2021 ANNUAL REPORT
O U R
J O U R N E Y
A H E A D
C O N T E N T S
C h a i r m a n ’ s M e s s a g e | p g 1
2 0 2 1 F i n a n c i a l S u m m a r y | p g 5
Y e a r i n R e v i e w | p g 6
O u r C o m m u n i t y | p g 1 1
O u r E m p l o y e e s | p g 1 4
C l i e n t P r o f i l e s | p g 1 6
2 0 2 1 F i n a n c i a l R e p o r t s | p g 2 2
R e l a t i v e S t o c k P r i c e | p g 2 4
O u r J o u r n e y A h e a d | p g 2 5
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 | p g 2 6
B o a r d o f D i r e c t o r s | p g 2 8
S h a r e h o l d e r I n f o r m a t i o n | p g 2 9
O u r J o u r n ey A h e a d
Bank of Hawaii has had an
unwavering support for its
employees, customers and
community for the past 124 years.
We look ahead with a sense of
renewed purpose in our journey
to help everyone in our community
move toward a brighter future
in our island home.
© 2021, Bank of Hawaii Corporation. Bank of Hawaii®, Bankoh®, and the Bank of Hawaii logo are registered trademarks of Bank of Hawaii. SimpliFi
Mortgage is a trademark 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.
C H A I R M A N ’ S M E S S A G E
Aloha Fellow Shareholders,
While 2021 became the second consecutive year of dealing with the COVID-19 pandemic,
improvements in our understanding of the virus and truly amazing enhancements in
prevention and treatment give us pause to believe that we are moving into a new phase.
We believe we are transitioning from a posture of responding to the vagaries of a novel
coronavirus to one of living within a more known environment and managing forward as
practically as feasible.
It is clear that the pandemic of the past two years has accelerated meaningful shifts. The rate of
change over the course of history in the world has never been linear. There have been decades in
which meaningful change in the world has been nominal to imperceptible. Alternatively, throughout
history there have been months in which profound change has occurred, dramatically changing the
world we live in forever. Our view is that the events of the past few years resemble more the latter
than the former.
Specifically, we know the pandemic has created significant changes in the workforce and in how
work gets done. We believe the pandemic has accelerated consumer behavior around digital
adoption and product delivery. And we also believe the pandemic has illuminated global challenges
around social harmony, socioeconomic outcomes, supply chain fragility and monetary challenges.
In short, the world is getting less predictable, not more, and is likely to continue to do so.
Together these elements combine to make for a different, more competitive banking environment.
On balance, we see great opportunities, and the investments made during the past several years by
Bank of Hawaii in people, technology and resiliency position us extremely well for the future.
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Bank of Hawaii 2021 Annual Report C H A I R M A N ’ S M E S S A G E
“
We remain steadfast in
building shareholder value
as we continue making
progress on our strategic
initiatives and staying
true to disciplined expense
management.”
Workers and Workplaces
are Evolving
The pandemic has brought numerous
factors into play around the workforce.
At the most basic level, once-in-a-century
existential events like the pandemic
have driven many people to be more
introspective in their assessment of what
they do for a living and who they work
for. We have long strived to make
Bank of Hawaii not just a place to earn a
living but, rather, a place to earn a living
and make a positive difference in our
community. We believe this has helped
us to maintain staffing levels throughout
the pandemic.
We also recognize that the extraordinary
pace of change requires adding expertise
in the areas of marketing, technology and
data analytics. The opportunity to work
for an organization committed not only
to financial gain, but also to the broader
good and well-being of our core Hawaii
and West Pacific communities creates a
unique job experience. We believe this
differentiation has helped us retain critical
talent as well as to recruit nationally and
locally for even more talent.
As we evolve back from a work-from-
home pandemic environment to a more
flexible work environment, we believe
there’s an opportunity to create a better
outcome. We believe offering increased
flexibility for our workforce will create a
better work experience for our employees
and heightened engagement and
productivity for the company.
Digital Adoption Has Accelerated
Much has been made of the pandemic-
induced shift by consumers to more
digital ways of doing things, whether it
is going to the movies, shopping
or “seeing” a doctor. The financial
services industry has been a meaningful
participant in this shift.
Fortunately, this shift comes as a
welcome sight to Bank of Hawaii.
We have been investing in digital
capabilities for several years now. After
trending digital for a number of years,
we saw a dramatic turn toward digital
interaction with our customers early in
the pandemic. Indications are that these
shifts are not likely to reverse themselves
in the future.
Today we enable approximately 20,000
Zelle transactions per week, up from
nil a few years ago. More than half of
our consumer deposits now come to us
virtually through either our easy-deposit
ATM network or through our highly rated
mobile app. Online deposit openings and
loan applications make up an increasingly
meaningful share of overall activity. Our
SimpliFi online mortgage platform is now
in its fourth year and doing well.
Our customers’ shift to digital
preferences has enabled us to upskill our
in-person branch staff to handle more
value added, consultative engagements
with our customers.
A More Volatile Environment
I mentioned earlier that we believe we
are operating in more volatile times.
Bank of Hawaii, for many years now,
has consistently managed its business
conservatively and with a keen focus on
risk management. Preparation for the
unknown is a time-honored value at Bank
of Hawaii and one that we exercise with
urgency in both good times and bad.
Perhaps it’s the result of being part of an
island culture where self-sufficiency is an
obvious and critical need.
We manage risk in three ways. First, we
operate in communities we know and
understand—97% of Bank of Hawaii’s
loan portfolio is in our core Hawaii
and West Pacific markets. We stress
risk quality over growth, for growth’s
sake. Secondly, we underwrite risk
conservatively. In the investment realm,
this means investing our assets in the
highest quality securities at reasonable
market durations. In our loan portfolio,
this means gearing our underwriting
criteria at sensible levels. Finally, we
believe in managing balance sheet
capacity prudently, which results in
abundant liquidity, capital and
capacity levels.
Confidence
As we step out of 2021 and now move
into the New Year, we are excited for
what’s ahead. In these ever-competitive
times, we believe great opportunities
exist for financial institutions able to
deliver truly unique and exceptional
experiences to customers. We remain
committed to further building the
experiences we provide our customers
to world-class levels while delivering the
familiarity and in-person service levels
that only a hometown provider can.
Our Financial Strength
We remain steadfast in building
shareholder value as we continue making
progress on our strategic initiatives
and staying true to disciplined expense
management.
We finished the year with strong financial
performance despite the impacts of the
pandemic. Core loans grew 6.2% and
deposits grew 11.8%, and we remain well-
capitalized with strong asset quality and
liquidity.
We also ended the year with record-
breaking earnings. Diluted earnings per
common share were $6.25 for the full
year of 2021, compared to $3.86 in 2020;
and net income was $253.4 million, up
64.7% compared to 2020.
We announced a public offering of $180
million in preferred stock, achieving some
of the best pricing in the marketplace
for 2021. Additionally, Bank of Hawaii
continues to deliver its unbroken history
of shareholder dividends. In the third
quarter of 2021, our Board of Directors
increased the quarterly cash dividend
to $0.70 from $0.67 per share on
outstanding common shares.
Our consistent performance is thanks
to our 2,100 hard-working employees
and our dedicated customers, who
helped Bank of Hawaii earn local and
national recognition. Based on our strong
financial profile, leading market position
in Hawaii, and our conservative credit risk
management, we are proud to have our
Long-Term Deposits rated Aa3 and our
Baseline Credit Assessment rated a2 by
Moody’s Investors Service, as of
Dec. 20, 2021.
We’re also grateful for the trust
our customers show in depositing
their savings with us in expanding
proportions. The Federal Deposit
Insurance Corporation confirmed that
Bank of Hawaii had the largest share of
FDIC-insured deposits of any financial
institution in Hawaii, along with the
largest market share gain during 2021.
This trust is recognized by the readers
of Honolulu Star-Advertiser, Hawaii
Tribune-Herald, West Hawaii Today, and
Hawaii Home + Remodeling magazine,
who selected BOH as “Hawaii’s Best
Bank” in 2021.
Hawaii’s Economic Recovery Resumes
With one of the best vaccination rates in
the country—71% by December 2021—
Hawaii’s economy is moving forward, and
greater steps are expected.
In 2021, while international travel
restrictions limited visitors from Asia, we
saw the resumption of an upward trend in
domestic visitors thanks to Hawaii’s Safe
Travels program, which began in October
2020. According to the Department of
Business, Economic Development &
Tourism (DBEDT), as of December 2021,
a total of 6,777,498 visitors arrived by air
to the state, compared to 2,708,258 the
same time in 2020, and visitor spending
was $13 billion. DBEDT is forecasting an
estimated increase of 29.5% in visitor
arrivals and an increase of 24.6%
in visitor spending in 2022 over the
previous year.
The return of visitors and the reopening
of businesses brought improvement to
Hawaii’s unemployment rate, which was
5.7 in December 2021, compared to 10.3
at the end of 2020.
Home and condo prices in Hawaii
continue to rise. In 2021, the median
price of single-family homes increased
19.3% to $990,000 on Oahu, 25.2% to
$995,000 on Maui, 35.8% to $1,100,000
on Kauai, and 17.1% to $480,000 on
Hawaii Island. The sales of single family
homes statewide increased 19.3% over
2020 to 9,892.
The median price of condos increased
by 9.2% to $475,000 on Oahu, 12.6% to
$650,000 on Maui, 10.3% to $612,000
on Kauai, and 21.5% to $480,000 on
Hawaii Island. The sales of condos
statewide increased 58.5% over 2020
to 11,345.
As a unique company in a unique market
at the crossroads of the Pacific, we are
encouraged by the progress already
made in our state and look forward to
continuing on this upward trend.
free of charge. Employees shared the
meals with family and friends, and
also donated them to those in need for
broader community reach. On Oahu, our
kitchen staff distributed 418,364 meals.
As a result of this program, we donated
nearly 12,900 pounds of food to the local
nonprofit Aloha Harvest. And on the
neighbor islands and in the West Pacific
region, we supported 113 local restaurants
that prepared an additional 116,424 meals
for our employees.
Investing in Our Employees’ Success
As we wrapped up 2021, Bank of Hawaii
made the decision to further assist our
employees financially by providing a
5% salary increase—2.5% annual merit
increase and a special, one-time 2.5%
inflation adjustment—for the majority of
our employees to help offset the impact
of the rising costs of the economy.
We also continue to offer opportunities
for development, including our:
• Bank of Hawaii College Assistance
Program (CAP), which celebrated
its fifth anniversary in 2021. So far,
we’ve paid for college courses for 151
employees resulting in eight graduates
to date and counting.
• Summer internship program, which
was re-imagined as a virtual one, and
welcomed 22 students from local,
national and international colleges and
universities.
• Bank of Hawaii Foundation Scholarship,
which celebrated 26 scholars, who
are the children or grandchildren of
our employees. This year’s scholars
received a combined $91,000.
Administered by Hawai‘i Community
Foundation, our BOH Foundation has
provided $791,000 in financial support
of 226 college scholarships since 2014.
A phenomenal success, our Bankoh
Meals-To-Go program, which started
in May 2020, concluded on June 30,
2021. It kept our kitchen staff working
throughout the pandemic, supported
small businesses, and provided family-
style meals to employees once a week,
Fostering a Diverse, Equitable and
Inclusive Workplace
We continue to seek out ways to support
our employees and offer programs and
opportunities that foster meaningful
dialogue and bring people together. Our
efforts in 2021 were robust and, in part,
included:
• Co-hosting A Conversation on Race
in Hawai‘i, a two-part virtual panel
discussion featuring community leaders
and bank employees;
• Sponsoring the annual Honolulu Pride
Parade and Festival and Honolulu Pride
Month while supporting initiatives of
the Hawai‘i LGBT Legacy Foundation;
• Volunteering with Habitat for Humanity
for its Veterans Build project, and
donating/distributing gift bags at the
U.S. VETS center during the holiday
season;
• Hosting “Women Inspired” discussions
on “Leadership: Career Success Tips”
and “How an Entrepreneurial Spirit Can
Help Advance Your Career;” and
• Honoring Juneteenth by giving all
employees a floating holiday.
Unwavering Commitment
to the Community
Our commitment to our communities
is integral to who we are as a company.
Along with our Bank of Hawaii
Foundation, we contributed nearly $2.2
million to the community. This includes
the generous support of our teammates,
who personally donated nearly 560,000
to our annual employee giving campaign,
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Bank of Hawaii 2021 Annual Report C H A I R M A N ’ S M E S S A G E
after a hiatus in 2020. Their support
benefitted more than 250 organizations
across Hawaii and the West Pacific
region.
Through partnerships, grants,
sponsorships, and hands-on
volunteerism, we provided a variety of
ways to help our community recover. We
continued our participation in the SBA’s
Paycheck Protection Program. Our PPP
team processed more than 3,400 PPP
loans totaling more than $287 million in
2021. By the end of the year, the team
processed more than 7,500 PPP loan
forgiveness applications for Hawaii
businesses totaling over $700 million
in federal funding.
Our community continues to benefit
from our $3 million grant to Hawai‘i
Community Foundation’s Hawai‘i
Resilience Fund in 2020 to address
social and economic impacts of
the pandemic, including Hawaiian
Community Assets, a nonprofit that
has developed financial opportunity
centers to help individuals prepare for
homeownership.
Our team pulls together throughout
unexpected challenges with a steadfast
dedication to support the community.
Employees across our regions have
participated in beach clean-ups,
volunteered at vaccination sites,
packed bags of food for foodbank
recipients, taught financial education,
and much more.
Further to our $5 million sponsorship
of the Athletics Department at the
University of Hawai‘i, we announced
a unique endorsement partnership in
September 2021 with eight of Hawaii’s
basketball and volleyball student-
athletes who play at the SimpliFi Arena
at Stan Sheriff Center. This is the
arena that BOH renamed as part of its
sponsorship, and we are honored to be
able to offer these SimpliFi Athletes new
opportunities to help shape their futures.
The students are women’s volleyball
players Amber Igiede and Brooke Van
Sickle; men’s volleyball players Chaz
Galloway and Max Rosenfeld; women’s
basketball players Kelsie Imai and
Daejah Phillips; and men’s basketball
players Samuta Avea and Kamaka
Hepa. BOH has been supporting local
athletes for decades, and the new name,
image and likeness rules announced by
the NCAA made these endorsements
possible. As part of the sponsorship are
opportunities for financial education;
professional/career development
and training, such as internships; and
community service and engagement
experiences.
Ongoing Commitment to
Branch of Tomorrow
We recognize the importance of our
branch services in a growing digital
world, and we continue to invest in our
Branch of Tomorrow concept that offers
21st-century upgrades, such as free Wi-
Fi and easy-deposit ATMs, along with
personalized service.
We opened three new Branch of
Tomorrow locations this year. In March,
we opened our new Mililani Branch
at Mililani Town Center on Oahu. The
branch was selected for a 2021 Kukulu
Hale Award for its efficient design
and floor plan by the NAIOP Hawaii,
the state’s leading trade association
for commercial and real estate
development.
Our new Waialae-Kahala Banking Center
opened on May 3, as a three-story
building with the branch on the first
floor. In August, we opened the second
floor that houses The Private Bank
offices, and the third floor that contains
office spaces and conference rooms.
On May 24, we opened our first Branch
of Tomorrow on Hawaii Island in
Niumalu Marketplace at Safeway. Our
new Hilo Branch broke ground in early
January 2022, and is scheduled to open
later in the year.
As a provider of essential financial
services, we continue to respond
to the changing preferences of our
customers. To help us do this, we
gather first-hand feedback from our
customers and analyze input that
maps their experiences from a variety
of interactions. In 2021 alone, we
received feedback via more than
20,000 customer surveys. Based
on these insights, employees are
creating opportunities for service
improvements, and to better anticipate
customers’ needs. One result was
the implementation of Bank by
Appointment, a new service that
lets customers book an in-person or
telephone appointment at their preferred
location and time. More than 25,000
appointments were booked in 2021.
Welcome and Farewell
In October, Elliot K. Mills was elected to
serve on our Board of Directors. Elliot is
as passionate as he is accomplished, and
joins us with an abundance of expertise
and insight into our local travel industry.
As the vice president of hotel operations
for Disneyland Resort and Aulani, A
Disney® Resort and Spa at Ko Olina,
he leads more than 5,000 employees
and oversees operations across four
locations, including the Disneyland
Hotel, Disney’s Paradise Pier Hotel and
Disney’s Grand Californian Hotel & Spa
in Anaheim, California, in addition to the
Ko Olina resort on Oahu.
I want to extend my sincerest mahalo to
Vice Chair Wayne Hamano, who retired
at the beginning of 2022 after more than
40 years at Bank of Hawaii. Wayne first
joined the bank in 1977 as a commercial
credit analyst, and served on our
Executive Committee since 2006. He
oversaw the Commercial Banking Group
for decades, and I thank him for his
dedication to the success of our clients,
colleagues and the community.
In Closing
I am humbled and proud of the ingenuity
and flexibility of our leadership and
teammates as they responded to new
challenges in 2021. They continued their
unwavering support for our customers,
community and one another, as we look
forward to a new year filled with
a renewed sense of purpose in our
journey ahead.
Mahalo nui loa,
Peter S. Ho
Chairman, President and CEO
2 0 2 1 F I N A N C I A L S U M M A R Y
Bank of Hawaii C or poration and Subsidiar ies (dollar s in thou sand s , e xcept per-share amount s)
FOR THE YEAR ENDED DECEMBER 31
2021
2020
253,372
6.29
6.25
2.74
1.14 %
16.94 %
17.92 %
2.36 %
58.86 %
83.76
99.10
75.65
12,259,076
22,784,941
20,360,108
10,391
1,611,611
35.57
1.29 %
2,056
54
Earnings Highlights and Performance Ratios
Net Income
Basic Earnings Per Common Share
Diluted Earnings Per Common Share
Dividends Declared Per Common Share
Net Income to Average Total Assets (ROA)
Net Income to Average Shareholders’ Equity (ROE)
Net Income to Average Common Equity (ROCE)
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 Common Share
Diluted Earnings Per Common Share
Net Income to Average Total Assets (ROA)
Net Income to Average Shareholders’ Equity (ROE)
Net Income to Average Common Equity (ROCE)
Net Interest Margin 1
Efficiency Ratio 2
$
$
$
$
$
$
63,837
1.56
1.55
1.12 %
15.92 %
17.40 %
2.34 %
60.18 %
$
$
153,804
3.87
3.86
2.68
0.79 %
11.38 %
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 %
12.26 %
2.48 %
59.88 %
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).
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Bank of Hawaii 2021 Annual Report
Y E A R I N R E V I E W
S T E E R I N G A C O U R S E T O A
R E S I L I E N T
R E C O V E R Y
There is no denying that every aspect of life has been affected by
the COVID-19 pandemic. It has brought about immense change,
which, in some ways, has been beneficial. While we are still
navigating uncertainties, there are also clear opportunities to
chart a path and help empower our employees, customers and
community to a successful future.
During this unprecedented time, Bank of Hawaii employees have embraced
new skills that have improved the way we operate. Our experience in serving
generations of Hawaii’s people combined with innovative banking solutions
allows us to explore and develop new opportunities to help improve lives.
Our growth helps fuel a growing island economy. That’s why we work alongside
our stakeholders—colleagues, customers, shareholders and community—to
advance and accelerate positive long-term change, united in the certainty that
success can and must be mutual. At our core, it’s the people and organizations
we work with every day who keep us focused on responding to change—and who
partner with us to create it.
S A F E T Y F I R S T D U R I N G C O V I D - 1 9
Health and safety remain the top priorities at Bank of Hawaii.
In 2021, BOH extended existing protocols established at the
start of the pandemic to keep employees and customers safe.
We continued to follow guidelines for mask wearing and social
distancing in our facilities and branches, retained plexiglass
shields at desks and teller stations, and upgraded doors to
become hands-free. We also continued to reserve specific
times at our branches to serve kūpuna and other vulnerable
customers, along with their caregivers.
As providers of essential services, our employees were among
the first to become eligible to receive vaccines. Prompted by
an alarming increase in COVID-19 cases during the summer,
BOH now requires employees to provide proof of vaccination
or undergo weekly COVID-19 testing. BOH covers the cost for
unvaccinated employees opting for weekly testing.
Unwavering Financial Support
Bank of Hawaii continued its steadfast financial support to help
customers and businesses weather the economic challenges of
the pandemic.
In 2021, BOH participated in the second round of the Small
Business Administration’s Paycheck Protection Program
(PPP). The expertise and diligence of our PPP team enabled
us to process more than 3,400 PPP loans totaling over $287
million in 2021. The combined BOH PPP loans processed in
2020 and 2021 were almost 8,000 loans totaling over $830
million.
By the end of 2021, BOH had processed more than 7,500 PPP
loan forgiveness applications totaling more than $700 million
in federal funding through this special program to assist Hawaii
businesses.
Specialized Loan Assistance
Bank of Hawaii’s focus is to maintain long-term relationships
with our customers and provide relevant financial services as
their needs change. So, when customers experienced financial
hardships related to COVID-19, we created an emergency loan
program for a wide array of products, including residential
mortgages, home equity credit lines, auto loans and installment
loans. This loan program was initiated at the beginning of
the pandemic and offered special payment deferments from
March 2020 through June 2021—far longer than the typical
90 days offered in our marketplace. In addition, we offered
loan deferrals to our commercial clients, which helped these
customers for up to 18 months, compared to the usual six
months in our market. These programs supported a variety of
local business owners, including landlords who were able to
support their tenants.
Kahu Kordell Kekoa blesses BOH’s new Mililani Branch with Sr. EVP
of Branch Banking Jill Higa, Mililani Branch Manager Matt Nealis and
Sr. EVP of Consumer Banking Group Dana Takushi.
T R A N S F O R M I N G C U S T O M E R
E X P E R I E N C E ( C X )
Today’s customers have more choices than ever before. As the
digital transformation of banking services continues to surge,
Bank of Hawaii remains committed to developing new products
and services as well as new ways to deliver them to ensure
convenience and accessibility for our customers.
To better understand our customers’ perspectives, Bank of Hawaii
invested in gathering first-hand feedback at interaction touchpoints
that included in-person, digital and telephone interactions. Our
Customer Experience (CX) initiative was launched at the end of
2020 after a year of analyzing feedback and extensive employee
training.
In 2021, we continued gathering feedback via more than 20,000
surveys that identified opportunities for future growth and service
improvements, with our employees coming together to design
those solutions. We plan to continue transforming customer
experiences so interactions are natural, useful and personalized
to anticipate unmet customer needs.
I M P R O V I N G B U S I N E S S O P E R AT I O N S
T H R O U G H D I G I TA L I Z AT I O N
As we improve how we connect with our customers through
our CX initiative, we also look for opportunities to improve our
operations overall. By focusing on operational excellence, we have
found ways to reduce waste, improve quality and optimize the way
we work together to provide long-term value to our customers.
Operational excellence includes digitizing our processes not only
to create better services and products for our customers, but also
to create more efficiency in our daily workflow. In 2020, as more
employees worked from home and fewer came into the office to
retrieve mail, a BOH team set up a new digital system within weeks
to deliver mail to inboxes.
7
Bank of Hawaii 2021 Annual Report
Y E A R I N R E V I E W
Operational excellence
means reducing waste,
improving quality and
optimizing processes.
In 2021, more than 66,000 pieces of mail were scanned
and emailed directly to the intended recipients. Because of
the improved delivery time, employees were able to take
appropriate action more efficiently. Confidential materials are
identified, safeguarded and delivered utilizing secure measures.
Investing in Call Center Operations
Our Call Center continues to be one of our essential customer
service touchpoints. In 2021, we began exploring new ways
to improve customer call center experiences. The goal was to
better integrate Call Center services with our digital and branch
services in a seamless partnership. To accomplish this, we
increased staffing, updated training, streamlined processes
and invigorated our management and team engagement efforts.
This investment has decreased customer wait times by 64%
just from May through October 2021, resulting in an average wait
time of less than five minutes in the fourth quarter.
Our Call Center will continue implementing new activities and
training to empower agents to provide personalized and timely
support in solving customer concerns and providing other
improved customer experiences.
B R A N C H E S C O N T I N U E T O
T R A N S F O R M I N A M O D E R N W O R L D
As customers choose to use digital options for more of their
banking services, our branches continue to provide valuable
opportunities to create more connections with customers and
enhance their experience.
At the start of the pandemic, we launched Bank by Appointment
to facilitate in-branch interactions and provide customers
an option for a dedicated time and location for their banking
needs. The online system enables customers to book an in-
person or telephone appointment at a location and time that
is most convenient for them. Appointments can be made with
specialists in a wide range of banking services for The Private
Bank, Trust, Bankoh Investment Services Inc., mortgages,
merchant services, commercial real estate and digital sales.
These dedicated appointment times eliminate the need to stand
in line for specialized services and provide a personalized and
more efficient banking experience. In 2021, more than 25,000
appointments were booked, and about 1,700 were mortgage-
related.
Branch of Tomorrow Response to the Pandemic
Ensuring that customers in all our communities have access to
excellent financial services is part of Bank of Hawaii’s ongoing
commitment. In early 2021, six additional branches that had been
temporarily closed due to the pandemic were reopened.
Due to dramatic changes in customer behavior that include a
proliferation of digital banking and reduced in-person branch
transactions, the decision was made to keep 12 BOH in-store
branches permanently closed. A growing shift toward mobile and
online platforms, card usage, and digital payment options were
accelerated by the pandemic.
Continued Investment in Branch of Tomorrow
Bank of Hawaii’s Mililani Branch opened on March 22, 2021.
The new Mililani Branch is located in the Town Center of Mililani
and replaces the former branch in Mililani Shopping Center. It
includes special features, such as enhanced air quality systems,
intended to keep employees and customers safe throughout
the pandemic and beyond. It also provides improved energy
efficiencies and upgraded technology (including free Wi-Fi
and easy-deposit ATMs). Bank of Hawaii has been serving the
Mililani community since opening its first branch in the area in
May 1970.
The new Waialae-Kahala Banking Center opened on May 3,
2021. The branch is located on the first floor of the newly
constructed three-story building and features our Branch of
Tomorrow upgrades. The second and third floors opened on
Aug. 30, 2021, with the second floor housing The Private Bank
offices and the third floor containing conference rooms and
office spaces. Bank of Hawaii has been serving the Waialae-
Kahala community for more than 60 years.
BOH’s new three-story Waialae-Kahala Branch opened in May 2021.
First Branch of Tomorrow Opens on Hawaii Island
Bank of Hawaii’s 12th Branch of Tomorrow opened in the
Niumalu Marketplace Safeway on May 24, 2021. This in-store
branch is the first Branch of Tomorrow on Hawaii Island. BOH
has been serving the Kona community for 99 years, since
acquiring the First Bank of Hilo and opening the Kona Branch
in December 1922. The 438-square-foot Safeway Niumalu
Marketplace Branch is the 10th BOH branch on Hawaii Island.
Bank of Hawaii is continuing its commitment to the Branch of
Tomorrow format, with our Hilo Branch scheduled to open in
2022.
O U R E X P A N D I N G D I G I TA L
T R A N S F O R M AT I O N
The COVID-19 pandemic accelerated customers’ embrace of
digital banking at Bank of Hawaii, and our extensive investment
in these tools made it easy for customers to make the switch.
Bank of Hawaii continues to provide more modern banking
options for its customers and is focused on making digital
banking simpler, safer and more convenient. BOH is constantly
evolving to fit our customers’ preferences and lifestyles, and is
accessible online by computer, tablet and smartphone.
BOH delivered a safe, touchless way for debit card customers to pay
for in-person purchases at retailers with new contactless debit cards.
SimpliFi Continues to Expand
SimpliFi by Bank of Hawaii is our digital banking platform that
launched in 2018 with our online mortgage application, SimpliFi
Mortgage. Today, SimpliFi by Bank of Hawaii has grown to help
customers manage additional aspects of their finances online
including opening accounts, buying a home, setting a budget and
more.
New Digital Features
With digital convenience and safety in mind, in February BOH
invested in issuing new contactless versions of its debit cards to
its customers rather than waiting for their cards to expire. The
cards offer a touchless way for debit card customers to pay for
in-person purchases at retailers by simply waving or tapping
their card at merchant terminals with the contactless symbol.
In May, BOH launched Zelle in its mobile banking app for Guam
and Saipan customers, providing them with a safe, person-to-
person payment option. Payments are typically available within
minutes when both parties are already enrolled in Zelle. Bank of
Hawaii previously added Zelle to its app for Hawaii customers
in 2019.
A P L A C E T O C A L L H O M E
Owning a home is a major milestone in building a better future,
but there’s a severe shortage of affordable homes in Hawaii.
Bank of Hawaii is well-positioned to offer solutions and
work with homebuyers (including first-time homebuyers) to
streamline the process of becoming a homeowner. BOH also
works with developers by providing financing for projects that
include affordable housing units.
Building Wealth Through Mortgage
and Home Equity Lending
Because owning a home—and utilizing that equity—is how
many people build wealth, Bank of Hawaii continues to invest
in making the process of obtaining a mortgage or refinancing
as easy and accessible as possible. BOH continues to be a
leader both in home equity and residential lending. In 2021,
we surpassed 2020 mortgage production by 6%, and home
equity lending by 67%, making it a record-breaking year for
both. According to Title Guaranty Hawaii, this positions Bank of
Hawaii as the residential real estate leader in Hawaii.
B A N K O F H AWA I I
B R A N C H E S A N D A T M S
(As of December 31, 2021)
BRANCHES &
IN-STORE BRANCHES
ATMS
State of Hawaii
Oahu
Hawaii Island
Maui
Kauai
Lanai
Molokai
West Pacific
Guam
CNMI/Saipan
Palau
Total
50
26
10
8
4
1
1
4
2
1
1
273
185
38
28
20
1
1
34
26
5
3
54
307
9
Bank of Hawaii 2021 Annual Report
Y E A R I N R E V I E W
BOH continues to be a
leader both in home equity
and residential lending.
SimpliFi by Bank of Hawaii is a convenient online resource for
customers buying or building a home, or using the equity in
their current home for other expenses. This digital service also
includes resources—such as access to experts—to help new
homebuyers become informed about what is needed when
purchasing their first home.
BOH offers specialized financing options, including government
loans and construction loans. We are proud to be the only
Hawaii-based lender providing loans for Department of
Hawaiian Home Lands lessees. Thanks to our mortgage team’s
depth of experience, we are able to streamline the complexities
of the loan process.
Supporting Affordable Housing
for Residents and Developers
Hawaii has a limited supply of affordable housing due to the
high costs of land and construction, and Honolulu is one of the
most expensive cities in the U.S. According to the National Low
Income Housing Coalition, almost 70% of the demand is from
households earning less than 30% of the area median income.
Bank of Hawaii continues to support affordable, permanent
housing through construction funding and lending. We are
committed to investing in new opportunities to create more
homes across the state, especially during the pandemic.
BOH continues to be a market leader in increasing the supply
of new, affordable housing developments. In 2021, the bank
supported the acquisition or start of construction for nearly 800
affordable housing units (490 on Oahu, 201 on Maui and 101 on
Hawaii Island), with almost 800 more in the pipeline.
Three affordable housing construction projects on Maui were
assigned more than $87 million in funding from BOH. Urban
Housing Communities, LLC and the nonprofit Ikaika Ohana
are the partners developing all three projects. Groundbreaking
was held this year on 89 units at Kaiāulu O Kupuohi in Lahaina.
In Kihei, financing was confirmed for 64 units at Kaiāulu O
Halele‘a-Phase 1, and another 56 units at Kaiāulu O Halele‘a-
Phase 1B. The new construction will have a mix of one- to
four-bedroom apartments, all of which are specifically designed
to provide housing for families with incomes between 30% and
60% of the area median income.
On Oahu, BOH provided bond financing and equity investment
for affordable kūpuna rental housing in Moiliili in Honolulu.
Construction started in September 2021 for a new, six-story
apartment building with 80 studio and 24 one-bedroom units
reserved for seniors 55 and older with incomes between 30%
and 60% of the area median income. Ho‘okahua Development
LLC, a partnership between the nonprofit Hawaiian Community
Development Board and 3 Leaf Holdings, LLC, is the developer
of this project, which offers convenient access to a range
of services plus employment opportunities and educational
resources. The project is targeted for tenants to move in 2023.
H E L P I N G B U S I N E S S E S
P R E P A R E F O R T H E F U T U R E
For some people, preparing for the future means planning for
different stages of their lives. For others, it means being ready
to handle the unexpected. While we can’t predict the future,
we can help plan for it. The experienced team of financial
advisors at Bankoh Investment Services, Inc. has been helping
generations of Hawaii’s people—and their businesses—anticipate
the future by protecting their assets, growing their wealth and
preparing for retirement.
During the pandemic, three of our most seasoned Certified
Financial Planners, with combined experience of nearly 100
years, took a hands-on approach by assisting with the BOH
PPP application and forgiveness process to ensure that local
businesses got the help they needed from this special program.
Our financial advisors take the time to develop a relationship
with clients and get to know them on business and personal
levels. Establishing this foundational relationship is necessary
to provide the valuable insights and guidance needed to craft
a holistic plan customized to a client’s specific needs and
concerns. For businesses, this can mean insurance planning,
including key-person insurance policies for owners, top
executives and others critical to a company’s success. Our
team offers guidance on sales agreements for buying or selling
a business, and professional disability and long-term care
insurance.
They also offer a wealth of retirement planning options to
ensure a financially fit future. In addition to traditional 401(k)s
and Defined Benefits Plans, they can also help set up retirement
plans designed specifically for small business owners—solutions
such as Simplified Employee Pension plans (SEP IRAs), Savings
Incentive Match Plans for Employees (SIMPLE IRAs), and Cash
Balance Pension plans.
At Bankoh Investment Services, Inc., our clients enjoy the best
of both worlds—local and personalized investment expertise
combined with access to large and well-established mainland
investment and insurance providers. It is through these
strategic partnerships that we are able to provide our clients
with a comprehensive and competitive suite of investment
and insurance solutions that can be customized for growth,
protection and wealth transfer.
O U R C O M M U N I T Y
G I V I N G B A C K A N D M O V I N G
F O R W A R D
T O G E T H E R
Hawaii always pulls together to help in times of need, and Bank of Hawaii and Bank of
Hawaii Foundation are there to provide year-round philanthropy through sponsorships,
volunteerism and grants. In 2021, Bank of Hawaii, its Foundation and employees
contributed nearly $2.2 million to the community. Along with the generous support
of our employee volunteers, who know how to make a difference while safely social
distancing, we partner with a variety of local nonprofits to address a spectrum of needs
and assist those hit hardest during the pandemic. As the pandemic continues to pose
new challenges, we are resilient and continue to be inspired by those who are working to
move forward together.
E M P L O Y E E S G I V I N G B A C K
Bankoh Blue Crew Volunteers
Live Kōkua Giving Campaign
2021 marked a return to our annual employee
giving campaign, which raised $559,575.
Because many employees are still working
remotely, the campaign was transformed
into an online fundraising effort. Partnering
with Aloha United Way, we shared stories
and information about the more than 300
nonprofits that AUW serves. Themed
#BankohStrongForOurCommunity, over
90% of our employees donated to 257
organizations making a difference for some of
the most vulnerable in our communities during
the pandemic.
After gaining confidence on how to interact safely with others during the
pandemic by wearing masks and social distancing, our employees resumed
volunteering within the community during 2021. Here are some of the highlights.
• Summer interns worked together to improve landscaping at Hawai‘i Nature
Center on Oahu.
• BOH volunteers participated at a variety of vaccination centers/sites, including:
- Kōkua Kalihi Valley Comprehensive Family Services on Oahu.
- Southern Regional Clinic, the Talofofo Gym and Ypao Beach on Guam.
• Volunteers from the BOH Military Employee Resource Group worked with
Honolulu Habitat for Humanity to build a home for a military veteran and his
family.
• At Hawaii Foodbank, volunteers packed over 5,000 bags of food as part of
their Food 4 Keiki School Pantry Program.
• Volunteers went out to Maunalua Bay and helped remove 500 pounds of
invasive limu with Mālama Maunalua.
Along with several teammates, Harmon Branch
Manager Rachalyn M. Cardines volunteered at
three vaccination sites across Guam by assisting in
a variety of tasks every Friday and Saturday from
April 23 through May 14.
BOH interns and volunteers help spruce up the facilities at Hawai‘i Nature Center. From
left: Marcus Mau, Kayla Hoang, Jenna Muraoka, EVP of Internal Audit and Hawai‘i Nature
Center board member Lacey Nakaguma, Georgia Ryan, Melanie Yang and Tessa Nishida.
1 1
Bank of Hawaii 2021 Annual Report
O U R C O M M U N I T Y
O U R C O M M U N I T Y
C O M M U N I T Y
G I V I N G
A T A G L A N C E
The following are some of the gifts from
Bank of Hawaii Foundation in 2021, and
the impact they made.
n Hawai‘i Community Lending: $10,000 supported their
outreach efforts to low- and moderate-income Hawaii
Island residents to inform them about a federal grant
available to provide more than $21 million in rent relief and
assistance with utilities. Many of the applicants live at 80%
below the average median income for the area.
Top photo: BOH’s Military Employee Resource Group donated
a variety of items, such as clothing, linens, school supplies,
etc., to the individuals and families that U.S. VETS serve. Here,
Bankoh Blue Crew volunteer Thinzar Nyun provides a veteran a
backpack filled with hygiene items.
Bottom photo: Bankoh Blue Crew volunteers Wilma Kanda
n Kōkua Kalihi Valley (KKV) Comprehensive Family
and Kaleo Kekoolani helped fulfill orders and deliver food for
Services: $4,000 grant, which was used to provide lunch
for the volunteers, KKV staff, Hawaii Army National Guard
and Honolulu Fire Department working at the vaccination
site at the former Bank of Hawaii Kalihi Branch.
Additionally, Bank of Hawaii provided in-kind support
valued at over $30,000 with the use of its Kalihi Branch to
administer 1,359 vaccinations to vulnerable members of the
community from March 27 to June 26.
n Mental Health America of Hawai‘i: $20,000 donation
made more online resources available and accessible
across social media and beyond as part of its mission to
promote mental wellness.
n Maui Health Foundation: $50,000 donation over two
years to its Patient Resource Assistance Fund, which
provides financial support for non-acute medical care to
lower-income patients in need, so that they may be
discharged in a safe and healthy way.
n Palama Settlement: $25,000 donation supported its
newly established Digital Arts Academy, the only formal
digital arts program in the Kalihi-Palama neighborhood. The
program is part of a Center of Innovation, created to train
youth in digital graphic skills that can translate into job
readiness. During the pandemic, the program also assisted
students with online education challenges by making
computers more accessible to those without adequate
technology at home.
in-person and drive-thru pickups at The Pantry.
n Project Vision Hawaii: $30,000 donation helped the
nonprofit operate its mobile clinics, which provide hot
showers and health resources (including eye exams for
children) to those who have a low income or are
experiencing homelessness. In 2021, Project Vision
Hawaii pivoted to also administer COVID-19 testing and
vaccines to various communities.
n The Pantry by Feeding Hawaii Together: $50,000
grant over two years beginning in 2021 helped purchase
food and provide staff to support the only “e-commerce”
food pantry in America. The Pantry serves an average of
13,000 individuals each month.
n YWCA’s Dress for Success: $25,000 donation helped
empower women, including those transitioning out of
prison or shelters, or who are new or returning to the
workforce, to achieve economic independence. The
program provides networking support, training, and
professional attire to gain skills, confidence and jobs.
2021 VIRTUAL HONOLULU PRIDE
PARADE SPONSORSHIP
As part of our commitment to supporting diversity, equity
and inclusion in the community as well as in the workplace,
Bank of Hawaii renewed its sponsorship of the Honolulu Pride
Parade and Festival with a four-year commitment of a $15,000
donation each year through 2024. The donation supports
not only the festival and parade, but also helps to fund other
program initiatives of the Hawai‘i LGBT Legacy Foundation.
In previous years, our employees have turned out in big
numbers to show their support by walking in the parade.
This year featured a virtual “Tiny Floats Parade” televised on
KHON2, and BOH’s tiny float is pictured here.
2 0 2 1 F I N A N C I A L E D U C AT I O N /
C O M M U N I T Y R E I N V E S T M E N T AC T (C R A )
The focus of our services under CRA was to partner with
other organizations to improve financial literacy, create
affordable housing and well-paying jobs, support small
businesses, address homelessness and improve healthcare.
Providing a Helping Hand to
Families Seeking Housing
Susannah Wesley Community Center (SWCC), a social
service agency in Kalihi, asked Bank of Hawaii to provide
volunteers to assist families applying to enter a Section 8
Housing waitlist. For the first time, the application process
was entirely online. Thirty-two BOH volunteers helped
300 families complete the application. SWCC is the only
organization offering one-to-one support.
Junior Achievement, Guam and Hawaii
BOH volunteers have been fostering young entrepreneurs
and improving financial literacy through decades of
partnership with Junior Achievement. In 2021, 18 BOH
volunteers in Guam served as advisors, from product
development through the sales process. Guam Economic
Development Authority (GEDA) was so supportive, it
funded a space for Junior Achievement in Chamoru Village
to feature and sell products designed by the students.
Together with our Hawaii bankers who taught Junior
Achievement coursework virtually at 19 Title 1 schools,
nearly 150 employees made financial education possible.
Saipan Small Business Grants
2021 marked the 10th year of the I Kinometi Para
I Kumunidåt I Islå-t, which are Small Business and
Revitalization and Development grants from Bank of
Hawaii. Five grants up to $5,000 each are awarded every
year to support and help new and existing small businesses
thrive and give back to the community. This year, more than
80 applications were received and one of the five recipients
did just that. With help from the grant monies, Benjamin
Babauta, owner of Tylers Gelatte Stone, added an additional
employee and organized a ‘Small Business Sunday’ event
in September at Sugar King Park that gave another 13 small
businesses a venue to display their products.
Benjamin Babauta, owner of Tylers Gelatte Stone in Saipan,
received a $5,000 small business grant in 2021, which he used to
expand his business and give back to the community.
1 3
Bank of Hawaii 2021 Annual Report
O U R E M P L O Y E E S
E M P OW E R E D A N D
M O V I N G F O R W A R D
For nearly 125 years, Bank of Hawaii’s greatest
strength has been its employees who work
together to build meaningful relationships with
customers and deliver exceptional service. Our
employees are the heart of our business, and we
continue to support and empower them with
new opportunities for professional and personal
growth. We are committed to helping them thrive,
achieve successful careers and attain fulfillment.
Our Military Employee Resource Group volunteers worked together
throughout the year, including with Honolulu Habitat for Humanity to
help build a home for a military veteran. .
BOH held a vaccination
event for West Oahu
employees at Hale O
Kapolei, to provide
a convenient way to
receive the COVID-19
vaccine.
Ongoing and Flexible Care for Employees During COVID-19
The health, safety and well-being of our employees continues to be our No. 1
priority. At the height of the pandemic, approximately 70% of our employees
were working remotely, with nearly half of our employees continuing to work
from home at the end of 2021. As our community began experiencing periods
of low infection rates and the hope that came with the availability of vaccines,
we were formulating plans to determine how best to transition employees
back into our various locations. In addition to renovations to our facilities
and the establishment of mask and social-distancing requirements, medical
professionals were made available to answer employees’ questions and we
requested feedback to understand and address employee concerns.
In July 2021, the surge in infection rates from the Delta variant halted those
plans and influenced our decision to require vaccinations as the best way to
protect employees, customers and our communities. The few unvaccinated
employees are tested weekly for COVID-19.
At the close of 2021, our plans for more employees to return to on-site work
were put on hold again as case counts rose due to the highly transmissible
Omicron variant. Our leadership continues to monitor the situation to bring our
teams back safely when the time is right.
Listening to Employee Input
Our employee survey tool launched in
2020 to obtain anonymous feedback
and to proactively respond to concerns.
We surveyed employees in April and
October 2021. Participation was high
and the valuable information gathered
helped develop new programs. As a
result, career development sessions such
as “Navigating Your Future” and “Career
Agility” were offered.
The Art of CX Training
Improving our customers’ experiences
(CX) with the bank and their relationships
with us continues to be a major initiative.
While collecting and measuring feedback
from customers, we also invested in
multimedia CX training again in 2021.
The first phase of training was rolled out
in 2020, and phase two was introduced
in September 2021. These new learning
modules focus on BOH’s mission, vision
and values, which are translated into
customer-centric behaviors that have
been identified through our research.
To add a deeper commitment toward a
CX culture, all employees are asked to
accomplish a performance goal specific
to the way CX can be improved in their
unique job. This goal-oriented approach
applies to all employees—both customer-
facing and those who serve internal BOH
employee customers.
Continued Focus on Diversity,
Equity and Inclusion
Bank of Hawaii values the contributions
of all its employees and has always
promoted a workplace culture that is
inclusive, respectful and welcoming of
diverse backgrounds and experiences.
An important component to welcoming
diversity is through our Employee
Resource Groups (ERG): RainBOH,
Women Inspired, and Military, with
additional ERGs planned for 2022.
Cynthia Esparza and boyfriend Derek
Taylor celebrated her graduation in May
2019, when she earned her associate’s
degree through CAP. In September
2021, she earned her bachelor’s degree
in management from Chaminade
University of Honolulu.
Supporting Educational
Journeys
2021 marks the fifth anniversary
since the Bank of Hawaii College
Assistance Program (CAP) was
launched in 2016. The program
provides a path for employees to
obtain a college education—free
tuition makes this dream a reality
in partnership with Chaminade
University of Honolulu and the
University of Hawaii Community
Colleges.
C A P H I G H L I G H T S
associate’s degrees
5 employees earned their
4 employees earned their
75 employees are currently
enrolled in the program
bachelor’s degrees
Improving Connections;
Empowering People
To help maintain Hawaii’s special culture
of ‘ohana and working together toward
common goals, renewed attention was
paid to engaging teammates during the
pandemic, especially those working
remotely. Based on employee feedback
from surveys, special online sessions
were created in 2021 to connect with
employees and encourage collaboration.
• Exec Connect launched in April,
giving employees opportunities
to interact with members of the
Executive Committee. Employees hear
about high-level strategies and share
their own concerns and observations.
Exec Connect was a hit, and proved
especially valuable at welcoming
new employees, allowing them to
familiarize themselves with key
executives and other employees.
• Recruit Connect launched in July
to help teammates identify job
opportunities within the organization
and find out more about them. In
some cases, sessions led to referred
candidates joining the bank, and to
current employees finding a new
career path.
• Manager Excellence Forums
launched in January as a platform to
connect managers and enable them
to learn from and support one another
when facing management issues, and
to discuss practical solutions. Manager
engagement has been key to navigating
the pandemic environment, and these
forums help managers stay connected
and improve their management skills
while moving forward with their teams.
Forum topics are suggested by the
participants, who meet every other
month, and have included increasing
employee morale, resilience, managing
hybrid teams, self-care and employee
retention.
1 5
Nourishing Our ‘Ohana
Our Bankoh Meals-To-Go program,
which launched in May 2020, took
the idea of sharing meals to a new
level by offering employees free
family-style meals once a week. With
our Café Blue cafeterias temporarily
closed, we utilized those facilities to
provide meals for 98 weeks, officially
ending in June 2021. Employees
not in need were encouraged to
“share it forward,” by donating their
meals to family members, kūpuna or
those experiencing food insecurity.
Any food not utilized was donated
to Aloha Harvest. Our Café Blue
cafeterias at the downtown Tower
and Hale O Kapolei later reopened,
serving contactless food-to-go, which
employees can order online through
their laptop or mobile device.
B A N K O H M E A L S - T O - G O
H I G H L I G H T S
418,364
116,424
meals distributed
on Oahu
meals distributed
on neighbor islands
and the West
Pacific region
12,843
pounds of food
donated to Aloha
Harvest
113
neighbor island and
West Pacific region
restaurants received
support through
participation in the
program
51
BOH volunteers
helped distribute
meals
Bank of Hawaii 2021 Annual Report
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
Stephen Metter, CEO
and principal of MW
Group, Ltd., at
Pioneer Plaza in
downtown Honolulu.
Pioneer Plaza is one
of the properties
owned and operated
by MW Group.
MW GROUP, L t d . S t e p h e n M e t t e r
S T E P H E N “ S T E V E” M E T T E R :
Everything we’ve done together has
and he does an excellent job at advising us,
MW Group was founded in 1991 on a
contributed to a long-term relationship that
identifying all the options, and making sure
handshake between Michael Wood and
benefits all involved. They have always
that he’s providing us with all the
myself. Over these 30 years the company
been a partner with principles. They’ve
variations.
has grown to a little over $1 billion in
always been looking for ways to create
diversified real estate assets in Hawaii.
value.
These include several shopping centers
At the core of MW Group is ‘ohana, our
community, and support for all of our
and office buildings on Oahu and Maui, and
During the different market cycles, BOH
stakeholders. All our executives and
some light industrial properties. We also
has always been very proactive in coming
managers serve the community on boards
built a self-storage brand, Hawaii Self
to us with innovative ways to refinance our
or through direct voluntary service; we’ve
Storage, with seven facilities, and six Plaza
assets. For example, during the financial
never had to make this a requirement
Assisted Living Communities for Hawaii
crisis we had some loans maturing and
because it’s inherent in their individual and
seniors. The goal is clear: to care for and to
BOH provided a thoughtful and creative
collective commitments.
protect our residents, tenants and renters.
solution leading to the purchase of Kapolei
Neither of the principals came from money.
Self Storage West.
Both of us paid our way through college
MW’s success has enabled us to give back
in other ways. My business partner, Mike
and were supporting our parents at a
Most recently, we entered a partnership
Wood, donated $1.2 million to build
relatively young age. We needed a lot of
with BOH to build our newest self-storage
Ho‘omalu O Na Kamali‘i, a safe haven for
help to build our company and survive, and
facility on their property on Dillingham
abused and displaced children entering the
Bank of Hawaii has been a critical partner
Blvd., on Oahu. The bank provided
child welfare system. The home opened in
in the evolution of MW Group.
financing for the repurposing of an existing
Maili, Oahu, in 2009, and he has also been
building and a ground up five-story facility
funding its operations through regular
At its core MW Group is relationship-
that opened Sept. 2021. We had to work
contributions to his $8 million 20-year
centric, both internally and externally.
together on the project because their
pledge. In addition, MW Group, Plaza
Internally, we’re driven by family values
newest Iwilei Branch is on the same lot.
Assisted Living and Hawaii Self Storage
and a deep sense of ‘ohana. Our talented
The final product represents the best
provide regular monetary support through
leadership team of about 30 people has
efforts of both organizations.
scholarships, athletic sponsorships and
been with the company for an average of
other community donations.
16 years, and for that I’m very grateful.
I have a relationship with Peter Ho that’s
very deep. I appreciate his commitment
BOH has the resources to address virtually
We are driven by local values while
and absolute focus on community, his
any growth situation in our marketplace.
maintaining an investment-banking focus,
ability to transform and modernize the
And they have the depth and banking
discipline and metrics. BOH understands
bank, and the leadership lessons that he’s
experience to underwrite it. They also have
these metrics and how to measure them,
shared during that process. And he’s
a commitment to relationships to ensure
which has made them a wonderful
produced exceptionally strong results,
that they’ll fully vet and fully understand
long-term partner, and they’ve also
which is comforting as a partner. You want
the borrower’s requirements so that they
provided us with guidance along the way.
your bank to be in a strong and stable
can pair up the appropriate credit and
position, and BOH is clearly very strong
banking solutions.
We are grateful to have deeply integrated
and has consistently ranked at the very top
relationships with BOH, fostering creativity
of regional banks.
and improving overall performance. They
No matter what’s happening in the
macro-economy—whether it’s a financial
are constantly helping us to address
I appreciate our relationship officer, Sr.
crisis, or a Japanese financial crisis, or
short-term needs and long-term growth.
EVP Guy Churchill, for being both strategic
good times, or COVID—Bankoh has always
They are very proactive, always thinking
and tactical. Guy helps us understand what
been there. Through all these different
about what could be coming around the
structures may be available so that when it
cycles, Bankoh has helped us grow. We
corner, and they are constantly dialoging
comes time for implementing, we are
can always count on Bank of Hawaii.
not only between CEOs, or between the
well-versed when we utilize products like a
heads of our real-estate section, but also
floating rate loan or a credit facility. We’ve
extending throughout the organization.
done some very complex credit facilities,
There are a lot of peer-to-peer ideas that
are shared.
1 7
Bank of Hawaii 2021 Annual Report 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
DRS. BENNETT and SHELLEY LOUI
D R . S H E L L E Y L O U I : Bennett and I
continues to manage everything for us: our
I now do most of my business banking by
have been married for 20 years, and we
personal accounts, my business, and our
email or text. Davin knows my emails are
have three children: Matthew, Shawn and
investments and retirement savings. Then
coming around midnight, and he’ll respond
Katie. I’m a pediatrician in private practice,
in 2020, during COVID, he reached out to
around five in the morning. He knows our
and Bennett is an internist at Straub. We’re
us and recommended that we refinance our
lifestyle and when I can answer questions,
pretty busy, but we both think that family
mortgages.
which is on weekends or late at night.
time is very important.
B E N N E T T: We’ve refinanced in the past
B E N N E T T: Shelley and I are primary care
D R . B E N N E T T L O U I : We’re both
using a mortgage broker, but when Davin
doctors; we have long-term relationships
medical professionals and we’re both very
recommended we refinance, he had just
with our patients, and we expect our
busy with our family and professional lives.
the person to help us. Because this was
patients to call us anytime they need us.
When it comes to our finances, we want to
during COVID, it was almost entirely done
And that’s something that we feel we can
depend on people that we can trust and
by computer and email through the app.
do with our banking partner, Davin. That’s
rely on because we are not experts in
We had only one in-person meeting to do
obviously something that we value and
finance.
the signing, and that was the easiest
understand. It’s amazing to have that kind
My family has done business with BOH for
several generations. With our large family
experience for refinancing that we’ve ever
of service.
had.
S H E L L E Y: During COVID in 2020, we
and Shelley’s private practice, our
We’ve been with Davin for over a decade
shut down our office for a couple of
individual and business banking needs are
and as his career has evolved, our
months—we only saw emergency visits,
different from my parents and
relationship with the bank has evolved as
and we put routine visits on hold. Our
grandparents.
well. Davin knows us so well now
business changed a lot during that time, so
S H E L L E Y: When we got married in 2001,
I switched my personal banking to join
Bennett’s at BOH. When I started my
private practice in 2003, I originally started
personally—he knows our family, he knows
Davin reached out and recommended that
our kids, and he knows what stage of life
I apply for the PPP loan. He and the
we’re in—he has a great sense of who we
accountant took care of everything and
are so he can anticipate actions to take.
made applying pretty easy. It was very
my business banking with another bank,
S H E L L E Y: Davin is probably the most
but I wasn’t happy with the relationship.
important asset at the bank for me. He’s
We happened to walk into the Kahala
very personable and accessible; I will call or
helpful to have that funding to pay my staff
during months when there was a lot of
uncertainty.
Branch in 2009 and met Kālai Services
text him anytime I need him. He’s also very
The people at BOH are very reliable and
Relationship Manager Davin Nakasato
knowledgeable, and if he doesn’t have an
trustworthy. I have a lot of confidence with
there. He was a business banking officer
answer, he’ll get back to us with the
having all our banking services there. It
at the time, and I switched my business
information.
banking accounts to BOH for him to
manage. He was great; he really helped me
out a lot with the business. In 2011, he
became the assistant banking center
manager for the Waialae-Kahala Branch,
but he still functioned as my business
banker.
B E N N E T T: It’s a huge challenge for a
doctor like Shelley who’s very busy with
her practice, and needs to manage the
always goes back to Davin: The service he
provides is unbelievable. He always makes
us feel like we’re his most important
clients.
entire business side that you never learned
I think I was a little nervous at the beginning
in school. She learned about anatomy and
to switch over to BOH, because it was new
pharmacy, but not about how to do payroll.
to me. But it’s been a great experience not
It’s been critical to her success to have
only for our personal banking, but also for
In 2014, Davin moved to Private Banking as
someone like Davin at BOH.
my business. You can get everything done
a private banking officer. We agreed to
have him handle our accounts and moved
our investments from a national financial
institution to BOH. As Davin continued to
be promoted at the bank, he kept handling
my business account and services. In 2017,
when Davin moved to Kālai Services, he
took our accounts with him. He still
S H E L L E Y: If he’s not able to help us
there.
himself, he’s always able to connect us
B E N N E T T: We like the long-term
with really good people who can. For
relationship that we’ve built at BOH, and
instance, I was having trouble with my
the comprehensive services we receive.
accountant, and he referred me to a
Over time we’ve used many different
different accountant who I can just email
products and services that the bank offers,
to take care of everything.
and we feel very well taken care of.
1 8
Drs. Bennett and
Shelley Loui, their
children Matthew,
Shawn and Katie, and
their family dog, Yuki,
at their home in
Honolulu.
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
Lamont Brown, owner
and chef of Maya’s
Tapas & Wine LLC
in Haleiwa, Oahu.
MAYA’S TAPAS & WINE L L C
L a m o n t B r o w n
LA M O N T B R OW N : Maya’s Tapas &
The most important thing to me is family
were a local restaurant and the community
Wine is a small, family-owned
and being safe and secure. Joni and
was going to show up to support us, and
neighborhood restaurant that I opened in
James, along with the rest of the BOH
they did. As a business owner we’re only
2018. Our emphasis is providing the
staff, have taken the stress out of being a
allowed to operate because the
community a place to celebrate and have
first-time homeowner, as well as taking out
community has our back, and I was glad to
a good time without having to worry about
a loan to open up the business, and then
help support the volunteers doing the clean
driving into town.
further as a first-time business owner. I’ve
up after the flooding in Haleiwa in March
When my wife and I first moved to the
North Shore it happened to be on our
wedding anniversary. We wanted to have
a nice, quiet dinner, but we didn’t feel there
done all these things with help from BOH.
2021. If it wasn’t for the community, we
They’ve made it so seamless that they
wouldn’t be here today. Therefore, it was,
allow me to not think about the banking
and still is, very important to give back to
aspects of playing all those roles.
the community.
was someplace we could sit down and do
When taking out the loan for the business,
Bank of Hawaii has allowed me to live my
so. So when it was time to open the
they held my hand throughout the process.
dreams of owning a home and opening a
restaurant that was one of the things I kept
Never having been a business owner
business. They’ve not only allowed me to
in mind.
before, I wasn’t sure what I was getting
live these dreams, but they’ve also made it
I named the restaurant after my daughter,
Maya, my first-born child. I named the
restaurant after my daughter so that I
wouldn’t forget to run the restaurant with
the same standards that I want to raise her
with, and want her to grow into and believe
in. It was very important for me to put her
name out there so that when times get
tough, I can remind myself that it’s her
into. I had a lot of questions and, of course,
very easy to do so, especially as a first-
my wife, who has more of the financial
timer who didn’t know what he was
experience in our family, also had a lot of
getting into. BOH has made me feel so
questions. So, when we went into the
comfortable, it doesn’t make sense for
branch and sat down together with Joni,
me to bank anywhere else.
she made it easy to understand what we
were getting into with the loan, how we
were going to make the payments, and so
on.
name up there, not mine, and remind
BOH also helped me with the PPP loan,
myself of the standards that I want her to
which was a flawless process. Anytime I
live up to: “Never give up and give it your
had a question for Joni or James about the
all in whatever it is you do.”
loan, I would ask them at the branch. And if
I’ve been a customer of Bank of Hawaii
since I first moved to Hawaii 12 years ago.
Then when we moved to the North Shore,
they didn’t have an answer, by the time I
got back to the restaurant I would have an
email from them with an update.
I got to know the staff here at the Haleiwa
To me, BOH stands for family, ‘ohana. I see
Branch. It was a no-brainer when the
how all the staff members greet everyone
business opportunity came up that I
by name—not just me—and make them feel
wanted to bank with Bank of Hawaii.
welcome and at ease. Sometimes we go
I work mostly with Haleiwa Branch
Manager Joni Pupu and Assistant Branch
Manager James Kumura, and I can’t thank
the branch staff enough. There was a time
into the bank to deal with difficult
situations, but they always seem to find a
way to take care of us and make us feel like
family.
when I had to deal with fraud, someone
In the same way that BOH treats everyone
taking money out of my account, and they
like family, I think it’s important that
made me feel so secure. They let me know
everyone in the community step forward
that fraud happens across the U.S. and the
whenever that community is in need.
world, and the way they took care of me
When COVID hit and everything was shut
and walked me through resolving the issue
down, many people were worried. But I
is what made it so special.
had that sense of comfort knowing that we
2 1
Bank of Hawaii 2021 Annual Report 2 0 2 1 F I N A N C I A L R E P O R T S
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 C or poration and Subsidiar ies (dollar s in thou sand s , e xcept per-share amount s)
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
Preferred Stock Dividends
Net Income Available to Common Shareholders
Basic Earnings Per Common Share
Diluted Earnings Per Common Share
Dividends Declared Per Common Share
Basic Weighted Average Common Shares
Diluted Weighted Average Common Shares
2021
2020
$
398,616
$
417,498
64,550
61,955
10
883
702
526,716
15,216
13,260
7
-
943
29,426
497,290
(50,500)
547,790
46,068
14,964
25,564
55,457
(1,297)
3,224
7,784
19,589
171,353
228,293
26,244
35,703
20,297
12,895
6,536
63,621
393,589
325,554
72,182
253,372
2,975
250,397
6.29
6.25
2.74
39,837,798
40,053,664
$
$
$
$
$
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
-
153,804
3.87
3.86
2.68
39,726,210
39,892,107
$
$
$
$
$
Refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 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 C or poration and Subsidiar ies (dollar s in thou sand s)
AS OF DECEMBER 31
2021
2020
Assets
Interest-Bearing Deposits in Other Banks
Funds Sold
Investment Securities
Available-for-Sale
Held-to-Maturity (Fair Value of $4,646,619; $3,348,693)
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
Other Liabilities
Total Liabilities
$
2,571
361,536
4,276,056
4,694,780
26,746
12,259,076
(157,821)
12,101,255
21,462,944
196,327
199,393
95,621
45,242
2,332
22,251
31,517
344,587
384,727
22,784,941
7,275,287
4,628,567
7,456,165
1,000,089
20,360,108
450,490
10,391
103,210
38,494
2,499
11,901
196,237
21,173,330
$
$
$
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
Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: December 31, 2021 - 180,000 and December 31, 2020 - 0)
180,000
-
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 31, 2021 - 58,554,669 / 40,253,193
and December 31, 2020 - 58,285,624 / 40,119,312)
Capital Surplus
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Treasury Stock, at Cost (Shares: December 31, 2021 - 18,301,476
and December 31, 2020 - 18,166,312)
Total Shareholders' Equity
Total Liabilities and Shareholders' Equity
581
602,508
(66,382)
1,950,375
(1,055,471)
1,611,611
22,784,941
$
580
591,360
7,822
1,811,979
(1,037,234)
1,374,507
$ 20,603,651
Refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 for the
Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
2 3
Bank of Hawaii 2021 Annual Report
R E L A T I V E S T O C K P R I C E
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 Corporation / Bank of Hawaii (As of Dec. 31, 2021)
BOH
S&P Regional Banking Index
KBW Regional Banking Index
S&P 500
$150
$140
$130
$120
$110
$100
$90
136.61
133.19
126.89
109.32
12/20
1/21
2/21
3/21
4/21
5/21
6/21
7/21
8/21
9/21
10/21
11/21
12/21
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 Corporation)
recession
recession
financial crisis
COVID-19
e
r
a
h
s
r
e
p
d
n
e
d
v
d
i
i
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
6
8
9
1
7
8
9
1
8
8
9
1
9
8
9
1
0
9
9
1
1
9
9
1
2
9
9
1
3
9
9
1
4
9
9
1
5
9
9
1
6
9
9
1
7
9
9
1
8
9
9
1
9
9
9
1
0
0
0
2
1
0
0
2
2
0
0
2
3
0
0
2
4
0
0
2
5
0
0
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6
0
0
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7
0
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8
0
0
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9
0
0
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0
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0
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0
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0
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3
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4
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7
1
0
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1
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9
1
0
2
0
2
0
2
1
2
0
2
Note: Historical dividends adjusted for stock splits
O U R J O U R N E Y A H E A D
Hawaii’s voyaging heritage has always inspired
us to venture beyond the horizon. Today, as we
contemplate the months and years ahead, we’ve
come to a point in our journey where perseverance
and innovative thinking lead the way. This isn’t a
journey we alone are taking. We’re all navigators as
we each, in our own way, meet every opportunity
presented to us.
For Bank of Hawaii, this is a journey full of purpose and
promise, one that connects us to our employees and
customers more closely than ever as we strive to be of
greater value to those we serve and who need us most. As
our journey continues to unfold, we move ahead in the spirit
of unity, confident in knowing—as the Polynesian voyagers
knew more than 1,000 years ago—that new opportunities
await us all beyond the horizon.
Background: BOH commissioned this signature art installation that brings together the meaning of Waialae-Kahala. Wai‘alae, the fresh
water spring frequented by the alae, or Hawaiian Coot, and Kahala, the amberjack fish found near the beaches in this region. The feathers
of the alae are layered in a repetitive pattern, then transition to an organic formation echoing a school of fish, which represent the Kahala.
2 5
Bank of Hawaii 2021 Annual Report E X E C U T I V E C O M M I T T E E
Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)
From left: Mary E. Sellers, Peter S. Ho, James C. Polk
From left: Ruth L. Erickson, Wayne Y. Hamano, Susan L. Ing,
and Dean Y. Shigemura
Matthew K.M. Emerson and Dana S. Takushi
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
and Chief Executive Officer
Dean Y. Shigemura
Vice Chair and Chief Financial Officer
Sharon M. Crofts
Vice Chair, Client Solutions Group
Matthew K.M. Emerson
Senior Executive Vice President,
Retail Lending and Deposits
Wayne Y. Hamano
Vice Chair
James C. Polk
Vice Chair and Chief Banking Officer
Mary E. Sellers
Vice Chair and Chief Risk Officer
Ruth L. Erickson
Senior Executive Vice President,
E-commerce and Demand Center
Susan L. Ing
Senior Executive Vice President
and Chief Marketing Officer
Patrick M. McGuirk
Senior Executive Vice President,
Chief General Counsel and
Corporate Secretary
O P E R A T I N G C O M M I T T E E
Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)
Bank of Hawaii's Operating Committee is comprised of
18 leaders representing corporate staff functions from
various business segments who are responsible for the daily
operations of the bank.
Thomas W. Butler
Executive Vice President,
and Executive Director
Procurement
Guy C. Churchill
Senior Executive Vice
President, Co-Lead
Executive Commercial
Banking Group
Ryan Field
Executive Vice President,
Vendor Risk Management
D. Jeff Graves
Executive Vice President
and Chief Technology
Officer
Jill F.S. Higa
Senior Executive Vice
President, Branch Banking
Torrie M. Inouye
Executive Vice President
and Chief Data Officer
Vance H. Jones
Executive Vice President
and Chief Information
Security Officer
Roger J. Khlopin
Executive Vice President
and Chief Investment Officer
Edward C.S. Kim
Executive Vice President,
Consumer Lending
Jennifer Lam
Executive Vice President
and Treasurer
Kimarie Matthews
Executive Vice President,
Client Services
James K.M. Moniz
Executive Vice President,
Mortgage Banking
Lacey Nakaguma
Executive Vice President
and Chief Audit Executive
Craig A. Norris
Senior Executive Vice
President and Chief Credit
Officer
Teik Ramsey
Executive Vice President,
Enterprise Operations
Kristine R. Stebbins
Executive Vice President
and Chief Experience Officer
Luke W.T. Yeh
Executive Vice President,
Enterprise Credit Risk
Analytics
Dirk K. Yoshizawa
Senior Executive Vice
President, Co-Lead
Executive Commercial
Banking Group
2 7
From left: Sharon M. Crofts, Patrick M. McGuirk,
Sharlene R. Ginoza-Lee and Taryn L. Salmon
Taryn L. Salmon
Senior Executive Vice President
and Chief Information Officer
Dana S. Takushi
Senior Executive Vice President,
Consumer Banking Group
Sharlene R. Ginoza-Lee
Executive Vice President
and Chief People Officer
Bank of Hawaii 2021 Annual Report B O A R D O F D I R E C T O R S
Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)
Peter S. Ho
Chairman, President
and Chief Executive
Officer, Bank of
Hawaii Corporation
and Bank of Hawaii
Lead Independent
Director
Raymond P. Vara
President and 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 and CEO,
Tori Richard, Ltd.
Michelle E. Hulst
Chief Operating
Officer, The Trade
Desk
Kent T. Lucien
Retired Vice Chair
and Chief Strategy
Officer, Bank of
Hawaii Corporation
and Bank of Hawaii
Elliot K. Mills
Vice President,
Disneyland Resort
and Aulani, A Disney®
Resort and Spa
Alicia E. Moy
President and 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 and Director,
C.S. Wo & Sons, Ltd.
Director Emerita
Mary G.F. Bitterman
President and
Director, The
Bernard Osher
Foundation
Director Emeritus
Robert A. Huret
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
Corporate Headquarters
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) unanticipated changes in the securities markets, public
debt markets, and other capital markets in the U.S. and
internationally; 3) competitive pressures in the markets for
financial services and products; 4) the impact of legislative and
regulatory initiatives, particularly the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (the “Dodd-
Frank Act”); 5) changes in fiscal and monetary policies of the
markets in which we operate; 6) 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;
7) actual or alleged conduct which could harm our reputation;
8) changes in accounting standards; 9) changes in tax laws or
regulations or the interpretation of such laws and regulations;
10) changes in our credit quality or risk profile that may increase
or decrease the required level of our reserve for credit losses;
11) changes in market interest rates that may affect credit
markets and our ability to maintain our net interest margin;
12) the impact of litigation and regulatory investigations of the
Company, including costs, expenses, settlements, and
judgments; 13) 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;
14) 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; 15) changes to the amount and timing of proposed
common stock repurchases; and 16) natural disasters, public
unrest or adverse weather, public health, and other conditions
impacting us and our customers’ operations. 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, 2021, 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.
For the reasons described above, we caution you against
relying on any forward-looking statements. You should not
consider any list of such factors to be an exhaustive statement
of all of the risks, uncertainties, or potentially inaccurate
assumptions that could cause our current expectations or
beliefs to change. Further, any forward-looking statement
speaks only as of the date on which it is made, and we
undertake no obligation to update or revise any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events, except as otherwise may be required by
the federal securities laws.
Bank of Hawaii Corporation
130 Merchant Street, Honolulu, Hawaii 96813
Annual Meeting
The annual meeting of shareholders will be held on Friday,
April 29, 2022, 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.
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
H O N O L U L U , H AWA I I 9 6 8 4 6
View Bank of Hawaii’s 2021 digital
Summary Annual Report, featuring
videos of our Chairman, clients,
community and employees at
www.boh.com/annual-report.