Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 196

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 7
Chunk 196
---
,980

    $
    13,965,026

    $
    13,646,420

    $
    12,259,076

    $
    11,940,020

Total loans and leases were $14.1 billion as of December 31, 2024. This represents a $111.0 million or 1% increase from the prior year, due to growth in the commercial loan and lease portfolio.

The commercial loan and lease portfolio is comprised of commercial and industrial loans, commercial mortgages, construction loans, and lease financing. Commercial and industrial loans are made primarily to corporations, middle market, and small businesses for the purpose of financing equipment acquisitions, expansion, working capital, and other general business purposes. Commercial mortgage and construction loans are offered to real estate investors, developers, and builders primarily domiciled in Hawaiʻi. Commercial mortgage loans are secured by first mortgages on commercial real estate at loan-to-value ratios generally not exceeding 75%. Commercial properties are well diversified among property types, including and primarily multi-family, industrial, retail and lodging. The primary source of repayment for investor property is cash flow from the property and for owner-occupied property is the operating cash flow from the business.

34

Table 8A presents an additional breakdown of the Company’s commercial mortgage portfolio.

    Commercial Mortgage Breakdown

    Table 8A

    As of December 31, 2024

    (dollars in thousands)
     
    Amount

    Percent of total

    % Owner Occupied

    Multi-family
     
    $
    1,025,247

    25
    %

    0
    %

    Industrial

    724,645

    18

    42

    Retail

    704,780

    18

    3

    Lodging

    676,350

    17

    0

    Office

    371,474

    9

    20

    Other1

    518,126

    13

    26

    Total Commercial Mortgage
     
    $
    4,020,622

    100
    %

    13
    %

1.Amount includes unamortized loan origination fees.

Construction loans are made for the purchase or construction of a property for which repayment will be generated by the property. We classify loans as construction until the completion of the construction phase. Following construction, if a loan is retained