SEC Filing | Bank of Hawaii Corporation

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8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Date of Report	July 24, 2023
(Date of earliest event reported)

BANK OF HAWAII CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	1-6887	99-0148992
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


130 Merchant Street	Honolulu	Hawaii	96813
(Address of principal executive offices)	(City)	(State)	(Zip Code)

(888) 643-3888

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BOH	New York Stock Exchange

Depository Shares, Each Representing 1/40th Interest in a Share of 4.375% Fixed Rate Non-Cumulative Preferred Stock, Series A	BOH.PRA	New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2023, Bank of Hawaii Corporation announced its results of operations for the quarter ended June 30, 2023. The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.

99.1	July 24, 2023 Press Release: Bank of Hawaii Corporation Second Quarter 2023 Financial Results. Any internet addresses provided in this release are for informational purposes only and are not intended to be hyperlinks. Furnished herewith.

99.2	Bank of Hawaii Corporation Second Quarter 2023 Financial Report

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: July 24, 2023	Bank of Hawaii Corporation


	By:	/s/ Patrick M. McGuirk
		Patrick M. McGuirk
		Senior Executive Vice President and Corporate Secretary

EX-99.1

Exhibit 99.1

Bank of Hawai‘i Corporation Second Quarter 2023 Financial Results

•

Diluted Earnings Per Common Share $1.12

•

Net Income $46.1 Million

•

Total Deposits Up 0.1% Linked Quarter

•

Immediately Available Liquidity Increased to $8.5 Billion

•

Board of Directors Declares Dividend of $0.70 Per Common Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (July 24, 2023) -- Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted earnings per common share of $1.12 for the second quarter of 2023, compared with diluted earnings per common share of $1.14 in the previous quarter and $1.38 in the same quarter of 2022. Net income for the second quarter of 2023 was $46.1 million, down 1.7% from the previous quarter and down 19.0% from the same quarter of 2022. The return on average common equity for the second quarter of 2023 was 14.95% compared with 15.79% in the previous quarter and 18.19% in the same quarter of 2022.

“Bank of Hawai‘i delivered solid financial results in the second quarter of 2023,” said Peter Ho, Chairman, President, and CEO. “Our brand strength, built through 125 years of building lasting and long-standing relationships with the consumers, businesses and municipalities of Hawai‘i, helped us deliver yet another quarter of stable deposit performance. Total deposits were up modestly from a quarter ago. We also added additional liquidity to the balance sheet with cash and other immediately available borrowing lines growing to $8.5 billion at quarter end. Loans grew 0.7% with growth coming from both our consumer and commercial businesses. Credit quality remained pristine with non-performing assets of 0.08% at quarter end and net charge offs of 0.04% in the quarter. CRE loans and office CRE loans were 27.3% and 2.7% of total loans at quarter end with both categories having weighted average LTVs of 56%. Scheduled maturities for CRE loans and office CRE loans total 10% and 3% respectively through 2024. Finally, our capital position improved in the quarter, as measured by CET 1, Tier 1 Capital, Total Capital and Tier 1 Leverage.”

Financial Highlights

Net interest income for the second quarter of 2023 was $124.3 million, a decrease of 8.5% from the previous quarter and a decrease of 6.4% from the same quarter of 2022. The decrease in net interest income in the second quarter of 2023 was primarily due to higher funding costs, partially offset by higher earning asset yields.

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Bank of Hawai‘i Corporation Second Quarter 2023 Financial Results Page 2

Net interest margin was 2.22% in the second quarter of 2023, a decrease of 25 basis points from the previous quarter and from the same quarter of 2022. The decrease in net interest margin was due to higher funding costs and increased liquidity, partially offset by higher earning asset yields.

The average yield on loans and leases was 4.19% in the second quarter of 2023, up 16 basis points from the prior quarter and up 98 basis points from the same quarter of 2022. The average yield on total earning assets was 3.56% in the second quarter of 2023, up 14 basis points from the prior quarter and up 96 basis points from the same quarter of 2022. The average cost of interest-bearing deposits was 1.54% in the second quarter of 2023, up 45 basis points from the prior quarter and up 143 basis points from the same quarter of 2022. The average cost of total deposits, including noninterest-bearing deposits, was 1.08%, up 33 basis points from the prior quarter and up 101 basis points from the same quarter of 2022. The changes in yields and rates over the linked quarter and year over year period reflected the higher rate environment, including higher benchmark interest rates.

Noninterest income was $43.3 million in the second quarter of 2023, an increase of 6.2% from the previous quarter and an increase of 2.6% from the same period in 2022. Noninterest income in the second quarter of 2023 included $1.5 million from the sale of a low-income housing tax credit investment, while noninterest income in the first quarter of 2023 included a negative adjustment of $0.6 million related to a change in the Visa Class B conversion ratio. Adjusted noninterest income in the second quarter of 2023 was $41.7 million, up 1.0% from adjusted noninterest income in the prior quarter and down 1.0% from the same period in 2022.

Noninterest expense was $104.0 million in the second quarter of 2023, a decrease of 7.0% from the previous quarter and an increase of 1.1% from the same quarter of 2022. Noninterest expense in the first quarter of 2023 included seasonal payroll expenses of approximately $4.0 million and separation expenses of $3.1 million. Adjusted for these items in the prior quarter, noninterest expense decreased by 0.8% quarter over quarter.

The effective tax rate for the second quarter of 2023 was 24.57% compared with 25.38% in the previous quarter and 23.80% during the same quarter of 2022. The decrease in the effective tax rate on a linked quarter basis was mainly due to an unfavorable discrete tax item in the first quarter and an increase in benefits from tax credit investments in the current quarter. The year over year increase was primarily due to lower benefits from tax credit investments and benefits from leveraged leases that have since been terminated which were included in the effective tax rate for the second quarter of 2022.

Asset Quality

The Company’s overall asset quality remained strong during the second quarter of 2023. Provision for credit losses for the second quarter of 2023 was $2.5 million compared with $2.0 million in the previous quarter and a net benefit of $2.5 million in the same quarter of 2022.

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Bank of Hawai‘i Corporation Second Quarter 2023 Financial Results Page 3

Total non-performing assets were $11.5 million at June 30, 2023, down $0.6 million from March 31, 2023 and down $4.0 million from June 30, 2022. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.08% at the end of the quarter, a decrease of 1 basis point from the end of the prior quarter and a decrease of 4 basis points from the same quarter of 2022.

Net loan and lease charge-offs during the second quarter of 2023 were $1.4 million or 4 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the second quarter of 2023 were comprised of charge-offs of $3.5 million partially offset by recoveries of $2.1 million. Compared to the prior quarter, net loan and lease charge-offs decreased by $1.3 million or 4 basis points annualized on total average loans and leases outstanding. Compared to the same quarter of 2022, net loan and lease charge-offs increased by $0.7 million or 2 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $145.4 million at June 30, 2023, an increase of $1.8 million from March 31, 2023 and a decrease of $3.1 million from June 30, 2022. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, flat from the end of the prior quarter and down 10 basis points from the end of the same quarter of 2022.

Balance Sheet

Total assets were $24.9 billion at June 30, 2023, an increase of 4.2% from March 31, 2023 and an increase of 7.4% from June 30, 2022, primarily due to growth in our earning assets.

Total funds sold and cash and due from banks was $1.7 billion at June 30, 2023, an increase of $1.1 billion from March 31, 2023 and $0.8 billion from June 30, 2022 and represented 6.7% of total assets. The growth was due to an increase in short-duration term funding of $1.3 billion that enhanced on balance sheet liquidity and provides a hedge against rising short-term rates.

The investment securities portfolio was $7.9 billion at June 30, 2023, a decrease of 3.2% from March 31, 2023 and a decrease of 4.9% from June 30, 2022. These decreases were due to cashflows from the portfolio not being reinvested into securities. 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 $13.9 billion at June 30, 2023, an increase of 0.7% from March 31, 2023 and an increase of 7.4% from June 30, 2022. Total commercial loans were $5.6 billion at June 30, 2023, an increase of 0.8% from the prior quarter and an increase of 8.9% from the same quarter of 2022. The increase from the same period in 2022 was primarily due to an increase in our commercial mortgage and commercial and industrial portfolios. Total consumer loans were $8.3 billion as of June 30, 2023, an increase of 0.5% from the prior quarter and 6.5% from the same period in 2022, primarily driven by increases in our residential mortgage and home equity portfolios.

Total deposits were $20.5 billion at June 30, 2023, an increase of 0.1% from March 31, 2023 and a decrease of 2.5% from June 30, 2022. Noninterest-bearing deposits made up 29% of total deposit balances as of June 30, 2023, down from 31% as of March 31, 2023 and 35% as of June 30, 2022. Average deposits were $20.0 billion for the second quarter of 2023, down 2.0% from $20.4 billion in the prior quarter, and down 2.7% from the second quarter of 2022. As of June 30, 2023 insured and collateralized deposits represent 61% of total deposit balances, up from 58% as of March 31, 2023 and 57% as of June 30, 2022.

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Bank of Hawai‘i Corporation Second Quarter 2023 Financial Results Page 4

Capital and Dividends

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

The Tier 1 Capital Ratio was 12.21% at June 30, 2023 compared with 12.10% at March 31, 2023 and 13.01% at June 30, 2022. The Tier 1 Leverage Ratio was 7.21% at June 30, 2023 compared with 7.19% at March 31, 2023 and 7.29% at June 30, 2022. The increase from the prior quarter was due to an increase in Tier 1 capital as a result of retained earnings growth partially offset by an increase in risk-weighted and average total assets, as a result of loan growth and increased liquidity over the period. The decrease from the same period in 2022 in the Tier 1 Capital Ratio was due to an increase in risk-weighted assets, and the decline in the Tier 1 Leverage Ratio was due to an increase in average total assets, both as a result of increased liquidity and loan growth over the period.

No shares of common stock were repurchased under the share repurchase program in the second quarter of 2023. Total remaining buyback authority under the share repurchase program was $126.0 million at June 30, 2023.

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, 2023 to shareholders of record at the close of business on August 31, 2023.

On July 7, 2023, the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock. The depositary shares representing the Series A Preferred Stock are traded on the NYSE under the symbol “BOH.PRA.” The dividend will be payable on August 1, 2023 to shareholders of record of the preferred stock as of the close of business on July 17, 2023.

Conference Call Information

The Company will review its second quarter financial results today at 8:00 a.m. Hawaii 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.vevent.com/register/BIa86de171556d47818c0a5a7106c5f8bd. A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawaii Time on Monday, July 24, 2023. The replay will be accessible via the same link. In addition, the replay will be available on the Company's website, www.boh.com.

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Bank of Hawai‘i Corporation Second Quarter 2023 Financial Results Page 5

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, 2022 and its Form 10-Q for the fiscal quarter ended March 31, 2023, 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 Hawaii 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 web site, 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)	2023			2023			2022				2023			2022
For the Period:
Operating Results
Net Interest Income	$	124,348		$	135,955		$	132,902			$	260,303		$	258,165
Provision for Credit Losses		2,500			2,000			(2,500	)			4,500			(8,000	)
Total Noninterest Income		43,255			40,737			42,158				83,992			85,709
Total Noninterest Expense		104,036			111,919			102,939				215,955			206,813
Pre-Provision Net Revenue		63,567			64,773			72,121				128,340			137,061
Net Income		46,061			46,842			56,862				92,903			111,696
Net Income Available to Common Shareholders		44,092			44,873			54,893				88,965			107,758
Basic Earnings Per Common Share		1.12			1.14			1.38				2.27			2.71
Diluted Earnings Per Common Share		1.12			1.14			1.38				2.26			2.70
Dividends Declared Per Common Share		0.70			0.70			0.70				1.40			1.40

Performance Ratios
Return on Average Assets		0.77	%		0.80	%		1.00		%		0.78	%		0.98		%
Return on Average Shareholders' Equity		13.55			14.25			16.40				13.90			15.23
Return on Average Common Equity		14.95			15.79			18.19				15.36			16.73
Efficiency Ratio 1		62.07			63.34			58.80				62.72			60.14
Net Interest Margin 2		2.22			2.47			2.47				2.34			2.41
Dividend Payout Ratio 3		62.50			61.40			50.72				61.67			51.66
Average Shareholders' Equity to Average Assets		5.65			5.59			6.08				5.62			6.47

Average Balances
Average Loans and Leases	$	13,876,754		$	13,717,483		$	12,700,825			$	13,797,559		$	12,496,747
Average Assets		24,114,443			23,865,478			22,891,262				23,990,649			22,869,496
Average Deposits		20,018,601			20,430,882			20,569,363				20,223,603			20,498,115
Average Shareholders' Equity		1,363,059			1,332,889			1,390,653				1,348,057			1,479,197

Per Share of Common Stock
Book Value	$	29.66		$	29.62		$	29.09			$	29.66		$	29.09
Tangible Book Value		28.87			28.83			28.30				28.87			28.30
Market Value
Closing		41.23			52.08			74.40				41.23			74.40
High		52.37			81.73			84.93				81.73			92.38
Low		30.83			34.71			70.97				30.83			70.97

				June 30,			March 31,				December 31,			June 30,
				2023			2023				2022			2022
As of Period End:
Balance Sheet Totals
Loans and Leases				$	13,914,889		$	13,824,522			$	13,646,420		$	12,951,573
Total Assets					24,947,936			23,931,977				23,606,877			23,232,699
Total Deposits					20,508,615			20,491,300				20,615,696			21,025,681
Other Debt					1,760,243			510,269				410,294			10,343
Total Shareholders' Equity					1,358,279			1,354,430				1,316,995			1,348,746

Asset Quality
Non-Performing Assets				$	11,477		$	12,124			$	12,647		$	15,493
Allowance for Credit Losses - Loans and Leases					145,367			143,577				144,439			148,512
Allowance to Loans and Leases Outstanding 4					1.04	%		1.04		%		1.06	%		1.15		%

Capital Ratios 5
Common Equity Tier 1 Capital Ratio					11.00	%		10.88		%		10.92	%		11.66		%
Tier 1 Capital Ratio					12.21			12.10				12.15			13.01
Total Capital Ratio					13.24			13.13				13.17			14.14
Tier 1 Leverage Ratio					7.21			7.19				7.37			7.29
Total Shareholders' Equity to Total Assets					5.44			5.66				5.58			5.81
Tangible Common Equity to Tangible Assets 6					4.60			4.78				4.69			4.90
Tangible Common Equity to Risk-Weighted Assets 6					7.97			7.97				7.76			8.72

Non-Financial Data
Full-Time Equivalent Employees					2,025			2,025				2,076			2,114
Branches					51			51				51			54
ATMs					320			320				320			310

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5 Regulatory capital ratios as of June 30, 2023 are preliminary.
6 Tangible 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)	2023			2023			2022			2022

Total Shareholders' Equity	$	1,358,279		$	1,354,430		$	1,316,995		$	1,348,746
Less: Preferred Stock		180,000			180,000			180,000			180,000
Goodwill		31,517			31,517			31,517			31,517
Tangible Common Equity	$	1,146,762		$	1,142,913		$	1,105,478		$	1,137,229

Total Assets	$	24,947,936		$	23,931,977		$	23,606,877		$	23,232,699
Less: Goodwill		31,517			31,517			31,517			31,517
Tangible Assets	$	24,916,419		$	23,900,460		$	23,575,360		$	23,201,182

Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1	$	14,391,943		$	14,341,397		$	14,238,798		$	13,035,674

Total Shareholders' Equity to Total Assets		5.44	%		5.66	%		5.58	%		5.81	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		4.60	%		4.78	%		4.69	%		4.90	%

Tier 1 Capital Ratio 1		12.21	%		12.10	%		12.15	%		13.01	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1		7.97	%		7.97	%		7.76	%		8.72	%

1 Regulatory capital ratios as of June 30, 2023 are preliminary.


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)	2023			2023			2022			2023			2022
Interest Income
Interest and Fees on Loans and Leases	$	144,541		$	136,501		$	101,663		$	281,042		$	196,102
Income on Investment Securities
Available-for-Sale		23,301			23,893			17,984			47,194			35,084
Held-to-Maturity		23,375			23,948			18,838			47,323			37,539
Deposits		18			27			5			45			9
Funds Sold		6,395			3,366			719			9,761			846
Other		2,121			597			353			2,718			555
Total Interest Income		199,751			188,332			139,562			388,083			270,135
Interest Expense
Deposits		53,779			37,794			3,535			91,573			5,888
Securities Sold Under Agreements to Repurchase		5,436			5,377			2,794			10,813			5,566
Funds Purchased		184			704			57			888			59
Short-Term Borrowings		2,510			3,203			92			5,713			92
Other Debt		13,494			5,299			182			18,793			365
Total Interest Expense		75,403			52,377			6,660			127,780			11,970
Net Interest Income		124,348			135,955			132,902			260,303			258,165
Provision for Credit Losses		2,500			2,000			(2,500	)		4,500			(8,000	)
Net Interest Income After Provision for Credit Losses		121,848			133,955			135,402			255,803			266,165
Noninterest Income
Trust and Asset Management		11,215			10,690			11,457			21,905			22,733
Mortgage Banking		1,176			1,004			1,247			2,180			3,987
Service Charges on Deposit Accounts		7,587			7,737			7,309			15,324			14,581
Fees, Exchange, and Other Service Charges		14,150			13,808			14,193			27,958			27,145
Investment Securities Losses, Net		(1,310	)		(1,792	)		(1,295	)		(3,102	)		(2,840	)
Annuity and Insurance		1,038			1,271			870			2,309			1,661
Bank-Owned Life Insurance		2,876			2,842			2,658			5,718			5,007
Other		6,523			5,177			5,719			11,700			13,435
Total Noninterest Income		43,255			40,737			42,158			83,992			85,709
Noninterest Expense
Salaries and Benefits		56,175			65,088			57,769			121,263			117,693
Net Occupancy		9,991			9,872			9,930			19,863			19,756
Net Equipment		10,573			10,375			9,543			20,948			18,696
Data Processing		4,599			4,583			4,607			9,182			9,167
Professional Fees		4,651			3,883			3,542			8,534			6,800
FDIC Insurance		3,173			3,234			1,590			6,407			3,092
Other		14,874			14,884			15,958			29,758			31,609
Total Noninterest Expense		104,036			111,919			102,939			215,955			206,813
Income Before Provision for Income Taxes		61,067			62,773			74,621			123,840			145,061
Provision for Income Taxes		15,006			15,931			17,759			30,937			33,365
Net Income	$	46,061		$	46,842		$	56,862		$	92,903		$	111,696
Preferred Stock Dividends		1,969			1,969			1,969			3,938			3,938
Net Income Available to Common Shareholders	$	44,092		$	44,873		$	54,893		$	88,965		$	107,758
Basic Earnings Per Common Share	$	1.12		$	1.14		$	1.38		$	2.27		$	2.71
Diluted Earnings Per Common Share	$	1.12		$	1.14		$	1.38		$	2.26		$	2.70
Dividends Declared Per Common Share	$	0.70		$	0.70		$	0.70		$	1.40		$	1.40
Basic Weighted Average Common Shares		39,241,559			39,276,833			39,693,593			39,259,279			39,722,985
Diluted Weighted Average Common Shares		39,317,521			39,465,889			39,842,608			39,382,359			39,896,700


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)											Table 4
	Three Months Ended								Six Months Ended
	June 30,			March 31,		June 30,			June 30,
(dollars in thousands)	2023			2023		2022			2023		2022
Net Income	$	46,061		$	46,842	$	56,862		$	92,903	$	111,696
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities		(18,217	)		29,276		(122,647	)		11,059		(302,771	)
Defined Benefit Plans		84			84		352			168		705
Other Comprehensive Income (Loss)		(18,133	)		29,360		(122,295	)		11,227		(302,066	)
Comprehensive Income (Loss)	$	27,928		$	76,202	$	(65,433	)	$	104,130	$	(190,370	)


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2023			2023			2022			2022
Assets
Interest-Bearing Deposits in Other Banks	$	2,261		$	2,554		$	3,724		$	2,264
Funds Sold		1,273,109			272,018			81,364			576,430
Investment Securities
Available-for-Sale		2,666,723			2,815,083			2,844,823			3,955,476
Held-to-Maturity (Fair Value of $4,411,003; $4,601,876; $4,615,393; and $3,823,739)		5,202,698			5,312,815			5,414,139			4,321,693
Loans Held for Sale		3,359			2,149			1,035			4,514
Loans and Leases		13,914,889			13,824,522			13,646,420			12,951,573
Allowance for Credit Losses		(145,367	)		(143,577	)		(144,439	)		(148,512	)
Net Loans and Leases		13,769,522			13,680,945			13,501,981			12,803,061
Total Earning Assets		22,917,672			22,085,564			21,847,066			21,663,438
Cash and Due from Banks		398,072			337,413			316,679			260,672
Premises and Equipment, Net		200,297			203,131			206,777			202,063
Operating Lease Right-of-Use Assets		89,286			91,387			92,307			91,901
Accrued Interest Receivable		64,720			63,175			61,002			47,141
Foreclosed Real Estate		1,040			1,040			1,040			2,332
Mortgage Servicing Rights		21,626			22,102			22,619			23,540
Goodwill		31,517			31,517			31,517			31,517
Bank-Owned Life Insurance		456,889			455,602			453,882			448,925
Other Assets		766,817			641,046			573,988			461,170
Total Assets	$	24,947,936		$	23,931,977		$	23,606,877		$	23,232,699

Liabilities
Deposits
Noninterest-Bearing Demand	$	5,968,344		$	6,385,872		$	6,714,982		$	7,374,055
Interest-Bearing Demand		4,119,166			4,283,801			4,232,567			4,339,520
Savings		7,756,426			7,898,874			7,962,410			8,054,899
Time		2,664,679			1,922,753			1,705,737			1,257,207
Total Deposits		20,508,615			20,491,300			20,615,696			21,025,681
Short-Term Borrowings		-			325,000			-			-
Securities Sold Under Agreements to Repurchase		725,490			725,490			725,490			425,490
Other Debt		1,760,243			510,269			410,294			10,343
Operating Lease Liabilities		97,768			99,746			100,526			99,722
Retirement Benefits Payable		26,434			26,768			26,991			37,532
Accrued Interest Payable		26,737			13,061			9,698			2,545
Taxes Payable		132			11,039			7,104			10,607
Other Liabilities		444,238			374,874			394,083			272,033
Total Liabilities		23,589,657			22,577,547			22,289,882			21,883,953
Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: June 30, 2023; March 31, 2023; December 31, 2022;
and June 30, 2022 - 180,000)		180,000			180,000			180,000			180,000
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: June 30, 2023 - 58,771,036 / 39,725,348;
March 31, 2023 - 58,722,929 / 39,646,506; December 31, 2022 - 58,733,625 / 39,835,750;
and June 30, 2022 - 58,727,909 / 40,182,659)		583			583			582			582
Capital Surplus		628,202			624,126			620,578			611,694
Accumulated Other Comprehensive Loss		(423,431	)		(405,298	)		(434,658	)		(368,448	)
Retained Earnings		2,091,289			2,074,428			2,055,912			2,002,005
Treasury Stock, at Cost (Shares: June 30, 2023 - 19,045,688; March 31, 2023 - 19,076,423;
December 31, 2022 - 18,897,875; and June 30, 2022 - 18,545,250)		(1,118,364	)		(1,119,409	)		(1,105,419	)		(1,077,087	)
Total Shareholders' Equity		1,358,279			1,354,430			1,316,995			1,348,746
Total Liabilities and Shareholders' Equity	$	24,947,936		$	23,931,977		$	23,606,877		$	23,232,699


Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																						Table 6
													Accumulated
													Other
	Preferred				Common								Comprehensive
	Shares		Preferred		Shares			Common		Capital			Income			Retained			Treasury
(dollars in thousands)	Outstanding		Stock		Outstanding			Stock		Surplus			(Loss)			Earnings			Stock			Total
Balance as of December 31, 2022		180,000	$	180,000		39,835,750		$	582	$	620,578		$	(434,658	)	$	2,055,912		$	(1,105,419	)	$	1,316,995
Net Income		-		-		-			-		-			-			92,903			-			92,903
Other Comprehensive Income		-		-		-			-		-			11,227			-			-			11,227
Share-Based Compensation		-		-		-			-		7,672			-			-			-			7,672
Common Stock Issued under Purchase and
Equity Compensation Plans		-		-		94,765			1		(48	)		-			2,286			986			3,225
Common Stock Repurchased		-		-		(205,167	)		-		-			-			-			(13,931	)		(13,931	)
Cash Dividends Declared Common Stock ($1.40 per share)		-		-		-			-		-			-			(55,874	)		-			(55,874	)
Cash Dividends Declared Preferred Stock		-		-		-			-		-			-			(3,938	)		-			(3,938	)
Balance as of June 30, 2023		180,000	$	180,000		39,725,348		$	583	$	628,202		$	(423,431	)	$	2,091,289		$	(1,118,364	)	$	1,358,279

Balance as of December 31, 2021		180,000	$	180,000		40,253,193		$	581	$	602,508		$	(66,382	)	$	1,950,375		$	(1,055,471	)	$	1,611,611
Net Income		-		-		-			-		-			-			111,696			-			111,696
Other Comprehensive Loss		-		-		-			-		-			(302,066	)		-			-			(302,066	)
Share-Based Compensation		-		-		-			-		8,172			-			-			-			8,172
Common Stock Issued under Purchase and
Equity Compensation Plans		-		-		228,225			1		1,014			-			346			2,697			4,058
Common Stock Repurchased		-		-		(298,759	)		-		-			-			-			(24,313	)		(24,313	)
Cash Dividends Declared Common Stock ($1.40 per share)		-		-		-			-		-			-			(56,474	)		-			(56,474	)
Cash Dividends Declared Preferred Stock		-		-		-			-		-			-			(3,938	)		-			(3,938	)
Balance as of June 30, 2022		180,000	$	180,000		40,182,659		$	582	$	611,694		$	(368,448	)	$	2,002,005		$	(1,077,087	)	$	1,348,746


Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1																		Table 7a
	Three Months Ended							Three Months Ended								Three Months Ended
	June 30, 2023							March 31, 2023								June 30, 2022
	Average		Income /		Yield /			Average		Income /		Yield /				Average		Income /		Yield /
(dollars in millions)	Balance		Expense 2		Rate			Balance		Expense 2		Rate				Balance		Expense 2		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	5.1	$	-		1.48	%	$	1.7	$	-		6.25		%	$	3.5	$	-		0.59	%
Funds Sold		500.1		6.4		5.06			295.9		3.4		4.55				273.5		0.7		1.04
Investment Securities
Available-for-Sale
Taxable		2,741.1		23.2		3.39			2,820.3		23.8		3.40				4,123.1		18.0		1.74
Non-Taxable		9.6		0.1		4.40			9.6		0.1		4.38				2.9		-		1.99
Held-to-Maturity
Taxable		5,231.3		23.2		1.78			5,336.2		23.8		1.78				4,377.0		18.7		1.71
Non-Taxable		35.2		0.2		2.10			35.3		0.2		2.10				35.7		0.2		2.10
Total Investment Securities		8,017.2		46.7		2.33			8,201.4		47.9		2.34				8,538.7		36.9		1.73
Loans Held for Sale		2.7		-		5.50			1.5		-		5.30				6.3		0.1		4.06
Loans and Leases 3
Commercial and Industrial		1,456.1		17.5		4.82			1,411.4		16.2		4.67				1,330.0		9.9		2.99
Paycheck Protection Program		14.5		-		1.30			16.9		0.1		2.35				38.7		0.5		5.26
Commercial Mortgage		3,814.9		49.3		5.19			3,736.9		45.1		4.90				3,357.2		26.2		3.13
Construction		246.8		3.5		5.70			280.4		3.9		5.65				222.6		2.4		4.39
Commercial Lease Financing		65.4		0.3		1.67			66.9		-		(0.14	)			94.2		0.3		1.44
Residential Mortgage		4,704.0		41.2		3.50			4,666.0		39.9		3.42				4,445.7		36.4		3.26
Home Equity		2,272.3		19.0		3.35			2,239.4		18.2		3.30				2,032.9		14.4		2.85
Automobile		879.3		7.7		3.53			871.8		7.3		3.37				759.1		6.1		3.20
Other 4		423.5		6.4		6.04			427.8		6.2		5.83				420.4		5.6		5.38
Total Loans and Leases		13,876.8		144.9		4.19			13,717.5		136.9		4.03				12,700.8		101.8		3.21
Other		94.8		2.2		8.94			67.2		0.6		3.56				38.2		0.3		3.70
Total Earning Assets		22,496.7		200.2		3.56			22,285.2		188.8		3.42				21,561.0		139.8		2.60
Cash and Due from Banks		316.6							319.1								238.4
Other Assets		1,301.1							1,261.2								1,091.9
Total Assets	$	24,114.4						$	23,865.5							$	22,891.3

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	4,037.4		7.5		0.75		$	4,215.9		5.2		0.50			$	4,442.2		0.7		0.06
Savings		7,667.6		26.6		1.39			8,009.0		20.6		1.05				7,692.8		1.9		0.10
Time		2,296.1		19.7		3.44			1,789.9		12.0		2.71				950.4		0.9		0.40
Total Interest-Bearing Deposits		14,001.1		53.8		1.54			14,014.8		37.8		1.09				13,085.4		3.5		0.11
Funds Purchased		14.6		0.2		5.00			60.4		0.7		4.66				25.3		-		0.89
Short-Term Borrowings		195.2		2.5		5.09			265.0		3.2		4.84				34.5		0.1		1.06
Securities Sold Under Agreements to Repurchase		725.5		5.4		2.96			725.5		5.4		2.96				447.7		2.8		2.47
Other Debt		1,255.8		13.5		4.31			499.6		5.3		4.30				10.4		0.3		7.05
Total Interest-Bearing Liabilities		16,192.2		75.4		1.87			15,565.3		52.4		1.36				13,603.3		6.7		0.20
Net Interest Income			$	124.8						$	136.4							$	133.1
Interest Rate Spread						1.69	%						2.06		%						2.40	%
Net Interest Margin						2.22	%						2.47		%						2.47	%
Noninterest-Bearing Demand Deposits		6,017.5							6,416.1								7,484.0
Other Liabilities		541.6							551.2								413.3
Shareholders' Equity		1,363.1							1,332.9								1,390.7
Total Liabilities and Shareholders' Equity	$	24,114.4						$	23,865.5							$	22,891.3

1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $471,000, $495,000, and $221,000
for the three months ended June 30, 2023, March 31, 2023, and June 30, 2022, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
4 Comprised of other consumer revolving credit, installment, and consumer lease financing.


Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1										Table 7b
	Six Months Ended							Six Months Ended
	June 30, 2023							June 30, 2022
	Average		Income /		Yield /			Average		Income /		Yield /
(dollars in millions)	Balance		Expense 2		Rate			Balance		Expense 2		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	3.4	$	-		2.68	%	$	3.5	$	-		0.52	%
Funds Sold		398.6		9.8		4.87			256.1		0.8		0.66
Investment Securities
Available-for-Sale
Taxable		2,780.4		47.0		3.40			4,260.6		35.1		1.65
Non-Taxable		9.6		0.2		4.39			3.0		-		1.96
Held-to-Maturity
Taxable		5,283.6		47.0		1.78			4,471.7		37.2		1.67
Non-Taxable		35.2		0.4		2.10			35.8		0.4		2.10
Total Investment Securities		8,108.8		94.6		2.34			8,771.1		72.7		1.66
Loans Held for Sale		2.1		0.1		5.42			10.0		0.2		3.19
Loans and Leases 3
Commercial and Industrial		1,433.8		33.8		4.75			1,331.5		18.9		2.86
Paycheck Protection Program		15.7		0.1		1.86			63.7		2.3		7.39
Commercial Mortgage		3,776.2		94.5		5.04			3,258.5		48.0		2.97
Construction		263.5		7.4		5.68			225.1		4.5		4.03
Commercial Lease Financing		66.1		0.3		0.76			96.5		0.7		1.44
Residential Mortgage		4,685.2		81.0		3.46			4,394.8		71.2		3.24
Home Equity		2,255.9		37.2		3.33			1,966.3		27.7		2.84
Automobile		875.6		15.0		3.45			748.3		11.9		3.22
Other 4		425.6		12.5		5.94			412.1		11.1		5.42
Total Loans and Leases		13,797.6		281.8		4.11			12,496.8		196.3		3.16
Other		81.0		2.7		6.70			37.3		0.6		2.97
Total Earning Assets		22,391.5		389.0		3.49			21,574.8		270.6		2.52
Cash and Due from Banks		317.8							235.8
Other Assets		1,281.3							1,058.9
Total Assets	$	23,990.6						$	22,869.5

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	4,126.2		12.7		0.62		$	4,548.2		1.2		0.05
Savings		7,837.3		47.2		1.21			7,617.1		2.9		0.08
Time		2,044.4		31.7		3.12			960.9		1.8		0.37
Total Interest-Bearing Deposits		14,007.9		91.6		1.32			13,126.2		5.9		0.09
Funds Purchased		37.4		0.9		4.72			16.2		0.1		0.72
Short-Term Borrowings		229.9		5.7		4.94			17.3		0.1		1.06
Securities Sold Under Agreements to Repurchase		725.5		10.8		2.96			449.1		5.6		2.47
Other Debt		879.8		18.7		4.31			10.4		0.3		7.05
Total Interest-Bearing Liabilities		15,880.5		127.7		1.62			13,619.2		12.0		0.18
Net Interest Income			$	261.3						$	258.6
Interest Rate Spread						1.87	%						2.34	%
Net Interest Margin						2.34	%						2.41	%
Noninterest-Bearing Demand Deposits		6,215.7							7,371.9
Other Liabilities		546.3							399.2
Shareholders' Equity		1,348.1							1,479.2
Total Liabilities and Shareholders' Equity	$	23,990.6						$	22,869.5

1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $966,000 and $475,000
for the six months ended June 30, 2023 and June 30, 2022, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
4 Comprised of other consumer revolving credit, installment, and consumer lease financing.


Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended June 30, 2023
	Compared to March 31, 2023
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Funds Sold	$	2.6		$	0.4		$	3.0
Investment Securities
Available-for-Sale
Taxable		(0.6	)		-			(0.6	)
Non-Taxable		-			-			-
Held-to-Maturity
Taxable		(0.5	)		(0.1	)		(0.6	)
Non-Taxable		-			-			-
Total Investment Securities		(1.1	)		(0.1	)		(1.2	)
Loans Held for Sale		-			-			-
Loans and Leases
Commercial and Industrial		0.7			0.6			1.3
Paycheck Protection Program		(0.1	)		-			(0.1	)
Commercial Mortgage		1.1			3.1			4.2
Construction		(0.4	)		-			(0.4	)
Commercial Lease Financing		-			0.3			0.3
Residential Mortgage		0.3			1.0			1.3
Home Equity		0.4			0.4			0.8
Automobile		0.1			0.3			0.4
Other 2		(0.1	)		0.3			0.2
Total Loans and Leases		2.0			6.0			8.0
Other		0.4			1.2			1.6
Total Change in Interest Income		3.9			7.5			11.4

Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.2	)		2.5			2.3
Savings		(0.9	)		6.9			6.0
Time		3.9			3.8			7.7
Total Interest-Bearing Deposits		2.8			13.2			16.0
Funds Purchased		(0.5	)		-			(0.5	)
Short-Term Borrowings		(0.9	)		0.2			(0.7	)
Securities Sold Under Agreements to Repurchase		-			-			-
Other Debt		8.2			-			8.2
Total Change in Interest Expense		9.6			13.4			23.0

Change in Net Interest Income	$	(5.7	)	$	(5.9	)	$	(11.6	)

1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.


Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended June 30, 2023
	Compared to June 30, 2022
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Funds Sold	$	1.0		$	4.7		$	5.7
Investment Securities
Available-for-Sale
Taxable		(7.6	)		12.8			5.2
Non-Taxable		0.1			-			0.1
Held-to-Maturity
Taxable		3.7			0.8			4.5
Non-Taxable		-			-			-
Total Investment Securities		(3.8	)		13.6			9.8
Loans Held for Sale		(0.1	)		-			(0.1	)
Loans and Leases
Commercial and Industrial		1.0			6.6			7.6
Paycheck Protection Program		(0.2	)		(0.3	)		(0.5	)
Commercial Mortgage		4.0			19.1			23.1
Construction		0.3			0.8			1.1
Commercial Lease Financing		(0.1	)		0.1			-
Residential Mortgage		2.2			2.6			4.8
Home Equity		1.8			2.8			4.6
Automobile		1.0			0.6			1.6
Other 2		-			0.8			0.8
Total Loans and Leases		10.0			33.1			43.1
Other		1.0			0.9			1.9
Total Change in Interest Income		8.1			52.3			60.4

Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.1	)		6.9			6.8
Savings		-			24.7			24.7
Time		2.9			15.9			18.8
Total Interest-Bearing Deposits		2.8			47.5			50.3
Funds Purchased		-			0.2			0.2
Short-Term Borrowings		1.3			1.1			2.4
Securities Sold Under Agreements to Repurchase		2.0			0.6			2.6
Other Debt		13.4			(0.2	)		13.2
Total Change in Interest Expense		19.5			49.2			68.7

Change in Net Interest Income	$	(11.4	)	$	3.1		$	(8.3	)

1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.


Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8c
	Six Months Ended June 30, 2023
	Compared to June 30, 2022
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Funds Sold	$	0.8		$	8.2		$	9.0
Investment Securities
Available-for-Sale
Taxable		(15.4	)		27.3			11.9
Non-Taxable		0.1			0.1			0.2
Held-to-Maturity
Taxable		7.1			2.7			9.8
Non-Taxable		-			-			-
Total Investment Securities		(8.2	)		30.1			21.9
Loans Held for Sale		(0.2	)		0.1			(0.1	)
Loans and Leases
Commercial and Industrial		1.6			13.3			14.9
Paycheck Protection Program		(1.1	)		(1.1	)		(2.2	)
Commercial Mortgage		8.6			37.9			46.5
Construction		0.9			2.0			2.9
Commercial Lease Financing		(0.3	)		(0.1	)		(0.4	)
Residential Mortgage		4.8			5.0			9.8
Home Equity		4.4			5.1			9.5
Automobile		2.2			0.9			3.1
Other 2		0.3			1.1			1.4
Total Loans and Leases		21.4			64.1			85.5
Other		1.0			1.1			2.1
Total Change in Interest Income		14.8			103.6			118.4

Change in Interest Expense:
Interest-Bearing Deposits
Demand		(0.1	)		11.6			11.5
Savings		0.1			44.2			44.3
Time		3.9			26.0			29.9
Total Interest-Bearing Deposits		3.9			81.8			85.7
Funds Purchased		0.2			0.6			0.8
Short-Term Borrowings		4.3			1.3			5.6
Securities Sold Under Agreements to Repurchase		3.9			1.3			5.2
Other Debt		18.6			(0.2	)		18.4
Total Change in Interest Expense		30.9			84.8			115.7

Change in Net Interest Income	$	(16.1	)	$	18.8		$	2.7

1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.


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)	2023			2023		2022		2023		2022
Salaries	$	37,962		$	38,617	$	36,721	$	76,579	$	71,653
Incentive Compensation		2,984			3,997		6,073		6,981		12,184
Share-Based Compensation		4,096			3,159		3,962		7,255		7,761
Commission Expense		775			647		1,232		1,422		2,873
Retirement and Other Benefits		3,489			5,888		4,036		9,377		8,729
Payroll Taxes		3,310			5,848		3,034		9,158		7,978
Medical, Dental, and Life Insurance		3,568			3,864		2,591		7,432		5,825
Separation Expense		(9	)		3,068		120		3,059		690
Total Salaries and Benefits	$	56,175		$	65,088	$	57,769	$	121,263	$	117,693


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)	2023		2023		2022		2022		2022
Commercial
Commercial and Industrial	$	1,502,676	$	1,425,916	$	1,389,066	$	1,368,966	$	1,323,830
Paycheck Protection Program		13,789		15,175		19,579		22,955		31,964
Commercial Mortgage		3,796,769		3,826,283		3,725,542		3,591,943		3,464,126
Construction		236,428		232,903		260,825		236,498		246,177
Lease Financing		62,779		65,611		69,491		73,989		89,535
Total Commercial		5,612,441		5,565,888		5,464,503		5,294,351		5,155,632
Consumer
Residential Mortgage		4,721,976		4,691,298		4,653,072		4,585,723		4,486,571
Home Equity		2,278,105		2,260,001		2,225,950		2,185,484		2,101,612
Automobile		878,767		877,979		870,396		820,640		775,065
Other 1		423,600		429,356		432,499		435,408		432,693
Total Consumer		8,302,448		8,258,634		8,181,917		8,027,255		7,795,941
Total Loans and Leases	$	13,914,889	$	13,824,522	$	13,646,420	$	13,321,606	$	12,951,573
1 Comprised of other revolving credit, installment, and lease financing.

Deposits
	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2023		2023		2022		2022		2022
Consumer	$	10,018,931	$	10,158,833	$	10,304,335	$	10,507,946	$	10,554,121
Commercial		8,019,971		8,594,441		8,569,670		8,841,781		8,824,609
Public and Other		2,469,713		1,738,026		1,741,691		1,539,046		1,646,951
Total Deposits	$	20,508,615	$	20,491,300	$	20,615,696	$	20,888,773	$	21,025,681


Average Deposits
	Three Months Ended
	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2023		2023		2022		2022		2022
Consumer	$	9,977,239	$	10,178,988	$	10,295,563	$	10,485,895	$	10,617,060
Commercial		8,138,358		8,611,960		8,588,198		9,002,432		8,874,988
Public and Other		1,903,004		1,639,934		1,457,566		1,375,354		1,077,315
Total Deposits	$	20,018,601	$	20,430,882	$	20,341,327	$	20,863,681	$	20,569,363


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)	2023			2023			2022			2022			2022
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	17		$	31		$	37		$	49		$	85
Commercial Mortgage		3,107			3,216			3,309			3,396			3,462
Total Commercial		3,124			3,247			3,346			3,445			3,547
Consumer
Residential Mortgage		3,504			4,199			4,239			4,945			5,179
Home Equity		3,809			3,638			4,022			4,438			4,435
Total Consumer		7,313			7,837			8,261			9,383			9,614
Total Non-Accrual Loans and Leases		10,437			11,084			11,607			12,828			13,161
Foreclosed Real Estate		1,040			1,040			1,040			1,040			2,332
Total Non-Performing Assets	$	11,477		$	12,124		$	12,647		$	13,868		$	15,493

Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage	$	3,560		$	4,566		$	2,429		$	3,279		$	2,638
Home Equity		2,022			1,723			1,673			1,061			2,029
Automobile		577			598			589			467			359
Other 1		633			632			683			513			508
Total Consumer		6,792			7,519			5,374			5,320			5,534
Total Accruing Loans and Leases Past Due 90 Days or More	$	6,792		$	7,519		$	5,374		$	5,320		$	5,534
Total Loans and Leases	$	13,914,889		$	13,824,522		$	13,646,420		$	13,321,606		$	12,951,573

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.08	%		0.08	%		0.09	%		0.10	%		0.10	%

Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate		0.08	%		0.09	%		0.09	%		0.10	%		0.12	%

Ratio of Non-Performing Assets to Total Assets		0.04	%		0.05	%		0.05	%		0.06	%		0.06	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate		0.06	%		0.06	%		0.06	%		0.07	%		0.07	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate		0.10	%		0.11	%		0.11	%		0.13	%		0.15	%

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		0.13	%		0.14	%		0.13	%		0.14	%		0.16	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	12,124		$	12,647		$	13,868		$	15,493		$	19,979
Additions		1,116			552			704			489			2,293
Reductions
Payments		(226	)		(778	)		(1,605	)		(706	)		(5,511	)
Return to Accrual Status		(1,527	)		(297	)		(301	)		(116	)		(1,267	)
Sales of Foreclosed Real Estate		-			-			-			(1,292	)		-
Charge-offs / Write-downs		(10	)		-			(19	)		-			(1	)
Total Reductions		(1,763	)		(1,075	)		(1,925	)		(2,114	)		(6,779	)
Balance at End of Quarter	$	11,477		$	12,124		$	12,647		$	13,868		$	15,493

1 Comprised of other revolving credit, installment, and lease financing.


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)	2023			2023			2022			2023			2022
Balance at Beginning of Period	$	150,579		$	151,247		$	157,264		$	151,247		$	164,297

Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(203	)		(261	)		(233	)		(464	)		(582	)
Consumer
Residential Mortgage		(6	)		-			(80	)		(6	)		(80	)
Home Equity		(5	)		(50	)		(22	)		(55	)		(90	)
Automobile		(1,293	)		(1,663	)		(1,157	)		(2,956	)		(2,687	)
Other 1		(2,004	)		(2,335	)		(1,854	)		(4,339	)		(3,815	)
Total Loans and Leases Charged-Off		(3,511	)		(4,309	)		(3,346	)		(7,820	)		(7,254	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		103			50			51			153			420
Consumer
Residential Mortgage		58			61			920			119			974
Home Equity		578			184			416			762			931
Automobile		777			672			684			1,449			1,423
Other 1		618			674			644			1,292			1,389
Total Recoveries on Loans and Leases Previously Charged-Off		2,134			1,641			2,715			3,775			5,137
Net Charged-Off - Loans and Leases		(1,377	)		(2,668	)		(631	)		(4,045	)		(2,117	)
Net Charged-Off - Accrued Interest Receivable		-			-			-			-			(47	)
Provision for Credit Losses:
Loans and Leases		3,167			1,806			(2,885	)		4,973			(7,192	)
Accrued Interest Receivable		-			-			-			-			(367	)
Unfunded Commitments		(667	)		194			350			(473	)		(476	)
Total Provision for Credit Losses		2,500			2,000			(2,535	)		4,500			(8,035	)
Balance at End of Period	$	151,702		$	150,579		$	154,098		$	151,702		$	154,098

Components
Allowance for Credit Losses - Loans and Leases	$	145,367		$	143,577		$	148,512		$	145,367		$	148,512
Reserve for Unfunded Commitments		6,335			7,002			5,586			6,335			5,586
Total Reserve for Credit Losses	$	151,702		$	150,579		$	154,098		$	151,702		$	154,098

Average Loans and Leases Outstanding	$	13,876,754		$	13,717,483		$	12,700,825		$	13,797,559		$	12,496,747

Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)		0.04	%		0.08	%		0.02	%		0.06	%		0.03	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 2		1.04	%		1.04	%		1.15	%		1.04	%		1.15	%

1 Comprised of other revolving credit, installment, and lease financing.
2 The 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, 2023
Net Interest Income (Loss)	$	99,814		$	53,673		$	(29,139	)	$	124,348
Provision for Credit Losses		1,392			(15	)		1,123			2,500
Net Interest Income (Loss) After Provision for Credit Losses		98,422			53,688			(30,262	)		121,848
Noninterest Income		31,944			7,939			3,372			43,255
Noninterest Expense		(81,275	)		(19,302	)		(3,459	)		(104,036	)
Income (Loss) Before Income Taxes		49,091			42,325			(30,349	)		61,067
Provision for Income Taxes		(12,645	)		(10,710	)		8,349			(15,006	)
Net Income (Loss)	$	36,446		$	31,615		$	(22,000	)	$	46,061
Total Assets as of June 30, 2023	$	8,739,294		$	5,714,929		$	10,493,713		$	24,947,936

Three Months Ended June 30, 2023 1
Net Interest Income	$	76,872		$	49,791		$	6,239		$	132,902
Provision for Credit Losses		632			(1	)		(3,131	)		(2,500	)
Net Interest Income After Provision for Credit Losses		76,240			49,792			9,370			135,402
Noninterest Income		31,868			8,363			1,927			42,158
Noninterest Expense		(82,856	)		(17,014	)		(3,069	)		(102,939	)
Income Before Income Taxes		25,252			41,141			8,228			74,621
Provision for Income Taxes		(6,339	)		(10,252	)		(1,168	)		(17,759	)
Net Income	$	18,913		$	30,889		$	7,060		$	56,862
Total Assets as of June 30, 2023 1	$	8,205,352		$	5,339,224		$	9,688,123		$	23,232,699

1 Certain 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, 2023
Net Interest Income (Loss)	$	197,822		$	110,378		$	(47,897	)	$	260,303
Provision for Credit Losses		4,061			(16	)		455			4,500
Net Interest Income (Loss) After Provision for Credit Losses		193,761			110,394			(48,352	)		255,803
Noninterest Income		63,098			16,588			4,306			83,992
Noninterest Expense		(166,348	)		(39,591	)		(10,016	)		(215,955	)
Income (Loss) Before Income Taxes		90,511			87,391			(54,062	)		123,840
Provision for Income Taxes		(23,268	)		(21,503	)		13,834			(30,937	)
Net Income (Loss)	$	67,243		$	65,888		$	(40,228	)	$	92,903
Total Assets as of June 30, 2023	$	8,739,294		$	5,714,929		$	10,493,713		$	24,947,936

Six Months Ended June 30, 2022 1
Net Interest Income	$	147,233		$	96,140		$	14,792		$	258,165
Provision for Credit Losses		2,315			(198	)		(10,117	)		(8,000	)
Net Interest Income After Provision for Credit Losses		144,918			96,338			24,909			266,165
Noninterest Income		63,837			18,561			3,311			85,709
Noninterest Expense		(164,666	)		(35,683	)		(6,464	)		(206,813	)
Income Before Income Taxes		44,089			79,216			21,756			145,061
Provision for Income Taxes		(11,053	)		(19,449	)		(2,863	)		(33,365	)
Net Income	$	33,036		$	59,767		$	18,893		$	111,696
Total Assets as of June 30, 2022 1	$	8,205,352		$	5,339,224		$	9,688,123		$	23,232,699

1 Certain 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)	2023				2023				2022				2022				2022
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	144,541			$	136,501			$	128,683			$	115,013			$	101,663
Income on Investment Securities
Available-for-Sale		23,301				23,893				18,476				16,995				17,984
Held-to-Maturity		23,375				23,948				23,708				20,243				18,838
Deposits		18				27				13				10				5
Funds Sold		6,395				3,366				1,093				2,335				719
Other		2,121				597				340				322				353
Total Interest Income		199,751				188,332				172,313				154,918				139,562
Interest Expense
Deposits		53,779				37,794				23,494				10,296				3,535
Securities Sold Under Agreements to Repurchase		5,436				5,377				4,289				2,745				2,794
Funds Purchased		184				704				318				40				57
Short-Term Borrowings		2,510				3,203				1,978				-				92
Other Debt		13,494				5,299				1,496				182				182
Total Interest Expense		75,403				52,377				31,575				13,263				6,660
Net Interest Income		124,348				135,955				140,738				141,655				132,902
Provision for Credit Losses		2,500				2,000				200				-				(2,500	)
Net Interest Income After Provision for Credit Losses		121,848				133,955				140,538				141,655				135,402
Noninterest Income
Trust and Asset Management		11,215				10,690				10,652				10,418				11,457
Mortgage Banking		1,176				1,004				991				1,002				1,247
Service Charges on Deposit Accounts		7,587				7,737				7,513				7,526				7,309
Fees, Exchange, and Other Service Charges		14,150				13,808				13,906				13,863				14,193
Investment Securities Losses, Net		(1,310	)			(1,792	)			(1,124	)			(2,147	)			(1,295	)
Annuity and Insurance		1,038				1,271				1,087				1,034				870
Bank-Owned Life Insurance		2,876				2,842				2,475				2,486				2,658
Other		6,523				5,177				5,672				(3,522	)			5,719
Total Noninterest Income		43,255				40,737				41,172				30,660				42,158
Noninterest Expense
Salaries and Benefits		56,175				65,088				57,639				59,938				57,769
Net Occupancy		9,991				9,872				9,499				10,186				9,930
Net Equipment		10,573				10,375				9,942				9,736				9,543
Data Processing		4,599				4,583				4,579				4,616				4,607
Professional Fees		4,651				3,883				3,958				3,799				3,542
FDIC Insurance		3,173				3,234				1,774				1,680				1,590
Other		14,874				14,884				15,312				15,794				15,958
Total Noninterest Expense		104,036				111,919				102,703				105,749				102,939
Income Before Provision for Income Taxes		61,067				62,773				79,007				66,566				74,621
Provision for Income Taxes		15,006				15,931				17,700				13,765				17,759
Net Income	$	46,061			$	46,842			$	61,307			$	52,801			$	56,862
Preferred Stock Dividends		1,969				1,969				1,969				1,969				1,969
Net Income Available to Common Shareholders	$	44,092			$	44,873			$	59,338			$	50,832			$	54,893

Basic Earnings Per Common Share	$	1.12			$	1.14			$	1.51			$	1.28			$	1.38
Diluted Earnings Per Common Share	$	1.12			$	1.14			$	1.50			$	1.28			$	1.38

Balance Sheet Totals
Loans and Leases	$	13,914,889			$	13,824,522			$	13,646,420			$	13,321,606			$	12,951,573
Total Assets		24,947,936				23,931,977				23,606,877				23,134,040				23,232,699
Total Deposits		20,508,615				20,491,300				20,615,696				20,888,773				21,025,681
Total Shareholders' Equity		1,358,279				1,354,430				1,316,995				1,282,384				1,348,746

Performance Ratios
Return on Average Assets		0.77		%		0.80		%		1.05		%		0.91		%		1.00		%
Return on Average Shareholders' Equity		13.55				14.25				18.91				15.31				16.40
Return on Average Common Equity		14.95				15.79				21.28				16.98				18.19
Efficiency Ratio 1		62.07				63.34				56.46				61.37				58.80
Net Interest Margin 2		2.22				2.47				2.60				2.60				2.47

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
2 Net 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)	May 31, 2023					December 31, 2022								December 31, 2021
Hawaii Economic Trends
State General Fund Revenues 1	$	4,204.9	(3.6	)	%	$	9,441.3				16.0		%	$	8,137.9			26.9		%
General Excise and Use Tax Revenue 1		1,916.0	9.4				4,263.4				18.3				3,604.3			18.6
Jobs 2		657.4					654.5								642.6

										June 30,				December 31,
										2023				2022			2021
Unemployment, seasonally adjusted 3
Statewide											3.0		%		3.7	%		3.2		%
Honolulu County											3.1				3.3			3.7
Hawaii County											3.0				4.7			1.8
Maui County											2.5				4.5			2.4
Kauai County											2.6				4.7			2.7

						June 30,				December 31,
(1-year percentage change, except months of inventory)						2023				2022				2021			2020
Housing Trends (Single Family Oahu) 4
Median Home Price							(5.5	)	%		11.6		%		19.3	%		5.2		%
Home Sales Volume (units)							(34.6	)	%		(23.2	)	%		17.9	%		2.3		%
Months of Inventory							2.6				2.1				0.8			1.4

						Monthly Visitor Arrivals,								Percentage Change
(in thousands)						Not Seasonally Adjusted								from Previous Year
Tourism 5
May 31, 2023											790.5							2.1		%
April 30, 2023											806.2							(0.4	)
March 31, 2023											892.2							13.6
February 28, 2023											733.6							17.6
January 31, 2023											775.1							36.7
December 31, 2022											858.1							14.0
November 30, 2022											725.5							18.2
October 31, 2022											726.1							31.8
September 30, 2022											691.8							37.1
August 31, 2022											829.7							14.8
July 31, 2022											919.2							4.5
June 30, 2022											841.8							6.4
May 31, 2022											774.1							22.9
April 30, 2022											809.6							67.3
March 31, 2022											785.7							78.7
February 28, 2022											623.7							165.1
January 31, 2022											567.2							229.8
December 31,2021											752.8							219.3
November 30, 2021											614.0							234.1
October 31, 2021											550.8							618.2
September 30, 2021											504.6							2,641.0
August 31, 2021											723.0							2,995.6
July 31, 2021											879.6							3,798.4
June 30, 2021											791.1							4,534.7
May 31, 2021											629.7							6,807.4

1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U.S. Bureau of Labor Statistics
3 Source: University of Hawaii Economic Research Organization (UHERO)
4 Source: Honolulu Board of Realtors
5 Source: Hawaii Tourism Authority

Bank of Hawai‘i Corporationsecond quarter 2023 financial report July 24, 2023 Exhibit 99.2

this presentation, and other statements made by the Company in connection with it, may contain forward-looking statements concerning, among other things, forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. we have not committed to update forward-looking statements to reflect later events or circumstances disclosure 2 forward-looking statements

diversified, lower risk loan assets highlights broad & deep market penetration quality balance sheet performance earnings highlights low risk balance sheet construct total deposits increased 0.1% growth attributed to increase in core customer deposits loans and leases increased 0.7% $1.12 earnings per diluted share 1.08% total average cost of deposits $104.0 million noninterest expense 14.95% return on average common equity 0.04% net charge-off rate 0.08% non-performing assets level 79% of loan portfolio real-estate secured with combined wtd avg LTV of 55% commercial real estate (CRE) portfolio comprises 27% of total loans with wtd avg LTV of 56% $1.7 billion in cash & cash equivalents $8.5 billion in readily available liquidity readily available liquidity exceeds uninsured deposits strong liquidity

our deposits through our 125 year history in the islands, Bank of Hawai‘i has developed an exceptionally seasoned deposit base, built one relationship at a time, over many years, and in neighborhoods and communities we understand unique marketplace diversified tenured ✔ ✔ ✔

unique deposit market source: FDIC Annual Summary of Deposits as of June 30, 2022 unique deposit market with five local competitors holding 97% of the bank deposit market

q1 2023 change in deposit balances compares 3/29/23 vs. 12/28/22; small banks data derived from H.8 Assets and Liabilities of Commercial Banks in the United States, Table 9 - Assets and Liabilities of Small Domestically Charted Commercial Banks in the United States, not seasonally adjusted includes: First Hawaiian Bank, Bank of Hawai‘i, American Savings Bank, Central Pacific Bank, and Territorial Savings Bank (1) (2)

majority of deposits insured or collateralized note: as of June 30, 2023

diversified deposit base note: as of June 30, 2023

tenured deposit base note: as of June 30, 2023, numbers may not add up due to rounding

deposit balances $ in billions spot balance increased by 0.1% average balance decreased by 2.0%

cost of fundsinterest-bearing deposits source: S&P Capital IQ; KBW Regional Banking Index (KRX) as of 1/3/23, top quartile represents 25th percentile and bottom quartile represents 75th percentile, when sorted by lowest to highest

cost of fundstotal deposit costs source: S&P Capital IQ; KBW Regional Banking Index (KRX) as of 1/3/23, top quartile represents 25th percentile and bottom quartile represents 75th percentile, when sorted by lowest to highest

deposit beta performance source: S&P Capital IQ; KBW Regional Banking Index (KRX) as of 1/3/23, beta calculated as change in average total deposit rate divided by change in average Fed Funds rate, top quartile represents 25th percentile and bottom quartile represents 75th percentile, when sorted by lowest to highest

readily available liquidity note: as of June 30, 2023, FRB borrowing capacity includes Bank Term Funding Program margins Bank of Hawai‘i carries substantial liquidity lines and equivalents for both day-to-day operational purposes as well as for liquidity backstop purposes

credit performance

lending philosophy note: as of June 30, 2023 we lend in markets we know & to long-standing relationships we understand

de-risking the balance sheet core non-core consumer residential mortgage home equity auto other consumer residential mortgage – land, interest only home equity – purchased auto – Oregon, origination FICO < 680 personal flexline credit card commercial C&I commercial real estate construction leasing scored small business non-relationship SNC large ticket leasing

historical net charge-off rates lower net charge offs through different economic cycles KRX – represents historical average net charge-off rates for banks in the KBW Regional Banking index as of 1/3/23 (source: S&P Capital IQ) all banks – represents historical average net charge-off rates for all FDIC insured banks (source: FDIC)

loan portfolio 40% commercial 72% real estate secured wtd avg LTV 56% 56% w/ BOH ≥ 10 yrs avg bal $0.7MM CRE C&I residential mortgage home equity auto leasing other consumer construction 60% consumer 84% real estate secured wtd avg LTV 54% 57% w/ BOH ≥ 10 yrs avg bal $0.07MM 79% of portfolio secured with real estate with combined weighted average loan to value of 55% note: excludes $14MM in PPP loan balances including deferred costs and fees

commercial real estate (CRE) 27% of total loans $13.9B total loans asset type % total loans wtd avg LTV multi-family 6.5% 59% industrial 5.5% 56% retail 5.2% 55% lodging 4.1% 53% office 2.7% 56% specialty 2.9% 53% other 0.6% 48% total CRE 27.3% 56%

CRE scheduled maturities 10% maturing prior to 2025

CRE office 3% of total loans 56% wtd avg LTV $1.7MM average exposure 26% CBD (Downtown Honolulu) - 63% wtd avg LTV - 47% with repayment guaranties 3% maturing prior to 2025 highlights 56% wtd LTV

CRE tail risk $3.8B CRE LTV > 80% - 0.8% of CRE, 0.2% of total loans

construction 2% of total loans $13.9B total loans asset type % total loans wtd avg LTV housing – low income / affordable 0.8% 63% housing – other 0.1% 46% retail 0.4% 64% industrial 0.2% 67% lodging 0.2% 49% office 0.1% 71% specialty 0.01% 56% total construction 1.7% 62%

credit quality * 75% of total criticized in CRE with 57% wtd avg LTV

financial update

$ in millions NII and NIM = NIM NII and NIM challenges from inverted yield curve and higher short term rates deposit rates and betas remain well below peers $1.7 billion in cash & cash equivalents reduced NIM by approximately 4 bps

asset repricing note: numbers may not add up due to rounding, loans repricing includes $200.0 million of fixed rate loans swapped to floating rate loans, matured/run-off yield for loans includes only fixed-rate loans; matured/run-off yield for investment portfolio excludes security called in 2Q23 matured/run-off yield $7.7B $7.9B reinvestment opportunity

noninterest income $ in millions note: 1Q23 reported noninterest income included a negative $0.6 million adjustment related to a change in the Visa Class B conversion ratio, 2Q23 reported noninterest income includes $1.5 million related to the sale of a low-income housing tax credit investment stable core noninterest income from diverse sources

noninterest expense $ in millions disciplined expense management in challenging operating environment note: 1Q23 reported noninterest expense included seasonal payroll expenses of approximately $4.0 million and separation expenses of $3.1 million

financial summary $ in millions, except per share amounts note: numbers may not add up due to rounding 2Q 2023 1Q 2023 2Q 2022 ∆ 1Q 2023 ∆ 2Q 2022 net interest income $ 124.3 $ 136.0 $ 132.9 $ (11.6) $ (8.6) noninterest income 43.3 40.7 42.2 2.5 1.1 total revenue 167.6 176.7 175.1 (9.1) (7.5) noninterest expense 104.0 111.9 102.9 (7.9) 1.1 operating income 63.6 64.8 72.1 (1.2) (8.6) credit provision 2.5 2.0 (2.5) 0.5 5.0 income taxes 15.0 15.9 17.8 (0.9) (2.8) net income $ 46.1 $ 46.8 $ 56.9 $ (0.8) $ (10.8) net income available to common $ 44.1 $ 44.9 54.9 $ (0.8) $ (10.8) diluted EPS $ 1.12 $ 1.14 $ 1.38 $ (0.02) $ (0.26) return on assets 0.77 % 0.80 % 1.00 % (0.03) % (0.23) % return on common equity 14.95 15.79 18.19 (0.84) (3.24) net interest margin 2.22 2.47 2.47 (0.25) (0.25) efficiency ratio 62.07 63.34 58.80 (1.27) 3.27 end of period balances investment portfolio $ 7,869 $ 8,128 $ 8,277 (3.2) % (4.9) % loans and leases 13,915 13,825 12,952 0.7 7.4 total deposits 20,509 20,491 21,026 0.1 (2.5) shareholders' equity 1,358 1,354 1,349 0.3 0.7

capital note: 2Q23 regulatory capital ratios are preliminary 13.6%

unique and competitively advantageous deposit market high quality deposit base market leading cost of deposits high quality assets exceptional credit quality strong risk-based capital takeaways

Q & A

appendix

loan to deposit ratio source: S&P Capital IQ; KBW Regional Banking Index (KRX) as of 1/3/23, top quartile represents 25th percentile and bottom quartile represents 75th percentile, when sorted by lowest to highest

unemployment experience & forecast source for Hawaii unemployment: University of Hawaii Economic Research Organization (UHERO), seasonally adjusted source for national unemployment: Bureau of Labor Statistics, seasonally adjusted 37

38 visitor arrivals monthly by market, indexed to January 2017 source: Hawaii Department of Business, Economic Development, and Tourism (DBEDT)

revenue per available room revenue per available room (RevPAR) source: Hawaii Department of Business, Economic Development, and Tourism (DBEDT)

single family homes condominiums June 2023 June 2022 June 2019 Δ June 2022 Δ June 2019 June 2023 June 2022 June 2019 Δ June 2022 Δ June 2019 median sales price (000s) $1,050 $1,100 $800 -4.5% 31.3% $510 $534 $433 -4.5% 17.9% months of inventory 2.6 1.5 3.6 1.1 months -1.0 months 2.8 1.6 3.9 1.2 months -1.1 months closed sales 248 357 327 -30.5% -24.2% 470 626 473 -24.9% -0.6% median days on market 17 10 18 7 days 1 day 18 11 27 7 days 9 days stable real estate prices Oahu market indicators – June 2023 source: Honolulu Board of Realtors, compiled from MLS data