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BOH - 1Q2015 ER Form 8K 04.20.15

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

BOH - 1Q2015 ER Ex 99.1 04.20.15

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 Ratio³	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 Ratio⁴	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 Assets⁵	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 Margin²	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.