119 0 Kommentare Bank of Hawaii Corporation Second Quarter 2020 Financial Results

Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.98 for the second quarter of 2020 compared with diluted earnings per share of $0.87 in the previous quarter and diluted earnings per share of $1.40 in the same quarter last year. Net income for the second quarter of 2020 was $38.9 million compared with net income of $34.7 million in the first quarter of 2020 and net income of $56.9 million in the second quarter of 2019.

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Loan and lease balances increased to $11.8 billion at June 30, 2020, up 4.0 percent from March 31, 2020 and up 9.7 percent compared with June 30, 2019. Total deposits reached a new record high of $17.4 billion at the end of the second quarter of 2020, up 8.5 percent from March 31, 2020 and up 12.5 percent compared with June 30, 2019.

“Bank of Hawaii Corporation continued to perform well in this very challenging environment,” said Peter Ho, Chairman, President and CEO. “Our balance sheet continued to grow while maintaining strong levels of capital and liquidity. Our asset quality remained stable during the quarter and we are well positioned for the future. During the quarter we reopened nine of our branches and our dedicated employees were able to support the needs of our customers and community during this unprecedented period.”

The return on average assets for the second quarter of 2020 was 0.82 percent, up from 0.77 percent in the previous quarter and down from 1.31 percent in the same quarter last year. The return on average equity for the second quarter of 2020 was 11.58 percent, up from 10.64 percent for the first quarter of 2020 and down from 17.97 percent for the second quarter of 2019. The efficiency ratio for the second quarter of 2020 improved to 49.95 percent compared with 55.96 percent in the previous quarter and 54.69 percent in the same quarter last year.

For the six-month period ended June 30, 2020, net income was $73.7 million, down from net income of $115.7 million during the same period last year. Diluted earnings per share were $1.85 for the first half of 2020 compared with diluted earnings per share of $2.82 for the first half of 2019.

The return on average assets for the six-month period ended June 30, 2020 was 0.79 percent compared with the return on average assets of 1.34 percent for the same six months in 2019. The year-to-date return on average equity was 11.11 percent for the first half of 2020 compared with the return on average equity of 18.39 percent for the first half of 2019. The efficiency ratio for the first half of 2020 improved to 52.90 percent compared with 54.95 percent in the same period last year.

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Financial Highlights

Net interest income, on a taxable equivalent basis, for the second quarter of 2020 was $127.0 million, an increase of $0.7 million compared with $126.3 million in the first quarter of 2020 and an increase of $2.3 million compared with $124.7 million in the second quarter of 2019. Net interest income in the second quarter of 2020 included an interest recovery of $2.9 million. Net interest income, on a taxable equivalent basis, for the first half of 2020 was $253.4 million, an increase of $2.9 million compared with net interest income of $250.5 million for the first half of 2019. Analyses of the changes in net interest income are included in Tables 8a, 8b and 8c.

The net interest margin was 2.83 percent for the second quarter of 2020, down 13 basis points from 2.96 percent in the previous quarter and down 21 basis points from the net interest margin of 3.04 percent in the second quarter of 2019. The decrease in the net interest margin is largely due to lower rates and higher levels of liquidity. The net interest margin for the first six months of 2020 was 2.90 percent compared with the net interest margin of 3.08 percent for the same six-month period last year.

Results for the second quarter of 2020 included a provision for credit losses of $40.4 million compared with $33.6 million in the previous quarter and $4.0 million in the same quarter last year. The provision for credit losses during the first half of 2020 was $74.0 million compared with a provision for credit losses of $7.0 million during the same period in 2019.

Noninterest income was $51.3 million in the second quarter of 2020, an increase of $5.2 million compared with $46.1 million in the first quarter of 2020 and an increase of $5.8 million compared with $45.5 million in the second quarter of 2019. Noninterest income during the second quarter of 2020 included a gain of $14.2 million related to a sale of Visa Class B shares. There were no significant items in noninterest income during the first quarter of 2020 or the second quarter of 2019. Adjusted for the sale of the Visa shares, the decline in noninterest income compared to the prior quarter was due to reductions in overdraft and ATM fees and lower customer derivative activity. Noninterest income for the first half of 2020 was $97.4 million, an increase of $8.3 million compared with noninterest income of $89.1 million for the first half of 2019.

Noninterest expense was $88.9 million in the second quarter of 2020, a decrease of $7.4 million compared with $96.3 million in the first quarter of 2020 and a decrease of $3.8 million compared with $92.7 million in the second quarter last year. There were no significant items in noninterest expense during the second quarter of 2020 or the second quarter of 2019. 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. Noninterest expense for the first half of 2020 was $185.2 million, a decrease of $0.6 million compared with noninterest expense of $185.8 million for the first half of 2019. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the second quarter of 2020 was 20.05 percent compared with 17.68 percent in the previous quarter and 21.84 percent in the same quarter last year. The effective tax rate for the first half of 2020 was 18.95 percent compared with an effective tax rate of 20.35 percent during the same period last year.

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 Tables 13a and 13b.

Asset Quality

The Company’s asset quality remained relatively stable during the second quarter of 2020. Total non-performing assets were $22.7 million at June 30, 2020 compared with $20.6 million at March 31, 2020 and $21.8 million at June 30, 2019. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.19 percent at the end of the second quarter of 2020 compared with 0.18 percent at the end of the first quarter of 2020 and 0.20 percent at the end of the second quarter last year.

Accruing loans and leases past due 90 days or more were $8.9 million at June 30, 2020 compared with $8.5 million at March 31, 2020 and $6.4 million at June 30, 2019. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $59.7 million at June 30, 2020, compared with $61.4 million at March 31, 2020 and $48.6 million at June 30, 2019. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loan and lease charge-offs during the second quarter of 2020 were $5.1 million or 0.18 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $8.3 million during the quarter were partially offset by recoveries of $3.2 million. Net charge-offs during the first quarter of 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and comprised of $7.2 million in charge-offs and recoveries of $3.4 million. Net charge-offs during the second quarter of 2019 were $2.4 million or 0.09 percent annualized of total average loans and leases outstanding and comprised of $5.1 million in charge-offs and recoveries of $2.8 million. Net charge-offs during the first half of 2020 were $8.9 million or 0.16 percent annualized of total average loans and leases outstanding compared with net charge-offs of $6.0 million or 0.12 percent annualized of total average loans and leases outstanding for the first half of 2019.

The allowance for credit losses was $173.4 million at June 30, 2020 compared with $138.2 million at March 31, 2020 and $107.7 million at June 30, 2019. The ratio of the allowance for credit losses to total loans and leases was 1.47 percent at June 30, 2020 compared with 1.22 percent at March 31, 2020 and 1.00 percent at June 30, 2019. The reserve for unfunded commitments was $2.5 million at June 30, 2020 compared with $3.3 million at March 31, 2020 and $6.8 million at June 30, 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 $19.8 billion at June 30, 2020 compared with $18.5 billion at March 31, 2020 and $17.7 billion at June 30, 2019. Average total assets were $19.2 billion during the second quarter of 2020 compared with $18.2 billion during the previous quarter and $17.5 billion during the second quarter last year.

The investment securities portfolio was $6.0 billion at June 30, 2020, up from $5.7 billion at March 31, 2020 and $5.6 billion at June 30, 2019. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $3.3 billion in securities held to maturity and $2.7 billion in securities available for sale. The securities portfolio at March 31, 2020 included $3.0 billion in securities held to maturity and $2.7 billion in securities available for sale compared with $3.0 billion in securities held to maturity and $2.6 billion in securities available for sale at June 30, 2019.

Total loans and leases were $11.8 billion at June 30, 2020, up from $11.4 billion at March 31, 2020 and $10.8 billion at June 30, 2019. Average total loans and leases increased to $11.7 billion during the second quarter of 2020 compared with $11.1 billion during the previous quarter and $10.6 billion during the same quarter last year. The commercial loan portfolio was $5.0 billion at June 30, 2020, up $492.2 million or 10.9 percent from commercial loans of $4.5 billion at March 31, 2020, and up $920.4 million or 22.4 percent from commercial loans of $4.1 billion at June 30, 2019. The consumer loan portfolio decreased to $6.8 billion at June 30, 2020, down $39.6 million or 0.6 percent from consumer loans of $6.8 billion at March 31, 2020 and increased $125.8 million or 1.9 percent from consumer loans of $6.7 billion at June 30, 2019. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $17.4 billion at June 30, 2020, up from $16.1 billion at March 31, 2020 and $15.5 billion at June 30, 2019. Average total deposits were $16.7 billion during the second quarter of 2020, up from $15.8 billion during the previous quarter and $15.2 billion during the same quarter last year. Consumer deposits increased to $8.8 billion at June 30, 2020, up $472.4 million or 5.7 percent from consumer deposits of $8.3 billion at March 31, 2020 and up $886.6 million or 11.3 percent from consumer deposits of $7.9 billion at June 30, 2019. Commercial deposits increased to $7.3 billion at June 30, 2020, up $936.5 million or 14.7 percent from commercial deposits of $6.4 billion at March 31, 2020 and up $1.1 billion or 18.1 percent from commercial deposits of $6.2 billion at June 30, 2019. Other deposits, including public funds, were $1.4 billion at June 30, 2020, down $41.1 million or 2.9 percent from March 31, 2020 and down $68.3 million or 4.8 percent from June 30, 2019. Deposit balances are summarized in Tables 7a, 7b, and 10.

Total shareholders’ equity increased to $1.4 billion at June 30, 2020 compared with $1.3 billion at March 31, 2020 and June 30, 2019. There were no shares repurchased during the second quarter of 2020. The Tier 1 Capital Ratio at June 30, 2020 was 12.04 percent compared with 11.81 percent at March 31, 2020 and 12.46 percent at June 30, 2019. The Tier 1 leverage ratio at June 30, 2020 was 6.90 percent compared with 7.12 percent at March 31, 2020 and 7.36 percent at June 30, 2019.

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 September 15, 2020 to shareholders of record at the close of business on August 31, 2020.

Conference Call Information

The Company will review its second quarter 2020 financial results today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The conference call including presentation materials 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 Canada and 1 (703) 318-2209 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, July 27, 2020. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 5959108 when prompted. 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, 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 a 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 web site, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights													Table 1
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands, except per share amounts)	2020			2020			2019			2020			2019
For the Period:
Operating Results
Net Interest Income	$	126,691		$	125,966		$	124,097		$	252,657		$	248,934
Provision for Credit Losses		40,400			33,600			4,000			74,000			7,000
Total Noninterest Income		51,268			46,149			45,450			97,417			89,129
Total Noninterest Expense		88,892			96,312			92,725			185,204			185,782
Net Income		38,908			34,742			56,919			73,650			115,718
Basic Earnings Per Share		0.98			0.88			1.40			1.86			2.84
Diluted Earnings Per Share		0.98			0.87			1.40			1.85			2.82
Dividends Declared Per Share		0.67			0.67			0.65			1.34			1.27

Performance Ratios
Return on Average Assets		0.82	%		0.77	%		1.31	%		0.79	%		1.34	%
Return on Average Shareholders' Equity		11.58			10.64			17.97			11.11			18.39
Efficiency Ratio ¹		49.95			55.96			54.69			52.90			54.95
Net Interest Margin ²		2.83			2.96			3.04			2.90			3.08
Dividend Payout Ratio ³		68.37			76.14			46.43			72.04			44.72
Average Shareholders' Equity to Average Assets		7.04			7.21			7.27			7.12			7.31

Average Balances
Average Loans and Leases	$	11,727,649		$	11,060,707		$	10,631,558		$	11,394,178		$	10,549,893
Average Assets		19,189,581			18,222,602			17,480,651			18,706,092			17,359,031
Average Deposits		16,679,511			15,817,745			15,162,782			16,248,628			15,067,622
Average Shareholders' Equity		1,351,345			1,313,848			1,270,162			1,332,596			1,268,808

Per Share of Common Stock
Book Value	$	33.76		$	33.20		$	31.61		$	33.76		$	31.61
Tangible Book Value		32.97			32.41			30.83			32.97			30.83
Market Value
Closing		61.41			54.91			82.91			61.41			82.91
High		72.74			95.53			84.53			95.53			84.53
Low		51.15			46.70			75.24			46.70			66.54

				June 30,			March 31,			December 31,			June 30,
				2020			2020			2019			2019
As of Period End:
Balance Sheet Totals
Loans and Leases				$	11,805,370		$	11,352,780		$	10,990,892		$	10,759,129
Total Assets					19,769,942			18,542,233			18,095,496			17,688,845
Total Deposits					17,423,155			16,055,361			15,784,482			15,488,821
Other Debt					60,524			60,545			85,565			110,605
Total Shareholders' Equity					1,352,082			1,327,929			1,286,832			1,285,948

Asset Quality
Non-Performing Assets				$	22,701		$	20,604		$	20,117		$	21,782
Allowance for Credit Losses					173,439			138,150			110,027			107,672
Allowance to Loans and Leases Outstanding					1.47	%		1.22	%		1.00	%		1.00	%

Capital Ratios ⁴
Common Equity Tier 1 Capital Ratio					12.04	%		11.81	%		12.18	%		12.46	%
Tier 1 Capital Ratio					12.04			11.81			12.18			12.46
Total Capital Ratio					13.29			13.06			13.28			13.57
Tier 1 Leverage Ratio					6.90			7.12			7.25			7.36
Total Shareholders' Equity to Total Assets					6.84			7.16			7.11			7.27
Tangible Common Equity to Tangible Assets ⁵					6.69			7.00			6.95			7.10
Tangible Common Equity to Risk-Weighted Assets ⁵					12.07			11.85			11.85			12.17

Non-Financial Data
Full-Time Equivalent Employees					2,112			2,094			2,124			2,152
Branches					67			67			68			68
ATMs					367			382			387			383

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 Regulatory capital ratios as of June 30, 2020 are preliminary. CET 1 / Tier 1 Capital Ratios revised from 11.85%, Total Capital Ratio revised from 13.10%, and Tier 1 Leverage Ratio revised from 7.14% as of March 31, 2020.

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
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2020			2020			2019			2019

Total Shareholders' Equity	$	1,352,082		$	1,327,929		$	1,286,832		$	1,285,948
Less: Goodwill		31,517			31,517			31,517			31,517
Tangible Common Equity	$	1,320,565		$	1,296,412		$	1,255,315		$	1,254,431

Total Assets	$	19,769,942		$	18,542,233		$	18,095,496		$	17,688,845
Less: Goodwill		31,517			31,517			31,517			31,517
Tangible Assets	$	19,738,425		$	18,510,716		$	18,063,979		$	17,657,328

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements	$	10,941,894		$	10,944,260		$	10,589,061		$	10,309,085

Total Shareholders' Equity to Total Assets		6.84	%		7.16	%		7.11	%		7.27	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		6.69	%		7.00	%		6.95	%		7.10	%

Tier 1 Capital Ratio		12.04	%		11.81	%		12.18	%		12.46	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)		12.07	%		11.85	%		11.85	%		12.17	%

Note: Risk-Weighted Assets and Regulatory capital ratios as of June 30, 2020 are preliminary. Risk-Weighted Assets revised from $10,941,909 and Tier 1 Capital Ratio revised from 11.85% as of March 31, 2020.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income											Table 3
	Three Months Ended								Six Months Ended
	June 30,		March 31,			June 30,			June 30,
(dollars in thousands, except per share amounts)	2020		2020			2019			2020		2019
Interest Income
Interest and Fees on Loans and Leases	$	107,628	$	108,210		$	110,401		$	215,838	$	218,912
Income on Investment Securities
Available-for-Sale		14,576		16,711			15,072			31,287		28,504
Held-to-Maturity		16,723		19,252			22,149			35,975		44,070
Deposits		1		9			9			10		24
Funds Sold		92		546			730			638		2,174
Other		125		218			210			343		529
Total Interest Income		139,145		144,946			148,571			284,091		294,213
Interest Expense
Deposits		7,954		14,260			18,628			22,214		33,912
Securities Sold Under Agreements to Repurchase		4,020		4,025			4,623			8,045		9,194
Funds Purchased		18		72			512			90		669
Short-Term Borrowings		22		39			1			61		37
Other Debt		440		584			710			1,024		1,467
Total Interest Expense		12,454		18,980			24,474			31,434		45,279
Net Interest Income		126,691		125,966			124,097			252,657		248,934
Provision for Credit Losses		40,400		33,600			4,000			74,000		7,000
Net Interest Income After Provision for Credit Losses		86,291		92,366			120,097			178,657		241,934
Noninterest Income
Trust and Asset Management		10,550		10,915			11,385			21,465		22,146
Mortgage Banking		4,278		2,695			3,336			6,973		5,623
Service Charges on Deposit Accounts		5,097		7,451			7,283			12,548		14,647
Fees, Exchange, and Other Service Charges		9,417		13,200			14,252			22,617		28,460
Investment Securities Gains (Losses), Net		13,216		(970	)		(776	)		12,246		(1,611	)
Annuity and Insurance		883		928			1,806			1,811		4,384
Bank-Owned Life Insurance		1,649		1,580			1,779			3,229		3,489
Other		6,178		10,350			6,385			16,528		11,991
Total Noninterest Income		51,268		46,149			45,450			97,417		89,129
Noninterest Expense
Salaries and Benefits		50,715		54,463			53,511			105,178		110,097
Net Occupancy		8,761		8,955			8,579			17,716		16,173
Net Equipment		8,195		8,456			6,895			16,651		13,728
Data Processing		4,416		4,788			4,727			9,204		9,253
Professional Fees		3,061		3,208			2,177			6,269		4,630
FDIC Insurance		1,558		1,456			1,290			3,014		2,559
Other		12,186		14,986			15,546			27,172		29,342
Total Noninterest Expense		88,892		96,312			92,725			185,204		185,782
Income Before Provision for Income Taxes		48,667		42,203			72,822			90,870		145,281
Provision for Income Taxes		9,759		7,461			15,903			17,220		29,563
Net Income	$	38,908	$	34,742		$	56,919		$	73,650	$	115,718
Basic Earnings Per Share	$	0.98	$	0.88		$	1.40		$	1.86	$	2.84
Diluted Earnings Per Share	$	0.98	$	0.87		$	1.40		$	1.85	$	2.82
Dividends Declared Per Share	$	0.67	$	0.67		$	0.65		$	1.34	$	1.27
Basic Weighted Average Shares		39,703,735		39,681,611			40,541,594			39,692,695		40,738,772
Diluted Weighted Average Shares		39,832,475		39,916,986			40,769,767			39,873,334		40,988,001

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income									Table 4
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(dollars in thousands)	2020		2020		2019		2020		2019
Net Income	$	38,908	$	34,742	$	56,919	$	73,650	$	115,718
Other Comprehensive Income, Net of Tax:
Net Unrealized Gains on Investment Securities		7,730		41,559		16,209		49,289		23,128
Defined Benefit Plans		374		374		245		748		491
Other Comprehensive Income		8,104		41,933		16,454		50,037		23,619
Comprehensive Income	$	47,012	$	76,675	$	73,373	$	123,687	$	139,337

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2020			2020			2019			2019
Assets
Interest-Bearing Deposits in Other Banks	$	2,310		$	6,346		$	4,979		$	3,859
Funds Sold		800,857			96,898			254,574			204,340
Investment Securities
Available-for-Sale		2,726,478			2,681,049			2,619,003			2,649,949
Held-to-Maturity (Fair Value of $3,374,294; $3,104,020; $3,062,882; and $2,973,229)		3,276,829			3,004,139			3,042,294			2,959,611
Loans Held for Sale		20,711			20,789			39,062			22,706
Loans and Leases		11,805,370			11,352,780			10,990,892			10,759,129
Allowance for Credit Losses		(173,439	)		(138,150	)		(110,027	)		(107,672	)
Net Loans and Leases		11,631,931			11,214,630			10,880,865			10,651,457
Total Earning Assets		18,459,116			17,023,851			16,840,777			16,491,922
Cash and Due from Banks		242,423			453,465			299,105			282,164
Premises and Equipment, Net		198,582			196,228			188,388			169,671
Operating Lease Right-of-Use Assets		97,166			98,695			100,838			103,336
Accrued Interest Receivable		50,645			46,996			46,476			49,726
Foreclosed Real Estate		2,506			2,506			2,737			2,737
Mortgage Servicing Rights		22,904			22,537			25,022			24,233
Goodwill		31,517			31,517			31,517			31,517
Bank-Owned Life Insurance		291,185			289,536			287,962			285,295
Other Assets		373,898			376,902			272,674			248,244
Total Assets	$	19,769,942		$	18,542,233		$	18,095,496		$	17,688,845

Liabilities
Deposits
Noninterest-Bearing Demand	$	5,485,015		$	4,378,918		$	4,489,525		$	4,528,251
Interest-Bearing Demand		3,437,654			3,261,101			3,127,205			3,033,066
Savings		6,821,710			6,670,530			6,365,321			6,004,528
Time		1,678,776			1,744,812			1,802,431			1,922,976
Total Deposits		17,423,155			16,055,361			15,784,482			15,488,821
Funds Purchased		-			75,000			-			-
Short-Term Borrowings		-			75,000			-			-
Securities Sold Under Agreements to Repurchase		603,206			603,206			604,306			504,299
Other Debt		60,524			60,545			85,565			110,605
Operating Lease Liabilities		104,741			106,180			108,210			110,483
Retirement Benefits Payable		43,833			44,124			44,504			40,047
Accrued Interest Payable		7,775			7,932			8,040			9,454
Taxes Payable and Deferred Taxes		38,297			32,793			16,085			21,337
Other Liabilities		136,329			154,163			157,472			117,851
Total Liabilities		18,417,860			17,214,304			16,808,664			16,402,897
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 30, 2020 - 58,263,452 / 40,047,694; March 31, 2020 - 58,251,725 / 39,996,510; December 31, 2019 - 58,166,910 / 40,039,695; and June 30, 2019 - 58,175,367 / 40,687,719)		580			579			579			579
Capital Surplus		586,946			584,392			582,566			577,346
Accumulated Other Comprehensive Gain (Loss)		18,925			10,821			(31,112	)		(27,424	)
Retained Earnings		1,786,351			1,773,607			1,761,415			1,704,993
Treasury Stock, at Cost (Shares: June 30, 2020 - 18,215,758; March 31, 2020 - 18,255,215; December 31, 2019 - 18,127,215; and June 30, 2019 - 17,487,648)		(1,040,720	)		(1,041,470	)		(1,026,616	)		(969,546	)
Total Shareholders' Equity		1,352,082			1,327,929			1,286,832			1,285,948
Total Liabilities and Shareholders' Equity	$	19,769,942		$	18,542,233		$	18,095,496		$	17,688,845

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	-			-		-		-			73,650			-			73,650
Other Comprehensive Income	-			-		-		50,037			-			-			50,037
Cumulative Change in Accounting Principle	-			-		-		-			3,632			-			3,632
Share-Based Compensation	-			-		3,704		-			-			-			3,704
Common Stock Issued under Purchase and Equity
Compensation Plans	195,351			1		676		-			1,333			3,041			5,051
Common Stock Repurchased	(187,352	)		-		-		-			-			(17,145	)		(17,145	)
Cash Dividends Declared ($1.34 per share)	-			-		-		-			(53,679	)		-			(53,679	)
Balance as of June 30, 2020	40,047,694		$	580	$	586,946	$	18,925		$	1,786,351		$	(1,040,720	)	$	1,352,082

Balance as of December 31, 2018	41,499,898		$	577	$	571,704	$	(51,043	)	$	1,641,314		$	(894,352	)	$	1,268,200
Net Income	-			-		-		-			115,718			-			115,718
Other Comprehensive Income	-			-		-		23,619			-			-			23,619
Share-Based Compensation	-			-		4,438		-			-			-			4,438
Common Stock Issued under Purchase and Equity
Compensation Plans	174,709			2		1,204		-			162			2,981			4,349
Common Stock Repurchased	(986,888	)		-		-		-			-			(78,175	)		(78,175	)
Cash Dividends Declared ($1.27 per share)	-			-		-		-			(52,201	)		-			(52,201	)
Balance as of June 30, 2019	40,687,719		$	579	$	577,346	$	(27,424	)	$	1,704,993		$	(969,546	)	$	1,285,948

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis																	Table 7a
	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2020						March 31, 2020						June 30, 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	$	2.6	$	-	0.18	%	$	1.4	$	-	2.36	%	$	2.9	$	-	1.25	%
Funds Sold		545.9		0.1	0.07			152.8		0.6	1.41			123.6		0.8	2.34
Investment Securities
Available-for-Sale
Taxable		2,614.1		14.3	2.19			2,702.4		16.4	2.43			2,004.3		14.3	2.87
Non-Taxable		32.2		0.4	4.45			32.4		0.4	4.40			86.8		0.9	4.15
Held-to-Maturity
Taxable		2,957.6		16.4	2.22			3,036.2		18.9	2.50			3,358.0		21.0	2.50
Non-Taxable		54.4		0.4	2.66			54.7		0.4	2.67			193.0		1.5	3.08
Total Investment Securities		5,658.3		31.5	2.22			5,825.7		36.1	2.48			5,642.1		37.7	2.68
Loans Held for Sale		23.4		0.2	3.24			23.2		0.2	3.54			18.7		0.2	4.05
Loans and Leases ¹
Commercial and Industrial		1,963.8		17.9	3.67			1,409.3		13.2	3.77			1,385.7		14.9	4.31
Commercial Mortgage		2,622.9		22.3	3.42			2,549.4		25.1	3.96			2,386.3		25.9	4.35
Construction		255.8		2.5	3.93			213.2		2.5	4.65			125.3		1.7	5.51
Commercial Lease Financing		110.9		0.5	1.88			111.4		0.5	1.95			159.9		1.0	2.49
Residential Mortgage		3,939.6		36.0	3.65			3,895.4		36.9	3.79			3,730.4		36.0	3.87
Home Equity		1,665.2		14.3	3.45			1,680.2		15.2	3.64			1,694.9		16.2	3.83
Automobile		701.2		6.2	3.55			721.0		6.4	3.56			688.5		6.2	3.62
Other ²		468.2		7.9	6.77			480.8		8.4	7.06			460.6		8.4	7.33
Total Loans and Leases		11,727.6		107.6	3.68			11,060.7		108.2	3.93			10,631.6		110.3	4.16
Other		34.0		0.1	1.47			34.3		0.2	2.54			35.0		0.2	2.40
Total Earning Assets ³		17,991.8		139.5	3.11			17,098.1		145.3	3.41			16,453.9		149.2	3.63
Cash and Due from Banks		302.4						278.8						241.6
Other Assets		895.4						845.7						785.2
Total Assets	$	19,189.6					$	18,222.6					$	17,480.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,226.6		0.6	0.07		$	3,110.0		1.0	0.12		$	2,902.5		1.4	0.19
Savings		6,691.4		2.2	0.13			6,502.4		7.1	0.44			6,002.0		8.9	0.60
Time		1,826.8		5.2	1.13			1,743.0		6.2	1.43			1,866.6		8.3	1.79
Total Interest-Bearing Deposits		11,744.8		8.0	0.27			11,355.4		14.3	0.51			10,771.1		18.6	0.69
Short-Term Borrowings		57.6		-	0.28			57.8		0.1	0.76			82.3		0.5	2.46
Securities Sold Under Agreements to Repurchase		602.9		4.0	2.64			604.1		4.0	2.64			504.3		4.7	3.63
Other Debt		60.5		0.5	2.91			66.9		0.6	3.51			110.6		0.7	2.57
Total Interest-Bearing Liabilities		12,465.8		12.5	0.40			12,084.2		19.0	0.63			11,468.3		24.5	0.85
Net Interest Income			$	127.0					$	126.3					$	124.7
Interest Rate Spread					2.71	%					2.78	%					2.78	%
Net Interest Margin					2.83	%					2.96	%					3.04	%
Noninterest-Bearing Demand Deposits		4,934.7						4,462.3						4,391.7
Other Liabilities		437.8						362.3						350.5
Shareholders' Equity		1,351.3						1,313.8						1,270.2
Total Liabilities and Shareholders' Equity	$	19,189.6					$	18,222.6					$	17,480.7

¹ Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
² Comprised of other consumer revolving credit, installment, and consumer lease financing.
³ Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $358,000, $357,000, and $601,000 for the three months ended June 30, 2020, March 31, 2020, and June 30, 2019, respectively.

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis											Table 7b
	Six Months Ended						Six Months Ended
	June 30, 2020						June 30, 2019
	Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	2.0	$	-	0.96	%	$	2.9	$	-	1.65	%
Funds Sold		349.3		0.6	0.36			182.3		2.2	2.37
Investment Securities
Available-for-Sale
Taxable		2,658.3		30.8	2.31			1,801.2		25.9	2.88
Non-Taxable		32.3		0.7	4.43			182.5		3.3	3.63
Held-to-Maturity
Taxable		2,996.9		35.4	2.36			3,365.7		41.5	2.46
Non-Taxable		54.5		0.7	2.67			213.4		3.3	3.12
Total Investment Securities		5,742.0		67.6	2.35			5,562.8		74.0	2.66
Loans Held for Sale		23.3		0.4	3.39			15.6		0.3	4.16
Loans and Leases ¹
Commercial and Industrial		1,686.5		31.1	3.71			1,371.8		30.2	4.43
Commercial Mortgage		2,586.2		47.4	3.69			2,348.6		50.7	4.36
Construction		234.6		5.0	4.26			137.8		3.6	5.27
Commercial Lease Financing		111.1		1.1	1.91			160.4		1.9	2.38
Residential Mortgage		3,917.5		72.9	3.72			3,705.4		71.5	3.86
Home Equity		1,672.7		29.5	3.55			1,692.5		32.3	3.85
Automobile		711.1		12.6	3.56			678.4		12.3	3.64
Other ²		474.5		16.3	6.92			455.0		16.3	7.23
Total Loans and Leases		11,394.2		215.9	3.80			10,549.9		218.8	4.17
Other		34.2		0.3	2.01			35.2		0.5	3.00
Total Earning Assets ³		17,545.0		284.8	3.26			16,348.7		295.8	3.63
Cash and Due from Banks		290.6						241.2
Other Assets		870.5						769.1
Total Assets	$	18,706.1					$	17,359.0

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,168.3		1.5	0.10		$	2,921.1		2.8	0.20
Savings		6,596.9		9.3	0.28			5,882.1		15.7	0.54
Time		1,784.9		11.4	1.28			1,785.4		15.4	1.74
Total Interest-Bearing Deposits		11,550.1		22.2	0.39			10,588.6		33.9	0.65
Short-Term Borrowings		57.7		0.2	0.52			56.8		0.7	2.47
Securities Sold Under Agreements to Repurchase		603.5		8.0	2.64			504.3		9.2	3.63
Other Debt		63.7		1.0	3.23			115.3		1.5	2.56
Total Interest-Bearing Liabilities		12,275.0		31.4	0.51			11,265.0		45.3	0.81
Net Interest Income			$	253.4					$	250.5
Interest Rate Spread					2.75	%					2.82	%
Net Interest Margin					2.90	%					3.08	%
Noninterest-Bearing Demand Deposits		4,698.5						4,479.0
Other Liabilities		400.0						346.2
Shareholders' Equity		1,332.6						1,268.8
Total Liabilities and Shareholders' Equity	$	18,706.1					$	17,359.0

¹ Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
² Comprised of other consumer revolving credit, installment, and consumer lease financing.
³ Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $715,000 and $1,582,000 for the six months ended June 30, 2020 and June 30, 2019, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended June 30, 2020
	Compared to March 31, 2020
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	0.4		$	(0.9	)	$	(0.5	)
Investment Securities
Available-for-Sale
Taxable		(0.5	)		(1.6	)		(2.1	)
Held-to-Maturity
Taxable		(0.5	)		(2.0	)		(2.5	)
Total Investment Securities		(1.0	)		(3.6	)		(4.6	)
Loans and Leases
Commercial and Industrial		5.1			(0.4	)		4.7
Commercial Mortgage		0.7			(3.5	)		(2.8	)
Construction		0.4			(0.4	)		-
Residential Mortgage		0.4			(1.3	)		(0.9	)
Home Equity		(0.1	)		(0.8	)		(0.9	)
Automobile		(0.2	)		-			(0.2	)
Other ²		(0.2	)		(0.3	)		(0.5	)
Total Loans and Leases		6.1			(6.7	)		(0.6	)
Other		-			(0.1	)		(0.1	)
Total Change in Interest Income		5.5			(11.3	)		(5.8	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.4	)		(0.4	)
Savings		0.2			(5.1	)		(4.9	)
Time		0.3			(1.3	)		(1.0	)
Total Interest-Bearing Deposits		0.5			(6.8	)		(6.3	)
Short-Term Borrowings		-			(0.1	)		(0.1	)
Other Debt		(0.1	)		-			(0.1	)
Total Change in Interest Expense		0.4			(6.9	)		(6.5	)

Change in Net Interest Income	$	5.1		$	(4.4	)	$	0.7

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 June 30, 2020
	Compared to June 30, 2019
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	0.6		$	(1.3	)	$	(0.7	)
Investment Securities
Available-for-Sale
Taxable		3.8			(3.8	)		-
Non-Taxable		(0.6	)		0.1			(0.5	)
Held-to-Maturity
Taxable		(2.4	)		(2.2	)		(4.6	)
Non-Taxable		(0.9	)		(0.2	)		(1.1	)
Total Investment Securities		(0.1	)		(6.1	)		(6.2	)
Loans and Leases
Commercial and Industrial		5.5			(2.5	)		3.0
Commercial Mortgage		2.3			(5.9	)		(3.6	)
Construction		1.4			(0.6	)		0.8
Commercial Lease Financing		(0.3	)		(0.2	)		(0.5	)
Residential Mortgage		2.0			(2.0	)		-
Home Equity		(0.3	)		(1.6	)		(1.9	)
Automobile		0.1			(0.1	)		-
Other ²		0.1			(0.6	)		(0.5	)
Total Loans and Leases		10.8			(13.5	)		(2.7	)
Other		-			(0.1	)		(0.1	)
Total Change in Interest Income		11.3			(21.0	)		(9.7	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		0.1			(0.9	)		(0.8	)
Savings		0.9			(7.6	)		(6.7	)
Time		(0.1	)		(3.0	)		(3.1	)
Total Interest-Bearing Deposits		0.9			(11.5	)		(10.6	)
Short-Term Borrowings		(0.1	)		(0.4	)		(0.5	)
Securities Sold Under Agreements to Repurchase		0.8			(1.5	)		(0.7	)
Other Debt		(0.4	)		0.2			(0.2	)
Total Change in Interest Expense		1.2			(13.2	)		(12.0	)

Change in Net Interest Income	$	10.1		$	(7.8	)	$	2.3

¹ The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

² Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8c
	Six Months Ended June 30, 2020
	Compared to June 30, 2019
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	1.1		$	(2.7	)	$	(1.6	)
Investment Securities
Available-for-Sale
Taxable		10.7			(5.8	)		4.9
Non-Taxable		(3.2	)		0.6			(2.6	)
Held-to-Maturity
Taxable		(4.4	)		(1.7	)		(6.1	)
Non-Taxable		(2.2	)		(0.4	)		(2.6	)
Total Investment Securities		0.9			(7.3	)		(6.4	)
Loans Held for Sale		0.1			-			0.1
Loans and Leases
Commercial and Industrial		6.3			(5.4	)		0.9
Commercial Mortgage		4.9			(8.2	)		(3.3	)
Construction		2.2			(0.8	)		1.4
Commercial Lease Financing		(0.5	)		(0.3	)		(0.8	)
Residential Mortgage		4.0			(2.6	)		1.4
Home Equity		(0.4	)		(2.4	)		(2.8	)
Automobile		0.6			(0.3	)		0.3
Other ²		0.7			(0.7	)		-
Total Loans and Leases		17.8			(20.7	)		(2.9	)
Other		-			(0.2	)		(0.2	)
Total Change in Interest Income		19.9			(30.9	)		(11.0	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		0.2			(1.5	)		(1.3	)
Savings		1.7			(8.1	)		(6.4	)
Time		-			(4.0	)		(4.0	)
Total Interest-Bearing Deposits		1.9			(13.6	)		(11.7	)
Short-Term Borrowings		-			(0.5	)		(0.5	)
Securities Sold Under Agreements to Repurchase		1.6			(2.8	)		(1.2	)
Other Debt		(0.8	)		0.3			(0.5	)
Total Change in Interest Expense		2.7			(16.6	)		(13.9	)

Change in Net Interest Income	$	17.2		$	(14.3	)	$	2.9

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						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(dollars in thousands)	2020		2020		2019		2020		2019
Salaries	$	32,739	$	33,486	$	32,834	$	66,225	$	65,314
Incentive Compensation		3,141		245		5,464		3,386		11,368
Share-Based Compensation		2,021		1,291		1,994		3,312		5,073
Commission Expense		1,647		1,374		1,704		3,021		2,634
Retirement and Other Benefits		4,446		4,706		4,580		9,152		9,687
Payroll Taxes		2,782		4,543		2,643		7,325		6,890
Medical, Dental, and Life Insurance		3,830		4,142		3,926		7,972		8,391
Separation Expense		109		4,676		366		4,785		740
Total Salaries and Benefits	$	50,715	$	54,463	$	53,511	$	105,178	$	110,097

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances									Table 10
	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2020		2020		2019		2019		2019
Commercial
Commercial and Industrial	$	1,956,939	$	1,558,232	$	1,379,152	$	1,361,011	$	1,408,729
Commercial Mortgage		2,707,534		2,616,243		2,518,051		2,477,296		2,411,289
Construction		245,099		245,390		194,170		154,754		119,228
Lease Financing		113,187		110,704		122,454		163,672		163,070
Total Commercial		5,022,759		4,530,569		4,213,827		4,156,733		4,102,316
Consumer
Residential Mortgage		3,989,393		3,928,183		3,891,100		3,846,511		3,785,006
Home Equity		1,640,887		1,692,154		1,676,073		1,681,951		1,694,577
Automobile		700,702		716,214		720,286		713,424		703,523
Other ¹		451,629		485,660		489,606		482,679		473,707
Total Consumer		6,782,611		6,822,211		6,777,065		6,724,565		6,656,813
Total Loans and Leases	$	11,805,370	$	11,352,780	$	10,990,892	$	10,881,298	$	10,759,129


Deposits
	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2020		2020		2019		2019		2019
Consumer	$	8,766,885	$	8,294,464	$	8,118,494	$	7,893,454	$	7,880,284
Commercial		7,295,033		6,358,583		6,324,214		6,153,492		6,178,984
Public and Other		1,361,237		1,402,314		1,341,774		1,293,806		1,429,553
Total Deposits	$	17,423,155	$	16,055,361	$	15,784,482	$	15,340,752	$	15,488,821

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
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	2020			2020			2019			2019			2019
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	459		$	634		$	830		$	573		$	552
Commercial Mortgage		8,672			9,048			9,244			11,088			11,310
Total Commercial		9,131			9,682			10,074			11,661			11,862
Consumer
Residential Mortgage		5,888			4,330			4,125			4,258			4,697
Home Equity		5,176			4,086			3,181			2,787			2,486
Total Consumer		11,064			8,416			7,306			7,045			7,183
Total Non-Accrual Loans and Leases		20,195			18,098			17,380			18,706			19,045
Foreclosed Real Estate		2,506			2,506			2,737			2,939			2,737
Total Non-Performing Assets	$	22,701		$	20,604		$	20,117		$	21,645		$	21,782

Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial	$	-		$	-		$	-		$	81		$	-
Total Commercial		-			-			-			81			-
Consumer
Residential Mortgage		4,937			3,024			1,839			2,032			1,859
Home Equity		3,519			3,426			4,125			2,320			2,981
Automobile		133			866			949			582			607
Other ¹		296			1,205			1,493			1,076			963
Total Consumer		8,885			8,521			8,406			6,010			6,410
Total Accruing Loans and Leases Past Due 90 Days or More	$	8,885		$	8,521		$	8,406		$	6,091		$	6,410
Restructured Loans on Accrual Status and Not Past Due 90 Days or More	$	59,713		$	61,425		$	63,103		$	46,178		$	48,563
Total Loans and Leases	$	11,805,370		$	11,352,780		$	10,990,892		$	10,881,298		$	10,759,129

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.17	%		0.16	%		0.16	%		0.17	%		0.18	%

Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate		0.19	%		0.18	%		0.18	%		0.20	%		0.20	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate		0.18	%		0.21	%		0.24	%		0.28	%		0.29	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate		0.20	%		0.16	%		0.15	%		0.15	%		0.15	%

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	%		0.26	%		0.26	%		0.25	%		0.26	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter		20,604		$	20,117		$	21,645		$	21,782		$	17,925
Additions		5,856			1,754			883			1,035			6,186
Reductions
Payments		(2,736	)		(315	)		(495	)		(984	)		(441	)
Return to Accrual Status		(822	)		(437	)		(1,673	)		-			(1,344	)
Sales of Foreclosed Real Estate		-			(231	)		(201	)		-			(374	)
Charge-offs/Write-downs		(201	)		(284	)		(42	)		(188	)		(170	)
Total Reductions		(3,759	)		(1,267	)		(2,411	)		(1,172	)		(2,329	)
Balance at End of Quarter	$	22,701		$	20,604		$	20,117		$	21,645		$	21,782

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									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands)	2020			2020			2019			2020			2019
Balance at Beginning of Period	$	141,467		$	116,849			112,845		$	116,849			113,515
CECL Adoption (Day 1) Impact		-			(5,072	)		-			(5,072	)		-
Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(656	)		(693	)		(206	)		(1,349	)		(576	)
Commercial Mortgage		-			-			-			-			(1,616	)
Consumer
Residential Mortgage		(64	)		(20	)		(51	)		(84	)		(55	)
Home Equity		(273	)		-			(145	)		(273	)		(440	)
Automobile		(3,114	)		(2,500	)		(1,691	)		(5,614	)		(3,444	)
Other ¹		(4,176	)		(3,964	)		(3,036	)		(8,140	)		(5,826	)
Total Loans and Leases Charged-Off		(8,283	)		(7,177	)		(5,129	)		(15,460	)		(11,957	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		1,524			289			401			1,813			902
Commercial Mortgage		-			40			-			40			-
Consumer
Residential Mortgage		118			263			95			381			579
Home Equity		321			976			746			1,297			1,334
Automobile		547			1,005			908			1,552			1,789
Other ¹		662			864			628			1,526			1,332
Total Recoveries on Loans and Leases Previously Charged-Off		3,172			3,437			2,778			6,609			5,936
Net Loans and Leases Charged-Off		(5,111	)		(3,740	)		(2,351	)		(8,851	)		(6,021	)
Provision for Credit Losses		40,400			33,600			4,000			74,000			7,000
Provision for Unfunded Commitments		(798	)		(170	)		-			(968	)		-
Balance at End of Period ²	$	175,958		$	141,467		$	114,494		$	175,958		$	114,494

Components
Allowance for Credit Losses	$	173,439		$	138,150		$	107,672		$	173,439		$	107,672
Reserve for Unfunded Commitments		2,519			3,317			6,822			2,519			6,822
Total Reserve for Credit Losses	$	175,958		$	141,467		$	114,494		$	175,958		$	114,494

Average Loans and Leases Outstanding	$	11,727,649		$	11,060,707		$	10,631,558		$	11,394,178		$	10,549,893

Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)		0.18	%		0.14	%		0.09	%		0.16	%		0.12	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding		1.47	%		1.22	%		1.00	%		1.47	%		1.00	%

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

Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information										Table 13a
	Consumer			Commercial			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			and Other			Total
Three Months Ended June 30, 2020
Net Interest Income	$	73,221		$	51,219		$	2,251		$	126,691
Provision for Credit Losses		6,137			(1,025	)		35,288			40,400
Net Interest Income (Loss) After Provision for Credit Losses		67,084			52,244			(33,037	)		86,291
Noninterest Income		28,943			7,076			15,249			51,268
Noninterest Expense		(70,744	)		(14,776	)		(3,372	)		(88,892	)
Income (Loss) Before Provision for Income Taxes		25,283			44,544			(21,160	)		48,667
Provision for Income Taxes		(6,451	)		(10,940	)		7,632			(9,759	)
Net Income (Loss)	$	18,832		$	33,604		$	(13,528	)	$	38,908
Total Assets as of June 30, 2020	$	7,416,337		$	5,033,297		$	7,320,308		$	19,769,942

Three Months Ended June 30, 2019 ¹
Net Interest Income	$	77,063		$	45,703		$	1,331		$	124,097
Provision for Credit Losses		2,526			(175	)		1,649			4,000
Net Interest Income (Loss) After Provision for Credit Losses		74,537			45,878			(318	)		120,097
Noninterest Income		35,967			6,938			2,545			45,450
Noninterest Expense		(68,543	)		(21,260	)		(2,922	)		(92,725	)
Income (Loss) Before Provision for Income Taxes		41,961			31,556			(695	)		72,822
Provision for Income Taxes		(10,405	)		(7,945	)		2,447			(15,903	)
Net Income	$	31,556		$	23,611		$	1,752		$	56,919
Total Assets as of June 30, 2019 ¹	$	6,924,338		$	4,089,452		$	6,675,055		$	17,688,845

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

Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information										Table 13b
	Consumer			Commercial			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			and Other			Total
Six Months Ended June 30, 2020 ¹
Net Interest Income	$	147,135		$	96,456		$	9,066		$	252,657
Provision for Credit Losses		9,588			(735	)		65,147			74,000
Net Interest Income (Loss) After Provision for Credit Losses		137,547			97,191			(56,081	)		178,657
Noninterest Income		61,533			18,811			17,073			97,417
Noninterest Expense		(141,644	)		(32,122	)		(11,438	)		(185,204	)
Income (Loss) Before Provision for Income Taxes		57,436			83,880			(50,446	)		90,870
Provision for Income Taxes		(14,527	)		(20,494	)		17,801			(17,220	)
Net Income (Loss)	$	42,909		$	63,386		$	(32,645	)	$	73,650
Total Assets as of June 30, 2020	$	7,416,337		$	5,033,297		$	7,320,308		$	19,769,942

Six Months Ended June 30, 2019 ¹
Net Interest Income	$	153,415		$	92,993		$	2,526		$	248,934
Provision for Credit Losses		4,750			1,271			979			7,000
Net Interest Income After Provision for Credit Losses		148,665			91,722			1,547			241,934
Noninterest Income		70,445			13,999			4,685			89,129
Noninterest Expense		(137,970	)		(42,215	)		(5,597	)		(185,782	)
Income Before Provision for Income Taxes		81,140			63,506			635			145,281
Provision for Income Taxes		(20,239	)		(13,947	)		4,623			(29,563	)
Net Income	$	60,901		$	49,559		$	5,258		$	115,718
Total Assets as of June 30, 2019 ¹	$	6,924,338		$	4,089,452		$	6,675,055		$	17,688,845

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
	June 30,			March 31,				December 31,				September 30,				June 30,
(dollars in thousands, except per share amounts)	2020			2020				2019				2019				2019
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	107,628		$	108,210			$	109,223			$	110,877			$	110,401
Income on Investment Securities
Available-for-Sale		14,576			16,711				16,158				17,512				15,072
Held-to-Maturity		16,723			19,252				18,750				18,796				22,149
Deposits		1			9				8				9				9
Funds Sold		92			546				723				656				730
Other		125			218				239				233				210
Total Interest Income		139,145			144,946				145,101				148,083				148,571
Interest Expense
Deposits		7,954			14,260				16,407				18,055				18,628
Securities Sold Under Agreements to Repurchase		4,020			4,025				4,071				4,257				4,623
Funds Purchased		18			72				25				146				512
Short-Term Borrowings		22			39				-				1				1
Other Debt		440			584				713				728				710
Total Interest Expense		12,454			18,980				21,216				23,187				24,474
Net Interest Income		126,691			125,966				123,885				124,896				124,097
Provision for Credit Losses		40,400			33,600				4,750				4,250				4,000
Net Interest Income After Provision for Credit Losses		86,291			92,366				119,135				120,646				120,097
Noninterest Income
Trust and Asset Management		10,550			10,915				11,157				10,930				11,385
Mortgage Banking		4,278			2,695				3,199				4,864				3,336
Service Charges on Deposit Accounts		5,097			7,451				7,835				7,592				7,283
Fees, Exchange, and Other Service Charges		9,417			13,200				14,533				14,900				14,252
Investment Securities Gains (Losses), Net		13,216			(970	)			(906	)			(1,469	)			(776	)
Annuity and Insurance		883			928				1,272				1,278				1,806
Bank-Owned Life Insurance		1,649			1,580				1,879				1,647				1,779
Other		6,178			10,350				8,733				6,765				6,385
Total Noninterest Income		51,268			46,149				47,702				46,507				45,450
Noninterest Expense
Salaries and Benefits		50,715			54,463				51,664				54,345				53,511
Net Occupancy		8,761			8,955				8,824				8,803				8,579
Net Equipment		8,195			8,456				7,930				7,637				6,895
Data Processing		4,416			4,788				4,828				4,676				4,727
Professional Fees		3,061			3,208				3,257				2,184				2,177
FDIC Insurance		1,558			1,456				1,376				1,257				1,290
Other		12,186			14,986				15,217				21,447				15,546
Total Noninterest Expense		88,892			96,312				93,096				100,349				92,725
Income Before Provision for Income Taxes		48,667			42,203				73,741				66,804				72,822
Provision for Income Taxes		9,759			7,461				15,598				14,752				15,903
Net Income	$	38,908		$	34,742			$	58,143			$	52,052			$	56,919

Basic Earnings Per Share	$	0.98		$	0.88			$	1.46			$	1.30			$	1.40
Diluted Earnings Per Share	$	0.98		$	0.87			$	1.45			$	1.29			$	1.40

Balance Sheet Totals
Loans and Leases	$	11,805,370		$	11,352,780			$	10,990,892			$	10,881,298			$	10,759,129
Total Assets		19,769,942			18,542,233				18,095,496				17,672,140				17,688,845
Total Deposits		17,423,155			16,055,361				15,784,482				15,340,752				15,488,821
Total Shareholders' Equity		1,352,082			1,327,929				1,286,832				1,291,490				1,285,948

Performance Ratios
Return on Average Assets		0.82	%		0.77		%		1.29		%		1.17		%		1.31		%
Return on Average Shareholders' Equity		11.58			10.64				17.84				16.02				17.97
Efficiency Ratio ¹		49.95			55.96				54.26				58.55				54.69
Net Interest Margin ²		2.83			2.96				2.95				3.01				3.04

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
	Five Months Ended					Year Ended
($ in millions; jobs in thousands)	May 31, 2020					December 31, 2019							December 31, 2018
Hawaii Economic Trends
State General Fund Revenues ¹	$	2,687.4	(16.0	)	%	$	7,316.5			5.5		%	$	6,933.1			6.9		%
General Excise and Use Tax Revenue ¹	$	1,428.0	(8.0	)	%	$	3,602.2			5.1		%	$	3,426.5			2.3		%
Jobs ²		479.6					648.9							649.9

										June 30,			December 31,
(spot rates)										2020			2019				2018
Unemployment ³
Statewide, seasonally adjusted										13.9		%		2.7		%	2.6		%

Oahu										12.5				2.1			2.2
Island of Hawaii										13.7				2.8			2.9
Maui										22.6				2.2			2.2
Kauai										20.2				2.4			2.3

						June 30,				December 31,
(percentage change, except months of inventory)						2020				2019			2018				2017
Housing Trends (Single Family Oahu) ⁴
Median Home Price							1.3		%	(0.1	)	%		4.6		%	2.7		%
Home Sales Volume (units)							(4.8	)	%	3.9		%		(7.7	)	%	6.3		%
Months of Inventory							2.5			2.5				2.8			2.1

						Monthly Visitor Arrivals,							Percentage Change
(in thousands)						Not Seasonally Adjusted							from Previous Year
Tourism ⁵
May 31, 2020										9.1							(98.9	)
April 30, 2020										4.6							(99.5	)
March 31, 2020										434.9							(53.7	)
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