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)	 	                       January 27, 2014	 	
 
BANK OF HAWAII CORPORATION
(Exact name of registrant as specified in its charter)

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

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

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

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

Item 2.02.                                       Results of Operations and Financial Condition.
 
On January 27, 2014, Bank of Hawaii Corporation announced its results of operations for the quarter ended December 31, 2013.  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           January 27, 2014 Press Release: Bank of Hawaii Corporation Fourth Quarter 2013 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: January 27, 2014	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation 2013 Financial Results
 	 	
•	2013 Diluted Earnings Per Share $3.38	
 	 	
•	2013 Net Income $150.5 Million	
 	 	
•	Diluted Earnings Per Share for the Fourth Quarter of 2013 $0.88	
 	 	
•	Net Income for the Fourth Quarter of 2013 $39.1 Million	
 	 	
•	Board of Directors Declares Dividend of $0.45 Per Share	

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 27, 2014) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.88 for the fourth quarter of 2013, up from $0.85 per share in the previous quarter, and down from $0.90 per share in the same quarter last year. Net income for the fourth quarter of 2013 was $39.1 million, compared to net income of $37.7 million in the third quarter of 2013 and $40.3 million in the same quarter last year.

Loan and lease balances were $6.1 billion at December 31, 2013, up 1.5 percent from September 30, 2013 and up 4.1 percent compared with December 31, 2012. Deposit growth remained strong during the quarter, increasing 2.6 percent from September 30, 2013 and 3.3 percent from December 31, 2012. The net interest margin increased to 2.85 percent during the fourth quarter of 2013 compared with 2.83 percent in the previous quarter.

“Bank of Hawaii finished 2013 with another quarter of solid financial performance," said Peter Ho, Chairman, President, and CEO. “During the quarter loan balances and deposits continued to grow. Our net interest margin improved, credit quality remained stable, our capital ratios remain quite strong, and we maintained our focus on disciplined expense management.”

The return on average assets for the fourth quarter of 2013 was 1.12 percent, compared with 1.09 percent in the third quarter of 2013 and 1.19 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2013 was 15.36 percent, compared with 15.02 percent in the third quarter of 2013 and 15.47 percent in the fourth quarter last year. The return on average assets for the full year of 2013 was 1.10 percent compared with 1.22 percent in 2012. The return on average equity for the full year of 2013 was 14.78 percent compared with 16.23 percent in 2012.

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Bank of Hawaii Corporation 2013 Financial Results Page 2

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the fourth quarter of 2013 was $94.8 million, an increase of $1.3 million from net interest income of $93.5 million in the third quarter of 2013, and up $2.1 million from net interest income of $92.7 million in the fourth quarter last year. Net interest income, on a taxable-equivalent basis, for the full year of 2013 was $369.1 million, a decrease of $17.6 million from net interest income of $386.7 million in 2012. Analyses of changes in net interest income are included in Tables 8a, 8b and 8c.

The net interest margin was 2.85 percent in the fourth quarter of 2013, an improvement of 2 basis points from the third quarter of 2013 and down 2 basis points from the net interest margin of 2.87 percent in the fourth quarter last year. The net interest margin for the full year of 2013 was 2.81 percent, a 16 basis point decrease from the net interest margin of 2.97 percent in 2012.

Noninterest income was $45.3 million for the fourth quarter of 2013, up $0.2 million from noninterest income of $45.1 million in the third quarter of 2013 and down $7.7 million compared with noninterest income of $53.0 million in the fourth quarter of 2012. Noninterest income included mortgage banking revenue of $2.8 million in the fourth quarter of 2013 compared with $4.1 million in the previous quarter and $11.3 million in the same quarter last year. Noninterest income for the full year of 2013 was $186.2 million compared with noninterest income of $200.3 million in 2012. The decrease in noninterest revenue compared with the previous year was the result of lower mortgage banking revenue which totaled $19.2 million in 2013 compared with a historical high of $35.6 million in 2012.

Noninterest expense was $82.4 million in the fourth quarter of 2013, down $0.6 million from noninterest expense of $83.0 million in the third quarter of 2013, and down $1.0 million from noninterest expenses of $83.5 million in the fourth quarter of 2012. There were no significant noninterest expense items in the fourth quarter of 2013. Noninterest expense in the third quarter of 2013 included separation expense of $1.8 million. Noninterest expense in the fourth quarter of 2012 included total charges of $1.5 million related to the closure of branches in American Samoa. The components of salaries and benefits are presented in Table 9. Noninterest expense for the full year of 2013 was $331.0 million, down $3.3 million, or 1.0 percent, from noninterest expense of $334.3 million in 2012.

The efficiency ratio for the fourth quarter of 2013 was 59.99 percent compared with 61.01 percent in the previous quarter and 58.24 percent in the same quarter last year. The efficiency ratio for the full year of 2013 was 60.71 percent compared with 57.88 percent during the full year of 2012.

The effective tax rate for the fourth quarter of 2013 was 28.96 percent compared with 28.91 percent in the previous quarter and 32.67 percent in the same quarter last year.  The effective tax rate for the full year of 2013 was 29.73 percent compared with 31.46 percent for the full year of 2012.  The lower effective tax rates during 2013 were due to the release of tax reserves and low-income housing and other tax credits.

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

Asset Quality

The Company’s overall asset quality remained stable during the fourth quarter of 2013. Total non-performing assets were $39.7 million at December 31, 2013, up from $33.8 million at September 30,
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Bank of Hawaii Corporation 2013 Financial Results Page 3

2013 and $37.1 million at December 31, 2012. The increase in non-performing assets was largely due to the addition of one commercial loan in Guam. Non-performing assets continue to remain above historical levels due to the lengthy judicial foreclosure process for residential mortgage loans. Non-performing assets, as a percentage of total loans and leases and foreclosed real estate, were 0.65 percent at December 31, 2013, up from 0.56 percent at September 30, 2013 and 0.63 percent at December 31, 2012.
Accruing loans and leases past due 90 days or more were $9.9 million at December 31, 2013, down from $11.4 million at September 30, 2013 and $10.4 million at December 30, 2012. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $51.1 million at December 31, 2013, up from $39.8 million at September 30, 2013, and $31.8 million at December 31, 2012. The increase in restructured loans was primarily due to the restructure of a commercial loan in Hawaii which is expected to be fully repaid during the first quarter of 2014. Restructured loans are primarily comprised of residential mortgage loans with lowered monthly payments to accommodate the borrowers’ financial needs for a period of time. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.
Net charge-offs during the fourth quarter of 2013 were $8.2 million or 0.54 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $10.4 million during the quarter were partially offset by recoveries of $2.2 million. Fourth quarter charge-offs included $6.6 million related to a commercial loan in Guam. Net charge-offs during the third quarter of 2013 were $0.9 million or 0.06 percent annualized, and were comprised of charge-offs of $4.7 million and recoveries of $3.8 million. Net charge-offs during the fourth quarter of 2012 were $2.1 million, or 0.15 percent annualized, and were comprised of charge-offs of $5.4 million and recoveries of $3.3 million. Net charge-offs for the full year of 2013 were $13.4 million, or 0.23 percent of total average loans and leases, compared with $10.7 million or 0.19 percent of total average loans and leases in 2012.
The allowance for loan and lease losses was $115.5 million at December 31, 2013, down $8.2 million from the allowance for loan and lease losses of $123.7 million at September 30, 2013 and down $13.4 million from the allowance for loan and lease losses of $128.9 million at December 31, 2012. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.89 percent at December 31, 2013, a decrease of 17 basis points from the previous quarter and 31 basis points from the same quarter last year. The reserve for unfunded commitments at December 31, 2013 was unchanged from the prior quarter and remained at $6.1 million. 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

The Company’s total assets increased to $14.08 billion at December 31, 2013, up $235.4 million from total assets of $13.85 billion at September 30, 2013, and up $355.9 million from total assets of $13.73 billion at December 31, 2012. Average total assets were $13.86 billion during the fourth quarter of 2013, up $95.2 million from average total assets of $13.77 billion during the third quarter of 2013, and up $348.4 million from average total assets of $13.52 billion during the fourth quarter of 2012.

Total loans and leases increased to $6.10 billion at December 31, 2013, up from $6.01 billion at September 30, 2013, and up from $5.85 billion at December 31, 2012. The commercial loan portfolio was $2.53 billion at the end of the fourth quarter of 2013, up 2.0 percent from commercial loans of $2.48 billion at the end of the third quarter of 2013 and up 9.2 percent from commercial loans of $2.32 billion at the end of the fourth quarter last year. Consumer loans were $3.57 billion at December 31, 2013, up 1.1 percent from consumer loans of $3.53 billion at the end of the third quarter of 2013 and up 0.8 percent from consumer loans of $3.54 billion at the end of the fourth quarter last year. Average total loans and leases were $6.05 billion during the fourth quarter of 2013, up from $5.89 billion during the previous

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Bank of Hawaii Corporation 2013 Financial Results Page 4

quarter and $5.80 billion during the same quarter last year. Loan and lease portfolio balances, including the higher risk loans and leases outstanding, are summarized in Table 10.

Deposit generation continued to remain strong during the fourth quarter of 2013. Total deposits increased to $11.91 billion at December 31, 2013, up from total deposits of $11.61 billion at September 30, 2013 and $11.53 billion at December 31, 2012. Average total deposits were $11.57 billion in the fourth quarter of 2013, up from $11.48 billion during the previous quarter and $11.38 billion during the same quarter last year. Deposit balances are summarized in Tables 7a, 7b, and 10.

Long-term debt was $174.7 million at December 31, 2013, essentially unchanged from September 30, 2013 and up $46.7 million from December 31, 2012. The increase in long-term debt during 2013 was primarily for asset/liability management purposes.

As a result of the strong deposit growth, which exceeded loan growth during the fourth quarter, the investment portfolio increased to $6.99 billion at December 31, 2013, compared to $6.91 billion at September 30, 2013, and $6.96 billion at December 31, 2012. The investment portfolio remains largely comprised of securities issued by U. S. government agencies and includes $4.74 billion in securities held to maturity and $2.24 billion in securities available for sale. 

During the fourth quarter of 2013, the Company repurchased 86.3 thousand shares of common stock at a total cost of $5.0 million under its share repurchase program. The average cost was $57.87 per share repurchased. From January 2 through January 24, 2014, the Company repurchased an additional 56.0 thousand shares of common stock at an average cost of $58.95 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through December 31, 2013, the Company has repurchased 50.9 million shares and returned $1.9 billion to shareholders at an average cost of $36.54 per share. Remaining buyback authority under the share repurchase program was $34.0 million at December 31, 2013.

Total shareholders’ equity was $1.01 billion at December 31, 2013, up from $0.99 billion at September 30, 2013, and down from $1.02 billion at December 31, 2012. The ratio of tangible common equity to risk-weighted assets was 15.49 percent at December 31, 2013 compared with 15.43 percent at September 30, 2013 and 17.24 percent at December 31, 2012. The Tier 1 leverage ratio at December 31, 2013 was 7.07 percent, up from 6.95 percent at September 30, 2013 and 6.83 percent at December 31, 2012.

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 March 14, 2014 to shareholders of record at the close of business on February 28, 2014.

Hawaii Economy

General economic conditions in Hawaii continue to be healthy, led by a strong tourism industry, relatively low unemployment, rising real estate prices, and accelerating construction activity. For the first eleven months of 2013, total visitor arrivals increased by 3.0 percent and visitor spending increased by 2.9 percent compared to the same period in 2012. While the rate of visitor growth has eased from the prior year, 2013 is on track to be another record year for tourism in Hawaii. The statewide seasonally-adjusted unemployment rate was at 4.4 percent in November 2013, compared to 7.0 percent nationally. The volume of single-family home sales on Oahu was 4.6 percent higher in 2013 compared to 2012 and the volume of condominium sales on Oahu was 11.8 percent higher compared to 2012. The median price of single-family home sales on Oahu increased 4.8 percent in 2013 and the median price of condominium sales on Oahu was 4.6 percent higher compared to 2012. As of December 31, 2013, months of inventory
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Bank of Hawaii Corporation 2013 Financial Results Page 5

of single-family homes and condominiums on Oahu remained low at approximately 2.7 months and 2.9 months, respectively. According to the National Housing Trend Report for December 2013, Honolulu has the third lowest median number of days on the market for housing inventory in the United States.

Conference Call Information

The Company will review its 2013 financial results today at 1:00 p.m. Hawaii Time (6:00 p.m. Eastern Time). The 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, January 27, 2014 by dialing 1 (888) 843-7419 in the United States or Canada and 1 (630) 652-3042 from other international locations. Enter the pass code number 36402452# 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, 2012, which was filed with the U.S. Securities and Exchange Commission.  We do not promise to update forward-looking statements to reflect later events or circumstances

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

# # # #

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	 	 	 	
Financial Highlights	 	 	 	 	 	 	 	 	Table 1a	
 	 	
 	Three Months Ended	 	Year Ended	 	
 	December 31,	 	 	September 30,	 	 	December 31,	 	 	December 31,	 	
(dollars in thousands, except per share amounts)	2013	 	 	2013	 	 	2012	 	 	2013	 	 	2012	 	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	$	92,120	 	 	$	90,887	 	 	$	90,310	 	 	$	358,907	 	 	$	377,271	 	 	
Provision for Credit Losses	-	 	 	-	 	 	-	 	 	-	 	 	979	 	 	
Total Noninterest Income	45,278	 	 	45,126	 	 	52,982	 	 	186,223	 	 	200,286	 	 	
Total Noninterest Expense	82,424	 	 	82,977	 	 	83,456	 	 	330,969	 	 	334,288	 	 	
Net Income	39,055	 	 	37,704	 	 	40,287	 	 	150,502	 	 	166,076	 	 	
Basic Earnings Per Share	0.88	 	 	0.85	 	 	0.90	 	 	3.39	 	 	3.68	 	 	
Diluted Earnings Per Share	0.88	 	 	0.85	 	 	0.90	 	 	3.38	 	 	3.67	 	 	
Dividends Declared Per Share	0.45	 	 	0.45	 	 	0.45	 	 	1.80	 	 	1.80	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.12	 	%	1.09	 	%	1.19	 	%	1.10	 	%	1.22	 	%	
Return on Average Shareholders' Equity	15.36	 	 	15.02	 	 	15.47	 	 	14.78	 	 	16.23	 	 	
Efficiency Ratio 1	59.99	 	 	61.01	 	 	58.24	 	 	60.71	 	 	57.88	 	 	
Net Interest Margin 2	2.85	 	 	2.83	 	 	2.87	 	 	2.81	 	 	2.97	 	 	
Dividend Payout Ratio 3	51.14	 	 	52.94	 	 	50.00	 	 	53.10	 	 	48.91	 	 	
Average Shareholders' Equity to Average Assets	7.28	 	 	7.23	 	 	7.67	 	 	7.44	 	 	7.52	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Average Balances	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases	$	6,053,607	 	 	$	5,892,888	 	 	$	5,798,057	 	 	$	5,883,686	 	 	$	5,680,279	 	 	
Average Assets	13,864,914	 	 	13,769,699	 	 	13,516,519	 	 	13,692,133	 	 	13,609,188	 	 	
Average Deposits	11,571,905	 	 	11,479,185	 	 	11,376,875	 	 	11,396,801	 	 	10,935,016	 	 	
Average Shareholders' Equity	1,008,813	 	 	995,661	 	 	1,036,223	 	 	1,018,287	 	 	1,023,256	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Per Share of Common Stock	 	 	 	 	 	 	 	 	 	 	
Book Value	$	22.75	 	 	$	22.29	 	 	$	22.83	 	 	$	22.75	 	 	$	22.83	 	 	
Tangible Book Value	22.04	 	 	21.58	 	 	22.12	 	 	22.04	 	 	22.12	 	 	
Market Value	 	 	 	 	 	 	 	 	 	 	
Closing	59.14	 	 	54.45	 	 	44.05	 	 	59.14	 	 	44.05	 	 	
High	59.92	 	 	57.13	 	 	46.38	 	 	59.92	 	 	49.99	 	 	
Low	53.16	 	 	50.50	 	 	41.41	 	 	44.88	 	 	41.41	 	 	
 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	December 31,	 	 	September 30,	 	 	December 31,	 	 	
 	 	 	 	 	2013	 	 	2013	 	 	2012	 	 	
As of Period End:	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	 	 	 	 	$	6,095,387	 	 	$	6,006,642	 	 	$	5,854,521	 	 	
Total Assets	 	 	 	 	14,084,280	 	 	13,848,871	 	 	13,728,372	 	 	
Total Deposits	 	 	 	 	11,914,656	 	 	11,608,134	 	 	11,529,482	 	 	
Long-Term Debt	 	 	 	 	174,706	 	 	174,717	 	 	128,055	 	 	
Total Shareholders' Equity	 	 	 	 	1,011,976	 	 	992,686	 	 	1,021,665	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Asset Quality	 	 	 	 	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	 	 	 	 	$	115,454	 	 	$	123,680	 	 	$	128,857	 	 	
Non-Performing Assets	 	 	 	 	39,650	 	 	33,832	 	 	37,083	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Financial Ratios	 	 	 	 	 	 	 	 	 	 	
Allowance to Loans and Leases Outstanding	 	 	 	 	1.89	 	%	2.06	 	%	2.20	 	%	
Tier 1 Capital Ratio	 	 	 	 	15.55	 	 	15.42	 	 	16.13	 	 	
Total Capital Ratio	 	 	 	 	16.81	 	 	16.68	 	 	17.39	 	 	
Tier 1 Leverage Ratio	 	 	 	 	7.07	 	 	6.95	 	 	6.83	 	 	
Total Shareholders' Equity to Total Assets	 	 	 	 	7.19	 	 	7.17	 	 	7.44	 	 	
Tangible Common Equity to Tangible Assets  4	 	 	 	 	6.98	 	 	6.96	 	 	7.23	 	 	
Tangible Common Equity to Risk-Weighted Assets  4	 	 	 	 	15.49	 	 	15.43	 	 	17.24	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Non-Financial Data	 	 	 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	 	 	 	 	2,196	 	 	2,205	 	 	2,276	 	 	
Branches and Offices	 	 	 	 	74	 	 	74	 	 	76	 	 	
ATMs	 	 	 	 	466	 	 	468	 	 	494	 	 	
 	 	 	 	 	 	 	 	 	 	 	
1  Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).	
2  Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.	
3  Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.	
4 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 1b “Reconciliation of Non-GAAP Financial Measures."	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Reconciliation of Non-GAAP Financial Measures	 	 	 	 	Table 1b	
 	
 	 	 	December 31,	
 	 	September 30,	
 	 	December 31,	
 	
(dollars in thousands)	2013	
 	 	2013	
 	 	2012	

Total Shareholders' Equity	$	1,011,976	
 	 	$	992,686	
 	 	$	1,021,665	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	
 	Intangible Assets	-	
 	 	-	
 	 	33	
 	
Tangible Common Equity	$	980,459	
 	 	$	961,169	
 	 	$	990,115	

Total Assets	$	14,084,280	
 	 	$	13,848,871	
 	 	$	13,728,372	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	
 	Intangible Assets	-	
 	 	-	
 	 	33	
 	
Tangible Assets	$	14,052,763	
 	 	$	13,817,354	
 	 	$	13,696,822	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	
with prescribed regulatory requirements	$	6,330,532	
 	 	$	6,228,293	
 	 	$	5,744,722	

Total Shareholders' Equity to Total Assets	7.19	%	 	7.17	%	 	7.44	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	6.98	%	 	6.96	%	 	7.23	%	
 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio	15.55	%	 	15.42	%	 	16.13	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)	15.49	%	 	15.43	%	 	17.24	%	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	
Net Significant Items	 	 	 	 	 	Table 2	
 	
 	Three Months Ended	 	Year Ended	
 	December 31,	
 	September 30,	
 	December 31,	
 	 	December 31,	
(dollars in thousands)	2013	
 	2013	
 	2012	
 	 	2013	
 	2012	
 	
Net Gains on Disposal of Leased Equipment	$ -	
 	$ -	
 	$ -	
 	 	$ -	
 	$	2,473	
 	
Decrease in Allowance for Loan and Lease Losses	8,225	
 	896	
 	2,114	
 	 	13,403	
 	9,749	
 	
Planned Branch Closures in American Samoa	-	
 	-	
 	(1,105)	
 	 	-	
 	(1,105)	
 	
Separation Expense 1	(394)	
 	(1,753)	
 	(556)	
 	 	(4,486)	
 	(2,394)	
 	
PC Refresh	-	
 	-	
 	-	
 	 	-	
 	(1,163)	
 	
Significant Items Before the Provision (Benefit) for Income Taxes	7,831	
 	(857)	
 	453	
 	 	8,917	
 	7,560	
 	
Income Taxes Impact Related to Lease Transactions	-	
 	-	
 	-	
 	 	-	
 	(2,733)	
 	
Release of Tax Reserve	-	
 	(1,267)	
 	-	
 	 	(2,357)	
 	-	
 	
Income Tax Impact	2,741	
 	(300)	
 	159	
 	 	3,121	
 	1,430	
 	
Net Significant Items	$	5,090	
 	$	710	
 	$	294	
 	 	$	8,153	
 	$	8,863	

1  Includes $360 thousand for the planned branch closures in American Samoa in the fourth quarter of 2012.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Income	 	 	 	 	 	Table 3	
 	
 	Three Months Ended	 	Year Ended	
 	December 31,	
 	September 30,	
 	December 31,	
 	 	December 31,	
(dollars in thousands, except per share amounts)	2013	
 	2013	
 	2012	
 	 	2013	
 	2012	
 	
Interest Income	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	$	63,809	
 	$	63,918	
 	$	64,627	
 	 	$	253,276	
 	$	257,896	
 	
Income on Investment Securities	 	 	 	 	 	 	
Available-for-Sale	10,608	
 	12,038	
 	15,349	
 	 	53,570	
 	65,972	
 	
Held-to-Maturity	26,882	
 	24,137	
 	20,253	
 	 	90,062	
 	94,952	
 	
Deposits	3	
 	3	
 	3	
 	 	10	
 	9	
 	
Funds Sold	105	
 	177	
 	180	
 	 	415	
 	533	
 	
Other	302	
 	301	
 	283	
 	 	1,172	
 	1,127	
 	
Total Interest Income	101,709	
 	100,574	
 	100,695	
 	 	398,505	
 	420,489	
 	
Interest Expense	 	 	 	 	 	 	
Deposits	2,418	
 	2,500	
 	2,753	
 	 	10,143	
 	12,376	
 	
Securities Sold Under Agreements to Repurchase	6,530	
 	6,551	
 	7,158	
 	 	26,837	
 	28,897	
 	
Funds Purchased	8	
 	4	
 	4	
 	 	44	
 	21	
 	
Short-Term Borrowings	2	
 	-	
 	-	
 	 	2	
 	-	
 	
Long-Term Debt	631	
 	632	
 	470	
 	 	2,572	
 	1,924	
 	
Total Interest Expense	9,589	
 	9,687	
 	10,385	
 	 	39,598	
 	43,218	
 	
Net Interest Income	92,120	
 	90,887	
 	90,310	
 	 	358,907	
 	377,271	
 	
Provision for Credit Losses	-	
 	-	
 	-	
 	 	-	
 	979	
 	
Net Interest Income After Provision for Credit Losses	92,120	
 	90,887	
 	90,310	
 	 	358,907	
 	376,292	
 	
Noninterest Income	 	 	 	 	 	 	
Trust and Asset Management	12,240	
 	11,717	
 	12,066	
 	 	47,932	
 	45,229	
 	
Mortgage Banking	2,823	
 	4,132	
 	11,268	
 	 	19,186	
 	35,644	
 	
Service Charges on Deposit Accounts	9,326	
 	9,385	
 	9,459	
 	 	37,124	
 	37,621	
 	
Fees, Exchange, and Other Service Charges	12,670	
 	12,732	
 	12,333	
 	 	50,469	
 	48,965	
 	
Investment Securities Gains (Losses), Net	-	
 	-	
 	-	
 	 	-	
 	(77)	
 	
Insurance	2,295	
 	2,177	
 	2,550	
 	 	9,190	
 	9,553	
 	
Bank-Owned Life Insurance	1,895	
 	1,365	
 	1,557	
 	 	5,892	
 	6,805	
 	
Other	4,029	
 	3,618	
 	3,749	
 	 	16,430	
 	16,546	
 	
Total Noninterest Income	45,278	
 	45,126	
 	52,982	
 	 	186,223	
 	200,286	
 	
Noninterest Expense	 	 	 	 	 	 	
Salaries and Benefits	43,643	
 	46,552	
 	46,116	
 	 	184,211	
 	184,408	
 	
Net Occupancy	9,602	
 	9,847	
 	11,867	
 	 	38,745	
 	42,965	
 	
Net Equipment	4,837	
 	4,572	
 	4,705	
 	 	18,366	
 	19,723	
 	
Data Processing	3,827	
 	3,697	
 	3,058	
 	 	13,840	
 	13,202	
 	
Professional Fees	2,669	
 	2,119	
 	2,611	
 	 	9,405	
 	9,623	
 	
FDIC Insurance	1,954	
 	1,913	
 	1,892	
 	 	7,765	
 	7,873	
 	
Other	15,892	
 	14,277	
 	13,207	
 	 	58,637	
 	56,494	
 	
Total Noninterest Expense	82,424	
 	82,977	
 	83,456	
 	 	330,969	
 	334,288	
 	
Income Before Provision for Income Taxes	54,974	
 	53,036	
 	59,836	
 	 	214,161	
 	242,290	
 	
Provision for Income Taxes	15,919	
 	15,332	
 	19,549	
 	 	63,659	
 	76,214	
 	
Net Income	$	39,055	
 	$	37,704	
 	$	40,287	
 	 	$	150,502	
 	$	166,076	
 	
Basic Earnings Per Share	$	0.88	
 	$	0.85	
 	$	0.90	
 	 	$	3.39	
 	$	3.68	
 	
Diluted Earnings Per Share	$	0.88	
 	$	0.85	
 	$	0.90	
 	 	$	3.38	
 	$	3.67	
 	
Dividends Declared Per Share	$	0.45	
 	$	0.45	
 	$	0.45	
 	 	$	1.80	
 	$	1.80	
 	
Basic Weighted Average Shares	44,223,281	
 	44,267,356	
 	44,623,823	
 	 	44,380,948	
 	45,115,441	
 	
Diluted Weighted Average Shares	44,496,313	
 	44,479,472	
 	44,740,109	
 	 	44,572,725	
 	45,249,300	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	
Consolidated Statements of Comprehensive Income	 	 	 	 	 	Table 4	
 	
 	 	Three Months Ended	 	Year Ended	
 	 	December 31,	
 	September 30,	 	December 31,	 	 	December 31,	
(dollars in thousands)	2013	
 	2013	 	2012	 	 	2013	
 	2012	 	
Net Income	$	39,055	
 	$	37,704	 	$	40,287	 	 	$	150,502	
 	$	166,076	 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	 	 	 	
 	Net Unrealized Losses on Investment Securities	(6,006)	
 	(6,986)	 	(9,858)	 	 	(69,206)	
 	(3,155)	 	
 	Defined Benefit Plans	7,694	
 	202	 	(3,358)	 	 	8,175	
 	(2,900)	 	
Total Other Comprehensive Income (Loss)	1,688	
 	(6,784)	 	(13,216)	 	 	(61,031)	
 	(6,055)	 	
Comprehensive Income	$	40,743	
 	$	30,920	 	$	27,071	 	 	$	89,471	
 	$	160,021	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Consolidated Statements of Condition	 	 	Table 5	
 	
 	December 31,	
 	September 30,	
 	December 31,	
 	
(dollars in thousands)	2013	
 	2013	
 	2012	
 	
Assets	 	 	 	
Interest-Bearing Deposits	$	3,617	
 	$	3,048	
 	$	3,393	
 	
Funds Sold	271,414	
 	254,940	
 	185,682	
 	
Investment Securities	 	 	 	
Available-for-Sale	2,243,697	
 	2,277,136	
 	3,367,557	
 	
Held to Maturity (Fair Value of $4,697,587; $4,621,491; and $3,687,676)	4,744,519	
 	4,633,399	
 	3,595,065	
 	
Loans Held for Sale	6,435	
 	18,795	
 	21,374	
 	
Loans and Leases	6,095,387	
 	6,006,642	
 	5,854,521	
 	
Allowance for Loan and Lease Losses	(115,454)	
 	(123,680)	
 	(128,857)	
 	
Net Loans and Leases	5,979,933	
 	5,882,962	
 	5,725,664	
 	
Total Earning Assets	13,249,615	
 	13,070,280	
 	12,898,735	
 	
Cash and Noninterest-Bearing Deposits	188,715	
 	131,228	
 	163,786	
 	
Premises and Equipment	108,636	
 	105,181	
 	105,005	
 	
Accrued Interest Receivable	43,930	
 	46,047	
 	43,077	
 	
Foreclosed Real Estate	3,205	
 	3,036	
 	3,887	
 	
Mortgage Servicing Rights	28,123	
 	28,015	
 	25,240	
 	
Goodwill	31,517	
 	31,517	
 	31,517	
 	
Other Assets	430,539	
 	433,567	
 	457,125	
 	
Total Assets	$	14,084,280	
 	$	13,848,871	
 	$	13,728,372	

Liabilities	 	 	 	
Deposits	 	 	 	
Noninterest-Bearing Demand	$	3,681,128	
 	$	3,524,638	
 	$	3,367,185	
 	
Interest-Bearing Demand	2,355,608	
 	2,320,452	
 	2,163,473	
 	
Savings	4,560,150	
 	4,503,963	
 	4,399,316	
 	
Time	1,317,770	
 	1,259,081	
 	1,599,508	
 	
Total Deposits	11,914,656	
 	11,608,134	
 	11,529,482	
 	
Funds Purchased	9,982	
 	9,983	
 	11,296	
 	
Securities Sold Under Agreements to Repurchase	770,049	
 	847,239	
 	758,947	
 	
Long-Term Debt	174,706	
 	174,717	
 	128,055	
 	
Retirement Benefits Payable	34,965	
 	47,338	
 	47,658	
 	
Accrued Interest Payable	4,871	
 	6,040	
 	4,776	
 	
Taxes Payable and Deferred Taxes	34,907	
 	40,364	
 	88,014	
 	
Other Liabilities	128,168	
 	122,370	
 	138,479	
 	
Total Liabilities	13,072,304	
 	12,856,185	
 	12,706,707	
 	
Shareholders' Equity	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	
issued / outstanding: December 31, 2013 - 57,480,846 / 44,490,385;	 	 	 	
September 30, 2013 - 57,487,855 / 44,539,247;	 	 	 	
and December 31, 2012 - 57,319,352 / 44,754,835)	572	
 	572	
 	571	
 	
Capital Surplus	522,505	
 	520,510	
 	515,619	
 	
Accumulated Other Comprehensive Income (Loss)	(31,823)	
 	(33,510)	
 	29,208	
 	
Retained Earnings	1,151,754	
 	1,132,996	
 	1,084,477	
 	
Treasury Stock, at Cost (Shares: December 31, 2013 - 12,990,461;	 	 	 	
September 30, 2013 - 12,948,608; and December 31, 2012 - 12,564,517)	(631,032)	
 	(627,882)	
 	(608,210)	
 	
Total Shareholders' Equity	1,011,976	
 	992,686	
 	1,021,665	
 	
Total Liabilities and Shareholders' Equity	$	14,084,280	
 	$	13,848,871	
 	$	13,728,372	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Shareholders' Equity	 	Table 6	
 	
 	 	 	 	 	 	Accum.	
 	 	 	 	
 	 	 	 	 	 	Other	
 	 	 	 	
 	 	 	 	 	 	Compre-	
 	 	 	 	
 	 	 	Common	 	 	hensive	
 	 	 	 	
 	 	 	Shares	Common	
 	Capital	
 	Income	
 	Retained	
 	Treasury	
 	 	
(dollars in thousands)	Outstanding	Stock	
 	Surplus	
 	(Loss)	
 	Earnings	
 	Stock	
 	Total	
 	
Balance as of December 31, 2011	45,947,116	$	571	
 	$	507,558	
 	$	35,263	
 	$	1,003,938	
 	$	(544,663	)	$	1,002,667	
 	
Net Income	 	-	-	
 	-	
 	-	
 	166,076	
 	-	
 	166,076	
 	
Other Comprehensive Loss	-	-	
 	-	
 	(6,055)	
 	-	
 	-	
 	(6,055)	
 	
Share-Based Compensation	-	-	
 	7,537	
 	-	
 	-	
 	-	
 	7,537	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
Compensation Plans and Related Tax Benefits	565,956	-	
 	524	
 	-	
 	(3,892)	
 	17,897	
 	14,529	
 	
Common Stock Repurchased	(1,758,237)	-	
 	-	
 	-	
 	-	
 	(81,444)	
 	(81,444)	
 	
Cash Dividends Paid ($1.80 per share)	-	-	
 	-	
 	-	
 	(81,645)	
 	-	
 	(81,645)	
 	
Balance as of December 31, 2012	44,754,835	$	571	
 	$	515,619	
 	$	29,208	
 	$	1,084,477	
 	$	(608,210	)	$	1,021,665	

Net Income	 	-	$ -	
 	$ -	
 	$ -	
 	$	150,502	
 	$ -	
 	$	150,502	
 	
Other Comprehensive Loss	-	-	
 	-	
 	(61,031)	
 	 	 	(61,031)	
 	
Share-Based Compensation	-	-	
 	5,546	
 	-	
 	-	
 	-	
 	5,546	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
Compensation Plans and Related Tax Benefits	505,691	1	
 	1,340	
 	-	
 	(2,691)	
 	16,833	
 	15,483	
 	
Common Stock Repurchased	(770,141)	-	
 	-	
 	-	
 	-	
 	(39,655)	
 	(39,655)	
 	
Cash Dividends Paid ($1.80 per share)	-	-	
 	-	
 	-	
 	(80,534)	
 	-	
 	(80,534)	
 	
Balance as of December 31, 2013	44,490,385	$	572	
 	$	522,505	
 	$	(31,823	)	$	1,151,754	
 	$	(631,032	)	$	1,011,976	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Average Balances and Interest Rates - Taxable-Equivalent Basis	 	 	 	 	 	 	 	Table 7a	
 	 	Three Months Ended	 	Three Months Ended	 	Three Months Ended	 	
 	 	December 31, 2013	 	September 30, 2013	 	December 31, 2012	 	
 	 	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	$	3.2	
 	$ -	 	0.42	%	$	4.3	 	$ -	 	0.30	%	$	4.4	
 	$ -	 	0.29	%	
Funds Sold	222.8	
 	0.1	 	0.18	 	335.3	 	0.2	 	0.21	 	332.1	
 	0.2	 	0.21	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	2,274.8	
 	12.4	 	2.17	 	2,495.9	 	13.7	 	2.18	 	3,277.2	
 	17.6	 	2.15	 	
 	Held-to-Maturity	4,653.4	
 	27.7	 	2.38	 	4,385.5	 	25.0	 	2.28	 	3,406.3	
 	20.3	 	2.38	 	
Loans Held for Sale	7.8	
 	0.1	 	5.07	 	16.7	 	0.2	 	4.42	 	18.9	
 	0.2	 	4.36	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	906.3	
 	7.8	 	3.42	 	877.3	 	7.7	 	3.49	 	811.3	
 	7.8	 	3.84	 	
 	Commercial Mortgage	1,237.0	
 	12.4	 	3.97	 	1,164.9	 	12.1	 	4.12	 	1,063.6	
 	11.2	 	4.18	 	
 	Construction	115.2	
 	1.3	 	4.63	 	120.1	 	1.4	 	4.71	 	104.5	
 	1.2	 	4.77	 	
 	Commercial Lease Financing	255.6	
 	1.4	 	2.14	 	253.0	 	1.5	 	2.32	 	275.9	
 	1.7	 	2.46	 	
 	Residential Mortgage	2,284.4	
 	24.8	 	4.35	 	2,255.9	 	25.3	 	4.49	 	2,369.5	
 	27.5	 	4.64	 	
 	Home Equity	767.7	
 	7.8	 	4.04	 	757.6	 	7.9	 	4.13	 	771.3	
 	8.1	 	4.18	 	
 	Automobile	248.9	
 	3.4	 	5.39	 	240.6	 	3.3	 	5.43	 	205.6	
 	3.0	 	5.73	 	
 	Other 2	238.5	
 	4.9	 	8.08	 	223.5	 	4.6	 	8.23	 	196.4	
 	4.0	 	8.15	 	
Total Loans and Leases	6,053.6	
 	63.8	 	4.19	 	5,892.9	 	63.8	 	4.31	 	5,798.1	
 	64.5	 	4.44	 	
Other	77.5	
 	0.3	 	1.55	 	78.1	 	0.3	 	1.54	 	79.5	
 	0.3	 	1.43	 	
Total Earning Assets3	13,293.1	
 	104.4	 	3.13	 	13,208.7	 	103.2	 	3.11	 	12,916.5	
 	103.1	 	3.19	 	
Cash and Noninterest-Bearing Deposits	136.8	
 	 	 	 	140.3	 	 	 	 	144.8	
 	 	 	 	
Other Assets	435.0	
 	 	 	 	420.7	 	 	 	 	455.2	
 	 	 	 	
Total Assets	$	13,864.9	
 	 	 	 	$	13,769.7	 	 	 	 	$	13,516.5	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,245.5	
 	0.1	 	0.03	 	$	2,147.8	 	0.1	 	0.03	 	$	2,011.2	
 	0.1	 	0.03	 	
 	Savings	4,499.5	
 	1.0	 	0.09	 	4,485.3	 	1.0	 	0.09	 	4,451.4	
 	1.0	 	0.09	 	
 	Time	1,331.2	
 	1.3	 	0.38	 	1,401.5	 	1.4	 	0.38	 	1,755.6	
 	1.6	 	0.36	 	
Total Interest-Bearing Deposits	8,076.2	
 	2.4	 	0.12	 	8,034.6	 	2.5	 	0.12	 	8,218.2	
 	2.7	 	0.13	 	
Short-Term Borrowings	28.3	
 	-	 	0.15	 	11.7	 	-	 	0.14	 	11.0	
 	-	 	0.14	 	
Securities Sold Under Agreements to Repurchase	832.6	
 	6.6	 	3.07	 	847.2	 	6.6	 	3.03	 	776.8	
 	7.2	 	3.61	 	
Long-Term Debt	174.7	
 	0.6	 	1.44	 	174.7	 	0.6	 	1.44	 	36.7	
 	0.5	 	5.12	 	
Total Interest-Bearing Liabilities	9,111.8	
 	9.6	 	0.41	 	9,068.2	 	9.7	 	0.42	 	9,042.7	
 	10.4	 	0.45	 	
Net Interest Income	 	$	94.8	 	 	 	 	$	93.5	 	 	 	 	$	92.7	 	 	 	
 	Interest Rate Spread	 	 	2.72	%	 	 	2.69	%	 	 	2.74	%	
 	Net Interest Margin	 	 	2.85	%	 	 	2.83	%	 	 	2.87	%	
Noninterest-Bearing Demand Deposits	3,495.7	
 	 	 	 	3,444.6	 	 	 	 	3,158.7	
 	 	 	 	
Other Liabilities	248.6	
 	 	 	 	261.2	 	 	 	 	278.9	
 	 	 	 	
Shareholders' Equity	1,008.8	
 	 	 	 	995.7	 	 	 	 	1,036.2	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	13,864.9	
 	 	 	 	$	13,769.7	 	 	 	 	$	13,516.5	

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 $2,696,000, $2,597,000, and $2,394,000 for the three months ended December 31, 2013, September 30,
   2013, and December 31, 2012, respectively.	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	 	 	
Average Balances and Interest Rates - Taxable-Equivalent Basis	Table 7b	
 	 	Year Ended	 	Year Ended	 	
 	 	December 31, 2013	 	December 31, 2012	 	
 	 	Average	 	Income/	 	Yield/	 	Average	 	Income/	 	Yield/	 	
(dollars in millions)	Balance	 	Expense	 	Rate	 	Balance	 	Expense	 	Rate	 	
Earning Assets	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	$	4.0	 	$ -	 	0.26	%	$	3.7	 	$ -	 	0.26	%	
Funds Sold	221.2	 	0.4	 	0.19	 	263.5	 	0.5	 	0.20	 	
Investment Securities	 	 	 	 	 	 	 	 	
 	Available-for-Sale	2,822.5	 	61.6	 	2.18	 	3,346.3	 	75.0	 	2.24	 	
 	Held-to-Maturity	4,086.6	 	91.8	 	2.25	 	3,636.7	 	95.0	 	2.61	 	
Loans Held for Sale	16.4	 	0.7	 	4.18	 	14.7	 	0.6	 	4.29	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	865.8	 	30.9	 	3.57	 	800.2	 	31.3	 	3.91	 	
 	Commercial Mortgage	1,152.9	 	46.9	 	4.06	 	988.2	 	42.9	 	4.34	 	
 	Construction	114.6	 	5.4	 	4.75	 	101.9	 	5.1	 	5.04	 	
 	Commercial Lease Financing	261.6	 	6.0	 	2.31	 	283.3	 	6.8	 	2.39	 	
 	Residential Mortgage	2,275.8	 	101.7	 	4.47	 	2,349.6	 	111.3	 	4.74	 	
 	Home Equity	761.5	 	31.4	 	4.12	 	773.2	 	33.4	 	4.31	 	
 	Automobile	232.3	 	12.7	 	5.48	 	196.8	 	11.7	 	5.96	 	
 	Other 2	219.2	 	18.0	 	8.21	 	187.1	 	15.2	 	8.11	 	
Total Loans and Leases	5,883.7	 	253.0	 	4.30	 	5,680.3	 	257.7	 	4.54	 	
Other	78.3	 	1.2	 	1.50	 	79.9	 	1.1	 	1.41	 	
Total Earning Assets3	13,112.7	 	408.7	 	3.12	 	13,025.1	 	429.9	 	3.30	 	
Cash and Noninterest-Bearing Deposits	138.9	 	 	 	 	137.2	 	 	 	 	
Other Assets	440.5	 	 	 	 	446.9	 	 	 	 	
Total Assets	$	13,692.1	 	 	 	 	$	13,609.2	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	
 	Demand	2,140.5	 	0.6	 	0.03	 	1,938.6	 	0.5	 	0.03	 	
 	Savings	4,461.4	 	3.9	 	0.09	 	4,447.8	 	4.5	 	0.10	 	
 	Time	1,406.2	 	5.6	 	0.40	 	1,524.6	 	7.4	 	0.48	 	
Total Interest-Bearing Deposits	8,008.1	 	10.1	 	0.13	 	7,911.0	 	12.4	 	0.16	 	
Short-Term Borrowings	31.7	 	-	 	0.15	 	15.1	 	-	 	0.14	 	
Securities Sold Under Agreements to Repurchase	809.4	 	26.9	 	3.32	 	1,335.7	 	28.9	 	2.16	 	
Long-Term Debt	171.0	 	2.6	 	1.50	 	31.5	 	1.9	 	6.10	 	
Total Interest-Bearing Liabilities	9,020.2	 	39.6	 	0.44	 	9,293.3	 	43.2	 	0.47	 	
Net Interest Income	 	$	369.1	 	 	 	 	$	386.7	 	 	 	
 	Interest Rate Spread	 	 	2.68	%	 	 	2.83	%	
 	Net Interest Margin	 	 	2.81	%	 	 	2.97	%	
Noninterest-Bearing Demand Deposits	3,388.7	 	 	 	 	3,024.0	 	 	 	 	
Other Liabilities	264.9	 	 	 	 	268.6	 	 	 	 	
Shareholders' Equity	1,018.3	 	 	 	 	1,023.3	 	 	 	 	
Total Liabilities and Shareholders' Equity	$	13,692.1	 	 	 	 	$	13,609.2	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
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 $10,194,000 and $9,473,000 for the year ended December 31, 2013 and
   2012, respectively.	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	 	Table 8a	
 	
 	Three Months Ended December 31, 2013	
 	Compared to September 30, 2013	
(dollars in millions)	Volume1	
 	Rate1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	(0.1	)	$ -	
 	$	(0.1	)	
Investment Securities	 	 	 	
Available-for-Sale	(1.2	)	(0.1	)	(1.3	)	
Held-to-Maturity	1.5	
 	1.2	
 	2.7	
 	
Loans Held for Sale	(0.1	)	-	
 	(0.1	)	
Loans and Leases	 	 	 	
Commercial and Industrial	0.3	
 	(0.2	)	0.1	
 	
Commercial Mortgage	0.7	
 	(0.4	)	0.3	
 	
Construction	(0.1	)	-	
 	(0.1	)	
Commercial Lease Financing	-	
 	(0.1	)	(0.1	)	
Residential Mortgage	0.3	
 	(0.8	)	(0.5	)	
Home Equity	0.1	
 	(0.2	)	(0.1	)	
Automobile	0.1	
 	-	
 	0.1	
 	
   Other 2	0.4	
 	(0.1	)	0.3	
 	
Total Loans and Leases	1.8	
 	(1.8	)	-	
 	
Total Change in Interest Income	1.9	
 	(0.7	)	1.2	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
Time	(0.1	)	-	
 	(0.1	)	
Total Interest-Bearing Deposits	(0.1	)	-	
 	(0.1	)	
Securities Sold Under Agreements to Repurchase	(0.1	)	0.1	
 	-	
 	
Total Change in Interest Expense	(0.2	)	0.1	
 	(0.1	)	
 	 	 	 	
Change in Net Interest Income	$	2.1	
 	$	(0.8	)	$	1.3	

1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.	
2  Comprised of other consumer revolving credit, installment, and consumer lease financing.	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	 	Table 8b	
 	
 	Three Months Ended December 31, 2013	
 	Compared to December 31, 2012	
(dollars in millions)	Volume1	
 	Rate1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	(0.1	)	$ -	
 	$	(0.1	)	
Investment Securities	 	 	 	
Available-for-Sale	(5.5	)	0.3	
 	(5.2	)	
Held-to-Maturity	7.4	
 	-	
 	7.4	
 	
Loans Held for Sale	(0.1	)	-	
 	(0.1	)	
Loans and Leases	 	 	 	
Commercial and Industrial	0.9	
 	(0.9	)	-	
 	
Commercial Mortgage	1.8	
 	(0.6	)	1.2	
 	
Construction	0.1	
 	-	
 	0.1	
 	
Commercial Lease Financing	(0.1	)	(0.2	)	(0.3	)	
Residential Mortgage	(1.0	)	(1.7	)	(2.7	)	
Home Equity	-	
 	(0.3	)	(0.3	)	
Automobile	0.6	
 	(0.2	)	0.4	
 	
   Other 2	0.9	
 	-	
 	0.9	
 	
Total Loans and Leases	3.2	
 	(3.9	)	(0.7	)	
Total Change in Interest Income	4.9	
 	(3.6	)	1.3	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
Time	(0.4	)	0.1	
 	(0.3	)	
Total Interest-Bearing Deposits	(0.4	)	0.1	
 	(0.3	)	
Securities Sold Under Agreements to Repurchase	0.5	
 	(1.1	)	(0.6	)	
Long-Term Debt	0.7	
 	(0.6	)	0.1	
 	
Total Change in Interest Expense	0.8	
 	(1.6	)	(0.8	)	
 	 	 	 	
Change in Net Interest Income	$	4.1	
 	$	(2.0	)	$	2.1	

1  The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.	
2  Comprised of other consumer revolving credit, installment, and consumer lease financing.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	 	Table 8c	
 	
 	Year Ended December 31, 2013	
 	Compared to December 31, 2012	
(dollars in millions)	Volume1	
 	Rate1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	(0.1	)	$ -	
 	$	(0.1	)	
Investment Securities	 	 	 	
Available-for-Sale	(11.5	)	(1.9	)	(13.4	)	
Held-to-Maturity	11.0	
 	(14.2	)	(3.2	)	
Loans Held for Sale	0.1	
 	-	
 	0.1	
 	
Loans and Leases	 	 	 	
Commercial and Industrial	2.5	
 	(2.9	)	(0.4	)	
Commercial Mortgage	6.9	
 	(2.9	)	4.0	
 	
Construction	0.6	
 	(0.3	)	0.3	
 	
Commercial Lease Financing	(0.6	)	(0.2	)	(0.8	)	
Residential Mortgage	(3.4	)	(6.2	)	(9.6	)	
Home Equity	(0.5	)	(1.5	)	(2.0	)	
Automobile	2.0	
 	(1.0	)	1.0	
 	
   Other 2	2.6	
 	0.2	
 	2.8	
 	
Total Loans and Leases	10.1	
 	(14.8	)	(4.7	)	
Other	-	
 	0.1	
 	0.1	
 	
Total Change in Interest Income	9.6	
 	(30.8	)	(21.2	)	
 	 	 	 	
Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
Demand	0.1	
 	-	
 	0.1	
 	
Savings	-	
 	(0.6	)	(0.6	)	
Time	(0.6	)	(1.2	)	(1.8	)	
Total Interest-Bearing Deposits	(0.5	)	(1.8	)	(2.3	)	
Securities Sold Under Agreements to Repurchase	(13.9	)	11.9	
 	(2.0	)	
Long-Term Debt	3.1	
 	(2.4	)	0.7	
 	
Total Change in Interest Expense	(11.3	)	7.7	
 	(3.6	)	
 	 	 	 	
Change in Net Interest Income	$	20.9	
 	$	(38.5	)	$	(17.6	)	
 	 	 	 	
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	 	Year Ended	
 	December 31,	
 	September 30,	
 	December 31,	
 	 	December 31,	
(dollars in thousands)	2013	
 	2013	
 	2012	
 	 	2013	
 	2012	
 	
Salaries	$	28,636	
 	$	28,985	
 	$	29,378	
 	 	$	115,389	
 	$	115,208	
 	
Incentive Compensation	4,681	
 	4,242	
 	4,248	
 	 	16,568	
 	16,926	
 	
Share-Based Compensation	1,158	
 	1,333	
 	1,701	
 	 	4,932	
 	6,961	
 	
Commission Expense	1,222	
 	1,888	
 	1,953	
 	 	6,874	
 	6,993	
 	
Retirement and Other Benefits	3,183	
 	4,144	
 	3,821	
 	 	15,289	
 	16,014	
 	
Payroll Taxes	2,091	
 	2,335	
 	2,071	
 	 	11,242	
 	10,593	
 	
Medical, Dental, and Life Insurance	2,278	
 	1,872	
 	2,388	
 	 	9,431	
 	9,319	
 	
Separation Expense	394	
 	1,753	
 	556	
 	 	4,486	
 	2,394	
 	
Total Salaries and Benefits	$	43,643	
 	$	46,552	
 	$	46,116	
 	 	$	184,211	
 	$	184,408	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Loan and Lease Portfolio Balances	 	 	 	 	Table 10	
 	
 	 	 	December 31,	
 	September 30,	 	June 30,	 	March 31,	 	December 31,	 	
(dollars in thousands)	2013	
 	2013	 	2013	 	2013	 	2012	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	911,367	
 	$	895,040	 	$	875,702	 	$	834,801	 	$	829,512	 	
 	Commercial Mortgage	1,247,510	
 	1,203,670	 	1,160,977	 	1,104,718	 	1,097,425	 	
 	Construction	107,349	
 	124,230	 	107,016	 	117,797	 	113,987	 	
 	Lease Financing	262,207	
 	255,550	 	257,067	 	269,107	 	274,969	 	
Total Commercial	2,528,433	
 	2,478,490	 	2,400,762	 	2,326,423	 	2,315,893	 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	2,282,894	
 	2,282,305	 	2,252,117	 	2,275,209	 	2,349,916	 	
 	Home Equity	773,385	
 	765,841	 	751,790	 	757,877	 	770,376	 	
 	Automobile	255,986	
 	246,704	 	233,475	 	220,362	 	209,832	 	
 	Other 1	254,689	
 	233,302	 	221,008	 	203,098	 	208,504	 	
Total Consumer	3,566,954	
 	3,528,152	 	3,458,390	 	3,456,546	 	3,538,628	 	
Total Loans and Leases	$	6,095,387	
 	$	6,006,642	 	$	5,859,152	 	$	5,782,969	 	$	5,854,521	 	

Higher Risk Loans and Leases Outstanding	 	 	 	 	 	
 	 	 	December 31,	
 	September 30,	 	June 30,	 	March 31,	 	December 31,	 	
(dollars in thousands)	2013	
 	2013	 	2013	 	2013	 	2012	 	
Residential Land Loans 2	$	11,922	
 	$	13,635	 	$	13,708	 	$	13,996	 	$	14,984	 	
Home Equity Loans 3	12,594	
 	12,588	 	13,578	 	20,786	 	19,914	 	
Air Transportation 4	26,152	
 	26,492	 	26,436	 	27,115	 	27,782	 	
Total Higher Risk Loans	$	50,668	
 	$	52,715	 	$	53,722	 	$	61,897	 	$	62,680	 	
 	 	 	 	 	 	 	 	
1  Comprised of other revolving credit, installment, and lease financing.	 	 	 	 	
2 We consider all of our residential land loans, which are consumer loans secured by unimproved lots, to be of higher risk due to the volatility in the value of the underlying collateral.	
3 Higher risk home equity loans are defined as those loans originated in 2005 or later, with current monitoring credit scores below 600, and with original loan-to-value ratios greater
   than 70%.	
4  We consider all of our air transportation leases to be of higher risk due to the weak financial profile of the industry.	 	

Deposits	 	 	 	 	 	
 	 	 	December 31,	
 	September 30,	 	June 30,	 	March 31,	 	December 31,	 	
(dollars in thousands)	2013	
 	2013	 	2013	 	2013	 	2012	 	
Consumer	$	5,829,352	
 	$	5,707,125	 	$	5,626,515	 	$	5,607,862	 	$	5,537,624	 	
Commercial	4,814,076	
 	4,680,370	 	4,537,120	 	4,505,835	 	4,576,410	 	
Public and Other	1,271,228	
 	1,220,639	 	1,285,563	 	1,138,163	 	1,415,448	 	
Total Deposits	$	11,914,656	
 	$	11,608,134	 	$	11,449,198	 	$	11,251,860	 	$	11,529,482	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More	 	Table 11	
 	
 	 	 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	December 31,	 	
(dollars in thousands)	2013	 	2013	 	2013	 	2013	 	2012	 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	11,929	 	$	5,295	 	$	4,909	 	$	5,033	 	$	5,534	 	
 	 	Commercial Mortgage	2,512	 	2,355	 	2,772	 	2,910	 	3,030	 	
 	 	Construction	-	 	-	 	-	 	-	 	833	 	
 	 	Lease Financing	-	 	-	 	16	 	-	 	-	 	
 	Total Commercial	14,441	 	7,650	 	7,697	 	7,943	 	9,397	 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	20,264	 	20,637	 	22,876	 	24,700	 	21,725	 	
 	 	Home Equity	1,740	 	2,509	 	2,602	 	2,413	 	2,074	 	
 	Total Consumer	22,004	 	23,146	 	25,478	 	27,113	 	23,799	 	
Total Non-Accrual Loans and Leases	36,445	 	30,796	 	33,175	 	35,056	 	33,196	 	
Foreclosed Real Estate	3,205	 	3,036	 	3,256	 	3,318	 	3,887	 	
Total Non-Performing Assets	$	39,650	 	$	33,832	 	$	36,431	 	$	38,374	 	$	37,083	 	
 	 	 	 	 	 	 	 	
Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	1,173	 	$	8	 	$ -	 	$	230	 	$	27	 	
Total Commercial	1,173	 	8	 	-	 	230	 	27	 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	4,564	 	7,460	 	6,876	 	5,967	 	6,908	 	
 	Home Equity	3,009	 	2,896	 	2,768	 	4,538	 	2,701	 	
 	Automobile	322	 	193	 	95	 	241	 	186	 	
 	Other 1	790	 	841	 	855	 	676	 	587	 	
Total Consumer	8,685	 	11,390	 	10,594	 	11,422	 	10,382	 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	9,858	 	$	11,398	 	$	10,594	 	$	11,652	 	$	10,409	 	
Restructured Loans on Accrual Status	 	 	 	 	 	
and Not Past Due 90 Days or More	$	51,123	 	$	39,845	 	$	39,154	 	$	30,065	 	$	31,844	 	
Total Loans and Leases	$	6,095,387	 	$	6,006,642	 	$	5,859,152	 	$	5,782,969	 	$	5,854,521	 	
 	 	 	 	 	 	 	 	
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.60	%	0.51	%	0.57	%	0.61	%	0.57	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases,	 	 	 	 	 	
 	and Foreclosed Real Estate	0.65	%	0.56	%	0.62	%	0.66	%	0.63	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial	 	 	 	 	 	
 	Loans and Leases and Commercial Foreclosed Real Estate	0.61	%	0.35	%	0.37	%	0.39	%	0.45	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer	 	 	 	 	 	
 	Loans and Leases and Consumer Foreclosed Real Estate	0.68	%	0.71	%	0.80	%	0.85	%	0.75	%	
 	 	 	 	 	 	 	 	
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	0.81	%	0.75	%	0.80	%	0.86	%	0.81	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	33,832	 	$	36,431	 	$	38,374	 	$	37,083	 	$	40,284	 	
Additions	13,040	 	3,395	 	2,647	 	7,304	 	3,837	 	
Reductions	 	 	 	 	 	
 	Payments	(932	)	(2,954	)	(1,306	)	(2,630	)	(3,994	)	
 	Return to Accrual Status	(2,308	)	(1,166	)	(1,978	)	(1,132	)	(728	)	
 	Sales of Foreclosed Real Estate	(1,431	)	(1,498	)	(1,257	)	(1,910	)	(1,354	)	
 	Charge-offs/Write-downs	(2,551	)	(376	)	(49	)	(341	)	(962	)	
Total Reductions	(7,222	)	(5,994	)	(4,590	)	(6,013	)	(7,038	)	
Balance at End of Quarter	$	39,650	 	$	33,832	 	$	36,431	 	$	38,374	 	$	37,083	 	
 	 	 	 	 	 	 	 	
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	 	Year Ended	
 	 	 	December 31,	
 	September 30,	 	December 31,	 	 	December 31,	
(dollars in thousands)	2013	
 	2013	 	2012	 	 	2013	
 	2012	
 	
Balance at Beginning of Period	$	129,747	
 	$	130,494	 	$	136,390	 	 	$	134,276	
 	$	144,025	
 	
Loans and Leases Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	(6,828	)	(607	)	(589	)	 	(8,083	)	(3,617	)	
 	 	Construction	-	
 	-	 	-	 	 	-	
 	(330	)	
 	 	Lease Financing	-	
 	(16	)	-	 	 	(16	)	-	
 	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	(185	)	(405	)	(831	)	 	(2,013	)	(4,408	)	
 	 	Home Equity	(721	)	(1,106	)	(1,558	)	 	(5,220	)	(6,717	)	
 	 	Automobile	(670	)	(457	)	(646	)	 	(2,131	)	(2,082	)	
 	 	Other 1	(2,039	)	(2,083	)	(1,806	)	 	(7,657	)	(7,005	)	
Total Loans and Leases Charged-Off	(10,443	)	(4,674	)	(5,430	)	 	(25,120	)	(24,159	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	308	
 	498	 	904	 	 	1,681	
 	3,939	
 	
 	 	Commercial Mortgage	14	
 	519	 	19	 	 	557	
 	67	
 	
 	 	Construction	8	
 	11	 	5	 	 	365	
 	8	
 	
 	 	Lease Financing	8	
 	11	 	11	 	 	41	
 	177	
 	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	828	
 	1,290	 	1,039	 	 	3,540	
 	2,820	
 	
 	 	Home Equity	246	
 	614	 	342	 	 	1,943	
 	1,335	
 	
 	 	Automobile	363	
 	348	 	478	 	 	1,628	
 	1,931	
 	
 	 	Other 1	442	
 	488	 	518	 	 	1,962	
 	3,154	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,217	
 	3,779	 	3,316	 	 	11,717	
 	13,431	
 	
Net Loans and Leases Charged-Off	(8,226	)	(895	)	(2,114	)	 	(13,403	)	(10,728	)	
Provision for Credit Losses	-	
 	-	 	-	 	 	-	
 	979	
 	
Provision for Unfunded Commitments	-	
 	148	 	-	 	 	648	
 	-	
 	
Balance at End of Period2	$	121,521	
 	$	129,747	 	$	134,276	 	 	$	121,521	
 	$	134,276	

Components	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	$	115,454	
 	$	123,680	 	$	128,857	 	 	$	115,454	
 	$	128,857	
 	
Reserve for Unfunded Commitments	6,067	
 	6,067	 	5,419	 	 	6,067	
 	5,419	
 	
Total Reserve for Credit Losses	$	121,521	
 	$	129,747	 	$	134,276	 	 	$	121,521	
 	$	134,276	

Average Loans and Leases Outstanding	$	6,053,607	
 	$	5,892,888	 	$	5,798,057	 	 	$	5,883,686	
 	$	5,680,279	

Ratio of Net Loans and Leases Charged-Off to	 	 	 	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.54	%	0.06	%	0.15	%	 	0.23	%	0.19	%	
Ratio of Allowance for Loan and Lease Losses	 	 	 	 	 	 	
 	to Loans and Leases Outstanding	1.89	%	2.06	%	2.20	%	 	1.89	%	2.20	%	
 	 	 	 	 	 	 	 	 	
1  Comprised of other revolving credit, installment, and lease financing.	 	 	 	 	 	 	
2 Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Business Segments Selected Financial Information	 	 	 	 	Table 13a	
 	
 	Retail	
 	Commercial	 	Investment	 	Treasury	 	Consolidated	 	
(dollars in thousands)	Banking	
 	Banking	 	Services	 	and Other	 	Total	 	
Three Months Ended December 31, 2013	 	 	 	 	 	
Net Interest Income	$	42,155	
 	$	25,647	 	$	2,614	 	$	21,704	 	$	92,120	 	
Provision for Credit Losses	1,790	
 	6,419	 	(19)	 	(8,190)	 	-	 	
Net Interest Income After Provision for Credit Losses	40,365	
 	19,228	 	2,633	 	29,894	 	92,120	 	
Noninterest Income	20,377	
 	6,564	 	14,862	 	3,475	 	45,278	 	
Noninterest Expense	(50,015)	
 	(16,296)	 	(13,353)	 	(2,760)	 	(82,424)	 	
Income Before Provision for Income Taxes	10,727	
 	9,496	 	4,142	 	30,609	 	54,974	 	
Provision for Income Taxes	(3,970)	
 	(3,054)	 	(1,533)	 	(7,362)	 	(15,919)	 	
Net Income	6,757	
 	6,442	 	2,609	 	23,247	 	39,055	 	
Total Assets as of December 31, 2013	$	3,658,495	
 	$	2,426,452	 	$	189,421	 	$	7,809,912	 	$	14,084,280	 	
 	 	 	 	 	 	
Three Months Ended December 31, 20121	 	 	 	 	 	
Net Interest Income	$	43,553	
 	$	25,780	 	$	2,955	 	$	18,022	 	$	90,310	 	
Provision for Credit Losses	2,768	
 	(584)	 	(69)	 	(2,115)	 	-	 	
Net Interest Income After Provision for Credit Losses	40,785	
 	26,364	 	3,024	 	20,137	 	90,310	 	
Noninterest Income	28,422	
 	6,006	 	15,347	 	3,207	 	52,982	 	
Noninterest Expense	(51,857)	
 	(15,166)	 	(13,438)	 	(2,995)	 	(83,456)	 	
Income Before Provision for Income Taxes	17,350	
 	17,204	 	4,933	 	20,349	 	59,836	 	
Provision for Income Taxes	(6,420)	
 	(5,928)	 	(1,825)	 	(5,376)	 	(19,549)	 	
Net Income	10,930	
 	11,276	 	3,108	 	14,973	 	40,287	 	
Total Assets as of December 31, 20121	$	3,663,287	
 	$	2,196,682	 	$	190,383	 	$	7,678,020	 	$	13,728,372	 	
 	 	 	 	 	 	
1 Certain prior period information has been reclassified to conform to current presentation.	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Business Segments Selected Financial Information	 	 	 	 	Table 13b	
 	
 	Retail	
 	Commercial	 	Investment	 	Treasury	 	Consolidated	 	
(dollars in thousands)	Banking	
 	Banking	 	Services	 	and Other	 	Total	 	
Year Ended December 31, 2013	 	 	 	 	 	
Net Interest Income	$	164,597	
 	$	99,623	 	$	10,552	 	$	84,135	 	$	358,907	 	
Provision for Credit Losses	8,565	
 	4,918	 	(71)	 	(13,412)	 	-	 	
Net Interest Income After Provision for Credit Losses	156,032	
 	94,705	 	10,623	 	97,547	 	358,907	 	
Noninterest Income	88,063	
 	26,946	 	59,308	 	11,906	 	186,223	 	
Noninterest Expense	(200,853)	
 	(64,253)	 	(54,307)	 	(11,556)	 	(330,969)	 	
Income Before Provision for Income Taxes	43,242	
 	57,398	 	15,624	 	97,897	 	214,161	 	
Provision for Income Taxes	(16,000)	
 	(19,467)	 	(5,781)	 	(22,411)	 	(63,659)	 	
Net Income	27,242	
 	37,931	 	9,843	 	75,486	 	150,502	 	
Total Assets as of December 31, 2013	$	3,658,495	
 	$	2,426,452	 	$	189,421	 	$	7,809,912	 	$	14,084,280	 	

Year Ended December 31, 20121	 	 	 	 	 	
Net Interest Income	$	177,083	
 	$	103,754	 	$	12,448	 	$	83,986	 	$	377,271	 	
Provision for Credit Losses	11,916	
 	(1,382)	 	196	 	(9,751)	 	979	 	
Net Interest Income After Provision for Credit Losses	165,167	
 	105,136	 	12,252	 	93,737	 	376,292	 	
Noninterest Income	104,654	
 	26,408	 	57,454	 	11,770	 	200,286	 	
Noninterest Expense	(206,740)	
 	(62,165)	 	(55,543)	 	(9,840)	 	(334,288)	 	
Income Before Provision for Income Taxes	63,081	
 	69,379	 	14,163	 	95,667	 	242,290	 	
Provision for Income Taxes	(23,340)	
 	(19,864)	 	(5,240)	 	(27,770)	 	(76,214)	 	
Net Income	39,741	
 	49,515	 	8,923	 	67,897	 	166,076	 	
Total Assets as of December 31, 20121	$	3,663,287	
 	$	2,196,682	 	$	190,383	 	$	7,678,020	 	$	13,728,372	 	
 	 	 	 	 	 	
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	 	
 	December 31,	
 	 	September 30,	 	 	June 30,	 	 	March 31,	 	 	December 31,	 	 	
(dollars in thousands, except per share amounts)	2013	
 	 	2013	 	 	2013	 	 	2013	 	 	2012	 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	$	63,809	
 	 	$	63,918	 	 	$	62,729	 	 	$	62,820	 	 	$	64,627	 	 	
Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
Available-for-Sale	10,608	
 	 	12,038	 	 	15,073	 	 	15,851	 	 	15,349	 	 	
Held-to-Maturity	26,882	
 	 	24,137	 	 	19,189	 	 	19,854	 	 	20,253	 	 	
Deposits	3	
 	 	3	 	 	1	 	 	3	 	 	3	 	 	
Funds Sold	105	
 	 	177	 	 	74	 	 	59	 	 	180	 	 	
Other	302	
 	 	301	 	 	285	 	 	284	 	 	283	 	 	
Total Interest Income	101,709	
 	 	100,574	 	 	97,351	 	 	98,871	 	 	100,695	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
Deposits	2,418	
 	 	2,500	 	 	2,579	 	 	2,646	 	 	2,753	 	 	
Securities Sold Under Agreements to Repurchase	6,530	
 	 	6,551	 	 	6,751	 	 	7,005	 	 	7,158	 	 	
Funds Purchased	8	
 	 	4	 	 	10	 	 	22	 	 	4	 	 	
Short-Term Borrowings	2	
 	 	-	 	 	-	 	 	-	 	 	-	 	 	
Long-Term Debt	631	
 	 	632	 	 	671	 	 	638	 	 	470	 	 	
Total Interest Expense	9,589	
 	 	9,687	 	 	10,011	 	 	10,311	 	 	10,385	 	 	
Net Interest Income	92,120	
 	 	90,887	 	 	87,340	 	 	88,560	 	 	90,310	 	 	
Provision for Credit Losses	-	
 	 	-	 	 	-	 	 	-	 	 	-	 	 	
Net Interest Income After Provision for Credit Losses	92,120	
 	 	90,887	 	 	87,340	 	 	88,560	 	 	90,310	 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
Trust and Asset Management	12,240	
 	 	11,717	 	 	12,089	 	 	11,886	 	 	12,066	 	 	
Mortgage Banking	2,823	
 	 	4,132	 	 	5,820	 	 	6,411	 	 	11,268	 	 	
Service Charges on Deposit Accounts	9,326	
 	 	9,385	 	 	9,112	 	 	9,301	 	 	9,459	 	 	
Fees, Exchange, and Other Service Charges	12,670	
 	 	12,732	 	 	13,133	 	 	11,934	 	 	12,333	 	 	
Investment Securities Gains (Losses), Net	-	
 	 	-	 	 	-	 	 	-	 	 	-	 	 	
Insurance	2,295	
 	 	2,177	 	 	2,393	 	 	2,325	 	 	2,550	 	 	
Bank-Owned Life Insurance	1,895	
 	 	1,365	 	 	1,335	 	 	1,297	 	 	1,557	 	 	
Other	4,029	
 	 	3,618	 	 	4,159	 	 	4,624	 	 	3,749	 	 	
Total Noninterest Income	45,278	
 	 	45,126	 	 	48,041	 	 	47,778	 	 	52,982	 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
Salaries and Benefits	43,643	
 	 	46,552	 	 	45,341	 	 	48,675	 	 	46,116	 	 	
Net Occupancy	9,602	
 	 	9,847	 	 	9,661	 	 	9,635	 	 	11,867	 	 	
Net Equipment	4,837	
 	 	4,572	 	 	4,380	 	 	4,577	 	 	4,705	 	 	
Data Processing	3,827	
 	 	3,697	 	 	3,050	 	 	3,266	 	 	3,058	 	 	
Professional Fees	2,669	
 	 	2,119	 	 	2,391	 	 	2,226	 	 	2,611	 	 	
FDIC Insurance	1,954	
 	 	1,913	 	 	1,949	 	 	1,949	 	 	1,892	 	 	
Other	15,892	
 	 	14,277	 	 	14,409	 	 	14,059	 	 	13,207	 	 	
Total Noninterest Expense	82,424	
 	 	82,977	 	 	81,181	 	 	84,387	 	 	83,456	 	 	
Income Before Provision for Income Taxes	54,974	
 	 	53,036	 	 	54,200	 	 	51,951	 	 	59,836	 	 	
Provision for Income Taxes	15,919	
 	 	15,332	 	 	16,437	 	 	15,971	 	 	19,549	 	 	
Net Income	$	39,055	
 	 	$	37,704	 	 	$	37,763	 	 	$	35,980	 	 	$	40,287	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Basic Earnings Per Share	$	0.88	
 	 	$	0.85	 	 	$	0.85	 	 	$	0.81	 	 	$	0.90	 	 	
Diluted Earnings Per Share	$	0.88	
 	 	$	0.85	 	 	$	0.85	 	 	$	0.81	 	 	$	0.90	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	6,095,387	
 	 	$	6,006,642	 	 	$	5,859,152	 	 	$	5,782,969	 	 	$	5,854,521	 	 	
Total Assets	14,084,280	
 	 	13,848,871	 	 	13,733,418	 	 	13,525,667	 	 	13,728,372	 	 	
Total Deposits	11,914,656	
 	 	11,608,134	 	 	11,449,198	 	 	11,251,860	 	 	11,529,482	 	 	
Total Shareholders' Equity	1,011,976	
 	 	992,686	 	 	986,368	 	 	1,026,104	 	 	1,021,665	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.12	
 	%	1.09	 	%	1.12	 	%	1.08	 	%	1.19	 	%	
Return on Average Shareholders' Equity	15.36	
 	 	15.02	 	 	14.64	 	 	14.10	 	 	15.47	 	 	
Efficiency Ratio 1	59.99	
 	 	61.01	 	 	59.96	 	 	61.90	 	 	58.24	 	 	
Net Interest Margin 2	2.85	
 	 	2.83	 	 	2.77	 	 	2.82	 	 	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	
 	Eleven Months Ended	 	Year Ended	 	
($ in millions; jobs in thousands)	November 30, 2013	 	December 31, 2012	 	December 31, 2011	 	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	5,013.3	
 	4.1	%	$	5,259.1	
 	 	12.8	%	$	4,662.5	
 	 	8.1	%	
   General Excise and Use Tax Revenue 1	$	2,679.3	
 	2.3	%	$	2,844.7	
 	 	9.9	%	$	2,588.5	
 	 	8.8	%	
   Jobs 2	622.4	
 	 	 	619.3	
 	 	 	 	614.2	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	November 30,	 	September 30,	 	June 30,	 	December 31,	 	
(spot rates)	2013	 	2013	 	2013	 	2012	 	2011	 	2010	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
Statewide, seasonally adjusted	4.4	%	4.3	%	4.6	%	5.2	%	6.2	%	6.3	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Oahu	4.2	 	4.1	 	4.7	 	4.3	 	5.4	 	4.8	 	
Island of Hawaii	6.2	 	6.1	 	7.5	 	6.9	 	8.9	 	8.6	 	
Maui	4.9	 	4.8	 	5.4	 	5.2	 	7.1	 	7.4	 	
Kauai	5.5	 	5.2	 	5.9	 	6.0	 	7.8	 	7.8	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	December 31,	 	September 30,	 	June 30,	 	December 31,	 	
(percentage change, except months of inventory)	2013	 	2013	 	2013	 	2012	 	2011	 	2010	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
Median Home Price	4.8	%	3.3	%	0.8	%	7.8	%	(3.0)	%	3.1	%	
Home Sales Volume (units)	4.6	%	7.0	%	11.6	%	6.5	%	(2.7)	%	13.4	%	
Months of Inventory	2.7	 	2.8	 	2.7	 	2.5	 	4.8	 	6.0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	 	
(in thousands)	 	 	 	 	Seasonally Adjusted	 	from Previous Month	 	
Tourism5	 	 	 	 	 	 	 	 	 	 	 	 	
October 31, 2013	 	 	 	 	 	 	649.9	 	 	 	0.5	%	
September 30, 2013	 	 	 	 	 	 	646.7	 	 	 	(4.5)	 	
August 31, 2013	 	 	 	 	 	 	677.0	 	 	 	1.2	 	
July 31, 2013	 	 	 	 	 	 	668.7	 	 	 	(3.7)	 	
June 30, 2013	 	 	 	 	 	 	694.3	 	 	 	1.9	 	
May 31, 2013	 	 	 	 	 	 	681.2	 	 	 	2.5	 	
April 30, 2013	 	 	 	 	 	 	664.4	 	 	 	(6.1)	 	
March 31, 2013	 	 	 	 	 	 	707.3	 	 	 	4.9	 	
February 28, 2013	 	 	 	 	 	 	674.2	 	 	 	0.2	 	
January 31, 2013	 	 	 	 	 	 	673.2	 	 	 	(0.8)	 	
December 31, 2012	 	 	 	 	 	 	678.5	 	 	 	(2.5)	 	
November 30, 2012	 	 	 	 	 	 	696.2	 	 	 	5.5	 	
October 31, 2012	 	 	 	 	 	 	659.8	 	 	 	0.6	 	
September 30, 2012	 	 	 	 	 	 	655.7	 	 	 	(0.4)	 	
August 31, 2012	 	 	 	 	 	 	658.6	 	 	 	3.1	 	
July 31, 2012	 	 	 	 	 	 	639.0	 	 	 	(2.7)	 	
June 30, 2012	 	 	 	 	 	 	656.6	 	 	 	0.8	 	
May 31, 2012	 	 	 	 	 	 	651.7	 	 	 	1.5	 	
April 30, 2012	 	 	 	 	 	 	641.9	 	 	 	(2.0)	 	
March 31, 2012	 	 	 	 	 	 	654.9	 	 	 	3.4	 	
February 29, 2012	 	 	 	 	 	 	633.5	 	 	 	(1.1)	 	
January 31, 2012	 	 	 	 	 	 	640.6	 	 	 	2.0	 	
December 31, 2011	 	 	 	 	 	 	628.3	 	 	 	2.0	 	
November 30, 2011	 	 	 	 	 	 	616.3	 	 	 	0.9	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
1 Source: Hawaii Department of Business, Economic Development & Tourism	 	 	 	 	 	 	 	 	
2 Source: U. S. Bureau of Labor, preliminary figure	 	 	 	 	 	 	 	 	 	 	 	
3 Source: Hawaii Department of Labor and Industrial Relations	 	 	 	 	 	 	 	 	 	 	
4 Source: Honolulu Board of REALTORS	 	 	 	 	 	 	 	 	 	 	 	 	
5 Source: University of Hawaii Economic Research Organization	 	 	 	 	 	 	 	 	 	
Note: Certain prior period seasonally adjusted information has been revised.