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 20, 2015	 	
 
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 20, 2015, Bank of Hawaii Corporation announced its results of operations for the quarter ended March 31, 2015.  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 20, 2015 Press Release: Bank of Hawaii Corporation First Quarter 2015 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 20, 2015	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation First Quarter 2015 Financial Results

•Diluted Earnings Per Share $0.97
•Net Income $42.4 Million
•Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 20, 2015) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.97 for the first quarter of 2015, up from $0.94 in the previous quarter, and up from $0.87 in the same quarter last year. Net income for the first quarter of 2015 was $42.4 million, an increase of $1.3 million compared with net income of $41.2 million in the fourth quarter of 2014, and up $3.9 million from net income of $38.6 million in the first quarter of 2014.

Loan and lease balances increased to $7.2 billion at March 31, 2015, up 4.1 percent from December 31, 2014 and 15.6 percent compared with March 31, 2014. Deposit growth remained strong during the quarter, increasing 2.7 percent from December 31, 2014 and 7.8 percent from March 31, 2014.

"Bank of Hawaii Corporation had a solid start to 2015 with good financial performance in the first quarter," said Peter S. Ho, Chairman, President, and CEO. “Our balance sheet remains strong with growth in both loans and deposits, and we maintained our disciplined approach to risk and capital management. During the quarter we sold $10.1 million in Visa shares which exceeded our previous quarterly rate of $2.0 million because of our counterparty’s minimum transaction requirement. We do not currently anticipate further sales of Visa shares during 2015.”

The return on average assets for the first quarter of 2015 was 1.15 percent, an increase from 1.12 percent during the previous quarter and same quarter last year. The return on average equity for the first quarter of 2015 was 16.18 percent, up from 15.39 percent in the fourth quarter of 2014 and 15.15 percent in the first quarter of 2014. The efficiency ratio during the first quarter of 2015 was 58.30 percent compared with 57.03 percent in the previous quarter and 60.54 percent in the same quarter last year.

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Bank of Hawaii Corporation First Quarter 2015 Financial Results     Page 2

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2015 was $99.6 million, up $0.1 million from the fourth quarter of 2014, and up $3.5 million from the first quarter of 2014. The net interest margin was 2.81 percent for the first quarter of 2015, a decrease of 3 basis points compared with the net interest margin of 2.84 percent in the fourth quarter of 2014, and a 6 basis point decrease from 2.87 percent in the first quarter of 2014. Analyses of the changes in net interest income are included in Tables 8a and 8b.

Noninterest income was $52.3 million for the first quarter of 2015, an increase of $6.5 million compared with noninterest income of $45.8 million in the fourth quarter of 2014, and an increase of $7.5 million compared with noninterest income of $44.8 million in the first quarter of 2014. Noninterest income in the first quarter of 2015 included a net gain of $10.1 million resulting from the sale of 95,000 Visa Class B shares (156,589 Class A equivalents).  The Company also contributed 4,700 Visa Class B shares to the Bank of Hawaii Foundation during the quarter.  The contribution had no impact on noninterest expense; however, the contribution did favorably impact the effective tax rate during the quarter.  Noninterest income in the first quarter of 2014 included a gain of $2.0 million resulting from the sale of 22,000 Visa Class B shares.  As of March 31, 2015, the Company has 297,814 Visa Class B shares remaining (490,887 Class A equivalents). 

Noninterest expense was $86.9 million in the first quarter of 2015, up $5.7 million from noninterest expense of $81.2 million in the fourth quarter of 2014, and up $3.4 million from noninterest expense of $83.5 million in the same quarter last year. Noninterest expense in the first quarter of 2015 included seasonal payroll-related expenses resulting from annual payments from the Company’s incentive compensation plans and higher payroll taxes, $1.9 million in severance payments, higher medical and commission expenses, and increased technology investments. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the first quarter of 2015 was 31.72 percent compared with 32.71 percent in the previous quarter and 29.13 percent during the same quarter last year.  The lower effective tax rate in the first quarter of 2014 was primarily due to a $1.2 million credit for the release of reserves due to a settlement with the State of Hawaii related to prior year tax issues.

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 asset quality remained strong during the first quarter of 2015. Total non-performing assets decreased to $28.8 million at March 31, 2015, down from non-performing assets of $30.1 million at December 31, 2014 and $37.0 million at March 31, 2014. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.40 percent at the end of the first quarter of 2015, down from 0.44 percent at the end of the fourth quarter of 2014, and 0.60 percent at the end of the first quarter last year.
 
Accruing loans and leases past due 90 days or more were $8.0 million at March 31, 2015, down from $8.7 million at December 31, 2014 and $9.7 million at March 31, 2014. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $46.6 million at March 31, 2015, up from $45.5 million at December 31, 2014 and $44.5 million at March 31, 2014. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

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Bank of Hawaii Corporation First Quarter 2015 Financial Results     Page 3
    
Net loan and lease charge-offs during the first quarter of 2015 were $1.2 million or 0.07 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $4.1 million were partially offset by recoveries of $2.9 million. Net charge-offs in the fourth quarter of 2014 were $1.7 million, or 0.10 percent annualized of total average loans and leases outstanding, and were comprised of $3.7 million in charge-offs partially offset by recoveries of $2.1 million. Net charge-offs during the first quarter of 2014 were $1.3 million, or 0.09 percent annualized of total average loans and leases outstanding, and were comprised of $4.0 million in charge-offs partially offset by recoveries of $2.7 million.

The allowance for loan and lease losses was $107.5 million at March 31, 2015, down from $108.7 million at December 31, 2014 and $114.1 million at March 31, 2014. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.50 percent at March 31, 2015. The reserve for unfunded commitments was $5.9 million at March 31, 2015, unchanged from the previous quarter and down from $6.0 million at March 31, 2014. 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 $15.14 billion at March 31, 2015, up from $14.79 billion at December 31, 2014 and $14.26 billion at March 31, 2014. Average total assets were $14.95 billion during the first quarter of 2015, an increase from average total assets of $14.60 billion during the previous quarter and $14.03 billion during the same quarter last year.

The investment securities portfolio decreased to $6.58 billion at March 31, 2015, compared with $6.76 billion at December 31, 2014 and $6.97 billion at March 31, 2014. The portfolio at March 31, 2015 remains largely comprised of securities issued by U. S. government agencies and included $4.31 billion in securities held to maturity and $2.27 billion in securities available for sale. 

Total loans and leases were $7.18 billion at March 31, 2015, up from $6.90 billion at December 31, 2014 and $6.21 billion at March 31, 2014. Average total loans and leases were $7.05 billion during the first quarter of 2015, up from $6.75 billion during the fourth quarter of 2014, and up from $6.10 billion during the same quarter last year.

The commercial loan portfolio was $2.96 billion at the end of the first quarter of 2015, an increase of 4.5 percent from commercial loans of $2.83 billion at the end of the fourth quarter of 2014, and up 14.9 percent from commercial loans of $2.57 billion at the end of the same quarter last year. The consumer loan portfolio was $4.22 billion at the end of the first quarter of 2015, an increase of 3.8 percent from consumer loans of $4.07 billion at the end of the fourth quarter of 2014, and up 16.1 percent from $3.64 billion at the end of the same quarter last year. Loan and lease portfolio balances are summarized in Table 10.

    

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Bank of Hawaii Corporation First Quarter 2015 Financial Results     Page 4

Total deposits increased to $12.98 billion at March 31, 2015 compared with $12.63 billion at December 31, 2014 and $12.04 billion at March 31, 2014. Average total deposits were $12.79 billion during the first quarter of 2015, up from $12.44 billion during the previous quarter and $11.81 billion during the same quarter last year.

Consumer deposits increased 2.1 percent from the previous quarter and 4.4 percent compared with the first quarter last year. Commercial deposits increased 5.5 percent from the previous quarter and 14.8 percent compared with the first quarter last year. Other deposits, including public funds, decreased 4.5 percent from the previous quarter and 2.0 percent compared with the same quarter last year. Deposit balances are summarized in Tables 7 and 10.

During the first quarter of 2015, the Company repurchased 178.5 thousand shares of common stock at a total cost of $10.3 million under its share repurchase program. The average cost was $57.70 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through March 31, 2015, the Company has repurchased 52.2 million shares and returned over $1.9 billion to shareholders at an average cost of $37.03 per share. Remaining buyback authority under the share repurchase program was $62.9 million at March 31, 2015. From April 1 through April 17, 2015, the Company repurchased an additional 48.0 thousand shares of common stock at an average cost of $61.58 per share. As of April 17, 2015, remaining buyback authority under the share repurchase program was $60.0 million.

Total shareholders’ equity increased to $1.08 billion at March 31, 2015, up from $1.06 billion at December 31, 2014 and $1.03 billion at March 31, 2014. At March 31, 2015, the Tier 1 Capital Ratio was 14.62 percent and the Tier 1 leverage ratio was 7.17 percent. Capital ratios are calculated under Basel III rules, which became effective January 1, 2015.

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 12, 2015 to shareholders of record at the close of business on May 29, 2015.

Hawaii Economy

The overall Hawaii economy remained positive during the first quarter of 2015 due to the continuation of a strong tourism industry, expanding construction activity, relatively low unemployment, and stable real estate market. For the first two months of 2015, total visitor arrivals increased 0.8 percent and visitor spending decreased 3.3 percent compared to the same period in 2014. Following another record level of tourism in 2014, the current level of visitor activity still reflects a healthy tourism industry despite the mixed year-to-date results. The statewide seasonally-adjusted unemployment rate declined to 4.1 percent in February 2014, compared to 5.5 percent nationally.

For the first quarter of 2015, the volume of single-family home sales on Oahu decreased 4.0 percent and the volume of condominium sales on Oahu decreased 1.4 percent compared with the same period last year. During the first quarter of 2015, the median price of single-family home sales on Oahu increased 3.2 percent and the median price of condominium sales on Oahu increased 5.4 percent compared with the same period last year. As of March 31, 2015, months of inventory of single-family homes and condominiums on Oahu remained extremely low at 2.7 months and 3.4 months, respectively. More information on current Hawaii economic trends is presented in Table 15.

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Bank of Hawaii Corporation First Quarter 2015 Financial Results     Page 5

Conference Call Information

The Company will review its first quarter financial results today at 2:00 p.m. Eastern Time (8:00 a.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 20, 2015 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 38310708# 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, 2014, 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 1	
 	 	
 	Three Months Ended	 	
 	March 31,	 	December 31,	 	March 31,	 	
(dollars in thousands, except per share amounts)	2015	 	2014	 	2014	 	
For the Period:	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	
Net Interest Income	$	96,770	
 	 	$	96,632	
 	 	$	93,233	
 	 	
Provision for Credit Losses	—	
 	 	—	
 	 	—	
 	 	
Total Noninterest Income	52,307	
 	 	45,818	
 	 	44,768	
 	 	
Total Noninterest Expense	86,915	
 	 	81,240	
 	 	83,547	
 	 	
Net Income	42,442	
 	 	41,191	
 	 	38,592	
 	 	
Basic Earnings Per Share	0.98	
 	 	0.95	
 	 	0.87	
 	 	
Diluted Earnings Per Share	0.97	
 	 	0.94	
 	 	0.87	
 	 	
Dividends Declared Per Share	0.45	
 	 	0.45	
 	 	0.45	

Performance Ratios	 	 	 	 	 	 	
Return on Average Assets	1.15	
 	%	1.12	
 	%	1.12	
 	%	
Return on Average Shareholders' Equity	16.18	
 	 	15.39	
 	 	15.15	
 	 	
Efficiency Ratio 1	58.30	
 	 	57.03	
 	 	60.54	
 	 	
Net Interest Margin 2	2.81	
 	 	2.84	
 	 	2.87	
 	 	
Dividend Payout Ratio 3	45.92	
 	 	47.37	
 	 	51.72	
 	 	
Average Shareholders' Equity to Average Assets	7.12	
 	 	7.27	
 	 	7.36	

Average Balances	 	 	 	 	 	 	
Average Loans and Leases	$	7,053,061	
 	 	$	6,746,332	
 	 	$	6,104,041	
 	 	
Average Assets	14,946,037	
 	 	14,603,493	
 	 	14,033,949	
 	 	
Average Deposits	12,786,449	
 	 	12,435,692	
 	 	11,814,548	
 	 	
Average Shareholders' Equity	1,064,112	
 	 	1,061,900	
 	 	1,033,413	

Per Share of Common Stock	 	 	 	 	 	 	
Book Value	$	24.63	
 	 	$	24.13	
 	 	$	23.14	
 	 	
Tangible Book Value	23.91	
 	 	23.41	
 	 	22.43	
 	 	
Market Value	 	 	 	 	 	 	
   Closing	61.21	
 	 	59.31	
 	 	60.61	
 	 	
   High	62.58	
 	 	61.00	
 	 	61.36	
 	 	
   Low	53.90	
 	 	52.70	
 	 	54.16	

 	March 31,	
 	 	December 31,	
 	 	March 31,	
 	 	
 	2015	
 	 	2014	
 	 	2014	
 	 	
As of Period End:	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	
Loans and Leases	$	7,178,628	
 	 	$	6,897,589	
 	 	$	6,209,857	
 	 	
Total Assets	15,139,179	
 	 	14,787,208	
 	 	14,263,118	
 	 	
Total Deposits	12,979,616	
 	 	12,633,089	
 	 	12,044,473	
 	 	
Other Debt	173,898	
 	 	173,912	
 	 	174,695	
 	 	
Total Shareholders' Equity	1,075,251	
 	 	1,055,086	
 	 	1,028,904	

Asset Quality	 	 	 	 	 	 	
Non-Performing Assets	$	28,777	
 	 	$	30,082	
 	 	$	37,048	
 	 	
Allowance for Loans and Leases	107,461	
 	 	108,688	
 	 	114,126	
 	 	
Allowance to Loans and Leases Outstanding	1.50	
 	%	1.58	
 	%	1.84	

Capital Ratios	 	 	 	 	 	 	
Common Equity Tier 1 Capital Ratio 4	14.62	
 	%	 n/a	
 	 	 n/a	
 	 	
Tier 1 Capital Ratio 4	14.62	
 	 	14.69	
 	%	15.96	
 	%	
Total Capital Ratio 4	15.87	
 	 	15.94	
 	 	17.22	
 	 	
Tier 1 Leverage Ratio 4	7.17	
 	 	7.13	
 	 	7.22	
 	 	
Total Shareholders' Equity to Total Assets	7.10	
 	 	7.14	
 	 	7.21	
 	 	
Tangible Common Equity to Tangible Assets 5	6.91	
 	 	6.94	
 	 	7.01	
 	 	
Tangible Common Equity to Risk-Weighted Assets 5	14.27	
 	 	14.46	
 	 	15.69	

Non-Financial Data	 	 	 	 	 	 	
Full-Time Equivalent Employees	2,156	
 	 	2,161	
 	 	2,181	
 	 	
Branches	74	
 	 	74	
 	 	74	
 	 	
ATMs	456	
 	 	459	
 	 	458	

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  Capital ratios as of March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.	
5 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Reconciliation of Non-GAAP Financial Measures	 	 	 	 	Table 2	
 	
 	 	 	March 31,	
 	 	December 31,	
 	 	March 31,	
 	
(dollars in thousands)	 	2015	
 	 	2014	
 	 	2014	
 	
Total Shareholders' Equity	 	$	1,075,251	
 	 	$	1,055,086	
 	 	$	1,028,904	
 	
Less:	Goodwill	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Common Equity	 	$	1,043,734	
 	 	$	1,023,569	
 	 	$	997,387	

Total Assets	 	$	15,139,179	
 	 	$	14,787,208	
 	 	$	14,263,118	
 	
Less:	Goodwill	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Assets	 	$	15,107,662	
 	 	$	14,755,691	
 	 	$	14,231,601	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	 	
 	with prescribed regulatory requirements 1	 	$	7,313,682	
 	 	$	7,077,035	
 	 	$	6,357,459	

Total Shareholders' Equity to Total Assets	 	7.10	%	 	7.14	%	 	7.21	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	 	6.91	%	 	6.94	%	 	7.01	%	
 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio 1	 	14.62	%	 	14.69	%	 	15.96	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)  1	 	14.27	%	 	14.46	%	 	15.69	%	
 	 	 	 	 	 	 	 	
1  Risk-weighted assets and and capital ratios as of March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.	

 	
 	 	 	 	 	 	 	 	 	 	
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)	2015	2014	2014	
Interest Income	 	 	 	
   Interest and Fees on Loans and Leases	$	70,961	
 	$	69,974	
 	$	63,526	
 	
   Income on Investment Securities	 	 	 	
      Available-for-Sale	10,198	
 	10,732	
 	10,760	
 	
      Held-to-Maturity	24,407	
 	24,966	
 	27,889	
 	
   Deposits	3	
 	2	
 	3	
 	
   Funds Sold	259	
 	192	
 	137	
 	
   Other	302	
 	303	
 	302	
 	
Total Interest Income	106,130	
 	106,169	
 	102,617	
 	
Interest Expense	 	 	 	
   Deposits	2,368	
 	2,392	
 	2,358	
 	
   Securities Sold Under Agreements to Repurchase	6,371	
 	6,520	
 	6,397	
 	
   Funds Purchased	3	
 	3	
 	3	
 	
   Other Debt	618	
 	622	
 	626	
 	
Total Interest Expense	9,360	
 	9,537	
 	9,384	
 	
Net Interest Income	96,770	
 	96,632	
 	93,233	
 	
Provision for Credit Losses	—	
 	—	
 	—	
 	
Net Interest Income After Provision for Credit Losses	96,770	
 	96,632	
 	93,233	
 	
Noninterest Income	 	 	 	
   Trust and Asset Management	12,180	
 	12,225	
 	11,852	
 	
   Mortgage Banking	1,693	
 	2,116	
 	2,005	
 	
   Service Charges on Deposit Accounts	8,537	
 	9,058	
 	8,878	
 	
   Fees, Exchange, and Other Service Charges	12,897	
 	13,702	
 	12,939	
 	
   Investment Securities Gains, Net	10,231	
 	1,966	
 	2,160	
 	
   Annuity and Insurance	2,044	
 	1,664	
 	2,123	
 	
   Bank-Owned Life Insurance	1,734	
 	1,874	
 	1,602	
 	
   Other	2,991	
 	3,213	
 	3,209	
 	
Total Noninterest Income	52,307	
 	45,818	
 	44,768	
 	
Noninterest Expense	 	 	 	
   Salaries and Benefits	49,780	
 	45,520	
 	46,897	
 	
   Net Occupancy	9,333	
 	9,291	
 	9,417	
 	
   Net Equipment	5,288	
 	4,734	
 	4,603	
 	
   Data Processing	3,773	
 	3,823	
 	3,649	
 	
   Professional Fees	2,334	
 	3,086	
 	2,260	
 	
   FDIC Insurance	2,140	
 	2,055	
 	2,076	
 	
   Other	14,267	
 	12,731	
 	14,645	
 	
Total Noninterest Expense	86,915	
 	81,240	
 	83,547	
 	
Income Before Provision for Income Taxes	62,162	
 	61,210	
 	54,454	
 	
Provision for Income Taxes	19,720	
 	20,019	
 	15,862	
 	
Net Income	$	42,442	
 	$	41,191	
 	$	38,592	
 	
Basic Earnings Per Share	$	0.98	
 	$	0.95	
 	$	0.87	
 	
Diluted Earnings Per Share	$	0.97	
 	$	0.94	
 	$	0.87	
 	
Dividends Declared Per Share	$	0.45	
 	$	0.45	
 	$	0.45	
 	
Basic Weighted Average Shares	43,386,402	
 	43,499,627	
 	44,193,267	
 	
Diluted Weighted Average Shares	43,597,504	
 	43,758,873	
 	44,420,349	

 	
 	 	 	 	 	 	 	 	 	 	 	
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)	2015	2014	2014	
Net Income	$	42,442	
 	$	41,191	
 	$	38,592	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	
 	Net Unrealized Gains on Investment Securities	5,294	
 	1,567	
 	6,271	
 	
 	Defined Benefit Plans	220	
 	(12,190	)	156	
 	
Total Other Comprehensive Income (Loss)	5,514	
 	(10,623	)	6,427	
 	
Comprehensive Income	$	47,956	
 	$	30,568	
 	$	45,019	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Condition	 	 	Table 5	
 	
 	March 31,	
 	December 31,	
 	March 31,	
 	
(dollars in thousands)	2015	
 	2014	
 	2014	
 	
Assets	 	 	 	
Interest-Bearing Deposits in Other Banks	$	3,383	
 	$	2,873	
 	$	4,085	
 	
Funds Sold	620,331	
 	360,577	
 	382,154	
 	
Investment Securities	 	 	 	
   Available-for-Sale	2,271,186	
 	2,289,190	
 	2,188,064	
 	
   Held to Maturity (Fair Value of $4,378,007; $4,504,495; and $4,774,032)	4,306,353	
 	4,466,679	
 	4,777,494	
 	
Loans Held for Sale	1,951	
 	5,136	
 	2,437	
 	
Loans and Leases	7,178,628	
 	6,897,589	
 	6,209,857	
 	
   Allowance for Loan and Lease Losses	(107,461	)	(108,688	)	(114,126	)	
     Net Loans and Leases	7,071,167	
 	6,788,901	
 	6,095,731	
 	
Total Earning Assets	14,274,371	
 	13,913,356	
 	13,449,965	
 	
Cash and Due from Banks	151,793	
 	172,126	
 	159,079	
 	
Premises and Equipment, Net	109,223	
 	109,854	
 	107,323	
 	
Accrued Interest Receivable	47,017	
 	44,654	
 	46,431	
 	
Foreclosed Real Estate	2,095	
 	2,311	
 	3,450	
 	
Mortgage Servicing Rights	23,643	
 	24,695	
 	27,378	
 	
Goodwill	31,517	
 	31,517	
 	31,517	
 	
Bank-Owned Life Insurance	264,228	
 	262,807	
 	223,883	
 	
Other Assets	235,292	
 	225,888	
 	214,092	
 	
Total Assets	$	15,139,179	
 	$	14,787,208	
 	$	14,263,118	

Liabilities	 	 	 	
Deposits	 	 	 	
   Noninterest-Bearing Demand	$	4,047,334	
 	$	3,832,943	
 	$	3,679,410	
 	
   Interest-Bearing Demand	2,608,664	
 	2,559,570	
 	2,378,414	
 	
   Savings	5,014,686	
 	4,806,575	
 	4,515,026	
 	
   Time	1,308,932	
 	1,434,001	
 	1,471,623	
 	
Total Deposits	12,979,616	
 	12,633,089	
 	12,044,473	
 	
Funds Purchased	8,459	
 	8,459	
 	9,982	
 	
Short-Term Borrowings	—	
 	—	
 	375	
 	
Securities Sold Under Agreements to Repurchase	672,329	
 	688,601	
 	797,213	
 	
Other Debt	173,898	
 	173,912	
 	174,695	
 	
Retirement Benefits Payable	55,197	
 	55,477	
 	35,111	
 	
Accrued Interest Payable	5,836	
 	5,148	
 	5,743	
 	
Taxes Payable and Deferred Taxes	46,987	
 	27,777	
 	45,811	
 	
Other Liabilities	121,606	
 	139,659	
 	120,811	
 	
Total Liabilities	14,063,928	
 	13,732,122	
 	13,234,214	
 	
Shareholders' Equity	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	
   issued / outstanding: March 31, 2015 - 57,733,267 / 43,652,628;	 	 	 	
   December 31, 2014 - 57,634,755 / 43,724,208;	 	 	 	
   and March 31, 2014 - 57,620,212 / 44,467,593)	575	
 	574	
 	573	
 	
Capital Surplus	534,141	
 	531,932	
 	524,912	
 	
Accumulated Other Comprehensive Loss	(21,172	)	(26,686	)	(25,396	)	
Retained Earnings	1,257,341	
 	1,234,801	
 	1,170,068	
 	
Treasury Stock, at Cost (Shares: March 31, 2015 - 14,080,639;	 	 	 	
   December 31, 2014 - 13,910,547; and March 31, 2014 - 13,152,619)	(695,634	)	(685,535	)	(641,253	)	
Total Shareholders' Equity	1,075,251	
 	1,055,086	
 	1,028,904	
 	
Total Liabilities and Shareholders' Equity	$	15,139,179	
 	$	14,787,208	
 	$	14,263,118	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2014	43,724,208	
 	$	574	
 	$	531,932	
 	$	(26,686	)	$	1,234,801	
 	$	(685,535	)	$	1,055,086	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	42,442	
 	—	
 	42,442	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	5,514	
 	—	
 	—	
 	5,514	
 	
Share-Based Compensation	—	
 	—	
 	1,776	
 	—	
 	—	
 	—	
 	1,776	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	155,646	
 	1	
 	433	
 	—	
 	(218	)	3,045	
 	3,261	
 	
Common Stock Repurchased	(227,226	)	—	
 	—	
 	—	
 	—	
 	(13,144	)	(13,144	)	
Cash Dividends Declared ($0.45 per share)	—	
 	—	
 	—	
 	—	
 	(19,684	)	—	
 	(19,684	)	
Balance as of March 31, 2015	43,652,628	
 	$	575	
 	$	534,141	
 	$	(21,172	)	$	1,257,341	
 	$	(695,634	)	$	1,075,251	

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 Declared ($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	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2015	 	December 31, 2014	 	March 31, 2014	 	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	
(dollars in millions)	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	
Earning Assets	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits in Other Banks	$	3.1	
 	$	—	
 	0.44	
 	%	$	3.4	
 	$	—	
 	0.24	
 	%	$	5.7	
 	$	—	
 	0.23	
 	%	
Funds Sold	484.3	
 	0.2	
 	0.21	
 	 	358.8	
 	0.2	
 	0.21	
 	 	270.5	
 	0.1	
 	0.20	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	1,560.8	
 	6.5	
 	1.67	
 	 	1,563.9	
 	7.0	
 	1.78	
 	 	1,548.9	
 	7.2	
 	1.86	
 	 	
 	   Non-Taxable	723.3	
 	5.7	
 	3.16	
 	 	715.1	
 	5.8	
 	3.24	
 	 	677.5	
 	5.5	
 	3.27	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	4,140.9	
 	22.8	
 	2.21	
 	 	4,256.3	
 	23.3	
 	2.19	
 	 	4,501.6	
 	26.3	
 	2.34	
 	 	
 	   Non-Taxable	249.1	
 	2.5	
 	3.94	
 	 	250.0	
 	2.5	
 	3.95	
 	 	252.6	
 	2.5	
 	3.96	
 	 	
Total Investment Securities	6,674.1	
 	37.5	
 	2.25	
 	 	6,785.3	
 	38.6	
 	2.27	
 	 	6,980.6	
 	41.5	
 	2.38	
 	 	
Loans Held for Sale	3.1	
 	—	
 	3.63	
 	 	2.8	
 	—	
 	3.92	
 	 	4.2	
 	0.1	
 	4.68	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,130.5	
 	8.9	
 	3.18	
 	 	1,025.3	
 	8.5	
 	3.30	
 	 	923.8	
 	7.8	
 	3.41	
 	 	
 	Commercial Mortgage	1,449.5	
 	13.7	
 	3.83	
 	 	1,421.3	
 	13.9	
 	3.87	
 	 	1,250.0	
 	12.7	
 	4.12	
 	 	
 	Construction	103.8	
 	1.1	
 	4.39	
 	 	110.4	
 	1.2	
 	4.52	
 	 	97.3	
 	1.1	
 	4.43	
 	 	
 	Commercial Lease Financing	225.9	
 	1.9	
 	3.42	
 	 	228.7	
 	1.9	
 	3.41	
 	 	245.8	
 	1.4	
 	2.33	
 	 	
 	Residential Mortgage	2,631.3	
 	27.5	
 	4.18	
 	 	2,501.8	
 	26.5	
 	4.24	
 	 	2,286.9	
 	24.4	
 	4.27	
 	 	
 	Home Equity	878.5	
 	8.1	
 	3.72	
 	 	850.5	
 	8.2	
 	3.82	
 	 	781.8	
 	7.6	
 	3.97	
 	 	
 	Automobile	331.5	
 	4.3	
 	5.25	
 	 	314.0	
 	4.2	
 	5.29	
 	 	263.3	
 	3.5	
 	5.39	
 	 	
 	Other 2	302.1	
 	5.5	
 	7.36	
 	 	294.3	
 	5.5	
 	7.37	
 	 	255.1	
 	5.0	
 	7.90	
 	 	
Total Loans and Leases	7,053.1	
 	71.0	
 	4.06	
 	 	6,746.3	
 	69.9	
 	4.13	
 	 	6,104.0	
 	63.5	
 	4.19	
 	 	
Other	66.0	
 	0.3	
 	1.83	
 	 	68.7	
 	0.3	
 	1.76	
 	 	76.8	
 	0.3	
 	1.57	
 	 	
Total Earning Assets 3	14,283.7	
 	109.0	
 	3.07	
 	 	13,965.3	
 	109.0	
 	3.11	
 	 	13,441.8	
 	105.5	
 	3.16	
 	 	
Cash and Due from Banks	136.5	
 	 	 	 	140.2	
 	 	 	 	142.5	
 	 	 	 	
Other Assets	525.8	
 	 	 	 	498.0	
 	 	 	 	449.6	
 	 	 	 	
Total Assets	$	14,946.0	
 	 	 	 	$	14,603.5	
 	 	 	 	$	14,033.9	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,577.1	
 	0.2	
 	0.03	
 	 	$	2,459.0	
 	0.2	
 	0.03	
 	 	$	2,325.8	
 	0.2	
 	0.03	
 	 	
 	Savings	4,941.0	
 	1.1	
 	0.09	
 	 	4,720.7	
 	1.0	
 	0.09	
 	 	4,515.6	
 	1.0	
 	0.09	
 	 	
 	Time	1,378.3	
 	1.1	
 	0.33	
 	 	1,480.5	
 	1.2	
 	0.32	
 	 	1,373.1	
 	1.2	
 	0.37	
 	 	
Total Interest-Bearing Deposits	8,896.4	
 	2.4	
 	0.11	
 	 	8,660.2	
 	2.4	
 	0.11	
 	 	8,214.5	
 	2.4	
 	0.12	
 	 	
Short-Term Borrowings	8.5	
 	—	
 	0.14	
 	 	8.5	
 	—	
 	0.14	
 	 	10.0	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to
    Repurchase	678.0	
 	6.4	
 	3.76	
 	 	693.2	
 	6.5	
 	3.68	
 	 	794.4	
 	6.4	
 	3.22	
 	 	
Other Debt	173.9	
 	0.6	
 	1.43	
 	 	173.9	
 	0.6	
 	1.43	
 	 	174.7	
 	0.6	
 	1.44	
 	 	
Total Interest-Bearing Liabilities	9,756.8	
 	9.4	
 	0.39	
 	 	9,535.8	
 	9.5	
 	0.39	
 	 	9,193.6	
 	9.4	
 	0.41	
 	 	
Net Interest Income	 	$	99.6	
 	 	 	 	$	99.5	
 	 	 	 	$	96.1	
 	 	 	
 	Interest Rate Spread	 	 	2.68	
 	%	 	 	2.72	
 	%	 	 	2.75	
 	%	
 	Net Interest Margin	 	 	2.81	
 	%	 	 	2.84	
 	%	 	 	2.87	
 	%	
Noninterest-Bearing Demand Deposits	3,890.0	
 	 	 	 	3,775.5	
 	 	 	 	3,600.0	
 	 	 	 	
Other Liabilities	235.1	
 	 	 	 	230.3	
 	 	 	 	206.9	
 	 	 	 	
Shareholders' Equity	1,064.1	
 	 	 	 	1,061.9	
 	 	 	 	1,033.4	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	14,946.0	
 	 	 	 	$	14,603.5	
 	 	 	 	$	14,033.9	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 $2,878,000, $2,908,000 and $2,824,000 for the three months ended	 	
 	March 31, 2015, December 31, 2014, and March 31, 2014, respectively.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8a	
 	
 	Three Months Ended March 31, 2015	
 	Compared to December 31, 2014	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	$	—	
 	$	(0.5	)	$	(0.5	)	
      Non-Taxable	0.1	
 	(0.2	)	(0.1	)	
   Held-to-Maturity	 	 	 	
      Taxable	(0.7	)	0.2	
 	(0.5	)	
Total Investment Securities	(0.6	)	(0.5	)	(1.1	)	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.7	
 	(0.3	)	0.4	
 	
   Commercial Mortgage	0.1	
 	(0.3	)	(0.2	)	
   Construction	(0.1	)	—	
 	(0.1	)	
   Residential Mortgage	1.4	
 	(0.4	)	1.0	
 	
   Home Equity	0.2	
 	(0.3	)	(0.1	)	
   Automobile	0.1	
 	—	
 	0.1	
 	
Total Loans and Leases	2.4	
 	(1.3	)	1.1	
 	
Total Change in Interest Income	1.8	
 	(1.8	)	—	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Savings	0.1	
 	—	
 	0.1	
 	
   Time	(0.1	)	—	
 	(0.1	)	
Total Interest-Bearing Deposits	—	
 	—	
 	—	
 	
Securities Sold Under Agreements to Repurchase	(0.2	)	0.1	
 	(0.1	)	
Total Change in Interest Expense	(0.2	)	0.1	
 	(0.1	)	
 	 	 	 	
Change in Net Interest Income	$	2.0	
 	$	(1.9	)	$	0.1	

 	 	 	 	
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.	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8b	
 	
 	Three Months Ended March 31, 2015	
 	Compared to March 31, 2014	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.1	
 	$	—	
 	$	0.1	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.1	
 	(0.8	)	(0.7	)	
      Non-Taxable	0.4	
 	(0.2	)	0.2	
 	
   Held-to-Maturity	 	 	 	
      Taxable	(2.1	)	(1.4	)	(3.5	)	
Total Investment Securities	(1.6	)	(2.4	)	(4.0	)	
Loans Held for Sale	(0.1	)	—	
 	(0.1	)	
Loans and Leases	 	 	 	
   Commercial and Industrial	1.6	
 	(0.5	)	1.1	
 	
   Commercial Mortgage	1.9	
 	(0.9	)	1.0	
 	
   Construction	0.1	
 	(0.1	)	—	
 	
   Commercial Lease Financing	(0.1	)	0.6	
 	0.5	
 	
   Residential Mortgage	3.6	
 	(0.5	)	3.1	
 	
   Home Equity	0.9	
 	(0.4	)	0.5	
 	
   Automobile	0.9	
 	(0.1	)	0.8	
 	
   Other 2	0.9	
 	(0.4	)	0.5	
 	
Total Loans and Leases	9.8	
 	(2.3	)	7.5	
 	
Total Change in Interest Income	8.2	
 	(4.7	)	3.5	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Savings	0.1	
 	—	
 	0.1	
 	
   Time	—	
 	(0.1	)	(0.1	)	
Total Interest-Bearing Deposits	0.1	
 	(0.1	)	—	
 	
Securities Sold Under Agreements to Repurchase	(1.0	)	1.0	
 	—	
 	
Total Change in Interest Expense	(0.9	)	0.9	
 	—	

Change in Net Interest Income	$	9.1	
 	$	(5.6	)	$	3.5	

 	 	 	 	
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)	2015	2014	2014	
Salaries	$	27,914	
 	$	28,751	
 	$	27,914	
 	
Incentive Compensation	4,514	
 	4,639	
 	4,231	
 	
Share-Based Compensation	2,345	
 	2,342	
 	1,969	
 	
Commission Expense	1,592	
 	1,383	
 	1,059	
 	
Retirement and Other Benefits	4,731	
 	3,947	
 	4,986	
 	
Payroll Taxes	3,585	
 	2,007	
 	3,568	
 	
Medical, Dental, and Life Insurance	3,184	
 	2,653	
 	2,621	
 	
Separation Expense	1,915	
 	(202	)	549	
 	
Total Salaries and Benefits	$	49,780	
 	$	45,520	
 	$	46,897	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	2015	
 	2014	
 	2014	
 	2014	
 	2014	
 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	1,141,408	
 	$	1,055,243	
 	$	991,157	
 	$	988,940	
 	$	955,599	
 	
 	Commercial Mortgage	1,477,902	
 	1,437,513	
 	1,373,289	
 	1,345,549	
 	1,284,181	
 	
 	Construction	111,381	
 	109,183	
 	132,097	
 	121,434	
 	91,452	
 	
 	Lease Financing	224,419	
 	226,189	
 	232,381	
 	237,585	
 	240,931	
 	
Total Commercial	2,955,110	
 	2,828,128	
 	2,728,924	
 	2,693,508	
 	2,572,163	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	2,699,434	
 	2,571,090	
 	2,444,989	
 	2,355,085	
 	2,305,153	
 	
 	Home Equity	884,742	
 	866,688	
 	838,206	
 	811,180	
 	797,341	
 	
 	Automobile	339,686	
 	323,848	
 	306,003	
 	287,794	
 	273,553	
 	
 	Other 1	299,656	
 	307,835	
 	288,228	
 	278,786	
 	261,647	
 	
Total Consumer	4,223,518	
 	4,069,461	
 	3,877,426	
 	3,732,845	
 	3,637,694	
 	
Total Loans and Leases	$	7,178,628	
 	$	6,897,589	
 	$	6,606,350	
 	$	6,426,353	
 	$	6,209,857	

 	 	 	 	 	 	 	
 	 	 	 	 	
Deposits	 	 	 	 	
 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	
(dollars in thousands)	2015	
 	2014	
 	2014	
 	2014	
 	2014	
 	
Consumer	$	6,220,391	
 	$	6,092,929	
 	$	5,972,435	
 	$	5,938,123	
 	$	5,960,485	
 	
Commercial	5,444,814	
 	5,163,352	
 	5,070,080	
 	5,207,026	
 	4,742,308	
 	
Public and Other	1,314,411	
 	1,376,808	
 	1,318,926	
 	1,524,885	
 	1,341,680	
 	
Total Deposits	$	12,979,616	
 	$	12,633,089	
 	$	12,361,441	
 	$	12,670,034	
 	$	12,044,473	

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

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More	 	Table 11	
 	
 	 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	
(dollars in thousands)	2015	
 	2014	
 	2014	
 	2014	
 	2014	
 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	8,641	
 	$	9,088	
 	$	8,952	
 	$	10,437	
 	$	11,239	
 	
 	 	Commercial Mortgage	732	
 	745	
 	1,366	
 	1,403	
 	1,421	
 	
 	Total Commercial	9,373	
 	9,833	
 	10,318	
 	11,840	
 	12,660	
 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	14,344	
 	14,841	
 	16,756	
 	15,818	
 	19,003	
 	
 	 	Home Equity	2,965	
 	3,097	
 	2,671	
 	2,787	
 	1,935	
 	
 	Total Consumer	17,309	
 	17,938	
 	19,427	
 	18,605	
 	20,938	
 	
Total Non-Accrual Loans and Leases	26,682	
 	27,771	
 	29,745	
 	30,445	
 	33,598	
 	
Foreclosed Real Estate	2,095	
 	2,311	
 	3,562	
 	3,944	
 	3,450	
 	
Total Non-Performing Assets	$	28,777	
 	$	30,082	
 	$	33,307	
 	$	34,389	
 	$	37,048	

Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	—	
 	$	2	
 	$	14	
 	$	—	
 	$	150	
 	
Total Commercial	—	
 	2	
 	14	
 	—	
 	150	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	3,914	
 	4,506	
 	4,819	
 	6,082	
 	5,729	
 	
 	Home Equity	2,425	
 	2,596	
 	2,816	
 	2,505	
 	2,845	
 	
 	Automobile	537	
 	616	
 	612	
 	236	
 	346	
 	
 	Other 1	1,078	
 	941	
 	842	
 	844	
 	644	
 	
Total Consumer	7,954	
 	8,659	
 	9,089	
 	9,667	
 	9,564	
 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	7,954	
 	$	8,661	
 	$	9,103	
 	$	9,667	
 	$	9,714	
 	
Restructured Loans on Accrual Status	 	 	 	 	 	
   and Not Past Due 90 Days or More	$	46,639	
 	$	45,474	
 	$	45,169	
 	$	43,625	
 	$	44,473	
 	
Total Loans and Leases	$	7,178,628	
 	$	6,897,589	
 	$	6,606,350	
 	$	6,426,353	
 	$	6,209,857	

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.37	%	0.40	%	0.45	%	0.47	%	0.54	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.40	%	0.44	%	0.50	%	0.53	%	0.60	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial Loans	 	 	 	 	 	
 	and Leases and Commercial Foreclosed Real Estate	0.34	%	0.38	%	0.42	%	0.48	%	0.53	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer Loans	 	 	 	 	 	
 	and Leases and Consumer Foreclosed Real Estate	0.44	%	0.47	%	0.56	%	0.57	%	0.64	%	
 	 	 	 	 	 	 	 	
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	0.51	%	0.56	%	0.64	%	0.69	%	0.75	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	30,082	
 	$	33,307	
 	$	34,389	
 	$	37,048	
 	$	39,650	
 	
Additions	621	
 	1,885	
 	2,565	
 	2,798	
 	2,491	
 	
Reductions	 	 	 	 	 	
 	Payments	(1,427	)	(1,822	)	(2,381	)	(2,753	)	(1,855	)	
 	Return to Accrual Status	(187	)	(1,291	)	(704	)	(904	)	(1,864	)	
 	Sales of Foreclosed Real Estate	(37	)	(1,480	)	(449	)	(1,782	)	(737	)	
 	Charge-offs/Write-downs	(275	)	(517	)	(113	)	(18	)	(637	)	
Total Reductions	(1,926	)	(5,110	)	(3,647	)	(5,457	)	(5,093	)	
Balance at End of Quarter	$	28,777	
 	$	30,082	
 	$	33,307	
 	$	34,389	
 	$	37,048	

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)	2015	2014	2014	
Balance at Beginning of Period	$	114,575	
 	$	116,249	
 	$	121,521	
 	
Loans and Leases Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	(235	)	(205	)	(819	)	
 	Consumer	 	 	 	
 	 	Residential Mortgage	(559	)	(97	)	(329	)	
 	 	Home Equity	(216	)	(293	)	(351	)	
 	 	Automobile	(1,428	)	(1,376	)	(917	)	
 	 	Other 1	(1,650	)	(1,772	)	(1,622	)	
Total Loans and Leases Charged-Off	(4,088	)	(3,743	)	(4,038	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	646	
 	396	
 	920	
 	
 	 	Commercial Mortgage	14	
 	14	
 	14	
 	
 	 	Construction	8	
 	8	
 	5	
 	
 	 	Lease Financing	68	
 	4	
 	2	
 	
 	Consumer	 	 	 	
 	 	Residential Mortgage	342	
 	542	
 	272	
 	
 	 	Home Equity	881	
 	204	
 	551	
 	
 	 	Automobile	494	
 	467	
 	445	
 	
 	 	Other 1	408	
 	434	
 	501	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,861	
 	2,069	
 	2,710	
 	
Net Loans and Leases Charged-Off	(1,227	)	(1,674	)	(1,328	)	
Provision for Unfunded Commitments	—	
 	—	
 	(57	)	
Balance at End of Period 2	$	113,348	
 	$	114,575	
 	$	120,136	

Components	 	 	 	
Allowance for Loan and Lease Losses	$	107,461	
 	$	108,688	
 	$	114,126	
 	
Reserve for Unfunded Commitments	5,887	
 	5,887	
 	6,010	
 	
Total Reserve for Credit Losses	$	113,348	
 	$	114,575	
 	$	120,136	

Average Loans and Leases Outstanding	$	7,053,061	
 	$	6,746,332	
 	$	6,104,041	

Ratio of Net Loans and Leases Charged-Off to	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.07	%	0.10	%	0.09	%	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding	1.50	%	1.58	%	1.84	%	
 	 	 	 	 	 	
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, 2015	 	 	 	 	 	
Net Interest Income	$	48,015	
 	$	35,927	
 	$	2,977	
 	$	9,851	
 	$	96,770	
 	
Provision for Credit Losses	1,723	
 	(464	)	(8	)	(1,251	)	—	
 	
Net Interest Income After Provision for Credit Losses	46,292	
 	36,391	
 	2,985	
 	11,102	
 	96,770	
 	
Noninterest Income	19,073	
 	5,599	
 	14,717	
 	12,918	
 	52,307	
 	
Noninterest Expense	(50,033	)	(18,188	)	(14,444	)	(4,250	)	(86,915	)	
Income Before Provision for Income Taxes	15,332	
 	23,802	
 	3,258	
 	19,770	
 	62,162	
 	
Provision for Income Taxes	(5,447	)	(8,402	)	(1,205	)	(4,666	)	(19,720	)	
Net Income	$	9,885	
 	$	15,400	
 	$	2,053	
 	$	15,104	
 	$	42,442	
 	
Total Assets as of March 31, 2015	$	4,239,641	
 	$	2,910,258	
 	$	188,399	
 	$	7,800,881	
 	$	15,139,179	

 	 	 	 	 	 	
Three Months Ended March 31, 2014  1	 	 	 	 	 	
Net Interest Income	$	41,102	
 	$	28,237	
 	$	2,582	
 	$	21,312	
 	$	93,233	
 	
Provision for Credit Losses	1,456	
 	(61	)	(68	)	(1,327	)	—	
 	
Net Interest Income After Provision for Credit Losses	39,646	
 	28,298	
 	2,650	
 	22,639	
 	93,233	
 	
Noninterest Income	19,320	
 	6,260	
 	14,343	
 	4,845	
 	44,768	
 	
Noninterest Expense	(49,096	)	(17,418	)	(14,235	)	(2,798	)	(83,547	)	
Income Before Provision for Income Taxes	9,870	
 	17,140	
 	2,758	
 	24,686	
 	54,454	
 	
Provision for Income Taxes	(3,652	)	(5,879	)	(1,020	)	(5,311	)	(15,862	)	
Net Income	$	6,218	
 	$	11,261	
 	$	1,738	
 	$	19,375	
 	$	38,592	
 	
Total Assets as of March 31, 2014 1	$	3,679,909	
 	$	2,512,523	
 	$	183,381	
 	$	7,887,305	
 	$	14,263,118	

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)	2015	
 	 	2014	
 	 	2014	
 	 	2014	
 	 	2014	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	70,961	
 	 	$	69,974	
 	 	$	68,089	
 	 	$	65,818	
 	 	$	63,526	
 	 	
   Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
      Available-for-Sale	10,198	
 	 	10,732	
 	 	10,286	
 	 	10,697	
 	 	10,760	
 	 	
      Held-to-Maturity	24,407	
 	 	24,966	
 	 	26,067	
 	 	26,938	
 	 	27,889	
 	 	
   Deposits	3	
 	 	2	
 	 	3	
 	 	1	
 	 	3	
 	 	
   Funds Sold	259	
 	 	192	
 	 	176	
 	 	168	
 	 	137	
 	 	
   Other	302	
 	 	303	
 	 	302	
 	 	302	
 	 	302	
 	 	
Total Interest Income	106,130	
 	 	106,169	
 	 	104,923	
 	 	103,924	
 	 	102,617	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	2,368	
 	 	2,392	
 	 	2,391	
 	 	2,393	
 	 	2,358	
 	 	
   Securities Sold Under Agreements to Repurchase	6,371	
 	 	6,520	
 	 	6,523	
 	 	6,465	
 	 	6,397	
 	 	
   Funds Purchased	3	
 	 	3	
 	 	3	
 	 	4	
 	 	3	
 	 	
   Other Debt	618	
 	 	622	
 	 	627	
 	 	650	
 	 	626	
 	 	
Total Interest Expense	9,360	
 	 	9,537	
 	 	9,544	
 	 	9,512	
 	 	9,384	
 	 	
Net Interest Income	96,770	
 	 	96,632	
 	 	95,379	
 	 	94,412	
 	 	93,233	
 	 	
Provision for Credit Losses	—	
 	 	—	
 	 	(2,665	)	 	(2,199	)	 	—	
 	 	
Net Interest Income After Provision for Credit Losses	96,770	
 	 	96,632	
 	 	98,044	
 	 	96,611	
 	 	93,233	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	12,180	
 	 	12,225	
 	 	11,716	
 	 	12,005	
 	 	11,852	
 	 	
   Mortgage Banking	1,693	
 	 	2,116	
 	 	1,646	
 	 	1,804	
 	 	2,005	
 	 	
   Service Charges on Deposit Accounts	8,537	
 	 	9,058	
 	 	9,095	
 	 	8,638	
 	 	8,878	
 	 	
   Fees, Exchange, and Other Service Charges	12,897	
 	 	13,702	
 	 	13,390	
 	 	13,370	
 	 	12,939	
 	 	
   Investment Securities Gains, Net	10,231	
 	 	1,966	
 	 	1,858	
 	 	2,079	
 	 	2,160	
 	 	
   Annuity and Insurance	2,044	
 	 	1,664	
 	 	2,348	
 	 	1,930	
 	 	2,123	
 	 	
   Bank-Owned Life Insurance	1,734	
 	 	1,874	
 	 	1,644	
 	 	1,519	
 	 	1,602	
 	 	
   Other	2,991	
 	 	3,213	
 	 	3,253	
 	 	3,136	
 	 	3,209	
 	 	
Total Noninterest Income	52,307	
 	 	45,818	
 	 	44,950	
 	 	44,481	
 	 	44,768	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
   Salaries and Benefits	49,780	
 	 	45,520	
 	 	45,530	
 	 	45,081	
 	 	46,897	
 	 	
   Net Occupancy	9,333	
 	 	9,291	
 	 	9,334	
 	 	9,254	
 	 	9,417	
 	 	
   Net Equipment	5,288	
 	 	4,734	
 	 	4,473	
 	 	4,669	
 	 	4,603	
 	 	
   Data Processing	3,773	
 	 	3,823	
 	 	3,665	
 	 	3,842	
 	 	3,649	
 	 	
   Professional Fees	2,334	
 	 	3,086	
 	 	1,835	
 	 	2,613	
 	 	2,260	
 	 	
   FDIC Insurance	2,140	
 	 	2,055	
 	 	1,750	
 	 	2,055	
 	 	2,076	
 	 	
   Other	14,267	
 	 	12,731	
 	 	14,443	
 	 	13,568	
 	 	14,645	
 	 	
Total Noninterest Expense	86,915	
 	 	81,240	
 	 	81,030	
 	 	81,082	
 	 	83,547	
 	 	
Income Before Provision for Income Taxes	62,162	
 	 	61,210	
 	 	61,964	
 	 	60,010	
 	 	54,454	
 	 	
Provision for Income Taxes	19,720	
 	 	20,019	
 	 	20,195	
 	 	18,520	
 	 	15,862	
 	 	
Net Income	$	42,442	
 	 	$	41,191	
 	 	$	41,769	
 	 	$	41,490	
 	 	$	38,592	

Basic Earnings Per Share	$	0.98	
 	 	$	0.95	
 	 	$	0.95	
 	 	$	0.94	
 	 	$	0.87	
 	 	
Diluted Earnings Per Share	$	0.97	
 	 	$	0.94	
 	 	$	0.95	
 	 	$	0.94	
 	 	$	0.87	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	7,178,628	
 	 	$	6,897,589	
 	 	$	6,606,350	
 	 	$	6,426,353	
 	 	$	6,209,857	
 	 	
Total Assets	15,139,179	
 	 	14,787,208	
 	 	14,510,166	
 	 	14,844,505	
 	 	14,263,118	
 	 	
Total Deposits	12,979,616	
 	 	12,633,089	
 	 	12,361,441	
 	 	12,670,034	
 	 	12,044,473	
 	 	
Total Shareholders' Equity	1,075,251	
 	 	1,055,086	
 	 	1,057,413	
 	 	1,050,801	
 	 	1,028,904	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.15	
 	%	1.12	
 	%	1.15	
 	%	1.17	
 	%	1.12	
 	%	
Return on Average Shareholders' Equity	16.18	
 	 	15.39	
 	 	15.57	
 	 	15.87	
 	 	15.15	
 	 	
Efficiency Ratio 1	58.30	
 	 	57.03	
 	 	57.74	
 	 	58.38	
 	 	60.54	
 	 	
Net Interest Margin 2	2.81	
 	 	2.84	
 	 	2.85	
 	 	2.86	
 	 	2.87	

 	 	 	 	 	 	 	 	 	 	 	
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, 2015	 	 	December 31, 2014	December 31, 2013	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	1,045.5	
 	12.2	
 	%	 	$	5,535.7	
 	 	1.6	
 	%	$	5,450.6	
 	 	3.7	
 	%	
   General Excise and Use Tax Revenue 1	$	534.4	
 	3.2	
 	%	 	$	2,979.8	
 	 	2.5	
 	%	$	2,907.6	
 	 	2.2	
 	%	
   Jobs 2	647.0	
 	 	 	 	643.7	
 	 	 	 	629.9	

 	 	 	 	 	 	 	February 28,	 	December 31,	
(spot rates)	 	 	 	 	 	 	2015	 	2014	2013	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
  Statewide, seasonally adjusted	 	 	 	 	 	 	4.1	
 	%	4.0	
 	%	4.7	
 	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	 	3.9	
 	 	3.5	
 	 	3.8	
 	 	
   Island of Hawaii	 	 	 	 	 	 	5.3	
 	 	4.7	
 	 	5.9	
 	 	
   Maui	 	 	 	 	 	 	4.4	
 	 	3.8	
 	 	4.7	
 	 	
   Kauai	 	 	 	 	 	 	4.8	
 	 	4.3	
 	 	5.2	

 	 	 	 	 	March 31,	 	December 31,	
(percentage change, except months of inventory)	 	 	 	2015	 	2014	 	2013	2012	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	3.2	
 	 %	3.8	
 	%	4.8	
 	%	7.8	
 	%	
   Home Sales Volume (units)	 	 	 	 	(4.0	)	 %	(0.8	)	%	4.6	
 	%	6.5	
 	%	
   Months of Inventory	 	 	 	 	2.7	
 	 	2.6	
 	 	2.7	
 	 	2.5	

 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	
(in thousands)	 	 	 	 	Not Seasonally Adjusted	 	from Previous Year	
Tourism 5	 	 	 	 	 	 	 	 	 	 	 	 	
February 28, 2015	 	 	 	 	 	 	661.7	
 	 	 	 	2.3	
 	 	
January 31, 2015	 	 	 	 	 	 	678.9	
 	 	 	 	(0.6	)	 	
December 31, 2014	 	 	 	 	 	 	765.3	
 	 	 	 	6.2	
 	 	
November 30, 2014	 	 	 	 	 	 	637.7	
 	 	 	 	2.2	
 	 	
October 31, 2014	 	 	 	 	 	 	659.8	
 	 	 	 	3.0	
 	 	
September 30, 2014	 	 	 	 	 	 	622.2	
 	 	 	 	4.1	
 	 	
August 31, 2014	 	 	 	 	 	 	730.7	
 	 	 	 	(2.4	)	 	
July 31, 2014	 	 	 	 	 	 	772.1	
 	 	 	 	1.9	
 	 	
June 30, 2014	 	 	 	 	 	 	725.1	
 	 	 	 	1.2	
 	 	
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	 	 	 	 	 	 	720.8	
 	 	 	 	(1.8	)	 	
November 30, 2013	 	 	 	 	 	 	624.1	
 	 	 	 	(4.2	)	 	
October 31, 2013	 	 	 	 	 	 	640.3	
 	 	 	 	(0.1	)	 	
September 30, 2013	 	 	 	 	 	 	597.7	
 	 	 	 	0.5	
 	 	
August 31, 2013	 	 	 	 	 	 	748.8	
 	 	 	 	2.5	
 	 	
July 31, 2013	 	 	 	 	 	 	758.0	
 	 	 	 	4.6	
 	 	
June 30, 2013	 	 	 	 	 	 	716.6	
 	 	 	 	5.5	
 	 	
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.