digital 
banking tools than any other local bank.

SimpliFi by Bank of Hawaii added a home 
equity application process in 2020 to our 
digital experience. It includes options to 
upload supporting documents, check the 
status of an application, or connect with  
a loan officer. First launched in late 2018, 

Customers can link their debit and credit 
cards to their digital wallet in our mobile app 
for contactless transactions.

SimpliFi by Bank of Hawaii offers a 
secure and convenient way for customers 
to apply for everything from loans to 
account openings across all online and 
mobile platforms, where we have seen  
a 300% increase in deposit accounts 
during this past year. 

As part of our ongoing digital 
transformation, in July we launched 
online account opening capabilities for 
customers in Guam, Saipan and Palau. 
Customers in our West Pacific markets 
can now open checking, savings and 
time deposit accounts, as well as 
premium Bankohana accounts, through 
our website.  

This year, we added the personal touch 
of a live chat feature to our mobile app, 
connecting customers with a banker who 
can assist them with questions and 
service requests, as well as the ability to 
convert the conversation to a video 
session, when necessary, for additional 
security such as verifying identity.

Debit Cards

Our newest solution in the mobile app 
allows customers to link their debit cards 
to a mobile wallet on their phone for 
contactless transactions, such as Apple 
Pay and PayPal. An added plus is when  
a debit card is lost, stolen, or needs to 
be replaced, a customer no longer needs 
to wait for a new card in the mail to 
continue their spending.

We are also converting our debit cards  
to contactless cards in early 2021. In 
addition to being more reliable and 
secure, tap-to-pay transactions are 
quicker and easier to use because 
customers can avoid touching a payment 
terminal.

SPECIALIZED SERVICES

We are proud to be a leader in providing a full array of flexible, 
customized tools and services. Whether it’s wealth management or 
mortgage services for a client’s family, or commercial banking guidance 
for their business, we provide the comprehensive knowledge and the 
right solutions to bring real value while helping them achieve their 
long-term goals.

Mortgage, Consumer and Dealer 
Indirect Lending

Commercial Real Estate Lending 
and Affordable Housing

With our living spaces doubling as 
work—and even school—spaces, home 
became more important than ever for 
many people during the pandemic.

For the eighth consecutive year, BOH 
was the No. 1 residential lender in 
Hawaii. This was our largest mortgage 
production year ever, and we continued 
to be the top home equity lender in the 
state. We are proud that our expertise 
in local processing and underwriting 
combined with our convenience and 
flexible service ensure that our 
customers receive the best loan options 
to fit their needs.

SimpliFi by Bank of Hawaii has made it 
more convenient than ever to assist 
customers in buying or building their 
dream home, or using the equity in their 
current home for remodeling projects 
or to help cover other expenses.

We are also proud to continue our 
services as the only Hawaii-based 
lender providing loans for Department 
of Hawaiian Home Land lessees. We 
know how to streamline the loan 
process thanks to our mortgage team’s 
depth of understanding of the 
complexities involved.

Similar to other industries impacted by 
COVID-19, we have seen a slowdown in 
vehicle sales, resulting in lower loan 
volume. However, Bank of Hawaii 
remains the No. 1 auto lender in the 
West Pacific and the No. 2 lender in the 
state of Hawaii. Our combined auto 
loan and leasing portfolios totaled $801 
million at the end of the year. Despite 
COVID-19 related challenges, we 
continue to strengthen our local dealer 
relationships.

With more people being laid off from 
jobs and suffering other hardships, the 
availability of affordable and workforce 
housing will play a larger role in the 
overall impacts of the coronavirus 
pandemic. Honolulu remains one of the 
most expensive cities in the U.S., and 
across Hawaii there is a shortage of 
affordable rental homes.

Bank of Hawaii has always been 
committed to finding solutions to the 
affordable housing shortage, and works 
closely with private developers and state 
housing agencies to meet housing needs 
of lower-income households. In 2020, 
more than 450 affordable housing units 
started or completed construction thanks 
in part to Bank of Hawaii, and over 860 
more are in the pipeline. 

F o r   t h e   e i g h t h   
consecutive year, BOH 

was the No. 1 residential 

lender in Hawaii.

One such project was the recent 
renovation of the Queen Emma 
Apartments, an adaptive reuse of an 
abandoned office building, which was 
converted to affordable housing. Bank of 
Hawaii supported the construction of the 
project, located in downtown Honolulu, 
by the Āhē Group, which was completed 
in 2020. By the end of the year, all 71 
units were occupied.

Hale Kalele will include 200 low-income rental housing units. 

PHOTO COURTESY OF KOBAYASHI GROUP

Hale Kalele is a new construction 
development in urban Honolulu 
sponsored by the Kobayashi Group and 
leased from the state. Construction 
started in October 2020 and is targeted 
for completion in 2022. The first two 
floors of the high-rise tower will be 
operated as a juvenile facility by the 
State Judiciary. The other floors will 
include 200 low-income rental housing 
units for families with incomes between 
30% and 60% of the area’s median 
income. 

Bank of Hawaii is leading the funding of 
the construction loan for Hale Kalele and 
providing the permanent loan to support 
the project’s operations. The bank has 
also committed to equity investment as 
an investor through low-income housing 
tax credits.

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       9

      Y e a r   i n   R e v i e w

THE PRIVATE BANK

The services of our Private Bank team have been in high demand to help 
anticipate the complex needs of our high-value clients during the 
pandemic. Bank of Hawaii’s investment in state-of-the-art technology 
helped our financial advisors quickly pivot to provide more one-on-one, 
priority services through digital channels versus in person. We have 
utilized similar digital enhancements and collaborative software to 
upgrade our team approach with colleagues throughout the bank so we 
may continue to provide immediate, integrated strategies and services 
through every stage of our clients’ lives. Whether it’s investment or 
insurance guidance; customized lending; financial, estate and tax 
planning; charitable giving or trust services, we have trusted advisors 
focused on our customers’ needs.

Early in 2020, we opened a 
representative office in Marunouchi, 
Tokyo, as part of our International Client 
Banking services. The office was 
established to strengthen our important 
business collaboration with SMBC Trust 
Bank, and to network on behalf of Bank 
of Hawaii with other banks, CPAs, tax 
advisors and other financial professionals 
located in Japan.

Trust, Estate and Financial Planning

The Private Bank team members get to 
better know our clients and their goals so 
they can help them develop personalized 
strategies to navigate changes in the 
market and throughout their lives. With 
many of our clients from the Baby Boom 
generation now transitioning toward 
retirement, investment and estate 
planning services are a large part of our 
focus to help manage their assets into 
the future and effectively pass them on 
to the next generation.

Investment and Insurance Services

Bank of Hawaii continues to be the 
premiere provider of fiduciary and 
investment services in Hawaii and the 
Pacific. We are the largest manager of 
municipal bonds in the state of Hawaii, 
and serve as investment advisor to three 
tax-free bond funds. Our trusted team of 
certified financial planners and certified 
financial analysts manages over $7 billion 
in assets through a wide array of advisory 
and broker services. 

An important aspect of our holistic 
approach to providing well-balanced 
financial planning services includes 
protecting our clients’ wealth in addition 
to growing it. In 2020, Bankoh 
Investment Services Inc. added a new 
dedicated insurance specialist to the 
team. This specialist provides clients with 
access to a comprehensive and 
competitive suite of life, disability, and 
hybrid long-term care insurance 
solutions. 

COMMERCIAL AND   
BUSINESS BANKING

Bank of Hawaii has innovative 
solutions and new technology to 
help businesses of all sizes grow 
and succeed, and responsive 
bankers who can guide them  
along the way.

Using their specialized experience, our 
commercial and corporate bankers 
create competitive and versatile 
solutions for customers from many 
different industries. They work closely 
with other experts across the bank to 
help provide tailored strategies and 
recommendations for a broad range of 
needs including real estate and 
construction loans, liquidity 
management, and equipment financing. 
We have established a reputation as the 
financial partner of choice in several 
areas including commercial real estate 
and captive insurance. 

In 2020, we continued to be the largest 
commercial mortgage lender in the state 
of Hawaii. Our team finds customized 
financial solutions for owners, developers 
and investors with multi-family, retail, 
industrial, office and mixed-use 
properties.

Our bankers also understand the 
importance of small and family-owned 
businesses in Hawaii’s economy as well 
as the unique challenges small-business 
owners and entrepreneurs face. In 
addition to helping our business 
customers take advantage of the PPP 
loan and other financial assistance, in 
2020 Bank of Hawaii offered a free 
Health Check app it developed as a 
preliminary screening tool so that 
employees do not come to work sick. 
Bank of Hawaii made the app available  
to support local businesses in their 
reopening efforts after work-at-home 
orders were lifted.

Digital Banking Solutions  
for Businesses

In 2020, we developed and improved  
our online platforms and upgraded 
processing hardware, which provides our 
business clients with payment delivery, 
receivables processing, enhanced 
security and critical reporting. In doing 
this, we also support our customers as 
they best serve their companies, vendors 
and client base.

Lockbox Services, the fundamental 
solution for receivables processing, 
underwent an expansive upgrade to 
introduce new software and hardware to 
support the best in payment processing, 
full imaging of receivables, and 
expanded reports delivery.

We completed a robust upgrade of 
Bankoh Business Connections, our online 
business banking platform. This 
extensive effort delivered key 
improvements to domestic and 
international wire transfers, information 
reporting and essential administrative 
utilities. As an added benefit of this 
upgrade, Bank of Hawaii was able to 
present our business clients with 
ease-of-access through soft-token, 
digital technology.

O u r   C o m m u n i t y

S u p p o r t i n g

O u r   C o m m u n i t y ’ s 
W e l l - B e i n g   a n d   R e c o v e r y

The novel coronavirus affects us all—our 

coworkers and families, our customers and 

business partners, and the larger community.  

Not only a public health challenge, the pandemic 

has also brought significant economic challenges 

affecting residents and families across our state. 

Through philanthropy, support for Hawaii’s small 

businesses, commissioned research, innovative 

corporate sponsorships, and socially distanced 

volunteerism, Bank of Hawaii and Bank of Hawaii 

Foundation stepped up to kōkua our community 

in crisis. Bank of Hawaii, its employees, and  

Bank of Hawaii Foundation contributed more 

than $5.2 million to community and philanthropic 

causes in 2020.

ABOVE: Bank of Hawaii employees 
volunteered to support the community 
through various events in 2020, including 
Edna Co, who helped Hawaii Foodbank 
distribute food to those in need.

20 
20 

NATIONAL 
PHILANTHROPY 
DAY

Selected as 
Outstanding Corporation

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       11

 
O u r   C o m m u n i t y

A D D R E S S I N G   I M P A C T S   
of COVID-19 in Hawaii

Bank of Hawaii Foundation donated nearly $3.4 million 
to help address the growing social and economic 
impacts of COVID-19 in Hawaii, of which $3 million went 
to the Hawai‘i Community Foundation’s Hawai‘i 
Resilience Fund. The majority of funding met needs 
related to community health and safety, food and 
nutrition, and is intended to spark economic 
revitalization and recovery.

TOP: Bank of Hawaii employees, including 
Bill Shiroma, volunteered with Hawaii  
Foodbank to help distribute food. Bank of 
Hawaii donated $1 million to food banks 
across the state.

LEFT: Bank of Hawaii co-hosted a one-day 
drive to collect sanitizing equipment and 
donations from the public to support The 
Institute for Human Services. Bank of Hawaii 
Foundation donated $20,000 to IHS to 
support its shelter-in-place services.  

PHOTO COURTESY OF THE INSTITUTE FOR HUMAN SERVICES

Additional COVID-19 Support 

Bank of Hawaii Foundation is honored to be able to support many of those 
making a difference on the frontlines. Bank of Hawaii Foundation made the 
following donations to ensure those working on the frontlines are equipped 
with the personal protective equipment and funding they need to serve the 
community.  

•  Hawai‘i Pacific Health, The Queen’s Health Systems, Kuakini Medical 

Center, and other healthcare facilities across Hawaii and the West Pacific 
received personal protective equipment, including more than 1,200 face 
shields and N95 face masks. 

•  Healthcare Association of Hawaii received a $100,000 donation to help 
the organization protect its healthcare workers and the patients they 
serve.

•  Food banks and distribution services in Guam and Saipan received 
$100,000 to provide emergency food boxes for families, as well as 
meals-to-go for frontline nursing staff. 

•  The Institute for Human Services received $20,000 to support its 

shelter-in-place services. In addition, BOH co-hosted a one-day drive 
called “Bags of Hope,” which generated over $5,000 in monetary 
donations and collected hundreds of pounds of essential supplies. 

•  YMCA of Honolulu received $10,000 to help sustain day care programs 

for children of essential workers.

C O V I D -19   I N   H A W A I I :   
Facts and Insights,  
Volumes 1 & 2

To better understand the current effects of 
the pandemic on families and individuals, 
Bank of Hawaii Foundation commissioned 
Anthology Research to conduct a baseline 
and follow-up survey of residents. The 
sobering findings highlight the deepening 
economic hardships and anxiety Hawaii 
residents are facing:

•  Hawaii households have been 

significantly impacted financially.  
As of December 2020,

-  56% struggled to pay rent, mortgage  
  or utility bills, compared with 48% in  
  May.

-  63% had lost a job or experienced    
  reduced work hours or pay, compared  
  to 55% in May.

-  53% had experienced a decline in    
  household income since the start of  
  the pandemic, up from 45% in May.

•  Fear of COVID-19 among residents is 

substantial.

-  82% felt that COVID-19 poses a real  
  danger to themselves and their  

families, compared to 71% in May.

-  More than twice as many residents   
  43%, up from 18% in May, personally  
  knew of someone who had tested    
  positive for COVID-19.

•  Hawaii Foodbank received over $14,000 from Bank of Hawaii employees 

for its virtual 2020 Hawaii Bankers Association Food Drive. 

Volume 2 can be viewed at 
www.boh.com/facts-figures.

 
 
 
 
 
 
 
Innovative Partnerships with Nonprofits

Goodwill Goes GLAM! Bank of Hawaii Foundation continued its support of 
Goodwill Hawaii’s major annual fundraiser, which transformed into a successful 
virtual event. Viewers purchased Goodwill Hawaii merchandise online, local 
fashion designers were spotlighted and information about resources available to 
help residents with job skills training and employment opportunities were 
broadcast to a large audience.

The Hawaii Book and Music Festival was converted to a virtual event and was 
launched in partnership with the University of Hawai‘i. Postponed until October, 
the event featured an informative and timely speaker series, including 45 panel 
discussions that focused on many facets related to an innovative and sustainable 
future for Hawaii. Bank of Hawaii has been a sponsor since 2006.

Supporting Hawaii’s Small Businesses

Pop-up Mākeke! Bank of Hawaii Blue Crew volunteers were happy to jump in 
during the holiday season to help over 400 of Hawaii’s small businesses who 
participated in Pop-Up Mākeke!, an online marketplace created by the Council 
for Native Hawaiian Advancement. In the spirit of laulima, many hands working 
together, our Bankoh Blue Crew helped organize and pack merchandise to 
contribute to the over 20,000 orders of locally-made products which were 
delivered all over the world.

H A W A I ‘ I   R E S I L I E N C E   F U N D   
at the Hawai‘i Community Foundation

The following are some of the special allocations made 
from our $3 million donation:

•  Food: $1 million to local food banks across the state. 
The funding, which generated a $1 million match 
from the City and County of Honolulu, resulted in 
millions of pounds of food distributed; 300,000+ 
individuals and families being fed; and service 
providers, such as food distributors, farmers and 
support staff, being able to work and help provide  
for community needs.

•  Health: $1 million to support health and safety 

initiatives, including $200,000 to Kōkua Kalihi Valley 
Comprehensive Family Services to provide health 
services to Kalihi area residents and $200,000 to 
Queen’s Medical Center for the expansion of its 
infectious disease program.

•  Economic Recovery: $1 million to launch Hawai‘i 

Community Foundation’s social impact fund, which 
will help individuals, businesses and nonprofits access 
capital and technical support. 

Bank of Hawaii Blue Crew 
volunteers, including Kristin Yama, 
helped support small businesses 
participating in Pop-Up Mākeke! 
by organizing and packing 
merchandise to complete orders. 

O V E R   $ 5   M I L L I O N   
to Support Student-Athletes and  
University of Hawai‘i Athletics

Photo Courtesy of University of Hawaii Athletics

To address some of the unique financial 
challenges faced by the UH Athletics 
Department, Bank of Hawaii is providing $5 
million in sponsorship funding over the next 
10 years to help with budget challenges.  
As part of the agreement, UH has extended 
rights to Bank of Hawaii to rename the arena 
“SimpliFi Arena at Stan Sheriff Center.” This 
name retains the legacy of former UH 
Athletic Director Bruce “Stan” Sheriff while 
acknowledging BOH as an advocate of UH 
sports.

Bank of Hawaii Foundation also established 
a $100,000 endowment scholarship fund in 
the name of Stan Sheriff to provide 
scholarship support to student-athletes 
from Hawaii, beginning with the 2021-2022 
school year.

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t     13

 
O u r   E m p l o y e e s

The safety of our employees and 
customers is our top priority. All of our 
branches have been outfitted with 
protective measures, including plexiglass 
dividers, as shown here at Main Branch.

H e l p i n g
E m p l o y e e s   N a v i g a t e 
a n   U n p r e c e d e n t e d   Y e a r

Bank of Hawaii’s people and culture are special. 
Committed to delivering exceptional service as one 
‘ohana, our hardworking and dedicated employees are 
the heart of our business, and prioritizing their health 
and well-being has been paramount during 2020. We 
know that supporting the physical, financial and 
emotional well-being of our employees enables them  
to be the best they can be at work and at home.

SU PP O R T I N G O U R 
E M PLOY E E S D U R I N G 
COV I D -19

The unique challenges of the pandemic 
have led us to improve our employee 
communications and implement new ways 
of supporting them. In addition to 
activating health protection practices in 
our branches and facilities, including 
sanitizing procedures and personal 
protective equipment, we also provided 
tools and resources so that a majority of 
them could work remotely. Prior to 
government stay-at-home orders put in 
place on Oahu, Bank of Hawaii executed 
its own remote-work policies utilizing 
laptops and tablets. Sixty percent of our 
employees were working at home, 
continuing to provide the highest level of 
service to our customers. We also 
selected COVID Coaches in our People 
Services department, so that employees 
had allies outside of their immediate 
department to contact with questions 
about COVID-related policies, and 
determine the best actions for their 
individual situations.

With more people working from home, 
the pandemic changed the way we 
connect as teams. We provided timely 
communications through multiple 
channels on the evolving requirements 
and conditions of the pandemic. In 
August, we launched a newly transformed 
internal website called myPS by People 
Services, which provides access to 
employee services and benefits, including 
new ways to access training videos and 
sessions.

FAR LEFT: Caitlyn Arce, who interned with  
The Private Bank and attends Claremont 
McKenna College, proudly showed off her 
certificate for completing BOH’s internship 
program during the drive-through 
graduation ceremony on July 31, 2020. 

LEFT: Dan Mestas passes a Bankoh 
Meals-To-Go package to an employee 
during a meal pickup outside of the 
downtown Honolulu tower. 

 
Rabuka Albert of Elite 
Catering packages Bankoh 
Meals-To-Go containers  
with weekly meals. 

During the pandemic, we used an 
employee sentiment survey, which was 
especially useful in acquiring sentiment 
and feedback about working from 
home, to help identify areas of 
improvement and address concerns 
proactively. Through the survey, 
employees were able to respond 
anonymously to questions about job 
satisfaction, team dynamics, career 
development and more, and are able to 
access individual dashboards to view 
personal responses and submit 
feedback outside of survey cycles.

Bankoh Meals-To-Go

Beginning in May, Bank of Hawaii began 
offering its employees family-style 
meals once a week, free of charge. The 
pre-packaged meals are prepared by 
two Café Blue kitchen facilities on Oahu, 
and serve four people. Neighbor Island 
and Western Pacific meals were 
prepared by local restaurants. 
Employees not in need were 
encouraged to “share it forward,” by 
donating their meals to extended family 
members, neighbors, kūpuna or friends 
experiencing food insecurity. Any meals 
not utilized by employees were donated 
to Aloha Harvest. By the end of the year, 
nearly 200,000 meals had been 
distributed, and 4,906 pounds of food 
were donated to Aloha Harvest. In 
December, it was announced this 
program would continue through June 
2021.

Utilizing Training Effectively

Development and skills training 
continue to be essential in guiding our 
employees toward more flexibility and 
ensuring their safety in the workplace. 
We used our online training capabilities 
to prepare employees from temporarily 
closed branches for new roles, such as 
processing PPP applications and 
responding to customer calls, which 
needed a larger-than-normal workforce 
response. 

We’ve also introduced an enterprise-
wide digital-learning curriculum for our 
new Customer Experience (CX) 

initiative, giving employees actionable 
skills to deliver exceptional experiences 
for internal and external customers. The 
self-paced learning uses various 
modalities including video, group 
discussions and activities, creating a 
collaborative and engaging experience 
for our employees. We are working 
toward building a customized CX training 
curriculum for the next phase of our 
training curriculum.

Continued Focus on Diversity  
and Inclusion

Bank of Hawaii has always promoted a 
workplace culture that is respectful and 
welcoming of all experiences in our team 
members. In addition to continuing its 
longtime support for the LGBTQ+ 

community, the bank added focus on the 
unique needs, perspectives and potential 
of women and members of the military to 
its Employee Resource Groups in 2020. 
Although the pandemic limited some of 
the planned activities during the year, 
Senior Executive Vice President Jill Higa 
was honored by the YWCA O‘ahu in its 
annual recognition of exceptional local 
women for their professional 
achievements and community service.  
In addition, in honor of Veterans Day in 
November, the Military Employee 
Resource Group delivered a special lunch 
to veterans at the Barber’s Point location 
on Oahu of U.S. VETS, an organization 
dedicated to ending veteran 
homelessness. 

Employee Financial Wellness Benefits

Working at Bank of Hawaii offers employees diverse banking privileges as part of its 
package of competitive benefits and services. Three new financial benefits went into 
effect in January 2020; here is an update. 

•  Student Loan Assistance Program: 

Employees receive $100 per month  
(up to a maximum of $10,000), toward 
their student loan repayment. 

•  EASE by Bank of Hawaii Grow Account: 

The bank helps employees save 
toward their rainy day goals by 
providing a one-time $50 bonus once 
they save $500, and an additional 
one-time bonus of $100 once $1,000  
is saved. At the end of 2020, 528 
employees had signed up, and the 
August bonus payment was over 
$60,000. More than 75% of 
participants saved $1,000 by the end 
of July, earning the $150 bonus.

•  Mortgage Discount: In 2020, the bank 
expanded the discount to include 
15-year mortgages, in addition to 
30-year mortgages. Employees are 
eligible for a 1% reduction in the 
Employee Note Rate for new mortgage 
loans when purchasing or refinancing  
a home to be used as their primary 
residence. On average, BOH 
employees are saving $400 per month 
on their mortgages. The new SimpliFi 
website makes it easy for BOH 
employees to apply for the discount 
online.

Virtual Summer Intern Program

When COVID-19 suspended most local internship programs, Bank of Hawaii decided 
to convert its in-person training, designed to attract and develop emerging talent, 
into a virtual program. We converted the program to one that would continue to 
provide meaningful work and developmental experience, including educational 
classes, speakers, community service, networking opportunities and mentoring.  
At the end of the eight-week program in July, we held a drive-through graduation 
ceremony for the 29 interns who completed the program.

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       15

P r o f i l e :   B r a n c h   B a n k i n g   C l i e n t s

Daniel Peterson, 

Peterson Bros. 

Construction, Inc. 

president and CEO, 

and his wife, Ku‘ulei 

Peterson, company 

vice president of 

contracts and sales, 

at their farmhouse. 

REALTOR® is a registered trademark of the National Association of REALTORS®

PETERSON BROS. CONSTRUCTION, INC. 
D a n i e l   a n d   K u ‘ u l e i   P e t e r s o n

K U ‘ U L E I P E T E R S O N :  
Peterson Bros. Construction, Inc. is a 
licensed general contractor in the state 
of Hawaii specializing in civil site work. 
This includes demolition, excavation, 
grading, site utilities, concrete, asphalt 
paving and much more. We complete 
projects in the private, commercial, city 
and state sectors. 

DA N I E L P E T E R S O N :  The company 
was formed in 2013, and serves all major 
Hawaiian Islands. Before I started my 
own company, I worked for my brother 
doing this same type of business. My 
vision was a little different, so I decided 
to go out on my own, in my own 
direction. 

2020 has been a tricky year for Peterson 
Bros. We’ve had to make changes to 
adapt with the changing times. We 
weren’t totally shut down, but some of 
our larger contracts got either cancelled 
or were postponed. We just have to keep 
on moving forward.

K U ‘ U L E I :  Early in the year, even though 
we are considered essential workers and 
continued working, nobody knew how 
the pandemic was going to take its 
course. Contracts were postponed, and 
customer payments were delayed. So we 
were already looking ahead to apply for 
funds we could use if it ended up being 
worse than it was. 

When we found out that COVID-19 was 
going to be a problem for us, I 
immediately contacted Kahea Williams at 
Bank of Hawaii to be sure that we were in 
a position to benefit from the SBA’s PPP 
loan. He let me know what paperwork 
the bank would be requesting, and when 
the application site would open. I was 
able to apply hours after the site opened 
up. With his help, it was an easy process 
for us. We deposited the funds into our 
payroll account, and used 100% to cover 
payroll costs. 

The bank is now keeping up with us to 
make sure we have everything we need 
for the loan forgiveness portion.

DA N I E L : The PPP loan came at a good 
time, early on, because we didn’t know 
what to expect. To have that in our back 
pocket was very helpful. 

K U ‘ U L E I :  Kahea, who’s vice president 
of the West Oahu Market, and Virgie 
White, branch manager at the Kapolei 
Branch, are our main contacts. Kahea 
and Virgie are very accommodating, and 
they make sure that our business has 
everything that we need. 

We go into the Kapolei Branch regularly 
to make our deposits, and they’ve made 
the branches much safer for us to 
conduct business. I appreciate being 
able to access the business line in the 
branch, because with social distancing 
the personal line can sometimes be out 
the door. Everybody at the branch is very 
friendly, always welcoming and helpful in 
getting our business done.

DA N I E L : A lot of business is built on 
relationships. It was a good thing that we 
had a good relationship with our bank at 
the time we started because they knew 
us and trusted us. When we needed our 
credit line, the bank was there for us. We 
were able to establish our business 
HawaiianMiles credit card with their help. 
We didn’t have a lot of cash when we 
started out, so the credit card was a big 
plus for our business. And we now have 
built our credit line bigger, which has 
helped us a lot. Working with a local 
bank, they understand how important 
their help is in keeping the doors open 
for smaller businesses.

When Kahea first moved to his position 
in West Oahu, he took the time to come 
to one of our monthly business meetings 
in Kapolei, to get a feel for who we are 
and what we’re about. It turns out that 

Ku‘ulei and Kahea both went to 
Kamehameha. Kahea then invited us  
to join Bank of Hawaii in a couple of 
fundraising events with the University of 
Hawai'i. Through those fundraisers he 
was able to introduce us to other people 
at the bank who could help us with 
personal loans, including our mortgage 
when we bought the farmhouse, and 
other business connections as well.

K U ‘ U L E I :  Daniel was born and raised 
on the West side of Oahu, and 90% of 
our employees are from the West side. 
We feel a big responsibility to support 
this community. 

DA N I E L : In the beginning of the year, 
we completed the filing for a nonprofit 
that we named after my late mom. It’s 
the Alma Jean Foundation. We had 
been coaching youth sports for a while, 
but we just started the foundation to 
mentor kids from the West side of Oahu, 
and fund scholarships for them, too. 

K U ‘ U L E I :  “ALMA” stands for 
Academics, Leadership, Mentorship, 
and Athletics. We recognize that the 
West side is constantly in need of 
support whether it’s for college 
education, traveling for team activities, 
or other support. So we want to help 
with fundraising for these types of 
activities, not only on the West side, but 
also possibly statewide. 

DA N I E L : Bank of Hawaii is helping us 
with our vision for the future. They not 
only support the success of our 
business, but also our efforts to give 
back to the community through our 
foundation. Of course, when COVID hit 
we had to put some of our plans on the 
back seat for now, but we’re already 
planning for the near future when things 
get back to almost normal and we can 
get back to working with the kids in the 
schools again. 

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       17

P r o f i l e :   C o m m e r c i a l / C o r p o r a t e   B a n k i n g   C l i e n t s

CMU & ASSOCIATES, INC.
C h a r l i e   a n d   K e r r y   U m a m o t o

K E R R Y U M A M OTO :   
CMU & Associates, Inc. (dba Hilo Fish 
Company, Kona Fish Company, Pacific 
Trade International, Tropic Fish Hawaii, 
Tropic Fish Kauai, and Tropic Fish Maui) 
is a worldwide importer and distributor 
of quality fresh and frozen seafood 
products. We are the largest distributor 
of fresh and frozen seafood in Hawaii.

The CMU family of companies provides 
customers with sustainable wild-caught 
and farm-raised seafood products from 
sources in over 25 different coastal 
regions around the world. And we use 
our sourcing and marketing roles to 
support responsible and sustainable 
fishing and farming practices.

The company includes the first company 
my father started, Hilo Fish Company, 
Inc. 

C H A R L I E  U M A M OTO :  Hilo is a town 
of about 46,284 people, and our 
corporate office is located here. I was 
born and raised on this island, and my 
initial staffers were part-timers from this 
area who worked their way up to perform 
important functions for the company. We 
have people who have been here for 
over 20 years. 

Years ago I realized that, being in Hilo,  
I couldn’t build a business that would 
sustain itself in seafood. So in 2000, 
Kona Fish Company was started to 
service the supermarkets, hotels and 
restaurants on the West side of the Big 
Island. Today we probably handle about 
90% of the fresh seafood on the island. 

My main competition came from 
Honolulu, so in 2008 we bought Tropic 
Fish & Vegetable so that we were able  
to maintain a strong presence at the 
Honolulu Fish Auction. In 2011 we 
opened up on Maui, and in 2012 on 
Kauai. This gave us distribution facilities 
on all major islands to help serve our 
statewide customers. 

None of these things could have been 
possible without Bankoh’s support. Over 
the years they’ve been very supportive in 
helping us reach our goals of becoming a 
statewide distributor.

I believe we got the required documents 
to them on a Friday, and the application 
was approved on the following Tuesday. 
Now we are working with Amy on the 
forgiveness part of the PPP. 

K E R R Y:  We currently distribute seafood 
throughout Hawaii, the mainland U.S., 
and Canada. We also have offices in Los 
Angeles and New Jersey. We not only 
distribute fresh seafood out of Hawaii, 
we also import fresh and frozen seafood 
from around the world.

C H A R L I E :  On a weekly basis, we wire 
substantial funds to our international and 
domestic suppliers. We are glad Bank of 
Hawaii has a system in place for us to 
facilitate these transactions, which also 
helps to identify and prevent fraudulent 
transactions.

C H A R L I E :  We want to thank and 
recognize our employees for their efforts 
during the challenges of 2020. Their 
dedication helped the company sustain 
itself, and all that goes with it: preserving 
local jobs, and making food available to 
those in need through donations.

Earlier this year we sponsored food 
drives with Hilo Fish and Kona Fish 
Companies, through which we raised 
over $55,000 to give away free ‘ohana 
food boxes to those in need on Hawaii 
Island through The Food Basket, Inc., the 
island’s food bank. 

K E R R Y:  Even though Hilo Fish has been 
around since the early 1990s, during this 
pandemic it’s been a challenging 
experience. But it’s also taught us how to 
make the necessary adjustments to keep 
our businesses open so that we could 
continue to supply product to our 
communities. 

Bank of Hawaii products and services 
have been instrumental during the 
pandemic. Their BBC (Bankoh Business 
Connections) allowed us to continue to 
do a lot of our business online: wire 
transfers, ACH, money transfers, etc. 

We worked closely with Amy Honda and 
Roberta Chu on the SBA Paycheck 
Protection Program (PPP) loan 
application, and they worked very 
diligently to get us the funds quickly.  

Before Keene Fujinaka became the 
Director of East Hawaii Market & 
Commercial Banking Center at Bank of 
Hawaii, he was our contact for about nine 
years. He and Roberta Chu knew 
everything about Hilo Fish Company and 
our other companies. I used to ask Keene 
to come in every week to keep him 
updated with various projects so that if  
I needed the bank’s help, he would stay 
well informed. He’s done a great job in 
helping us grow the business.

Personal and professional connections 
really matter. With Bankoh’s guidance 
through our ups and downs, I know that 
we’re in a stronger financial position 
today than we were last year. Coming 
from a small town like Hilo and 
competing on a national and 
international scale, we couldn’t have 
done it without the bank’s support. 

Today the good name of Hilo Fish 
Company on the mainland and 
internationally is not enough. We have to 
continually come up with new ideas on 
how we’re going to serve our customers. 
As business starts to turn around, we 
need to apply the lessons that we’ve 
learned in 2020. We’ve learned we can’t 
do all the things that we’ve done in the 
past. These lessons have made us 
become better “business people.”

Charlie Umamoto, 

CMU & Associates 

CEO (right), and  

his son, Kerry 

Umamoto, company 

president, in Hilo, 

Hawaii. 

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       19

P r o f i l e :   T h e   P r i v a t e   B a n k   C l i e n t s

Anthony 

Provenzano, a 

senior vice 

president with 

Cushman & 

Wakefield 

ChaneyBrooks, his 

wife, Yuko, and 

their son Raizo.

ANTHONY  a n d   YUKO PROVENZANO

A N T H O N Y P R OV E N Z A N O :  
I have deep roots in the islands, and I’ve 
lived here my whole life.  

Y U KO P R OV E N Z A N O : I’ve always 
loved Hawaii. I was born and raised in 
Massachusetts, and moved here after 
graduating college. I grew up visiting 
Hawaii at Christmas because the majority 
of my family is from Japan, and this was 
the halfway point to meet up. My parents 
moved here a few years ago, which has 
been really nice because they now get to 
spend a lot of time with our son, and we 
get to spend a lot of quality family time 
together. 

For both Anthony and myself, family is 
very important. Once our son, Raizo, was 
born, we immediately set up a savings 
account for him at Bank of Hawaii. 
Investing in his future is very important  
to us.

A N T H O N Y: The synergy between my 
family and Bank of Hawaii is an integral 
part of my success as a young 
professional. I appreciate the countless 
people at the bank who have helped me 
grow along the way, and who always 
provide a personal touch. 

Davin Nakasato, a senior vice president 
of Kālai Services in The Private Bank, has 
been a key, personal connection. We 
knew each other from growing up in the 
same neighborhood and attending Saint 
Louis High in the 8th grade. We lost 
touch after my father passed away when 
I was a freshman in high school. For most 
of my high school years, I lived in 
multiple foster homes, was in and out of 
shelters, and homeless. At 17 I earned 
my GED, and then attended Kapiolani 
Community College until I had enough 
credits to transfer to UH. I majored in 
Finance with a real estate focus at the  

UH Shidler College of Business and 
started my career in commercial real 
estate. After working for a few years, 
Pacific Business News published an 
article about one of my commercial real 
estate deals. Davin saw the article, 
reached out, and we reconnected.

Through Davin I met Brenda Mitchell, 
vice president and executive loan officer, 
who helped us with our mortgage. She 
has been integral in helping us work our 
way up from a small, one-bedroom 
apartment to a house large enough 
where we can raise our son. Brenda has 
now become a personal friend, and just 
helped us to refinance our house at a 
lower interest rate and set up a line of 
credit. And we haven’t had to go into the 
branch for the refinancing—everything is 
done digitally—which has helped.

Y U KO : Over the past five years I’ve 
primarily worked with Davin and Brenda. 
They are like friends. Davin’s such a 
down-to-earth guy who’s very 
approachable. I feel comfortable 
knowing that if I had any questions  
I could just text or email Davin and he 
would respond. 

When we were purchasing our home, 
Brenda met us on the weekend to sign 
the mortgage paperwork for our house. 
We were getting ready to run the 
marathon, so she talked about her own 
marathon experience and made the 
process go by quickly. 

A N T H O N Y: I think of Bank of Hawaii as 
the leader in Hawaii’s banking industry. 
Throughout my career I have developed 
relationships with many people at the 
bank who have helped me to where I am 
today. Another person that stands out is 

Dirk Yoshizawa, who is now executive 
vice president and commercial banking 
center manager. He was previously on 
the owner/occupant side of the 
commercial real estate lending 
department. Working with him is a great 
illustration of local synergy: I was able to 
do well over $100 million in sales through 
loans that were handled by the bank, and 
which helped many local businesses 
purchase real estate in Hawaii.

Y U KO : I find the bank very forward 
thinking and innovative with new 
technology such as Cardless Cash. I think 
it’s important to be so forward thinking 
in our society because everybody is on 
their phone. Accessing bank services on 
our phones is so convenient. I’ve used 
Cardless Cash, and I love it! I haven’t 
used it as much lately because I’m not 
using as much cash right now, but when  
I do, I enjoy the Cardless Cash feature. 

A N T H O N Y: Last year I learned about 
Bankoh’s online mobile deposit feature 
where you can just take a photo of a 
check and make your deposit without 
going to a branch. That’s been very 
helpful this year. If I get a commission 
check, I can just take a picture and 
deposit it, and then I get an email 
confirmation of the deposit. 

Y U KO : They are very trustworthy.  
I think they care not just about you, but 
also about your family—they are always 
asking about Raizo when we talk. It’s not 
just about us; it’s about our whole family, 
which is a really good feeling because 
he’s the future. 

A N T H O N Y: Our ongoing trust and 
deep personal connections built over 
years at Bank of Hawaii have given us 
peace of mind during these tough times.

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       21

2 0 2 0   F i n a n c i a l   R e p o r t

C O N S O L I D A T E D   S T A T E M E N T S   O F   I N C O M E
Bank of Hawaii Cor poration and Subsidiaries (doll ars in thousand s, e xcept per share amounts)

FOR THE YEAR ENDED DECEMBER 31 
Interest Income 

Interest and Fees on Loans and Leases 
Income on Investment Securities 

Available-for-Sale 
         Held-to-Maturity 
     Deposits 
    Funds Sold  
    Other 
Total Interest Income 

Interest Expense 
     Deposits 

Securities Sold Under Agreements to Repurchase 
Funds Purchased 
Short-Term Borrowings  

  Other Debt 
Total Interest Expense 
Net Interest Income  
Provision for Credit Losses  
Net Interest Income After Provision for Credit Losses 

Noninterest Income 
     Trust and Asset Management 
       Mortgage Banking 
     Service Charges on Deposit Accounts 

Fees, Exchange, and Other Service Charges  
Investment Securities Gains (Losses), Net 

     Annuity and Insurance  

Bank-Owned Life Insurance 

  Other 
Total Noninterest Income 

Noninterest Expense 

Salaries and Benefits 

  Net Occupancy 
  Net Equipment 

Data Processing  
Professional Fees 
FDIC Insurance 

  Other 
Total Noninterest Expense 
Income Before Provision for Income Taxes 
Provision for Income Taxes 
Net Income 

Basic Earnings Per Share 
Diluted Earnings Per Share 
Dividends Declared Per Share 
Basic Weighted Average Shares 
Diluted Weighted Average Shares 

2020 

2019

$ 

 417,498  

$ 

 439,012  

61,294 
  66,055  
  14  
 902 
   661  
 546,424 

 32,966  
15,281  
 95  
 62  
1,698  
50,102  
496,322  
117,800  
378,522  

43,456  
17,871  
24,910  
  47,056  
9,932  
3,362  
   7,388  
30,434  
184,409  

207,329  
39,533  
35,448  
18,499  
12,186  
 5,780  
55,032  
 373,807  
189,124  
35,320  
153,804 

3.87 
3.86 
2.68 
39,726,210  
39,892,107  

$ 

$ 
$ 
$ 

 62,174
81,616  
 41 
 3,553 
 1,001 
587,397

 68,374 
 17,522 
 840 
 38 
 2,908
 89,682
 497,715
 16,000 
 481,715

 44,233 
 13,686 
 30,074
 57,893  
 (3,986) 
 6,934 
 7,015
 27,489
 183,338  

 216,106 
 33,800 
 29,295 
 18,757
 10,071 
 5,192
 66,006
 379,227
 285,826
 59,913
225,913 

5.59
5.56 
2.59
 40,384,328
 40,649,570

$ 

$ 
$ 
$ 

Refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for the Consolidated Financial Statements,  
including Report of Independent Registered Public Accounting Firm, thereon. 

 
 
 
 
 
 
 
 
 
 
        
 
 
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
 
 
 
 
  
 
 
 
  
 
 
    
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
C O N S O L I D A T E D   S T A T E M E N T S   O F   C O N D I T I O N
Bank of Hawaii Cor poration and Subsidiaries (doll ars in thousand s)

AS OF DECEMBER 31 

2020 

2019

Assets  
Interest-Bearing Deposits in Other Banks 
Funds Sold 
Investment Securities
       Available-for-Sale 
     Held-to-Maturity (Fair Value of $3,348,693 and $3,062,882) 
Loans Held for Sale  
Loans and Leases 

Allowance for Credit Losses 
  Net Loans and Leases 

Total Earning Assets 
Cash and Due From Banks 
Premises and Equipment, Net 
Operating Lease Right-of-Use Assets 
Accrued Interest Receivable 
Foreclosed Real Estate 
Mortgage Servicing Rights 
Goodwill 
Bank-Owned Life Insurance 
Other Assets 

Total Assets 

Liabilities 
Deposits 
     Noninterest-Bearing Demand 
Interest-Bearing Demand 

     Savings 
     Time 
Total Deposits 
Securities Sold Under Agreements to Repurchase 
Other Debt 
Operating Lease Liabilities 
Retirement Benefits Payable 
Accrued Interest Payable 
Taxes Payable and Deferred Taxes 
Other Liabilities 

Total Liabilities  

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

 issued / outstanding: December 31, 2020 - 58,285,624 / 40,119,312 
and December 31, 2019 - 58,166,910 / 40,039,695) 

Capital Surplus 
Accumulated Other Comprehensive Gain (Loss) 
Retained Earnings 
Treasury Stock, at Cost (Shares: December 31, 2020 - 18,166,312 and 

December 31, 2019 - 18,127,215) 
Total Shareholders' Equity 
Total Liabilities and Shareholders' Equity 

$ 

 1,646 
333,022 

 3,791,689 
 3,262,727 
82,565 
  11,940,020  
(216,252)  
11,723,768 
19,195,417  
 279,420  
 199,695    
99,542   
 49,303 
 2,332 
 19,652   
 31,517 
 291,480  
435,293 
  20,603,651 

$ 

$ 

  5,749,612 
  4,040,733  
6,759,213  
            1,662,063   
 18,211,621  
  600,590  
 60,481 
   107,412 
  51,197  
 5,117 
  2,463 
  190,263  
19,229,144   

  580  
  591,360  
  7,822  
              1,811,979  

 (1,037,234) 
1,374,507 
 20,603,651 

$ 

$ 

  4,979  

254,574

 2,619,003  
 3,042,294
 39,062
 10,990,892 
 (110,027)
10,880.865
 16,840,777  
 299,105 
 188,388 
100,838 
 46,476
  2,737
 25,022
 31,517
 287,962
  272,674 
$    18,095,496 

$ 

  4,489,525 
  3,127,205  
 6,365,321 
 1,802,431
15,784,482
  604,306
 85,565
108,210  
 44,504 
8,040
 16,085
 157,472
16,808,664 

  579
582,566 
 (31,112)
  1,761,415 

 (1,026,616) 
  1,286,832 
$   18,095,496 

Refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 for the Consolidated Financial Statements,  
including Report of Independent Registered Public Accounting Firm, thereon.

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       23

 
 
 
 
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
    
 
 
 
 
 
 
 
  
 
 
  
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
    
 
 
 
 
 
 
 
 
 
 
R e l a t i v e   S t o c k   P r i c e s

R E L A T I V E   S T O C K   P R I C E   P E R F O R M A N C E
Bank of Hawaii Cor poration / Bank of Hawaii (A s of Dec. 31, 2020)

BOH

S&P Banks

KBW Regional Bank Index

S&P 500

$120

$115

$110

$105

$100

$95

$90

$85

$80

$75

$70

$65

$60

$55

$50

$45

116.26

87.56
86.04

80.52

12/19

1/20

2/20

3/20

4/20

5/20

6/20

7/20

8/20

9/20

10/20

11/20

12/20

U N B R O K E N   H I S T O R Y   O F   D I V I D E N D S 
(Bank of Hawaii Cor poration)

RECESSION

RECESSIO N

FIN ANCIA L CRIS ES

$2.75

$2.50

$2.25

$2.00

$1.75

$1.50

$1.25

$1.00

$0.75

$0.50

$0.25

$0.00

1986

1992

1998

2004

2010

2016

Historical dividends adjusted for stock splits

B a n k   o f   H a w a i i   L o c a t i o n s   /   E c o n o m i c   I n f o r m a t i o n

F A C T S :   H A W A I I   A N D   W E S T   P A C I F I C   R E G I O N

HAWAII
Hawaii business establishments in 2019: 97.7% have fewer than 100 
employees, 95.1% have fewer than 50 employees, and 64.2% have fewer 
than five employees.1

Hawaii gross domestic product in 2019: $95.7 billion (in current dollars)2

20% 
19.2% 
10.1% 
6.9% 
6.5% 
5.8% 
5.7% 
4.1% 
3.5% 

Government (federal civilian & military, and state and local)  
Real estate, rental and leasing 
Accommodation and food services 
Health care and social assistance 
Retail trade 
Construction 
Transportation and warehousing 
Professional, scientific and technical services 
Finance and insurance

Tourism’s direct and indirect impact on Hawaii gross domestic product  
(in current dollars) in 2019: 16.2%3

State of Hawaii resident population as of July 1, 2020: 1,407,0064 

GUAM
-  U.S. Territory 
-  Capital: Hagatna 
-  Resident population: July 2020 estimate 168,4855 
-  Main industries: U.S. military, tourism, construction, transshipment services,  
  concrete products, printing and publishing, food processing, textiles

COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS
- Commonwealth in political union with the U.S. 
- Capital: Saipan 
- Resident population: July 2020 estimate 51,4335 
- Main industries: tourism, banking, construction, fishing, handicrafts

PALAU
- Constitutional government in free association with the U.S. 
- Capital: Melekeok 
- Resident population: July 2020 estimate 21,6855 
- Main industries: tourism, fishing, subsistence agriculture

Bank of Hawaii Branches/ATMs 

Branches  
& In-Store 
Branches  ATMs

State of Hawaii 

Island of Oahu  
Island of Hawaii  
Island of Maui  
Island of Kauai  
Island of Lanai  
Island of Molokai  

West Pacific  

Guam  
CNMI/Saipan  
Palau  

46 

25  
  8* 
7  
4  
1  
1  

4  

2  
1  
1  

277

191 
37 
27 
20 
1 
1

38

30 
5 
3

Total  

50  

315

*Safeway Kona opening in May 2021

1  Hawaii Department of Labor & Industrial Relations, 2019 Employment and Payrolls in Hawaii:  
https://www.hirenethawaii.com/admin/gsipub/htmlarea/uploads/LFR_QCEW_ES2019.pdf

2 U.S. Bureau of Economic Analysis:  

https://apps.bea.gov/itable/iTable.cfm?ReqID=70&step=1&acrdn=1

3 Hawaii DBEDT State of Hawaii Data Book 2019, Table 7.34: 

https://files.hawaii.gov/dbedt/economic/databook/2019-individual/07/073419.xls

4 U.S. Census Bureau, Population Division, Annual Estimates of the Resident Population for the United States, Regions, States, and the District of Columbia: 

April 1, 2010 to July 1, 2020: 
https://census.hawaii.gov/wp-content/uploads/2020/12/nst-est2020.xlsx

5 Central Intelligence Agency (CIA), The World Factbook: https://www.cia.gov/library/publications/the-world-factbook/

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       25

 
 
 
 
 
 
 
E x e c u t i v e   a n d   O p e r a t i n g   C o m m i t t e e s

E X E C U T I V E   C O M M I T T E E
Bank of Hawaii Cor poration / Bank of Hawaii (A s of Dec. 31, 2020)

Bank of Hawaii's Executive Committee 

represents the major functions of the 

bank and is accountable for its overall 

strategy and performance.

Peter S. Ho
Chairman, President & 
Chief Executive Officer

Sharon M. Crofts
Vice Chair,  
Client Solutions Group

Wayne Y. Hamano
Vice Chair 

James C. Polk
Vice Chair & Chief Commercial 
Officer

Mark A. Rossi
Vice Chair, Chief Administrative 
Officer, General Counsel & 
Corporate Secretary

Mary E. Sellers
Vice Chair & Chief Risk Officer

Dean Y. Shigemura
Vice Chair & Chief Financial 
Officer

Matthew K.M. Emerson
Senior Executive Vice President,
Retail Lending & Deposits

Susan L. Ing
Senior Executive Vice President
& Chief Marketing Officer

Patrick M. McGuirk
Senior Executive Vice President,
Chief General Counsel & 
Corporate Secretary

Taryn L. Salmon
Senior Executive Vice President
& Chief Information Officer

Dana S. Takushi
Senior Executive Vice President,
Consumer Banking Group

Ruth L. Erickson
Executive Vice President,
E-commerce & Demand 
Center

O P E R A T I N G   C O M M I T T E E
Bank of Hawaii Cor poration / 
Bank of Hawaii (A s of Dec. 31, 2020)

Bank of Hawaii's Operating Committee 

is comprised of 15 leaders representing 

corporate staff functions from various 

business segments who are responsible 

for the daily operations of the bank.

Kristi N. Lefforge
Senior Executive  
Vice President,
Trust Services & 
Bankoh Investment 
Services Inc.

James K.M. Moniz
Executive  
Vice President,
Mortgage Banking

Lacey Nakaguma
Senior Vice President 
& Chief Audit 
Executive

Craig A. Norris
Senior Executive  
Vice President
& Chief Credit Officer

Teik Ramsey
Executive  
Vice President,
Enterprise Operations

Luke W.T. Yeh
Executive  
Vice President,
Enterprise Credit Risk 
Analytics

Dirk K. Yoshizawa
Executive  
Vice President,
Commercial Banking 
Centers-Hawaii

Thomas W. Butler
Executive  
Vice President
& Assistant Treasurer

Guy C. Churchill
Executive  
Vice President,
Corporate Banking 
& Commercial Real 
Estate Division

D. Jeff Graves
Executive  
Vice President 
& Chief Technology 
Officer

Jill F.S. Higa
Senior Executive  
Vice President,
Branch Banking

Ed Hudson
Senior Executive  
Vice President 
& Chief People Officer

Vance H. Jones
Executive  
Vice President 
& Chief Information 
Security Officer

Edward C.S. Kim
Executive  
Vice President,
Consumer Lending

Jennifer Lam
Executive  
Vice President &
Chief Operational Risk 
Officer

B a n k   o f   H a w a i i   2 0 2 0   A n n u a l   R e p o r t       27

B o a r d   o f   D i r e c t o r s

B O A R D   O F   D I R E C T O R S
Bank of Hawaii Cor poration / Bank of Hawaii (A s of Dec. 31, 2020)

Peter S. Ho
Chairman, President
& Chief Executive 
Officer, Bank of 
Hawaii Corporation
& Bank of Hawaii 

Raymond P. Vara
President & Chief 
Executive Officer, 
Hawai‘i Pacific 
Health

S. Haunani Apoliona
Former Trustee,
Office of Hawaiian 
Affairs

Mark A. Burak
Retired Executive 
Vice President,
Bank of America

John C. Erickson
Former Vice Chairman,
Union Bank

Joshua D. Feldman
President & Chief 
Executive Officer,
Tori Richard, Ltd.

Michelle E. Hulst
Executive  
Vice President, 
Global Data & 
Strategy, The Trade 
Desk

Kent T. Lucien
Retired Vice Chair 
& Chief Strategy 
Officer, Bank of 
Hawaii Corporation 
& Bank of Hawaii

Alicia E. Moy
President &  
Chief Executive 
Officer, Hawai‘i Gas

Victor K. Nichols
Former Chairman,
Harland Clarke 
Holdings

Barbara J. Tanabe
Owner, Ho‘akea 
Communications, LLC

Dana M. Tokioka
Vice President,
Atlas Insurance 
Agency, Inc.

Robert W. Wo
Owner & Director,
C.S. Wo & Sons, Ltd.

Mary G.F. 
Bitterman
Director Emeritus
President & Director, 
The Bernard Osher 
Foundation

Robert A. Huret
Director Emeritus 
Founding Partner,
FTV Capital

S H A R E H O L D E R   I N F O R M A T I O N

Forward Looking Statements

This report contains forward-looking statements concerning, among other 
things, the economic and business environment in our service area and 
elsewhere, credit quality and other financial and business matters in future 
periods. Our forward-looking statements are based on numerous assumptions, 
any of which could prove to be inaccurate and actual results may differ 
materially from those projected because of a variety of risks and uncertainties, 
including, but not limited to: 1) general economic conditions either nationally, 
internationally, or locally may be different than expected, and particularly, any 
event that negatively impacts the tourism industry in Hawaii; 2) the 
compounding effects of the COVID-19 pandemic, including reduced tourism in 
Hawaii, the duration and scope of government mandates or other limitations of 
or restrictions on travel, volatility in the international and national economy and 
credit markets, worker absenteeism, quarantines or other travel or health-
related restrictions, the length and severity of the COVID-19 pandemic and the 
pace of recovery following the COVID-19 pandemic and the effect of 
government, business and individual actions intended to mitigate the effects 
of the COVID-19 pandemic; 3) changes in market interest rates that may affect 
credit markets and our ability to maintain our net interest margin; 4) changes in 
our credit quality or risk profile that may increase or decrease the required level 
of our reserve for credit losses; 5) the impact of legislative and regulatory 
initiatives, particularly the Dodd-Frank Wall Street Reform and Consumer 
Protection Act of 2010 (the “Dodd-Frank Act”) and Economic Growth, 
Regulatory Relief, and Consumer Protection Act of 2018; 6) changes to the 
amount and timing of proposed common stock repurchases; 7) unanticipated 
changes in the securities markets, public debt markets, and other capital 
markets in the U.S. and internationally, including, without limitation, the 
anticipated elimination of the London Interbank Offered Rate (“LIBOR”) as a 
benchmark interest rate; 8) changes in fiscal and monetary policies of the 
markets in which we operate; 9) the increased cost of maintaining or the 
Company’s ability to maintain adequate liquidity and capital, based on the 
requirements adopted by the Basel Committee on Banking Supervision and 
U.S. regulators; 10) changes in accounting standards; 11) changes in tax laws or 
regulations, including Public Law 115-97, commonly known as the Tax Cuts and 
Jobs Act, or the interpretation of such laws and regulations; 12) any failure in or 
breach of our operational systems, information systems or infrastructure, or 
those of our merchants, third party vendors and other service providers; 13) any 
interruption or breach of security of our information systems resulting in 
failures or disruptions in customer account management, general ledger 
processing, and loan or deposit systems; 14) natural disasters, public unrest or 
adverse weather, public health, disease outbreaks, and other conditions 
impacting us and our customers’ operations or negatively impacting the 
tourism industry in Hawaii; 15) competitive pressures in the markets for financial 
services and products; 16) actual or alleged conduct which could harm our 
reputation; and 17) the impact of litigation and regulatory investigations of the 
Company, including costs, expenses, settlements, and judgments. Given these 
risks and uncertainties, investors should not place undue reliance on 
forward-looking statements as a prediction of actual results. For a detailed 
discussion of these and other risks and uncertainties that could cause actual 
results and events to differ materially from such forward-looking statements, 
please refer to the risk factors discussed in our Annual Report on Form 10-K for 
the fiscal year ended December 31, 2020, and any subsequently filed reports 
with the U.S. Securities and Exchange Commission. Words such as “believes,” 
“anticipates,” “expects,” “intends,” “targeted,” and similar expressions are 
intended to identify forward-looking statements, but are not the exclusive 
means of identifying such statements. We undertake no obligation to update 
forward-looking statements to reflect later events or circumstances.

Corporate Headquarters
Bank of Hawaii Corporation  
130 Merchant Street, Honolulu, Hawaii 96813

Virtual Annual Meeting 
The virtual annual meeting of shareholders will be held on Friday, 
April 30, 2021, at 8:30 a.m. Hawaiian Standard Time. Information to 
access the virtual meeting is available in the company’s 2021 Proxy 
Statement.

Transfer Agent and Registrar 
Computershare Investor Services, LLC
250 Royall Street, Canton, MA 02021

Common Stock Listing NYSE: BOH
The common stock of Bank of Hawaii Corporation is traded on the 
New York Stock Exchange under the ticker symbol BOH and is 
quoted daily in leading financial publications as “Bank of Hawaii.”

Dividend Reinvestment & Stock Purchase Plan (DRP)
Bank of Hawaii Corporation’s DRP allows existing shareholders to 
purchase common shares of the company’s stock by either 
reinvesting their stock dividends or by optional cash payments. 
Individuals must possess at least one share of the company’s 
• 
stock to participate in the DRP.

•  Shares are purchased on the 10th business day of each month 
based on the average of five trading days ending on the day of 
purchase.

•  Minimum payment for purchase of shares is $25 and the 

maximum is $5,000 per calendar quarter.

•  There are no fees for purchasing shares or for the safekeeping  
of stock certificates. Fees are assessed on the sale of shares in  
the DRP.

Detailed information about Bank of Hawaii Corporation’s DRP can 
be found online at www.boh.com or by calling Computershare 
Investor Services LLC at 1-888-660-5443.

Inquiries
Shareholders with questions about stock transfer services, share 
holdings or dividend reinvestment may contact Computershare 
Investor Services LLC at 1-888-660-5443 between 7:00 a.m. and  
5:00 p.m. Central Standard Time.

Investors and Analysts Seeking Financial Information 
Janelle Higa
Manager, Investor Relations
Phone: 1-808-694-8007

For General Inquiries
Phone: 1-888-643-3888 
www.boh.com

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 website, www.boh.com.

View Bank of Hawaii’s 2020 digital Summary Annual 
Report, featuring videos of our Chairman, clients, 
community and employees at www.boh.com.

B A N K O F H AWA I I C O R P O R AT I O N

P.O. B OX 2 9 0 0

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