BOH 8-K

Bank Of Hawaii Corp (BOH)

8-K 2020-04-20 For: 2020-04-20

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Added on April 04, 2026

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Delaware	1-6887	99-0148992
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


130 Merchant Street	Honolulu	Hawaii	96813
(Address of principal executive offices)	(City)	(State)	(Zip Code)


Date: April 20, 2020	Bank of Hawaii Corporation


	By:	/s/ Mark A. Rossi
		Mark A. Rossi
		Vice Chairman and Corporate Secretary


Bank of Hawaii Corporation and Subsidiaries
Financial Highlights							Table 1
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2020			2019			2019
For the Period:
Operating Results
Net Interest Income	$	125,966		$	123,885		$	124,837
Provision for Credit Losses	33,600			4,750			3,000
Total Noninterest Income	46,149			47,702			43,679
Total Noninterest Expense	96,312			93,096			93,057
Net Income	34,742			58,143			58,799
Basic Earnings Per Share	0.88			1.46			1.44
Diluted Earnings Per Share	0.87			1.45			1.43
Dividends Declared Per Share	0.67			0.67			0.62

Performance Ratios
Return on Average Assets	0.77		%	1.29		%	1.38		%
Return on Average Shareholders' Equity	10.64			17.84			18.81
Efficiency Ratio ¹	55.96			54.26			55.22
Net Interest Margin ²	2.96			2.95			3.12
Dividend Payout Ratio³	76.14			45.89			43.06
Average Shareholders' Equity to Average Assets	7.21			7.26			7.35

Average Balances
Average Loans and Leases	$	11,060,707		$	10,878,672		$	10,467,321
Average Assets	18,222,602			17,821,004			17,236,059
Average Deposits	15,817,745			15,441,097			14,971,404
Average Shareholders' Equity	1,313,848			1,292,930			1,267,438

Per Share of Common Stock
Book Value	$	33.20		$	32.14		$	30.91
Tangible Book Value	32.41			31.35			30.14
Market Value
Closing	54.91			95.16			78.87
High	95.53			95.68			83.94
Low	46.70			81.29			66.54

	March 31,			December 31,			March 31,
	2020			2019			2019
As of Period End:
Balance Sheet Totals
Loans and Leases	$	11,352,780		$	10,990,892		$	10,548,609
Total Assets	18,542,233			18,095,496			17,446,413
Total Deposits	16,055,361			15,784,482			15,267,310
Other Debt	60,545			85,565			110,624
Total Shareholders' Equity	1,327,929			1,286,832			1,269,690

Asset Quality
Non-Performing Assets	$	20,604		$	20,117		$	17,925
Allowance for Credit Losses	138,150			110,027			106,023
Allowance to Loans and Leases Outstanding	1.22		%	1.00		%	1.01		%

Capital Ratios ⁴
Common Equity Tier 1 Capital Ratio	11.85		%	12.18		%	12.75		%
Tier 1 Capital Ratio	11.85			12.18			12.75
Total Capital Ratio	13.10			13.28			13.87
Tier 1 Leverage Ratio	7.14			7.25			7.46
Total Shareholders' Equity to Total Assets	7.16			7.11			7.28
Tangible Common Equity to Tangible Assets ⁵	7.00			6.95			7.11
Tangible Common Equity to Risk-Weighted Assets⁵	11.85			11.85			12.28

Non-Financial Data
Full-Time Equivalent Employees	2,094			2,124			2,112
Branches	67			68			69
ATMs	382			387			385

¹ Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
²Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
³ Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.
⁴ The Company has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the US banking agencies’ March 2020 interim final rule.
⁵ Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."


Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures																	Table 2
		March 31,					December 31,					March 31,
(dollars in thousands)				2020					2019					2019

Total Shareholders' Equity				$	1,327,929				$	1,286,832				$	1,269,690
Less:	Goodwill	31,517					31,517					31,517
Tangible Common Equity				$	1,296,412				$	1,255,315				$	1,238,173

Total Assets				$	18,542,233				$	18,095,496				$	17,446,413
Less:	Goodwill	31,517					31,517					31,517
Tangible Assets				$	18,510,716				$	18,063,979				$	17,414,896

Risk-Weighted Assets, determined in accordance
	with prescribed regulatory requirements	$	10,941,909				$	10,589,061				$	10,079,858

Total Shareholders' Equity to Total Assets				7.16		%			7.11		%			7.28		%
Tangible Common Equity to Tangible Assets (Non-GAAP)				7.00		%			6.95		%			7.11		%

Tier 1 Capital Ratio				11.85		%			12.18		%			12.75		%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)				11.85		%			11.85		%			12.28		%


Date of Report			April 20, 2020
(Date of earliest event reported)


Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income							Table 3
	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands, except per share amounts)	2020		2019		2019
Interest Income
Interest and Fees on Loans and Leases	$	108,210	$	109,223	$	108,511
Income on Investment Securities
Available-for-Sale	16,711		16,158		13,432
Held-to-Maturity	19,252		18,750		21,921
Deposits	9		8		15
Funds Sold	546		723		1,444
Other	218		239		319
Total Interest Income	144,946		145,101		145,642
Interest Expense
Deposits	14,260		16,407		15,284
Securities Sold Under Agreements to Repurchase	4,025		4,071		4,571
Funds Purchased	72		25		157
Short-Term Borrowings	39		—		36
Other Debt	584		713		757
Total Interest Expense	18,980		21,216		20,805
Net Interest Income	125,966		123,885		124,837
Provision for Credit Losses	33,600		4,750		3,000
Net Interest Income After Provision for Credit Losses	92,366		119,135		121,837
Noninterest Income
Trust and Asset Management	10,915		11,157		10,761
Mortgage Banking	2,695		3,199		2,287
Service Charges on Deposit Accounts	7,451		7,835		7,364
Fees, Exchange, and Other Service Charges	13,200		14,533		14,208
Investment Securities Gains (Losses), Net	(970)		(906)		(835)
Annuity and Insurance	928		1,272		2,578
Bank-Owned Life Insurance	1,580		1,879		1,710
Other	10,350		8,733		5,606
Total Noninterest Income	46,149		47,702		43,679
Noninterest Expense
Salaries and Benefits	54,463		51,664		56,586
Net Occupancy	8,955		8,824		7,594
Net Equipment	8,456		7,930		6,833
Data Processing	4,788		4,828		4,526
Professional Fees	3,208		3,257		2,453
FDIC Insurance	1,456		1,376		1,269
Other	14,986		15,217		13,796
Total Noninterest Expense	96,312		93,096		93,057
Income Before Provision for Income Taxes	42,203		73,741		72,459
Provision for Income Taxes	7,461		15,598		13,660
Net Income	$	34,742	$	58,143	$	58,799
Basic Earnings Per Share	$	0.88	$	1.46	$	1.44
Diluted Earnings Per Share	$	0.87	$	1.45	$	1.43
Dividends Declared Per Share	$	0.67	$	0.67	$	0.62
Basic Weighted Average Shares	39,681,611		39,880,619		40,938,318
Diluted Weighted Average Shares	39,916,986		40,179,016		41,213,453


Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income									Table 4
		Three Months Ended
		March 31,	December 31,		March 31,
(dollars in thousands)			2020		2019		2019
Net Income			$	34,742	$	58,143	$	58,799
Other Comprehensive Income (Loss), Net of Tax:
	Net Unrealized Gains (Losses) on Investment Securities	41,559	(5,856)		6,919
	Defined Benefit Plans	374	(3,482)		246
Other Comprehensive Income (Loss)			41,933		(9,338)		7,165
Comprehensive Income			$	76,675	$	48,805	$	65,964


Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition					Table 5
	March 31,		December 31,		March 31,
(dollars in thousands)	2020		2019		2019
Assets
Interest-Bearing Deposits in Other Banks	$	6,346	$	4,979	$	3,550
Funds Sold	96,898		254,574		243,867
Investment Securities
Available-for-Sale	2,681,049		2,619,003		1,859,256
Held-to-Maturity (Fair Value of $3,104,020; $3,062,882; and $3,637,496)	3,004,139		3,042,294		3,668,811
Loans Held for Sale	20,789		39,062		17,909
Loans and Leases	11,352,780		10,990,892		10,548,609
Allowance for Credit Losses	(138,150)		(110,027)		(106,023)
Net Loans and Leases	11,214,630		10,880,865		10,442,586
Total Earning Assets	17,023,851		16,840,777		16,235,979
Cash and Due from Banks	453,465		299,105		293,871
Premises and Equipment, Net	196,228		188,388		159,344
Operating Lease Right-of-Use Assets	98,695		100,838		104,166
Accrued Interest Receivable	46,996		46,476		52,820
Foreclosed Real Estate	2,506		2,737		3,225
Mortgage Servicing Rights	22,537		25,022		24,149
Goodwill	31,517		31,517		31,517
Bank-Owned Life Insurance	289,536		287,962		285,155
Other Assets	376,902		272,674		256,187
Total Assets	$	18,542,233	$	18,095,496	$	17,446,413

Liabilities
Deposits
Noninterest-Bearing Demand	$	4,378,918	$	4,489,525	$	4,595,915
Interest-Bearing Demand	3,261,101		3,127,205		2,961,444
Savings	6,670,530		6,365,321		5,946,881
Time	1,744,812		1,802,431		1,763,070
Total Deposits	16,055,361		15,784,482		15,267,310
Funds Purchased	75,000		—		—
Short-Term Borrowings	75,000		—		—
Securities Sold Under Agreements to Repurchase	603,206		604,306		504,299
Other Debt	60,545		85,565		110,624
Operating Lease Liabilities	106,180		108,210		111,230
Retirement Benefits Payable	44,124		44,504		40,343
Accrued Interest Payable	7,932		8,040		8,474
Taxes Payable and Deferred Taxes	32,793		16,085		29,935
Other Liabilities	154,163		157,472		104,508
Total Liabilities	17,214,304		16,808,664		16,176,723
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2020 - 58,251,725 / 39,996,510;
December 31, 2019 - 58,166,910 / 40,039,695;
and March 31, 2019 - 58,166,535 / 41,078,688)	579		579		578
Capital Surplus	584,392		582,566		574,594
Accumulated Other Comprehensive Loss	10,821		(31,112)		(43,878)
Retained Earnings	1,773,607		1,761,415		1,674,264
Treasury Stock, at Cost (Shares: March 31, 2020 - 18,255,215;
December 31, 2019 - 18,127,215; and March 31, 2019 - 17,087,847)	(1,041,470)		(1,026,616)		(935,868)
Total Shareholders' Equity	1,327,929		1,286,832		1,269,690
Total Liabilities and Shareholders' Equity	$	18,542,233	$	18,095,496	$	17,446,413


Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																Table 6
						Accum.
						Other
						Compre-
						hensive
		Common Shares	Common	Capital		Income		Retained		Treasury
(dollars in thousands)			Outstanding	Stock		Surplus		(Loss)		Earnings		Stock		Total
Balance as of December 31, 2019			40,039,695	$	579	$	582,566	$	(31,112)	$	1,761,415	$	(1,026,616)	$	1,286,832
Net Income			—	—		—		—		34,742		—		34,742
Other Comprehensive Income			—	—		—		41,933		—		—		41,933
Cumulative Change in Accounting Principle			—	—		—		—		3,632		—		3,632
Share-Based Compensation			—	—		1,497		—		—		—		1,497
Common Stock Issued under Purchase and Equity
	Compensation Plans	154,091	—	329		—		653		2,779		3,761
Common Stock Repurchased			(197,276)	—		—		—		—		(17,633)		(17,633)
Cash Dividends Declared ($0.67 per share)			—	—		—		—		(26,835)		—		(26,835)
Balance as of March 31, 2020			39,996,510	$	579	$	584,392	$	10,821	$	1,773,607	$	(1,041,470)	$	1,327,929

Balance as of December 31, 2018			41,499,898	$	577	$	571,704	$	(51,043)	$	1,641,314	$	(894,352)	$	1,268,200
Net Income			—	—		—		—		58,799		—		58,799
Other Comprehensive Income			—	—		—		7,165		—		—		7,165
Share-Based Compensation			—	—		2,274		—		—		—		2,274
Common Stock Issued under Purchase and Equity
	Compensation Plans	131,529	1	616		—		(203)		1,673		2,087
Common Stock Repurchased			(552,739)	—		—		—		—		(43,189)		(43,189)
Cash Dividends Declared ($0.62 per share)			—	—		—		—		(25,646)		—		(25,646)
Balance as of March 31, 2019			41,078,688	$	578	$	574,594	$	(43,878)	$	1,674,264	$	(935,868)	$	1,269,690


Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis																								Table 7
		Three Months Ended											Three Months Ended										Three Months Ended
		March 31, 2020											December 31, 2019										March 31, 2019
		Average		Income/		Yield/			Average		Income/		Yield/			Average		Income/		Yield/
(dollars in millions)				Balance		Expense		Rate			Balance		Expense		Rate			Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks				$	1.4	$	—	2.36	%		$	3.4	$	—	0.90	%		$	3.0	$	—	2.05	%
Funds Sold				152.8		0.6		1.41			177.7		0.7		1.59			241.6		1.5		2.39
Investment Securities
	Available-for-Sale
	Taxable	2,702.4		16.4		2.43			2,578.3		15.9		2.46			1,595.8		11.5		2.90
	Non-Taxable	32.4		0.4		4.40			33.4		0.4		4.35			279.1		2.4		3.45
	Held-to-Maturity
	Taxable	3,036.2		18.9		2.50			2,994.7		18.4		2.46			3,373.5		20.5		2.43
	Non-Taxable	54.7		0.4		2.67			61.7		0.4		2.70			234.1		1.8		3.15
Total Investment Securities				5,825.7		36.1		2.48			5,668.1		35.1		2.47			5,482.5		36.2		2.65
Loans Held for Sale				23.2		0.2		3.54			31.0		0.3		3.67			12.4		0.1		4.35
Loans and Leases ¹
	Commercial and Industrial	1,409.3		13.2		3.77			1,356.1		13.3		3.90			1,357.8		15.3		4.57
	Commercial Mortgage	2,549.4		25.1		3.96			2,479.7		25.5		4.08			2,310.4		24.9		4.36
	Construction	213.2		2.5		4.65			179.1		2.1		4.73			150.4		1.9		5.08
	Commercial Lease Financing	111.4		0.5		1.95			135.4		0.8		2.38			160.9		0.9		2.28
	Residential Mortgage	3,895.4		36.9		3.79			3,850.4		36.7		3.81			3,680.2		35.5		3.86
	Home Equity	1,680.2		15.2		3.64			1,683.4		15.7		3.70			1,690.0		16.1		3.87
	Automobile	721.0		6.4		3.56			715.2		6.5		3.59			668.2		6.0		3.66
	Other ²	480.8		8.4		7.06			479.4		8.5		7.02			449.4		7.9		7.13
Total Loans and Leases				11,060.7		108.2		3.93			10,878.7		109.1		3.99			10,467.3		108.5		4.18
Other				34.3		0.2		2.54			34.9		0.2		2.74			35.5		0.3		3.60
Total Earning Assets³				17,098.1		145.3		3.41			16,793.8		145.4		3.45			16,242.3		146.6		3.64
Cash and Due from Banks				278.8							222.2							240.8
Other Assets				845.7							805.0							753.0
Total Assets				$	18,222.6						$	17,821.0						$	17,236.1

Interest-Bearing Liabilities
Interest-Bearing Deposits
	Demand	$	3,110.0	1.0		0.12			$	2,990.3	1.0		0.14			$	2,939.9	1.5		0.20
	Savings	6,502.4		7.1		0.44			6,245.0		8.0		0.51			5,760.8		6.7		0.47
	Time	1,743.0		6.2		1.43			1,842.3		7.4		1.59			1,703.4		7.1		1.69
Total Interest-Bearing Deposits				11,355.4		14.3		0.51			11,077.6		16.4		0.59			10,404.1		15.3		0.60
Short-Term Borrowings				57.8		0.1		0.76			5.8		—		1.66			31.1		0.2		2.49
Securities Sold Under Agreements to Repurchase				604.1		4.0		2.64			604.3		4.1		2.64			504.3		4.6		3.63
Other Debt				66.9		0.6		3.51			106.2		0.7		2.67			120.0		0.7		2.55
Total Interest-Bearing Liabilities				12,084.2		19.0		0.63			11,793.9		21.2		0.71			11,059.5		20.8		0.76
Net Interest Income						$	126.3						$	124.2						$	125.8
	Interest Rate Spread					2.78		%					2.74		%					2.88		%
	Net Interest Margin					2.96		%					2.95		%					3.12		%
Noninterest-Bearing Demand Deposits				4,462.3							4,363.5							4,567.3
Other Liabilities				362.3							370.7							341.9
Shareholders' Equity				1,313.8							1,292.9							1,267.4
Total Liabilities and Shareholders' Equity				$	18,222.6						$	17,821.0						$	17,236.1


¹ Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
² Comprised of other consumer revolving credit, installment, and consumer lease financing.
³ Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $357,000, $352,000, and $981,000
	for the three months ended March 31, 2020, December 31, 2019, and March 31, 2019, respectively.


Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended March 31, 2020
	Compared to December 31, 2019
(dollars in millions)	Volume ¹		Rate ¹		Total
Change in Interest Income:
Funds Sold	$	(0.1)	$	—	$	(0.1)
Investment Securities
Available-for-Sale
Taxable	0.7		(0.2)		0.5

Held-to-Maturity
Taxable	0.2		0.3		0.5
Total Investment Securities	0.9		0.1		1.0
Loans Held for Sale	(0.1)		—		(0.1)
Loans and Leases
Commercial and Industrial	0.4		(0.5)		(0.1)
Commercial Mortgage	0.5		(0.9)		(0.4)
Construction	0.4		—		0.4
Commercial Lease Financing	(0.1)		(0.2)		(0.3)
Residential Mortgage	0.5		(0.3)		0.2
Home Equity	(0.1)		(0.4)		(0.5)
Automobile	—		(0.1)		(0.1)
Other ²	—		(0.1)		(0.1)
Total Loans and Leases	1.6		(2.5)		(0.9)

Total Change in Interest Income	2.3		(2.4)		(0.1)

Change in Interest Expense:
Interest-Bearing Deposits
Demand	0.1		(0.1)		—
Savings	0.3		(1.2)		(0.9)
Time	(0.4)		(0.8)		(1.2)
Total Interest-Bearing Deposits	—		(2.1)		(2.1)
Short-Term Borrowings	0.1		—		0.1
Securities Sold Under Agreements to Repurchase	(0.1)		—		(0.1)
Other Debt	(0.3)		0.2		(0.1)
Total Change in Interest Expense	(0.3)		(1.9)		(2.2)

Change in Net Interest Income	$	2.6	$	(0.5)	$	2.1


¹The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
² Comprised of other consumer revolving credit, installment, and consumer lease financing.


Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended March 31, 2020
	Compared to March 31, 2019
(dollars in millions)	Volume ¹		Rate ¹		Total
Change in Interest Income:
Funds Sold	$	(0.4)	$	(0.5)	$	(0.9)
Investment Securities
Available-for-Sale
Taxable	7.0		(2.1)		4.9
Non-Taxable	(2.5)		0.5		(2.0)
Held-to-Maturity
Taxable	(2.2)		0.6		(1.6)
Non-Taxable	(1.2)		(0.2)		(1.4)
Total Investment Securities	1.1		(1.2)		(0.1)
Loans Held for Sale	0.1		—		0.1
Loans and Leases
Commercial and Industrial	0.6		(2.7)		(2.1)
Commercial Mortgage	2.5		(2.3)		0.2
Construction	0.8		(0.2)		0.6
Commercial Lease Financing	(0.3)		(0.1)		(0.4)
Residential Mortgage	2.1		(0.7)		1.4
Home Equity	(0.1)		(0.8)		(0.9)
Automobile	0.5		(0.1)		0.4
Other ²	0.6		(0.1)		0.5
Total Loans and Leases	6.7		(7.0)		(0.3)
Other	—		(0.1)		(0.1)
Total Change in Interest Income	7.5		(8.8)		(1.3)

Change in Interest Expense:
Interest-Bearing Deposits
Demand	0.1		(0.6)		(0.5)
Savings	0.9		(0.5)		0.4
Time	0.2		(1.1)		(0.9)
Total Interest-Bearing Deposits	1.2		(2.2)		(1.0)
Short-Term Borrowings	0.1		(0.2)		(0.1)
Securities Sold Under Agreements to Repurchase	0.8		(1.4)		(0.6)
Other Debt	(0.4)		0.3		(0.1)
Total Change in Interest Expense	1.7		(3.5)		(1.8)

Change in Net Interest Income	$	5.8	$	(5.3)	$	0.5


¹The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
² Comprised of other consumer revolving credit, installment, and consumer lease financing.


Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits					Table 9
	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands)	2020		2020		2019
Salaries	$	33,486	$	33,465	$	32,480
Incentive Compensation	245		4,864		5,904
Share-Based Compensation	1,291		1,475		3,079
Commission Expense	1,374		2,080		930
Retirement and Other Benefits	4,706		4,279		5,107
Payroll Taxes	4,543		2,386		4,247
Medical, Dental, and Life Insurance	4,142		2,903		4,465
Separation Expense	4,676		212		374
Total Salaries and Benefits	$	54,463	$	51,664	$	56,586


Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances														Table 10
		March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)				2020		2019		2019		2019		2019
Commercial
	Commercial and Industrial	$	1,558,232	$	1,379,152	$	1,361,011	$	1,408,729	$	1,331,345
	Commercial Mortgage	2,616,243		2,518,051		2,477,296		2,411,289		2,381,213
	Construction	245,390		194,170		154,754		119,228		132,775
	Lease Financing	110,704		122,454		163,672		163,070		154,919
Total Commercial				4,530,569		4,213,827		4,156,733		4,102,316		4,000,252
Consumer
	Residential Mortgage	3,928,183		3,891,100		3,846,511		3,785,006		3,702,553
	Home Equity	1,692,154		1,676,073		1,681,951		1,694,577		1,698,666
	Automobile	716,214		720,286		713,424		703,523		676,730
	Other ¹	485,660		489,606		482,679		473,707		470,408
Total Consumer				6,822,211		6,777,065		6,724,565		6,656,813		6,548,357
Total Loans and Leases				$	11,352,780	$	10,990,892	$	10,881,298	$	10,759,129	$	10,548,609


Deposits
		March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)				2020		2019		2019		2019		2019
Consumer				$	8,294,464	$	8,118,494	$	7,893,454	$	7,880,284	$	7,944,793
Commercial				6,358,583		6,324,214		6,153,492		6,178,984		6,162,042
Public and Other				1,402,314		1,341,774		1,293,806		1,429,553		1,160,475
Total Deposits				$	16,055,361	$	15,784,482	$	15,340,752	$	15,488,821	$	15,267,310

¹ Comprised of other revolving credit, installment, and lease financing.


Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends												Table 15
	Two Months Ended						Year Ended
($ in millions; jobs in thousands)	February 29, 2020						December 31, 2019								December 31, 2018
Hawaii Economic Trends
State General Fund Revenues¹	$	1,362.3	15.2	%	$	7,316.5		5.5	%	$	6,933.1		6.9	%
General Excise and Use Tax Revenue ¹	$	677.8	5.8	%	$	3,602.2		5.1	%	$	3,426.5		2.3	%
Jobs²	651.2				648.9					649.9

								January 31,		December 31,
(spot rates)								2020		2019				2018
Unemployment ³
Statewide, seasonally adjusted								2.7	%	2.7		%	2.6	%

Oahu								2.7		2.1			2.2
Island of Hawaii								3.5		2.8			2.9
Maui								2.8		2.2			2.2
Kauai								3.0		2.4			2.3

					March 31,			December 31,
(percentage change, except months of inventory)							2020		2019			2018			2017
Housing Trends (Single Family Oahu)⁴
Median Home Price					—		%	(0.1)	%	4.6		%	2.7	%
Home Sales Volume (units)					11.6		%	3.9	%	(7.7)		%	6.3	%
Months of Inventory					2.6			2.5		2.8			2.1

					Monthly Visitor Arrivals,								Percentage Change
(in thousands)					Not Seasonally Adjusted								from Previous Year
Tourism ⁵
February 29, 2020								828.1					5.8
January 31, 2020								862.6					5.1
December 31, 2019								954.3					6.0
November 30, 2019								811.4					4.2
October 31, 2019								800.4					4.8
September 30, 2019								741.3					3.5
August 31, 2019								928.2					9.8
July 31, 2019								997.9					6.2
June 30, 2019								951.6					6.1
May 31, 2019								841.4					4.6


Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More																							Table 11
			March 31,		December 31,			September 30,			June 30,			March 31,
(dollars in thousands)								2020			2019			2019			2019			2019
Non-Performing Assets
Non-Accrual Loans and Leases
	Commercial
		Commercial and Industrial	$	634	$	830		$	573		$	552		$	393
		Commercial Mortgage	9,048		9,244			11,088			11,310			5,911
	Total Commercial				9,682			10,074			11,661			11,862			6,304
	Consumer
		Residential Mortgage	4,330		4,125			4,258			4,697			5,599
		Home Equity	4,086		3,181			2,787			2,486			2,797
	Total Consumer				8,416			7,306			7,045			7,183			8,396
Total Non-Accrual Loans and Leases								18,098			17,380			18,706			19,045			14,700
Foreclosed Real Estate								2,506			2,737			2,939			2,737			3,225
Total Non-Performing Assets								$	20,604		$	20,117		$	21,645		$	21,782		$	17,925

Accruing Loans and Leases Past Due 90 Days or More
Commercial
	Commercial and Industrial				$	—		$	—		$	81		$	—		$	66
Total Commercial								—			—			81			—			66
Consumer
	Residential Mortgage				$	3,024		$	1,839		$	2,032		$	1,859		$	903
	Home Equity				3,426			4,125			2,320			2,981			3,381
	Automobile				866			949			582			607			734
	Other ¹				1,205			1,493			1,076			963			1,033
Total Consumer								8,521			8,406			6,010			6,410			6,051
Total Accruing Loans and Leases Past Due 90 Days or More								$	8,521		$	8,406		$	6,091		$	6,410		$	6,117
Restructured Loans on Accrual Status
and Not Past Due 90 Days or More								$	61,425		$	63,103		$	46,178		$	48,563		$	48,571
Total Loans and Leases								$	11,352,780		$	10,990,892		$	10,881,298		$	10,759,129		$	10,548,609

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases								0.16		%	0.16		%	0.17		%	0.18		%	0.14		%

Ratio of Non-Performing Assets to Total Loans and Leases
	and Foreclosed Real Estate				0.18		%	0.18		%	0.20		%	0.20		%	0.17		%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and
	Leases and Commercial Foreclosed Real Estate				0.21		%	0.24		%	0.28		%	0.29		%	0.16		%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans
	and Leases and Consumer Foreclosed Real Estate				0.16		%	0.15		%	0.15		%	0.15		%	0.18		%

Ratio of Non-Performing Assets and Accruing Loans and Leases
	Past Due 90 Days or More to Total Loans and Leases
	and Foreclosed Real Estate				0.26		%	0.26		%	0.25		%	0.26		%	0.23		%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter								$	20,117		$	21,645		$	21,782		$	17,925		$	12,930
Additions								1,754			883			1,035			6,186			8,217
Reductions
	Payments				(315)			(495)			(984)			(441)			(989)
	Return to Accrual Status				(437)			(1,673)			—			(1,344)			(316)
	Sales of Foreclosed Real Estate				(231)			(201)			—			(374)			—
	Charge-offs/Write-downs				(284)			(42)			(188)			(170)			(1,917)
Total Reductions								(1,267)			(2,411)			(1,172)			(2,329)			(3,222)
Balance at End of Quarter								$	20,604		$	20,117		$	21,645		$	21,782		$	17,925

¹Comprised of other revolving credit, installment, and lease financing.


Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses												Table 12
			Three Months Ended
			March 31,	December 31,		March 31,
(dollars in thousands)						2020			2019			2019
Balance at Beginning of Period						$	116,849		$	115,758		$	113,515
Loans and Leases Charged-Off
	Commercial
		Commercial and Industrial	(693)	(307)		(370)
		Commercial Mortgage	—	—		(1,616)
	Consumer
		Residential Mortgage	(20)	(50)		(4)
		Home Equity	—	(245)		(295)
		Automobile	(2,500)	(1,990)		(1,753)
		Other ¹	(3,964)	(3,651)		(2,790)
Total Loans and Leases Charged-Off						(7,177)			(6,243)			(6,828)
Recoveries on Loans and Leases Previously Charged-Off
	Commercial
		Commercial and Industrial	289	293		501
		Commercial Mortgage	40	—		—
	Consumer
		Residential Mortgage	263	699		484
		Home Equity	976	577		588
		Automobile	1,005	512		881
		Other ¹	864	503		704
Total Recoveries on Loans and Leases Previously Charged-Off						3,437			2,584			3,158
Net Loans and Leases Charged-Off						(3,740)			(3,659)			(3,670)
Provision for Credit Losses						33,600			4,750			3,000
Provision for Unfunded Commitments						(170)			—			—
Balance at End of Period ²						$	141,467		$	116,849		$	112,845

Components
Allowance for Credit Losses						$	138,150		$	110,027		$	106,023
Reserve for Unfunded Commitments						3,317			6,822			6,822
Total Reserve for Credit Losses						$	141,467		$	116,849		$	112,845

Average Loans and Leases Outstanding						$	11,060,707		$	10,878,672		$	10,467,321

Ratio of Net Loans and Leases Charged-Off to
	Average Loans and Leases Outstanding (annualized)			0.14	%	0.13		%	0.14		%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding						1.22		%	1.00		%	1.01		%

¹ Comprised of other revolving credit, installment, and lease financing.
²Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.


Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information									Table 13


	Consumer		Commercial		Treasury		Consolidated
(dollars in thousands)	Banking		Banking		and Other		Total
Three Months Ended March 31, 2020
Net Interest Income	$	73,661	$	45,986	$	6,319	$	125,966
Provision for Credit Losses	3,545		290		29,765		33,600
Net Interest Income After Provision for Credit Losses	70,116		45,696		(23,446)		92,366
Noninterest Income	32,590		11,735		1,824		46,149
Noninterest Expense	(70,900)		(17,298)		(8,114)		(96,312)
Income Before Provision for Income Taxes	31,806		40,133		(29,736)		42,203
Provision for Income Taxes	(7,984)		(9,760)		10,283		(7,461)
Net Income	$	23,822	$	30,373	$	(19,453)	$	34,742
Total Assets as of March 31, 2020	$	7,385,185	$	4,584,040	$	6,573,008	$	18,542,233


Three Months Ended March 31, 2019 ¹
Net Interest Income	$	76,352	$	47,290	$	1,195	$	124,837
Provision for Credit Losses	2,224		1,446		(670)		3,000
Net Interest Income After Provision for Credit Losses	74,128		45,844		1,865		121,837
Noninterest Income	34,478		7,061		2,140		43,679
Noninterest Expense	(69,427)		(20,955)		(2,675)		(93,057)
Income Before Provision for Income Taxes	39,179		31,950		1,330		72,459
Provision for Income Taxes	(9,834)		(6,002)		2,176		(13,660)
Net Income	$	29,345	$	25,948	$	3,506	$	58,799
Total Assets as of March 31, 2019¹	$	6,796,106	$	4,004,176	$	6,646,131	$	17,446,413

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


Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data															Table 14
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands, except per share amounts)	2020			2019			2019			2019			2019
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	108,210		$	109,223		$	110,877		$	110,401		$	108,511
Income on Investment Securities
Available-for-Sale	16,711			16,158			17,512			15,072			13,432
Held-to-Maturity	19,252			18,750			18,796			22,149			21,921
Deposits	9			8			9			9			15
Funds Sold	546			723			656			730			1,444
Other	218			239			233			210			319
Total Interest Income	144,946			145,101			148,083			148,571			145,642
Interest Expense
Deposits	14,260			16,407			18,055			18,628			15,284
Securities Sold Under Agreements to Repurchase	4,025			4,071			4,257			4,623			4,571
Funds Purchased	72			25			146			512			157
Short-Term Borrowings	39			—			1			1			36
Other Debt	584			713			728			710			757
Total Interest Expense	18,980			21,216			23,187			24,474			20,805
Net Interest Income	125,966			123,885			124,896			124,097			124,837
Provision for Credit Losses	33,600			4,750			4,250			4,000			3,000
Net Interest Income After Provision for Credit Losses	92,366			119,135			120,646			120,097			121,837
Noninterest Income
Trust and Asset Management	10,915			11,157			10,930			11,385			10,761
Mortgage Banking	2,695			3,199			4,864			3,336			2,287
Service Charges on Deposit Accounts	7,451			7,835			7,592			7,283			7,364
Fees, Exchange, and Other Service Charges	13,200			14,533			14,900			14,252			14,208
Investment Securities Gains (Losses), Net	(970)			(906)			(1,469)			(776)			(835)
Annuity and Insurance	928			1,272			1,278			1,806			2,578
Bank-Owned Life Insurance	1,580			1,879			1,647			1,779			1,710
Other	10,350			8,733			6,765			6,385			5,606
Total Noninterest Income	46,149			47,702			46,507			45,450			43,679
Noninterest Expense
Salaries and Benefits	54,463			51,664			54,345			53,511			56,586
Net Occupancy	8,955			8,824			8,803			8,579			7,594
Net Equipment	8,456			7,930			7,637			6,895			6,833
Data Processing	4,788			4,828			4,676			4,727			4,526
Professional Fees	3,208			3,257			2,184			2,177			2,453
FDIC Insurance	1,456			1,376			1,257			1,290			1,269
Other	14,986			15,217			21,447			15,546			13,796
Total Noninterest Expense	96,312			93,096			100,349			92,725			93,057
Income Before Provision for Income Taxes	42,203			73,741			66,804			72,822			72,459
Provision for Income Taxes	7,461			15,598			14,752			15,903			13,660
Net Income	$	34,742		$	58,143		$	52,052		$	56,919		$	58,799

Basic Earnings Per Share	$	0.88		$	1.46		$	1.30		$	1.40		$	1.44
Diluted Earnings Per Share	$	0.87		$	1.45		$	1.29		$	1.40		$	1.43

Balance Sheet Totals
Loans and Leases	$	11,352,780		$	10,990,892		$	10,881,298		$	10,759,129		$	10,548,609
Total Assets	18,542,233			18,095,496			17,672,140			17,688,845			17,446,413
Total Deposits	16,055,361			15,784,482			15,340,752			15,488,821			15,267,310
Total Shareholders' Equity	1,327,929			1,286,832			1,291,490			1,285,948			1,269,690

Performance Ratios
Return on Average Assets	0.77		%	1.29		%	1.17		%	1.31		%	1.38		%
Return on Average Shareholders' Equity	10.64			17.84			16.02			17.97			18.81
Efficiency Ratio¹	55.96			54.26			58.55			54.69			55.22
Net Interest Margin ²	2.96			2.95			3.01			3.04			3.12

¹Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
² Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.