Bank of Hawaii NYSE: BOH held its 54th annual meeting of shareholders in a virtual format, where investors voted to elect directors, approved the company’s executive compensation on an advisory basis, and ratified Ernst & Young as independent auditor for fiscal year 2026. Board Chair Raymond Vara presided over the formal business session, followed by a year-in-review update from President and CEO James Polk.
Shareholders approve all proposals
Vara said 33,428,960 shares were represented in person or by proxy at the meeting, representing 84% of the 39,725,521 shares outstanding as of the record date. The board had set Feb. 27, 2026, as the record date for determining shareholders entitled to vote.
Shareholders considered three proposals:
- Election of 12 directors for one-year terms
- Advisory vote to approve compensation for named executive officers
- Ratification of Ernst & Young as independent registered public accounting firm for 2026
Vara reported preliminary voting results showing each director nominee received “a substantial majority” of votes cast, with at least 27,956,448 votes in favor, or 95% of votes cast. The advisory proposal on executive compensation received about 17,274,193 votes in favor, or 59% of votes cast. The auditor ratification proposal received approximately 32,239,430 votes in favor, or 96% of votes cast.
Based on the results, Vara said all 12 director nominees were elected and the other two proposals were approved as recommended by the board. He added that final voting results would be published in a Form 8-K filing with the Securities and Exchange Commission.
Directors elected for one-year terms
The elected directors were John Erickson, Joshua Feldman, Michelle Hulst, Kent Lucien, Elliot Mills, Alicia Moy, Victor Nichols, James Polk, Dana Tokioka, Raymond Vara, Suzanne Vares-Lum, and Robert Wo.
CEO notes leadership transitions and 2025 financial results
Following the business portion of the meeting, Polk highlighted management changes and the company’s performance in 2025. He recognized the retirement of longtime Chairman and CEO Peter Ho, saying Ho served 16 years in the role and provided “steady, thoughtful leadership.” Polk said he began his tenure as CEO and a director with “a deep sense of gratitude and responsibility,” adding that he was optimistic given what he described as the company’s “market-leading brand” and “strong financial foundation.”
Polk also noted that Bradley Satenberg was promoted to vice chair and chief financial officer in July 2025, replacing Dean Shigemura, who retired after a three-decade career with the company. Polk said Satenberg joined the bank in July 2024 and served as Shigemura’s deputy for a year before assuming the CFO role, and that the transition “has gone off without a hitch.”
Reviewing 2025, Polk said Bank of Hawaii posted diluted earnings per common share of $4.63 and net income of $206 million. Assets ended the year at $24.2 billion. He said the bank experienced “consistent growth in net interest income and margin in every quarter of 2025.” Total deposits and total loans finished at $21.2 billion and $14.1 billion, respectively, both higher than the prior year, according to Polk.
Polk said asset quality and liquidity remained strong. He also said the bank maintained its dividend at 70 cents per share per quarter through 2025 and repurchased five million shares in the fourth quarter of 2025.
Branch investments, Guam expansion, and AI initiatives
Polk said the bank expanded and upgraded its footprint by building or renovating five branches in 2025, including a new Lahaina branch to replace one destroyed in the 2023 Maui wildfires. He also said the company opened its new West Pacific regional headquarters in Tamuning, Guam.
On the operations front, Polk said the bank introduced generative artificial intelligence tools during 2025 aimed at improving operational efficiency, customer service, and employee experience.
Community programs and charitable giving
Polk emphasized community engagement efforts, citing financial literacy lessons for schoolchildren, mentoring small business owners, and environmental volunteer work by the company’s “Bankoh Blue Crew.” He said the employee-led Live Kōkua giving campaign raised $623,000 in 2025 and that the Bank of Hawaii Foundation supported more than 47 local nonprofits.
Polk said the company entered 2026 with a positive start and reiterated confidence that its performance and outlook positioned the bank for continued success. No shareholder questions were submitted during the Q&A session, and the meeting concluded shortly thereafter.
About Bank of Hawaii NYSE: BOH
Bank of Hawaii NYSE: BOH is a regional commercial bank headquartered in Honolulu, Hawaii, with roots tracing back to its founding in 1897 by Charles Montague Cooke and Peter Cushman Jones. As one of the oldest financial institutions in the U.S. West Coast region, the bank has built a reputation for stability and community focus. It operates as the principal subsidiary of Bank of Hawaii Corporation, a publicly traded company on the New York Stock Exchange.
The bank offers a comprehensive suite of personal and business banking products and services.
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