2021 Annual Report

Our Journey Ahead

Bank of Hawaii has had an unwavering support for its employees, customers and community for the past 124 years. We look ahead with a sense of renewed purpose in our journey to help everyone in our community move toward a brighter future in our island home.

Hawaii’s voyaging heritage has always inspired us to venture beyond the horizon. Today, as we contemplate the months and years ahead, we’ve come to a point in our journey where perseverance and innovative thinking lead the way. This isn’t a journey we alone are taking. We’re all navigators as we each, in our own way, meet every opportunity presented to us.

For Bank of Hawaii, this is a journey full of purpose and promise, one that connects us to our employees and customers more closely than ever as we strive to be of greater value to those we serve and who need us most. As our journey continues to unfold, we move ahead in the spirit of unity, confident in knowing—as the Polynesian voyagers knew more than 1,000 years ago—that new opportunities await us all beyond the horizon.

canoe paddlers

Chairman’s Message

“While 2021 became the second consecutive year of dealing with the COVID-19 pandemic, improvements in our understanding of the virus and truly amazing enhancements in prevention and treatment give us pause to believe that we are moving into a new phase. We believe we are transitioning from a posture of responding to the vagaries of a novel coronavirus to one of living within a more known environment and managing forward as practically as feasible.”

–Peter S. Ho
Chairman, President and CEO
Bank of Hawaii

Peter Ho headshot

Letter to Shareholders

2021 Financial Results

Relative Stock Price Performance Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)

Financial Summary

Year in Review

Steering a course to a resilient recovery

There is no denying that every aspect of life has been affected by the COVID-19 pandemic. It has brought about immense change, which, in some ways, has been beneficial. While we are still navigating uncertainties, there are also clear opportunities to chart a path and help empower our employees, customers and community to a successful future.

Mililani Branch Blessing

Our Community

Giving Back and Moving Forward Together

Our Employees

Empowering and Moving Forward

Client Profiles

Branch Banking Client

Lamont Brown

Commercial / Corporate Banking Client

Stephen Metter

The Private Bank Clients

Bennett and Shelley Loui

Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)

Executive Committee

Bank of Hawaii’s Executive Committee represents the major functions of the bank and is accountable for its overall strategy and performance.

From left: Mary E. Sellers, Vice Chair and Chief Risk Officer | Peter S. Ho, Chairman, President and Chief Executive Officer | James C. Polk, Vice Chair and Chief Banking Officer | Dean Y. Shigemura, Vice Chair and Chief Financial Officer
From left: Ruth L. Erickson, Senior Executive Vice President, E-commerce and Demand Center | Wayne Y. Hamano, Vice Chair | Susan L. Ing, Senior Executive Vice President and Chief Marketing Officer | Matthew K.M. Emerson, Senior Executive Vice President, Retail Lending and Deposits | Dana S. Takushi, Senior Executive Vice President, Consumer Banking Group
From left: Sharon M. Crofts, Vice Chair, Client Solutions Group | Patrick M. McGuirk, Senior Executive Vice President, Chief General Counsel and Corporate Secretary | Sharlene R. Ginoza-Lee, Executive Vice President and Chief People Officer | Taryn L. Salmon, Senior Executive Vice President and Chief Information Officer
Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)

Operating Committee

Bank of Hawaii’s Operating Committee is comprised of 18 leaders representing corporate staff functions from various business segments who are responsible for the daily operations of the bank.

Thomas W. Butler
Executive Vice President, and Executive Director Procurement

Guy C. Churchill
Senior Executive Vice President, Co-Lead Executive Commercial Banking Group

Ryan Field
Executive Vice President, Vendor Risk Management

D. Jeff Graves
Executive Vice President and Chief Technology Officer

Jill F.S. Higa
Senior Executive Vice President, Branch Banking

Torrie M. Inouye
Executive Vice President and Chief Data Officer

Vance H. Jones
Executive Vice President and Chief Information Security Officer

Roger J. Khlopin
Executive Vice President and Chief Investment Officer

Edward C.S. Kim
Executive Vice President, Consumer Lending

Jennifer Lam
Executive Vice President and Treasurer

Kimarie Matthews
Executive Vice President, Client Services

James K.M. Moniz
Executive Vice President, Mortgage Banking

Lacey Nakaguma
Executive Vice President and Chief Audit Executive

Craig A. Norris
Senior Executive Vice President and Chief Credit Officer

Teik Ramsey
Executive Vice President, Enterprise Operations

Kristine R. Stebbins
Executive Vice President and Chief Experience Officer

Luke W.T. Yeh
Executive Vice President, Enterprise Credit Risk Analytics

Dirk K. Yoshizawa
Senior Executive Vice President, Co-Lead Executive Commercial Banking Group

Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2021)

Board of Directors

Row 1: Peter S. Ho, Chairman, President & Chief Executive Officer, Bank of Hawaii Corporation & Bank of Hawaii | Raymond P. Vara, President & Chief Executive Officer, Hawai‘i Pacific Health | S. Haunani Apoliona, Former Trustee, Office of Hawaiian Affairs | Mark A. Burak, Retired Executive Vice President, Bank of America
Row 2: John C. Erickson, Former Vice Chairman, Union Bank | Joshua D. Feldman, President & Chief Executive Officer, Tori Richard, Ltd. | Michelle E. Hulst, Chief Operating Officer, The Trade Desk | Kent T. Lucien, Retired Vice Chair and Chief Strategy Officer, Bank of Hawaii Corporation and Bank of Hawaii
Row 1: Elliot K. Mills, Vice President, Disneyland Resort and Aulani, A Disney® Resort and Spa | Alicia E. Moy, President & Chief Executive Officer, Hawai‘i Gas | Victor K. Nichols, Former Chairman, Harland Clarke Holdings | Barbara J. Tanabe, Owner, Ho‘akea Communications, LLC
Row 2: Dana M. Tokioka, Vice President, Atlas Insurance Agency, Inc. | Robert W. Wo, Owner & Director, C.S. Wo & Sons, Ltd. | Mary G.F. Bitterman, Director Emeritus, President & Director, The Bernard Osher Foundation | Robert A. Huret, Director Emeritus, Founding Partner, FTV Capital

Past Annual Reports

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