Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 143

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 143
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466

        NA

        155,196

        NA

        Makewhole agreements 3

        65,763

        NA

        —

        NA

       1 As of December 31, 2024, the amounts presented in the table above exclude forward starting swaps with a notional value of $300 million and a fair value of $4.7 million. These swaps are scheduled to begin between August 2025 and March 2026.2 The conversion rate swap agreements were valued at zero as further reductions to the conversion rate were not reasonably estimable.3 The makewhole agreements were valued at zero as the likelihood of a payment required to the buyer was not reasonably estimable. The following table presents the Company’s derivative financial instruments, their fair values, and their location in the consolidated statements of condition as of December 31, 2024 and 2023: 

        December 31, 2024

        December 31, 2023

        (dollars in thousands)
         
        AssetDerivatives 1

        LiabilityDerivatives 1

        AssetDerivatives 1

        LiabilityDerivatives 1

        Interest Rate Swap Agreements

          Not designated as hedging instruments
         
        $
        146,923

        $
        147,016

        $
        143,593

        $
        143,752

          Designated as hedging instruments

        14,507

        7,039

        (48,672
        )

        —

        161,430

        154,055

        94,921

        143,752

        Derivatives not designated as hedging instruments

        Interest Rate Lock Commitments

        34

        —

        148

        —

        Forward Commitments

        9

        3

        —

        105

        Foreign Exchange Contracts

        —

        2

        —

        —

        Total Derivatives
         
        $
        161,473

        $
        154,060

        $
        95,069

        $
        143,857

       1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the consolidated statements of condition. Derivatives are recognized on the Company’s consolidated statements of condition at fair value.

98

The following table presents the Company’s derivative financial instruments and