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 24, 2017	 	
 
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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

o Emerging growth company   

o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02.                                       Results of Operations and Financial Condition.
 
On April 24, 2017, Bank of Hawaii Corporation announced its results of operations for the quarter ended March 31, 2017.  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 24, 2017 Press Release: Bank of Hawaii Corporation First Quarter 2017 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 24, 2017	Bank of Hawaii Corporation	

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

 	

 	 	

Bank of Hawaii Corporation First Quarter 2017 Financial Results

Ÿ    Diluted Earnings Per Share $1.20
Ÿ    Net Income $51.2 Million
Ÿ    Board of Directors Authorizes Dividend of $0.50 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 24, 2017) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.20 for the first quarter of 2017, up from $1.02 in the previous quarter and up from $1.16 in the same quarter last year. Net income for the first quarter of 2017 was $51.2 million, an increase of $7.7 million compared with net income of $43.5 million in the fourth quarter of 2016 and up $1.0 million from net income of $50.2 million in the first quarter of 2016.

Loan and lease balances increased to $9.1 billion at March 31, 2017, up 1.8 percent from December 31, 2016 and 13.0 percent compared with March 31, 2016. Deposit growth remained strong during the quarter, increasing 1.1 percent from December 31, 2016 and 7.3 percent from March 31, 2016.

"Bank of Hawaii Corporation began 2017 with good financial performance in the first quarter," said Peter S. Ho, Chairman, President, and CEO. “Our balance sheet growth remained strong and we maintained our disciplined approach to risk and capital management. During the quarter we sold $12.5 million in Visa Class B shares, our margin expanded to 2.89 percent and our asset quality continued its stable trend.”

The return on average assets for the first quarter of 2017 was 1.26 percent, an increase from 1.07 percent during the previous quarter and down from 1.30 percent in the same quarter last year. The return on average equity for the first quarter of 2017 was 17.63 percent, up from 14.90 percent in the fourth quarter of 2016 and down slightly from 17.88 percent in the first quarter of 2016. The efficiency ratio during the first quarter of 2017 was 53.42 percent, an improvement from 58.33 percent in the previous quarter and 54.88 percent in the same quarter last year.

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Bank of Hawaii Corporation First Quarter 2017 Financial Results     Page 2

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2017 was $112.9 million, up $2.8 million from net interest income of $110.1 million in the fourth quarter of 2016 and up $6.9 million from net interest income of $106.0 million in the first quarter of 2016. 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 2.89 percent for the first quarter of 2017, up 6 basis points compared with the previous quarter and up 3 basis points from the first quarter last year. Analyses of the changes in net interest income are included in Tables 8a and 8b.

Results for the first quarter of 2017 included a provision for credit losses of $4.4 million due to continued growth of loans and leases. Results for the fourth quarter of 2016 included a provision for credit losses of $3.3 million. Results for the first quarter of 2016 included a negative provision for credit losses of $2.0 million largely due to a recovery of loans previously charged off related to the previously mentioned commercial client.

Noninterest income was $55.9 million in the first quarter of 2017, an increase of $9.4 million compared with noninterest income of $46.5 million in the fourth quarter of 2016 and a decrease of $0.3 million compared with noninterest income of $56.2 million in the first quarter of 2016. Noninterest income in the first quarter of 2017 included a gain of $12.5 million resulting from the sale of 90,000 Visa Class B shares. There were no significant items in noninterest income during the fourth quarter of 2016. Noninterest income in the first quarter of 2016 included a gain of $11.4 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.  As of March 31, 2017, the Company has 90,914 Visa Class B shares remaining.  Mortgage banking income totaled $3.3 million in the first quarter of 2017 compared with $6.3 million in the previous quarter and $3.2 million in the same quarter last year. 

Noninterest expense was $88.6 million in the first quarter of 2017, down $1.0 million from noninterest expense of $89.6 million in the fourth quarter of 2016 and up $1.2 million from noninterest expense of $87.4 million in the same quarter last year. Noninterest expense in the first quarter of 2017 included seasonal payroll expenses of approximately $2.5 million. Noninterest expense in the fourth quarter of 2016 included expenses of $1.3 million in compensation related to the increase in the stock price during the quarter partially offset by a net gain of $1.0 million on the sale of a branch building. Noninterest expense in the first quarter of 2016 included seasonal payroll-related expenses of approximately $2.5 million and an increase of $0.5 million to the provision for unfunded commitments partially offset by a net gain of $1.5 million for the sale of a real estate property in Guam.

The effective tax rate for the first quarter of 2017 was 29.72 percent compared with 28.38 percent in the previous quarter and 32.01 percent during the same quarter last year. 

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.

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Bank of Hawaii Corporation First Quarter 2017 Financial Results     Page 3

Asset Quality

The Company’s asset quality remained solid during the first quarter of 2017. Total non-performing assets decreased to $19.0 million at March 31, 2017, down from non-performing assets of $19.8 million at December 31, 2016 and $22.0 million at March 31, 2016. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.21 percent at the end of the first quarter of 2017, down from 0.22 percent at the end of the fourth quarter of 2016 and 0.27 percent at the end of the first quarter last year.

Accruing loans and leases past due 90 days or more were $5.9 million at March 31, 2017, down from $7.1 million at December 31, 2016 and $7.9 million at March 31, 2016. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $53.0 million at March 31, 2017, up from $52.2 million at December 31, 2016 and $50.7 million at March 31, 2016. 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 first quarter of 2017 were $3.6 million or 0.16 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $5.7 million during the quarter were partially offset by recoveries of $2.1 million. Net charge-offs during the fourth quarter of 2016 were $3.0 million or 0.14 percent annualized of total average loans and leases outstanding and were comprised of $5.0 million in charge-offs partially offset by recoveries of $1.9 million. 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.

The allowance for loan and lease losses was $105.1 million at March 31, 2017, an increase from $104.3 million at December 31, 2016 and $104.7 million at March 31, 2016. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.15 percent at March 31, 2017 compared with 1.17 percent at December 31, 2016 and 1.30 percent at March 31, 2016. The reserve for unfunded commitments was $6.6 million at March 31, 2017 unchanged from December 31, 2016 and March 31, 2016. 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 $16.66 billion at March 31, 2017, up from $16.49 billion at December 31, 2016 and $15.65 billion at March 31, 2016. Average total assets were $16.43 billion during the first quarter of 2017, an increase from average total assets of $16.21 billion during the previous quarter and $15.54 billion during the same quarter last year.

The investment securities portfolio was $6.19 billion at March 31, 2017 compared with $6.02 billion at December 31, 2016 and $6.21 billion at March 31, 2016. The portfolio at March 31, 2017 remains largely comprised of securities issued by U. S. government agencies and includes $3.85 billion in securities held to maturity and $2.34 billion in securities available for sale. 

Total loans and leases were $9.11 billion at March 31, 2017, up from $8.95 billion at December 31, 2016 and $8.07 billion at March 31, 2016. Average total loans and leases were $9.02 billion during the first quarter of 2017, up from $8.81 billion during the fourth quarter of 2016 and $7.94 billion during the same quarter last year.
    
The commercial loan portfolio was $3.63 billion at the end of the first quarter of 2017, up slightly from commercial loans of $3.62 billion at the end of the fourth quarter of 2016 and up 11.5 percent from commercial loans of $3.26 billion at the end of the same quarter last year. The consumer loan portfolio increased to $5.48 billion at the end of the first quarter of 2017, up 2.8 percent from consumer loans of $5.33 billion at the end of the fourth quarter of 2016 and up 14.0 percent from $4.81 billion at the end of the same quarter last year. Loan and lease portfolio balances are summarized in Table 10.

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Bank of Hawaii Corporation First Quarter 2017 Financial Results     Page 4

Total deposits increased to $14.48 billion at March 31, 2017 compared with $14.32 billion at December 31, 2016 and $13.49 billion at March 31, 2016. Average total deposits were $14.22 billion during the first quarter of 2017, up from $14.00 billion during the previous quarter and $13.33 billion during the same quarter last year.

Consumer deposits increased to $7.20 billion at the end of the first quarter of 2017, up 2.8 percent from the previous quarter and up 9.6 percent compared with the first quarter last year. Commercial deposits were $6.05 billion at the end of the first quarter of 2017, down 1.0 percent from the previous quarter and up 6.6 percent compared with the first quarter last year. Other deposits, including public funds, were $1.23 billion at the end of the first quarter, up 1.3 percent from the previous quarter and down 1.1 percent compared with the same quarter last year. Deposit balances are summarized in Tables 7 and 10.

Total shareholders’ equity increased to $1.19 billion at March 31, 2017 compared with $1.16 billion at December 31, 2016 and $1.14 billion at March 31, 2016. The Tier 1 Capital Ratio was 13.41 percent at March 31, 2017 compared with 13.24 percent at December 31, 2016 and 13.85 percent at March 31, 2016. The Tier 1 Leverage Ratio at March 31, 2017 was 7.29 percent compared with 7.21 percent at December 31, 2016 and 7.25 percent at March 31, 2016.

During the first quarter of 2017, the Company repurchased 114.0 thousand shares of common stock at a total cost of $9.6 million under its share repurchase program. The average cost was $84.53 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through March 31, 2017, the Company has repurchased 53.8 million shares and returned over $2.0 billion to shareholders at an average cost of $37.94 per share. Remaining buyback authority under the share repurchase program was $55.4 million at March 31, 2017. From April 1 through April 21, 2017 the Company repurchased an additional 31.3 thousand shares of common stock at an average cost of $79.97 per share.

The Company’s Board of Directors declared a quarterly cash dividend of $0.50 per share on the Company’s outstanding shares. The dividend will be payable on June 14, 2017 to shareholders of record at the close of business on May 31, 2017.

Hawaii Economy

General economic conditions in Hawaii remained positive during the first quarter of 2017 due to a continuation of the strong tourism market, active construction industry, low unemployment, and robust real estate market. For the first two months of 2017, total visitor arrivals increased 3.3 percent and visitor spending increased 9.0 percent compared to the same period in 2016. The statewide seasonally-adjusted unemployment rate was 2.7 percent in March 2017 compared to 4.5 percent nationally.

For the first quarter of 2017, the volume of single-family home sales on Oahu increased 1.0 percent and the volume of condominium sales on Oahu increased 7.1 percent compared with the same period last year. During the first quarter of 2017, the median sales price of a single-family home on Oahu increased 3.5 percent and the median sales price of a condominium on Oahu increased 2.6 percent compared with the same period last year. As of March 31, 2017, months of inventory of single-family homes and condominiums on Oahu were at 2.7 months. More information on current Hawaii economic trends is presented in Table 15.

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Bank of Hawaii Corporation First Quarter 2017 Financial Results     Page 5

Conference Call Information

The Company will review its first quarter financial results today at 2:00 p.m. Eastern Daylight Time (8:00 a.m. Hawaii Time). The call will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation's website,  www.boh.com . The toll-free number is 1 (844) 543-5235 in the United States and 1 (703) 318-2209 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 24, 2017. The replay number is 1 (855) 859-2056 in the United States and 1 (404) 537-3406 from international locations. Enter the pass code 4087401 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, 2016, 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. 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)	2017	 	2016	 	2016	 	
For the Period:	 	 	 	 	 	 	
Operating Results	 	 	 	 	 	 	
Net Interest Income	$	109,872	
 	 	$	107,093	
 	 	$	103,024	
 	 	
Provision for Credit Losses	4,400	
 	 	3,250	
 	 	(2,000	)	 	
Total Noninterest Income	55,916	
 	 	46,503	
 	 	56,207	
 	 	
Total Noninterest Expense	88,568	
 	 	89,589	
 	 	87,386	
 	 	
Net Income	51,176	
 	 	43,513	
 	 	50,210	
 	 	
Basic Earnings Per Share	1.21	
 	 	1.03	
 	 	1.17	
 	 	
Diluted Earnings Per Share	1.20	
 	 	1.02	
 	 	1.16	
 	 	
Dividends Declared Per Share	0.50	
 	 	0.48	
 	 	0.45	

Performance Ratios	 	 	 	 	 	 	
Return on Average Assets	1.26	
 	%	1.07	
 	%	1.30	
 	%	
Return on Average Shareholders' Equity	17.63	
 	 	14.90	
 	 	17.88	
 	 	
Efficiency Ratio 1	53.42	
 	 	58.33	
 	 	54.88	
 	 	
Net Interest Margin 2	2.89	
 	 	2.83	
 	 	2.86	
 	 	
Dividend Payout Ratio 3	41.32	
 	 	46.60	
 	 	38.46	
 	 	
Average Shareholders' Equity to Average Assets	7.16	
 	 	7.17	
 	 	7.27	

Average Balances	 	 	 	 	 	 	
Average Loans and Leases	$	9,020,351	
 	 	$	8,813,755	
 	 	$	7,940,097	
 	 	
Average Assets	16,434,606	
 	 	16,212,940	
 	 	15,537,073	
 	 	
Average Deposits	14,218,886	
 	 	13,997,318	
 	 	13,334,550	
 	 	
Average Shareholders' Equity	1,177,326	
 	 	1,161,967	
 	 	1,129,561	

Per Share of Common Stock	 	 	 	 	 	 	
Book Value	$	27.92	
 	 	$	27.24	
 	 	$	26.43	
 	 	
Tangible Book Value	27.18	
 	 	26.50	
 	 	25.70	
 	 	
Market Value	 	 	 	 	 	 	
   Closing	82.36	
 	 	88.69	
 	 	68.28	
 	 	
   High	90.80	
 	 	89.72	
 	 	69.37	
 	 	
   Low	77.03	
 	 	71.73	
 	 	54.55	

 	March 31,	
 	 	December 31,	
 	 	March 31,	
 	 	
 	2017	
 	 	2016	
 	 	2016	
 	 	
As of Period End:	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	
Loans and Leases	$	9,113,809	
 	 	$	8,949,785	
 	 	$	8,065,610	
 	 	
Total Assets	16,664,215	
 	 	16,492,367	
 	 	15,654,695	
 	 	
Total Deposits	14,476,533	
 	 	14,320,240	
 	 	13,488,892	
 	 	
Other Debt	267,921	
 	 	267,938	
 	 	220,771	
 	 	
Total Shareholders' Equity	1,193,137	
 	 	1,161,537	
 	 	1,138,753	

Asset Quality	 	 	 	 	 	 	
Non-Performing Assets	$	19,003	
 	 	$	19,761	
 	 	$	22,015	
 	 	
Allowance for Loan and Lease Losses	105,064	
 	 	104,273	
 	 	104,677	
 	 	
Allowance to Loans and Leases Outstanding	1.15	
 	%	1.17	
 	%	1.30	
 	%	
 	 	 	 	 	 	 	
Capital Ratios	 	 	 	 	 	 	
Common Equity Tier 1 Capital Ratio	13.41	
 	%	13.24	
 	%	13.85	
 	%	
Tier 1 Capital Ratio	13.41	
 	 	13.24	
 	 	13.85	
 	 	
Total Capital Ratio	14.66	
 	 	14.49	
 	 	15.10	
 	 	
Tier 1 Leverage Ratio	7.29	
 	 	7.21	
 	 	7.25	
 	 	
Total Shareholders' Equity to Total Assets	7.16	
 	 	7.04	
 	 	7.27	
 	 	
Tangible Common Equity to Tangible Assets 4	6.98	
 	 	6.86	
 	 	7.09	
 	 	
Tangible Common Equity to Risk-Weighted Assets 4	13.04	
 	 	12.81	
 	 	13.62	

Non-Financial Data	 	 	 	 	 	 	
Full-Time Equivalent Employees	2,115	
 	 	2,122	
 	 	2,139	
 	 	
Branches	69	
 	 	69	
 	 	70	
 	 	
ATMs	441	
 	 	449	
 	 	452	

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)	 	2017	
 	 	2016	
 	 	2016	
 	
Total Shareholders' Equity	 	$	1,193,137	
 	 	$	1,161,537	
 	 	$	1,138,753	
 	
Less:	Goodwill	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Common Equity	 	$	1,161,620	
 	 	$	1,130,020	
 	 	$	1,107,236	

Total Assets	 	$	16,664,215	
 	 	$	16,492,367	
 	 	$	15,654,695	
 	
Less:	Goodwill	 	31,517	
 	 	31,517	
 	 	31,517	
 	
Tangible Assets	 	$	16,632,698	
 	 	$	16,460,850	
 	 	$	15,623,178	

Risk-Weighted Assets, determined in accordance	 	 	 	 	 	 	
 	with prescribed regulatory requirements	 	$	8,908,024	
 	 	$	8,823,485	
 	 	$	8,130,093	

Total Shareholders' Equity to Total Assets	 	7.16	%	 	7.04	%	 	7.27	%	
Tangible Common Equity to Tangible Assets (Non-GAAP)	 	6.98	%	 	6.86	%	 	7.09	%	
 	 	 	 	 	 	 	 	
Tier 1 Capital Ratio	 	13.41	%	 	13.24	%	 	13.85	%	
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)	 	13.04	%	 	12.81	%	 	13.62	%	

 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
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)	2017	2016	2016	
Interest Income	 	 	 	
   Interest and Fees on Loans and Leases	$	87,937	
 	$	86,532	
 	$	80,895	
 	
   Income on Investment Securities	 	 	 	
      Available-for-Sale	11,084	
 	10,244	
 	10,814	
 	
      Held-to-Maturity	19,706	
 	19,213	
 	20,391	
 	
   Deposits	5	
 	2	
 	4	
 	
   Funds Sold	890	
 	795	
 	753	
 	
   Other	230	
 	281	
 	212	
 	
Total Interest Income	119,852	
 	117,067	
 	113,069	
 	
Interest Expense	 	 	 	
   Deposits	3,691	
 	3,448	
 	2,886	
 	
   Securities Sold Under Agreements to Repurchase	5,185	
 	5,406	
 	6,153	
 	
   Funds Purchased	3	
 	3	
 	3	
 	
   Other Debt	1,101	
 	1,117	
 	1,003	
 	
Total Interest Expense	9,980	
 	9,974	
 	10,045	
 	
Net Interest Income	109,872	
 	107,093	
 	103,024	
 	
Provision for Credit Losses	4,400	
 	3,250	
 	(2,000	)	
Net Interest Income After Provision for Credit Losses	105,472	
 	103,843	
 	105,024	
 	
Noninterest Income	 	 	 	
   Trust and Asset Management	11,479	
 	11,232	
 	11,256	
 	
   Mortgage Banking	3,300	
 	6,256	
 	3,189	
 	
   Service Charges on Deposit Accounts	8,325	
 	8,537	
 	8,443	
 	
   Fees, Exchange, and Other Service Charges	13,332	
 	13,731	
 	13,444	
 	
   Investment Securities Gains (Losses), Net	12,133	
 	(337	)	11,180	
 	
   Annuity and Insurance	1,995	
 	1,457	
 	1,901	
 	
   Bank-Owned Life Insurance	1,497	
 	1,551	
 	1,548	
 	
   Other	3,855	
 	4,076	
 	5,246	
 	
Total Noninterest Income	55,916	
 	46,503	
 	56,207	
 	
Noninterest Expense	 	 	 	
   Salaries and Benefits	51,602	
 	50,622	
 	50,514	
 	
   Net Occupancy	8,168	
 	7,581	
 	7,003	
 	
   Net Equipment	5,501	
 	5,191	
 	5,409	
 	
   Data Processing	3,410	
 	3,665	
 	3,951	
 	
   Professional Fees	2,779	
 	2,990	
 	2,639	
 	
   FDIC Insurance	2,209	
 	2,015	
 	2,352	
 	
   Other	14,899	
 	17,525	
 	15,518	
 	
Total Noninterest Expense	88,568	
 	89,589	
 	87,386	
 	
Income Before Provision for Income Taxes	72,820	
 	60,757	
 	73,845	
 	
Provision for Income Taxes	21,644	
 	17,244	
 	23,635	
 	
Net Income	$	51,176	
 	$	43,513	
 	$	50,210	
 	
Basic Earnings Per Share	$	1.21	
 	$	1.03	
 	$	1.17	
 	
Diluted Earnings Per Share	$	1.20	
 	$	1.02	
 	$	1.16	
 	
Dividends Declared Per Share	$	0.50	
 	$	0.48	
 	$	0.45	
 	
Basic Weighted Average Shares	42,406,006	
 	42,386,480	
 	42,920,794	
 	
Diluted Weighted Average Shares	42,749,866	
 	42,672,470	
 	43,126,526	

 	
 	 	 	 	 	 	 	 	 	 	 	
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)	2017	2016	2016	
Net Income	$	51,176	
 	$	43,513	
 	$	50,210	
 	
Other Comprehensive Income (Loss), Net of Tax:	 	 	 	
 	Net Unrealized Gains (Losses) on Investment Securities	4,894	
 	(18,641	)	8,694	
 	
 	Defined Benefit Plans	146	
 	(453	)	141	
 	
Total Other Comprehensive Income (Loss)	5,040	
 	(19,094	)	8,835	
 	
Comprehensive Income	$	56,216	
 	$	24,419	
 	$	59,045	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	
Consolidated Statements of Condition	 	 	Table 5	
 	
 	March 31,	
 	December 31,	
 	March 31,	
 	
(dollars in thousands)	2017	
 	2016	
 	2016	
 	
Assets	 	 	 	
Interest-Bearing Deposits in Other Banks	$	3,486	
 	$	3,187	
 	$	4,453	
 	
Funds Sold	620,065	
 	707,343	
 	626,206	
 	
Investment Securities	 	 	 	
   Available-for-Sale	2,341,570	
 	2,186,041	
 	2,293,751	
 	
   Held-to-Maturity (Fair Value of $3,848,609; $3,827,527; and $3,981,830)	3,848,088	
 	3,832,997	
 	3,911,703	
 	
Loans Held for Sale	20,899	
 	62,499	
 	16,854	
 	
Loans and Leases	9,113,809	
 	8,949,785	
 	8,065,610	
 	
   Allowance for Loan and Lease Losses	(105,064	)	(104,273	)	(104,677	)	
     Net Loans and Leases	9,008,745	
 	8,845,512	
 	7,960,933	
 	
Total Earning Assets	15,842,853	
 	15,637,579	
 	14,813,900	
 	
Cash and Due from Banks	119,972	
 	169,077	
 	164,012	
 	
Premises and Equipment, Net	114,865	
 	113,505	
 	111,086	
 	
Accrued Interest Receivable	48,654	
 	46,444	
 	47,504	
 	
Foreclosed Real Estate	2,529	
 	1,686	
 	1,728	
 	
Mortgage Servicing Rights	24,291	
 	23,663	
 	22,663	
 	
Goodwill	31,517	
 	31,517	
 	31,517	
 	
Bank-Owned Life Insurance	275,685	
 	274,188	
 	269,723	
 	
Other Assets	203,849	
 	194,708	
 	192,562	
 	
Total Assets	$	16,664,215	
 	$	16,492,367	
 	$	15,654,695	

Liabilities	 	 	 	
Deposits	 	 	 	
   Noninterest-Bearing Demand	$	4,593,783	
 	$	4,772,727	
 	$	4,329,321	
 	
   Interest-Bearing Demand	2,886,573	
 	2,934,107	
 	2,759,357	
 	
   Savings	5,596,080	
 	5,395,699	
 	5,172,206	
 	
   Time	1,400,097	
 	1,217,707	
 	1,228,008	
 	
Total Deposits	14,476,533	
 	14,320,240	
 	13,488,892	
 	
Funds Purchased	4,616	
 	9,616	
 	7,333	
 	
Short-Term Borrowings	—	
 	—	
 	408	
 	
Securities Sold Under Agreements to Repurchase	505,292	
 	523,378	
 	586,785	
 	
Other Debt	267,921	
 	267,938	
 	220,771	
 	
Retirement Benefits Payable	48,436	
 	48,451	
 	47,408	
 	
Accrued Interest Payable	6,410	
 	5,334	
 	5,661	
 	
Taxes Payable and Deferred Taxes	42,046	
 	21,674	
 	43,134	
 	
Other Liabilities	119,824	
 	134,199	
 	115,550	
 	
Total Liabilities	15,471,078	
 	15,330,830	
 	14,515,942	
 	
Shareholders' Equity	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares;	 	 	 	
   issued / outstanding: March 31, 2017 - 57,962,462 / 42,736,032;	 	 	 	
   December 31, 2016 - 57,856,672 / 42,635,978;	 	 	 	
   and March 31, 2016 - 57,849,536 / 43,080,503)	576	
 	576	
 	576	
 	
Capital Surplus	553,898	
 	551,628	
 	544,267	
 	
Accumulated Other Comprehensive Loss	(28,866	)	(33,906	)	(14,722	)	
Retained Earnings	1,444,495	
 	1,415,440	
 	1,347,374	
 	
Treasury Stock, at Cost (Shares: March 31, 2017 - 15,226,430;	 	 	 	
    December 31, 2016 - 15,220,694; and March 31, 2016 - 14,769,033)	(776,966	)	(772,201	)	(738,742	)	
Total Shareholders' Equity	1,193,137	
 	1,161,537	
 	1,138,753	
 	
Total Liabilities and Shareholders' Equity	$	16,664,215	
 	$	16,492,367	
 	$	15,654,695	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2016	42,635,978	
 	$	576	
 	$	551,628	
 	$	(33,906	)	$	1,415,440	
 	$	(772,201	)	$	1,161,537	
 	
Net Income	—	
 	—	
 	—	
 	—	
 	51,176	
 	—	
 	51,176	
 	
Other Comprehensive Income	—	
 	—	
 	—	
 	5,040	
 	—	
 	—	
 	5,040	
 	
Share-Based Compensation	—	
 	—	
 	1,735	
 	—	
 	—	
 	—	
 	1,735	
 	
Common Stock Issued under Purchase and Equity	 	 	 	 	 	 	 	
 	Compensation Plans and Related Tax Benefits	235,803	
 	—	
 	535	
 	—	
 	(702	)	6,744	
 	6,577	
 	
Common Stock Repurchased	(135,749	)	—	
 	—	
 	—	
 	—	
 	(11,509	)	(11,509	)	
Cash Dividends Declared ($0.50 per share)	—	
 	—	
 	—	
 	—	
 	(21,419	)	—	
 	(21,419	)	
Balance as of March 31, 2017	42,736,032	
 	$	576	
 	$	553,898	
 	$	(28,866	)	$	1,444,495	
 	$	(776,966	)	$	1,193,137	

 	

 	

 	
 	
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	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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, 2017	 	December 31, 2016	 	March 31, 2016	 	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	Average	
 	Income/	
 	Yield/	
 	 	
(dollars in millions)	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	Balance	
 	Expense	
 	Rate	
 	 	
Earning Assets	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits in Other Banks	$	3.3	
 	$	—	
 	0.57	
 	%	$	4.0	
 	$	—	
 	0.10	
 	%	$	4.4	
 	$	—	
 	0.41	
 	%	
Funds Sold	544.1	
 	0.9	
 	0.65	
 	 	622.8	
 	0.8	
 	0.50	
 	 	647.7	
 	0.8	
 	0.46	
 	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	
 	Available-for-Sale	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	1,625.4	
 	7.5	
 	1.87	
 	 	1,533.8	
 	6.7	
 	1.76	
 	 	1,588.5	
 	7.2	
 	1.80	
 	 	
 	   Non-Taxable	660.7	
 	5.4	
 	3.26	
 	 	668.7	
 	5.4	
 	3.21	
 	 	715.0	
 	5.6	
 	3.15	
 	 	
 	Held-to-Maturity	 	 	 	 	 	 	 	 	 	 	 	 	
 	   Taxable	3,589.8	
 	18.2	
 	2.03	
 	 	3,579.1	
 	17.7	
 	1.97	
 	 	3,679.6	
 	18.8	
 	2.05	
 	 	
 	   Non-Taxable	241.8	
 	2.4	
 	3.89	
 	 	242.7	
 	2.4	
 	3.89	
 	 	245.5	
 	2.4	
 	3.91	
 	 	
Total Investment Securities	6,117.7	
 	33.5	
 	2.19	
 	 	6,024.3	
 	32.2	
 	2.13	
 	 	6,228.6	
 	34.0	
 	2.19	
 	 	
Loans Held for Sale	30.4	
 	0.3	
 	3.99	
 	 	39.1	
 	0.3	
 	3.61	
 	 	12.2	
 	0.1	
 	3.89	
 	 	
Loans and Leases 1	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial and Industrial	1,263.7	
 	10.5	
 	3.38	
 	 	1,223.6	
 	10.0	
 	3.25	
 	 	1,127.4	
 	10.8	
 	3.84	
 	 	
 	Commercial Mortgage	1,881.5	
 	17.5	
 	3.76	
 	 	1,833.8	
 	17.0	
 	3.68	
 	 	1,689.2	
 	15.7	
 	3.74	
 	 	
 	Construction	259.1	
 	2.9	
 	4.54	
 	 	276.0	
 	3.0	
 	4.36	
 	 	170.0	
 	2.0	
 	4.63	
 	 	
 	Commercial Lease Financing	208.7	
 	1.1	
 	2.18	
 	 	204.0	
 	1.1	
 	2.17	
 	 	198.9	
 	1.3	
 	2.69	
 	 	
 	Residential Mortgage	3,201.7	
 	30.9	
 	3.86	
 	 	3,139.4	
 	30.6	
 	3.90	
 	 	2,918.5	
 	29.6	
 	4.05	
 	 	
 	Home Equity	1,367.4	
 	12.0	
 	3.56	
 	 	1,317.1	
 	11.7	
 	3.54	
 	 	1,103.5	
 	10.1	
 	3.69	
 	 	
 	Automobile	461.7	
 	5.8	
 	5.04	
 	 	446.0	
 	5.8	
 	5.14	
 	 	388.6	
 	5.0	
 	5.19	
 	 	
 	Other 2	376.6	
 	7.3	
 	7.89	
 	 	373.9	
 	7.3	
 	7.76	
 	 	344.0	
 	6.5	
 	7.64	
 	 	
Total Loans and Leases	9,020.4	
 	88.0	
 	3.94	
 	 	8,813.8	
 	86.5	
 	3.91	
 	 	7,940.1	
 	81.0	
 	4.09	
 	 	
Other	40.1	
 	0.2	
 	2.30	
 	 	40.1	
 	0.3	
 	2.80	
 	 	38.4	
 	0.2	
 	2.21	
 	 	
Total Earning Assets 3	15,756.0	
 	122.9	
 	3.14	
 	 	15,544.1	
 	120.1	
 	3.08	
 	 	14,871.4	
 	116.1	
 	3.13	
 	 	
Cash and Due from Banks	132.2	
 	 	 	 	131.5	
 	 	 	 	131.0	
 	 	 	 	
Other Assets	546.4	
 	 	 	 	537.3	
 	 	 	 	534.7	
 	 	 	 	
Total Assets	$	16,434.6	
 	 	 	 	$	16,212.9	
 	 	 	 	$	15,537.1	

Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	
 	Demand	$	2,866.4	
 	0.3	
 	0.04	
 	 	$	2,760.5	
 	0.3	
 	0.04	
 	 	$	2,761.6	
 	0.3	
 	0.04	
 	 	
 	Savings	5,406.2	
 	1.3	
 	0.09	
 	 	5,339.5	
 	1.2	
 	0.09	
 	 	5,137.6	
 	1.1	
 	0.09	
 	 	
 	Time	1,313.7	
 	2.1	
 	0.65	
 	 	1,322.7	
 	2.0	
 	0.60	
 	 	1,208.4	
 	1.5	
 	0.50	
 	 	
Total Interest-Bearing Deposits	9,586.3	
 	3.7	
 	0.16	
 	 	9,422.7	
 	3.5	
 	0.15	
 	 	9,107.6	
 	2.9	
 	0.13	
 	 	
Short-Term Borrowings	9.5	
 	—	
 	0.15	
 	 	9.6	
 	—	
 	0.15	
 	 	7.8	
 	—	
 	0.14	
 	 	
Securities Sold Under Agreements to Repurchase	512.2	
 	5.2	
 	4.05	
 	 	533.7	
 	5.4	
 	3.96	
 	 	602.9	
 	6.2	
 	4.04	
 	 	
Other Debt	267.9	
 	1.1	
 	1.66	
 	 	267.9	
 	1.1	
 	1.66	
 	 	232.3	
 	1.0	
 	1.73	
 	 	
Total Interest-Bearing Liabilities	10,375.9	
 	10.0	
 	0.39	
 	 	10,233.9	
 	10.0	
 	0.38	
 	 	9,950.6	
 	10.1	
 	0.40	
 	 	
Net Interest Income	 	$	112.9	
 	 	 	 	$	110.1	
 	 	 	 	$	106.0	
 	 	 	
 	Interest Rate Spread	 	 	2.75	
 	%	 	 	2.70	
 	%	 	 	2.73	
 	%	
 	Net Interest Margin	 	 	2.89	
 	%	 	 	2.83	
 	%	 	 	2.86	
 	%	
Noninterest-Bearing Demand Deposits	4,632.6	
 	 	 	 	4,574.6	
 	 	 	 	4,227.0	
 	 	 	 	
Other Liabilities	248.8	
 	 	 	 	242.4	
 	 	 	 	229.9	
 	 	 	 	
Shareholders' Equity	1,177.3	
 	 	 	 	1,162.0	
 	 	 	 	1,129.6	
 	 	 	 	
Total Liabilities and Shareholders' Equity	$	16,434.6	
 	 	 	 	$	16,212.9	
 	 	 	 	$	15,537.1	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 of $3,061,000, $3,034,000 and $3,013,000 for the three months	 	
 	ended March 31, 2017, December 31, 2016, and March 31, 2016, respectively.	 	 	

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8a	
 	
 	Three Months Ended March 31, 2017	
 	Compared to December 31, 2016	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	(0.1	)	$	0.2	
 	$	0.1	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.4	
 	0.4	
 	0.8	
 	
      Non-Taxable	(0.1	)	0.1	
 	—	
 	
   Held-to-Maturity	 	 	 	
      Taxable	—	
 	0.5	
 	0.5	
 	
Total Investment Securities	0.3	
 	1.0	
 	1.3	
 	
Loans Held for Sale	

 	
Loans and Leases	

 	
   Commercial and Industrial	0.2	
 	0.3	
 	0.5	
 	
   Commercial Mortgage	0.3	
 	0.2	
 	0.5	
 	
   Construction	(0.2	)	0.1	
 	(0.1	)	
   Residential Mortgage	0.6	
 	(0.3	)	0.3	
 	
   Home Equity	0.3	
 	—	
 	0.3	
 	
   Automobile	0.1	
 	(0.1	)	—	
 	
Total Loans and Leases	1.3	
 	0.2	
 	1.5	
 	
Other	—	
 	(0.1	)	(0.1	)	
Total Change in Interest Income	1.5	
 	1.3	
 	2.8	

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

Change in Net Interest Income	$	1.8	
 	$	1.0	
 	$	2.8	

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

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis	 	Table 8b	
 	
 	Three Months Ended March 31, 2017	
 	Compared to March 31, 2016	
(dollars in millions)	Volume 1	
 	Rate 1	
 	Total	
 	
Change in Interest Income:	 	 	 	
Funds Sold	$	(0.1	)	$	0.2	
 	$	0.1	
 	
Investment Securities	 	 	 	
   Available-for-Sale	 	 	 	
      Taxable	0.1	
 	0.2	
 	0.3	
 	
      Non-Taxable	(0.4	)	0.2	
 	(0.2	)	
   Held-to-Maturity	 	 	 	
      Taxable	(0.5	)	(0.1	)	(0.6	)	
Total Investment Securities	(0.8	)	0.3	
 	(0.5	)	
Loans Held for Sale	0.2	
 	—	
 	0.2	
 	
Loans and Leases	 	 	 	
   Commercial and Industrial	1.1	
 	(1.4	)	(0.3	)	
   Commercial Mortgage	1.7	
 	0.1	
 	1.8	
 	
   Construction	0.9	
 	—	
 	0.9	
 	
   Commercial Lease Financing	0.1	
 	(0.3	)	(0.2	)	
   Residential Mortgage	2.7	
 	(1.4	)	1.3	
 	
   Home Equity	2.3	
 	(0.4	)	1.9	
 	
   Automobile	0.9	
 	(0.1	)	0.8	
 	
   Other 2	0.6	
 	0.2	
 	0.8	
 	
Total Loans and Leases	10.3	
 	(3.3	)	7.0	
 	
Total Change in Interest Income	9.6	
 	(2.8	)	6.8	

Change in Interest Expense:	 	 	 	
Interest-Bearing Deposits	 	 	 	
   Savings	0.1	
 	0.1	
 	0.2	
 	
   Time	0.1	
 	0.5	
 	0.6	
 	
Total Interest-Bearing Deposits	0.2	
 	0.6	
 	0.8	
 	
Securities Sold Under Agreements to Repurchase	(1.0	)	—	
 	(1.0	)	
Other Debt	0.1	
 	—	
 	0.1	
 	
Total Change in Interest Expense	(0.7	)	0.6	
 	(0.1	)	
 	 	 	 	
Change in Net Interest Income	$	10.3	
 	$	(3.4	)	$	6.9	

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

 	
 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	
Salaries and Benefits	 	 	Table 9	
 	
 	Three Months Ended	
 	March 31,	December 31,	March 31,	
(dollars in thousands)	2017	2016	2016	
Salaries	$	29,425	
 	$	29,382	
 	$	29,141	
 	
Incentive Compensation	5,774	
 	5,784	
 	5,965	
 	
Share-Based Compensation	2,303	
 	4,126	
 	2,310	
 	
Commission Expense	1,836	
 	1,955	
 	1,357	
 	
Retirement and Other Benefits	5,041	
 	4,350	
 	4,954	
 	
Payroll Taxes	3,944	
 	2,044	
 	3,577	
 	
Medical, Dental, and Life Insurance	3,279	
 	2,908	
 	2,892	
 	
Separation Expense	—	
 	73	
 	318	
 	
Total Salaries and Benefits	$	51,602	
 	$	50,622	
 	$	50,514	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	
Loan and Lease Portfolio Balances	 	 	 	Table 10	
 	
 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	
(dollars in thousands)	2017	
 	2016	
 	2016	
 	2016	
 	2016	
 	
Commercial	 	 	 	 	 	
 	Commercial and Industrial	$	1,250,006	
 	$	1,249,791	
 	$	1,217,849	
 	$	1,174,879	
 	$	1,180,341	
 	
 	Commercial Mortgage	1,909,064	
 	1,889,551	
 	1,807,190	
 	1,712,271	
 	1,687,199	
 	
 	Construction	262,660	
 	270,018	
 	263,079	
 	226,062	
 	192,909	
 	
 	Lease Financing	208,765	
 	208,332	
 	201,436	
 	192,630	
 	195,804	
 	
Total Commercial	3,630,495	
 	3,617,692	
 	3,489,554	
 	3,305,842	
 	3,256,253	
 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	3,224,206	
 	3,163,073	
 	3,098,936	
 	3,032,981	
 	2,929,388	
 	
 	Home Equity	1,411,489	
 	1,334,163	
 	1,295,993	
 	1,213,154	
 	1,131,796	
 	
 	Automobile	468,078	
 	454,333	
 	437,659	
 	417,017	
 	399,825	
 	
 	Other 1	379,541	
 	380,524	
 	371,955	
 	362,475	
 	348,348	
 	
Total Consumer	5,483,314	
 	5,332,093	
 	5,204,543	
 	5,025,627	
 	4,809,357	
 	
Total Loans and Leases	$	9,113,809	
 	$	8,949,785	
 	$	8,694,097	
 	$	8,331,469	
 	$	8,065,610	

 	 	 	 	 	 	 	
Deposits	 	 	 	 	
 	 	March 31,	
 	December 31,	
 	September 30,	
 	June 30,	
 	March 31,	
 	
(dollars in thousands)	2017	
 	2016	
 	2016	
 	2016	
 	2016	
 	
Consumer	$	7,196,781	
 	$	6,997,482	
 	$	6,781,371	
 	$	6,618,164	
 	$	6,568,651	
 	
Commercial	6,051,721	
 	6,110,189	
 	5,751,184	
 	5,697,490	
 	5,678,987	
 	
Public and Other	1,228,031	
 	1,212,569	
 	1,275,810	
 	1,328,153	
 	1,241,254	
 	
Total Deposits	$	14,476,533	
 	$	14,320,240	
 	$	13,808,365	
 	$	13,643,807	
 	$	13,488,892	

 	 	 	 	 	 	 	
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)	2017	
 	2016	
 	2016	
 	2016	
 	2016	
 	
Non-Performing Assets	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	
 	Commercial	 	 	 	 	 	
 	 	Commercial and Industrial	$	228	
 	$	151	
 	$	201	
 	$	269	
 	$	666	
 	
 	 	Commercial Mortgage	973	
 	997	
 	1,023	
 	1,194	
 	3,401	
 	
 	Total Commercial	1,201	
 	1,148	
 	1,224	
 	1,463	
 	4,067	
 	
 	Consumer	 	 	 	 	 	
 	 	Residential Mortgage	11,756	
 	13,780	
 	12,735	
 	9,979	
 	13,719	
 	
 	 	Home Equity	3,517	
 	3,147	
 	2,966	
 	3,110	
 	2,501	
 	
 	Total Consumer	15,273	
 	16,927	
 	15,701	
 	13,089	
 	16,220	
 	
Total Non-Accrual Loans and Leases	16,474	
 	18,075	
 	16,925	
 	14,552	
 	20,287	
 	
Foreclosed Real Estate	2,529	
 	1,686	
 	1,747	
 	1,728	
 	1,728	
 	
Total Non-Performing Assets	$	19,003	
 	$	19,761	
 	$	18,672	
 	$	16,280	
 	$	22,015	

Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	
Consumer	 	 	 	 	 	
 	Residential Mortgage	$	2,313	
 	$	3,127	
 	$	2,583	
 	$	5,640	
 	$	4,219	
 	
 	Home Equity	1,133	
 	1,457	
 	1,210	
 	1,128	
 	2,096	
 	
 	Automobile	673	
 	894	
 	578	
 	464	
 	524	
 	
 	Other 1	1,738	
 	1,592	
 	1,273	
 	1,518	
 	1,099	
 	
Total Consumer	5,857	
 	7,070	
 	5,644	
 	8,750	
 	7,938	
 	
Total Accruing Loans and Leases Past Due 90 Days or More	$	5,857	
 	$	7,070	
 	$	5,644	
 	$	8,750	
 	$	7,938	
 	
Restructured Loans on Accrual Status	 	 	 	 	 	
   and Not Past Due 90 Days or More	$	52,965	
 	$	52,208	
 	$	52,095	
 	$	52,173	
 	$	50,707	
 	
Total Loans and Leases	$	9,113,809	
 	$	8,949,785	
 	$	8,694,097	
 	$	8,331,469	
 	$	8,065,610	

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.18	%	0.20	%	0.19	%	0.17	%	0.25	%	
 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases	 	 	 	 	 	
 	and Foreclosed Real Estate	0.21	%	0.22	%	0.21	%	0.20	%	0.27	%	
 	 	 	 	 	 	 	 	
Ratio of Commercial Non-Performing Assets to Total Commercial Loans	 	 	 	 	 	
 	and Leases and Commercial Foreclosed Real Estate	0.03	%	0.03	%	0.04	%	0.04	%	0.12	%	
 	 	 	 	 	 	 	 	
Ratio of Consumer Non-Performing Assets to Total Consumer Loans	 	 	 	 	 	
 	and Leases and Consumer Foreclosed Real Estate	0.32	%	0.35	%	0.34	%	0.29	%	0.37	%	
 	 	 	 	 	 	 	 	
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	0.27	%	0.30	%	0.28	%	0.30	%	0.37	%	
 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	
Balance at Beginning of Quarter	$	19,761	
 	$	18,672	
 	$	16,280	
 	$	22,015	
 	$	28,801	
 	
Additions	1,221	
 	2,142	
 	3,730	
 	1,300	
 	4,002	
 	
Reductions	 	 	 	 	 	
 	Payments	(1,017	)	(252	)	(501	)	(3,401	)	(6,012	)	
 	Return to Accrual Status	(645	)	(653	)	(701	)	(3,560	)	(4,272	)	
 	Sales of Foreclosed Real Estate	—	
 	(61	)	—	
 	—	
 	(248	)	
 	Charge-offs/Write-downs	(317	)	(87	)	(136	)	(74	)	(256	)	
Total Reductions	(1,979	)	(1,053	)	(1,338	)	(7,035	)	(10,788	)	
Balance at End of Quarter	$	19,003	
 	$	19,761	
 	$	18,672	
 	$	16,280	
 	$	22,015	

 	 	 	 	 	 	 	 	
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)	2017	2016	2016	
Balance at Beginning of Period	$	110,845	
 	$	110,605	
 	$	108,952	
 	
Loans and Leases Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	(174	)	(195	)	(257	)	
 	Consumer	 	 	 	
 	 	Residential Mortgage	(183	)	(335	)	(205	)	
 	 	Home Equity	(363	)	(256	)	(643	)	
 	 	Automobile	(2,290	)	(1,720	)	(1,560	)	
 	 	Other 1	(2,694	)	(2,445	)	(2,222	)	
Total Loans and Leases Charged-Off	(5,704	)	(4,951	)	(4,887	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	
 	Commercial	 	 	 	
 	 	Commercial and Industrial	336	
 	506	
 	6,867	
 	
 	 	Commercial Mortgage	—	
 	11	
 	14	
 	
 	 	Construction	—	
 	—	
 	23	
 	
 	 	Lease Financing	—	
 	1	
 	1	
 	
 	Consumer	 	 	 	
 	 	Residential Mortgage	104	
 	154	
 	201	
 	
 	 	Home Equity	508	
 	323	
 	513	
 	
 	 	Automobile	620	
 	459	
 	592	
 	
 	 	Other 1	527	
 	487	
 	473	
 	
Total Recoveries on Loans and Leases Previously Charged-Off	2,095	
 	1,941	
 	8,684	
 	
Net Loans and Leases Recovered (Charged-Off)	(3,609	)	(3,010	)	3,797	
 	
Provision for Credit Losses	4,400	
 	3,250	
 	(2,000	)	
Provision for Unfunded Commitments	—	
 	—	
 	500	
 	
Balance at End of Period 2	$	111,636	
 	$	110,845	
 	$	111,249	

Components	 	 	 	
Allowance for Loan and Lease Losses	$	105,064	
 	$	104,273	
 	$	104,677	
 	
Reserve for Unfunded Commitments	6,572	
 	6,572	
 	6,572	
 	
Total Reserve for Credit Losses	$	111,636	
 	$	110,845	
 	$	111,249	

Average Loans and Leases Outstanding	$	9,020,351	
 	$	8,813,755	
 	$	7,940,097	

Ratio of Net Loans and Leases Charged-Off (Recovered) to	 	 	 	
 	Average Loans and Leases Outstanding (annualized)	0.16	%	0.14	%	-0.19	 %	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding	1.15	%	1.17	%	1.30	 %	

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, 2017	 	 	 	 	 	
Net Interest Income	$	65,158	
 	$	41,931	
 	$	6,650	
 	$	(3,867	)	$	109,872	
 	
Provision for Credit Losses	3,801	
 	(188	)	(5	)	792	
 	4,400	
 	
Net Interest Income After Provision for Credit Losses	61,357	
 	42,119	
 	6,655	
 	(4,659	)	105,472	
 	
Noninterest Income	20,925	
 	5,438	
 	14,549	
 	15,004	
 	55,916	
 	
Noninterest Expense	(52,260	)	(18,355	)	(15,471	)	(2,482	)	(88,568	)	
Income Before Provision for Income Taxes	30,022	
 	29,202	
 	5,733	
 	7,863	
 	72,820	
 	
Provision for Income Taxes	(10,673	)	(10,256	)	(2,121	)	1,406	
 	(21,644	)	
Net Income	$	19,349	
 	$	18,946	
 	$	3,612	
 	$	9,269	
 	$	51,176	
 	
Total Assets as of March 31, 2017	$	5,438,421	
 	$	3,577,524	
 	$	288,178	
 	$	7,360,092	
 	$	16,664,215	

 	 	 	 	 	 	
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	

 	 	 	 	 	 	

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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)	2017	
 	 	2016	
 	 	2016	
 	 	2016	
 	 	2016	
 	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	
   Interest and Fees on Loans and Leases	$	87,937	
 	 	$	86,532	
 	 	$	83,489	
 	 	$	82,323	
 	 	$	80,895	
 	 	
   Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	
      Available-for-Sale	11,084	
 	 	10,244	
 	 	10,313	
 	 	10,521	
 	 	10,814	
 	 	
      Held-to-Maturity	19,706	
 	 	19,213	
 	 	19,315	
 	 	20,168	
 	 	20,391	
 	 	
   Deposits	5	
 	 	2	
 	 	1	
 	 	2	
 	 	4	
 	 	
   Funds Sold	890	
 	 	795	
 	 	695	
 	 	618	
 	 	753	
 	 	
   Other	230	
 	 	281	
 	 	166	
 	 	153	
 	 	212	
 	 	
Total Interest Income	119,852	
 	 	117,067	
 	 	113,979	
 	 	113,785	
 	 	113,069	
 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	
   Deposits	3,691	
 	 	3,448	
 	 	3,232	
 	 	3,081	
 	 	2,886	
 	 	
   Securities Sold Under Agreements to Repurchase	5,185	
 	 	5,406	
 	 	5,713	
 	 	6,134	
 	 	6,153	
 	 	
   Funds Purchased	3	
 	 	3	
 	 	3	
 	 	3	
 	 	3	
 	 	
   Other Debt	1,101	
 	 	1,117	
 	 	1,119	
 	 	1,017	
 	 	1,003	
 	 	
Total Interest Expense	9,980	
 	 	9,974	
 	 	10,067	
 	 	10,235	
 	 	10,045	
 	 	
Net Interest Income	109,872	
 	 	107,093	
 	 	103,912	
 	 	103,550	
 	 	103,024	
 	 	
Provision for Credit Losses	4,400	
 	 	3,250	
 	 	2,500	
 	 	1,000	
 	 	(2,000	)	 	
Net Interest Income After Provision for Credit Losses	105,472	
 	 	103,843	
 	 	101,412	
 	 	102,550	
 	 	105,024	
 	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	
   Trust and Asset Management	11,479	
 	 	11,232	
 	 	11,008	
 	 	12,707	
 	 	11,256	
 	 	
   Mortgage Banking	3,300	
 	 	6,256	
 	 	6,362	
 	 	4,088	
 	 	3,189	
 	 	
   Service Charges on Deposit Accounts	8,325	
 	 	8,537	
 	 	8,524	
 	 	8,150	
 	 	8,443	
 	 	
   Fees, Exchange, and Other Service Charges	13,332	
 	 	13,731	
 	 	14,023	
 	 	13,978	
 	 	13,444	
 	 	
   Investment Securities Gains (Losses), Net	12,133	
 	 	(337	)	 	(328	)	 	(312	)	 	11,180	
 	 	
   Annuity and Insurance	1,995	
 	 	1,457	
 	 	1,653	
 	 	2,006	
 	 	1,901	
 	 	
   Bank-Owned Life Insurance	1,497	
 	 	1,551	
 	 	1,911	
 	 	1,551	
 	 	1,548	
 	 	
   Other	3,855	
 	 	4,076	
 	 	4,961	
 	 	4,351	
 	 	5,246	
 	 	
Total Noninterest Income	55,916	
 	 	46,503	
 	 	48,114	
 	 	46,519	
 	 	56,207	
 	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	
   Salaries and Benefits	51,602	
 	 	50,622	
 	 	49,725	
 	 	50,289	
 	 	50,514	
 	 	
   Net Occupancy	8,168	
 	 	7,581	
 	 	8,510	
 	 	7,158	
 	 	7,003	
 	 	
   Net Equipment	5,501	
 	 	5,191	
 	 	4,913	
 	 	5,065	
 	 	5,409	
 	 	
   Data Processing	3,410	
 	 	3,665	
 	 	3,620	
 	 	3,972	
 	 	3,951	
 	 	
   Professional Fees	2,779	
 	 	2,990	
 	 	2,396	
 	 	2,047	
 	 	2,639	
 	 	
   FDIC Insurance	2,209	
 	 	2,015	
 	 	2,104	
 	 	2,144	
 	 	2,352	
 	 	
   Other	14,899	
 	 	17,525	
 	 	16,264	
 	 	15,396	
 	 	15,518	
 	 	
Total Noninterest Expense	88,568	
 	 	89,589	
 	 	87,532	
 	 	86,071	
 	 	87,386	
 	 	
Income Before Provision for Income Taxes	72,820	
 	 	60,757	
 	 	61,994	
 	 	62,998	
 	 	73,845	
 	 	
Provision for Income Taxes	21,644	
 	 	17,244	
 	 	18,501	
 	 	18,753	
 	 	23,635	
 	 	
Net Income	$	51,176	
 	 	$	43,513	
 	 	$	43,493	
 	 	$	44,245	
 	 	$	50,210	

Basic Earnings Per Share	$	1.21	
 	 	$	1.03	
 	 	$	1.02	
 	 	$	1.04	
 	 	$	1.17	
 	 	
Diluted Earnings Per Share	$	1.20	
 	 	$	1.02	
 	 	$	1.02	
 	 	$	1.03	
 	 	$	1.16	

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	
Loans and Leases	$	9,113,809	
 	 	$	8,949,785	
 	 	$	8,694,097	
 	 	$	8,331,469	
 	 	$	8,065,610	
 	 	
Total Assets	16,664,215	
 	 	16,492,367	
 	 	16,014,643	
 	 	15,860,901	
 	 	15,654,695	
 	 	
Total Deposits	14,476,533	
 	 	14,320,240	
 	 	13,808,365	
 	 	13,643,807	
 	 	13,488,892	
 	 	
Total Shareholders' Equity	1,193,137	
 	 	1,161,537	
 	 	1,163,859	
 	 	1,157,219	
 	 	1,138,753	

Performance Ratios	 	 	 	 	 	 	 	 	 	 	
Return on Average Assets	1.26	
 	%	1.07	
 	%	1.09	
 	%	1.14	
 	%	1.30	
 	%	
Return on Average Shareholders' Equity	17.63	
 	 	14.90	
 	 	14.89	
 	 	15.56	
 	 	17.88	
 	 	
Efficiency Ratio 1	53.42	
 	 	58.33	
 	 	57.58	
 	 	57.35	
 	 	54.88	
 	 	
Net Interest Margin 2	2.89	
 	 	2.83	
 	 	2.80	
 	 	2.85	
 	 	2.86	

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

 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Bank of Hawaii Corporation and Subsidiaries	 	 	 	 	 	 	 	 	 	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	Table 15	
 	Two Months Ended	 	 	Year Ended	
($ in millions; jobs in thousands)	February 28, 2017	 	 	December 31, 2016	December 31, 2015	
Hawaii Economic Trends	 	 	 	 	 	 	 	 	 	 	 	 	
   State General Fund Revenues 1	$	1,115.7	
 	4.9	
 	%	 	$	6,215.4	
 	 	3.6	
 	%	$	5,998.6	
 	 	8.4	
 	%	
   General Excise and Use Tax Revenue 1	$	576.1	
 	0.3	
 	%	 	$	3,205.7	
 	 	2.0	
 	%	$	3,141.5	
 	 	5.4	
 	%	
   Jobs 2	675.5	
 	 	 	 	671.7	
 	 	 	 	658.8	

 	 	 	 	 	 	 	March 31,	 	December 31,	
(spot rates)	 	 	 	 	 	 	2017	 	2016	2015	 	
Unemployment 3	 	 	 	 	 	 	 	 	 	 	 	 	
  Statewide, seasonally adjusted	 	 	 	 	 	 	2.7	
 	%	2.9	
 	%	3.2	
 	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	
   Oahu	 	 	 	 	 	 	2.4	
 	 	2.4	
 	 	2.7	
 	 	
   Island of Hawaii	 	 	 	 	 	 	3.1	
 	 	3.1	
 	 	3.7	
 	 	
   Maui	 	 	 	 	 	 	2.9	
 	 	2.7	
 	 	3.1	
 	 	
   Kauai	 	 	 	 	 	 	2.8	
 	 	2.8	
 	 	3.5	

 	 	 	 	 	March 31,	 	December 31,	
(percentage change, except months of inventory)	 	 	 	2017	 	2016	 	2015	2014	 	
Housing Trends (Single Family Oahu) 4	 	 	 	 	 	 	 	 	 	 	 	 	
   Median Home Price	 	 	 	 	3.5	
 	%	5.0	
 	%	3.7	
 	%	3.8	
 	%	
   Home Sales Volume (units)	 	 	 	 	1.0	
 	%	6.5	
 	%	5.2	
 	%	(0.8	)	%	
   Months of Inventory	 	 	 	 	2.7	
 	 	2.5	
 	 	2.6	
 	 	2.6	

 	 	 	 	 	Monthly Visitor Arrivals,	 	Percentage Change	
(in thousands)	 	 	 	 	Not Seasonally Adjusted	 	from Previous Year	
Tourism 5	 	 	 	 	 	 	 	 	 	 	 	 	
February 28, 2017	 	 	 	 	 	 	700.4	
 	 	 	 	1.7	
 	 	
January 31, 2017	 	 	 	 	 	 	756.3	
 	 	 	 	4.9	
 	 	
December 31, 2016	 	 	 	 	 	 	828.5	
 	 	 	 	3.6	
 	 	
November 30, 2016	 	 	 	 	 	 	696.9	
 	 	 	 	4.7	
 	 	
October 31, 2016	 	 	 	 	 	 	717.5	
 	 	 	 	4.3	
 	 	
September 30, 2016	 	 	 	 	 	 	666.6	
 	 	 	 	3.0	
 	 	
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	 	 	 	 	 	 	799.5	
 	 	 	 	4.4	
 	 	
November 30, 2015	 	 	 	 	 	 	665.9	
 	 	 	 	4.4	
 	 	
October 31, 2015	 	 	 	 	 	 	687.7	
 	 	 	 	4.0	
 	 	
September 30, 2015	 	 	 	 	 	 	647.2	
 	 	 	 	3.9	
 	 	
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	)	 	

 	 	 	 	
 	 	
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.