UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 	 	 	 	 	
 	Date of Report	 	 	
 	(Date of earliest event reported)	 	                       April 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 April 25, 2016, Bank of Hawaii Corporation announced its results of operations for the quarter ended March 31, 2016.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01.                                       Financial Statements and Exhibits.

(d)	Exhibits	
 
Exhibit No.

99.1	April 25, 2016 Press Release: Bank of Hawaii Corporation First Quarter 2016 Financial Results.  Any internet addresses provided in this release are for informational purposes only and are not intended to be hyperlinks.  Furnished herewith.	

Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	
 	 	 	
Date: April 25, 2016	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation First Quarter 2016 Financial Results
 	 	
•	Diluted Earnings Per Share $1.16	
 	 	
•	Net Income $50.2 Million	
 	 	
•	Board of Directors Increases Dividend to $0.48 Per Share	
 	 	
•	Board of Directors Increases Share Repurchase Authorization $100 Million	

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 25, 2016) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.16 for the first quarter of 2016, up from $0.99 in the previous quarter, and up from $0.97 in the same quarter last year. Net income for the first quarter of 2016 was $50.2 million, an increase of $7.4 million compared with net income of $42.8 million in the fourth quarter of 2015, and up $7.8 million from net income of $42.4 million in the first quarter of 2015.

The Company’s Board of Directors declared a quarterly cash dividend of $0.48 per share on the outstanding shares, an increase of $0.03 per share from the $0.45 per share dividend declared in the prior quarter.  The dividend will be payable on June 14, 2016 to shareholders of record at the close of business on May 31, 2016.

Loan and lease balances increased to $8.1 billion at March 31, 2016, up 2.4 percent from December 31, 2015 and 12.4 percent compared with March 31, 2015. Deposit growth remained strong during the quarter, increasing 1.8 percent from December 31, 2015 and 3.9 percent from March 31, 2015.

"Bank of Hawaii Corporation had good financial performance in the first quarter and a great start for the year," said Peter S. Ho, Chairman, President, and CEO. “Balance sheet growth remains strong and we maintained our disciplined approach to risk and capital management. During the quarter we sold $11.2 million in Visa shares and made progress on our many strategic initiatives.”

  
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Bank of Hawaii Corporation First Quarter 2016 Financial Results     Page 2

The return on average assets for the first quarter of 2016 was 1.30 percent, an increase from 1.11 percent during the previous quarter and 1.15 percent in the same quarter last year. The return on average equity for the first quarter of 2016 was 17.88 percent, up from 15.41 percent in the fourth quarter of 2015 and 16.18 percent in the first quarter of 2015. The efficiency ratio during the first quarter of 2016 was 54.88 percent compared with 58.55 percent in the previous quarter and 58.30 percent in the same quarter last year.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2016 was $106.0 million, up $1.3 million from net interest income of $104.7 million in the fourth quarter of 2015 and up $6.4 million from net interest income of $99.6 million in the first quarter of 2015. Net interest income in the first quarter of 2016 included interest recoveries of $1.3 million related to one commercial client in Guam. The net interest margin was 2.86 percent for the first quarter of 2016, up 1 basis point compared with the previous quarter and up 5 basis points from the first quarter last year primarily due to the interest recoveries. Analyses of the changes in net interest income are included in Tables 8a and 8b.

Results for the first quarter of 2016 included a negative provision for credit losses of $2.0 million largely due to the full recovery of loans previously charged off relating to the previously mentioned commercial client. Results for the fourth quarter of 2015 included a provision for credit losses of $1.0 million due to strong growth of loans and leases during the year partially offset by improved credit metrics. There was no provision for credit losses during the first quarter of 2015.

Noninterest income was $56.2 million in the first quarter of 2016, an increase of $11.4 million compared with noninterest income of $44.8 million in the fourth quarter of 2015 and an increase of $3.9 million compared with noninterest income of $52.3 million in the first quarter of 2015. Noninterest income in the first quarter of 2016 included a net gain of $11.2 million resulting from the sale of 100,000 Visa Class B shares and net gains of $1.9 million related to sales of leased assets.  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 first quarter of 2015 included a net gain of $10.1 million resulting from the sale of 95,000 Visa Class B shares.  As of March 31, 2016, the Company has 188,714 Visa Class B shares remaining. 

Noninterest expense was $87.4 million in the first quarter of 2016, up $1.7 million from noninterest expense of $85.7 million in the fourth quarter of 2015 and up $0.5 million from noninterest expense of $86.9 million in the same quarter last year. Noninterest expense in the first quarter of 2016 included seasonal payroll-related expenses of approximately $2.5 million, higher incentive compensation, an increase of $0.5 million to the provision for unfunded commitments, and increased investments in solar tax credit partnerships. Partially offsetting the first quarter expenses was a net gain of $1.5 million for the sale of a real estate property in Guam. Noninterest expense in the fourth quarter of 2015 included net gains of $3.9 million related to the disposal of two branches which were 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 expense in the first quarter of 2015 included seasonal payroll-related expenses of approximately $2.5 million, $1.9 million in severance payments and increased costs related to technology investments. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the first quarter of 2016 was 32.01 percent compared with 28.23 percent in the previous quarter and 31.72 percent during 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.

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Bank of Hawaii Corporation First Quarter 2016 Financial Results     Page 3

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

Asset Quality

The Company’s asset quality remained strong during the first quarter of 2016. Total non-performing assets decreased to $22.0 million at March 31, 2016, down from non-performing assets of $28.8 million at December 31, 2015 and March 31, 2015. The decrease in non-performing assets was largely due to the previously mentioned commercial loan recoveries in Guam. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.27 percent at the end of the first quarter of 2016, down from 0.37 percent at the end of the fourth quarter of 2015 and 0.40 percent at the end of the first quarter last year.

Accruing loans and leases past due 90 days or more were $7.9 million at March 31, 2016, compared with $7.6 million at December 31, 2015 and $8.0 million at March 31, 2015. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $50.7 million at March 31, 2016, up from $49.4 million at December 31, 2015 and $46.6 million at March 31, 2015. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

The Company recorded a net recovery of loans and leases previously charged off of $3.8 million during the first quarter of 2016 as charge-offs of $4.9 million were more than offset by recoveries of $8.7 million. Net charge-offs in the fourth quarter of 2015 were $2.2 million or 0.11 percent annualized of total average loans and leases outstanding and comprised of $4.5 million in charge-offs partially offset by recoveries of $2.3 million. Net charge-offs during the first quarter of 2015 were $1.2 million, or 0.07 percent annualized of total average loans and leases outstanding, and comprised of $4.1 million in charge-offs partially offset by recoveries of $2.9 million.

The allowance for loan and lease losses was $104.7 million at March 31, 2016, an increase from $102.9 million at December 31, 2015 and down from $107.5 million at March 31, 2015. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.30 percent at March 31, 2016 compared with 1.31 percent at December 31, 2015 and 1.50 percent at March 31, 2015. The reserve for unfunded commitments increased to $6.6 million at March 31, 2016 compared with $6.1 million at December 31, 2015 and $5.9 million at March 31, 2015. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets were $15.65 billion at March 31, 2016, up from $15.46 billion at December 31, 2015 and $15.14 billion at March 31, 2015. Average total assets were $15.54 billion during the first quarter of 2016, an increase from average total assets of $15.34 billion during the previous quarter and $14.95 billion during the same quarter last year.

The investment securities portfolio decreased to $6.21 billion at March 31, 2016 compared with $6.24 billion at December 31, 2015 and $6.58 billion at March 31, 2015. The portfolio at March 31, 2016 remains largely comprised of securities issued by U. S. government agencies and includes $3.91 billion in securities held to maturity and $2.29 billion in securities available for sale. 

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Bank of Hawaii Corporation First Quarter 2016 Financial Results     Page 4

Total loans and leases were $8.07 billion at March 31, 2016, up from $7.88 billion at December 31, 2015 and $7.18 billion at March 31, 2015. Average total loans and leases were $7.94 billion during the first quarter of 2016, up from $7.79 billion during the fourth quarter of 2015 and $7.05 billion during the same quarter last year.

The commercial loan portfolio was $3.26 billion at the end of the first quarter of 2016, an increase of 3.2 percent from commercial loans of $3.15 billion at the end of the fourth quarter of 2015 and up 10.2 percent from commercial loans of $2.96 billion at the end of the same quarter last year. The consumer loan portfolio increased to $4.81 billion at the end of the first quarter of 2016, up 1.8 percent from consumer loans of $4.73 billion at the end of the fourth quarter of 2015 and up 13.9 percent from $4.22 billion at the end of the same quarter last year. Loan and lease portfolio balances are summarized in Table 10.

Total deposits increased to $13.49 billion at March 31, 2016 compared with $13.25 billion at December 31, 2015 and $12.98 billion at March 31, 2015. Average total deposits were $13.33 billion during the first quarter of 2016, up from $13.04 billion during the previous quarter and $12.79 billion during the same quarter last year.

Consumer deposits increased to $6.57 billion at the end of the first quarter of 2016, up 1.9 percent from the previous quarter and up 5.6 percent compared with the first quarter last year. Commercial deposits increased to $5.68 billion at the end of the first quarter of 2016, up 3.2 percent from the previous quarter and up 4.3 percent compared with the first quarter last year. Other deposits, including public funds, were $1.24 billion at the end of the first quarter, a decrease of 4.7 percent from the previous quarter and down 5.6 percent compared with the same quarter last year. Deposit balances are summarized in Tables 7 and 10.

Total shareholders’ equity increased to $1.14 billion at March 31, 2016 compared with $1.12 billion at December 31, 2015 and $1.08 billion at March 31, 2015. The Tier 1 Capital Ratio was 13.85 percent at March 31, 2016 compared with 13.97 percent at December 31, 2015 and 14.62 percent at March 31, 2015. The Tier 1 Leverage Ratio at March 31, 2016 was 7.25 percent compared with 7.26 percent at December 31, 2015 and 7.17 percent at March 31, 2015.

During the first quarter of 2016, the Company repurchased 297.0 thousand shares of common stock at a total cost of $18.7 million under its share repurchase program. The average cost was $62.92 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through March 31, 2016, the Company has repurchased 53.1 million shares and returned nearly $2.0 billion to shareholders at an average cost of $37.50 per share.

The Company’s Board of Directors increased the authorization under the share repurchase program by an additional $100.0 million. This authorization, combined with previously announced authorizations of $2.0 billion, brings the total repurchase authority to $2.1 billion. From April 1 through April 22, 2016 the Company repurchased an additional 51.0 thousand shares of common stock at an average cost of $67.56 per share. Remaining buyback authority under the share repurchase program was $100.9 million at April 22, 2016.

Hawaii Economy

General economic conditions in Hawaii remained positive during the first quarter of 2016 due to a continuation of the strong tourism market, active construction industry, relatively low unemployment levels, and robust real estate market. For the first two months of 2016, total visitor arrivals increased 5.2 percent and visitor spending increased 3.8 percent compared to the same period in 2015. The statewide seasonally-adjusted unemployment rate was 3.1 percent in March 2016 compared to 5.0 percent nationally.

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Bank of Hawaii Corporation First Quarter 2016 Financial Results     Page 5

For the first quarter of 2016, the volume of single-family home sales on Oahu increased 17.4 percent and the volume of condominium sales on Oahu increased 17.8 percent compared with the same period last year. During the first quarter of 2016, the median sales price of a single-family home on Oahu increased 7.2 percent and the median sales price of a condominium on Oahu increased 4.5 percent compared with the same period last year. As of March 31, 2016, months of inventory of single-family homes and condominiums on Oahu remained extremely low at 2.1 months and 2.3 months, respectively. More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its first quarter financial results today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The conference call will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation’s web site,  www.boh.com . 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, April 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 83894304 when prompted. Participants can also dial 1 (800) 585-8367 to access the replay. In addition, a replay of the conference call will 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, 2015, which was filed with the U.S. Securities and Exchange Commission.  We have not committed to update forward-looking statements to reflect later events or circumstances.

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

# # # #

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Financial Highlights	 	 	 	 	Table 1	
 	 	
 	Three Months Ended	 	
 	March 31,	 	December 31,	 	March 31,	 	
(dollars in thousands, except per share amounts)	2016	 	2015	 	2015	 	
For the Period:	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	
Net Interest Income	$	103,024	
 	 	$	101,644	
 	 	$	96,770	
 	 	
Provision for Credit Losses	(2,000	)	 	1,000	
 	 	—	
 	 	
Total Noninterest Income	56,207	
 	 	44,766	
 	 	52,307	
 	 	
Total Noninterest Expense	87,386	
 	 	85,727	
 	 	86,915	
 	 	
Net Income	50,210	
 	 	42,832	
 	 	42,442	
 	 	
Basic Earnings Per Share	1.17	
 	 	1.00	
 	 	0.98	
 	 	
Diluted Earnings Per Share	1.16	
 	 	0.99	
 	 	0.97	
 	 	
Dividends Declared Per Share	0.45	
 	 	0.45	
 	 	0.45	

Performance Ratios	 	 	 	 	 	 	
Return on Average Assets	1.30	
 	%	1.11	
 	%	1.15	
 	%	
Return on Average Shareholders' Equity	17.88	
 	 	15.41	
 	 	16.18	
 	 	
Efficiency Ratio 1	54.88	
 	 	58.55	
 	 	58.30	
 	 	
Net Interest Margin 2	2.86	
 	 	2.85	
 	 	2.81	
 	 	
Dividend Payout Ratio 3	38.46	
 	 	45.00	
 	 	45.92	
 	 	
Average Shareholders' Equity to Average Assets	7.27	
 	 	7.19	
 	 	7.12	

Average Balances	 	 	 	 	 	 	
Average Loans and Leases	$	7,940,097	
 	 	$	7,785,346	
 	 	$	7,053,061	
 	 	
Average Assets	15,537,073	
 	 	15,335,574	
 	 	14,946,037	
 	 	
Average Deposits	13,334,550	
 	 	13,038,637	
 	 	12,786,449	
 	 	
Average Shareholders' Equity	1,129,561	
 	 	1,102,548	
 	 	1,064,112	

Per Share of Common Stock	 	 	 	 	 	 	
Book Value	$	26.43	
 	 	$	25.79	
 	 	$	24.63	
 	 	
Tangible Book Value	25.70	
 	 	25.06	
 	 	23.91	
 	 	
Market Value	 	 	 	 	 	 	
   Closing	68.28	
 	 	62.90	
 	 	61.21	
 	 	
   High	69.37	
 	 	70.07	
 	 	62.58	
 	 	
   Low	54.55	
 	 	60.55	
 	 	53.90	

 	March 31,	
 	 	December 31,	
 	 	March 31,	
 	 	
 	2016	
 	 	2015	
 	 	2015	
 	 	
As of Period End:	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	
Loans and Leases	$	8,065,610	
 	 	$	7,878,985	
 	 	$	7,178,628	
 	 	
Total Assets	15,654,695	
 	 	15,455,016	
 	 	15,139,179	
 	 	
Total Deposits	13,488,892	
 	 	13,251,103	
 	 	12,979,616	
 	 	
Other Debt	220,771	
 	 	245,786	
 	 	173,898	
 	 	
Total Shareholders' Equity	1,138,753	
 	 	1,116,260	
 	 	1,075,251	

Asset Quality	 	 	 	 	 	 	
Non-Performing Assets	$	22,015	
 	 	$	28,801	
 	 	$	28,777	
 	 	
Allowance for Loan and Lease Losses	104,677	
 	 	102,880	
 	 	107,461	
 	 	
Allowance to Loans and Leases Outstanding	1.30	
 	%	1.31	
 	%	1.50	
 	%	
 	 	 	 	 	 	 	
Capital Ratios	 	 	 	 	 	 	
Common Equity Tier 1 Capital Ratio	13.85	
 	%	13.97	
 	%	14.62	
 	%	
Tier 1 Capital Ratio	13.85	
 	 	13.97	
 	 	14.62	
 	 	
Total Capital Ratio	15.10	
 	 	15.22	
 	 	15.87	
 	 	
Tier 1 Leverage Ratio	7.25	
 	 	7.26	
 	 	7.17	
 	 	
Total Shareholders' Equity to Total Assets	7.27	
 	 	7.22	
 	 	7.10	
 	 	
Tangible Common Equity to Tangible Assets 4	7.09	
 	 	7.03	
 	 	6.91	
 	 	
Tangible Common Equity to Risk-Weighted Assets 4	13.62	
 	 	13.62	
 	 	14.27	

Non-Financial Data	 	 	 	 	 	 	
Full-Time Equivalent Employees	2,139	
 	 	2,164	
 	 	2,156	
 	 	
Branches	70	
 	 	70	
 	 	74	
 	 	
ATMs	452	
 	 	456	
 	 	456	

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 2 “Reconciliation of Non-GAAP Financial Measures."	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	
Reconciliation of Non-GAAP Financial Measures	 	 	 	 	Table 2	

 	 	March 31,	
 	 	December 31,	
 	 	March 31,	
 	
(dollars in thousands)	
 	 	2016	
 	 	2015	
 	 	2015	
 	
Total Shareholders' Equity	
 	 	$	1,138,753	
 	 	$	1,116,260	
 	 	$	1,075,251	
 	
Less:	Goodwill	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Common Equity	
 	 	$	1,107,236	
 	 	$	1,084,743	
 	 	$	1,043,734	

Total Assets	
 	 	$	15,654,695	
 	 	$	15,455,016	
 	 	$	15,139,179	
 	
Less:	Goodwill	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Assets	
 	 	$	15,623,178	
 	 	$	15,423,499	
 	 	$	15,107,662	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	 	 	
 	with prescribed regulatory requirements	
 	 	$	8,130,093	
 	 	$	7,962,484	
 	 	$	7,313,682	

Total Shareholders' Equity to Total Assets	
 	 	7.27	%	 	7.22	%	 	7.10	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	
 	 	7.09	%	 	7.03	%	 	6.91	%	
 	 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio	
 	 	13.85	%	 	13.97	%	 	14.62	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)	
 	 	13.62	%	 	13.62	%	 	14.27	%	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Income	Table 3	
 	
 	Three Months Ended	
 	March 31,	December 31,	March 31,	
(dollars in thousands, except per share amounts)	2016	2015	2015	
Interest Income	 	 	 	
   Interest and Fees on Loans and Leases	$	80,895	
 	$	78,122	
 	$	70,961	
 	
   Income on Investment Securities	 	 	 	
      Available-for-Sale	10,814	
 	10,829	
 	10,198	
 	
      Held-to-Maturity	20,391	
 	21,722	
 	24,407	
 	
   Deposits	4	
 	1	
 	3	
 	
   Funds Sold	753	
 	315	
 	259	
 	
   Other	212	
 	381	
 	302	
 	
Total Interest Income	113,069	
 	111,370	
 	106,130	
 	
Interest Expense	 	 	 	
   Deposits	2,886	
 	2,443	
 	2,368	
 	
   Securities Sold Under Agreements to Repurchase	6,153	
 	6,246	
 	6,371	
 	
   Funds Purchased	3	
 	3	
 	3	
 	
   Other Debt	1,003	
 	1,034	
 	618	
 	
Total Interest Expense	10,045	
 	9,726	
 	9,360	
 	
Net Interest Income	103,024	
 	101,644	
 	96,770	
 	
Provision for Credit Losses	(2,000	)	1,000	
 	—	
 	
Net Interest Income After Provision for Credit Losses	105,024	
 	100,644	
 	96,770	
 	
Noninterest Income	 	 	 	
   Trust and Asset Management	11,256	
 	11,243	
 	12,180	
 	
   Mortgage Banking	3,189	
 	3,130	
 	1,693	
 	
   Service Charges on Deposit Accounts	8,443	
 	8,663	
 	8,537	
 	
   Fees, Exchange, and Other Service Charges	13,444	
 	13,764	
 	12,897	
 	
   Investment Securities Gains, Net	11,180	
 	(181	)	10,231	
 	
   Annuity and Insurance	1,901	
 	2,014	
 	2,044	
 	
   Bank-Owned Life Insurance	1,548	
 	1,608	
 	1,734	
 	
   Other	5,246	
 	4,525	
 	2,991	
 	
Total Noninterest Income	56,207	
 	44,766	
 	52,307	
 	
Noninterest Expense	 	 	 	
   Salaries and Benefits	50,514	
 	47,997	
 	49,780	
 	
   Net Occupancy	7,003	
 	4,876	
 	9,333	
 	
   Net Equipment	5,409	
 	5,244	
 	5,288	
 	
   Data Processing	3,951	
 	5,106	
 	3,773	
 	
   Professional Fees	2,639	
 	2,803	
 	2,334	
 	
   FDIC Insurance	2,352	
 	2,322	
 	2,140	
 	
   Other	15,518	
 	17,379	
 	14,267	
 	
Total Noninterest Expense	87,386	
 	85,727	
 	86,915	
 	
Income Before Provision for Income Taxes	73,845	
 	59,683	
 	62,162	
 	
Provision for Income Taxes	23,635	
 	16,851	
 	19,720	
 	
Net Income	$	50,210	
 	$	42,832	
 	$	42,442	
 	
Basic Earnings Per Share	$	1.17	
 	$	1.00	
 	$	0.98	
 	
Diluted Earnings Per Share	$	1.16	
 	$	0.99	
 	$	0.97	
 	
Dividends Declared Per Share	$	0.45	
 	$	0.45	
 	$	0.45	
 	
Basic Weighted Average Shares	42,920,794	
 	43,003,191	
 	43,386,402	
 	
Diluted Weighted Average Shares	43,126,526	
 	43,275,377	
 	43,597,504	

 	
 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Statements of Comprehensive Income	 	Table 4	
 	
 	 	Three Months Ended	
 	 	March 31,	December 31,	March 31,	
(dollars in thousands)	2016	2015	2015	
Net Income	$	50,210	
 	$	42,832	
 	$	42,442	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	
 	Net Unrealized Gains (Losses) on Investment Securities	8,694	
 	(6,860	)	5,294	
 	
 	Defined Benefit Plans	141	
 	4,595	
 	220	
 	
Total Other Comprehensive Income (Loss)	8,835	
 	(2,265	)	5,514	
 	
Comprehensive Income	$	59,045	
 	$	40,567	
 	$	47,956	

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

 	March 31,	
 	December 31,	
 	March 31,	
 	
(dollars in thousands)	
 	2016	
 	2015	
 	2015	
 	
Assets	 	 	 	 	
Interest-Bearing Deposits in Other Banks	
 	$	4,453	
 	$	4,130	
 	$	3,383	
 	
Funds Sold	
 	626,206	
 	592,892	
 	620,331	
 	
Investment Securities	 	 	 	 	
   Available-for-Sale	
 	2,293,751	
 	2,256,818	
 	2,271,186	
 	
   Held-to-Maturity (Fair Value of $3,981,830; $4,006,412; and $4,378,007)	
 	3,911,703	
 	3,982,736	
 	4,306,353	
 	
Loans Held for Sale	
 	16,854	
 	4,808	
 	1,951	
 	
Loans and Leases	
 	8,065,610	
 	7,878,985	
 	7,178,628	
 	
   Allowance for Loan and Lease Losses	
 	(104,677	)	(102,880	)	(107,461	)	
     Net Loans and Leases	
 	7,960,933	
 	7,776,105	
 	7,071,167	
 	
Total Earning Assets	
 	14,813,900	
 	14,617,489	
 	14,274,371	
 	
Cash and Due from Banks	
 	164,012	
 	158,699	
 	151,793	
 	
Premises and Equipment, Net	
 	111,086	
 	111,199	
 	109,223	
 	
Accrued Interest Receivable	
 	47,504	
 	44,719	
 	47,017	
 	
Foreclosed Real Estate	
 	1,728	
 	824	
 	2,095	
 	
Mortgage Servicing Rights	
 	22,663	
 	23,002	
 	23,643	
 	
Goodwill	
 	31,517	
 	31,517	
 	31,517	
 	
Bank-Owned Life Insurance	
 	269,723	
 	268,175	
 	264,228	
 	
Other Assets	
 	192,562	
 	199,392	
 	235,292	
 	
Total Assets	
 	$	15,654,695	
 	$	15,455,016	
 	$	15,139,179	

Liabilities	 	 	 	 	
Deposits	 	 	 	 	
   Noninterest-Bearing Demand	
 	$	4,329,321	
 	$	4,286,331	
 	$	4,047,334	
 	
   Interest-Bearing Demand	
 	2,759,357	
 	2,761,930	
 	2,608,664	
 	
   Savings	
 	5,172,206	
 	5,025,191	
 	5,014,686	
 	
   Time	
 	1,228,008	
 	1,177,651	
 	1,308,932	
 	
Total Deposits	
 	13,488,892	
 	13,251,103	
 	12,979,616	
 	
Funds Purchased	
 	7,333	
 	7,333	
 	8,459	
 	
Short-Term Borrowings	
 	408	
 	—	
 	—	
 	
Securities Sold Under Agreements to Repurchase	
 	586,785	
 	628,857	
 	672,329	
 	
Other Debt	
 	220,771	
 	245,786	
 	173,898	
 	
Retirement Benefits Payable	
 	47,408	
 	47,374	
 	55,197	
 	
Accrued Interest Payable	
 	5,661	
 	5,032	
 	5,836	
 	
Taxes Payable and Deferred Taxes	
 	43,134	
 	17,737	
 	46,987	
 	
Other Liabilities	
 	115,550	
 	135,534	
 	121,606	
 	
Total Liabilities	
 	14,515,942	
 	14,338,756	
 	14,063,928	
 	
Shareholders' Equity	 	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	 	
   issued / outstanding: March 31, 2016 - 57,849,536 / 43,080,503;	 	 	 	 	
   December 31, 2015 - 57,749,071 / 43,282,153;	 	 	 	 	
   and March 31, 2015 - 57,733,267 / 43,652,628)	
 	576	
 	575	
 	575	
 	
Capital Surplus	
 	544,267	
 	542,041	
 	534,141	
 	
Accumulated Other Comprehensive Loss	
 	(14,722	)	(23,557	)	(21,172	)	
Retained Earnings	
 	1,347,374	
 	1,316,260	
 	1,257,341	
 	
Treasury Stock, at Cost (Shares: March 31, 2016 - 14,769,033; December 31, 2015 - 14,466,918;	 	 	 	 	
    and March 31, 2015 - 14,080,639)	
 	(738,742	)	(719,059	)	(695,634	)	
Total Shareholders' Equity	
 	1,138,753	
 	1,116,260	
 	1,075,251	
 	
Total Liabilities and Shareholders' Equity	
 	$	15,654,695	
 	$	15,455,016	
 	$	15,139,179	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2015	43,282,153	
 	$	575	
 	$	542,041	
 	$	(23,557	)	$	1,316,260	
 	$	(719,059	)	$	1,116,260	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	50,210	
 	—	
 	50,210	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	8,835	
 	—	
 	—	
 	8,835	
 	
Share-Based Compensation	—	
 	—	
 	1,599	
 	—	
 	—	
 	—	
 	1,599	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	141,083	
 	1	
 	627	
 	—	
 	368	
 	1,775	
 	2,771	
 	
Common Stock Repurchased	(342,733	)	—	
 	—	
 	—	
 	—	
 	(21,458	)	(21,458	)	
Cash Dividends Declared ($0.45 per share)	—	
 	—	
 	—	
 	—	
 	(19,464	)	—	
 	(19,464	)	
Balance as of March 31, 2016	43,080,503	
 	$	576	
 	$	544,267	
 	$	(14,722	)	$	1,347,374	
 	$	(738,742	)	$	1,138,753	

 	

 	

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

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	 	 	
Average Balances and Interest Rates - Taxable-Equivalent Basis	 	 	 	 	Table 7	 	 	
 	 	Three Months Ended	 	Three Months Ended	 	Three Months Ended	 	
 	 	March 31, 2016	 	December 31, 2015	 	March 31, 2015	 	
 	 	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	$	4.4	
 	$	—	
 	0.41	
 	%	$	3.8	
 	$	—	
 	0.10	
 	%	$	3.1	
 	$	—	
 	0.44	
 	%	
Funds Sold	647.7	
 	0.8	
 	0.46	
 	 	466.3	
 	0.3	
 	0.26	
 	 	484.3	
 	0.2	
 	0.21	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	1,588.5	
 	7.2	
 	1.80	
 	 	1,573.3	
 	7.1	
 	1.81	
 	 	1,560.8	
 	6.5	
 	1.67	
 	 	
 	   Non-Taxable	715.0	
 	5.6	
 	3.15	
 	 	718.5	
 	5.7	
 	3.18	
 	 	723.3	
 	5.7	
 	3.16	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	3,679.6	
 	18.8	
 	2.05	
 	 	3,827.9	
 	20.2	
 	2.10	
 	 	4,140.9	
 	22.8	
 	2.21	
 	 	
 	   Non-Taxable	245.5	
 	2.4	
 	3.91	
 	 	246.6	
 	2.4	
 	3.92	
 	 	249.1	
 	2.5	
 	3.94	
 	 	
Total Investment Securities	6,228.6	
 	34.0	
 	2.19	
 	 	6,366.3	
 	35.4	
 	2.22	
 	 	6,674.1	
 	37.5	
 	2.25	
 	 	
Loans Held for Sale	12.2	
 	0.1	
 	3.89	
 	 	7.1	
 	0.1	
 	4.26	
 	 	3.1	
 	—	
 	3.63	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,127.4	
 	10.8	
 	3.84	
 	 	1,155.2	
 	9.4	
 	3.22	
 	 	1,130.5	
 	8.9	
 	3.18	
 	 	
 	Commercial Mortgage	1,689.2	
 	15.7	
 	3.74	
 	 	1,653.9	
 	15.5	
 	3.71	
 	 	1,449.5	
 	13.7	
 	3.83	
 	 	
 	Construction	170.0	
 	2.0	
 	4.63	
 	 	140.9	
 	1.7	
 	4.90	
 	 	103.8	
 	1.1	
 	4.39	
 	 	
 	Commercial Lease Financing	198.9	
 	1.3	
 	2.69	
 	 	204.2	
 	1.8	
 	3.46	
 	 	225.9	
 	1.9	
 	3.42	
 	 	
 	Residential Mortgage	2,918.5	
 	29.6	
 	4.05	
 	 	2,895.3	
 	29.2	
 	4.04	
 	 	2,631.3	
 	27.5	
 	4.18	
 	 	
 	Home Equity	1,103.5	
 	10.1	
 	3.69	
 	 	1,027.4	
 	9.3	
 	3.61	
 	 	878.5	
 	8.1	
 	3.72	
 	 	
 	Automobile	388.6	
 	5.0	
 	5.19	
 	 	373.7	
 	4.9	
 	5.19	
 	 	331.5	
 	4.3	
 	5.25	
 	 	
 	Other 2	344.0	
 	6.5	
 	7.64	
 	 	334.7	
 	6.4	
 	7.57	
 	 	302.1	
 	5.5	
 	7.36	
 	 	
Total Loans and Leases	7,940.1	
 	81.0	
 	4.09	
 	 	7,785.3	
 	78.2	
 	4.00	
 	 	7,053.1	
 	71.0	
 	4.06	
 	 	
Other	38.4	
 	0.2	
 	2.21	
 	 	41.1	
 	0.4	
 	3.71	
 	 	66.0	
 	0.3	
 	1.83	
 	 	
Total Earning Assets 3	14,871.4	
 	116.1	
 	3.13	
 	 	14,669.9	
 	114.4	
 	3.11	
 	 	14,283.7	
 	109.0	
 	3.07	
 	 	
Cash and Due from Banks	131.0	
 	 	 	 	126.2	
 	 	 	 	136.5	
 	 	 	 	
Other Assets	534.7	
 	 	 	 	539.5	
 	 	 	 	525.8	
 	 	 	 	
Total Assets	$	15,537.1	
 	 	 	 	$	15,335.6	
 	 	 	 	$	14,946.0	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,761.6	
 	0.3	
 	0.04	
 	 	$	2,653.2	
 	0.2	
 	0.03	
 	 	$	2,577.1	
 	0.2	
 	0.03	
 	 	
 	Savings	5,137.6	
 	1.1	
 	0.09	
 	 	5,028.8	
 	1.1	
 	0.09	
 	 	4,941.0	
 	1.1	
 	0.09	
 	 	
 	Time	1,208.4	
 	1.5	
 	0.50	
 	 	1,178.2	
 	1.1	
 	0.38	
 	 	1,378.3	
 	1.1	
 	0.33	
 	 	
Total Interest-Bearing Deposits	9,107.6	
 	2.9	
 	0.13	
 	 	8,860.2	
 	2.4	
 	0.11	
 	 	8,896.4	
 	2.4	
 	0.11	
 	 	
Short-Term Borrowings	7.8	
 	—	
 	0.14	
 	 	8.1	
 	—	
 	0.14	
 	 	8.5	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	602.9	
 	6.2	
 	4.04	
 	 	630.5	
 	6.3	
 	3.88	
 	 	678.0	
 	6.4	
 	3.76	
 	 	
Other Debt	232.3	
 	1.0	
 	1.73	
 	 	306.4	
 	1.0	
 	1.34	
 	 	173.9	
 	0.6	
 	1.43	
 	 	
Total Interest-Bearing Liabilities	9,950.6	
 	10.1	
 	0.40	
 	 	9,805.2	
 	9.7	
 	0.39	
 	 	9,756.8	
 	9.4	
 	0.39	
 	 	
Net Interest Income	 	$	106.0	
 	 	 	 	$	104.7	
 	 	 	 	$	99.6	
 	 	 	
 	Interest Rate Spread	 	 	2.73	
 	%	 	 	2.72	
 	%	 	 	2.68	
 	%	
 	Net Interest Margin	 	 	2.86	
 	%	 	 	2.85	
 	%	 	 	2.81	
 	%	
Noninterest-Bearing Demand Deposits	4,227.0	
 	 	 	 	4,178.4	
 	 	 	 	3,890.0	
 	 	 	 	
Other Liabilities	229.9	
 	 	 	 	249.5	
 	 	 	 	235.1	
 	 	 	 	
Shareholders' Equity	1,129.6	
 	 	 	 	1,102.5	
 	 	 	 	1,064.1	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	15,537.1	
 	 	 	 	$	15,335.6	
 	 	 	 	$	14,946.0	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 $3,013,000, $3,016,000 and $2,878,000 for the three months ended	 	
 	March 31, 2016, December 31, 2015, and March 31, 2015, respectively.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8a	
 	
 	Three Months Ended March 31, 2016	
 	Compared to December 31, 2015	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.2	
 	$	0.3	
 	$	0.5	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.1	
 	—	
 	0.1	
 	
      Non-Taxable	—	
 	(0.1	)	(0.1	)	
   Held-to-Maturity	 	 	 	
      Taxable	(0.9	)	(0.5	)	(1.4	)	
Total Investment Securities	(0.8	)	(0.6	)	(1.4	)	
Loans and Leases	

 	
   Commercial and Industrial	(0.2	)	1.6	
 	1.4	
 	
   Commercial Mortgage	0.1	
 	0.1	
 	0.2	
 	
   Construction	0.4	
 	(0.1	)	0.3	
 	
   Commercial Lease Financing	—	
 	(0.5	)	(0.5	)	
   Residential Mortgage	0.2	
 	0.2	
 	0.4	
 	
   Home Equity	0.6	
 	0.2	
 	0.8	
 	
   Automobile	0.1	
 	—	
 	0.1	
 	
   Other 2	0.1	
 	—	
 	0.1	
 	
Total Loans and Leases	1.3	
 	1.5	
 	2.8	
 	
Other	—	
 	(0.2	)	(0.2	)	
Total Change in Interest Income	0.7	
 	1.0	
 	1.7	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	—	
 	0.1	
 	
   Time	—	
 	0.4	
 	0.4	
 	
Total Interest-Bearing Deposits	0.1	
 	0.4	
 	0.5	
 	
Securities Sold Under Agreements to Repurchase	(0.3	)	0.2	
 	(0.1	)	
Other Debt	(0.3	)	0.3	
 	—	
 	
Total Change in Interest Expense	(0.5	)	0.9	
 	0.4	

Change in Net Interest Income	$	1.2	
 	$	0.1	
 	$	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 March 31, 2016	
 	Compared to March 31, 2015	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.1	
 	$	0.5	
 	$	0.6	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.1	
 	0.6	
 	0.7	
 	
      Non-Taxable	(0.1	)	—	
 	(0.1	)	
   Held-to-Maturity	 	 	 	
      Taxable	(2.4	)	(1.6	)	(4.0	)	
      Non-Taxable	(0.1	)	—	
 	(0.1	)	
Total Investment Securities	(2.5	)	(1.0	)	(3.5	)	
Loans Held for Sale	0.1	
 	—	
 	0.1	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	—	
 	1.9	
 	1.9	
 	
   Commercial Mortgage	2.3	
 	(0.3	)	2.0	
 	
   Construction	0.8	
 	0.1	
 	0.9	
 	
   Commercial Lease Financing	(0.2	)	(0.4	)	(0.6	)	
   Residential Mortgage	3.0	
 	(0.9	)	2.1	
 	
   Home Equity	2.1	
 	(0.1	)	2.0	
 	
   Automobile	0.8	
 	(0.1	)	0.7	
 	
   Other 2	0.8	
 	0.2	
 	1.0	
 	
Total Loans and Leases	9.6	
 	0.4	
 	10.0	
 	
Other	(0.1	)	—	
 	(0.1	)	
Total Change in Interest Income	7.2	
 	(0.1	)	7.1	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	0.1	
 	—	
 	0.1	
 	
   Time	(0.2	)	0.6	
 	0.4	
 	
Total Interest-Bearing Deposits	(0.1	)	0.6	
 	0.5	
 	
Securities Sold Under Agreements to Repurchase	(0.7	)	0.5	
 	(0.2	)	
Other Debt	0.2	
 	0.2	
 	0.4	
 	
Total Change in Interest Expense	(0.6	)	1.3	
 	0.7	

Change in Net Interest Income	$	7.8	
 	$	(1.4	)	$	6.4	

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

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	
Salaries and Benefits	 	 	Table 9	
 	
 	Three Months Ended	
 	March 31,	December 31,	March 31,	
(dollars in thousands)	2016	2015	2015	
Salaries	$	29,141	
 	$	29,356	
 	$	27,914	
 	
Incentive Compensation	5,965	
 	4,971	
 	4,514	
 	
Share-Based Compensation	2,310	
 	2,678	
 	2,345	
 	
Commission Expense	1,357	
 	1,375	
 	1,592	
 	
Retirement and Other Benefits	4,954	
 	4,056	
 	4,731	
 	
Payroll Taxes	3,577	
 	2,032	
 	3,585	
 	
Medical, Dental, and Life Insurance	2,892	
 	3,077	
 	3,184	
 	
Separation Expense	318	
 	452	
 	1,915	
 	
Total Salaries and Benefits	$	50,514	
 	$	47,997	
 	$	49,780	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Loan and Lease Portfolio Balances	 	 	 	Table 10	
 	
 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	

 	2016	
 	2015	
 	2015	
 	2015	
 	2015	
 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	1,180,341	
 	$	1,115,168	
 	$	1,169,817	
 	$	1,173,259	
 	$	1,141,408	
 	
 	Commercial Mortgage	1,687,199	
 	1,677,147	
 	1,622,119	
 	1,528,685	
 	1,477,902	
 	
 	Construction	192,909	
 	156,660	
 	129,254	
 	118,714	
 	111,381	
 	
 	Lease Financing	195,804	
 	204,877	
 	202,055	
 	222,113	
 	224,419	
 	
Total Commercial	3,256,253	
 	3,153,852	
 	3,123,245	
 	3,042,771	
 	2,955,110	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	2,929,388	
 	2,925,605	
 	2,875,605	
 	2,787,847	
 	2,699,434	
 	
 	Home Equity	1,131,796	
 	1,069,400	
 	993,817	
 	931,191	
 	884,742	
 	
 	Automobile	399,825	
 	381,735	
 	367,640	
 	352,128	
 	339,686	
 	
 	Other 1	348,348	
 	348,393	
 	329,465	
 	314,501	
 	299,656	
 	
Total Consumer	4,809,357	
 	4,725,133	
 	4,566,527	
 	4,385,667	
 	4,223,518	
 	
Total Loans and Leases	$	8,065,610	
 	$	7,878,985	
 	$	7,689,772	
 	$	7,428,438	
 	$	7,178,628	

 	 	 	 	 	 	 	
Deposits	 	 	 	 	
 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	
(dollars in thousands)	2016	
 	2015	
 	2015	
 	2015	
 	2015	
 	
Consumer	$	6,568,651	
 	$	6,445,510	
 	$	6,254,862	
 	$	6,221,691	
 	$	6,220,391	
 	
Commercial	5,678,987	
 	5,502,739	
 	5,397,857	
 	5,524,153	
 	5,444,814	
 	
Public and Other	1,241,254	
 	1,302,854	
 	1,284,243	
 	1,344,851	
 	1,314,411	
 	
Total Deposits	$	13,488,892	
 	$	13,251,103	
 	$	12,936,962	
 	$	13,090,695	
 	$	12,979,616	

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

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More	 	Table 11	
 	
 	 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	
(dollars in thousands)	2016	
 	2015	
 	2015	
 	2015	
 	2015	
 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	666	
 	$	5,829	
 	$	8,532	
 	$	8,299	
 	$	8,641	
 	
 	 	Commercial Mortgage	3,401	
 	3,469	
 	1,058	
 	716	
 	732	
 	
 	Total Commercial	4,067	
 	9,298	
 	9,590	
 	9,015	
 	9,373	
 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	13,719	
 	14,598	
 	14,749	
 	14,918	
 	14,344	
 	
 	 	Home Equity	2,501	
 	4,081	
 	3,814	
 	3,528	
 	2,965	
 	
 	Total Consumer	16,220	
 	18,679	
 	18,563	
 	18,446	
 	17,309	
 	
Total Non-Accrual Loans and Leases	20,287	
 	27,977	
 	28,153	
 	27,461	
 	26,682	
 	
Foreclosed Real Estate	1,728	
 	824	
 	1,392	
 	1,989	
 	2,095	
 	
Total Non-Performing Assets	$	22,015	
 	$	28,801	
 	$	29,545	
 	$	29,450	
 	$	28,777	

Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	—	
 	$	—	
 	$	—	
 	$	750	
 	$	—	
 	
Total Commercial	—	
 	—	
 	—	
 	750	
 	—	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	4,219	
 	4,453	
 	5,060	
 	4,789	
 	3,914	
 	
 	Home Equity	2,096	
 	1,710	
 	1,396	
 	2,395	
 	2,425	
 	
 	Automobile	524	
 	315	
 	631	
 	323	
 	537	
 	
 	Other 1	1,099	
 	1,096	
 	1,058	
 	1,395	
 	1,078	
 	
Total Consumer	7,938	
 	7,574	
 	8,145	
 	8,902	
 	7,954	
 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	7,938	
 	$	7,574	
 	$	8,145	
 	$	9,652	
 	$	7,954	
 	
Restructured Loans on Accrual Status	 	 	 	 	 	
   and Not Past Due 90 Days or More	$	50,707	
 	$	49,430	
 	$	49,506	
 	$	48,339	
 	$	46,639	
 	
Total Loans and Leases	$	8,065,610	
 	$	7,878,985	
 	$	7,689,772	
 	$	7,428,438	
 	$	7,178,628	

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.25	%	0.36	%	0.37	%	0.37	%	0.37	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.27	%	0.37	%	0.38	%	0.40	%	0.40	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial	 	 	 	 	 	
 	Loans and Leases and Commercial Foreclosed Real Estate	0.12	%	0.29	%	0.31	%	0.32	%	0.34	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer Loans	 	 	 	 	 	
 	and Leases and Consumer Foreclosed Real Estate	0.37	%	0.41	%	0.44	%	0.45	%	0.44	%	
 	 	 	 	 	 	 	 	
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	0.37	%	0.46	%	0.49	%	0.53	%	0.51	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	28,801	
 	$	29,545	
 	$	29,450	
 	$	28,777	
 	$	30,082	
 	
Additions	4,002	
 	2,353	
 	4,427	
 	1,909	
 	621	
 	
Reductions	 	 	 	 	 	
 	Payments	(6,012	)	(2,473	)	(1,191	)	(1,020	)	(1,427	)	
 	Return to Accrual Status	(4,272	)	(24	)	(1,748	)	—	
 	(187	)	
 	Sales of Foreclosed Real Estate	(248	)	(458	)	(1,300	)	(83	)	(37	)	
 	Charge-offs/Write-downs	(256	)	(142	)	(93	)	(133	)	(275	)	
Total Reductions	(10,788	)	(3,097	)	(4,332	)	(1,236	)	(1,926	)	
Balance at End of Quarter	$	22,015	
 	$	28,801	
 	$	29,545	
 	$	29,450	
 	$	28,777	

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

 	
 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	
Reserve for Credit Losses	 	 	Table 12	
 	
 	 	 	Three Months Ended	
 	 	 	March 31,	December 31,	March 31,	
(dollars in thousands)	2016	2015	2015	
Balance at Beginning of Period	$	108,952	
 	$	110,110	
 	$	114,575	
 	
Loans and Leases Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	(257	)	(304	)	(235	)	
 	Consumer	 	 	 	
 	 	Residential Mortgage	(205	)	—	
 	(559	)	
 	 	Home Equity	(643	)	(269	)	(216	)	
 	 	Automobile	(1,560	)	(1,719	)	(1,428	)	
 	 	Other 1	(2,222	)	(2,170	)	(1,650	)	
Total Loans and Leases Charged-Off	(4,887	)	(4,462	)	(4,088	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	6,867	
 	420	
 	646	
 	
 	 	Commercial Mortgage	14	
 	18	
 	14	
 	
 	 	Construction	23	
 	8	
 	8	
 	
 	 	Lease Financing	1	
 	1	
 	68	
 	
 	Consumer	 	 	 	
 	 	Residential Mortgage	201	
 	577	
 	342	
 	
 	 	Home Equity	513	
 	349	
 	881	
 	
 	 	Automobile	592	
 	519	
 	494	
 	
 	 	Other 1	473	
 	412	
 	408	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	8,684	
 	2,304	
 	2,861	
 	
Net Loans and Leases Recovered (Charged-Off)	3,797	
 	(2,158	)	(1,227	)	
Provision for Credit Losses	(2,000	)	1,000	
 	—	
 	
Provision for Unfunded Commitments	500	
 	—	
 	—	
 	
Balance at End of Period 2	$	111,249	
 	$	108,952	
 	$	113,348	

Components	 	 	 	
Allowance for Loan and Lease Losses	$	104,677	
 	$	102,880	
 	$	107,461	
 	
Reserve for Unfunded Commitments	6,572	
 	6,072	
 	5,887	
 	
Total Reserve for Credit Losses	$	111,249	
 	$	108,952	
 	$	113,348	

Average Loans and Leases Outstanding	$	7,940,097	
 	$	7,785,346	
 	$	7,053,061	

Ratio of Net Loans and Leases Charged-Off (Recovered) to	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	-0.19	 %	0.11	%	0.07	%	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding	1.30	 %	1.31	%	1.50	%	

1  Comprised of other revolving credit, installment, and lease financing.	
2  Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	
Business Segments Selected Financial Information	 	 	Table 13	
 	
 	Retail	
 	Commercial	
 	Investment	
 	Treasury	
 	Consolidated	
 	
(dollars in thousands)	Banking	
 	Banking	
 	Services	
 	and Other	
 	Total	
 	
Three Months Ended March 31, 2016	 	 	 	 	 	
Net Interest Income	$	58,010	
 	$	38,348	
 	$	6,452	
 	$	214	
 	$	103,024	
 	
Provision for Credit Losses	2,835	
 	(6,626	)	(6	)	1,797	
 	(2,000	)	
Net Interest Income After Provision for Credit Losses	55,175	
 	44,974	
 	6,458	
 	(1,583	)	105,024	
 	
Noninterest Income	20,807	
 	7,600	
 	14,024	
 	13,776	
 	56,207	
 	
Noninterest Expense	(52,741	)	(17,268	)	(15,427	)	(1,950	)	(87,386	)	
Income Before Provision for Income Taxes	23,241	
 	35,306	
 	5,055	
 	10,243	
 	73,845	
 	
Provision for Income Taxes	(8,227	)	(12,656	)	(1,870	)	(882	)	(23,635	)	
Net Income	$	15,014	
 	$	22,650	
 	$	3,185	
 	$	9,361	
 	$	50,210	
 	
Total Assets as of March 31, 2016	$	4,763,749	
 	$	3,196,413	
 	$	284,891	
 	$	7,409,642	
 	$	15,654,695	

 	 	 	 	 	 	
Three Months Ended March 31, 2015  1	 	 	 	 	 	
Net Interest Income	$	48,349	
 	$	34,274	
 	$	4,300	
 	$	9,847	
 	$	96,770	
 	
Provision for Credit Losses	1,723	
 	(464	)	(8	)	(1,251	)	—	
 	
Net Interest Income After Provision for Credit Losses	46,626	
 	34,738	
 	4,308	
 	11,098	
 	96,770	
 	
Noninterest Income	19,108	
 	5,651	
 	14,726	
 	12,822	
 	52,307	
 	
Noninterest Expense	(50,340	)	(17,886	)	(14,590	)	(4,099	)	(86,915	)	
Income Before Provision for Income Taxes	15,394	
 	22,503	
 	4,444	
 	19,821	
 	62,162	
 	
Provision for Income Taxes	(5,526	)	(7,865	)	(1,644	)	(4,685	)	(19,720	)	
Net Income	$	9,868	
 	$	14,638	
 	$	2,800	
 	$	15,136	
 	$	42,442	
 	
Total Assets as of March 31, 2015 1	$	4,239,641	
 	$	2,910,911	
 	$	188,399	
 	$	7,800,228	
 	$	15,139,179	

 	 	 	 	 	 	
1  Certain prior period information has been reclassified to conform to current presentation.	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	 	
Selected Quarterly Financial Data	 	 	 	 	 	 	 	Table 14	
 	 	
 	Three Months Ended	 	
 	March 31,	
 	 	December 31,	
 	 	September 30,	
 	 	June 30,	
 	 	March 31,	
 	 	
(dollars in thousands, except per share amounts)	2016	
 	 	2015	
 	 	2015	
 	 	2015	
 	 	2015	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	80,895	
 	 	$	78,122	
 	 	$	75,874	
 	 	$	73,565	
 	 	$	70,961	
 	 	
   Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
      Available-for-Sale	10,814	
 	 	10,829	
 	 	10,192	
 	 	10,273	
 	 	10,198	
 	 	
      Held-to-Maturity	20,391	
 	 	21,722	
 	 	20,689	
 	 	22,832	
 	 	24,407	
 	 	
   Deposits	4	
 	 	1	
 	 	2	
 	 	2	
 	 	3	
 	 	
   Funds Sold	753	
 	 	315	
 	 	291	
 	 	268	
 	 	259	
 	 	
   Other	212	
 	 	381	
 	 	312	
 	 	310	
 	 	302	
 	 	
Total Interest Income	113,069	
 	 	111,370	
 	 	107,360	
 	 	107,250	
 	 	106,130	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	2,886	
 	 	2,443	
 	 	2,410	
 	 	2,405	
 	 	2,368	
 	 	
   Securities Sold Under Agreements to Repurchase	6,153	
 	 	6,246	
 	 	6,307	
 	 	6,440	
 	 	6,371	
 	 	
   Funds Purchased	3	
 	 	3	
 	 	3	
 	 	3	
 	 	3	
 	 	
   Other Debt	1,003	
 	 	1,034	
 	 	749	
 	 	620	
 	 	618	
 	 	
Total Interest Expense	10,045	
 	 	9,726	
 	 	9,469	
 	 	9,468	
 	 	9,360	
 	 	
Net Interest Income	103,024	
 	 	101,644	
 	 	97,891	
 	 	97,782	
 	 	96,770	
 	 	
Provision for Credit Losses	(2,000	)	 	1,000	
 	 	—	
 	 	—	
 	 	—	
 	 	
Net Interest Income After Provision for Credit Losses	105,024	
 	 	100,644	
 	 	97,891	
 	 	97,782	
 	 	96,770	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	11,256	
 	 	11,243	
 	 	11,907	
 	 	12,355	
 	 	12,180	
 	 	
   Mortgage Banking	3,189	
 	 	3,130	
 	 	3,291	
 	 	3,469	
 	 	1,693	
 	 	
   Service Charges on Deposit Accounts	8,443	
 	 	8,663	
 	 	8,669	
 	 	8,203	
 	 	8,537	
 	 	
   Fees, Exchange, and Other Service Charges	13,444	
 	 	13,764	
 	 	13,340	
 	 	13,352	
 	 	12,897	
 	 	
   Investment Securities Gains, Net	11,180	
 	 	(181	)	 	24	
 	 	86	
 	 	10,231	
 	 	
   Annuity and Insurance	1,901	
 	 	2,014	
 	 	1,721	
 	 	1,885	
 	 	2,044	
 	 	
   Bank-Owned Life Insurance	1,548	
 	 	1,608	
 	 	1,609	
 	 	2,088	
 	 	1,734	
 	 	
   Other	5,246	
 	 	4,525	
 	 	2,660	
 	 	4,487	
 	 	2,991	
 	 	
Total Noninterest Income	56,207	
 	 	44,766	
 	 	43,221	
 	 	45,925	
 	 	52,307	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
   Salaries and Benefits	50,514	
 	 	47,997	
 	 	46,576	
 	 	47,610	
 	 	49,780	
 	 	
   Net Occupancy	7,003	
 	 	4,876	
 	 	7,403	
 	 	8,605	
 	 	9,333	
 	 	
   Net Equipment	5,409	
 	 	5,244	
 	 	4,804	
 	 	4,826	
 	 	5,288	
 	 	
   Data Processing	3,951	
 	 	5,106	
 	 	3,920	
 	 	3,673	
 	 	3,773	
 	 	
   Professional Fees	2,639	
 	 	2,803	
 	 	2,258	
 	 	2,265	
 	 	2,334	
 	 	
   FDIC Insurance	2,352	
 	 	2,322	
 	 	2,139	
 	 	2,068	
 	 	2,140	
 	 	
   Other	15,518	
 	 	17,379	
 	 	24,788	
 	 	14,527	
 	 	14,267	
 	 	
Total Noninterest Expense	87,386	
 	 	85,727	
 	 	91,888	
 	 	83,574	
 	 	86,915	
 	 	
Income Before Provision for Income Taxes	73,845	
 	 	59,683	
 	 	49,224	
 	 	60,133	
 	 	62,162	
 	 	
Provision for Income Taxes	23,635	
 	 	16,851	
 	 	14,948	
 	 	18,979	
 	 	19,720	
 	 	
Net Income	$	50,210	
 	 	$	42,832	
 	 	$	34,276	
 	 	$	41,154	
 	 	$	42,442	

Basic Earnings Per Share	$	1.17	
 	 	$	1.00	
 	 	$	0.79	
 	 	$	0.95	
 	 	$	0.98	
 	 	
Diluted Earnings Per Share	$	1.16	
 	 	$	0.99	
 	 	$	0.79	
 	 	$	0.95	
 	 	$	0.97	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	8,065,610	
 	 	$	7,878,985	
 	 	$	7,689,772	
 	 	$	7,428,438	
 	 	$	7,178,628	
 	 	
Total Assets	15,654,695	
 	 	15,455,016	
 	 	15,164,123	
 	 	15,248,043	
 	 	15,139,179	
 	 	
Total Deposits	13,488,892	
 	 	13,251,103	
 	 	12,936,962	
 	 	13,090,695	
 	 	12,979,616	
 	 	
Total Shareholders' Equity	1,138,753	
 	 	1,116,260	
 	 	1,098,354	
 	 	1,082,939	
 	 	1,075,251	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.30	
 	%	1.11	
 	%	0.89	
 	%	1.10	
 	%	1.15	
 	%	
Return on Average Shareholders' Equity	17.88	
 	 	15.41	
 	 	12.45	
 	 	15.33	
 	 	16.18	
 	 	
Efficiency Ratio 1	54.88	
 	 	58.55	
 	 	65.12	
 	 	58.16	
 	 	58.30	
 	 	
Net Interest Margin 2	2.86	
 	 	2.85	
 	 	2.77	
 	 	2.81	
 	 	2.81	

 	 	 	 	 	 	 	 	 	 	 	
1  Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).	 	 	 	
2  Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	 	 	 	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	Table 15	
 	Two Months Ended	 	 	Year Ended	
($ in millions; jobs in thousands)	February 29, 2016	 	 	December 31, 2015	December 31, 2014	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	1,063.5	
 	1.6	
 	%	 	$	5,998.6	
 	 	8.4	
 	%	$	5,535.7	
 	 	1.6	
 	%	
   General Excise and Use Tax Revenue 1	$	574.5	
 	7.5	
 	%	 	$	3,141.5	
 	 	5.4	
 	%	$	2,979.8	
 	 	2.5	
 	%	
   Jobs 2	666.4	
 	 	 	 	658.8	
 	 	 	 	643.7	

 	 	 	 	 	 	 	March 31,	 	December 31,	
(spot rates)	 	 	 	 	 	 	2016	 	2015	2014	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
  Statewide, seasonally adjusted	 	 	 	 	 	 	3.1	
 	%	3.2	
 	%	4.0	
 	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	 	3.0	
 	 	2.7	
 	 	3.5	
 	 	
   Island of Hawaii	 	 	 	 	 	 	3.9	
 	 	3.7	
 	 	4.7	
 	 	
   Maui	 	 	 	 	 	 	3.4	
 	 	3.1	
 	 	3.8	
 	 	
   Kauai	 	 	 	 	 	 	3.5	
 	 	3.5	
 	 	4.3	

 	 	 	 	 	March 31,	 	December 31,	
(percentage change, except months of inventory)	 	 	 	2016	 	2015	 	2014	2013	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	7.2	
 	%	3.7	
 	%	3.8	
 	%	4.8	
 	%	
   Home Sales Volume (units)	 	 	 	 	17.4	
 	%	5.2	
 	%	(0.8	)	%	4.6	
 	%	
   Months of Inventory	 	 	 	 	2.1	
 	 	2.6	
 	 	2.6	
 	 	2.7	

 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	
(in thousands)	 	 	 	 	Not Seasonally Adjusted	 	from Previous Year	
Tourism 5	 	 	 	 	 	 	 	 	 	 	 	 	
February 29, 2016	 	 	 	 	 	 	688.8	
 	 	 	 	4.1	
 	 	
January 31, 2016	 	 	 	 	 	 	721.0	
 	 	 	 	6.2	
 	 	
December 31, 2015	 	 	 	 	 	 	794.2	
 	 	 	 	3.7	
 	 	
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	 	 	 	 	 	 	766.0	
 	 	 	 	6.3	
 	 	
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	

 	 	 	 	 	 	 	 	 	 	 	 	 	
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.