UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 	 	 	 	 	
 	Date of Report	 	 	
 	(Date of earliest event reported)	 	                       April 21, 2014	 	
 
BANK OF HAWAII CORPORATION
(Exact name of registrant as specified in its charter)

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

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

 	 	 	 	
(Registrant's telephone number,	 	 	
including area code)	 	 	(888) 643-3888	

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Item 2.02.                                       Results of Operations and Financial Condition.
 
On April 21, 2014, Bank of Hawaii Corporation announced its results of operations for the quarter ended March 31, 2014.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01.                                       Financial Statements and Exhibits.

(d)	Exhibits	
 
Exhibit No.
 
99.1           April 21, 2014 Press Release: Bank of Hawaii Corporation First Quarter 2014 Financial Results.  Any internet addresses provided in this release are for informational purposes only and are not intended to be hyperlinks.  Furnished herewith.

Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	
 	 	 	
Date: April 21, 2014	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation First Quarter 2014 Financial Results
 	 	
•	Diluted Earnings Per Share $0.87	
 	 	
•	Net Income $38.6 Million	
 	 	
•	Board of Directors Declares Dividend of $0.45 Per Share	

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 21, 2014) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.87 for the first quarter of 2014, down from $0.88 in the previous quarter and up from $0.81 in the same quarter last year. Net income for the first quarter of 2014 was $38.6 million, a decrease of $0.5 million compared with net income of $39.1 million in the fourth quarter of 2013, and up $2.6 million from net income of $36.0 million in the first quarter of 2013.

Loan and lease balances increased to $6.2 billion at March 31, 2014, up 1.9 percent from December 31, 2013 and 7.4 percent compared with March 31, 2013. Deposit growth remained strong during the quarter, increasing 1.1 percent from December 31, 2013 and 7.0 percent from March 31, 2013. The net interest margin increased to 2.87 percent during the first quarter of 2014 compared with 2.85 percent in the previous quarter and 2.82 percent in the same quarter last year.

"Bank of Hawaii Corporation had a good start in 2014 with solid performance in the first quarter," said Peter S. Ho, Chairman, President, and CEO. “Our balance sheet remains strong and we maintained our disciplined approach to risk and capital management. Our loan and deposit balances continued to grow during the quarter and we are continuing to see the benefits of our expense initiatives.”

The return on average assets for the first quarter of 2014 was 1.12 percent, unchanged from the previous quarter and up from 1.08 percent in the same quarter last year. The return on average equity for the first quarter of 2014 was 15.15 percent compared with 15.36 percent in the fourth quarter of 2013 and 14.10 percent in the first quarter of 2013. The efficiency ratio during the first quarter of 2014 was 60.54 percent compared with 59.99 percent in the previous quarter and 61.90 percent in the same quarter last year.

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Bank of Hawaii Corporation First Quarter 2014 Financial Results Page 2

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2014 was $96.1 million, up $1.3 million from net interest income of $94.8 million in the fourth quarter of 2013, and up $5.1 million from net interest income of $91.0 million in the first quarter of 2013. Analyses of the changes in net interest income are included in Tables 8a and 8b.

The net interest margin was 2.87 percent for the first quarter of 2014, an increase of 2 basis points compared with the net interest margin of 2.85 percent in the fourth quarter of 2013, and a 5 basis point increase from 2.82 percent in the first quarter of 2013.

Noninterest income was $44.8 million for the first quarter of 2014, a decrease of $0.5 million compared with noninterest income of $45.3 million in the fourth quarter of 2013, and a decrease of $3.0 million compared with noninterest income of $47.8 million in the first quarter of 2013. Noninterest income included a gain of $2.0 million resulting from the sale of 22,000 Visa Class B shares (9,253 Class A equivalents) during the first quarter of 2014. The Company also contributed 5,500 Visa Class B shares to the Bank of Hawaii Foundation. The contribution had no impact on noninterest expense; however, the contribution did favorably impact the effective tax rate for the first quarter of 2014. As of March 31, 2014, the Company has 482,114 Visa Class B shares remaining (202,777 Class A equivalents). Noninterest income in the first quarter of 2014 included mortgage banking revenue of $2.0 compared with mortgage banking revenue of $2.8 million in the previous quarter and $6.4 million in the same quarter last year.

Noninterest expense was $83.5 million in the first quarter of 2014, up $1.1 million from noninterest expense of $82.4 million in the fourth quarter of 2013, and down $0.8 million from noninterest expense of $84.4 million in the same quarter last year. Noninterest expense in the first quarter of 2014 included seasonal payroll-related expenses resulting from annual payments from the Company’s incentive compensation plans and higher payroll taxes, and a $0.7 million increase in operating losses. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the first quarter of 2014 was 29.13 percent compared with 28.96 percent in the previous quarter and 30.74 percent during the same quarter last year. 

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, 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 for the business segments is included in Table 13.

Asset Quality

The Company’s overall asset quality remained stable during the first quarter of 2014. Total non-performing assets decreased to $37.0 million at March 31, 2014, down $2.6 million from non-performing assets of $39.7 million at December 31, 2013 and down $1.3 million from non-performing assets of $38.4 million at March 31, 2013. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.60 percent at the end of the first quarter of 2014, down from 0.65 percent at the end of the fourth quarter of 2013, and down from 0.66 percent at the end of the first quarter last year. Non-performing assets remain above historical levels due to the lengthy judicial foreclosure process for residential mortgage loans.      

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Bank of Hawaii Corporation First Quarter 2014 Financial Results Page 3

Accruing loans and leases past due 90 days or more were $9.7 million at March 31, 2014, down from $9.9 million at December 31, 2013 and $11.7 million at March 31, 2013. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $44.5 million at March 31, 2014 and primarily comprised of residential mortgages with lowered monthly payments to accommodate the borrowers’ financial needs for a period of time. 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 first quarter of 2014 were $1.3 million or 0.09 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $4.0 million were partially offset by recoveries of $2.7 million. Net charge-offs in the fourth quarter of 2013 were $8.2 million, or 0.54 percent annualized of total average loans and leases outstanding, and were comprised of $10.4 million in charge-offs partially offset by recoveries of $2.2 million. Net charge-offs during the first quarter of 2013 were $2.0 million, or 0.14 percent annualized of total average loans and leases outstanding, and were comprised of $5.3 million in charge-offs partially offset by recoveries of $3.3 million.

The allowance for loan and lease losses was $114.1 million at March 31, 2014, down $1.3 million from the allowance for loan and lease losses of $115.5 million at December 31, 2013 and down $12.8 million from the allowance for loan and lease losses of $126.9 million at March 31, 2013. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.84 percent at March 31, 2014, a decrease of 5 basis points from the previous quarter and down 35 basis points from the same quarter last year. The reserve for unfunded commitments at March 31, 2014 was $6.0 million, down from $6.1 million at December 31, 2013 and up from $5.4 million at March 31, 2013. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets were $14.26 billion at March 31, 2014, up from $14.08 billion at December 31, 2013 and $13.53 billion at March 31, 2013. Average total assets were $14.03 billion during the first quarter of 2014, an increase from average total assets of $13.86 billion during the previous quarter and average total assets of $13.56 billion during the same quarter last year.

The investment securities portfolio was $6.97 billion at March 31, 2014, down from $6.99 billion at December 31, 2013, and up from $6.89 billion at March 31, 2013. The portfolio remains largely comprised of securities issued by U. S. government agencies and included $4.78 billion in securities held to maturity and $2.19 billion in securities available for sale at March 31, 2014. 

Total loans and leases were $6.21 billion at March 31, 2014, up from $6.10 billion at December 31, 2013 and $5.78 billion at March 31, 2013. Average total loans and leases were $6.10 billion during the first quarter of 2014, up from $6.05 billion during the fourth quarter of 2013, and up from $5.80 billion during the same quarter last year.

The commercial loan portfolio was $2.57 billion at the end of the first quarter of 2014, up 1.7 percent from commercial loans of $2.53 billion at the end of the fourth quarter of 2013 and up 10.6 percent from commercial loans of $2.33 billion at the end of the same quarter last year. Adjusted for a lessee’s exercise of the early buy-out option on an aircraft leveraged lease during the first quarter of 2014, commercial loans would have been up 2.5 percent compared to the previous quarter.

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Bank of Hawaii Corporation First Quarter 2014 Financial Results Page 4
 
Consumer loans were $3.64 billion at the end of the first quarter of 2014, up 2.0 percent from consumer loans of $3.57 billion at the end of the fourth quarter of 2013 and up from $3.46 billion at the end of the same quarter last year. Loan and lease portfolio balances, including the higher risk loans and leases outstanding, are summarized in Table 10.

Total deposits increased to $12.04 billion at March 31, 2014 compared with $11.91 billion at December 31, 2013 and $11.25 billion at March 31, 2013. Average total deposits were $11.81 billion during the first quarter of 2014, up from $11.57 billion during the previous quarter and $11.29 billion during the same quarter last year. Consumer deposits increased 2.2 percent from the previous quarter and 6.3 percent compared with the first quarter last year. Commercial deposits were down 1.5 percent from the previous quarter due to a decline in savings deposits and were up 5.2 percent compared with the first quarter last year. Other deposits increased 5.5 percent from the previous quarter and 17.9 percent compared with the same quarter last year. Deposit balances are summarized in Tables 7 and 10.

Long-term debt was $174.7 million at March 31, 2014, essentially unchanged from December 31, 2013 and down slightly from $177.4 million at March 31, 2013. The Company maintains long-term debt primarily for asset/liability management purposes.

During the first quarter of 2014, the Company repurchased 214.5 thousand shares of common stock at a total cost of $12.5 million under its share repurchase program. The average cost was $58.23 per share repurchased. From April 1 through April 17, 2014, the Company repurchased an additional 45.5 thousand shares of common stock at an average cost of $59.03 per share. From the beginning of the share repurchase program initiated during July 2001 through March 31, 2014, the Company has repurchased 51.1 million shares and returned over $1.8 billion to shareholders at an average cost of $36.63 per share. Remaining buyback authority under the share repurchase program was $21.5 million at March 31, 2014.

Total shareholders’ equity increased to $1.03 billion at March 31, 2014, up from $1.01 billion at December 31, 2013 and up slightly from March 31, 2013. The ratio of tangible common equity to risk-weighted assets was 15.51 percent at the end of the first quarter of 2014, compared with 15.49 percent at the end of the fourth quarter of 2013, and 17.04 percent at the end of the first quarter last year. The Tier 1 leverage ratio at March 31, 2014 was 7.06 percent compared with 7.07 percent at December 31, 2013, and 6.90 percent at March 31, 2013.

The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares. The dividend will be payable on June 13, 2014 to shareholders of record at the close of business on May 30, 2014.

Hawaii Economy

General economic conditions in Hawaii remain positive, led by a healthy tourism industry, a growing construction industry, relatively low unemployment, and rising real estate prices. For the first two months of 2014, total visitor arrivals decreased 2.1 percent and visitor spending decreased 2.8 percent compared to the same period in 2013. Following a record level of visitor arrivals in 2013, the current visitor numbers and spending still reflect a healthy tourism industry despite the year-over-year decline. The statewide seasonally-adjusted unemployment rate was at 4.5 percent in March 2014, compared to 6.7 percent nationally. For the first quarter of 2014, the volume of single-family home sales on Oahu increased 1.9 percent compared with the same period

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Bank of Hawaii Corporation First Quarter 2014 Financial Results Page 5

in 2013 and the volume of condominium sales on Oahu increased 1.7 percent compared with the same period in 2013. The median price of single-family home sales on Oahu was 9.2 percent higher for the first three months of 2014 compared to the same period in 2013, while the median price of condominium sales on Oahu was 1.5 percent higher compared to the same period in 2013. As of March 31, 2014, months of inventory of single-family homes and condominiums on Oahu remained low at approximately 2.6 months and 3.2 months, respectively. More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its first quarter financial results today at 6:00 p.m. Eastern Time (12:00 p.m. Hawaii Time). The conference call will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation’s web site,  www.boh.com . Conference call participants located in the United States or Canada should dial 1 (800) 708-4540. All other international conference call participants should dial 1 (847) 619-6397. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning on Monday, April 21, 2014 by dialing 1 (888) 843-7419 in the United States or Canada and 1 (630) 652-3042 from other international locations. Enter the pass code number 36975883# when prompted. A replay of the conference call will also be available via the Investor Relations link 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, 2013, 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, American Samoa, and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. 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 1a	 	 	
 	 	 	 	 	Three Months Ended	 	
 	 	 	 	 	March 31,	 	 	December 31,	 	 	March 31,	
 	 	
(dollars in thousands, except per share amounts)	 	 	 	 	2014	 	 	2013	 	 	2013	
 	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	 	 	 	$	93,233	 	 	$	92,120	 	 	$	88,560	
 	 	
Provision for Credit Losses	 	 	 	 	-	 	 	-	 	 	-	
 	 	
Total Noninterest Income	 	 	 	 	44,768	 	 	45,278	 	 	47,778	
 	 	
Total Noninterest Expense	 	 	 	 	83,547	 	 	82,424	 	 	84,387	
 	 	
Net Income	 	 	 	 	38,592	 	 	39,055	 	 	35,980	
 	 	
Basic Earnings Per Share	 	 	 	 	0.87	 	 	0.88	 	 	0.81	
 	 	
Diluted Earnings Per Share	 	 	 	 	0.87	 	 	0.88	 	 	0.81	
 	 	
Dividends Declared Per Share	 	 	 	 	0.45	 	 	0.45	 	 	0.45	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	 	 	 	 	1.12	 	%	1.12	 	%	1.08	
 	%	
Return on Average Shareholders' Equity	 	 	 	 	15.15	 	 	15.36	 	 	14.10	
 	 	
Efficiency Ratio 1	 	 	 	 	60.54	 	 	59.99	 	 	61.90	
 	 	
Net Interest Margin 2	 	 	 	 	2.87	 	 	2.85	 	 	2.82	
 	 	
Dividend Payout Ratio 3	 	 	 	 	51.72	 	 	51.14	 	 	55.56	
 	 	
Average Shareholders' Equity to Average Assets	 	 	 	 	7.36	 	 	7.28	 	 	7.63	

Average Balances	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases	 	 	 	 	$	6,104,041	 	 	$	6,053,607	 	 	$	5,803,503	
 	 	
Average Assets	 	 	 	 	14,033,949	 	 	13,864,914	 	 	13,557,358	
 	 	
Average Deposits	 	 	 	 	11,814,548	 	 	11,571,905	 	 	11,287,485	
 	 	
Average Shareholders' Equity	 	 	 	 	1,033,413	 	 	1,008,813	 	 	1,034,843	

Per Share of Common Stock	 	 	 	 	 	 	 	 	 	 	
Book Value	 	 	 	 	$	23.14	 	 	$	22.75	 	 	$	22.87	
 	 	
Tangible Book Value	 	 	 	 	22.43	 	 	22.04	 	 	22.17	
 	 	
Market Value	 	 	 	 	 	 	 	 	 	 	
Closing	 	 	 	 	60.61	 	 	59.14	 	 	50.81	
 	 	
High	 	 	 	 	61.36	 	 	59.92	 	 	50.91	
 	 	
Low	 	 	 	 	54.16	 	 	53.16	 	 	44.88	

 	 	 	 	 	March 31,	 	 	December 31,	 	 	March 31,	
 	 	
 	 	 	 	 	2014	 	 	2013	 	 	2013	
 	 	
As of Period End:	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	 	 	 	 	$	6,209,857	 	 	$	6,095,387	 	 	$	5,782,969	
 	 	
Total Assets	 	 	 	 	14,263,118	 	 	14,084,280	 	 	13,525,667	
 	 	
Total Deposits	 	 	 	 	12,044,473	 	 	11,914,656	 	 	11,251,860	
 	 	
Long-Term Debt	 	 	 	 	174,695	 	 	174,706	 	 	177,427	
 	 	
Total Shareholders' Equity	 	 	 	 	1,028,904	 	 	1,011,976	 	 	1,026,104	

Asset Quality	 	 	 	 	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	 	 	 	 	$	114,126	 	 	$	115,454	 	 	$	126,878	
 	 	
Non-Performing Assets	 	 	 	 	37,048	 	 	39,650	 	 	38,374	

Financial Ratios	 	 	 	 	 	 	 	 	 	 	
Allowance to Loans and Leases Outstanding	 	 	 	 	1.84	 	%	1.89	 	%	2.19	
 	%	
Tier 1 Capital Ratio	 	 	 	 	15.47	 	 	15.55	 	 	16.12	
 	 	
Total Capital Ratio	 	 	 	 	16.73	 	 	16.81	 	 	17.38	
 	 	
Tier 1 Leverage Ratio	 	 	 	 	7.06	 	 	7.07	 	 	6.90	
 	 	
Total Shareholders' Equity to Total Assets	 	 	 	 	7.21	 	 	7.19	 	 	7.59	
 	 	
Tangible Common Equity to Tangible Assets 4	 	 	 	 	7.01	 	 	6.98	 	 	7.37	
 	 	
Tangible Common Equity to Risk-Weighted Assets 4	 	 	 	 	15.51	 	 	15.49	 	 	17.04	

Non-Financial Data	 	 	 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	 	 	 	 	2,181	 	 	2,196	 	 	2,269	
 	 	
Branches and Offices	 	 	 	 	74	 	 	74	 	 	75	
 	 	
ATMs	 	 	 	 	458	 	 	466	 	 	489	

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 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 1b “Reconciliation of Non-GAAP Financial Measures."	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Reconciliation of Non-GAAP Financial Measures	 	 	 	 	Table 1b	
 	
 	 	March 31,	
 	 	December 31,	
 	 	March 31,	
 	
(dollars in thousands)	2014	
 	 	2013	
 	 	2013	

Total Shareholders' Equity	$	1,028,904	
 	 	$	1,011,976	
 	 	$	1,026,104	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	
 	Intangible Assets	-	
 	 	-	
 	 	21	
 	
Tangible Common Equity	$	997,387	
 	 	$	980,459	
 	 	$	994,566	

Total Assets	$	14,263,118	
 	 	$	14,084,280	
 	 	$	13,525,667	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	
 	Intangible Assets	-	
 	 	-	
 	 	21	
 	
Tangible Assets	$	14,231,601	
 	 	$	14,052,763	
 	 	$	13,494,129	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	
with prescribed regulatory requirements	$	6,430,987	
 	 	$	6,330,532	
 	 	$	5,836,354	

Total Shareholders' Equity to Total Assets	7.21	%	 	7.19	%	 	7.59	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	7.01	%	 	6.98	%	 	7.37	%	
 	 	 	 	 	 	 	
Tier 1 Capital Ratio	15.47	%	 	15.55	%	 	16.12	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)	15.51	%	 	15.49	%	 	17.04	%	

 	
 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Net Significant Items	 	 	Table 2	
 	
 	Three Months Ended	
 	March 31,	
 	December 31,	 	March 31,	
 	
(dollars in thousands)	2014	
 	2013	 	2013	
 	
Investment Securities Gains, Net	$	2,160	
 	$	—	 	$	—	
 	
Decrease in Allowance for Loan and Lease Losses	1,328	
 	8,225	 	1,979	
 	
Separation Expense	(549)	
 	(394)	 	(1,475)	
 	
Operating Losses	(730)	
 	-	 	-	
 	
Significant Items Before the Provision (Benefit) for Income Taxes	2,209	
 	7,831	 	504	
 	
Release of Tax Reserve	(1,249)	
 	-	 	-	
 	
Income Tax Impact	866	
 	2,741	 	176	
 	
Net Significant Items	$	2,592	
 	$	5,090	 	$	328	

 	
 	 	 	 	 	 	 	 	 	 	 	
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)	2014	
 	2013	 	2013	
 	
Interest Income	 	 	 	
Interest and Fees on Loans and Leases	$	63,526	
 	$	63,809	 	$	62,820	
 	
Income on Investment Securities	 	 	 	
   Available-for-Sale	10,760	
 	10,608	 	15,851	
 	
   Held-to-Maturity	27,889	
 	26,882	 	19,854	
 	
Deposits	3	
 	3	 	3	
 	
Funds Sold	137	
 	105	 	59	
 	
Other	302	
 	302	 	284	
 	
Total Interest Income	102,617	
 	101,709	 	98,871	
 	
Interest Expense	 	 	 	
   Deposits	2,358	
 	2,418	 	2,646	
 	
   Securities Sold Under Agreements to Repurchase	6,397	
 	6,530	 	7,005	
 	
   Funds Purchased	3	
 	8	 	22	
 	
   Short-Term Borrowings	-	
 	2	 	-	
 	
   Long-Term Debt	626	
 	631	 	638	
 	
Total Interest Expense	9,384	
 	9,589	 	10,311	
 	
Net Interest Income	93,233	
 	92,120	 	88,560	
 	
Provision for Credit Losses	-	
 	-	 	-	
 	
Net Interest Income After Provision for Credit Losses	93,233	
 	92,120	 	88,560	
 	
Noninterest Income	 	 	 	
   Trust and Asset Management	11,852	
 	12,240	 	11,886	
 	
   Mortgage Banking	2,005	
 	2,823	 	6,411	
 	
   Service Charges on Deposit Accounts	8,878	
 	9,326	 	9,301	
 	
   Fees, Exchange, and Other Service Charges	12,939	
 	12,670	 	11,934	
 	
   Investment Securities Gains, Net	2,160	
 	-	 	-	
 	
   Insurance	2,123	
 	2,295	 	2,325	
 	
   Bank-Owned Life Insurance	1,602	
 	1,895	 	1,297	
 	
   Other	3,209	
 	4,029	 	4,624	
 	
Total Noninterest Income	44,768	
 	45,278	 	47,778	
 	
Noninterest Expense	 	 	 	
   Salaries and Benefits	46,897	
 	43,643	 	48,675	
 	
   Net Occupancy	9,417	
 	9,602	 	9,635	
 	
   Net Equipment	4,603	
 	4,837	 	4,577	
 	
   Data Processing	3,649	
 	3,827	 	3,266	
 	
   Professional Fees	2,260	
 	2,669	 	2,226	
 	
   FDIC Insurance	2,076	
 	1,954	 	1,949	
 	
   Other	14,645	
 	15,892	 	14,059	
 	
Total Noninterest Expense	83,547	
 	82,424	 	84,387	
 	
Income Before Provision for Income Taxes	54,454	
 	54,974	 	51,951	
 	
Provision for Income Taxes	15,862	
 	15,919	 	15,971	
 	
Net Income	$	38,592	
 	$	39,055	 	$	35,980	
 	
Basic Earnings Per Share	$	0.87	
 	$	0.88	 	$	0.81	
 	
Diluted Earnings Per Share	$	0.87	
 	$	0.88	 	$	0.81	
 	
Dividends Declared Per Share	$	0.45	
 	$	0.45	 	$	0.45	
 	
Basic Weighted Average Shares	44,193,267	
 	44,223,281	 	44,545,092	
 	
Diluted Weighted Average Shares	44,420,349	
 	44,496,313	 	44,686,632	

 	
 	 	 	 	 	 	 	 	 	 	 	 	
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)	2014	
 	2013	 	2013	
 	
Net Income	$	38,592	
 	$	39,055	 	$	35,980	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	
 	Net Unrealized Gains (Losses) on Investment Securities	6,271	
 	(6,006)	 	(9,641)	
 	
 	Defined Benefit Plans	156	
 	7,694	 	78	
 	
Total Other Comprehensive Income (Loss)	6,427	
 	1,688	 	(9,563)	

Comprehensive Income	$	45,019	
 	$	40,743	 	$	26,417	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Consolidated Statements of Condition	 	 	Table 5	
 	
 	March 31,	
 	December 31,	
 	March 31,	
 	
(dollars in thousands)	2014	
 	2013	
 	2013	
 	
Assets	 	 	 	
Interest-Bearing Deposits	$	4,085	
 	$	3,617	
 	$	4,840	
 	
Funds Sold	382,154	
 	271,414	
 	130,734	
 	
Investment Securities	 	 	 	
   Available-for-Sale	2,188,064	
 	2,243,697	
 	3,290,850	
 	
   Held to Maturity (Fair Value of $4,774,032; $4,697,587; and $3,679,208)	4,777,494	
 	4,744,519	
 	3,597,810	
 	
Loans Held for Sale	2,437	
 	6,435	
 	24,015	
 	
Loans and Leases	6,209,857	
 	6,095,387	
 	5,782,969	
 	
Allowance for Loan and Lease Losses	(114,126)	
 	(115,454)	
 	(126,878)	
 	
Net Loans and Leases	6,095,731	
 	5,979,933	
 	5,656,091	
 	
Total Earning Assets	13,449,965	
 	13,249,615	
 	12,704,340	
 	
Cash and Noninterest-Bearing Deposits	159,079	
 	188,715	
 	147,796	
 	
Premises and Equipment	107,323	
 	108,636	
 	104,844	
 	
Accrued Interest Receivable	46,431	
 	43,930	
 	46,183	
 	
Foreclosed Real Estate	3,450	
 	3,205	
 	3,318	
 	
Mortgage Servicing Rights	27,378	
 	28,123	
 	26,540	
 	
Goodwill	31,517	
 	31,517	
 	31,517	
 	
Other Assets	437,975	
 	430,539	
 	461,129	
 	
Total Assets	$	14,263,118	
 	$	14,084,280	
 	$	13,525,667	

Liabilities	 	 	 	
Deposits	 	 	 	
   Noninterest-Bearing Demand	$	3,679,410	
 	$	3,681,128	
 	$	3,336,406	
 	
   Interest-Bearing Demand	2,378,414	
 	2,355,608	
 	2,127,550	
 	
   Savings	4,515,026	
 	4,560,150	
 	4,451,143	
 	
   Time	1,471,623	
 	1,317,770	
 	1,336,761	
 	
Total Deposits	12,044,473	
 	11,914,656	
 	11,251,860	
 	
Funds Purchased	9,982	
 	9,982	
 	66,296	
 	
Short-Term Borrowings	375	
 	-	
 	-	
 	
Securities Sold Under Agreements to Repurchase	797,213	
 	770,049	
 	748,718	
 	
Long-Term Debt	174,695	
 	174,706	
 	177,427	
 	
Retirement Benefits Payable	35,111	
 	34,965	
 	47,423	
 	
Accrued Interest Payable	5,743	
 	4,871	
 	5,772	
 	
Taxes Payable and Deferred Taxes	45,811	
 	34,907	
 	93,906	
 	
Other Liabilities	120,811	
 	128,168	
 	108,161	
 	
Total Liabilities	13,234,214	
 	13,072,304	
 	12,499,563	
 	
Shareholders' Equity	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	
   issued / outstanding: March 31, 2014 - 57,620,212 / 44,467,593;	 	 	 	
   December 31, 2013 - 57,480,846 / 44,490,385;	 	 	 	
   and March 31, 2013 - 57,465,782 / 44,861,335)	573	
 	572	
 	572	
 	
Capital Surplus	524,912	
 	522,505	
 	517,327	
 	
Accumulated Other Comprehensive Income (Loss)	(25,396)	
 	(31,823)	
 	19,645	
 	
Retained Earnings	1,170,068	
 	1,151,754	
 	1,098,674	
 	
Treasury Stock, at Cost (Shares: March 31, 2014 - 13,152,619; December 31, 2013 - 12,990,461;	 	 	 	
   and March 31, 2013 - 12,604,447)	(641,253)	
 	(631,032)	
 	(610,114)	
 	
Total Shareholders' Equity	1,028,904	
 	1,011,976	
 	1,026,104	
 	
Total Liabilities and Shareholders' Equity	$	14,263,118	
 	$	14,084,280	
 	$	13,525,667	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Shareholders' Equity	 	Table 6	
 	
 	 	 	 	Accum.	
 	 	 	 	
 	 	 	 	Other	
 	 	 	 	
 	 	 	 	Compre-	
 	 	 	 	
 	Common	 	 	hensive	
 	 	 	 	
 	Shares	Common	
 	Capital	
 	Income	
 	Retained	
 	Treasury	
 	 	
(dollars in thousands)	Outstanding	Stock	
 	Surplus	
 	(Loss)	
 	Earnings	
 	Stock	
 	Total	
 	
Balance as of December 31, 2013	44,490,385	$	572	
 	$	522,505	
 	$	(31,823	)	$	1,151,754	
 	$	(631,032	)	$	1,011,976	
 	
Net Income	-	-	
 	-	
 	-	
 	38,592	
 	-	
 	38,592	
 	
Other Comprehensive Income	-	-	
 	-	
 	6,427	
 	-	
 	-	
 	6,427	
 	
Share-Based Compensation	-	-	
 	1,808	
 	-	
 	-	
 	-	
 	1,808	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
   Compensation Plans and Related Tax Benefits	222,762	1	
 	599	
 	-	
 	(205)	
 	4,063	
 	4,458	
 	
Common Stock Repurchased	(245,554)	-	
 	-	
 	-	
 	-	
 	(14,284)	
 	(14,284)	
 	
Cash Dividends Paid ($0.45 per share)	-	-	
 	-	
 	-	
 	(20,073)	
 	-	
 	(20,073)	
 	
Balance as of March 31, 2014	44,467,593	$	573	
 	$	524,912	
 	$	(25,396	)	$	1,170,068	
 	$	(641,253	)	$	1,028,904	

Balance as of December 31, 2012	44,754,835	$	571	
 	$	515,619	
 	$	29,208	
 	$	1,084,477	
 	$	(608,210	)	$	1,021,665	
 	
Net Income	-	-	
 	-	
 	-	
 	35,980	
 	-	
 	35,980	
 	
Other Comprehensive Loss	-	-	
 	-	
 	(9,563)	
 	-	
 	-	
 	(9,563)	
 	
Share-Based Compensation	-	-	
 	1,280	
 	-	
 	-	
 	-	
 	1,280	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
   Compensation Plans and Related Tax Benefits	277,927	1	
 	428	
 	-	
 	(1,553)	
 	6,395	
 	5,271	
 	
Common Stock Repurchased	(171,427)	-	
 	-	
 	-	
 	-	
 	(8,299)	
 	(8,299)	
 	
Cash Dividends Paid ($0.45 per share)	-	-	
 	-	
 	-	
 	(20,230)	
 	-	
 	(20,230)	
 	
Balance as of March 31, 2013	44,861,335	$	572	
 	$	517,327	
 	$	19,645	
 	$	1,098,674	
 	$	(610,114	)	$	1,026,104	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2014	 	December 31, 2013	 	March 31, 2013	 	
 	 	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	$	5.7	
 	$	—	
 	0.23	%	$	3.2	
 	$	—	 	0.42	%	$	4.0	
 	$	—	 	0.32	%	
Funds Sold	270.5	
 	0.1	
 	0.20	 	222.8	
 	0.1	 	0.18	 	156.4	
 	0.1	 	0.15	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	2,226.4	
 	12.7	
 	2.29	 	2,274.8	
 	12.4	 	2.17	 	3,322.1	
 	18.2	 	2.19	 	
 	Held-to-Maturity	4,754.2	
 	28.8	
 	2.42	 	4,653.4	
 	27.7	 	2.38	 	3,578.1	
 	19.8	 	2.22	 	
Loans Held for Sale	4.2	
 	0.1	
 	4.68	 	7.8	
 	0.1	 	5.07	 	18.3	
 	0.2	 	3.94	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	923.8	
 	7.8	
 	3.41	 	906.3	
 	7.8	 	3.42	 	822.9	
 	7.6	 	3.75	 	
 	Commercial Mortgage	1,250.0	
 	12.7	
 	4.12	 	1,237.0	
 	12.4	 	3.97	 	1,093.4	
 	11.1	 	4.10	 	
 	Construction	97.3	
 	1.1	
 	4.43	 	115.2	
 	1.3	 	4.63	 	115.5	
 	1.4	 	5.04	 	
 	Commercial Lease Financing	245.8	
 	1.4	
 	2.33	 	255.6	
 	1.4	 	2.14	 	272.7	
 	1.6	 	2.41	 	
 	Residential Mortgage	2,286.9	
 	24.4	
 	4.27	 	2,284.4	
 	24.8	 	4.35	 	2,311.6	
 	25.9	 	4.49	 	
 	Home Equity	781.8	
 	7.6	
 	3.97	 	767.7	
 	7.8	 	4.04	 	767.9	
 	7.9	 	4.16	 	
 	Automobile	263.3	
 	3.5	
 	5.39	 	248.9	
 	3.4	 	5.39	 	214.1	
 	3.0	 	5.61	 	
 	Other 2	255.1	
 	5.0	
 	7.90	 	238.5	
 	4.9	 	8.08	 	205.4	
 	4.2	 	8.33	 	
Total Loans and Leases	6,104.0	
 	63.5	
 	4.19	 	6,053.6	
 	63.8	 	4.19	 	5,803.5	
 	62.7	 	4.36	 	
Other	76.8	
 	0.3	
 	1.57	 	77.5	
 	0.3	 	1.55	 	79.1	
 	0.3	 	1.44	 	
Total Earning Assets3	13,441.8	
 	105.5	
 	3.16	 	13,293.1	
 	104.4	 	3.13	 	12,961.5	
 	101.3	 	3.14	 	
Cash and Noninterest-Bearing Deposits	142.5	
 	 	 	 	136.8	
 	 	 	 	141.9	
 	 	 	 	
Other Assets	449.6	
 	 	 	 	435.0	
 	 	 	 	454.0	
 	 	 	 	
Total Assets	$	14,033.9	
 	 	 	 	$	13,864.9	
 	 	 	 	$	13,557.4	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,325.8	
 	0.2	
 	0.03	 	$	2,245.5	
 	0.1	 	0.03	 	$	2,060.7	
 	0.1	 	0.03	 	
 	Savings	4,515.6	
 	1.0	
 	0.09	 	4,499.5	
 	1.0	 	0.09	 	4,408.4	
 	1.0	 	0.09	 	
 	Time	1,373.1	
 	1.2	
 	0.37	 	1,331.2	
 	1.3	 	0.38	 	1,512.9	
 	1.5	 	0.41	 	
Total Interest-Bearing Deposits	8,214.5	
 	2.4	
 	0.12	 	8,076.2	
 	2.4	 	0.12	 	7,982.0	
 	2.6	 	0.13	 	
Short-Term Borrowings	10.0	
 	-	
 	0.14	 	28.3	
 	-	 	0.15	 	58.1	
 	-	 	0.15	 	
Securities Sold Under Agreements to Repurchase	794.4	
 	6.4	
 	3.22	 	832.6	
 	6.6	 	3.07	 	756.1	
 	7.0	 	3.71	 	
Long-Term Debt	174.7	
 	0.6	
 	1.44	 	174.7	
 	0.6	 	1.44	 	157.1	
 	0.7	 	1.63	 	
Total Interest-Bearing Liabilities	9,193.6	
 	9.4	
 	0.41	 	9,111.8	
 	9.6	 	0.41	 	8,953.3	
 	10.3	 	0.46	 	
Net Interest Income	 	$	96.1	
 	 	 	 	$	94.8	 	 	 	 	$	91.0	 	 	 	
 	Interest Rate Spread	 	 	2.75	%	 	 	2.72	%	 	 	2.68	%	
 	Net Interest Margin	 	 	2.87	%	 	 	2.85	%	 	 	2.82	%	
Noninterest-Bearing Demand Deposits	3,600.0	
 	 	 	 	3,495.7	
 	 	 	 	3,305.5	
 	 	 	 	
Other Liabilities	206.9	
 	 	 	 	248.6	
 	 	 	 	263.8	
 	 	 	 	
Shareholders' Equity	1,033.4	
 	 	 	 	1,008.8	
 	 	 	 	1,034.8	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	14,033.9	
 	 	 	 	$	13,864.9	
 	 	 	 	$	13,557.4	

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 35%, of $2,824,000, $2,696,000, and $2,411,000 for the three months
   ended March 31, 2014, December 31, 2013, and March 31, 2013, respectively.	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	 	Table 8a	
 	
 	Three Months Ended March 31, 2014	
 	Compared to December 31, 2013	
(dollars in millions)	Volume1	
 	Rate1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Investment Securities	 	 	 	
Available-for-Sale	$	(0.3	)	$	0.6	
 	$	0.3	
 	
Held-to-Maturity	0.7	
 	0.4	
 	1.1	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.1	
 	(0.1	)	-	
 	
   Commercial Mortgage	0.1	
 	0.2	
 	0.3	
 	
   Construction	(0.2	)	-	
 	(0.2	)	
   Commercial Lease Financing	(0.1	)	0.1	
 	-	
 	
   Residential Mortgage	-	
 	(0.4	)	(0.4	)	
   Home Equity	-	
 	(0.2	)	(0.2	)	
   Automobile	0.1	
 	-	
 	0.1	
 	
   Other 2	0.2	
 	(0.1	)	0.1	
 	
Total Loans and Leases	0.2	
 	(0.5	)	(0.3	)	
Total Change in Interest Income	0.6	
 	0.5	
 	1.1	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	-	
 	0.1	
 	
   Time	-	
 	(0.1	)	(0.1	)	
Total Interest-Bearing Deposits	0.1	
 	(0.1	)	-	
 	
Securities Sold Under Agreements to Repurchase	(0.4	)	0.2	
 	(0.2	)	
Total Change in Interest Expense	(0.3	)	0.1	
 	(0.2	)	
 	 	 	 	
Change in Net Interest Income	$	0.9	
 	$	0.4	
 	$	1.3	

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 8b	
 	
 	Three Months Ended March 31, 2014	
 	Compared to March 31, 2013	
(dollars in millions)	Volume1	
 	Rate1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Investment Securities	 	 	 	
Available-for-Sale	$	(6.2	)	$	0.7	
 	$	(5.5	)	
Held-to-Maturity	7.0	
 	2.0	
 	9.0	
 	
Loans Held for Sale	(0.1	)	-	
 	(0.1	)	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.9	
 	(0.7	)	0.2	
 	
   Commercial Mortgage	1.6	
 	-	
 	1.6	
 	
   Construction	(0.2	)	(0.1	)	(0.3	)	
   Commercial Lease Financing	(0.1	)	(0.1	)	(0.2	)	
   Residential Mortgage	(0.3	)	(1.2	)	(1.5	)	
   Home Equity	0.1	
 	(0.4	)	(0.3	)	
   Automobile	0.6	
 	(0.1	)	0.5	
 	
   Other 2	1.0	
 	(0.2	)	0.8	
 	
Total Loans and Leases	3.6	
 	(2.8	)	0.8	
 	
Total Change in Interest Income	4.3	
 	(0.1	)	4.2	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	-	
 	0.1	
 	
   Time	(0.1	)	(0.2	)	(0.3	)	
Total Interest-Bearing Deposits	-	
 	(0.2	)	(0.2	)	
Securities Sold Under Agreements to Repurchase	0.3	
 	(0.9	)	(0.6	)	
Long-Term Debt	-	
 	(0.1	)	(0.1	)	
Total Change in Interest Expense	0.3	
 	(1.2	)	(0.9	)	
 	 	 	 	
Change in Net Interest Income	$	4.0	
 	$	1.1	
 	$	5.1	

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	
 	March 31,	
 	December 31,	
 	March 31,	
 	
(dollars in thousands)	2014	
 	2013	
 	2013	
 	
Salaries	$	27,914	
 	$	28,636	
 	$	29,078	
 	
Incentive Compensation	4,231	
 	4,681	
 	3,784	
 	
Share-Based Compensation	1,969	
 	1,158	
 	1,136	
 	
Commission Expense	1,059	
 	1,222	
 	1,781	
 	
Retirement and Other Benefits	4,986	
 	3,183	
 	4,368	
 	
Payroll Taxes	3,568	
 	2,091	
 	4,240	
 	
Medical, Dental, and Life Insurance	2,621	
 	2,278	
 	2,813	
 	
Separation Expense	549	
 	394	
 	1,475	
 	
Total Salaries and Benefits	$	46,897	
 	$	43,643	
 	$	48,675	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	2014	
 	2013	 	2013	 	2013	 	2013	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	955,599	
 	$	911,367	 	$	895,040	 	$	875,702	 	$	834,801	 	
 	Commercial Mortgage	1,284,181	
 	1,247,510	 	1,203,670	 	1,160,977	 	1,104,718	 	
 	Construction	91,452	
 	107,349	 	124,230	 	107,016	 	117,797	 	
 	Lease Financing	240,931	
 	262,207	 	255,550	 	257,067	 	269,107	 	
Total Commercial	2,572,163	
 	2,528,433	 	2,478,490	 	2,400,762	 	2,326,423	 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	2,305,153	
 	2,282,894	 	2,282,305	 	2,252,117	 	2,275,209	 	
 	Home Equity	797,341	
 	773,385	 	765,841	 	751,790	 	757,877	 	
 	Automobile	273,553	
 	255,986	 	246,704	 	233,475	 	220,362	 	
 	Other 1	261,647	
 	254,689	 	233,302	 	221,008	 	203,098	 	
Total Consumer	3,637,694	
 	3,566,954	 	3,528,152	 	3,458,390	 	3,456,546	 	
Total Loans and Leases	$	6,209,857	
 	$	6,095,387	 	$	6,006,642	 	$	5,859,152	 	$	5,782,969	 	

Higher Risk Loans and Leases Outstanding	 	 	 	 	 	
 	 	 	March 31,	
 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	
(dollars in thousands)	2014	
 	2013	 	2013	 	2013	 	2013	 	
Residential Land Loans 2	$	11,086	
 	$	11,922	 	$	13,635	 	$	13,708	 	$	13,996	 	
Home Equity Loans 3	11,846	
 	12,594	 	12,588	 	13,578	 	20,786	 	
Air Transportation 4	24,969	
 	26,152	 	26,492	 	26,436	 	27,115	 	
Total Higher Risk Loans	$	47,901	
 	$	50,668	 	$	52,715	 	$	53,722	 	$	61,897	 	
 	 	 	 	 	 	 	 	
1  Comprised of other revolving credit, installment, and lease financing.	 	 	 	
2 We consider all of our residential land loans, which are consumer loans secured by unimproved lots, to be of higher risk due to the volatility in the value of the underlying
   collateral.	
3 Higher risk home equity loans are defined as those loans originated in 2005 or later, with current monitoring credit scores below 600, and with original loan-to-value ratios
   greater than 70%.	
4  We consider all of our air transportation leases to be of higher risk due to the weak financial profile of the industry.	

Deposits	 	 	 	 	 	
 	 	 	March 31,	
 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	
(dollars in thousands)	2014	
 	2013	 	2013	 	2013	 	2013	 	
Consumer	$	5,960,485	
 	$	5,829,352	 	$	5,707,125	 	$	5,626,515	 	$	5,607,862	 	
Commercial	4,742,308	
 	4,814,076	 	4,680,370	 	4,537,120	 	4,505,835	 	
Public and Other	1,341,680	
 	1,271,228	 	1,220,639	 	1,285,563	 	1,138,163	 	
Total Deposits	$	12,044,473	
 	$	11,914,656	 	$	11,608,134	 	$	11,449,198	 	$	11,251,860	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	2014	 	2013	 	2013	 	2013	
 	2013	 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	11,239	 	$	11,929	 	$	5,295	 	$	4,909	
 	$	5,033	 	
 	 	Commercial Mortgage	1,421	 	2,512	 	2,355	 	2,772	
 	2,910	 	
 	 	Lease Financing	-	 	-	 	-	 	16	
 	-	 	
 	Total Commercial	12,660	 	14,441	 	7,650	 	7,697	
 	7,943	 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	19,003	 	20,264	 	20,637	 	22,876	
 	24,700	 	
 	 	Home Equity	1,935	 	1,740	 	2,509	 	2,602	
 	2,413	 	
 	Total Consumer	20,938	 	22,004	 	23,146	 	25,478	
 	27,113	 	
Total Non-Accrual Loans and Leases	33,598	 	36,445	 	30,796	 	33,175	
 	35,056	 	
Foreclosed Real Estate	3,450	 	3,205	 	3,036	 	3,256	
 	3,318	 	
Total Non-Performing Assets	$	37,048	 	$	39,650	 	$	33,832	 	$	36,431	
 	$	38,374	 	
 	 	 	 	 	 	 	 	
Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	150	 	$	1,173	 	$	8	 	$ -	
 	$	230	 	
Total Commercial	150	 	1,173	 	8	 	-	
 	230	 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	5,729	 	4,564	 	7,460	 	6,876	
 	5,967	 	
 	Home Equity	2,845	 	3,009	 	2,896	 	2,768	
 	4,538	 	
 	Automobile	346	 	322	 	193	 	95	
 	241	 	
 	Other 1	644	 	790	 	841	 	855	
 	676	 	
Total Consumer	9,564	 	8,685	 	11,390	 	10,594	
 	11,422	 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	9,714	 	$	9,858	 	$	11,398	 	$	10,594	
 	$	11,652	 	
Restructured Loans on Accrual Status	 	 	 	 	 	
and Not Past Due 90 Days or More	$	44,473	 	$	51,123	 	$	39,845	 	$	39,154	
 	$	30,065	 	
Total Loans and Leases	$	6,209,857	 	$	6,095,387	 	$	6,006,642	 	$	5,859,152	
 	$	5,782,969	 	
 	 	 	 	 	 	 	 	
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.54	%	0.60	%	0.51	%	0.57	%	0.61	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.60	%	0.65	%	0.56	%	0.62	%	0.66	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial	 	 	 	 	 	
 	Loans and Leases and Commercial Foreclosed Real Estate	0.53	%	0.61	%	0.35	%	0.37	%	0.39	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer Loans	 	 	 	 	 	
 	and Leases and Consumer Foreclosed Real Estate	0.64	%	0.68	%	0.71	%	0.80	%	0.85	%	
 	 	 	 	 	 	 	 	
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	0.75	%	0.81	%	0.75	%	0.80	%	0.86	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	39,650	 	$	33,832	 	$	36,431	 	$	38,374	
 	$	37,083	 	
Additions	2,491	 	13,040	 	3,395	 	2,647	
 	7,304	 	
Reductions	 	 	 	 	 	
 	Payments	(1,855	)	(932	)	(2,954	)	(1,306	)	(2,630	)	
 	Return to Accrual Status	(1,864	)	(2,308	)	(1,166	)	(1,978	)	(1,132	)	
 	Sales of Foreclosed Real Estate	(737	)	(1,431	)	(1,498	)	(1,257	)	(1,910	)	
 	Charge-offs/Write-downs	(637	)	(2,551	)	(376	)	(49	)	(341	)	
Total Reductions	(5,093	)	(7,222	)	(5,994	)	(4,590	)	(6,013	)	
Balance at End of Quarter	$	37,048	 	$	39,650	 	$	33,832	 	$	36,431	
 	$	38,374	 	
 	 	 	 	 	 	 	 	
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	
 	 	 	March 31,	
 	December 31,	
 	March 31,	
 	
(dollars in thousands)	2014	
 	2013	
 	2013	
 	
Balance at Beginning of Period	$	121,521	
 	$	129,747	
 	$	134,276	
 	
Loans and Leases Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	(819	)	(6,828	)	(382	)	
 	Consumer	 	 	 	
 	 	Residential Mortgage	(329	)	(185	)	(1,235	)	
 	 	Home Equity	(351	)	(721	)	(1,377	)	
 	 	Automobile	(917	)	(670	)	(575	)	
 	 	Other 1	(1,622	)	(2,039	)	(1,730	)	
Total Loans and Leases Charged-Off	(4,038	)	(10,443	)	(5,299	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	920	
 	308	
 	438	
 	
 	 	Commercial Mortgage	14	
 	14	
 	10	
 	
 	 	Construction	5	
 	8	
 	338	
 	
 	 	Lease Financing	2	
 	8	
 	11	
 	
 	Consumer	 	 	 	
 	 	Residential Mortgage	272	
 	828	
 	788	
 	
 	 	Home Equity	551	
 	246	
 	748	
 	
 	 	Automobile	445	
 	363	
 	461	
 	
 	 	Other 1	501	
 	442	
 	526	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,710	
 	2,217	
 	3,320	
 	
Net Loans and Leases Charged-Off	(1,328	)	(8,226	)	(1,979	)	
Provision for Unfunded Commitments	(57	)	-	
 	-	
 	
Balance at End of Period2	$	120,136	
 	$	121,521	
 	$	132,297	

Components	 	 	 	
Allowance for Loan and Lease Losses	$	114,126	
 	$	115,454	
 	$	126,878	
 	
Reserve for Unfunded Commitments	6,010	
 	6,067	
 	5,419	
 	
Total Reserve for Credit Losses	$	120,136	
 	$	121,521	
 	$	132,297	

Average Loans and Leases Outstanding	$	6,104,041	
 	$	6,053,607	
 	$	5,803,503	

Ratio of Net Loans and Leases Charged-Off to	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.09	%	0.54	%	0.14	%	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding	1.84	%	1.89	%	2.19	%	
 	 	 	 	 	 	
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 13	
 	
 	Retail	
 	Commercial	
 	Investment	
 	Treasury	
 	Consolidated	
 	
(dollars in thousands)	Banking	
 	Banking	
 	Services	
 	and Other	
 	Total	
 	
Three Months Ended March 31, 2014	 	 	 	 	 	
Net Interest Income	$	42,568	
 	$	26,771	
 	$	2,582	
 	$	21,312	
 	$	93,233	
 	
Provision for Credit Losses	1,456	
 	(61)	
 	(68)	
 	(1,327)	
 	-	
 	
Net Interest Income After Provision for Credit Losses	41,112	
 	26,832	
 	2,650	
 	22,639	
 	93,233	
 	
Noninterest Income	19,492	
 	6,088	
 	14,343	
 	4,845	
 	44,768	
 	
Noninterest Expense	(49,747)	
 	(16,767)	
 	(14,235)	
 	(2,798)	
 	(83,547)	
 	
Income Before Provision for Income Taxes	10,857	
 	16,153	
 	2,758	
 	24,686	
 	54,454	
 	
Provision for Income Taxes	(4,017)	
 	(5,514)	
 	(1,020)	
 	(5,311)	
 	(15,862)	
 	
Net Income	6,840	
 	10,639	
 	1,738	
 	19,375	
 	38,592	
 	
Total Assets as of March 31, 2014	$	3,717,269	
 	$	2,475,163	
 	$	183,381	
 	$	7,887,305	
 	$	14,263,118	

Three Months Ended March 31, 20131	 	 	 	 	 	
Net Interest Income	$	40,703	
 	$	24,983	
 	$	2,771	
 	$	20,103	
 	$	88,560	
 	
Provision for Credit Losses	2,612	
 	(604)	
 	(21)	
 	(1,987)	
 	-	
 	
Net Interest Income After Provision for Credit Losses	38,091	
 	25,587	
 	2,792	
 	22,090	
 	88,560	
 	
Noninterest Income	22,924	
 	6,960	
 	14,810	
 	3,084	
 	47,778	
 	
Noninterest Expense	(50,857)	
 	(16,512)	
 	(14,183)	
 	(2,835)	
 	(84,387)	
 	
Income Before Provision for Income Taxes	10,158	
 	16,035	
 	3,419	
 	22,339	
 	51,951	
 	
Provision for Income Taxes	(3,759)	
 	(5,478)	
 	(1,265)	
 	(5,469)	
 	(15,971)	
 	
Net Income	6,399	
 	10,557	
 	2,154	
 	16,870	
 	35,980	
 	
Total Assets as of March 31, 20131	$	3,563,313	
 	$	2,193,088	
 	$	188,662	
 	$	7,580,604	
 	$	13,525,667	

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)	2014	
 	 	2013	 	 	2013	 	 	2013	 	 	2013	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	$	63,526	
 	 	$	63,809	 	 	$	63,918	 	 	$	62,729	 	 	$	62,820	
 	 	
Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
   Available-for-Sale	10,760	
 	 	10,608	 	 	12,038	 	 	15,073	 	 	15,851	
 	 	
   Held-to-Maturity	27,889	
 	 	26,882	 	 	24,137	 	 	19,189	 	 	19,854	
 	 	
Deposits	3	
 	 	3	 	 	3	 	 	1	 	 	3	
 	 	
Funds Sold	137	
 	 	105	 	 	177	 	 	74	 	 	59	
 	 	
Other	302	
 	 	302	 	 	301	 	 	285	 	 	284	
 	 	
Total Interest Income	102,617	
 	 	101,709	 	 	100,574	 	 	97,351	 	 	98,871	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	2,358	
 	 	2,418	 	 	2,500	 	 	2,579	 	 	2,646	
 	 	
   Securities Sold Under Agreements to Repurchase	6,397	
 	 	6,530	 	 	6,551	 	 	6,751	 	 	7,005	
 	 	
   Funds Purchased	3	
 	 	8	 	 	4	 	 	10	 	 	22	
 	 	
   Short-Term Borrowings	-	
 	 	2	 	 	-	 	 	-	 	 	-	
 	 	
   Long-Term Debt	626	
 	 	631	 	 	632	 	 	671	 	 	638	
 	 	
Total Interest Expense	9,384	
 	 	9,589	 	 	9,687	 	 	10,011	 	 	10,311	
 	 	
Net Interest Income	93,233	
 	 	92,120	 	 	90,887	 	 	87,340	 	 	88,560	
 	 	
Provision for Credit Losses	-	
 	 	-	 	 	-	 	 	-	 	 	-	
 	 	
Net Interest Income After Provision for Credit Losses	93,233	
 	 	92,120	 	 	90,887	 	 	87,340	 	 	88,560	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	11,852	
 	 	12,240	 	 	11,717	 	 	12,089	 	 	11,886	
 	 	
   Mortgage Banking	2,005	
 	 	2,823	 	 	4,132	 	 	5,820	 	 	6,411	
 	 	
   Service Charges on Deposit Accounts	8,878	
 	 	9,326	 	 	9,385	 	 	9,112	 	 	9,301	
 	 	
   Fees, Exchange, and Other Service Charges	12,939	
 	 	12,670	 	 	12,732	 	 	13,133	 	 	11,934	
 	 	
   Investment Securities Gains, Net	2,160	
 	 	-	 	 	-	 	 	-	 	 	-	
 	 	
   Insurance	2,123	
 	 	2,295	 	 	2,177	 	 	2,393	 	 	2,325	
 	 	
   Bank-Owned Life Insurance	1,602	
 	 	1,895	 	 	1,365	 	 	1,335	 	 	1,297	
 	 	
   Other	3,209	
 	 	4,029	 	 	3,618	 	 	4,159	 	 	4,624	
 	 	
Total Noninterest Income	44,768	
 	 	45,278	 	 	45,126	 	 	48,041	 	 	47,778	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
Salaries and Benefits	46,897	
 	 	43,643	 	 	46,552	 	 	45,341	 	 	48,675	
 	 	
Net Occupancy	9,417	
 	 	9,602	 	 	9,847	 	 	9,661	 	 	9,635	
 	 	
Net Equipment	4,603	
 	 	4,837	 	 	4,572	 	 	4,380	 	 	4,577	
 	 	
Data Processing	3,649	
 	 	3,827	 	 	3,697	 	 	3,050	 	 	3,266	
 	 	
Professional Fees	2,260	
 	 	2,669	 	 	2,119	 	 	2,391	 	 	2,226	
 	 	
FDIC Insurance	2,076	
 	 	1,954	 	 	1,913	 	 	1,949	 	 	1,949	
 	 	
Other	14,645	
 	 	15,892	 	 	14,277	 	 	14,409	 	 	14,059	
 	 	
Total Noninterest Expense	83,547	
 	 	82,424	 	 	82,977	 	 	81,181	 	 	84,387	
 	 	
Income Before Provision for Income Taxes	54,454	
 	 	54,974	 	 	53,036	 	 	54,200	 	 	51,951	
 	 	
Provision for Income Taxes	15,862	
 	 	15,919	 	 	15,332	 	 	16,437	 	 	15,971	
 	 	
Net Income	$	38,592	
 	 	$	39,055	 	 	$	37,704	 	 	$	37,763	 	 	$	35,980	

Basic Earnings Per Share	$	0.87	
 	 	$	0.88	 	 	$	0.85	 	 	$	0.85	 	 	$	0.81	
 	 	
Diluted Earnings Per Share	$	0.87	
 	 	$	0.88	 	 	$	0.85	 	 	$	0.85	 	 	$	0.81	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	6,209,857	
 	 	$	6,095,387	 	 	$	6,006,642	 	 	$	5,859,152	 	 	$	5,782,969	
 	 	
Total Assets	14,263,118	
 	 	14,084,280	 	 	13,848,871	 	 	13,733,418	 	 	13,525,667	
 	 	
Total Deposits	12,044,473	
 	 	11,914,656	 	 	11,608,134	 	 	11,449,198	 	 	11,251,860	
 	 	
Total Shareholders' Equity	1,028,904	
 	 	1,011,976	 	 	992,686	 	 	986,368	 	 	1,026,104	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.12	
 	%	1.12	 	%	1.09	 	%	1.12	 	%	1.08	
 	%	
Return on Average Shareholders' Equity	15.15	
 	 	15.36	 	 	15.02	 	 	14.64	 	 	14.10	
 	 	
Efficiency Ratio 1	60.54	
 	 	59.99	 	 	61.01	 	 	59.96	 	 	61.90	
 	 	
Net Interest Margin 2	2.87	
 	 	2.85	 	 	2.83	 	 	2.77	 	 	2.82	

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	
 	Two Months Ended	 	Year Ended	 	
($ in millions; jobs in thousands)	February 28, 2014	 	December 31, 2013	 	December 31, 2012	 	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	930.4	 	(2.3)	%	$	5,451.3	 	 	3.7	%	$	5,259.1	 	 	12.8	%	
   General Excise and Use Tax Revenue  1	$	517.8	 	0.5	%	$	2,907.6	 	 	2.2	%	$	2,844.7	 	 	9.9	%	
   Jobs 2	626.4	 	 	 	623.1	 	 	 	 	619.3	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	March 31,	 	December 31,	 	
(spot rates)	 	 	 	 	 	2014	 	2013	 	 	2012	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	
   Statewide, seasonally adjusted	 	 	 	 	 	4.5	%	4.7	 	%	5.1	%	
 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	4.0	 	3.8	 	 	4.2	 	
   Island of Hawaii	 	 	 	 	 	5.9	 	5.9	 	 	6.9	 	
   Maui	 	 	 	 	 	4.9	 	4.7	 	 	5.2	 	
   Kauai	 	 	 	 	 	5.3	 	5.2	 	 	6.1	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	February 28,	 	December 31,	 	
(percentage change, except months of inventory)	 	 	 	 	2014	 	2013	 	 	2012	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	 	9.8	%	4.8	 	%	7.8	%	
  Home Sales Volume (units)	 	 	 	 	 	0.9	%	4.6	 	%	6.5	%	
  Months of Inventory	 	 	 	 	 	2.6	 	2.7	 	 	2.5	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	 	
(in thousands)	 	 	 	Not Seasonally Adjusted	 	from Previous Year	 	
Tourism5	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
February 28, 2014	 	 	 	 	 	646.8	 	 	 	(4.3)	 	
January 31, 2014	 	 	 	 	 	682.6	 	 	 	0.1	 	
December 31, 2013	 	 	 	 	 	722.4	 	 	 	(1.9)	 	
November 30, 2013	 	 	 	 	 	620.1	 	 	 	(5.5)	 	
October 31, 2013	 	 	 	 	 	636.2	 	 	 	(1.6)	 	
September 30, 2013	 	 	 	 	 	594.2	 	 	 	(1.0)	 	
August 31, 2013	 	 	 	 	 	748.8	 	 	 	2.5	 	
July 31, 2013	 	 	 	 	 	758.0	 	 	 	4.6	 	
June 30, 2013	 	 	 	 	 	716.6	 	 	 	5.5	 	
May 31, 2013	 	 	 	 	 	645.7	 	 	 	3.7	 	
April 30, 2013	 	 	 	 	 	667.0	 	 	 	3.1	 	
March 31, 2013	 	 	 	 	 	769.0	 	 	 	7.6	 	
February 28, 2013	 	 	 	 	 	675.5	 	 	 	7.8	 	
January 31, 2013	 	 	 	 	 	681.9	 	 	 	5.9	 	
December 31, 2012	 	 	 	 	 	733.7	 	 	 	6.3	 	
November 30, 2012	 	 	 	 	 	651.2	 	 	 	14.5	 	
October 31, 2012	 	 	 	 	 	640.7	 	 	 	8.6	 	
September 30, 2012	 	 	 	 	 	595.0	 	 	 	6.1	 	
August 31, 2012	 	 	 	 	 	725.6	 	 	 	11.0	 	
July 31, 2012	 	 	 	 	 	720.4	 	 	 	7.8	 	
June 30, 2012	 	 	 	 	 	677.2	 	 	 	11.5	 	
May 31, 2012	 	 	 	 	 	622.9	 	 	 	12.5	 	
April 30, 2012	 	 	 	 	 	647.2	 	 	 	11.3	 	
March 31, 2012	 	 	 	 	 	715.0	 	 	 	12.9	 	
 	 	 	 	 	 	 	 	 	 	 	 	
1 Source: Hawaii Department of Business, Economic Development & Tourism	 	 	 	 	 	 	 	
2 Source: U. S. Bureau of Labor, preliminary figure	 	 	 	 	 	 	 	 	 	 	
3 Source: Hawaii Department of Labor and Industrial Relations	 	 	 	 	 	 	 	 	 	
4 Source: Honolulu Board of REALTORS	 	 	 	 	 	 	 	 	 	 	 	
5 Source: Hawaii Tourism Authority	 	 	 	 	 	 	 	 	 	 	 	
Note: Certain prior period seasonally adjusted information has been revised.