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2020 Annual Report

Strength and Resilience

Advancing Together Toward a Brighter Future

Bank of Hawaii has been using its strength and resilience to rise above challenges since our founding in 1897—and 2020 was no exception. Although it was a year filled with uncertainty, we continued to support our shareholders, employees, customers and community.

In 2015, the Bank of Hawaii canoe, Ulu o ka lā (referring to the “first rays of sun on the horizon”) was commissioned and built by master canoe builder Nakoa Prejean. It was unveiled and blessed a year later, and shared with the public at the grand reopening of the bank’s Main Branch in downtown Honolulu. Years later, working together—as Nakoa Prejean and Main Branch Manager Lono Kealoha do in the cover photo (at left) to securely wrap the ama to the canoe—remains true, as we help guide our community to a brighter future.

canoe handwork

Chairman’s Message

“2020 was genuinely a year of generational proportion. It was a year of profound loss, challenge and opportunity.

Our collective loss rests in the nearly 500,000 Americans who have sadly succumbed to COVID-19. Further, nearly 10 million Americans, a year after the start of the pandemic, remain unemployed as a result of economic fallout. Here in the islands, the loss of tourism resulted in record unemployment, which remains at triple pre-pandemic levels.”

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

Peter Ho headshot

Letter to Shareholders

2020 Financial Results

Relative Stock Price Performance Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2020)

Financial Summary

Year in Review

2020 brought extraordinary challenges and change.

Through it all we used our skills, expertise and resources to care for one another while looking ahead to create a better tomorrow for our community. During the pandemic and beyond, one thing remains constant —Bank of Hawaii’s staunch support for our customers, our colleagues, our shareholders and our community.

branch tellers with masks on

Our Community

Supporting Our Community’s Well-Being and Recovery

Our Employees

Helping Employees Navigate an Unprecedented Year

Client Profiles

Branch Banking Clients

Daniel and Ku‘ulei Peterson

Commercial / Corporate Banking Clients

Charlie and Kerry Umamoto

The Private Bank Clients

Anthony and Yuko Provenzano

Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2020)

Executive Committee

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

Row 1: Peter S. Ho Chairman, President & Chief Executive Officer | Sharon M. Crofts Vice Chair, Client Solutions Group | Wayne Y. Hamano, Vice Chair
Row 2: James C. Polk, Vice Chair & Chief Commercial Officer | Mark A. Rossi, Vice Chair, Chief Administrative Officer, General Counsel & Corporate Secretary | Mary E. Sellers, Vice Chair & Chief Risk Officer | Dean Y. Shigemura, Vice Chair & Chief Financial Officer
Row 1: Matthew K.M. Emerson, Senior Executive Vice President, Retail Lending & Deposits | Susan L. Ing, Senior Executive Vice President & Chief Marketing Officer | Patrick M. McGuirk, Senior Executive Vice President, Chief General Counsel & Corporate Secretary
Row 2: Taryn L. Salmon, Senior Executive Vice President & Chief Information Officer | Dana S. Takushi, Senior Executive Vice President, Consumer Banking Group | Ruth L. Erickson, Executive Vice President, E-commerce & Demand Center
Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2020)

Operating Committee

Bank of Hawaii’s Operating Committee is comprised of 15 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 & Assistant Treasurer

Guy C. Churchill
Executive Vice President, Corporate Banking & Commercial Real Estate Division

D. Jeff Graves
Executive Vice President & Chief Technology Officer

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

Ed Hudson
Senior Executive Vice President & Chief People Officer

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

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

Jennifer Lam
Executive Vice President & Chief Operational Risk Officer

Kristi N. Lefforge
Senior Executive Vice President, Trust Services & Bankoh Investment Services Inc.

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

Lacey Nakaguma
Senior Vice President & Chief Audit Executive

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

Teik Ramsey
Executive Vice President, Enterprise Operations

Luke W.T. Yeh
ExecutiveVice President, Enterprise Credit Risk Analytics

Dirk K. Yoshizawa
Executive Vice President, Commercial Banking Centers-Hawaii

Bank of Hawaii Corporation / Bank of Hawaii (As of Dec. 31, 2020)

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
Row 2: Mark A. Burak, Retired Executive Vice President, Bank of America | John C. Erickson, Former Vice Chairman, Union Bank | Joshua D. Feldman, President & Chief Executive Officer, Tori Richard, Ltd. | Michelle E. Hulst, Executive Vice President, Global Data & Strategy, The Trade Desk
Row 1: Kent T. Lucien, Retired Vice Chair & Chief Strategy Officer, Bank of Hawaii Corporation & Bank of Hawaii | 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

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