Financial Release

• Diluted Earnings Per Share $0.98
• Net Income $38.9 Million
• Board of Directors Approves Dividend of $0.67 Per Share

HONOLULU--(BUSINESS WIRE)--Jul. 27, 2020-- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.98 for the second quarter of 2020 compared with diluted earnings per share of $0.87 in the previous quarter and diluted earnings per share of $1.40 in the same quarter last year. Net income for the second quarter of 2020 was $38.9 million compared with net income of $34.7 million in the first quarter of 2020 and net income of $56.9 million in the second quarter of 2019.

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Loan and lease balances increased to $11.8 billion at June 30, 2020, up 4.0 percent from March 31, 2020 and up 9.7 percent compared with June 30, 2019. Total deposits reached a new record high of $17.4 billion at the end of the second quarter of 2020, up 8.5 percent from March 31, 2020 and up 12.5 percent compared with June 30, 2019.

“Bank of Hawaii Corporation continued to perform well in this very challenging environment,” said Peter Ho, Chairman, President and CEO. “Our balance sheet continued to grow while maintaining strong levels of capital and liquidity. Our asset quality remained stable during the quarter and we are well positioned for the future. During the quarter we reopened nine of our branches and our dedicated employees were able to support the needs of our customers and community during this unprecedented period.”

The return on average assets for the second quarter of 2020 was 0.82 percent, up from 0.77 percent in the previous quarter and down from 1.31 percent in the same quarter last year. The return on average equity for the second quarter of 2020 was 11.58 percent, up from 10.64 percent for the first quarter of 2020 and down from 17.97 percent for the second quarter of 2019. The efficiency ratio for the second quarter of 2020 improved to 49.95 percent compared with 55.96 percent in the previous quarter and 54.69 percent in the same quarter last year.

For the six-month period ended June 30, 2020, net income was $73.7 million, down from net income of $115.7 million during the same period last year. Diluted earnings per share were $1.85 for the first half of 2020 compared with diluted earnings per share of $2.82 for the first half of 2019.

The return on average assets for the six-month period ended June 30, 2020 was 0.79 percent compared with the return on average assets of 1.34 percent for the same six months in 2019. The year-to-date return on average equity was 11.11 percent for the first half of 2020 compared with the return on average equity of 18.39 percent for the first half of 2019. The efficiency ratio for the first half of 2020 improved to 52.90 percent compared with 54.95 percent in the same period last year.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the second quarter of 2020 was $127.0 million, an increase of $0.7 million compared with $126.3 million in the first quarter of 2020 and an increase of $2.3 million compared with $124.7 million in the second quarter of 2019. Net interest income in the second quarter of 2020 included an interest recovery of $2.9 million. Net interest income, on a taxable equivalent basis, for the first half of 2020 was $253.4 million, an increase of $2.9 million compared with net interest income of $250.5 million for the first half of 2019. Analyses of the changes in net interest income are included in Tables 8a, 8b and 8c.

The net interest margin was 2.83 percent for the second quarter of 2020, down 13 basis points from 2.96 percent in the previous quarter and down 21 basis points from the net interest margin of 3.04 percent in the second quarter of 2019. The decrease in the net interest margin is largely due to lower rates and higher levels of liquidity. The net interest margin for the first six months of 2020 was 2.90 percent compared with the net interest margin of 3.08 percent for the same six-month period last year.

Results for the second quarter of 2020 included a provision for credit losses of $40.4 million compared with $33.6 million in the previous quarter and $4.0 million in the same quarter last year. The provision for credit losses during the first half of 2020 was $74.0 million compared with a provision for credit losses of $7.0 million during the same period in 2019.

Noninterest income was $51.3 million in the second quarter of 2020, an increase of $5.2 million compared with $46.1 million in the first quarter of 2020 and an increase of $5.8 million compared with $45.5 million in the second quarter of 2019. Noninterest income during the second quarter of 2020 included a gain of $14.2 million related to a sale of Visa Class B shares. There were no significant items in noninterest income during the first quarter of 2020 or the second quarter of 2019. Adjusted for the sale of the Visa shares, the decline in noninterest income compared to the prior quarter was due to reductions in overdraft and ATM fees and lower customer derivative activity. Noninterest income for the first half of 2020 was $97.4 million, an increase of $8.3 million compared with noninterest income of $89.1 million for the first half of 2019.

Noninterest expense was $88.9 million in the second quarter of 2020, a decrease of $7.4 million compared with $96.3 million in the first quarter of 2020 and a decrease of $3.8 million compared with $92.7 million in the second quarter last year. There were no significant items in noninterest expense during the second quarter of 2020 or the second quarter of 2019. Noninterest expense in the first quarter of 2020 included seasonal payroll expenses of approximately $3.1 million and severance expenses of $4.7 million that were partially offset by the elimination of corporate incentive accruals. Noninterest expense for the first half of 2020 was $185.2 million, a decrease of $0.6 million compared with noninterest expense of $185.8 million for the first half of 2019. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the second quarter of 2020 was 20.05 percent compared with 17.68 percent in the previous quarter and 21.84 percent in the same quarter last year. The effective tax rate for the first half of 2020 was 18.95 percent compared with an effective tax rate of 20.35 percent during the same period last year.

The Company’s business segments are defined as Consumer Banking, Commercial Banking, and Treasury & Other. Results for the business segments are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information is included in Tables 13a and 13b.

Asset Quality

The Company’s asset quality remained relatively stable during the second quarter of 2020. Total non-performing assets were $22.7 million at June 30, 2020 compared with $20.6 million at March 31, 2020 and $21.8 million at June 30, 2019. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.19 percent at the end of the second quarter of 2020 compared with 0.18 percent at the end of the first quarter of 2020 and 0.20 percent at the end of the second quarter last year.

Accruing loans and leases past due 90 days or more were $8.9 million at June 30, 2020 compared with $8.5 million at March 31, 2020 and $6.4 million at June 30, 2019. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $59.7 million at June 30, 2020, compared with $61.4 million at March 31, 2020 and $48.6 million at June 30, 2019. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loan and lease charge-offs during the second quarter of 2020 were $5.1 million or 0.18 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $8.3 million during the quarter were partially offset by recoveries of $3.2 million. Net charge-offs during the first quarter of 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and comprised of $7.2 million in charge-offs and recoveries of $3.4 million. Net charge-offs during the second quarter of 2019 were $2.4 million or 0.09 percent annualized of total average loans and leases outstanding and comprised of $5.1 million in charge-offs and recoveries of $2.8 million. Net charge-offs during the first half of 2020 were $8.9 million or 0.16 percent annualized of total average loans and leases outstanding compared with net charge-offs of $6.0 million or 0.12 percent annualized of total average loans and leases outstanding for the first half of 2019.

The allowance for credit losses was $173.4 million at June 30, 2020 compared with $138.2 million at March 31, 2020 and $107.7 million at June 30, 2019. The ratio of the allowance for credit losses to total loans and leases was 1.47 percent at June 30, 2020 compared with 1.22 percent at March 31, 2020 and 1.00 percent at June 30, 2019. The reserve for unfunded commitments was $2.5 million at June 30, 2020 compared with $3.3 million at March 31, 2020 and $6.8 million at June 30, 2019. Details of loan and lease charge-offs, recoveries and components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to $19.8 billion at June 30, 2020 compared with $18.5 billion at March 31, 2020 and $17.7 billion at June 30, 2019. Average total assets were $19.2 billion during the second quarter of 2020 compared with $18.2 billion during the previous quarter and $17.5 billion during the second quarter last year.

The investment securities portfolio was $6.0 billion at June 30, 2020, up from $5.7 billion at March 31, 2020 and $5.6 billion at June 30, 2019. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $3.3 billion in securities held to maturity and $2.7 billion in securities available for sale. The securities portfolio at March 31, 2020 included $3.0 billion in securities held to maturity and $2.7 billion in securities available for sale compared with $3.0 billion in securities held to maturity and $2.6 billion in securities available for sale at June 30, 2019.

Total loans and leases were $11.8 billion at June 30, 2020, up from $11.4 billion at March 31, 2020 and $10.8 billion at June 30, 2019. Average total loans and leases increased to $11.7 billion during the second quarter of 2020 compared with $11.1 billion during the previous quarter and $10.6 billion during the same quarter last year. The commercial loan portfolio was $5.0 billion at June 30, 2020, up $492.2 million or 10.9 percent from commercial loans of $4.5 billion at March 31, 2020, and up $920.4 million or 22.4 percent from commercial loans of $4.1 billion at June 30, 2019. The consumer loan portfolio decreased to $6.8 billion at June 30, 2020, down $39.6 million or 0.6 percent from consumer loans of $6.8 billion at March 31, 2020 and increased $125.8 million or 1.9 percent from consumer loans of $6.7 billion at June 30, 2019. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $17.4 billion at June 30, 2020, up from $16.1 billion at March 31, 2020 and $15.5 billion at June 30, 2019. Average total deposits were $16.7 billion during the second quarter of 2020, up from $15.8 billion during the previous quarter and $15.2 billion during the same quarter last year. Consumer deposits increased to $8.8 billion at June 30, 2020, up $472.4 million or 5.7 percent from consumer deposits of $8.3 billion at March 31, 2020 and up $886.6 million or 11.3 percent from consumer deposits of $7.9 billion at June 30, 2019. Commercial deposits increased to $7.3 billion at June 30, 2020, up $936.5 million or 14.7 percent from commercial deposits of $6.4 billion at March 31, 2020 and up $1.1 billion or 18.1 percent from commercial deposits of $6.2 billion at June 30, 2019. Other deposits, including public funds, were $1.4 billion at June 30, 2020, down $41.1 million or 2.9 percent from March 31, 2020 and down $68.3 million or 4.8 percent from June 30, 2019. Deposit balances are summarized in Tables 7a, 7b, and 10.

Total shareholders’ equity increased to $1.4 billion at June 30, 2020 compared with $1.3 billion at March 31, 2020 and June 30, 2019. There were no shares repurchased during the second quarter of 2020. The Tier 1 Capital Ratio at June 30, 2020 was 12.04 percent compared with 11.81 percent at March 31, 2020 and 12.46 percent at June 30, 2019. The Tier 1 leverage ratio at June 30, 2020 was 6.90 percent compared with 7.12 percent at March 31, 2020 and 7.36 percent at June 30, 2019.

The Company’s Board of Directors declared a quarterly cash dividend of $0.67 per share on the Company’s outstanding shares. The dividend will be payable on September 15, 2020 to shareholders of record at the close of business on August 31, 2020.

Conference Call Information

The Company will review its second quarter 2020 financial results today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The conference call including presentation materials will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation's website, www.boh.com. The toll-free number is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, July 27, 2020. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 5959108 when prompted. In addition, a replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements", such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights																		Table 1
		Three Months Ended												Six Months Ended
		June 30,				March 31,				June 30,				June 30,
(dollars in thousands, except per share amounts)		2020				2020				2019				2020				2019
For the Period:
Operating Results
Net Interest Income		$	126,691			$	125,966			$	124,097			$	252,657			$	248,934
Provision for Credit Losses			40,400				33,600				4,000				74,000				7,000
Total Noninterest Income			51,268				46,149				45,450				97,417				89,129
Total Noninterest Expense			88,892				96,312				92,725				185,204				185,782
Net Income			38,908				34,742				56,919				73,650				115,718
Basic Earnings Per Share			0.98				0.88				1.40				1.86				2.84
Diluted Earnings Per Share			0.98				0.87				1.40				1.85				2.82
Dividends Declared Per Share			0.67				0.67				0.65				1.34				1.27
Performance Ratios
Return on Average Assets			0.82	%			0.77	%			1.31	%			0.79	%			1.34	%
Return on Average Shareholders' Equity			11.58				10.64				17.97				11.11				18.39
Efficiency Ratio 1			49.95				55.96				54.69				52.90				54.95
Net Interest Margin 2			2.83				2.96				3.04				2.90				3.08
Dividend Payout Ratio 3			68.37				76.14				46.43				72.04				44.72
Average Shareholders' Equity to Average Assets			7.04				7.21				7.27				7.12				7.31
Average Balances
Average Loans and Leases		$	11,727,649			$	11,060,707			$	10,631,558			$	11,394,178			$	10,549,893
Average Assets			19,189,581				18,222,602				17,480,651				18,706,092				17,359,031
Average Deposits			16,679,511				15,817,745				15,162,782				16,248,628				15,067,622
Average Shareholders' Equity			1,351,345				1,313,848				1,270,162				1,332,596				1,268,808
Per Share of Common Stock
Book Value		$	33.76			$	33.20			$	31.61			$	33.76			$	31.61
Tangible Book Value			32.97				32.41				30.83				32.97				30.83
Market Value
Closing			61.41				54.91				82.91				61.41				82.91
High			72.74				95.53				84.53				95.53				84.53
Low			51.15				46.70				75.24				46.70				66.54
						June 30,				March 31,				December 31,				June 30,
						2020				2020				2019				2019
As of Period End:
Balance Sheet Totals
Loans and Leases						$	11,805,370			$	11,352,780			$	10,990,892			$	10,759,129
Total Assets							19,769,942				18,542,233				18,095,496				17,688,845
Total Deposits							17,423,155				16,055,361				15,784,482				15,488,821
Other Debt							60,524				60,545				85,565				110,605
Total Shareholders' Equity							1,352,082				1,327,929				1,286,832				1,285,948
Asset Quality
Non-Performing Assets						$	22,701			$	20,604			$	20,117			$	21,782
Allowance for Credit Losses							173,439				138,150				110,027				107,672
Allowance to Loans and Leases Outstanding							1.47	%			1.22	%			1.00	%			1.00	%
Capital Ratios 4
Common Equity Tier 1 Capital Ratio							12.04	%			11.81	%			12.18	%			12.46	%
Tier 1 Capital Ratio							12.04				11.81				12.18				12.46
Total Capital Ratio							13.29				13.06				13.28				13.57
Tier 1 Leverage Ratio							6.90				7.12				7.25				7.36
Total Shareholders' Equity to Total Assets							6.84				7.16				7.11				7.27
Tangible Common Equity to Tangible Assets 5							6.69				7.00				6.95				7.10
Tangible Common Equity to Risk-Weighted Assets 5							12.07				11.85				11.85				12.17
Non-Financial Data
Full-Time Equivalent Employees							2,112				2,094				2,124				2,152
Branches							67				67				68				68
ATMs							367				382				387				383

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

2 Net 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 Regulatory capital ratios as of June 30, 2020 are preliminary. CET 1 / Tier 1 Capital Ratios revised from 11.85%, Total Capital Ratio revised from 13.10%, and Tier 1 Leverage Ratio revised from 7.14% as of March 31, 2020.

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
		June 30,				March 31,				December 31,				June 30,
(dollars in thousands)		2020				2020				2019				2019
Total Shareholders' Equity		$	1,352,082			$	1,327,929			$	1,286,832			$	1,285,948
Less: Goodwill			31,517				31,517				31,517				31,517
Tangible Common Equity		$	1,320,565			$	1,296,412			$	1,255,315			$	1,254,431
Total Assets		$	19,769,942			$	18,542,233			$	18,095,496			$	17,688,845
Less: Goodwill			31,517				31,517				31,517				31,517
Tangible Assets		$	19,738,425			$	18,510,716			$	18,063,979			$	17,657,328
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements		$	10,941,894			$	10,944,260			$	10,589,061			$	10,309,085
Total Shareholders' Equity to Total Assets			6.84	%			7.16	%			7.11	%			7.27	%
Tangible Common Equity to Tangible Assets (Non-GAAP)			6.69	%			7.00	%			6.95	%			7.10	%
Tier 1 Capital Ratio			12.04	%			11.81	%			12.18	%			12.46	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)			12.07	%			11.85	%			11.85	%			12.17	%

Note: Risk-Weighted Assets and Regulatory capital ratios as of June 30, 2020 are preliminary. Risk-Weighted Assets revised from $10,941,909 and Tier 1 Capital Ratio revised from 11.85% as of March 31, 2020.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income																Table 3
		Three Months Ended											Six Months Ended
		June 30,			March 31,				June 30,				June 30,
(dollars in thousands, except per share amounts)		2020			2020				2019				2020			2019
Interest Income
Interest and Fees on Loans and Leases		$	107,628		$	108,210			$	110,401			$	215,838		$	218,912
Income on Investment Securities
Available-for-Sale			14,576			16,711				15,072				31,287			28,504
Held-to-Maturity			16,723			19,252				22,149				35,975			44,070
Deposits			1			9				9				10			24
Funds Sold			92			546				730				638			2,174
Other			125			218				210				343			529
Total Interest Income			139,145			144,946				148,571				284,091			294,213
Interest Expense
Deposits			7,954			14,260				18,628				22,214			33,912
Securities Sold Under Agreements to Repurchase			4,020			4,025				4,623				8,045			9,194
Funds Purchased			18			72				512				90			669
Short-Term Borrowings			22			39				1				61			37
Other Debt			440			584				710				1,024			1,467
Total Interest Expense			12,454			18,980				24,474				31,434			45,279
Net Interest Income			126,691			125,966				124,097				252,657			248,934
Provision for Credit Losses			40,400			33,600				4,000				74,000			7,000
Net Interest Income After Provision for Credit Losses			86,291			92,366				120,097				178,657			241,934
Noninterest Income
Trust and Asset Management			10,550			10,915				11,385				21,465			22,146
Mortgage Banking			4,278			2,695				3,336				6,973			5,623
Service Charges on Deposit Accounts			5,097			7,451				7,283				12,548			14,647
Fees, Exchange, and Other Service Charges			9,417			13,200				14,252				22,617			28,460
Investment Securities Gains (Losses), Net			13,216			(970	)			(776	)			12,246			(1,611	)
Annuity and Insurance			883			928				1,806				1,811			4,384
Bank-Owned Life Insurance			1,649			1,580				1,779				3,229			3,489
Other			6,178			10,350				6,385				16,528			11,991
Total Noninterest Income			51,268			46,149				45,450				97,417			89,129
Noninterest Expense
Salaries and Benefits			50,715			54,463				53,511				105,178			110,097
Net Occupancy			8,761			8,955				8,579				17,716			16,173
Net Equipment			8,195			8,456				6,895				16,651			13,728
Data Processing			4,416			4,788				4,727				9,204			9,253
Professional Fees			3,061			3,208				2,177				6,269			4,630
FDIC Insurance			1,558			1,456				1,290				3,014			2,559
Other			12,186			14,986				15,546				27,172			29,342
Total Noninterest Expense			88,892			96,312				92,725				185,204			185,782
Income Before Provision for Income Taxes			48,667			42,203				72,822				90,870			145,281
Provision for Income Taxes			9,759			7,461				15,903				17,220			29,563
Net Income		$	38,908		$	34,742			$	56,919			$	73,650		$	115,718
Basic Earnings Per Share		$	0.98		$	0.88			$	1.40			$	1.86		$	2.84
Diluted Earnings Per Share		$	0.98		$	0.87			$	1.40			$	1.85		$	2.82
Dividends Declared Per Share		$	0.67		$	0.67			$	0.65			$	1.34		$	1.27
Basic Weighted Average Shares			39,703,735			39,681,611				40,541,594				39,692,695			40,738,772
Diluted Weighted Average Shares			39,832,475			39,916,986				40,769,767				39,873,334			40,988,001

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income														Table 4
		Three Months Ended									Six Months Ended
		June 30,			March 31,			June 30,			June 30,
(dollars in thousands)		2020			2020			2019			2020			2019
Net Income		$	38,908		$	34,742		$	56,919		$	73,650		$	115,718
Other Comprehensive Income, Net of Tax:
Net Unrealized Gains on Investment Securities			7,730			41,559			16,209			49,289			23,128
Defined Benefit Plans			374			374			245			748			491
Other Comprehensive Income			8,104			41,933			16,454			50,037			23,619
Comprehensive Income		$	47,012		$	76,675		$	73,373		$	123,687		$	139,337

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition														Table 5
		June 30,				March 31,				December 31,				June 30,
(dollars in thousands)		2020				2020				2019				2019
Assets
Interest-Bearing Deposits in Other Banks		$	2,310			$	6,346			$	4,979			$	3,859
Funds Sold			800,857				96,898				254,574				204,340
Investment Securities
Available-for-Sale			2,726,478				2,681,049				2,619,003				2,649,949
Held-to-Maturity (Fair Value of $3,374,294; $3,104,020; $3,062,882; and $2,973,229)			3,276,829				3,004,139				3,042,294				2,959,611
Loans Held for Sale			20,711				20,789				39,062				22,706
Loans and Leases			11,805,370				11,352,780				10,990,892				10,759,129
Allowance for Credit Losses			(173,439	)			(138,150	)			(110,027	)			(107,672	)
Net Loans and Leases			11,631,931				11,214,630				10,880,865				10,651,457
Total Earning Assets			18,459,116				17,023,851				16,840,777				16,491,922
Cash and Due from Banks			242,423				453,465				299,105				282,164
Premises and Equipment, Net			198,582				196,228				188,388				169,671
Operating Lease Right-of-Use Assets			97,166				98,695				100,838				103,336
Accrued Interest Receivable			50,645				46,996				46,476				49,726
Foreclosed Real Estate			2,506				2,506				2,737				2,737
Mortgage Servicing Rights			22,904				22,537				25,022				24,233
Goodwill			31,517				31,517				31,517				31,517
Bank-Owned Life Insurance			291,185				289,536				287,962				285,295
Other Assets			373,898				376,902				272,674				248,244
Total Assets		$	19,769,942			$	18,542,233			$	18,095,496			$	17,688,845
Liabilities
Deposits
Noninterest-Bearing Demand		$	5,485,015			$	4,378,918			$	4,489,525			$	4,528,251
Interest-Bearing Demand			3,437,654				3,261,101				3,127,205				3,033,066
Savings			6,821,710				6,670,530				6,365,321				6,004,528
Time			1,678,776				1,744,812				1,802,431				1,922,976
Total Deposits			17,423,155				16,055,361				15,784,482				15,488,821
Funds Purchased			-				75,000				-				-
Short-Term Borrowings			-				75,000				-				-
Securities Sold Under Agreements to Repurchase			603,206				603,206				604,306				504,299
Other Debt			60,524				60,545				85,565				110,605
Operating Lease Liabilities			104,741				106,180				108,210				110,483
Retirement Benefits Payable			43,833				44,124				44,504				40,047
Accrued Interest Payable			7,775				7,932				8,040				9,454
Taxes Payable and Deferred Taxes			38,297				32,793				16,085				21,337
Other Liabilities			136,329				154,163				157,472				117,851
Total Liabilities			18,417,860				17,214,304				16,808,664				16,402,897
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 30, 2020 - 58,263,452 / 40,047,694; March 31, 2020 - 58,251,725 / 39,996,510; December 31, 2019 - 58,166,910 / 40,039,695; and June 30, 2019 - 58,175,367 / 40,687,719)			580				579				579				579
Capital Surplus			586,946				584,392				582,566				577,346
Accumulated Other Comprehensive Gain (Loss)			18,925				10,821				(31,112	)			(27,424	)
Retained Earnings			1,786,351				1,773,607				1,761,415				1,704,993
Treasury Stock, at Cost (Shares: June 30, 2020 - 18,215,758; March 31, 2020 - 18,255,215; December 31, 2019 - 18,127,215; and June 30, 2019 - 17,487,648)			(1,040,720	)			(1,041,470	)			(1,026,616	)			(969,546	)
Total Shareholders' Equity			1,352,082				1,327,929				1,286,832				1,285,948
Total Liabilities and Shareholders' Equity		$	19,769,942			$	18,542,233			$	18,095,496			$	17,688,845

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		-				-			-			-				73,650				-				73,650
Other Comprehensive Income		-				-			-			50,037				-				-				50,037
Cumulative Change in Accounting Principle		-				-			-			-				3,632				-				3,632
Share-Based Compensation		-				-			3,704			-				-				-				3,704
Common Stock Issued under Purchase and Equity
Compensation Plans		195,351				1			676			-				1,333				3,041				5,051
Common Stock Repurchased		(187,352	)			-			-			-				-				(17,145	)			(17,145	)
Cash Dividends Declared ($1.34 per share)		-				-			-			-				(53,679	)			-				(53,679	)
Balance as of June 30, 2020		40,047,694			$	580		$	586,946		$	18,925			$	1,786,351			$	(1,040,720	)		$	1,352,082
Balance as of December 31, 2018		41,499,898			$	577		$	571,704		$	(51,043	)		$	1,641,314			$	(894,352	)		$	1,268,200
Net Income		-				-			-			-				115,718				-				115,718
Other Comprehensive Income		-				-			-			23,619				-				-				23,619
Share-Based Compensation		-				-			4,438			-				-				-				4,438
Common Stock Issued under Purchase and Equity
Compensation Plans		174,709				2			1,204			-				162				2,981				4,349
Common Stock Repurchased		(986,888	)			-			-			-				-				(78,175	)			(78,175	)
Cash Dividends Declared ($1.27 per share)		-				-			-			-				(52,201	)			-				(52,201	)
Balance as of June 30, 2019		40,687,719			$	579		$	577,346		$	(27,424	)		$	1,704,993			$	(969,546	)		$	1,285,948

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis																										Table 7a
		Three Months Ended									Three Months Ended									Three Months Ended
		June 30, 2020									March 31, 2020									June 30, 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		$	2.6		$	-		0.18	%		$	1.4		$	-		2.36	%		$	2.9		$	-		1.25	%
Funds Sold			545.9			0.1		0.07				152.8			0.6		1.41				123.6			0.8		2.34
Investment Securities
Available-for-Sale
Taxable			2,614.1			14.3		2.19				2,702.4			16.4		2.43				2,004.3			14.3		2.87
Non-Taxable			32.2			0.4		4.45				32.4			0.4		4.40				86.8			0.9		4.15
Held-to-Maturity
Taxable			2,957.6			16.4		2.22				3,036.2			18.9		2.50				3,358.0			21.0		2.50
Non-Taxable			54.4			0.4		2.66				54.7			0.4		2.67				193.0			1.5		3.08
Total Investment Securities			5,658.3			31.5		2.22				5,825.7			36.1		2.48				5,642.1			37.7		2.68
Loans Held for Sale			23.4			0.2		3.24				23.2			0.2		3.54				18.7			0.2		4.05
Loans and Leases 1
Commercial and Industrial			1,963.8			17.9		3.67				1,409.3			13.2		3.77				1,385.7			14.9		4.31
Commercial Mortgage			2,622.9			22.3		3.42				2,549.4			25.1		3.96				2,386.3			25.9		4.35
Construction			255.8			2.5		3.93				213.2			2.5		4.65				125.3			1.7		5.51
Commercial Lease Financing			110.9			0.5		1.88				111.4			0.5		1.95				159.9			1.0		2.49
Residential Mortgage			3,939.6			36.0		3.65				3,895.4			36.9		3.79				3,730.4			36.0		3.87
Home Equity			1,665.2			14.3		3.45				1,680.2			15.2		3.64				1,694.9			16.2		3.83
Automobile			701.2			6.2		3.55				721.0			6.4		3.56				688.5			6.2		3.62
Other 2			468.2			7.9		6.77				480.8			8.4		7.06				460.6			8.4		7.33
Total Loans and Leases			11,727.6			107.6		3.68				11,060.7			108.2		3.93				10,631.6			110.3		4.16
Other			34.0			0.1		1.47				34.3			0.2		2.54				35.0			0.2		2.40
Total Earning Assets 3			17,991.8			139.5		3.11				17,098.1			145.3		3.41				16,453.9			149.2		3.63
Cash and Due from Banks			302.4									278.8									241.6
Other Assets			895.4									845.7									785.2
Total Assets		$	19,189.6								$	18,222.6								$	17,480.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	3,226.6			0.6		0.07			$	3,110.0			1.0		0.12			$	2,902.5			1.4		0.19
Savings			6,691.4			2.2		0.13				6,502.4			7.1		0.44				6,002.0			8.9		0.60
Time			1,826.8			5.2		1.13				1,743.0			6.2		1.43				1,866.6			8.3		1.79
Total Interest-Bearing Deposits			11,744.8			8.0		0.27				11,355.4			14.3		0.51				10,771.1			18.6		0.69
Short-Term Borrowings			57.6			-		0.28				57.8			0.1		0.76				82.3			0.5		2.46
Securities Sold Under Agreements to Repurchase			602.9			4.0		2.64				604.1			4.0		2.64				504.3			4.7		3.63
Other Debt			60.5			0.5		2.91				66.9			0.6		3.51				110.6			0.7		2.57
Total Interest-Bearing Liabilities			12,465.8			12.5		0.40				12,084.2			19.0		0.63				11,468.3			24.5		0.85
Net Interest Income					$	127.0								$	126.3								$	124.7
Interest Rate Spread								2.71	%								2.78	%								2.78	%
Net Interest Margin								2.83	%								2.96	%								3.04	%
Noninterest-Bearing Demand Deposits			4,934.7									4,462.3									4,391.7
Other Liabilities			437.8									362.3									350.5
Shareholders' Equity			1,351.3									1,313.8									1,270.2
Total Liabilities and Shareholders' Equity		$	19,189.6								$	18,222.6								$	17,480.7

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 $358,000, $357,000, and $601,000 for the three months ended June 30, 2020, March 31, 2020, and June 30, 2019, respectively.

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis																	Table 7b
		Six Months Ended									Six Months Ended
		June 30, 2020									June 30, 2019
		Average			Income/			Yield/			Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate			Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	2.0		$	-		0.96	%		$	2.9		$	-		1.65	%
Funds Sold			349.3			0.6		0.36				182.3			2.2		2.37
Investment Securities
Available-for-Sale
Taxable			2,658.3			30.8		2.31				1,801.2			25.9		2.88
Non-Taxable			32.3			0.7		4.43				182.5			3.3		3.63
Held-to-Maturity
Taxable			2,996.9			35.4		2.36				3,365.7			41.5		2.46
Non-Taxable			54.5			0.7		2.67				213.4			3.3		3.12
Total Investment Securities			5,742.0			67.6		2.35				5,562.8			74.0		2.66
Loans Held for Sale			23.3			0.4		3.39				15.6			0.3		4.16
Loans and Leases 1
Commercial and Industrial			1,686.5			31.1		3.71				1,371.8			30.2		4.43
Commercial Mortgage			2,586.2			47.4		3.69				2,348.6			50.7		4.36
Construction			234.6			5.0		4.26				137.8			3.6		5.27
Commercial Lease Financing			111.1			1.1		1.91				160.4			1.9		2.38
Residential Mortgage			3,917.5			72.9		3.72				3,705.4			71.5		3.86
Home Equity			1,672.7			29.5		3.55				1,692.5			32.3		3.85
Automobile			711.1			12.6		3.56				678.4			12.3		3.64
Other 2			474.5			16.3		6.92				455.0			16.3		7.23
Total Loans and Leases			11,394.2			215.9		3.80				10,549.9			218.8		4.17
Other			34.2			0.3		2.01				35.2			0.5		3.00
Total Earning Assets 3			17,545.0			284.8		3.26				16,348.7			295.8		3.63
Cash and Due from Banks			290.6									241.2
Other Assets			870.5									769.1
Total Assets		$	18,706.1								$	17,359.0
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	3,168.3			1.5		0.10			$	2,921.1			2.8		0.20
Savings			6,596.9			9.3		0.28				5,882.1			15.7		0.54
Time			1,784.9			11.4		1.28				1,785.4			15.4		1.74
Total Interest-Bearing Deposits			11,550.1			22.2		0.39				10,588.6			33.9		0.65
Short-Term Borrowings			57.7			0.2		0.52				56.8			0.7		2.47
Securities Sold Under Agreements to Repurchase			603.5			8.0		2.64				504.3			9.2		3.63
Other Debt			63.7			1.0		3.23				115.3			1.5		2.56
Total Interest-Bearing Liabilities			12,275.0			31.4		0.51				11,265.0			45.3		0.81
Net Interest Income					$	253.4								$	250.5
Interest Rate Spread								2.75	%								2.82	%
Net Interest Margin								2.90	%								3.08	%
Noninterest-Bearing Demand Deposits			4,698.5									4,479.0
Other Liabilities			400.0									346.2
Shareholders' Equity			1,332.6									1,268.8
Total Liabilities and Shareholders' Equity		$	18,706.1								$	17,359.0

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 $715,000 and $1,582,000 for the six months ended June 30, 2020 and June 30, 2019, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis										Table 8a
		Three Months Ended June 30, 2020
		Compared to March 31, 2020
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	0.4			$	(0.9	)		$	(0.5	)
Investment Securities
Available-for-Sale
Taxable			(0.5	)			(1.6	)			(2.1	)
Held-to-Maturity
Taxable			(0.5	)			(2.0	)			(2.5	)
Total Investment Securities			(1.0	)			(3.6	)			(4.6	)
Loans and Leases
Commercial and Industrial			5.1				(0.4	)			4.7
Commercial Mortgage			0.7				(3.5	)			(2.8	)
Construction			0.4				(0.4	)			-
Residential Mortgage			0.4				(1.3	)			(0.9	)
Home Equity			(0.1	)			(0.8	)			(0.9	)
Automobile			(0.2	)			-				(0.2	)
Other 2			(0.2	)			(0.3	)			(0.5	)
Total Loans and Leases			6.1				(6.7	)			(0.6	)
Other			-				(0.1	)			(0.1	)
Total Change in Interest Income			5.5				(11.3	)			(5.8	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand			-				(0.4	)			(0.4	)
Savings			0.2				(5.1	)			(4.9	)
Time			0.3				(1.3	)			(1.0	)
Total Interest-Bearing Deposits			0.5				(6.8	)			(6.3	)
Short-Term Borrowings			-				(0.1	)			(0.1	)
Other Debt			(0.1	)			-				(0.1	)
Total Change in Interest Expense			0.4				(6.9	)			(6.5	)
Change in Net Interest Income		$	5.1			$	(4.4	)		$	0.7

1 The 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 June 30, 2020
		Compared to June 30, 2019
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	0.6			$	(1.3	)		$	(0.7	)
Investment Securities
Available-for-Sale
Taxable			3.8				(3.8	)			-
Non-Taxable			(0.6	)			0.1				(0.5	)
Held-to-Maturity
Taxable			(2.4	)			(2.2	)			(4.6	)
Non-Taxable			(0.9	)			(0.2	)			(1.1	)
Total Investment Securities			(0.1	)			(6.1	)			(6.2	)
Loans and Leases
Commercial and Industrial			5.5				(2.5	)			3.0
Commercial Mortgage			2.3				(5.9	)			(3.6	)
Construction			1.4				(0.6	)			0.8
Commercial Lease Financing			(0.3	)			(0.2	)			(0.5	)
Residential Mortgage			2.0				(2.0	)			-
Home Equity			(0.3	)			(1.6	)			(1.9	)
Automobile			0.1				(0.1	)			-
Other 2			0.1				(0.6	)			(0.5	)
Total Loans and Leases			10.8				(13.5	)			(2.7	)
Other			-				(0.1	)			(0.1	)
Total Change in Interest Income			11.3				(21.0	)			(9.7	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand			0.1				(0.9	)			(0.8	)
Savings			0.9				(7.6	)			(6.7	)
Time			(0.1	)			(3.0	)			(3.1	)
Total Interest-Bearing Deposits			0.9				(11.5	)			(10.6	)
Short-Term Borrowings			(0.1	)			(0.4	)			(0.5	)
Securities Sold Under Agreements to Repurchase			0.8				(1.5	)			(0.7	)
Other Debt			(0.4	)			0.2				(0.2	)
Total Change in Interest Expense			1.2				(13.2	)			(12.0	)
Change in Net Interest Income		$	10.1			$	(7.8	)		$	2.3

1 The 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 8c
		Six Months Ended June 30, 2020
		Compared to June 30, 2019
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	1.1			$	(2.7	)		$	(1.6	)
Investment Securities
Available-for-Sale
Taxable			10.7				(5.8	)			4.9
Non-Taxable			(3.2	)			0.6				(2.6	)
Held-to-Maturity
Taxable			(4.4	)			(1.7	)			(6.1	)
Non-Taxable			(2.2	)			(0.4	)			(2.6	)
Total Investment Securities			0.9				(7.3	)			(6.4	)
Loans Held for Sale			0.1				-				0.1
Loans and Leases
Commercial and Industrial			6.3				(5.4	)			0.9
Commercial Mortgage			4.9				(8.2	)			(3.3	)
Construction			2.2				(0.8	)			1.4
Commercial Lease Financing			(0.5	)			(0.3	)			(0.8	)
Residential Mortgage			4.0				(2.6	)			1.4
Home Equity			(0.4	)			(2.4	)			(2.8	)
Automobile			0.6				(0.3	)			0.3
Other 2			0.7				(0.7	)			-
Total Loans and Leases			17.8				(20.7	)			(2.9	)
Other			-				(0.2	)			(0.2	)
Total Change in Interest Income			19.9				(30.9	)			(11.0	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand			0.2				(1.5	)			(1.3	)
Savings			1.7				(8.1	)			(6.4	)
Time			-				(4.0	)			(4.0	)
Total Interest-Bearing Deposits			1.9				(13.6	)			(11.7	)
Short-Term Borrowings			-				(0.5	)			(0.5	)
Securities Sold Under Agreements to Repurchase			1.6				(2.8	)			(1.2	)
Other Debt			(0.8	)			0.3				(0.5	)
Total Change in Interest Expense			2.7				(16.6	)			(13.9	)
Change in Net Interest Income		$	17.2			$	(14.3	)		$	2.9

1 The 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									Six Months Ended
		June 30,			March 31,			June 30,			June 30,
(dollars in thousands)		2020			2020			2019			2020			2019
Salaries		$	32,739		$	33,486		$	32,834		$	66,225		$	65,314
Incentive Compensation			3,141			245			5,464			3,386			11,368
Share-Based Compensation			2,021			1,291			1,994			3,312			5,073
Commission Expense			1,647			1,374			1,704			3,021			2,634
Retirement and Other Benefits			4,446			4,706			4,580			9,152			9,687
Payroll Taxes			2,782			4,543			2,643			7,325			6,890
Medical, Dental, and Life Insurance			3,830			4,142			3,926			7,972			8,391
Separation Expense			109			4,676			366			4,785			740
Total Salaries and Benefits		$	50,715		$	54,463		$	53,511		$	105,178		$	110,097

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances														Table 10
		June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2020			2020			2019			2019			2019
Commercial
Commercial and Industrial		$	1,956,939		$	1,558,232		$	1,379,152		$	1,361,011		$	1,408,729
Commercial Mortgage			2,707,534			2,616,243			2,518,051			2,477,296			2,411,289
Construction			245,099			245,390			194,170			154,754			119,228
Lease Financing			113,187			110,704			122,454			163,672			163,070
Total Commercial			5,022,759			4,530,569			4,213,827			4,156,733			4,102,316
Consumer
Residential Mortgage			3,989,393			3,928,183			3,891,100			3,846,511			3,785,006
Home Equity			1,640,887			1,692,154			1,676,073			1,681,951			1,694,577
Automobile			700,702			716,214			720,286			713,424			703,523
Other 1			451,629			485,660			489,606			482,679			473,707
Total Consumer			6,782,611			6,822,211			6,777,065			6,724,565			6,656,813
Total Loans and Leases		$	11,805,370		$	11,352,780		$	10,990,892		$	10,881,298		$	10,759,129
Deposits
		June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2020			2020			2019			2019			2019
Consumer		$	8,766,885		$	8,294,464		$	8,118,494		$	7,893,454		$	7,880,284
Commercial			7,295,033			6,358,583			6,324,214			6,153,492			6,178,984
Public and Other			1,361,237			1,402,314			1,341,774			1,293,806			1,429,553
Total Deposits		$	17,423,155		$	16,055,361		$	15,784,482		$	15,340,752		$	15,488,821

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

Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More																		Table 11
		June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2020				2020				2019				2019				2019
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial		$	459			$	634			$	830			$	573			$	552
Commercial Mortgage			8,672				9,048				9,244				11,088				11,310
Total Commercial			9,131				9,682				10,074				11,661				11,862
Consumer
Residential Mortgage			5,888				4,330				4,125				4,258				4,697
Home Equity			5,176				4,086				3,181				2,787				2,486
Total Consumer			11,064				8,416				7,306				7,045				7,183
Total Non-Accrual Loans and Leases			20,195				18,098				17,380				18,706				19,045
Foreclosed Real Estate			2,506				2,506				2,737				2,939				2,737
Total Non-Performing Assets		$	22,701			$	20,604			$	20,117			$	21,645			$	21,782
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial		$	-			$	-			$	-			$	81			$	-
Total Commercial			-				-				-				81				-
Consumer
Residential Mortgage			4,937				3,024				1,839				2,032				1,859
Home Equity			3,519				3,426				4,125				2,320				2,981
Automobile			133				866				949				582				607
Other 1			296				1,205				1,493				1,076				963
Total Consumer			8,885				8,521				8,406				6,010				6,410
Total Accruing Loans and Leases Past Due 90 Days or More		$	8,885			$	8,521			$	8,406			$	6,091			$	6,410
Restructured Loans on Accrual Status and Not Past Due 90 Days or More		$	59,713			$	61,425			$	63,103			$	46,178			$	48,563
Total Loans and Leases		$	11,805,370			$	11,352,780			$	10,990,892			$	10,881,298			$	10,759,129
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases			0.17	%			0.16	%			0.16	%			0.17	%			0.18	%
Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate			0.19	%			0.18	%			0.18	%			0.20	%			0.20	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate			0.18	%			0.21	%			0.24	%			0.28	%			0.29	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate			0.20	%			0.16	%			0.15	%			0.15	%			0.15	%
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			0.27	%			0.26	%			0.26	%			0.25	%			0.26	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter			20,604			$	20,117			$	21,645			$	21,782			$	17,925
Additions			5,856				1,754				883				1,035				6,186
Reductions
Payments			(2,736	)			(315	)			(495	)			(984	)			(441	)
Return to Accrual Status			(822	)			(437	)			(1,673	)			-				(1,344	)
Sales of Foreclosed Real Estate			-				(231	)			(201	)			-				(374	)
Charge-offs/Write-downs			(201	)			(284	)			(42	)			(188	)			(170	)
Total Reductions			(3,759	)			(1,267	)			(2,411	)			(1,172	)			(2,329	)
Balance at End of Quarter		$	22,701			$	20,604			$	20,117			$	21,645			$	21,782

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

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses																		Table 12
		Three Months Ended												Six Months Ended
		June 30,				March 31,				June 30,				June 30,
(dollars in thousands)		2020				2020				2019				2020				2019
Balance at Beginning of Period		$	141,467			$	116,849				112,845			$	116,849				113,515
CECL Adoption (Day 1) Impact			-				(5,072	)			-				(5,072	)			-
Loans and Leases Charged-Off
Commercial
Commercial and Industrial			(656	)			(693	)			(206	)			(1,349	)			(576	)
Commercial Mortgage			-				-				-				-				(1,616	)
Consumer
Residential Mortgage			(64	)			(20	)			(51	)			(84	)			(55	)
Home Equity			(273	)			-				(145	)			(273	)			(440	)
Automobile			(3,114	)			(2,500	)			(1,691	)			(5,614	)			(3,444	)
Other 1			(4,176	)			(3,964	)			(3,036	)			(8,140	)			(5,826	)
Total Loans and Leases Charged-Off			(8,283	)			(7,177	)			(5,129	)			(15,460	)			(11,957	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial			1,524				289				401				1,813				902
Commercial Mortgage			-				40				-				40				-
Consumer
Residential Mortgage			118				263				95				381				579
Home Equity			321				976				746				1,297				1,334
Automobile			547				1,005				908				1,552				1,789
Other 1			662				864				628				1,526				1,332
Total Recoveries on Loans and Leases Previously Charged-Off			3,172				3,437				2,778				6,609				5,936
Net Loans and Leases Charged-Off			(5,111	)			(3,740	)			(2,351	)			(8,851	)			(6,021	)
Provision for Credit Losses			40,400				33,600				4,000				74,000				7,000
Provision for Unfunded Commitments			(798	)			(170	)			-				(968	)			-
Balance at End of Period 2		$	175,958			$	141,467			$	114,494			$	175,958			$	114,494
Components
Allowance for Credit Losses		$	173,439			$	138,150			$	107,672			$	173,439			$	107,672
Reserve for Unfunded Commitments			2,519				3,317				6,822				2,519				6,822
Total Reserve for Credit Losses		$	175,958			$	141,467			$	114,494			$	175,958			$	114,494
Average Loans and Leases Outstanding		$	11,727,649			$	11,060,707			$	10,631,558			$	11,394,178			$	10,549,893
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)			0.18	%			0.14	%			0.09	%			0.16	%			0.12	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding			1.47	%			1.22	%			1.00	%			1.47	%			1.00	%

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

2 Included 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 13a
		Consumer				Commercial				Treasury				Consolidated
(dollars in thousands)		Banking				Banking				and Other				Total
Three Months Ended June 30, 2020
Net Interest Income		$	73,221			$	51,219			$	2,251			$	126,691
Provision for Credit Losses			6,137				(1,025	)			35,288				40,400
Net Interest Income (Loss) After Provision for Credit Losses			67,084				52,244				(33,037	)			86,291
Noninterest Income			28,943				7,076				15,249				51,268
Noninterest Expense			(70,744	)			(14,776	)			(3,372	)			(88,892	)
Income (Loss) Before Provision for Income Taxes			25,283				44,544				(21,160	)			48,667
Provision for Income Taxes			(6,451	)			(10,940	)			7,632				(9,759	)
Net Income (Loss)		$	18,832			$	33,604			$	(13,528	)		$	38,908
Total Assets as of June 30, 2020		$	7,416,337			$	5,033,297			$	7,320,308			$	19,769,942
Three Months Ended June 30, 2019 1
Net Interest Income		$	77,063			$	45,703			$	1,331			$	124,097
Provision for Credit Losses			2,526				(175	)			1,649				4,000
Net Interest Income (Loss) After Provision for Credit Losses			74,537				45,878				(318	)			120,097
Noninterest Income			35,967				6,938				2,545				45,450
Noninterest Expense			(68,543	)			(21,260	)			(2,922	)			(92,725	)
Income (Loss) Before Provision for Income Taxes			41,961				31,556				(695	)			72,822
Provision for Income Taxes			(10,405	)			(7,945	)			2,447				(15,903	)
Net Income		$	31,556			$	23,611			$	1,752			$	56,919
Total Assets as of June 30, 2019 1		$	6,924,338			$	4,089,452			$	6,675,055			$	17,688,845

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

Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information														Table 13b
		Consumer				Commercial				Treasury				Consolidated
(dollars in thousands)		Banking				Banking				and Other				Total
Six Months Ended June 30, 2020 1
Net Interest Income		$	147,135			$	96,456			$	9,066			$	252,657
Provision for Credit Losses			9,588				(735	)			65,147				74,000
Net Interest Income (Loss) After Provision for Credit Losses			137,547				97,191				(56,081	)			178,657
Noninterest Income			61,533				18,811				17,073				97,417
Noninterest Expense			(141,644	)			(32,122	)			(11,438	)			(185,204	)
Income (Loss) Before Provision for Income Taxes			57,436				83,880				(50,446	)			90,870
Provision for Income Taxes			(14,527	)			(20,494	)			17,801				(17,220	)
Net Income (Loss)		$	42,909			$	63,386			$	(32,645	)		$	73,650
Total Assets as of June 30, 2020		$	7,416,337			$	5,033,297			$	7,320,308			$	19,769,942
Six Months Ended June 30, 2019 1
Net Interest Income		$	153,415			$	92,993			$	2,526			$	248,934
Provision for Credit Losses			4,750				1,271				979				7,000
Net Interest Income After Provision for Credit Losses			148,665				91,722				1,547				241,934
Noninterest Income			70,445				13,999				4,685				89,129
Noninterest Expense			(137,970	)			(42,215	)			(5,597	)			(185,782	)
Income Before Provision for Income Taxes			81,140				63,506				635				145,281
Provision for Income Taxes			(20,239	)			(13,947	)			4,623				(29,563	)
Net Income		$	60,901			$	49,559			$	5,258			$	115,718
Total Assets as of June 30, 2019 1		$	6,924,338			$	4,089,452			$	6,675,055			$	17,688,845

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
		June 30,				March 31,					December 31,					September 30,					June 30,
(dollars in thousands, except per share amounts)		2020				2020					2019					2019					2019
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases		$	107,628			$	108,210				$	109,223				$	110,877				$	110,401
Income on Investment Securities
Available-for-Sale			14,576				16,711					16,158					17,512					15,072
Held-to-Maturity			16,723				19,252					18,750					18,796					22,149
Deposits			1				9					8					9					9
Funds Sold			92				546					723					656					730
Other			125				218					239					233					210
Total Interest Income			139,145				144,946					145,101					148,083					148,571
Interest Expense
Deposits			7,954				14,260					16,407					18,055					18,628
Securities Sold Under Agreements to Repurchase			4,020				4,025					4,071					4,257					4,623
Funds Purchased			18				72					25					146					512
Short-Term Borrowings			22				39					-					1					1
Other Debt			440				584					713					728					710
Total Interest Expense			12,454				18,980					21,216					23,187					24,474
Net Interest Income			126,691				125,966					123,885					124,896					124,097
Provision for Credit Losses			40,400				33,600					4,750					4,250					4,000
Net Interest Income After Provision for Credit Losses			86,291				92,366					119,135					120,646					120,097
Noninterest Income
Trust and Asset Management			10,550				10,915					11,157					10,930					11,385
Mortgage Banking			4,278				2,695					3,199					4,864					3,336
Service Charges on Deposit Accounts			5,097				7,451					7,835					7,592					7,283
Fees, Exchange, and Other Service Charges			9,417				13,200					14,533					14,900					14,252
Investment Securities Gains (Losses), Net			13,216				(970	)				(906	)				(1,469	)				(776	)
Annuity and Insurance			883				928					1,272					1,278					1,806
Bank-Owned Life Insurance			1,649				1,580					1,879					1,647					1,779
Other			6,178				10,350					8,733					6,765					6,385
Total Noninterest Income			51,268				46,149					47,702					46,507					45,450
Noninterest Expense
Salaries and Benefits			50,715				54,463					51,664					54,345					53,511
Net Occupancy			8,761				8,955					8,824					8,803					8,579
Net Equipment			8,195				8,456					7,930					7,637					6,895
Data Processing			4,416				4,788					4,828					4,676					4,727
Professional Fees			3,061				3,208					3,257					2,184					2,177
FDIC Insurance			1,558				1,456					1,376					1,257					1,290
Other			12,186				14,986					15,217					21,447					15,546
Total Noninterest Expense			88,892				96,312					93,096					100,349					92,725
Income Before Provision for Income Taxes			48,667				42,203					73,741					66,804					72,822
Provision for Income Taxes			9,759				7,461					15,598					14,752					15,903
Net Income		$	38,908			$	34,742				$	58,143				$	52,052				$	56,919
Basic Earnings Per Share		$	0.98			$	0.88				$	1.46				$	1.30				$	1.40
Diluted Earnings Per Share		$	0.98			$	0.87				$	1.45				$	1.29				$	1.40
Balance Sheet Totals
Loans and Leases		$	11,805,370			$	11,352,780				$	10,990,892				$	10,881,298				$	10,759,129
Total Assets			19,769,942				18,542,233					18,095,496					17,672,140					17,688,845
Total Deposits			17,423,155				16,055,361					15,784,482					15,340,752					15,488,821
Total Shareholders' Equity			1,352,082				1,327,929					1,286,832					1,291,490					1,285,948
Performance Ratios
Return on Average Assets			0.82	%			0.77		%			1.29		%			1.17		%			1.31		%
Return on Average Shareholders' Equity			11.58				10.64					17.84					16.02					17.97
Efficiency Ratio 1			49.95				55.96					54.26					58.55					54.69
Net Interest Margin 2			2.83				2.96					2.95					3.01					3.04

1 Efficiency 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.

Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends																									Table 15
		Five Months Ended							Year Ended
($ in millions; jobs in thousands)		May 31, 2020							December 31, 2019									December 31, 2018
Hawaii Economic Trends
State General Fund Revenues 1		$	2,687.4		(16.0	)	%		$	7,316.5				5.5		%		$	6,933.1				6.9		%
General Excise and Use Tax Revenue 1		$	1,428.0		(8.0	)	%		$	3,602.2				5.1		%		$	3,426.5				2.3		%
Jobs 2			479.6							648.9									649.9
														June 30,				December 31,
(spot rates)														2020				2019					2018
Unemployment 3
Statewide, seasonally adjusted														13.9		%			2.7		%		2.6		%
Oahu														12.5					2.1				2.2
Island of Hawaii														13.7					2.8				2.9
Maui														22.6					2.2				2.2
Kauai														20.2					2.4				2.3
									June 30,					December 31,
(percentage change, except months of inventory)									2020					2019				2018					2017
Housing Trends (Single Family Oahu) 4
Median Home Price										1.3		%		(0.1	)	%			4.6		%		2.7		%
Home Sales Volume (units)										(4.8	)	%		3.9		%			(7.7	)	%		6.3		%
Months of Inventory										2.5				2.5					2.8				2.1
									Monthly Visitor Arrivals,									Percentage Change
(in thousands)									Not Seasonally Adjusted									from Previous Year
Tourism 5
May 31, 2020														9.1									(98.9	)
April 30, 2020														4.6									(99.5	)
March 31, 2020														434.9									(53.7	)
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
April 30, 2019														856.3									6.6
March 31, 2019														939.1									3.9
February 28, 2019														782.7									0.5
January 31, 2019														820.6									3.0
December 31, 2018														900.2									2.3
November 30, 2018														778.5									3.9
October 31, 2018														763.7									3.5
September 30, 2018														716.1									2.2
August 31, 2018														845.1									3.2
July 31, 2018														939.4									5.3
June 30, 2018														897.1									7.3
May 31, 2018														804.1									7.0
April 30, 2018														803.0									6.6
March 31, 2018														903.6									12.5
February 28, 2018														778.6									10.3
January 31, 2018														796.5									5.4

1 Source: Hawaii Department of Business, Economic Development & Tourism

2 Source: U. S. Bureau of Labor Statistics

3 Source: Hawaii Department of Labor and Industrial Relations, County jobs data not seasonally adjusted.

4 Source: Honolulu Board of REALTORS

5 Source: Hawaii Tourism Authority

 

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Source: Bank of Hawaii Corporation