Bank of Hawai‘i Corporation First Quarter 2025 Financial Results

• Diluted Earnings Per Common Share of $0.97
• Net Income of $44.0 Million
• Net Interest Income $125.8 Million
• Net Interest Margin 2.32%
• Board of Directors Declares Dividend of $0.70 Per Common Share

HONOLULU--(BUSINESS WIRE)-- Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $0.97 for the first quarter of 2025, compared with $0.85 during the linked quarter and $0.87 during the same period last year. Net income for the first quarter of 2025 was $44.0 million, up 12.3% from the linked quarter and up 20.9% from the same period last year. The return on average common equity for the first quarter of 2025 was 11.80% compared with 10.30% during the linked quarter and 11.20% during the same period last year.

“Bank of Hawai‘i started 2025 with strong financial results,” said Peter Ho, Chairman and CEO. “In the first quarter, our net interest income and net interest margin both improved meaningfully for the fourth consecutive quarter. Average loan balances grew while average deposit balances held steady. We continued to optimize our balance sheet and our credit quality remained excellent.”

Financial Highlights

Net interest income for the first quarter of 2025 was $125.8 million, an increase of 4.7% from the linked quarter and an increase of 10.4% as compared to the same period last year. The increase from the previous quarter was primarily due to lower interest-bearing deposit rates and slowing of the shift from noninterest-bearing and interest-bearing accounts yielding less than 10 basis points to higher interest-bearing deposit accounts (deposit mix shift), partially offset by lower average balance of our earning asset balances and lower earning asset yields. The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of deposit mix shift, higher earning asset yields and higher average balance of our earning assets, partially offset by lower average balance of noninterest-bearing deposits.

Net interest margin was 2.32% in the first quarter of 2025, an increase of 13 basis points from the linked quarter and an increase of 21 basis points from the same period last year. The increase from the previous quarter was primarily due to lower interest-bearing deposit rates and slowing of deposit mix shift, partially offset by lower earning asset yields. The increase from the same period last year was primarily due to lower interest-bearing deposit rates, slowing of deposit mix shift and higher earning asset yields.

The average yield on loans and leases was 4.72% in the first quarter of 2025, down 1 basis point from the linked quarter and up 9 basis points from the same period last year. The average yield on total earning assets was 3.95% in the first quarter of 2025, down 2 basis points from the linked quarter and up 6 basis points from the same period last year. The average rate of interest-bearing deposits was 2.16% in the first quarter of 2025, down 21 basis points from the linked quarter and down 23 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.60%, down 17 basis points from the linked quarter and down 14 basis points from the same period last year. The changes in yields and rates over the prior periods reflected the lower rate environment, including lower benchmark interest rates.

Noninterest income was $44.1 million in the first quarter of 2025, an increase of 2.3% from the linked quarter and an increase of 4.2% from the same period in 2024. The increase from the linked quarter was primarily due to a decrease in investment securities losses and increases in bank-owned life insurance income and annuity and insurance income, partially offset by decreases in trust and asset management income, service charges on deposit accounts and other income. The increase from the same period last year was primarily due to increases in trust and asset management income, service charges on deposit accounts, bank-owned life insurance income and annuity and insurance income.

Noninterest expense was $110.5 million in the first quarter of 2025, an increase of 2.3% from the linked quarter and an increase of 4.3% from the same period last year. The increase from the prior periods was primarily due to higher salaries and benefits and other expenses, partially offset by lower FDIC insurance and professional fees.

The effective tax rate for the first quarter of 2025 was 21.67% compared with 24.02% during the linked quarter and 24.76% during the same period last year. The lower effective tax rate in the current quarter as compared to the linked quarter was primarily due to a decrease in disallowed compensation and an increase in tax benefits associated with certain tax advantaged investments. Compared to the same period last year, the decrease was primarily due to an increase in tax benefits associated with certain tax advantaged investments and a decrease in tax expense from discrete items.

Asset Quality

The Company’s overall asset quality remained strong during the first quarter of 2025. Provision for credit losses for the first quarter of 2025 was $3.3 million compared with $3.8 million in the linked quarter and $2.0 million in the same period last year.

Total non-performing assets were $17.5 million at March 31, 2025, down $1.8 million from December 31, 2024 and up $5.6 million from March 31, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.12% at the end of the quarter, a decrease of 2 basis points from the linked quarter and an increase of 3 basis points from the same period last year.

Net loan and lease charge-offs during the first quarter of 2025 were $4.4 million or 13 basis points annualized of total average loans and leases outstanding and comprised of gross charge-offs of $5.7 million partially offset by gross recoveries of $1.3 million. Compared to the linked quarter, net loan and lease charge-offs increased by $1.0 million or 3 basis points annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $2.1 million or 6 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $147.7 million at March 31, 2025, a decrease of $0.8 million from December 31, 2024 and flat from March 31, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.05% at the end of the quarter, down 1 basis point from the linked quarter and down 2 basis points from the same period last year.

Balance Sheet

Total assets were $23.9 billion at March 31, 2025, an increase of 1.2% from December 31, 2024 and an increase of 2.0% from March 31, 2024. The increase from the linked quarter was primarily due to increases in cash and cash equivalents and investment securities. The increase from the same period last year was primarily due to increases in loans and investment securities.

The investment securities portfolio was $7.4 billion at March 31, 2025, an increase of 1.6% from December 31, 2024 and an increase of 2.2% from March 31, 2024. The increase from the prior periods was primarily due to the purchases of investment securities, partially offset by cashflows from the portfolio. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

Total loans and leases were $14.1 billion at March 31, 2025, an increase of 0.3% from December 31, 2024 and an increase of 1.9% from March 31, 2024. Total commercial loans were $6.2 billion at March 31, 2025, an increase of 1.2% from December 31, 2024 and an increase of 7.3% from March 31, 2024. The increase from the linked quarter was primarily due to loan production within our construction portfolio. The increase from the same period last year was primarily due to loan production within our commercial mortgage portfolio. Total consumer loans were $7.9 billion at March 31, 2025, a decrease of 0.4% from the linked quarter and a decrease of 2.0% from the same period last year. The decrease from the prior periods was due to declines in our home equity and automobile portfolios.

Total deposits were $21.0 billion at March 31, 2025, an increase of 1.8% from December 31, 2024 and an increase of 1.6% from March 31, 2024. Noninterest-bearing deposits made up 26.1% of total deposit balances at March 31, 2025, down from 26.3% at December 31, 2024 and down from 26.8% at March 31, 2024. Average total deposits were $20.7 billion for the first quarter of 2025, down 0.4% from $20.8 billion in the linked quarter and up 0.6% from $20.5 billion in the same period last year.

Capital and Dividends

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

The Tier 1 Capital Ratio was 13.93% at March 31, 2025 compared with 13.95% at December 31, 2024 and 12.74% at March 31, 2024. The decrease from the linked quarter were due to increases in risk-weighted assets, partially offset by retained earnings growth. The increase from the same period last year was primarily due to the issuance of $165.0 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, at a rate of 8.00% in the second quarter of 2024. The Tier 1 Leverage Ratio was 8.36% at March 31, 2025, compared with 8.31% at December 31, 2024 and 7.62% at March 31, 2024. The increase from the linked quarter were due to a decrease in average total assets and an increase in retained earnings.

No shares of common stock were repurchased under the share repurchase program in the first quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2025.

The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on June 13, 2025 to shareholders of record at the close of business on May 30, 2025.

On April 4, 2025, the Company announced that the Board of Directors declared a quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of $20.00 per share, equivalent to $0.5000 per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on May 1, 2025 to shareholders of record of the preferred stock as of the close of business on April 16, 2025.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link: https://register-conf.media-server.com/register/BI61ce682f562949d3b8f602272bc03f6e. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, April 21, 2025. The replay will be available on the Company's website, www.boh.com.

Investor Announcements

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

Forward-Looking Statements

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

Bank of Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawai‘i and the West Pacific. The Company’s principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.

Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights										Table 1
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands, except per share amounts)		2025				2024				2024
For the Period:
Operating Results
Net Interest Income		$	125,807			$	120,178			$	113,938
Provision for Credit Losses			3,250				3,750				2,000
Total Noninterest Income			44,058				43,047				42,285
Total Noninterest Expense			110,459				107,931				105,859
Pre-Provision Net Revenue			59,406				55,294				50,364
Net Income			43,985				39,162				36,391
Net Income Available to Common Shareholders			38,716				33,893				34,422
Basic Earnings Per Common Share			0.98				0.86				0.87
Diluted Earnings Per Common Share			0.97				0.85				0.87
Dividends Declared Per Common Share			0.70				0.70				0.70
Performance Ratios
Return on Average Assets			0.75	%			0.66	%			0.63	%
Return on Average Shareholders' Equity			10.65				9.42				10.34
Return on Average Common Equity			11.80				10.30				11.20
Efficiency Ratio 1			65.03				66.12				67.76
Net Interest Margin 2			2.32				2.19				2.11
Dividend Payout Ratio 3			71.43				81.40				80.46
Average Shareholders' Equity to Average Assets			7.09				6.98				6.08
Average Balances
Average Loans and Leases		$	14,062,173			$	13,964,687			$	13,868,800
Average Assets			23,638,068				23,682,494				23,281,566
Average Deposits			20,669,539				20,756,682				20,543,640
Average Shareholders' Equity			1,675,571				1,654,156				1,416,102
Per Share of Common Stock
Book Value		$	34.23			$	33.27			$	31.62
Tangible Book Value			33.43				32.47				30.83
Market Value
Closing			68.97				71.24				62.39
High			76.00				82.70				73.73
Low			65.82				60.58				58.38
		March 31,				December 31,				March 31,
		2025				2024				2024
As of Period End:
Balance Sheet Totals
Loans and Leases		$	14,115,323			$	14,075,980			$	13,853,837
Total Assets			23,885,056				23,601,114				23,420,860
Total Deposits			21,008,217				20,633,037				20,676,586
Other Debt			558,250				558,274				560,163
Total Shareholders' Equity			1,704,935				1,667,774				1,435,977
Asset Quality
Non-Performing Assets		$	17,451			$	19,300			$	11,838
Allowance for Credit Losses - Loans and Leases			147,707				148,528				147,664
Allowance to Loans and Leases Outstanding 4			1.05	%			1.06	%			1.07	%
Capital Ratios 5
Common Equity Tier 1 Capital Ratio			11.58	%			11.59	%			11.50	%
Tier 1 Capital Ratio			13.93				13.95				12.74
Total Capital Ratio			14.97				15.00				13.81
Tier 1 Leverage Ratio			8.36				8.31				7.62
Total Shareholders' Equity to Total Assets			7.14				7.07				6.13
Tangible Common Equity to Tangible Assets 6			5.57				5.48				5.24
Tangible Common Equity to Risk-Weighted Assets 6			9.28				9.08				8.70
Non-Financial Data
Full-Time Equivalent Employees			1,876				1,865				1,891
Branches			50				50				50
ATMs			316				317				315
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 March 31, 2025 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
		March 31,			December 31,			March 31,
(dollars in thousands)		2025			2024			2024
Total Shareholders' Equity		$	1,704,935		$	1,667,774		$	1,435,977
Less: Preferred Stock			345,000			345,000			180,000
Goodwill			31,517			31,517			31,517
Tangible Common Equity		$	1,328,418		$	1,291,257		$	1,224,460
Total Assets		$	23,885,056		$	23,601,114		$	23,420,860
Less: Goodwill			31,517			31,517			31,517
Tangible Assets		$	23,853,539		$	23,569,597		$	23,389,343
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1		$	14,319,932		$	14,225,908		$	14,071,841
Total Shareholders' Equity to Total Assets			7.14%			7.07%			6.13%
Tangible Common Equity to Tangible Assets (Non-GAAP)			5.57%			5.48%			5.24%
Tier 1 Capital Ratio 1			13.93%			13.95%			12.74%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1			9.28%			9.08%			8.70%
1 Regulatory capital ratios as of March 31, 2025 are preliminary.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income										Table 3
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands, except per share amounts)		2025				2024				2024
Interest Income
Interest and Fees on Loans and Leases		$	163,082			$	164,785			$	159,336
Income on Investment Securities
Available-for-Sale			24,368				23,223				21,757
Held-to-Maturity			20,291				20,677				22,136
Cash and Cash Equivalents			5,460				9,425				6,157
Other			1,085				1,107				970
Total Interest Income			214,286				219,217				210,356
Interest Expense
Deposits			81,692				92,099				89,056
Securities Sold Under Agreements to Repurchase			744				992				1,443
Other Debt			6,043				5,948				5,919
Total Interest Expense			88,479				99,039				96,418
Net Interest Income			125,807				120,178				113,938
Provision for Credit Losses			3,250				3,750				2,000
Net Interest Income After Provision for Credit Losses			122,557				116,428				111,938
Noninterest Income
Fees, Exchange, and Other Service Charges			14,437				14,399				14,123
Trust and Asset Management			11,741				12,157				11,189
Service Charges on Deposit Accounts			8,259				8,678				7,947
Bank-Owned Life Insurance			3,611				3,283				3,356
Annuity and Insurance			1,555				1,347				1,046
Mortgage Banking			988				942				951
Investment Securities Losses, Net			(1,607	)			(3,306	)			(1,497	)
Other			5,074				5,547				5,170
Total Noninterest Income			44,058				43,047				42,285
Noninterest Expense
Salaries and Benefits			62,884				58,690				58,215
Net Occupancy			10,559				10,263				10,456
Net Equipment			10,192				10,308				10,103
Data Processing			5,267				5,313				4,770
Professional Fees			4,264				4,988				4,677
FDIC Insurance			1,642				3,711				3,614
Other			15,651				14,658				14,024
Total Noninterest Expense			110,459				107,931				105,859
Income Before Provision for Income Taxes			56,156				51,544				48,364
Provision for Income Taxes			12,171				12,382				11,973
Net Income		$	43,985			$	39,162			$	36,391
Preferred Stock Dividends			5,269				5,269				1,969
Net Income Available to Common Shareholders		$	38,716			$	33,893			$	34,422
Basic Earnings Per Common Share		$	0.98			$	0.86			$	0.87
Diluted Earnings Per Common Share		$	0.97			$	0.85			$	0.87
Dividends Declared Per Common Share		$	0.70			$	0.70			$	0.70
Basic Weighted Average Common Shares			39,554,834				39,513,210				39,350,390
Diluted Weighted Average Common Shares			39,876,406				39,836,758				39,626,463

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income									Table 4
		Three Months Ended
		March 31,			December 31,				March 31,
(dollars in thousands)		2025			2024				2024
Net Income		$	43,985		$	39,162			$	36,391
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities			24,760			(7,388	)			12,938
Defined Benefit Plans			232			(641	)			169
Other Comprehensive Income (Loss)			24,992			(8,029	)			13,107
Comprehensive Income		$	68,977		$	31,133			$	49,498

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
		March 31,				December 31,				March 31,
(dollars in thousands, except per share amounts)		2025				2024				2024
Assets
Cash and Cash Equivalents		$	935,200			$	763,571			$	891,521
Investment Securities
Available-for-Sale			2,887,019				2,689,528				2,352,051
Held-to-Maturity (Fair Value of $3,823,655; $3,820,882; and $4,104,622)			4,535,108				4,618,543				4,913,457
Loans Held for Sale			2,640				2,150				2,182
Loans and Leases			14,115,323				14,075,980				13,853,837
Allowance for Credit Losses			(147,707	)			(148,528	)			(147,664	)
Net Loans and Leases			13,967,616				13,927,452				13,706,173
Premises and Equipment, Net			187,858				184,480				192,486
Operating Lease Right-of-Use Assets			83,577				80,165				85,501
Accrued Interest Receivable			67,706				66,367				67,887
Mortgage Servicing Rights			18,770				19,199				20,422
Goodwill			31,517				31,517				31,517
Bank-Owned Life Insurance			481,260				481,184				468,206
Other Assets			686,785				736,958				689,457
Total Assets		$	23,885,056			$	23,601,114			$	23,420,860
Liabilities
Deposits
Noninterest-Bearing Demand		$	5,493,232			$	5,423,562			$	5,542,930
Interest-Bearing Demand			3,775,948				3,784,984				3,823,224
Savings			8,700,143				8,364,916				8,231,245
Time			3,038,894				3,059,575				3,079,187
Total Deposits			21,008,217				20,633,037				20,676,586
Securities Sold Under Agreements to Repurchase			50,000				100,000				150,490
Other Debt			558,250				558,274				560,163
Operating Lease Liabilities			92,267				88,794				94,104
Retirement Benefits Payable			23,640				23,760				23,365
Accrued Interest Payable			23,261				34,799				37,081
Other Liabilities			424,486				494,676				443,094
Total Liabilities			22,180,121				21,933,340				21,984,883
Shareholders' Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)			180,000				180,000				180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)			165,000				165,000				-
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2025 - 58,765,864 / 39,734,304; December 31, 2024 - 58,765,907 / 39,762,255; and March 31, 2024 - 58,753,708 / 39,720,724)			586				585				584
Capital Surplus			651,374				647,403				640,663
Accumulated Other Comprehensive Loss			(318,397	)			(343,389	)			(383,581	)
Retained Earnings			2,144,326				2,133,838				2,114,729
Treasury Stock, at Cost (Shares: March 31, 2025 - 19,031,560; December 31, 2024 - 19,003,609; and March 31, 2024 - 19,032,984)			(1,117,954	)			(1,115,663	)			(1,116,418	)
Total Shareholders' Equity			1,704,935				1,667,774				1,435,977
Total Liabilities and Shareholders' Equity		$	23,885,056			$	23,601,114			$	23,420,860

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																						Table 6
													Accumulated
	Preferred			Preferred									Other
	Shares	Preferred		Shares	Preferred		Common						Comprehensive
	Series A	Series A		Series B	Series B		Shares		Common		Capital		Income			Retained			Treasury
(dollars in thousands, except per share amounts)	Outstanding	Stock		Outstanding	Stock		Outstanding		Stock		Surplus		(Loss)			Earnings			Stock			Total
Balance as of December 31, 2024	180,000	$	180,000	165,000	$	165,000	39,762,255		$	585	$	647,403	$	(343,389	)	$	2,133,838		$	(1,115,663	)	$	1,667,774
Net Income	-		-	-		-	-			-		-		-			43,985			-			43,985
Other Comprehensive Income	-		-	-		-	-			-		-		24,992			-			-			24,992
Share-Based Compensation	-		-	-		-	-			-		3,680		-			-			-			3,680
Common Stock Issued under Purchase
and Equity Compensation Plans	-		-	-		-	19,477			1		291		-			-			1,023			1,315
Common Stock Repurchased	-		-	-		-	(47,428	)		-		-		-			-			(3,314	)		(3,314	)
Cash Dividends Declared Common Stock ($0.70 per share)	-		-	-		-	-			-		-		-			(28,228	)		-			(28,228	)
Cash Dividends Declared Preferred Stock	-		-	-		-	-			-		-		-			(5,269	)		-			(5,269	)
Balance as of March 31, 2025	180,000	$	180,000	165,000	$	165,000	39,734,304		$	586	$	651,374	$	(318,397	)	$	2,144,326		$	(1,117,954	)	$	1,704,935
Balance as of December 31, 2023	180,000	$	180,000	-	$	-	39,753,138		$	583	$	636,422	$	(396,688	)	$	2,107,569		$	(1,113,644	)	$	1,414,242
Net Income	-		-	-		-	-			-		-		-			36,391			-			36,391
Other Comprehensive Income	-		-	-		-	-			-		-		13,107			-			-			13,107
Share-Based Compensation	-		-	-		-	-			-		4,030		-			-			-			4,030
Common Stock Issued under Purchase
and Equity Compensation Plans	-		-	-		-	21,332			1		211		-			794			546			1,552
Common Stock Repurchased	-		-	-		-	(53,746	)		-		-		-			-			(3,320	)		(3,320	)
Cash Dividends Declared Common Stock ($0.70 per share)	-		-	-		-	-			-		-		-			(28,056	)		-			(28,056	)
Cash Dividends Declared Preferred Stock	-		-	-		-	-			-		-		-			(1,969	)		-			(1,969	)
Balance as of March 31, 2024	180,000	$	180,000	-	$	-	39,720,724		$	584	$	640,663	$	(383,581	)	$	2,114,729		$	(1,116,418	)	$	1,435,977

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1															Table 7
	Three Months Ended						Three Months Ended						Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	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
Cash and Cash Equivalents	$	500.0	$	5.5	4.37	%	$	784.9	$	9.4	4.70	%	$	460.7	$	6.1	5.29	%
Investment Securities
Available-for-Sale
Taxable		2,790.3		24.1	3.47			2,614.5		23.0	3.50			2,380.4		21.8	3.66
Non-Taxable		21.3		0.3	5.68			21.5		0.3	6.39			1.7		0.0	1.99
Held-to-Maturity
Taxable		4,548.6		20.2	1.77			4,636.7		20.5	1.77			4,926.8		21.9	1.79
Non-Taxable		34.1		0.2	2.09			34.3		0.2	2.10			34.7		0.2	2.10
Total Investment Securities		7,394.3		44.8	2.43			7,307.0		44.0	2.41			7,343.6		43.9	2.40
Loans Held for Sale		2.3		0.0	6.06			4.0		0.1	5.86			2.2		0.0	6.17
Loans and Leases 3
Commercial Mortgage		4,015.2		52.5	5.30			3,868.7		52.0	5.34			3,716.6		50.5	5.46
Commercial and Industrial		1,703.7		21.3	5.06			1,697.9		22.1	5.18			1,663.3		22.0	5.34
Construction		338.5		6.0	7.22			346.6		6.6	7.54			307.9		5.6	7.27
Commercial Lease Financing		91.1		0.9	3.83			82.9		0.7	3.62			58.4		0.3	1.87
Residential Mortgage		4,616.7		44.8	3.88			4,621.0		45.3	3.93			4,649.9		45.0	3.87
Home Equity		2,154.4		22.5	4.23			2,181.6		22.5	4.10			2,250.1		21.1	3.78
Automobile		752.6		9.3	5.02			774.4		9.5	4.90			831.0		8.9	4.30
Other		390.0		7.1	7.41			391.6		7.2	7.29			391.6		6.5	6.66
Total Loans and Leases		14,062.2		164.4	4.72			13,964.7		165.9	4.73			13,868.8		159.9	4.63
Other		65.1		1.1	6.67			65.0		1.1	6.82			62.3		1.1	6.23
Total Earning Assets		22,023.9		215.8	3.95			22,125.6		220.5	3.97			21,737.6		211.0	3.89
Non-Earning Assets		1,614.2						1,556.9						1,544.0
Total Assets	$	23,638.1					$	23,682.5					$	23,281.6
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,773.4		7.1	0.76		$	3,655.8		7.8	0.85		$	3,764.2		7.7	0.82
Savings		8,544.5		47.1	2.23			8,652.2		52.6	2.42			8,131.3		49.4	2.44
Time		3,037.3		27.5	3.67			3,142.8		31.7	4.02			3,081.1		32.0	4.18
Total Interest-Bearing Deposits		15,355.2		81.7	2.16			15,450.8		92.1	2.37			14,976.6		89.1	2.39
Securities Sold Under Agreements to Repurchase		76.7		0.7	3.88			100.2		1.0	3.87			150.5		1.4	3.79
Other Debt		578.2		6.1	4.24			558.3		5.9	4.24			560.1		5.9	4.25
Total Interest-Bearing Liabilities		16,010.1		88.5	2.24			16,109.3		99.0	2.45			15,687.2		96.4	2.47
Net Interest Income			$	127.3					$	121.5					$	114.6
Interest Rate Spread					1.71	%					1.52	%					1.42	%
Net Interest Margin					2.32	%					2.19	%					2.11	%
Noninterest-Bearing Demand Deposits		5,314.3						5,305.9						5,567.0
Other Liabilities		638.1						613.1						611.3
Shareholders' Equity		1,675.6						1,654.2						1,416.1
Total Liabilities and Shareholders' Equity	$	23,638.1					$	23,682.5					$	23,281.6
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 $1.5 million, $1.3 million, and $690 thousand for the three months ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances.

Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended March 31, 2025
	Compared to December 31, 2024
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Cash and Cash Equivalents	$	(3.3	)	$	(0.5	)	$	(3.9	)
Investment Securities
Available-for-Sale
Taxable		1.3			(0.2	)		1.1
Non-Taxable		(0.0	)		(0.0	)		(0.0	)
Held-to-Maturity
Taxable		(0.3	)		0.0			(0.3	)
Non-Taxable		(0.0	)		(0.0	)		(0.0	)
Total Investment Securities		1.0			(0.2	)		0.8
Loans Held for Sale		(0.0	)		0.0			(0.0	)
Loans and Leases
Commercial Mortgage		1.1			(0.6	)		0.5
Commercial and Industrial		0.0			(0.9	)		(0.8	)
Construction		(0.3	)		(0.4	)		(0.6	)
Commercial Lease Financing		0.1			0.1			0.2
Residential Mortgage		0.1			(0.5	)		(0.5	)
Home Equity		(0.4	)		0.4			(0.0	)
Automobile		(0.4	)		0.1			(0.2	)
Other		(0.1	)		(0.1	)		(0.1	)
Total Loans and Leases		0.2			(1.7	)		(1.5	)
Other		0.0			(0.0	)		(0.0	)
Total Change in Interest Income		(2.2	)		(2.5	)		(4.7	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand		0.2			(0.9	)		(0.7	)
Savings		(0.8	)		(4.7	)		(5.5	)
Time		(1.2	)		(3.0	)		(4.2	)
Total Interest-Bearing Deposits		(1.8	)		(8.6	)		(10.4	)
Securities Sold Under Agreements to Repurchase		(0.2	)		0.0			(0.2	)
Other Debt		0.1			0.1			0.2
Total Change in Interest Expense		(1.9	)		(8.6	)		(10.5	)
Change in Net Interest Income	$	(0.3	)	$	6.0		$	5.8
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended March 31, 2025
	Compared to March 31, 2024
(dollars in millions)	Volume 1			Rate 1			Total
Change in Interest Income:
Cash and Cash Equivalents	$	0.5		$	(1.1	)	$	(0.6	)
Investment Securities
Available-for-Sale
Taxable		3.5			(1.2	)		2.3
Non-Taxable		0.3			-			0.3
Held-to-Maturity
Taxable		(1.6	)		(0.1	)		(1.7	)
Non-Taxable		(0.0	)		(0.0	)		(0.0	)
Total Investment Securities		2.2			(1.3	)		0.9
Loans Held for Sale		0.0			(0.0	)		0.0
Loans and Leases
Commercial Mortgage		3.6			(1.6	)		2.0
Commercial and Industrial		0.6			(1.3	)		(0.7	)
Construction		0.5			(0.1	)		0.4
Commercial Lease Financing		0.4			0.2			0.6
Residential Mortgage		(0.3	)		0.1			(0.2	)
Home Equity		(1.0	)		2.4			1.4
Automobile		(0.9	)		1.3			0.4
Other		-			0.6			0.6
Total Loans and Leases		2.9			1.6			4.5
Other		-			(0.0	)		(0.0	)
Total Change in Interest Income		5.6			(0.8	)		4.8
Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.6	)		(0.6	)
Savings		2.3			(4.6	)		(2.3	)
Time		(0.5	)		(4.0	)		(4.5	)
Total Interest-Bearing Deposits		1.8			(9.2	)		(7.4	)
Securities Sold Under Agreements to Repurchase		(0.7	)		-			(0.7	)
Other Debt		0.1			0.1			0.2
Total Change in Interest Expense		1.2			(9.1	)		(7.9	)
Change in Net Interest Income	$	4.4		$	8.3		$	12.7
1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits					Table 9
	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands)	2025		2024		2024
Salaries	$	38,242	$	38,852	$	38,031
Incentive Compensation		5,573		4,423		3,090
Retirement and Other Benefits		5,061		3,456		4,299
Payroll Taxes		4,766		2,593		4,730
Medical, Dental, and Life Insurance		4,537		4,965		3,212
Share-Based Compensation		3,501		3,208		3,799
Commission Expense		1,123		1,085		572
Separation Expense		81		108		482
Total Salaries and Benefits	$	62,884	$	58,690	$	58,215

Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances									Table 10
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)	2025		2024		2024		2024		2024
Commercial
Commercial Mortgage	$	4,038,287	$	4,020,622	$	3,868,566	$	3,741,140	$	3,715,032
Commercial and Industrial		1,703,290		1,705,133		1,681,693		1,699,438		1,679,659
Construction		363,716		308,898		319,150		315,571		323,069
Lease Financing		92,456		90,756		60,665		59,388		57,817
Total Commercial		6,197,749		6,125,409		5,930,074		5,815,537		5,775,577
Consumer
Residential Mortgage		4,630,876		4,628,283		4,622,677		4,595,586		4,616,900
Home Equity		2,144,955		2,165,514		2,195,844		2,221,073		2,240,946
Automobile		740,390		764,146		786,910		806,240		825,854
Other		401,353		392,628		383,078		392,830		394,560
Total Consumer		7,917,574		7,950,571		7,988,509		8,015,729		8,078,260
Total Loans and Leases	$	14,115,323	$	14,075,980	$	13,918,583	$	13,831,266	$	13,853,837
Deposits
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)	2025		2024		2024		2024		2024
Consumer	$	10,522,627	$	10,397,777	$	10,340,466	$	10,382,432	$	10,429,004
Commercial		8,411,838		8,299,590		8,356,239		7,995,618		8,323,330
Public and Other		2,073,752		1,935,670		2,281,617		2,030,452		1,924,252
Total Deposits	$	21,008,217	$	20,633,037	$	20,978,322	$	20,408,502	$	20,676,586
Average Deposits
	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)	2025		2024		2024		2024		2024
Consumer	$	10,408,747	$	10,327,928	$	10,345,772	$	10,379,724	$	10,313,730
Commercial		8,318,182		8,564,213		8,207,310		8,188,685		8,334,540
Public and Other		1,942,610		1,864,541		1,931,309		1,789,984		1,895,370
Total Deposits	$	20,669,539	$	20,756,682	$	20,484,391	$	20,358,393	$	20,543,640

Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More													Table 11
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2025			2024			2024			2024			2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage	$	2,195		$	2,450		$	2,680		$	2,601		$	2,714
Commercial and Industrial		3,451			4,627			6,218			3,681			13
Total Commercial		5,646			7,077			8,898			6,282			2,727
Consumer
Residential Mortgage		4,686			5,052			4,269			2,998			3,199
Home Equity		5,759			4,514			3,947			3,227			3,240
Total Consumer		10,445			9,566			8,216			6,225			6,439
Total Non-Accrual Loans and Leases		16,091			16,643			17,114			12,507			9,166
Foreclosed Real Estate		1,360			2,657			2,667			2,672			2,672
Total Non-Performing Assets	$	17,451		$	19,300		$	19,781		$	15,179		$	11,838
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage	$	3,895		$	3,984		$	4,421		$	4,524		$	3,378
Home Equity		2,228			2,845			1,980			2,025			1,580
Automobile		486			776			580			568			517
Other		943			677			554			733			872
Total Consumer		7,552			8,282			7,535			7,850			6,347
Total Accruing Loans and Leases Past Due 90 Days or More	$	7,552		$	8,282		$	7,535		$	7,850		$	6,347
Total Loans and Leases	$	14,115,323		$	14,075,980		$	13,918,583		$	13,831,266		$	13,853,837
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.11	%		0.12	%		0.12	%		0.09	%		0.07	%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate		0.12	%		0.14	%		0.14	%		0.11	%		0.09	%
Ratio of Non-Performing Assets to Total Assets		0.07	%		0.08	%		0.08	%		0.07	%		0.05	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate		0.09	%		0.12	%		0.15	%		0.11	%		0.05	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate		0.15	%		0.15	%		0.14	%		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		0.18	%		0.20	%		0.20	%		0.17	%		0.13	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	19,300		$	19,781		$	15,179		$	11,838		$	11,747
Additions 1		2,209			2,198			5,557			5,257			1,652
Reductions
Payments		(1,212	)		(708	)		(734	)		(844	)		(921	)
Return to Accrual Status		(244	)		(476	)		(81	)		(1,018	)		(617	)
Sales of Foreclosed Real Estate		(1,492	)		-			-			-			-
Charge-offs / Write-downs 1		(1,110	)		(1,495	)		(140	)		(54	)		(23	)
Total Reductions		(4,058	)		(2,679	)		(955	)		(1,916	)		(1,561	)
Balance at End of Quarter	$	17,451		$	19,300		$	19,781		$	15,179		$	11,838
1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period.

Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses							Table 12
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands)		2025			2024			2024
Balance at Beginning of Period	$	150,649		$	150,325		$	152,429
Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(1,399	)		(353	)		(360	)
Consumer
Residential Mortgage		-			(337	)		-
Home Equity		(75	)		(339	)		(35	)
Automobile		(1,751	)		(1,548	)		(1,048	)
Other		(2,484	)		(2,637	)		(2,312	)
Total Loans and Leases Charged-Off		(5,709	)		(5,214	)		(3,755	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		77			387			116
Consumer
Residential Mortgage		11			150			42
Home Equity		128			177			184
Automobile		633			609			526
Other		457			465			606
Total Recoveries on Loans and Leases Previously Charged-Off		1,306			1,788			1,474
Net Charged-Off Loans and Leases		(4,403	)		(3,426	)		(2,281	)
Provision for Credit Losses:
Loans and Leases		3,582			4,623			3,542
Unfunded Commitments		(332	)		(873	)		(1,542	)
Total Provision for Credit Losses		3,250			3,750			2,000
Balance at End of Period	$	149,496		$	150,649		$	152,148
Components
Allowance for Credit Losses - Loans and Leases	$	147,707		$	148,528		$	147,664
Reserve for Unfunded Commitments		1,789			2,121			4,484
Total Reserve for Credit Losses	$	149,496		$	150,649		$	152,148
Average Loans and Leases Outstanding	$	14,062,173		$	13,964,687		$	13,868,800
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)		0.13	%		0.10	%		0.07	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1		1.05	%		1.06	%		1.07	%
1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.

Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information									Table 13
	Consumer		Commercial			Treasury			Consolidated
(dollars in thousands)	Banking		Banking			and Other			Total
Three Months Ended March 31, 2025
Net Interest Income (Expense)	$	95,624	$	55,574		$	(25,391	)	$	125,807
Provision for (Recapture of) Credit Losses		3,295		1,108			(1,153	)		3,250
Net Interest Income (Expense) After Provision for Credit Losses		92,329		54,466			(24,238	)		122,557
Noninterest Income		33,498		7,734			2,826			44,058
Salaries and Benefits		21,105		5,360			36,419			62,884
Net Occupancy		7,067		400			3,092			10,559
Other Noninterest Expense		58,202		13,882			(35,068	)		37,016
Noninterest Expense		86,374		19,642			4,443			110,459
Income (Loss) Before Income Taxes		39,453		42,558			(25,855	)		56,156
Provision (Benefit) for Income Taxes		10,001		10,869			(8,699	)		12,171
Net Income (Loss)	$	29,452	$	31,689		$	(17,156	)	$	43,985
Total Assets as of March 31, 2025	$	8,246,158	$	6,219,971		$	9,418,927		$	23,885,056
Three Months March 31, 2024 1
Net Interest Income (Expense)	$	96,994	$	51,493		$	(34,549	)	$	113,938
Provision for (Recapture of) Credit Losses		2,287		(6	)		(281	)		2,000
Net Interest Income (Expense) After Provision for Credit Losses		94,707		51,499			(34,268	)		111,938
Noninterest Income		31,982		6,794			3,509			42,285
Salaries and Benefits		20,917		5,516			31,782			58,215
Net Occupancy		6,864		447			3,145			10,456
Other Noninterest Expense		54,924		12,680			(30,416	)		37,188
Noninterest Expense		82,705		18,643			4,511			105,859
Income (Loss) Before Income Taxes		43,984		39,650			(35,270	)		48,364
Provision (Benefit) for Income Taxes		11,181		10,008			(9,216	)		11,973
Net Income (Loss)	$	32,803	$	29,642		$	(26,054	)	$	36,391
Total Assets as of March 31, 2024	$	8,396,623	$	5,830,056		$	9,194,181		$	23,420,860
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
	March 31,				December 31,				September 30,				June 30,				March 31,
(dollars in thousands, except per share amounts)		2025				2024				2024				2024				2024
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	163,082			$	164,785			$	166,286			$	163,208			$	159,336
Income on Investment Securities
Available-for-Sale		24,368				23,223				23,257				21,468				21,757
Held-to-Maturity		20,291				20,677				21,107				21,595				22,136
Cash and Cash Equivalents		5,460				9,425				8,980				6,139				6,157
Other		1,085				1,107				1,018				1,120				970
Total Interest Income		214,286				219,217				220,648				213,530				210,356
Interest Expense
Deposits		81,692				92,099				96,067				91,542				89,056
Securities Sold Under Agreements to Repurchase		744				992				993				1,180				1,443
Other Debt		6,043				5,948				5,970				5,962				5,919
Total Interest Expense		88,479				99,039				103,030				98,684				96,418
Net Interest Income		125,807				120,178				117,618				114,846				113,938
Provision for Credit Losses		3,250				3,750				3,000				2,400				2,000
Net Interest Income After Provision for Credit Losses		122,557				116,428				114,618				112,446				111,938
Noninterest Income
Fees, Exchange, and Other Service Charges		14,437				14,399				14,945				13,769				14,123
Trust and Asset Management		11,741				12,157				11,916				12,223				11,189
Service Charges on Deposit Accounts		8,259				8,678				8,075				7,730				7,947
Bank-Owned Life Insurance		3,611				3,283				3,533				3,396				3,356
Annuity and Insurance		1,555				1,347				1,460				1,583				1,046
Mortgage Banking		988				942				1,188				1,028				951
Investment Securities Losses, Net		(1,607	)			(3,306	)			(1,103	)			(1,601	)			(1,497	)
Other		5,074				5,547				5,096				3,959				5,170
Total Noninterest Income		44,058				43,047				45,110				42,087				42,285
Noninterest Expense
Salaries and Benefits		62,884				58,690				58,626				57,033				58,215
Net Occupancy		10,559				10,263				10,806				10,559				10,456
Net Equipment		10,192				10,308				10,120				10,355				10,103
Data Processing		5,267				5,313				4,712				4,745				4,770
Professional Fees		4,264				4,988				4,725				4,929				4,677
FDIC Insurance		1,642				3,711				3,355				7,170				3,614
Other		15,651				14,658				14,748				14,435				14,024
Total Noninterest Expense		110,459				107,931				107,092				109,226				105,859
Income Before Provision for Income Taxes		56,156				51,544				52,636				45,307				48,364
Provision for Income Taxes		12,171				12,382				12,278				11,224				11,973
Net Income	$	43,985			$	39,162			$	40,358			$	34,083			$	36,391
Preferred Stock Dividends		5,269				5,269				3,436				1,969				1,969
Net Income Available to Common Shareholders	$	38,716			$	33,893			$	36,922			$	32,114			$	34,422
Basic Earnings Per Common Share	$	0.98			$	0.86			$	0.94			$	0.81			$	0.87
Diluted Earnings Per Common Share	$	0.97			$	0.85			$	0.93			$	0.81			$	0.87
Balance Sheet Totals
Loans and Leases	$	14,115,323			$	14,075,980			$	13,918,583			$	13,831,266			$	13,853,837
Total Assets		23,885,056				23,601,114				23,799,174				23,300,768				23,420,860
Total Deposits		21,008,217				20,633,037				20,978,322				20,408,502				20,676,586
Total Shareholders' Equity		1,704,935				1,667,774				1,665,474				1,612,849				1,435,977
Performance Ratios
Return on Average Assets		0.75		%		0.66		%		0.69		%		0.59		%		0.63		%
Return on Average Shareholders' Equity		10.65				9.42				9.90				9.53				10.34
Return on Average Common Equity		11.80				10.30				11.50				10.41				11.20
Efficiency Ratio 1		65.03				66.12				65.81				69.60				67.76
Net Interest Margin 2		2.32				2.19				2.18				2.15				2.11
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.

Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends																Table 15
	Two Months Ended					Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change)	February 28, 2025					December 31, 2024						December 31, 2023
Hawaii Economic Trends
State General Fund Revenues 1	$	1,489.1	(7.1	)	%	$	10,124.9			6.5	%	$	9,504.1			0.7		%
General Excise and Use Tax Revenue 1		853.7	5.1				4,495.0			0.5			4,474.1			4.9
Jobs 2		664.5					661.6						657.7
										March 31,		December 31,
										2025		2024				2023
Unemployment, seasonally adjusted 2
Statewide										2.9	%		3.0		%	3.0		%
Honolulu County										2.8			2.9			2.5
Hawaii County										3.1			3.4			2.8
Maui County										3.1			3.7			5.8
Kauai County										2.7			3.0			2.5
						March 31,				December 31,
(1-year percentage change, except months of inventory)							2025			2024			2023			2022
Housing Trends (Single Family Oahu) 3
Median Home Price							7.5		%	4.8	%		(5.0	)	%	11.6		%
Home Sales Volume (units)							(4.0	)	%	9.1	%		(26.3	)	%	(23.2	)	%
Months of Inventory							3.3			2.9			2.8			2.1
						Monthly Visitor Arrivals,						Percentage Change
(in thousands, except percentage change)						Not Seasonally Adjusted						from Previous Year
Tourism 4
February 28, 2025										739.7						(1.7	)	%
January 31, 2025										773.1						3.7
December 31, 2024										892.0						5.3
November 30, 2024										762.7						5.7
October 31, 2024										739.0						5.5
September 30, 2024										688.8						6.3
August 31, 2024										819.2						6.9
July 31, 2024										925.3						(0.5	)
June 30, 2024										872.6						(1.5	)
May 31, 2024										757.8						(4.1	)
April 30, 2024										721.9						(10.5	)
March 31, 2024										843.5						(5.5	)
February 29, 2024										752.7						2.6
January 31, 2024										745.6						(3.8	)
December 31, 2023										847.3						(1.3	)
November 30, 2023										721.3						0.3
October 31, 2023										700.4						(3.7	)
September 30, 2023										648.1						(6.4	)
August 31, 2023										766.6						(7.6	)
July 31, 2023										930.2						1.3
June 30, 2023										886.0						5.3
May 31, 2023										790.5						2.1
April 30, 2023										806.2						(0.4	)
March 31, 2023										892.2						13.6
February 28, 2023										733.6						17.6
1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U.S. Bureau of Labor Statistics
3 Source: Honolulu Board of Realtors
4 Source: Hawaii Tourism Authority

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250421638559/en/

Investor/Analyst Inquiries

Chang Park

Email: Chang.Park@boh.com

Phone: 808-694-8238

Media Inquiries

Melissa Torres-Laing

Email: Melissa.Torres-Laing@boh.com

Phone: 808-694-8384

Mobile: 808-859-1703

Source: Bank of Hawai‘i Corporation