Diluted Earnings Per Common Share $1.32
Net Income $54.8 Million
Board of Directors Declares Dividend of $0.70 Per Common Share

Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per common share of $1.32 for the first quarter of 2022, compared with diluted earnings per common share of $1.55 in the previous quarter and $1.50 in the same quarter last year. Net income for the first quarter of 2022 was $54.8 million, down 14.1% from the fourth quarter of 2021 and down 8.5% from the first quarter of 2021.

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"Bank of Hawaii had a good start to 2022 with solid operating performance," said Peter Ho, Chairman, President, and CEO. "We saw good continuing momentum in core loan and deposit growth and expansion in core net interest margin. Asset quality continued its stable trend, and capital and liquidity remain strong."

Financial Highlights

The return on average assets for the first quarter of 2022 was 0.97% compared with 1.12% in the previous quarter and 1.15% in the same quarter of 2021. The return on average common equity for the first quarter of 2022 was 15.44% compared with 17.40% in the previous quarter and 17.65% in the same quarter of 2021.
- The decrease from prior quarter was primarily driven by lower provision release and seasonal payroll expenses.
- The decrease from prior year was primarily driven by lower provision release.

Net interest income for the first quarter of 2022 was $125.3 million, a decrease of 0.9% from the fourth quarter of 2021 and an increase of 3.9% from the first quarter of 2021. Net interest margin was 2.34% in the first quarter of 2022, unchanged compared to the previous quarter and a decrease of 9 basis points from the same quarter of 2021.
- One-time significant items in the fourth quarter of 2021 included a negative $0.9 million adjustment to net interest income for deferred mortgage loan fees related to prior quarters of 2021. The adjustment had a negative impact of 2 basis points on the net interest margin.

The provision for credit losses for the first quarter of 2022 was a net benefit of $5.5 million compared with a net benefit of $9.7 million in the previous quarter and a net benefit of $14.3 million in the same quarter of 2021.

Noninterest income was $43.6 million in the first quarter of 2022, an increase of 2.3% from the previous quarter and an increase of 1.4% from the same quarter of 2021.

Noninterest expense was $103.9 million in the first quarter of 2022, an increase of 2.2% from the previous quarter and an increase of 5.1% from the same quarter of 2021.
- Noninterest expense in the first quarter of 2022 included seasonal payroll expenses of approximately $3.7 million.
- One-time significant items in the fourth quarter of 2021 included $1.2 million related to an increase in vacation carryover limits.
- Noninterest expense in the first quarter of 2021 included seasonal payroll expenses of approximately $2.1 million, charges related to the rollout of contactless cards of $1.9 million, and separation expenses of $1.8 million.

The effective tax rate for the first quarter of 2022 was 22.15% compared with 17.08% in the previous quarter and 24.09% during the same quarter of 2021.
- The fourth quarter of 2021 included a $3.6 million benefit due to larger than expected tax credits from 2020 and a reduction in the valuation allowance related to low-income housing partnerships.

Asset Quality

The Company's overall asset quality continued to remain strong during the first quarter of 2022.

Total non-performing assets were $20.0 million at March 31, 2022, up by $1.0 million from December 31, 2021 and up $2.1 million from March 31, 2021. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.16% at the end of the quarter, an increase of 1 basis point from the end of both the prior quarter and same quarter of 2021.

Net loan and lease charge-offs during the first quarter of 2022 were $1.5 million or 0.05% annualized of total average loans and leases outstanding.
- Net loan and lease charge-offs for the first quarter of 2022 were comprised of charge-offs of $3.9 million partially offset by recoveries of $2.4 million.
- Compared to the prior quarter, net loan and lease charge-offs increased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding.
- Compared to the same quarter of 2021, net loan and lease charge-offs decreased by $1.4 million or 5 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $152.0 million at March 31, 2022, a decrease of $5.8 million from December 31, 2021 and $46.3 million from March 31, 2021. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.21% at the end of the quarter, down 8 basis points from the end of the prior quarter and down 42 basis points from the end of the same quarter of 2021.

Balance Sheet

Total assets were $23.0 billion at March 31, 2022, an increase of 0.9% from December 31, 2021 and an increase of 4.8% from March 31, 2021.

The investment securities portfolio was $8.7 billion at March 31, 2022, a decrease of 2.5% from December 31, 2021 and an increase of 16.8% from March 31, 2021.
- The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
- The increase from March 31, 2021 was primarily due to growth in deposits that outpaced loan growth.

Total loans and leases were $12.5 billion at March 31, 2022, an increase of 2.3% from December 31, 2021 and an increase of 3.3% from March 31, 2021.
- Total loans and leases excluding PPP loans were $12.5 billion at March 31, 2022, an increase of 2.9% from December 31, 2021 and an increase of 9.4% from March 31, 2021.

Total deposits reached a new record high of $20.7 billion at March 31, 2022, an increase of 1.7% from December 31, 2021 and an increase of 5.9% from March 31, 2021.

Capital and Dividends

The Tier 1 Capital Ratio was 13.22% at March 31, 2022 compared with 13.56% at December 31, 2021 and 12.35% at March 31, 2021.
- The increase from the same period in 2021 was driven by the issuance of $180 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A in the second quarter of 2021.

The Tier 1 Leverage Ratio was 7.30% at March 31, 2022 compared with 7.32% at December 31, 2021 and 6.61% at March 31, 2021.
- The increase from the same period in 2021 was driven by the aforementioned issuance of preferred stock in the second quarter of 2021.

The Company repurchased 116.8 thousand shares of common stock at a total cost of $10.0 million under its share repurchase program in the first quarter of 2022 at an average cost of $85.34 per share repurchased.
- Total remaining buyback authority under the share repurchase program was $75.8 million at March 31, 2022.

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 14, 2022 to shareholders of record at the close of business on May 31, 2022.

On April 5, 2022, 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 May 2, 2022 to shareholders of record of the preferred stock at the close of business on April 18, 2022.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawaii Corporation's website, www.boh.com.

The webcast link is https://edge.media-server.com/mmc/p/5x73dqat.
The toll-free number for the teleconference is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code "Bank of Hawaii" to access the call.
A replay of the conference call will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, April 25, 2022. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 4637209 when prompted. In addition, the replay will be available on the Company's website, www.boh.com.

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 Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2021 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 Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company's principal subsidiary, Bank of Hawai'i, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company's web site, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights												Table 1
	Three Months Ended
	March 31,				December 31,				March 31,
(dollars in thousands, except per share amounts)	2022				2021				2021
For the Period:
Operating Results
Net Interest Income	$	125,263			$	126,388			$	120,569
Provision for Credit Losses		(5,500	)			(9,700	)			(14,300	)
Total Noninterest Income		43,551				42,574				42,970
Total Noninterest Expense		103,874				101,678				98,865
Net Income		54,834				63,837				59,949
Basic Earnings Per Common Share		1.33				1.56				1.51
Diluted Earnings Per Common Share		1.32				1.55				1.50
Dividends Declared Per Common Share		0.70				0.70				0.67

Performance Ratios
Return on Average Assets		0.97		%		1.12		%		1.15		%
Return on Average Shareholders' Equity		14.18				15.92				17.65
Return on Average Common Equity		15.44				17.40				17.65
Efficiency Ratio ¹		61.53				60.18				60.45
Net Interest Margin ²		2.34				2.34				2.43
Dividend Payout Ratio ³		52.63				44.87				44.37
Average Shareholders' Equity to Average Assets		6.87				7.02				6.51

Average Balances
Average Loans and Leases	$	12,290,402			$	12,086,705			$	11,952,587
Average Assets		22,847,488				22,666,280				21,150,670
Average Deposits		20,426,076				20,222,470				18,665,222
Average Shareholders' Equity		1,568,725				1,590,600				1,377,272

Per Share of Common Stock
Book Value	$	31.50			$	35.57			$	33.67
Tangible Book Value		30.71				34.78				32.89
Market Value
Closing		83.92				83.76				89.49
High		92.38				88.96				99.10
Low		79.60				78.73				75.65

	March 31,				December 31,				March 31,
	2022				2021				2021
As of Period End:
Balance Sheet Totals
Loans and Leases	$	12,544,492			$	12,259,076			$	12,140,703
Total Assets		23,000,317				22,784,941				21,947,271
Total Deposits		20,716,287				20,360,108				19,556,651
Other Debt		10,367				10,391				60,459
Total Shareholders' Equity		1,448,885				1,611,611				1,360,221

Asset Quality
Non-Performing Assets	$	19,979			$	18,966			$	17,883
Allowance for Credit Losses - Loans and Leases		152,028				157,821				198,343
Allowance to Loans and Leases Outstanding ⁴		1.21		%		1.29		%		1.63		%

Capital Ratios ⁵
Common Equity Tier 1 Capital Ratio		11.83		%		12.12		%		12.35		%
Tier 1 Capital Ratio		13.22				13.56				12.35
Total Capital Ratio		14.41				14.81				13.61
Tier 1 Leverage Ratio		7.30				7.32				6.61
Total Shareholders' Equity to Total Assets		6.30				7.07				6.20
Tangible Common Equity to Tangible Assets ⁶		5.39				6.15				6.06
Tangible Common Equity to Risk-Weighted Assets ⁶		9.77				11.44				11.78

Non-Financial Data
Full-Time Equivalent Employees		2,084				2,056				2,058
Branches		54				54				63
ATMs		307				307				361

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, 2022 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 Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures							Table 2
	March 31,			December 31,			March 31,
(dollars in thousands)	2022			2021			2021

Total Shareholders' Equity	$	1,448,885		$	1,611,611		$	1,360,221
Less: Preferred Stock		180,000			180,000			-
Goodwill		31,517			31,517			31,517
Tangible Common Equity	$	1,237,368		$	1,400,094		$	1,328,704

Total Assets		23,000,317			22,784,941			21,947,271
Less: Goodwill		31,517			31,517			31,517
Tangible Assets	$	22,968,800		$	22,753,424		$	21,915,754

Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements ¹	$	12,663,646		$	12,236,805		$	11,275,565

Total Shareholders' Equity to Total Assets		6.30	%		7.07	%		6.20	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		5.39	%		6.15	%		6.06	%

Tier 1 Capital Ratio ¹		13.22	%		13.56	%		12.35	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) ¹		9.77	%		11.44	%		11.78	%

¹ Regulatory capital ratios as of March 31, 2022 are preliminary.

Bank of Hawaii 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)	2022			2021			2021
Interest Income
Interest and Fees on Loans and Leases	$	94,439		$	97,853		$	99,299
Income on Investment Securities
Available-for-Sale		17,100			15,850			15,837
Held-to-Maturity		18,701			18,325			13,300
Deposits		4			1			7
Funds Sold		127			104			137
Other		202			176			185
Total Interest Income		130,573			132,309			128,765
Interest Expense
Deposits		2,353			2,898			4,329
Securities Sold Under Agreements to Repurchase		2,772			2,834			3,533
Funds Purchased		2			6			1
Other Debt		183			183			333
Total Interest Expense		5,310			5,921			8,196
Net Interest Income		125,263			126,388			120,569
Provision for Credit Losses		(5,500	)		(9,700	)		(14,300	)
Net Interest Income After Provision for Credit Losses		130,763			136,088			134,869
Noninterest Income
Trust and Asset Management		11,276			11,693			11,278
Mortgage Banking		2,740			2,908			5,862
Service Charges on Deposit Accounts		7,272			6,861			6,128
Fees, Exchange, and Other Service Charges		12,952			14,439			13,607
Investment Securities Losses, Net		(1,545	)		(1,258	)		(1,203	)
Annuity and Insurance		791			876			702
Bank-Owned Life Insurance		2,349			1,907			1,917
Other		7,716			5,148			4,679
Total Noninterest Income		43,551			42,574			42,970
Noninterest Expense
Salaries and Benefits		59,924			59,434			56,251
Net Occupancy		9,826			9,028			9,090
Net Equipment		9,153			9,105			8,878
Data Processing		4,560			4,696			6,322
Professional Fees		3,258			3,427			3,406
FDIC Insurance		1,502			1,619			1,654
Other		15,651			14,369			13,264
Total Noninterest Expense		103,874			101,678			98,865
Income Before Provision for Income Taxes		70,440			76,984			78,974
Provision for Income Taxes		15,606			13,147			19,025
Net Income	$	54,834		$	63,837		$	59,949
Preferred Stock Dividends		1,969			1,969			-
Net Income Available to Common Shareholders	$	52,865		$	61,868		$	59,949
Basic Earnings Per Common Share	$	1.33		$	1.56		$	1.51
Diluted Earnings Per Common Share	$	1.32		$	1.55		$	1.50
Dividends Declared Per Common Share	$	0.70		$	0.70		$	0.67
Basic Weighted Average Common Shares		39,752,679			39,741,063			39,827,590
Diluted Weighted Average Common Shares		39,956,391			39,955,525			40,071,477

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)							Table 4
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands)	2022			2021			2021
Net Income	$	54,834		$	63,837		$	59,949
Other Comprehensive Loss, Net of Tax:
Net Unrealized Losses on Investment Securities		(180,124	)		(26,244	)		(50,050	)
Defined Benefit Plans		353			8,430			441
Other Comprehensive Loss		(179,771	)		(17,814	)		(49,609	)
Comprehensive Income (Loss)	$	(124,937	)	$	46,023		$	10,340

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition							Table 5
	March 31,			December 31,			March 31,
(dollars in thousands)	2022			2021			2021
Assets
Interest-Bearing Deposits in Other Banks	$	2,488		$	2,571		$	4,506
Funds Sold		356,373			361,536			1,101,631
Investment Securities
Available-for-Sale		4,258,534			4,276,056			4,024,763
Held-to-Maturity (Fair Value of $4,171,262; $4,646,619; $3,477,346)		4,489,615			4,694,780			3,464,360
Loans Held for Sale		5,293			26,746			18,320
Loans and Leases		12,544,492			12,259,076			12,140,703
Allowance for Credit Losses		(152,028	)		(157,821	)		(198,343	)
Net Loans and Leases		12,392,464			12,101,255			11,942,360
Total Earning Assets		21,504,767			21,462,944			20,555,940
Cash and Due from Banks		236,193			196,327			286,717
Premises and Equipment, Net		199,743			199,393			198,107
Operating Lease Right-of-Use Assets		93,563			95,621			97,750
Accrued Interest Receivable		45,392			45,242			47,917
Foreclosed Real Estate		2,332			2,332			2,332
Mortgage Servicing Rights		23,968			22,251			22,320
Goodwill		31,517			31,517			31,517
Bank-Owned Life Insurance		446,926			344,587			291,764
Other Assets		415,916			384,727			412,907
Total Assets	$	23,000,317		$	22,784,941		$	21,947,271

Liabilities
Deposits
Noninterest-Bearing Demand		7,500,741			7,275,287			6,227,436
Interest-Bearing Demand		4,591,178			4,628,567			4,379,243
Savings		7,701,849			7,456,165			7,474,580
Time		922,519			1,000,089			1,475,392
Total Deposits		20,716,287			20,360,108			19,556,651
Securities Sold Under Agreements to Repurchase		450,490			450,490			600,490
Other Debt		10,367			10,391			60,459
Operating Lease Liabilities		101,274			103,210			105,820
Retirement Benefits Payable		38,008			38,494			50,687
Accrued Interest Payable		2,545			2,499			4,109
Taxes Payable		17,265			11,901			15,599
Other Liabilities		215,196			196,237			193,235
Total Liabilities		21,551,432			21,173,330			20,587,050
Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: March 31, 2022 and December 31, 2021 - 180,000)		180,000			180,000			-
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2022 - 58,717,811 / 40,288,365;
December 31, 2021 - 58,554,669 / 40,253,193; and March 31, 2021 - 58,553,365 / 40,394,234)		582			581			580
Capital Surplus		607,061			602,508			594,804
Accumulated Other Comprehensive Loss		(246,153	)		(66,382	)		(41,787	)
Retained Earnings		1,974,790			1,950,375			1,844,057
Treasury Stock, at Cost (Shares: March 31, 2022 - 18,429,446; December 31, 2021 - 18,301,476;
and March 31, 2021 - 18,159,131)		(1,067,395	)		(1,055,471	)		(1,037,433	)
Total Shareholders' Equity		1,448,885			1,611,611			1,360,221
Total Liabilities and Shareholders' Equity	$	23,000,317		$	22,784,941		$	21,947,271

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																			Table 6
										Accum.
										Other
										Compre-
	Preferred			Common						hensive
	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	-		-	-			-		-		-			54,834			-			54,834
Other Comprehensive Loss	-		-	-			-		-		(179,771	)		-			-			(179,771	)
Share-Based Compensation	-		-	-			-		4,010		-			-			-			4,010
Common Stock Issued under Purchase and
Equity Compensation Plans	-		-	197,783			1		543		-			(185	)		2,036			2,395
Common Stock Repurchased	-		-	(162,611	)		-		-		-			-			(13,960	)		(13,960	)
Cash Dividends Declared Common Stock
($0.70 per share)	-		-	-			-		-		-			(28,265	)		-			(28,265	)
Cash Dividends Declared Preferred Stock	-		-	-			-		-		-			(1,969	)		-			(1,969	)
Balance as of March 31, 2022	180,000	$	180,000	40,288,365		$	582	$	607,061	$	(246,153	)	$	1,974,790		$	(1,067,395	)	$	1,448,885

Balance as of December 31, 2020	-		-	40,119,312			580		591,360		7,822			1,811,979			(1,037,234	)		1,374,507
Net Income	-		-	-			-		-		-			59,949			-			59,949
Other Comprehensive Loss	-		-	-			-		-		(49,609	)		-			-			(49,609	)
Share-Based Compensation	-		-	-			-		2,780		-			-			-			2,780
Common Stock Issued under Purchase and
Equity Compensation Plans	-		-	310,905			-		664		-			(845	)		2,990			2,809
Common Stock Repurchased	-		-	(35,983	)		-		-		-			-			(3,189	)		(3,189	)
Cash Dividends Declared Common Stock
($0.67 per share)	-		-	-			-		-		-			(27,026	)		-			(27,026	)
Balance as of March 31, 2021	-	$	-	40,394,234		$	580	$	594,804	$	(41,787	)	$	1,844,057		$	(1,037,433	)	$	1,360,221

Bank of Hawaii 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, 2022						December 31, 2021						March 31, 2021
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	3.4	$	-	0.45	%	$	2.2	$	-	0.05	%	$	3.2	$	-	0.93	%
Funds Sold		238.5		0.1	0.21			273.2		0.1	0.15			550.6		0.1	0.10
Investment Securities
Available-for-Sale
Taxable		4,399.9		17.1	1.56			4,308.6		15.8	1.47			4,007.9		15.8	1.57
Non-Taxable		3.0		-	1.93			5.8		0.1	3.67			12.3		0.1	4.27
Held-to-Maturity
Taxable		4,567.4		18.6	1.63			4,757.4		18.1	1.52			3,385.8		13.1	1.55
Non-Taxable		35.8		0.2	2.10			58.0		0.3	2.31			38.1		0.2	2.55
Total Investment Securities		9,006.1		35.9	1.59			9,129.8		34.3	1.50			7,444.1		29.2	1.57
Loans Held for Sale		13.7		0.1	2.78			20.8		0.1	2.85			26.2		0.2	2.76
Loans and Leases ²
Commercial and Industrial		1,421.9		10.8	3.08			1,478.0		14.6	3.92			1,904.5		14.3	3.05
Commercial Mortgage		3,158.8		21.7	2.80			3,075.1		22.2	2.86			2,846.0		21.3	3.04
Construction		227.6		2.1	3.68			246.8		2.2	3.50			264.1		2.3	3.48
Commercial Lease Financing		98.8		0.4	1.45			107.4		0.3	1.12			106.4		0.4	1.43
Residential Mortgage		4,343.3		34.9	3.21			4,293.6		33.9	3.16			4,146.6		35.9	3.46
Home Equity		1,898.9		13.3	2.83			1,757.8		12.8	2.88			1,594.1		12.6	3.20
Automobile		737.4		5.9	3.23			730.2		6.1	3.34			708.3		6.1	3.51
Other ³		403.7		5.5	5.47			397.8		5.8	5.79			382.6		6.4	6.75
Total Loans and Leases		12,290.4		94.6	3.10			12,086.7		97.9	3.22			11,952.6		99.3	3.35
Other		36.7		0.2	2.21			34.4		0.2	2.05			33.4		0.2	2.21
Total Earning Assets ⁴		21,588.8		130.9	2.44			21,547.1		132.6	2.45			20,010.1		129.0	2.60
Cash and Due from Banks		233.3						231.3						270.7
Other Assets		1,025.4						887.9						869.9
Total Assets	$	22,847.5					$	22,666.3					$	21,150.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		4,655.4		0.5	0.04			4,685.7		0.7	0.06			4,186.4		0.6	0.06
Savings		7,540.6		1.1	0.06			7,443.2		1.2	0.06			7,016.6		1.5	0.09
Time		971.5		0.8	0.34			1,019.2		1.0	0.40			1,630.0		2.2	0.56
Total Interest-Bearing Deposits		13,167.5		2.4	0.07			13,148.1		2.9	0.09			12,833.0		4.3	0.14
Short-Term Borrowings		6.8		-	0.11			18.5		-	0.13			2.4		-	0.09
Securities Sold Under Agreements to Repurchase		450.5		2.8	2.46			450.5		2.8	2.46			600.5		3.6	2.35
Other Debt		10.4		0.2	7.05			10.4		0.2	7.05			60.5		0.3	2.22
Total Interest-Bearing Liabilities		13,635.2		5.4	0.16			13,627.5		5.9	0.17			13,496.4		8.2	0.24
Net Interest Income			$	125.5					$	126.7					$	120.8
Interest Rate Spread					2.28	%					2.28	%					2.36	%
Net Interest Margin					2.34	%					2.34	%					2.43	%
Noninterest-Bearing Demand Deposits		7,258.6						7,074.4						5,832.2
Other Liabilities		385.0						373.8						444.8
Shareholders' Equity		1,568.7						1,590.6						1,377.3
Total Liabilities and Shareholders' Equity	$	22,847.5					$	22,666.3					$	21,150.7

¹ Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
² 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.
³ Comprised of other consumer revolving credit, installment, and consumer lease financing.
⁴ Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $254,000, $280,000, and $252,000 for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended March 31, 2022
	Compared to December 31, 2021
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Investment Securities
Available-for-Sale
Taxable	$	0.3		$	1.0		$	1.3
Non-Taxable		(0.1	)		-			(0.1	)
Held-to-Maturity
Taxable		(0.7	)		1.2			0.5
Non-Taxable		(0.1	)		-			(0.1	)
Total Investment Securities		(0.6	)		2.2			1.6
Loans and Leases
Commercial and Industrial		(2.3	)		(1.5	)		(3.8	)
Commercial Mortgage		0.3			(0.8	)

Bank of Hawaii Corporation First Quarter 2022 Financial Results