EX-99.1 2 boh-ex99_1.htm EX-99.1

Exhibit 99.1

Bank of Hawai‘i Corporation Fourth Quarter 2023 Financial Results

•
2023 Diluted Earnings Per Common Share $4.14
•
Net Income $171.2 Million
•
Diluted Earnings Per Common Share $0.72 for the Fourth Quarter of 2023
•
Net Income $30.4 Million for the Fourth Quarter of 2023
•
Board of Directors Declares Dividend of $0.70 Per Common Share
•
Industry-wide FDIC Special Assessment Resulted in a $14.7 Million Charge in the Fourth Quarter of 2023

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 22, 2024) -- Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted earnings per common share of $4.14 for the full year of 2023 compared with diluted earnings per common share of $5.48 for the full year of 2022. An industry-wide FDIC Special Assessment resulted in a $14.7 million charge in the fourth quarter of 2023 which negatively impacted diluted earnings per common share by $0.29. Net income for the year was $171.2 million, down 24.2% from the previous year. The return on average common equity for the full year of 2023 was 13.89% compared with 17.83% in 2022.

“Bank of Hawai‘i managed through a challenging economic environment in 2023 and delivered strong financial results,” said Peter Ho, Chairman, President, and CEO. “Over the past year, we have demonstrated the resilience of our brand, deposit base and distinct business model. Total deposits were up 2.1% from the prior year and our credit quality remained excellent with non-performing assets of 0.08% at quarter end and net charge offs of 0.05% in the quarter. Our noninterest income held steady and we continued to demonstrate disciplined expense management. We focused on strengthening our balance sheet during the year and we are well positioned to deliver strong results in 2024.”

Diluted earnings per common share for the fourth quarter of 2023 was $0.72, compared with diluted earnings per common share of $1.17 in the previous quarter and $1.50 in the same quarter of 2022. Net income for the fourth quarter of 2023 was $30.4 million, down 36.5% from the previous quarter and down 50.4% from the same quarter of 2022. The return on average common equity for the fourth quarter of 2023 was 9.55% compared with 15.38% in the previous quarter and 21.28% in the same quarter of 2022.

Financial Highlights

Net interest income for the fourth quarter of 2023 was $115.8 million, a decrease of 4.3% from the previous quarter and a decrease of 17.7% from the same quarter of 2022. The decrease in net interest income in the fourth 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 Fourth Quarter 2023 Financial Results |  | Page 2

Net interest margin was 2.13% in the fourth quarter of 2023, unchanged from the previous quarter and a decrease of 47 basis points from the same quarter of 2022. Net interest margin in the fourth quarter of 2023 was negatively impacted by higher funding costs, partially offset by higher earning asset yields.

The average yield on loans and leases was 4.54% in the fourth quarter of 2023, up 20 basis points from the prior quarter and up 73 basis points from the same quarter of 2022. The average yield on total earning assets was 3.85% in the fourth quarter of 2023, up 13 basis points from the prior quarter and up 68 basis points from the same quarter of 2022. The average cost of interest-bearing deposits was 2.30% in the fourth quarter of 2023, up 35 basis points from the prior quarter and up 161 basis points from the same quarter of 2022. The average cost of total deposits, including noninterest-bearing deposits, was 1.67%, up 27 basis points from the prior quarter and up 121 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 $42.3 million in the fourth quarter of 2023, a decrease of 16.0% from the previous quarter and an increase of 2.7% from the same period in 2022. Noninterest income in the third quarter of 2023 included a $14.7 million gain from the early termination of private repurchase agreements, partially offset by a $4.6 million net loss related to investment securities sales and a negative $0.8 million adjustment related to a change in the Visa Class B conversion ratio. Adjusted for these items in the prior quarter, noninterest income increased by 3.0% quarter over quarter.

Noninterest expense was $116.0 million in the fourth quarter of 2023, an increase of 9.8% from the previous quarter and an increase of 12.9% from the same quarter of 2022. Noninterest expense in the fourth quarter of 2023 included an industry-wide FDIC Special Assessment of $14.7 million and $1.7 million of expense savings that are not expected to recur in 2024. Noninterest expense in the third quarter of 2023 included separation expenses of $2.1 million and extraordinary expenses related to the Maui wildfires of $0.4 million. Adjusted core noninterest expense in the fourth quarter of 2023 was $102.9 million, down slightly from adjusted noninterest expense in the previous quarter and up 0.2% from the noninterest expense in the same period in 2022.

The effective tax rate for the fourth quarter of 2023 was 23.25% compared with 24.76% in the previous quarter and 22.40% during the same quarter of 2022. The decrease in the effective tax rate on a linked quarter basis was mainly due to discrete tax items recognized in the fourth quarter. The year over year increase was primarily due to tax benefits in the fourth quarter of 2022 related to our agreement to sell assets that terminated certain leveraged leases.

Asset Quality

The Company’s overall asset quality remained strong during the fourth quarter of 2023. Provision for credit losses for the fourth quarter of 2023 was $2.5 million compared with $2.0 million in the previous quarter and $0.2 million in the same quarter of 2022.

Total non-performing assets were $11.7 million at December 31, 2023, up $0.2 million from September 30, 2023 and down $0.9 million from December 31, 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, unchanged from the end of the prior quarter and a decrease of 1 basis point from the same quarter of 2022.

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

Net loan and lease charge-offs during the fourth quarter of 2023 were $1.7 million or 5 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the fourth quarter of 2023 were comprised of charge-offs of $3.5 million partially offset by recoveries of $1.8 million. Compared to the prior quarter, net loan and lease charge-offs decreased by $0.3 million or 1 basis point annualized on total average loans and leases outstanding. Compared to the same quarter of 2022, net loan and lease charge-offs decreased by $0.1 million.

The allowance for credit losses on loans and leases was $146.4 million at December 31, 2023, an increase of $1.1 million from September 30, 2023 and an increase of $2.0 million from December 31, 2022. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.05% at the end of the quarter, up 1 basis point from the end of the prior quarter and down 1 basis point from the same quarter of 2022.

Balance Sheet

Total assets were $23.7 billion at December 31, 2023, an increase of 0.8% from September 30, 2023 and an increase of 0.5% from December 31, 2022. The increase from the prior quarter was primarily due to an increase in funds sold. The increase from the same period in 2022 was primarily due to increases in funds sold and loans and leases partially offset by a decrease in investment securities.

The investment securities portfolio was $7.4 billion at December 31, 2023, a decrease of 0.9% from September 30, 2023 and a decrease of 10.3% from December 31, 2022. The decrease from the prior quarter was mainly due to cashflows from the portfolio not being reinvested into securities. The decrease from the same period in 2022 was primarily due to $159.1 million of investment securities sold in the third quarter of 2023 and 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 $14.0 billion at December 31, 2023, an increase of 0.3% from September 30, 2023 and an increase of 2.3% from December 31, 2022. Total commercial loans were $5.8 billion at December 31, 2023, an increase of 1.7% from the prior quarter and an increase of 5.7% from the same quarter of 2022, primarily due to an increase in our commercial and industrial portfolio. Total consumer loans were $8.2 billion as of December 31, 2023, a decrease of 0.6% from the prior quarter and an increase of 0.1% from the same period in 2022.

Total deposits were $21.1 billion at December 31, 2023, an increase of 1.2% from September 30, 2023 and an increase of 2.1% from December 31, 2022. Noninterest-bearing deposits made up 29% of total deposit balances as of December 31, 2023, up from 27% as of September 30, 2023, and down from 33% as of December 31, 2022. Average total deposits were $20.7 billion for the fourth quarter of 2023, up 1.0% from $20.5 billion in the prior quarter, and up 1.8% from $20.3 billion in the fourth quarter of 2022. As of December 31, 2023, insured and uninsured but collateralized deposits represent 58% of total deposit balances, relatively flat from 58% as of September 30, 2023, and up from 57% as of December 31, 2022. As of December 31, 2023, our readily available liquidity of $10.2 billion exceeded total uninsured and uncollateralized deposits of $8.9 billion.

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

Capital and Dividends

The Company’s capital levels increased quarter over quarter and remain well above regulatory well-capitalized minimums.

The Tier 1 Capital Ratio was 12.56% at December 31, 2023 compared with 12.53% at September 30, 2023 and 12.15% at December 31, 2022. The Tier 1 Leverage Ratio was 7.51% at December 31, 2023, up 29 basis points from 7.22% at September 30, 2023 and up 14 basis points from 7.37% at December 31, 2022. The increases from the prior quarter were due to an increase in Tier 1 capital as a result of retained earnings growth and a decrease in average total assets. The increases from the same period in 2022 were mainly due to an increase in Tier 1 capital as a result of retained earnings growth.

No shares of common stock were repurchased under the share repurchase program in the fourth quarter of 2023. Total remaining buyback authority under the share repurchase program was $126.0 million at December 31, 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 March 14, 2024 to shareholders of record at the close of business on February 29, 2024.

On January 5, 2024, the Company announced that 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 February 1, 2024 to shareholders of record of the preferred stock as of the close of business on January 16, 2024.

Conference Call Information

The Company will review its fourth quarter financial results today at 8:00 a.m. Hawai‘i Time (1:00 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/BIa96006b6de704a3690a1e0eeb5330a09. A replay of the webcast will be available for one year beginning approximately 11:00 a.m. Hawai‘i Time on Monday, January 22, 2024. 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.

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Bank of Hawai‘i Corporation Fourth 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, June 30, 2023 and September 30, 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 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.

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Bank of Hawai‘i Corporation and Subsidiaries |  |  |  |  |  |  |  |
Financial Highlights |  |  |  |  |  |  |  |  |  |  | Table 1
| Three Months Ended |  |  | Year Ended
| December 31, |  |  | September 30, |  |  | December 31, |  |  | December 31, |  |
(dollars in thousands, except per share amounts) | 2023 |  |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |  |
For the Period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Interest Income | $ | 115,785 |  |  | $ | 120,937 |  |  | $ | 140,738 |  |  | $ | 497,025 |  |  | $ | 540,558 |  |
Provision for Credit Losses |  | 2,500 |  |  |  | 2,000 |  |  |  | 200 |  |  |  | 9,000 |  |  |  | (7,800 | ) |
Total Noninterest Income |  | 42,283 |  |  |  | 50,334 |  |  |  | 41,172 |  |  |  | 176,609 |  |  |  | 157,541 |  |
Total Noninterest Expense |  | 115,962 |  |  |  | 105,601 |  |  |  | 102,703 |  |  |  | 437,518 |  |  |  | 415,265 |  |
Pre-Provision Net Revenue |  | 42,106 |  |  |  | 65,670 |  |  |  | 79,207 |  |  |  | 236,116 |  |  |  | 282,834 |  |
Net Income |  | 30,396 |  |  |  | 47,903 |  |  |  | 61,307 |  |  |  | 171,202 |  |  |  | 225,804 |  |
Net Income Available to Common Shareholders 1 |  | 28,427 |  |  |  | 45,934 |  |  |  | 59,338 |  |  |  | 163,326 |  |  |  | 217,928 |  |
Basic Earnings Per Common Share |  | 0.72 |  |  |  | 1.17 |  |  |  | 1.51 |  |  |  | 4.16 |  |  |  | 5.50 |  |
Diluted Earnings Per Common Share |  | 0.72 |  |  |  | 1.17 |  |  |  | 1.50 |  |  |  | 4.14 |  |  |  | 5.48 |  |
Dividends Declared Per Common Share |  | 0.70 |  |  |  | 0.70 |  |  |  | 0.70 |  |  |  | 2.80 |  |  |  | 2.80 |  |
Performance Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on Average Assets |  | 0.51 |  | % |  | 0.78 |  | % |  | 1.05 |  | % |  | 0.71 |  | % |  | 0.98 |  | %
Return on Average Shareholders' Equity |  | 8.86 |  |  |  | 13.92 |  |  |  | 18.91 |  |  |  | 12.63 |  |  |  | 16.10 |  |
Return on Average Common Equity |  | 9.55 |  |  |  | 15.38 |  |  |  | 21.28 |  |  |  | 13.89 |  |  |  | 17.83 |  |
Efficiency Ratio 2 |  | 73.36 |  |  |  | 61.66 |  |  |  | 56.46 |  |  |  | 64.95 |  |  |  | 59.49 |  |
Net Interest Margin 3 |  | 2.13 |  |  |  | 2.13 |  |  |  | 2.60 |  |  |  | 2.24 |  |  |  | 2.50 |  |
Dividend Payout Ratio 4 |  | 97.22 |  |  |  | 59.83 |  |  |  | 46.36 |  |  |  | 67.31 |  |  |  | 50.91 |  |
Average Shareholders' Equity to Average Assets |  | 5.80 |  |  |  | 5.60 |  |  |  | 5.56 |  |  |  | 5.66 |  |  |  | 6.10 |  |
Average Balances |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average Loans and Leases | $ | 13,906,114 |  |  | $ | 13,903,214 |  |  | $ | 13,452,791 |  |  | $ | 13,851,551 |  |  | $ | 12,896,510 |  |
Average Assets |  | 23,449,215 |  |  |  | 24,387,421 |  |  |  | 23,147,398 |  |  |  | 23,954,186 |  |  |  | 23,006,671 |  |
Average Deposits |  | 20,704,070 |  |  |  | 20,492,082 |  |  |  | 20,341,327 |  |  |  | 20,412,378 |  |  |  | 20,550,739 |  |
Average Shareholders' Equity |  | 1,360,641 |  |  |  | 1,365,143 |  |  |  | 1,286,291 |  |  |  | 1,355,536 |  |  |  | 1,402,533 |  |
Per Share of Common Stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Book Value | $ | 31.05 |  |  | $ | 29.78 |  |  | $ | 28.54 |  |  | $ | 31.05 |  |  | $ | 28.54 |  |
Tangible Book Value |  | 30.25 |  |  |  | 28.99 |  |  |  | 27.75 |  |  |  | 30.25 |  |  |  | 27.75 |  |
Market Value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Closing |  | 72.46 |  |  |  | 49.69 |  |  |  | 77.56 |  |  |  | 72.46 |  |  |  | 77.56 |  |
High |  | 75.19 |  |  |  | 58.63 |  |  |  | 82.87 |  |  |  | 81.73 |  |  |  | 92.38 |  |
Low |  | 45.56 |  |  |  | 39.02 |  |  |  | 70.15 |  |  |  | 30.83 |  |  |  | 70.15 |  |
|  |  |  |  |  |  | December 31, |  |  | September 30, |  |  | December 31, |  |
|  |  |  |  |  |  | 2023 |  |  | 2023 |  |  | 2022 |  |
As of Period End: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance Sheet Totals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and Leases |  |  |  |  |  |  | $ | 13,965,026 |  |  | $ | 13,919,491 |  |  | $ | 13,646,420 |  |
Total Assets |  |  |  |  |  |  |  | 23,733,296 |  |  |  | 23,549,785 |  |  |  | 23,606,877 |  |
Total Deposits |  |  |  |  |  |  |  | 21,055,045 |  |  |  | 20,802,309 |  |  |  | 20,615,696 |  |
Other Debt |  |  |  |  |  |  |  | 560,190 |  |  |  | 560,217 |  |  |  | 410,294 |  |
Total Shareholders' Equity |  |  |  |  |  |  |  | 1,414,242 |  |  |  | 1,363,840 |  |  |  | 1,316,995 |  |
Asset Quality |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-Performing Assets |  |  |  |  |  |  | $ | 11,747 |  |  | $ | 11,519 |  |  | $ | 12,647 |  |
Allowance for Credit Losses - Loans and Leases |  |  |  |  |  |  |  | 146,403 |  |  |  | 145,263 |  |  |  | 144,439 |  |
Allowance to Loans and Leases Outstanding 5 |  |  |  |  |  |  |  | 1.05 |  | % |  | 1.04 |  | % |  | 1.06 |  | %
Capital Ratios 6 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Equity Tier 1 Capital Ratio |  |  |  |  |  |  |  | 11.33 |  | % |  | 11.29 |  | % |  | 10.92 |  | %
Tier 1 Capital Ratio |  |  |  |  |  |  |  | 12.56 |  |  |  | 12.53 |  |  |  | 12.15 |  |
Total Capital Ratio |  |  |  |  |  |  |  | 13.60 |  |  |  | 13.56 |  |  |  | 13.17 |  |
Tier 1 Leverage Ratio |  |  |  |  |  |  |  | 7.51 |  |  |  | 7.22 |  |  |  | 7.37 |  |
Total Shareholders' Equity to Total Assets |  |  |  |  |  |  |  | 5.96 |  |  |  | 5.79 |  |  |  | 5.58 |  |
Tangible Common Equity to Tangible Assets 7 |  |  |  |  |  |  |  | 5.07 |  |  |  | 4.90 |  |  |  | 4.69 |  |
Tangible Common Equity to Risk-Weighted Assets 7 |  |  |  |  |  |  |  | 8.45 |  |  |  | 8.10 |  |  |  | 7.76 |  |
Non-Financial Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Full-Time Equivalent Employees |  |  |  |  |  |  |  | 1,899 |  |  |  | 1,919 |  |  |  | 2,076 |  |
Branches |  |  |  |  |  |  |  | 51 |  |  |  | 51 |  |  |  | 51 |  |
ATMs |  |  |  |  |  |  |  | 318 |  |  |  | 320 |  |  |  | 320 |  |
1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
3 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
4 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
5 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
6 Regulatory capital ratios as of December 31, 2023 are preliminary.
7 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 |
| December 31, |  | September 30, |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |
Total Shareholders' Equity | $ | 1,414,242 |  | $ | 1,363,840 |  | $ | 1,316,995 |
Less: Preferred Stock |  | 180,000 |  |  | 180,000 |  |  | 180,000 |
Goodwill |  | 31,517 |  |  | 31,517 |  |  | 31,517 |
Tangible Common Equity | $ | 1,202,725 |  | $ | 1,152,323 |  | $ | 1,105,478 |
Total Assets | $ | 23,733,296 |  | $ | 23,549,785 |  | $ | 23,606,877 |
Less: Goodwill |  | 31,517 |  |  | 31,517 |  |  | 31,517 |
Tangible Assets | $ | 23,701,779 |  | $ | 23,518,268 |  | $ | 23,575,360 |
Risk-Weighted Assets, determined in accordance |  |  |  |  |  |
with prescribed regulatory requirements 1 | $ | 14,226,780 |  | $ | 14,222,825 |  | $ | 14,238,798 |
Total Shareholders' Equity to Total Assets |  | 5.96 | % |  | 5.79 | % |  | 5.58 | %
Tangible Common Equity to Tangible Assets (Non-GAAP) |  | 5.07 | % |  | 4.90 | % |  | 4.69 | %
Tier 1 Capital Ratio 1 |  | 12.56 | % |  | 12.53 | % |  | 12.15 | %
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 |  | 8.45 | % |  | 8.10 | % |  | 7.76 | %
1 Regulatory capital ratios as of December 31, 2023 are preliminary. |  |  |  |  |  |

Bank of Hawai‘i Corporation and Subsidiaries |  |  |  |  |  |
Consolidated Statements of Income |  |  |  |  |  |  | Table 3 |
| Three Months Ended |  |  | Year Ended |
| December 31, |  | September 30, |  | December 31, |  |  | December 31, |
(dollars in thousands, except per share amounts) | 2023 |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Interest Income |  |  |  |  |  |  |  |  |  |  |
Interest and Fees on Loans and Leases | $ | 158,324 |  | $ | 151,245 |  | $ | 128,683 |  |  | $ | 590,611 |  | $ | 439,798 |
Income on Investment Securities |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  | 22,782 |  |  | 23,552 |  |  | 18,476 |  |  |  | 93,528 |  |  | 70,555 |
Held-to-Maturity |  | 22,589 |  |  | 22,838 |  |  | 23,708 |  |  |  | 92,750 |  |  | 81,490 |
Deposits |  | 23 |  |  | 18 |  |  | 13 |  |  |  | 86 |  |  | 32 |
Funds Sold |  | 5,705 |  |  | 12,828 |  |  | 1,093 |  |  |  | 28,294 |  |  | 4,274 |
Other |  | 924 |  |  | 1,464 |  |  | 340 |  |  |  | 5,106 |  |  | 1,217 |
Total Interest Income |  | 210,347 |  |  | 211,945 |  |  | 172,313 |  |  |  | 810,375 |  |  | 597,366 |
Interest Expense |  |  |  |  |  |  |  |  |  |  |
Deposits |  | 87,121 |  |  | 72,153 |  |  | 23,494 |  |  |  | 250,847 |  |  | 39,678 |
Securities Sold Under Agreements to Repurchase |  | 1,459 |  |  | 4,034 |  |  | 4,289 |  |  |  | 16,306 |  |  | 12,600 |
Funds Purchased |  | - |  |  | - |  |  | 318 |  |  |  | 888 |  |  | 417 |
Short-Term Borrowings |  | - |  |  | - |  |  | 1,978 |  |  |  | 5,713 |  |  | 2,070 |
Other Debt |  | 5,982 |  |  | 14,821 |  |  | 1,496 |  |  |  | 39,596 |  |  | 2,043 |
Total Interest Expense |  | 94,562 |  |  | 91,008 |  |  | 31,575 |  |  |  | 313,350 |  |  | 56,808 |
Net Interest Income |  | 115,785 |  |  | 120,937 |  |  | 140,738 |  |  |  | 497,025 |  |  | 540,558 |
Provision for Credit Losses |  | 2,500 |  |  | 2,000 |  |  | 200 |  |  |  | 9,000 |  |  | (7,800 | )
Net Interest Income After Provision for Credit Losses |  | 113,285 |  |  | 118,937 |  |  | 140,538 |  |  |  | 488,025 |  |  | 548,358 |
Noninterest Income |  |  |  |  |  |  |  |  |  |  |
Trust and Asset Management |  | 11,144 |  |  | 10,548 |  |  | 10,652 |  |  |  | 43,597 |  |  | 43,803 |
Mortgage Banking |  | 1,016 |  |  | 1,059 |  |  | 991 |  |  |  | 4,255 |  |  | 5,980 |
Service Charges on Deposit Accounts |  | 7,949 |  |  | 7,843 |  |  | 7,513 |  |  |  | 31,116 |  |  | 29,620 |
Fees, Exchange, and Other Service Charges |  | 13,774 |  |  | 13,824 |  |  | 13,906 |  |  |  | 55,556 |  |  | 54,914 |
Investment Securities Losses, Net |  | (1,619 | ) |  | (6,734 | ) |  | (1,124 | ) |  |  | (11,455 | ) |  | (6,111 | )
Annuity and Insurance |  | 1,271 |  |  | 1,156 |  |  | 1,087 |  |  |  | 4,736 |  |  | 3,782 |
Bank-Owned Life Insurance |  | 3,176 |  |  | 2,749 |  |  | 2,475 |  |  |  | 11,643 |  |  | 9,968 |
Other |  | 5,572 |  |  | 19,889 |  |  | 5,672 |  |  |  | 37,161 |  |  | 15,585 |
Total Noninterest Income |  | 42,283 |  |  | 50,334 |  |  | 41,172 |  |  |  | 176,609 |  |  | 157,541 |
Noninterest Expense |  |  |  |  |  |  |  |  |  |  |
Salaries and Benefits |  | 53,991 |  |  | 58,825 |  |  | 57,639 |  |  |  | 234,079 |  |  | 235,270 |
Net Occupancy |  | 9,734 |  |  | 10,327 |  |  | 9,499 |  |  |  | 39,924 |  |  | 39,441 |
Net Equipment |  | 9,826 |  |  | 9,477 |  |  | 9,942 |  |  |  | 40,251 |  |  | 38,374 |
Data Processing |  | 4,948 |  |  | 4,706 |  |  | 4,579 |  |  |  | 18,836 |  |  | 18,362 |
Professional Fees |  | 5,079 |  |  | 3,846 |  |  | 3,958 |  |  |  | 17,459 |  |  | 14,557 |
FDIC Insurance |  | 18,545 |  |  | 3,361 |  |  | 1,774 |  |  |  | 28,313 |  |  | 6,546 |
Other |  | 13,839 |  |  | 15,059 |  |  | 15,312 |  |  |  | 58,656 |  |  | 62,715 |
Total Noninterest Expense |  | 115,962 |  |  | 105,601 |  |  | 102,703 |  |  |  | 437,518 |  |  | 415,265 |
Income Before Provision for Income Taxes |  | 39,606 |  |  | 63,670 |  |  | 79,007 |  |  |  | 227,116 |  |  | 290,634 |
Provision for Income Taxes |  | 9,210 |  |  | 15,767 |  |  | 17,700 |  |  |  | 55,914 |  |  | 64,830 |
Net Income | $ | 30,396 |  | $ | 47,903 |  | $ | 61,307 |  |  | $ | 171,202 |  | $ | 225,804 |
Preferred Stock Dividends |  | 1,969 |  |  | 1,969 |  |  | 1,969 |  |  |  | 7,877 |  |  | 7,877 |
Net Income Available to Common Shareholders | $ | 28,427 |  | $ | 45,934 |  | $ | 59,338 |  |  | $ | 163,325 |  | $ | 217,927 |
Basic Earnings Per Common Share | $ | 0.72 |  | $ | 1.17 |  | $ | 1.51 |  |  | $ | 4.16 |  | $ | 5.50 |
Diluted Earnings Per Common Share | $ | 0.72 |  | $ | 1.17 |  | $ | 1.50 |  |  | $ | 4.14 |  | $ | 5.48 |
Dividends Declared Per Common Share | $ | 0.70 |  | $ | 0.70 |  | $ | 0.70 |  |  | $ | 2.80 |  | $ | 2.80 |
Basic Weighted Average Common Shares |  | 39,303,525 |  |  | 39,274,626 |  |  | 39,395,338 |  |  |  | 39,274,291 |  |  | 39,601,089 |
Diluted Weighted Average Common Shares |  | 39,539,191 |  |  | 39,420,531 |  |  | 39,618,896 |  |  |  | 39,428,912 |  |  | 39,788,002 |

Bank of Hawai‘i Corporation and Subsidiaries |  |  |
Consolidated Statements of Comprehensive Income (Loss) |  |  | Table 4
| Three Months Ended |  | Year Ended
| December 31, | September 30, | December 31, |  | December 31,
(dollars in thousands) | 2023 | 2023 | 2022 |  | 2023 | 2022
Net Income | $30,396 | $47,903 | $61,307 |  | $171,202 | $225,804
Other Comprehensive Income (Loss), Net of Tax: |  |  |  |  |  |
Net Unrealized Gains (Losses) on Investment Securities | 43,357 | (18,264) | 5,677 |  | 36,152 | (376,694)
Defined Benefit Plans | 1,566 | 84 | 7,359 |  | 1,818 | 8,418
Other Comprehensive Income (Loss) | 44,923 | (18,180) | 13,036 |  | 37,970 | (368,276)
Comprehensive Income (Loss) | $75,319 | $29,723 | $74,343 |  | $209,172 | $(142,472)

Bank of Hawai‘i Corporation and Subsidiaries |  |  |  |  |
Consolidated Statements of Condition |  |  |  | Table 5 |
| December 31, |  | September 30, |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |
Assets |  |  |  |  |  |
Interest-Bearing Deposits in Other Banks | $ | 2,761 |  | $ | 4,676 |  | $ | 3,724 |
Funds Sold |  | 690,112 |  |  | 386,086 |  |  | 81,364 |
Investment Securities |  |  |  |  |  |
Available-for-Sale |  | 2,408,933 |  |  | 2,387,324 |  |  | 2,844,823 |
Held-to-Maturity (Fair Value of $4,253,637; $4,104,469; and $4,615,393) |  | 4,997,335 |  |  | 5,088,013 |  |  | 5,414,139 |
Loans Held for Sale |  | 3,124 |  |  | 1,450 |  |  | 1,035 |
Loans and Leases |  | 13,965,026 |  |  | 13,919,491 |  |  | 13,646,420 |
Allowance for Credit Losses |  | (146,403 | ) |  | (145,263 | ) |  | (144,439 | )
Net Loans and Leases |  | 13,818,623 |  |  | 13,774,228 |  |  | 13,501,981 |
Total Earning Assets |  | 21,920,888 |  |  | 21,641,777 |  |  | 21,847,066 |
Cash and Due from Banks |  | 308,071 |  |  | 261,464 |  |  | 316,679 |
Premises and Equipment, Net |  | 194,855 |  |  | 196,094 |  |  | 206,777 |
Operating Lease Right-of-Use Assets |  | 86,110 |  |  | 86,896 |  |  | 92,307 |
Accrued Interest Receivable |  | 66,525 |  |  | 65,541 |  |  | 61,002 |
Foreclosed Real Estate |  | 2,098 |  |  | 1,040 |  |  | 1,040 |
Mortgage Servicing Rights |  | 20,880 |  |  | 21,273 |  |  | 22,619 |
Goodwill |  | 31,517 |  |  | 31,517 |  |  | 31,517 |
Bank-Owned Life Insurance |  | 462,894 |  |  | 458,260 |  |  | 453,882 |
Other Assets |  | 639,458 |  |  | 785,923 |  |  | 573,988 |
Total Assets | $ | 23,733,296 |  | $ | 23,549,785 |  | $ | 23,606,877 |
Liabilities |  |  |  |  |  |
Deposits |  |  |  |  |  |
Noninterest-Bearing Demand | $ | 6,058,554 |  | $ | 5,687,442 |  | $ | 6,714,982 |
Interest-Bearing Demand |  | 3,749,717 |  |  | 3,925,469 |  |  | 4,232,567 |
Savings |  | 8,189,472 |  |  | 8,530,384 |  |  | 7,962,410 |
Time |  | 3,057,302 |  |  | 2,659,014 |  |  | 1,705,737 |
Total Deposits |  | 21,055,045 |  |  | 20,802,309 |  |  | 20,615,696 |
Securities Sold Under Agreements to Repurchase |  | 150,490 |  |  | 150,490 |  |  | 725,490 |
Other Debt |  | 560,190 |  |  | 560,217 |  |  | 410,294 |
Operating Lease Liabilities |  | 94,693 |  |  | 95,453 |  |  | 100,526 |
Retirement Benefits Payable |  | 23,673 |  |  | 26,074 |  |  | 26,991 |
Accrued Interest Payable |  | 41,023 |  |  | 33,434 |  |  | 9,698 |
Taxes Payable |  | 7,636 |  |  | 6,965 |  |  | 7,104 |
Other Liabilities |  | 386,304 |  |  | 511,003 |  |  | 394,083 |
Total Liabilities |  | 22,319,054 |  |  | 22,185,945 |  |  | 22,289,882 |
Shareholders' Equity |  |  |  |  |  |
Preferred Stock ($.01 par value; authorized 180,000 shares; |  |  |  |  |  |
issued / outstanding: December 31, 2023; September 30, 2023; |  |  |  |  |  |
and December 31, 2022 - 180,000) |  | 180,000 |  |  | 180,000 |  |  | 180,000 |
Common Stock ($.01 par value; authorized 500,000,000 shares; |  |  |  |  |  |
issued / outstanding: December 31, 2023 - 58,755,465 / 39,753,138; |  |  |  |  |  |
September 30, 2023 - 58,767,820 / 39,748,700; and December 31, 2022 - 58,733,625 / 39,835,750) |  | 583 |  |  | 583 |  |  | 582 |
Capital Surplus |  | 636,422 |  |  | 632,425 |  |  | 620,578 |
Accumulated Other Comprehensive Loss |  | (396,688 | ) |  | (441,611 | ) |  | (434,658 | )
Retained Earnings |  | 2,107,569 |  |  | 2,108,702 |  |  | 2,055,912 |
Treasury Stock, at Cost (Shares: December 31, 2023 - 19,002,327; September 30, 2023 - 19,019,120; |  |  |  |  |  |
and December 31, 2022 - 18,897,875) |  | (1,113,644 | ) |  | (1,116,259 | ) |  | (1,105,419 | )
Total Shareholders' Equity |  | 1,414,242 |  |  | 1,363,840 |  |  | 1,316,995 |
Total Liabilities and Shareholders' Equity | $ | 23,733,296 |  | $ | 23,549,785 |  | $ | 23,606,877 |

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, 2021 |  | 180,000 |  | $ | 180,000 |  |  | 40,253,193 |  | $ | 581 |  | $ | 602,508 |  | $ | (66,382 | ) | $ | 1,950,375 |  | $ | (1,055,471 | ) | $ | 1,611,611 |
Net Income |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 225,804 |  |  | - |  |  | 225,804 |
Other Comprehensive Loss |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (368,276 | ) |  | - |  |  | - |  |  | (368,276 | )
Share-Based Compensation |  | - |  |  | - |  |  | - |  |  | - |  |  | 16,066 |  |  | - |  |  | - |  |  | - |  |  | 16,066 |
Common Stock Issued under Purchase and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation Plans and Related Tax Benefits |  | - |  |  | - |  |  | 272,007 |  |  | 1 |  |  | 2,004 |  |  | - |  |  | 167 |  |  | 5,115 |  |  | 7,287 |
Common Stock Repurchased |  | - |  |  | - |  |  | (689,450 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (55,063 | ) |  | (55,063 | )
Cash Dividends Declared Common Stock ($2.80 per share) |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (112,557 | ) |  | - |  |  | (112,557 | )
Cash Dividends Declared Preferred Stock |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (7,877 | ) |  | - |  |  | (7,877 | )
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 |  | - |  | $ | - |  |  | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 171,202 |  | $ | - |  | $ | 171,202 |
Other Comprehensive Income |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 37,970 |  |  | - |  |  | - |  |  | 37,970 |
Share-Based Compensation |  | - |  |  | - |  |  | - |  |  | - |  |  | 15,656 |  |  | - |  |  | - |  |  | - |  |  | 15,656 |
Common Stock Issued under Purchase and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compensation Plans and Related Tax Benefits |  | - |  |  | - |  |  | 130,286 |  |  | 1 |  |  | 188 |  |  | - |  |  | 127 |  |  | 6,065 |  |  | 6,381 |
Common Stock Repurchased |  | - |  |  | - |  |  | (212,898 | ) |  | - |  |  | - |  |  | - |  |  | - |  |  | (14,290 | ) |  | (14,290 | )
Cash Dividends Declared Common Stock ($2.80 per share) |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (111,795 | ) |  | - |  |  | (111,795 | )
Cash Dividends Declared Preferred Stock |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |  |  | (7,877 | ) |  | - |  |  | (7,877 | )
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 |

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 |  |
| December 31, 2023 |  |  | September 30, 2023 |  |  | December 31, 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 | $ | 4.3 |  | $ | - |  |  | 2.08 |  | % | $ | 2.9 |  | $ | - |  |  | 2.40 |  | % | $ | 2.2 |  | $ | - |  |  | 2.32 |  | %
Funds Sold |  | 415.0 |  |  | 5.7 |  |  | 5.38 |  |  |  | 944.8 |  |  | 12.8 |  |  | 5.31 |  |  |  | 118.1 |  |  | 1.2 |  |  | 3.62 |  |
Investment Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | 2,362.4 |  |  | 22.8 |  |  | 3.84 |  |  |  | 2,605.4 |  |  | 23.5 |  |  | 3.60 |  |  |  | 2,593.5 |  |  | 18.4 |  |  | 2.83 |  |
Non-Taxable |  | 1.8 |  |  | - |  |  | 1.90 |  |  |  | 3.5 |  |  | - |  |  | 3.21 |  |  |  | 7.5 |  |  | 0.1 |  |  | 4.14 |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | 5,013.6 |  |  | 22.4 |  |  | 1.79 |  |  |  | 5,118.6 |  |  | 22.7 |  |  | 1.77 |  |  |  | 5,401.9 |  |  | 23.5 |  |  | 1.74 |  |
Non-Taxable |  | 34.9 |  |  | 0.2 |  |  | 2.10 |  |  |  | 35.0 |  |  | 0.2 |  |  | 2.10 |  |  |  | 35.4 |  |  | 0.2 |  |  | 2.10 |  |
Total Investment Securities |  | 7,412.7 |  |  | 45.4 |  |  | 2.45 |  |  |  | 7,762.5 |  |  | 46.4 |  |  | 2.39 |  |  |  | 8,038.3 |  |  | 42.2 |  |  | 2.10 |  |
Loans Held for Sale |  | 3.8 |  |  | 0.1 |  |  | 6.89 |  |  |  | 3.8 |  |  | 0.1 |  |  | 6.28 |  |  |  | 3.3 |  |  | - |  |  | 5.65 |  |
Loans and Leases 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | 1,603.5 |  |  | 21.3 |  |  | 5.27 |  |  |  | 1,515.0 |  |  | 18.9 |  |  | 4.96 |  |  |  | 1,379.9 |  |  | 14.8 |  |  | 4.25 |  |
Paycheck Protection Program |  | 11.9 |  |  | - |  |  | 1.36 |  |  |  | 13.1 |  |  | - |  |  | 1.32 |  |  |  | 21.3 |  |  | 0.1 |  |  | 2.30 |  |
Commercial Mortgage |  | 3,760.1 |  |  | 51.5 |  |  | 5.42 |  |  |  | 3,792.6 |  |  | 51.1 |  |  | 5.35 |  |  |  | 3,627.4 |  |  | 40.6 |  |  | 4.44 |  |
Construction |  | 279.5 |  |  | 4.8 |  |  | 6.84 |  |  |  | 241.9 |  |  | 3.7 |  |  | 6.09 |  |  |  | 246.9 |  |  | 3.3 |  |  | 5.29 |  |
Commercial Lease Financing |  | 60.1 |  |  | 0.3 |  |  | 1.95 |  |  |  | 62.6 |  |  | 0.3 |  |  | 1.84 |  |  |  | 72.0 |  |  | 0.3 |  |  | 1.49 |  |
Residential Mortgage |  | 4,676.0 |  |  | 45.1 |  |  | 3.86 |  |  |  | 4,715.3 |  |  | 42.8 |  |  | 3.62 |  |  |  | 4,617.9 |  |  | 38.9 |  |  | 3.37 |  |
Home Equity |  | 2,276.2 |  |  | 20.9 |  |  | 3.65 |  |  |  | 2,283.5 |  |  | 20.1 |  |  | 3.49 |  |  |  | 2,207.7 |  |  | 17.9 |  |  | 3.23 |  |
Automobile |  | 845.7 |  |  | 8.6 |  |  | 4.02 |  |  |  | 868.0 |  |  | 8.2 |  |  | 3.75 |  |  |  | 851.1 |  |  | 7.0 |  |  | 3.29 |  |
Other 4 |  | 393.1 |  |  | 6.3 |  |  | 6.40 |  |  |  | 411.2 |  |  | 6.5 |  |  | 6.24 |  |  |  | 428.6 |  |  | 6.1 |  |  | 5.64 |  |
Total Loans and Leases |  | 13,906.1 |  |  | 158.8 |  |  | 4.54 |  |  |  | 13,903.2 |  |  | 151.6 |  |  | 4.34 |  |  |  | 13,452.8 |  |  | 129.0 |  |  | 3.81 |  |
Other |  | 60.0 |  |  | 1.0 |  |  | 6.16 |  |  |  | 91.6 |  |  | 1.5 |  |  | 6.40 |  |  |  | 50.1 |  |  | 0.4 |  |  | 2.72 |  |
Total Earning Assets |  | 21,801.9 |  |  | 211.0 |  |  | 3.85 |  |  |  | 22,708.8 |  |  | 212.4 |  |  | 3.72 |  |  |  | 21,664.8 |  |  | 172.8 |  |  | 3.17 |  |
Cash and Due from Banks |  | 243.8 |  |  |  |  |  |  |  | 289.8 |  |  |  |  |  |  |  | 244.3 |  |  |  |  |  |
Other Assets |  | 1,403.5 |  |  |  |  |  |  |  | 1,388.8 |  |  |  |  |  |  |  | 1,238.3 |  |  |  |  |  |
Total Assets | $ | 23,449.2 |  |  |  |  |  |  | $ | 24,387.4 |  |  |  |  |  |  | $ | 23,147.4 |  |  |  |  |  |
Interest-Bearing Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand | $ | 3,737.3 |  |  | 7.7 |  |  | 0.82 |  |  | $ | 3,929.7 |  |  | 6.6 |  |  | 0.67 |  |  | $ | 4,131.4 |  |  | 3.5 |  |  | 0.33 |  |
Savings |  | 8,441.0 |  |  | 51.1 |  |  | 2.40 |  |  |  | 7,952.6 |  |  | 39.1 |  |  | 1.95 |  |  |  | 7,869.9 |  |  | 13.4 |  |  | 0.68 |  |
Time |  | 2,830.0 |  |  | 28.3 |  |  | 3.97 |  |  |  | 2,767.8 |  |  | 26.5 |  |  | 3.79 |  |  |  | 1,467.7 |  |  | 6.6 |  |  | 1.78 |  |
Total Interest-Bearing Deposits |  | 15,008.3 |  |  | 87.1 |  |  | 2.30 |  |  |  | 14,650.1 |  |  | 72.2 |  |  | 1.95 |  |  |  | 13,469.0 |  |  | 23.5 |  |  | 0.69 |  |
Funds Purchased |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  |  | 36.6 |  |  | 0.3 |  |  | 3.40 |  |
Short-Term Borrowings |  | - |  |  | - |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  |  | 198.3 |  |  | 2.0 |  |  | 3.90 |  |
Securities Sold Under Agreements to Repurchase |  | 150.5 |  |  | 1.5 |  |  | 3.79 |  |  |  | 528.5 |  |  | 4.0 |  |  | 2.99 |  |  |  | 594.5 |  |  | 4.3 |  |  | 2.82 |  |
Other Debt |  | 560.2 |  |  | 6.0 |  |  | 4.24 |  |  |  | 1,365.7 |  |  | 14.8 |  |  | 4.31 |  |  |  | 137.5 |  |  | 1.5 |  |  | 4.32 |  |
Total Interest-Bearing Liabilities |  | 15,719.0 |  |  | 94.6 |  |  | 2.39 |  |  |  | 16,544.3 |  |  | 91.0 |  |  | 2.18 |  |  |  | 14,435.9 |  |  | 31.6 |  |  | 0.87 |  |
Net Interest Income |  |  | $ | 116.4 |  |  |  |  |  |  | $ | 121.4 |  |  |  |  |  |  | $ | 141.2 |  |  |  |
Interest Rate Spread |  |  |  |  |  | 1.46 |  | % |  |  |  |  |  | 1.54 |  | % |  |  |  |  |  | 2.30 |  | %
Net Interest Margin |  |  |  |  |  | 2.13 |  | % |  |  |  |  |  | 2.13 |  | % |  |  |  |  |  | 2.60 |  | %
Noninterest-Bearing Demand Deposits |  | 5,695.8 |  |  |  |  |  |  |  | 5,842.0 |  |  |  |  |  |  |  | 6,872.3 |  |  |  |  |  |
Other Liabilities |  | 673.8 |  |  |  |  |  |  |  | 636.0 |  |  |  |  |  |  |  | 552.9 |  |  |  |  |  |
Shareholders' Equity |  | 1,360.6 |  |  |  |  |  |  |  | 1,365.1 |  |  |  |  |  |  |  | 1,286.3 |  |  |  |  |  |
Total Liabilities and Shareholders' Equity | $ | 23,449.2 |  |  |  |  |  |  | $ | 24,387.4 |  |  |  |  |  |  | $ | 23,147.4 |  |  |  |  |  |
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 $605,000, $437,000, and $433,000
for the three months ended December 31, 2023, September 30, 2023, and December 31, 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
| Year Ended |  |  | Year Ended |  |
| December 31, 2023 |  |  | December 31, 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 | $ | 3.5 |  | $ | 0.1 |  |  | 2.44 |  | % | $ | 3.0 |  | $ | - |  |  | 1.05 |  | %
Funds Sold |  | 540.4 |  |  | 28.3 |  |  | 5.24 |  |  |  | 260.5 |  |  | 4.3 |  |  | 1.64 |  |
Investment Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | 2,631.0 |  |  | 93.4 |  |  | 3.55 |  |  |  | 3,644.2 |  |  | 70.5 |  |  | 1.93 |  |
Non-Taxable |  | 6.1 |  |  | 0.2 |  |  | 4.06 |  |  |  | 4.0 |  |  | 0.1 |  |  | 2.92 |  |
Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Taxable |  | 5,173.9 |  |  | 92.2 |  |  | 1.78 |  |  |  | 4,750.0 |  |  | 80.9 |  |  | 1.70 |  |
Non-Taxable |  | 35.1 |  |  | 0.7 |  |  | 2.10 |  |  |  | 35.6 |  |  | 0.7 |  |  | 2.10 |  |
Total Investment Securities |  | 7,846.1 |  |  | 186.5 |  |  | 2.38 |  |  |  | 8,433.8 |  |  | 152.2 |  |  | 1.80 |  |
Loans Held for Sale |  | 3.0 |  |  | 0.2 |  |  | 6.16 |  |  |  | 6.9 |  |  | 0.3 |  |  | 3.70 |  |
Loans and Leases 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | 1,497.1 |  |  | 74.0 |  |  | 4.94 |  |  |  | 1,349.3 |  |  | 46.2 |  |  | 3.42 |  |
Paycheck Protection Program |  | 14.1 |  |  | 0.2 |  |  | 1.63 |  |  |  | 44.0 |  |  | 2.7 |  |  | 6.07 |  |
Commercial Mortgage |  | 3,776.2 |  |  | 197.0 |  |  | 5.22 |  |  |  | 3,420.1 |  |  | 121.9 |  |  | 3.56 |  |
Construction |  | 262.1 |  |  | 16.0 |  |  | 6.09 |  |  |  | 232.6 |  |  | 10.6 |  |  | 4.56 |  |
Commercial Lease Financing |  | 63.7 |  |  | 0.8 |  |  | 1.30 |  |  |  | 88.5 |  |  | 1.3 |  |  | 1.49 |  |
Residential Mortgage |  | 4,690.5 |  |  | 168.9 |  |  | 3.60 |  |  |  | 4,484.2 |  |  | 147.4 |  |  | 3.29 |  |
Home Equity |  | 2,268.0 |  |  | 78.2 |  |  | 3.45 |  |  |  | 2,072.2 |  |  | 62.1 |  |  | 3.00 |  |
Automobile |  | 866.1 |  |  | 31.8 |  |  | 3.67 |  |  |  | 786.1 |  |  | 25.4 |  |  | 3.23 |  |
Other 4 |  | 413.8 |  |  | 25.3 |  |  | 6.12 |  |  |  | 419.5 |  |  | 23.0 |  |  | 5.49 |  |
Total Loans and Leases |  | 13,851.6 |  |  | 592.2 |  |  | 4.28 |  |  |  | 12,896.5 |  |  | 440.6 |  |  | 3.42 |  |
Other |  | 78.3 |  |  | 5.1 |  |  | 6.51 |  |  |  | 40.5 |  |  | 1.2 |  |  | 3.01 |  |
Total Earning Assets |  | 22,322.9 |  |  | 812.4 |  |  | 3.64 |  |  |  | 21,641.2 |  |  | 598.6 |  |  | 2.77 |  |
Cash and Due from Banks |  | 292.1 |  |  |  |  |  |  |  | 237.4 |  |  |  |  |  |
Other Assets |  | 1,339.2 |  |  |  |  |  |  |  | 1,128.1 |  |  |  |  |  |
Total Assets | $ | 23,954.2 |  |  |  |  |  |  | $ | 23,006.7 |  |  |  |  |  |
Interest-Bearing Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand | $ | 3,978.7 |  |  | 27.0 |  |  | 0.68 |  |  | $ | 4,377.1 |  |  | 6.1 |  |  | 0.14 |  |
Savings |  | 8,018.4 |  |  | 137.4 |  |  | 1.71 |  |  |  | 7,767.7 |  |  | 22.9 |  |  | 0.30 |  |
Time |  | 2,424.8 |  |  | 86.4 |  |  | 3.56 |  |  |  | 1,135.5 |  |  | 10.7 |  |  | 0.94 |  |
Total Interest-Bearing Deposits |  | 14,421.9 |  |  | 250.8 |  |  | 1.74 |  |  |  | 13,280.3 |  |  | 39.7 |  |  | 0.30 |  |
Funds Purchased |  | 18.5 |  |  | 0.9 |  |  | 4.79 |  |  |  | 18.5 |  |  | 0.4 |  |  | 2.26 |  |
Short-Term Borrowings |  | 114.0 |  |  | 5.7 |  |  | 5.01 |  |  |  | 58.6 |  |  | 2.1 |  |  | 3.53 |  |
Securities Sold Under Agreements to Repurchase |  | 530.9 |  |  | 16.3 |  |  | 3.07 |  |  |  | 479.8 |  |  | 12.6 |  |  | 2.63 |  |
Other Debt |  | 921.8 |  |  | 39.7 |  |  | 4.30 |  |  |  | 42.4 |  |  | 2.0 |  |  | 4.82 |  |
Total Interest-Bearing Liabilities |  | 16,007.1 |  |  | 313.4 |  |  | 1.96 |  |  |  | 13,879.6 |  |  | 56.8 |  |  | 0.41 |  |
Net Interest Income |  |  | $ | 499.0 |  |  |  |  |  |  | $ | 541.8 |  |  |  |
Interest Rate Spread |  |  |  |  |  | 1.68 |  | % |  |  |  |  |  | 2.36 |  | %
Net Interest Margin |  |  |  |  |  | 2.24 |  | % |  |  |  |  |  | 2.50 |  | %
Noninterest-Bearing Demand Deposits |  | 5,990.5 |  |  |  |  |  |  |  | 7,270.4 |  |  |  |  |  |
Other Liabilities |  | 601.1 |  |  |  |  |  |  |  | 454.2 |  |  |  |  |  |
Shareholders' Equity |  | 1,355.5 |  |  |  |  |  |  |  | 1,402.5 |  |  |  |  |  |
Total Liabilities and Shareholders' Equity | $ | 23,954.2 |  |  |  |  |  |  | $ | 23,006.7 |  |  |  |  |  |
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 $2,008,000 and $1,251,000
for the year ended December 31, 2023 and December 31, 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 December 31, 2023 |
| Compared to September 30, 2023 |
(dollars in millions) | Volume 1 |  | Rate 1 |  | Total |
Change in Interest Income: |  |  |  |  |  |
Funds Sold | $ | (7.3 | ) | $ | 0.2 |  | $ | (7.1 | )
Investment Securities |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |
Taxable |  | (2.2 | ) |  | 1.5 |  |  | (0.7 | )
Held-to-Maturity |  |  |  |  |  |
Taxable |  | (0.5 | ) |  | 0.2 |  |  | (0.3 | )
Total Investment Securities |  | (2.7 | ) |  | 1.7 |  |  | (1.0 | )
Loans and Leases |  |  |  |  |  |
Commercial and Industrial |  | 1.2 |  |  | 1.2 |  |  | 2.4 |
Commercial Mortgage |  | (0.4 | ) |  | 0.8 |  |  | 0.4 |
Construction |  | 0.6 |  |  | 0.5 |  |  | 1.1 |
Residential Mortgage |  | (0.4 | ) |  | 2.7 |  |  | 2.3 |
Home Equity |  | (0.1 | ) |  | 0.9 |  |  | 0.8 |
Automobile |  | (0.2 | ) |  | 0.6 |  |  | 0.4 |
Other 2 |  | (0.4 | ) |  | 0.2 |  |  | (0.2 | )
Total Loans and Leases |  | 0.3 |  |  | 6.9 |  |  | 7.2 |
Other |  | (0.4 | ) |  | (0.1 | ) |  | (0.5 | )
Total Change in Interest Income |  | (10.1 | ) |  | 8.7 |  |  | (1.4 | )
Change in Interest Expense: |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |
Demand |  | (0.3 | ) |  | 1.4 |  |  | 1.1 |
Savings |  | 2.5 |  |  | 9.5 |  |  | 12.0 |
Time |  | 0.6 |  |  | 1.2 |  |  | 1.8 |
Total Interest-Bearing Deposits |  | 2.8 |  |  | 12.1 |  |  | 14.9 |
Securities Sold Under Agreements to Repurchase |  | (3.5 | ) |  | 1.0 |  |  | (2.5 | )
Other Debt |  | (8.6 | ) |  | (0.2 | ) |  | (8.8 | )
Total Change in Interest Expense |  | (9.3 | ) |  | 12.9 |  |  | 3.6 |
Change in Net Interest Income | $ | (0.8 | ) | $ | (4.2 | ) | $ | (5.0 | )
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 December 31, 2023 |
| Compared to December 31, 2022 |
(dollars in millions) | Volume 1 |  | Rate 1 |  | Total |
Change in Interest Income: |  |  |  |  |  |
Funds Sold | $ | 3.8 |  | $ | 0.7 |  | $ | 4.5 |
Investment Securities |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |
Taxable |  | (1.8 | ) |  | 6.2 |  |  | 4.4 |
Non-Taxable |  | - |  |  | (0.1 | ) |  | (0.1 | )
Held-to-Maturity |  |  |  |  |  |
Taxable |  | (1.7 | ) |  | 0.6 |  |  | (1.1 | )
Total Investment Securities |  | (3.5 | ) |  | 6.7 |  |  | 3.2 |
Loans Held for Sale |  | - |  |  | 0.1 |  |  | 0.1 |
Loans and Leases |  |  |  |  |  |
Commercial and Industrial |  | 2.6 |  |  | 3.9 |  |  | 6.5 |
Paycheck Protection Program |  | - |  |  | (0.1 | ) |  | (0.1 | )
Commercial Mortgage |  | 1.6 |  |  | 9.3 |  |  | 10.9 |
Construction |  | 0.4 |  |  | 1.1 |  |  | 1.5 |
Residential Mortgage |  | 0.5 |  |  | 5.7 |  |  | 6.2 |
Home Equity |  | 0.6 |  |  | 2.4 |  |  | 3.0 |
Automobile |  | - |  |  | 1.6 |  |  | 1.6 |
Other 2 |  | (0.6 | ) |  | 0.8 |  |  | 0.2 |
Total Loans and Leases |  | 5.1 |  |  | 24.7 |  |  | 29.8 |
Other |  | 0.1 |  |  | 0.5 |  |  | 0.6 |
Total Change in Interest Income |  | 5.5 |  |  | 32.7 |  |  | 38.2 |
Change in Interest Expense: |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |
Demand |  | (0.4 | ) |  | 4.6 |  |  | 4.2 |
Savings |  | 1.0 |  |  | 36.7 |  |  | 37.7 |
Time |  | 9.4 |  |  | 12.3 |  |  | 21.7 |
Total Interest-Bearing Deposits |  | 10.0 |  |  | 53.6 |  |  | 63.6 |
Funds Purchased |  | (0.3 | ) |  | - |  |  | (0.3 | )
Short-Term Borrowings |  | (2.0 | ) |  | - |  |  | (2.0 | )
Securities Sold Under Agreements to Repurchase |  | (3.9 | ) |  | 1.1 |  |  | (2.8 | )
Other Debt |  | 4.5 |  |  | - |  |  | 4.5 |
Total Change in Interest Expense |  | 8.3 |  |  | 54.7 |  |  | 63.0 |
Change in Net Interest Income | $ | (2.8 | ) | $ | (22.0 | ) | $ | (24.8 | )
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 |
| Year Ended December 31, 2023 |
| Compared to December 31, 2022 |
(dollars in millions) | Volume 1 |  | Rate 1 |  | Total |
Change in Interest Income: |  |  |  |  |  |
Interest-Bearing Deposits in Other Banks | $ | 0.1 |  | $ | - |  | $ | 0.1 |
Funds Sold |  | 7.9 |  |  | 16.1 |  |  | 24.0 |
Investment Securities |  |  |  |  |  |
Available-for-Sale |  |  |  |  |  |
Taxable |  | (23.7 | ) |  | 46.6 |  |  | 22.9 |
Non-Taxable |  | 0.1 |  |  | - |  |  | 0.1 |
Held-to-Maturity |  |  |  |  |  |
Taxable |  | 7.4 |  |  | 3.9 |  |  | 11.3 |
Total Investment Securities |  | (16.2 | ) |  | 50.5 |  |  | 34.3 |
Loans Held for Sale |  | (0.2 | ) |  | 0.1 |  |  | (0.1 | )
Loans and Leases |  |  |  |  |  |
Commercial and Industrial |  | 5.5 |  |  | 22.3 |  |  | 27.8 |
Paycheck Protection Program |  | (1.2 | ) |  | (1.3 | ) |  | (2.5 | )
Commercial Mortgage |  | 13.8 |  |  | 61.3 |  |  | 75.1 |
Construction |  | 1.5 |  |  | 3.9 |  |  | 5.4 |
Commercial Lease Financing |  | (0.4 | ) |  | (0.1 | ) |  | (0.5 | )
Residential Mortgage |  | 7.0 |  |  | 14.5 |  |  | 21.5 |
Home Equity |  | 6.2 |  |  | 9.9 |  |  | 16.1 |
Automobile |  | 2.7 |  |  | 3.7 |  |  | 6.4 |
Other 2 |  | (0.3 | ) |  | 2.6 |  |  | 2.3 |
Total Loans and Leases |  | 34.8 |  |  | 116.8 |  |  | 151.6 |
Other |  | 1.7 |  |  | 2.2 |  |  | 3.9 |
Total Change in Interest Income |  | 28.1 |  |  | 185.7 |  |  | 213.8 |
Change in Interest Expense: |  |  |  |  |  |
Interest-Bearing Deposits |  |  |  |  |  |
Demand |  | (0.6 | ) |  | 21.5 |  |  | 20.9 |
Savings |  | 0.8 |  |  | 113.7 |  |  | 114.5 |
Time |  | 21.8 |  |  | 53.9 |  |  | 75.7 |
Total Interest-Bearing Deposits |  | 22.0 |  |  | 189.1 |  |  | 211.1 |
Funds Purchased |  | - |  |  | 0.5 |  |  | 0.5 |
Short-Term Borrowings |  | 2.5 |  |  | 1.1 |  |  | 3.6 |
Securities Sold Under Agreements to Repurchase |  | 1.4 |  |  | 2.3 |  |  | 3.7 |
Other Debt |  | 37.9 |  |  | (0.2 | ) |  | 37.7 |
Total Change in Interest Expense |  | 63.8 |  |  | 192.8 |  |  | 256.6 |
Change in Net Interest Income | $ | (35.7 | ) | $ | (7.1 | ) | $ | (42.8 | )
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 |  | Year Ended
| December 31, | September 30, | December 31, |  | December 31,
(dollars in thousands) | 2023 | 2023 | 2022 |  | 2023 | 2022
Salaries | $38,492 | $39,426 | $37,395 |  | $154,497 | $146,840
Incentive Compensation | 3,402 | 2,956 | 5,356 |  | 13,339 | 23,425
Share-Based Compensation | 3,443 | 4,072 | 3,901 |  | 14,770 | 15,220
Commission Expense | 700 | 676 | 830 |  | 2,798 | 4,708
Retirement and Other Benefits | 2,521 | 3,809 | 4,065 |  | 15,707 | 17,242
Payroll Taxes | 2,598 | 2,921 | 2,591 |  | 14,677 | 13,395
Medical, Dental, and Life Insurance | 2,500 | 2,835 | 3,528 |  | 12,767 | 11,958
Separation Expense | 335 | 2,130 | (27) |  | 5,524 | 2,482
Total Salaries and Benefits | $53,991 | $58,825 | $57,639 |  | $234,079 | $235,270

Bank of Hawai‘i Corporation and Subsidiaries |  |  |  |  |
Loan and Lease Portfolio Balances |  |  |  | Table 10 |
| December 31, |  | September 30, |  | June 30, |  | March 31, |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2023 |  | 2023 |  | 2022 |
Commercial |  |  |  |  |  |  |  |  |  |
Commercial and Industrial | $ | 1,652,699 |  | $ | 1,569,572 |  | $ | 1,502,676 |  | $ | 1,425,916 |  | $ | 1,389,066 |
Paycheck Protection Program |  | 11,369 |  |  | 12,529 |  |  | 13,789 |  |  | 15,175 |  |  | 19,579 |
Commercial Mortgage |  | 3,749,016 |  |  | 3,784,339 |  |  | 3,796,769 |  |  | 3,826,283 |  |  | 3,725,542 |
Construction |  | 304,463 |  |  | 251,507 |  |  | 236,428 |  |  | 232,903 |  |  | 260,825 |
Lease Financing |  | 59,939 |  |  | 61,522 |  |  | 62,779 |  |  | 65,611 |  |  | 69,491 |
Total Commercial |  | 5,777,486 |  |  | 5,679,469 |  |  | 5,612,441 |  |  | 5,565,888 |  |  | 5,464,503 |
Consumer |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  | 4,684,171 |  |  | 4,699,140 |  |  | 4,721,976 |  |  | 4,691,298 |  |  | 4,653,072 |
Home Equity |  | 2,264,827 |  |  | 2,285,974 |  |  | 2,278,105 |  |  | 2,260,001 |  |  | 2,225,950 |
Automobile |  | 837,830 |  |  | 856,113 |  |  | 878,767 |  |  | 877,979 |  |  | 870,396 |
Other 1 |  | 400,712 |  |  | 398,795 |  |  | 423,600 |  |  | 429,356 |  |  | 432,499 |
Total Consumer |  | 8,187,540 |  |  | 8,240,022 |  |  | 8,302,448 |  |  | 8,258,634 |  |  | 8,181,917 |
Total Loans and Leases | $ | 13,965,026 |  | $ | 13,919,491 |  | $ | 13,914,889 |  | $ | 13,824,522 |  | $ | 13,646,420 |
1 Comprised of other revolving credit, installment, and lease financing. |
Deposits |  |  |  |  |  |  |  |  |  |
| December 31, |  | September 30, |  | June 30, |  | March 31, |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2023 |  | 2023 |  | 2022 |
Consumer | $ | 10,319,809 |  | $ | 10,036,261 |  | $ | 10,018,931 |  | $ | 10,158,833 |  | $ | 10,304,335 |
Commercial |  | 8,601,224 |  |  | 8,564,536 |  |  | 8,019,971 |  |  | 8,594,441 |  |  | 8,569,670 |
Public and Other |  | 2,134,012 |  |  | 2,201,512 |  |  | 2,469,713 |  |  | 1,738,026 |  |  | 1,741,691 |
Total Deposits | $ | 21,055,045 |  | $ | 20,802,309 |  | $ | 20,508,615 |  | $ | 20,491,300 |  | $ | 20,615,696 |
Average Deposits |  |  |  |  |  |  |  |  |  |
| Three Months Ended |
| December 31, |  | September 30, |  | June 30, |  | March 31, |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2023 |  | 2023 |  | 2022 |
Consumer | $ | 10,092,727 |  | $ | 9,963,690 |  | $ | 9,977,239 |  | $ | 10,178,988 |  | $ | 10,295,563 |
Commercial |  | 8,581,426 |  |  | 8,288,891 |  |  | 8,138,358 |  |  | 8,611,960 |  |  | 8,588,198 |
Public and Other |  | 2,029,917 |  |  | 2,239,501 |  |  | 1,903,004 |  |  | 1,639,934 |  |  | 1,457,566 |
Total Deposits | $ | 20,704,070 |  | $ | 20,492,082 |  | $ | 20,018,601 |  | $ | 20,430,882 |  | $ | 20,341,327 |

Bank of Hawai‘i Corporation and Subsidiaries |  |  |
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More |  | Table 11 |
| December 31, |  | September 30, |  | June 30, |  | March 31, |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2023 |  | 2023 |  | 2022 |
Non-Performing Assets |  |  |  |  |  |  |  |  |  |
Non-Accrual Loans and Leases |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |
Commercial and Industrial | $ | 39 |  | $ | 43 |  | $ | 17 |  | $ | 31 |  | $ | 37 |
Commercial Mortgage |  | 2,884 |  |  | 2,996 |  |  | 3,107 |  |  | 3,216 |  |  | 3,309 |
Total Commercial |  | 2,923 |  |  | 3,039 |  |  | 3,124 |  |  | 3,247 |  |  | 3,346 |
Consumer |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  | 2,935 |  |  | 3,706 |  |  | 3,504 |  |  | 4,199 |  |  | 4,239 |
Home Equity |  | 3,791 |  |  | 3,734 |  |  | 3,809 |  |  | 3,638 |  |  | 4,022 |
Total Consumer |  | 6,726 |  |  | 7,440 |  |  | 7,313 |  |  | 7,837 |  |  | 8,261 |
Total Non-Accrual Loans and Leases |  | 9,649 |  |  | 10,479 |  |  | 10,437 |  |  | 11,084 |  |  | 11,607 |
Foreclosed Real Estate |  | 2,098 |  |  | 1,040 |  |  | 1,040 |  |  | 1,040 |  |  | 1,040 |
Total Non-Performing Assets | $ | 11,747 |  | $ | 11,519 |  | $ | 11,477 |  | $ | 12,124 |  | $ | 12,647 |
Accruing Loans and Leases Past Due 90 Days or More |  |  |  |  |  |  |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |
Residential Mortgage | $ | 3,814 |  | $ | 3,519 |  | $ | 3,560 |  | $ | 4,566 |  | $ | 2,429 |
Home Equity |  | 1,734 |  |  | 2,172 |  |  | 2,022 |  |  | 1,723 |  |  | 1,673 |
Automobile |  | 399 |  |  | 393 |  |  | 577 |  |  | 598 |  |  | 589 |
Other 1 |  | 648 |  |  | 643 |  |  | 633 |  |  | 632 |  |  | 683 |
Total Consumer |  | 6,595 |  |  | 6,727 |  |  | 6,792 |  |  | 7,519 |  |  | 5,374 |
Total Accruing Loans and Leases Past Due 90 Days or More | $ | 6,595 |  | $ | 6,727 |  | $ | 6,792 |  | $ | 7,519 |  | $ | 5,374 |
Total Loans and Leases | $ | 13,965,026 |  | $ | 13,919,491 |  | $ | 13,914,889 |  | $ | 13,824,522 |  | $ | 13,646,420 |
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases |  | 0.07 | % |  | 0.08 | % |  | 0.08 | % |  | 0.08 | % |  | 0.09 | %
Ratio of Non-Performing Assets to Total Loans and Leases |  |  |  |  |  |  |  |  |  |
and Foreclosed Real Estate |  | 0.08 | % |  | 0.08 | % |  | 0.08 | % |  | 0.09 | % |  | 0.09 | %
Ratio of Non-Performing Assets to Total Assets |  | 0.05 | % |  | 0.05 | % |  | 0.04 | % |  | 0.05 | % |  | 0.05 | %
Ratio of Commercial Non-Performing Assets to Total Commercial Loans |  |  |  |  |  |  |  |  |  |
and Leases and Commercial Foreclosed Real Estate |  | 0.05 | % |  | 0.05 | % |  | 0.06 | % |  | 0.06 | % |  | 0.06 | %
Ratio of Consumer Non-Performing Assets to Total Consumer Loans |  |  |  |  |  |  |  |  |  |
and Leases and Consumer Foreclosed Real Estate |  | 0.11 | % |  | 0.10 | % |  | 0.10 | % |  | 0.11 | % |  | 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 |  | 0.13 | % |  | 0.13 | % |  | 0.13 | % |  | 0.14 | % |  | 0.13 | %
Quarter to Quarter Changes in Non-Performing Assets |  |  |  |  |  |  |  |  |  |
Balance at Beginning of Quarter | $ | 11,519 |  | $ | 11,477 |  | $ | 12,124 |  | $ | 12,647 |  | $ | 13,868 |
Additions |  | 2,683 |  |  | 1,318 |  |  | 1,116 |  |  | 552 |  |  | 704 |
Reductions |  |  |  |  |  |  |  |  |  |
Payments |  | (2,018 | ) |  | (1,017 | ) |  | (226 | ) |  | (778 | ) |  | (1,605 | )
Return to Accrual Status |  | (437 | ) |  | (259 | ) |  | (1,527 | ) |  | (297 | ) |  | (301 | )
Charge-offs / Write-downs |  | - |  |  | - |  |  | (10 | ) |  | - |  |  | (19 | )
Total Reductions |  | (2,455 | ) |  | (1,276 | ) |  | (1,763 | ) |  | (1,075 | ) |  | (1,925 | )
Balance at End of Quarter | $ | 11,747 |  | $ | 11,519 |  | $ | 11,477 |  | $ | 12,124 |  | $ | 12,647 |
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 |  |  | Year Ended |
| December 31, |  | September 30, |  | December 31, |  |  | December 31, |
(dollars in thousands) | 2023 |  | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Balance at Beginning of Period | $ | 151,653 |  | $ | 151,702 |  | $ | 152,927 |  |  | $ | 151,247 |  | $ | 164,297 |
Loans and Leases Charged-Off |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | (229 | ) |  | (294 | ) |  | (196 | ) |  |  | (987 | ) |  | (925 | )
Consumer |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  | - |  |  | - |  |  | - |  |  |  | (6 | ) |  | (80 | )
Home Equity |  | (14 | ) |  | (13 | ) |  | (10 | ) |  |  | (82 | ) |  | (100 | )
Automobile |  | (938 | ) |  | (1,353 | ) |  | (1,171 | ) |  |  | (5,247 | ) |  | (4,652 | )
Other 1 |  | (2,349 | ) |  | (1,957 | ) |  | (1,846 | ) |  |  | (8,645 | ) |  | (7,585 | )
Total Loans and Leases Charged-Off |  | (3,530 | ) |  | (3,617 | ) |  | (3,223 | ) |  |  | (14,967 | ) |  | (13,342 | )
Recoveries on Loans and Leases Previously Charged-Off |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
Commercial and Industrial |  | 125 |  |  | 72 |  |  | 87 |  |  |  | 350 |  |  | 552 |
Consumer |  |  |  |  |  |  |  |  |  |  |
Residential Mortgage |  | 301 |  |  | 69 |  |  | 63 |  |  |  | 489 |  |  | 1,193 |
Home Equity |  | 180 |  |  | 131 |  |  | 202 |  |  |  | 1,073 |  |  | 1,500 |
Automobile |  | 612 |  |  | 721 |  |  | 412 |  |  |  | 2,782 |  |  | 2,276 |
Other 1 |  | 588 |  |  | 575 |  |  | 604 |  |  |  | 2,455 |  |  | 2,702 |
Total Recoveries on Loans and Leases Previously Charged-Off |  | 1,806 |  |  | 1,568 |  |  | 1,368 |  |  |  | 7,149 |  |  | 8,223 |
Net Charged-Off - Loans and Leases |  | (1,724 | ) |  | (2,049 | ) |  | (1,855 | ) |  |  | (7,818 | ) |  | (5,119 | )
Net Charged-Off - Accrued Interest Receivable |  | - |  |  | - |  |  | (25 | ) |  |  | - |  |  | (131 | )
Provision for Credit Losses: |  |  |  |  |  |  |  |  |  |  |
Loans and Leases |  | 2,864 |  |  | 1,945 |  |  | (142 | ) |  |  | 9,782 |  |  | (8,263 | )
Accrued Interest Receivable |  | - |  |  | - |  |  | 25 |  |  |  | - |  |  | (283 | )
Unfunded Commitments |  | (364 | ) |  | 55 |  |  | 317 |  |  |  | (782 | ) |  | 746 |
Total Provision for Credit Losses |  | 2,500 |  |  | 2,000 |  |  | 200 |  |  |  | 9,000 |  |  | (7,800 | )
Balance at End of Period | $ | 152,429 |  | $ | 151,653 |  | $ | 151,247 |  |  | $ | 152,429 |  | $ | 151,247 |
Components |  |  |  |  |  |  |  |  |  |  |
Allowance for Credit Losses - Loans and Leases | $ | 146,403 |  | $ | 145,263 |  | $ | 144,439 |  |  | $ | 146,403 |  | $ | 144,439 |
Reserve for Unfunded Commitments |  | 6,026 |  |  | 6,390 |  |  | 6,808 |  |  |  | 6,026 |  |  | 6,808 |
Total Reserve for Credit Losses | $ | 152,429 |  | $ | 151,653 |  | $ | 151,247 |  |  | $ | 152,429 |  | $ | 151,247 |
Average Loans and Leases Outstanding | $ | 13,906,114 |  | $ | 13,903,214 |  | $ | 13,452,791 |  |  | $ | 13,851,551 |  | $ | 12,896,510 |
Ratio of Net Loans and Leases Charged-Off to |  |  |  |  |  |  |  |  |  |  |
Average Loans and Leases Outstanding (annualized) |  | 0.05 | % |  | 0.06 | % |  | 0.05 | % |  |  | 0.06 | % |  | 0.04 | %
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 2 |  | 1.05 | % |  | 1.04 | % |  | 1.06 | % |  |  | 1.05 | % |  | 1.06 | %
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 December 31, 2023 |  |  |  |  |  |  |  |
Net Interest Income (Loss) | $ | 101,868 |  | $ | 51,663 |  | $ | (37,746 | ) | $ | 115,785 |
Provision for Credit Losses |  | 1,738 |  |  | (15 | ) |  | 777 |  |  | 2,500 |
Net Interest Income (Loss) After Provision for Credit Losses |  | 100,130 |  |  | 51,678 |  |  | (38,523 | ) |  | 113,285 |
Noninterest Income |  | 32,247 |  |  | 7,944 |  |  | 2,092 |  |  | 42,283 |
Noninterest Expense |  | (92,793 | ) |  | (18,958 | ) |  | (4,211 | ) |  | (115,962 | )
Income (Loss) Before Income Taxes |  | 39,584 |  |  | 40,664 |  |  | (40,642 | ) |  | 39,606 |
Provision for Income Taxes |  | (10,165 | ) |  | (10,316 | ) |  | 11,271 |  |  | (9,210 | )
Net Income (Loss) | $ | 29,419 |  | $ | 30,348 |  | $ | (29,371 | ) | $ | 30,396 |
Total Assets as of December 31, 2023 | $ | 8,486,255 |  | $ | 5,831,880 |  | $ | 9,415,161 |  | $ | 23,733,296 |
Three Months December 31, 2022 1 |  |  |  |  |  |  |  |
Net Interest Income (Loss) | $ | 94,799 |  | $ | 56,879 |  | $ | (10,940 | ) | $ | 140,738 |
Provision for Credit Losses |  | 1,861 |  |  | (6 | ) |  | (1,655 | ) |  | 200 |
Net Interest Income (Loss) After Provision for Credit Losses |  | 92,938 |  |  | 56,885 |  |  | (9,285 | ) |  | 140,538 |
Noninterest Income |  | 31,526 |  |  | 8,288 |  |  | 1,358 |  |  | 41,172 |
Noninterest Expense |  | (82,286 | ) |  | (17,587 | ) |  | (2,830 | ) |  | (102,703 | )
Income (Loss) Before Income Taxes |  | 42,178 |  |  | 47,586 |  |  | (10,757 | ) |  | 79,007 |
Provision for Income Taxes |  | (10,840 | ) |  | (12,005 | ) |  | 5,145 |  |  | (17,700 | )
Net Income (Loss) | $ | 31,338 |  | $ | 35,581 |  | $ | (5,612 | ) | $ | 61,307 |
Total Assets as of December 31, 2022 | $ | 8,520,459 |  | $ | 5,522,916 |  | $ | 9,563,502 |  | $ | 23,606,877 |
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 |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |
Net Interest Income (Loss) | $ | 400,380 |  | $ | 215,865 |  | $ | (119,220 | ) | $ | 497,025 |
Provision for Credit Losses |  | 7,773 |  |  | 44 |  |  | 1,183 |  |  | 9,000 |
Net Interest Income (Loss) After Provision for Credit Losses |  | 392,607 |  |  | 215,821 |  |  | (120,403 | ) |  | 488,025 |
Noninterest Income |  | 126,373 |  |  | 33,016 |  |  | 17,220 |  |  | 176,609 |
Noninterest Expense |  | (340,336 | ) |  | (77,486 | ) |  | (19,696 | ) |  | (437,518 | )
Income (Loss) Before Income Taxes |  | 178,644 |  |  | 171,351 |  |  | (122,879 | ) |  | 227,116 |
Provision for Income Taxes |  | (46,003 | ) |  | (42,806 | ) |  | 32,895 |  |  | (55,914 | )
Net Income (Loss) | $ | 132,641 |  | $ | 128,545 |  | $ | (89,984 | ) | $ | 171,202 |
Total Assets as of December 31, 2023 | $ | 8,486,255 |  | $ | 5,831,880 |  | $ | 9,415,161 |  | $ | 23,733,296 |
Year Ended December 31, 2022 1 |  |  |  |  |  |  |  |
Net Interest Income | $ | 327,445 |  | $ | 209,273 |  | $ | 3,840 |  | $ | 540,558 |
Provision for Credit Losses |  | 5,324 |  |  | (206 | ) |  | (12,918 | ) |  | (7,800 | )
Net Interest Income After Provision for Credit Losses |  | 322,121 |  |  | 209,479 |  |  | 16,758 |  |  | 548,358 |
Noninterest Income |  | 126,337 |  |  | 25,938 |  |  | 5,266 |  |  | 157,541 |
Noninterest Expense |  | (330,140 | ) |  | (70,601 | ) |  | (14,524 | ) |  | (415,265 | )
Income Before Income Taxes |  | 118,318 |  |  | 164,816 |  |  | 7,500 |  |  | 290,634 |
Provision for Income Taxes |  | (29,954 | ) |  | (40,659 | ) |  | 5,783 |  |  | (64,830 | )
Net Income | $ | 88,364 |  | $ | 124,157 |  | $ | 13,283 |  | $ | 225,804 |
Total Assets as of December 31, 2022 | $ | 8,520,459 |  | $ | 5,522,916 |  | $ | 9,563,502 |  | $ | 23,606,877 |
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 |  |
| December 31, |  |  | September 30, |  |  | June 30, |  |  | March 31, |  |  | December 31, |  |
(dollars in thousands, except per share amounts) | 2023 |  |  | 2023 |  |  | 2023 |  |  | 2023 |  |  | 2022 |  |
Quarterly Operating Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and Fees on Loans and Leases | $ | 158,324 |  |  | $ | 151,245 |  |  | $ | 144,541 |  |  | $ | 136,501 |  |  | $ | 128,683 |  |
Income on Investment Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale |  | 22,782 |  |  |  | 23,552 |  |  |  | 23,301 |  |  |  | 23,893 |  |  |  | 18,476 |  |
Held-to-Maturity |  | 22,589 |  |  |  | 22,838 |  |  |  | 23,375 |  |  |  | 23,948 |  |  |  | 23,708 |  |
Deposits |  | 23 |  |  |  | 18 |  |  |  | 18 |  |  |  | 27 |  |  |  | 13 |  |
Funds Sold |  | 5,705 |  |  |  | 12,828 |  |  |  | 6,395 |  |  |  | 3,366 |  |  |  | 1,093 |  |
Other |  | 924 |  |  |  | 1,464 |  |  |  | 2,121 |  |  |  | 597 |  |  |  | 340 |  |
Total Interest Income |  | 210,347 |  |  |  | 211,945 |  |  |  | 199,751 |  |  |  | 188,332 |  |  |  | 172,313 |  |
Interest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | 87,121 |  |  |  | 72,153 |  |  |  | 53,779 |  |  |  | 37,794 |  |  |  | 23,494 |  |
Securities Sold Under Agreements to Repurchase |  | 1,459 |  |  |  | 4,034 |  |  |  | 5,436 |  |  |  | 5,377 |  |  |  | 4,289 |  |
Funds Purchased |  | - |  |  |  | - |  |  |  | 184 |  |  |  | 704 |  |  |  | 318 |  |
Short-Term Borrowings |  | - |  |  |  | - |  |  |  | 2,510 |  |  |  | 3,203 |  |  |  | 1,978 |  |
Other Debt |  | 5,982 |  |  |  | 14,821 |  |  |  | 13,494 |  |  |  | 5,299 |  |  |  | 1,496 |  |
Total Interest Expense |  | 94,562 |  |  |  | 91,008 |  |  |  | 75,403 |  |  |  | 52,377 |  |  |  | 31,575 |  |
Net Interest Income |  | 115,785 |  |  |  | 120,937 |  |  |  | 124,348 |  |  |  | 135,955 |  |  |  | 140,738 |  |
Provision for Credit Losses |  | 2,500 |  |  |  | 2,000 |  |  |  | 2,500 |  |  |  | 2,000 |  |  |  | 200 |  |
Net Interest Income After Provision for Credit Losses |  | 113,285 |  |  |  | 118,937 |  |  |  | 121,848 |  |  |  | 133,955 |  |  |  | 140,538 |  |
Noninterest Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust and Asset Management |  | 11,144 |  |  |  | 10,548 |  |  |  | 11,215 |  |  |  | 10,690 |  |  |  | 10,652 |  |
Mortgage Banking |  | 1,016 |  |  |  | 1,059 |  |  |  | 1,176 |  |  |  | 1,004 |  |  |  | 991 |  |
Service Charges on Deposit Accounts |  | 7,949 |  |  |  | 7,843 |  |  |  | 7,587 |  |  |  | 7,737 |  |  |  | 7,513 |  |
Fees, Exchange, and Other Service Charges |  | 13,774 |  |  |  | 13,824 |  |  |  | 14,150 |  |  |  | 13,808 |  |  |  | 13,906 |  |
Investment Securities Losses, Net |  | (1,619 | ) |  |  | (6,734 | ) |  |  | (1,310 | ) |  |  | (1,792 | ) |  |  | (1,124 | ) |
Annuity and Insurance |  | 1,271 |  |  |  | 1,156 |  |  |  | 1,038 |  |  |  | 1,271 |  |  |  | 1,087 |  |
Bank-Owned Life Insurance |  | 3,176 |  |  |  | 2,749 |  |  |  | 2,876 |  |  |  | 2,842 |  |  |  | 2,475 |  |
Other |  | 5,572 |  |  |  | 19,889 |  |  |  | 6,523 |  |  |  | 5,177 |  |  |  | 5,672 |  |
Total Noninterest Income |  | 42,283 |  |  |  | 50,334 |  |  |  | 43,255 |  |  |  | 40,737 |  |  |  | 41,172 |  |
Noninterest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and Benefits |  | 53,991 |  |  |  | 58,825 |  |  |  | 56,175 |  |  |  | 65,088 |  |  |  | 57,639 |  |
Net Occupancy |  | 9,734 |  |  |  | 10,327 |  |  |  | 9,991 |  |  |  | 9,872 |  |  |  | 9,499 |  |
Net Equipment |  | 9,826 |  |  |  | 9,477 |  |  |  | 10,573 |  |  |  | 10,375 |  |  |  | 9,942 |  |
Data Processing |  | 4,948 |  |  |  | 4,706 |  |  |  | 4,599 |  |  |  | 4,583 |  |  |  | 4,579 |  |
Professional Fees |  | 5,079 |  |  |  | 3,846 |  |  |  | 4,651 |  |  |  | 3,883 |  |  |  | 3,958 |  |
FDIC Insurance |  | 18,545 |  |  |  | 3,361 |  |  |  | 3,173 |  |  |  | 3,234 |  |  |  | 1,774 |  |
Other |  | 13,839 |  |  |  | 15,059 |  |  |  | 14,874 |  |  |  | 14,884 |  |  |  | 15,312 |  |
Total Noninterest Expense |  | 115,962 |  |  |  | 105,601 |  |  |  | 104,036 |  |  |  | 111,919 |  |  |  | 102,703 |  |
Income Before Provision for Income Taxes |  | 39,606 |  |  |  | 63,670 |  |  |  | 61,067 |  |  |  | 62,773 |  |  |  | 79,007 |  |
Provision for Income Taxes |  | 9,210 |  |  |  | 15,767 |  |  |  | 15,006 |  |  |  | 15,931 |  |  |  | 17,700 |  |
Net Income | $ | 30,396 |  |  | $ | 47,903 |  |  | $ | 46,061 |  |  | $ | 46,842 |  |  | $ | 61,307 |  |
Preferred Stock Dividends |  | 1,969 |  |  |  | 1,969 |  |  |  | 1,969 |  |  |  | 1,969 |  |  |  | 1,969 |  |
Net Income Available to Common Shareholders | $ | 28,427 |  |  | $ | 45,934 |  |  | $ | 44,092 |  |  | $ | 44,873 |  |  | $ | 59,338 |  |
Basic Earnings Per Common Share | $ | 0.72 |  |  | $ | 1.17 |  |  | $ | 1.12 |  |  | $ | 1.14 |  |  | $ | 1.51 |  |
Diluted Earnings Per Common Share | $ | 0.72 |  |  | $ | 1.17 |  |  | $ | 1.12 |  |  | $ | 1.14 |  |  | $ | 1.50 |  |
Balance Sheet Totals |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans and Leases | $ | 13,965,026 |  |  | $ | 13,919,491 |  |  | $ | 13,914,889 |  |  | $ | 13,824,522 |  |  | $ | 13,646,420 |  |
Total Assets |  | 23,733,296 |  |  |  | 23,549,785 |  |  |  | 24,947,936 |  |  |  | 23,931,977 |  |  |  | 23,606,877 |  |
Total Deposits |  | 21,055,045 |  |  |  | 20,802,309 |  |  |  | 20,508,615 |  |  |  | 20,491,300 |  |  |  | 20,615,696 |  |
Total Shareholders' Equity |  | 1,414,242 |  |  |  | 1,363,840 |  |  |  | 1,358,279 |  |  |  | 1,354,430 |  |  |  | 1,316,995 |  |
Performance Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on Average Assets |  | 0.51 |  | % |  | 0.78 |  | % |  | 0.77 |  | % |  | 0.80 |  | % |  | 1.05 |  | %
Return on Average Shareholders' Equity |  | 8.86 |  |  |  | 13.92 |  |  |  | 13.55 |  |  |  | 14.25 |  |  |  | 18.91 |  |
Return on Average Common Equity |  | 9.55 |  |  |  | 15.38 |  |  |  | 14.95 |  |  |  | 15.79 |  |  |  | 21.28 |  |
Efficiency Ratio 1 |  | 73.36 |  |  |  | 61.66 |  |  |  | 62.07 |  |  |  | 63.34 |  |  |  | 56.46 |  |
Net Interest Margin 2 |  | 2.13 |  |  |  | 2.13 |  |  |  | 2.22 |  |  |  | 2.47 |  |  |  | 2.60 |  |
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
| Eleven Months Ended |  |  | Year Ended
(dollars in millions; jobs in thousands) | November 30, 2023 |  |  | December 31, 2022 | December 31, 2021
Hawaii Economic Trends |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State General Fund Revenues 1 | $ | 8,726.1 |  |  | 0.6 |  | % | $ | 9,441.3 |  |  |  | 16.0 |  | % | $ | 8,137.9 |  |  |  | 26.9 |  | %
General Excise and Use Tax Revenue 1 |  | 4,118.7 |  |  | 5.2 |  |  |  | 4,263.4 |  |  |  | 18.3 |  |  |  | 3,604.3 |  |  |  | 18.6 |  |
Jobs 2 |  | 655.6 |  |  |  |  |  | 654.5 |  |  |  |  |  |  | 642.6 |  |  |  |  |
|  |  |  |  |  |  |  |  | November 30, |  |  | December 31,
|  |  |  |  |  |  |  |  | 2023 |  |  | 2022 | 2021
Unemployment, seasonally adjusted 3 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Statewide |  |  |  |  |  |  |  |  |  | 2.9 |  | % |  | 3.7 |  | % |  | 3.2 |  | %
Honolulu County |  |  |  |  |  |  |  |  |  | 2.6 |  |  |  | 3.3 |  |  |  | 3.7 |  |
Hawaii County |  |  |  |  |  |  |  |  |  | 1.9 |  |  |  | 4.7 |  |  |  | 1.8 |  |
Maui County |  |  |  |  |  |  |  |  |  | 5.9 |  |  |  | 4.5 |  |  |  | 2.4 |  |
Kauai County |  |  |  |  |  |  |  |  |  | 1.9 |  |  |  | 4.7 |  |  |  | 2.7 |  |
|  |  |  |  |  | December 31,
(1-year percentage change, except months of inventory) |  |  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |
Housing Trends (Single Family Oahu) 4 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Median Home Price |  |  |  |  |  |  | (5.0 | ) | % |  | 11.6 |  | % |  | 19.3 |  | % |  | 5.2 |  | %
Home Sales Volume (units) |  |  |  |  |  |  | (26.3 | ) | % |  | (23.2 | ) | % |  | 17.9 |  | % |  | 2.3 |  | %
Months of Inventory |  |  |  |  |  |  | 2.8 |  |  |  | 2.1 |  |  |  | 0.8 |  |  |  | 1.4 |  |
|  |  |  |  |  | Monthly Visitor Arrivals, |  |  | Percentage Change
(in thousands, except percent change) |  |  |  |  |  | Not Seasonally Adjusted |  |  | from Previous Year
Tourism 5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
November 30, 2023 |  |  |  |  |  |  |  |  |  | 720.3 |  |  |  |  |  |  | 0.2 |  | %
October 31, 2023 |  |  |  |  |  |  |  |  |  | 700.3 |  |  |  |  |  |  | (3.7 | ) |
September 30, 2023 |  |  |  |  |  |  |  |  |  | 643.1 |  |  |  |  |  |  | (7.1 | ) |
August 31, 2023 |  |  |  |  |  |  |  |  |  | 766.0 |  |  |  |  |  |  | (7.7 | ) |
July 31, 2023 |  |  |  |  |  |  |  |  |  | 929.4 |  |  |  |  |  |  | 1.2 |  |
June 30, 2023 |  |  |  |  |  |  |  |  |  | 886.0 |  |  |  |  |  |  | 5.3 |  |
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 |  |  |  |  |  |  |  |  |  | 719.0 |  |  |  |  |  |  | 17.1 |  |
October 31, 2022 |  |  |  |  |  |  |  |  |  | 727.4 |  |  |  |  |  |  | 32.1 |  |
September 30, 2022 |  |  |  |  |  |  |  |  |  | 692.2 |  |  |  |  |  |  | 37.2 |  |
August 31, 2022 |  |  |  |  |  |  |  |  |  | 829.8 |  |  |  |  |  |  | 14.8 |  |
July 31, 2022 |  |  |  |  |  |  |  |  |  | 918.6 |  |  |  |  |  |  | 4.4 |  |
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 |  |
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