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 25, 2016	 	
 
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 25, 2016, Bank of Hawaii Corporation announced its results of operations for the quarter ended December 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	January 25, 2016 Press Release: Bank of Hawaii Corporation Fourth 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: January 25, 2016	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation 2015 Financial Results
 	 	
•	Diluted Earnings Per Share $0.99 for the Fourth Quarter of 2015	
 	 	
•	Net Income $42.8 Million for the Fourth Quarter of 2015	
 	 	
•	2015 Diluted Earnings Per Share $3.70	
 	 	
•	2015 Net Income $160.7 Million	
 	 	
•	Board of Directors Declares Dividend of $0.45 Per Share	

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 25, 2016) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.99 for the fourth quarter of 2015, up from $0.79 per share in the previous quarter, and up from $0.94 per share in the same quarter last year. Net income for the fourth quarter of 2015 was $42.8 million, compared to net income of $34.3 million in the third quarter of 2015 and $41.2 million in the same quarter last year. The return on average assets for the fourth quarter of 2015 was 1.11 percent, compared with 0.89 percent in the third quarter of 2015 and 1.12 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2015 was 15.41 percent, compared with 12.45 percent in the third quarter of 2015 and 15.39 percent in the fourth quarter last year.

Loan and lease balances were $7.9 billion at December 31, 2015, up 2.5 percent from September 30, 2015 and up 14.2 percent compared with December 31, 2014. Deposit growth remained strong during the fourth quarter, increasing 2.4 percent from September 30, 2015 and 4.9 percent from December 31, 2014. The net interest margin was 2.85 percent during the fourth quarter of 2015 compared with 2.77 percent in the previous quarter and 2.84 percent in the same quarter last year. The net interest margin for the full year of 2015 was 2.81 percent, down 4 basis points from the net interest margin of 2.85 percent in 2014.

“Bank of Hawaii finished 2015 with another year of solid financial performance," said Peter Ho, Chairman, President and CEO. “During the fourth quarter our loan balances and deposits continued to grow and we returned to provisioning due to our high level of loan production. During 2015, our net interest margin was relatively stable, asset quality remained solid, capital and liquidity remains strong, core expenses were well controlled, and we maintained our strategic and disciplined approach to grow our businesses.

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Bank of Hawaii Corporation 2015 Financial Results     Page 2

Diluted earnings per share for the full year of 2015 were $3.70, up slightly from diluted earnings per share of $3.69 in 2014. Net income for the year was $160.7 million, down $2.3 million or 1.4 percent from net income of $163.0 million in the previous year. The return on average assets for the full year of 2015 was 1.06 percent compared with 1.14 percent in 2014. The return on average equity for the full year of 2015 was 14.82 percent compared with 15.50 percent in 2014.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the fourth quarter of 2015 was $104.7 million, an increase of $3.8 million compared with $100.9 million in the third quarter of 2015 and up $5.2 million compared with $99.5 million in the fourth quarter last year. Net interest income, on a taxable-equivalent basis, for the full year of 2015 was $406.0 million, an increase of $14.9 million from net interest income of $391.1 million in 2014. Analyses of changes in net interest income are included in Tables 8a, 8b and 8c.

Results for the fourth quarter of 2015 included a provision for credit losses of $1.0 million due to the continued strong growth of loans and leases during the year offset by improved credit metrics. There were no provisions for credit losses during the previous three quarters in 2015. 2014 financial results included a negative provision for credit losses of $4.9 million.

Noninterest income was $44.8 million in the fourth quarter of 2015, an increase of $1.6 million compared with $43.2 million in the third quarter of 2015 and a decrease of $1.0 million compared with $45.8 million in the fourth quarter of 2014. Noninterest income in the fourth quarter of 2015 included a gain of $1.0 million due to a distribution from a low-income housing partnership. Noninterest income in the third quarter of 2015 included a loss of $1.0 million on the sale of an aircraft lease. Noninterest income in the fourth quarter of 2014 included a gain of $2.0 million from the sale of 22,000 Visa Class B shares.  Noninterest income for the full year of 2015 was $186.2 million compared with noninterest income of $180.0 million in 2014. The increase in noninterest income compared with the previous year was primarily the result of higher mortgage banking income which totaled $11.6 million in 2015 compared with $7.6 million in 2014 and increased gains on the sales of Visa Class B shares which totaled $10.1 million in 2015 compared with $7.9 million in 2014.

Noninterest expense was $85.7 million in the fourth quarter of 2015, down $6.2 million compared with $91.9 million in the third quarter of 2015 and up $4.5 million compared with $81.2 million in the fourth quarter of 2014. Noninterest expense in the fourth quarter of 2015 included net gains of $3.9 million related to the disposal of two branches which was partially offset by expenses of $1.3 million for the roll-out of chip-enabled debit cards, operating losses of $1.1 million, and severance expenses of $0.5 million. Noninterest expenses in the third quarter of 2015 included a $9.5 million impairment on the residual values of six aircraft in which the leases had expired. Noninterest expense in the fourth quarter of 2014 included an insurance reserve reduction of $2.0 million. Noninterest expense for the full year of 2015 was $348.1 million compared with noninterest expense of $326.9 million in 2014.

The efficiency ratio for the fourth quarter of 2015 was 58.55 percent compared with 65.12 percent in the previous quarter and 57.03 percent in the same quarter last year. The efficiency ratio for the full year of 2015 was 59.99 percent compared with 58.41 percent during the full year of 2014.

The effective tax rate for the fourth quarter of 2015 was 28.23 percent compared with 30.37 percent in the previous quarter and 32.71 percent in the same quarter last year.  The lower effective tax rate during the fourth quarter of 2015 was due to the release of a valuation allowance related to the sale of a low-income housing investment. The effective tax rate for the full year of 2015 was 30.49 percent compared with 31.39 percent for the full year of 2014. 

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Bank of Hawaii Corporation 2015 Financial Results     Page 3

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

Asset Quality

The Company’s overall asset quality continued to remain strong during the fourth quarter of 2015. Total non-performing assets decreased to $28.8 million at December 31, 2015, down from $29.5 million at September 30, 2015 and $30.1 million at December 31, 2014. Non-performing assets, as a percentage of total loans and leases and foreclosed real estate, were 0.37 percent at December 31, 2015, down from 0.38 percent at September 30, 2015 and 0.44 percent at December 31, 2014.
Accruing loans and leases past due 90 days or more were $7.6 million at December 31, 2015, down from $8.1 million at September 30, 2015 and $8.7 million at December 31, 2014. Restructured loans and leases not included in non-accrual loans or accruing loans past due 90 days or more were $49.4 million at December 31, 2015 compared with $49.5 million at September 30, 2015 and $45.5 million at December 31, 2014. 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 2015 were $2.2 million or 0.11 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $4.5 million during the quarter were partially offset by recoveries of $2.3 million. Net charge-offs during the third quarter of 2015 were $2.0 million or 0.10 percent annualized of total average loans and leases outstanding and were comprised of charge-offs of $4.4 million and recoveries of $2.4 million. Net charge-offs during 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 charge-offs of $3.7 million and recoveries of $2.1 million. Net charge-offs for the full year of 2015 were $6.8 million or 0.09 percent of total average loans and leases compared with $1.9 million or 0.03 percent of total average loans and leases in 2014.
The allowance for loan and lease losses was $102.9 million at December 31, 2015, down $1.1 million compared with $104.0 million at September 30, 2015 and down $5.8 million compared with $108.7 million at December 31, 2014. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.31 percent at December 31, 2015, a decrease of 4 basis points from September 30, 2015 and down 27 basis points from December 31, 2014. The decrease in the allowance for loan and lease losses is commensurate with the continued improvement in credit quality and the Hawaii economy. The total reserve for unfunded commitments at December 31, 2015 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 $15.5 billion at December 31, 2015, up $290.9 million from total assets of $15.2 billion at September 30, 2015 and up $667.8 million from total assets of $14.8 billion at December 31, 2014. Average total assets were $15.3 billion during the fourth quarter of 2015, up $114.9 million from average total assets of $15.2 billion during the third quarter of 2015 and up $732.1 million from average total assets of $14.6 billion during the fourth quarter of 2014.

The investment portfolio was $6.2 billion at December 31, 2015 compared to $6.4 billion at September 30, 2015 and $6.8 billion at December 31, 2014. The investment portfolio remains largely comprised of securities issued by U. S. government agencies and includes $4.0 billion in securities held to maturity and $2.2 billion in securities available for sale.

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Bank of Hawaii Corporation 2015 Financial Results     Page 4

Total loans and leases increased to $7.9 billion at December 31, 2015, up from $7.7 billion at September 30, 2015 and up from $6.9 billion at December 31, 2014. The commercial loan portfolio was $3.2 billion at the end of the fourth quarter of 2015, up 1.0 percent from commercial loans of $3.1 billion at the end of the third quarter of 2015 and up 11.5 percent from commercial loans of $2.8 billion at the end of the fourth quarter last year. Consumer loans increased to $4.7 billion at December 31, 2015, up 3.5 percent from consumer loans of $4.6 billion at the end of the third quarter of 2015 and up 16.1 percent from consumer loans of $4.1 billion at the end of the fourth quarter last year. Average total loans and leases were $7.8 billion during the fourth quarter of 2015, up from $7.5 billion during the previous quarter and $6.7 billion during the same quarter last year. Loan and lease portfolio balances are summarized in Table 10.

Deposit generation continued to remain strong during the fourth quarter of 2015. Total deposits increased to $13.3 billion at December 31, 2015, up from total deposits of $12.9 billion at September 30, 2015 and $12.6 billion at December 31, 2014. Average total deposits were $13.0 billion in the fourth quarter of 2015, up slightly from the previous quarter and up from $12.4 billion during the same quarter last year. Deposit balances are summarized in Tables 7a, 7b, and 10.

During the fourth quarter of 2015, the Company repurchased 214.0 thousand shares of common stock at a total cost of $13.9 million under its share repurchase program. The average cost was $65.08 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through December 31, 2015, the Company has repurchased 52.8 million shares and returned nearly $2.0 billion to shareholders at an average cost of $37.35 per share. Remaining buyback authority under the share repurchase program was $23.0 million at December 31, 2015. From January 4 through January 22, 2016, the Company repurchased an additional 62.5 thousand shares of common stock at an average cost of $58.81 per share repurchased.

Total shareholders’ equity was $1.12 billion at December 31, 2015, up from $1.10 billion at September 30, 2015 and $1.06 billion at December 31, 2014. The Tier 1 Capital Ratio was 13.97 percent at December 31, 2015 compared with 14.11 percent at September 30, 2015 and 14.69 percent at December 31, 2014. The Tier 1 Leverage Ratio at December 31, 2015 was 7.26 percent compared with 7.18 percent at September 30, 2015 and 7.13 percent at December 31, 2014.

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, 2016 to shareholders of record at the close of business on February 29, 2016.

Hawaii Economy

General economic conditions in Hawaii continued to be healthy during the fourth quarter of 2015, led by a strong tourism industry, relatively low unemployment, rising real estate prices, and an active construction industry. For the first eleven months of 2015, total visitor arrivals increased by 4.2 percent and visitor spending increased by 2.2 percent compared to the same period in 2014. The statewide seasonally-adjusted unemployment rate declined to 3.2 percent in November 2015 compared to 5.0 percent nationally. Real estate prices on Oahu reached new records during 2015. The volume of single-family home sales on Oahu during the year increased 5.2 percent and the volume of condominium sales on Oahu increased 4.5 percent compared with 2014.  The median price of single-family homes on Oahu increased 3.7 percent and the median price of condominiums on Oahu increased 2.9 percent compared with sales during 2014.  As of December 31, 2015, months of inventory of single-family homes and condominiums on Oahu declined to 2.6 months and 2.9 months, respectively.  More information on current Hawaii economic trends is presented in Table 15.

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Bank of Hawaii Corporation 2015 Financial Results     Page 5

Conference Call Information

The Company will review its 2015 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The call will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation's website,  www.boh.com . The toll-free number is 1 (877) 783-7534 in the United States and 1 (530) 379-4714 for international callers. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, January 25, 2016. The replay number is 1 (855) 859-2056 in the United States and 1 (404) 537-3406 from international locations. Enter the pass code 21670681 when prompted. Participants may also dial 1 (800) 585-8367 to access the replay. A replay will also be available via the investor relations link of 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 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 1	
 	 	
 	Three Months Ended	 	Year Ended	 	
 	December 31,	 	September 30,	 	December 31,	 	December 31,	 	
(dollars in thousands, except per share amounts)	2015	 	2015	 	2014	 	2015	 	2014	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	$	101,644	
 	 	$	97,891	
 	 	$	96,632	
 	 	$	394,087	
 	 	$	379,656	
 	 	
Provision for Credit Losses	1,000	
 	 	—	
 	 	—	
 	 	1,000	
 	 	(4,864	)	 	
Total Noninterest Income	44,766	
 	 	43,221	
 	 	45,818	
 	 	186,219	
 	 	180,017	
 	 	
Total Noninterest Expense	85,727	
 	 	91,888	
 	 	81,240	
 	 	348,104	
 	 	326,899	
 	 	
Net Income	42,832	
 	 	34,276	
 	 	41,191	
 	 	160,704	
 	 	163,042	
 	 	
Basic Earnings Per Share	1.00	
 	 	0.79	
 	 	0.95	
 	 	3.72	
 	 	3.71	
 	 	
Diluted Earnings Per Share	0.99	
 	 	0.79	
 	 	0.94	
 	 	3.70	
 	 	3.69	
 	 	
Dividends Declared Per Share	0.45	
 	 	0.45	
 	 	0.45	
 	 	1.80	
 	 	1.80	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.11	
 	%	0.89	
 	%	1.12	
 	%	1.06	
 	%	1.14	
 	%	
Return on Average Shareholders' Equity	15.41	
 	 	12.45	
 	 	15.39	
 	 	14.82	
 	 	15.50	
 	 	
Efficiency Ratio 1	58.55	
 	 	65.12	
 	 	57.03	
 	 	59.99	
 	 	58.41	
 	 	
Net Interest Margin 2	2.85	
 	 	2.77	
 	 	2.84	
 	 	2.81	
 	 	2.85	
 	 	
Dividend Payout Ratio 3	45.00	
 	 	56.96	
 	 	47.37	
 	 	48.39	
 	 	48.52	
 	 	
Average Shareholders' Equity to Average Assets	7.19	
 	 	7.18	
 	 	7.27	
 	 	7.16	
 	 	7.35	

Average Balances	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases	$	7,785,346	
 	 	$	7,545,985	
 	 	$	6,746,332	
 	 	$	7,423,572	
 	 	$	6,405,431	
 	 	
Average Assets	15,335,574	
 	 	15,220,660	
 	 	14,603,493	
 	 	15,136,494	
 	 	14,317,516	
 	 	
Average Deposits	13,038,637	
 	 	13,008,890	
 	 	12,435,692	
 	 	12,925,235	
 	 	12,122,148	
 	 	
Average Shareholders' Equity	1,102,548	
 	 	1,092,592	
 	 	1,061,900	
 	 	1,084,059	
 	 	1,052,195	

Per Share of Common Stock	 	 	 	 	 	 	 	 	 	 	
Book Value	$	25.79	
 	 	$	25.34	
 	 	$	24.13	
 	 	$	25.79	
 	 	$	24.13	
 	 	
Tangible Book Value	25.06	
 	 	24.61	
 	 	23.41	
 	 	25.06	
 	 	23.41	
 	 	
Market Value	 	 	 	 	 	 	 	 	 	 	
   Closing	62.90	
 	 	63.49	
 	 	59.31	
 	 	62.90	
 	 	59.31	
 	 	
   High	70.07	
 	 	69.00	
 	 	61.00	
 	 	70.07	
 	 	61.73	
 	 	
   Low	60.55	
 	 	58.53	
 	 	52.70	
 	 	53.90	
 	 	52.70	

 	 	 	
 	
 	 	December 31,	
 	 	September 30,	
 	 	December 31,	

 	
 	 	2015	
 	 	2015	
 	 	2014	
 	 	
As of Period End:	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	 	 	
 	
 	 	$	7,878,985	
 	 	$	7,689,772	
 	 	$	6,897,589	
 	 	
Total Assets	 	 	
 	 	15,455,016	
 	 	15,164,123	
 	 	14,787,208	
 	 	
Total Deposits	 	 	
 	 	13,251,103	
 	 	12,936,962	
 	 	12,633,089	
 	 	
Other Debt	 	 	
 	 	245,786	
 	 	270,801	
 	 	173,912	
 	 	
Total Shareholders' Equity	 	 	
 	 	1,116,260	
 	 	1,098,354	
 	 	1,055,086	

Asset Quality	 	 	 	 	 	 	 	 	 	 	
Non-Performing Assets	 	 	
 	
 	 	$	28,801	
 	 	$	29,545	
 	 	$	30,082	
 	 	
Allowance for Loan and Lease Losses	 	 	
 	 	102,880	
 	 	104,038	
 	 	108,688	
 	 	
Allowance to Loans and Leases Outstanding	 	 	
 	
 	1.31	
 	%	1.35	
 	%	1.58	
 	%	
 	 	 	 	 	 	 	 	 	 	 	
Capital Ratios	 	 	 	 	 	 	 	 	 	 	
Common Equity Tier 1 Capital Ratio 4	 	 	

 	13.97	
 	%	14.11	
 	 	 n/a	
 	 	
Tier 1 Capital Ratio 4	 	 	
 	
 	 	13.97	
 	 	14.11	
 	%	14.69	
 	%	
Total Capital Ratio 4	 	 	
 	
 	 	15.22	
 	 	15.37	
 	 	15.94	
 	 	
Tier 1 Leverage Ratio 4	 	 	
 	
 	 	7.26	
 	 	7.18	
 	 	7.13	
 	 	
Total Shareholders' Equity to Total Assets	 	 	
 	
 	 	7.22	
 	 	7.24	
 	 	7.14	
 	 	
Tangible Common Equity to Tangible Assets 5	 	 	
 	
 	 	7.03	
 	 	7.05	
 	 	6.94	
 	 	
Tangible Common Equity to Risk-Weighted Assets  4, 5	 	 	
 	
 	 	13.62	
 	 	13.78	
 	 	14.46	

Non-Financial Data	 	 	 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	 	 	
 	 	2,164	
 	 	2,154	
 	 	2,161	
 	 	
Branches	 	 	
 	 	70	
 	 	72	
 	 	74	
 	 	
ATMs	 	 	
 	 	456	
 	 	455	
 	 	459	

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 December 31, 2015 and September 30, 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	

 	 	December 31,	
 	 	September 30,	
 	 	December 31,	
 	
(dollars in thousands)	
 	 	2015	
 	 	2015	
 	 	2014	
 	
Total Shareholders' Equity	
 	
 	 	$	1,116,260	
 	 	$	1,098,354	
 	 	$	1,055,086	
 	
Less:	Goodwill	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Common Equity	
 	
 	 	$	1,084,743	
 	 	$	1,066,837	
 	 	$	1,023,569	

Total Assets	
 	
 	 	$	15,455,016	
 	 	$	15,164,123	
 	 	$	14,787,208	
 	
Less:	Goodwill	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Assets	
 	
 	 	$	15,423,499	
 	 	$	15,132,606	
 	 	$	14,755,691	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	 	 	
 	with prescribed regulatory requirements 1	
 	
 	 	$	7,962,484	
 	 	$	7,740,028	
 	 	$	7,077,035	

Total Shareholders' Equity to Total Assets	
 	 	7.22	%	 	7.24	%	 	7.14	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	
 	 	7.03	%	 	7.05	%	 	6.94	%	
 	 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio 1	
 	 	13.97	%	 	14.11	%	 	14.69	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)  1	
 	 	13.62	%	 	13.78	%	 	14.46	%	

1  Risk-weighted assets and capital ratios were 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	 	Year Ended	
 	December 31,	September 30,	December 31,	 	December 31,	
(dollars in thousands, except per share amounts)	2015	2015	2014	 	2015	2014	
Interest Income	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	78,122	
 	$	75,874	
 	$	69,974	
 	 	$	298,522	
 	$	267,407	
 	
   Income on Investment Securities	 	 	 	 	 	 	
      Available-for-Sale	10,829	
 	10,192	
 	10,732	
 	 	41,492	
 	42,475	
 	
      Held-to-Maturity	21,722	
 	20,689	
 	24,966	
 	 	89,650	
 	105,860	
 	
   Deposits	1	
 	2	
 	2	
 	 	8	
 	9	
 	
   Funds Sold	315	
 	291	
 	192	
 	 	1,133	
 	673	
 	
   Other	381	
 	312	
 	303	
 	 	1,305	
 	1,209	
 	
Total Interest Income	111,370	
 	107,360	
 	106,169	
 	 	432,110	
 	417,633	
 	
Interest Expense	 	 	 	 	 	 	
   Deposits	2,443	
 	2,410	
 	2,392	
 	 	9,626	
 	9,534	
 	
   Securities Sold Under Agreements to Repurchase	6,246	
 	6,307	
 	6,520	
 	 	25,364	
 	25,905	
 	
   Funds Purchased	3	
 	3	
 	3	
 	 	12	
 	13	
 	
   Other Debt	1,034	
 	749	
 	622	
 	 	3,021	
 	2,525	
 	
Total Interest Expense	9,726	
 	9,469	
 	9,537	
 	 	38,023	
 	37,977	
 	
Net Interest Income	101,644	
 	97,891	
 	96,632	
 	 	394,087	
 	379,656	
 	
Provision for Credit Losses	1,000	
 	—	
 	—	
 	 	1,000	
 	(4,864	)	
Net Interest Income After Provision for Credit Losses	100,644	
 	97,891	
 	96,632	
 	 	393,087	
 	384,520	
 	
Noninterest Income	 	 	 	 	 	 	
   Trust and Asset Management	11,243	
 	11,907	
 	12,225	
 	 	47,685	
 	47,798	
 	
   Mortgage Banking	3,130	
 	3,291	
 	2,116	
 	 	11,583	
 	7,571	
 	
   Service Charges on Deposit Accounts	8,663	
 	8,669	
 	9,058	
 	 	34,072	
 	35,669	
 	
   Fees, Exchange, and Other Service Charges	13,764	
 	13,340	
 	13,702	
 	 	53,353	
 	53,401	
 	
   Investment Securities Gains, Net	(181	)	24	
 	1,966	
 	 	10,160	
 	8,063	
 	
   Annuity and Insurance	2,014	
 	1,721	
 	1,664	
 	 	7,664	
 	8,065	
 	
   Bank-Owned Life Insurance	1,608	
 	1,609	
 	1,874	
 	 	7,039	
 	6,639	
 	
   Other	4,525	
 	2,660	
 	3,213	
 	 	14,663	
 	12,811	
 	
Total Noninterest Income	44,766	
 	43,221	
 	45,818	
 	 	186,219	
 	180,017	
 	
Noninterest Expense	 	 	 	 	 	 	
   Salaries and Benefits	47,997	
 	46,576	
 	45,520	
 	 	191,963	
 	183,028	
 	
   Net Occupancy	4,876	
 	7,403	
 	9,291	
 	 	30,217	
 	37,296	
 	
   Net Equipment	5,244	
 	4,804	
 	4,734	
 	 	20,162	
 	18,479	
 	
   Data Processing	5,106	
 	3,920	
 	3,823	
 	 	16,472	
 	14,979	
 	
   Professional Fees	2,803	
 	2,258	
 	3,086	
 	 	9,660	
 	9,794	
 	
   FDIC Insurance	2,322	
 	2,139	
 	2,055	
 	 	8,669	
 	7,936	
 	
   Other	17,379	
 	24,788	
 	12,731	
 	 	70,961	
 	55,387	
 	
Total Noninterest Expense	85,727	
 	91,888	
 	81,240	
 	 	348,104	
 	326,899	
 	
Income Before Provision for Income Taxes	59,683	
 	49,224	
 	61,210	
 	 	231,202	
 	237,638	
 	
Provision for Income Taxes	16,851	
 	14,948	
 	20,019	
 	 	70,498	
 	74,596	
 	
Net Income	$	42,832	
 	$	34,276	
 	$	41,191	
 	 	$	160,704	
 	$	163,042	
 	
Basic Earnings Per Share	$	1.00	
 	$	0.79	
 	$	0.95	
 	 	$	3.72	
 	$	3.71	
 	
Diluted Earnings Per Share	$	0.99	
 	$	0.79	
 	$	0.94	
 	 	$	3.70	
 	$	3.69	
 	
Dividends Declared Per Share	$	0.45	
 	$	0.45	
 	$	0.45	
 	 	$	1.80	
 	$	1.80	
 	
Basic Weighted Average Shares	43,003,191	
 	43,181,233	
 	43,499,627	
 	 	43,217,818	
 	43,899,208	
 	
Diluted Weighted Average Shares	43,275,377	
 	43,427,730	
 	43,758,873	
 	 	43,454,877	
 	44,125,456	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	2015	2015	2014	 	2015	2014	
Net Income	$	42,832	
 	$	34,276	
 	$	41,191	
 	 	$	160,704	
 	$	163,042	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	 	 	 	
 	Net Unrealized Gains (Losses) on Investment Securities	(6,860	)	7,051	
 	1,567	
 	 	(2,125	)	16,858	
 	
 	Defined Benefit Plans	4,595	
 	219	
 	(12,190	)	 	5,254	
 	(11,721	)	
Total Other Comprehensive Income (Loss)	(2,265	)	7,270	
 	(10,623	)	 	3,129	
 	5,137	
 	
Comprehensive Income	$	40,567	
 	$	41,546	
 	$	30,568	
 	 	$	163,833	
 	$	168,179	

 	
 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Condition	 	 	 	Table 5	

 	December 31,	
 	September 30,	
 	December 31,	
 	
(dollars in thousands)	
 	2015	
 	2015	
 	2014	
 	
Assets	 	 	 	 	
Interest-Bearing Deposits in Other Banks	
 	
 	$	4,130	
 	$	3,609	
 	$	2,873	
 	
Funds Sold	
 	592,892	
 	274,873	
 	360,577	
 	
Investment Securities	 	 	 	 	
   Available-for-Sale	
 	2,256,818	
 	2,279,722	
 	2,289,190	
 	
   Held-to-Maturity (Fair Value of $4,006,412; $4,181,613; and $4,504,495)	
 	3,982,736	
 	4,121,768	
 	4,466,679	
 	
Loans Held for Sale	
 	4,808	
 	3,222	
 	5,136	
 	
Loans and Leases	
 	7,878,985	
 	7,689,772	
 	6,897,589	
 	
   Allowance for Loan and Lease Losses	
 	(102,880	)	(104,038	)	(108,688	)	
     Net Loans and Leases	
 	7,776,105	
 	7,585,734	
 	6,788,901	
 	
Total Earning Assets	
 	14,617,489	
 	14,268,928	
 	13,913,356	
 	
Cash and Due from Banks	
 	158,699	
 	208,601	
 	172,126	
 	
Premises and Equipment, Net	
 	111,199	
 	108,987	
 	109,854	
 	
Accrued Interest Receivable	
 	44,719	
 	47,512	
 	44,654	
 	
Foreclosed Real Estate	
 	824	
 	1,392	
 	2,311	
 	
Mortgage Servicing Rights	
 	23,002	
 	23,301	
 	24,695	
 	
Goodwill	
 	31,517	
 	31,517	
 	31,517	
 	
Bank-Owned Life Insurance	
 	268,175	
 	266,568	
 	262,807	
 	
Other Assets	
 	199,392	
 	207,317	
 	225,888	
 	
Total Assets	
 	
 	$	15,455,016	
 	$	15,164,123	
 	$	14,787,208	

Liabilities	 	 	 	 	
Deposits	 	 	 	 	
   Noninterest-Bearing Demand	
 	
 	$	4,286,331	
 	$	4,102,713	
 	$	3,832,943	
 	
   Interest-Bearing Demand	
 	2,761,930	
 	2,631,542	
 	2,559,570	
 	
   Savings	
 	5,025,191	
 	5,016,462	
 	4,806,575	
 	
   Time	
 	1,177,651	
 	1,186,245	
 	1,434,001	
 	
Total Deposits	
 	13,251,103	
 	12,936,962	
 	12,633,089	
 	
Funds Purchased	
 	7,333	
 	8,459	
 	8,459	
 	
Securities Sold Under Agreements to Repurchase	
 	628,857	
 	632,138	
 	688,601	
 	
Other Debt	
 	245,786	
 	270,801	
 	173,912	
 	
Retirement Benefits Payable	
 	47,374	
 	54,978	
 	55,477	
 	
Accrued Interest Payable	
 	5,032	
 	5,869	
 	5,148	
 	
Taxes Payable and Deferred Taxes	
 	17,737	
 	25,294	
 	27,777	
 	
Other Liabilities	
 	135,534	
 	131,268	
 	139,659	
 	
Total Liabilities	
 	14,338,756	
 	14,065,769	
 	13,732,122	
 	
Shareholders' Equity	 	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	 	
   issued / outstanding: December 31, 2015 - 57,749,071 / 43,282,153;	 	 	 	 	
   September 30, 2015 - 57,749,071 / 43,342,940;	 	 	 	 	
   and December 31, 2014 - 57,634,755 / 43,724,208)	
 	575	
 	575	
 	574	
 	
Capital Surplus	
 	542,041	
 	539,112	
 	531,932	
 	
Accumulated Other Comprehensive Loss	
 	(23,557	)	(21,292	)	(26,686	)	
Retained Earnings	
 	1,316,260	
 	1,293,416	
 	1,234,801	
 	
Treasury Stock, at Cost (Shares: December 31, 2015 - 14,466,918;	 	 	 	 	
    September 30, 2015 - 14,406,131; and December 31, 2014 - 13,910,547)	
 	(719,059	)	(713,457	)	(685,535	)	
Total Shareholders' Equity	
 	1,116,260	
 	1,098,354	
 	1,055,086	
 	
Total Liabilities and Shareholders' Equity	
 	
 	$	15,455,016	
 	$	15,164,123	
 	$	14,787,208	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Consolidated Statements of Shareholders' Equity	 	 	 	Table 6	
 	
 	 	 	 	 	Accum.	
 	 	 	 	
 	 	 	 	 	Other	
 	 	 	 	
 	 	 	 	 	Compre-	
 	 	 	 	
 	 	 	 	 	hensive	
 	 	 	 	
 	Common Shares	 	Common	
 	Capital	
 	Income	
 	Retained	
 	Treasury	
 	 	
(dollars in thousands)	Outstanding	
 	Stock	
 	Surplus	
 	(Loss)	
 	Earnings	
 	Stock	
 	Total	
 	
Balance as of December 31, 2013	44,490,385	
 	$	572	
 	$	522,505	
 	$	(31,823	)	$	1,151,754	
 	$	(631,032	)	$	1,011,976	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	163,042	
 	—	
 	163,042	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	5,137	

 	5,137	
 	
Share-Based Compensation	—	
 	—	
 	7,870	
 	—	
 	—	
 	—	
 	7,870	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	345,278	
 	2	
 	1,557	
 	—	
 	(335	)	9,543	
 	10,767	
 	
Common Stock Repurchased	(1,111,455	)	—	
 	—	
 	—	
 	—	
 	(64,046	)	(64,046	)	
Cash Dividends Declared ($1.80 per share)	—	
 	—	
 	—	
 	—	
 	(79,660	)	—	
 	(79,660	)	
Balance as of December 31, 2014	43,724,208	
 	$	574	
 	$	531,932	
 	$	(26,686	)	$	1,234,801	
 	$	(685,535	)	$	1,055,086	

 	

 	

 	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	160,704	
 	—	
 	160,704	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	3,129	
 	—	
 	—	
 	3,129	
 	
Share-Based Compensation	—	
 	—	
 	7,689	
 	—	
 	—	
 	—	
 	7,689	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	401,904	
 	1	
 	2,420	
 	—	
 	(878	)	19,457	
 	21,000	
 	
Common Stock Repurchased	(843,959	)	—	
 	—	
 	—	
 	—	
 	(52,981	)	(52,981	)	
Cash Dividends Paid ($1.80 per share)	—	
 	—	
 	—	
 	—	
 	(78,367	)	—	
 	(78,367	)	
Balance as of December 31, 2015	43,282,153	
 	$	575	
 	$	542,041	
 	$	(23,557	)	$	1,316,260	
 	$	(719,059	)	$	1,116,260	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2015	 	September 30, 2015	 	December 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	$	3.8	
 	$	—	
 	0.10	
 	%	$	3.4	
 	$	—	
 	0.22	
 	%	$	3.4	
 	$	—	
 	0.24	
 	%	
Funds Sold	466.3	
 	0.3	
 	0.26	
 	 	508.2	
 	0.3	
 	0.22	
 	 	358.8	
 	0.2	
 	0.21	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	1,573.3	
 	7.1	
 	1.81	
 	 	1,524.4	
 	6.5	
 	1.69	
 	 	1,563.9	
 	7.0	
 	1.78	
 	 	
 	   Non-Taxable	718.5	
 	5.7	
 	3.18	
 	 	719.4	
 	5.8	
 	3.19	
 	 	715.1	
 	5.8	
 	3.24	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	3,827.9	
 	20.2	
 	2.10	
 	 	3,953.3	
 	19.1	
 	1.93	
 	 	4,256.3	
 	23.3	
 	2.19	
 	 	
 	   Non-Taxable	246.6	
 	2.4	
 	3.92	
 	 	247.3	
 	2.4	
 	3.93	
 	 	250.0	
 	2.5	
 	3.95	
 	 	
Total Investment Securities	6,366.3	
 	35.4	
 	2.22	
 	 	6,444.4	
 	33.8	
 	2.09	
 	 	6,785.3	
 	38.6	
 	2.27	
 	 	
Loans Held for Sale	7.1	
 	0.1	
 	4.26	
 	 	13.4	
 	0.1	
 	3.82	
 	 	2.8	
 	—	
 	3.92	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,155.2	
 	9.4	
 	3.22	
 	 	1,166.7	
 	9.3	
 	3.15	
 	 	1,025.3	
 	8.5	
 	3.30	
 	 	
 	Commercial Mortgage	1,653.9	
 	15.5	
 	3.71	
 	 	1,568.2	
 	15.0	
 	3.79	
 	 	1,421.3	
 	13.9	
 	3.87	
 	 	
 	Construction	140.9	
 	1.7	
 	4.90	
 	 	124.5	
 	1.5	
 	4.93	
 	 	110.4	
 	1.2	
 	4.52	
 	 	
 	Commercial Lease Financing	204.2	
 	1.8	
 	3.46	
 	 	216.2	
 	1.9	
 	3.50	
 	 	228.7	
 	1.9	
 	3.41	
 	 	
 	Residential Mortgage	2,895.3	
 	29.2	
 	4.04	
 	 	2,832.4	
 	28.8	
 	4.07	
 	 	2,501.8	
 	26.5	
 	4.24	
 	 	
 	Home Equity	1,027.4	
 	9.3	
 	3.61	
 	 	961.3	
 	8.6	
 	3.58	
 	 	850.5	
 	8.2	
 	3.82	
 	 	
 	Automobile	373.7	
 	4.9	
 	5.19	
 	 	359.2	
 	4.7	
 	5.18	
 	 	314.0	
 	4.2	
 	5.29	
 	 	
 	Other 2	334.7	
 	6.4	
 	7.57	
 	 	317.5	
 	6.1	
 	7.60	
 	 	294.3	
 	5.5	
 	7.37	
 	 	
Total Loans and Leases	7,785.3	
 	78.2	
 	4.00	
 	 	7,546.0	
 	75.9	
 	4.00	
 	 	6,746.3	
 	69.9	
 	4.13	
 	 	
Other	41.1	
 	0.4	
 	3.71	
 	 	37.5	
 	0.3	
 	3.33	
 	 	68.7	
 	0.3	
 	1.76	
 	 	
Total Earning Assets 3	14,669.9	
 	114.4	
 	3.11	
 	 	14,552.9	
 	110.4	
 	3.02	
 	 	13,965.3	
 	109.0	
 	3.11	
 	 	
Cash and Due from Banks	126.2	
 	 	 	 	131.6	
 	 	 	 	140.2	
 	 	 	 	
Other Assets	539.5	
 	 	 	 	536.2	
 	 	 	 	498.0	
 	 	 	 	
Total Assets	$	15,335.6	
 	 	 	 	$	15,220.7	
 	 	 	 	$	14,603.5	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,653.2	
 	0.2	
 	0.03	
 	 	$	2,622.4	
 	0.2	
 	0.03	
 	 	$	2,459.0	
 	0.2	
 	0.03	
 	 	
 	Savings	5,028.8	
 	1.1	
 	0.09	
 	 	5,067.8	
 	1.1	
 	0.09	
 	 	4,720.7	
 	1.0	
 	0.09	
 	 	
 	Time	1,178.2	
 	1.1	
 	0.38	
 	 	1,201.3	
 	1.1	
 	0.36	
 	 	1,480.5	
 	1.2	
 	0.32	
 	 	
Total Interest-Bearing Deposits	8,860.2	
 	2.4	
 	0.11	
 	 	8,891.5	
 	2.4	
 	0.11	
 	 	8,660.2	
 	2.4	
 	0.11	
 	 	
Short-Term Borrowings	8.1	
 	—	
 	0.14	
 	 	8.5	
 	—	
 	0.14	
 	 	8.5	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	630.5	
 	6.3	
 	3.88	
 	 	643.3	
 	6.3	
 	3.84	
 	 	693.2	
 	6.5	
 	3.68	
 	 	
Other Debt	306.4	
 	1	
 	1.34	
 	 	223.2	
 	0.8	
 	1.34	
 	 	173.9	
 	0.6	
 	1.43	
 	 	
Total Interest-Bearing Liabilities	9,805.2	
 	9.7	
 	0.39	
 	 	9,766.5	
 	9.5	
 	0.38	
 	 	9,535.8	
 	9.5	
 	0.39	
 	 	
Net Interest Income	 	$	104.7	
 	 	 	 	$	100.9	
 	 	 	 	$	99.5	
 	 	 	
 	Interest Rate Spread	 	 	2.72	
 	%	 	 	2.64	
 	%	 	 	2.72	
 	%	
 	Net Interest Margin	 	 	2.85	
 	%	 	 	2.77	
 	%	 	 	2.84	
 	%	
Noninterest-Bearing Demand Deposits	4,178.4	
 	 	 	 	4,117.4	
 	 	 	 	3,775.5	
 	 	 	 	
Other Liabilities	249.5	
 	 	 	 	244.2	
 	 	 	 	230.3	
 	 	 	 	
Shareholders' Equity	1,102.5	
 	 	 	 	1,092.6	
 	 	 	 	1,061.9	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	15,335.6	
 	 	 	 	$	15,220.7	
 	 	 	 	$	14,603.5	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 $3,016,000, $3,035,000 and $2,908,000 for the three months ended	 	
 	December 31, 2015, September 30, 2015 and December 31, 2014, respectively.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Average Balances and Interest Rates - Taxable-Equivalent Basis	 	 	 	Table 7b	
 	 	
 	 	Year Ended	 	Year Ended	 	
 	 	December 31, 2015	 	December 31, 2014	 	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	
(dollars in millions)	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	
Earning Assets	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits in Other Banks	$	3.4	
 	$	—	
 	0.22	
 	%	$	4.3	
 	$	—	
 	0.21	
 	%	
Funds Sold	483.1	
 	1.1	
 	0.23	
 	 	316.2	
 	0.7	
 	0.21	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	
 	   Taxable	1,554.2	
 	26.6	
 	1.71	
 	 	1,536.5	
 	27.7	
 	1.80	
 	 	
 	   Non-Taxable	721.7	
 	22.9	
 	3.18	
 	 	699.6	
 	22.7	
 	3.24	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	
 	   Taxable	3,981.2	
 	83.3	
 	2.09	
 	 	4,412.5	
 	99.4	
 	2.25	
 	 	
 	   Non-Taxable	247.8	
 	9.8	
 	3.93	
 	 	251.3	
 	10.0	
 	3.95	
 	 	
Total Investment Securities	6,504.9	
 	142.6	
 	2.19	
 	 	6,899.9	
 	159.8	
 	2.32	
 	 	
Loans Held for Sale	8.7	
 	0.3	
 	3.83	
 	 	3.2	
 	0.1	
 	4.31	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,152.3	
 	36.6	
 	3.18	
 	 	970.3	
 	33.3	
 	3.43	
 	 	
 	Commercial Mortgage	1,543.5	
 	58.5	
 	3.79	
 	 	1,331.5	
 	52.5	
 	3.94	
 	 	
 	Construction	123.9	
 	5.9	
 	4.79	
 	 	109.4	
 	4.8	
 	4.40	
 	 	
 	Commercial Lease Financing	217.8	
 	7.5	
 	3.46	
 	 	237.6	
 	7.0	
 	2.96	
 	 	
 	Residential Mortgage	2,774.7	
 	113.9	
 	4.10	
 	 	2,377.9	
 	101.6	
 	4.27	
 	 	
 	Home Equity	944.0	
 	34.2	
 	3.63	
 	 	815.6	
 	31.9	
 	3.91	
 	 	
 	Automobile	352.3	
 	18.4	
 	5.21	
 	 	288.8	
 	15.4	
 	5.32	
 	 	
 	Other 2	315.1	
 	23.7	
 	7.51	
 	 	274.3	
 	20.8	
 	7.58	
 	 	
Total Loans and Leases	7,423.6	
 	298.7	
 	4.02	
 	 	6,405.4	
 	267.3	
 	4.17	
 	 	
Other	49.0	
 	1.3	
 	2.67	
 	 	72.7	
 	1.2	
 	1.66	
 	 	
Total Earning Assets 3	14,472.7	
 	444.0	
 	3.07	
 	 	13,701.7	
 	429.1	
 	3.13	
 	 	
Cash and Due from Banks	130.0	
 	 	 	 	143.4	
 	 	 	 	
Other Assets	533.8	
 	 	 	 	472.4	
 	 	 	 	
Total Assets	$	15,136.5	
 	 	 	 	$	14,317.5	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	
 	Demand	$	2,616.4	
 	0.8	
 	0.03	
 	 	$	2,390.8	
 	0.7	
 	0.03	
 	 	
 	Savings	5,015.6	
 	4.4	
 	0.09	
 	 	4,592.6	
 	3.9	
 	0.09	
 	 	
 	Time	1,252.9	
 	4.4	
 	0.35	
 	 	1,450.3	
 	4.9	
 	0.34	
 	 	
Total Interest-Bearing Deposits	8,884.9	
 	9.6	
 	0.11	
 	 	8,433.7	
 	9.5	
 	0.11	
 	 	
Short-Term Borrowings	8.4	
 	—	
 	0.15	
 	 	9.3	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	655.9	
 	25.4	
 	3.87	
 	 	747.9	
 	25.9	
 	3.46	
 	 	
Other Debt	219.7	
 	3.0	
 	1.37	
 	 	174.4	
 	2.6	
 	1.45	
 	 	
Total Interest-Bearing Liabilities	9,768.9	
 	38.0	
 	0.39	
 	 	9,365.3	
 	38.0	
 	0.41	
 	 	
Net Interest Income	 	$	406.0	
 	 	 	 	$	391.1	
 	 	 	
 	Interest Rate Spread	 	 	2.68	
 	%	 	 	2.72	
 	%	
 	Net Interest Margin	 	 	2.81	
 	%	 	 	2.85	
 	%	
Noninterest-Bearing Demand Deposits	4,040.3	
 	 	 	 	3,688.4	
 	 	 	 	
Other Liabilities	243.2	
 	 	 	 	211.6	
 	 	 	 	
Shareholders' Equity	1,084.1	
 	 	 	 	1,052.2	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	15,136.5	
 	 	 	 	$	14,317.5	

 	 	 	 	 	 	 	 	 	 	
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 $11,937,000 and $11,479,000 for the year ended	 	
 	December 31, 2015 and December 31, 2014, respectively.	 	 	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8a	
 	
 	Three Months Ended December 31, 2015	
 	Compared to September 30, 2015	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	$	0.2	
 	$	0.4	
 	$	0.6	
 	
      Non-Taxable	—	
 	(0.1	)	(0.1	)	
   Held-to-Maturity	 	 	 	
      Taxable	(0.6	)	1.7	
 	1.1	
 	
Total Investment Securities	(0.4	)	2.0	
 	1.6	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	(0.1	)	0.2	
 	0.1	
 	
   Commercial Mortgage	0.8	
 	(0.3	)	0.5	
 	
   Construction	0.2	
 	—	
 	0.2	
 	
   Commercial Lease Financing	(0.1	)	—	
 	(0.1	)	
   Residential Mortgage	0.6	
 	(0.2	)	0.4	
 	
   Home Equity	0.6	
 	0.1	
 	0.7	
 	
   Automobile	0.2	
 	—	
 	0.2	
 	
   Other 2	0.3	
 	—	
 	0.3	
 	
Total Loans and Leases	2.5	
 	(0.2	)	2.3	
 	
Other	—	
 	0.1	
 	0.1	
 	
Total Change in Interest Income	2.1	
 	1.9	
 	4.0	

Change in Interest Expense:	 	 	 	
Securities Sold Under Agreements to Repurchase	(0.1	)	0.1	
 	—	
 	
Other Debt	0.2	
 	—	
 	0.2	
 	
Total Change in Interest Expense	0.1	
 	0.1	
 	0.2	

Change in Net Interest Income	$	2.0	
 	$	1.8	
 	$	3.8	

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

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8b	
 	
 	Three Months Ended December 31, 2015	
 	Compared to December 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	
 	0.1	
 	
      Non-Taxable	—	
 	(0.1	)	(0.1	)	
   Held-to-Maturity	 	 	 	
      Taxable	(2.3	)	(0.8	)	(3.1	)	
      Non-Taxable	(0.1	)	—	
 	(0.1	)	
Total Investment Securities	(2.4	)	(0.8	)	(3.2	)	
Loans Held for Sale	0.1	
 	—	
 	0.1	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	1.1	
 	(0.2	)	0.9	
 	
   Commercial Mortgage	2.2	
 	(0.6	)	1.6	
 	
   Construction	0.4	
 	0.1	
 	0.5	
 	
   Commercial Lease Financing	(0.1	)	—	
 	(0.1	)	
   Residential Mortgage	4.0	
 	(1.3	)	2.7	
 	
   Home Equity	1.6	
 	(0.5	)	1.1	
 	
   Automobile	0.8	
 	(0.1	)	0.7	
 	
   Other 2	0.8	
 	0.1	
 	0.9	
 	
Total Loans and Leases	10.8	
 	(2.5	)	8.3	
 	
Other	(0.2	)	0.3	
 	0.1	
 	
Total Change in Interest Income	8.4	
 	(3.0	)	5.4	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Savings	0.1	
 	—	
 	0.1	
 	
   Time	(0.3	)	0.2	
 	(0.1	)	
Total Interest-Bearing Deposits	(0.2	)	0.2	
 	—	
 	
Securities Sold Under Agreements to Repurchase	(0.5	)	0.3	
 	(0.2	)	
Other Debt	0.4	
 	—	
 	0.4	
 	
Total Change in Interest Expense	(0.3	)	0.5	
 	0.2	

Change in Net Interest Income	$	8.7	
 	$	(3.5	)	$	5.2	

 	 	 	 	
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, 2015	
 	Compared to December 31, 2014	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.3	
 	$	0.1	
 	$	0.4	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.3	
 	(1.4	)	(1.1	)	
      Non-Taxable	0.7	
 	(0.5	)	0.2	
 	
   Held-to-Maturity	 	 	 	
      Taxable	(9.3	)	(6.8	)	(16.1	)	
      Non-Taxable	(0.1	)	(0.1	)	(0.2	)	
Total Investment Securities	(8.4	)	(8.8	)	(17.2	)	
Loans Held for Sale	0.2	
 	—	
 	0.2	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	5.9	
 	(2.6	)	3.3	
 	
   Commercial Mortgage	8.1	
 	(2.1	)	6.0	
 	
   Construction	0.7	
 	0.4	
 	1.1	
 	
   Commercial Lease Financing	(0.6	)	1.1	
 	0.5	
 	
   Residential Mortgage	16.5	
 	(4.2	)	12.3	
 	
   Home Equity	4.7	
 	(2.4	)	2.3	
 	
   Automobile	3.3	
 	(0.3	)	3.0	
 	
   Other 2	3.1	
 	(0.2	)	2.9	
 	
Total Loans and Leases	41.7	
 	(10.3	)	31.4	
 	
Other	(0.5	)	0.6	
 	0.1	
 	
Total Change in Interest Income	33.3	
 	(18.4	)	14.9	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	—	
 	0.1	
 	
   Savings	0.4	
 	0.1	
 	0.5	
 	
   Time	(0.7	)	0.2	
 	(0.5	)	
Total Interest-Bearing Deposits	(0.2	)	0.3	
 	0.1	
 	
Securities Sold Under Agreements to Repurchase	(3.3	)	2.8	
 	(0.5	)	
Other Debt	0.5	
 	(0.1	)	0.4	
 	
Total Change in Interest Expense	(3.0	)	3.0	
 	—	

Change in Net Interest Income	$	36.3	
 	$	(21.4	)	$	14.9	

 	 	 	 	
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)	2015	2015	2014	 	2015	2014	
Salaries	$	29,356	
 	$	28,905	
 	$	28,751	
 	 	$	114,389	
 	$	114,199	
 	
Incentive Compensation	4,971	
 	4,223	
 	4,639	
 	 	18,667	
 	17,471	
 	
Share-Based Compensation	2,678	
 	2,616	
 	2,342	
 	 	10,390	
 	8,808	
 	
Commission Expense	1,375	
 	1,639	
 	1,383	
 	 	6,533	
 	4,831	
 	
Retirement and Other Benefits	4,056	
 	4,064	
 	3,947	
 	 	16,968	
 	16,800	
 	
Payroll Taxes	2,032	
 	2,200	
 	2,007	
 	 	10,095	
 	9,916	
 	
Medical, Dental, and Life Insurance	3,077	
 	2,870	
 	2,653	
 	 	11,580	
 	10,555	
 	
Separation Expense	452	
 	59	
 	(202	)	 	3,341	
 	448	
 	
Total Salaries and Benefits	$	47,997	
 	$	46,576	
 	$	45,520	
 	 	$	191,963	
 	$	183,028	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	2015	
 	2015	
 	2015	
 	2015	
 	2014	
 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	1,115,168	
 	$	1,169,817	
 	$	1,173,259	
 	$	1,141,408	
 	$	1,055,243	
 	
 	Commercial Mortgage	1,677,147	
 	1,622,119	
 	1,528,685	
 	1,477,902	
 	1,437,513	
 	
 	Construction	156,660	
 	129,254	
 	118,714	
 	111,381	
 	109,183	
 	
 	Lease Financing	204,877	
 	202,055	
 	222,113	
 	224,419	
 	226,189	
 	
Total Commercial	3,153,852	
 	3,123,245	
 	3,042,771	
 	2,955,110	
 	2,828,128	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	2,925,605	
 	2,875,605	
 	2,787,847	
 	2,699,434	
 	2,571,090	
 	
 	Home Equity	1,069,400	
 	993,817	
 	931,191	
 	884,742	
 	866,688	
 	
 	Automobile	381,735	
 	367,640	
 	352,128	
 	339,686	
 	323,848	
 	
 	Other 1	348,393	
 	329,465	
 	314,501	
 	299,656	
 	307,835	
 	
Total Consumer	4,725,133	
 	4,566,527	
 	4,385,667	
 	4,223,518	
 	4,069,461	
 	
Total Loans and Leases	$	7,878,985	
 	$	7,689,772	
 	$	7,428,438	
 	$	7,178,628	
 	$	6,897,589	

 	 	 	 	 	 	 	
Deposits	 	 	 	 	
 	 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	
(dollars in thousands)	2015	
 	2015	
 	2015	
 	2015	
 	2014	
 	
Consumer	$	6,445,510	
 	$	6,254,862	
 	$	6,221,691	
 	$	6,220,391	
 	$	6,092,929	
 	
Commercial	5,502,739	
 	5,397,857	
 	5,524,153	
 	5,444,814	
 	5,163,352	
 	
Public and Other	1,302,854	
 	1,284,243	
 	1,344,851	
 	1,314,411	
 	1,376,808	
 	
Total Deposits	$	13,251,103	
 	$	12,936,962	
 	$	13,090,695	
 	$	12,979,616	
 	$	12,633,089	

 	 	 	 	 	 	 	
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	
 	
 	 	 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	
(dollars in thousands)	2015	
 	2015	
 	2015	
 	2015	
 	2014	
 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	5,829	
 	$	8,532	
 	$	8,299	
 	$	8,641	
 	$	9,088	
 	
 	 	Commercial Mortgage	3,469	
 	1,058	
 	716	
 	732	
 	745	
 	
 	Total Commercial	9,298	
 	9,590	
 	9,015	
 	9,373	
 	9,833	
 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	14,598	
 	14,749	
 	14,918	
 	14,344	
 	14,841	
 	
 	 	Home Equity	4,081	
 	3,814	
 	3,528	
 	2,965	
 	3,097	
 	
 	Total Consumer	18,679	
 	18,563	
 	18,446	
 	17,309	
 	17,938	
 	
Total Non-Accrual Loans and Leases	27,977	
 	28,153	
 	27,461	
 	26,682	
 	27,771	
 	
Foreclosed Real Estate	824	
 	1,392	
 	1,989	
 	2,095	
 	2,311	
 	
Total Non-Performing Assets	$	28,801	
 	$	29,545	
 	$	29,450	
 	$	28,777	
 	$	30,082	

Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	—	
 	$	—	
 	$	750	
 	$	—	
 	$	2	
 	
Total Commercial	—	
 	—	
 	750	
 	—	
 	2	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	4,453	
 	5,060	
 	4,789	
 	3,914	
 	4,506	
 	
 	Home Equity	1,710	
 	1,396	
 	2,395	
 	2,425	
 	2,596	
 	
 	Automobile	315	
 	631	
 	323	
 	537	
 	616	
 	
 	Other 1	1,096	
 	1,058	
 	1,395	
 	1,078	
 	941	
 	
Total Consumer	7,574	
 	8,145	
 	8,902	
 	7,954	
 	8,659	
 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	7,574	
 	$	8,145	
 	$	9,652	
 	$	7,954	
 	$	8,661	
 	
Restructured Loans on Accrual Status	 	 	 	 	 	
   and Not Past Due 90 Days or More	$	49,430	
 	$	49,506	
 	$	48,339	
 	$	46,639	
 	$	45,474	
 	
Total Loans and Leases	$	7,878,985	
 	$	7,689,772	
 	$	7,428,438	
 	$	7,178,628	
 	$	6,897,589	

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.36	%	0.37	%	0.37	%	0.37	%	0.40	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.37	%	0.38	%	0.40	%	0.40	%	0.44	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial	 	 	 	 	 	
 	Loans and Leases and Commercial Foreclosed Real Estate	0.29	%	0.31	%	0.32	%	0.34	%	0.38	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer	 	 	 	 	 	
 	Loans and Leases and Consumer Foreclosed Real Estate	0.41	%	0.44	%	0.45	%	0.44	%	0.47	%	
 	 	 	 	 	 	 	 	
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	0.46	%	0.49	%	0.53	%	0.51	%	0.56	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	29,545	
 	$	29,450	
 	$	28,777	
 	$	30,082	
 	$	33,307	
 	
Additions	2,353	
 	4,427	
 	1,909	
 	621	
 	1,885	
 	
Reductions	 	 	 	 	 	
 	Payments	(2,473	)	(1,191	)	(1,020	)	(1,427	)	(1,822	)	
 	Return to Accrual Status	(24	)	(1,748	)	—	
 	(187	)	(1,291	)	
 	Sales of Foreclosed Real Estate	(458	)	(1,300	)	(83	)	(37	)	(1,480	)	
 	Charge-offs/Write-downs	(142	)	(93	)	(133	)	(275	)	(517	)	
Total Reductions	(3,097	)	(4,332	)	(1,236	)	(1,926	)	(5,110	)	
Balance at End of Quarter	$	28,801	
 	$	29,545	
 	$	29,450	
 	$	28,777	
 	$	30,082	

 	 	 	 	 	 	 	 	
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)	2015	2015	2014	 	2015	2014	
Balance at Beginning of Period	$	110,110	
 	$	111,893	
 	$	116,249	
 	 	$	114,575	
 	$	121,521	
 	
Loans and Leases Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	(304	)	(160	)	(205	)	 	(954	)	(2,002	)	
 	 	Lease Financing	—	
 	—	
 	—	
 	 	—	
 	(66	)	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	—	
 	—	
 	(97	)	 	(613	)	(771	)	
 	 	Home Equity	(269	)	(634	)	(293	)	 	(1,330	)	(1,672	)	
 	 	Automobile	(1,719	)	(1,476	)	(1,376	)	 	(5,860	)	(3,961	)	
 	 	Other 1	(2,170	)	(2,123	)	(1,772	)	 	(7,682	)	(6,967	)	
Total Loans and Leases Charged-Off	(4,462	)	(4,393	)	(3,743	)	 	(16,439	)	(15,439	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	420	
 	426	
 	396	
 	 	1,948	
 	4,625	
 	
 	 	Commercial Mortgage	18	
 	15	
 	14	
 	 	61	
 	57	
 	
 	 	Construction	8	
 	8	
 	8	
 	 	32	
 	29	
 	
 	 	Lease Financing	1	
 	55	
 	4	
 	 	132	
 	10	
 	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	577	
 	282	
 	542	
 	 	1,297	
 	3,448	
 	
 	 	Home Equity	349	
 	693	
 	204	
 	 	2,489	
 	1,637	
 	
 	 	Automobile	519	
 	508	
 	467	
 	 	1,917	
 	1,577	
 	
 	 	Other 1	412	
 	438	
 	434	
 	 	1,755	
 	2,154	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,304	
 	2,425	
 	2,069	
 	 	9,631	
 	13,537	
 	
Net Loans and Leases Charged-Off	(2,158	)	(1,968	)	(1,674	)	 	(6,808	)	(1,902	)	
Provision for Credit Losses	1,000	
 	—	
 	—	
 	 	1,000	
 	(4,864	)	
Provision for Unfunded Commitments	—	
 	185	
 	—	
 	 	185	
 	(180	)	
Balance at End of Period 2	$	108,952	
 	$	110,110	
 	$	114,575	
 	 	$	108,952	
 	$	114,575	

Components	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	$	102,880	
 	$	104,038	
 	$	108,688	
 	 	$	102,880	
 	$	108,688	
 	
Reserve for Unfunded Commitments	6,072	
 	6,072	
 	5,887	
 	 	6,072	
 	5,887	
 	
Total Reserve for Credit Losses	$	108,952	
 	$	110,110	
 	$	114,575	
 	 	$	108,952	
 	$	114,575	

Average Loans and Leases Outstanding	$	7,785,346	
 	$	7,545,985	
 	$	6,746,332	
 	 	$	7,423,572	
 	$	6,405,431	

Ratio of Net Loans and Leases Charged-Off to	 	 	 	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.11	%	0.10	%	0.10	%	 	0.09	%	0.03	%	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases
      Outstanding	1.31	%	1.35	%	1.58	%	 	1.31	%	1.58	%	

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, 2015	 	 	 	 	 	
Net Interest Income	$	51,628	
 	$	36,652	
 	$	5,341	
 	$	8,023	
 	$	101,644	
 	
Provision for Credit Losses	2,373	
 	(209	)	(7	)	(1,157	)	1,000	
 	
Net Interest Income After Provision for Credit Losses	49,255	
 	36,861	
 	5,348	
 	9,180	
 	100,644	
 	
Noninterest Income	21,268	
 	5,679	
 	14,065	
 	3,754	
 	44,766	
 	
Noninterest Expense	(50,111	)	(17,105	)	(14,659	)	(3,852	)	(85,727	)	
Income Before Provision for Income Taxes	20,412	
 	25,435	
 	4,754	
 	9,082	
 	59,683	
 	
Provision for Income Taxes	(7,233	)	(9,008	)	(1,759	)	1,149	
 	(16,851	)	
Net Income	$	13,179	
 	$	16,427	
 	$	2,995	
 	$	10,231	
 	$	42,832	
 	
Total Assets as of December 31, 2015	$	4,680,888	
 	$	3,099,132	
 	$	274,469	
 	$	7,400,527	
 	$	15,455,016	

 	 	 	 	 	 	
Three Months Ended December 31, 2014  1	 	 	 	 	 	
Net Interest Income	$	47,509	
 	$	32,721	
 	$	4,140	
 	$	12,262	
 	$	96,632	
 	
Provision for Credit Losses	1,888	
 	(205	)	(10	)	(1,673	)	—	
 	
Net Interest Income After Provision for Credit Losses	45,621	
 	32,926	
 	4,150	
 	13,935	
 	96,632	
 	
Noninterest Income	20,089	
 	6,018	
 	14,390	
 	5,321	
 	45,818	
 	
Noninterest Expense	(49,673	)	(16,926	)	(13,192	)	(1,449	)	(81,240	)	
Income Before Provision for Income Taxes	16,037	
 	22,018	
 	5,348	
 	17,807	
 	61,210	
 	
Provision for Income Taxes	(5,831	)	(7,609	)	(1,982	)	(4,597	)	(20,019	)	
Net Income	$	10,206	
 	$	14,409	
 	$	3,366	
 	$	13,210	
 	$	41,191	
 	
Total Assets as of December 31, 2014  1	$	4,088,878	
 	$	2,787,537	
 	$	202,645	
 	$	7,708,148	
 	$	14,787,208	

 	 	 	 	 	 	
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, 2015	 	 	 	 	 	
Net Interest Income	$	202,259	
 	$	143,944	
 	$	18,494	
 	$	29,390	
 	$	394,087	
 	
Provision for Credit Losses	8,033	
 	(1,165	)	(43	)	(5,825	)	1,000	
 	
Net Interest Income After Provision for Credit Losses	194,226	
 	145,109	
 	18,537	
 	35,215	
 	393,087	
 	
Noninterest Income	82,391	
 	21,804	
 	58,835	
 	23,189	
 	186,219	
 	
Noninterest Expense	(199,572	)	(76,891	)	(57,852	)	(13,789	)	(348,104	)	
Income Before Provision for Income Taxes	77,045	
 	90,022	
 	19,520	
 	44,615	
 	231,202	
 	
Provision for Income Taxes	(27,330	)	(31,457	)	(7,222	)	(4,489	)	(70,498	)	
Net Income	$	49,715	
 	$	58,565	
 	$	12,298	
 	$	40,126	
 	$	160,704	
 	
Total Assets as of December 31, 2015	$	4,680,888	
 	$	3,099,132	
 	$	274,469	
 	$	7,400,527	
 	$	15,455,016	

 	 	 	 	 	 	
Year Ended December 31, 2014 1	 	 	 	 	 	
Net Interest Income	$	178,480	
 	$	119,655	
 	$	15,238	
 	$	66,283	
 	$	379,656	
 	
Provision for Credit Losses	4,783	
 	(2,369	)	(313	)	(6,965	)	(4,864	)	
Net Interest Income After Provision for Credit Losses	173,697	
 	122,024	
 	15,551	
 	73,248	
 	384,520	
 	
Noninterest Income	79,562	
 	23,635	
 	57,618	
 	19,202	
 	180,017	
 	
Noninterest Expense	(196,254	)	(66,760	)	(54,571	)	(9,314	)	(326,899	)	
Income Before Provision for Income Taxes	57,005	
 	78,899	
 	18,598	
 	83,136	
 	237,638	
 	
Provision for Income Taxes	(21,079	)	(26,952	)	(6,894	)	(19,671	)	(74,596	)	
Net Income	$	35,926	
 	$	51,947	
 	$	11,704	
 	$	63,465	
 	$	163,042	
 	
Total Assets as of December 31, 2014 1	$	4,088,878	
 	$	2,787,537	
 	$	202,645	
 	$	7,708,148	
 	$	14,787,208	

 	 	 	 	 	 	
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)	2015	
 	 	2015	
 	 	2015	
 	 	2015	
 	 	2014	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	78,122	
 	 	$	75,874	
 	 	$	73,565	
 	 	$	70,961	
 	 	$	69,974	
 	 	
   Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
      Available-for-Sale	10,829	
 	 	10,192	
 	 	10,273	
 	 	10,198	
 	 	10,732	
 	 	
      Held-to-Maturity	21,722	
 	 	20,689	
 	 	22,832	
 	 	24,407	
 	 	24,966	
 	 	
   Deposits	1	
 	 	2	
 	 	2	
 	 	3	
 	 	2	
 	 	
   Funds Sold	315	
 	 	291	
 	 	268	
 	 	259	
 	 	192	
 	 	
   Other	381	
 	 	312	
 	 	310	
 	 	302	
 	 	303	
 	 	
Total Interest Income	111,370	
 	 	107,360	
 	 	107,250	
 	 	106,130	
 	 	106,169	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	2,443	
 	 	2,410	
 	 	2,405	
 	 	2,368	
 	 	2,392	
 	 	
   Securities Sold Under Agreements to Repurchase	6,246	
 	 	6,307	
 	 	6,440	
 	 	6,371	
 	 	6,520	
 	 	
   Funds Purchased	3	
 	 	3	
 	 	3	
 	 	3	
 	 	3	
 	 	
   Other Debt	1,034	
 	 	749	
 	 	620	
 	 	618	
 	 	622	
 	 	
Total Interest Expense	9,726	
 	 	9,469	
 	 	9,468	
 	 	9,360	
 	 	9,537	
 	 	
Net Interest Income	101,644	
 	 	97,891	
 	 	97,782	
 	 	96,770	
 	 	96,632	
 	 	
Provision for Credit Losses	1,000	
 	 	—	
 	 	—	
 	 	—	
 	 	—	
 	 	
Net Interest Income After Provision for Credit Losses	100,644	
 	 	97,891	
 	 	97,782	
 	 	96,770	
 	 	96,632	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	11,243	
 	 	11,907	
 	 	12,355	
 	 	12,180	
 	 	12,225	
 	 	
   Mortgage Banking	3,130	
 	 	3,291	
 	 	3,469	
 	 	1,693	
 	 	2,116	
 	 	
   Service Charges on Deposit Accounts	8,663	
 	 	8,669	
 	 	8,203	
 	 	8,537	
 	 	9,058	
 	 	
   Fees, Exchange, and Other Service Charges	13,764	
 	 	13,340	
 	 	13,352	
 	 	12,897	
 	 	13,702	
 	 	
   Investment Securities Gains, Net	(181	)	 	24	
 	 	86	
 	 	10,231	
 	 	1,966	
 	 	
   Annuity and Insurance	2,014	
 	 	1,721	
 	 	1,885	
 	 	2,044	
 	 	1,664	
 	 	
   Bank-Owned Life Insurance	1,608	
 	 	1,609	
 	 	2,088	
 	 	1,734	
 	 	1,874	
 	 	
   Other	4,525	
 	 	2,660	
 	 	4,487	
 	 	2,991	
 	 	3,213	
 	 	
Total Noninterest Income	44,766	
 	 	43,221	
 	 	45,925	
 	 	52,307	
 	 	45,818	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
   Salaries and Benefits	47,997	
 	 	46,576	
 	 	47,610	
 	 	49,780	
 	 	45,520	
 	 	
   Net Occupancy	4,876	
 	 	7,403	
 	 	8,605	
 	 	9,333	
 	 	9,291	
 	 	
   Net Equipment	5,244	
 	 	4,804	
 	 	4,826	
 	 	5,288	
 	 	4,734	
 	 	
   Data Processing	5,106	
 	 	3,920	
 	 	3,673	
 	 	3,773	
 	 	3,823	
 	 	
   Professional Fees	2,803	
 	 	2,258	
 	 	2,265	
 	 	2,334	
 	 	3,086	
 	 	
   FDIC Insurance	2,322	
 	 	2,139	
 	 	2,068	
 	 	2,140	
 	 	2,055	
 	 	
   Other	17,379	
 	 	24,788	
 	 	14,527	
 	 	14,267	
 	 	12,731	
 	 	
Total Noninterest Expense	85,727	
 	 	91,888	
 	 	83,574	
 	 	86,915	
 	 	81,240	
 	 	
Income Before Provision for Income Taxes	59,683	
 	 	49,224	
 	 	60,133	
 	 	62,162	
 	 	61,210	
 	 	
Provision for Income Taxes	16,851	
 	 	14,948	
 	 	18,979	
 	 	19,720	
 	 	20,019	
 	 	
Net Income	$	42,832	
 	 	$	34,276	
 	 	$	41,154	
 	 	$	42,442	
 	 	$	41,191	

Basic Earnings Per Share	$	1.00	
 	 	$	0.79	
 	 	$	0.95	
 	 	$	0.98	
 	 	$	0.95	
 	 	
Diluted Earnings Per Share	$	0.99	
 	 	$	0.79	
 	 	$	0.95	
 	 	$	0.97	
 	 	$	0.94	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	7,878,985	
 	 	$	7,689,772	
 	 	$	7,428,438	
 	 	$	7,178,628	
 	 	$	6,897,589	
 	 	
Total Assets	15,455,016	
 	 	15,164,123	
 	 	15,248,043	
 	 	15,139,179	
 	 	14,787,208	
 	 	
Total Deposits	13,251,103	
 	 	12,936,962	
 	 	13,090,695	
 	 	12,979,616	
 	 	12,633,089	
 	 	
Total Shareholders' Equity	1,116,260	
 	 	1,098,354	
 	 	1,082,939	
 	 	1,075,251	
 	 	1,055,086	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.11	
 	%	0.89	
 	%	1.10	
 	%	1.15	
 	%	1.12	
 	%	
Return on Average Shareholders' Equity	15.41	
 	 	12.45	
 	 	15.33	
 	 	16.18	
 	 	15.39	
 	 	
Efficiency Ratio 1	58.55	
 	 	65.12	
 	 	58.16	
 	 	58.30	
 	 	57.03	
 	 	
Net Interest Margin 2	2.85	
 	 	2.77	
 	 	2.81	
 	 	2.81	
 	 	2.84	

 	 	 	 	 	 	 	 	 	 	 	
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, 2015	 	 	December 31, 2014	December 31, 2013	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	5,495.9	
 	8.1	
 	%	 	$	5,535.7	
 	 	1.6	
 	%	$	5,450.6	
 	 	3.7	
 	%	
   General Excise and Use Tax Revenue 1	$	2,884.2	
 	4.8	
 	%	 	$	2,979.8	
 	 	2.5	
 	%	$	2,907.6	
 	 	2.2	
 	%	
   Jobs 2	657.8	
 	 	 	 	643.7	
 	 	 	 	629.9	

 	 	 	 	 	 	 	November 30,	 	December 31,	
(spot rates)	 	 	 	 	 	 	2015	 	2014	2013	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
  Statewide, seasonally adjusted	 	 	 	 	 	 	3.2	
 	%	4.0	
 	%	4.7	
 	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	 	3.0	
 	 	3.5	
 	 	3.8	
 	 	
   Island of Hawaii	 	 	 	 	 	 	4.1	
 	 	4.7	
 	 	5.9	
 	 	
   Maui	 	 	 	 	 	 	3.4	
 	 	3.8	
 	 	4.7	
 	 	
   Kauai	 	 	 	 	 	 	3.9	
 	 	4.3	
 	 	5.2	

 	 	 	 	 	December 31,	 	December 31,	
(percentage change, except months of inventory)	 	 	 	2015	 	2014	 	2013	2012	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	3.7	
 	%	3.8	
 	%	4.8	
 	%	7.8	
 	%	
   Home Sales Volume (units)	 	 	 	 	5.2	
 	%	(0.8	)	%	4.6	
 	%	6.5	
 	%	
   Months of Inventory	 	 	 	 	2.6	
 	 	2.6	
 	 	2.7	
 	 	2.5	

 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	
(in thousands)	 	 	 	 	Not Seasonally Adjusted	 	from Previous Year	
Tourism 5	 	 	 	 	 	 	 	 	 	 	 	 	
November 30, 2015	 	 	 	 	 	 	661.4	
 	 	 	 	3.7	
 	 	
October 31, 2015	 	 	 	 	 	 	692.9	
 	 	 	 	4.8	
 	 	
September 30, 2015	 	 	 	 	 	 	652.6	
 	 	 	 	4.7	
 	 	
August 31, 2015	 	 	 	 	 	 	755.9	
 	 	 	 	2.9	
 	 	
July 31, 2015	 	 	 	 	 	 	816.3	
 	 	 	 	5.6	
 	 	
June 30, 2015	 	 	 	 	 	 	767.9	
 	 	 	 	6.0	
 	 	
May 31, 2015	 	 	 	 	 	 	709.7	
 	 	 	 	9.3	
 	 	
April 30, 2015	 	 	 	 	 	 	677.8	
 	 	 	 	2.3	
 	 	
March 31, 2015	 	 	 	 	 	 	780.1	
 	 	 	 	7.0	
 	 	
February 28, 2015	 	 	 	 	 	 	661.7	
 	 	 	 	2.3	
 	 	
January 31, 2015	 	 	 	 	 	 	678.9	
 	 	 	 	(0.6	)	 	
December 31, 2014	 	 	 	 	 	 	765.3	
 	 	 	 	6.2	
 	 	
November 30, 2014	 	 	 	 	 	 	638.0	
 	 	 	 	2.2	
 	 	
October 31, 2014	 	 	 	 	 	 	661.0	
 	 	 	 	3.2	
 	 	
September 30, 2014	 	 	 	 	 	 	623.1	
 	 	 	 	4.2	
 	 	
August 31, 2014	 	 	 	 	 	 	734.7	
 	 	 	 	(1.9	)	 	
July 31, 2014	 	 	 	 	 	 	772.8	
 	 	 	 	2.0	
 	 	
June 30, 2014	 	 	 	 	 	 	724.5	
 	 	 	 	1.1	
 	 	
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	

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, County jobs data not seasonally adjusted.	 	 	 	 	 	
4  Source: Honolulu Board of REALTORS	 	 	 	 	 	 	 	 	 	 	
5  Source: Hawaii Tourism Authority	 	 	 	 	 	 	 	 	 	
    Note: Certain prior period seasonally adjusted information has been revised.