Financial Data and Key Metrics Changes - Net interest income for Q1 2023 was $136 million, with a normalized net interest income of $137.8 million, a decrease of $2.9 million linked quarter but an increase of $12.7 million year-over-year [14][20] - Net income was $46.8 million, with earnings per common share at $1.14 and a return on common equity of 15.79% [20] - The efficiency ratio was 63.34%, and the effective tax rate for Q1 was 25.4% [20][21] Business Line Data and Key Metrics Changes - Deposits grew on an average basis but were down modestly on a spot basis, with total deposits at $20.5 billion at the end of March [4][8] - Noninterest income totaled $40.7 million in Q1, reflecting a decrease from the previous year primarily due to lower revenue from mortgage banking customer derivative activity [18][36] Market Data and Key Metrics Changes - The deposit marketplace in Hawaii is unique, with five local institutions holding 97% of bank deposits, and 98% of deposits are fully FDIC-insured [11][24] - The average consumer deposit is $18,000, while the average commercial deposit is $133,000 [11] Company Strategy and Development Direction - The company focuses on a community bank-based model, emphasizing long-standing relationships and a diversified deposit base [9][23] - The strategy includes maintaining a diversified loan portfolio, with 94% of loans in Hawaii and the West Pacific, and a conservative approach to underwriting [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding rising deposit costs and anticipated a decline in margins in the short term, with expectations of a bottoming out towards the end of the year [42][51] - The company expects loan growth to be in the mid-single-digit range, supported by securities runoff [70][82] Other Important Information - The company has maintained healthy liquidity backup lines totaling $8.2 billion [27] - A dividend of $0.70 per common share was declared for Q2 2023 [50] Q&A Session Summary Question: Margin expectations moving forward - Management expects margins to decline in Q2 but to bottom out towards the end of the year before increasing in 2024 [42] Question: Rationale for adding short-term borrowings - The addition of short-term borrowings was to enhance liquidity [44][64] Question: Impact of Moody's downgrade - Management does not anticipate any significant operational implications from the downgrade [56] Question: Expectations for noninterest income - Noninterest income is expected to remain stable at $40 million to $41 million per quarter for the remainder of the year [47] Question: Loan growth drivers - Loan growth has been augmented by amortization of the securities book, with expectations for mid-single-digit growth [82]

[Part I - Financial Information](index=2&type=section&id=Part%20I%20-%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=2&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited consolidated financial statements for Bank of Hawai'i Corporation for the quarter ended March 31, 2023, including detailed notes on key financial components [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) For Q1 2023, net income decreased by 14.6% to $46.8 million, primarily due to a $7.5 million negative swing in provision for credit losses and higher noninterest expenses Q1 2023 vs. Q1 2022 Income Statement Highlights | Metric | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | **Net Interest Income** | $136.0M | $125.3M | +8.5% | | **Provision for Credit Losses** | $2.0M | ($5.5M) | -$7.5M | | **Noninterest Income** | $40.7M | $43.6M | -6.7% | | **Noninterest Expense** | $111.9M | $103.9M | +7.7% | | **Net Income** | $46.8M | $54.8M | -14.6% | | **Diluted EPS** | $1.14 | $1.32 | -13.6% | [Consolidated Statements of Condition](index=5&type=section&id=Consolidated%20Statements%20of%20Condition) As of March 31, 2023, total assets increased slightly to $23.93 billion, supported by loan growth, while deposits saw a minor decrease and shareholders' equity rose Balance Sheet Comparison | (in thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | $23,931,977 | $23,606,877 | | **Net Loans and Leases** | $13,680,945 | $13,501,981 | | **Total Investment Securities** | $8,127,898 | $8,258,962 | | **Total Deposits** | $20,491,300 | $20,615,696 | | **Total Shareholders' Equity** | $1,354,430 | $1,316,995 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2023 saw net cash used in operating activities of $31.0 million, a significant shift from the prior year, with investing activities decreasing and financing activities providing $258.3 million Cash Flow Summary (Q1 2023 vs. Q1 2022) | (in thousands) | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $(30,959) | $41,795 | | **Net Cash from Investing Activities** | $(17,133) | $(321,424) | | **Net Cash from Financing Activities** | $258,310 | $314,249 | | **Net Change in Cash** | $210,218 | $34,620 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the $8.1 billion investment portfolio's unrealized losses, the growing $13.8 billion loan portfolio, and the use of derivative instruments for customer risk management - The company's investment portfolio is comprised of Available-for-Sale (AFS) securities with a fair value of **$2.8 billion** and Held-to-Maturity (HTM) securities with an amortized cost of **$5.3 billion** Both portfolios contain significant unrealized losses, primarily due to changes in interest rates[25](index=25&type=chunk) - The loan and lease portfolio grew to **$13.82 billion**, with increases in commercial mortgage, residential mortgage, and home equity loans The majority of lending activity is concentrated in Hawaii[49](index=49&type=chunk)[70](index=70&type=chunk) - The company's derivative financial instruments, primarily interest rate swaps, are used to facilitate customer risk management strategies and are not designated as formal hedging relationships[249](index=249&type=chunk)[295](index=295&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, highlighting a 15% net income decline due to higher credit loss provisions and expenses, alongside a strong balance sheet, loan growth, and robust risk management strategies [Overview & Earnings Summary](index=40&type=section&id=MD%26A%20-%20Overview%20%26%20Earnings%20Summary) Q1 2023 net income was $46.8 million, down 15% YoY, driven by a $2.0 million provision for credit losses and an 8% rise in noninterest expense, despite a 9% increase in net interest income - Net income decreased by **$8.0 million (15%)** compared to Q1 2022, with diluted EPS falling by **$0.18 (14%)**[122](index=122&type=chunk) - The provision for credit losses was **$2.0 million**, a negative swing from a **$5.5 million** net benefit in the prior-year period[123](index=123&type=chunk) - Net interest income increased by **9%** YoY to **$136.0 million**, with the net interest margin rising to **2.47%**[320](index=320&type=chunk) [Analysis of Financial Condition](index=46&type=section&id=MD%26A%20-%20Analysis%20of%20Financial%20Condition) As of March 31, 2023, total assets grew 1.4% to $23.9 billion, with loans increasing 1.3% to $13.8 billion, while the investment portfolio decreased to $8.1 billion with significant unrealized losses - Total loans and leases grew by **$178.1 million (1.3%)** from December 31, 2022, driven by commercial and consumer demand[126](index=126&type=chunk)[137](index=137&type=chunk) - The investment securities portfolio stood at **$8.1 billion**, with gross unrealized losses of **$1.0 billion**, primarily due to the impact of higher interest rates on mortgage-backed securities[323](index=323&type=chunk)[392](index=392&type=chunk) - Total deposits decreased by **$124.4 million (0.6%)** from year-end 2022, with a decline in consumer core deposits partially offset by growth in time deposits[141](index=141&type=chunk)[350](index=350&type=chunk)[370](index=370&type=chunk) [Credit Risk Management](index=52&type=section&id=MD%26A%20-%20Credit%20Risk%20Management) The company maintains a strong credit risk profile with total non-performing assets at $12.1 million and an allowance for credit losses of $143.6 million, despite an increase in net charge-offs Non-Performing Assets (NPAs) | (in thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Non-Accrual Loans** | $11,084 | $11,607 | | **Foreclosed Real Estate** | $1,040 | $1,040 | | **Total NPAs** | $12,124 | $12,647 | | **NPA Ratio** | 0.09% | 0.09% | - The Allowance for Credit Losses (ACL) was **$143.6 million**, or **1.04%** of total loans outstanding, as of March 31, 2023 This includes a qualitative overlay to account for economic uncertainty and recession risk[411](index=411&type=chunk) - Net charge-offs for Q1 2023 were **$2.7 million (0.08%)** of average loans, an increase from **$1.5 million (0.05%)** in Q1 2022[178](index=178&type=chunk)[322](index=322&type=chunk) [Market, Liquidity, and Capital Management](index=55&type=section&id=MD%26A%20-%20Market%2C%20Liquidity%2C%20and%20Capital%20Management) The company is asset-sensitive to interest rate changes, maintains strong liquidity with significant borrowing capacity, and exceeds all "well-capitalized" regulatory capital thresholds Net Interest Income Sensitivity (as of March 31, 2023) | Immediate Rate Change (bps) | Impact on NII (in thousands) | % Change | | :--- | :--- | :--- | | +200 | $30,986 | +5.5% | | +100 | $18,236 | +3.2% | | -100 | $(14,352) | -2.6% | - The company maintains a strong liquidity position with additional borrowing capacity of **$2.3 billion** from the FHLB and **$4.5 billion** from the FRB as of March 31, 2023[417](index=417&type=chunk) - All key regulatory capital ratios remained well above the 'well-capitalized' minimums, with a Common Equity Tier 1 ratio of **10.88%** and a Total Capital Ratio of **13.13%**[419](index=419&type=chunk)[448](index=448&type=chunk) [Item 4. Controls and Procedures](index=58&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[454](index=454&type=chunk) - There were no material changes in the company's internal control over financial reporting during the first quarter of 2023[200](index=200&type=chunk) [Part II - Other Information](index=59&type=section&id=Part%20II%20-%20Other%20Information) [Item 1. Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with management assessing contingencies quarterly and not expecting outcomes to materially exceed established reserves - The company is subject to various pending and threatened legal proceedings from its normal business operations[299](index=299&type=chunk) - Management believes that the eventual outcome of any claims will not be materially in excess of the amounts already reserved[299](index=299&type=chunk)[426](index=426&type=chunk) [Item 1A. Risk Factors](index=59&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor addresses recent financial industry events, including potential decreased depositor confidence, market volatility, and adverse regulatory changes like higher capital requirements or FDIC premiums - Recent events, including the failure of Silicon Valley Bank and Signature Bank, have resulted in decreased confidence in the banking industry and significant market disruption[202](index=202&type=chunk) - Potential impacts include adverse changes to laws or regulations, higher capital requirements, increased funding costs, and higher FDIC insurance premiums[427](index=427&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company repurchased 202,408 shares of common stock at an average price of $68.14, with $126.0 million remaining authorized for future repurchases Issuer Purchases of Equity Securities (Q1 2023) | Period | Total Shares Purchased | Avg. Price Paid | Shares Purchased Under Plan | Remaining Authorization | | :--- | :--- | :--- | :--- | :--- | | Jan 2023 | 8,936 | $76.30 | 6,000 | $135.4M | | Feb 2023 | 107,222 | $75.80 | 57,750 | $131.0M | | Mar 2023 | 86,250 | $57.77 | 86,250 | $126.0M | | **Total** | **202,408** | **$68.14** | **150,000** | **$126.0M** | - The Board of Directors authorized an additional **$100.0 million** for the share repurchase program in January 2023[161](index=161&type=chunk) [Item 6. Exhibits](index=60&type=section&id=Item%206.%20Exhibits) This section indexes all exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents for machine-readable financial data - The report includes CEO and CFO certifications pursuant to Sarbanes-Oxley Act Sections 302 and 906[205](index=205&type=chunk)[430](index=430&type=chunk)[195](index=195&type=chunk) - Financial data is provided in an interactive format using Inline XBRL, as detailed in exhibits 101 and 104[459](index=459&type=chunk)[460](index=460&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number: 1-6887 Delaware 99-0148992 (State of incorporation) (I.R.S. Employer Identification No.) 130 Merchant Street Honolulu Hawaii 96813 (Address of pri ...

Bank of Hawaii Corporation (NYSE:BOH) Q4 2022 Earnings Conference Call January 23, 2023 1:00 PM ET Company Participants Jennifer Lam - Senior Executive Vice President, Treasurer and Director of Investor Relations Peter Ho - Chairman, President and CEO Dean Shigemura - CFO Mary Sellers - Chief Risk Officer Conference Call Participants Kelly Motta - KBW Andrew Liesch - Piper Sandler Jeff Rulis - D.A. Davidson Laurie Hunsicker - Compass Point Operator Good day, and thank you for standing by. Welcome to the Ban ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Honolulu (City) Hawaii (State) 96813 (ZipCode) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number: 1-6887 BANK OF HAWAII CORPORATION (Exact name of registrant as ...

Bank of Hawaii Corporation (NYSE:BOH) Q3 2022 Earnings Conference Call October 24, 2022 2:00 PM ET Company Participants Jennifer Lam - EVP, Treasurer and Director of IR Peter Ho - Chairman, President and CEO Dean Shigemura - VC and CFO Mary Sellers - VC and Chief Risk Officer Conference Call Participants Jeffrey Rulis - D.A. Davidson & Co. Kelly Motta - Keefe, Bruyette & Woods, Inc. Andrew Liesch - Piper Sandler & Co. Laurie Hunsicker - Compass Point Operator Good day, and thank you for standing by. Welcome ...

Bank of Hawaii Corporation (NYSE:BOH) Q2 2022 Earnings Conference Call July 25, 2022 2:00 PM ET Company Participants Jennifer Lam - Executive Vice President, Treasurer and Director of Investor Relations Peter Ho - Chairman, President and Chief Executive Officer Dean Shigemura - Vice Chairman and Chief Financial Officer Mary Sellers - Vice Chairman and Chief Risk Officer Conference Call Participants Andrew Liesch - Piper Sandler & Co. Kelly Motta - Keefe, Bruyette & Woods, Inc. Laurie Hunsicker - Compass Poi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Honolulu (City) Hawaii (State) 96813 (ZipCode) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to Commission File Number: 1-6887 BANK OF HAWAII CORPORATION (Exact name of registrant as spec ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2022 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition Hawaii (State) 96813 (ZipCode) period from to Commission File Number: 1-6887 BANK OF HAWAII CORP (Exact name of registrant as specified in its charter) ...

Bank of Hawaii Corporation (NYSE:BOH) Q1 2022 Results Conference Call April 25, 2022 2:00 PM ET Company Participants Janelle Higa - Head of IR Peter Ho - Chairman, President and CEO Dean Shigemura - CFO Mary Sellers - CRO Conference Call Participants Jeff Rulis - D.A. Davidson Andrew Liesch - Piper Sandler Ebrahim Poonawala - Bank of America Kelly Motta - KBW Laurie Hunsicker - Compass Point Operator Ladies and gentlemen, thank you for standing by, and welcome to the Bank of Hawaii Corporation First Quarter ...