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h Bank of Hawaii Corporation Media Inquiries Melissa Torres - Laing Email : Melissa.Torres-Laing@boh.com Telephone : 808-694-8384 Mobile : 808-859-1703 News Release Investor / Analyst Inquiries Janelle Higa Email : Janelle.Higa@boh.com Telephone : 808-694-8007 NYSE : BOH Bank of Hawaii Corporation First Quarter 2021 Financial Results • Diluted Earnings Per Share $ 1.50 • Net Income $ 59.9 Million . Board of Directors Declares Dividend of $ 0.67 Per Share FOR IMMEDIATE RELEASE HONOLULU , HI ( April 26 , 2021 ) -- Bank of Hawaii Corporation ( NYSE : BOH ) today reported diluted earnings per share of $ 1.50 for the first quarter of 2021 , compared with diluted earnings per share of $ 1.06 in the previous quarter and $ 0.87 in the same quarter last year . Net income for the first quarter of 2021 was $ 59.9 million compared with net income of $ 42.3 million in the fourth quarter of 2020 and $ 34.7 million in the first quarter of 2020 . “ We are pleased with our financial performance during the first quarter of 2021 , " said Peter Ho , Chairman , President , and CEO . “ Our balance sheet remains strong with deposit balances and total assets reaching new record highs , solid asset quality , and high levels of liquidity and capital . " The return on average assets for the first quarter of 2021 was 1.15 percent compared with 0.83 percent during the previous quarter and 0.77 percent in the same quarter last year . The return on average equity for the first quarter of 2021 was 17.65 percent compared with 12.26 percent during the previous quarter and 10.64 percent in the same quarter last year . Financial Highlights Net interest income , on a taxable - equivalent basis , for the first quarter of 2021 was $ 120.8 million , an increase of $ 1.0 million from $ 119.8 million in the fourth quarter of 2020 and down $ 5.5 million from $ 126.3 million in the first quarter of 2020. The net interest margin was 2.43 percent in the first quarter of 2021 , a decrease of 5 basis points from 2.48 percent the previous quarter and 53 basis points from 2.96 percent in the same quarter last year . Net interest income in the fourth quarter of 2020 included a charge of $ 3.0 million related to an impairment in the residual value of a leveraged lease which had a negative impact of 6 basis points on the net interest margin . The decrease in the net interest margin is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates . Analyses of changes in net interest income are included in Tables 8a and 8b . - more - 130 Merchant Street PO Box 2900 Honolulu HI 96846-6000 ■ Fax 808-694-8440 Website www.boh.com