Bank of Hawaii Corporation First Quarter 2020 Financial Results

Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.87 for the first quarter of 2020, a decrease from diluted earnings per share of $1.45 in the previous quarter and $1.43 in the same quarter last year. Net income for the first quarter of 2020 was $34.7 million compared with net income of $58.1 million in the fourth quarter of 2019 and $58.8 million in the first quarter of 2019. The decrease from the previous quarter is the result of an increased provision expense of $33.6 million compared with $4.8 million in the previous quarter and $3.0 million in the first quarter last year. The increase in the provision was related to changes in economic conditions driven by the impact of COVID-19 and considered the effect of significantly slower economic growth and higher unemployment in Hawaii partially offset by the benefits of government stimulus programs.

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"We were pleased with our overall financial performance during the first quarter of 2020 despite the challenges related to COVID-19," said Peter S. Ho, Chairman, President, and CEO. “Our strong balance sheet includes a high-quality securities portfolio, good asset quality, high levels of liquidity, and a solid capital base that will allow us to provide the financial support to our customers and community needed to emerge from the COVID-19 crisis.”

The return on average assets for the first quarter of 2020 was 0.77 percent compared with 1.29 percent during the previous quarter and 1.38 percent in the same quarter last year. The return on average equity for the first quarter of 2020 was 10.64 percent compared with 17.84 percent in the fourth quarter of 2019 and 18.81 percent in the first quarter of 2019.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2020 was $126.3 million, an increase of $2.1 million from $124.2 million in the fourth quarter of 2019 and up $0.5 million from $125.8 million in the first quarter of 2019. The net interest margin was 2.96 percent for the first quarter of 2020, up 1 basis point compared with 2.95 percent in the previous quarter and down 16 basis points from 3.12 percent in 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 2020 included a provision for credit losses of $33.6 million. The provision under CECL is reflective of the Company’s credit risk profile and the future economic outlook and forecasts. Upon adoption of CECL, the Company recorded a $1.7 million decrease to the allowance for loan and lease losses on January 1, 2020 that reflected a generally stable asset quality and economic outlook. At that time, the COVID-19 pandemic was not yet estimated to have the significant impact that ultimately transpired in the latter half of the current quarter.

Noninterest income was $46.1 million in the first quarter of 2020, a decrease of $1.6 million compared with $47.7 million in the fourth quarter of 2019 and an increase of $2.4 million compared with $43.7 million in the first quarter of 2019. There were no significant items in noninterest income during the first quarter of 2020. Noninterest income in the fourth quarter of 2019 included a gain of $3.8 million related to the early buyout of a leveraged lease. Noninterest income in the first quarter of 2019 included a $1.4 million commission related to insurance products offered through a third-party administrator. Adjusted for significant items, the increase in noninterest income compared with the fourth quarter of 2019 and the first quarter last year was largely due to significant growth in customer derivative activity.

Noninterest expense was $96.3 million in the first quarter of 2020, an increase of $3.2 million compared with $93.1 million in the fourth quarter of 2019 and an increase of $3.2 million from $93.1 million in the same quarter last year. Noninterest expense in the first quarter of 2020 included seasonal payroll expenses of approximately $3.1 million and severance expenses of $4.7 million that were partially offset by the elimination of corporate incentive accruals. There were no significant items in noninterest expense during the fourth quarter of 2019. Noninterest expense in the first quarter of 2019 included seasonal payroll expenses of approximately $2.7 million. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The efficiency ratio during the first quarter of 2020 was 55.96 percent compared with 54.26 percent in the previous quarter and 55.22 percent in the same quarter last year.

The effective tax rate for the first quarter of 2020 was 17.68 percent compared with 21.15 percent in the previous quarter and 18.85 percent during the same quarter last year. There were no significant items impacting the tax rate during the first quarter of 2020 or the fourth quarter of 2019. The first quarter of 2019 included tax benefits of $1.9 million related to a commercial customer’s exercise of an early-buy-out option on a leveraged lease.

The Company’s business segments are defined as Consumer Banking, Commercial Banking, 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 is included in Table 13.

Asset Quality

The Company’s asset quality remained stable during the first quarter of 2020. Total non-performing assets were $20.6 million at March 31, 2020, compared with $20.1 million at December 31, 2019 and $17.9 million at March 31, 2019. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.18 percent at the end of the first quarter of 2020, compared with 0.18 percent at the end of the fourth quarter of 2019 and 0.17 percent at the end of the first quarter last year.

Accruing loans and leases past due 90 days or more were $8.5 million at March 31, 2020, compared with $8.4 million at December 31, 2019 and $6.1 million at March 31, 2019. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $61.4 million at March 31, 2019 compared with $63.1 million at December 31, 2019 and $48.6 million at March 31, 2019. 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 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $7.2 million during the quarter were partially offset by recoveries of $3.4 million. Net charge-offs during the fourth quarter of 2019 were $3.7 million or 0.13 percent annualized of total average loans and leases outstanding and were comprised of $6.2 million in charge-offs partially offset by recoveries of $2.6 million. Net charge-offs during the first quarter of 2019 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and were comprised of $6.8 million in charge-offs partially offset by recoveries of $3.2 million.

The allowance for credit losses was $138.2 million at March 31, 2020, an increase from $110.0 million at December 31, 2019 and $106.0 million at March 31, 2019. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.22 percent at March 31, 2020 compared with 1.00 percent at December 31, 2019 and 1.01 percent at March 31, 2019. The reserve for unfunded commitments was $3.3 million at March 31, 2020 compared with $6.8 million at December 31, 2019 and at March 31, 2019. Details of loan and lease charge-offs, recoveries, and components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to $18.54 billion at March 31, 2020 compared with $18.10 billion at December 31, 2019 and $17.45 billion at March 31, 2019. Average total assets were $18.22 billion during the first quarter of 2020, an increase from $17.82 billion during the fourth quarter of 2019 and $17.24 billion in the first quarter of 2019.

The investment securities portfolio was $5.69 billion at March 31, 2020 compared with $5.66 billion at December 31, 2019 and $5.53 billion at March 31, 2019. The portfolio at March 31, 2020 remains largely comprised of securities issued by U.S. government agencies and includes $3.00 billion in securities held to maturity and $2.68 billion in securities available for sale.

Total loans and leases were $11.35 billion at March 31, 2020, an increase of 3.3 percent from $10.99 billion at December 31, 2019 and up 7.6 percent from $10.55 billion at March 31, 2019. Average total loans were $11.06 billion during the first quarter of 2020, an increase from $10.88 billion during the fourth quarter of 2019 and $10.47 billion in the first quarter of 2019.

The commercial portfolio grew to $4.53 billion at the end of the first quarter of 2020, an increase of 7.5 percent from $4.21 billion at the end of the fourth quarter of 2019 and up 13.3 percent from $4.00 billion at the end of the first quarter last year. Consumer loans grew to $6.82 billion at March 31, 2020, an increase of 0.7 percent from $6.78 billion at the end of the fourth quarter of 2019 and up 4.2 percent from consumer loans of $6.55 billion at the end of the first quarter last year.

Total deposits were $16.06 billion at March 31, 2020, an increase of 1.7 percent from $15.78 billion at December 31, 2019 and up 5.2 percent from total deposits of $15.27 billion at March 31, 2019. Average total deposits were $15.82 billion during the first quarter of 2020, an increase from $15.44 billion during the fourth quarter of 2019 and $14.97 billion in the first quarter of 2019.

Consumer deposits increased to $8.29 billion at March 31, 2020, an increase of 2.2 percent from $8.12 billion at the end of the fourth quarter of 2019 and up 4.4 percent from $7.94 billion at the end of the first quarter last year. Commercial deposits increased to $6.36 billion at the end of the first quarter of 2020, an increase of 0.5 percent from $6.32 billion at the end of the fourth quarter of 2019 and up 3.2 percent from $6.16 billion at the end of the first quarter last year. Other deposits, including public funds, were $1.40 billion at March 31, 2020, an increase of 4.5 percent from $1.34 billion at December 31, 2019 and up 20.8 percent from $1.16 billion at March 31, 2019. Deposit balances are summarized in Tables 7 and 10.

Total shareholders’ equity was $1.33 billion at March 31, 2020, up from $1.29 billion at December 31, 2019 and up from $1.27 billion at March 31, 2019. The Tier 1 Capital Ratio was 11.85 percent at March 31, 2020 compared with 12.18 percent at December 31, 2019 and 12.75 percent at March 31, 2019. The Tier 1 Leverage Ratio at March 31, 2020 was 7.14 percent compared with 7.25 percent at December 31, 2019 and 7.46 percent at March 31, 2019.

During the first quarter of 2020, the Company repurchased 156.4 thousand shares of common stock at a total cost of $14.0 million under its share repurchase program. The average cost was $89.32 per share repurchased. Due to the uncertainty related to the COVID-19 pandemic, the Company temporarily suspended the share repurchase program on March 17, 2020. From the beginning of the share repurchase program initiated during July 2001 through March 16, 2020, the Company has repurchased 57.1 million shares and returned over $2.3 billion to shareholders at an average cost of $40.51 per share. Remaining buyback authority under the share repurchase program was $113.1 million at March 31, 2020.

The Company’s Board of Directors declared a quarterly cash dividend of $0.67 per share on the Company’s outstanding shares. The dividend will be payable on June 12, 2020 to shareholders of record at the close of business on May 29, 2020.

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 conference call will be accessible via teleconference and the call and presentation materials will be available via the investor relations link of Bank of Hawaii Corporation's website, www.boh.com. The toll-free number is 1 [phone] in the United States and Canada and 1 [phone] for other 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 20, 2020. The replay number is 1 [phone] in the United States and Canada and 1 [phone] from other international locations. Enter the conference ID 4256888 when prompted. In addition, a replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release including supplemental materials 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, 2019, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii 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 website, 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)		2020				2019				2019
For the Period:
Operating Results
Net Interest Income		$	125,966			$	123,885			$	124,837
Provision for Credit Losses			33,600				4,750				3,000
Total Noninterest Income			46,149				47,702				43,679
Total Noninterest Expense			96,312				93,096				93,057
Net Income			34,742				58,143				58,799
Basic Earnings Per Share			0.88				1.46				1.44
Diluted Earnings Per Share			0.87				1.45				1.43
Dividends Declared Per Share			0.67				0.67				0.62
Performance Ratios
Return on Average Assets			0.77	%			1.29	%			1.38	%
Return on Average Shareholders' Equity			10.64				17.84				18.81
Efficiency Ratio 1			55.96				54.26				55.22
Net Interest Margin 2			2.96				2.95				3.12
Dividend Payout Ratio 3			76.14				45.89				43.06
Average Shareholders' Equity to Average Assets			7.21				7.26				7.35
Average Balances
Average Loans and Leases		$	11,060,707			$	10,878,672			$	10,467,321
Average Assets			18,222,602				17,821,004				17,236,059
Average Deposits			15,817,745				15,441,097				14,971,404
Average Shareholders' Equity			1,313,848				1,292,930				1,267,438
Per Share of Common Stock
Book Value		$	33.20			$	32.14			$	30.91
Tangible Book Value			32.41				31.35				30.14
Market Value
Closing			54.91				95.16				78.87
High			95.53				95.68				83.94
Low			46.70				81.29				66.54
		March 31,				December 31,				March 31,
		2020				2019				2019
As of Period End:
Balance Sheet Totals
Loans and Leases		$	11,352,780			$	10,990,892			$	10,548,609
Total Assets			18,542,233				18,095,496				17,446,413
Total Deposits			16,055,361				15,784,482				15,267,310
Other Debt			60,545				85,565				110,624
Total Shareholders' Equity			1,327,929				1,286,832				1,269,690
Asset Quality
Non-Performing Assets		$	20,604			$	20,117			$	17,925
Allowance for Credit Losses			138,150				110,027				106,023
Allowance to Loans and Leases Outstanding			1.22	%			1.00	%			1.01	%
Capital Ratios 4
Common Equity Tier 1 Capital Ratio			11.85	%			12.18	%			12.75	%
Tier 1 Capital Ratio			11.85				12.18				12.75
Total Capital Ratio			13.10				13.28				13.87
Tier 1 Leverage Ratio			7.14				7.25				7.46
Total Shareholders' Equity to Total Assets			7.16				7.11				7.28
Tangible Common Equity to Tangible Assets 5			7.00				6.95				7.11
Tangible Common Equity to Risk-Weighted Assets 5			11.85				11.85				12.28
Non-Financial Data
Full-Time Equivalent Employees			2,094				2,124				2,112
Branches			67				68				69
ATMs			382				387				385

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 The Company has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the US banking agencies’ March 2020 interim final rule.

5 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."

Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures										Table 2
		March 31,				December 31,				March 31,
(dollars in thousands)		2020				2019				2019
Total Shareholders' Equity		$	1,327,929			$	1,286,832			$	1,269,690
Less:Goodwill			31,517				31,517				31,517
Tangible Common Equity		$	1,296,412			$	1,255,315			$	1,238,173
Total Assets		$	18,542,233			$	18,095,496			$	17,446,413
Less:Goodwill			31,517				31,517				31,517
Tangible Assets		$	18,510,716			$	18,063,979			$	17,414,896
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements		$	10,941,909			$	10,589,061			$	10,079,858
Total Shareholders' Equity to Total Assets			7.16	%			7.11	%			7.28	%
Tangible Common Equity to Tangible Assets (Non-GAAP)			7.00	%			6.95	%			7.11	%
Tier 1 Capital Ratio			11.85	%			12.18	%			12.75	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)			11.85	%			11.85	%			12.28	%

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)		2020				2019				2019
Interest Income
Interest and Fees on Loans and Leases		$	108,210			$	109,223			$	108,511
Income on Investment Securities
Available-for-Sale			16,711				16,158				13,432
Held-to-Maturity			19,252				18,750				21,921
Deposits			9				8				15
Funds Sold			546				723				1,444
Other			218				239				319
Total Interest Income			144,946				145,101				145,642
Interest Expense
Deposits			14,260				16,407				15,284
Securities Sold Under Agreements to Repurchase			4,025				4,071				4,571
Funds Purchased			72				25				157
Short-Term Borrowings			39				-				36
Other Debt			584				713				757
Total Interest Expense			18,980				21,216				20,805
Net Interest Income			125,966				123,885				124,837
Provision for Credit Losses			33,600				4,750				3,000
Net Interest Income After Provision for Credit Losses			92,366				119,135				121,837
Noninterest Income
Trust and Asset Management			10,915				11,157				10,761
Mortgage Banking			2,695				3,199				2,287
Service Charges on Deposit Accounts			7,451				7,835				7,364
Fees, Exchange, and Other Service Charges			13,200				14,533				14,208
Investment Securities Gains (Losses), Net			(970	)			(906	)			(835	)
Annuity and Insurance			928				1,272				2,578
Bank-Owned Life Insurance			1,580				1,879				1,710
Other			10,350				8,733				5,606
Total Noninterest Income			46,149				47,702				43,679
Noninterest Expense
Salaries and Benefits			54,463				51,664				56,586
Net Occupancy			8,955				8,824				7,594
Net Equipment			8,456				7,930				6,833
Data Processing			4,788				4,828				4,526
Professional Fees			3,208				3,257				2,453
FDIC Insurance			1,456				1,376				1,269
Other			14,986				15,217				13,796
Total Noninterest Expense			96,312				93,096				93,057
Income Before Provision for Income Taxes			42,203				73,741				72,459
Provision for Income Taxes			7,461				15,598				13,660
Net Income		$	34,742			$	58,143			$	58,799
Basic Earnings Per Share		$	0.88			$	1.46			$	1.44
Diluted Earnings Per Share		$	0.87			$	1.45			$	1.43
Dividends Declared Per Share		$	0.67			$	0.67			$	0.62
Basic Weighted Average Shares			39,681,611				39,880,619				40,938,318
Diluted Weighted Average Shares			39,916,986				40,179,016				41,213,453

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)		2020			2019				2019
Net Income		$	34,742		$	58,143			$	58,799
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities			41,559			(5,856	)			6,919
Defined Benefit Plans			374			(3,482	)			246
Other Comprehensive Income (Loss)			41,933			(9,338	)			7,165
Comprehensive Income		$	76,675		$	48,805			$	65,964

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
		March 31,				December 31,				March 31,
(dollars in thousands)		2020				2019				2019
Assets
Interest-Bearing Deposits in Other Banks		$	6,346			$	4,979			$	3,550
Funds Sold			96,898				254,574				243,867
Investment Securities
Available-for-Sale			2,681,049				2,619,003				1,859,256
Held-to-Maturity (Fair Value of $3,104,020; $3,062,882; and $3,637,496)			3,004,139				3,042,294				3,668,811
Loans Held for Sale			20,789				39,062				17,909
Loans and Leases			11,352,780				10,990,892				10,548,609
Allowance for Credit Losses			(138,150	)			(110,027	)			(106,023	)
Net Loans and Leases			11,214,630				10,880,865				10,442,586
Total Earning Assets			17,023,851				16,840,777				16,235,979
Cash and Due from Banks			453,465				299,105				293,871
Premises and Equipment, Net			196,228				188,388				159,344
Operating Lease Right-of-Use Assets			98,695				100,838				104,166
Accrued Interest Receivable			46,996				46,476				52,820
Foreclosed Real Estate			2,506				2,737				3,225
Mortgage Servicing Rights			22,537				25,022				24,149
Goodwill			31,517				31,517				31,517
Bank-Owned Life Insurance			289,536				287,962				285,155
Other Assets			376,902				272,674				256,187
Total Assets		$	18,542,233			$	18,095,496			$	17,446,413
Liabilities
Deposits
Noninterest-Bearing Demand		$	4,378,918			$	4,489,525			$	4,595,915
Interest-Bearing Demand			3,261,101				3,127,205				2,961,444
Savings			6,670,530				6,365,321				5,946,881
Time			1,744,812				1,802,431				1,763,070
Total Deposits			16,055,361				15,784,482				15,267,310
Funds Purchased			75,000				-				-
Short-Term Borrowings			75,000				-				-
Securities Sold Under Agreements to Repurchase			603,206				604,306				504,299
Other Debt			60,545				85,565				110,624
Operating Lease Liabilities			106,180				108,210				111,230
Retirement Benefits Payable			44,124				44,504				40,343
Accrued Interest Payable			7,932				8,040				8,474
Taxes Payable and Deferred Taxes			32,793				16,085				29,935
Other Liabilities			154,163				157,472				104,508
Total Liabilities			17,214,304				16,808,664				16,176,723
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2020 - 58,251,725 / 39,996,510;
December 31, 2019 - 58,166,910 / 40,039,695;
and March 31, 2019 - 58,166,535 / 41,078,688)			579				579				578
Capital Surplus			584,392				582,566				574,594
Accumulated Other Comprehensive Loss			10,821				(31,112	)			(43,878	)
Retained Earnings			1,773,607				1,761,415				1,674,264
Treasury Stock, at Cost (Shares: March 31, 2020 - 18,255,215;
December 31, 2019 - 18,127,215; and March 31, 2019 - 17,087,847)			(1,041,470	)			(1,026,616	)			(935,868	)
Total Shareholders' Equity			1,327,929				1,286,832				1,269,690
Total Liabilities and Shareholders' Equity		$	18,542,233			$	18,095,496			$	17,446,413

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, 2019		40,039,695			$	579		$	582,566		$	(31,112	)		$	1,761,415			$	(1,026,616	)		$	1,286,832
Net Income		-				-			-			-				34,742				-				34,742
Other Comprehensive Income		-				-			-			41,933				-				-				41,933
Cumulative Change in Accounting Principle		-				-			-			-				3,632				-				3,632
Share-Based Compensation		-				-			1,497			-				-				-				1,497
Common Stock Issued under Purchase and Equity
Compensation Plans		154,091				-			329			-				653				2,779				3,761
Common Stock Repurchased		(197,276	)			-			-			-				-				(17,633	)			(17,633	)
Cash Dividends Declared ($0.67 per share)		-				-			-			-				(26,835	)			-				(26,835	)
Balance as of March 31, 2020		39,996,510			$	579		$	584,392		$	10,821			$	1,773,607			$	(1,041,470	)		$	1,327,929
Balance as of December 31, 2018		41,499,898			$	577		$	571,704		$	(51,043	)		$	1,641,314			$	(894,352	)		$	1,268,200
Net Income		-				-			-			-				58,799				-				58,799
Other Comprehensive Income		-				-			-			7,165				-				-				7,165
Share-Based Compensation		-				-			2,274			-				-				-				2,274
Common Stock Issued under Purchase and Equity
Compensation Plans		131,529				1			616			-				(203	)			1,673				2,087
Common Stock Repurchased		(552,739	)			-			-			-				-				(43,189	)			(43,189	)
Cash Dividends Declared ($0.62 per share)		-				-			-			-				(25,646	)			-				(25,646	)
Balance as of March 31, 2019		41,078,688			$	578		$	574,594		$	(43,878	)		$	1,674,264			$	(935,868	)		$	1,269,690

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, 2020									December 31, 2019									March 31, 2019
		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		$	1.4		$	-		2.36	%		$	3.4		$	-		0.90	%		$	3.0		$	-		2.05	%
Funds Sold			152.8			0.6		1.41				177.7			0.7		1.59				241.6			1.5		2.39
Investment Securities
Available-for-Sale
Taxable			2,702.4			16.4		2.43				2,578.3			15.9		2.46				1,595.8			11.5		2.90
Non-Taxable			32.4			0.4		4.40				33.4			0.4		4.35				279.1			2.4		3.45
Held-to-Maturity
Taxable			3,036.2			18.9		2.50				2,994.7			18.4		2.46				3,373.5			20.5		2.43
Non-Taxable			54.7			0.4		2.67				61.7			0.4		2.70				234.1			1.8		3.15
Total Investment Securities			5,825.7			36.1		2.48				5,668.1			35.1		2.47				5,482.5			36.2		2.65
Loans Held for Sale			23.2			0.2		3.54				31.0			0.3		3.67				12.4			0.1		4.35
Loans and Leases 1
Commercial and Industrial			1,409.3			13.2		3.77				1,356.1			13.3		3.90				1,357.8			15.3		4.57
Commercial Mortgage			2,549.4			25.1		3.96				2,479.7			25.5		4.08				2,310.4			24.9		4.36
Construction			213.2			2.5		4.65				179.1			2.1		4.73				150.4			1.9		5.08
Commercial Lease Financing			111.4			0.5		1.95				135.4			0.8		2.38				160.9			0.9		2.28
Residential Mortgage			3,895.4			36.9		3.79				3,850.4			36.7		3.81				3,680.2			35.5		3.86
Home Equity			1,680.2			15.2		3.64				1,683.4			15.7		3.70				1,690.0			16.1		3.87
Automobile			721.0			6.4		3.56				715.2			6.5		3.59				668.2			6.0		3.66
Other 2			480.8			8.4		7.06				479.4			8.5		7.02				449.4			7.9		7.13
Total Loans and Leases			11,060.7			108.2		3.93				10,878.7			109.1		3.99				10,467.3			108.5		4.18
Other			34.3			0.2		2.54				34.9			0.2		2.74				35.5			0.3		3.60
Total Earning Assets 3			17,098.1			145.3		3.41				16,793.8			145.4		3.45				16,242.3			146.6		3.64
Cash and Due from Banks			278.8									222.2									240.8
Other Assets			845.7									805.0									753.0
Total Assets		$	18,222.6								$	17,821.0								$	17,236.1
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	3,110.0			1.0		0.12			$	2,990.3			1.0		0.14			$	2,939.9			1.5		0.20
Savings			6,502.4			7.1		0.44				6,245.0			8.0		0.51				5,760.8			6.7		0.47
Time			1,743.0			6.2		1.43				1,842.3			7.4		1.59				1,703.4			7.1		1.69
Total Interest-Bearing Deposits			11,355.4			14.3		0.51				11,077.6			16.4		0.59				10,404.1			15.3		0.60
Short-Term Borrowings			57.8			0.1		0.76				5.8			-		1.66				31.1			0.2		2.49
Securities Sold Under Agreements to Repurchase			604.1			4.0		2.64				604.3			4.1		2.64				504.3			4.6		3.63
Other Debt			66.9			0.6		3.51				106.2			0.7		2.67				120.0			0.7		2.55
Total Interest-Bearing Liabilities			12,084.2			19.0		0.63				11,793.9			21.2		0.71				11,059.5			20.8		0.76
Net Interest Income					$	126.3								$	124.2								$	125.8
Interest Rate Spread								2.78	%								2.74	%								2.88	%
Net Interest Margin								2.96	%								2.95	%								3.12	%
Noninterest-Bearing Demand Deposits			4,462.3									4,363.5									4,567.3
Other Liabilities			362.3									370.7									341.9
Shareholders' Equity			1,313.8									1,292.9									1,267.4
Total Liabilities and Shareholders' Equity		$	18,222.6								$	17,821.0								$	17,236.1

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 21%, of $357,000, $352,000, and $981,000 for the three months ended March 31, 2020, December 31, 2019, and March 31, 2019, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis												Table 8a
		Three Months Ended March 31, 2020
		Compared to December 31, 2019
(dollars in millions)		Volume 1					Rate 1					Total
Change in Interest Income:
Funds Sold		$		(0.1	)		$		-			$		(0.1	)
Investment Securities
Available-for-Sale
Taxable				0.7					(0.2	)				0.5
Held-to-Maturity
Taxable				0.2					0.3					0.5
Total Investment Securities				0.9					0.1					1.0
Loans Held for Sale				(0.1	)				-					(0.1	)
Loans and Leases
Commercial and Industrial				0.4					(0.5	)				(0.1	)
Commercial Mortgage				0.5					(0.9	)				(0.4	)
Construction				0.4					-					0.4
Commercial Lease Financing				(0.1	)				(0.2	)				(0.3	)
Residential Mortgage				0.5					(0.3	)				0.2
Home Equity				(0.1	)				(0.4	)				(0.5	)
Automobile				-					(0.1	)				(0.1	)
Other 2				-					(0.1	)				(0.1	)
Total Loans and Leases				1.6					(2.5	)				(0.9	)
Total Change in Interest Income				2.3					(2.4	)				(0.1	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand				0.1					(0.1	)				-
Savings				0.3					(1.2	)				(0.9	)
Time				(0.4	)				(0.8	)				(1.2	)
Total Interest-Bearing Deposits				-					(2.1	)				(2.1	)
Short-Term Borrowings				0.1					-					0.1
Securities Sold Under Agreements to Repurchase				(0.1	)				-					(0.1	)
Other Debt				(0.3	)				0.2					(0.1	)
Total Change in Interest Expense				(0.3	)				(1.9	)				(2.2	)
Change in Net Interest Income		$		2.6			$		(0.5	)		$		2.1

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, 2020
		Compared to March 31, 2019
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	(0.4	)		$	(0.5	)		$	(0.9	)
Investment Securities
Available-for-Sale
Taxable			7.0				(2.1	)			4.9
Non-Taxable			(2.5	)			0.5				(2.0	)
Held-to-Maturity
Taxable			(2.2	)			0.6				(1.6	)
Non-Taxable			(1.2	)			(0.2	)			(1.4	)
Total Investment Securities			1.1				(1.2	)			(0.1	)
Loans Held for Sale			0.1				-				0.1
Loans and Leases
Commercial and Industrial			0.6				(2.7	)			(2.1	)
Commercial Mortgage			2.5				(2.3	)			0.2
Construction			0.8				(0.2	)			0.6
Commercial Lease Financing			(0.3	)			(0.1	)			(0.4	)
Residential Mortgage			2.1				(0.7	)			1.4
Home Equity			(0.1	)			(0.8	)			(0.9	)
Automobile			0.5				(0.1	)			0.4
Other 2			0.6				(0.1	)			0.5
Total Loans and Leases			6.7				(7.0	)			(0.3	)
Other			-				(0.1	)			(0.1	)
Total Change in Interest Income			7.5				(8.8	)			(1.3	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand			0.1				(0.6	)			(0.5	)
Savings			0.9				(0.5	)			0.4
Time			0.2				(1.1	)			(0.9	)
Total Interest-Bearing Deposits			1.2				(2.2	)			(1.0	)
Short-Term Borrowings			0.1				(0.2	)			(0.1	)
Securities Sold Under Agreements to Repurchase			0.8				(1.4	)			(0.6	)
Other Debt			(0.4	)			0.3				(0.1	)
Total Change in Interest Expense			1.7				(3.5	)			(1.8	)
Change in Net Interest Income		$	5.8			$	(5.3	)		$	0.5

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)		2020			2020			2019
Salaries		$	33,486		$	33,465		$	32,480
Incentive Compensation			245			4,864			5,904
Share-Based Compensation			1,291			1,475			3,079
Commission Expense			1,374			2,080			930
Retirement and Other Benefits			4,706			4,279			5,107
Payroll Taxes			4,543			2,386			4,247
Medical, Dental, and Life Insurance			4,142			2,903			4,465
Separation Expense			4,676			212			374
Total Salaries and Benefits		$	54,463		$	51,664		$	56,586

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)		2020			2019			2019			2019			2019
Commercial
Commercial and Industrial		$	1,558,232		$	1,379,152		$	1,361,011		$	1,408,729		$	1,331,345
Commercial Mortgage			2,616,243			2,518,051			2,477,296			2,411,289			2,381,213
Construction			245,390			194,170			154,754			119,228			132,775
Lease Financing			110,704			122,454			163,672			163,070			154,919
Total Commercial			4,530,569			4,213,827			4,156,733			4,102,316			4,000,252
Consumer
Residential Mortgage			3,928,183			3,891,100			3,846,511			3,785,006			3,702,553
Home Equity			1,692,154			1,676,073			1,681,951			1,694,577			1,698,666
Automobile			716,214			720,286			713,424			703,523			676,730
Other 1			485,660			489,606			482,679			473,707			470,408
Total Consumer			6,822,211			6,777,065			6,724,565			6,656,813			6,548,357
Total Loans and Leases		$	11,352,780		$	10,990,892		$	10,881,298		$	10,759,129		$	10,548,609
Deposits
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2020			2019			2019			2019			2019
Consumer		$	8,294,464		$	8,118,494		$	7,893,454		$	7,880,284		$	7,944,793
Commercial			6,358,583			6,324,214			6,153,492			6,178,984			6,162,042
Public and Other			1,402,314			1,341,774			1,293,806			1,429,553			1,160,475
Total Deposits		$	16,055,361		$	15,784,482		$	15,340,752		$	15,488,821		$	15,267,310

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)		2020				2019				2019				2019				2019
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial		$	634			$	830			$	573			$	552			$	393
Commercial Mortgage			9,048				9,244				11,088				11,310				5,911
Total Commercial			9,682				10,074				11,661				11,862				6,304
Consumer
Residential Mortgage			4,330				4,125				4,258				4,697				5,599
Home Equity			4,086				3,181				2,787				2,486				2,797
Total Consumer			8,416				7,306				7,045				7,183				8,396
Total Non-Accrual Loans and Leases			18,098				17,380				18,706				19,045				14,700
Foreclosed Real Estate			2,506				2,737				2,939				2,737				3,225
Total Non-Performing Assets		$	20,604			$	20,117			$	21,645			$	21,782			$	17,925
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial		$	-			$	-			$	81			$	-			$	66
Total Commercial			-				-				81				-				66
Consumer
Residential Mortgage			3,024				1,839				2,032				1,859				903
Home Equity			3,426				4,125				2,320				2,981				3,381
Automobile			866				949				582				607				734
Other 1			1,205				1,493				1,076				963				1,033
Total Consumer			8,521				8,406				6,010				6,410				6,051
Total Accruing Loans and Leases Past Due 90 Days or More		$	8,521			$	8,406			$	6,091			$	6,410			$	6,117
Restructured Loans on Accrual Status
and Not Past Due 90 Days or More		$	61,425			$	63,103			$	46,178			$	48,563			$	48,571
Total Loans and Leases		$	11,352,780			$	10,990,892			$	10,881,298			$	10,759,129			$	10,548,609
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases			0.16	%			0.16	%			0.17	%			0.18	%			0.14	%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate			0.18	%			0.18	%			0.20	%			0.20	%			0.17	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and
Leases and Commercial Foreclosed Real Estate			0.21	%			0.24	%			0.28	%			0.29	%			0.16	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate			0.16	%			0.15	%			0.15	%			0.15	%			0.18	%
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			0.26	%			0.26	%			0.25	%			0.26	%			0.23	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter			20,117			$	21,645			$	21,782			$	17,925			$	12,930
Additions			1,754				883				1,035				6,186				8,217
Reductions
Payments			(315	)			(495	)			(984	)			(441	)			(989	)
Return to Accrual Status			(437	)			(1,673	)			-				(1,344	)			(316	)
Sales of Foreclosed Real Estate			(231	)			(201	)			-				(374	)			-
Charge-offs/Write-downs			(284	)			(42	)			(188	)			(170	)			(1,917	)
Total Reductions			(1,267	)			(2,411	)			(1,172	)			(2,329	)			(3,222	)
Balance at End of Quarter		$	20,604			$	20,117			$	21,645			$	21,782			$	17,925

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)		2020				2019				2019
Balance at Beginning of Period		$	116,849			$	115,758			$	113,515
CECL Adoption (Day 1) Impact			(5,072	)			-				-
Loans and Leases Charged-Off
Commercial
Commercial and Industrial			(693	)			(307	)			(370	)
Commercial Mortgage			-				-				(1,616	)
Consumer
Residential Mortgage			(20	)			(50	)			(4	)
Home Equity			-				(245	)			(295	)
Automobile			(2,500	)			(1,990	)			(1,753	)
Other 1			(3,964	)			(3,651	)			(2,790	)
Total Loans and Leases Charged-Off			(7,177	)			(6,243	)			(6,828	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial			289				293				501
Commercial Mortgage			40				-				-
Consumer
Residential Mortgage			263				699				484
Home Equity			976				577				588
Automobile			1,005				512				881
Other 1			864				503				704
Total Recoveries on Loans and Leases Previously Charged-Off			3,437				2,584				3,158
Net Loans and Leases Charged-Off			(3,740	)			(3,659	)			(3,670	)
Provision for Credit Losses			33,600				4,750				3,000
Provision for Unfunded Commitments			(170	)			-				-
Balance at End of Period 2		$	141,467			$	116,849			$	112,845
Components
Allowance for Credit Losses		$	138,150			$	110,027			$	106,023
Reserve for Unfunded Commitments			3,317				6,822				6,822
Total Reserve for Credit Losses		$	141,467			$	116,849			$	112,845
Average Loans and Leases Outstanding		$	11,060,707			$	10,878,672			$	10,467,321
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)			0.14	%			0.13	%			0.14	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding			1.22	%			1.00	%			1.01	%

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
		Consumer				Commercial				Treasury				Consolidated
(dollars in thousands)		Banking				Banking				and Other				Total
Three Months Ended March 31, 2020
Net Interest Income		$	73,661			$	45,986			$	6,319			$	125,966
Provision for Credit Losses			3,545				290				29,765				33,600
Net Interest Income After Provision for Credit Losses			70,116				45,696				(23,446	)			92,366
Noninterest Income			32,590				11,735				1,824				46,149
Noninterest Expense			(70,900	)			(17,298	)			(8,114	)			(96,312	)
Income Before Provision for Income Taxes			31,806				40,133				(29,736	)			42,203
Provision for Income Taxes			(7,984	)			(9,760	)			10,283				(7,461	)
Net Income		$	23,822			$	30,373			$	(19,453	)		$	34,742
Total Assets as of March 31, 2020		$	7,385,185			$	4,584,040			$	6,573,008			$	18,542,233
Three Months Ended March 31, 2019 1
Net Interest Income		$	76,352			$	47,290			$	1,195			$	124,837
Provision for Credit Losses			2,224				1,446				(670	)			3,000
Net Interest Income After Provision for Credit Losses			74,128				45,844				1,865				121,837
Noninterest Income			34,478				7,061				2,140				43,679
Noninterest Expense			(69,427	)			(20,955	)			(2,675	)			(93,057	)
Income Before Provision for Income Taxes			39,179				31,950				1,330				72,459
Provision for Income Taxes			(9,834	)			(6,002	)			2,176				(13,660	)
Net Income		$	29,345			$	25,948			$	3,506			$	58,799
Total Assets as of March 31, 2019 1		$	6,796,106			$	4,004,176			$	6,646,131			$	17,446,413

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

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data																						Table 14
		Three Months Ended
		March 31,					December 31,					September 30,					June 30,					March 31,
(dollars in thousands, except per share amounts)		2020					2019					2019					2019					2019
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases		$	108,210				$	109,223				$	110,877				$	110,401				$	108,511
Income on Investment Securities
Available-for-Sale			16,711					16,158					17,512					15,072					13,432
Held-to-Maturity			19,252					18,750					18,796					22,149					21,921
Deposits			9					8					9					9					15
Funds Sold			546					723					656					730					1,444
Other			218					239					233					210					319
Total Interest Income			144,946					145,101					148,083					148,571					145,642
Interest Expense
Deposits			14,260					16,407					18,055					18,628					15,284
Securities Sold Under Agreements to Repurchase			4,025					4,071					4,257					4,623					4,571
Funds Purchased			72					25					146					512					157
Short-Term Borrowings			39					-					1					1					36
Other Debt			584					713					728					710					757
Total Interest Expense			18,980					21,216					23,187					24,474					20,805
Net Interest Income			125,966					123,885					124,896					124,097					124,837
Provision for Credit Losses			33,600					4,750					4,250					4,000					3,000
Net Interest Income After Provision for Credit Losses			92,366					119,135					120,646					120,097					121,837
Noninterest Income
Trust and Asset Management			10,915					11,157					10,930					11,385					10,761
Mortgage Banking			2,695					3,199					4,864					3,336					2,287
Service Charges on Deposit Accounts			7,451					7,835					7,592					7,283					7,364
Fees, Exchange, and Other Service Charges			13,200					14,533					14,900					14,252					14,208
Investment Securities Gains (Losses), Net			(970	)				(906	)				(1,469	)				(776	)				(835	)
Annuity and Insurance			928					1,272					1,278					1,806					2,578
Bank-Owned Life Insurance			1,580					1,879					1,647					1,779					1,710
Other			10,350					8,733					6,765					6,385					5,606
Total Noninterest Income			46,149					47,702					46,507					45,450					43,679
Noninterest Expense
Salaries and Benefits			54,463					51,664					54,345					53,511					56,586
Net Occupancy			8,955					8,824					8,803					8,579					7,594
Net Equipment			8,456					7,930					7,637					6,895					6,833
Data Processing			4,788					4,828					4,676					4,727					4,526
Professional Fees			3,208					3,257					2,184					2,177					2,453
FDIC Insurance			1,456					1,376					1,257					1,290					1,269
Other			14,986					15,217					21,447					15,546					13,796
Total Noninterest Expense			96,312					93,096					100,349					92,725					93,057
Income Before Provision for Income Taxes			42,203					73,741					66,804					72,822					72,459
Provision for Income Taxes			7,461					15,598					14,752					15,903					13,660
Net Income		$	34,742				$	58,143				$	52,052				$	56,919				$	58,799
Basic Earnings Per Share		$	0.88				$	1.46				$	1.30				$	1.40				$	1.44
Diluted Earnings Per Share		$	0.87				$	1.45				$	1.29				$	1.40				$	1.43
Balance Sheet Totals
Loans and Leases		$	11,352,780				$	10,990,892				$	10,881,298				$	10,759,129				$	10,548,609
Total Assets			18,542,233					18,095,496					17,672,140					17,688,845					17,446,413
Total Deposits			16,055,361					15,784,482					15,340,752					15,488,821					15,267,310
Total Shareholders' Equity			1,327,929					1,286,832					1,291,490					1,285,948					1,269,690
Performance Ratios
Return on Average Assets			0.77		%			1.29		%			1.17		%			1.31		%			1.38		%
Return on Average Shareholders' Equity			10.64					17.84					16.02					17.97					18.81
Efficiency Ratio 1			55.96					54.26					58.55					54.69					55.22
Net Interest Margin 2			2.96					2.95					3.01					3.04					3.12

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).

2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends																						Table 15
		Two Months Ended						Year Ended
($ in millions; jobs in thousands)		February 29, 2020						December 31, 2019								December 31, 2018
Hawaii Economic Trends
State General Fund Revenues 1		$	1,362.3		15.2	%		$	7,316.5			5.5		%		$	6,933.1				6.9	%
General Excise and Use Tax Revenue 1		$	677.8		5.8	%		$	3,602.2			5.1		%		$	3,426.5				2.3	%
Jobs 2			651.2						648.9								649.9
												January 31,				December 31,
(spot rates)												2020				2019					2018
Unemployment 3
Statewide, seasonally adjusted												2.7		%			2.7		%		2.6	%
Oahu												2.7					2.1				2.2
Island of Hawaii												3.5					2.8				2.9
Maui												2.8					2.2				2.2
Kauai												3.0					2.4				2.3
								March 31,				December 31,
(percentage change, except months of inventory)								2020				2019				2018					2017
Housing Trends (Single Family Oahu) 4
Median Home Price									-	%		(0.1	)	%			4.6		%		2.7	%
Home Sales Volume (units)									11.6	%		3.9		%			(7.7	)	%		6.3	%
Months of Inventory									2.6			2.5					2.8				2.1
								Monthly Visitor Arrivals,								Percentage Change
(in thousands)								Not Seasonally Adjusted								from Previous Year
Tourism 5
February 29, 2020												828.1									5.8
January 31, 2020												862.6									5.1
December 31, 2019												954.3									6.0
November 30, 2019												811.4									4.2
October 31, 2019												800.4									4.8
September 30, 2019												741.3									3.5
August 31, 2019												928.2									9.8
July 31, 2019												997.9									6.2
June 30, 2019												951.6									6.1
May 31, 2019												841.4									4.6
April 30, 2019												856.3									6.6
March 31, 2019												939.1									3.9
February 28, 2019												782.7									0.5
January 31, 2019												820.6									3.0
December 31, 2018												900.2									2.3
November 30, 2018												778.5									3.9
October 31, 2018												763.7									3.5
September 30, 2018												716.1									2.2
August 31, 2018												845.1									3.2
July 31, 2018												939.4									5.3
June 30, 2018												897.1									7.3
May 31, 2018												804.1									7.0
April 30, 2018												803.0									6.6
March 31, 2018												903.6									12.5
February 28, 2018												778.6									10.3
January 31, 2018												796.5									5.4

1 Source: Hawaii Department of Business, Economic Development & Tourism

2 Source: U. S. Bureau of Labor Statistics

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

 

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