Bank of Hawaii Corporation Announces Pricing of $180 Million Depositary Shares Offering

Bank of Hawaii Corporation (NYSE: BOH) today announced the pricing of a public offering of 7,200,000 depositary shares, each representing 1/40^th ownership interest in a share of its 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, for gross proceeds of $180 million. Each share of preferred stock has a liquidation preference of $1,000 per share, equivalent to $25 per depositary share. The offering is expected to close on June 15, 2021, subject to customary closing conditions.

BofA Securities, Inc., Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, Inc., and UBS Securities LLC acted as the joint-book running managers for the offering.

The net proceeds from the issuance and sale of the depositary shares, after deducting underwriting discount and commissions, and before the payment of estimated expenses, will be approximately $176 million. Bank of Hawaii Corporation intends to use the net proceeds from the offering for general corporate purposes, which may include supporting asset growth, and repurchases of its common stock under its stock repurchase program, which it plans to resume as soon as practicable following this offering subject to market and economic conditions and applicable SEC rules. Bank of Hawaii Corporation will apply to list the depositary shares on the New York Stock Exchange under the symbol “BOHPrA”.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities referred to in this news release have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the prospectus supplement or the shelf registration statement or prospectus relating to the offering.

The offering is being made only by means of a prospectus supplement and accompanying base prospectus. Bank of Hawaii Corporation (the “Company”) has filed a registration statement (including a base prospectus) and a preliminary prospectus supplement with the U.S. Securities and Exchange Commission (the "SEC") for the offering to which this communication relates and will file a final prospectus supplement relating to the offering. Prospective investors should read the prospectus supplement and base prospectus in that registration statement and other documents Bank of Hawaii Corporation has filed or will file with the SEC for more complete information about Bank of Hawaii Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the final prospectus supplement and the accompanying base prospectus for the offering, when available, may be obtained by contacting BofA Securities, Inc. (Attention Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255, Telephone: [phone] or by email at [e-mail]); Goldman Sachs & Co. LLC (Prospectus Department, 200 West Street, New York, NY 10282, Telephone: [phone] or by email at [e-mail]); Keefe, Bruyette & Woods (Attn: Capital Markets, 787 Seventh Avenue, 4th Floor, New York, New York 10019, Telephone: [phone] or by email at [e-mail]); and UBS Securities LLC (Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, Telephone: [phone]).