Bradley S. Satenberg
BANK OF HAWAIIAbout Bradley S. Satenberg
Bradley “Brad” S. Satenberg is Vice Chair and Chief Financial Officer (CFO) of Bank of Hawaii Corporation, appointed effective July 1, 2025 (age 54). He joined BOH in July 2024 as Senior Executive Vice President and Deputy CFO as part of a planned finance succession, and was promoted to CFO with an annual base salary of $460,000; responsibilities span planning/forecasting, financial accounting and reporting, regulatory reporting, corporate tax, and the company’s budget and forecast . He holds a BBA in Accounting from the University of Texas at Austin and brings 30+ years of banking finance leadership, including prior CFO roles at Luther Burbank Savings and 1st Century Bancshares, and Deputy CFO at Imperial Capital Bancorp . During his initial period at BOH, 2024 company performance included diluted EPS of $3.46, with loans/leases up 0.8% and deposits down 2.0% year over year .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bank of Hawaii | Senior EVP & Deputy CFO | 2024–2025 | Finance succession onboarding for CFO; expanding oversight across Treasury, reporting, planning |
| Luther Burbank Savings / Luther Burbank Corp. | SVP & CFO; Director IR | 2018–2024 | Led finance and accounting for a publicly held bank; investor relations leadership |
| 1st Century Bancshares, Inc. | EVP & CFO | 2009–2017 | Public-bank CFO experience in California, scaling finance function |
| Imperial Capital Bancorp, Inc. | Managing Director & Deputy CFO | 2003–2009 | Deputy CFO in publicly traded bank holding company |
External Roles
- Not disclosed in company filings or press at time of review. Skip.
Fixed Compensation
| Component | Detail | Source |
|---|---|---|
| Base Salary (CFO) | $460,000 effective on appointment as CFO (July 1, 2025) | |
| Benefits/Plans Eligibility | Participates in incentive and benefit plans consistent with other senior executives | |
| Reference (CFO role 2024) | Prior CFO (Dean Shigemura) base salary $448,050 effective Apr 1, 2024 |
Performance Compensation
Program architecture (applies to NEOs, including CFO):
- Short-Term Incentive (EIP) – 100% performance-based; 2024 balanced scorecard equally weights: profitability (20%), asset quality (20%), financial returns (20%), strategic metric (20%), individual performance (20%) .
- Long-Term Incentive (PSUs) – 100% performance-based; 3-year cliff vesting; metrics for 2024 grants: ROCE 70% and TSR 30% (P/B removed) .
- No time-vested RSUs for NEOs; incentives remain fully performance-based .
Illustrative 2024 payouts/awards for CFO role (Shigemura) – reference for framework:
| Metric | Structure/Outcome | Source |
|---|---|---|
| STI Target (CFO) | 80% of salary (2024) | |
| STI Payout (CFO 2024) | $360,000 (80% of $448,050 base) | |
| 2024 LTI Grant (CFO) | PSUs granted 5,474 target / 10,948 max; Grant date 2/23/2024; GDFV $335,009 |
STI scorecard detail (selected 2024 factors within 20% “disciplined other” bucket):
- Operational/strategic achievements (e.g., efficiency ratio 67.30%; modernization; platform launches) and community/leadership factors .
Equity Ownership & Alignment
| Policy/Status | Detail | Source |
|---|---|---|
| Stock Ownership Guidelines | 5x salary for CEO; 2x salary for other NEOs (includes CFO) | |
| Anti-Hedging/Anti-Pledging | Hedging and pledging of BOH stock are prohibited for directors and employees | |
| CIC Vesting | Double-trigger acceleration of restricted stock/RSUs/options upon change-in-control and qualifying termination | |
| Award Form | NEO LTI is 100% PSUs with 3-year cliff vesting (no time-based RSUs) |
Note: Individual share ownership, vested/unvested breakdown, options, and pledged shares for Mr. Satenberg were not disclosed in the 2025 proxy and no Form 4 data was found in reviewed filings. Skip.
Employment Terms
| Topic | Key Terms | Source |
|---|---|---|
| Employment/Severance Agreements | Company states no individual employment or severance agreements with NEOs | |
| Change-in-Control Retention Plan | Applies to NEOs (Vice Chair and above, including CFO). Double-trigger within 24 months post-CIC; severance equals 2x (base + target bonus) payable after termination; additional 1x (base + target bonus) contingent on 12-month non-compete compliance | |
| Other CIC Benefits | Health (3x COBRA cost), outplacement (to $20k, inflation-adjusted), relocation reimbursements (caps), EIP proration at 2x target (pro rata for elapsed period) | |
| Tax Gross-Ups | None; plan limits benefits to avoid excise tax; reductions first from equity then salary/bonus if needed | |
| Clawback | Formalized clawback policy in place |
Performance & Track Record
| Period/Item | Data Point | Source |
|---|---|---|
| Company EPS (FY 2024) | Diluted EPS $3.46 | |
| Loans/Deposits (FY 2024) | Loans/leases +0.8% YoY; total deposits −2.0% YoY | |
| Leadership Transition | Satenberg joined as Deputy CFO (Jul 2024), assuming CFO effective Jul 1, 2025 as part of planned succession |
Background and qualifications:
- 30+ years banking finance leadership; previously CFO at Luther Burbank Savings (2018–2024) and EVP/CFO at 1st Century Bancshares; Deputy CFO at Imperial Capital Bancorp; BBA Accounting (UT Austin) .
Say-on-Pay & Shareholder Feedback
| Year | Say-on-Pay Support | Notes |
|---|---|---|
| 2022 | 80% | |
| 2023 | 74% | |
| 2024 | 94% | Support improved after program redesign (balanced STI; LTI adds TSR; removed P/B) |
Compensation Structure Analysis
- Higher at-risk orientation: NEO incentives are 100% performance-based (no time-based RSUs), with 3-year PSU cliff vesting, aligning with multi-year value creation and reducing near-term selling pressure risk .
- Metric shifts improve alignment: 2024 redesign eliminated overlapping P/B, added balanced STI scorecard, and introduced TSR in LTI (70% ROCE/30% TSR), directly linking pay to shareholder outcomes .
- Governance safeguards: Prohibitions on hedging/pledging, formal clawback, independent compensation consultant input (e.g., WTW for salary market data), and no tax gross-ups underpin discipline .
Expertise & Qualifications
- Education: BBA, Accounting, University of Texas at Austin .
- Technical: Public-bank CFO/Deputy CFO experience; SEC/IR exposure; ALM and financial reporting oversight; succession integration .
Work History & Career Trajectory
| Employer | Role | Tenure | Notes |
|---|---|---|---|
| Bank of Hawaii | CFO (Vice Chair) | 2025– | Finance leader over planning, reporting, tax, budgeting/forecasting |
| Bank of Hawaii | Sr EVP & Deputy CFO | 2024–2025 | Accelerated succession to CFO |
| Luther Burbank Savings / Corp. | SVP & CFO; Dir IR | 2018–2024 | Public bank finance and IR leadership |
| 1st Century Bancshares | EVP & CFO | 2009–2017 | California bank CFO |
| Imperial Capital Bancorp | Managing Director & Deputy CFO | 2003–2009 | Deputy CFO for public BHC |
Employment Terms (Detail)
- Change-in-Control (CIC) economics for NEOs (Vice Chair+): 2x base salary and target bonus upon double-trigger termination; additional 1x base+target bonus if 12-month non-compete observed; health/outplacement/relocation benefits; equity vests on double-trigger; EIP prorated at 2x target (elapsed portion); no excise tax gross-ups (benefits limited to avoid excise tax) .
- No individual employment/severance contracts with NEOs; program-level protections apply .
Risk Indicators & Red Flags
- Positive safeguards: Anti-hedging/pledging policy; formal clawback; no option repricing; no excise tax gross-ups .
- Retention/transition: Structured succession and 3-year PSU design reduce near-term exit/selling pressures; say-on-pay support improved to 94% in 2024 after redesign .
- Note: No disclosed related-party transactions, Form 4 insider trades, or legal proceedings for Satenberg in reviewed filings. Skip.
Compensation Peer Group/Consultant
- The committee references market data and peer information (not strict benchmarking) and used WTW for salary market analysis; independent compensation consultant retained; shareholder feedback informed 2024 redesign .
Investment Implications
- Alignment and retention: 100% performance-based incentives with 3-year cliff PSUs and anti-hedging/pledging policy promote long-horizon alignment and limit near-term selling pressure; stock ownership guidelines (2x salary for NEOs) add skin-in-the-game .
- Event risk: CIC plan offers meaningful protection (2x + contingent 1x with non-compete) and double-trigger equity vesting—supporting continuity through M&A while avoiding single-trigger windfalls and excise tax gross-ups .
- Execution lens: Satenberg’s deep public-bank CFO background and smooth succession (Deputy CFO → CFO) reduce transition risk; 2024 scorecard/LTI metric changes (ROCE/TSR) sharpen pay-performance linkage, which, combined with improved say-on-pay, lowers governance overhang .
- Near-term watch items: Monitor 2025+ PSU grant sizing, any role-specific STI targets (CFO target was 80% in 2024 under predecessor), and Form 4 activity post-vesting to assess potential selling pressure and adherence to ownership guidelines .
