Bank of Hawai‘i Corporation Second Quarter 2025 Financial Results

July 28, 2025

Diluted Earnings Per Common Share of $1.06
Net Income of $47.6 Million
Net Interest Income $129.7 Million
Net Interest Margin 2.39%
Board of Directors Declares Dividend of $0.70 Per Common Share

HONOLULU--(BUSINESS WIRE)--Jul. 28, 2025-- Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $1.06 for the second quarter of 2025, compared with $0.97 during the linked quarter and $0.81 during the same period last year. Net income for the second quarter of 2025 was $47.6 million, up 8.3% from the linked quarter and up 39.8% from the same period last year. The return on average common equity for the second quarter of 2025 was 12.50% compared with 11.80% during the linked quarter and 10.41% during the same period last year.

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“Bank of Hawai‘i continued to perform well during the second quarter of 2025,” said Peter Ho, Chairman and CEO. “Our net interest income and net interest margin expanded for the fifth consecutive quarter. Average deposit balances grew while average loan balances held steady. Our credit quality remained excellent, and we continued to maintain our disciplined approach to expense management.”

Financial Highlights

Net interest income for the second quarter of 2025 was $129.7 million, an increase of 3.1% from the linked quarter and an increase of 12.9% as compared to the same period last year. The increase from the previous quarter was primarily driven by higher earning asset yields, as cash flows from fixed rate assets rolling off at lower interest rates were reinvested at higher current rates (fixed asset repricing). The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of the shift from noninterest-bearing and interest-bearing accounts with rates less than 10 basis points to higher interest-bearing deposit accounts (deposit mix shift) and higher average balance of our earning assets.

Net interest margin was 2.39% in the second quarter of 2025, an increase of 7 basis points from the linked quarter and an increase of 24 basis points from the same period last year. As discussed above, the increase from the previous quarter was primarily due to fixed asset repricing. The increase from the same period last year was primarily due to lower interest-bearing deposit rates and slowing of deposit mix shift.

The average yield on loans and leases was 4.80% in the second quarter of 2025, up 8 basis points from the linked quarter and up 4 basis points from the same period last year. The average yield on total earning assets was 4.01% in the second quarter of 2025, up 6 basis points from the linked quarter and up 2 basis points from the same period last year. The average rate of interest-bearing deposits was 2.16% in the second quarter of 2025, flat from the linked quarter and down 30 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.60%, flat from the linked quarter and down 21 basis points from the same period last year. The decrease in deposit rates from the same period last year was primarily due to lower benchmark interest rates and the slowing of the deposit mix shift.

Noninterest income was $44.8 million in the second quarter of 2025, an increase of 1.7% from the linked quarter and an increase of 6.4% from the same period in 2024. Noninterest income in the second quarter included an $0.8 million gain related to a BOLI recovery, while the linked quarter included a $0.6 million charge related to a Visa B conversion ratio change. Adjusted for these items, noninterest income decreased by 1.5% from the linked quarter and increased by 4.5% from the same period in 2024. The decrease from the linked quarter was primarily due to lower customer derivative activity and decreases in mortgage banking income and service charges on deposit accounts, partially offset by an increase in trust and asset management income. The increase from the same period last year was primarily due to increases in other income, services charges on deposit accounts, fees, exchange, and other service charges, bank-owned life insurance income and a decrease in investment securities losses.

Noninterest expense was $110.8 million in the second quarter of 2025, an increase of 0.3% from the linked quarter and an increase of 1.4% from the same period last year. The increase from the linked quarter was primarily due to higher FDIC insurance costs, partially offset by lower salaries and benefits. The increase from the same period last year was primarily due to higher salaries and benefits, partially offset by lower FDIC insurance costs.

The effective tax rate for the second quarter of 2025 was 21.19% compared with 21.67% during the linked quarter and 24.77% during the same period last year. The lower effective tax rate in the current quarter as compared to the linked quarter was primarily due to an increase in tax-exempt income. Compared to the same period last year, the decrease was primarily due to a decrease in tax expense from discrete items and an increase in tax-exempt income.

Asset Quality

The Company’s overall asset quality remained strong during the second quarter of 2025. Provision for credit losses for the second quarter of 2025 was $3.3 million, unchanged from the linked quarter and up from $2.4 million in the same period last year.

Total non-performing assets were $17.9 million at June 30, 2025, up $0.4 million from March 31, 2025 and up $2.7 million from June 30, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.13% at the end of the quarter, an increase of 1 basis point from the linked quarter and an increase of 2 basis points from the same period last year.

Net loan and lease charge-offs during the second quarter of 2025 were $2.6 million or 7 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $4.0 million partially offset by gross recoveries of $1.4 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $1.8 million or 6 basis points annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs decreased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $148.5 million at June 30, 2025, an increase of $0.8 million from March 31, 2025 and an increase of $1.1 million from June 30, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, up 1 basis point from the linked quarter and down 1 basis point from the same period last year.

Balance Sheet

Total assets were $23.7 billion at June 30, 2025, a decrease of 0.7% from March 31, 2025 and an increase of 1.8% from June 30, 2024. The decrease from the linked quarter was primarily due to decreases in cash and cash equivalents and loans, partially offset by an increase in investment securities. The increase from the same period last year was primarily due to increases in loans and investment securities, partially offset by a decrease in cash and cash equivalents.

The investment securities portfolio was $7.6 billion at June 30, 2025, an increase of 1.8% from March 31, 2025 and an increase of 6.2% from June 30, 2024. The increase from the prior periods was primarily due to the purchases of investment securities, partially offset by the amortization of the portfolio. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

Total loans and leases were $14.0 billion at June 30, 2025, a decrease of 0.8% from March 31, 2025 and an increase of 1.2% from June 30, 2024. Total commercial loans were $6.1 billion at June 30, 2025, a decrease of 1.5% from March 31, 2025 and an increase of 5.0% from June 30, 2024. The decrease from the linked quarter was primarily due to modest loan production within our commercial and industrial portfolio. The increase from the same period last year was primarily due to loan production outpacing loan amortization and paydowns within our commercial mortgage portfolio. Total consumer loans were $7.9 billion at June 30, 2025, a decrease of 0.2% from the linked quarter and a decrease of 1.5% from the same period last year. The decrease from the prior periods was due to declines in our automobile and home equity portfolios.

Total deposits were $20.8 billion at June 30, 2025, a decrease of 1.0% from March 31, 2025 and an increase of 1.9% from June 30, 2024. Noninterest-bearing deposits made up 26.1% of total deposit balances at June 30, 2025, flat from March 31, 2025 and down from 26.3% at June 30, 2024. Average total deposits were $20.7 billion for the second quarter of 2025, up 0.1% from the linked quarter and up 1.7% from the same period last year.

Capital and Dividends

The Company’s capital levels remain well above regulatory well-capitalized minimums.

The Tier 1 Capital Ratio was 14.17% at June 30, 2025 compared with 13.93% at March 31, 2025 and 13.96% at June 30, 2024. The increase from the linked quarter was due to retained earnings growth and decreases in risk-weighted assets. The increase from the same period last year was primarily due to retained earnings growth. The Tier 1 Leverage Ratio was 8.46% at June 30, 2025, compared with 8.36% at March 31, 2025 and 8.37% at June 30, 2024. The increase from the linked quarter was due to a decrease in average total assets and an increase in retained earnings. The increase from the same period last year was due to an increase in retained earnings, partially offset by an increase in average total assets.

No shares of common stock were repurchased under the share repurchase program in the second quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at June 30, 2025.

The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on September 15, 2025 to shareholders of record at the close of business on August 29, 2025.

On July 3, 2025, the Company announced that the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on August 1, 2025 to shareholders of record of the preferred stock as of the close of business on July 17, 2025.

Conference Call Information

The Company will review its second quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link: https://register-conf.media-server.com/register/BIa6a93d497eb94850bae6b073c733bfa9. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, July 28, 2025. The replay will be available on the Company's website, www.boh.com.

Investor Announcements

Investors and others should note that the Company intends to announce financial and other information to the Company’s investors using the Company’s investor relations website at https://ir.boh.com, social media channels, press releases, SEC filings and public conference calls and webcasts, all for purposes of complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2024 and its Form 10-Q for fiscal quarter ended March 31, 2025, which were filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

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. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.


Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights													Table 1
	Three Months Ended									Six Months Ended
	June 30 ,			March 31 ,			June 30 ,			June 30 ,
(dollars in thousands, except per share amounts)		2025			2025			2024			2025			2024
For the Period:
Operating Results
Net Interest Income	$	129,683		$	125,807		$	114,846		$	255,490		$	228,784
Provision for Credit Losses		3,250			3,250			2,400			6,500			4,400
Total Noninterest Income		44,795			44,058			42,087			88,853			84,372
Total Noninterest Expense		110,783			110,459			109,226			221,242			215,085
Pre-Provision Net Revenue		63,695			59,406			47,707			123,101			98,071
Net Income		47,637			43,985			34,083			91,622			70,474
Net Income Available to Common Shareholders		42,368			38,716			32,114			81,084			66,536
Basic Earnings Per Common Share		1.07			0.98			0.81			2.05			1.69
Diluted Earnings Per Common Share		1.06			0.97			0.81			2.03			1.68
Dividends Declared Per Common Share		0.70			0.70			0.70			1.40			1.40

Performance Ratios
Return on Average Assets		0.81	%		0.75	%		0.59	%		0.78	%		0.61	%
Return on Average Shareholders' Equity		11.21			10.65			9.53			10.93			9.93
Return on Average Common Equity		12.50			11.80			10.41			12.16			10.81
Efficiency Ratio¹		63.49			65.03			69.60			64.25			68.68
Net Interest Margin²		2.39			2.32			2.15			2.36			2.13
Dividend Payout Ratio³		65.42			71.43			86.42			68.29			82.84
Average Shareholders' Equity to Average Assets		7.22			7.09			6.22			7.16			6.15

Average Balances
Average Loans and Leases	$	14,049,025		$	14,062,173		$	13,831,797		$	14,055,563		$	13,850,299
Average Assets		23,596,955			23,638,068			23,145,107			23,617,398			23,213,336
Average Deposits		20,699,694			20,669,539			20,358,393			20,684,700			20,451,017
Average Shareholders' Equity		1,704,415			1,675,571			1,438,476			1,690,073			1,427,289

Per Share of Common Stock
Book Value	$	35.16		$	34.23		$	31.91		$	35.16		$	31.91
Tangible Book Value		34.37			33.43			31.12			34.37			31.12
Market Value
Closing		67.53			68.97			57.21			67.53			57.21
High		71.35			76.00			62.53			76.00			73.73
Low		57.45			65.82			54.50			57.45			54.50

	June 30 ,			March 31 ,			December 31 ,			June 30 ,
		2025			2025			2024			2024
As of Period End:
Balance Sheet Totals
Loans and Leases	$	14,002,178		$	14,115,323		$	14,075,980		$	13,831,266
Total Assets		23,709,752			23,885,056			23,601,114			23,300,768
Total Deposits		20,798,914			21,008,217			20,633,037			20,408,502
Other Debt		558,226			558,250			558,274			560,136
Total Shareholders' Equity		1,743,107			1,704,935			1,667,774			1,612,849

Asset Quality
Non-Performing Assets	$	17,881		$	17,451		$	19,300		$	15,179
Allowance for Credit Losses - Loans and Leases		148,543			147,707			148,528			147,477
Allowance to Loans and Leases Outstanding⁴		1.06	%		1.05	%		1.06	%		1.07	%

Capital Ratios⁵
Common Equity Tier 1 Capital Ratio⁶		11.81	%		11.58	%		11.59	%		11.56	%
Tier 1 Capital Ratio⁶		14.17			13.93			13.95			13.96
Total Capital Ratio⁶		15.23			14.97			15.00			15.02
Tier 1 Leverage Ratio		8.46			8.36			8.31			8.37
Total Shareholders' Equity to Total Assets		7.35			7.14			7.07			6.92
Tangible Common Equity to Tangible Assets⁷		5.77			5.57			5.48			5.31
Tangible Common Equity to Risk-Weighted Assets^{6, 7}		9.62			9.28			9.08			8.80

Non-Financial Data
Full-Time Equivalent Employees		1,921			1,876			1,865			1,910
Branches		51			50			50			50
ATMs		317			316			317			317

¹Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
²Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
³Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
⁴The numerator comprises the Allowance for Credit Losses - Loans and Leases.
⁵Regulatory capital ratios as of June 30, 2025 are preliminary.
⁶Capital ratios as of June 30, 2024 have been updated to reflect final reported ratios.
⁷Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity
is defined by the Company as common shareholders' equity minus goodwill. See Table 2 "Reconciliation of Non-GAAP Financial Measures".


Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures										Table 2
	June 30 ,			March 31 ,			December 31 ,			June 30 ,
(dollars in thousands)		2025			2025			2024			2024

Total Shareholders' Equity	$	1,743,107		$	1,704,935		$	1,667,774		$	1,612,849
Less: Preferred Stock		345,000			345,000			345,000			345,000
Goodwill		31,517			31,517			31,517			31,517
Tangible Common Equity	$	1,366,590		$	1,328,418		$	1,291,257		$	1,236,332

Total Assets	$	23,709,752		$	23,885,056		$	23,601,114		$	23,300,768
Less: Goodwill		31,517			31,517			31,517			31,517
Tangible Assets	$	23,678,235		$	23,853,539		$	23,569,597		$	23,269,251

Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements^{1, 2}	$	14,208,032		$	14,319,932		$	14,225,908		$	14,051,627

Total Shareholders' Equity to Total Assets		7.35	%		7.14	%		7.07	%		6.92	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		5.77	%		5.57	%		5.48	%		5.31	%

Tier 1 Capital Ratio^{1, 2}		14.17	%		13.93	%		13.95	%		13.96	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)^{1, 2}		9.62	%		9.28	%		9.08	%		8.80	%

¹Regulatory capital ratios as of June 30, 2025 are preliminary.
²Capital ratios as of June 30, 2024 have been updated to reflect final reported ratios.


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income													Table 3
	Three Months Ended									Six Months Ended
	June 30 ,			March 31 ,			June 30 ,			June 30 ,
(dollars in thousands, except per share amounts)		2025			2025			2024			2025			2024
Interest Income
Interest and Fees on Loans and Leases	$	166,779		$	163,082		$	163,208		$	329,861		$	322,544
Income on Investment Securities
Available-for-Sale		27,007			24,368			21,468			51,375			43,225
Held-to-Maturity		19,835			20,291			21,595			40,126			43,731
Cash and Cash Equivalents		3,817			5,460			6,139			9,277			12,296
Other		1,097			1,085			1,120			2,182			2,090
Total Interest Income		218,535			214,286			213,530			432,821			423,886
Interest Expense
Deposits		82,476			81,692			91,542			164,168			180,598
Securities Sold Under Agreements to Repurchase		491			744			1,180			1,235			2,623
Other Debt		5,885			6,043			5,962			11,928			11,881
Total Interest Expense		88,852			88,479			98,684			177,331			195,102
Net Interest Income		129,683			125,807			114,846			255,490			228,784
Provision for Credit Losses		3,250			3,250			2,400			6,500			4,400
Net Interest Income After Provision for Credit Losses		126,433			122,557			112,446			248,990			224,384
Noninterest Income
Fees, Exchange, and Other Service Charges		14,383			14,437			13,769			28,820			27,892
Trust and Asset Management		12,097			11,741			12,223			23,838			23,412
Service Charges on Deposit Accounts		8,119			8,259			7,730			16,378			15,677
Bank-Owned Life Insurance		3,714			3,611			3,396			7,325			6,752
Annuity and Insurance		1,437			1,555			1,583			2,992			2,629
Mortgage Banking		849			988			1,028			1,837			1,979
Investment Securities Losses, Net		(1,126	)		(1,607	)		(1,601	)		(2,733	)		(3,098	)
Other		5,322			5,074			3,959			10,396			9,129
Total Noninterest Income		44,795			44,058			42,087			88,853			84,372
Noninterest Expense
Salaries and Benefits		61,308			62,884			57,033			124,192			115,248
Net Occupancy		10,499			10,559			10,559			21,058			21,015
Net Equipment		9,977			10,192			10,355			20,169			20,458
Data Processing		5,456			5,267			4,745			10,723			9,515
Professional Fees		4,263			4,264			4,929			8,527			9,606
FDIC Insurance		3,640			1,642			7,170			5,282			10,784
Other		15,640			15,651			14,435			31,291			28,459
Total Noninterest Expense		110,783			110,459			109,226			221,242			215,085
Income Before Provision for Income Taxes		60,445			56,156			45,307			116,601			93,671
Provision for Income Taxes		12,808			12,171			11,224			24,979			23,197
Net Income	$	47,637		$	43,985		$	34,083		$	91,622		$	70,474
Preferred Stock Dividends		5,269			5,269			1,969			10,538			3,938
Net Income Available to Common Shareholders	$	42,368		$	38,716		$	32,114		$	81,084		$	66,536
Basic Earnings Per Common Share	$	1.07		$	0.98		$	0.81		$	2.05		$	1.69
Diluted Earnings Per Common Share	$	1.06		$	0.97		$	0.81		$	2.03		$	1.68
Dividends Declared Per Common Share	$	0.70		$	0.70		$	0.70		$	1.40		$	1.40
Basic Weighted Average Common Shares		39,622,998			39,554,834			39,450,551			39,588,916			39,400,452
Diluted Weighted Average Common Shares		39,895,093			39,876,406			39,618,705			39,888,294			39,618,774


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income									Table 4
	Three Months Ended						Six Months Ended
	June 30 ,		March 31 ,		June 30 ,		June 30 ,
(dollars in thousands)		2025		2025		2024		2025		2024
Net Income	$	47,637	$	43,985	$	34,083	$	91,622	$	70,474
Other Comprehensive Income, Net of Tax:
Net Change in Unrealized Gains on Investment Securities		18,970		24,760		9,052		43,730		21,990
Net Change in Defined Benefit Plans		233		232		168		465		337
Other Comprehensive Income		19,203		24,992		9,220		44,195		22,327
Comprehensive Income	$	66,840	$	68,977	$	43,303	$	135,817	$	92,801


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
	June 30 ,			March 31 ,			December 31 ,			June 30 ,
(dollars in thousands, except per share amounts)		2025			2025			2024			2024
Assets
Cash and Cash Equivalents	$	768,683		$	935,200		$	763,571		$	925,338
Investment Securities
Available-for-Sale		3,111,504			2,887,019			2,689,528			2,298,092
Held-to-Maturity (Fair Value of $3,754,794; $3,823,655; $3,820,882; and $4,002,122)		4,441,353			4,535,108			4,618,543			4,812,954
Loans Held for Sale		1,867			2,640			2,150			2,664
Loans and Leases		14,002,178			14,115,323			14,075,980			13,831,266
Allowance for Credit Losses		(148,543	)		(147,707	)		(148,528	)		(147,477	)
Net Loans and Leases		13,853,635			13,967,616			13,927,452			13,683,789
Premises and Equipment, Net		192,221			187,858			184,480			192,319
Operating Lease Right-of-Use Assets		83,594			83,577			80,165			84,757
Accrued Interest Receivable		67,204			67,706			66,367			67,554
Mortgage Servicing Rights		18,362			18,770			19,199			19,954
Goodwill		31,517			31,517			31,517			31,517
Bank-Owned Life Insurance		488,028			481,260			481,184			470,708
Other Assets		651,784			686,785			736,958			711,122
Total Assets	$	23,709,752		$	23,885,056		$	23,601,114		$	23,300,768

Liabilities
Deposits
Noninterest-Bearing Demand	$	5,424,471		$	5,493,232		$	5,423,562		$	5,371,593
Interest-Bearing Demand		3,855,120			3,775,948			3,784,984			3,928,295
Savings		8,481,328			8,700,143			8,364,916			8,207,902
Time		3,037,995			3,038,894			3,059,575			2,900,712
Total Deposits		20,798,914			21,008,217			20,633,037			20,408,502
Securities Sold Under Agreements to Repurchase		50,000			50,000			100,000			100,490
Other Debt		558,226			558,250			558,274			560,136
Operating Lease Liabilities		92,381			92,267			88,794			93,364
Retirement Benefits Payable		23,528			23,640			23,760			23,142
Accrued Interest Payable		26,732			23,261			34,799			37,278
Other Liabilities		416,864			424,486			494,676			465,007
Total Liabilities		21,966,645			22,180,121			21,933,340			21,687,919
Shareholders' Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)		180,000			180,000			180,000			180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)		165,000			165,000			165,000			165,000
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: June 30, 2025 - 58,775,870 / 39,765,375;
March 31, 2025 - 58,765,864 / 39,734,304; December 31, 2024 - 58,765,907 / 39,762,255;
and June 30, 2024 - 58,765,907 / 39,729,941)		587			586			585			585
Capital Surplus		655,479			651,374			647,403			639,841
Accumulated Other Comprehensive Loss		(299,194	)		(318,397	)		(343,389	)		(374,361	)
Retained Earnings		2,158,450			2,144,326			2,133,838			2,119,140
Treasury Stock, at Cost (Shares: June 30, 2025 - 19,010,495; March 31, 2025 - 19,031,560;
December 31, 2024 - 19,003,609; and June 30, 2024 - 19,035,966)		(1,117,215	)		(1,117,954	)		(1,115,663	)		(1,117,356	)
Total Shareholders' Equity		1,743,107			1,704,935			1,667,774			1,612,849
Total Liabilities and Shareholders' Equity	$	23,709,752		$	23,885,056		$	23,601,114		$	23,300,768


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																							Table 6
														Accumulated
	Preferred			Preferred										Other
	Shares	Preferred		Shares	Preferred		Common							Comprehensive
	Series A	Series A		Series B	Series B		Shares		Common		Capital			Income			Retained			Treasury
(dollars in thousands, except per share amounts)	Outstanding	Stock		Outstanding	Stock		Outstanding		Stock		Surplus			(Loss)			Earnings			Stock			Total
Balance as of December 31, 2024	180,000	$	180,000	165,000	$	165,000	39,762,255		$	585	$	647,403		$	(343,389	)	$	2,133,838		$	(1,115,663	)	$	1,667,774
Net Income	-		-	-		-	-			-		-			-			91,622			-			91,622
Other Comprehensive Income	-		-	-		-	-			-		-			44,195			-			-			44,195
Share-Based Compensation	-		-	-		-	-			-		7,517			-			-			-			7,517
Common Stock Issued under Purchase and
Equity Compensation Plans	-		-	-		-	55,906			2		559			-			-			2,048			2,609
Common Stock Repurchased	-		-	-		-	(52,786	)		-		-			-			-			(3,600	)		(3,600	)
Cash Dividends Declared Common Stock ($1.40 per share)	-		-	-		-	-			-		-			-			(56,472	)		-			(56,472	)
Cash Dividends Declared Preferred Stock	-		-	-		-	-			-		-			-			(10,538	)		-			(10,538	)
Balance as of June 30, 2025	180,000	$	180,000	165,000	$	165,000	39,765,375		$	587	$	655,479		$	(299,194	)	$	2,158,450		$	(1,117,215	)	$	1,743,107

Balance as of December 31, 2023	180,000	$	180,000	-	$	-	39,753,138		$	583	$	636,422		$	(396,688	)	$	2,107,569		$	(1,113,644	)	$	1,414,242
Net Income	-		-	-		-	-			-		-			-			70,474			-			70,474
Other Comprehensive Income	-		-	-		-	-			-		-			22,327			-			-			22,327
Share-Based Compensation	-		-	-		-	-			-		7,505			-			-			-			7,505
Preferred Stock Issued, Net	-		-	165,000		165,000	-			-		(4,386	)		-			-			-			160,614
Common Stock Issued under Purchase and
Equity Compensation Plans	-		-	-		-	57,972			2		300			-			1,152			1,283			2,737
Common Stock Repurchased	-		-	-		-	(81,169	)		-		-			-			-			(4,995	)		(4,995	)
Cash Dividends Declared Common Stock ($1.40 per share)	-		-	-		-	-			-		-			-			(56,117	)		-			(56,117	)
Cash Dividends Declared Preferred Stock	-		-	-		-	-			-		-			-			(3,938	)		-			(3,938	)
Balance as of June 30, 2024	180,000	$	180,000	165,000	$	165,000	39,729,941		$	585	$	639,841		$	(374,361	)	$	2,119,140		$	(1,117,356	)	$	1,612,849


Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis¹															Table 7a
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
	Average		Income /		Yield /		Average		Income /		Yield /		Average		Income /		Yield /
(dollars in millions)	Balance		Expense²		Rate		Balance		Expense²		Rate		Balance		Expense ²		Rate
Earning Assets
Cash and Cash Equivalents	$	353.7	$	3.8	4.27	%	$	500.0	$	5.5	4.37	%	$	460.1	$	6.1	5.28	%
Investment Securities
Available-for-Sale
Taxable		2,987.2		26.7	3.58			2,790.3		24.1	3.47			2,308.3		21.5	3.73
Non-Taxable		27.4		0.4	5.85			21.3		0.3	5.68			1.6		0.0	2.01
Held-to-Maturity
Taxable		4,462.1		19.7	1.77			4,548.6		20.2	1.77			4,837.2		21.4	1.77
Non-Taxable		34.0		0.2	2.10			34.1		0.2	2.09			34.6		0.2	2.10
Total Investment Securities		7,510.7		47.0	2.50			7,394.3		44.8	2.43			7,181.7		43.1	2.40
Loans Held for Sale		2.2		0.0	5.66			2.3		0.0	6.06			1.4		0.0	6.30
Loans and Leases³
Commercial Mortgage		4,025.2		53.7	5.35			4,015.2		52.5	5.30			3,723.6		51.6	5.57
Commercial and Industrial		1,668.1		21.1	5.07			1,703.7		21.3	5.06			1,692.7		22.4	5.32
Construction		366.2		6.7	7.30			338.5		6.0	7.22			321.3		6.3	7.85
Commercial Lease Financing		93.4		1.0	4.07			91.1		0.9	3.83			59.3		0.3	2.28
Residential Mortgage		4,626.5		45.6	3.95			4,616.7		44.8	3.88			4,595.2		45.6	3.97
Home Equity		2,141.5		23.3	4.37			2,154.4		22.5	4.23			2,231.7		21.8	3.92
Automobile		730.1		9.4	5.19			752.6		9.3	5.02			813.5		9.1	4.52
Other		398.0		7.5	7.53			390.0		7.1	7.41			394.5		6.8	6.95
Total Loans and Leases		14,049.0		168.3	4.80			14,062.2		164.4	4.72			13,831.8		163.9	4.76
Other		65.2		1.1	6.72			65.1		1.1	6.67			62.5		1.2	7.18
Total Earning Assets		21,980.8		220.2	4.01			22,023.9		215.8	3.95			21,537.5		214.3	3.99
Non-Earning Assets		1,616.2						1,614.2						1,607.6
Total Assets	$	23,597.0					$	23,638.1					$	23,145.1

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,705.5		7.6	0.82		$	3,773.4		7.1	0.76		$	3,788.5		8.8	0.94
Savings		8,578.6		48.1	2.25			8,544.5		47.1	2.23			8,259.2		52.0	2.53
Time		3,050.0		26.8	3.52			3,037.3		27.5	3.67			2,935.9		30.7	4.20
Total Interest-Bearing Deposits		15,334.1		82.5	2.16			15,355.2		81.7	2.16			14,983.6		91.5	2.46
Securities Sold Under Agreements to Repurchase		50.0		0.5	3.88			76.7		0.7	3.88			121.9		1.2	3.83
Other Debt		558.3		5.9	4.23			578.2		6.1	4.24			563.4		6.0	4.26
Total Interest-Bearing Liabilities		15,942.4		88.9	2.24			16,010.1		88.5	2.24			15,668.9		98.7	2.53
Net Interest Income			$	131.3					$	127.3					$	115.6
Interest Rate Spread					1.77	%					1.71	%					1.46	%
Net Interest Margin					2.39	%					2.32	%					2.15	%
Noninterest-Bearing Demand Deposits		5,365.6						5,314.3						5,374.8
Other Liabilities		584.6						638.1						662.9
Shareholders' Equity		1,704.4						1,675.6						1,438.5
Total Liabilities and Shareholders' Equity	$	23,597.0					$	23,638.1					$	23,145.1

¹Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
²Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.6 million, $1.5 million, and $774 thousand
for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
³Non-performing loans and leases are included in the respective average loan and lease balances.

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis¹									Table 7b
	Six Months Ended						Six Months Ended
	June 30, 2025						June 30, 2024
	Average		Income /		Yield /		Average		Income /		Yield /
(dollars in millions)	Balance		Expense²		Rate		Balance		Expense²		Rate
Earning Assets
Cash and Cash Equivalents	$	426.4	$	9.3	4.33	%	$	460.4	$	12.3	5.28	%
Investment Securities
Available-for-Sale
Taxable		2,889.3		50.8	3.53			2,344.3		43.2	3.69
Non-Taxable		24.3		0.7	5.77			1.7		0.0	2.00
Held-to-Maturity
Taxable		4,505.1		39.8	1.77			4,882.0		43.4	1.78
Non-Taxable		34.1		0.4	2.10			34.7		0.4	2.10
Total Investment Securities		7,452.8		91.7	2.47			7,262.7		87.0	2.40
Loans Held for Sale		2.2		0.1	5.87			1.8		0.1	6.22
Loans and Leases ³
Commercial Mortgage		4,020.3		106.2	5.33			3,720.1		102.1	5.52
Commercial and Industrial		1,685.8		42.3	5.06			1,678.0		44.5	5.33
Construction		352.4		12.7	7.26			314.6		11.8	7.57
Commercial Lease Financing		92.3		1.8	3.95			58.8		0.6	2.08
Residential Mortgage		4,621.6		90.5	3.91			4,622.6		90.7	3.92
Home Equity		2,147.9		45.8	4.30			2,240.9		42.9	3.85
Automobile		741.3		18.8	5.10			822.2		18.0	4.41
Other		394.0		14.6	7.47			393.1		13.3	6.80
Total Loans and Leases		14,055.6		332.7	4.76			13,850.3		323.9	4.70
Other		65.2		2.1	6.70			62.4		2.0	6.70
Total Earning Assets		22,002.2		435.9	3.98			21,637.6		425.3	3.94
Non-Earning Assets		1,615.2						1,575.7
Total Assets	$	23,617.4					$	23,213.3

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,739.2		14.7	0.79		$	3,776.3		16.5	0.88
Savings		8,561.7		95.2	2.24			8,195.3		101.4	2.49
Time		3,043.7		54.3	3.60			3,008.5		62.7	4.19
Total Interest-Bearing Deposits		15,344.6		164.2	2.16			14,980.1		180.6	2.42
Securities Sold Under Agreements to Repurchase		63.3		1.2	3.88			136.2		2.6	3.81
Other Debt		568.2		11.9	4.23			561.8		11.9	4.25
Total Interest-Bearing Liabilities		15,976.1		177.3	2.24			15,678.1		195.1	2.50
Net Interest Income			$	258.6					$	230.2
Interest Rate Spread					1.74	%					1.44	%
Net Interest Margin					2.36	%					2.13	%
Noninterest-Bearing Demand Deposits		5,340.1						5,470.9
Other Liabilities		611.1						637.0
Shareholders' Equity		1,690.1						1,427.3
Total Liabilities and Shareholders' Equity	$	23,617.4					$	23,213.3

¹Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
²Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $3.1 million and $1.5 million
for the six months ended June 30, 2025 and June 30, 2024, respectively.
³Non-performing loans and leases are included in the respective average loan and lease balances.


Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended June 30, 2025
	Compared to March 31, 2025
(dollars in millions)	Volume¹			Rate¹			Total
Change in Interest Income:
Cash and Cash Equivalents	$	(1.6	)	$	(0.1	)	$	(1.7	)
Investment Securities
Available-for-Sale
Taxable		1.8			0.8			2.6
Non-Taxable		0.1			0.0			0.1
Held-to-Maturity
Taxable		(0.4	)		(0.1	)		(0.5	)
Non-Taxable		0.0			0.0			0.0
Total Investment Securities		1.5			0.7			2.2
Loans Held for Sale		0.0			0.0			0.0
Loans and Leases
Commercial Mortgage		0.2			1.0			1.2
Commercial and Industrial		(0.2	)		0.0			(0.2	)
Construction		0.6			0.1			0.7
Commercial Lease Financing		0.1			0.0			0.1
Residential Mortgage		0.1			0.7			0.8
Home Equity		(0.1	)		0.9			0.8
Automobile		(0.2	)		0.3			0.1
Other		0.2			0.2			0.4
Total Loans and Leases		0.7			3.2			3.9
Other		0.0			0.0			0.0
Total Change in Interest Income		0.6			3.8			4.4

Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.1	)		0.6			0.5
Savings		0.4			0.6			1.0
Time		0.2			(0.9	)		(0.7	)
Total Interest-Bearing Deposits		0.5			0.3			0.8
Securities Sold Under Agreements to Repurchase		(0.3	)		0.1			(0.2	)
Other Debt		(0.2	)		0.0			(0.2	)
Total Change in Interest Expense		0.0			0.4			0.4

Change in Net Interest Income	$	0.6		$	3.4		$	4.0

¹The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship
of the absolute dollar amounts of the change in each.


Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended June 30, 2025
	Compared to June 30, 2024
(dollars in millions)	Volume¹			Rate¹			Total
Change in Interest Income:
Cash and Cash Equivalents	$	(1.3	)	$	(1.0	)	$	(2.3	)
Investment Securities
Available-for-Sale
Taxable		6.1			(0.9	)		5.2
Non-Taxable		0.4			0.0			0.4
Held-to-Maturity
Taxable		(1.7	)		(0.1	)		(1.8	)
Non-Taxable		0.0			-			0.0
Total Investment Securities		4.8			(1.0	)		3.8
Loans Held for Sale		0.0			0.0			0.0
Loans and Leases
Commercial Mortgage		4.2			(2.1	)		2.1
Commercial and Industrial		(0.3	)		(1.0	)		(1.3	)
Construction		0.9			(0.5	)		0.4
Commercial Lease Financing		0.5			0.2			0.7
Residential Mortgage		0.3			(0.3	)		0.0
Home Equity		(0.9	)		2.4			1.5
Automobile		(1.0	)		1.3			0.3
Other		0.1			0.6			0.7
Total Loans and Leases		3.8			0.6			4.4
Other		0.2			(0.3	)		(0.1	)
Total Change in Interest Income		7.5			(1.7	)		5.8

Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.2	)		(1.0	)		(1.2	)
Savings		2.0			(5.9	)		(3.9	)
Time		1.2			(5.1	)		(3.9	)
Total Interest-Bearing Deposits		3.0			(12.0	)		(9.0	)
Securities Sold Under Agreements to Repurchase		(0.7	)		0.0			(0.7	)
Other Debt		0.0			(0.1	)		(0.1	)
Total Change in Interest Expense		2.3			(12.1	)		(9.8	)

Change in Net Interest Income	$	5.2		$	10.4		$	15.6

¹The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship
of the absolute dollar amounts of the change in each.


Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8c
	Six Months Ended June 30, 2025
	Compared to June 30, 2024
(dollars in millions)	Volume¹			Rate¹			Total
Change in Interest Income:
Cash and Cash Equivalents	$	(0.9	)	$	(2.1	)	$	(3.0	)
Investment Securities
Available-for-Sale
Taxable		9.6			(2.0	)		7.6
Non-Taxable		0.6			0.1			0.7
Held-to-Maturity
Taxable		(3.3	)		(0.3	)		(3.6	)
Non-Taxable		0.0			-			0.0
Total Investment Securities		6.9			(2.2	)		4.7
Loans Held for Sale		0.0			0.0			0.0
Loans and Leases
Commercial Mortgage		7.8			(3.7	)		4.1
Commercial and Industrial		0.2			(2.4	)		(2.2	)
Construction		1.4			(0.5	)		0.9
Commercial Lease Financing		0.9			0.3			1.2
Residential Mortgage		0.0			(0.2	)		(0.2	)
Home Equity		(1.9	)		4.8			2.9
Automobile		(1.8	)		2.6			0.8
Other		0.0'			1.3			1.3
Total Loans and Leases		6.6			2.2			8.8
Other		0.1			0.0			0.1
Total Change in Interest Income		12.7			(2.1	)		10.6

Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.2	)		(1.6	)		(1.8	)
Savings		4.3			(10.5	)		(6.2	)
Time		0.7			(9.1	)		(8.4	)
Total Interest-Bearing Deposits		4.8			(21.2	)		(16.4	)
Securities Sold Under Agreements to Repurchase		(1.4	)		0.0			(1.4	)
Other Debt		0.1			(0.1	)		0.0
Total Change in Interest Expense		3.5			(21.3	)		(17.8	)

Change in Net Interest Income	$	9.2		$	19.2		$	28.4

¹The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship
of the absolute dollar amounts of the change in each.


Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits									Table 9
	Three Months Ended						Six Months Ended
	June 30 ,		March 31 ,		June 30 ,		June 30 ,
(dollars in thousands)		2025		2025		2024		2025		2024
Salaries	$	39,644	$	38,242	$	38,662	$	77,886	$	76,693
Incentive Compensation		5,067		5,573		3,109		10,640		6,199
Retirement and Other Benefits		3,894		5,061		3,961		8,955		8,260
Share-Based Compensation		3,668		3,501		3,296		7,169		7,095
Medical, Dental, and Life Insurance		3,610		4,537		3,211		8,147		6,423
Payroll Taxes		2,998		4,766		3,070		7,764		7,800
Separation Expense		1,374		81		785		1,455		1,267
Commission Expense		1,053		1,123		939		2,176		1,511
Total Salaries and Benefits	$	61,308	$	62,884	$	57,033	$	124,192	$	115,248


Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances									Table 10
	June 30 ,		March 31 ,		December 31 ,		September 30 ,		June 30 ,
(dollars in thousands)		2025		2025		2024		2024		2024
Commercial
Commercial Mortgage	$	4,038,956	$	4,038,287	$	4,020,622	$	3,868,566	$	3,741,140
Commercial and Industrial		1,597,560		1,703,290		1,705,133		1,681,693		1,699,438
Construction		374,768		363,716		308,898		319,150		315,571
Lease Financing		92,842		92,456		90,756		60,665		59,388
Total Commercial		6,104,126		6,197,749		6,125,409		5,930,074		5,815,537
Consumer
Residential Mortgage		4,637,014		4,630,876		4,628,283		4,622,677		4,595,586
Home Equity		2,139,025		2,144,955		2,165,514		2,195,844		2,221,073
Automobile		715,688		740,390		764,146		786,910		806,240
Other		406,325		401,353		392,628		383,078		392,830
Total Consumer		7,898,052		7,917,574		7,950,571		7,988,509		8,015,729
Total Loans and Leases	$	14,002,178	$	14,115,323	$	14,075,980	$	13,918,583	$	13,831,266


Deposits
	June 30 ,		March 31 ,		December 31 ,		September 30 ,		June 30 ,
(dollars in thousands)		2025		2025		2024		2024		2024
Consumer	$	10,429,271	$	10,522,627	$	10,397,777	$	10,340,466	$	10,382,432
Commercial		8,243,898		8,411,838		8,299,590		8,356,239		7,995,618
Public and Other		2,125,745		2,073,752		1,935,670		2,281,617		2,030,452
Total Deposits	$	20,798,914	$	21,008,217	$	20,633,037	$	20,978,322	$	20,408,502


Average Deposits
	Three Months Ended
	June 30 ,		March 31 ,		December 31 ,		September 30 ,		June 30 ,
(dollars in thousands)		2025		2025		2024		2024		2024
Consumer	$	10,435,867	$	10,408,747	$	10,327,928	$	10,345,772	$	10,379,724
Commercial		8,316,893		8,318,182		8,564,213		8,207,310		8,188,685
Public and Other		1,946,933		1,942,610		1,864,541		1,931,309		1,789,984
Total Deposits	$	20,699,693	$	20,669,539	$	20,756,682	$	20,484,391	$	20,358,393


Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More													Table 11
	June 30 ,			March 31 ,			December 31 ,			September 30 ,			June 30 ,
(dollars in thousands)		2025			2025			2024			2024			2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage	$	2,566		$	2,195		$	2,450		$	2,680		$	2,601
Commercial and Industrial		3,744			3,451			4,627			6,218			3,681
Total Commercial		6,310			5,646			7,077			8,898			6,282
Consumer
Residential Mortgage		5,842			4,686			5,052			4,269			2,998
Home Equity		5,387			5,759			4,514			3,947			3,227
Total Consumer		11,229			10,445			9,566			8,216			6,225
Total Non-Accrual Loans and Leases		17,539			16,091			16,643			17,114			12,507
Foreclosed Real Estate		342			1,360			2,657			2,667			2,672
Total Non-Performing Assets	$	17,881		$	17,451		$	19,300		$	19,781		$	15,179

Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage	$	9,070		$	3,895		$	3,984		$	4,421		$	4,524
Home Equity		1,867			2,228			2,845			1,980			2,025
Automobile		680			486			776			580			568
Other		630			943			677			554			733
Total Consumer		12,247			7,552			8,282			7,535			7,850
Total Accruing Loans and Leases Past Due 90 Days or More	$	12,247		$	7,552		$	8,282		$	7,535		$	7,850
Total Loans and Leases	$	14,002,178		$	14,115,323		$	14,075,980		$	13,918,583		$	13,831,266

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.13	%		0.11	%		0.12	%		0.12	%		0.09	%

Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate		0.13	%		0.12	%		0.14	%		0.14	%		0.11	%

Ratio of Non-Performing Assets to Total Assets		0.08	%		0.07	%		0.08	%		0.08	%		0.07	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate		0.10	%		0.09	%		0.12	%		0.15	%		0.11	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate		0.15	%		0.15	%		0.15	%		0.14	%		0.11	%

Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed Real Estate		0.22	%		0.18	%		0.20	%		0.20	%		0.17	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	17,451		$	19,300		$	19,781		$	15,179		$	11,838
Additions¹		3,522			2,209			2,198			5,557			5,257
Reductions
Payments		(1,424	)		(1,212	)		(708	)		(734	)		(844	)
Return to Accrual Status		(574	)		(244	)		(476	)		(81	)		(1,018	)
Sales of Foreclosed Real Estate		(1,040	)		(1,492	)		-			-			-
Charge-offs / Write-downs¹		(54	)		(1,110	)		(1,495	)		(140	)		(54	)
Total Reductions		(3,092	)		(4,058	)		(2,679	)		(955	)		(1,916	)
Balance at End of Quarter	$	17,881		$	17,451		$	19,300		$	19,781		$	15,179

¹Excludes loans that are fully charged-off and place on non-accrual status during the same period.


Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses													Table 12
	Three Months Ended									Six Months Ended
	June 30 ,			March 31 ,			June 30 ,			June 30 ,
(dollars in thousands)		2025			2025			2024			2025			2024
Balance at Beginning of Period	$	149,496		$	150,649		$	152,148		$	150,649		$	152,429

Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(206	)		(1,399	)		(875	)		(1,605	)		(1,235	)
Consumer
Residential Mortgage		-			-			(48	)		-			(48	)
Home Equity		(155	)		(75	)		(202	)		(230	)		(237	)
Automobile		(1,253	)		(1,751	)		(1,095	)		(3,004	)		(2,143	)
Other		(2,397	)		(2,484	)		(2,610	)		(4,881	)		(4,922	)
Total Loans and Leases Charged-Off		(4,011	)		(5,709	)		(4,830	)		(9,720	)		(8,585	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		78			77			263			155			379
Consumer
Residential Mortgage		11			11			63			22			105
Home Equity		180			128			113			308			297
Automobile		557			633			481			1,190			1,007
Other		567			457			517			1,024			1,123
Total Recoveries on Loans and Leases Previously Charged-Off		1,393			1,306			1,437			2,699			2,911
Net Charged-Off Loans and Leases		(2,618	)		(4,403	)		(3,393	)		(7,021	)		(5,674	)
Provision for Credit Losses:
Loans and Leases		3,454			3,582			3,206			7,036			6,748
Unfunded Commitments		(204	)		(332	)		(806	)		(536	)		(2,348	)
Total Provision for Credit Losses		3,250			3,250			2,400			6,500			4,400
Balance at End of Period	$	150,128		$	149,496		$	151,155		$	150,128		$	151,155

Components
Allowance for Credit Losses - Loans and Leases	$	148,543		$	147,707		$	147,477		$	148,543		$	147,477
Reserve for Unfunded Commitments		1,585			1,789			3,678			1,585			3,678
Total Reserve for Credit Losses	$	150,128		$	149,496		$	151,155		$	150,128		$	151,155

Average Loans and Leases Outstanding	$	14,049,025		$	14,062,173		$	13,831,797		$	14,055,563		$	13,850,299

Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)		0.07	%		0.13	%		0.10	%		0.10	%		0.08	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding¹		1.06	%		1.05	%		1.07	%		1.06	%		1.07	%

¹The numerator comprises the Allowance for Credit Losses - Loans and Leases.


Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information									Table 13a
	Consumer		Commercial			Treasury			Consolidated
(dollars in thousands)	Banking		Banking			and Other			Total
Three Months Ended June 30, 2025
Net Interest Income (Expense)	$	95,339	$	53,949		$	(19,605	)	$	129,683
Provision for (Recapture of) Credit Losses		2,619		(1	)		632			3,250
Net Interest Income (Expense) After Provision for Credit Losses		92,720		53,950			(20,237	)		126,433
Noninterest Income		33,981		6,164			4,650			44,795
Salaries and Benefits		21,032		4,937			35,339			61,308
Net Occupancy		7,142		402			2,955			10,499
Other Noninterest Expense		58,629		13,535			(33,188	)		38,976
Noninterest Expense		86,803		18,874			5,106			110,783
Income (Loss) Before Provision for Income Taxes		39,898		41,240			(20,693	)		60,445
Provision (Benefit) for Income Taxes		10,161		10,546			(7,899	)		12,808
Net Income (Loss)	$	29,737	$	30,694		$	(12,794	)	$	47,637
Total Assets as of June 30, 2025	$	8,228,766	$	6,139,748		$	9,341,238		$	23,709,752

Three Months June 30, 2024 ¹
Net Interest Income (Expense)	$	98,205	$	50,885		$	(34,244	)	$	114,846
Provision for (Recapture of) Credit Losses		2,873		473			(946	)		2,400
Net Interest Income (Expense) After Provision for Credit Losses		95,332		50,412			(33,298	)		112,446
Noninterest Income		33,653		6,698			1,736			42,087
Salaries and Benefits		20,157		5,085			31,791			57,033
Net Occupancy		6,748		421			3,390			10,559
Other Noninterest Expense		60,106		12,504			(30,976	)		41,634
Noninterest Expense		87,011		18,010			4,205			109,226
Income (Loss) Before Provision for Income Taxes		41,974		39,100			(35,767	)		45,307
Provision (Benefit) for Income Taxes		10,685		9,887			(9,348	)		11,224
Net Income (Loss)	$	31,289	$	29,213		$	(26,419	)	$	34,083
Total Assets as of June 30, 2024	$	8,357,830	$	5,835,399		$	9,107,539		$	23,300,768

¹Certain prior period information has been reclassified to conform to current presentation.


Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information								Table 13b
	Consumer		Commercial		Treasury			Consolidated
(dollars in thousands)	Banking		Banking		and Other			Total
Six Months Ended June 30, 2025
Net Interest Income (Expense)	$	190,963	$	109,523	$	(44,996	)	$	255,490
Provision for (Recapture of) Credit Losses		5,914		1,107		(521	)		6,500
Net Interest Income (Expense) After Provision for Credit Losses		185,049		108,416		(44,475	)		248,990
Noninterest Income		67,479		13,898		7,476			88,853
Salaries and Benefits		42,137		10,297		71,758			124,192
Net Occupancy		14,209		802		6,047			21,058
Other Noninterest Expense		116,831		27,417		(68,256	)		75,992
Noninterest Expense		173,177		38,516		9,549			221,242
Income (Loss) Before Provision for Income Taxes		79,351		83,798		(46,548	)		116,601
Provision (Benefit) for Income Taxes		20,162		21,415		(16,598	)		24,979
Net Income (Loss)	$	59,189	$	62,383	$	(29,950	)	$	91,622
Total Assets as of June 30, 2025	$	8,228,766	$	6,139,748	$	9,341,238		$	23,709,752

Six Months Ended June 30, 2024¹
Net Interest Income (Expense)	$	195,199	$	102,378	$	(68,793	)	$	228,784
Provision for (Recapture of) Credit Losses		5,160		467		(1,227	)		4,400
Net Interest Income (Expense) After Provision for Credit Losses		190,039		101,911		(67,566	)		224,384
Noninterest Income		65,635		13,492		5,245			84,372
Salaries and Benefits		41,074		10,601		63,573			115,248
Net Occupancy		13,612		868		6,535			21,015
Other Noninterest Expense		115,030		25,184		(61,392	)		78,822
Noninterest Expense		169,716		36,653		8,716			215,085
Income (Loss) Before Provision for Income Taxes		85,958		78,750		(71,037	)		93,671
Provision (Benefit) for Income Taxes		21,865		19,895		(18,563	)		23,197
Net Income (Loss)	$	64,093	$	58,855	$	(52,474	)	$	70,474
Total Assets as of June 30, 2024	$	8,357,830	$	5,835,399	$	9,107,539		$	23,300,768

¹Certain prior period information has been reclassified to conform to current presentation.


Bank of Hawai‘i Corporation and Subsidiaries
Selected Quarterly Financial Data																	Table 14
	Three Months Ended
	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands, except per share amounts)		2025				2025				2024				2024				2024
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	166,779			$	163,082			$	164,785			$	166,286			$	163,208
Income on Investment Securities
Available-for-Sale		27,007				24,368				23,223				23,257				21,468
Held-to-Maturity		19,835				20,291				20,677				21,107				21,595
Cash and Cash Equivalents		3,817				5,460				9,425				8,980				6,139
Other		1,097				1,085				1,107				1,018				1,120
Total Interest Income		218,535				214,286				219,217				220,648				213,530
Interest Expense
Deposits		82,476				81,692				92,099				96,067				91,542
Securities Sold Under Agreements to Repurchase		491				744				992				993				1,180
Other Debt		5,885				6,043				5,948				5,970				5,962
Total Interest Expense		88,852				88,479				99,039				103,030				98,684
Net Interest Income		129,683				125,807				120,178				117,618				114,846
Provision for Credit Losses		3,250				3,250				3,750				3,000				2,400
Net Interest Income After Provision for Credit Losses		126,433				122,557				116,428				114,618				112,446
Noninterest Income
Fees, Exchange, and Other Service Charges		14,383				14,437				14,399				14,945				13,769
Trust and Asset Management		12,097				11,741				12,157				11,916				12,223
Service Charges on Deposit Accounts		8,119				8,259				8,678				8,075				7,730
Bank-Owned Life Insurance		3,714				3,611				3,283				3,533				3,396
Annuity and Insurance		1,437				1,555				1,347				1,460				1,583
Mortgage Banking		849				988				942				1,188				1,028
Investment Securities Losses, Net		(1,126	)			(1,607	)			(3,306	)			(1,103	)			(1,601	)
Other		5,322				5,074				5,547				5,096				3,959
Total Noninterest Income		44,795				44,058				43,047				45,110				42,087
Noninterest Expense
Salaries and Benefits		61,308				62,884				58,690				58,626				57,033
Net Occupancy		10,499				10,559				10,263				10,806				10,559
Net Equipment		9,977				10,192				10,308				10,120				10,355
Data Processing		5,456				5,267				5,313				4,712				4,745
Professional Fees		4,263				4,264				4,988				4,725				4,929
FDIC Insurance		3,640				1,642				3,711				3,355				7,170
Other		15,640				15,651				14,658				14,748				14,435
Total Noninterest Expense		110,783				110,459				107,931				107,092				109,226
Income Before Provision for Income Taxes		60,445				56,156				51,544				52,636				45,307
Provision for Income Taxes		12,808				12,171				12,382				12,278				11,224
Net Income	$	47,637			$	43,985			$	39,162			$	40,358			$	34,083
Preferred Stock Dividends		5,269				5,269				5,269				3,436				1,969
Net Income Available to Common Shareholders	$	42,368			$	38,716			$	33,893			$	36,922			$	32,114

Basic Earnings Per Common Share	$	1.07			$	0.98			$	0.86			$	0.94			$	0.81
Diluted Earnings Per Common Share	$	1.06			$	0.97			$	0.85			$	0.93			$	0.81

Balance Sheet Totals
Loans and Leases	$	14,002,178			$	14,115,323			$	14,075,980			$	13,918,583			$	13,831,266
Total Assets		23,709,752				23,885,056				23,601,114				23,799,174				23,300,768
Total Deposits		20,798,914				21,008,217				20,633,037				20,978,322				20,408,502
Total Shareholders' Equity		1,743,107				1,704,935				1,667,774				1,665,474				1,612,849

Performance Ratios
Return on Average Assets		0.81		%		0.75		%		0.66		%		0.69		%		0.59		%
Return on Average Shareholders' Equity		11.21				10.65				9.42				9.90				9.53
Return on Average Common Equity		12.50				11.80				10.30				11.50				10.41
Efficiency Ratio¹		63.49				65.03				66.12				65.81				69.60
Net Interest Margin²		2.39				2.32				2.19				2.18				2.15

¹Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
²Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.


Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends																Table 15
	Five Months Ended					Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change)	May 31, 2025					December 31, 2024						December 31, 2023
Hawaii Economic Trends
State General Fund Revenues¹	$	4,053.8	(3.4	)	%	$	10,124.9			6.5	%	$	9,504.1			0.7		%
General Excise and Use Tax Revenue¹		2,037.7	6.5				4,495.0			0.5			4,474.1			4.9
Jobs²		669.3					661.6						657.7

										June 30,		December 31,
										2025		2024				2023
Unemployment, seasonally adjusted²
Statewide										2.8	%		3.0		%	3.0		%
Honolulu County										2.7			2.9			2.5
Hawaii County										3.3			3.4			2.9
Maui County										3.0			3.7			5.8
Kauai County										2.5			3.0			2.5

						June 30,				December 31,
(1-year percentage change, except months of inventory)							2025			2024			2023			2022
Housing Trends (Single Family Oahu)³
Median Home Price							6.0		%	4.8	%		(5.0	)	%	11.6		%
Home Sales Volume (units)							(2.1	)	%	9.1	%		(26.3	)	%	(23.2	)	%
Months of Inventory							3.7			2.9			2.8			2.1

						Monthly Visitor Arrivals,						Percentage Change
(in thousands, except percentage change)						Not Seasonally Adjusted						from Previous Year
Tourism⁴
May 31, 2025										766.4						1.1		%
April 30, 2025										810.3						9.4
March 31, 2025										890.0						2.8
February 28, 2025										739.7						(1.7	)
January 31, 2025										773.1						3.7
December 31, 2024										892.0						5.3
November 30, 2024										762.7						5.7
October 31, 2024										739.0						5.5
September 30, 2024										688.8						6.3
August 31, 2024										819.2						6.9
July 31, 2024										925.3						(0.5	)
June 30, 2024										872.6						(1.5	)
May 31, 2024										757.8						(4.1	)
April 30, 2024										740.7						(8.1	)
March 31, 2024										865.8						(3.0	)
February 29, 2024										752.7						2.6
January 31, 2024										745.6						(3.8	)
December 31, 2023										847.3						(1.3	)
November 30, 2023										721.3						0.3
October 31, 2023										700.4						(3.7	)
September 30, 2023										648.1						(6.4	)
August 31, 2023										766.6						(7.6	)
July 31, 2023										930.2						1.3
June 30, 2023										886.0						5.3
May 31, 2023										790.5						2.1

¹Source: Hawaii Department of Business, Economic Development & Tourism
²Source: U.S. Bureau of Labor Statistics
³Source: Honolulu Board of Realtors
⁴Source: Hawaii Tourism Authority

View source version on businesswire.com: https://www.businesswire.com/news/home/20250728113811/en/

Investor/Analyst Inquiries
Chang Park
Email: Chang.Park@boh.com
Phone: 808-694-8238

Media Inquiries
Melissa Torres-Laing
Email: Melissa.Torres-Laing@boh.com
Phone: 808-694-8384
Mobile: 808-859-1703

Source: Bank of Hawai‘i Corporation

Financial Release

Bank of Hawai‘i Corporation Second Quarter 2025 Financial Results