Financial Analysis

Commitments and Contingencies The Companys credit commitments as of December 31, 2025 and 2024, were as follows: (dollars in thousands) December 31, 2025 December 31, 2024 Unfunded Commitments to Extend Credit $ 3,183,221 $ 3,128,272 Standby Letters of Credit 99,692 96,484 Commercial Letters of Credit 7,047 9,339 Total Credit Commitments $ 3,289,960 $ 3,234,095 Unfunded Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there is no violation of the terms or conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. Standby and Commercial Letters of Credit Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby letters of credit generally become payable upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and a third party. The contractual amount of these letters of credit represents the maximum potential future payments guaranteed by the Company. T …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, (dollars in thousands) 2025 2024 2023 Noninterest Income In-scope of Topic 606: Fees, Exchange, and Other Service Charges $ 43,147 $ 45,466 $ 44,887 Trust and Asset Management 49,319 47,485 43,597 Service Charges on Deposit Accounts 14,374 13,676 13,244 Annuity and Insurance 5,150 5,368 4,672 Other 9,935 10,098 9,619 Noninterest Income (in-scope of Topic 606) 121,925 122,093 116,019 Noninterest Income (out-of-scope of Topic 606) 57,165 50,436 60,590 Total Noninterest Income $ 179,090 $ 172,529 $ 176,609

DisaggregationOfRevenueTableTextBlock

Share-Based Compensation The Company has share-based compensation plans which allow grants of stock options, restricted stock, stock appreciation rights, and restricted stock units to its employees and non-employee directors. Restricted stock provides grantees with rights to shares of common stock upon completion of one or more criteria, including service period, performance or other conditions as established by the Compensation Committee, such as vesting tied to the Companys financial performance relative to the peer group or achievement of an absolute financial performance target. During the restriction period, all shares are considered outstanding and dividends are paid on the restricted stock. Generally, restricted stock vests over periods ranging from one year to five years from the date of grant. Restricted stock and dividends may be forfeited if an employee terminates prior to vesting. As of December 31, 2025, total shares authorized under the plans were 2.4 million shares, of which 1.3 million shares were available for future grants. The Company recognizes compensation expense, measured as the fair value of the share-based award on the date of grant, on a straight-line basis over the requisite service period. Share-based compensation is recorded in the consolidated statements of income as a component of salaries and benefits for employees and as a component of other noninterest expense for non-employee directors, with a corresponding increase to capital surplus in sha …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value of Assets and Liabilities Fair Value Hierarchy The following is a description of the valuation methodologies and key inputs used to measure assets and liabilities recorded at fair value on a recurring basis. See Note 1 Summary of Significant Accounting Policies for more information on fair value measurements. Assets and Liabilities Measured at Fair Value on a Recurring Basis Investment Securities Available-for-Sale Level 1 investment securities are comprised of debt securities issued by the U.S. Treasury, as quoted prices were available, unadjusted, for identical securities in active markets. Level 2 investment securities were primarily comprised of debt securities issued by the Small Business Administration, states and municipalities, corporations, as well as mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises. Fair values were estimated primarily by obtaining quoted prices for similar assets in active markets or through the use of pricing models. In cases where there may be limited or less transparent information provided by the Companys third-party pricing service, fair value may be estimated by the use of secondary pricing services or through the use of non-binding third-party broker quotes. Loans Held for Sale The fair value of the Companys residential mortgage loans held for sale was determined based on quoted prices for similar loans in active markets, and therefore, is classif …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Provision for Income Taxes The components of the Companys provision for income taxes for the years ended December 31, 2025, 2024 and 2023 were as follows: (dollars in thousands) 2025 2024 2023 Current: Federal $ 54,544 $ 56,974 $ 59,084 State (976) 3,103 8,035 Total Current 53,568 60,077 67,119 Deferred: Federal 4,765 (8,805) (8,800) State (2,253) (3,415) (2,405) Total Deferred 2,512 (12,220) (11,205) Provision for Income Taxes $ 56,080 $ 47,857 $ 55,914 The tax effects of fair value adjustments on AFS investment securities, the amortization of unrealized gains and losses related to investment securities transferred to HTM, and the minimum pension liability adjustment are recorded directly in consolidated shareholders equity as a component of accumulated other comprehensive loss. The net tax charge recorded was $35.7 million, $19.2 million, and $13.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. Excess tax benefits related to share-based compensation are recorded as a reduction of the provision for income taxes. Deferred Tax Assets and Liabilities As of December 31, 2025 and 2024, significant components of the Companys deferred tax assets and liabilities were as follows: December 31, (dollars in thousands) 2025 2024 Deferred Tax Assets: Allowance for Credit Losses $ 39,319 $ 39,907 Minimum Pension Liability 7,305 8,439 Accrued Expenses 23,627 22,361 Operating Lease Liabilities 24,494 23,538 Restricted Stock 6,658 5,975 Net Unrealize …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2052. Substantially all of the Companys leases are classified as operating leases and therefore required to be recognized on the consolidated statements of condition as right-of-use (ROU) assets and corresponding lease liabilities. The Company has one existing finance lease for a portion of the Companys principal offices with a lease term through 2052. The following table represents the consolidated statements of condition classification of the Companys ROU assets and lease liabilities. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less), or equipment leases (deemed immaterial) on the consolidated statements of condition. (dollars in thousands) December 31, 2025 December 31, 2024 Lease Right-of-Use Assets Classification Operating Lease Right-of-Use Assets Operating Lease Right-of-Use Assets $ 83,424 $ 80,165 Finance Lease Right-of-Use Assets Premises and Equipment, Net 531 551 Total Lease Right-of-Use Assets $ 83,955 $ 80,716 Lease Liabilities Operating Lease Liabilities Operating Lease Liabilities $ 92,402 $ 88,794 Finance Lease Liabilities O …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Other Debt The Companys other debt as of December 31, 2025 and 2024 were as follows: December 31, (dollars in thousands) 2025 2024 Federal Home Loan Bank of Des Moines Advances $ 550,000 $ 550,000 Finance Lease Obligations 8,176 8,274 Total $ 558,176 $ 558,274 As of December 31, 2025, FHLB advances totaled $550.0 million with a weighted-average interest rate of 4.13% and maturity dates ranging from 2026 to 2028. As of December 31, 2025, the Company had an undrawn line of credit with the FHLB of $2.1 billion. As of December 31, 2025, the Company had an undrawn line of credit with the FRB of $7.7 billion. Finance lease obligations relate to office space at the Companys headquarters. The lease began in 1993 and has a 60 year term. As of December 31, 2025, the annual maturities of the Companys other debt, exclusive of finance lease obligations, were expected to be as follows: (dollars in thousands) Amount 2026 $ 50,000 2027 400,000 2028 100,000 2029 2030 Total $ 550,000 …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Accounting Standards Pending Adoption In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement to be presented in a tabular format in the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The amendments in ASU 2024-03 should be applied on a prospective basis, although retrospective application is permitted. ASU 2024-03 is not expected to have a material impact on the Companys financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefits The Company has defined contribution plans, defined benefit plans, and a postretirement benefit plan. Defined Contribution Plans The Bank of Hawaii Retirement Savings Plan (the Savings Plan) has three Company contribution components in addition to employee contributions: 1) 401(k) matching, as described below; 2) a 3% fixed amount based on eligible compensation; and 3) a discretionary value-sharing contribution. Under the 401(k) matching component, participating employees may contribute up to 50% of their eligible compensation (within federal limits) to the Savings Plan. The Company makes matching contributions on behalf of participants equal to $1.25 for each $1.00 contributed by participants, up to 2% of the participants eligible compensation, and $0.50 for every $1.00 contributed by participants over 2%, up to 5% of the participants eligible compensation. A 3% fixed contribution and a discretionary value-sharing contribution, that is linked to the Companys financial goals, are made regardless of whether the participating employee contributes to the Savings Plan and are invested in accordance with the participants selection of investment options available under the Savings Plan. The Company also has a non-qualified savings plan which covers certain employees with compensation exceeding Internal Revenue Service (IRS) limits on pay amounts in the allocation of the Savings Plans benefits. Total expense for all components of the Companys defined contribution p …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2025, 2024 and 2023. Year Ended December 31, (dollars in thousands) 2025 2024 2023 Noninterest Income In-scope of Topic 606: Fees, Exchange, and Other Service Charges $ 43,147 $ 45,466 $ 44,887 Trust and Asset Management 49,319 47,485 43,597 Service Charges on Deposit Accounts 14,374 13,676 13,244 Annuity and Insurance 5,150 5,368 4,672 Other 9,935 10,098 9,619 Noninterest Income (in-scope of Topic 606) 121,925 122,093 116,019 Noninterest Income (out-of-scope of Topic 606) 57,165 50,436 60,590 Total Noninterest Income $ 179,090 $ 172,529 $ 176,609

RevenueFromContractWithCustomerTextBlock

Business Segments The Companys business segments are defined as Consumer Banking, Commercial Banking, and Treasury and Other. The Companys chief operating decision maker (CODM) is the Chairman and Chief Executive Officer. The CODM uses income from operations to evaluate the performance of the overall business and to allocate resources to each of the segments. The Companys internal management accounting process, which is not necessarily comparable with the process used by any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP. Previously reported results have been reclassified to conform to the current reporting structure. The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Companys overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Companys assumptions that are s …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation Bank of Hawaii Corporation (the Parent) is a Delaware corporation and a bank holding company headquartered in Honolulu, Hawaii. Bank of Hawaii Corporation and its subsidiaries (collectively, the Company) provide a broad range of financial products and services to customers in Hawaii, Guam, and other Pacific Islands. The majority of the Companys operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accounting and reporting principles of the Company conform to U.S. generally accepted accounting principles (GAAP) and prevailing practices within the financial services industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ from those estimates and such differences could be material to the financial statements. Certain prior period information has been reclassified to conform to the current year presentation. The following is a summary of the Companys significant accounting policies: Consolidation The accompanying Consolidated Financial Statements include the accounts of the Parent and its subsidiaries. The Parents principal operating subsidiary is Bank of Hawaii (the Bank). A …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Shareholders Equity Regulatory Capital The table below sets forth the minimum required capital amounts and ratios for well capitalized institutions and the actual capital amounts and ratios for the Company and the Bank as of December 31, 2025 and 2024: (dollars in thousands) Well Capitalized Minimum Ratio Company Bank As of December 31, 2025 Common Shareholders Equity $ 1,506,212 $ 1,751,664 Common Equity Tier 1 Capital 1,728,810 1,976,987 Tier 1 Capital 2,064,911 1,976,987 Total Capital 2,213,315 2,125,391 Common Equity Tier 1 Capital Ratio 6.5 % 12.14 % 13.89 % Tier 1 Capital Ratio 8.0 % 14.49 % 13.89 % Total Capital Ratio 10.0 % 15.54 % 14.94 % Tier 1 Leverage Ratio 5.0 % 8.57 % 8.21 % As of December 31, 2024 Common Shareholders Equity $ 1,322,774 $ 1,540,431 Common Equity Tier 1 Capital 1,648,889 1,869,247 Tier 1 Capital 1,984,990 1,869,247 Total Capital 2,133,624 2,017,881 Common Equity Tier 1 Capital Ratio 6.5 % 11.59 % 13.16 % Tier 1 Capital Ratio 8.0 % 13.95 % 13.16 % Total Capital Ratio 10.0 % 15.00 % 14.20 % Tier 1 Leverage Ratio 5.0 % 8.31 % 7.83 % The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Companys financial statements. Under capital adequacy guidelines and the regulatory framework fo …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies The Companys credit commitments as of June 30, 2026 and December 31, 2025 were as follows: (dollars in thousands) June 30, 2026 December 31, 2025 Unfunded Commitments to Extend Credit $ 3,301,183 $ 3,183,221 Standby Letters of Credit 101,835 99,692 Commercial Letters of Credit 7,864 7,047 Total Credit Commitments $ 3,410,882 $ 3,289,960 Unfunded Commitments to Extend Credit Commitments to extend credit are agreements to lend to a customer as long as there is no violation of the terms or conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since commitments may expire without being drawn, the total commitment amount does not necessarily represent future cash requirements. Standby and Commercial Letters of Credit Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. Standby letters of credit generally become payable upon the failure of the customer to perform according to the terms of the underlying contract with the third-party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and a third party. The contractual amount of these letters of credit represents the maximum potential future payments guaranteed by the Compa …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value of Assets and Liabilities Fair Value Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for an asset or liability in an orderly transaction between market participants at the measurement date. GAAP established a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. A contractually binding sales price also provides reliable evidence of fair value. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, for identical or similar assets or liabilities in markets that are not active, or that utilize model-based techniques for which all significant assumptions are observable in the market. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement, that utilize model-based techniques for which significant assumptions are not observable in the market; or inputs to the valuation methodology that require significant management judgment or estimation, some of which may be internally developed. In some instances, an instrumen …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Accounting Standards Pending Adoption In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement to be presented in a tabular format in the footnotes to the financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The amendments in ASU 2024-03 should be applied on a prospective basis, although retrospective application is permitted. ASU 2024-03 is not expected to have a material impact on the Companys financial statements. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Business Segments The Companys business segments are defined as Consumer Banking, Commercial Banking, and Treasury and Other. The Companys chief operating decision maker (CODM) is the President and Chief Executive Officer. The CODM uses income from operations to evaluate the performance of the overall business and to allocate resources to each of the segments. The Company's internal management accounting process, which is not necessarily comparable with the process used by any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP. The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Companys overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Companys assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfe …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Basis of Presentation Bank of Hawaii Corporation (the Parent) is a Delaware corporation headquartered in Honolulu, Hawaii. In January 2026, the Parent elected to become a financial holding company under the Bank Holding Company Act of 1956, as amended; prior to that election, the Parent operated as a bank holding company. Bank of Hawaii Corporation and its subsidiaries (collectively, the Company), provide a broad range of financial products and services to customers in Hawaii, Guam and other Pacific Islands. The majority of the Companys operations consist of customary commercial and consumer banking services including, but not limited to, lending, leasing, deposit services, trust and investment activities, brokerage services, and trade financing. The accompanying Unaudited Consolidated Financial Statements include the accounts of the Parent and its subsidiaries. The Parents principal operating subsidiary is Bank of Hawaii (the Bank). The Consolidated Financial Statements in this report have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of the results for the interim periods. All such adjustments are of a normal recurring nature. Intercompany accounts and transactions have been eliminated in consolidation. Certain prior period information has been reclassified to conform to the current year presentation. Operating resul …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing