CELEBRATING OUR STORIESYEARS125 Years: Celebrating Our StoriesView Bank of Hawai‘i’s 2022 digital Summary Annual Report, featuring videos of our Chairman, clients, community and employees at www.boh.com/annual-report.BANK OF HAWAI‘I CORPORATIONP.O. BOX 2900HONOLULU, HAWAII 96846 2022 ANNUAL REPORT Shareholder Information
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
Statement.
3) competitive pressures in the markets for financial services and products; 4) the
“Bank of Hawaii.”
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 Hawai‘i; 2) unanticipated changes in the securities markets,
public debt markets, and other capital markets in the U.S. and internationally;
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
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, 2022, 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 Hawai‘i Corporation
130 Merchant Street
Honolulu, Hawaii 96813
Annual Meeting
The annual meeting of shareholders will be held
on Friday, April 28, 2023, at 8:30 a.m. Hawai‘i
Time. Information to access the virtual meeting
is available in the company’s 2023 Proxy
Transfer Agent and Registrar
Computershare Investor Services, LLC
150 Royall Street, Suite 101, Canton, MA 02021
Common Stock Listing NYSE: BOH
The common stock of Bank of Hawai‘i
Corporation is traded on the New York Stock
Exchange under the ticker symbol BOH and is
quoted daily in leading financial publications as
Dividend Reinvestment &
Stock Purchase Plan (DRP)
Bank of Hawai‘i 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
• 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 Hawai‘i
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
Jennifer Lam
Manager, Investor Relations
Phone: 1-808-694-8007
For General Inquiries
Phone: 1-888-643-3888
vendors and other service providers; 14) any interruption or breach of security of
calendar quarter.
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
www.boh.com
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 Hawai‘i Corporation is an independent regional financial services company serving
businesses, consumers and governments in Hawai‘i and the West Pacific. The Company’s
principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about
Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com.
O N TH E C OVER
Canoe Builders by Lee Lawrie, 1927
More information about the artwork
featured on the cover can be found on
page 53 of this report.
©2023, Bank of Hawaii Corporation, dba Bank of Hawai‘i Corporation. Bank of Hawaii® is a registered trademark, and BankLanai,® Bankoh,® EASE
by Bank of Hawaii,® SimpliFi,® SimpliFi Arena,® and SimpliFi Mortgage® are registered service marks of Bank of Hawaii. The Bank of Hawai‘i logo
and Bank of Hawai‘i are trademarks of Bank of Hawaii. Bankoh Investment Services, Inc. is a non-banking subsidiary of Bank of Hawaii, member
FINRA AND SIPC. Zelle® is a registered service mark of Early Warning Services, LLC. 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
Dear Fellow Shareholders,
In December 2022, Bank of Hawai‘i reached a major milestone—
our 125th anniversary. Our company was founded in 1897 in the
newly formed Republic of Hawai‘i by three businessmen and
friends who could have never foreseen the tremendous changes
on the horizon for Hawai‘i and for the bank.
As I look back at the bank’s growth since its founding and an incredible year of
celebration, I also contemplate the ongoing adaptation to the once-in-a-century
challenges of the COVID-19 pandemic, and the support we delivered that made an
important difference.
Our conservative financial approach and prudent risk management combined with our
investment in people and digital options provided us the resilience needed to meet
challenges and create opportunities. It positioned us well to make swift changes and
serve our customers in new ways while also maintaining specialized services in person.
We have built a supportive foundation over 125 years that focuses on solid relationships
with employees, customers and the community; environmental sustainability;
and innovation.
Our 125th anniversary is also reflective of our strong brand and the values we embody—
excellence, integrity, respect, innovation, commitment and teamwork. We have an
abiding appreciation for all our stakeholders who have supported us over the last
125 years.
I’m honored to be part of the leadership of this special company whose history is also
part of Hawai‘i’s history. You may read more about Bank of Hawai‘i’s 125-year story in a
special section of this annual report.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1
Continuing
Financial Strength
We made significant progress on our
strategic initiatives in 2022, which
positions us well for continued
long-term growth. Bank of Hawai‘i
finished 2022 with a solid financial
performance. We experienced quality
core market loan growth in 2022,
and continued net interest income
and margin expansion. Asset quality,
capital and liquidity remained strong
at year end.
Diluted earnings per common share
were $5.48 for the full year of 2022,
compared with $6.25 for the full year
of 2021. Net income for the year was
$225.8 million, down 10.9% from the
previous year. Despite rising interest
rates, we saw continued loan growth
to $13.6 billion, up 11.3% compared
to 2021. In addition, total deposits
ended the year at $20.6 billion, up
1.3% from year-end 2021.
Thanks to the hard work of our
dedicated employees we are honored
to have received the following
recognition in 2022.
• Newsweek ranked Bank of Hawai‘i
No. 3 among “America’s Most
Trusted Companies” in the
banking industry category, and the
bank is the only Hawai‘i business to
appear on the list.
• Readers of the following
publications selected Bank of
Hawai‘i as “Hawai‘i’s Best Bank”:
Honolulu Star-Advertiser
(12th straight year),
Hawaii Tribune-Herald
(7th straight year),
West Hawaii Today
(3rd straight year), and
The Garden Island.
• Bank of Hawai‘i was recognized by
Junior Achievement USA with the
Bronze U.S. President’s Volunteer
Service Award for the 2021–2022
school year.
2
• Additionally, Bank of Hawai‘i
continues to maintain its Aa3 rating
for Long-Term Deposits and its
a2 rating of the Baseline Credit
Assessment by Moody’s Investors
Service (as of Dec. 2022).
Recovery Continues
for Hawai‘i’s Economy
Economic recovery in the state
is improving with the return
of visitors. While still not at
pre-pandemic levels, total visitor
arrivals for 2022 are nearing that
number. Arrivals increased 36.4%
to 9,247,848, compared to 6,777,760
in 2021. Visitor spending increased
to $19.29 billion. The long awaited
return of international travelers
should advance the industry recovery.
The Hawai‘i State Department of
Business, Economic Development
& Tourism (DBEDT) is forecasting
an increase of 6.5% in visitor arrivals
and 7.1% in visitor spending in 2023
over 2022.
Hawai‘i’s unemployment rate has
also improved. According to DBEDT,
Hawai‘i’s unemployment rate was
3.2% in December 2022 compared to
4.3% at the end of 2021. Nationally,
the rate was 3.5%. Historically, the
jobless rate in Hawai‘i reached a
record high of 22.4% in April 2020,
and a record low of 1.9% in September
2017. Hawai‘i’s employment market
still remains competitive because
many workers who left the labor force
during the start of the pandemic have
not yet returned.
Hawai‘i’s housing market spiked in
the summer of 2022. The cost of a
single-family home set a record in
May when it reached a median price
of $1,153,500, while the median price
of a condo also hit a record median
at $534,000. While Hawai‘i’s housing
market remains stable, the number
of sales has slowed due to lack of
inventory and higher mortgage
rates, and prices have dipped
slightly although still well above
the previous year. The median price
of single-family homes increased
by 11.6% to $1,105,000 on O‘ahu,
11.1% to $1,105,000 on Maui, 7.3%
to $1,180,000 on Kaua‘i, and 4.8%
to $500,000 on Hawai‘i Island. The
median price of condos increased by
7.4% to $510,000 on O‘ahu, 19.2% to
$775,000 on Maui, 16.4% to $712,500
on Kaua‘i, and 19.8% to $575,000 on
Hawai‘i Island.
Prioritizing Our
Employees’ Success
and Well-Being
One of the key elements to Bank of
Hawai‘i’s success has always been our
people, who work together to nurture
meaningful relationships. Our
ongoing investment in employees’
well-being is about providing a
variety of health and wellness
support benefits, plus personal
and professional development and
education opportunities.
To help our employees during the
challenges of the pandemic, Bank
of Hawai‘i announced an automatic
5% salary increase—2.5% merit
increase and an unprecedented, one-
time 2.5% inflation adjustment, which
went into effect on April 1, 2022.
To provide greater flexibility, we
announced a plan to combine
vacation, floating holidays, personal
days, dependent care, etc. into one
paid time off category, starting
in 2023. In addition, employees
accrue time off at a faster rate and
the number of vacation days that
employees can carry over to the next
year was increased.
To support education, the
Bank of Hawai‘i College Assistance
Program (CAP) provides 100% free
tuition to those who want to earn
their first college degree. It has been a
tremendous success since starting in
2016 with its first three participants.
Our most recent graduating class in
May 2022 represented our largest
group yet—seven employees who
received their bachelor’s degrees from
Chaminade University of Honolulu.
To date, 16 employees have earned
degrees, and 30 employees were
enrolled in the fall 2022 semester.
We are delighted to also support the
higher education dreams of children
and grandchildren of employees
through the Bank of Hawai‘i
Foundation Scholarship. In 2022, 25
scholars were awarded a combined
$85,750 in scholarship funding.
Created in 2014, the scholarship
program is administered by the
Hawai‘i Community Foundation.
Since then, Bank of Hawai‘i
Foundation has provided $876,750
for 251 college scholarships.
money in their deposit account. This
popular new convenience resulted
in an immediate jump in online
consumer lending.
Our decisions are based on firsthand
customer feedback that allows us to
continually improve. For example,
in 2022 we received responses to
more than 16,000 customer surveys.
Previous feedback inspired the
creation of “Bank by Appointment,”
which started early in the pandemic
to allow for in-branch interactions
and personalized services at a
specific time and location. Even
after pandemic restrictions eased,
this feature proved to be a big draw
for customers as appointments
more than doubled to over 60,000,
compared to 25,000 in 2021.
Enhancing Our
Customers’
Experiences
With more digital banking options
available than ever before, we know
that our customers want a variety of
convenient services available when
it best suits them. Our Branch of
Tomorrow network is an important
cornerstone in providing flexible
connections and specialized services
as needed.
In 2022, we celebrated the opening
of two new Branch of Tomorrow
locations on Hawai‘i Island in
communities that we are proud to
have served for many decades. Our
Waimea Branch, which opened on
Aug. 8, has been in its community for
more than 60 years, while our Hilo
Branch, which opened on Sept. 26,
has been part of the area for more
than a century.
In 2022, we enhanced SimpliFi, our
digital banking platform, to allow
customers to securely redeem pre-
approved loans and instantly receive
Committed to
Our Community
Bank of Hawai‘i’s commitment to
taking care of our community is
fundamental to who we are as a
company. We view this as both a
responsibility and an opportunity
to create a better future for everyone.
Through sponsorships, grants,
hands-on volunteerism and more, we
look for creative partnerships to make
a difference.
A top priority is doing our part to
seek solutions for Hawai‘i’s working
poor by raising awareness of the issue
and supporting efforts to address it.
Bank of Hawai‘i has sponsored the
Aloha United Way’s ALICE Report
publication for Hawai‘i since 2018.
ALICE stands for Asset Limited,
Income Constrained, Employed, and
describes people and families with
incomes above the Federal Poverty
Line who do not qualify for many
government assistance programs,
and who are working, yet cannot
afford basic necessities to remain
self-sufficient.
C H A I R M A N ’ S M E S S A G E
In 2022, Bank of Hawai‘i Foundation
donated $97,500 to sponsor the
publication of the latest report:
ALICE in Hawai‘i: 2022 Facts &
Figures. The report was released in
December and includes data for the
entire state of Hawai‘i on the impacts
of the pandemic and inflation.
Disappointing yet expected, the
findings were eye-opening, such as an
increase in Hawai‘i households falling
below the ALICE threshold, from 9%
in 2019 to 15% in 2022. The report
is available online at www.auw.org/
alice-initiative.
Bank of Hawai‘i also provides
continuous support for the ALICE
Cohort Initiative, made up of
nonprofit partners that focus on
sharing resources and working
together to lift ALICE households to
greater financial and social stability.
The 2020–2024 ALICE Cohort
features 17 nonprofits specifically
working to increase access to public
benefit programs, job training and
career advancement opportunities.
Their work also addresses decreasing
household costs, developing
matching savings programs, better
access to loans, and the creation of
affordable housing.
In 2022, Bank of Hawai‘i Foundation
provided over $2.2 million in
community support, including special
initiatives to mark our anniversary.
For our 125th year, we wanted to
go beyond celebrating a company
milestone; we wanted to say thank
you. In addition to our regular giving,
each of our 2,000-plus employees had
the opportunity to select a nonprofit
to receive a $125 donation from
Bank of Hawai‘i Foundation. And to
promote long-term environmental
sustainability, the bank planted what
amounts to 125 trees for every week
of the year and provided grants to
nonprofits that work to protect the
environment. The total of these two
initiatives reached nearly $345,000
for nonprofits in Hawai‘i and the
West Pacific.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 3
We rounded out the year with our
annual Live Kōkua Giving Campaign,
an effort driven by employees. This
year’s fall campaign raised $569,717
from our bank ‘ohana to support
325 of Aloha United Way’s partner
nonprofits. Since its launch in 2010,
the Live Kōkua Giving Campaign
has raised more than $7.5 million for
local nonprofits.
Two years ago, Bank of Hawai‘i
announced a unique endorsement
partnership with eight University
of Hawai‘i (UH) student-athletes.
We were pleased to increase the
partnership to 42 college student-
athletes in the 2022–23 season, with
representatives across men’s and
women’s basketball and volleyball.
These SimpliFi Athletes serve
as ambassadors to help promote
bank programs and initiatives, and
to spread goodwill throughout
the community.
Supporting
Local Business
Supporting small businesses in
our community has always been
important to the bank. In 2022, we
furthered our investment in local
economic growth and diversification
opportunities through a new program
with Mana Up.
Mana Up is an accelerator and
venture fund for Hawai‘i-based
products, with a mission to “level
up,” or help them grow their markets
around the world. Mana Up’s vision
is to generate success for the local
economy and create well-paying,
interesting jobs for local people. Its
goal is to create Hawai‘i’s next 100
product companies earning over $10
million in annual revenue. As Mana
Up’s banking partner, Bank of Hawai‘i
supports its annual accelerator
program and has co-created an
executive mentorship and training
program to help propel local
entrepreneurs to the next level.
4
Diversity, Equity,
Inclusion and
Belonging
The diversity of our employees brings
welcome perspectives and enhances
our teamwork while providing
valuable community connections.
Employees enthusiastically
participate in activities to support
Diversity, Equity, Inclusion and
Belonging and often include a
community service component.
Some highlights from 2022:
• The bank’s newest Employee
Resource Group (ERG) was created
to help expand understanding of
Native Hawaiian history, culture
and language.
• Our Women Inspired group
partnered with the nonprofit Ma‘i
Movement to assemble period care
kits and address the fact that one
in four people experience period
poverty in Hawai‘i.
• For the fourth consecutive year,
the bank was a visionary sponsor
for the 2022 Honolulu Pride Parade
& Festival and our RainBOH
volunteers turned out to spread
the joy.
• The Blue Brigade, our Military
employee resource group, was
there when a veteran and his family
moved into the home the group
helped build with Honolulu Habitat
for Humanity.
Welcome Executives
In January 2022, we welcomed
Marco A. Abbruzzese to
Bank of Hawai‘i as vice chair and
senior executive director of wealth
management. He is responsible for
overseeing the wealth management
areas of Trust Services Group,
Investment Services, and The Private
Bank at Bank of Hawai‘i. Abbruzzese
also serves on our Executive
Committee. With over 30 years of
experience in wealth management, we
welcome his leadership.
In November, Matthew Emerson
was promoted from senior executive
vice president to vice chair at Bank
of Hawai‘i, where he continues to
oversee Retail Lending, Deposits &
Digital Banking. Matt first joined
Bank of Hawai‘i in 2010, and has
shared his expertise in a variety of
areas, including in Online and Mobile
Banking, E-commerce and Digital
Channels, Product Management,
and Investment Services. Matt’s
experience and contributions to the
company over the years make him a
valuable member of our team, and
well-deserving of this promotion.
In Closing
As we celebrate 125 years of service,
I would like to extend my heartfelt
thanks to everyone involved in
the success of Bank of Hawai‘i.
Thank you to our employees—past
and present—for your dedication
and commitment in caring for
our customers. Thank you to our
customers for entrusting us with
many of your most important
life decisions. Thank you to our
communities across the Pacific; we
are privileged to enjoy collaborative
partnerships that bring continued
growth for all. And we thank our
shareholders for your confidence and
support of Bank of Hawai‘i.
Thank you for 125 years.
Mahalo nui loa,
PETER S. HO
Chairman, President and CEO
2022 Financial Summary
Bank of Hawai‘i Corporation and Subsidiaries (dollars in thousands, except per-share amounts)
FOR THE YEAR ENDED DECEMBER 31
2022
2021
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
$
$
$
$
225,804
5.50
5.48
2.80
0.98 %
16.10 %
17.83 %
2.50 %
59.49 %
77.56
92.38
70.15
253,372
6.29
6.25
2.74
1.14 %
16.94 %
17.92 %
2.36 %
58.86 %
83.76
99.10
75.65
$
$
13,646,420
23,606,877
20,615,696
410,294
1,316,995
28.54
$
$
12,259,076
22,784,941
20,360,108
10,391
1,611,611
35.57
1.06 %
2,076
51
1.29 %
2,056
54
$
$
61,307
1.51
1.50
1.05%
18.91 %
21.28 %
2.60 %
56.46 %
63,837
1.56
1.55
1.12 %
15.92 %
17.40 %
2.34 %
60.18 %
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 AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 5
C E L E B R AT I N G 1 2 5 Y E A R S
While the world is very different from 1897
when three friends opened the doors to Hawai‘i’s newest bank, what
makes Bank of Hawai‘i special remains the same. Our commitment to our
employees, customers and shareholders, and investing in the well-being
of our island home is at the core of who we are.
Bank of Hawai‘i’s practice is to keep moving forward while remaining true
to our vision and values. While our original founders—Peter Cushman
Jones, Charles Montague Cooke and Joseph Ballard Atherton—couldn’t
have imagined today’s digital banking environment, we feel sure that
they would recognize their legacy of service and the underlying values
of excellence, integrity, respect, innovation, commitment and teamwork
that continue to guide us today.
As we continue to progress, our anniversary gives us an opportunity to
look back and celebrate some of our accomplishments and milestones.
TIMELINE
DECEMBER 17
1897
The Bank of Hawaii,
Ltd. becomes the
first chartered and
incorporated bank
to do business in the
Republic of Hawai‘i.
It’s started by Peter
Cushman Jones, Charles
Montague Cooke and
Joseph Ballard Atherton.
JULY 1
1903
The first branch opens in
Līhuʻe, Kaua‘i. It’s rebuilt
in 1912 and extensively
renovated over the
years. Today, the Līhu‘e
Branch is the oldest bank
branch in the islands.
NOVEMBER 27
1931
The bank’s name
officially changes to
“Bank of Hawaii.”
1946
Bank of Hawaii becomes
the first Hawai‘i bank
to create a Consumer
Lending Department.
1800s
1900s
DECEMBER 27
1897
The bank opens for business
in a wooden building in
downtown Honolulu with
$400,000 in capital. Its
first customer is Castle &
Cooke Ltd., which opens
a checking account.
1942
During World War II,
Bank of Hawaii is
designated the official
Pacific depository for
the United States Navy.
MAY 1
1928
Hawai‘i’s first Lei Day is
celebrated in the bank’s
downtown headquarters.
The event honors the Lei
Day Queen and her court,
and features a lei-making
competition judged by
Hawaiian royalty.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 7
TIMELINE
1976
Bank of Hawaii introduces
a debit card. For the
first time, customers
can make purchases
and obtain cash from
their checking accounts
without writing a check.
1961
At the request of the
Guam legislature, Bank of
Hawaii expands to Guam.
The bank also expands to
Palau, and 10 years later
adds services in Saipan.
1993
The bank forms a
new Investment and
Trust Services Group
that includes “Pacific
Capital Management,”
a newly formed
institutional money
management company.
1982
At a time when most
purchases are made with
cash, Bank of Hawaii
becomes the first local bank
to operate an off-premise
ATM. Three years later,
Bank of Hawaii is the first
local financial institution to
put ATMs inside stores.
1966
Senior Vice President
Wilson P. Cannon, Jr.
kicks off the tradition
of Aloha Friday by
encouraging employees to
trade their suits and ties
for aloha shirts on Fridays.
1981
Bank of Hawaii Foundation
is created to fund
philanthropic efforts through
grants, sponsorships and
partnerships with local
nonprofit organizations.
1994
A new Safeway
Waipahu In-Store
Branch introduces
in-store banking to
the islands. Other
locations soon
followed, including
this branch in Kailua.
1991
“Bancorp Hawaii,
Inc.” begins trading on
the New York Stock
Exchange under the
symbol “BOH.” It also
receives approval
to establish a full-
service securities
brokerage, “Bancorp
Investment Group.”
1900s
8
C E L E B R A T I N G 1 2 5 Y E A R S
1997
Bank of Hawaii celebrates
its 100th anniversary by
investing $5 million in the
future of 100 local high
school students through
the Bankoh 2nd Century
Scholars program.
Students from low and
moderate income families
receive extracurricular
college prep assistance
and the bank also funds
their undergraduate
college degrees.
2007
Bank of Hawaii introduces
the state’s first wireless
banking service for
customers who have
Internet access on their
mobile phones. This
sets the foundation for
Bank of Hawaii to become
the first major financial
institution in the state to
launch an iPhone app.
Bank of Hawaii introduces
the HUD 184A Native
Hawaiian Housing Loan
Guarantee Program. To
date, the bank is the only
Hawai‘i-based lender
providing Department
of Hawaiian Home
Lands (DHHL) loans.
2014
The Bank of Hawaii
Foundation Scholarship for
college-bound children and
grandchildren of employees
begins by awarding 26
scholarships. To date, it has
funded 251 scholarships
totaling $876,750.
2011
Bank of Hawaii Foundation
becomes the founding
sponsor of PBS Hawai‘i’s
HIKI NŌ, the nation’s
first and only statewide
student news program
and digital media learning
initiative. The sponsorship
continues today.
2000s
1998
The eBankoh website
is launched, making
Bank of Hawaii the first
bank in the state to
offer online banking.
2010
The first Employee Giving
Campaign raises $470,000
to benefit 20 employee-
chosen nonprofits. Bank of
Hawaii Foundation matches
their donations for a total
of $1 million. In 2013, it is
renamed the “Live Kōkua
Giving Campaign,” and to date
has donated over $7.5 million
to nonprofits in Hawai‘i and
the West Pacific region.
2012
Bank of Hawaii adds
the Hawaiian language
to multi-language
(Japanese, Chinese
and English) screen
capabilities of ATMs.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 9
TIMELINE
2015
Designed to meet the
growing needs of the
unbanked and underbanked
population, EASE by
Bank of Hawaii becomes
Hawai‘i’s first 100% digital
checking account. In 2021,
the paper-free and fee-free
account was certified for
meeting Bank On National
Account Standards.
2018
SimpliFi Mortgage by
Bank of Hawaii launches
a digital banking platform
to streamline the online
mortgage application
from any mobile device.
Since then, SimpliFi
by Bank of Hawaii has
grown to help customers
manage additional
aspects of their finances
online, such as opening
accounts, buying a home
and setting a budget.
2020
Bank of Hawaii invests over
$5 million in the University
of Hawai‘i athletics
program. UH Mānoa arena
is renamed “SimpliFi Arena
at Stan Sheriff Center,” and
Bank of Hawaii Foundation
establishes an additional
$100,000 endowment
scholarship fund.
Bank of Hawaii Foundation
makes an unprecedented
$3 million donation to
Hawai‘i Community
Foundation’s Hawai‘i
Resilience Fund to help
address growing social
and economic impacts of
COVID-19 in Hawai‘i.
2016
The renovated Pearl City
Branch debuts as the first
Branch of Tomorrow, featuring
cutting-edge technology and
improved energy efficiency.
The Bank of Hawaii College
Assistance Program (CAP)
launches, providing 100%
free tuition for employees
seeking their college degrees.
Since then, 16 employees
have earned degrees paid
for by the program, and the
bank has given more than
$1.7 million to employees
for CAP educational costs.
2019
Bank of Hawaii is the first
in Hawai‘i to integrate
Zelle, a person-to-person
payment feature, into its
mobile banking app.
2022
Bank of Hawai‘i celebrates
its 125th anniversary,
plants 125 trees per week
throughout the year, and gives
employees the opportunity
to each choose a nonprofit to
receive a $125 donation from
Bank of Hawai‘i Foundation.
It also announces that out
of appreciation and respect
for the Hawaiian culture,
the ‘okina will be added
to its corporate logo.
2000s
1 0
C E L E B R A T I N G 1 2 5 Y E A R S
Bank of
Hawai‘i
CEOs
1897 to present
1897–1898
PETER CUSHMAN JONES
FIRST PRESIDENT
1898–1909
CHARLES MONTAGUE
COOKE
1909–1937
CL ARENCE HYDE COOKE
1937–1955
EDWARD W. CARDEN
1956–1961
RUDOLPH A . PETERSON
1961–1962
JULIAN A . DAVIS
1963–1966
EDWARD A . SCHNEIDER
1966–1976
CLIFTON D. TERRY
1976–1980
WILSON P. CANNON, JR .
1980–1989
FRANK J. MANAUT
1989–1994
HOWARD H. STEPHENSON
1994–2000
L AWRENCE M. JOHNSON
2000–2004
MICHAEL O’NEILL
2004–2010
ALL AN R . L ANDON
2010–PRESENT
PETER S. HO
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1 1
CELEBRATING TODAY
FOR A BETTER TOMORROW
The Bankoh Blue Crew was joined by
Hawaiian Airlines for our Community Service
Day at Wai‘anae Kai Forest Reserve.
Throughout our 125th anniversary year, we celebrated
our history and milestones made possible by the dedication and teamwork
of many employees over the years. And because the story of Bank of Hawai‘i
is also about looking forward, we continue to celebrate by supporting our
communities for a better tomorrow.
1 2
C E L E B R A T I N G 1 2 5 Y E A R S
CELEBRATING
EMPLOYEES
Our employees are the key to our
success and accomplishments
over the past 125 years. To
acknowledge and celebrate their
essential role in helping meet
this milestone, employees were
invited to select a commemorative
anniversary gift, and gift cards
were given away each month as
prizes in a bank history trivia game.
Additionally, every Friday
during August, the bank treated
employees to lunch. O‘ahu
employees at our downtown
Honolulu and Hale O Kapolei
locations ordered from visiting
food trucks, while teammates
at O‘ahu branches, on neighbor
islands and in the West Pacific
received specially catered meals.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1 3
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1 3
Our newly formed Native Hawaiian ERG
volunteered at Paepae o He‘eia in
Windward O‘ahu.
Sheri Morishige and
Sherry Serrano helped
distribute lunch vouchers
to employees in
downtown Honolulu.
Stephanie Xu and our
Women Inspired ERG
removed invasive algae
from Maunalua Bay.
CELEBRATING TODAY
FOR A BETTER TOMORROW
CELEBRATING
OUR COMMUNITY
Aloha for Community
Bank of Hawai‘i Foundation gave
each Bank of Hawai‘i employee the
opportunity to select a nonprofit
to receive $125. This resulted in
a contribution totaling $218,750
to nonprofits across Hawai‘i and
the West Pacific Region. The
237 nonprofits selected by our
employees span a wide range of
organizations with compelling
missions; Child & Family Service,
Lanakila Meals on Wheels, and K9
Kokua were the top three chosen.
Planting Trees for
Sustainability
As part of our ongoing commitment
to preserving the environment and
to help address climate change,
Bank of Hawai‘i partnered with
12 nonprofits to plant more than
6,500 trees, the equivalent of more
than 125 trees per week throughout
2022. These organizations planted
trees statewide across Hawai‘i,
as well as on Guam, Saipan and
Palau, and reflect all the island
communities the bank serves. This
initiative culminated on Arbor Day
on Nov. 5, when hundreds of bank
volunteers, along with Hawaiian
Airlines employees, planted
2,000 native trees at the Wai‘anae
Kai Forest Reserve for Bank
of Hawai‘i’s annual Community
Service Day. Our overall tree
planting support totaled $126,202.
Damarly Dunkley of the
Harmon Branch and her
husband, Aric, were among
more than 70 volunteers
who planted trees to protect
Guam’s watersheds.
Mark Tokito (second from left), Erlinda Alegre
(second from right) and Rowell Comia (far right)
presented The Salvation Army with a grant on
behalf of the bank’s Aloha for Community.
Bank volunteers joined Mariana Islands Nature Alliance (MINA) to plant
trees along Kilili Beach in Saipan.
1 4
C E L E B R A T I N G 1 2 5 Y E A R S
125 MAHALO MOMENTS
To express our gratitude to organizations and people we’re honored to support,
we shared “Mahalo Moments” on our social media channels throughout our
anniversary year. All 125 snapshots highlighted individuals and nonprofits
who inspire us by making a difference in our communities every day.
To learn more about our 125-year history, visit www.boh.com/125 for
details on Bank of Hawai‘i’s accomplishments, milestones and community
support, as well as videos highlighting stories of our bank ‘ohana.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1 5
Y E A R I N
R E V I E W
C R E AT I N G A
LASTING LEGACY
Employees came together at
Ruth Ke‘elikōlani Middle School for
the first in-person SmartMoney
Lesson Day since before the pandemic.
Building Trust
Building lasting relationships is the
foundation for serving our clients.
In this increasingly digital banking
environment, we know that our
customers need more than the
latest technology. Being available to
interact with them in ways that go
beyond answering their immediate
financial needs is essential to
providing the best possible services.
Our goal remains to ensure that each
interaction—whether in person, on
the phone, at an ATM, or online—
provides the best service and most
reliable products when, where and
how our customers want them.
We are evaluating all of our customer
interactions from their points of
view. This year we collected more
than 16,000 customer surveys from
all our service delivery channels
(branches, website, Customer Service
Center, online and mobile) and are
assessing the feedback we received
to make informed decisions about
new products and their delivery.
Based on this feedback, we are also
streamlining many of our processes,
including collaboration between
departments at the bank.
Developing New
CX Leaders
Developing Customer Experience
(CX) leaders who will explore
new ways to champion customer-
centricity across the company now
and in the future is one of Bank of
Hawai‘i’s strategic goals and focus.
In early 2022, our Customer
Experience team began offering
special training and presentations
to empower employees to act
as customer advocates in their
respective departments. CX
Advocate training included hands-on
introductions to design thinking, a
human-centered problem solving
approach that can help teams
We are honored to have received the following
recognition in our 125th anniversary year:
Newsweek magazine
ranked Bank of
Hawai‘i No. 3 in the
banking category of its
inaugural “America’s
Most Trusted
Companies” list.
Bank of Hawai‘i is the
only Hawai‘i business
to be recognized.
The readers of
Honolulu Star-
Advertiser, Hawaii
Tribune-Herald, West
Hawaii Today, and The
Garden Isle all selected
Bank of Hawai‘i as
“Hawai‘i’s Best Bank.”
Junior Achievement
USA recognized
Bank of Hawai‘i with
the Bronze U.S.
President’s Volunteer
Service Award for
the 2021–2022
school year.
to better understand customer
experiences, challenge assumptions
and create innovative solutions. This
CX Advocate pilot was so successful
that it is being expanded to all
departments across the bank in 2023.
CX certification courses were also
made available to key leaders at the
bank, and CX training curriculum
was integrated into our existing
Pathways to Professional Excellence
(PPE) and Leadership Development
Program (LDP). To further enhance
the focus on a customer-first
mindset—including with employees
who do not interact directly with
customers—eLearning modules were
introduced to hone skills.
We are seeing a positive response
to this renewed focus on customer
experience, and we look forward to
finding new and innovative solutions
to better serve our customers.
Every Call Matters
Our Customer Service Center has
always played a key role in facilitating
exceptional service for our customers.
Not only does it quickly provide safe
and secure personalized services,
but also helps resolve any issues that
may occur, giving peace of mind
to customers.
The team connects with customers
via several virtual channels including
phone, chat and video. This year
we saw a significant decrease in
wait times, down 50% from 2021 to
2022, resulting in an average wait of
5 minutes for 2022. We look forward
to piloting a new position, the
Virtual Relationship Banker, to work
seamlessly within our branches to
take customer appointments through
virtual channels, ensuring customers
can be served in the way that is most
convenient for them.
Digital Innovation
and Growth
As customers trend toward digital
options for banking, such as our
mobile banking app or website, we
are investing in making these tools
simpler, safer and more convenient.
Over the past two years, active
monthly users of digital banking have
grown by 12%.
Our website was updated to
streamline its appearance and
functionality, allowing us to expand
our offerings while also ensuring a
positive customer experience.
P R E - A P P R O V E D LO A N S
V I A S I M P L I F I
In 2022, SimpliFi, Bank of Hawai‘i’s
convenient online account opening
and application experience, allowed
customers to redeem pre-approved
loans. This online loan redemption
feature allows customers to use our
intuitive interface to electronically
sign documents and immediately
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1 7
LASTING LEGACY
receive loan proceeds in their
deposit account. This step forward in
customer convenience proved very
popular, resulting in an immediate
jump in consumer lending online.
G R OW I N G U S E O F Z E L L E
Bank of Hawai‘i added the Zelle
payments network to its app for
Hawai‘i customers in 2019 and
launched the feature for Guam
and Saipan in 2021, allowing users
to send money directly from their
bank account to someone else’s. The
convenience of fee-free, quick and
secure transactions led to exponential
adoption of Zelle since we first
introduced it, and in 2022 year-over-
year growth was 45%.
The first new location was Waimea
Branch, which opened on Aug. 8, and
the second was Hilo Branch, which
opened on Sept. 26. Both branches
have long histories in their respective
locations, with our Hilo Branch in
the community for more than 100
years, and our Waimea Branch in that
community for more than 60 years.
Both new branches feature the latest
Branch of Tomorrow improvements,
such as a Pili Room for private
consultations; a BankLanai® with
enhanced ATM features and 24/7
access; and biometric safe deposit
boxes. Each is also artistically designed
to feature signature art pieces that
reflect their community.
Our new Hilo Branch features the latest Branch of
Tomorrow technology and a wide, open floorplan.
for residential mortgages, home
equity credit lines, auto loans
and installment loans in addition
to offering loan deferrals to our
commercial clients.
Our Consumer Collections, Guam
Collections, Mortgage Collections
and Recoveries teams, along with
teammates from other business
units, assisted customers with
forbearances and extensions while
providing protection from negative
Providing Support
After COVID
S P E C I A L I Z E D LO A N
A S S I S TA N C E
Our bank ‘ohana teams worked
tirelessly during the height of
the pandemic to respond to the
financial needs of customers. We
created an emergency loan program
B A N K O F H AWA I ‘ I B R A N C H E S A N D AT M S
(As of December 31, 2022)
State of Hawai‘i
O‘ahu
Hawai‘i Island
Maui
Kaua‘i
Lāna‘i
Moloka‘i
West Pacific
Guam
CNMI/Saipan
Palau
Total
BRANCHES &
IN-STORE BRANCHES
47
25
8
8
4
1
1
4
2
1
1
51
ATMS
276
185
40
29
20
1
1
39
27
8
4
315
B A N K B Y A P P O I N T M E N T
Bank by Appointment was launched
at the start of the pandemic to make
the best use of in-branch interactions
and provide customers an option for
personalized services at a specific
time and location. The online system
enables customers to book an
in-person or telephone appointment
for a wide range of specialized
banking services, helps eliminate wait
times, and allows bank personnel to
provide the best services, products
and customer experience.
This feature has been tremendously
popular and more than doubled in
use since last year, increasing to
over 60,000 appointments in 2022
compared to 25,000 in 2021.
Branch of Tomorrow
Network Expands
Our branches provide important
opportunities for face-to-face
connections with our customers.
Bank of Hawai‘i’s Branch of
Tomorrow network grew in 2022 with
the opening of two new branches on
Hawai‘i Island.
1 8
Our new Hilo Branch features the latest Branch of
Tomorrow technology and a wide, open floorplan.
credit bureau reporting. More than
16,500 customers benefitted from
these special loan extensions over
the past two years of the pandemic.
In March of 2022, all of the consumer
loans had been removed from these
special programs because they were
no longer needed.
I N - P E R S O N S A F E T Y
As the risk from the pandemic
decreased, Hawai‘i’s “Safe Travels”
restrictions and the statewide
indoor mask mandate ended on
March 25, 2022. Bank of Hawai‘i
relaxed its guidelines for mask
wearing in accordance with the
state’s guidelines, but retained some
of the precautions as options for
the safety of vulnerable employees
and customers.
Hawai‘i Housing
Solutions
Homeownership is a major milestone.
However, there is a severe shortage
of affordable homes in Hawai‘i. We
have long partnered with developers
to create solutions to the housing
shortage, and also work with
homebuyers (including first-time
homebuyers) to help them become
homeowners. Since 2007 when we
introduced the HUD 184A Native
Hawaiian Housing Loan Guarantee
Program, we continue to be the
only Hawai‘i-based lender providing
Department of Hawaiian Home Lands
(DHHL) loans.
H AW A I ‘ I ’S L E A D E R
I N M O R T G A G E A N D
H O M E E Q U I T Y L E N D I N G
We are honored that so many of
Hawai‘i’s people choose us to help
guide them through homeownership,
home improvement and refinancing.
According to data provided by
Title Guaranty Hawaii, this positions
Bank of Hawai‘i once again, as the
No. 1 residential real estate lender in
Hawai‘i in 2022.
Y E A R I N R E V I E W
214
92
48
206
Bank of Hawai‘i supported the
acquisition or start of construction
of 560 affordable housing units.
For over a decade, we have been:
I N V E S T I N G I N
• #1 in number of mortgage and
refinance loans made in the state
of Hawai‘i, and
• #1 in total dollars by a local bank
for residential loans.
In 2022 we increased home equity
credit lines to $400,000 without
the need for appraisal, allowing
homeowners to more easily access
their equity for whatever their lives
might require. This program helped
customers save up to $1,000 in third-
party appraisal costs to originate a
$400,000 home equity credit loan.
Bank of Hawai‘i has helped thousands
of families follow their dreams
of building wealth by making the
process of obtaining a mortgage or
refinancing as easy and accessible
as possible through our SimpliFi
by Bank of Hawai‘i online features,
combined with the expertise of our
residential loan officers.
A F F O R D A B L E H O U S I N G
With limited land mass and the need
to import building materials, the
cost of housing in Hawai‘i for renters
as well as homebuyers remains one
of the highest in the nation. This
has caused some local workers to
postpone or abandon dreams of
homeownership—or even leave their
island home.
Bank of Hawai‘i continues to focus on
housing solutions to meet a variety
of community needs by providing
construction funding and lending to
developers for affordable housing
options. In 2022, Bank of Hawai‘i
supported the acquisition or start
of construction of 560 affordable
housing units (206 on O‘ahu, 214 on
Maui, 92 on Hawai‘i Island and 48 on
Kaua‘i), and over 1,300 units are in
the pipeline.
We are committed to investing in
new opportunities to create more
homes across the state, including
recent development projects on three
different islands.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 1 9
Mana Up is an accelerator and
venture fund for Hawai‘i-based
entrepreneurs, with a mission to help
them grow their markets globally
through retail and e-commerce
channels. They help Hawai‘i
companies become global companies,
bringing to the world what makes
Hawai‘i special while increasing
economic opportunity and jobs.
Additionally, Mana Up and Bank of
Hawai‘i have co-created an executive
mentorship and training program to
help propel local entrepreneurs to
their next level. This annual initiative
matches 10 Mana Up companies
with executive mentors from Bank
of Hawai‘i based on specialized areas
of growth. This program provides
leadership and business maturation
advice to entrepreneurs, while
offering the executive mentors the
opportunity to extend their expertise
to benefit the community at large.
Investment and
Insurance Services
in Changing Times
Bankoh Investment Services, Inc.
(BISI), our securities broker dealer
subsidiary, provides clients with
a comprehensive and competitive
suite of investment and insurance
solutions with a personal touch.
During the pandemic and beyond,
trusted BISI advisors have focused
on providing enhanced education
and personal support for clients
concerned with retirement,
healthcare costs, rising inflation
and market volatility and declines.
Their personal involvement
with their clients allows them to
offer helpful advice on how to
manage their finances during post-
pandemic changes.
Mana Up co-founder, Meli James, aims to support local businesses as they grow
and expand their reach worldwide.
Bank of Hawai‘i worked with
nonprofit developer Ikaika Ohana
and Urban Housing Communities
(UHC) to support the Kaiāulu o
Kūku‘ia project in Lahaina, Maui.
The 200-apartment project, made up
of 25 two-story eight-plex buildings,
will include 100 two-bedroom, 75
three-bedroom and 25 four-bedroom
units of affordable workforce
housing for families in Maui County
earning 60% or less of the median
income. Located on state land leased
purposefully for the creation of
affordable housing, this community
is designed to be sustainable and
energy efficient with cost savings for
residents. Groundbreaking was held
in July 2022.
Bank of Hawai‘i assisted nonprofit
developer EAH Housing with
a 92-unit affordable senior
community residence in Hilo for
veterans, surviving spouses and
other income-qualified seniors.
Construction started in November
2022 for the Hale Nā Koa ‘O Hanakahi
development on Hawai‘i Island,
designed for people 62 years or older,
serving households earning 30% to
80% of the area median income. The
project is the residential component
of a master planned, full service
complex that will also later include
a veterans’ center and a community-
based outpatient clinic.
We are also a committed equity
investor in Low-Income Housing Tax
Credit (LIHTC) projects across the
state as well as in the Commonwealth
of the Northern Mariana Islands/
Saipan. For example, in 2022, Bank
of Hawai‘i invested more than $20
million in LIHTC to support the
development of Ikaika Ohana’s
Kaiāulu o Kūku‘ia affordable housing
development in Lahaina, Maui.
Helping Local
Businesses Grow
Bank of Hawai‘i has always provided
steadfast support to Hawai‘i’s small
businesses and entrepreneurs at the
heart of our communities. To fuel
long-term growth and success for
Hawai‘i’s businesses, we invested
in local economic growth and
diversification opportunities by
partnering with Mana Up.
2 0
O U R
C O M M U N I T Y
F I N D I N G WAYS TO
GIVE BACK
Kanani Ioapo and her husband, Ken,
were among hundreds of volunteers
who planted trees at Wai‘anae
Kai Forest Reserve for our annual
Community Service Day.
During our anniversary year, Bank of Hawai‘i committed
to showing our appreciation for the communities where
we live and work. Each of the bank’s 2,000-plus employees
was given the opportunity to select a nonprofit to receive
a $125 donation from Bank of Hawai‘i Foundation.
YWCA Dress for Success:
Volunteers helped YWCA sort
through donated items that are
sold to raise funds to help empower
participating women, including those
transitioning out of prison or shelters,
or who are new or returning to the
workforce. The program provides
mentorship, professional attire and
job training.
Goodwill Goes GLAM! returned to
the Blaisdell Exhibition Hall after a
two-year hiatus. Volunteers assisted
Goodwill Hawaii with their signature
fundraiser to help people with
employment barriers find work. Their
community initiatives help more than
10,000 people statewide each year.
Kayla Matautia and Sheri Lynn Freitas
were thrilled to volunteer at the popular
Goodwill Goes GLAM! in person again
this year.
2 0 2 2 L I V E KŌ K U A
G I V I N G C A M PA I G N
Employees and retirees raise funds
every year for the Live Kōkua Giving
Campaign, first created in 2010.
Our Bankoh Blue Crew helped sort donations
at YWCA’s Dress for Success.
This year’s campaign, #BankohCares,
ran from Oct. 11 to Dec. 12 and raised
$569,717 to support a selection of
Aloha United Way’s partner nonprofits.
To date, employees and retirees have
donated over $7.5 million through
the Live Kōkua Giving Campaign for
nonprofits in Hawai‘i and the West
Pacific region.
Support for 2020–2024
ALICE Cohort
For almost half of our residents,
Hawai‘i’s high cost of living is taking a
toll. Hawai‘i’s ALICE (Asset Limited,
Income Constrained, Employed) Cohort
Initiative raises awareness about a
huge, but sometimes hidden, segment
of our community that is struggling to
afford basic necessities.
Hawai‘i’s ALICE Cohort Initiative
focuses on lifting ALICE households—
existing above the Federal Poverty Line,
but still struggling—to greater financial
and social stability, and increasing access
to safe and affordable housing.
The 2022–24 ALICE Fund invests in
the ALICE Cohort Initiative, which
includes 17 nonprofits collectively
working to develop and implement
impactful and scalable programs to
help O‘ahu's ALICE households. It is
overseen by Aloha United Way (AUW)
and Hawai‘i Community Foundation.
Bank of Hawai‘i Foundation is one of
many supporting the 2022–24 ALICE
Fund over three years.
Additionally, the bank planted the
equivalent of 125 trees per week
throughout 2022, and provided
grants to Hawai‘i and West Pacific
nonprofits that work to protect
the environment. The total from
these two initiatives alone is nearly
$345,000. More information about
the ways we gave back in celebration
of 125 years can be found on pages
12–15 of this annual report.
Bank of Hawai‘i, its employees, and
the Foundation contributed nearly
$3.4 million to community and
philanthropic causes in 2022.
Employee Giving
through Live Kōkua
In 2022, our Bankoh Blue Crew
(which references our bright blue
shirts) has been highly visible doing
good for the community.
L I V E KŌ K U A
V O LU N T E E R P R O G R A M
Here are a few of the community
service events in 2022.
Homeless Shelter Lunches: Bank
volunteers returned to prepare
and serve lunches to Institute for
Human Services (IHS) residents.
Prior to the pandemic, Bankoh
Blue Crew members consistently
volunteered for this service, and
stepped up again once IHS made the
opportunity available.
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A L I C E I N H AWA I ‘ I : 2 0 2 2
FA C T S A N D F I G U R E S
Bank of Hawai‘i has sponsored the
ALICE Report for Hawai‘i since 2018.
In 2022, Bank of Hawai‘i Foundation
provided a grant of $97,500 to
sponsor ALICE in Hawai‘i: 2022 Facts
& Figures. The report was released in
December 2022 and made available
publicly through AUW’s website.
It includes data for the entire state
of Hawai‘i and helps to inform
government decision-making at the
state and county levels.
our participation under the CRA.
Bank of Hawai‘i holds an outstanding
Community Reinvestment Act rating.
S U P P O R T I N G S A I PA N ’S
S M A L L B U S I N E S S E S
This is the 11th year of the I Kinometi
Para I Kumunidåt I Islå-ta Small
Business and Revitalization and
Development grants. Grants of up to
$5,000 are awarded each year by Bank
of Hawai‘i Foundation for projects
that promote new small businesses on
Saipan and encourage existing ones to
expand with an emphasis on projects
that will benefit the community.
2022 Financial
Education/ Community
Reinvestment
Act (CRA)
Partnering with other organizations
to support small businesses, improve
financial education, create affordable
housing and well-paying jobs,
address homelessness, and improve
healthcare are all areas of focus for
Grant recipient, DreamPlay, used their funds
to purchase learning and development tools
for toddlers.
O U R C O M M U N I T Y
In 2022, the five awardees included:
• A gourmet cookie shop that
purchased signage and furnishings
so it could move from catering
operations to a brick-and-
mortar store.
• A locally owned dive shop that
paid for scuba diving instructors
and offered discounted classes
to residents.
• A family-owned clothing company
that purchased new inventory
including quick-dry tees.
• A childcare service for preschool
children that purchased supplies
and provided teaching staff
with the latest educational and
childcare training.
• A locally owned outpatient
hemodialysis center that purchased
equipment to ensure continuous
dialysis care and related services
in the event of a disaster or
power outage.
NONPROFIT PARTNERSHIPS
Hawai‘i Foodbank
AT-A- GLANCE
Bank of Hawai‘i
Foundation
Bank of Hawai‘i Foundation is
honored to support hundreds
of nonprofits in our community
each year. The following
are some of the grants and
sponsorships from Bank of
Hawai‘i Foundation in 2022.
PBS Hawai‘i’s HIKI NŌ
$100,000 continues Bank of
Hawai‘i Foundation’s 11th
year of supporting the
nation’s first and only
statewide student news
program and digital media
learning initiative.
$50,000 was donated to
improve the Foodbank’s
data tracking through new
technology that will help
them provide more reliable
information to the federal
government, and improve
sustainability in their food
distribution services.
Bank of Hawai‘i Foundation
Family Sundays
$100,000 funded the return
of Family Sundays at the
Honolulu Museum of Art
after a two-year hiatus due
to the pandemic. Since
2004, Family Sundays by
Bank of Hawai‘i Foundation
has offered free admission
for residents on the third
Sunday of every month,
providing access to arts,
culture and entertainment.
Catholic Charities
Hawai‘i’s 75th Anniversary
Hawai‘i P-20
Partnerships for Education
$100,000 was provided to
the University of Hawai‘i
Foundation for college
scholarships.
Legacy Foundation,
Honolulu Pride Parade
and Festival
A $15,000 annual
commitment was made
to continue our visionary
level sponsorship through
2024 as part of our focus
on diversity and inclusion
in the community. Bank
of Hawai‘i Foundation has
been a sponsor for the past
four years.
$50,000 was donated to
celebrate the organization’s
anniversary and to provide
funding to their multiple
services for Hawai‘i’s elderly,
immigrants, mentally ill,
families and others in need.
21st Annual Native
Hawaiian Convention,
“Hulihia”
$10,000 was provided to the
Council for Native Hawaiian
Advancement for their
Honolulu convention. More
than 1,500 community
members attended the
convention, which explored
sustainability in Hawai‘i.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 2 3
H E L P I N G L OW -
I N C O M E FA M I L I E S
R E C E I V E TA X R E F U N D S
Every year since 2010, Bank of Hawai‘i
employees have partnered with
Goodwill Hawaii’s Volunteer Income
Tax Assistance (VITA) program. This
year, 29 volunteers became IRS-
certified for the 2022 season and were
accepted in the Consumer Financial
Protection Bureau (CFPB) Tax Time
Initiative Cohort. Our volunteers
prepared 95 tax filings that resulted in
over $126,000 in refunds back to the
community. This was the first year
we had representation on four of the
major Hawaiian Islands.
S U P P O R T I N G P R I N C E S S
R U T H K E ‘ E L I KŌ L A N I
M I D D L E S C H O O L
Bank volunteers have provided
unique financial education
opportunities to public schools
across Hawai‘i and the West Pacific
since 2009.
Built in the heart of downtown
Honolulu on the grounds of the
former palace of Princess Ruth
Luka Ke‘elikōlani of Hawai‘i, this
Title 1 school serves students in
grades 6 through 8. While nearby
neighborhoods feature luxury
apartments and homes, the majority
of students reside in government
and affordable housing complexes or
transitional and homeless shelters.
In April, nearly 50 Bank of Hawai‘i
volunteers returned to the school to
teach 300 students in 23 classrooms
for our SmartMoney Lesson Day
during Financial Literacy Month.
Topics were explored in a fun way,
and included the importance of saving
money as well as saving energy to
help protect the environment. Dozens
of other schools also welcomed bank
volunteers to share SmartMoney
financial lessons in the spring, and
again in October and November.
We returned to Princess Ruth
Ke‘elikōlani Middle School on Career
Day in May to share experiences
about working at a bank and to
answer students’ questions.
H E L P I N G YO U N G P E O P L E
W H O H AV E E X P E R I E N C E D
F O S T E R C A R E
The HI H.O.P.E.S. Initiative (in
partnership with EPIC ‘Ohana,
Hawai‘i Community Foundation,
the Jim Casey Youth Opportunities
Initiative, and the Annie E. Casey
Foundation) works to ensure
that Hawai‘i’s young people who
experience foster care have the
resources they need for success.
Since 2010, Bank of Hawai‘i has
been a supporter of HI H.O.P.E.S.,
and continues to provide individual
development savings accounts
(IDAs) while building relationships
with young people striving to create
independence after experiencing
foster care.
Since the start of HI H.O.P.E.S.,
Bank of Hawai‘i has opened 968 IDAs
for large purchases such as housing,
education and vehicles. Forty-two
percent of the accounts were used
to make a qualified-asset purchase
aggregating to $1.41 million. The most
common qualified purchase on O‘ahu
was for education (35%), followed
by housing (25%). On the neighbor
islands, 44% of participants used their
funds for transportation, while 24%
made a deposit for housing.
Bank of Hawai‘i employees also
serve on advisory groups for HI
H.O.P.E.S. on the four major islands
including groups in Hilo and Kona on
Hawai‘i Island.
Lono Kealoha and other bank employees
taught important financial literacy courses
to 11th graders at Wai‘anae High School
in November.
2 4
O U R
E M P L OY E E S
CREATING
CONNECTIONS
Noe Jan Gumboc received his bachelor’s
degree in May through Bank of Hawai‘i’s
College Assistance Program.
For 125 years, Bank of Hawai‘i’s greatest advantage has been our employees, who go
above and beyond every day to bring care to our customers. There is nothing more
powerful than the way they work together to build meaningful relationships
and deliver exceptional service. In 2022, we continued to take steps to more deeply
understand the needs of our employees.
Benefits That Matter
At the beginning of 2022,
Bank of Hawai‘i announced an
annual 2.5% salary increase plus
an unprecedented, one-time 2.5%
inflation adjustment, that went
into effect on April 1. The increases
were implemented to reward the
outstanding efforts of employees in
providing service to customers and
colleagues during the uncertainty and
challenges of the pandemic, and to
help offset the effects of the rapid rise
in inflation.
In addition to the special merit
increase, an announcement was
made at the end of 2022 about new
employee benefits scheduled to
go into effect January 2023. All of
these benefits were designed to give
employees greater flexibility and
choice. These include:
• A consolidation of all paid time off
(PTO) into one category. Formerly,
paid time off was separated
into vacation, floating holidays,
birthdays and dependent care. An
added benefit is that the amount of
paid time off now accrues faster.
• New hires will be given access to a
week of their paid time off as soon
as they’re hired.
Paying for Employees’
College Educations
In 2022, seven employees received
their bachelor’s degrees from
Chaminade University of Honolulu
thanks to the Bank of Hawai‘i
College Assistance Program (CAP).
The program supports employees’
long-term educational goals by paying
100% of their tuition (plus fees for
textbooks and materials) to get either
an associate or bachelor’s degree
from Chaminade or the University
of Hawai‘i’s Community Colleges
(UHCC).
The program started in 2016 with
three participants and, to date, 16
employees have earned degrees in
the major of their choice. Thirty
employees were enrolled in the
Fall 2022 semester, with $324 , 406
reimbursed. The program has paid
more than $1.7 million for employees’
educational costs since its inception.
Peter Ho celebrated with the seven
employees who received their
bachelor’s degrees in the summer,
paid for by the bank’s College
Assistance Program: Tony Syxomphou,
Noe Jan Gumboc, Parris Smith,
Theresa Neal-Viela, David Lammay,
Jonathan Enos and Alex Duggan.
2 6
Connection
and Inclusion
One of the ways that Bank of
Hawai‘i helps promote inclusivity
in our workplace culture is through
our Employee Resource Groups
(ERG). These groups offer great
ways for employees to connect as
well as to educate the company as a
whole. With many of our employees
spending more time working from
home, the ERGs and their community
outreach efforts provide ways for
employees to engage with one
another while making a positive
impact in the community.
These are some of the community
activities of the groups in 2022:
LGBTQ+: Our RainBOH volunteers
turned out to participate in the 2022
Honolulu Pride Parade & Festival
for the first time after a two-year
hiatus. Employees wearing “Live
Your Pride” T-shirts, butterfly wings
and rainbow accessories marched in
the Waikīkī parade, helped hand out
butterfly fans, and applied custom
temporary tattoos at the bank’s booth
at the festival.
Military: During Mental Health
Awareness Month in May, the Blue
Brigade hosted a special discussion
about managing stress to help
promote the importance of emotional
and psychological well-being. Open
to all bank employees, this pau hana
featured a speaker from Samaritan
Counseling Center Hawaii.
Late in 2021, our Blue Brigade picked
up hammers to help build a Honolulu
Habitat for Humanity home for a
U.S. Navy veteran and his family.
In August 2022, our Blue Brigade
was there to help celebrate when
the completed Waimānalo home
was blessed and the Young family
moved in.
O U R E M P L O Y E E S
Our “Live Your Happy. Live Your Pride” float was a highlight of the Honolulu Pride Parade
through Waikīkī.
Women Inspired: After hearing
about the great work of the nonprofit
Ma‘i Movement to address the fact
that one in four people experience
period poverty in Hawai‘i, this
ERG signed up to help. Bank of
Hawai‘i purchased an assortment of
menstrual products, and the Women
Inspired volunteers broke down
the pallets of supplies, sorted the
products and packed supply boxes.
Volunteers assembled 1,960 period
care kits for Ma‘i Movement.
Native Hawaiian: The bank’s
newest ERG welcomes Native
Hawaiians and allies to advocate
for Native Hawaiians, and helps
expand understanding of Hawaiian
history, culture and language.
During Hawaiian History Month in
September, a group of more than 40
employees, friends and family enjoyed
a day of volunteering and fellowship
at Paepae o He‘eia, the nonprofit
that cares for He‘eia Fishpond on
the windward side of O‘ahu. They
removed invasive plants and helped
to restore part of the fishpond wall.
The Blue Brigade helped build the Young family
home and celebrated their move-in day in
August. Here, in the new kitchen are Eddie
Quan, Valerie Lam, Enid and Lloyd Young, Momi
Akimseu and Fred Alvarado.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 2 7
Strengthening
Team Dynamics
Our special culture of ‘ohana and
collaboration is so important
that Bank of Hawai‘i invested in
technology and tools, and created
online forums to help teams stay
connected during the pandemic,
especially when many were working
remotely. Now that the workplace
has changed and we are embracing
a new hybrid environment for some
employees, we can no longer rely on
just one method to stay connected
and engaged.
We began rolling out new software to
help managers better connect, engage
and understand their employees
while strengthening team dynamics.
The new tool is designed to bring
teams closer together through
workshops facilitated by managers,
and includes opportunities for
discussion and interactive activities.
Employees also embraced a new
engagement app that encourages
positive connections with each other
through appreciation posts, birthday
wishes and anniversary celebrations.
Justin Prestidge and David Pajarillo joined
other members of the newly formed Native
Hawaiian ERG for their inaugural service
day at Paepae o He‘eia in Windward O‘ahu.
Bank of Hawai‘i
Employee
Development
Programs
Leadership
Development Program
Two-year accelerated program
designed for recent college graduates
who are looking to advance their
business perspective and grow their
skill set through hands-on, real-
world experience.
PROG RAM DATE S:
July 18, 2022–July 17, 2024
OU TCOME : Inaugural 2022 cohort
kicked off with 3 associates in
Finance, Lending and Information
Technology.
Bank Associates Program
College Mentorship Program
Provides college students with
insights into corporate work
environments, the financial industry
and Bank of Hawai‘i while providing
professional development to help
them grow.
PROGRAM DATES:
March 7–April 25 (Spring ‘22) and
Oct. 3–Nov. 21 (Fall ‘22)
OUTCOME : 15 students representing
Chaminade University and UH Shidler
Clubs (Business Executive Society
of Tomorrow, Financial Management
Association, and Information
Technology Management Association)
Over the course of the program,
recent graduates and emerging
professionals are exposed to a
variety of offerings designed to boost
personal and professional growth.
PROGRAM DATES:
July 11–Dec. 9, 2022
OUTCOME : 4 associates in
Branch Banking
Pathways to
Professional Excellence
Participants are nominated by
their managers and selected to
take part in this highly regarded
leadership program.
PROGRAM DATES:
July 18–Dec. 16, 2022
OUTCOME : 37 employees representing
14 business units
Summer Intern Program
Movers and Shakas
Summer interns spend eight weeks
with various departments and
bank leadership.
PROG RAM DATE S:
June 13–Aug. 5, 2022
OU TCOME : 34 interns representing
23 business units
Participants from Hawai‘i businesses
build relationships through cultural
education, community service and
networking opportunities.
PROGRAM DATES:
May 7–June 23 (Cohort #1) and
Oct. 1–Nov. 10 (Cohort #2)
2022 Pathways to Professional Excellence
participants celebrated after completing
OUTCOME : 7 participants
the program.
2 8
O U R
C L I E N T S
Our 125-year story is filled with countless
connections to our community that helped shape who we are today.
In celebration of our anniversary and in appreciation for those relation-
ships, we connected with clients to celebrate their stories of success and
partnership with Bank of Hawai‘i, including some who were featured in
our annual reports over the years.
“The bank is a lot like Hawai‘i,
where we’re all looking out
for each other.” —NIK LOBENDAHN
NIK AND JEN N I FER LOBE N DAH N
Owners, Over Easy, Easy ‘Que, Bakery at Over Easy
Nik and Jennifer met when they were working
at Alan Wong’s restaurant, where they shared
a passion for food. They realized they wanted
to start a business together before they even
knew they wanted to get married. After seven
years of saving and planning, plus help from
family and friends, in July 2016 they opened
Over Easy, a breakfast restaurant in Kailua
with a fresh and unique menu. They hit the
ground running, putting a lot of love and
thought into every detail of their new business
and featuring what Jennifer calls their life’s
dream menu. In 2019, they expanded to
open Easy ‘Que across the street from their
breakfast location. It features a local-style
barbecue menu with Asian flavor nuances the
Lobendahns describe as “aloha barbeque.”
They survived the COVID shutdown by
making creative pivots. Serving takeout at
Over Easy, selling family dinners, DIY semi-
prepared meals, pastry boxes, and other items
helped them keep their doors open.
In 2022, they opened a bakery connected to
Over Easy featuring baked goods they serve
at the restaurant and other treats like custom
cakes. While a lot of hard work goes into
running their restaurants, they feel lucky to
truly love what they do. They’re thankful for
their team that helped them grow through
the years, and look forward to what’s next.
EASYQUEHI.COM
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B R A N C H B A N K I N G C L I E N T S
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 3 1
“There are three words that
would describe our relationship
with Bank of Hawai‘i:
personalized, professional,
partnership. And that’s the way
that it should be with a banking
relationship.”—RAND COON
THE CO ON FAMILY
Owners, Trilogy Excursions
Trilogy Excursions is a multigenerational
family business that started with two
brothers, Eldon and Afton Coon. Now
Eldon’s sons, Rand and Jim, and the third
generation—the “cousin consortium” of
their six adult children—work together. The
company is celebrating its 50th anniversary
in 2023.
After sailing around the South Pacific for a
year and a half in a 50-foot trimaran they
built themselves, Jim and Rand fell in love
with Hawai‘i and settled on the island of
Maui. In 1973, they decided to create a day
experience much like their South Pacific
cruise, which would show their guests the
best day of their vacation by featuring good
food with good friends, white sand beaches
and beautiful snorkeling. Their crews are
educated in Hawaiian culture, history, flora
and fauna, and sharing that mana‘o (insight)
is part of the engaging hospitality they offer
to guests. Early on, the company set the
boating-industry standard for environmental
awareness and continues to work toward a
long-term goal of becoming net zero as part
of doing the right things for the environment.
SAILTRILOGY.COM
3 23 2
Jim Coon, LiAnne (Coon)
Driessen, Rand Coon and
Ginger (Coon) Lucy
C O M M E R C I A L B A N K I N G C L I E N T S
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 3 3
“Once we made the switch to
Bank of Hawai‘i there’s been
no reason to go anywhere else.
They’ve taken banking to a
different level.” —MICHAEL ROCK
“It truly is the bank of Hawai‘i.”
—CHERYL ROCK
MICHAEL AND CHERYL RO CK
Owners, Hawaiian Instrument Designs Corp.
dba Mele Ukulele
After moving to Maui in 1982 from Boston,
Michael began building custom furniture
and circular staircases for high-end building
projects. For fun he used his craftsmanship to
make repairs on stringed instruments. When
the Gulf War slowed Maui’s construction,
he began making ‘ukulele full time. Cheryl,
whose background is in business and finance,
focused on the clients so Michael could
concentrate on crafting instruments, and in
1997 they opened their first store in Wailuku.
All of the instruments at Mele Ukulele are
designed and finished in their shop. When the
business started, ‘ukulele were considered
toys sold as souvenirs or expensive custom-
made instruments, with nothing in between.
It became their mission to fill that gap and
deliver affordable and quality instruments,
especially for local families who wanted their
children to learn to play. They developed
different lines to offer a selection of price
points suitable for anyone from a beginner to
an intermediate to a professional. Thirty years
later, the ‘ukulele is a mainstream instrument,
and Mele Ukulele is proud of the role it
continues to play. MELEUKULELE.COM
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T H E P R I V A T E B A N K C L I E N T S
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 3 5
Brittany Heyd and Meli James
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B A N K I N G P A R T N E R
“When I think of Bank of Hawai‘i,
I think about it as all about
Hawai‘i. It’s not just dollars
and cents. This partnership
is meaningful because of our
shared overall mission in trying
to achieve this next vision
for Hawai‘i.” —BRITTANY HEYD
M ELI JAMES AND B RITTANY HEYD
Co-founders, Mana Up
Mana Up is a statewide initiative designed to
support entrepreneurs in Hawaiʻi. Mana Up
hosts a six-month accelerator program for
local product companies to help them grow
through retail and e-commerce channels.
With a goal to create Hawai‘i’s next 100
product companies earning over $10 million
in annual revenue, Mana Up helps Hawai‘i-
based companies “level up” and become
global companies. Mana Up’s vision is to fuel
an economic growth engine for Hawai‘i that
can generate success for the local economy
and create well-paying, interesting jobs for
local people. As Mana Up’s exclusive banking
partner at the Founder Level, Bank of Hawai‘i
supports the annual accelerator program
and is co-creating an executive mentorship
and training program to help propel local
entrepreneurs to their next level.
With one-on-one mentorship plus other
support, 53% of Mana Up companies grew
their revenue despite challenges during the
pandemic. Many of these entrepreneurs
have been recognized internationally for
their products’ high quality or innovation.
MANAUPHAWAII.COM
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 3 7
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C O M M E R C I A L B A N K I N G C L I E N T
“Bank of Hawai‘i has been a supportive partner
of Outrigger Hospitality Group since the
company was founded 75 years ago. We value
and trust the Bank of Hawai‘i team.”
J EFF WAG ON ER
President & CEO, Outrigger Hospitality Group
Outrigger Resorts & Hotels is a toes-in-the-sand brand, synonymous with beachfront
hospitality, iconic live music and authentic signature experiences. Celebrating its
75th anniversary in 2022, Outrigger has charted a journey of discovery—expanding from
Hawai‘i to premier beach resort destinations including Fiji, Mauritius, Thailand and
the Maldives.
Outrigger is focused on positively affecting society and the environment with
“The Outrigger Way” of caring for its hosts, guests and place. This theme is
woven throughout Outrigger’s ESG (environmental, social, governance) platform.
The OutriggerCARES Foundation, a 501(c)(3) nonprofit, was launched in 2022 as a
formal vehicle to provide financial support to Outrigger hosts in times of need. And
Outrigger Zone “OZONE,” the company’s global conservation program, focuses on
preserving healthy oceans and protecting coral reefs. Through partnerships with like-
minded nonprofits and its own Coral Kids Clubs, Outrigger aims to continue as active
stewards of the environment and positive corporate citizens. OUTRIGGER.COM
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 3 9
“The Lord has blessed and guided our
family in so many ways, like leading us to
Bank of Hawai‘i for assistance and advice
with our financial needs.” —DR. WILLIAM WONG, JR.
TH E WO NG FA MI LY
Rita Wong and Dr. William Wong, Sr.
Kerri Wong and Dr. William Wong, Jr.
The Wongs are a family of medical and real estate professionals and, as their practices
grew, so did their relationship with Bank of Hawai‘i. Rita Wong is a Realtor® and real estate
investor who also owns Rita Wong Realty, Inc., which specializes in real estate sales and
vacation rentals. She has depended on Bank of Hawai‘i Senior Relationship Manager
Cori Weston for many years.
Dermatologist William Wong, Sr., MD, owns Hawaii Dermatology & Surgery, Inc., which
takes a holistic approach in delivering dermatology care. Ophthalmologist William Wong,
Jr., MD, owns Hawaii Vision Clinic, which provides the highest standards of eye care and
technology to treat all kinds of eye conditions in adults and children. Bank of Hawai‘i not
only helped these professionals build their businesses, but also played a role in helping
Rita and Dr. William Wong, Sr. set up education funding for their grandchildren, and guided
Kerri and Dr. William Wong, Jr. in the startup of Hawaii Vision Clinic, and the construction
of their family’s dream farm. HAWAIIDERMATOLOGYANDSURGERY.COM and HAWAIIVISIONCLINIC.COM
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T H E P R I V A T E B A N K C L I E N T S
Dr. William Wong, Sr.,
Rita Wong, Kerri Wong and
Dr. William Wong, Jr.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 4 1
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B R A N C H B A N K I N G C L I E N T
“We are happy to have a partner like Bank of
Hawai‘i with the services to help us with our
personal banking as well as the expertise to
help us succeed by revisiting our business plans,
financial assessments and market analysis.”
MA LCO LM YORKSTO N
Owner, Hawaiian Rainbow Bees LLC
Hawaiian Rainbow Bees is proud to bring a local, unprocessed, healthy Hawaiian honey
from “bee to bottle.” The family-owned-and-operated business pulls honey from about
1,500 hives. Many are located on macadamia nut farms on Hawai‘i Island, while others
are in areas of diversified agriculture on O‘ahu and Hawai‘i Island featuring crops such
as coffee, banana, coconut, mango and avocado. The honey is a regular winner at the
annual Big Island Beekeepers Association’s Hawaiian Natural Honey Challenge, and is
exported all over the world. Their EZ squeeze honey pouch is the first of its kind, and
is perfect for Hawai‘i’s outdoor, on-the-go lifestyle.
Hawaiian Rainbow Bees has worked with Bank of Hawai‘i since the company’s inception
in 2011. Malcolm regularly visits the tellers and manager at the Mānoa Branch, including
Senior Market Manager Summerset Lovett, who helped Rainbow Bees set up their
business accounts. More recently, Malcolm moved many of his personal accounts to
Bank of Hawai‘i. RAINBOWBEES.COM
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 4 3
Mykala Tokunaga,
Michael Tokunaga and
Peggy Tokunaga
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C O M M E R C I A L B A N K I N G C L I E N T
“A wise and successful businessman once told me,
‘Michael, make sure you get a good contractor that
you can trust and, most of all, a good bank and
banker that you can also trust!’ Bank of Hawai‘i
has treated our business very well for 102 years.”
MI C HA E L TOKU NAGA
Owner, S. Tokunaga Store, Inc.
S. Tokunaga Store, located in Hilo, Hawaiʻi, offers a full range of fishing, diving, hunting,
and firearms gear. Opened by Sumie Tokunaga in 1920 as a simple mom-and-pop
store, the business has grown for 102 years. It is now run by Michael Tokunaga, the
3rd generation of Tokunagas, who took over the business from his mom, Ethel Tokunaga.
Ethel (Sumie’s daughter-in-law) ran the business from 1960 to 1991. The store has
become the No. 1 center for deep water and shoreline fishing supplies on Hawaiʻi
Island, and also offers everything for hunting, diving or camping adventures. With a
knowledgeable staff who have over 75 years of combined experience, they continue to
follow Sumie’s original philosophy of service: “Get the customers the products that they
want, and provide them at a reasonable price with the best service. Treat them how you
would like to be treated, and make them feel comfortable.” STOKUNAGASTORE.COM
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 4 5
Dr. Cheri and Norman Gentry
(seated in front) with
Thomas Gentry and Nicole Gentry
4 6
T H E P R I V A T E B A N K C L I E N T S
“We are honored and grateful for the thousands
of homeowners who have placed their trust in
Gentry for more than 50 years. We are especially
thankful that Bank of Hawai‘i has been by our
side as a loyal and trusted partner, through
thick and thin, in all our business endeavors.”
N OR MA N A ND DR. CHERI GENTRY
Shareholders, Gentry Homes, Ltd.
Gentry Homes, a family-owned business since 1968, has been building homes in Hawai‘i
for more than fifty years. Ocean View Estates on the windward side of O‘ahu was among
the first of many Gentry communities, which later included Waipio by Gentry and Ewa
by Gentry. The Gentry name has come to represent the very best quality in new-home
construction, and today more than 14,000 families call a Gentry community home. Gentry
has also developed numerous commercial and industrial projects, such as Gentry’s Kona
Marina, the Gentry Waipio Business Park, and the Gentry Pacific Design Center. Bank of
Hawai‘i has been a trusted partner of the Gentry businesses for decades.
Norman and Dr. Cheri Gentry also work with Bank of Hawai‘i to plan for the financial
futures of the third generation of the Gentry family and for their charitable giving.
GENTRYHAWAII.COM
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 4 7
“Even though any teller can assist my mom, she
always asks for Mike. She has difficulty hearing
and knows Mike will patiently take the time
to explain. It’s reassuring knowing that he’s
nearby. He is such a blessing and will always be
considered part of the family.” — LESLIE KAWAMOTO
JA N E LEON G A ND LES LIE KAWAM OTO
Jane Leong retired over 30 years ago and lives with her daughter and son-in-law, Leslie
and Eric Kawamoto. Jane’s relationship with Bank of Hawai‘i began in the late 1950s
when she worked at an office above the branch on South King Street, where she opened
her first checking account.
Leslie works at Alexander & Baldwin as the CEO’s assistant. In 2012, she received a call
from Sr. Relationship Banker Mike Kobashigawa at the Mānoa Branch. He suggested a
meeting with a Bank of Hawai‘i financial planner to grow her mother’s money. “That was
the beginning of our wonderful relationship with Mike,” Leslie said. “In addition to Mike,
I have met many wonderful Bank of Hawai‘i employees downtown as part of my job.
Whenever they call or visit, their good energy adds a smile to my day.”
4 8
B R A N C H B A N K I N G C L I E N T S
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 4 9
Consolidated Statements of Income
Bank of Hawai‘i Corporation and Subsidiaries (dollars in thousands, except per-share amounts)
FOR THE YEAR ENDED DECEMBER 31
2022
2021
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 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
$
439,798
$
398,616
70,555
81,490
32
4,274
1,217
597,366
39,678
12,600
417
2,070
2,043
56,808
540,558
(7,800)
548,358
43,803
5,980
29,620
54,914
(6,111)
3,782
9,968
15,585
157,541
235,270
39,441
38,374
18,362
14,557
6,546
62,715
415,265
290,634
64,830
225,804
7,877
217,927
5.50
5.48
2.80
39,601,089
39,788,002
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
$
$
$
$
$
$
$
$
$
$
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for the
Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
5 0
Consolidated Statements of Condition
Bank of Hawai‘i Corporation and Subsidiaries (dollars in thousands)
AS OF DECEMBER 31
Assets
Interest-Bearing Deposits in Other Banks
Funds Sold
Investment Securities
Available-for-Sale
Held-to-Maturity (Fair Value of $4,615,393 and $4,646,619)
Loans Held for Sale
Loans and Leases
Allowance for Credit Losses
Net Loans and Leases
Total Earning Assets
Cash and Due From Banks
Premises and Equipment, Net
Operating Lease Right-of-Use Assets
Accrued Interest Receivable
Foreclosed Real Estate
Mortgage Servicing Rights
Goodwill
Bank-Owned Life Insurance
Other Assets
Total Assets
Liabilities
Deposits
Noninterest-Bearing Demand
Interest-Bearing Demand
Savings
Time
Total Deposits
Securities Sold Under Agreements to Repurchase
Other Debt
Operating Lease Liabilities
Retirement Benefits Payable
Accrued Interest Payable
Taxes Payable
Other Liabilities
Total Liabilities
Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: December 31, 2022 and December 31, 2021 - 180,000)
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 31, 2022 - 58,733,625 / 39,835,750;
and December 31, 2021 - 58,554,669 / 40,253,193)
Capital Surplus
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury Stock, at Cost (Shares: December 31, 2022 - 18,897,875
and December 31, 2021 - 18,301,476)
Total Shareholders' Equity
Total Liabilities and Shareholders’ Equity
2022
2021
$
3,724
81,364
$
2,571
361,536
2,844,823
5,414,139
1,035
13,646,420
(144,439)
13,501,981
21,847,066
316,679
206,777
92,307
61,002
1,040
22,619
31,517
453,882
573,988
$ 23,606,877
$
6,714,982
4,232,567
7,962,410
1,705,737
20,615,696
725,490
410,294
100,526
26,991
9,698
7,104
394,083
22,289,882
4,279,056
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
$
$
180,000
180,000
582
620,578
(434,658)
2,055,912
581
602,508
(66,382)
1,950,375
(1,105,419)
1,316,995
$ 23,606,877
(1,055,471)
1,611,611
22,784,941
$
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for the
Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 5 1
Relative Stock Price Performance
Bank of Hawai‘i Corporation / Bank of Hawai‘i (As of Dec. 31, 2022)
BOH
S&P Regional Banking Index
KBW Regional Banking Index
S&P 500
$115
$110
$105
$100
$95
$90
$85
$80
$75
$70
92.60
90.55
80.56
79.69
12/21
1/22
2/22
3/22
4/22
5/22
6/22
7/22
8/22
9/22
10/22
11/22
12/22
Unbroken History of Dividends
(Bank of Hawai‘i Corporation)
recession
recession
financial crisis
COVID-19
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
e
r
a
h
s
r
e
p
d
n
e
d
v
d
i
i
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
2
6
0
0
2
7
0
0
2
8
0
0
2
9
0
0
2
0
1
0
2
1
1
0
2
2
1
0
2
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
8
1
0
2
9
1
0
2
0
2
0
2
1
2
0
2
2
2
0
2
Note: Historical dividends adjusted for stock splits
5 2
O N T H E C O V E R
Strong, yet graceful, the powerful image
depicted on our cover is of a bronze bas-relief
plaque designed by renowned architectural
sculptor Lee Lawrie. “Canoe Builders” was
created for Bank of Hawai‘i’s newly built
Honolulu headquarters that opened in 1927.
Native Hawaiians are shown shaping a canoe in this plaque. It is one of six
commissioned for the building, each designed with careful thought and
consideration for the unique beauty of Hawai‘i. Another by Lawrie shows
Native Hawaiians casting a fishnet, while the four others designed by artist
Thomas Mueller portray ancient and modern means of transportation
and livelihoods.
The imagery resonates to this day, and all six plaques were preserved over
the decades. They are still on display today in the bank’s Main Branch in
downtown Honolulu.
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 5 3
Executive Committee
Bank of Hawai‘i Corporation / Bank of Hawai‘i
AS OF DEC. 31, 2022
From left: Mary E. Sellers, Peter S. Ho, James C. Polk
From left: Marco A. Abbruzzese, Susan L. Ing,
and Dean Y. Shigemura
Matthew K.M. Emerson and Ruth L. Erickson.
Bank of Hawai‘i’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
Marco A. Abbruzzese
Vice Chair
Wealth Management
Sharon M. Crofts
Vice Chair
Client Solutions Group
Matthew K.M. Emerson
Vice Chair
Retail Lending, Deposits
& Digital Banking
James C. Polk
Vice Chair and Chief Banking Officer
Mary E. Sellers
Vice Chair and Chief Risk Officer
Dean Y. Shigemura
Vice Chair and Chief Financial Officer
Ruth L. Erickson
Senior Executive Vice President,
E-commerce and Demand Center
Susan L. Ing
Senior Executive Vice President
and Chief Marketing Officer
5 4
Operating Committee
Bank of Hawai‘i’s Operating Committee is comprised
of 19 leaders representing corporate staff functions
from various business segments who are responsible
for the daily operations of the bank.
Eric Chen
Senior Vice President
and Senior Director of
Enterprise Operations
Guy C. Churchill
Senior Executive Vice
President, Co-Lead
Executive Commercial
Banking Group
Ryan Field
Executive Vice President
and Chief Information
Security 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 Technology
Officer
Roger J. Khlopin
Executive Vice President
and Chief Investment Officer
Edward C.S. Kim
Executive Vice President,
Consumer Lending
Jennifer Lam
Senior 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
Amy Peckinpaugh
Senior Vice President
and Director of Modern
Workplace Solutions
Kristine R. Stebbins
Executive Vice President
and Chief Experience Officer
Dana S. Takushi
Senior Executive Vice
President and Senior
Executive Director of
The Private Bank
Melissa A. Torres-Laing
Senior Vice President
and Director Corporate
Communications
Luke W.T. Yeh
Senior Executive Vice
President,
Enterprise Credit Risk
Analytics
Dirk K. Yoshizawa
Senior Executive Vice
President, Co-Lead
Executive Commercial
Banking Group
B A N K O F H AW A I ‘ I 2 0 2 2 A N N U A L R E P O R T 5 5
From left: Sharon M. Crofts, Patrick M. McGuirk,
Taryn L. Salmon and Sharlene R. Ginoza-Lee
Patrick M. McGuirk
Senior Executive Vice President,
Chief General Counsel and
Corporate Secretary
Taryn L. Salmon
Senior Executive Vice President
and Chief Information Officer
Sharlene R. Ginoza-Lee
Executive Vice President
and Chief People Officer
Board of Directors
Bank of Hawai‘i Corporation / Bank of Hawai‘i
AS OF DEC. 31, 2022
Board of Directors (seated from left): Raymond P. Vara, Barbara J. Tanabe, Peter S. Ho, S. Haunani Apoliona, Kent T. Lucien.
Standing from left: Michelle E. Hulst, Mark A. Burak, Elliot K. Mills, Victor K. Nichols, Robert W. Wo, Alicia E. Moy, John C. Erickson,
Dana M. Tokioka and Joshua D. Feldman.
Peter S. Ho
Chairman, President and
Chief Executive Officer
Bank of Hawai‘i Corporation
and Bank of Hawai‘i
Raymond P. Vara
Bank of Hawai‘i Lead
Independent Director
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
5 6
John C. Erickson
Former Vice Chairman,
Union Bank
Joshua D. Feldman
President and
Chief Executive Officer,
Tori Richard, Ltd.
Michelle E. Hulst
Former EVP and
Chief Operating Officer,
The Trade Desk
Kent T. Lucien
Retired Vice Chair and
Chief Strategy Officer,
Bank of Hawai‘i Corporation
and Bank of Hawai‘i
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 and
Chief Executive Officer,
Harland Clarke Holdings
Barbara J. Tanabe
Principal 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.
Corporate Headquarters
Bank of Hawai‘i Corporation
130 Merchant Street
Honolulu, Hawaii 96813
Annual Meeting
The annual meeting of shareholders will be held
on Friday, April 28, 2023, at 8:30 a.m. Hawai‘i
Time. Information to access the virtual meeting
is available in the company’s 2023 Proxy
Statement.
Transfer Agent and Registrar
Computershare Investor Services, LLC
150 Royall Street, Suite 101, Canton, MA 02021
Common Stock Listing NYSE: BOH
The common stock of Bank of Hawai‘i
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 Hawai‘i 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 Hawai‘i
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
Jennifer Lam
Manager, Investor Relations
Phone: 1-808-694-8007
For General Inquiries
Phone: 1-888-643-3888
www.boh.com
Shareholder Information
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 Hawai‘i; 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, 2022, 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 Hawai‘i Corporation is an independent regional financial services company serving
businesses, consumers and governments in Hawai‘i and the West Pacific. The Company’s
principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about
Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com.
ON THE COVER
Canoe Builders by Lee Lawrie, 1927
More information about the artwork
featured on the cover can be found on
page 53 of this report.
©2023, Bank of Hawaii Corporation, dba Bank of Hawai‘i Corporation. Bank of Hawaii® is a registered trademark, and BankLanai,® Bankoh,® EASE
by Bank of Hawaii,® SimpliFi,® SimpliFi Arena,® and SimpliFi Mortgage® are registered service marks of Bank of Hawaii. The Bank of Hawai‘i logo
and Bank of Hawai‘i are trademarks of Bank of Hawaii. Bankoh Investment Services, Inc. is a non-banking subsidiary of Bank of Hawaii, member
FINRA AND SIPC. Zelle® is a registered service mark of Early Warning Services, LLC. 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.
CELEBRATING OUR STORIESYEARS125 Years: Celebrating Our StoriesView Bank of Hawai‘i’s 2022 digital Summary Annual Report, featuring videos of our Chairman, clients, community and employees at www.boh.com/annual-report.BANK OF HAWAI‘I CORPORATIONP.O. BOX 2900HONOLULU, HAWAII 96846 2022 ANNUAL REPORT