Bank of Hawaii Corporation First Quarter 2017 Financial Results

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

HONOLULU--()--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.

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.

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.

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.

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 $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 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.

Contacts

Bank of Hawaii Corporation
Media Inquiries
Stafford Kiguchi, 808-694-8580
Mobile: 808-265-6367
Stafford.Kiguchi@boh.com
or
Investor/Analyst Inquiries
Cindy Wyrick, 808-694-8430
Cindy.Wyrick@boh.com

Contacts

Bank of Hawaii Corporation
Media Inquiries
Stafford Kiguchi, 808-694-8580
Mobile: 808-265-6367
Stafford.Kiguchi@boh.com
or
Investor/Analyst Inquiries
Cindy Wyrick, 808-694-8430
Cindy.Wyrick@boh.com