Year in Review
Creating Meaningful Opportunities
At its heart, banking is about people. It’s about customers’ hopes and dreams, the homes they want to own, the businesses they want to start or grow, the education they want for their children, and the financial security they want when they retire. We are dedicated to enriching lives and creating a lasting, positive impact for all our stakeholders, including our customers, employees, shareholders and the community.
SVP and Director of Online and Mobile Banking, Matt Pollard, appears in our 2024 brand campaign along with his wife, Glenda, and son Caleb.
Branch Banking
Our branches provide important opportunities for specialized services and face-to-face connections with our customers.
We placed a special focus on expanding our Branch of Tomorrow network to include our neighbor island branches in 2024. In March, we opened our new ‘Ele‘ele Branch in the ‘Ele‘ele Shopping Center on Kauai, which replaced our former Hanapēpē Branch. In addition to a 24/7 easy deposit ATM with enhanced self-service features and business depository box access, the branch now offers extended hours and private consultation rooms for in-person or virtual consultations.
In July, our Lanai Branch hours were also extended. Bank of Hawaii is now the only local bank on the island.
Construction of our new Lahaina Branch on Maui at Lahaina Cannery Mall started in 2024 and is scheduled for completion in the second quarter of 2025. Reopening this branch will provide financial services to a resilient community as it works to rebuild after the wildfires of 2023 and underscores our deep commitment to Lahaina and its people. Bank of Hawaii has served the community of Lahaina since opening its first branch in the area on Front Street in 1930.
The following additional neighbor island Branch of Tomorrow transformations are scheduled over the next two years:
- Hana, Maui
- Kau, Hawaii Island
- Kaunakakai, Molokai
- Lanai
On O‘ahu, we completed renovations to our Hawaii Kai Branch to better serve the growing needs of our East Honolulu customers. Expanding into a former shop next door increased the branch’s interior space by 560 sq. ft. and added two additional teller stations.
Bank by Appointment
Our Bank by Appointment option remains a convenient way for customers to schedule a meeting online for specialized in-person or virtual banking services. In addition to walk-in appointments, an average of 4,276 appointments were scheduled each month, or more than 51,000 during the year.
Renewed Partnership with ATM Vendor
In response to customer feedback, we are leveraging advanced features of modern ATMs to broaden access to self-service banking as a key part of our strategy. In 2024, we strengthened our longstanding partnership with NCR Atleos, our trusted ATM service provider, to further enhance the services we offer through this channel.
Bank of Hawaii Branches and ATMs
AS OF DEC. 31, 2024
| Branches & In-store Branches | ATMs | |
| State of Hawaii | 46 | 268 |
| Oahu | 25 | 182 |
| Hawaii Island | 8 | 39 |
| Maui | 7 | 26 |
| Kauai | 4 | 19 |
| Lanai | 1 | 1 |
| Molokai | 1 | 1 |
| West Pacific | 4 | 64 |
| Guam | 2 | 38 |
| CNMI/Saipan | 1 | 11 |
| Palau | 1 | 5 |
| Total | 50 | 322 |
Honoring the Hawaiian Language
Our multi-year project to replace every exterior Bank of Hawaii branch sign to include the okina, an official letter in the Hawaiian alphabet, has reached nearly half of all branches.
25 branches received new signs
14 branches sceduled for new signs in 2025
Our New Digital Banking Platform
With the steady growth of customers’ reliance on online and mobile banking services, we rolled out major enhancements to these platforms this summer. Our new digital products now provide seamless functions across mobile and online applications. Upgraded features include customization and self-serve options, such as setting alerts and notifications or utilizing tracking and budgeting tools.
Mobile Wallet
Many customers now use their smartphone as a digital wallet to make contactless purchases by linking to their Bank of Hawaii debit card.
245,000
Number of customers upgraded to our new app (from launch in August to December 31)
Highly rated 4.8 stars based on 11,000 ratings in iOS app store
7.3 Million
Number of transactions via Apple Pay, Samsung Pay or Google Pay in 2024
A Leader In Serving Customers
We reach out to customers regularly to assess our effectiveness at meeting their needs and preferences. In 2024, while many financial service customers across the U.S. reported a decline in their customer experience, our customer response remained steady. According to more than 18,000 customer surveys across multiple customer touchpoints (branches, website, online banking, mobile and Customer Service Center), our brand experience scores continued to increase. The consistency of these scores demonstrates our effectiveness in providing the kind of personalized banking products and interactions that customers value and appreciate.
Improving Operational Excellence
Bank of Hawaii is focused on prioritizing customer experiences while identifying opportunities to increase efficiencies in the way we work. We brought together teams from across the company to streamline procedures and reduce handoffs to different departments, making it easier for our frontline employees to serve customers effectively.
Generative Artificial Intelligence (AI) is the latest innovation tool being utilized in banking. Bank of Hawaii is exploring various ways to responsibly incorporate AI for greater efficiency across our workforce. As one example, our Branch and Contact Center teams are exploring practical applications of AI to improve customer experiences while empowering our teams to boost efficiency and security. Pilot programs are now underway to enhance training and coaching of frontline employees, improve our interactive voice response customer experiences, and help us gain new insights from customer feedback.
Supporting Small Businesses
Starting in February, we launched a monthly “Food Truck Day” event in downtown Honolulu to help promote local small businesses. The public is invited to attend these popular events, which feature a variety of cuisines in the heart of the business district near our Main Branch. Employees enjoy a 20% discount and utilize these lunchtime events to meet up with friends and colleagues.
In addition to the food trucks, Mana Up businesses were invited to showcase and sell their products outside our branch on certain dates. Mana Up is a local accelerator helping small businesses expand their Hawaii-based products to a global market. We have collaborated with Mana Up for the past three years to help these businesses grow through mentorships and other support.
The “Food Truck Day” events are a great draw downtown and have been extended into 2025.
Employees Toni Chai, George Cochard and Marina McArthur enjoyed one of our monthly "Food Truck Day" gatherings outside the Bank of Hawaii Main Branch.
Mana Up businesses showcase and sell their products at our "Food Truck Day".
Hawaii’s Leader In Creating Housing Solutions
We understand how important home ownership can be for building financial security and independence. This is especially true in Hawaii, which has an ongoing housing shortage and is consistently ranked as the most expensive state in the country. Bank of Hawaii works with developers to create solutions to the housing shortage, while our residential loan officers help homebuyers become homeowners. Since 2007, when we introduced the HUD 184A Native Hawaiian Housing Loan Guarantee Program, we continue to be one of the only Hawaii-based lenders providing Dept. of Hawaiian Home Lands (DHHL) loans.
Residential Real Estate
In 2024, Bank of Hawaii was the No. 1 local residential real estate lender in Hawaii in total dollars.
Our SimpliFi Mortgage experience streamlines mortgage lending or refinancing with convenient online tools, and our experienced mortgage professionals offer personalized advice throughout the process. We are honored when people choose us to help guide them through homeownership, home improvements and refinancing.
Bank of Hawaii is committed to helping find new solutions to the affordable housing shortage, and we work closely with private developers and state housing agencies to meet the housing needs of lower-income households.
These Housing Developments Broke Ground in 2024
Palolo Homes, Palolo Valley, Oahu
Palolo Homes features 63 two-story apartment buildings with more than 300 affordable units for families and individuals who earn 30% to 60% of the area median income (AMI). Overseen by Mutual Housing Association of Hawaii, ground was broken in December 2024 to begin rehabilitation and upgrades to the structures. Bank of Hawaii is supporting this renovation project with $31.5 million in construction and permanent lending.
Hale O Piikea Phase II, Kihei, Maui
The Hale O Piikea affordable housing project will open 223 new rental units for Maui families and individuals who earn 30% to 60% of the AMI and is on track for completion in 2025. Groundbreaking for Phase I began in 2023, and Ikenakea Development began construction on Phase II in September 2024. Phase II features 95 units dedicated to kupuna with one unit set aside for special needs or homeless individuals. Bank of Hawaii supported Phase II with $27.5 million in construction lending and over $10.7 million in equity. We also provided lending support for Phase 1, which included 90 units of one, two and three bedrooms, and will support construction of another 36 units in Phase III in 2025.
Affordable Housing Units
In 2024, 937 affordable housing units using the housing tax credit started construction thanks in part to Bank of Hawaii, and over 800 additional affordable housing units are in the pipeline for 2025.
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