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)	 	                       October 24, 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 October 24, 2016, Bank of Hawaii Corporation announced its results of operations for the quarter ended September 30, 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	October 24, 2016 Press Release: Bank of Hawaii Corporation Third 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: October 24, 2016	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation Third Quarter 2016 Financial Results

•Diluted Earnings Per Share $1.02
•Net Income $43.5Million
•Board of Directors Declares Dividend of $0.48 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 24, 2016) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.02 for the third quarter of 2016, down from $1.03 in the second quarter of 2016 and up from $0.79 in the third quarter of 2015. Net income for the third quarter of 2016 was $43.5 million, down from net income of $44.2 million in the previous quarter and up from $34.3 million in the same quarter last year. Results for the third quarter of 2015 included impairment charges totaling $6.5 million, net of tax, related to the Company’s decision to dispose of its remaining aircraft leases.

Loan and lease balances increased to $8.7 billion at September 30, 2016, up 4.4 percent from June 30, 2016 and up 13.1 percent compared with September 30, 2015. Deposits grew to $13.8 billion at the end of the third quarter of 2016, up 1.2 percent from the previous quarter and up 6.7 percent compared with the same quarter last year.

"Bank of Hawaii’s operating results were strong in the third quarter of 2016," said Peter S. Ho, Chairman, President and CEO.  “Loan and deposit balances continued to grow, asset quality remained strong and our core expenses remain on track.”
 
The return on average assets for the third quarter of 2016 was 1.09 percent, down from 1.14 percent in the previous quarter and up from 0.89 percent in the same quarter last year. The return on average equity for the third quarter of 2016 was 14.89 percent, down from 15.56 percent for the second quarter of 2016 and up from 12.45 percent in the third quarter of 2015. The efficiency ratio for the third quarter of 2016 was 57.58 percent compared with 57.35 percent in the previous quarter and 65.12 percent in the same quarter last year. The higher efficiency ratio in the third quarter of 2015 was largely due to the aircraft impairment charges.

  
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Bank of Hawaii Corporation Third Quarter 2016 Financial Results     Page 2

For the nine-month period ended September 30, 2016, net income was $137.9 million, an increase from net income of $117.9 million for the same period last year. Diluted earnings per share were $3.21 for the nine-month period in 2016 compared with diluted earnings per share of $2.71 for the same period in 2015. The 2016 year-to-date return on average assets was 1.17 percent compared with 1.05 percent for the same period in 2015. The 2016 year-to-date return on average equity was 16.09 percent compared with 14.62 percent for the nine months ended September 30, 2015. The efficiency ratio for the nine-month period ended September 30, 2016 was 56.57 percent compared with 60.47 percent for the same period last year.     

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2016 was $106.9 million, up slightly from net interest income of $106.5 million in the second quarter of 2016 and up from net interest income of $100.9 million in the third quarter of 2015. Net interest income in the third quarter of 2016 included a reversal of $0.8 million for an interest recovery previously recorded in the second quarter of 2016. Net interest income in the second quarter of 2016 included interest recoveries of $1.0 million. Net interest income for the nine-month period in 2016 was $319.4 million compared with $301.4 million for the same period in 2015. Analyses of the changes in net interest income are included in Tables 8a, 8b, and 8c.

The net interest margin was 2.80 percent for the third quarter of 2016, a 5 basis point decrease from 2.85 percent in the second quarter of 2016 and a 3 basis point increase from 2.77 percent in the third quarter of 2015. Adjusted for the interest reversal and recoveries previously mentioned, the net interest margin in the third and second quarters of 2016 were stable at 2.82 percent. The net interest margin for the first nine months of 2016 was 2.84 percent compared with 2.79 percent for the same nine-month period last year.

Results for the third quarter of 2016 included a provision for credit losses of $2.5 million due to the continued strong growth of loans and leases. Results for the second quarter of 2016 included a provision for credit losses of $1.0 million. There was no provision for credit losses during the third quarter of 2015.

Noninterest income was $48.1 million in the third quarter of 2016, up from $46.5 million in the second quarter of 2016 and $43.2 million in the third quarter of 2015. Mortgage banking income increased to $6.4 million in the third quarter of 2016 due to higher loan production, up from $4.1 million in the second quarter of 2016 and $3.3 million in the third quarter last year. Noninterest income in the second quarter of 2016 included a service fee of $1.2 million resulting from the sale of trust real estate. Noninterest income in the third quarter of 2015 included a $1.0 million estimated loss on the pending sale of an aircraft lease. Noninterest income for the nine-months ended September 30, 2016 was $150.8 million compared with noninterest income of $141.5 million for the same period in 2015. The increase was primarily due to an increase in mortgage banking income.

Noninterest expense was $87.5 million in the third quarter of 2016, up from $86.1 million in the previous quarter and down from $91.9 million in the same quarter last year. The decrease compared with the prior year quarter was primarily due to a $9.5 million impairment charge on aircraft in which the leases had expired. Noninterest expense for the nine-months ended September 30, 2016 was $261.0 million compared with noninterest expense of $262.4 million for the same period in 2015. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

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Bank of Hawaii Corporation Third Quarter 2016 Financial Results     Page 3

The effective tax rate for the third quarter of 2016 was 29.84 percent compared with 29.77 percent in the previous quarter and 30.37 percent during the same quarter last year. Taxes for the third quarter of 2016 included a $.7 million release of reserves. Taxes for the second quarter of 2016 included a $1.3 million release of reserves. Taxes for the third quarter of 2015 included a benefit of $4.0 million related to the aircraft impairment charges. The effective tax rate for the nine-month period ended September 30, 2016 was 30.62 percent, down from 31.28 percent for the same period last year.

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

The Company’s overall asset quality remained strong during the third quarter of 2016. Total non-performing assets were $18.7 million at September 30, 2016 compared with $16.3 million at June 30, 2016 and $29.5 million at September 30, 2015. As a percentage of total loans and leases and foreclosed real estate, non-performing assets were 0.21 percent at September 30, 2016 compared with 0.20 percent at June 30, 2016 and 0.38 percent at September 30, 2015.

Accruing loans and leases past due 90 days or more were $5.6 million at September 30, 2016, down from $8.8 million at June 30, 2016 and $8.1 million at September 30, 2015. Restructured loans and leases not included in non-accrual loans or accruing loans past due 90 days or more were $52.1 million at September 30, 2016 compared with $52.2 million at June 30, 2016 and $49.5 million at September 30, 2015. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loans and leases charged off during the third quarter of 2016 were $2.4 million or 0.11 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $4.9 million during the quarter were partially offset by recoveries of $2.5 million. Net charge-offs during the second quarter of 2016 were $1.7 million or 0.09 percent annualized of total average loans and leases outstanding and were comprised of $3.7 million in charge-offs partially offset by recoveries of $2.0 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 $4.4 million in charge-offs partially offset by recoveries of $2.4 million. Net charge-offs in the nine-month period ended September 30, 2016 were $0.3 million, or 0.01 percent annualized of total average loans and leases outstanding compared with net charge-offs of $4.7 million, or 0.09 percent annualized of total average loans and leases outstanding for the same period in 2015. The lower charge-off rate during 2016 is largely due to the full recovery of loans previously charged off relating to a commercial client in Guam.

The allowance for loan and lease losses increased to $104.0 million at September 30, 2016. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.20 percent at September 30, 2016, a decrease of 5 basis points from the previous quarter and commensurate with continued improvements in credit quality and the Hawaii economy. The reserve for unfunded commitments at September 30, 2016 was unchanged at $6.6 million from June 30, 2016. Details of loan and lease charge-offs, recoveries and the components of the total reserve for credit losses are summarized in Table 12.

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Bank of Hawaii Corporation Third Quarter 2016 Financial Results     Page 4

Other Financial Highlights

Total assets were $16.01 billion at September 30, 2016, up from $15.86 billion at June 30, 2016 and $15.16 billion at September 30, 2015. Average total assets were $15.91 billion during the third quarter of 2016, up from $15.64 billion during the previous quarter and $15.22 billion during the same quarter last year.

The investment securities portfolio was $6.03 billion at September 30, 2016, down from $6.10 billion at June 30, 2016 and $6.40 billion at September 30, 2015 as loan growth continued to outpace deposit growth. The portfolio remains largely comprised of securities issued by U. S. government agencies and included $3.82 billion in securities held to maturity and $2.21 billion in securities available for sale at September 30, 2016. 

Total loans and leases increased to $8.69 billion at September 30, 2016, up from $8.33 billion at June 30, 2016 and $7.69 billion at September 30, 2015. Average total loans and leases were $8.48 billion during the third quarter of 2016, up from $8.21 billion during the second quarter of 2016 and $7.55 billion during the same quarter last year. The commercial loan portfolio increased to $3.49 billion at the end of the quarter, up from commercial loans of $3.31 billion at the end of the previous quarter and up from $3.12 billion at the end of the same quarter last year. Total consumer loans increased to $5.20 billion at the end of the third quarter of 2016, up from $5.03 billion at the end of the second quarter of 2016 and up from $4.57 billion at the end of the third quarter of 2015. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $13.81 billion at September 30, 2016, up from $13.64 billion at June 30, 2016 and up from $12.94 billion at September 30, 2015. Average total deposits were $13.69 billion during the third quarter of 2016, up from $13.45 billion during the previous quarter and $13.01 billion during the same quarter last year.

During the third quarter of 2016, the Company repurchased 204.0 thousand shares of common stock at a total cost of $14.3 million under its share repurchase program. The average cost was $69.94 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through September 30, 2016, the Company has repurchased 53.5 million shares and returned over $2.0 billion to shareholders at an average cost of $37.74 per share. Remaining buyback authority under the share repurchase program was $75.4 million at September 30, 2016. From October 1 through October 21, 2016, the Company repurchased an additional 54.0 thousand shares of common stock at an average cost of $73.39 per share.

Total shareholders’ equity was $1.16 billion at September 30, 2016, up slightly from June 30, 2016 and an increase from $1.10 billion at September 30, 2015. The Tier 1 Capital Ratio was 13.40 percent at the end of the third quarter of 2016 compared with 13.66 percent at the end of the second quarter of 2016 and 14.11 percent at the end of the same quarter last year. The Tier 1 leverage ratio at September 30, 2016 was 7.25 percent compared with 7.29 percent at June 30, 2016 and 7.18 percent at September 30, 2015.

The Company’s Board of Directors declared a quarterly cash dividend of $0.48 per share on the Company’s outstanding shares. The dividend will be payable on December 14, 2016 to shareholders of record at the close of business on November 30, 2016.

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Bank of Hawaii Corporation Third Quarter 2016 Financial Results     Page 5

Hawaii Economy

General economic conditions in Hawaii remained positive during the third quarter of 2016 due to stable tourism, low unemployment, the strong real estate market, and ongoing construction activity.  For the first eight months of 2016, total visitor spending increased 3.0 percent and total visitor arrivals increased 2.6 percent compared to the same period in 2015.  The statewide seasonally-adjusted unemployment rate was 3.3 percent in September 2016 compared to 5.0 percent nationally.  For the first nine months of 2016, the volume of single-family home sales on Oahu increased 4.8 percent and the volume of condominium sales on Oahu increased 9.0 percent compared with the same period in 2015.  The median sales price of a single-family homes on Oahu increased 5.2 percent and the median price of a condominium on Oahu increased 8.7 percent for the first nine months of 2016 compared to the same nine-month period in 2015.  As of September 30, 2016, months of inventory of single-family homes and condominiums on Oahu remained low at 2.9 months and 3.0 months, respectively.  More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its third quarter 2016 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 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, October 24, 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 40167040 when prompted. Participants can also dial 1 (800) 585-8367 to access the replay. In addition, a replay will be available 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 an independent 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. 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	 	Nine Months Ended	 	
 	September 30,	 	June 30,	 	September 30,	 	September 30,	 	
(dollars in thousands, except per share amounts)	2016	 	2016	 	2015	 	2016	 	2015	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	$	103,912	
 	 	$	103,550	
 	 	$	97,891	
 	 	$	310,486	
 	 	$	292,443	
 	 	
Provision for Credit Losses	2,500	
 	 	1,000	
 	 	—	
 	 	1,500	
 	 	—	
 	 	
Total Noninterest Income	48,114	
 	 	46,519	
 	 	43,221	
 	 	150,840	
 	 	141,453	
 	 	
Total Noninterest Expense	87,532	
 	 	86,071	
 	 	91,888	
 	 	260,989	
 	 	262,377	
 	 	
Net Income	43,493	
 	 	44,245	
 	 	34,276	
 	 	137,948	
 	 	117,872	
 	 	
Basic Earnings Per Share	1.02	
 	 	1.04	
 	 	0.79	
 	 	3.23	
 	 	2.72	
 	 	
Diluted Earnings Per Share	1.02	
 	 	1.03	
 	 	0.79	
 	 	3.21	
 	 	2.71	
 	 	
Dividends Declared Per Share	0.48	
 	 	0.48	
 	 	0.45	
 	 	1.41	
 	 	1.35	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.09	
 	%	1.14	
 	%	0.89	
 	%	1.17	
 	%	1.05	
 	%	
Return on Average Shareholders' Equity	14.89	
 	 	15.56	
 	 	12.45	
 	 	16.09	
 	 	14.62	
 	 	
Efficiency Ratio 1	57.58	
 	 	57.35	
 	 	65.12	
 	 	56.57	
 	 	60.47	
 	 	
Net Interest Margin 2	2.80	
 	 	2.85	
 	 	2.77	
 	 	2.84	
 	 	2.79	
 	 	
Dividend Payout Ratio 3	47.06	
 	 	46.15	
 	 	56.96	
 	 	43.65	
 	 	49.63	
 	 	
Average Shareholders' Equity to Average Assets	7.30	
 	 	7.31	
 	 	7.18	
 	 	7.30	
 	 	7.15	

Average Balances	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases	$	8,483,588	
 	 	$	8,205,104	
 	 	$	7,545,985	
 	 	$	8,210,596	
 	 	$	7,301,656	
 	 	
Average Assets	15,906,760	
 	 	15,639,596	
 	 	15,220,660	
 	 	15,695,251	
 	 	15,069,405	
 	 	
Average Deposits	13,687,186	
 	 	13,453,953	
 	 	13,008,890	
 	 	13,492,609	
 	 	12,887,019	
 	 	
Average Shareholders' Equity	1,161,655	
 	 	1,143,884	
 	 	1,092,592	
 	 	1,145,094	
 	 	1,077,828	

Per Share of Common Stock	 	 	 	 	 	 	 	 	 	 	
Book Value	$	27.24	
 	 	$	26.96	
 	 	$	25.34	
 	 	$	27.24	
 	 	$	25.34	
 	 	
Tangible Book Value	26.50	
 	 	26.23	
 	 	24.61	
 	 	26.50	
 	 	24.61	
 	 	
Market Value	 	 	 	 	 	 	 	 	 	 	
   Closing	72.62	
 	 	68.80	
 	 	63.49	
 	 	72.62	
 	 	63.49	
 	 	
   High	73.44	
 	 	72.77	
 	 	69.00	
 	 	73.44	
 	 	69.00	
 	 	
   Low	65.19	
 	 	64.96	
 	 	58.53	
 	 	54.55	
 	 	53.90	

 	
 	
 	 	September 30,	
 	 	June 30,	
 	 	December 31,	
 	 	September 30,	

 	
 	 	2016	
 	 	2016	
 	 	2015	
 	 	2015	
 	 	
As of Period End:	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	
 	
 	 	$	8,694,097	
 	 	$	8,331,469	
 	 	$	7,878,985	
 	 	$	7,689,772	
 	 	
Total Assets	
 	 	16,014,643	
 	 	15,860,901	
 	 	15,455,016	
 	 	15,164,123	
 	 	
Total Deposits	
 	 	13,808,365	
 	 	13,643,807	
 	 	13,251,103	
 	 	12,936,962	
 	 	
Other Debt	
 	 	267,954	
 	 	267,970	
 	 	245,786	
 	 	270,801	
 	 	
Total Shareholders' Equity	
 	 	1,163,859	
 	 	1,157,219	
 	 	1,116,260	
 	 	1,098,354	

Asset Quality	 	 	 	 	 	 	 	 	 	 	
Non-Performing Assets	
 	
 	 	$	18,672	
 	 	$	16,280	
 	 	$	28,801	
 	 	$	29,545	
 	 	
Allowance for Loan and Lease Losses	
 	 	104,033	
 	 	103,932	
 	 	102,880	
 	 	104,038	
 	 	
Allowance to Loans and Leases Outstanding	
 	 	1.20	
 	%	1.25	
 	%	1.31	
 	%	1.35	
 	%	
 	 	 	 	 	 	 	 	 	 	 	
Capital Ratios	 	 	 	 	 	 	 	 	 	 	
Common Equity Tier 1 Capital Ratio	
 	 	13.40	
 	%	13.66	
 	%	13.97	
 	%	14.11	
 	%	
Tier 1 Capital Ratio	
 	 	13.40	
 	 	13.66	
 	 	13.97	
 	 	14.11	
 	 	
Total Capital Ratio	
 	 	14.65	
 	 	14.91	
 	 	15.22	
 	 	15.37	
 	 	
Tier 1 Leverage Ratio	
 	 	7.25	
 	 	7.29	
 	 	7.26	
 	 	7.18	
 	 	
Total Shareholders' Equity to Total Assets	
 	 	7.27	
 	 	7.30	
 	 	7.22	
 	 	7.24	
 	 	
Tangible Common Equity to Tangible Assets 4	
 	
 	 	7.08	
 	 	7.11	
 	 	7.03	
 	 	7.05	
 	 	
Tangible Common Equity to Risk-Weighted Assets  4	
 	
 	 	13.18	
 	 	13.49	
 	 	13.62	
 	 	13.78	

Non-Financial Data	 	 	 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	
 	 	2,125	
 	 	2,136	
 	 	2,164	
 	 	2,154	
 	 	
Branches	
 	 	70	
 	 	70	
 	 	70	
 	 	72	
 	 	
ATMs	
 	 	450	
 	 	451	
 	 	456	
 	 	455	

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	
 	
 	 	September 30,	
 	 	June 30,	
 	 	December 31,	
 	 	September 30,	
 	
(dollars in thousands)	2016	
 	 	2016	
 	 	2015	
 	 	2015	
 	
Total Shareholders' Equity	$	1,163,859	
 	 	$	1,157,219	
 	 	$	1,116,260	
 	 	$	1,098,354	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Common Equity	$	1,132,342	
 	 	$	1,125,702	
 	 	$	1,084,743	
 	 	$	1,066,837	

Total Assets	$	16,014,643	
 	 	$	15,860,901	
 	 	$	15,455,016	
 	 	$	15,164,123	
 	
Less:	Goodwill	31,517	
 	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Assets	$	15,983,126	
 	 	$	15,829,384	
 	 	$	15,423,499	
 	 	$	15,132,606	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	 	 	
 	with prescribed regulatory requirements 1	$	8,591,440	
 	 	$	8,343,158	
 	 	$	7,962,484	
 	 	$	7,740,028	

Total Shareholders' Equity to Total Assets	7.27	%	 	7.30	%	 	7.22	%	 	7.24	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	7.08	%	 	7.11	%	 	7.03	%	 	7.05	%	
 	 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio	13.40	%	 	13.66	%	 	13.97	%	 	14.11	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)	13.18	%	 	13.49	%	 	13.62	%	 	13.78	%	

1   Risk-weighted assets as of June 30, 2016 were revised from $8,341,990 to conform to the current period calculation.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Consolidated Statements of Income	 	 	 	Table 3	
 	
 	Three Months Ended	 	Nine Months Ended	
 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands, except per share amounts)	2016	2016	2015	 	2016	2015	
Interest Income	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	83,489	
 	$	82,323	
 	$	75,874	
 	 	$	246,707	
 	$	220,400	
 	
   Income on Investment Securities	 	 	 	 	 	 	
      Available-for-Sale	10,313	
 	10,521	
 	10,192	
 	 	31,648	
 	30,663	
 	
      Held-to-Maturity	19,315	
 	20,168	
 	20,689	
 	 	59,874	
 	67,928	
 	
   Deposits	1	
 	2	
 	2	
 	 	7	
 	7	
 	
   Funds Sold	695	
 	618	
 	291	
 	 	2,066	
 	818	
 	
   Other	166	
 	153	
 	312	
 	 	531	
 	924	
 	
Total Interest Income	113,979	
 	113,785	
 	107,360	
 	 	340,833	
 	320,740	
 	
Interest Expense	 	 	 	 	 	 	
   Deposits	3,232	
 	3,081	
 	2,410	
 	 	9,199	
 	7,183	
 	
   Securities Sold Under Agreements to Repurchase	5,713	
 	6,134	
 	6,307	
 	 	18,000	
 	19,118	
 	
   Funds Purchased	3	
 	3	
 	3	
 	 	9	
 	9	
 	
   Other Debt	1,119	
 	1,017	
 	749	
 	 	3,139	
 	1,987	
 	
Total Interest Expense	10,067	
 	10,235	
 	9,469	
 	 	30,347	
 	28,297	
 	
Net Interest Income	103,912	
 	103,550	
 	97,891	
 	 	310,486	
 	292,443	
 	
Provision for Credit Losses	2,500	
 	1,000	
 	—	
 	 	1,500	
 	—	
 	
Net Interest Income After Provision for Credit Losses	101,412	
 	102,550	
 	97,891	
 	 	308,986	
 	292,443	
 	
Noninterest Income	 	 	 	 	 	 	
   Trust and Asset Management	11,008	
 	12,707	
 	11,907	
 	 	34,971	
 	36,442	
 	
   Mortgage Banking	6,362	
 	4,088	
 	3,291	
 	 	13,639	
 	8,453	
 	
   Service Charges on Deposit Accounts	8,524	
 	8,150	
 	8,669	
 	 	25,117	
 	25,409	
 	
   Fees, Exchange, and Other Service Charges	14,023	
 	13,978	
 	13,340	
 	 	41,445	
 	39,589	
 	
   Investment Securities Gains (Losses), Net	(328	)	(312	)	24	
 	 	10,540	
 	10,341	
 	
   Annuity and Insurance	1,653	
 	2,006	
 	1,721	
 	 	5,560	
 	5,650	
 	
   Bank-Owned Life Insurance	1,911	
 	1,551	
 	1,609	
 	 	5,010	
 	5,431	
 	
   Other	4,961	
 	4,351	
 	2,660	
 	 	14,558	
 	10,138	
 	
Total Noninterest Income	48,114	
 	46,519	
 	43,221	
 	 	150,840	
 	141,453	
 	
Noninterest Expense	 	 	 	 	 	 	
   Salaries and Benefits	49,725	
 	50,289	
 	46,576	
 	 	150,528	
 	143,966	
 	
   Net Occupancy	8,510	
 	7,158	
 	7,403	
 	 	22,671	
 	25,341	
 	
   Net Equipment	4,913	
 	5,065	
 	4,804	
 	 	15,387	
 	14,918	
 	
   Data Processing	3,620	
 	3,972	
 	3,920	
 	 	11,543	
 	11,366	
 	
   Professional Fees	2,396	
 	2,047	
 	2,258	
 	 	7,082	
 	6,857	
 	
   FDIC Insurance	2,104	
 	2,144	
 	2,139	
 	 	6,600	
 	6,347	
 	
   Other	16,264	
 	15,396	
 	24,788	
 	 	47,178	
 	53,582	
 	
Total Noninterest Expense	87,532	
 	86,071	
 	91,888	
 	 	260,989	
 	262,377	
 	
Income Before Provision for Income Taxes	61,994	
 	62,998	
 	49,224	
 	 	198,837	
 	171,519	
 	
Provision for Income Taxes	18,501	
 	18,753	
 	14,948	
 	 	60,889	
 	53,647	
 	
Net Income	$	43,493	
 	$	44,245	
 	$	34,276	
 	 	$	137,948	
 	$	117,872	
 	
Basic Earnings Per Share	$	1.02	
 	$	1.04	
 	$	0.79	
 	 	$	3.23	
 	$	2.72	
 	
Diluted Earnings Per Share	$	1.02	
 	$	1.03	
 	$	0.79	
 	 	$	3.21	
 	$	2.71	
 	
Dividends Declared Per Share	$	0.48	
 	$	0.48	
 	$	0.45	
 	 	$	1.41	
 	$	1.35	
 	
Basic Weighted Average Shares	42,543,122	
 	42,729,731	
 	43,181,233	
 	 	42,730,571	
 	43,290,137	
 	
Diluted Weighted Average Shares	42,778,346	
 	42,942,960	
 	43,427,730	
 	 	42,947,059	
 	43,514,898	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Consolidated Statements of Comprehensive Income	 	 	 	 	Table 4	
 	
 	 	Three Months Ended	 	Nine Months Ended	
 	 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands)	2016	2016	2015	 	2016	2015	
Net Income	$	43,493	
 	$	44,245	
 	$	34,276	
 	 	$	137,948	
 	$	117,872	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	 	 	 	
 	Net Unrealized Gains (Losses) on Investment Securities	(5,528	)	5,157	
 	7,051	
 	 	8,323	
 	4,735	
 	
 	Defined Benefit Plans	140	
 	141	
 	219	
 	 	422	
 	659	
 	
Total Other Comprehensive Income (Loss)	(5,388	)	5,298	
 	7,270	
 	 	8,745	
 	5,394	
 	
Comprehensive Income	$	38,105	
 	$	49,543	
 	$	41,546	
 	 	$	146,693	
 	$	123,266	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Condition	 	 	 	Table 5	
 	
 	September 30,	
 	June 30,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2016	
 	2016	
 	2015	
 	2015	
 	
Assets	 	 	 	 	
Interest-Bearing Deposits in Other Banks	$	4,181	
 	$	3,819	
 	$	4,130	
 	$	3,609	
 	
Funds Sold	506,604	
 	615,395	
 	592,892	
 	274,873	
 	
Investment Securities	 	 	 	 	
   Available-for-Sale	2,213,482	
 	2,299,638	
 	2,256,818	
 	2,279,722	
 	
   Held-to-Maturity (Fair Value of $3,893,542; $3,890,220; $4,006,412; and $4,181,613)	3,815,915	
 	3,798,200	
 	3,982,736	
 	4,121,768	
 	
Loans Held for Sale	68,066	
 	105,824	
 	4,808	
 	3,222	
 	
Loans and Leases	8,694,097	
 	8,331,469	
 	7,878,985	
 	7,689,772	
 	
   Allowance for Loan and Lease Losses	(104,033	)	(103,932	)	(102,880	)	(104,038	)	
     Net Loans and Leases	8,590,064	
 	8,227,537	
 	7,776,105	
 	7,585,734	
 	
Total Earning Assets	15,198,312	
 	15,050,413	
 	14,617,489	
 	14,268,928	
 	
Cash and Due from Banks	127,326	
 	133,836	
 	158,699	
 	208,601	
 	
Premises and Equipment, Net	110,288	
 	109,832	
 	111,199	
 	108,987	
 	
Accrued Interest Receivable	46,925	
 	45,709	
 	44,719	
 	47,512	
 	
Foreclosed Real Estate	1,747	
 	1,728	
 	824	
 	1,392	
 	
Mortgage Servicing Rights	20,991	
 	19,631	
 	23,002	
 	23,301	
 	
Goodwill	31,517	
 	31,517	
 	31,517	
 	31,517	
 	
Bank-Owned Life Insurance	272,637	
 	271,274	
 	268,175	
 	266,568	
 	
Other Assets	204,900	
 	196,961	
 	199,392	
 	207,317	
 	
Total Assets	$	16,014,643	
 	$	15,860,901	
 	$	15,455,016	
 	$	15,164,123	

Liabilities	 	 	 	 	
Deposits	 	 	 	 	
   Noninterest-Bearing Demand	$	4,437,963	
 	$	4,383,496	
 	$	4,286,331	
 	$	4,102,713	
 	
   Interest-Bearing Demand	2,777,095	
 	2,838,744	
 	2,761,930	
 	2,631,542	
 	
   Savings	5,306,880	
 	5,165,808	
 	5,025,191	
 	5,016,462	
 	
   Time	1,286,427	
 	1,255,759	
 	1,177,651	
 	1,186,245	
 	
Total Deposits	13,808,365	
 	13,643,807	
 	13,251,103	
 	12,936,962	
 	
Funds Purchased	9,616	
 	7,333	
 	7,333	
 	8,459	
 	
Securities Sold Under Agreements to Repurchase	551,683	
 	586,785	
 	628,857	
 	632,138	
 	
Other Debt	267,954	
 	267,970	
 	245,786	
 	270,801	
 	
Retirement Benefits Payable	47,522	
 	47,438	
 	47,374	
 	54,978	
 	
Accrued Interest Payable	6,115	
 	5,532	
 	5,032	
 	5,869	
 	
Taxes Payable and Deferred Taxes	24,922	
 	20,979	
 	17,737	
 	25,294	
 	
Other Liabilities	134,607	
 	123,838	
 	135,534	
 	131,268	
 	
Total Liabilities	14,850,784	
 	14,703,682	
 	14,338,756	
 	14,065,769	
 	
Shareholders' Equity	 	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	 	
   issued / outstanding: September 30, 2016 - 57,854,843 / 42,733,513;	 	 	 	 	
   June 30, 2016 - 57,856,419 / 42,916,163; December 31, 2015 - 57,749,071 / 43,282,153;	 	 	 	 	
   and September 30, 2015 - 57,749,071 / 43,342,940)	576	
 	576	
 	575	
 	575	
 	
Capital Surplus	549,064	
 	546,928	
 	542,041	
 	539,112	
 	
Accumulated Other Comprehensive Loss	(14,812	)	(9,424	)	(23,557	)	(21,292	)	
Retained Earnings	1,393,231	
 	1,370,308	
 	1,316,260	
 	1,293,416	
 	
Treasury Stock, at Cost (Shares: September 30, 2016 - 15,121,330; June 30, 2016 - 14,940,256;	 	 	 	 	
    December 31, 2015 - 14,466,918; and September 30, 2015 - 14,406,131)	(764,200	)	(751,169	)	(719,059	)	(713,457	)	
Total Shareholders' Equity	1,163,859	
 	1,157,219	
 	1,116,260	
 	1,098,354	
 	
Total Liabilities and Shareholders' Equity	$	16,014,643	
 	$	15,860,901	
 	$	15,455,016	
 	$	15,164,123	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	—	
 	—	
 	—	
 	—	
 	137,948	
 	—	
 	137,948	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	8,745	
 	—	
 	—	
 	8,745	
 	
Share-Based Compensation	—	
 	—	
 	5,020	
 	—	
 	—	
 	—	
 	5,020	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	224,018	
 	1	
 	2,003	
 	—	
 	(314	)	6,224	
 	7,914	
 	
Common Stock Repurchased	(772,658	)	—	
 	—	
 	—	
 	—	
 	(51,365	)	(51,365	)	
Cash Dividends Declared ($1.41 per share)	—	
 	—	
 	—	
 	—	
 	(60,663	)	—	
 	(60,663	)	
Balance as of September 30, 2016	42,733,513	
 	$	576	
 	$	549,064	
 	$	(14,812	)	$	1,393,231	
 	$	(764,200	)	$	1,163,859	

 	

 	

 	
 	
Balance as of December 31, 2014	43,724,208	
 	$	574	
 	$	531,932	
 	$	(26,686	)	$	1,234,801	
 	$	(685,535	)	$	1,055,086	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	117,872	
 	—	
 	117,872	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	5,394	
 	—	
 	—	
 	5,394	
 	
Share-Based Compensation	—	
 	—	
 	5,698	
 	—	
 	—	
 	—	
 	5,698	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	246,851	
 	1	
 	1,482	
 	—	
 	(376	)	11,011	
 	12,118	
 	
Common Stock Repurchased	(628,119	)	—	
 	—	
 	—	
 	—	
 	(38,933	)	(38,933	)	
Cash Dividends Declared ($1.35 per share)	—	
 	—	
 	—	
 	—	
 	(58,881	)	—	
 	(58,881	)	
Balance as of September 30, 2015	43,342,940	
 	$	575	
 	$	539,112	
 	$	(21,292	)	$	1,293,416	
 	$	(713,457	)	$	1,098,354	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	
 	 	September 30, 2016	 	June 30, 2016	 	September 30, 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	$	4.1	
 	$	—	
 	0.19	
 	%	$	4.0	
 	$	—	
 	0.17	
 	%	$	3.4	
 	$	—	
 	0.22	
 	%	
Funds Sold	585.9	
 	0.7	
 	0.46	
 	 	526.8	
 	0.6	
 	0.46	
 	 	508.2	
 	0.3	
 	0.22	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	1,574.9	
 	6.8	
 	1.72	
 	 	1,619.7	
 	6.9	
 	1.72	
 	 	1,524.4	
 	6.5	
 	1.69	
 	 	
 	   Non-Taxable	687.1	
 	5.4	
 	3.16	
 	 	691.8	
 	5.5	
 	3.17	
 	 	719.4	
 	5.8	
 	3.19	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	3,563.8	
 	17.8	
 	1.99	
 	 	3,639.5	
 	18.6	
 	2.05	
 	 	3,953.3	
 	19.1	
 	1.93	
 	 	
 	   Non-Taxable	243.7	
 	2.4	
 	3.90	
 	 	244.6	
 	2.4	
 	3.91	
 	 	247.3	
 	2.4	
 	3.93	
 	 	
Total Investment Securities	6,069.5	
 	32.4	
 	2.13	
 	 	6,195.6	
 	33.4	
 	2.16	
 	 	6,444.4	
 	33.8	
 	2.09	
 	 	
Loans Held for Sale	57.7	
 	0.5	
 	3.52	
 	 	19.9	
 	0.2	
 	3.64	
 	 	13.4	
 	0.1	
 	3.82	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,192.0	
 	9.8	
 	3.26	
 	 	1,176.0	
 	9.8	
 	3.36	
 	 	1,166.7	
 	9.3	
 	3.15	
 	 	
 	Commercial Mortgage	1,730.2	
 	15.4	
 	3.55	
 	 	1,686.7	
 	16.4	
 	3.91	
 	 	1,568.2	
 	15.0	
 	3.79	
 	 	
 	Construction	239.4	
 	2.6	
 	4.38	
 	 	210.8	
 	2.3	
 	4.44	
 	 	124.5	
 	1.5	
 	4.93	
 	 	
 	Commercial Lease Financing	195.1	
 	1.2	
 	2.38	
 	 	196.4	
 	1.2	
 	2.36	
 	 	216.2	
 	1.9	
 	3.50	
 	 	
 	Residential Mortgage	3,082.9	
 	30.4	
 	3.94	
 	 	3,005.4	
 	30.1	
 	4.01	
 	 	2,832.4	
 	28.8	
 	4.07	
 	 	
 	Home Equity	1,254.4	
 	11.3	
 	3.59	
 	 	1,170.9	
 	10.5	
 	3.61	
 	 	961.3	
 	8.6	
 	3.58	
 	 	
 	Automobile	426.2	
 	5.5	
 	5.15	
 	 	405.9	
 	5.2	
 	5.18	
 	 	359.2	
 	4.7	
 	5.18	
 	 	
 	Other 2	363.4	
 	7.0	
 	7.69	
 	 	353.0	
 	6.9	
 	7.78	
 	 	317.5	
 	6.1	
 	7.60	
 	 	
Total Loans and Leases	8,483.6	
 	83.2	
 	3.91	
 	 	8,205.1	
 	82.4	
 	4.03	
 	 	7,546.0	
 	75.9	
 	4.00	
 	 	
Other	39.9	
 	0.1	
 	1.66	
 	 	38.1	
 	0.1	
 	1.61	
 	 	37.5	
 	0.3	
 	3.33	
 	 	
Total Earning Assets 3	15,240.7	
 	116.9	
 	3.06	
 	 	14,989.5	
 	116.7	
 	3.12	
 	 	14,552.9	
 	110.4	
 	3.02	
 	 	
Cash and Due from Banks	133.2	
 	 	 	 	120.4	
 	 	 	 	131.6	
 	 	 	 	
Other Assets	532.9	
 	 	 	 	529.7	
 	 	 	 	536.2	
 	 	 	 	
Total Assets	$	15,906.8	
 	 	 	 	$	15,639.6	
 	 	 	 	$	15,220.7	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,770.2	
 	0.2	
 	0.03	
 	 	$	2,738.1	
 	0.3	
 	0.04	
 	 	$	2,622.4	
 	0.2	
 	0.03	
 	 	
 	Savings	5,208.3	
 	1.1	
 	0.09	
 	 	5,184.8	
 	1.1	
 	0.09	
 	 	5,067.8	
 	1.1	
 	0.09	
 	 	
 	Time	1,272.6	
 	1.9	
 	0.59	
 	 	1,214.8	
 	1.7	
 	0.57	
 	 	1,201.3	
 	1.1	
 	0.36	
 	 	
Total Interest-Bearing Deposits	9,251.1	
 	3.2	
 	0.14	
 	 	9,137.7	
 	3.1	
 	0.14	
 	 	8,891.5	
 	2.4	
 	0.11	
 	 	
Short-Term Borrowings	8.7	
 	—	
 	0.13	
 	 	7.3	
 	—	
 	0.15	
 	 	8.5	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	556.5	
 	5.7	
 	4.02	
 	 	586.8	
 	6.1	
 	4.14	
 	 	643.3	
 	6.3	
 	3.84	
 	 	
Other Debt	268.0	
 	1.1	
 	1.66	
 	 	226.8	
 	1.0	
 	1.80	
 	 	223.2	
 	0.8	
 	1.34	
 	 	
Total Interest-Bearing Liabilities	10,084.3	
 	10.0	
 	0.39	
 	 	9,958.6	
 	10.2	
 	0.41	
 	 	9,766.5	
 	9.5	
 	0.38	
 	 	
Net Interest Income	 	$	106.9	
 	 	 	 	$	106.5	
 	 	 	 	$	100.9	
 	 	 	
 	Interest Rate Spread	 	 	2.67	
 	%	 	 	2.71	
 	%	 	 	2.64	
 	%	
 	Net Interest Margin	 	 	2.80	
 	%	 	 	2.85	
 	%	 	 	2.77	
 	%	
Noninterest-Bearing Demand Deposits	4,436.1	
 	 	 	 	4,316.3	
 	 	 	 	4,117.4	
 	 	 	 	
Other Liabilities	224.7	
 	 	 	 	220.8	
 	 	 	 	244.2	
 	 	 	 	
Shareholders' Equity	1,161.7	
 	 	 	 	1,143.9	
 	 	 	 	1,092.6	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	15,906.8	
 	 	 	 	$	15,639.6	
 	 	 	 	$	15,220.7	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1  Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.	 	
2  Comprised of other consumer revolving credit, installment, and consumer lease financing.	 	 	 	 	 	 	
3  Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 35%, of $2,967,000, $2,977,000 and $3,035,000 for the three months	 	
 	ended September 30, 2016, June 30, 2016, and September 30, 2015, respectively.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	
Average Balances and Interest Rates - Taxable-Equivalent Basis	 	 	 	Table 7b	
 	 	
 	 	Nine Months Ended	 	Nine Months Ended	 	
 	 	September 30, 2016	 	September 30, 2015	 	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	
(dollars in millions)	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	
Earning Assets	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits in Other Banks	$	4.2	
 	$	—	
 	0.26	
 	%	$	3.3	
 	$	—	
 	0.27	
 	%	
Funds Sold	586.8	
 	2.0	
 	0.46	
 	 	488.8	
 	0.8	
 	0.22	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	
 	   Taxable	1,594.3	
 	20.9	
 	1.75	
 	 	1,547.8	
 	19.5	
 	1.68	
 	 	
 	   Non-Taxable	697.9	
 	16.5	
 	3.16	
 	 	722.8	
 	17.2	
 	3.18	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	
 	   Taxable	3,627.4	
 	55.2	
 	2.03	
 	 	4,032.8	
 	63.2	
 	2.09	
 	 	
 	   Non-Taxable	244.6	
 	7.2	
 	3.91	
 	 	248.2	
 	7.3	
 	3.93	
 	 	
Total Investment Securities	6,164.2	
 	99.8	
 	2.16	
 	 	6,551.6	
 	107.2	
 	2.18	
 	 	
Loans Held for Sale	30.0	
 	0.8	
 	3.58	
 	 	9.2	
 	0.3	
 	3.72	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,165.2	
 	30.3	
 	3.48	
 	 	1,151.3	
 	27.2	
 	3.16	
 	 	
 	Commercial Mortgage	1,702.1	
 	47.5	
 	3.73	
 	 	1,506.3	
 	43.0	
 	3.82	
 	 	
 	Construction	206.9	
 	6.9	
 	4.47	
 	 	118.2	
 	4.2	
 	4.75	
 	 	
 	Commercial Lease Financing	196.8	
 	3.7	
 	2.48	
 	 	222.4	
 	5.8	
 	3.46	
 	 	
 	Residential Mortgage	3,002.6	
 	90.0	
 	4.00	
 	 	2,734.0	
 	84.6	
 	4.13	
 	 	
 	Home Equity	1,176.5	
 	32.0	
 	3.63	
 	 	915.8	
 	24.9	
 	3.63	
 	 	
 	Automobile	407.0	
 	15.8	
 	5.17	
 	 	345.1	
 	13.5	
 	5.21	
 	 	
 	Other 2	353.5	
 	20.4	
 	7.70	
 	 	308.6	
 	17.3	
 	7.49	
 	 	
Total Loans and Leases	8,210.6	
 	246.6	
 	4.01	
 	 	7,301.7	
 	220.5	
 	4.03	
 	 	
Other	38.8	
 	0.5	
 	1.83	
 	 	51.6	
 	0.9	
 	2.39	
 	 	
Total Earning Assets 3	15,034.6	
 	349.7	
 	3.10	
 	 	14,406.2	
 	329.7	
 	3.05	
 	 	
Cash and Due from Banks	128.2	
 	 	 	 	131.3	
 	 	 	 	
Other Assets	532.5	
 	 	 	 	531.9	
 	 	 	 	
Total Assets	$	15,695.3	
 	 	 	 	$	15,069.4	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	
 	Demand	$	2,756.7	
 	0.7	
 	0.03	
 	 	$	2,604.0	
 	0.6	
 	0.03	
 	 	
 	Savings	5,177.0	
 	3.4	
 	0.09	
 	 	5,011.2	
 	3.3	
 	0.09	
 	 	
 	Time	1,232.1	
 	5.1	
 	0.55	
 	 	1,278.1	
 	3.3	
 	0.35	
 	 	
Total Interest-Bearing Deposits	9,165.8	
 	9.2	
 	0.13	
 	 	8,893.3	
 	7.2	
 	0.11	
 	 	
Short-Term Borrowings	7.9	
 	—	
 	0.14	
 	 	8.5	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	582.0	
 	18.0	
 	4.06	
 	 	664.4	
 	19.1	
 	3.79	
 	 	
Other Debt	242.5	
 	3.1	
 	1.73	
 	 	190.5	
 	2.0	
 	1.39	
 	 	
Total Interest-Bearing Liabilities	9,998.2	
 	30.3	
 	0.40	
 	 	9,756.7	
 	28.3	
 	0.38	
 	 	
Net Interest Income	 	$	319.4	
 	 	 	 	$	301.4	
 	 	 	
 	Interest Rate Spread	 	 	2.70	
 	%	 	 	2.67	
 	%	
 	Net Interest Margin	 	 	2.84	
 	%	 	 	2.79	
 	%	
Noninterest-Bearing Demand Deposits	4,326.8	
 	 	 	 	3,993.7	
 	 	 	 	
Other Liabilities	225.2	
 	 	 	 	241.2	
 	 	 	 	
Shareholders' Equity	1,145.1	
 	 	 	 	1,077.8	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	15,695.3	
 	 	 	 	$	15,069.4	

 	 	 	 	 	 	 	 	 	 	
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 $8,957,000 and $8,921,000 for the nine months	 	
 	ended September 30, 2016 and September 30, 2015, respectively.	 	 	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8a	
 	
 	Three Months Ended September 30, 2016	
 	Compared to June 30, 2016	
(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	(0.3	)	(0.5	)	(0.8	)	
Total Investment Securities	(0.5	)	(0.5	)	(1.0	)	
Loans Held for Sale	0.3	
 	—	
 	0.3	
 	
Loans and Leases	

 	
   Commercial and Industrial	0.2	
 	(0.2	)	—	
 	
   Commercial Mortgage	0.4	
 	(1.4	)	(1.0	)	
   Construction	0.3	
 	—	
 	0.3	
 	
   Residential Mortgage	0.8	
 	(0.5	)	0.3	
 	
   Home Equity	0.9	
 	(0.1	)	0.8	
 	
   Automobile	0.3	
 	—	
 	0.3	
 	
   Other 2	0.2	
 	(0.1	)	0.1	
 	
Total Loans and Leases	3.1	
 	(2.3	)	0.8	
 	
Total Change in Interest Income	3.0	
 	(2.8	)	0.2	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	—	
 	(0.1	)	(0.1	)	
   Time	0.1	
 	0.1	
 	0.2	
 	
Total Interest-Bearing Deposits	0.1	
 	—	
 	0.1	
 	
Securities Sold Under Agreements to Repurchase	(0.3	)	(0.1	)	(0.4	)	
Other Debt	0.2	
 	(0.1	)	0.1	
 	
Total Change in Interest Expense	—	
 	(0.2	)	(0.2	)	
 	 	 	 	
Change in Net Interest Income	$	3.0	
 	$	(2.6	)	$	0.4	

 	 	 	 	
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	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8b	
 	
 	Three Months Ended September 30, 2016	
 	Compared to September 30, 2015	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.1	
 	$	0.3	
 	$	0.4	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.2	
 	0.1	
 	0.3	
 	
      Non-Taxable	(0.3	)	(0.1	)	(0.4	)	
   Held-to-Maturity	 	 	 	
      Taxable	(1.9	)	0.6	
 	(1.3	)	
Total Investment Securities	(2.0	)	0.6	
 	(1.4	)	
Loans Held for Sale	0.4	
 	—	
 	0.4	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.2	
 	0.3	
 	0.5	
 	
   Commercial Mortgage	1.5	
 	(1.1	)	0.4	
 	
   Construction	1.3	
 	(0.2	)	1.1	
 	
   Commercial Lease Financing	(0.2	)	(0.5	)	(0.7	)	
   Residential Mortgage	2.5	
 	(0.9	)	1.6	
 	
   Home Equity	2.6	
 	0.1	
 	2.7	
 	
   Automobile	0.8	
 	—	
 	0.8	
 	
   Other 2	0.9	
 	—	
 	0.9	
 	
Total Loans and Leases	9.6	
 	(2.3	)	7.3	
 	
Other	—	
 	(0.2	)	(0.2	)	
Total Change in Interest Income	8.1	
 	(1.6	)	6.5	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Time	0.1	
 	0.7	
 	0.8	
 	
Total Interest-Bearing Deposits	0.1	
 	0.7	
 	0.8	
 	
Securities Sold Under Agreements to Repurchase	(0.9	)	0.3	
 	(0.6	)	
Other Debt	0.2	
 	0.1	
 	0.3	
 	
Total Change in Interest Expense	(0.6	)	1.1	
 	0.5	

Change in Net Interest Income	$	8.7	
 	$	(2.7	)	$	6.0	

 	 	 	 	
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	
 	
 	Nine Months Ended September 30, 2016	
 	Compared to September 30, 2015	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	0.2	
 	$	1.0	
 	$	1.2	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.6	
 	0.8	
 	1.4	
 	
      Non-Taxable	(0.6	)	(0.1	)	(0.7	)	
   Held-to-Maturity	 	 	 	
      Taxable	(6.2	)	(1.8	)	(8.0	)	
      Non-Taxable	(0.1	)	—	
 	(0.1	)	
Total Investment Securities	(6.3	)	(1.1	)	(7.4	)	
Loans Held for Sale	0.5	
 	—	
 	0.5	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	0.4	
 	2.7	
 	3.1	
 	
   Commercial Mortgage	5.5	
 	(1.0	)	4.5	
 	
   Construction	3.0	
 	(0.3	)	2.7	
 	
   Commercial Lease Financing	(0.6	)	(1.5	)	(2.1	)	
   Residential Mortgage	8.1	
 	(2.7	)	5.4	
 	
   Home Equity	7.1	
 	—	
 	7.1	
 	
   Automobile	2.4	
 	(0.1	)	2.3	
 	
   Other 2	2.6	
 	0.5	
 	3.1	
 	
Total Loans and Leases	28.5	
 	(2.4	)	26.1	
 	
Other	(0.2	)	(0.2	)	(0.4	)	
Total Change in Interest Income	22.7	
 	(2.7	)	20.0	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Demand	—	
 	0.1	
 	0.1	
 	
   Savings	0.1	
 	—	
 	0.1	
 	
   Time	(0.1	)	1.9	
 	1.8	
 	
Total Interest-Bearing Deposits	—	
 	2.0	
 	2.0	
 	
Securities Sold Under Agreements to Repurchase	(2.4	)	1.3	
 	(1.1	)	
Other Debt	0.6	
 	0.5	
 	1.1	
 	
Total Change in Interest Expense	(1.8	)	3.8	
 	2.0	

Change in Net Interest Income	$	24.5	
 	$	(6.5	)	$	18.0	

 	 	 	 	
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	 	Nine Months Ended	
 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands)	2016	2016	2015	 	2016	2015	
Salaries	$	29,401	
 	$	28,797	
 	$	28,905	
 	 	$	87,339	
 	$	85,033	
 	
Incentive Compensation	5,743	
 	5,917	
 	4,223	
 	 	17,625	
 	13,696	
 	
Share-Based Compensation	2,968	
 	2,746	
 	2,616	
 	 	8,024	
 	7,712	
 	
Commission Expense	2,051	
 	2,151	
 	1,639	
 	 	5,559	
 	5,158	
 	
Retirement and Other Benefits	3,866	
 	4,092	
 	4,064	
 	 	12,912	
 	12,912	
 	
Payroll Taxes	2,224	
 	2,288	
 	2,200	
 	 	8,089	
 	8,063	
 	
Medical, Dental, and Life Insurance	3,366	
 	3,872	
 	2,870	
 	 	10,130	
 	8,503	
 	
Separation Expense	106	
 	426	
 	59	
 	 	850	
 	2,889	
 	
Total Salaries and Benefits	$	49,725	
 	$	50,289	
 	$	46,576	
 	 	$	150,528	
 	$	143,966	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Loan and Lease Portfolio Balances	 	 	 	Table 10	
 	
 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2016	
 	2016	
 	2016	
 	2015	
 	2015	
 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	1,217,849	
 	$	1,174,879	
 	$	1,180,341	
 	$	1,115,168	
 	$	1,169,817	
 	
 	Commercial Mortgage	1,807,190	
 	1,712,271	
 	1,687,199	
 	1,677,147	
 	1,622,119	
 	
 	Construction	263,079	
 	226,062	
 	192,909	
 	156,660	
 	129,254	
 	
 	Lease Financing	201,436	
 	192,630	
 	195,804	
 	204,877	
 	202,055	
 	
Total Commercial	3,489,554	
 	3,305,842	
 	3,256,253	
 	3,153,852	
 	3,123,245	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	3,098,936	
 	3,032,981	
 	2,929,388	
 	2,925,605	
 	2,875,605	
 	
 	Home Equity	1,295,993	
 	1,213,154	
 	1,131,796	
 	1,069,400	
 	993,817	
 	
 	Automobile	437,659	
 	417,017	
 	399,825	
 	381,735	
 	367,640	
 	
 	Other 1	371,955	
 	362,475	
 	348,348	
 	348,393	
 	329,465	
 	
Total Consumer	5,204,543	
 	5,025,627	
 	4,809,357	
 	4,725,133	
 	4,566,527	
 	
Total Loans and Leases	$	8,694,097	
 	$	8,331,469	
 	$	8,065,610	
 	$	7,878,985	
 	$	7,689,772	

 	 	 	 	 	 	 	
Deposits	 	 	 	 	
 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2016	
 	2016	
 	2016	
 	2015	
 	2015	
 	
Consumer	$	6,781,371	
 	$	6,618,164	
 	$	6,568,651	
 	$	6,445,510	
 	$	6,254,862	
 	
Commercial	5,751,184	
 	5,697,490	
 	5,678,987	
 	5,502,739	
 	5,397,857	
 	
Public and Other	1,275,810	
 	1,328,153	
 	1,241,254	
 	1,302,854	
 	1,284,243	
 	
Total Deposits	$	13,808,365	
 	$	13,643,807	
 	$	13,488,892	
 	$	13,251,103	
 	$	12,936,962	

 	 	 	 	 	 	 	
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	
 	
 	 	 	September 30,	
 	June 30,	
 	March 31,	
 	December 31,	
 	September 30,	
 	
(dollars in thousands)	2016	
 	2016	
 	2016	
 	2015	
 	2015	
 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	201	
 	$	269	
 	$	666	
 	$	5,829	
 	$	8,532	
 	
 	 	Commercial Mortgage	1,023	
 	1,194	
 	3,401	
 	3,469	
 	1,058	
 	
 	Total Commercial	1,224	
 	1,463	
 	4,067	
 	9,298	
 	9,590	
 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	12,735	
 	9,979	
 	13,719	
 	14,598	
 	14,749	
 	
 	 	Home Equity	2,966	
 	3,110	
 	2,501	
 	4,081	
 	3,814	
 	
 	Total Consumer	15,701	
 	13,089	
 	16,220	
 	18,679	
 	18,563	
 	
Total Non-Accrual Loans and Leases	16,925	
 	14,552	
 	20,287	
 	27,977	
 	28,153	
 	
Foreclosed Real Estate	1,747	
 	1,728	
 	1,728	
 	824	
 	1,392	
 	
Total Non-Performing Assets	$	18,672	
 	$	16,280	
 	$	22,015	
 	$	28,801	
 	$	29,545	

Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	$	2,583	
 	$	5,640	
 	$	4,219	
 	$	4,453	
 	$	5,060	
 	
 	Home Equity	1,210	
 	1,128	
 	2,096	
 	1,710	
 	1,396	
 	
 	Automobile	578	
 	464	
 	524	
 	315	
 	631	
 	
 	Other 1	1,273	
 	1,518	
 	1,099	
 	1,096	
 	1,058	
 	
Total Consumer	5,644	
 	8,750	
 	7,938	
 	7,574	
 	8,145	
 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	5,644	
 	$	8,750	
 	$	7,938	
 	$	7,574	
 	$	8,145	
 	
Restructured Loans on Accrual Status	 	 	 	 	 	
   and Not Past Due 90 Days or More	$	52,095	
 	$	52,173	
 	$	50,707	
 	$	49,430	
 	$	49,506	
 	
Total Loans and Leases	$	8,694,097	
 	$	8,331,469	
 	$	8,065,610	
 	$	7,878,985	
 	$	7,689,772	

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.19	%	0.17	%	0.25	%	0.36	%	0.37	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.21	%	0.20	%	0.27	%	0.37	%	0.38	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial Loans	 	 	 	 	 	
 	and Leases and Commercial Foreclosed Real Estate	0.04	%	0.04	%	0.12	%	0.29	%	0.31	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer Loans	 	 	 	 	 	
 	and Leases and Consumer Foreclosed Real Estate	0.34	%	0.29	%	0.37	%	0.41	%	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	0.28	%	0.30	%	0.37	%	0.46	%	0.49	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	16,280	
 	$	22,015	
 	$	28,801	
 	$	29,545	
 	$	29,450	
 	
Additions	3,730	
 	1,300	
 	4,002	
 	2,353	
 	4,427	
 	
Reductions	 	 	 	 	 	
 	Payments	(501	)	(3,401	)	(6,012	)	(2,473	)	(1,191	)	
 	Return to Accrual Status	(701	)	(3,560	)	(4,272	)	(24	)	(1,748	)	
 	Sales of Foreclosed Real Estate	—	
 	—	
 	(248	)	(458	)	(1,300	)	
 	Charge-offs/Write-downs	(136	)	(74	)	(256	)	(142	)	(93	)	
Total Reductions	(1,338	)	(7,035	)	(10,788	)	(3,097	)	(4,332	)	
Balance at End of Quarter	$	18,672	
 	$	16,280	
 	$	22,015	
 	$	28,801	
 	$	29,545	

 	 	 	 	 	 	 	 	
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	 	Nine Months Ended	
 	 	 	September 30,	June 30,	September 30,	 	September 30,	
(dollars in thousands)	2016	2016	2015	 	2016	2015	
Balance at Beginning of Period	$	110,504	
 	$	111,249	
 	$	111,893	
 	 	$	108,952	
 	$	114,575	
 	
Loans and Leases Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	(209	)	(204	)	(160	)	 	(670	)	(650	)	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	(104	)	(79	)	—	
 	 	(388	)	(613	)	
 	 	Home Equity	(222	)	17	
 	(634	)	 	(848	)	(1,061	)	
 	 	Automobile	(1,703	)	(1,372	)	(1,476	)	 	(4,635	)	(4,141	)	
 	 	Other 1	(2,678	)	(2,117	)	(2,123	)	 	(7,017	)	(5,512	)	
Total Loans and Leases Charged-Off	(4,916	)	(3,755	)	(4,393	)	 	(13,558	)	(11,977	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	
 	 	Commercial and Industrial	282	
 	403	
 	426	
 	 	7,552	
 	1,528	
 	
 	 	Commercial Mortgage	14	
 	14	
 	15	
 	 	42	
 	43	
 	
 	 	Construction	—	
 	—	
 	8	
 	 	23	
 	24	
 	
 	 	Lease Financing	—	
 	1	
 	55	
 	 	2	
 	131	
 	
 	Consumer	 	 	 	 	 	 	
 	 	Residential Mortgage	517	
 	279	
 	282	
 	 	997	
 	720	
 	
 	 	Home Equity	618	
 	322	
 	693	
 	 	1,453	
 	2,140	
 	
 	 	Automobile	615	
 	541	
 	508	
 	 	1,748	
 	1,398	
 	
 	 	Other 1	471	
 	450	
 	438	
 	 	1,394	
 	1,343	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,517	
 	2,010	
 	2,425	
 	 	13,211	
 	7,327	
 	
Net Loans and Leases Charged-Off	(2,399	)	(1,745	)	(1,968	)	 	(347	)	(4,650	)	
Provision for Credit Losses	2,500	
 	1,000	
 	—	
 	 	1,500	
 	—	
 	
Provision for Unfunded Commitments	—	
 	—	
 	185	
 	 	500	
 	185	
 	
Balance at End of Period 2	$	110,605	
 	$	110,504	
 	$	110,110	
 	 	$	110,605	
 	$	110,110	

Components	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	$	104,033	
 	$	103,932	
 	$	104,038	
 	 	$	104,033	
 	$	104,038	
 	
Reserve for Unfunded Commitments	6,572	
 	6,572	
 	6,072	
 	 	6,572	
 	6,072	
 	
Total Reserve for Credit Losses	$	110,605	
 	$	110,504	
 	$	110,110	
 	 	$	110,605	
 	$	110,110	

Average Loans and Leases Outstanding	$	8,483,588	
 	$	8,205,104	
 	$	7,545,985	
 	 	$	8,210,596	
 	$	7,301,656	

Ratio of Net Loans and Leases Charged-Off to	 	 	 	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.11	%	0.09	%	0.10	%	 	0.01	%	0.09	%	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases
       Outstanding	1.20	%	1.25	%	1.35	%	 	1.20	%	1.35	%	

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 September 30, 2016	 	 	 	 	 	
Net Interest Income	$	61,747	
 	$	38,613	
 	$	6,029	
 	$	(2,477	)	$	103,912	
 	
Provision for Credit Losses	2,574	
 	(168	)	(7	)	101	
 	2,500	
 	
Net Interest Income After Provision for Credit Losses	59,173	
 	38,781	
 	6,036	
 	(2,578	)	101,412	
 	
Noninterest Income	24,786	
 	6,977	
 	13,662	
 	2,689	
 	48,114	
 	
Noninterest Expense	(51,892	)	(17,449	)	(14,579	)	(3,612	)	(87,532	)	
Income Before Provision for Income Taxes	32,067	
 	28,309	
 	5,119	
 	(3,501	)	61,994	
 	
Provision for Income Taxes	(11,329	)	(10,073	)	(1,894	)	4,795	
 	(18,501	)	
Net Income	$	20,738	
 	$	18,236	
 	$	3,225	
 	$	1,294	
 	$	43,493	
 	
Total Assets as of September 30, 2016	$	5,206,442	
 	$	3,428,424	
 	$	290,207	
 	$	7,089,570	
 	$	16,014,643	

 	 	 	 	 	 	
Three Months Ended September 30, 2015  1	 	 	 	 	 	
Net Interest Income	$	51,732	
 	$	37,133	
 	$	4,517	
 	$	4,509	
 	$	97,891	
 	
Provision for Credit Losses	2,209	
 	(226	)	(20	)	(1,963	)	—	
 	
Net Interest Income After Provision for Credit Losses	49,523	
 	37,359	
 	4,537	
 	6,472	
 	97,891	
 	
Noninterest Income	21,206	
 	4,873	
 	14,363	
 	2,779	
 	43,221	
 	
Noninterest Expense	(49,963	)	(25,632	)	(14,031	)	(2,262	)	(91,888	)	
Income Before Provision for Income Taxes	20,766	
 	16,600	
 	4,869	
 	6,989	
 	49,224	
 	
Provision for Income Taxes	(7,352	)	(5,566	)	(1,802	)	(228	)	(14,948	)	
Net Income	$	13,414	
 	$	11,034	
 	$	3,067	
 	$	6,761	
 	$	34,276	
 	
Total Assets as of September 30, 2015  1	$	4,578,333	
 	$	3,102,598	
 	$	232,641	
 	$	7,250,551	
 	$	15,164,123	

 	 	 	 	 	 	
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	
 	
Nine Months Ended September 30, 2016	 	 	 	 	 	
Net Interest Income	$	179,798	
 	$	115,112	
 	$	18,518	
 	$	(2,942	)	$	310,486	
 	
Provision for Credit Losses	7,415	
 	(7,052	)	(18	)	1,155	
 	1,500	
 	
Net Interest Income After Provision for Credit Losses	172,383	
 	122,164	
 	18,536	
 	(4,097	)	308,986	
 	
Noninterest Income	67,364	
 	21,015	
 	43,632	
 	18,829	
 	150,840	
 	
Noninterest Expense	(155,391	)	(52,479	)	(44,786	)	(8,333	)	(260,989	)	
Income Before Provision for Income Taxes	84,356	
 	90,700	
 	17,382	
 	6,399	
 	198,837	
 	
Provision for Income Taxes	(29,958	)	(32,337	)	(6,431	)	7,837	
 	(60,889	)	
Net Income	$	54,398	
 	$	58,363	
 	$	10,951	
 	$	14,236	
 	$	137,948	
 	
Total Assets as of September 30, 2016	$	5,206,442	
 	$	3,428,424	
 	$	290,207	
 	$	7,089,570	
 	$	16,014,643	

 	 	 	 	 	 	
Nine Months Ended September 30, 2015 1	 	 	 	 	 	
Net Interest Income	$	150,631	
 	$	107,293	
 	$	13,153	
 	$	21,366	
 	$	292,443	
 	
Provision for Credit Losses	5,659	
 	(957	)	(37	)	(4,665	)	—	
 	
Net Interest Income After Provision for Credit Losses	144,972	
 	108,250	
 	13,190	
 	26,031	
 	292,443	
 	
Noninterest Income	61,123	
 	16,417	
 	44,770	
 	19,143	
 	141,453	
 	
Noninterest Expense	(149,461	)	(60,239	)	(43,192	)	(9,485	)	(262,377	)	
Income Before Provision for Income Taxes	56,634	
 	64,428	
 	14,768	
 	35,689	
 	171,519	
 	
Provision for Income Taxes	(20,097	)	(22,390	)	(5,464	)	(5,696	)	(53,647	)	
Net Income	$	36,537	
 	$	42,038	
 	$	9,304	
 	$	29,993	
 	$	117,872	
 	
Total Assets as of September 30, 2015 1	$	4,578,333	
 	$	3,102,598	
 	$	232,641	
 	$	7,250,551	
 	$	15,164,123	

 	 	 	 	 	 	
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	 	
 	September 30,	
 	 	June 30,	
 	 	March 31,	
 	 	December 31,	
 	 	September 30,	
 	 	
(dollars in thousands, except per share amounts)	2016	
 	 	2016	
 	 	2016	
 	 	2015	
 	 	2015	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	83,489	
 	 	$	82,323	
 	 	$	80,895	
 	 	$	78,122	
 	 	$	75,874	
 	 	
   Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
      Available-for-Sale	10,313	
 	 	10,521	
 	 	10,814	
 	 	10,829	
 	 	10,192	
 	 	
      Held-to-Maturity	19,315	
 	 	20,168	
 	 	20,391	
 	 	21,722	
 	 	20,689	
 	 	
   Deposits	1	
 	 	2	
 	 	4	
 	 	1	
 	 	2	
 	 	
   Funds Sold	695	
 	 	618	
 	 	753	
 	 	315	
 	 	291	
 	 	
   Other	166	
 	 	153	
 	 	212	
 	 	381	
 	 	312	
 	 	
Total Interest Income	113,979	
 	 	113,785	
 	 	113,069	
 	 	111,370	
 	 	107,360	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	3,232	
 	 	3,081	
 	 	2,886	
 	 	2,443	
 	 	2,410	
 	 	
   Securities Sold Under Agreements to Repurchase	5,713	
 	 	6,134	
 	 	6,153	
 	 	6,246	
 	 	6,307	
 	 	
   Funds Purchased	3	
 	 	3	
 	 	3	
 	 	3	
 	 	3	
 	 	
   Other Debt	1,119	
 	 	1,017	
 	 	1,003	
 	 	1,034	
 	 	749	
 	 	
Total Interest Expense	10,067	
 	 	10,235	
 	 	10,045	
 	 	9,726	
 	 	9,469	
 	 	
Net Interest Income	103,912	
 	 	103,550	
 	 	103,024	
 	 	101,644	
 	 	97,891	
 	 	
Provision for Credit Losses	2,500	
 	 	1,000	
 	 	(2,000	)	 	1,000	
 	 	—	
 	 	
Net Interest Income After Provision for Credit Losses	101,412	
 	 	102,550	
 	 	105,024	
 	 	100,644	
 	 	97,891	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	11,008	
 	 	12,707	
 	 	11,256	
 	 	11,243	
 	 	11,907	
 	 	
   Mortgage Banking	6,362	
 	 	4,088	
 	 	3,189	
 	 	3,130	
 	 	3,291	
 	 	
   Service Charges on Deposit Accounts	8,524	
 	 	8,150	
 	 	8,443	
 	 	8,663	
 	 	8,669	
 	 	
   Fees, Exchange, and Other Service Charges	14,023	
 	 	13,978	
 	 	13,444	
 	 	13,764	
 	 	13,340	
 	 	
   Investment Securities Gains (Losses), Net	(328	)	 	(312	)	 	11,180	
 	 	(181	)	 	24	
 	 	
   Annuity and Insurance	1,653	
 	 	2,006	
 	 	1,901	
 	 	2,014	
 	 	1,721	
 	 	
   Bank-Owned Life Insurance	1,911	
 	 	1,551	
 	 	1,548	
 	 	1,608	
 	 	1,609	
 	 	
   Other	4,961	
 	 	4,351	
 	 	5,246	
 	 	4,525	
 	 	2,660	
 	 	
Total Noninterest Income	48,114	
 	 	46,519	
 	 	56,207	
 	 	44,766	
 	 	43,221	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
   Salaries and Benefits	49,725	
 	 	50,289	
 	 	50,514	
 	 	47,997	
 	 	46,576	
 	 	
   Net Occupancy	8,510	
 	 	7,158	
 	 	7,003	
 	 	4,876	
 	 	7,403	
 	 	
   Net Equipment	4,913	
 	 	5,065	
 	 	5,409	
 	 	5,244	
 	 	4,804	
 	 	
   Data Processing	3,620	
 	 	3,972	
 	 	3,951	
 	 	5,106	
 	 	3,920	
 	 	
   Professional Fees	2,396	
 	 	2,047	
 	 	2,639	
 	 	2,803	
 	 	2,258	
 	 	
   FDIC Insurance	2,104	
 	 	2,144	
 	 	2,352	
 	 	2,322	
 	 	2,139	
 	 	
   Other	16,264	
 	 	15,396	
 	 	15,518	
 	 	17,379	
 	 	24,788	
 	 	
Total Noninterest Expense	87,532	
 	 	86,071	
 	 	87,386	
 	 	85,727	
 	 	91,888	
 	 	
Income Before Provision for Income Taxes	61,994	
 	 	62,998	
 	 	73,845	
 	 	59,683	
 	 	49,224	
 	 	
Provision for Income Taxes	18,501	
 	 	18,753	
 	 	23,635	
 	 	16,851	
 	 	14,948	
 	 	
Net Income	$	43,493	
 	 	$	44,245	
 	 	$	50,210	
 	 	$	42,832	
 	 	$	34,276	

Basic Earnings Per Share	$	1.02	
 	 	$	1.04	
 	 	$	1.17	
 	 	$	1.00	
 	 	$	0.79	
 	 	
Diluted Earnings Per Share	$	1.02	
 	 	$	1.03	
 	 	$	1.16	
 	 	$	0.99	
 	 	$	0.79	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	8,694,097	
 	 	$	8,331,469	
 	 	$	8,065,610	
 	 	$	7,878,985	
 	 	$	7,689,772	
 	 	
Total Assets	16,014,643	
 	 	15,860,901	
 	 	15,654,695	
 	 	15,455,016	
 	 	15,164,123	
 	 	
Total Deposits	13,808,365	
 	 	13,643,807	
 	 	13,488,892	
 	 	13,251,103	
 	 	12,936,962	
 	 	
Total Shareholders' Equity	1,163,859	
 	 	1,157,219	
 	 	1,138,753	
 	 	1,116,260	
 	 	1,098,354	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.09	
 	%	1.14	
 	%	1.30	
 	%	1.11	
 	%	0.89	
 	%	
Return on Average Shareholders' Equity	14.89	
 	 	15.56	
 	 	17.88	
 	 	15.41	
 	 	12.45	
 	 	
Efficiency Ratio 1	57.58	
 	 	57.35	
 	 	54.88	
 	 	58.55	
 	 	65.12	
 	 	
Net Interest Margin 2	2.80	
 	 	2.85	
 	 	2.86	
 	 	2.85	
 	 	2.77	

 	 	 	 	 	 	 	 	 	 	 	
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	
 	Eight Months Ended	 	 	Year Ended	
($ in millions; jobs in thousands)	August 31, 2016	 	 	December 31, 2015	December 31, 2014	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	4,167.5	
 	5.0	
 	%	 	$	5,998.6	
 	 	8.4	
 	%	$	5,535.7	
 	 	1.6	
 	%	
   General Excise and Use Tax Revenue 1	$	2,146.7	
 	1.6	
 	%	 	$	3,141.5	
 	 	5.4	
 	%	$	2,979.8	
 	 	2.5	
 	%	
   Jobs 2	660.9	
 	 	 	 	658.8	
 	 	 	 	643.7	

 	 	 	 	 	 	 	September 30,	 	December 31,	
(spot rates)	 	 	 	 	 	 	2016	 	2015	2014	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
  Statewide, seasonally adjusted	 	 	 	 	 	 	3.3	
 	%	3.2	
 	%	4.0	
 	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	 	3.0	
 	 	2.7	
 	 	3.5	
 	 	
   Island of Hawaii	 	 	 	 	 	 	3.7	
 	 	3.7	
 	 	4.7	
 	 	
   Maui	 	 	 	 	 	 	3.3	
 	 	3.1	
 	 	3.8	
 	 	
   Kauai	 	 	 	 	 	 	3.3	
 	 	3.5	
 	 	4.3	

 	 	 	 	 	September 30,	 	December 31,	
(percentage change, except months of inventory)	 	 	 	2016	 	2015	 	2014	2013	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	5.2	
 	%	3.7	
 	%	3.8	
 	%	4.8	
 	%	
   Home Sales Volume (units)	 	 	 	 	4.8	
 	%	5.2	
 	%	(0.8	)	%	4.6	
 	%	
   Months of Inventory	 	 	 	 	2.9	
 	 	2.6	
 	 	2.6	
 	 	2.7	

 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	
(in thousands)	 	 	 	 	Not Seasonally Adjusted	 	from Previous Year	
Tourism 5	 	 	 	 	 	 	 	 	 	 	 	 	
August 31, 2016	 	 	 	 	 	 	780.7	
 	 	 	 	3.1	
 	 	
July 31, 2016	 	 	 	 	 	 	835.4	
 	 	 	 	2.1	
 	 	
June 30, 2016	 	 	 	 	 	 	800.3	
 	 	 	 	4.2	
 	 	
May 31, 2016	 	 	 	 	 	 	718.9	
 	 	 	 	1.3	
 	 	
April 30, 2016	 	 	 	 	 	 	700.6	
 	 	 	 	3.4	
 	 	
March 31, 2016	 	 	 	 	 	 	786.3	
 	 	 	 	0.8	
 	 	
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	 	 	 	 	 	 	757.5	
 	 	 	 	3.1	
 	 	
July 31, 2015	 	 	 	 	 	 	818.5	
 	 	 	 	5.9	
 	 	
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.