Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 265

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 8
Chunk 265
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376

        51,090

        (129,912
        )

        140,554

        Noninterest Expense

        330,140

        70,601

        14,524

        415,265

        Income Before Income Taxes

        114,691

        161,723

        14,220

        290,634

        Provision (Benefit) for Income Taxes

        28,999

        39,844

        (4,013
        )

        64,830

        Net Income
         
        $
        85,692

        $
        121,879

        $
        18,233

        $
        225,804

        Total Assets as of December 31, 2022
         
        $
        8,521,178

        $
        5,522,916

        $
        9,562,783

        $
        23,606,877

      1.Certain prior period information has been reclassified to conform to current presentation.

Note 14.  Employee BenefitsThe Company has defined contribution plans, defined benefit plans, and a postretirement benefit plan.Defined Contribution PlansThe Bank of Hawaii Retirement Savings Plan (the “Savings Plan”) has three Company contribution components in addition to employee contributions: 1) 401(k) matching, as described below; 2) a 3% fixed amount based on eligible compensation; and 3) a discretionary value-sharing contribution.

90

Under the 401(k) matching component, participating employees may contribute up to 50% of their eligible compensation (within federal limits) to the Savings Plan. The Company makes matching contributions on behalf of participants equal to $1.25 for each $1.00 contributed by participants, up to 2% of the participants’ eligible compensation, and $0.50 for every $1.00 contributed by participants over 2%, up to 5% of the participants’ eligible compensation. A 3% fixed contribution and a discretionary value-sharing contribution, that is linked to the Company’s financial goals, are made regardless of whether the participating employee contributes to the Savings Plan and are invested in accordance with the participant’s selection of investment options available under the Savings Plan. The Company also has a non-qualified savings plan which covers certain employees with compensation exceeding Internal Revenue Service (“IRS”) limits on pay amounts in the allocation of the Savings Plan’s benefits.