N E W
POSSIBILITIES
2 0 2 4 A N N U A L R E P O R T
O N T H E C O V E R
A women’s long distance crew trains off O‘ahu’s
east shore. Working as one on the water, these
paddlers demonstrate what’s possible when
reaching for a common goal. At Bank of Hawai‘i,
we continually seek new possibilities—from
exploring innovative ways to serve our customers
and communities to providing the best
opportunities and support for our employees.
C O N T E N T S
1
Chairman’s Message
5
2024 Financial Summary
6
Year in Review
10
Our Community
16
Our Employees
20
Client Profiles
26
Consolidated Statements of Income
27
Consolidated Statements of Condition
28
Relative Stock Price Performance
29
Unbroken History of Dividends
30
Executive and Operating Committees
32
Board of Directors
33
Shareholder Information
©2025, Bank of Hawaii Corporation, dba Bank of Hawai‘i Corporation. Bank of Hawaii®
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.
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a registered service mark and trademark of Samsung Electronics Co., Ltd. Google Pay® is a
registered service mark and trademark of Google 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
businesses, organizations, entities, trademarks, logos, brands or other designations of
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,
2024 was a year of strength and recovery for Bank of Hawai‘i.
In a year marked by both challenges and opportunities, we
navigated a complex economic landscape—interest rates, evolving
market conditions, geopolitical tensions—while staying true to our
core values.
Our dedication to building strong relationships, fostering trust, and
investing in the future served us well in 2024 and positions us for
the long term. By focusing on stability and growth, we continue to
support the people and businesses that make our island home thrive.
Bank of Hawai‘i is poised for the years ahead, and we are grateful
for our employees, customers and shareholders who make our
success possible.
One of the
Most Trustworthy
Companies in
America
Ranked No. 24
Nationwide in
Banking Industry
Only company in Hawai‘i
to appear on list
Named by Newsweek
2024 RECO GNIT ION
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 1
Strong Financial Performance
Bank of Hawai‘i closed 2024 with a solid financial
performance, maintaining a strong balance sheet,
disciplined expense management, and a commitment
to long-term growth.
For the full year of 2024, diluted earnings per common
share were $3.46, with net income at $150 million. We
continued to generate solid earnings while reinforcing
our capital position. Return on average assets for 2024
was 0.64%, and return on average equity remained
healthy at 10.85%.
Bank of Hawai‘i held the number one position in deposit
market share, according to the Federal Deposit Insurance
Corporation's annual summary of deposits released in
June 2024. Demonstrating the confidence placed in us
by our customers, total average deposits grew to $20.5
billion in 2024 while total loans increased to $14.1 billion
as of Dec. 31, 2024.
Our asset quality remains strong, and we continue to
exceed regulatory capital requirements. The successful
closing of our preferred stock offering in June further
bolstered our already solid capital position.
Notably, net interest margin expanded for the third
consecutive quarter, and net interest income continued
its upward trajectory. These trends highlight our ability
to navigate industry shifts while maintaining a focus on
shareholder value.
Hawai‘i’s Economy
Hawai‘i’s economy continued to show recovery
and momentum in 2024, bringing optimism for the
years ahead.
Tourism remained a key driver of growth, with
visitor arrivals and spending increasing for the fifth
straight month. In December alone, Hawai‘i welcomed
910,055 visitors—up 5.5% from 2023—who contributed
$2.04 billion in total spending, nearly reaching
pre-pandemic levels.
The job market also remained steady, with Hawai‘i’s
unemployment rate holding at 3% in December,
outperforming the national average of 4.1%.
Despite higher mortgage rates and limited inventory,
Hawai‘i’s real estate market saw continued demand.
Single-family home prices rose across the islands,
with statewide sales increasing 7% from 2023. Condo
prices also climbed, though sales dipped slightly.
Bank of Hawai‘i held
the number one
position in deposit
market share,
according to the
Federal Deposit
Insurance Corporation’s
annual summary of
deposits released in
June 2024.
Creating a Sense of Belonging
At Bank of Hawai‘i, we are committed to building a future
where every team member feels valued and supported.
By fostering a welcoming environment and empowering
our employees to reach their full potential, we create a
lasting, positive impact.
We offer a variety of programs and initiatives designed
to support all employees in their personal and
professional growth. One important way we cultivate
connection and belonging is through our Employee
Resource Groups (ERGs). These employee-led groups
provide opportunities for mentorship, community service,
and professional development, ensuring that every voice
is heard, and every team member has the opportunity
to thrive.
By embracing different perspectives and following our
core values, we continue to strengthen our workplace
and the communities we serve with aloha. (For highlights
of our 2024 activities, please see the “Our Employees”
section of this report on page 16.)
Right: Our Women Inspired Employee Resource Group gathered outside
our Main Branch in Honolulu to mark Women’s History Month in March.
2
C H A I R M A N ’ S M E S S A G E
Caring for Our Customers
Delivering an exceptional customer experience has
always been at the heart of what we do. Even as many
companies across the country saw declines due to
economic challenges, our Customer Experience Index
Score remained strong last year—a testament to our
promise to put people first. The CX Index Score is a key
measurement used by businesses, including banks, to
assess the quality of interactions customers have with
their brand. It typically reflects customer satisfaction,
loyalty, and how well a company meets customer
expectations across different touchpoints—whether
digital, in-person or through customer support.
As banking needs evolve, we continue to invest in digital
tools that make managing finances easier and more
intuitive. Simply offering digital banking isn’t enough—it
needs to be seamless, user-friendly, and designed to
anticipate customer needs before they arise. In 2024,
we upgraded our mobile and online banking platforms,
providing a more robust, personal and consistent
experience across all devices.
At the same time, we know the value of in-person
connections. Our Branch of Tomorrow network ensures
our physical locations remain welcoming, modern and
equipped to serve customers at the highest level. In
March, we celebrated the opening of our new ‘Ele‘ele
Branch on Kaua‘i, replacing our former Hanapēpē Branch,
and we’ve begun construction on our new Lahaina Branch
at Lahaina Cannery Mall. Reopening in 2025, this branch
represents our dedication to the people and businesses
of Lahaina, a community we’ve served since 1930.
For more than 125 years, we’ve been proud to serve
Hawai‘i’s communities across all islands. That commitment
continues with additional Branch of Tomorrow upgrades
planned for the next two years, including locations in
Hāna, Maui, and Lāna‘i. We look forward to continuing
to evolve alongside our customers—both online and in
person—for generations to come.
Rhoda Lacaden, relationship service representative, on opening day of
our new ‘Ele‘ele Branch on Kaua‘i.
Caring for Our Community
Stronger communities are built when we come together,
and at Bank of Hawai‘i, we take pride in supporting the
people and organizations that make a difference. Through
sponsorships, grants and hands-on volunteer efforts, we
are committed to giving back in meaningful ways.
Once again, our Bank of Hawai‘i employees, Bank of
Hawai‘i Foundation, and community partners came
together for our annual Live Kōkua Giving Campaign,
raising funds to support Aloha United Way and its
network of 300 local nonprofits.
Beyond our campaign, Bank of Hawai‘i Foundation
awarded grants to 40 local nonprofits in 2024, helping to
strengthen programs that serve our communities. Among
them was our support for Hawai‘i Community Lending’s
Lahaina Homeowner Recovery Program, leveraging
a 3:1 match from the Federal Home Loan Bank—Des
Moines. These funds will help up to 500 homeowners in
Lahaina avoid foreclosure and secure financing to rebuild
their homes.
Expanding Leadership Roles
In July 2024, I was proud to announce the promotion
of James C. Polk to president of Bank of Hawai‘i
Corporation and Bank of Hawai‘i. In addition to
overseeing Commercial Banking, Merchant Services,
Cash Management, and Wealth Management, Jim now
leads Retail Banking, guiding all revenue-generating
businesses. With over 35 years of financial services
experience and a passion for our customers and
community, his leadership continues to drive
our success.
Concurrently, Matthew K.M. Emerson was appointed
chief retail banking officer, responsible for Consumer
Banking Products, Branch Banking, and our Contact
Center. Since joining in 2010, Matt has played a key role
in integrating services across channels, and his leadership
has been invaluable in shaping our strategic direction.
In May, Taryn L. Salmon was promoted to vice chair
and chief information & operations officer, overseeing
Enterprise Operations, IT, Strategic Data & Analytics,
Information Security, Digital Banking, and more. With over
25 years of experience, Taryn has been instrumental in
advancing our technology teams since joining in 2019.
We also celebrated the retirement of Susan L. Ing, our
chief marketing officer, after two decades of exceptional
leadership. Kristine R. Stebbins, who joined the bank
in 2020, was promoted to senior executive vice
president and chief marketing officer. She now leads
our Marketing Division, which includes the key areas of
Brand & Integrated Marketing, Community & Employee
Engagement, Customer Experience, Research Insights,
and Bank of Hawai‘i Foundation.
Additionally, we welcomed three new Executive
Committee members in 2024:
› Guy C. Churchill, Sr. EVP & Chief Credit Officer—
oversees Wholesale and Commercial Credit Groups
and Enterprise Credit Risk Analytics.
› Edward C.S. Kim, Sr. EVP & Senior Executive Director of
Consumer Lending—leads Retail Lending and Deposits,
including Consumer Lending, Dealer Indirect, Mortgage
Banking, and Retail Deposits.
› Bradley “Brad” S. Satenberg, Sr. EVP & Deputy Chief
Financial Officer—supports financial strategy and
oversees Treasury, Financial Reporting, and Budgeting.
These leadership transitions reflect our ongoing
commitment to growth, innovation, and exceptional
service. I am excited about the future and confident
that our team’s expertise and vision will continue to
strengthen Bank of Hawai‘i for years to come.
In Closing
In 2024, we embraced new opportunities while
upholding our 127-year legacy of delivering value to our
customers, employees, shareholders, and community.
I’m grateful for the dedication of our team and the trust
of those we serve—thank you for being part of another
successful year.
Mahalo nui loa,
PETER S. HO
Chairman and CEO
4
2024 Financial Summary
BANK OF HAWAI‘I CORPORATION AND SUBSIDIARIES (DOLLARS IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)
FOR THE YEAR ENDED DECEMBER 31
2024
2023
Earnings Highlights and Performance Ratios
Net Income
$
149,994
$
171,202
Basic Earnings Per Common Share
3.48
4.16
Diluted Earnings Per Common Share
3.46
4.14
Dividends Declared Per Common Share
2.80
2.80
Net Income to Average Total Assets (ROA)
0.64 %
0.71%
Net Income to Average Shareholders’ Equity (ROE)
9.78 %
12.63%
Net Income to Average Common Equity (ROCE)
10.85 %
13.89%
Net Interest Margin 1
2.16 %
2.24%
Efficiency Ratio 2
67.30 %
64.95%
Market Price Per Share of Common Stock:
Closing
$
71.24
$
72.46
High
82.70
81.73
Low
54.50
30.83
AS OF DECEMBER 31
Statements of Condition Highlights and Performance Ratios
Loans and Leases
$
14,075,980
$
13,965,026
Total Assets
23,601,114
23,733,296
Total Deposits
20,633,037
21,055,045
Other Debt
558,274
560,190
Total Shareholders’ Equity
1,667,774
1,414,242
Book Value Per Common Share
$
33.27
$
31.05
Allowance to Loans and Leases Outstanding
1.06%
1.05%
Full-Time Equivalent Employees
1,865
1,899
Branches and Offices
50
51
FOR THE QUARTER ENDED DECEMBER 31
Earnings Highlights and Performance Ratios
Net Income
$
39,162
$
30,396
Basic Earnings Per Common Share
0.86
0.72
Diluted Earnings Per Common Share
0.85
0.72
Net Income to Average Total Assets (ROA)
0.66 %
0.51 %
Net Income to Average Shareholders’ Equity (ROE)
9.42 %
8.86 %
Net Income to Average Common Equity (ROCE)
10.30 %
9.55 %
Net Interest Margin 1
2.19 %
2.13 %
Efficiency Ratio 2
66.12 %
73.36 %
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 4 A N N U A L R E P O R T 5
At its heart, banking is about people. It’s about customers’ hopes and dreams, the homes
they want to own, the businesses they want to start or grow, the education they want for their
children, and the financial security they want when they retire. We are dedicated to enriching
lives and creating a lasting, positive impact for all our stakeholders, including our customers,
employees, shareholders and the community.
Creating Meaningful
Opportunities
Branch Banking
Our branches provide important opportunities for
specialized services and face-to-face connections
with our customers.
We placed a special focus on expanding our Branch
of Tomorrow network to include our neighbor island
branches in 2024. In March, we opened our new
‘Ele‘ele Branch in the ‘Ele‘ele Shopping Center on Kaua‘i,
which replaced our former Hanapēpē Branch. In addition
to a 24/7 easy deposit ATM with enhanced self-service
features and business depository box access, the branch
now offers extended hours and private consultation
rooms for in-person or virtual consultations.
In July, our Lāna‘i Branch hours were also extended.
Bank of Hawai‘i is now the only local bank on the island.
YEAR IN REVIEW
SVP and Director of Online and Mobile
Banking, Matt Pollard, appears in our 2024
brand campaign along with his wife, Glenda,
and son Caleb.
6
Y E A R I N R E V I E W
Construction of our new
Lahaina Branch on Maui
at Lahaina Cannery Mall
started in 2024 and is
scheduled for completion
in the second quarter
of 2025. Reopening
this branch will provide
financial services to
a resilient community as it works to rebuild after the
wildfires of 2023 and underscores our deep commitment
to Lahaina and its people. Bank of Hawai‘i has served the
community of Lahaina since opening its first branch in
the area on Front Street in 1930.
The following additional neighbor island Branch of
Tomorrow transformations are scheduled over the
next two years:
Pictured: Our Hilo Branch was one of
the first to have the ‘okina in its sign.
Bank of Hawai‘i Branches and ATMs
AS OF DEC. 31, 2024
BRANCHES &
IN-STORE BRANCHES
ATMS
State of Hawai‘i
46
268
O‘ahu
25
182
Hawai‘i Island
8
39
Maui
7
26
Kaua‘i
4
19
Lāna‘i
1
1
Moloka‘i
1
1
West Pacific
4
54
Guam
2
38
CNMI/Saipan
1
11
Palau
1
5
Total
50
322
On O‘ahu, we completed renovations to our Hawai‘i Kai
Branch to better serve the growing needs of our East
Honolulu customers. Expanding into a former shop next
door increased the branch’s interior space by 560 sq. ft.
and added two additional teller stations.
BANK BY APPOINTMENT
Our Bank by Appointment option remains a convenient
way for customers to schedule a meeting online for
specialized in-person or virtual banking services. In
addition to walk-in appointments, an average of 4,276
appointments were scheduled each month, or more than
51,000 during the year.
› Hana, Maui
› Ka‘ū, Hawai‘i Island
› Kaunakakai, Moloka‘i
› Lāna‘i
Renewed Partnership with ATM Vendor
In response to customer feedback, we are leveraging
advanced features of modern ATMs to broaden access
to self-service banking as a key part of our strategy.
In 2024, we strengthened our longstanding partnership
with NCR Atleos, our trusted ATM service provider,
to further enhance the services we offer through
this channel.
Honoring the
Hawaiian Language
Our multi-year project to
replace every exterior
Bank of Hawai‘i branch sign
to include the ‘okina, an
official letter in the Hawaiian
alphabet, has reached
nearly half of all branches.
24
14
branches received
new signs
branches scheduled
for new signs in 2025
245,000
7.3 MILLION
Number of customers upgraded to our new
app (from launch in August to December 31)
Number of transactions via Apple Pay,
Samsung Pay or Google Pay in 2024
Highly rated 4.8 stars based on
11,000 ratings in iOS app store
A Leader In Serving Customers
We reach out to customers regularly to assess our
effectiveness at meeting their needs and preferences.
In 2024, while many financial service customers across
the U.S. reported a decline in their customer experience,
our customer response remained steady. According to
more than 18,000 customer surveys across multiple
customer touchpoints (branches, website, online banking,
mobile and Customer Service Center), our brand
experience scores continued to increase. The consistency
of these scores demonstrates our effectiveness in
providing the kind of personalized banking products and
interactions that customers value and appreciate.
Improving Operational Excellence
Bank of Hawai‘i is focused on prioritizing customer
experiences while identifying opportunities to increase
efficiencies in the way we work. We brought together
teams from across the company to streamline procedures
and reduce handoffs to different departments,
making it easier for our frontline employees to serve
customers effectively.
Generative Artificial Intelligence (AI) is the latest
innovation tool being utilized in banking. Bank of Hawai‘i
is exploring various ways to responsibly incorporate
AI for greater efficiency across our workforce. As
one example, our Branch and Contact Center teams
are exploring practical applications of AI to improve
customer experiences while empowering our teams to
boost efficiency and security. Pilot programs are now
underway to enhance training and coaching of frontline
employees, improve our interactive voice response
customer experiences, and help us gain new insights
from customer feedback.
Supporting Small Businesses
Starting in February,
we launched a monthly
“Food Truck Day” event
in downtown Honolulu
to help promote local
small businesses. The
public is invited to attend
these popular events,
which feature a variety
of cuisines in the heart of the business district near
our Main Branch. Employees enjoy a 20% discount and
utilize these lunchtime events to meet up with friends
and colleagues.
In addition to the food trucks, Mana Up businesses were
invited to showcase and sell their products outside our
branch on certain dates. Mana Up is a local accelerator
MOBILE WALLET
Many customers now use their
smartphone as a digital wallet to make
contactless purchases by linking to their
Bank of Hawai‘i debit card.
Our New Digital
Banking Platform
With the steady growth of customers’
reliance on online and mobile banking services,
we rolled out major enhancements to these
platforms this summer. Our new digital products
now provide seamless functions across mobile
and online applications. Upgraded features
include customization and self-serve options,
such as setting alerts and notifications or
utilizing tracking and budgeting tools.
8
93
630
214
Kaua‘i
O‘ahu
Maui
helping small businesses expand their Hawai‘i-based
products to a global market. We have collaborated
with Mana Up for the past three years to help these
businesses grow through mentorships and other support.
The “Food Truck Day” events are a great draw downtown
and have been extended into 2025.
Bank of Hawai‘i is committed to helping find new solutions
to the affordable housing shortage, and we work closely
with private developers and state housing agencies to
meet the housing needs of lower-income households.
THESE HOUSING DEVELOPMENTS
BROKE GROUND IN 2024
Pālolo Homes, Pālolo Valley, O‘ahu
Pālolo Homes features 63 two-story apartment buildings
with more than 300 affordable units for families and
individuals who earn 30% to 60% of the area median
income (AMI). Overseen by Mutual Housing Association
of Hawai‘i, ground was broken in December 2024 to
begin rehabilitation and upgrades to the structures.
Bank of Hawai‘i is supporting this renovation project with
$31.5 million in construction and permanent lending.
Hale O Pi‘ikea Phase II, Kihei, Maui
The Hale O Pi‘ikea affordable housing project will open
223 new rental units for Maui families and individuals
who earn 30% to 60% of the AMI and is on track for
completion in 2025. Groundbreaking for Phase I began
in 2023, and ‘Ikenakea Development began construction
on Phase II in September 2024. Phase II features 95 units
dedicated to kūpuna with one unit set aside for special
needs or homeless individuals. Bank of Hawai‘i supported
Phase II with $27.5 million in construction lending and
over $10.7 million in equity. We also provided lending
support for Phase 1, which included 90 units of one, two
and three bedrooms, and will support construction of
another 36 units in Phase III in 2025.
Y E A R I N R E V I E W
In 2024, 937 affordable housing units using the housing tax
credit started construction thanks in part to Bank of Hawai‘i,
and over 800 additional affordable housing units are in the
pipeline for 2025.
Employees Toni Chai, George Cochard and Marina McArthur enjoyed one
of our monthly "Food Truck Day" gatherings outside the Bank of Hawai‘i
Main Branch.
Hawai‘i’s Leader In Creating
Housing Solutions
We understand how important home ownership can
be for building financial security and independence.
This is especially true in Hawai‘i, which has an ongoing
housing shortage and is consistently ranked as the
most expensive state in the country. Bank of Hawai‘i
works with developers to create solutions to the
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 one of the
only Hawai‘i-based lenders providing Dept. of Hawaiian
Home Lands (DHHL) loans.
RESIDENTIAL REAL ESTATE
In 2024, Bank of Hawai‘i was the No. 1 local residential
real estate lender in Hawai‘i in total dollars.
Our SimpliFi Mortgage experience streamlines mortgage
lending or refinancing with convenient online tools,
and our experienced mortgage professionals offer
personalized advice throughout the process. We are
honored when people choose us to help guide them
through homeownership, home improvements and
refinancing.
AFFORDABLE HOUSING UNITS
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 9
Opposite page: More than 50 employees and their friends and family joined Nā ‘Ōiwi Aloha,
our Native Hawaiian employee resource group, in He‘eia to lend a helping hand to Kāko‘o ‘Ōiwi,
one of our Live Kōkua Giving Campaign beneficiaries.
Helping Our Communities Grow
Bank of Hawai‘i has a long history of engagement and giving in the communities we
serve, partnering with nonprofits to help bring their visions to life through volunteerism
and philanthropy.
Bank of Hawai‘i
Foundation
NONPROFIT PARTNERSHIPS
AT A GLANCE
Bank of Hawai‘i Foundation supports
many nonprofits in our community
each year. These are some of the
organizations that received funding
in 2024.
Hawai‘i Community Lending
Funds include a 3:1 match from the
Federal Home Loan Bank of Des
Moines for the Lahaina Homeowner
Recovery Program, which is
assisting up to 500 homeowners
with foreclosure prevention and
help to qualify for financing to
rebuild their homes.
Aloha United Way
2024 marked the final installment
of a multi-year pledge to the ALICE
Initiative to support programs
focused on helping local households
achieve greater stability, including
increased access to affordable
housing. ALICE stands for Asset
Limited, Income Constrained,
Employed, and describes individuals
and families who struggle to afford
basic necessities. The 2022–2024
ALICE Initiative has distributed
$1.5 million to ALICE beneficiaries
through partner nonprofits.
OUR COMMUNITY
Provided grants
to 40 local
nonprofits
GIVING IN 2024
Honolulu Museum of Art
The “Home of the Tigers” special
exhibit, which runs through
December 2025, features work by
seven visual artists who graduated
from McKinley High School from the
1920s to the 1960s. They, along with
their art instructors, came to define
modernism in Hawai‘i.
Hawai‘i Community
Action Program
The Nā Lima Hana Employment
Core Services Program provides
personalized employment
counseling, job readiness training,
tuition for vocational schools,
and job placement services for
unemployed and underemployed
individuals on O‘ahu.
Kaua‘i Planning & Action Alliance
The Laulima Schools Program
develops personalized and
innovative learning experiences
for Kaua‘i students, teachers
and administrators.
Our Blue Crew worked together to clean the campus of Princess Ruth Ke‘elikōlani Middle School,
including priming and painting walls, power washing sidewalks, gardening and picking up trash.
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 11
2024 Live Kōkua Giving Campaign
With the theme "Banking On Humanity," employees and retirees raised
funds to support Aloha United Way’s 300 partner nonprofits.
Each year’s campaign features new ways to gather and raise funds for
good causes. This year, our employee resource groups each designated
a beneficiary to receive an equal share of the money raised from
corporate-sponsored fundraising events. These were:
Vanessa Udarbe (fourth from right, wearing a yellow hat) stands with
teammates and friends in front of her future house on Kaua‘i. Her colleagues
came together to help her complete the Habitat for Humanity volunteer
hours required to qualify for her first home.
Hawai‘i LGBT Legacy
Foundation creates
educational programs
to empower Hawai‘i’s
LGBTQIA+ community
and supports programs to
address social, health and
economic inequalities.
Kāko‘o ‘Ōiwi helps restore
cultural connections by
providing sustainably
farmed fresh produce,
and by offering
educational visits,
cultural workshops and
community workdays.
Ma‘i Movement works
to end period poverty
in Hawai‘i, and ensures
free feminine products
are available to students
across the state.
U.S. Vets Hawai‘i
helps prevent veteran
homelessness
through housing and
comprehensive services.
O U R C O M M U N I T Y
LIVE KŌKUA VOLUNTEER
PROGRAM HIGHLIGHTS
Our Bankoh Blue Crew—spotted
at community service events
in blue T-shirts—is made up of
employees who donate time and
talent to support nonprofits and
special causes.
17th Annual Community
Service Day
Hundreds of employees helped
clean the Princess Ruth Ke‘elikōlani
Middle School campus and painted
an inspirational mural—“Think Big.
Dream Big.”—created by local
artist Kelsie Kalohi. Bank of Hawai‘i
Foundation, along with its executive
leadership, made a donation in
recognition of the bank’s special
relationship to the Title 1 school
since 2009.
894
2,827
Bankoh Blue Crew volunteers
donated their time
volunteer hours donated
to all special causes
IHS (Institute for Human
Services) Men’s Shelter
Volunteers prepared and served
hot lunches to homeless clients
each month.
Goodwill Goes GLAM!
Since 2011, our volunteers have
assisted with the nonprofit’s
signature fundraiser that raises
awareness and support for Goodwill
Hawaii’s mission to help people with
employment barriers reach their full
potential. Bank of Hawai‘i Foundation
has been the fundraiser’s presenting
sponsor for the past 13 years, during
which more than $2 million has
been raised.
Aloha Tree Alliance on Earth Day
Our Bankoh Blue Crew planted more
than 300 native trees and shrubs on
O‘ahu’s Kuli‘ou‘ou Ridge Trail to help
protect Hawai‘i’s watershed.
Kaua‘i Habitat for Humanity
Employees across Kaua‘i fulfilled
Habitat for Humanity volunteer hours
on behalf of Senior Relationship
Service Representative Vanessa
Udarbe, who works at our ‘Ele‘ele
Branch. A single parent with three
kids, she is now a step closer to
owning her first home.
Salvation Army
Thanksgiving Dinner
Bank volunteers served Thanksgiving
dinner prepared by the Salvation
Army to nearly 2,000 individuals,
families and kūpuna at the Neil S.
Blaisdell Exhibition Hall on O‘ahu.
Santa’s Workshop Toy Drive
Our Blue Crew oversaw the toy drive
that delivered toys, games and other
gifts to hospitalized patients at
Kapi‘olani Medical Center for Women
& Children.
Nearly 200 employees and their guests showed up for our 17th annual Community Service Day in September.
BANKOH BLUE CREW
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 13
Clockwise from top: Our biannual SmartMoney Lesson Days unite employees from across the bank to share financial lessons with middle school students;
Recipients of the Bank of Hawai‘i Foundation’s I Kinometi Para I Kumunidåt I Islå-ta Small Business and Revitalization and Development grants celebrated
their recognition; KerryLynn Vea taught young students about the basics of a check.
14
O U R C O M M U N I T Y
“OUTSTANDING” CRA RATING
Bank of Hawai‘i is periodically
evaluated for compliance with the
Community Reinvestment Act (CRA),
a federal law that encourages all
banks to meet the credit needs of
the communities they serve. Some of
our focus areas that qualify for CRA
include teaching financial literacy,
partnering with organizations to
support small businesses, helping
to create affordable housing and
well-paying jobs, working to address
homelessness, and preparing
tax returns.
SUPPORT FOR SAIPAN’S
SMALL BUSINESSES
Bank of Hawai‘i Foundation’s annual
I Kinometi Para I Kumunidåt I Islå-ta
Small Business and Revitalization
and Development grants have
assisted 65 entrepreneurs and small
businesses on Saipan since the
program began in 2012, bringing
greater economic stability to
the community.
In 2024, these five small businesses
each received $5,000:
› Divine’s Essentials, a catering
business and mobile snack bar,
used the funds to expand its
business by converting a delivery
van into a food truck with a fully
functional kitchen.
› Eastside Cuts, Kagman Village’s
only barbershop, used the funds
to hire and train additional staff
while expanding its marketing
reach to nearby communities.
Community Reinvestment Act/
2024 Financial Education
We are proud of our involvement in programs and
projects that focus on supporting low- and moderate-
income individuals and families.
› Isla Consultancy Services
purchased specialized software
and other tools for providing
mentorship and training to help
students and small-business
owners succeed.
› Mechille Corp., a trusted provider
of construction materials, furniture
and more, used the funds to
continue testing and development
of a new, eco-friendly wastewater
purification device that cleans
septic tanks without chemicals.
› Peska Tackle, a bait and fishing
tackle shop, added signage
and a work bench in addition
to expanding its inventory of
products for the local and
commercial fishing community.
ENHANCING FINANCIAL
LITERACY AT PRINCESS
RUTH KE‘ELIKŌLANI
MIDDLE SCHOOL
In April and October, dozens of
employees from across the bank
showed up for SmartMoney Lesson
Day to inspire 375 students at
Princess Ruth Ke‘elikōlani Middle
School with a lesson on the
importance of saving.
PREPARING TAX RETURNS FOR
LOW-INCOME INDIVIDUALS
AND FAMILIES
During tax season, six employee
volunteers became certified to
provide free tax preparation services
for eligible taxpayers as part of the
Volunteer Income Tax Assistance
(VITA) program.
VITA offers free tax help to those
who would benefit most from tax
refunds, including people with
disabilities, seniors, those with limited
understanding of English, and those
who make approximately $66,000
or less. Our employees volunteered
a combined 134 hours and prepared
62 tax returns.
A SAFETY NET FOR YOUNG
PEOPLE WHO EXPERIENCED
FOSTER CARE
For Hawai‘i youth who have
experienced foster care, special
programs like EPIC ‘Ohana’s HI
H.O.P.E.S. Initiative help provide
necessary resources and
opportunities as they transition to
become successful young adults.
Most Common Purchases on O‘ahu
› 33% education
› 28% vehicles
› 25% housing
Most Common Purchases on
Neighbor Islands
› 42% vehicles
› 25% housing
› 17% education
1,133
individual savings
accounts opened
$1.66 MILLION
in total accounts
SINCE T H E START OF
H I H .O.P.E .S. IN 2010:
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 15
Kaleo Keko‘olani and Carlie Woodward-Dela Cruz
joined an engaging workshop to teach employees
how to make two different kinds of lei. The group
also strung together a 30-foot lei to present at an
annual ceremony at the King Kamehameha statue
in Honolulu.
Employee Support
and Growth
MODERNIZING OUR INTRANET
The primary digital hub for employees
is our intranet, which we re-launched
with major upgrades in October. The
redesign was based on employee
input and includes a mobile version,
personalization features, and a fun
interactive tool that invites employees
to connect on a new level, similar to
popular social media apps.
LEARNING EXPO
In response to employee feedback,
we introduced our first two Learning
Expos in June and November. These
opportunities offered a collaborative
approach across the different
businesses to share what’s new
or upcoming in the organization.
Employees were able to take
advantage of a range of training
options and receive information about
our latest products, programs and
initiatives during these three-day
events. The Learning Expo also
highlighted personal and professional
development programs and upcoming
events hosted by our employee
resource groups.
MENTAL HEALTH AWARENESS
After an overwhelmingly positive
response to our Mental Health
Awareness month in 2023, we
expanded the offerings this year
Helping Our Teams Thrive
Every day our teammates deliver exceptional experiences to improve the lives of
our customers. We are just as committed to delivering exceptional experiences to
our employees and have created a place for them to work, grow and thrive through
a combination of development opportunities, support for their well-being, and
technology enhancements.
with activities centered on self-
care and emotional well-being.
Annual massage sessions were so
popular with employees that we
are now offering both massage and
chiropractic sessions as ongoing
services each month.
Our Blue Brigade, Nā ‘Ōiwi Aloha, and
Women Inspired employee resource
groups supported the initiative by
hosting opportunities to connect
and unwind that included guided
meditations, yoga, a Mālama ‘Āina
session, and a fun walk. We closed
out the month by wearing green to
work on May 28 to show support for
improving mental wellness.
OUR EMPLOYEES
RECOGNIZING
ACCOMPLISHMENTS
When individuals or teams achieve
something great, we want to share
the news! That’s why we continue
to demonstrate our appreciation
through several recognition and
engagement programs.
Our SHINE! program encourages
employees to acknowledge work
anniversaries, send birthday
wishes, and share appreciation
of teammates.
Many employees wore green on May 28 to raise awareness of the importance of prioritizing mental health.
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 17
Our quarterly Bankoh’s Best Award
recipients are nominated by their
teammates and are promoted on
social media as well as internally for
their exceptional contributions.
Our Chairman’s Circle Award
recognizes employees who exemplify
our core values and make significant
contributions to advancing strategic
initiatives, fulfilling customer desires
and/or supporting community
interests. The award also honors
them for serving as role models in
delivering exceptional customer and
employee experiences.
FREE COLLEGE EDUCATION
Through the Bank of Hawai‘i
College Assistance Program (CAP),
four more employees proudly earned
their bachelor’s degrees from
Chaminade University of Honolulu
in May. To date, the program has
helped 25 employees achieve
degrees in their chosen fields by
covering the full cost of tuition for
associate or bachelor’s degrees
at Chaminade University or the
University of Hawai‘i’s Community
Colleges (UHCC).
Development
Opportunities
INVESTING IN LEADERSHIP
We recognize that developing our
leaders is critical to our continued
success, and leaders play an
important role in the well-being of
their teams. This year we introduced
our Leadership Excellence Forum
(LXF), a new development opportunity
where senior leaders can focus on
building strong connections with
other leaders across the organization
while enhancing their personal
and professional development and
staying current with the company’s
evolving strategies.
EMPLOYEE DEVELOPMENT
PROGRAMS
We provide a wide variety of programs
designed to hone employees’ skills,
advance their careers and develop
their connections within the
business community.
Summer Intern Program
JUNE 10–AUGUST 2
Thirty-six summer interns
representing 27 departments spent
8 weeks learning about professional
development and the bank.
Pathways to Professional
Excellence (PPE)
JULY 8–DECEMBER 12
Thirty-four participants, representing
12 business units and nominated by
their managers, were selected to
take part in this highly regarded
leadership program. This year’s
cohort partnered with our Employee
Experience and Operational
Excellence teams to address real-
world business opportunities in their
final capstone projects.
Customer Experience Advocates
JANUARY–NOVEMBER
A new cohort of 73 employees,
representing 50 departments,
completed certification training from
a global research and advisory firm
to expand their role as CX Advocates
dedicated to improving customer
experience, employee experience
and operational excellence.
College Mentorship Program
FEBRUARY 26–APRIL 8 (SPRING)
AND OCTOBER 7–NOVEMBER 25 (FALL)
Twenty-nine students from
Chaminade University, Hawai‘i Pacific
University and Shidler College of
Business Clubs at the University of
Hawai‘i (Business Executive Society
of Tomorrow, Accounting Club,
American Marketing Assoc., Financial
Management Assoc. and Information
Technology Management Assoc.)
gained insights into corporate work
environments, the financial industry,
and Bank of Hawai‘i as our volunteers
provided mentorship and guidance in
professional development sessions.
Ryan Chang, Cindy Corpuz, KerryLynn Vea
and Rita Aponte graduated from Chaminade
University in the summer. Their tuition was
paid for by the Bank of Hawai‘i College
Assistance Program.
18
O U R E M P L OY E E S
Building Connections
Our Employee Resource Groups (ERGs) build inclusivity
and belonging by giving employees fulfilling ways to share
interests through fellowship and professional development
opportunities, while also making a difference through
community service.
These are some of the
2024 highlights:
BLUE BRIGADE: The year started
with a focus on Unity in the
Community at a volunteer event
with U.S. VETS in Wai‘anae.
As part of Mental Health Awareness
Month in May, our Military ERG
hosted a special sunset yoga and
breathwork session for employees,
giving them a chance to unwind and
rejuvenate, followed by a healthy pau
hana gathering. The ERG also hosted
a light lunch and guided discussions
about self-care strategies to develop
mental resilience.
NĀ ‘ŌIWI ALOHA: Our Native
Hawaiian ERG hosted an introduction
to ‘ōlelo Hawai‘i by respected Native
Hawaiian educator and entertainer
Kumu Kahanuola Solatorio. More than
100 employees turned out for the
educational opportunity.
In June, more than 50 employees
joined the group for two special
events to celebrate King
Kamehameha, the unifier of the
Hawaiian Islands. The first was a
lunchtime workshop where employees
learned to make two different styles
of lei and helped craft a beautiful
30-ft. plumeria lei. It was presented
the next day by Nā ‘Ōiwi Aloha alaka‘i
(leaders) at a formal lei-draping
ceremony at the King Kamehameha
statue in Honolulu as part of the
annual statewide celebration to
perpetuate Hawaiian culture.
In November, more than 50
employees and their families
participated in a community
service project at Kāko‘o ‘Ōiwi in
windward O‘ahu to care for our ‘āina
(land) and learn more about our
Hawaiian culture.
RAINBOH: Our LGBTQIA+ ERG
hosted a “Trans Day of Visibility”
talk story lunch in March to raise
awareness about issues affecting
transgender people. Participants
learned about ways to support
teammates and create safe spaces.
In June, RainBOH traveled to the
Kaua‘i Pride Parade and Festival,
volunteered at the Honolulu AIDS
Walk and sponsored a RainBOH
Connect for members to celebrate
Pride Month together.
In September, Bank of Hawai‘i
sponsored a Rainbow Town Hall in
partnership with the Hawai‘i LGBT
Legacy Foundation, which was open
to the public. Our RainBOH ERG
co-chair moderated as professionals
from a variety of companies took
part in a meaningful discussion.
WOMEN INSPIRED: By popular
demand, this ERG brought back its
Employee Mentoring Program for the
third year in a row. The six-month
program has grown each year, and
this new cohort matched 20 mentees
seeking learning opportunities and
guidance with internal mentors
who shared their knowledge
and experience.
In October, the ERG hosted a
half-day forum, “Blossoming
Futures.” Panels led by bank leaders
discussed resources and strategies
helpful in today’s workplace.
Hundreds of Bank of Hawai‘i employees, family members and friends showed their support at
the Honolulu Pride Parade & Festival on Oct. 19. One of Hawai‘i’s largest events—and longest
parades—this is the 5th year for Bank of Hawai‘i Foundation as a visionary-level sponsor celebrating
the LGBTQIA+ community.
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 19
Right: Dr. Makini and wife Sharon (center) with daughters, Alexis (left) and Ariana (right). Their eldest
daughter Ambrosia (Makini) Peden, OD, currently resides and practices in London, Kentucky.
“To me, Bank of Hawai‘i really
embodies the culture of Hawai‘i.”
—DR . HANK MAKINI
“They are very strong in providing
the support we need to get us
through not only the good times,
but in the struggling times, too.”
—SHARON MAKINI
EYES PLUS, INC.
HANK MAKINI, OD, AND MRS. SHARON MAKINI CO-OWNERS
EYES PLUS, INC. IS A FAMILY OPTOMETRY PRACTICE that began in 1990.
It focuses on vision care and wellness education in all stages of life, from infants
to seniors, serving people all over O‘ahu and abroad. Dr. Makini’s background in
sports vision helped him develop a comprehensive performance-based approach
for children called Academic Vision Care, a program that not only improves a child’s
vision, self-confidence and academic performance, but also helps prevent many
keiki from being misdiagnosed with behavioral issues and medicated unnecessarily.
This passion created life-changing results for children and their families and led to
the establishment of Project S.A.V.E. (Supporting Academic and Visual Excellence),
which brings awareness to the need for early comprehensive childhood vision
exams, especially in this digital age. EYESPLUSINC.COM
B R A N C H B A N K I N G
20
“I think you want a partner with similar
values and a similar commitment to
the community, and there’s no question
that here in Hawai‘i, Bank of Hawai‘i
brings that in amazing ways.”
—JOE SPR AGUE
HAWAIIAN AIRLINES
JOE SPRAGUE CEO
HAWAIIAN AIRLINES IS HAWAI‘I’S LARGEST and longest-serving airline.
Started in 1929 as Inter-Island Airways, it now connects Hawai‘i with service to
North America, Asia and the South Pacific. Hawaiian is now part of Alaska Air
Group, whose roots come from McGee Airways that started in Anchorage in
1932. From serving the remote villages of Alaska, Alaska Airlines now has routes
spanning more than 120 destinations and five countries. Both Hawaiian Airlines
and Alaska Airlines have been an integral part of life in the communities they serve
and are known for taking exceptional care of their customers. The merger between
Alaska Airlines and Hawaiian Airlines was completed in September 2024,
and both airlines’ operations are in the process of combining under
a single operating certificate. The combined airline will be the fifth-
largest in the U.S. and is expected to expand benefits to its customers.
HAWAIIANAIRLINES.COM ALASKAAIR.COM
C O M M E R C I A L B A N K I N G
Right: Jason Agua (Aircraft Mechanic), Alena Heim (Guest Service Agent), Kalai Smith (Cargo Agent),
Joe Sprague (CEO), Ronya Keil (A321 Captain), Christian Danielson (Ramp Agent) and Larissa Hughes
(Flight Attendant).
22
P R I VAT E B A N K I N G
“It’s not just the banking
functions. It’s the relationship.
It’s the communication. In today’s
world, it’s about picking up your
cell phone and calling somebody,
asking questions and getting
answers real quick.”
—CONR AD MUR ASHIGE
CONRAD AND
ELOISE MURASHIGE
SHIOI CONSTRUCTION, INC.
CONRAD AND ELOISE MURASHIGE met at college, got married, and both went
to work for Shioi Construction, Inc. (SCI) on Kaua‘i. They are celebrating their 50th
wedding anniversary in 2025. Eloise is the daughter of Kenneth Shioi, who started
SCI in 1948 with a 7th grade education. Now, the kama‘aina family business has
grown into an employee-owned commercial construction company with completed
projects across the state. The company is deeply committed to providing clients with
exceptional craftsmanship and quality service and to serving the local community
by employing local workers. Conrad Murashige is the second-generation board
chairman and former owner of SCI who has devoted over 40 years to building the
company. He is grateful to the mentorship he received from Kenneth, and today
he remains active as an advisor to the next generation of leadership. Working
closely with their Kālai Services Group relationship manager, Conrad and Eloise
have been making long-term plans that include providing for the education of
their grandchildren. In addition, the family created the Kenneth Shioi Memorial
Scholarship to give financial awards annually to local students pursuing careers in
the construction industry. SHIOIHAWAII.COM
Right: Eloise and Conrad Murashige (Chairman).
24
Consolidated Statements of Income
BANK OF HAWAI‘I CORPORATION AND SUBSIDIARIES (DOLLARS IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)
FOR THE YEAR ENDED DECEMBER 31
2024
2023
Interest Income
Interest and Fees on Loans and Leases
$
653,615
$
590,611
Income on Investment Securities
Available-for-Sale
89,705
93,528
Held-to-Maturity
85,515
92,750
Cash and Cash Equivalents
30,701
28,380
Other
4,215
5,106
Total Interest Income
863,751
810,375
Interest Expense
Deposits
368,764
250,847
Securities Sold Under Agreements to Repurchase
4,608
16,306
Funds Purchased
44
888
Short-Term Borrowings
-
5,713
Other Debt
23,755
39,596
Total Interest Expense
397,171
313,350
Net Interest Income
466,580
497,025
Provision for Credit Losses
11,150
9,000
Net Interest Income After Provision for Credit Losses
455,430
488,025
Noninterest Income
Fees, Exchange, and Other Service Charges
57,236
55,556
Trust and Asset Management
47,485
43,597
Service Charges on Deposit Accounts
32,430
31,116
Bank-Owned Life Insurance
13,568
11,643
Annuity and Insurance
5,436
4,736
Mortgage Banking
4,109
4,255
Investment Securities Losses, Net
(7,507)
(11,455)
Other
19,772
37,161
Total Noninterest Income
172,529
176,609
Noninterest Expense
Salaries and Benefits
232,564
234,079
Net Occupancy
42,084
39,924
Net Equipment
40,886
40,251
Data Processing
19,540
18,836
Professional Fees
19,319
17,459
FDIC Insurance
17,850
28,313
Other
57,865
58,656
Total Noninterest Expense
430,108
437,518
Income Before Provision for Income Taxes
197,851
227,116
Provision for Income Taxes
47,857
55,914
Net Income
$
149,994
$
171,202
Preferred Stock Dividends
12,644
7,877
Net Income Available to Common Shareholders
$
137,350
$
163,325
Basic Earnings Per Common Share
$
3.48
$
4.16
Diluted Earnings Per Common Share
$
3.46
$
4.14
Dividends Declared Per Common Share
$
2.80
$
2.80
Basic Weighted Average Common Shares
39,450,737
39,274,291
Diluted Weighted Average Common Shares
39,700,388
39,428,912
Certain prior period information has been reclassified to conform to current presentation.
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for the
Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
26
Consolidated Statements of Condition
BANK OF HAWAI‘I CORPORATION AND SUBSIDIARIES (DOLLARS IN THOUSANDS, EXCEPT PER-SHARE AMOUNTS)
AS OF DECEMBER 31
2024
2023
Assets
Cash and Cash Equivalents
$
763,571
$
1,000,944
Investment Securities
Available-for-Sale
2,689,528
2,408,933
Held-to-Maturity (Fair Value of $3,820,882 and $4,253,637)
4,618,543
4,997,335
Loans Held for Sale
2,150
3,124
Loans and Leases
14,075,980
13,965,026
Allowance for Credit Losses
(148,528)
(146,403)
Net Loans and Leases
13,927,452
13,818,623
Premises and Equipment, Net
184,480
194,855
Operating Lease Right-of-Use Assets
80,165
86,110
Accrued Interest Receivable
66,367
66,525
Mortgage Servicing Rights
19,199
20,880
Goodwill
31,517
31,517
Bank-Owned Life Insurance
481,184
462,894
Other Assets
736,958
641,556
Total Assets
$
23,601,114
$
23,733,296
Liabilities
Deposits
Noninterest-Bearing Demand
$
5,423,562
$
6,058,554
Interest-Bearing Demand
3,784,984
3,749,717
Savings
8,364,916
8,189,472
Time
3,059,575
3,057,302
Total Deposits
20,633,037
21,055,045
Securities Sold Under Agreements to Repurchase
100,000
150,490
Other Debt
558,274
560,190
Operating Lease Liabilities
88,794
94,693
Retirement Benefits Payable
23,760
23,673
Accrued Interest Payable
34,799
41,023
Other Liabilities
494,676
393,940
Total Liabilities
21,933,340
22,319,054
Shareholders' Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)
180,000
180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)
165,000
-
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: December 31, 2024 - 58,765,864 / 39,762,255;
and December 31, 2023 - 58,755,465 / 39,753,138)
585
583
Capital Surplus
647,403
636,422
Accumulated Other Comprehensive Loss
(343,389)
(396,688)
Retained Earnings
2,133,838
2,107,569
Treasury Stock, at Cost (Shares: December 31, 2024 - 19,003,609;
and December 31, 2023 - 19,002,327)
(1,115,663)
(1,113,644)
Total Shareholders' Equity
1,667,774
1,414,242
Total Liabilities and Shareholders’ Equity
$
23,601,114
$
23,733,296
Certain prior period information has been reclassified to conform to current presentation.
Refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for the
Consolidated Financial Statements, including Report of Independent Registered Public Accounting Firm, thereon.
B A N K O F H A W A I ‘ I 2 0 2 4 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, 2024)
$130
$140
$120
BOH
S&P Regional Banking Index
KBW Regional Banking Index
S&P 500
$110
$100
$90
$80
$70
$60
$50
$40
12/23
1/24
2/24
3/24
4/24
5/24
6/24
7/24
8/24
9/24
10/24
11/24
12/24
116.64
109.59
123.31
98.32
28
Unbroken History of Dividends
(BANK OF HAWAI‘I CORPORATION)
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
COVID-19
financial crisis
recession
Note: Historical dividends adjusted for stock splits
recession
dividend per share
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 29
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
Executive Vice President,
Executive Director
Enterprise Operations
Ryan A. Field
Executive Vice President,
Chief Information Security
Officer & IT Risk Manager
Natalie P. Fogle
Executive Vice President,
Executive Director Real
Estate & Facilities
Jill F.S. Higa
Senior Executive Vice
President, Senior Executive
Director Branch Banking
& Contact Center
Torrie M. Inouye
Executive Vice President,
Chief Data Officer & Business
Risk Executive
Joy Ishiara
Executive Vice President,
Executive Director Brand
& Integrated Marketing
Vance H. Jones
Executive Vice President,
Chief Technology Officer
Roger J. Khlopin
Executive Vice President,
Chief Investment Officer
& Director Investment
Management Services
Jennifer M. Lam
Senior Executive Vice
President, Treasurer and
Business Risk Executive
Kimarie P. Matthews
Executive Vice President,
Executive Director Contact
Center & Customer Engagement
James K.M. Moniz
Executive Vice President,
Executive Director
Mortgage Banking
Lacey M. Nakaguma
Executive Vice President,
Chief Audit Executive
Shauna M. Pantohan
Senior Vice President,
Director Culture &
Employee Experience
Michelle T. Sato
Executive Vice President,
Executive Director Retail
Products & Segmentation
Dana S. Takushi
Senior Executive Vice President,
Senior Executive Director
of The Private Bank
Melissa A. Torres-Laing
Senior Vice President, Director
Corporate Communications
Aretina C. Trepczyk
Executive Vice President,
Executive Director Enterprise
& Operational Risk
Luke W.T. Yeh
Senior Executive Vice
President, Senior Executive
Director Credit Risk Analytics
Dirk K. Yoshizawa
Senior Executive Vice
President, Commercial
Banking Group Manager
Executive and Operating
Committees
AS OF DEC. 31, 2024
EXECUTIVE COMMITTEE
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 and
Chief Executive Officer
James C. Polk
President
and Chief Banking Officer
Marco A. Abbruzzese
Vice Chair
and Senior Executive Director
Wealth Management
Matthew K.M. Emerson
Vice Chair
and Chief Retail Banking Officer
Patrick M. McGuirk
Vice Chair
and Chief Administrative Officer,
General Counsel & Corporate
Secretary
Taryn L. Salmon
Vice Chair
and Chief Information and
Operations Officer
S. Bradley Shairson
Vice Chair
and Chief Risk Officer
Dean Y. Shigemura
Vice Chair
and Chief Financial Officer
Guy C. Churchill
Senior Executive Vice President
and Chief Credit Officer
Sharlene R. Ginoza-Lee
Senior Executive Vice President
and Chief People Officer
Susan L. Ing
Senior Executive Vice President
and Chief Marketing Officer
(retired Nov. 1, 2024)
Edward C.S. Kim
Senior Executive Vice President
and Senior Executive Director
Consumer Lending
Bradley S. Satenberg
Senior Executive Vice President
and Deputy Chief Financial
Officer
Kristine R. Stebbins
Senior Executive Vice President
and Chief Marketing Officer
First row, vertically: Peter S. Ho, Sharlene R. Ginoza-Lee,
Kristine R. Stebbins, Bradley S. Satenberg. Second row: Susan L. Ing,
Dean Y. Shigemura, Matthew K.M. Emerson, Edward C.S. Kim,
Taryn L. Salmon. Third row: James C. Polk, Patrick M. McGuirk,
Marco A. Abbruzzese, Guy C. Churchill, S. Bradley Shairson.
B A N K O F H A W A I ‘ I 2 0 2 4 A N N U A L R E P O R T 31
2024 Bank of Hawai‘i
Board of Directors
BANK OF HAWAI‘I CORPORATION /
BANK OF HAWAI‘I
AS OF DEC. 31, 2024
Peter S. Ho
Chairman and Chief Executive Officer,
Bank of Hawai‘i Corporation
and Bank of Hawai‘i
Raymond P. Vara
Lead Independent Director
President and Chief Executive Officer,
Hawai‘i Pacific Health
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
Dana M. Tokioka
Vice President,
Atlas Insurance Agency, Inc.
Suzanne P. Vares-Lum
Director,
Daniel K. Inouye Asia Pacific Center
for Security Studies
Robert W. Wo
Owner and Director,
C.S. Wo & Sons, Ltd.
Board of Directors (seated from left): Kent T. Lucien, Alicia E. Moy, Peter S. Ho, Michelle E. Hulst and Raymond P. Vara. Standing from left: Robert W. Wo,
John C. Erickson, Joshua D. Feldman, Dana M. Tokioka, Suzanne P. Vares-Lum, Elliot K. Mills and Victor K. Nichols.
32
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) any lingering effects of
the COVID-19 pandemic or future outbreaks, including reduced tourism in Hawai‘i, 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 recent 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.
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 25, 2025, at 8:30 a.m.
Hawai‘i Standard Time. Information to
access the virtual meeting is available in
the company’s 2025 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 day of each
month based on the average of five trading
days ending on the investment date.
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
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.
View Bank of Hawai‘i’s 2024 digital
Summary Annual Report, featuring
videos of our Chairman, clients,
community and employees at
www.boh.com/annual-report.
BANK OF HAWAI‘I CORPORATION
P.O. BOX 2900
HONOLULU, HAWAII 96846