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)	 	                       October 27, 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 October 27, 2014, Bank of Hawaii Corporation announced its results of operations for the quarter ended September 30, 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           October 27, 2014 Press Release: Bank of Hawaii Corporation Third 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: October 27, 2014	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation Third Quarter 2014 Financial Results
 	 	
•	Diluted Earnings Per Share $0.95	
 	 	
•	Net Income $41.8 Million	
 	 	
•	Board of Directors Declares Dividend of $0.45 Per Share	

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 27, 2014) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.95 for the third quarter of 2014, up from $0.94 in the second quarter of 2014, and up from $0.85 in the third quarter of 2013. Net income for the third quarter of 2014 was $41.8 million, an increase from net income of $41.5 million in the previous quarter and $37.7 million in the same quarter last year.

“Bank of Hawaii Corporation continued to perform well during the third quarter of 2014,” said Peter Ho, Chairman, President, and CEO.  “Loan balances grew 2.8 percent from the previous quarter and average deposits grew 1.4 percent.  Our margin remained relatively stable as loan growth partially offset the lower interest rate environment. Asset quality continued to be strong during the quarter and our expenses were well controlled.”
 
The return on average assets for the third quarter of 2014 was 1.15 percent, down slightly from 1.17 percent in the previous quarter and up from 1.09 percent in the same quarter last year. The return on average equity for the third quarter of 2014 was 15.57 percent, down from 15.87 percent for the second quarter of 2014 and up from 15.02 percent in the third quarter of 2013.

For the nine-month period ended September 30, 2014, net income was $121.9 million, an increase from net income of $111.4 million for the same period last year. Diluted earnings per share were $2.75 for the nine-month period in 2014 compared with diluted earnings per share of $2.50 for the same period in 2013. The 2014 year-to-date return on average assets was 1.15 percent compared with 1.09 percent for the same period in 2013. The 2014 year-to-date return on average equity was 15.53 percent compared with 14.59 percent for the nine months ended September 30, 2013.

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Bank of Hawaii Corporation Third Quarter 2014 Financial Results     Page 2

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2014 was $98.3 million, up $1.0 million from net interest income of $97.3 million in the second quarter of 2014 and up $4.8 million from net interest income of $93.5 million in the third quarter of 2013. Net interest income for the nine-month period in 2014 was $291.6 million compared with net interest income of $274.3 million for the same period in 2013. Analyses of the changes in net interest income are included in Tables 8a, 8b, and 8c.

The net interest margin was 2.85 percent for the third quarter of 2014, a 1 basis point decrease from the net interest margin of 2.86 percent in the second quarter of 2014, and a 2 basis point increase from the net interest margin of 2.83 percent in the third quarter of 2013. The net interest margin for the first nine months of 2014 was 2.86 percent compared with 2.81 percent for the same nine-month period last year.

The Company recorded a negative provision for credit losses of $2.7 million in the third quarter of 2014 compared with a negative provision of $2.2 million in the second quarter of 2014 and no provision recorded in the third quarter of 2013. The negative provision for credit losses for the third quarter of 2014 was primarily due to a reduction in the specific reserve related to one commercial client. The first nine months of 2014 included a negative provision for credit losses of $4.9 million compared to no provision for the first nine months of 2013. The negative provision for the first nine months of 2014 reflects the continued strength of our credit risk profile, several large commercial loan recoveries, as well as the reduction in the specific reserve related to one commercial client as noted above.

Noninterest income was $45.0 million in the third quarter of 2014, an increase of $0.5 million compared with $44.5 million in the second quarter of 2014, and a decrease of $0.1 million compared with $45.1 million in the third quarter of 2013. Noninterest income in the third quarter of 2014 included a net gain of $1.9 million resulting from the sale of 23,000 Visa Class B shares (9,478 Class A equivalents).  Noninterest income in the second quarter of 2014 included a gain of $2.0 million from the sale of 23,500 Visa Class B shares.  The Company also contributed 5,700 Visa Class B shares (2,349 Class A equivalents) to the Bank of Hawaii Foundation during the third quarter of 2014. The contribution of Visa shares to the Bank of Hawaii Foundation has no impact on noninterest expense; however, the contributions favorably impact the effective tax rate.  As of September 30, 2014, the Company has 424,214 Visa Class B shares remaining (174,819 Class A equivalents).  Noninterest income for the nine-months ended September 30, 2014 was $134.2 million, a decrease of $6.7 million compared with noninterest income of $140.9 million for the same period in 2013. The decrease was primarily due to a reduction of $10.9 million in mortgage banking income which was partially offset by net gains of $5.8 million on the sales of Visa Class B shares during the period.

Noninterest expense was $81.0 million in the third quarter of 2014, essentially flat with the previous quarter, and down $2.0 million compared with $83.0 million in the same quarter last year. Noninterest expense for the nine-months ended September 30, 2014 was $245.7 million, a decrease of $2.8 million compared with noninterest expense of $248.5 million for the same period in 2013. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The efficiency ratio for the third quarter of 2014 was 57.74 percent, down from 58.38 percent in the previous quarter and 61.01 percent in the same quarter last year. The efficiency ratio for the nine-month period ended September 30, 2014 was 58.88 percent, an improvement from the efficiency ratio of 60.96 percent for the same period last year.

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Bank of Hawaii Corporation Third Quarter 2014 Financial Results     Page 3
    
The effective tax rate for the third quarter of 2014 was 32.59 percent compared with 30.86 percent in the previous quarter and 28.91 percent during the same quarter last year. The effective tax rate for the nine-month period ended September 30, 2014 was 30.93 percent compared to 29.99 percent for the same period last year. The lower effective tax rates during 2013 were due to the release of tax reserves and low-income housing and other tax credits.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury & Other. Results 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 Tables 13a and 13b.

Asset Quality

The Company’s overall asset quality continued to remain strong during the third quarter of 2014. Total non-performing assets declined to $33.3 million at September 30, 2014, down from non-performing assets of $34.4 million at June 30, 2014 and $33.8 million at September 30, 2013. As a percentage of total loans and leases and foreclosed real estate, non-performing assets declined to 0.50 percent at September 30, 2014, down from 0.53 percent at June 30, 2014 and 0.56 percent at September 30, 2013.
Accruing loans and leases past due 90 days or more were $9.1 million at September 30, 2014, down from $9.7 million at June 30, 2014 and $11.4 million at September 30, 2013. Restructured loans and leases not included in non-accrual loans or accruing loans past due 90 days or more were $45.2 million at September 30, 2014 and primarily comprised of residential mortgage loans with lowered monthly payments to accommodate our 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 loans and leases charged off during the third quarter of 2014 were $0.8 million or 0.05 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $3.7 million during the quarter were partially offset by recoveries of $2.9 million. The Company recorded a net recovery of loans and leases previously charged off of $1.9 million during the second quarter of 2014 as loan and lease charge-offs of $4.0 million were more than offset by recoveries of $5.9 million. Net charge-offs during the third quarter of 2013 were $0.9 million or 0.06 percent annualized of total average loans and leases outstanding, and were comprised of $4.7 million in charge-offs partially offset by recoveries of $3.8 million. Net charge-offs in the nine-month period ended September 30, 2014 were $0.2 million, or 0.00 percent annualized of total average loans and leases outstanding compared with net charge-offs of $5.2 million, or 0.12 percent annualized of total average loans and leases outstanding for the same period in 2013.

The allowance for loan and lease losses was reduced to $110.4 million at September 30, 2014. The ratio of the allowance for loan and lease losses to total loans and leases was 1.67 percent at September 30, 2014, a decrease of 10 basis points from the previous quarter commensurate with continued improvements in credit quality and the Hawaii economy. The reserve for unfunded commitments at September 30, 2014 was unchanged at $5.9 million. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

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Bank of Hawaii Corporation Third Quarter 2014 Financial Results     Page 4

Other Financial Highlights

Total assets were $14.51 billion at September 30, 2014, down from total assets of $14.84 billion at June 30, 2014 and up from $13.85 billion at September 30, 2013. Average total assets were $14.37 billion during the third quarter of 2014, up from $14.25 billion during the previous quarter and $13.77 billion during the same quarter last year.

The investment securities portfolio was $6.78 billion at September 30, 2014, down from $6.91 billion at June 30, 2014 and $6.91 billion at September 30, 2013. The portfolio remains largely comprised of securities issued by U. S. government agencies and included $4.56 billion in securities held to maturity and $2.22 billion in securities available for sale at September 30, 2014. 

Total loans and leases increased to $6.61 billion at September 30, 2014, up from $6.43 billion at June 30, 2014 and $6.01 billion at September 30, 2013. Average total loans and leases were $6.49 billion during the third quarter of 2014, up from $6.27 billion during the second quarter of 2014 and $5.89 billion during the same quarter last year. The commercial loan portfolio increased to $2.73 billion at the end of the quarter, up from commercial loans of $2.69 billion at the end of the previous quarter, and up from $2.48 billion at the end of the same quarter last year. Total consumer loans increased to $3.88 billion at the end of the third quarter of 2014, up from $3.73 billion at the end of the second quarter of 2014, and up from $3.53 billion at the end of the third quarter of 2013 in all loan categories. Loan and lease portfolio balances, including the higher risk loans and leases outstanding, are summarized in Table 10.

Total deposits were $12.36 billion at September 30, 2014, down from $12.67 billion at June 30, 2014, and up from $11.61 billion at September 30, 2013. The decrease from the previous quarter was largely due to strong growth in short-term public and commercial deposits at the end of the second quarter. Average total deposits were $12.20 billion during the third quarter of 2014, up from $12.03 billion during the previous quarter and $11.48 billion during the same quarter last year.

During the third quarter of 2014, the Company repurchased 340.9 thousand shares of common stock at a total cost of $19.8 million under its share repurchase program. The average cost was $58.00 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through September 30, 2014, the Company has repurchased 51.7 million shares and returned over $1.9 billion to shareholders at an average cost of $36.86 per share. Remaining buyback authority under the share repurchase program was $89.2 million at September 30, 2014. From October 1 through October 24, 2014, the Company repurchased an additional 144.0 thousand shares of common stock at an average cost of $55.58 per share.

Total shareholders’ equity was $1.06 billion at September 30, 2014, compared with $1.05 billion at June 30, 2014, and $1.0 billion at September 30, 2013. The ratio of tangible common equity to risk-weighted assets was 15.23 percent at the end of the third quarter of 2014, compared with 15.54 percent at the end of the second quarter of 2014 and 15.62 percent at the end of the same quarter last year. The Tier 1 leverage ratio at September 30, 2014 was 7.19 percent, down from 7.20 percent at June 30, 2014 and up from 7.16 percent at September 30, 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 December 12, 2014 to shareholders of record at the close of business on November 28, 2014.

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Bank of Hawaii Corporation Third Quarter 2014 Financial Results     Page 5

Hawaii Economy

General economic conditions in Hawaii continued to remain positive during the third quarter of 2014 due to an expanding construction industry, stable tourism, low unemployment, and a strong real estate market.  For the first eight months of 2014, total visitor spending increased 2.1% while total visitor arrivals remained relatively unchanged compared to the same period in 2013.  The statewide seasonally-adjusted unemployment rate was 4.2 percent in September 2014 compared to 5.9 percent nationally.  For the first nine months of 2014, the volume of single-family home sales on Oahu increased 1.6 percent, while the volume of condominium sales on Oahu decreased 0.4 percent compared with the same period in 2013.  The median price of single-family homes on Oahu increased 4.6 percent, while the median price of condominiums on Oahu increased 5.4 percent for the first nine months of 2014 compared to the same nine-month period in 2013.  As of September 30, 2014, months of inventory of single-family homes and condominiums on Oahu remained low at approximately 2.9 months and 3.3 months, respectively.  More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its third quarter 2014 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. 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, October 27, 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 38213055# 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	 	Nine Months Ended	 	
 	September 30,	 	June 30,	 	September 30,	 	September 30,	 	
(dollars in thousands, except per share amounts)	2014	 	2014	 	2013	 	2014	 	2013	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	$	95,379	
 	 	$	94,412	
 	 	$	90,887	
 	 	$	283,024	
 	 	$	266,787	
 	 	
Provision for Credit Losses	(2,665	)	 	(2,199	)	 	—	
 	 	(4,864	)	 	—	
 	 	
Total Noninterest Income	44,950	
 	 	44,481	
 	 	45,126	
 	 	134,199	
 	 	140,945	
 	 	
Total Noninterest Expense	81,030	
 	 	81,082	
 	 	82,977	
 	 	245,659	
 	 	248,545	
 	 	
Net Income	41,769	
 	 	41,490	
 	 	37,704	
 	 	121,851	
 	 	111,447	
 	 	
Basic Earnings Per Share	0.95	
 	 	0.94	
 	 	0.85	
 	 	2.77	
 	 	2.51	
 	 	
Diluted Earnings Per Share	0.95	
 	 	0.94	
 	 	0.85	
 	 	2.75	
 	 	2.50	
 	 	
Dividends Declared Per Share	0.45	
 	 	0.45	
 	 	0.45	
 	 	1.35	
 	 	1.35	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.15	
 	%	1.17	
 	%	1.09	
 	%	1.15	
 	%	1.09	
 	%	
Return on Average Shareholders' Equity	15.57	
 	 	15.87	
 	 	15.02	
 	 	15.53	
 	 	14.59	
 	 	
Efficiency Ratio 1	57.74	
 	 	58.38	
 	 	61.01	
 	 	58.88	
 	 	60.96	
 	 	
Net Interest Margin 2	2.85	
 	 	2.86	
 	 	2.83	
 	 	2.86	
 	 	2.81	
 	 	
Dividend Payout Ratio 3	47.37	
 	 	47.87	
 	 	52.94	
 	 	48.74	
 	 	53.78	
 	 	
Average Shareholders' Equity to Average Assets	7.41	
 	 	7.36	
 	 	7.23	
 	 	7.38	
 	 	7.49	

Average Balances	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases	$	6,488,780	
 	 	$	6,274,595	
 	 	$	5,892,888	
 	 	$	6,290,548	
 	 	$	5,826,424	
 	 	
Average Assets	14,372,375	
 	 	14,253,384	
 	 	13,769,699	
 	 	14,221,143	
 	 	13,633,907	
 	 	
Average Deposits	12,200,654	
 	 	12,030,010	
 	 	11,479,185	
 	 	12,016,485	
 	 	11,337,792	
 	 	
Average Shareholders' Equity	1,064,589	
 	 	1,048,429	
 	 	995,661	
 	 	1,048,924	
 	 	1,021,480	

Per Share of Common Stock	 	 	 	 	 	 	 	 	 	 	
Book Value	$	24.04	
 	 	$	23.72	
 	 	$	22.29	
 	 	$	24.04	
 	 	$	22.29	
 	 	
Tangible Book Value	23.32	
 	 	23.01	
 	 	21.58	
 	 	23.32	
 	 	21.58	
 	 	
Market Value	 	 	 	 	 	 	 	 	 	 	
   Closing	56.81	
 	 	58.69	
 	 	54.45	
 	 	56.81	
 	 	54.45	
 	 	
   High	60.75	
 	 	61.73	
 	 	57.13	
 	 	61.73	
 	 	57.13	
 	 	
   Low	55.55	
 	 	53.45	
 	 	50.50	
 	 	53.45	
 	 	44.88	

 	 	 	September 30,	
 	 	June 30,	
 	 	December 31,	
 	 	September 30,	
 	 	
 	 	 	2014	
 	 	2014	
 	 	2013	
 	 	2013	
 	 	
As of Period End:	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	 	 	$	6,606,350	
 	 	$	6,426,353	
 	 	$	6,095,387	
 	 	$	6,006,642	
 	 	
Total Assets	 	 	14,510,166	
 	 	14,844,505	
 	 	14,084,280	
 	 	13,848,871	
 	 	
Total Deposits	 	 	12,361,441	
 	 	12,670,034	
 	 	11,914,656	
 	 	11,608,134	
 	 	
Long-Term Debt	 	 	173,926	
 	 	173,671	
 	 	174,706	
 	 	174,717	
 	 	
Total Shareholders' Equity	 	 	1,057,413	
 	 	1,050,801	
 	 	1,011,976	
 	 	992,686	

Asset Quality	 	 	 	 	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	 	 	$	110,362	
 	 	$	113,838	
 	 	$	115,454	
 	 	$	123,680	
 	 	
Non-Performing Assets	 	 	33,307	
 	 	34,389	
 	 	39,650	
 	 	33,832	

Financial Ratios	 	 	 	 	 	 	 	 	 	 	
Allowance to Loans and Leases Outstanding	 	1.67	
 	%	1.77	
 	%	1.89	
 	%	2.06	
 	%	
Tier 1 Capital Ratio 4	 	 	15.32	
 	 	15.66	
 	 	16.05	
 	 	16.04	
 	 	
Total Capital Ratio 4	 	 	16.57	
 	 	16.91	
 	 	17.31	
 	 	17.30	
 	 	
Tier 1 Leverage Ratio 4	 	 	7.19	
 	 	7.20	
 	 	7.24	
 	 	7.16	
 	 	
Total Shareholders' Equity to Total Assets	 	 	7.29	
 	 	7.08	
 	 	7.19	
 	 	7.17	
 	 	
Tangible Common Equity to Tangible Assets 5	 	7.09	
 	 	6.88	
 	 	6.98	
 	 	6.96	
 	 	
Tangible Common Equity to Risk-Weighted Assets 4, 5	 	15.23	
 	 	15.54	
 	 	15.67	
 	 	15.62	

Non-Financial Data	 	 	 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	 	 	2,170	
 	 	2,194	
 	 	2,196	
 	 	2,205	
 	 	
Branches	 	 	74	
 	 	74	
 	 	74	
 	 	74	
 	 	
ATMs	 	 	459	
 	 	457	
 	 	466	
 	 	468	

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 Financial ratios as of December 31, 2013 and September 30, 2013 were revised to conform to the current period calculation.	 	 	 	 	 	
5 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	
 	
 	 	September 30,	
 	 	June 30,	
 	 	December 31,	
 	 	September 30,	
 	
(dollars in thousands)	2014	
 	 	2014	
 	 	2013	
 	 	2013	
 	
Total Shareholders' Equity	$	1,057,413	
 	 	$	1,050,801	
 	 	$	1,011,976	
 	 	$	992,686	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Common Equity	$	1,025,896	
 	 	$	1,019,284	
 	 	$	980,459	
 	 	$	961,169	

Total Assets	$	14,510,166	
 	 	$	14,844,505	
 	 	$	14,084,280	
 	 	$	13,848,871	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Assets	$	14,478,649	
 	 	$	14,812,988	
 	 	$	14,052,763	
 	 	$	13,817,354	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	 	 	
 	with prescribed regulatory requirements 1	$	6,737,853	
 	 	$	6,559,897	
 	 	$	6,258,178	
 	 	$	6,153,642	

Total Shareholders' Equity to Total Assets	7.29	%	 	7.08	%	 	7.19	%	 	7.17	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	7.09	%	 	6.88	%	 	6.98	%	 	6.96	%	
 	 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio 1	15.32	%	 	15.66	%	 	16.05	%	 	16.04	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)  1	15.23	%	 	15.54	%	 	15.67	%	 	15.62	%	

1  Risk-weighted assets and financial ratios as of December 31, 2013 and September 30, 2013 were revised to conform to the current period calculation.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Net Significant Items	 	 	 	 	 	Table 2	
 	
 	Three Months Ended	 	Nine Months Ended	
 	September 30,	
 	June 30,	
 	September 30,	
 	 	September 30,	
(dollars in thousands)	2014	
 	2014	
 	2013	
 	 	2014	
 	2013	
 	
Investment Securities Gains, Net	$	1,858	
 	$	2,079	
 	$	—	
 	 	$	6,097	
 	$	—	
 	
Decrease in Allowance for Loan and Lease Losses	3,476	
 	288	
 	896	
 	 	5,092	
 	5,178	
 	
Separation Expense	(14	)	(87	)	(1,753	)	 	(650	)	(4,092	)	
Operating Losses	—	
 	—	
 	—	
 	 	(730	)	—	
 	
Significant Items Before the Provision (Benefit) for Income Taxes	5,320	
 	2,280	
 	(857	)	 	9,809	
 	1,086	
 	
Release of Tax Reserve	—	
 	—	
 	(1,267	)	 	(1,249	)	(2,357	)	
Income Tax Impact	2,085	
 	894	
 	(300	)	 	3,845	
 	380	
 	
Net Significant Items	$	3,235	
 	$	1,386	
 	$	710	
 	 	$	7,213	
 	$	3,063	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Consolidated Statements of Income	 	 	 	Table 3	
 	
 	Three Months Ended	 	Nine Months Ended	
 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands, except per share amounts)	2014	2014	2013	 	2014	2013	
Interest Income	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	68,089	
 	$	65,818	
 	$	63,918	
 	 	$	197,433	
 	$	189,467	
 	
   Income on Investment Securities	 	 	 	 	 	 	
      Available-for-Sale	10,286	
 	10,697	
 	12,038	
 	 	31,743	
 	42,962	
 	
      Held-to-Maturity	26,067	
 	26,938	
 	24,137	
 	 	80,894	
 	63,180	
 	
   Deposits	3	
 	1	
 	3	
 	 	7	
 	7	
 	
   Funds Sold	176	
 	168	
 	177	
 	 	481	
 	310	
 	
   Other	302	
 	302	
 	301	
 	 	906	
 	870	
 	
Total Interest Income	104,923	
 	103,924	
 	100,574	
 	 	311,464	
 	296,796	
 	
Interest Expense	 	 	 	 	 	 	
   Deposits	2,391	
 	2,393	
 	2,500	
 	 	7,142	
 	7,725	
 	
   Securities Sold Under Agreements to Repurchase	6,523	
 	6,465	
 	6,551	
 	 	19,385	
 	20,307	
 	
   Funds Purchased	3	
 	4	
 	4	
 	 	10	
 	36	
 	
   Long-Term Debt	627	
 	650	
 	632	
 	 	1,903	
 	1,941	
 	
Total Interest Expense	9,544	
 	9,512	
 	9,687	
 	 	28,440	
 	30,009	
 	
Net Interest Income	95,379	
 	94,412	
 	90,887	
 	 	283,024	
 	266,787	
 	
Provision for Credit Losses	(2,665	)	(2,199	)	—	
 	 	(4,864	)	—	
 	
Net Interest Income After Provision for Credit Losses	98,044	
 	96,611	
 	90,887	
 	 	287,888	
 	266,787	
 	
Noninterest Income	 	 	 	 	 	 	
   Trust and Asset Management	11,716	
 	12,005	
 	11,717	
 	 	35,573	
 	35,692	
 	
   Mortgage Banking	1,646	
 	1,804	
 	4,132	
 	 	5,455	
 	16,363	
 	
   Service Charges on Deposit Accounts	9,095	
 	8,638	
 	9,385	
 	 	26,611	
 	27,798	
 	
   Fees, Exchange, and Other Service Charges	13,390	
 	13,370	
 	12,732	
 	 	39,699	
 	37,799	
 	
   Investment Securities Gains, Net	1,858	
 	2,079	
 	—	
 	 	6,097	
 	—	
 	
   Insurance	2,348	
 	1,930	
 	2,177	
 	 	6,401	
 	6,895	
 	
   Bank-Owned Life Insurance	1,644	
 	1,519	
 	1,365	
 	 	4,765	
 	3,997	
 	
   Other	3,253	
 	3,136	
 	3,618	
 	 	9,598	
 	12,401	
 	
Total Noninterest Income	44,950	
 	44,481	
 	45,126	
 	 	134,199	
 	140,945	
 	
Noninterest Expense	 	 	 	 	 	 	
   Salaries and Benefits	45,530	
 	45,081	
 	46,552	
 	 	137,508	
 	140,568	
 	
   Net Occupancy	9,334	
 	9,254	
 	9,847	
 	 	28,005	
 	29,143	
 	
   Net Equipment	4,473	
 	4,669	
 	4,572	
 	 	13,745	
 	13,529	
 	
   Data Processing	3,665	
 	3,842	
 	3,697	
 	 	11,156	
 	10,013	
 	
   Professional Fees	1,835	
 	2,613	
 	2,119	
 	 	6,708	
 	6,736	
 	
   FDIC Insurance	1,750	
 	2,055	
 	1,913	
 	 	5,881	
 	5,811	
 	
   Other	14,443	
 	13,568	
 	14,277	
 	 	42,656	
 	42,745	
 	
Total Noninterest Expense	81,030	
 	81,082	
 	82,977	
 	 	245,659	
 	248,545	
 	
Income Before Provision for Income Taxes	61,964	
 	60,010	
 	53,036	
 	 	176,428	
 	159,187	
 	
Provision for Income Taxes	20,195	
 	18,520	
 	15,332	
 	 	54,577	
 	47,740	
 	
Net Income	$	41,769	
 	$	41,490	
 	$	37,704	
 	 	$	121,851	
 	$	111,447	
 	
Basic Earnings Per Share	$	0.95	
 	$	0.94	
 	$	0.85	
 	 	$	2.77	
 	$	2.51	
 	
Diluted Earnings Per Share	$	0.95	
 	$	0.94	
 	$	0.85	
 	 	$	2.75	
 	$	2.50	
 	
Dividends Declared Per Share	$	0.45	
 	$	0.45	
 	$	0.45	
 	 	$	1.35	
 	$	1.35	
 	
Basic Weighted Average Shares	43,859,396	
 	44,053,899	
 	44,267,356	
 	 	44,034,047	
 	44,433,967	
 	
Diluted Weighted Average Shares	44,088,553	
 	44,246,431	
 	44,479,472	
 	 	44,250,033	
 	44,588,777	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Consolidated Statements of Comprehensive Income	 	 	Table 4	
 	
 	 	Three Months Ended	 	Nine Months Ended	
 	 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands)	2014	2014	2013	 	2014	2013	
Net Income	$	41,769	
 	$	41,490	
 	$	37,704	
 	 	$	121,851	
 	$	111,447	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	 	 	 	
 	Net Unrealized Gains (Losses) on Investment Securities	403	
 	8,617	
 	(6,986	)	 	15,291	
 	(63,199	)	
 	Defined Benefit Plans	157	
 	156	
 	202	
 	 	469	
 	481	
 	
Total Other Comprehensive Income (Loss)	560	
 	8,773	
 	(6,784	)	 	15,760	
 	(62,718	)	
Comprehensive Income	$	42,329	
 	$	50,263	
 	$	30,920	
 	 	$	137,611	
 	$	48,729	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Condition	 	 	 	Table 5	
 	
 	September 30,	
 	June 30,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2014	
 	2014	
 	2013	
 	2013	
 	
Assets	 	 	 	 	
Interest-Bearing Deposits	$	3,883	
 	$	4,552	
 	$	3,617	
 	$	3,048	
 	
Funds Sold	377,303	
 	796,275	
 	271,414	
 	254,940	
 	
Investment Securities	 	 	 	 	
   Available-for-Sale	2,220,913	
 	2,209,763	
 	2,243,697	
 	2,277,136	
 	
   Held-to-Maturity (Fair Value of $4,576,396; $4,743,012; $4,697,587; and $4,621,491)	4,557,614	
 	4,704,551	
 	4,744,519	
 	4,633,399	
 	
Loans Held for Sale	2,382	
 	3,678	
 	6,435	
 	18,795	
 	
Loans and Leases	6,606,350	
 	6,426,353	
 	6,095,387	
 	6,006,642	
 	
   Allowance for Loan and Lease Losses	(110,362	)	(113,838	)	(115,454	)	(123,680	)	
     Net Loans and Leases	6,495,988	
 	6,312,515	
 	5,979,933	
 	5,882,962	
 	
Total Earning Assets	13,658,083	
 	14,031,334	
 	13,249,615	
 	13,070,280	
 	
Cash and Noninterest-Bearing Deposits	172,386	
 	141,950	
 	188,715	
 	131,228	
 	
Premises and Equipment	107,560	
 	108,116	
 	108,636	
 	105,181	
 	
Accrued Interest Receivable	46,641	
 	44,311	
 	43,930	
 	46,047	
 	
Foreclosed Real Estate	3,562	
 	3,944	
 	3,205	
 	3,036	
 	
Mortgage Servicing Rights	25,559	
 	26,397	
 	28,123	
 	28,015	
 	
Goodwill	31,517	
 	31,517	
 	31,517	
 	31,517	
 	
Other Assets	464,858	
 	456,936	
 	430,539	
 	433,567	
 	
Total Assets	$	14,510,166	
 	$	14,844,505	
 	$	14,084,280	
 	$	13,848,871	

Liabilities	 	 	 	 	
Deposits	 	 	 	 	
   Noninterest-Bearing Demand	$	3,824,544	
 	$	4,070,334	
 	$	3,681,128	
 	$	3,524,638	
 	
   Interest-Bearing Demand	2,369,434	
 	2,566,240	
 	2,355,608	
 	2,320,452	
 	
   Savings	4,738,364	
 	4,525,593	
 	4,560,150	
 	4,503,963	
 	
   Time	1,429,099	
 	1,507,867	
 	1,317,770	
 	1,259,081	
 	
Total Deposits	12,361,441	
 	12,670,034	
 	11,914,656	
 	11,608,134	
 	
Funds Purchased	8,459	
 	8,467	
 	9,982	
 	9,983	
 	
Securities Sold Under Agreements to Repurchase	700,203	
 	745,626	
 	770,049	
 	847,239	
 	
Long-Term Debt	173,926	
 	173,671	
 	174,706	
 	174,717	
 	
Retirement Benefits Payable	35,152	
 	35,017	
 	34,965	
 	47,338	
 	
Accrued Interest Payable	6,086	
 	5,099	
 	4,871	
 	6,040	
 	
Taxes Payable and Deferred Taxes	42,468	
 	42,131	
 	34,907	
 	40,364	
 	
Other Liabilities	125,018	
 	113,659	
 	128,168	
 	122,370	
 	
Total Liabilities	13,452,753	
 	13,793,704	
 	13,072,304	
 	12,856,185	
 	
Shareholders' Equity	 	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	 	
   issued / outstanding: September 30, 2014 - 57,633,855 / 43,993,729;	 	 	 	 	
   June 30, 2014 - 57,631,552 / 44,297,228; December 31, 2013 - 57,480,846 / 44,490,385;	 	 	 	 	
   and September 30, 2013 - 57,487,855 / 44,539,247)	573	
 	573	
 	572	
 	572	
 	
Capital Surplus	529,530	
 	527,284	
 	522,505	
 	520,510	
 	
Accumulated Other Comprehensive Loss	(16,063	)	(16,623	)	(31,823	)	(33,510	)	
Retained Earnings	1,213,339	
 	1,191,512	
 	1,151,754	
 	1,132,996	
 	
Treasury Stock, at Cost (Shares: September 30, 2014 - 13,640,126; June 30, 2014 - 13,334,324;	 	 	 	 	
    December 31, 2013 - 12,990,461; and September 30, 2013 - 12,948,608)	(669,966	)	(651,945	)	(631,032	)	(627,882	)	
Total Shareholders' Equity	1,057,413	
 	1,050,801	
 	1,011,976	
 	992,686	
 	
Total Liabilities and Shareholders' Equity	$	14,510,166	
 	$	14,844,505	
 	$	14,084,280	
 	$	13,848,871	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2013	44,490,385	
 	$	572	
 	$	522,505	
 	$	(31,823	)	$	1,151,754	
 	$	(631,032	)	$	1,011,976	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	121,851	
 	—	
 	121,851	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	15,760	
 	—	
 	—	
 	15,760	
 	
Share-Based Compensation	—	
 	—	
 	5,831	
 	—	
 	—	
 	—	
 	5,831	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	314,579	
 	1	
 	1,194	
 	—	
 	(318	)	7,976	
 	8,853	
 	
Common Stock Repurchased	(811,235	)	—	
 	—	
 	—	
 	—	
 	(46,910	)	(46,910	)	
Cash Dividends Declared ($1.35 per share)	—	
 	—	
 	—	
 	—	
 	(59,948	)	—	
 	(59,948	)	
Balance as of September 30, 2014	43,993,729	
 	$	573	
 	$	529,530	
 	$	(16,063	)	$	1,213,339	
 	$	(669,966	)	$	1,057,413	

Balance as of December 31, 2012	44,754,835	
 	$	571	
 	$	515,619	
 	$	29,208	
 	$	1,084,477	
 	$	(608,210	)	$	1,021,665	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	111,447	
 	—	
 	111,447	
 	
Other Comprehensive Loss	—	
 	—	
 	—	
 	(62,718	)	 	 	(62,718	)	
Share-Based Compensation	—	
 	—	
 	4,226	
 	—	
 	—	
 	—	
 	4,226	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	444,951	
 	1	
 	665	
 	—	
 	(2,458	)	13,521	
 	11,729	
 	
Common Stock Repurchased	(660,539	)	—	
 	—	
 	—	
 	—	
 	(33,193	)	(33,193	)	
Cash Dividends Declared ($1.35 per share)	—	
 	—	
 	—	
 	—	
 	(60,470	)	—	
 	(60,470	)	
Balance as of September 30, 2013	44,539,247	
 	$	572	
 	$	520,510	
 	$	(33,510	)	$	1,132,996	
 	$	(627,882	)	$	992,686	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	
 	 	September 30, 2014	 	June 30, 2014	 	September 30, 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	$	4.1	
 	$	—	
 	0.24	
 	%	$	4.0	
 	$	—	
 	0.12	
 	%	$	4.3	
 	$	—	
 	0.30	
 	%	
Funds Sold	326.2	
 	0.2	
 	0.21	
 	 	308.3	
 	0.2	
 	0.22	
 	 	335.3	
 	0.2	
 	0.21	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	2,212.0	
 	12.3	
 	2.22	
 	 	2,226.7	
 	12.7	
 	2.28	
 	 	2,495.9	
 	13.7	
 	2.18	
 	 	
 	Held-to-Maturity	4,641.1	
 	26.9	
 	2.32	
 	 	4,756.8	
 	27.8	
 	2.34	
 	 	4,385.5	
 	25.0	
 	2.28	
 	 	
Loans Held for Sale	2.0	
 	—	
 	4.03	
 	 	3.6	
 	—	
 	4.33	
 	 	16.7	
 	0.2	
 	4.42	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	980.8	
 	8.9	
 	3.61	
 	 	950.2	
 	8.1	
 	3.42	
 	 	877.3	
 	7.7	
 	3.49	
 	 	
 	Commercial Mortgage	1,350.6	
 	13.3	
 	3.89	
 	 	1,302.2	
 	12.7	
 	3.91	
 	 	1,164.9	
 	12.1	
 	4.12	
 	 	
 	Construction	126.2	
 	1.3	
 	4.20	
 	 	103.2	
 	1.2	
 	4.48	
 	 	120.1	
 	1.4	
 	4.71	
 	 	
 	Commercial Lease Financing	235.1	
 	2	
 	3.33	
 	 	241.2	
 	1.7	
 	2.80	
 	 	253.0	
 	1.5	
 	2.32	
 	 	
 	Residential Mortgage	2,396.7	
 	25.3	
 	4.22	
 	 	2,323.5	
 	25.4	
 	4.38	
 	 	2,255.9	
 	25.3	
 	4.49	
 	 	
 	Home Equity	823.3	
 	8.1	
 	3.92	
 	 	805.9	
 	7.9	
 	3.93	
 	 	757.6	
 	7.9	
 	4.13	
 	 	
 	Automobile	296.6	
 	4	
 	5.29	
 	 	280.6	
 	3.7	
 	5.33	
 	 	240.6	
 	3.3	
 	5.43	
 	 	
 	Other 2	279.5	
 	5.2	
 	7.45	
 	 	267.8	
 	5.1	
 	7.65	
 	 	223.5	
 	4.6	
 	8.23	
 	 	
Total Loans and Leases	6,488.8	
 	68.1	
 	4.18	
 	 	6,274.6	
 	65.8	
 	4.20	
 	 	5,892.9	
 	63.8	
 	4.31	
 	 	
Other	71.4	
 	0.3	
 	1.69	
 	 	74.1	
 	0.3	
 	1.63	
 	 	78.1	
 	0.3	
 	1.54	
 	 	
Total Earning Assets 3	13,745.6	
 	107.8	
 	3.13	
 	 	13,648.1	
 	106.8	
 	3.13	
 	 	13,208.7	
 	103.2	
 	3.11	
 	 	
Cash and Noninterest-Bearing Deposits	152.4	
 	 	 	 	138.3	
 	 	 	 	140.3	
 	 	 	 	
Other Assets	474.4	
 	 	 	 	467.0	
 	 	 	 	420.7	
 	 	 	 	
Total Assets	$	14,372.4	
 	 	 	 	$	14,253.4	
 	 	 	 	$	13,769.7	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,417.4	
 	0.2	
 	0.03	
 	 	$	2,359.2	
 	0.2	
 	0.03	
 	 	$	2,147.8	
 	0.1	
 	0.03	
 	 	
 	Savings	4,591.4	
 	1.0	
 	0.09	
 	 	4,540.3	
 	1.0	
 	0.09	
 	 	4,485.3	
 	1.0	
 	0.09	
 	 	
 	Time	1,440.1	
 	1.2	
 	0.34	
 	 	1,506.5	
 	1.2	
 	0.33	
 	 	1,401.5	
 	1.4	
 	0.38	
 	 	
Total Interest-Bearing Deposits	8,448.9	
 	2.4	
 	0.11	
 	 	8,406.0	
 	2.4	
 	0.11	
 	 	8,034.6	
 	2.5	
 	0.12	
 	 	
Short-Term Borrowings	9.3	
 	—	
 	0.14	
 	 	9.3	
 	—	
 	0.14	
 	 	11.7	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to
    Repurchase	715.6	
 	6.5	
 	3.57	
 	 	789.9	
 	6.5	
 	3.24	
 	 	847.2	
 	6.6	
 	3.03	
 	 	
Long-Term Debt	173.8	
 	0.6	
 	1.44	
 	 	175.3	
 	0.6	
 	1.49	
 	 	174.7	
 	0.6	
 	1.44	
 	 	
Total Interest-Bearing Liabilities	9,347.6	
 	9.5	
 	0.40	
 	 	9,380.5	
 	9.5	
 	0.40	
 	 	9,068.2	
 	9.7	
 	0.42	
 	 	
Net Interest Income	 	$	98.3	
 	 	 	 	$	97.3	
 	 	 	 	$	93.5	
 	 	 	
 	Interest Rate Spread	 	 	2.73	
 	%	 	 	2.73	
 	%	 	 	2.69	
 	%	
 	Net Interest Margin	 	 	2.85	
 	%	 	 	2.86	
 	%	 	 	2.83	
 	%	
Noninterest-Bearing Demand Deposits	3,751.8	
 	 	 	 	3,624.0	
 	 	 	 	3,444.6	
 	 	 	 	
Other Liabilities	208.4	
 	 	 	 	200.5	
 	 	 	 	261.2	
 	 	 	 	
Shareholders' Equity	1,064.6	
 	 	 	 	1,048.4	
 	 	 	 	995.7	
 	 	 	 	
Total Liabilities and Shareholders'
    Equity	$	14,372.4	
 	 	 	 	$	14,253.4	
 	 	 	 	$	13,769.7	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 35%, of $2,873,000, $2,874,000, and $2,597,000 for the three months ended	 	
 	September 30, 2014, June 30, 2014, and September 30, 2013, respectively.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Average Balances and Interest Rates - Taxable-Equivalent Basis	 	 	 	Table 7b	
 	 	
 	 	Nine Months Ended	 	Nine Months Ended	 	
 	 	September 30, 2014	 	September 30, 2013	 	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	
(dollars in millions)	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	
Earning Assets	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	$	4.6	
 	$	—	
 	0.20	
 	%	$	4.2	
 	$	—	
 	0.22	
 	%	
Funds Sold	301.9	
 	0.5	
 	0.21	
 	 	220.7	
 	0.3	
 	0.19	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	
 	Available-for-Sale	2,221.6	
 	37.6	
 	2.26	
 	 	3,007.0	
 	49.2	
 	2.18	
 	 	
 	Held-to-Maturity	4,716.9	
 	83.5	
 	2.36	
 	 	3,895.6	
 	64.1	
 	2.19	
 	 	
Loans Held for Sale	3.3	
 	0.1	
 	4.43	
 	 	19.3	
 	0.6	
 	4.05	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	951.8	
 	24.8	
 	3.48	
 	 	852.1	
 	23.1	
 	3.62	
 	 	
 	Commercial Mortgage	1,301.3	
 	38.6	
 	3.97	
 	 	1,124.6	
 	34.5	
 	4.10	
 	 	
 	Construction	109.0	
 	3.6	
 	4.35	
 	 	114.4	
 	4.1	
 	4.79	
 	 	
 	Commercial Lease Financing	240.6	
 	5.1	
 	2.81	
 	 	263.6	
 	4.7	
 	2.36	
 	 	
 	Residential Mortgage	2,336.1	
 	75.1	
 	4.29	
 	 	2,273.0	
 	76.8	
 	4.51	
 	 	
 	Home Equity	803.8	
 	23.7	
 	3.94	
 	 	759.4	
 	23.6	
 	4.14	
 	 	
 	Automobile	280.3	
 	11.2	
 	5.33	
 	 	226.6	
 	9.3	
 	5.51	
 	 	
 	Other 2	267.6	
 	15.3	
 	7.66	
 	 	212.7	
 	13.1	
 	8.26	
 	 	
Total Loans and Leases	6,290.5	
 	197.4	
 	4.19	
 	 	5,826.4	
 	189.2	
 	4.34	
 	 	
Other	74.1	
 	0.9	
 	1.63	
 	 	78.6	
 	0.9	
 	1.48	
 	 	
Total Earning Assets 3	13,612.9	
 	320.0	
 	3.14	
 	 	13,051.8	
 	304.3	
 	3.11	
 	 	
Cash and Noninterest-Bearing Deposits	144.5	
 	 	 	 	139.7	
 	 	 	 	
Other Assets	463.7	
 	 	 	 	442.4	
 	 	 	 	
Total Assets	$	14,221.1	
 	 	 	 	$	13,633.9	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	
 	Demand	$	2,367.8	
 	0.5	
 	0.03	
 	 	$	2,105.1	
 	0.4	
 	0.03	
 	 	
 	Savings	4,549.4	
 	2.9	
 	0.09	
 	 	4,448.5	
 	3.0	
 	0.09	
 	 	
 	Time	1,440.1	
 	3.7	
 	0.35	
 	 	1,431.6	
 	4.3	
 	0.41	
 	 	
Total Interest-Bearing Deposits	8,357.3	
 	7.1	
 	0.11	
 	 	7,985.2	
 	7.7	
 	0.13	
 	 	
Short-Term Borrowings	9.5	
 	—	
 	0.14	
 	 	32.9	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	766.4	
 	19.4	
 	3.34	
 	 	801.5	
 	20.3	
 	3.34	
 	 	
Long-Term Debt	174.6	
 	1.9	
 	1.45	
 	 	169.7	
 	2.0	
 	1.53	
 	 	
Total Interest-Bearing Liabilities	9,307.8	
 	28.4	
 	0.40	
 	 	8,989.3	
 	30.0	
 	0.44	
 	 	
Net Interest Income	 	$	291.6	
 	 	 	 	$	274.3	
 	 	 	
 	Interest Rate Spread	 	 	2.74	
 	%	 	 	2.67	
 	%	
 	Net Interest Margin	 	 	2.86	
 	%	 	 	2.81	
 	%	
Noninterest-Bearing Demand Deposits	3,659.2	
 	 	 	 	3,352.6	
 	 	 	 	
Other Liabilities	205.2	
 	 	 	 	270.5	
 	 	 	 	
Shareholders' Equity	1,048.9	
 	 	 	 	1,021.5	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	14,221.1	
 	 	 	 	$	13,633.9	

 	 	 	 	 	 	 	 	 	 	
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 $8,571,000 and $7,498,000 for the	 	 	
 	nine months ended September 30, 2014 and 2013, respectively.	 	 	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8a	
 	
 	Three Months Ended September 30, 2014	
 	Compared to June 30, 2014	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Investment Securities	 	 	 	
   Available-for-Sale	$	(0.1	)	$	(0.3	)	$	(0.4	)	
   Held-to-Maturity	(0.7	)	(0.2	)	(0.9	)	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.3	
 	0.5	
 	0.8	
 	
   Commercial Mortgage	0.6	
 	—	
 	0.6	
 	
   Construction	0.2	
 	(0.1	)	0.1	
 	
   Commercial Lease Financing	—	
 	0.3	
 	0.3	
 	
   Residential Mortgage	0.8	
 	(0.9	)	(0.1	)	
   Home Equity	0.2	
 	—	
 	0.2	
 	
   Automobile	0.3	
 	—	
 	0.3	
 	
   Other 2	0.3	
 	(0.2	)	0.1	
 	
Total Loans and Leases	2.7	
 	(0.4	)	2.3	
 	
Total Change in Interest Income	1.9	
 	(0.9	)	1.0	

Change in Interest Expense:	 	 	 	
Securities Sold Under Agreements to Repurchase	(0.7	)	0.7	
 	—	
 	
Total Change in Interest Expense	(0.7	)	0.7	
 	—	

Change in Net Interest Income	$	2.6	
 	$	(1.6	)	$	1.0	

 	 	 	 	
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 September 30, 2014	
 	Compared to September 30, 2013	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Investment Securities	 	 	 	
   Available-for-Sale	$	(1.6	)	$	0.2	
 	$	(1.4	)	
   Held-to-Maturity	1.5	
 	0.4	
 	1.9	
 	
Loans Held for Sale	(0.2	)	—	
 	(0.2	)	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.9	
 	0.3	
 	1.2	
 	
   Commercial Mortgage	1.9	
 	(0.7	)	1.2	
 	
   Construction	0.1	
 	(0.2	)	(0.1	)	
   Commercial Lease Financing	(0.1	)	0.6	
 	0.5	
 	
   Residential Mortgage	1.5	
 	(1.5	)	—	
 	
   Home Equity	0.6	
 	(0.4	)	0.2	
 	
   Automobile	0.8	
 	(0.1	)	0.7	
 	
   Other 2	1.1	
 	(0.5	)	0.6	
 	
Total Loans and Leases	6.8	
 	(2.5	)	4.3	
 	
Total Change in Interest Income	6.5	
 	(1.9	)	4.6	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	—	
 	0.1	
 	
   Time	—	
 	(0.2	)	(0.2	)	
Total Interest-Bearing Deposits	0.1	
 	(0.2	)	(0.1	)	
Securities Sold Under Agreements to Repurchase	(1.1	)	1.0	
 	(0.1	)	
Total Change in Interest Expense	(1.0	)	0.8	
 	(0.2	)	
 	 	 	 	
Change in Net Interest Income	$	7.5	
 	$	(2.7	)	$	4.8	

 	 	 	 	
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	
 	
 	Nine Months Ended September 30, 2014	
 	Compared to September 30, 2013	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.1	
 	$	0.1	
 	$	0.2	
 	
Investment Securities	 	 	 	
   Available-for-Sale	(13.3	)	1.7	
 	(11.6	)	
   Held-to-Maturity	14.3	
 	5.1	
 	19.4	
 	
Loans Held for Sale	(0.5	)	—	
 	(0.5	)	
Loans and Leases	 	 	 	
   Commercial and Industrial	2.6	
 	(0.9	)	1.7	
 	
   Commercial Mortgage	5.3	
 	(1.2	)	4.1	
 	
   Construction	(0.2	)	(0.3	)	(0.5	)	
   Commercial Lease Financing	(0.4	)	0.8	
 	0.4	
 	
   Residential Mortgage	2.1	
 	(3.8	)	(1.7	)	
   Home Equity	1.3	
 	(1.2	)	0.1	
 	
   Automobile	2.2	
 	(0.3	)	1.9	
 	
   Other 2	3.2	
 	(1.0	)	2.2	
 	
Total Loans and Leases	16.1	
 	(7.9	)	8.2	
 	
Other	(0.1	)	0.1	
 	—	
 	
Total Change in Interest Income	16.6	
 	(0.9	)	15.7	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	—	
 	0.1	
 	
   Savings	—	
 	(0.1	)	(0.1	)	
   Time	—	
 	(0.6	)	(0.6	)	
Total Interest-Bearing Deposits	0.1	
 	(0.7	)	(0.6	)	
Securities Sold Under Agreements to Repurchase	(0.9	)	—	
 	(0.9	)	
Long-Term Debt	0.1	
 	(0.2	)	(0.1	)	
Total Change in Interest Expense	(0.7	)	(0.9	)	(1.6	)	
 	 	 	 	
Change in Net Interest Income	$	17.3	
 	$	—	
 	$	17.3	

 	 	 	 	
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	 	 	 	 	
Salaries and Benefits	 	 	 	 	 	Table 9	
 	
 	Three Months Ended	 	Nine Months Ended	
 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands)	2014	2014	2013	 	2014	2013	
Salaries	$	28,990	
 	$	28,544	
 	$	28,985	
 	 	$	85,448	
 	$	86,753	
 	
Incentive Compensation	4,242	
 	4,359	
 	4,242	
 	 	12,832	
 	11,887	
 	
Share-Based Compensation	2,226	
 	2,271	
 	1,333	
 	 	6,466	
 	3,774	
 	
Commission Expense	1,283	
 	1,106	
 	1,888	
 	 	3,448	
 	5,652	
 	
Retirement and Other Benefits	4,056	
 	3,811	
 	4,144	
 	 	12,853	
 	12,106	
 	
Payroll Taxes	2,162	
 	2,179	
 	2,335	
 	 	7,909	
 	9,151	
 	
Medical, Dental, and Life Insurance	2,557	
 	2,724	
 	1,872	
 	 	7,902	
 	7,153	
 	
Separation Expense	14	
 	87	
 	1,753	
 	 	650	
 	4,092	
 	
Total Salaries and Benefits	$	45,530	
 	$	45,081	
 	$	46,552	
 	 	$	137,508	
 	$	140,568	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Loan and Lease Portfolio Balances	 	 	 	Table 10	
 	
 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2014	
 	2014	
 	2014	
 	2013	
 	2013	
 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	991,157	
 	$	988,940	
 	$	955,599	
 	$	911,367	
 	$	895,040	
 	
 	Commercial Mortgage	1,373,289	
 	1,345,549	
 	1,284,181	
 	1,247,510	
 	1,203,670	
 	
 	Construction	132,097	
 	121,434	
 	91,452	
 	107,349	
 	124,230	
 	
 	Lease Financing	232,381	
 	237,585	
 	240,931	
 	262,207	
 	255,550	
 	
Total Commercial	2,728,924	
 	2,693,508	
 	2,572,163	
 	2,528,433	
 	2,478,490	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	2,444,989	
 	2,355,085	
 	2,305,153	
 	2,282,894	
 	2,282,305	
 	
 	Home Equity	838,206	
 	811,180	
 	797,341	
 	773,385	
 	765,841	
 	
 	Automobile	306,003	
 	287,794	
 	273,553	
 	255,986	
 	246,704	
 	
 	Other 1	288,228	
 	278,786	
 	261,647	
 	254,689	
 	233,302	
 	
Total Consumer	3,877,426	
 	3,732,845	
 	3,637,694	
 	3,566,954	
 	3,528,152	
 	
Total Loans and Leases	$	6,606,350	
 	$	6,426,353	
 	$	6,209,857	
 	$	6,095,387	
 	$	6,006,642	

 	 	 	 	 	 	 	
Higher Risk Loans and Leases Outstanding	 	 	 	 	
 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2014	
 	2014	
 	2014	
 	2013	
 	2013	
 	
Residential Land Loans 2	$	9,117	
 	$	10,016	
 	$	11,086	
 	$	11,922	
 	$	13,635	
 	
Home Equity Loans 3	9,914	
 	11,307	
 	11,846	
 	12,594	
 	12,588	
 	
Air Transportation Leases 4	21,668	
 	24,917	
 	24,969	
 	26,152	
 	26,492	
 	
Total Higher Risk Loans and Leases	$	40,699	
 	$	46,240	
 	$	47,901	
 	$	50,668	
 	$	52,715	

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	 	 	 	 	
 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2014	
 	2014	
 	2014	
 	2013	
 	2013	
 	
Consumer	$	5,972,435	
 	$	5,938,123	
 	$	5,960,485	
 	$	5,829,352	
 	$	5,707,125	
 	
Commercial	5,070,080	
 	5,207,026	
 	4,742,308	
 	4,814,076	
 	4,680,370	
 	
Public and Other	1,318,926	
 	1,524,885	
 	1,341,680	
 	1,271,228	
 	1,220,639	
 	
Total Deposits	$	12,361,441	
 	$	12,670,034	
 	$	12,044,473	
 	$	11,914,656	
 	$	11,608,134	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More	 	Table 11	
 	
 	 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2014	
 	2014	
 	2014	
 	2013	
 	2013	
 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	8,952	
 	$	10,437	
 	$	11,239	
 	$	11,929	
 	$	5,295	
 	
 	 	Commercial Mortgage	1,366	
 	1,403	
 	1,421	
 	2,512	
 	2,355	
 	
 	Total Commercial	10,318	
 	11,840	
 	12,660	
 	14,441	
 	7,650	
 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	16,756	
 	15,818	
 	19,003	
 	20,264	
 	20,637	
 	
 	 	Home Equity	2,671	
 	2,787	
 	1,935	
 	1,740	
 	2,509	
 	
 	Total Consumer	19,427	
 	18,605	
 	20,938	
 	22,004	
 	23,146	
 	
Total Non-Accrual Loans and Leases	29,745	
 	30,445	
 	33,598	
 	36,445	
 	30,796	
 	
Foreclosed Real Estate	3,562	
 	3,944	
 	3,450	
 	3,205	
 	3,036	
 	
Total Non-Performing Assets	$	33,307	
 	$	34,389	
 	$	37,048	
 	$	39,650	
 	$	33,832	

Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	14	
 	$	—	
 	$	150	
 	$	1,173	
 	$	8	
 	
Total Commercial	14	
 	—	
 	150	
 	1,173	
 	8	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	4,819	
 	6,082	
 	5,729	
 	4,564	
 	7,460	
 	
 	Home Equity	2,816	
 	2,505	
 	2,845	
 	3,009	
 	2,896	
 	
 	Automobile	612	
 	236	
 	346	
 	322	
 	193	
 	
 	Other 1	842	
 	844	
 	644	
 	790	
 	841	
 	
Total Consumer	9,089	
 	9,667	
 	9,564	
 	8,685	
 	11,390	
 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	9,103	
 	$	9,667	
 	$	9,714	
 	$	9,858	
 	$	11,398	
 	
Restructured Loans on Accrual Status	 	 	 	 	 	
   and Not Past Due 90 Days or More	$	45,169	
 	$	43,625	
 	$	44,473	
 	$	51,123	
 	$	39,845	
 	
Total Loans and Leases	$	6,606,350	
 	$	6,426,353	
 	$	6,209,857	
 	$	6,095,387	
 	$	6,006,642	

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.45	%	0.47	%	0.54	%	0.60	%	0.51	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.50	%	0.53	%	0.60	%	0.65	%	0.56	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial Loans	 	 	 	 	 	
 	and Leases and Commercial Foreclosed Real Estate	0.42	%	0.48	%	0.53	%	0.61	%	0.35	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer Loans	 	 	 	 	 	
 	and Leases and Consumer Foreclosed Real Estate	0.56	%	0.57	%	0.64	%	0.68	%	0.71	%	
 	 	 	 	 	 	 	 	
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	0.64	%	0.69	%	0.75	%	0.81	%	0.75	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	34,389	
 	$	37,048	
 	$	39,650	
 	$	33,832	
 	$	36,431	
 	
Additions	2,565	
 	2,798	
 	2,491	
 	13,040	
 	3,395	
 	
Reductions	 	 	 	 	 	
 	Payments	(2,381	)	(2,753	)	(1,855	)	(932	)	(2,954	)	
 	Return to Accrual Status	(704	)	(904	)	(1,864	)	(2,308	)	(1,166	)	
 	Sales of Foreclosed Real Estate	(449	)	(1,782	)	(737	)	(1,431	)	(1,498	)	
 	Charge-offs/Write-downs	(113	)	(18	)	(637	)	(2,551	)	(376	)	
Total Reductions	(3,647	)	(5,457	)	(5,093	)	(7,222	)	(5,994	)	
Balance at End of Quarter	$	33,307	
 	$	34,389	
 	$	37,048	
 	$	39,650	
 	$	33,832	

 	 	 	 	 	 	 	 	
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	 	Nine Months Ended	
 	 	 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands)	2014	2014	2013	 	2014	2013	
Balance at Beginning of Period	$	119,725	
 	$	120,136	
 	$	130,494	
 	 	$	121,521	
 	$	134,276	
 	
Loans and Leases Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	(229	)	(749	)	(607	)	 	(1,797	)	(1,255	)	
 	 	Lease Financing	—	
 	(66	)	(16	)	 	(66	)	(16	)	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	(22	)	(323	)	(405	)	 	(674	)	(1,828	)	
 	 	Home Equity	(475	)	(553	)	(1,106	)	 	(1,379	)	(4,499	)	
 	 	Automobile	(957	)	(711	)	(457	)	 	(2,585	)	(1,461	)	
 	 	Other 1	(1,978	)	(1,595	)	(2,083	)	 	(5,195	)	(5,618	)	
Total Loans and Leases Charged-Off	(3,661	)	(3,997	)	(4,674	)	 	(11,696	)	(14,677	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	1,177	
 	2,132	
 	498	
 	 	4,229	
 	1,373	
 	
 	 	Commercial Mortgage	14	
 	15	
 	519	
 	 	43	
 	543	
 	
 	 	Construction	8	
 	8	
 	11	
 	 	21	
 	357	
 	
 	 	Lease Financing	3	
 	1	
 	11	
 	 	6	
 	33	
 	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	299	
 	2,335	
 	1,290	
 	 	2,906	
 	2,712	
 	
 	 	Home Equity	531	
 	351	
 	614	
 	 	1,433	
 	1,697	
 	
 	 	Automobile	322	
 	343	
 	348	
 	 	1,110	
 	1,265	
 	
 	 	Other 1	496	
 	723	
 	488	
 	 	1,720	
 	1,520	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,850	
 	5,908	
 	3,779	
 	 	11,468	
 	9,500	
 	
Net Loans and Leases Recovered (Charged-Off)	(811	)	1,911	
 	(895	)	 	(228	)	(5,177	)	
Provision for Credit Losses	(2,665	)	(2,199	)	—	
 	 	(4,864	)	—	
 	
Provision for Unfunded Commitments	—	
 	(123	)	148	
 	 	(180	)	648	
 	
Balance at End of Period 2	$	116,249	
 	$	119,725	
 	$	129,747	
 	 	$	116,249	
 	$	129,747	

Components	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	$	110,362	
 	$	113,838	
 	$	123,680	
 	 	$	110,362	
 	$	123,680	
 	
Reserve for Unfunded Commitments	5,887	
 	5,887	
 	6,067	
 	 	5,887	
 	6,067	
 	
Total Reserve for Credit Losses	$	116,249	
 	$	119,725	
 	$	129,747	
 	 	$	116,249	
 	$	129,747	

Average Loans and Leases Outstanding	$	6,488,780	
 	$	6,274,595	
 	$	5,892,888	
 	 	$	6,290,548	
 	$	5,826,424	

Ratio of Net Loans and Leases Charged-Off (Recovered) to	 	 	 	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.05	%	(0.12	)%	0.06	%	 	—	%	0.12	%	
Ratio of Allowance for Loan and Lease Losses to Loans
      and Leases Outstanding	1.67	%	1.77	 %	2.06	%	 	1.67	%	2.06	%	

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	
 	
 	Retail	
 	Commercial	
 	Investment	
 	Treasury	
 	Consolidated	
 	
(dollars in thousands)	Banking	
 	Banking	
 	Services	
 	and Other	
 	Total	
 	
Three Months Ended September 30, 2014	 	 	 	 	 	
Net Interest Income	$	46,863	
 	$	31,533	
 	$	2,676	
 	$	14,307	
 	$	95,379	
 	
Provision for Credit Losses	1,853	
 	(834	)	(9	)	(3,675	)	(2,665	)	
Net Interest Income After Provision for Credit Losses	45,010	
 	32,367	
 	2,685	
 	17,982	
 	98,044	
 	
Noninterest Income	20,265	
 	5,692	
 	14,459	
 	4,534	
 	44,950	
 	
Noninterest Expense	(48,963	)	(16,190	)	(13,443	)	(2,434	)	(81,030	)	
Income Before Provision for Income Taxes	16,312	
 	21,869	
 	3,701	
 	20,082	
 	61,964	
 	
Provision for Income Taxes	(5,807	)	(7,669	)	(1,370	)	(5,349	)	(20,195	)	
Net Income	$	10,505	
 	$	14,200	
 	$	2,331	
 	$	14,733	
 	$	41,769	
 	
Total Assets as of September 30, 2014	$	3,936,206	
 	$	2,640,763	
 	$	192,739	
 	$	7,740,458	
 	$	14,510,166	

 	 	 	 	 	 	
Three Months Ended September 30, 2013  1	 	 	 	 	 	
Net Interest Income	$	41,404	
 	$	25,119	
 	$	2,574	
 	$	21,790	
 	$	90,887	
 	
Provision for Credit Losses	1,629	
 	(691	)	(19	)	(919	)	—	
 	
Net Interest Income After Provision for Credit Losses	39,775	
 	25,810	
 	2,593	
 	22,709	
 	90,887	
 	
Noninterest Income	21,785	
 	6,411	
 	14,348	
 	2,582	
 	45,126	
 	
Noninterest Expense	(50,150	)	(15,746	)	(13,590	)	(3,491	)	(82,977	)	
Income Before Provision for Income Taxes	11,410	
 	16,475	
 	3,351	
 	21,800	
 	53,036	
 	
Provision for Income Taxes	(4,222	)	(5,666	)	(1,240	)	(4,204	)	(15,332	)	
Net Income	$	7,188	
 	$	10,809	
 	$	2,111	
 	$	17,596	
 	$	37,704	
 	
Total Assets as of September 30, 2013	$	3,611,412	
 	$	2,356,723	
 	$	199,556	
 	$	7,681,180	
 	$	13,848,871	

 	 	 	 	 	 	
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	
 	
 	Retail	
 	Commercial	
 	Investment	
 	Treasury	
 	Consolidated	
 	
(dollars in thousands)	Banking	
 	Banking	
 	Services	
 	and Other	
 	Total	
 	
Nine Months Ended September 30, 2014	 	 	 	 	 	
Net Interest Income	$	134,776	
 	$	86,316	
 	$	7,895	
 	$	54,037	
 	$	283,024	
 	
Provision for Credit Losses	2,895	
 	(2,164	)	(303	)	(5,292	)	(4,864	)	
Net Interest Income After Provision for Credit Losses	131,881	
 	88,480	
 	8,198	
 	59,329	
 	287,888	
 	
Noninterest Income	59,890	
 	17,223	
 	43,206	
 	13,880	
 	134,199	
 	
Noninterest Expense	(147,737	)	(49,215	)	(40,842	)	(7,865	)	(245,659	)	
Income Before Provision for Income Taxes	44,034	
 	56,488	
 	10,562	
 	65,344	
 	176,428	
 	
Provision for Income Taxes	(16,017	)	(19,572	)	(3,908	)	(15,080	)	(54,577	)	
Net Income	$	28,017	
 	$	36,916	
 	$	6,654	
 	$	50,264	
 	$	121,851	
 	
Total Assets as of September 30, 2014	$	3,936,206	
 	$	2,640,763	
 	$	192,739	
 	$	7,740,458	
 	$	14,510,166	

 	 	 	 	 	 	
Nine Months Ended September 30, 2013 1	 	 	 	 	 	
Net Interest Income	$	122,442	
 	$	73,975	
 	$	7,938	
 	$	62,432	
 	$	266,787	
 	
Provision for Credit Losses	6,775	
 	(1,501	)	(52	)	(5,222	)	—	
 	
Net Interest Income After Provision for Credit Losses	115,667	
 	75,476	
 	7,990	
 	67,654	
 	266,787	
 	
Noninterest Income	67,686	
 	20,382	
 	44,446	
 	8,431	
 	140,945	
 	
Noninterest Expense	(150,838	)	(47,957	)	(40,954	)	(8,796	)	(248,545	)	
Income Before Provision for Income Taxes	32,515	
 	47,901	
 	11,482	
 	67,289	
 	159,187	
 	
Provision for Income Taxes	(12,030	)	(16,413	)	(4,248	)	(15,049	)	(47,740	)	
Net Income	$	20,485	
 	$	31,488	
 	$	7,234	
 	$	52,240	
 	$	111,447	
 	
Total Assets as of September 30, 2013 	$	3,611,412	
 	$	2,356,723	
 	$	199,556	
 	$	7,681,180	
 	$	13,848,871	

 	 	 	 	 	 	
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	 	
 	September 30,	
 	 	June 30,	
 	 	March 31,	
 	 	December 31,	
 	 	September 30,	
 	 	
(dollars in thousands, except per share amounts)	2014	
 	 	2014	
 	 	2014	
 	 	2013	
 	 	2013	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	68,089	
 	 	$	65,818	
 	 	$	63,526	
 	 	$	63,809	
 	 	$	63,918	
 	 	
   Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
      Available-for-Sale	10,286	
 	 	10,697	
 	 	10,760	
 	 	10,608	
 	 	12,038	
 	 	
      Held-to-Maturity	26,067	
 	 	26,938	
 	 	27,889	
 	 	26,882	
 	 	24,137	
 	 	
   Deposits	3	
 	 	1	
 	 	3	
 	 	3	
 	 	3	
 	 	
   Funds Sold	176	
 	 	168	
 	 	137	
 	 	105	
 	 	177	
 	 	
   Other	302	
 	 	302	
 	 	302	
 	 	302	
 	 	301	
 	 	
Total Interest Income	104,923	
 	 	103,924	
 	 	102,617	
 	 	101,709	
 	 	100,574	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	2,391	
 	 	2,393	
 	 	2,358	
 	 	2,418	
 	 	2,500	
 	 	
   Securities Sold Under Agreements to Repurchase	6,523	
 	 	6,465	
 	 	6,397	
 	 	6,530	
 	 	6,551	
 	 	
   Funds Purchased	3	
 	 	4	
 	 	3	
 	 	8	
 	 	4	
 	 	
   Short-Term Borrowings	—	
 	 	—	
 	 	—	
 	 	2	
 	 	—	
 	 	
   Long-Term Debt	627	
 	 	650	
 	 	626	
 	 	631	
 	 	632	
 	 	
Total Interest Expense	9,544	
 	 	9,512	
 	 	9,384	
 	 	9,589	
 	 	9,687	
 	 	
Net Interest Income	95,379	
 	 	94,412	
 	 	93,233	
 	 	92,120	
 	 	90,887	
 	 	
Provision for Credit Losses	(2,665	)	 	(2,199	)	 	—	
 	 	—	
 	 	—	
 	 	
Net Interest Income After Provision for Credit Losses	98,044	
 	 	96,611	
 	 	93,233	
 	 	92,120	
 	 	90,887	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	11,716	
 	 	12,005	
 	 	11,852	
 	 	12,240	
 	 	11,717	
 	 	
   Mortgage Banking	1,646	
 	 	1,804	
 	 	2,005	
 	 	2,823	
 	 	4,132	
 	 	
   Service Charges on Deposit Accounts	9,095	
 	 	8,638	
 	 	8,878	
 	 	9,326	
 	 	9,385	
 	 	
   Fees, Exchange, and Other Service Charges	13,390	
 	 	13,370	
 	 	12,939	
 	 	12,670	
 	 	12,732	
 	 	
   Investment Securities Gains, Net	1,858	
 	 	2,079	
 	 	2,160	
 	 	—	
 	 	—	
 	 	
   Insurance	2,348	
 	 	1,930	
 	 	2,123	
 	 	2,295	
 	 	2,177	
 	 	
   Bank-Owned Life Insurance	1,644	
 	 	1,519	
 	 	1,602	
 	 	1,895	
 	 	1,365	
 	 	
   Other	3,253	
 	 	3,136	
 	 	3,209	
 	 	4,029	
 	 	3,618	
 	 	
Total Noninterest Income	44,950	
 	 	44,481	
 	 	44,768	
 	 	45,278	
 	 	45,126	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
   Salaries and Benefits	45,530	
 	 	45,081	
 	 	46,897	
 	 	43,643	
 	 	46,552	
 	 	
   Net Occupancy	9,334	
 	 	9,254	
 	 	9,417	
 	 	9,602	
 	 	9,847	
 	 	
   Net Equipment	4,473	
 	 	4,669	
 	 	4,603	
 	 	4,837	
 	 	4,572	
 	 	
   Data Processing	3,665	
 	 	3,842	
 	 	3,649	
 	 	3,827	
 	 	3,697	
 	 	
   Professional Fees	1,835	
 	 	2,613	
 	 	2,260	
 	 	2,669	
 	 	2,119	
 	 	
   FDIC Insurance	1,750	
 	 	2,055	
 	 	2,076	
 	 	1,954	
 	 	1,913	
 	 	
   Other	14,443	
 	 	13,568	
 	 	14,645	
 	 	15,892	
 	 	14,277	
 	 	
Total Noninterest Expense	81,030	
 	 	81,082	
 	 	83,547	
 	 	82,424	
 	 	82,977	
 	 	
Income Before Provision for Income Taxes	61,964	
 	 	60,010	
 	 	54,454	
 	 	54,974	
 	 	53,036	
 	 	
Provision for Income Taxes	20,195	
 	 	18,520	
 	 	15,862	
 	 	15,919	
 	 	15,332	
 	 	
Net Income	$	41,769	
 	 	$	41,490	
 	 	$	38,592	
 	 	$	39,055	
 	 	$	37,704	

Basic Earnings Per Share	$	0.95	
 	 	$	0.94	
 	 	$	0.87	
 	 	$	0.88	
 	 	$	0.85	
 	 	
Diluted Earnings Per Share	$	0.95	
 	 	$	0.94	
 	 	$	0.87	
 	 	$	0.88	
 	 	$	0.85	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	6,606,350	
 	 	$	6,426,353	
 	 	$	6,209,857	
 	 	$	6,095,387	
 	 	$	6,006,642	
 	 	
Total Assets	14,510,166	
 	 	14,844,505	
 	 	14,263,118	
 	 	14,084,280	
 	 	13,848,871	
 	 	
Total Deposits	12,361,441	
 	 	12,670,034	
 	 	12,044,473	
 	 	11,914,656	
 	 	11,608,134	
 	 	
Total Shareholders' Equity	1,057,413	
 	 	1,050,801	
 	 	1,028,904	
 	 	1,011,976	
 	 	992,686	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.15	
 	%	1.17	
 	%	1.12	
 	%	1.12	
 	%	1.09	
 	%	
Return on Average Shareholders' Equity	15.57	
 	 	15.87	
 	 	15.15	
 	 	15.36	
 	 	15.02	
 	 	
Efficiency Ratio 1	57.74	
 	 	58.38	
 	 	60.54	
 	 	59.99	
 	 	61.01	
 	 	
Net Interest Margin 2	2.85	
 	 	2.86	
 	 	2.87	
 	 	2.85	
 	 	2.83	

 	 	 	 	 	 	 	 	 	 	 	
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	
 	Eight Months Ended	 	 	Year Ended	
($ in millions; jobs in thousands)	August 31, 2014	 	 	December 31, 2013	December 31, 2012	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	3,618.8	
 	(0.9	)	%	 	$	5,451.3	
 	 	3.7	
 	%	$	5,259.1	
 	 	12.8	
 	%	
   General Excise and Use Tax Revenue 1	$	2,002.3	
 	0.5	
 	%	 	$	2,907.6	
 	 	2.2	
 	%	$	2,844.7	
 	 	9.9	
 	%	
   Jobs 2	634.1	
 	 	 	 	623.1	
 	 	 	 	619.3	

 	 	 	 	 	 	 	September 30,	 	December 31,	
(spot rates)	 	 	 	 	 	 	2014	 	2013	2012	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
  Statewide, seasonally adjusted	 	 	 	 	 	 	4.2	
 	%	4.7	
 	%	5.1	
 	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	 	4.0	
 	 	3.8	
 	 	4.2	
 	 	
   Island of Hawaii	 	 	 	 	 	 	5.4	
 	 	5.9	
 	 	6.9	
 	 	
   Maui	 	 	 	 	 	 	4.3	
 	 	4.7	
 	 	5.2	
 	 	
   Kauai	 	 	 	 	 	 	4.8	
 	 	5.2	
 	 	6.1	

 	 	 	 	 	 	 	August 31,	 	December 31,	
(percentage change, except months of inventory)	 	 	 	 	 	2014	 	2013	2012	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	 	 	4.6	
 	%	4.8	
 	%	7.8	
 	%	
   Home Sales Volume (units)	 	 	 	 	 	 	1.6	
 	%	4.6	
 	%	6.5	
 	%	
   Months of Inventory	 	 	 	 	 	 	2.9	
 	 	2.7	
 	 	2.5	

 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	
(in thousands)	 	 	 	 	Not Seasonally Adjusted	 	from Previous Year	
Tourism 5	 	 	 	 	 	 	 	 	 	 	 	 	
August 31, 2014	 	 	 	 	 	 	730.7	
 	 	 	 	(1.3	)	 	
July 31, 2014	 	 	 	 	 	 	772.1	
 	 	 	 	2.5	
 	 	
June 30, 2014	 	 	 	 	 	 	725.1	
 	 	 	 	1.9	
 	 	
May 31, 2014	 	 	 	 	 	 	649.1	
 	 	 	 	1.8	
 	 	
April 30, 2014	 	 	 	 	 	 	662.6	
 	 	 	 	(0.7	)	 	
March 31, 2014	 	 	 	 	 	 	728.8	
 	 	 	 	(5.2	)	 	
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	 	 	 	 	 	 	740.6	
 	 	 	 	2.1	
 	 	
July 31, 2013	 	 	 	 	 	 	753.3	
 	 	 	 	4.6	
 	 	
June 30, 2013	 	 	 	 	 	 	711.3	
 	 	 	 	5.0	
 	 	
May 31, 2013	 	 	 	 	 	 	637.5	
 	 	 	 	2.4	
 	 	
April 30, 2013	 	 	 	 	 	 	667.0	
 	 	 	 	3.1	
 	 	
March 31, 2013	 	 	 	 	 	 	769.1	
 	 	 	 	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	

1  Source: Hawaii Department of Business, Economic Development & Tourism	 	 	 	 	 	 	 	
2  Source: U. S. Bureau of Labor	 	 	 	 	 	 	 	 	 	 	
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.