Bank of Hawaii Annual Report 2023

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FY2023 Annual Report · Bank of Hawaii

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2 0 2 3 A N N U A L R E P O R T

S T R O N G E R T O G E T H E R

C O N T E N T S

Chairman’s Message

2023 Financial Summary

Year in Review

Our Community

Our Employees

Client Profiles

2023 Financial Reports

Relative Stock Price

Executive and Operating Committees

Board of Directors

Shareholder Information

ON THE COVER

Stronger Together: A powerful wāhine
outrigger canoe team works together as
one while paddling along the Kona coast
of Hawai‘i Island. At Bank of Hawai‘i, we
believe the strength of our people, with
each person working to achieve a common
goal, is what sets us apart. We’re stronger
together, and we’re proud to serve our
community as a team, through even the
most challenging of times.

is a registered trademark, and Bankoh® 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 businesses, trademarks, logos,

brands or other designations or origin mentioned herein did not sponsor, approve or

endorse this publication.

Chairman’s Message

C H A I R M A N ’ S M E S S A G E

Dear Fellow Shareholders,

Bank of Hawai‘i’s role as a community bank is rooted in our
ability to help families and businesses reach their goals, serve
as a trusted partner in their journeys, and provide a source of
strength during challenging times.

Reflecting on 2023, I am proud of the way our teammates went
above and beyond to take care of the people who depend on us.

PROVIDING
DISASTER RELIEF

In the summer of 2023, our
communities faced two natural
disasters. One of the strongest tropical
typhoons on record, Typhoon Mawar,
made landfall on Guam on May 24,
causing extensive flooding and other
damage. On August 8, the West Maui
town of Lahaina was destroyed by
wildfires—the worst natural disaster
that Hawai‘i has ever experienced.
Thankfully, all our employees are
safe. However, living and working in
such closely-knit island communities
means we all know someone who
was directly affected. In the wake of
such tragedy, our teams mobilized to
help those in need, and I was moved
by their selflessness to help with
recovery efforts.

Although our Lahaina Branch was lost
in the wildfires, our Maui employees
from the neighboring Kahana
and Kihei branches rallied to help
our customers. You can read more
detail about our efforts in this annual
report, but here are some highlights:

• Caring for the mental and financial
health of our employees who have
been assisting customers while
also coping with personal loss
was a special focus during 2023.
Immediate support was provided in
the form of emergency loans, mental
health resources, and assistance
in finding temporary housing. We
are providing ongoing support to
address their evolving needs.

• In addition to offering essential

financial services, Bank of
Hawai‘i Foundation provided
nearly $160,000 in grants to local
nonprofits for immediate and
long-term recovery efforts.

• Our Bankoh Blue Crew volunteers

assisted Hawai‘i Community
Foundation, Goodwill Hawai‘i, and
the Council for Native Hawaiian
Advancement (CNHA). Nearly
150 volunteers donated 1,233 hours
to help sort and store physical
donations, and process monetary
donations received from around
the world.

OUR FINANCIAL
STRENGTH

Our organization was built one
relationship at a time over a 125-year
history, and we are appreciative of
the trust that our customers place
in Bank of Hawai‘i. While the period
of regional banking volatility that
began in March 2023 created national
uncertainty, the events had minimal
impact on the Hawai‘i marketplace.
However, during a time of heightened
national scrutiny of banks, it was
important for us to proactively reach
out to customers and business clients
to reassure them of our strength and
value, answer any questions, and
articulate what makes us different. Our
local customers were grateful for the
courtesy calls and remain confident in
our ability as trusted advisors.

Given the backdrop of 2023, Bank
of Hawai‘i ended the year with a solid
financial performance, which reflected
our well-diversified, well-tenured,
and stable deposit base; ample
liquidity; and strong credit profile.
Diluted earnings per common share
for 2023 were $4.14, compared with

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 1

$5.48 for 2022. Net income for 2023
was $171.2 million, down 24.2% from
the previous year. Overall, expenses
were well-managed. Our fourth-
quarter results were impacted by
an industrywide, one-time special
assessment from the FDIC to all banks
with uninsured deposits over $5 billion
to recover their losses from the year.

Total deposits ended the year at $21.1
billion, an increase of 2.1% from 2022,
driven by growth in core relationship
deposits. The tenure of those
relationships is the result of decades
of connecting with our customers—
53% of our deposits have a tenure
of 20 years or more, and 75% are at
10 years or more.

In addition, we experienced quality
core market loan growth and
continue to grow capital above the
regulatory minimum.

HAWAI‘I’S ECONOMY
REMAINS RESILIENT

While Maui’s recovery will take time,
Hawai‘i’s economy proved to be
resilient in 2023. The Maui visitor
industry is rebounding faster than
anticipated, and visitors to the rest of
the state reached record levels.

After four months of decreases in
visitor arrivals and spending after
the wildfires, December data from
the Dept. of Business, Economic
Development and Tourism (DBEDT)
showed growth in visitor arrivals. A
total of 9.64 million visitors arrived in
the state in 2023, a 4.4% increase from
9.23 million visitors in 2022. In 2023,
total visitor spending rose to $20.78
billion, compared to $19.70 billion
(+5.5%) in 2022 and $17.72 billion
(+17.3%) of pre-pandemic spending
in 2019.

According to DBEDT, Hawai‘i’s
unemployment rate was 2.9% in
December 2023 compared to 3.7%
at the end of 2022. Nationally, the
rate was 3.5%. Historically, the jobless
rate in Hawai‘i reached a record
high of 22.40% in April 2020, and a
record low of 1.90% in September
2017. Hawai‘i’s employment market
remains competitive because many
workers who left the labor force during
the start of the pandemic still have
not returned.

Home prices in Hawai‘i’s housing
market began to decrease in 2023 on
O‘ahu and Kaua‘i, and the number of
sales slowed due to lack of inventory
and higher mortgage rates. In 2023,
the median price of single-family

homes decreased by 6.0% to $1,034,500
on O‘ahu, and 2.5% to $1,150,000 on
Kaua‘i. The median price increased by
2.0% to $510,000 on Hawai‘i Island,
and 8.4% to $1,200,000 on Maui. The
sales of single family homes statewide
decreased 27.2% from 2022 to 7,590.

The median price of condos increased
in 2023 except on O‘ahu, and the
number of sales has slowed statewide.
The median price of condos increased
by 7.1% to $830,000 on Maui, 1.8%
to $725,000 on Kaua‘i, and 1.8% to
$580,404 on Hawai‘i Island. The median
price remained flat at $510,000 on
O‘ahu. The sales of condos statewide
decreased 29.1% from 2022 to 6,442.

HELPING
EMPLOYEES THRIVE

Our people continue to be our greatest
strength. They work hard every day to
provide exceptional experiences for our
customers, community, and one another
while Bank of Hawai‘i works to improve
benefits and provide other support to
enhance their well-being and advance
professional development.

We were excited to introduce a new
parental leave benefit that gives paid
time off for employees to bond with

2023 R ECOG NITION

NEWSWEEK NAMED BANK OF HAWAI‘I:

One of the “World’s Most Trustworthy Companies,” ranking us No. 24
in the banking industry worldwide. Among a list of 1,000 companies
spanning 21 countries and 23 industries, Bank of Hawai‘i stands out as
the sole representative from Hawai‘i's banking sector.

NAMED

 Honolulu Star-Advertiser

“BEST BANK”

BY READERS

13th straight year

 Hawaii Tribune-Herald

8th straight year

 West Hawaii Today

4th straight year

One of the “Most Trustworthy Companies in America” for the second
year in a row. We ranked No. 4 nationwide in the banking industry
category. Bank of Hawai‘i is the only Hawai‘i business to be recognized
out of 700 companies across 23 industries.

TOP 3

Finalist in the inaugural
National Customer Obsessed
Enterprise Award from global
research firm Forrester

their child during the first 12 months
following birth, adoption, or foster
care placement.

We also increased our focus on
mental health awareness in 2023 and
encouraged employees to access
confidential counseling services and
other programs to address self-care
and stress management.

The Bank of Hawai‘i Foundation
Scholarship honored its scholars in
2023, the 10th year that employees’
children and grandchildren received
this scholarship for higher education.
Since its inception in 2014, the BOHF
Scholarship has provided $960,750 to
fund 275 scholarships.

In July we launched a podcast for
our employees. I’m pleased to host
“The Exchange” alongside Director
of Culture and Employee Experience,
Shauna Pantohan. The podcast shares
and celebrates employee stories,
important bank initiatives, and more.
It allows us to connect with employees
across the organization who are invited
to listen at their convenience from
their desk or on a mobile device.

CARING FOR
OUR CUSTOMERS

Building lasting relationships
has always been a key to our
long-term success. Our goal is to
exceed customers’ expectations
by understanding their needs and
providing them with convenient,
personalized services and products.

In 2023, we celebrated our lifetime
customers by personally thanking
them for their loyalty and expressing
how honored we are to be part of their
lives. We delivered orchid plants to
more than 90 customers who have
held consumer accounts with Bank
of Hawai‘i for 70 years or more. I was

honored to surprise one of these
customers, Lucile Smith Mistysyn, by
presenting an orchid plant to her at
her 103rd birthday celebration. It was a
privilege to meet her.

At the 103rd birthday celebration for Lucile
Smith Mistysyn, Bank of Hawai‘i thanked her
for being one of more than 90 lifetime
customers who have trusted us with their
financial needs for over 70 years.

OUR SUPPORT FOR
OUR COMMUNIT Y

Every community faces unique
challenges, and taking a long-term
approach to caring for our island
home is part of who we are at
Bank of Hawai‘i.

Total overall giving for 2023 from
Bank of Hawai‘i, Bank of Hawai‘i
Foundation, and our employees
reached $3 million.

Sixty local nonprofits received grants
from Bank of Hawai‘i Foundation
totaling more than $1.6 million this
year. This includes multiple donations
for immediate recovery efforts, plus
additional support to nonprofits
that are delivering ongoing help to
communities impacted by Typhoon
Mawar and the wildfires.

Each year, employees join to raise
funds for the community through our
annual Live Kōkua Giving Campaign.
This year, we raised $603,134 to

C H A I R M A N ’ S M E S S A G E

support a selection of Aloha United
Way’s (AUW) 300 partner nonprofits
including those that are providing relief
to communities affected by recent
natural disasters. Since the giving
campaign began in 2010, employees
have raised more than $8.2 million
for local nonprofits in Hawai‘i and the
West Pacific.

DIVERSIT Y, EQUIT Y,
INCLUSION AND
BELONGING

Because our business, our customers,
and our community all benefit from
the diverse talents and backgrounds of
our teammates, we are committed to
promoting inclusivity in our workplace.
Sharing specialized interests with our
Employee Resource Groups (ERG)
offers employees ways to connect
through fellowship, community service
and career development opportunities.

The ERG activities always receive
enthusiastic participation across the
bank, and in 2023 included notable
new events such as Nā ‘Ōiwi Aloha’s
panel discussion featuring guests who
shared perspectives on what it means
to be Native Hawaiian. Our Blue Brigade
encouraged open dialogue about
mental health for military service
people and their families through
a series of hosted discussions. The
Women Inspired ERG held an engaging
workshop on career development,
financial education, and work-life
balance. And, in what has become
a signature event, Bank of Hawai‘i
teammates joined the RainBOH ERG
to celebrate diversity and acceptance
for all at the annual Honolulu Pride
Parade & Festival.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 3

WELCOME AND
CONGRATULATIONS

In May, we welcomed new Board
Director Suzanne Vares-Lum, who also
serves on our Nominating & Corporate
Governance Committee and
Fiduciary & Investment Management
Committee. She is the first Native
Hawaiian woman to become a U.S.
Army major general. Now retired from
the Army, She has been president of
the East-West Center in Honolulu since
January 2022, where she promotes
understanding and relationships
among the U.S., Asia and the
Pacific. We are honored to have her
exceptional experience help guide us.

Also in May, we welcomed S. Bradley
Shairson as vice chair and deputy chief
risk officer, where he is responsible
for ensuring our enterprise risk
framework supports our strategies and
operations. Brad oversees Enterprise
Risk Management and Operational
Risk, Corporate Compliance, Market
and Model Risk, Fiduciary Risk, and
Consumer Collections and Recovery.
With more than 28 years of experience,
Brad has a proven track record of
leveraging cross-functional teams to
strengthen a company’s risk.

This past fall, we announced two
promotions within our Executive
Committee. Patrick McGuirk, who
joined us in November 2020, was
promoted to vice chair and chief
administrative officer. In his expanded
role, he now oversees Legal, Legal
& Custody, Corporate Secretary,
Corporate Insurance Services,
Corporate Security, Corporate
Real Estate & Facilities, Corporate
Communications, Enterprise Strategic
Sourcing and Investor Relations.

Additionally, Vice Chair Matthew
Emerson was announced as our
new Chief Strategy Officer. Matt

has been instrumental to leading
bank initiatives since he joined us in
2010. He has a keen understanding
of our key businesses, the journey
we are on as an organization, and
the collaborative skills to lead our
strategic efforts.

MAHALO AND
FAREWELL

I would also like to extend a heartfelt
mahalo to five individuals whose
impact and contributions will
be missed at Bank of Hawai‘i as
they begin their much-deserved
retirements in 2024. This includes
three valued members of our board,
Barbara Tanabe, Haunani Apoliona
and Mark Burak, who will retire at our
annual shareholders meeting in April.

When Barbara and Haunani were
elected to the Bank of Hawai‘i board
in 1994, they made history as the
first women of color to serve on our
Board of Directors. In the 30 years
since, their vast experiences have
been powerful voices pivotal to
shaping our organization. With
more than three decades in public
affairs, crisis management and
journalism, Barbara’s knowledge has
been invaluable. She served on the
Human Resources and Compensation
Committee, the Nominating and
Corporate Governance Committee
and was a member of the Audit and
Risk Committee. Haunani spent more
than 40 years as a leading agent for
change on behalf of Native Hawaiians,
and her trusted insight brought an
important perspective to our board
and as a member of the Nominating
and Corporate Governance
Committee. Mark Burak joined our
board in 2009, bringing a wealth of
experience in finance and strategic
planning, including previously serving
as a consultant who helped formulate

our long-term strategy and business
performance evaluation process. During
his 15 years on the board, he served as
chair of the Audit and Risk Committee
and was a member of the Nominating
and Corporate Governance Committee.

We also bid aloha to two members of
our Executive Committee in March
2024, Mary Sellers and Sharon Crofts.
Both have been strong voices on our
management team for decades, and
their unwavering dedication and legacy
will be felt for years to come. Mary
joined the bank in 1987 and has served
as vice chair and Chief Risk Officer since
2005, and we attribute much of our
conservative approach to managing risk
and credit to Mary’s support throughout
the years. Sharon has been equally
influential since joining our organization
in 1999; she has served in her current
position as vice chair of Client Solutions
Group since 2008. With overseeing
Information Technology, Operations,
Digital Channels, Bankoh Care Team
and Business Continuity, Sharon has
successfully helped propel innovative
solutions forward and implement
operational efficiencies, especially
through rapidly changing times.

I wish the best of luck to these dear
colleagues and friends in their retirements.

IN CLOSING

We will continue to show the strength,
agility and resilience that distinguished
our bank this past year as we work
together for the long-term success of our
customers, employees, shareholders and
community. Alone we can do a lot, but
together we can do so much more.

Mahalo nui loa,

P E T E R S . H O
Chairman, President and CEO

2023 Financial Summary

2023 FINANCIAL SUMMARY

BANK OF HAWAI‘I CORPORATION AND SUBSIDIARIES (DOLLARS IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)

FOR THE YEAR ENDED DECEMBER 31

2023

2022

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

171,202
4.16
4.14
2.80
0.71 %
12.63 %
13.89 %
2.24 %
64.95 %

72.46
81.73
30.83

13,965,026
23,733,296
21,055,045
560,190
1,414,242
31.05

1.05 %

1,899
51

30,396
0.72
0.72
0.51 %
8.86 %
9.55 %
2.13 %
73.36 %

225,804
5.50
5.48
2.80
0.98 %
16.10 %
17.83 %
2.50 %
59.49 %

77.56
92.38
70.15

13,646,420
23,606,877
20,615,696
410,294
1,316,995
28.54

1.06 %

2,076
51

61,307
1.51
1.50
1.05 %
18.91 %
21.28 %
2.60 %
56.46 %

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

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

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 5

Year in Review

YE A R I N REVIEW

Caring for Our Customers

Caring for our customers is at the heart of all we do. Our goal is to exceed expectations
by understanding customers’ needs and providing them with convenient, personalized
services and products that fit their lifestyles and long-term goals.

CUSTOMER EXPERIENCE

A deep understanding of our customers’
experiences with the bank allows us to better
personalize our products and interactions.

According to more than 20,000 customer
surveys in 2023 across multiple customer
touchpoints (branches, website, online banking,
mobile and Customer Service Center), our
brand experience scores continued to increase.
Feedback from customers indicates we are
continually delivering experiences that make
them feel we know and value them. And
the addition of branch concierges in certain
communities has been well-received, improving
customer wait times.

O UR RES P ON SE TO N ATURA L DIS ASTE RS

When the Maui wildfires ravaged historic Lahaina on
Aug. 8, our priority was the well-being of our Maui
employees. Thankfully, all our Maui teammates were safe,
and their care and concern for one another and the
community has been inspiring. While our Lahaina Branch
on Papalaua Street was among the many structures
lost in the fires, our employees selflessly committed
themselves to supporting our longtime customers
from other branch locations. Our service to West Maui
continues to be available through our Kahana and
Kihei branches, and construction is underway on a new
Lahaina Branch at a nearby location.

To assist customers in their recovery from the wildfires
and from Typhoon Mawar on Guam, Bank of Hawai‘i
offered special financial assistance programs to provide
immediate relief. These included loan forbearances
for up to 6 months for residential mortgages, and
home equity loans and home equity lines for local
homeowners. Loan extensions for up to 3 months were
made available for personal installment loans and
indirect auto loans. After these grace periods expired,
Bank of Hawai‘i continued working with customers on an
individual basis.

Free Greenlight® Subscription Helps
Teach Kids Financial Literacy

In October, Bank of Hawai‘i announced its latest
method to teach the next generation about responsible
money management as part of its commitment to the
community’s long-term financial health. A collaboration
with Greenlight Financial Technology gives our customers
free access to Greenlight’s award-winning family finance
app. The app lets parents send money to their kids
instantly, automate allowance payments, manage chores,
set flexible spending controls, get real-time notifications
on transactions, and more.

Improving Operational Excellence

Bank of Hawai‘i strives to increase efficiencies in the way
we work while also improving customer experiences. We
are growing this practice throughout the organization
using data analysis, technology, and end-to-end process
reengineering that looks at every interaction from the
point of view of the people involved.

One example is the 2023 launch of our One-time Payment
option from our boh.com website. Customers can now
easily make online payments from any bank directly to
their Bank of Hawai‘i loans or accounts without having
to log in. This includes mortgages, auto loans or leases,
personal loans, small business or commercial loans and
more. Since its launch in January 2023, more than 39,200
one-time transactions have been processed resulting in
more than $28.5 million in payments.

DIGITAL GR OW TH

Year-over-year monthly activity for our online
and mobile banking services continues to grow
as customers shift to digital banking as part of
their daily lives. Two of the most popular digital
features are Zelle and Digital Wallet.

ZELLE

This app allows customers to send money
directly from their bank accounts to someone
else quickly and securely.

DIGITAL WALLET

Many customers now use their smartphone as a
digital wallet to make contactless purchases by
linking their Bank of Hawai‘i debit card.

25%

CUSTOMERS WHO ARE
ENROLLED IN ZELLE

42%

$400 MILLION

AMOUNT IN FUNDS MOVED
THROUGH ZELLE

2022 TO 2023
GROWTH IN
PAYMENT VOLUME
WITH ZELLE

BANK BY APP O INTM ENT

Bank by Appointment remains a popular way
for customers to schedule a meeting online
for specialized in-person or virtual banking.
In addition to regular walk-in appointments,
nearly 54,600 appointments were scheduled
using Bank by Appointment, with an average
of 4,550 scheduled each month.

54,600

ONLINE
APPOINTMENTS
SCHEDULED

TOP 5 TYPES OF
APPOINTMENTS

 Checking account

 Account changes

 Notary services

 Personal loans

 Wire transfers

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 7

HAWAI‘I’S MORTGAGE
AND HOME EQUIT Y
LENDING LEADER

Bank of Hawai‘i partners with developers to create
solutions to Hawai‘i’s ongoing housing shortage, while
our residential loan officers help homebuyers 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.

Our SimpliFi Mortgage offers convenient online tools
while our residential loan officers call upon their wealth
of experience to provide sound advice to potential
homebuyers and existing homeowners. We are honored
when people in our community choose us to help guide
them through homeownership, home improvement,
and refinancing.

Bank of Hawai‘i has always been committed to investing
in new solutions to the affordable housing shortage,
and we work closely with private developers and state
housing agencies to help the housing needs of lower-
income households.

133

989

148

AFFORDABLE
HOUSING PR OJECTS
ACR OSS THE ISL ANDS

In 2023, 1,360 affordable housing units started
construction due in part to Bank of Hawai‘i, and
over 800 more are in the pipeline.

OUR BRANCH OF
TOM ORR OW NE TWORK

A groundbreaking celebration in Tamuning,
Guam was held in August for our new West Pacific
Regional Headquarters. The 18,364 sq. ft. facility
will include a 5,147 sq. ft. Branch of Tomorrow,
with energy-saving features such as multi-zone
air conditioning, light sensors to reduce energy
consumption, and interior and exterior finishes
using recycled materials. It will also have its
own backup generator, allowing the building to
resume operations as quickly as possible in case
of power outages.

BANK OF HAWAI‘I
BRANCHES AND ATMS

AS OF DEC. 31, 2023

BRANCHES &

IN -STORE

AT MS

BRANCHES

271

183

313

State of Hawai‘i

O‘ahu

Hawai‘i Island

Maui

Kaua‘i

Lāna‘i

Moloka‘i

West Pacific

Guam

CNMI/Saipan

Palau

Total

The following housing developments
broke ground in 2023:

Kaloko Heights, Kailua-Kona, Hawai‘i Island

Kaloko Heights will provide 42 two-bedroom and
58 three-bedroom affordable units in garden-style
buildings with solar water heating. Sponsored by the
Hawai‘i Island Community Development Corporation
and designed for families earning 30–60% of the area
median income (AMI), this project will also set aside five
units for families experiencing homelessness, at risk of
becoming homeless, or transitioning out of an emergency
shelter or a transitional housing program. Bank of Hawai‘i
is supporting the project with a $27 million construction
loan, nearly $4 million in permanent lending and over
$9.7 million in equity. Construction is expected to be
completed by the end of 2024.

Parkway Village, Kapolei, O‘ahu

Parkway Village is a two-phase, first-of-its-kind mixed-
use project that will feature a total of 405 affordable
rental units and two on-site preschools. The project is
an innovative effort to address both housing and early
education needs in Kapolei and is a result of a partnership
between the Kobayashi Group and the Āhē Group. Bank
of Hawai‘i is supporting the project through $42 million in
construction lending and over $36 million in permanent
lending. Rental units from studios to four-bedroom
apartments will be available for people earning 30–60%

HELPING SMALL
BUSINESSES SUCCEED

In 2023, we extended our association with Mana Up,
a local accelerator and venture fund, to help them in
their mission to grow Hawai‘i-based products globally.
We co-created a mentorship program that paired
Bank of Hawai‘i executive mentors with nine Mana Up
entrepreneurs to help them move to their next level. In
the spring, we celebrated the successful completion of
the first cohort. We continue to mentor a new cohort of
entrepreneurs and have created a co-marketing program
with Mana Up’s small businesses.

Y E A R I N R E V I E W

RESIDENTIAL
RE AL ESTATE

In 2023, Bank of Hawai‘i
was the No. 1 local bank
in mortgage loans.

of the AMI. The development spans 10 acres of land owned
by the City & County of Honolulu. The first residents are
expected to move in by the end of 2024.

Hālawa View II, Hālawa, O‘ahu

Hālawa View II is an 18-story affordable housing project
with 302 units for families earning 30–60% of the AMI.
Five units will be set aside for the chronically homeless
or those referred by U.S. VETS. The high-rise is being
developed by Pacific Development Group along with
the Hunt Companies. Bank of Hawai‘i is supporting the
project with over $40 million in construction lending and
over $24 million in permanent lending. The new building
is being constructed within walking distance of the new
Skyline rail transit system and will feature a mix of studios,
one-, two-, and four-bedroom units. The building will
include energy-efficient fixtures in each unit, along with
electric vehicle charging stations, low-flow plumbing and
xeriscaping that requires minimal water. Hālawa View II is
scheduled to be completed in 2025.

Our first group of local entrepreneurs selected to participate in the
Bank of Hawai‘i mentorship with Mana Up celebrated the completion
of the program at the Mana Up headquarters in April.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 9

Our Community

OUR COM MUNIT Y

Standing Strong
to Help Others

In our unique island community, Bank of Hawai‘i
has a long history of supporting philanthropic
causes. In times of crisis, we quickly mobilize to
provide necessary services and support for our
many nonprofit partners.

$3 MILLION

Total amount given by
Bank of Hawai‘i, its Foundation,
bank employees and retirees to
the community in 2023.

O U R C O M M U N I T Y

DIS A ST ER RE LI EF AND RECOVE RY

In 2023, our community faced grave challenges from natural
disasters. On May 24, Typhoon Mawar made landfall on Guam.
One of the strongest tropical cyclones on record in the Northern
Hemisphere, Mawar flooded thousands of homes across the
island, downed trees and disrupted basic services for weeks.

On August 8, wildfires on Maui resulted in the worst disaster
Hawai‘i has ever experienced, with a tragic loss of lives, homes,
and livelihoods.

In addition to providing essential financial services, such as ATM
surcharge waivers, loan forbearances and extensions, Bank of
Hawai‘i Foundation made donations to aid recovery efforts and
will continue to provide long-term support to nonprofits.

KŌKUA FOR MAUI

Bankoh Blue Crew volunteers provided
hands-on support to Hawai‘i Community
Foundation, Goodwill Hawaii, and the
Council for Native Hawaiian Advancement
(CNHA) for victims of the Maui wildfires.
More than 190 volunteers gave 1,357 hours
to sort through donated goods on O‘ahu
and Maui, as well as assist with sorting
mailed donations, providing data entry and
responding to messages left by donors.

HI GH L IG HTS IN GIVIN G

$35,000

Donated to
Lahainaluna High
School Athletics’
“Luna Strong
Campaign” to
support student-
athletes affected by
the Maui wildfires.

$30,000

Donated to the
American Red Cross
Pacific Islands
Region for Typhoon
Mawar relief efforts
on Guam.

$100,000

Donated to Hawai‘i
Community Foundation’s
Maui Strong Fund,
which is providing
financial resources to
support the immediate
and long-term recovery
needs in response to
the Maui wildfires.

$498,800

Amount collected
by Dec. 31, 2023 for
the Hawaii Bankers
Association’s “Aloha
for Maui” campaign.
Branches were collection
points for monetary
donations from the
public, and all funds
went toward HCF’s
Maui Strong Fund.

$5,000

Donated to Legacy
of Aloha Foundation
to provide hundreds
of meals to West
Maui families.

$5,000

Donated to Maui
Family Support
Services to go directly
to families in Lahaina
who lost loved ones
and/or their homes.

$5,000

Donated to the
Makai Foundation,
a partnership of local
families, businesses
and leaders focused
on rebuilding efforts
in Maui County.

$2,500

Raised for the
Living Pono Project
to support a toy drive
for keiki in Lahaina
and Kula who were
affected by the
Maui wildfires.

Opposite page clockwise from top: The Bankoh Blue Crew volunteered at Ka Papa Lo‘i ‘o Kānewai; Employees supported the launch of the
2023 Aloha United Way Campaign in downtown Honolulu; A community service event organized by our Native Hawaiian ERG, Nā ‘Ōiwi Aloha,
helped hundreds of houseless individuals in Leeward O‘ahu.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 11

ONE ‘ OHANA THROU GH L IVE KŌ KUA

Bank of Hawai‘i employees have always been generous with their
time in support of the community. Established in 2006, our Live
Kōkua Volunteer Program with our Bankoh Blue Crew volunteers
are easily recognized by their blue T-shirts at a variety of community
service projects.

2023 Live Kōkua Giving Campaign

With a theme of #ComeTogetherForCommunity, the 2023
Live Kōkua Giving Campaign raised $603,134 to support a host of
Aloha United Way’s 300 partner nonprofits, including those that
provide relief to communities affected by the natural disasters on
Maui, Hawai‘i Island and Guam. The campaign ran from September 12
through October 20.

$603,134

Amount raised by
the 2023 Live Kōkua
Giving Campaign

$8.2 MILLION

Total dollars raised by
the Live Kōkua Giving Campaign
since 2010 for local nonprofits

L I VE KŌKUA VOLUN TE ER PR OGRAM HIGHLIGHTS

Le‘ahi Millennium
Peace Garden

21 of our summer interns
trimmed shrubs, removed
invasive species and cleaned
the entrance of Le‘ahi (Diamond
Head) State Monument on the
outskirts of Waikīkī.

Aloha United Way
Campaign

Our Bankoh Blue Crew
waved signs in downtown
Honolulu to raise awareness
of the nonprofit’s mission to
advance the health, education
and financial stability of our
community. Bank of Hawai‘i is
a longtime supporter of AUW,
including funding the ALICE
Initiative dedicated to helping
a cohort of nonprofits that
support working individuals
and families, as well as funding
the ALICE Report, which
explores the challenges of
Hawai‘i’s working individuals
who cannot afford basic
necessities to remain stable
and self-sufficient.

Employees Paula Lewis and Vergie Navarro-Phan, along with Vergie’s daughter
Anisa Phan, helped sort items at Goodwill Goes GLAM!

Hawai‘i Foodbank

Our Bankoh Blue Crew
helped pack over 800 healthy
food boxes for low-income
senior citizens. This included
assembling 2,300 packages to
place the food in and preparing
pallets of boxes for delivery.

Goodwill Hawaii

In addition to sorting donations
for Goodwill Goes GLAM!,
the nonprofit’s signature
fundraiser, 12 bank volunteers
received IRS certification
and provided free tax return
preparation services to low-

income taxpayers as part of
the Volunteer Income Tax
Assistance program at local
Goodwill locations.

16th Annual
Community Service Day

Roughly 200 volunteers spent
a day working at Ka Papa Lo‘i
‘o Kānewai, a community kalo
(taro) patch at the University of
Hawai‘i at Mānoa. They cleared
the stream of debris, worked in
the lo‘i and learned about the
history and cultural significance
of the area.

BANK OF HAWAI‘ I FO UNDATION

Nonprofit Partnerships at a Glance

Bank of Hawai‘i Foundation supports the vision and services of hundreds
of nonprofits in our community through grants and volunteer hours each
year. These are some of the organizations that received funding in 2023.

O U R C O M M U N I T Y

$1.6 MILLION+

Total dollars in grants for
60 local nonprofits in 2023

$200,000

$100,000

$50,000

PU‘UHONUA

O WAI‘ANAE

For the ongoing construction
of the Pu‘uhonua O Wai‘anae
Village, which will enable people
currently unhoused to move into
sheltered homes on 20 acres in
Wai‘anae Valley.

STRAUB BURN CENTER

For the only burn center in the
Hawai‘i and Pacific Region.

WAI‘ANAE COAST
COMPREHENSIVE CENTER

For the modernization of its
dental health center to provide
expanded services to keiki and
kūpuna in West O‘ahu.

AMERICAN HEART
ASSOCIATION HAWAI‘I

For the Adopt-a-Clinic (Wahiawa
Health Center) and to support
the 2023 Hawai‘i Heart Walk.

$30,000

$25,000

$15,000

GOODWILL GOES GLAM!

AMERICAN RED CROSS

PRINCE LOT HULA FESTIVAL

Continued support as the
presenting sponsor of
Goodwill Hawaii’s annual
fundraiser to help people with
employment barriers develop
skills and find jobs.

For the Home Fire campaign,
which helps to save lives with the
installation of alarms that prevent
fire-related deaths and injuries.

TEACH FOR AMERICA HAWAI‘I

To support programming that
provides educational excellence
for Hawai‘i’s children.

Toward sponsorship of the
46th annual celebration of
Hawaiian dance and culture
featuring premier hula halau
from throughout the islands.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 13

COMM UNIT Y REINVESTMENT AC T/
202 3 FINA NCIAL EDU C ATION

Some of our activities that qualify for CRA designation include teaching financial literacy in schools
and partnering with various organizations to support small businesses, create affordable housing
and well-paying jobs, address homelessness, and improve healthcare.

Supporting a Renaissance at
Princess Ruth Ke‘elikōlani
Middle School

Bank of Hawai‘i has a special
relationship with this Title 1 school
in downtown Honolulu that
extends beyond ongoing financial
literacy lessons.

We collaborated with several
community organizations to create
the Princess Ruth Keʻelikōlani
School Renaissance Foundation,
which rewards students for
good academic performance,
sportsmanship and community
service. The goal of the foundation
is to inspire students to excel in
ways that will empower them in the
future. The 2022–23 school year
was the start of this renaissance
program with 65 students
recognized at an awards ceremony.

Kaydi Dakujaku and Brandy Okuda shared
an engaging lesson with students about
budgeting and saving.

Our Blue Crew and Bank of Hawai‘i SimpliFi Athletes hosted SmartMoney Lesson Day
at Princess Ruth Ke‘elikōlani Middle School during Financial Literacy Month.

FINA NCIA L
ED U CATI ON

Junior Achievement
U.S. President’s Volunteer
Service Award

Bank of Hawai‘i was honored in
June 2023 with a bronze level U.S.
President’s Volunteer Service Award
at the Junior Achievement Volunteer
Summit in Washington, D.C. The
award recognized organizations
that contributed at least 1,000
JA volunteer service hours during
the 2021–22 school year. With
1,081 volunteer hours, Bank of
Hawai‘i was the only Hawai‘i-based
company to earn the distinction.

Financial Literacy Lessons
at Public Schools

Since 2009, Bank of Hawai‘i has
provided financial education to
public schools across Hawai‘i and
the West Pacific region. In April,
which is Financial Literacy Month,
17 University of Hawai‘i athletes
joined 52 Bank of Hawai‘i employees
on SmartMoney Lesson Day to
teach the importance of saving
to all students at Princess Ruth
Keʻelikōlani Middle School.

In April, May and October,
Bank of Hawai‘i volunteers also
taught financial education to
students in other schools, focusing
on age-appropriate lessons about
budgeting, saving, investing and
the difference between “needs”
and “wants.”

Empowering Young People
Impacted By Foster Care

Bank of Hawai‘i is proud to be
a supporter of EPIC ‘Ohana’s
HI H.O.P.E.S. Initiative since its
inception in 2010. The program
works to ensure that Hawai‘i’s
young people who’ve experienced
foster care have the resources and
opportunities they need to succeed
in life.

Since the start of HI H.O.P.E.S.,
1,036 individual savings accounts
were opened that provide matching
funds for large purchases such as
housing, education and vehicles.
The accounts have been used
to make qualified purchases
totaling $1.52 million to date.

MOST COMMON
PURCHASES ON O‘AHU

33% EDUCATION

29% VEHICLES

MOST COMMON
PURCHASES ON
NEIGHBOR ISLANDS

43% VEHICLES

24% HOUSING

O U R C O M M U N I T Y

SUPP ORTING S AIPAN’S
SMALL B USINESSES

Bank of Hawai‘i Foundation supports greater economic stability
in Saipan through its annual I Kinometi Para I Kumunidåt I Islå-ta
Small Business Revitalization and Development grants. Since
the program began in 2012, $275,000 has been awarded to
55 small businesses.

This year's selected small business owners received their awards at a special
presentation held at Northern Marianas College.

In 2023, five small business
were awarded $5,000 each:

STEMify CNMI Robotics
& Automation

El Bishu

A confectionery company
owned by a Chamorro woman
built a test kitchen to expand
product offerings.

Kumoi Farms

A pig farm that provides
quality pork products and
hosts farm tours for school
children used its funds for
hands-on learning activities
to attract more student
participation.

The region’s only robotics
and automation training
center for youth provided
scholarships to the first
100 students enrolled in its
after-school STEM Robotics-
On-Wheels program.

Tasi to Table

A nonprofit that teaches
youth about sustainable
fishing practices,
environmental protection
and water safety purchased
fishing rods and reels for
program participants.

Tupu Cane Juice

A small business that
makes natural, cold-pressed
sugarcane juice upgraded
equipment to keep up with
growing demand.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 15

Our Employees

OU R EMPLOYEES

Empowering
Our People

2023 challenged our teammates in many ways. Through
it all, providing them the support and resources needed
to thrive remained Bank of Hawai‘i’s top priority. Our
intention is to ensure our organization remains a place
where everyone’s voice matters, and our teammates can
deliver lasting benefits to customers and the community.

275College scholarships awarded

to children and grandchildren
of Bank of Hawai‘i employees.

EMPLOYEE BENEFITS
AND RECOGNITION

New Paid Parental Leave

In 2023, Bank of Hawai‘i introduced a
new paid parental leave benefit that
gives paid time off for employees
to care for and bond with their
child during the first 12 months
following birth, adoption or foster
care placement.

Employee Assistance
Loan Program

Bank of Hawai‘i offered a new
personal loan option to employees.
Loan amounts range from $1,000 to
$10,000 over a 36-month repayment
term and offer a discounted interest
rate with the loan fee waived. This
program was especially helpful to
teammates and their families affected
by the Maui wildfires.

Celebrating Employee
Accomplishments

We demonstrate our appreciation
for our employees through
several recognition and
engagement programs:

SHINE!, an app launched in 2022,
encourages employees to give
shout-outs to colleagues, send
birthday wishes, or acknowledge an
anniversary. The app now averages
1,600 monthly visits.

Our quarterly Bankoh’s Best Award
provides employees the opportunity
to nominate their teammates for
contributions that go above and
beyond what is expected.

O U R E M P L O Y E E S

Employees across the bank, including at Hale o Kapolei, wore green on May 19 in support
of Mental Health Awareness Month.

Our annual Chairman’s Circle Award
recognizes stellar colleagues and
contributors who exemplify our
core values and whose body of work
positively impacts the advancement
of strategic initiatives, customer
desires, and/or community interests.

KEEPING
EMPLOYEES
ENGAGED

Staying connected with employees is
more challenging in a post-pandemic
environment. We rely on different
methods to keep everyone connected,
up-to-date, and informed.

Launch of Company Podcast

In July 2023, we launched an
employee podcast, hosted by CEO
Peter Ho and Director of Culture
and Employee Experience Shauna
Pantohan, that features meaningful
conversations with employees about
some of the latest happenings around
the bank. For example, one heartfelt

episode revealed personal stories
from our Maui employees who were
directly impacted by the wildfires and
shared the bank’s response and many
resources. The podcasts are well
received, and employees are able to
submit topic ideas, story suggestions
and questions.

Ongoing Employee Feedback

We introduced Employee Experience
(EX) panels in April 2023, bringing
teammates from different areas of the
bank together to discuss their views
and provide feedback on work issues
and topics that affect employees’
daily work lives. These EX panels—in
addition to our biannual employee
surveys—are safe spaces for
collaboration and innovative thinking.

Special Focus on Mental Health

While Bank of Hawai‘i has always
recognized the importance of
supporting mental health awareness,
2023 was the first year we provided a
variety of activities and educational

Opposite page clockwise from top: Linda Yoshimoto received her diploma in May, paid by the bank’s College Assistance Program;
Bank of Hawai‘i employees came together to help restore the He‘eia Fishpond on O‘ahu; More than 150 employees and ‘ohana
walked in the Honolulu Pride Parade & Festival in Waikīkī.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 17

sessions for Mental Health Awareness
Month in May. Most activities were
accessible online and included
informative sessions with health
providers, guided meditations, and
yoga. Our Blue Brigade and Women
Inspired employee resource groups
provided additional activities to
relieve stress, with a focus on mental
health and self-care. Based on
positive employee feedback, we
continued the focus on mental health
throughout the year with regular
lunch-and-learn sessions hosted by
the Blue Brigade.

100% FREE
COLLEGE TUITION

In May, four employees earned their
bachelor’s degrees from Chaminade
University of Honolulu thanks to the
Bank of Hawai‘i College Assistance
Program. It pays 100% full tuition
toward an associate or bachelor’s
degree from Chaminade or the
University of Hawai‘i’s Community
Colleges. To date, 21 employees have
earned degrees.

Starting in 2023, employees can
now enroll at any time of the year
instead of the traditional academic
semester timeframes.

The Next Generation

The Bank of Hawai‘i Foundation
Scholarship program marked its
10th class of scholars in 2023. Since its
inception, it has provided $960,750
to fund 275 scholarships to help with
the cost of higher education for the
children and grandchildren of
Bank of Hawai‘i employees.

EMPLOYEE DEVELOPMENT
PR OGRAMS

We provide a variety of programs to hone employees’ skills,
advance their careers and expand their connections within the
business community.

SUMMER INTERN
PROGRAM

June 12–August 4

33 Summer interns spent
8 weeks in 21 departments.

PATHWAYS TO
PROFESSIONAL
EXCELLENCE

July 10–December 6

37 employees, representing
9 business units, were
nominated by their managers
and selected to take part
in this highly regarded
leadership program.

CUSTOMER EXPERIENCE
ADVOCATES

January 19–December 31

48 employees, representing
95% of departments,
completed specialized
training from a global
research and advisory firm
to receive certification as
CX advocates for improving
customer experience,
employee experience
and operational excellence.

MOVERS AND SHAKAS

April 15–May 18 (Spring) and
September 30–November 2 (Fall)

2 participants from Hawai‘i
businesses built relationships
through cultural education,
community service, and
networking opportunities to
strengthen their understanding
of Hawai‘i.

COLLEGE MENTORSHIP
PROGRAM

March 6–April 17 (Spring) and
October 2–November 13 (Fall)

21 students from Chaminade
University, Hawai‘i Pacific
University, and UH Shidler
College of Business student
clubs (Business Executive
Society of Tomorrow, Financial
Management Association,
and Information Technology
Management Association)
gained insights into corporate
work environments, the
financial industry, and
Bank of Hawai‘i while
receiving assistance with
professional development.

NEW BRANCH BANKING
UNIFORMS UNVEILED

Light and comfortable new uniforms were
custom designed by our Brand Team and
fashioned by Tori Richard. They feature
the Bank of Hawai‘i petals, used in many
of our brand designs, which represent our
spirit and strength as we move forward,
stronger together.

O U R E M P L O Y E E S

EMPLOYEE RES OURCE GRO UP S
TAKE THE LE AD

Our Employee Resource Groups offer employees ways to connect and share specialized
interests through fellowship, volunteerism and career development opportunities.

Here are some of the
2023 highlights:

Nā ‘Ōiwi Aloha

Our Native Hawaiian ERG hosted
“We are Bank of Hawai‘i,” a
discussion with special guests who
shared various perspectives and
viewpoints on what it means to
be Native Hawaiian and how to
best support Native Hawaiians at
Bank of Hawai‘i. In November, the
group led a community service
event at Pu‘uhonua O Wai‘anae, a
self-organized village on Leeward
O‘ahu of about 250 houseless
individuals, the majority of whom
are Native Hawaiian.

Blue Brigade

With a special focus on Military
Appreciation Month and Mental
Health Awareness Month, our
Military ERG kicked off a year-long
series of events around well-being
and mental health. One discussion,
“It’s OK to not be OK,” explored the
stigma around treatment for mental
health, while another shared insights
about the unique challenges facing
military families and spouses.

Women Inspired

The Women Inspired Mentorship
Program returned in July to empower
teammates to share new learning
and insights. In November, the
group organized and facilitated the

Left: Nā ‘Ōiwi Aloha held a community service
event for “Make a Difference Day” to benefit
Pu‘uhonua O Wai‘anae. Above: Our Women
Inspired ERG hosted their forum, “EmpowHER:
Thriving in Times of Change,” featuring practical
workshops for professionals balancing home
and work.

half-day “EmpowHER Forum: Thriving
in Times of Change.” It included
workshops and panel discussions
about career development, financial
skills and acumen, and work-life
balance, with a special keynote
address from combat veteran and
U.S. Senator Tammy Duckworth.

RainBOH

The LGBTQIA+ ERG shared employee
stories of intersectionality throughout
the year, and in October, more than
150 volunteers marched in the 2023
Honolulu Pride Parade & Festival.
The annual community event honors
the rich history and culture of queer
individuals in Hawai‘i.

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 19

Client Profiles

C O M M E R C I A L B A N K I N G

WATA N A B E
F LO R A L , I N C .

R U S S E L L WATA N A B E , C E O

Founded in 1945, Watanabe Floral is now

celebrating 78 years in business. It was started

on O‘ahu by Russell’s parents, Ernest and Shizue

Watanabe, whose romance was interrupted by

World War II. When Ernest returned home to marry

his sweetheart, he decided to grow roses for all

the people being reunited after the war. From

these humble beginnings, the company grew

and evolved from a rose grower to a wholesaler,

retailer and designer that now purchases flowers

from all over the world. Today their team of 70

people has more than 100 years of combined

experience in creating award-winning floral

designs for any occasion from the largest

selection of cut flowers in Hawai‘i. However, their

main focus remains sharing the spirit of aloha in

how they treat one another and their guests, and

how they involve themselves in the community.

They take great pride in continuing Ernest’s and

Shizue’s legacy of helping people express their

feelings when words alone may not be enough.

WATANABEFLOR AL. COM

Right: CEO Russell Watanabe and GM, Sales & Marketing
Director Monty Pereira

“For many good reasons, we started
with Bank of Hawai‘i way back.
Tradition, history, stability, strength,
supporting the communities in
Hawai‘i—all of these reasons.”

— R U S S E L L WATA N A B E

“What I’m looking for in a banking
relationship is creative thinking.”

— P E T E R M E R R I M A N

P R I VA T E B A N K I N G

M E R R I M A N ’ S
R E S TAU R A N T S

P E T E R M E R R I M A N, C H E F/O W N E R

In 1988, Chef Peter Merriman opened his first

restaurant in Waimea on Hawai‘i Island. It was

the first restaurant in the world to feature Hawai‘i

Regional Cuisine. At the time, most of Hawai‘i’s

agriculture was intended for export, and there

was very little available locally for restaurants. In

order to realize his vision to serve the freshest,

most flavorful food, he encouraged farmers to

grow local produce, raise meats locally, and

spearheaded a movement that led to a more

sustainable Hawai‘i with agriculture intended to

be consumed in the islands.

There are now 11 Merriman restaurants across

the state, which use over 90% local products

from over 30 different suppliers every day.

Merriman continues to be a vocal champion of

Hawai‘i’s farmers, ranchers and fishermen, and

his restaurants showcase island-grown foods

that reflect the diverse flavors of Hawai‘i’s

many cultures. M ERRIMANSHAWAII. COM

Left: Merriman’s Restaurants chef and owner,
Peter Merriman, at the Kapalua, Maui location

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 23

B R A N C H B A N K I N G

O F F T H E H O O K
P O K E M A R K E T

J P L A M & TO M O K I I TO, C O - O W N E R S

JP Lam and Tomoki Ito, who both have

backgrounds in Japanese restaurants, became

friends in a surfing group that liked to barbeque

together. Because tuna—or maguro—is a staple

in both Japanese cuisine and in Hawaiian-

style poke, they decided to apply their culinary

experience to Hawaiian-style poke by opening

Off The Hook Poke Market in 2018. Determined

to serve the best poke in Hawai‘i, they visit the

Honolulu Fish Auction every morning to ensure

they use the freshest fish. They continuously

try to surprise and delight customers with new

flavors. Their hard work and the dedication of

their staff helped them earn the 2019 ‘Ilima

Award for Hawai‘i’s Best Seafood Restaurant.

OFFTHEHOOKPOKEMARKET. COM

Right: Co-owners JP Lam and Tomoki Ito at Off the Hook
Poke Market in Mānoa

“It’s been wonderful; they’ve always
been there for us. I definitely
recommend Bank of Hawai‘i to my
friends. It’s been the best bank to me.”

–TOMOK I ITO

“I really feel that
Bank of Hawai‘i
is here to serve
the local people.”

—J P L A M

2023 Financial Reports

CONSOLIDATED STATEMENTS OF INCOME

BANK OF HAWAI‘I CORPORATION AND SUBSIDIARIES (DOLLARS IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)

FOR THE YEAR ENDED DECEMBER 31

Interest Income

Interest and Fees on Loans and Leases
Income on Investment Securities

Available-for-Sale
Held-to-Maturity

Deposits
Funds Sold
Other

Total Interest Income

Interest Expense
Deposits
Securities Sold Under Agreements to Repurchase
Funds Purchased
Short-Term Borrowings
Other Debt

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

Noninterest Income

Trust and Asset Management
Mortgage Banking
Service Charges on Deposit Accounts
Fees, Exchange, and Other Service Charges
Investment Securities 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

Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for the

Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.

2023

2022

590,611

439,798

93,528
92,750
86
28,294
5,106
810,375

250,847
16,306
888
5,713
39,596
313,350
497,025
9,000
488,025

43,597
4,255
31,116
55,556
(11,455)
4,736
11,643
37,161
176,609

234,079
39,924
40,251
18,836
17,459
28,313
58,656
437,518
227,116
55,914
171,202
7,877
163,325

4.16
4.14
2.80
39,274,291
39,428,912

$
$
$

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

$
$
$

CONSOLIDATED STATEMENTS OF CONDITION

BANK OF HAWAI‘I CORPORATION AND SUBSIDIARIES (DOLLARS IN THOUSANDS)

AS OF DECEMBER 31

2023

2022

Assets
Interest-Bearing Deposits in Other Banks
Funds Sold
Investment Securities
Available-for-Sale
Held-to-Maturity (Fair Value of $4,253,637 and $4,615,393)

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 ($.01 par value; authorized 180,000 shares;
issued / outstanding: December 31, 2023; and December 31, 2022 - 180,000)
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 31, 2023 - 58,755,465 / 39,753,138;
and December 31, 2022 - 58,733,625 / 39,835,750)
Capital Surplus
Accumulated Other Comprehensive Loss
Retained Earnings
Treasury Stock, at Cost (Shares: December 31, 2023 - 19,002,327;
and December 31, 2022 - 18,897,875)

Total Shareholders' Equity
Total Liabilities and Shareholders’ Equity

Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for the

Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.

2,761
690,112

3,724
81,364

2,408,933
4,997,335
3,124
13,965,026
(146,403)
13,818,623
21,920,888
308,071
194,855
86,110
66,525
2,098
20,880
31,517
462,894
639,458
23,733,296

6,058,554
3,749,717
8,189,472
3,057,302
21,055,045
150,490
560,190
94,693
23,673
41,023
7,636
386,304
22,319,054

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

180,000

583
636,422
(396,688)
2,107,569

582
620,578
(434,658)
2,055,912

(1,113,644)
1,414,242
23,733,296

(1,105,419)
1,316,995
23,606,877

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 27

RELATIVE STOCK PRICE PERFORMANCE

BANK OF HAWAI‘I CORPORATION / BANK OF HAWAI‘I (AS OF DEC. 31, 2023)

Relative Stock Price

$130

$120

$110

$100

$90

$80

$70

$60

$50

$40

124.23

95.99
93.42

84.25

12/22

1/23

2/23

3/23

4/23

5/23

6/23

7/23

8/23

9/23

10/23

11/23

12/23

BOH

S&P Regional Banking Index

KBW Regional Banking Index

S&P 500

UNBROKEN HISTORY OF DIVIDENDS

(BANK OF HAWAI‘I CORPORATION)

recession

financial crisis

COVID-19

$3.00

$2.50

$2.00

e
r
a
h
s

r
e
p
d
n
e
d
v
d

$1.50

$1.00

$0.50

$0.00

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

3
2
0
2

Note: Historical dividends adjusted for stock splits

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 29

Executive and Operating Committees

EXECUTIVE COMMIT TEE

BANK OF HAWAI‘I CORPORATION / BANK OF HAWAI‘I

AS OF DEC. 31, 2023

From left: Dean Y. Shigemura, James C. Polk, Peter S. Ho
and Mary E. Sellers

From left: Ruth L. Erickson, Matthew K.M. Emerson, Susan L. Ing
and Marco A. Abbruzzese

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
and Senior Executive Director
Wealth Management

Sharon M. Crofts
Vice Chair
and Senior Executive Director
Operations & Technology

Matthew K.M. Emerson
Vice Chair
and Chief Strategy Officer

Patrick M. McGuirk
Vice Chair
and Chief Administrative Officer,
General Counsel & Corporate Secretary

James C. Polk
Vice Chair
and Chief Banking Officer

Mary E. Sellers
Vice Chair
and Chief Risk Officer

S. Bradley Shairson
Vice Chair
and Deputy Chief Risk Officer

Dean Y. Shigemura
Vice Chair
and Chief Financial Officer

O PER AT IN G COM M IT TE E

AS OF DEC. 31, 2023

Bank of Hawai‘i's Operating Committee is comprised of

20 leaders representing corporate staff functions from

various business segments who are responsible for the daily

operations of the bank.

Eric Chen
Executive Vice President
and Executive Director
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 & IT Risk Manager

Jill F.S. Higa
Senior Executive Vice President
and Senior Executive Director
Branch Banking

Torrie M. Inouye
Executive Vice President
and Chief Data Officer

Joy Ishiara
Senior Vice President
and Director Marketing
eCommerce & Brand

Vance H. Jones
Executive Vice President
and Chief Technology Officer

Roger J. Khlopin
Executive Vice President
and Chief Investment Officer
& Director Investment
Management Services

Edward C.S. Kim
Executive Vice President
and Executive Director
Consumer Lending

Jennifer Lam
Senior Executive Vice
President and Treasurer

Kimarie Matthews
Executive Vice President
and Executive Director Contact
Center & Customer Engagement

James K.M. Moniz
Executive Vice President
and Executive Director
Mortgage Banking

Lacey Nakaguma
Executive Vice President
and Chief Audit Executive

Shauna M. Pantohan
Senior Vice President
and Director Culture &
Employee Experience

Michelle T. Sato
Senior Vice President
and Director Retail Products
& Segmentation

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
and Senior Executive Director
Credit Risk Analytics

Dirk K. Yoshizawa
Senior Executive Vice President,
Co-Lead Executive Commercial
Banking Group

B A N K O F H A W A I ‘ I 2 0 2 3 A N N U A L R E P O R T 31

From left: Sharlene R. Ginoza-Lee, Sharon M. Crofts,
Patrick M. McGuirk, Taryn L. Salmon and S. Bradley Shairson

Ruth L. Erickson
Senior Executive Vice President,
and Senior Executive Director
Marketing Operations

Sharlene R. Ginoza-Lee
Senior Executive Vice President
and Chief People Officer

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

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

BOARD OF DIRECTORS

BANK OF HAWAI‘I CORPORATION / BANK OF HAWAI‘I

AS OF DEC. 31, 2023

Board of Directors

Board of Directors (seated from left): John C. Erickson, Barbara J. Tanabe, Peter S. Ho, S. Haunani Apoliona and Raymond P. Vara.
Standing from left: Dana M. Tokioka, Victor K. Nichols, Mark A. Burak, Kent T. Lucien, Robert W. Wo, Alicia E. Moy, Elliot K. Mills, Michelle E. Hulst,
Joshua D. Feldman and Suzanne P. Vares-Lum.

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

John C. Erickson
Former Vice Chairman,
Union Bank

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

Michelle E. Hulst
President,
GumGum

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.

Suzanne P. Vares-Lum
President,
East-West Center

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

SHAREHOLDER INFORMATION

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be identified by the fact
that they do not relate strictly to historical or current facts and may include statements
concerning, among other things, the anticipated economic and business environment in
our service area and elsewhere, credit quality and other financial and business matters in
future periods, our future results of operations and financial position, our business strategy
and plans and our objectives and future operations. We also may make forward-looking
statements in our other documents filed with or furnished to the U.S. Securities and Exchange
Commission (the “SEC”). In addition, our senior management may provide forward-looking
statements orally to analysts, investors, representatives of the media and others. 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) the compounding
effects of the COVID-19 pandemic, including reduced tourism in Hawai‘i, the duration and
scope of government mandates or other limitations of or restrictions on travel, volatility in
the international and national economy and credit markets, inflation, worker absenteeism,
quarantines or other travel or health-related restrictions, the length and severity of the
COVID-19 pandemic, the pace of recovery following the COVID-19 pandemic, and the
effect of government, business and individual actions intended to mitigate the effects of
the COVID-19 pandemic; (3) changes in market interest rates that may affect credit markets
and our ability to maintain our net interest margin; (4) changes in our credit quality or risk
profile that may increase or decrease the required level of our reserve for credit losses;
(5) the impact of legislative and regulatory initiatives, particularly the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) and Economic Growth,
Regulatory Relief, and Consumer Protection Act of 2018; (6) changes to the amount and
timing of proposed common stock repurchases; (7) unanticipated changes in the securities
markets, public debt markets, and other capital markets in the U.S. and internationally,
including, without limitation, the elimination of the London Interbank Offered Rate (“LIBOR”)
as a benchmark interest rate; (8) changes in fiscal and monetary policies of the markets in
which we operate; (9) the increased cost of maintaining or the Company’s ability to maintain
adequate liquidity and capital, based on the requirements adopted by the Basel Committee
on Banking Supervision and U.S. regulators; (10) changes in accounting standards; (11)
changes in tax laws or regulations, including Public Law 115-97, commonly known as the
Tax Cuts and Jobs Act, or the interpretation of such laws and regulations; (12) any failure
in or breach of our operational systems, information systems or infrastructure, or those of
our merchants, third party vendors and other service providers; (13) any interruption or
breach of security of our information systems resulting in failures or disruptions in customer
account management, general ledger processing, and loan or deposit systems; (14) natural
disasters, public unrest or adverse weather, public health, disease outbreaks, and other
conditions impacting us and our customers’ operations or negatively impacting the tourism
industry in Hawai‘i; (15) competitive pressures in the markets for financial services and
products; (16) actual or alleged conduct which could harm our reputation; and (17) the
impact of litigation and regulatory investigations of the Company, including costs, expenses,
settlements, and judgments. 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. Given these risks and
uncertainties, you should not place undue reliance on any forward-looking statement as a
prediction of our actual results. The risks and uncertainties that could cause actual results
to differ materially from our historical experience and our expectations and projections
include but are not limited to those described in Item 1A, “Risk Factors,” Item 7, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere
in our most recent Annual Report on Form 10-K and in subsequent SEC filings. 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.

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 26, 2024, at 8:30 a.m.
Hawai‘i Standard Time. Information to
access the virtual meeting is available in
the company’s 2024 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
Chang Park
Manager, Investor Relations
Phone: 1-808-694-8238

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

Shareholder Information

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

P. O . B O X 2 9 0 0

H O N O LU LU , H AWA I I 9 6 8 4 6

View Bank of Hawai‘i’s 2023

digital Summary Annual Report,

featuring videos of our Chairman,

clients, community and employees

at www.boh.com/annual-report.