Bank of Hawaii Corporation Third Quarter 2018 Financial Results
Business Wire 22-Oct-2018 6:45 AM
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Diluted Earnings Per Share $1.36
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Net Income $56.9 Million
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Board of Directors Declares Dividend of $0.62 Per Share
Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings
per share of $1.36 for the third quarter of 2018, up from $1.30 in the
second quarter of 2018 and $1.08 in the third quarter of 2017. Net
income for the third quarter of 2018 was $56.9 million, an increase of
$2.2 million from net income of $54.7 million in the previous quarter
and an increase of $11.0 million from net income of $45.9 million in the
same quarter last year.
Loan and lease balances increased to $10.2 billion at September 30,
2018, up 1.8 percent from June 30, 2018 and up 6.9 percent compared with
September 30, 2017. Deposits were $14.8 billion at the end of the third
quarter of 2018, down slightly due to the planned decline in public
deposits.
"We were pleased with Bank of Hawaii's financial results during the
third quarter of 2018," said Peter S. Ho, Chairman, President, and CEO.
"Loan balances continue to grow, deposits were in line with our
expectations, our margin increased, asset quality remains strong, and
our expenses were well controlled."
The return on average assets for the third quarter of 2018 was 1.33
percent, up from 1.30 percent in the previous quarter and 1.07 percent
in the same quarter last year. The return on average equity for the
third quarter of 2018 was 18.06 percent, up from 17.68 percent for the
second quarter of 2018 and up from 14.89 percent in the third quarter of
2017. The efficiency ratio for the third quarter of 2018 was 55.07
percent down from 56.12 percent in the previous quarter and 55.82
percent in the same quarter last year.
For the nine-month period ended September 30, 2018, net income was
$165.7 million, an increase of $24.0 million from net income of $141.7
million for the same period last year. Diluted earnings per share were
$3.93 for the nine-month period in 2018 compared with diluted earnings
per share of $3.32 for the same period in 2017. The 2018 year-to-date
return on average assets was 1.31 percent compared with 1.14 percent for
the same period in 2017. The 2018 year-to-date return on average equity
was 17.83 percent compared with 15.77 percent for the nine months ended
September 30, 2017. The efficiency ratio for the nine-month period ended
September 30, 2018 was 56.36 percent compared with 55.05 percent for the
same period last year.
Financial Highlights
Net interest income, on a taxable equivalent basis, for the third
quarter of 2018 was $124.2 million, an increase of $2.4 million from net
interest income of $121.8 million in the second quarter of 2018 and an
increase of $5.0 million from net interest income of $119.2 million in
the third quarter of last year. Net interest income for the nine-month
period in 2018 was $366.3 million, an increase of $18.8 million from net
interest income of $347.5 million for the same period in 2017. Analyses
of the changes in net interest income are included in Tables 8a, 8b, and
8c.
The net interest margin was 3.07 percent for the third quarter of 2018,
an increase of 3 basis points from the net interest margin of 3.04
percent in the second quarter of 2018 and a 15 basis point increase from
the net interest margin of 2.92 percent in the third quarter of 2017.
The net interest margin for the first nine months of 2018 was 3.04
percent, an increase of 13 basis points compared with 2.91 percent for
the same nine-month period last year.
Results for the third quarter of 2018 included a provision for credit
losses of $3.8 million compared with a provision for credit losses of
$3.5 million in the previous quarter and $4.0 million in the same
quarter last year. The provision for credit losses during the first nine
months of 2018 was $11.4 million compared with $12.7 million during the
same period in 2017.
Noninterest income was $41.5 million in the third quarter of 2018, up
$0.2 million from noninterest income of $41.3 million in the second
quarter of 2018 and down $0.9 million from $42.4 million in the same
quarter last year. There were no significant items in noninterest income
during the third quarters of 2018 or 2017. Noninterest income during the
second quarter of 2018 included a negative adjustment of $1.0 million
related to a change in the Visa Class B conversion ratio. The decline in
noninterest income compared to the third quarter of 2017 was largely due
to a decline in mortgage banking income. Noninterest income for the
nine-months ended September 30, 2018 was $126.8 million compared with
noninterest income of $143.6 million for the same period in 2017.
Results for the nine-month period in 2017 included a gain of $12.5
million on the sale of Visa Class B shares compared with a charge of
$1.0 million for the adjustment to the conversions ratio in 2018.
Excluding the Visa sale, the decrease from the previous year was
primarily due to a decline in mortgage banking income.
Noninterest expense was $90.5 million in the third quarter of 2018, down
$0.3 million from noninterest expense of $90.8 million in the previous
quarter and up $1.9 million from $88.6 million in the same quarter last
year. There were no significant items in noninterest expense during the
third quarter or second quarter of 2018. Noninterest expense in the
third quarter of 2017 included $2.1 million in severance which was
partially offset by a reduction of $0.9 million in share-based
compensation. Noninterest expense for the nine-months ended September
30, 2018 was $275.7 million compared with noninterest expense of $265.4
million for the same period in 2017. An analysis of noninterest expenses
related to salaries and benefits is included in Table 9.
The effective tax rate for the third quarter of 2018 was 18.75 percent
compared with 18.94 percent in the previous quarter and 30.62 percent
during the same quarter last year. The effective tax rate for the
nine-month period ended September 30, 2018 was 18.00 percent compared
with 30.54 percent for the same period last year. The lower effective
tax rate in 2018 was primarily due to the reduction in the federal
corporate tax rate from 35 percent to 21 percent as a result of the Tax
Cuts and Jobs Act.
The Company's business segments are defined as Retail Banking,
Commercial Banking, Investment Services and Private Banking, and
Treasury and Other. Results are determined based on the Company's
internal financial management reporting process and organizational
structure. Selected financial information for the business segments is
included in Tables 13a and 13b.
Asset Quality
The Company's overall asset quality remained strong during the third
quarter of 2018. Total non-performing assets were $13.8 million at
September 30, 2018, down from $15.2 million at June 30, 2018 and $17.0
million at September 30, 2017. As a percentage of total loans and leases
and foreclosed real estate, non-performing assets were 0.13 percent at
September 30, 2018 compared with 0.15 percent at June 30, 2018 and 0.18
percent at September 30, 2017.
Accruing loans and leases past due 90 days or more were $8.1 million at
September 30, 2018 compared with $13.3 million at June 30, 2018 and $6.7
million at September 30, 2017. Restructured loans and leases not
included in non-accrual loans or accruing loans past due 90 days or more
were $49.5 million at September 30, 2018, down from $50.2 million at
June 30, 2018 and $55.0 million at September 30, 2017. More information
on non-performing assets and accruing loans and leases past due 90 days
or more is presented in Table 11.
Net loans and leases charged off during the third quarter of 2018 were
$3.3 million or 0.13 percent annualized of total average loans and
leases outstanding. Loan and lease charge-offs of $6.0 million during
the quarter were partially offset by recoveries of $2.7 million. Net
charge-offs during the second quarter of 2018 were $3.3 million or 0.13
percent annualized of total average loans and leases outstanding and
were comprised of $5.7 million in charge-offs partially offset by
recoveries of $2.4 million. Net charge-offs during the third quarter of
2017 were $3.5 million or 0.15 percent annualized of total average loans
and leases outstanding and were comprised of $6.2 million in charge-offs
partially offset by recoveries of $2.7 million. Net charge-offs in the
nine-month period ended September 30, 2018 were $10.1 million, or 0.14
percent annualized of total average loans and leases outstanding
compared with net charge-offs of $10.0 million, or 0.15 percent
annualized of total average loans and leases outstanding for the same
period in 2017.
The allowance for loan and lease losses increased to $108.7 million at
September 30, 2018 compared with $108.2 million at June 30, 2018 and
$106.9 million at September 30, 2017. The ratio of the allowance for
loan and lease losses to total loans and leases outstanding was 1.06
percent at September 30, 2018, a decrease of 2 basis points from the
previous quarter and down 6 basis points from the end of the same
quarter last year. The reserve for unfunded commitments at September 30,
2018 of $6.8 million was unchanged from June 30, 2018 and September 30,
2017. Details of loan and lease charge-offs, recoveries and the
components of the total reserve for credit losses are summarized in
Table 12.
Other Financial Highlights
Total assets were $17.0 billion at September 30, 2018, a decrease of
$132.4 million from total assets of $17.1 billion at June 30, 2018 and
$276.6 million from total assets of $17.3 billion at September 30, 2017.
Average total assets were $17.0 billion during the third quarter of 2018
compared with $16.9 billion during the previous quarter and $17.0
billion during the same quarter last year.
The investment securities portfolio was $5.7 billion at September 30,
2018, an increase of $25.4 million from total securities of $5.7 billion
at June 30, 2018 and a decrease of $569.1 million from total securities
of $6.3 billion at September 30, 2017. The portfolio remains largely
comprised of securities issued by U. S. government agencies and included
$3.7 billion in securities held to maturity and $2.0 billion in
securities available for sale at September 30, 2018.
Total loans and leases were $10.2 billion at September 30, 2018, an
increase of $177.7 million from total loans and leases of $10.1 billion
at June 30, 2018 and $657.1 million from total loans and leases of $9.6
billion at September 30, 2017. Average total loans and leases were $10.1
billion during the third quarter of 2018 compared with $10.0 billion
during the previous quarter and $9.5 billion during the same quarter
last year. The commercial loan portfolio increased to $3.9 billion at
the end of the third quarter of 2018, up from $3.8 billion at the end of
the previous quarter and $3.7 billion at the end of the third quarter
last year. Total consumer loans increased to $6.3 billion at the end of
the third quarter of 2018, up from $6.2 billion at the end of the
previous quarter and $5.8 billion at the end of the third quarter last
year. Loan and lease portfolio balances are summarized in Table 10.
Total deposits were $14.8 billion at September 30, 2018, a decrease of
$100.0 million from total deposits of $14.9 billion at June 30, 2018 and
$204.8 million from total deposits of $15.0 billion at September 30,
2017. Average total deposits were $14.8 billion during the third quarter
of 2018 compared with $14.7 billion during the previous quarter and the
same quarter last year. Consumer deposits were $7.6 billion at the end
of the third quarter of 2018, down from $7.7 billion at the end of the
previous quarter and up from $7.3 billion at the end of the same quarter
last year. Commercial deposits were $6.0 billion at the end of the third
quarter of 2018, up from $5.9 billion at the end of the previous quarter
and down from $6.1 billion at the end of the same quarter last year.
Other deposits, including public funds, were $1.2 billion at September
30, 2018, down from $1.3 billion at June 30, 2018 and $1.7 billion at
September 30, 2017. Deposit balances are summarized in Tables 7 and 10.
During the third quarter of 2018, the Company repurchased 296.5 thousand
shares of common stock at a total cost of $24.6 million under its share
repurchase program. The average cost was $83.04 per share repurchased.
From the beginning of the share repurchase program initiated during July
2001 through September 30, 2018, the Company has repurchased 54.9
million shares and returned over $2.1 billion to shareholders at an
average cost of $38.92 per share. Remaining buyback authority under the
share repurchase program was $56.7 million at September 30, 2018. From
October 1 through October 19, 2018 the Company repurchased an additional
72.0 thousand shares of common stock at an average cost of $78.79 per
share.
Total shareholders' equity was $1.25 billion at September 30, 2018 up
slightly from June 30, 2018 and up from $1.23 billion at September 30,
2017. The Tier 1 Capital Ratio was 13.19 percent at September 30, 2018
compared with 13.27 percent at June 30, 2018 and September 30, 2017. The
Tier 1 leverage ratio at September 30, 2018 was 7.55 percent compared
with 7.53 percent at June 30, 2018 and 7.24 percent at September 30,
2017.
The Company's Board of Directors has declared a quarterly cash dividend
of $0.62 per share on the Company's outstanding shares. The dividend
will be payable on December 14, 2018 to shareholders of record at the
close of business on November 30, 2018.
Hawaii Economy
General economic conditions in Hawaii remained positive during the third
quarter of 2018. The statewide seasonally-adjusted unemployment rate
continues to remain low at 2.2 percent in September 2018 compared to 3.7
percent nationally. Tourism continued to remain robust through the first
eight months of 2018. Total visitor spending increased 8.8 percent
compared to the same eight-month period in 2017 due to growth of 7.2
percent in visitor arrivals and an increase of 2.2 percent in daily
spending. All four larger Hawaiian Islands saw growth in both visitor
spending and visitor arrivals during the first eight months of 2018. The
real estate market also remains strong. For the first nine months of
2018, the median sales price of a single-family home on Oahu increased
4.2 percent and the median price of a condominium on Oahu increased 5.5
percent compared with the same period in 2017. The volume of
single-family home sales on Oahu decreased 3.7 percent and the volume of
condominium sales on Oahu decreased 0.1 percent for the first nine
months of 2018 compared to the same nine-month period in 2017. As of
September 30, 2018, months of inventory of single-family homes and
condominiums on Oahu were 2.8 months and 2.9 months, respectively. More
information on current Hawaii economic trends is presented in Table 15.
Conference Call Information
The Company will review its third quarter 2018 financial results today
at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The call will be
accessible via teleconference and via the investor relations link of
Bank of Hawaii Corporation's website, www.boh.com.
The toll-free number is 1 (844) 543-5235 in the United States and Canada
and 1 (703) 318-2209 for other international callers. Use the password
"Bank of Hawaii" to access the call. A replay will be available for one
week beginning approximately 11:00 a.m. Hawaii Time on Monday, October
22, 2018. 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 pass code 2175919 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, 2017, which was filed with
the U.S. Securities and Exchange Commission. We have not committed to
update forward-looking statements to reflect later events or
circumstances.
Bank of Hawaii Corporation is an independent regional financial
services company serving businesses, consumers, and governments in
Hawaii, American Samoa, and the West Pacific. The Company's
principal subsidiary, Bank of Hawaii, was founded in 1897. For
more information about Bank of Hawaii Corporation, see the Company's web
site, www.boh.com.
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Bank of Hawaii Corporation and Subsidiaries
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Financial Highlights
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Table 1
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Three Months Ended
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Nine Months Ended
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September 30,
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June 30,
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September 30,
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September 30,
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(dollars in thousands, except per share amounts)
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2018
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2018
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2017
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2018
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2017
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For the Period:
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Operating Results
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Net Interest Income
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$
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122,927
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$
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120,496
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$
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116,317
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$
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362,379
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$
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338,468
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Provision for Credit Losses
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3,800
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3,500
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4,000
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11,425
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12,650
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Total Noninterest Income
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41,482
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41,298
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42,410
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126,815
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143,562
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Total Noninterest Expense
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90,538
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90,791
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88,598
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275,713
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265,355
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Net Income
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56,933
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54,718
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45,881
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165,691
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141,719
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Basic Earnings Per Share
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1.37
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1.31
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1.09
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3.96
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3.35
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Diluted Earnings Per Share
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1.36
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1.30
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1.08
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3.93
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3.32
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Dividends Declared Per Share
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0.60
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0.60
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0.52
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1.72
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1.52
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Performance Ratios
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Return on Average Assets
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1.33
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%
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1.30
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%
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1.07
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%
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1.31
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%
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1.14
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%
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Return on Average Shareholders' Equity
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18.06
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17.68
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14.89
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17.83
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15.77
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Efficiency Ratio 1
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55.07
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56.12
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55.82
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56.36
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55.05
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Net Interest Margin 2
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3.07
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3.04
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2.92
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3.04
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2.91
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Dividend Payout Ratio 3
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43.80
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45.80
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47.71
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43.43
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45.37
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Average Shareholders' Equity to Average Assets
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7.35
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7.34
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7.21
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7.32
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7.22
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Average Balances
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Average Loans and Leases
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$
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10,081,886
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$
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9,962,860
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$
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9,451,972
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$
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9,950,518
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$
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9,231,615
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Average Assets
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17,015,340
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16,921,820
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16,972,202
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16,965,075
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16,636,213
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Average Deposits
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14,820,480
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14,709,299
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14,727,469
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14,750,382
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14,401,698
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Average Shareholders' Equity
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1,250,500
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1,241,672
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1,222,885
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1,242,629
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1,201,850
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Per Share of Common Stock
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Book Value
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$
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29.98
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$
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29.65
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$
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28.88
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$
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29.98
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$
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28.88
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Tangible Book Value
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29.22
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28.90
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28.14
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29.22
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28.14
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Market Value
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Closing
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78.91
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83.42
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83.36
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78.91
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83.36
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High
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86.53
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88.92
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86.19
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89.09
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90.80
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Low
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78.30
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80.20
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74.72
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78.30
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74.72
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September 30,
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June 30,
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December 31,
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September 30,
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2018
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2018
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2017
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2017
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As of Period End:
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Balance Sheet Totals
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Loans and Leases
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$
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10,231,062
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$
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10,053,323
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$
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9,796,947
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$
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9,573,956
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Total Assets
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16,991,734
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17,124,162
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17,089,052
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17,268,302
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Total Deposits
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|
|
|
|
14,843,335
|
|
|
|
14,943,358
|
|
|
|
14,883,968
|
|
|
|
15,048,160
|
|
|
Other Debt
|
|
|
|
|
|
|
185,662
|
|
|
|
235,681
|
|
|
|
260,716
|
|
|
|
267,887
|
|
|
Total Shareholders' Equity
|
|
|
|
|
|
|
1,253,327
|
|
|
|
1,247,717
|
|
|
|
1,231,868
|
|
|
|
1,227,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Assets
|
|
|
|
|
|
$
|
13,798
|
|
|
$
|
15,157
|
|
|
$
|
16,120
|
|
|
$
|
17,035
|
|
|
Allowance for Loan and Lease Losses
|
|
|
|
|
|
|
108,690
|
|
|
|
108,188
|
|
|
|
107,346
|
|
|
|
106,881
|
|
|
Allowance to Loans and Leases Outstanding
|
|
|
|
1.06
|
%
|
|
|
1.08
|
%
|
|
|
1.10
|
%
|
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital Ratio
|
|
|
|
|
|
|
13.19
|
%
|
|
|
13.27
|
%
|
|
|
13.24
|
%
|
|
|
13.27
|
%
|
|
Tier 1 Capital Ratio
|
|
|
|
|
|
|
13.19
|
|
|
|
13.27
|
|
|
|
13.24
|
|
|
|
13.27
|
|
|
Total Capital Ratio
|
|
|
|
|
|
|
14.38
|
|
|
|
14.47
|
|
|
|
14.46
|
|
|
|
14.51
|
|
|
Tier 1 Leverage Ratio
|
|
|
|
|
|
|
7.55
|
|
|
|
7.53
|
|
|
|
7.26
|
|
|
|
7.24
|
|
|
Total Shareholders' Equity to Total Assets
|
|
|
|
7.38
|
|
|
|
7.29
|
|
|
|
7.21
|
|
|
|
7.11
|
|
|
Tangible Common Equity to Tangible Assets 4
|
|
|
|
7.20
|
|
|
|
7.12
|
|
|
|
7.04
|
|
|
|
6.94
|
|
|
Tangible Common Equity to Risk-Weighted Assets 4
|
|
|
|
12.55
|
|
|
|
12.68
|
|
|
|
12.84
|
|
|
|
12.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-Time Equivalent Employees
|
|
|
|
|
|
|
2,143
|
|
|
|
2,173
|
|
|
|
2,132
|
|
|
|
2,120
|
|
|
Branches
|
|
|
|
|
|
|
69
|
|
|
|
69
|
|
|
|
69
|
|
|
|
69
|
|
|
ATMs
|
|
|
|
|
|
|
382
|
|
|
|
385
|
|
|
|
387
|
|
|
|
388
|
|
|
|
|
|
|
1
|
|
Efficiency ratio is defined as noninterest expense divided by
total revenue (net interest income and total noninterest income).
|
|
2
|
|
Net interest margin is defined as net interest income, on a
taxable-equivalent basis, as a percentage of average earning
assets.
|
|
3
|
|
Dividend payout ratio is defined as dividends declared per share
divided by basic earnings per share.
|
|
4
|
|
Tangible common equity to tangible assets and tangible common
equity to risk-weighted assets are Non-GAAP financial measures.
See Table 2 "Reconciliation of Non-GAAP Financial Measures."
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Reconciliation of Non-GAAP Financial Measures
|
|
Table 2
|
|
|
|
|
September 30,
|
|
June 30,
|
|
December 31,
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
2018
|
|
2018
|
|
2017
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders' Equity
|
|
|
$
|
1,253,327
|
|
|
$
|
1,247,717
|
|
|
$
|
1,231,868
|
|
|
$
|
1,227,893
|
|
|
Less: Goodwill
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
Tangible Common Equity
|
|
|
$
|
1,221,810
|
|
|
$
|
1,216,200
|
|
|
$
|
1,200,351
|
|
|
$
|
1,196,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
$
|
16,991,734
|
|
|
$
|
17,124,162
|
|
|
$
|
17,089,052
|
|
|
$
|
17,268,302
|
|
|
Less: Goodwill
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
Tangible Assets
|
|
|
$
|
16,960,217
|
|
|
$
|
17,092,645
|
|
|
$
|
17,057,535
|
|
|
$
|
17,236,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Risk-Weighted Assets, determined in accordance with prescribed
regulatory requirements
|
|
|
$
|
9,732,618
|
|
|
$
|
9,593,242
|
|
|
$
|
9,348,296
|
|
|
$
|
9,234,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders' Equity to Total Assets
|
|
|
|
7.38
|
%
|
|
|
7.29
|
%
|
|
|
7.21
|
%
|
|
|
7.11
|
%
|
|
Tangible Common Equity to Tangible Assets (Non-GAAP)
|
|
|
|
7.20
|
%
|
|
|
7.12
|
%
|
|
|
7.04
|
%
|
|
|
6.94
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Capital Ratio
|
|
|
|
13.19
|
%
|
|
|
13.27
|
%
|
|
|
13.24
|
%
|
|
|
13.27
|
%
|
|
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)
|
|
|
|
12.55
|
%
|
|
|
12.68
|
%
|
|
|
12.84
|
%
|
|
|
12.96
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Risk-Weighted Assets as of September 30, 2017 was revised from
$9,233,969.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Consolidated Statements of Income
|
|
|
Table 3
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
September 30,
|
|
(dollars in thousands, except per share amounts)
|
|
|
2018
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Fees on Loans and Leases
|
|
|
$
|
104,248
|
|
|
$
|
101,311
|
|
|
$
|
94,621
|
|
|
|
$
|
303,193
|
|
|
$
|
273,467
|
|
Income on Investment Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
12,588
|
|
|
|
12,380
|
|
|
|
11,987
|
|
|
|
|
37,109
|
|
|
|
34,906
|
|
Held-to-Maturity
|
|
|
|
20,821
|
|
|
|
20,711
|
|
|
|
20,334
|
|
|
|
|
62,828
|
|
|
|
59,958
|
|
Deposits
|
|
|
|
10
|
|
|
|
(4
|
)
|
|
|
5
|
|
|
|
|
24
|
|
|
|
12
|
|
Funds Sold
|
|
|
|
1,393
|
|
|
|
846
|
|
|
|
1,579
|
|
|
|
|
2,996
|
|
|
|
3,165
|
|
Other
|
|
|
|
364
|
|
|
|
341
|
|
|
|
235
|
|
|
|
|
1,005
|
|
|
|
673
|
|
Total Interest Income
|
|
|
|
139,424
|
|
|
|
135,585
|
|
|
|
128,761
|
|
|
|
|
407,155
|
|
|
|
372,181
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
10,931
|
|
|
|
9,459
|
|
|
|
6,663
|
|
|
|
|
27,971
|
|
|
|
15,352
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
4,667
|
|
|
|
4,617
|
|
|
|
4,664
|
|
|
|
|
13,848
|
|
|
|
14,928
|
|
Funds Purchased
|
|
|
|
33
|
|
|
|
83
|
|
|
|
-
|
|
|
|
|
169
|
|
|
|
42
|
|
Short-Term Borrowings
|
|
|
|
28
|
|
|
|
13
|
|
|
|
-
|
|
|
|
|
57
|
|
|
|
64
|
|
Other Debt
|
|
|
|
838
|
|
|
|
917
|
|
|
|
1,117
|
|
|
|
|
2,731
|
|
|
|
3,327
|
|
Total Interest Expense
|
|
|
|
16,497
|
|
|
|
15,089
|
|
|
|
12,444
|
|
|
|
|
44,776
|
|
|
|
33,713
|
|
Net Interest Income
|
|
|
|
122,927
|
|
|
|
120,496
|
|
|
|
116,317
|
|
|
|
|
362,379
|
|
|
|
338,468
|
|
Provision for Credit Losses
|
|
|
|
3,800
|
|
|
|
3,500
|
|
|
|
4,000
|
|
|
|
|
11,425
|
|
|
|
12,650
|
|
Net Interest Income After Provision for Credit Losses
|
|
|
|
119,127
|
|
|
|
116,996
|
|
|
|
112,317
|
|
|
|
|
350,954
|
|
|
|
325,818
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and Asset Management
|
|
|
|
10,782
|
|
|
|
11,356
|
|
|
|
11,050
|
|
|
|
|
33,319
|
|
|
|
34,325
|
|
Mortgage Banking
|
|
|
|
1,965
|
|
|
|
2,179
|
|
|
|
3,237
|
|
|
|
|
6,289
|
|
|
|
10,356
|
|
Service Charges on Deposit Accounts
|
|
|
|
7,255
|
|
|
|
6,865
|
|
|
|
8,188
|
|
|
|
|
21,249
|
|
|
|
24,522
|
|
Fees, Exchange, and Other Service Charges
|
|
|
|
14,173
|
|
|
|
14,400
|
|
|
|
13,764
|
|
|
|
|
42,906
|
|
|
|
41,061
|
|
Investment Securities Gains (Losses), Net
|
|
|
|
(729
|
)
|
|
|
(1,702
|
)
|
|
|
(566
|
)
|
|
|
|
(3,097
|
)
|
|
|
11,047
|
|
Annuity and Insurance
|
|
|
|
1,360
|
|
|
|
1,847
|
|
|
|
1,429
|
|
|
|
|
4,413
|
|
|
|
5,585
|
|
Bank-Owned Life Insurance
|
|
|
|
1,620
|
|
|
|
1,796
|
|
|
|
1,861
|
|
|
|
|
5,258
|
|
|
|
4,908
|
|
Other
|
|
|
|
5,056
|
|
|
|
4,557
|
|
|
|
3,447
|
|
|
|
|
16,478
|
|
|
|
11,758
|
|
Total Noninterest Income
|
|
|
|
41,482
|
|
|
|
41,298
|
|
|
|
42,410
|
|
|
|
|
126,815
|
|
|
|
143,562
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Benefits
|
|
|
|
51,782
|
|
|
|
52,148
|
|
|
|
51,190
|
|
|
|
|
158,352
|
|
|
|
152,031
|
|
Net Occupancy
|
|
|
|
8,702
|
|
|
|
8,588
|
|
|
|
7,727
|
|
|
|
|
25,824
|
|
|
|
24,026
|
|
Net Equipment
|
|
|
|
6,116
|
|
|
|
5,845
|
|
|
|
5,417
|
|
|
|
|
17,488
|
|
|
|
16,624
|
|
Data Processing
|
|
|
|
4,241
|
|
|
|
4,563
|
|
|
|
3,882
|
|
|
|
|
12,695
|
|
|
|
11,173
|
|
Professional Fees
|
|
|
|
2,206
|
|
|
|
2,546
|
|
|
|
3,044
|
|
|
|
|
7,525
|
|
|
|
8,415
|
|
FDIC Insurance
|
|
|
|
2,057
|
|
|
|
2,182
|
|
|
|
2,107
|
|
|
|
|
6,396
|
|
|
|
6,413
|
|
Other
|
|
|
|
15,434
|
|
|
|
14,919
|
|
|
|
15,231
|
|
|
|
|
47,433
|
|
|
|
46,673
|
|
Total Noninterest Expense
|
|
|
|
90,538
|
|
|
|
90,791
|
|
|
|
88,598
|
|
|
|
|
275,713
|
|
|
|
265,355
|
|
Income Before Provision for Income Taxes
|
|
|
|
70,071
|
|
|
|
67,503
|
|
|
|
66,129
|
|
|
|
|
202,056
|
|
|
|
204,025
|
|
Provision for Income Taxes
|
|
|
|
13,138
|
|
|
|
12,785
|
|
|
|
20,248
|
|
|
|
|
36,365
|
|
|
|
62,306
|
|
Net Income
|
|
|
$
|
56,933
|
|
|
$
|
54,718
|
|
|
$
|
45,881
|
|
|
|
$
|
165,691
|
|
|
$
|
141,719
|
|
Basic Earnings Per Share
|
|
|
$
|
1.37
|
|
|
$
|
1.31
|
|
|
$
|
1.09
|
|
|
|
$
|
3.96
|
|
|
$
|
3.35
|
|
Diluted Earnings Per Share
|
|
|
$
|
1.36
|
|
|
$
|
1.30
|
|
|
$
|
1.08
|
|
|
|
$
|
3.93
|
|
|
$
|
3.32
|
|
Dividends Declared Per Share
|
|
|
$
|
0.60
|
|
|
$
|
0.60
|
|
|
$
|
0.52
|
|
|
|
$
|
1.72
|
|
|
$
|
1.52
|
|
Basic Weighted Average Shares
|
|
|
|
41,620,776
|
|
|
|
41,884,221
|
|
|
|
42,251,541
|
|
|
|
|
41,846,080
|
|
|
|
42,336,441
|
|
Diluted Weighted Average Shares
|
|
|
|
41,899,401
|
|
|
|
42,152,200
|
|
|
|
42,565,364
|
|
|
|
|
42,133,776
|
|
|
|
42,662,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain prior period information has been reclassified to
conform to current presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Consolidated Statements of Comprehensive Income
|
|
|
Table 4
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
2018
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Net Income
|
|
|
$
|
56,933
|
|
|
$
|
54,718
|
|
|
$
|
45,881
|
|
|
$
|
165,691
|
|
|
$
|
141,719
|
|
Other Comprehensive Income (Loss), Net of Tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Unrealized Gains (Losses) on Investment Securities
|
|
|
|
(5,599
|
)
|
|
|
(2,974
|
)
|
|
|
444
|
|
|
|
(17,694
|
)
|
|
|
8,444
|
|
Defined Benefit Plans
|
|
|
|
216
|
|
|
|
216
|
|
|
|
146
|
|
|
|
648
|
|
|
|
439
|
|
Other Comprehensive Income (Loss)
|
|
|
|
(5,383
|
)
|
|
|
(2,758
|
)
|
|
|
590
|
|
|
|
(17,046
|
)
|
|
|
8,883
|
|
Comprehensive Income
|
|
|
$
|
51,550
|
|
|
$
|
51,960
|
|
|
$
|
46,471
|
|
|
$
|
148,645
|
|
|
$
|
150,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
|
Consolidated Statements of Condition
|
Table 5
|
|
|
|
|
September 30,
|
|
June 30,
|
|
December 31,
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks
|
|
|
$
|
3,725
|
|
|
$
|
3,524
|
|
|
$
|
3,421
|
|
|
$
|
3,161
|
|
|
Funds Sold
|
|
|
|
104,199
|
|
|
|
361,933
|
|
|
|
181,413
|
|
|
|
512,868
|
|
|
Investment Securities
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
2,049,687
|
|
|
|
2,092,870
|
|
|
|
2,232,979
|
|
|
|
2,322,668
|
|
|
Held-to-Maturity (Fair Value of $3,549,235; $3,500,497; $3,894,121;
and $3,960,956)
|
|
|
|
3,664,487
|
|
|
|
3,595,891
|
|
|
|
3,928,170
|
|
|
|
3,960,598
|
|
|
Loans Held for Sale
|
|
|
|
18,063
|
|
|
|
16,025
|
|
|
|
19,231
|
|
|
|
9,752
|
|
|
Loans and Leases
|
|
|
|
10,231,062
|
|
|
|
10,053,323
|
|
|
|
9,796,947
|
|
|
|
9,573,956
|
|
|
Allowance for Loan and Lease Losses
|
|
|
|
(108,690
|
)
|
|
|
(108,188
|
)
|
|
|
(107,346
|
)
|
|
|
(106,881
|
)
|
|
Net Loans and Leases
|
|
|
|
10,122,372
|
|
|
|
9,945,135
|
|
|
|
9,689,601
|
|
|
|
9,467,075
|
|
|
Total Earning Assets
|
|
|
|
15,962,533
|
|
|
|
16,015,378
|
|
|
|
16,054,815
|
|
|
|
16,276,122
|
|
|
Cash and Due from Banks
|
|
|
|
227,049
|
|
|
|
312,303
|
|
|
|
263,017
|
|
|
|
245,487
|
|
|
Premises and Equipment, Net
|
|
|
|
142,928
|
|
|
|
142,791
|
|
|
|
130,926
|
|
|
|
125,162
|
|
|
Accrued Interest Receivable
|
|
|
|
54,839
|
|
|
|
50,594
|
|
|
|
50,485
|
|
|
|
51,526
|
|
|
Foreclosed Real Estate
|
|
|
|
1,909
|
|
|
|
2,926
|
|
|
|
1,040
|
|
|
|
1,393
|
|
|
Mortgage Servicing Rights
|
|
|
|
24,463
|
|
|
|
24,583
|
|
|
|
24,622
|
|
|
|
24,436
|
|
|
Goodwill
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
|
31,517
|
|
|
Bank-Owned Life Insurance
|
|
|
|
282,637
|
|
|
|
281,018
|
|
|
|
280,034
|
|
|
|
278,425
|
|
|
Other Assets
|
|
|
|
263,859
|
|
|
|
263,052
|
|
|
|
252,596
|
|
|
|
234,234
|
|
|
Total Assets
|
|
|
$
|
16,991,734
|
|
|
$
|
17,124,162
|
|
|
$
|
17,089,052
|
|
|
$
|
17,268,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Demand
|
|
|
$
|
4,678,981
|
|
|
$
|
4,729,203
|
|
|
$
|
4,724,300
|
|
|
$
|
4,825,643
|
|
|
Interest-Bearing Demand
|
|
|
|
2,975,069
|
|
|
|
3,111,069
|
|
|
|
3,082,563
|
|
|
|
2,896,559
|
|
|
Savings
|
|
|
|
5,444,053
|
|
|
|
5,389,763
|
|
|
|
5,389,013
|
|
|
|
5,363,866
|
|
|
Time
|
|
|
|
1,745,232
|
|
|
|
1,713,323
|
|
|
|
1,688,092
|
|
|
|
1,962,092
|
|
|
Total Deposits
|
|
|
|
14,843,335
|
|
|
|
14,943,358
|
|
|
|
14,883,968
|
|
|
|
15,048,160
|
|
|
Short-Term Borrowings
|
|
|
|
629
|
|
|
|
330
|
|
|
|
-
|
|
|
|
-
|
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
504,293
|
|
|
|
504,193
|
|
|
|
505,293
|
|
|
|
505,293
|
|
|
Other Debt
|
|
|
|
185,662
|
|
|
|
235,681
|
|
|
|
260,716
|
|
|
|
267,887
|
|
|
Retirement Benefits Payable
|
|
|
|
36,288
|
|
|
|
36,730
|
|
|
|
37,312
|
|
|
|
38,308
|
|
|
Accrued Interest Payable
|
|
|
|
7,689
|
|
|
|
7,395
|
|
|
|
6,946
|
|
|
|
6,717
|
|
|
Taxes Payable and Deferred Taxes
|
|
|
|
15,549
|
|
|
|
15,136
|
|
|
|
24,009
|
|
|
|
31,360
|
|
|
Other Liabilities
|
|
|
|
144,962
|
|
|
|
133,622
|
|
|
|
138,940
|
|
|
|
142,684
|
|
|
Total Liabilities
|
|
|
|
15,738,407
|
|
|
|
15,876,445
|
|
|
|
15,857,184
|
|
|
|
16,040,409
|
|
|
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
|
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: September 30, 2018 - 58,070,578 /
41,809,551; June 30, 2018 - 58,070,285 / 42,084,066; December 31,
2017 - 57,959,074 / 42,401,443; and September 30, 2017 -
57,958,200 / 42,513,348)
|
|
|
|
577
|
|
|
|
577
|
|
|
|
576
|
|
|
|
576
|
|
|
Capital Surplus
|
|
|
|
569,223
|
|
|
|
566,436
|
|
|
|
561,161
|
|
|
|
558,530
|
|
|
Accumulated Other Comprehensive Loss
|
|
|
|
(59,238
|
)
|
|
|
(53,855
|
)
|
|
|
(34,715
|
)
|
|
|
(25,023
|
)
|
|
Retained Earnings
|
|
|
|
1,612,998
|
|
|
|
1,581,168
|
|
|
|
1,512,218
|
|
|
|
1,491,830
|
|
|
Treasury Stock, at Cost (Shares: September 30, 2018 - 16,261,027;
June 30, 2018 - 15,986,219; December 31, 2017 - 15,557,631; and
September 30, 2017 - 15,444,852)
|
|
|
|
(870,233
|
)
|
|
|
(846,609
|
)
|
|
|
(807,372
|
)
|
|
|
(798,020
|
)
|
|
Total Shareholders' Equity
|
|
|
|
1,253,327
|
|
|
|
1,247,717
|
|
|
|
1,231,868
|
|
|
|
1,227,893
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
$
|
16,991,734
|
|
|
$
|
17,124,162
|
|
|
$
|
17,089,052
|
|
|
$
|
17,268,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2017
|
|
|
42,401,443
|
|
|
$
|
576
|
|
$
|
561,161
|
|
$
|
(34,715
|
)
|
|
$
|
1,512,218
|
|
|
$
|
(807,372
|
)
|
|
$
|
1,231,868
|
|
|
Net Income
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
165,691
|
|
|
|
-
|
|
|
|
165,691
|
|
|
Other Comprehensive Loss
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
(17,046
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(17,046
|
)
|
|
Reclassification of the Income Tax Effects of the Tax Cuts and
Jobs Act from AOCI
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
(7,477
|
)
|
|
|
7,477
|
|
|
|
-
|
|
|
|
-
|
|
|
Share-Based Compensation
|
|
|
-
|
|
|
|
-
|
|
|
6,208
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,208
|
|
|
Common Stock Issued under Purchase and Equity Compensation Plans
|
|
|
203,289
|
|
|
|
1
|
|
|
1,854
|
|
|
-
|
|
|
|
251
|
|
|
|
4,127
|
|
|
|
6,233
|
|
|
Common Stock Repurchased
|
|
|
(795,181
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
(66,988
|
)
|
|
|
(66,988
|
)
|
|
Cash Dividends Declared ($1.72 per share)
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
(72,639
|
)
|
|
|
-
|
|
|
|
(72,639
|
)
|
|
Balance as of September 30, 2018
|
|
|
41,809,551
|
|
|
$
|
577
|
|
$
|
569,223
|
|
$
|
(59,238
|
)
|
|
$
|
1,612,998
|
|
|
$
|
(870,233
|
)
|
|
$
|
1,253,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2016
|
|
|
42,635,978
|
|
|
$
|
576
|
|
$
|
551,628
|
|
$
|
(33,906
|
)
|
|
$
|
1,415,440
|
|
|
$
|
(772,201
|
)
|
|
$
|
1,161,537
|
|
|
Net Income
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
141,719
|
|
|
|
-
|
|
|
|
141,719
|
|
|
Other Comprehensive Income
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
8,883
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8,883
|
|
|
Share-Based Compensation
|
|
|
-
|
|
|
|
-
|
|
|
5,332
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5,332
|
|
|
Common Stock Issued under Purchase and Equity Compensation Plans
|
|
|
319,377
|
|
|
|
-
|
|
|
1,570
|
|
|
-
|
|
|
|
(383
|
)
|
|
|
10,552
|
|
|
|
11,739
|
|
|
Common Stock Repurchased
|
|
|
(442,007
|
)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
-
|
|
|
|
(36,371
|
)
|
|
|
(36,371
|
)
|
|
Cash Dividends Declared ($1.52 per share)
|
|
|
-
|
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
(64,946
|
)
|
|
|
-
|
|
|
|
(64,946
|
)
|
|
Balance as of September 30, 2017
|
|
|
42,513,348
|
|
|
$
|
576
|
|
$
|
558,530
|
|
$
|
(25,023
|
)
|
|
$
|
1,491,830
|
|
|
$
|
(798,020
|
)
|
|
$
|
1,227,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
|
Average Balances and Interest Rates - Taxable-Equivalent Basis
|
|
|
Table 7a
|
|
|
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
Three Months Ended
|
|
|
|
|
|
September 30, 2018
|
|
|
June 30, 2018
|
|
|
September 30, 2017
|
|
|
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
(dollars in millions)
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks
|
|
|
$
|
3.6
|
|
$
|
-
|
|
1.09
|
%
|
|
$
|
2.9
|
|
$
|
-
|
|
(0.52
|
)
|
%
|
|
$
|
3.5
|
|
$
|
-
|
|
0.48
|
%
|
|
Funds Sold
|
|
|
|
281.9
|
|
|
1.4
|
|
1.93
|
|
|
|
185.2
|
|
|
0.8
|
|
1.81
|
|
|
|
|
575.2
|
|
|
1.6
|
|
1.07
|
|
|
Investment Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
1,512.1
|
|
|
9.5
|
|
2.51
|
|
|
|
1,564.5
|
|
|
9.2
|
|
2.35
|
|
|
|
|
1,658.2
|
|
|
8.6
|
|
2.08
|
|
|
Non-Taxable
|
|
|
|
567.5
|
|
|
3.9
|
|
2.75
|
|
|
|
583.6
|
|
|
4.0
|
|
2.78
|
|
|
|
|
636.7
|
|
|
5.2
|
|
3.26
|
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
3,413.7
|
|
|
19.3
|
|
2.26
|
|
|
|
3,471.7
|
|
|
19.2
|
|
2.22
|
|
|
|
|
3,631.1
|
|
|
18.8
|
|
2.07
|
|
|
Non-Taxable
|
|
|
|
236.1
|
|
|
1.9
|
|
3.16
|
|
|
|
237.1
|
|
|
1.9
|
|
3.17
|
|
|
|
|
239.9
|
|
|
2.4
|
|
3.87
|
|
|
Total Investment Securities
|
|
|
|
5,729.4
|
|
|
34.6
|
|
2.41
|
|
|
|
5,856.9
|
|
|
34.3
|
|
2.35
|
|
|
|
|
6,165.9
|
|
|
35.0
|
|
2.27
|
|
|
Loans Held for Sale
|
|
|
|
14.9
|
|
|
0.2
|
|
4.45
|
|
|
|
14.8
|
|
|
0.2
|
|
4.44
|
|
|
|
|
20.6
|
|
|
0.2
|
|
3.88
|
|
|
Loans and Leases 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
1,279.4
|
|
|
13.0
|
|
4.04
|
|
|
|
1,307.6
|
|
|
12.8
|
|
3.92
|
|
|
|
|
1,251.5
|
|
|
11.3
|
|
3.58
|
|
|
Commercial Mortgage
|
|
|
|
2,180.5
|
|
|
23.0
|
|
4.19
|
|
|
|
2,123.5
|
|
|
21.9
|
|
4.13
|
|
|
|
|
2,015.0
|
|
|
19.6
|
|
3.87
|
|
|
Construction
|
|
|
|
187.0
|
|
|
2.2
|
|
4.65
|
|
|
|
183.4
|
|
|
2.2
|
|
4.82
|
|
|
|
|
241.0
|
|
|
2.9
|
|
4.73
|
|
|
Commercial Lease Financing
|
|
|
|
175.0
|
|
|
1.0
|
|
2.30
|
|
|
|
179.4
|
|
|
1.0
|
|
2.24
|
|
|
|
|
204.7
|
|
|
1.2
|
|
2.30
|
|
|
Residential Mortgage
|
|
|
|
3,563.5
|
|
|
34.0
|
|
3.82
|
|
|
|
3,526.9
|
|
|
33.6
|
|
3.81
|
|
|
|
|
3,333.3
|
|
|
31.8
|
|
3.82
|
|
|
Home Equity
|
|
|
|
1,622.4
|
|
|
15.7
|
|
3.83
|
|
|
|
1,612.7
|
|
|
15.1
|
|
3.76
|
|
|
|
|
1,502.9
|
|
|
13.8
|
|
3.65
|
|
|
Automobile
|
|
|
|
606.3
|
|
|
5.9
|
|
3.84
|
|
|
|
573.6
|
|
|
5.7
|
|
3.97
|
|
|
|
|
493.2
|
|
|
5.9
|
|
4.71
|
|
|
Other 2
|
|
|
|
467.8
|
|
|
9.3
|
|
7.90
|
|
|
|
455.8
|
|
|
8.9
|
|
7.86
|
|
|
|
|
410.4
|
|
|
8.2
|
|
7.98
|
|
|
Total Loans and Leases
|
|
|
|
10,081.9
|
|
|
104.1
|
|
4.11
|
|
|
|
9,962.9
|
|
|
101.2
|
|
4.07
|
|
|
|
|
9,452.0
|
|
|
94.7
|
|
3.99
|
|
|
Other
|
|
|
|
38.9
|
|
|
0.4
|
|
3.74
|
|
|
|
39.8
|
|
|
0.4
|
|
3.43
|
|
|
|
|
40.2
|
|
|
0.2
|
|
2.34
|
|
|
Total Earning Assets 3
|
|
|
|
16,150.6
|
|
|
140.7
|
|
3.47
|
|
|
|
16,062.5
|
|
|
136.9
|
|
3.41
|
|
|
|
|
16,257.4
|
|
|
131.7
|
|
3.23
|
|
|
Cash and Due from Banks
|
|
|
|
252.1
|
|
|
|
|
|
|
|
251.0
|
|
|
|
|
|
|
|
151.2
|
|
|
|
|
|
|
Other Assets
|
|
|
|
612.6
|
|
|
|
|
|
|
|
608.3
|
|
|
|
|
|
|
|
563.6
|
|
|
|
|
|
|
Total Assets
|
|
|
$
|
17,015.3
|
|
|
|
|
|
|
$
|
16,921.8
|
|
|
|
|
|
|
$
|
16,972.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
|
$
|
2,999.5
|
|
|
1.3
|
|
0.17
|
|
|
$
|
2,969.8
|
|
|
1.2
|
|
0.16
|
|
|
|
$
|
2,880.0
|
|
|
0.5
|
|
0.07
|
|
|
Savings
|
|
|
|
5,482.4
|
|
|
3.8
|
|
0.28
|
|
|
|
5,392.2
|
|
|
3.1
|
|
0.23
|
|
|
|
|
5,374.4
|
|
|
1.8
|
|
0.13
|
|
|
Time
|
|
|
|
1,683.0
|
|
|
5.8
|
|
1.37
|
|
|
|
1,705.7
|
|
|
5.2
|
|
1.21
|
|
|
|
|
1,788.2
|
|
|
4.4
|
|
0.97
|
|
|
Total Interest-Bearing Deposits
|
|
|
|
10,164.9
|
|
|
10.9
|
|
0.43
|
|
|
|
10,067.7
|
|
|
9.5
|
|
0.38
|
|
|
|
|
10,042.6
|
|
|
6.7
|
|
0.26
|
|
|
Short-Term Borrowings
|
|
|
|
11.6
|
|
|
0.1
|
|
2.06
|
|
|
|
21.0
|
|
|
0.1
|
|
1.80
|
|
|
|
|
-
|
|
|
-
|
|
-
|
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
504.3
|
|
|
4.7
|
|
3.62
|
|
|
|
505.1
|
|
|
4.6
|
|
3.62
|
|
|
|
|
505.3
|
|
|
4.7
|
|
3.61
|
|
|
Other Debt
|
|
|
|
208.5
|
|
|
0.8
|
|
1.60
|
|
|
|
235.7
|
|
|
0.9
|
|
1.56
|
|
|
|
|
267.9
|
|
|
1.1
|
|
1.66
|
|
|
Total Interest-Bearing Liabilities
|
|
|
|
10,889.3
|
|
|
16.5
|
|
0.60
|
|
|
|
10,829.5
|
|
|
15.1
|
|
0.56
|
|
|
|
|
10,815.8
|
|
|
12.5
|
|
0.45
|
|
|
Net Interest Income
|
|
|
|
|
$
|
124.2
|
|
|
|
|
|
|
$
|
121.8
|
|
|
|
|
|
|
$
|
119.2
|
|
|
|
|
Interest Rate Spread
|
|
|
|
|
|
|
2.87
|
%
|
|
|
|
2.85
|
|
%
|
|
|
|
2.78
|
%
|
|
Net Interest Margin
|
|
|
|
|
|
|
3.07
|
%
|
|
|
|
3.04
|
|
%
|
|
|
|
2.92
|
%
|
|
Noninterest-Bearing Demand Deposits
|
|
|
|
4,655.6
|
|
|
|
|
|
|
|
4,641.6
|
|
|
|
|
|
|
|
4,684.9
|
|
|
|
|
|
|
Other Liabilities
|
|
|
|
219.9
|
|
|
|
|
|
|
|
209.0
|
|
|
|
|
|
|
|
248.6
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
1,250.5
|
|
|
|
|
|
|
|
1,241.7
|
|
|
|
|
|
|
|
1,222.9
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
$
|
17,015.3
|
|
|
|
|
|
|
$
|
16,921.8
|
|
|
|
|
|
|
$
|
16,972.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% for 2018 and 35%
for 2017, of $1,265,000 for the three months ended September 30,
2018, $1,298,000 for the three months ended June 30, 2018, and
$2,920,000 for the three months ended September 30, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
|
Average Balances and Interest Rates - Taxable-Equivalent Basis
|
|
Table 7b
|
|
|
|
|
|
Nine Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
|
September 30, 2018
|
|
|
September 30, 2017
|
|
|
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
Average
|
|
Income/
|
|
Yield/
|
|
|
(dollars in millions)
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits in Other Banks
|
|
|
$
|
3.2
|
|
$
|
-
|
|
0.99
|
%
|
|
$
|
3.5
|
|
$
|
-
|
|
0.44
|
%
|
|
Funds Sold
|
|
|
|
224.3
|
|
|
3.0
|
|
1.76
|
|
|
|
491.1
|
|
|
3.2
|
|
0.85
|
|
|
Investment Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
1,556.9
|
|
|
27.6
|
|
2.36
|
|
|
|
1,655.8
|
|
|
24.6
|
|
1.98
|
|
|
Non-Taxable
|
|
|
|
585.1
|
|
|
12.1
|
|
2.76
|
|
|
|
652.0
|
|
|
15.9
|
|
3.26
|
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
3,504.8
|
|
|
58.4
|
|
2.22
|
|
|
|
3,605.8
|
|
|
55.4
|
|
2.05
|
|
|
Non-Taxable
|
|
|
|
237.0
|
|
|
5.6
|
|
3.17
|
|
|
|
240.9
|
|
|
7.0
|
|
3.88
|
|
|
Total Investment Securities
|
|
|
|
5,883.8
|
|
|
103.7
|
|
2.35
|
|
|
|
6,154.5
|
|
|
102.9
|
|
2.23
|
|
|
Loans Held for Sale
|
|
|
|
14.6
|
|
|
0.5
|
|
4.23
|
|
|
|
24.9
|
|
|
0.7
|
|
3.98
|
|
|
Loans and Leases 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
1,289.3
|
|
|
37.6
|
|
3.90
|
|
|
|
1,255.4
|
|
|
32.7
|
|
3.49
|
|
|
Commercial Mortgage
|
|
|
|
2,133.8
|
|
|
65.5
|
|
4.10
|
|
|
|
1,948.1
|
|
|
55.5
|
|
3.81
|
|
|
Construction
|
|
|
|
186.6
|
|
|
6.5
|
|
4.64
|
|
|
|
246.7
|
|
|
8.6
|
|
4.66
|
|
|
Commercial Lease Financing
|
|
|
|
178.0
|
|
|
3.0
|
|
2.25
|
|
|
|
207.1
|
|
|
3.5
|
|
2.25
|
|
|
Residential Mortgage
|
|
|
|
3,523.1
|
|
|
100.9
|
|
3.82
|
|
|
|
3,269.7
|
|
|
93.8
|
|
3.82
|
|
|
Home Equity
|
|
|
|
1,610.2
|
|
|
45.4
|
|
3.77
|
|
|
|
1,439.2
|
|
|
38.9
|
|
3.61
|
|
|
Automobile
|
|
|
|
574.1
|
|
|
17.1
|
|
3.99
|
|
|
|
476.4
|
|
|
17.5
|
|
4.90
|
|
|
Other 2
|
|
|
|
455.4
|
|
|
26.9
|
|
7.89
|
|
|
|
389.0
|
|
|
23.2
|
|
7.98
|
|
|
Total Loans and Leases
|
|
|
|
9,950.5
|
|
|
302.9
|
|
4.07
|
|
|
|
9,231.6
|
|
|
273.7
|
|
3.96
|
|
|
Other
|
|
|
|
39.8
|
|
|
1.0
|
|
3.37
|
|
|
|
40.4
|
|
|
0.7
|
|
2.22
|
|
|
Total Earning Assets 3
|
|
|
|
16,116.2
|
|
|
411.1
|
|
3.41
|
|
|
|
15,946.0
|
|
|
381.2
|
|
3.19
|
|
|
Cash and Due from Banks
|
|
|
|
244.0
|
|
|
|
|
|
|
|
134.8
|
|
|
|
|
|
|
Other Assets
|
|
|
|
604.9
|
|
|
|
|
|
|
|
555.4
|
|
|
|
|
|
|
Total Assets
|
|
|
$
|
16,965.1
|
|
|
|
|
|
|
$
|
16,636.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand
|
|
|
$
|
2,982.5
|
|
|
3.2
|
|
0.15
|
|
|
$
|
2,869.7
|
|
|
1.3
|
|
0.06
|
|
|
Savings
|
|
|
|
5,414.1
|
|
|
9.1
|
|
0.22
|
|
|
|
5,385.7
|
|
|
4.7
|
|
0.12
|
|
|
Time
|
|
|
|
1,700.6
|
|
|
15.7
|
|
1.23
|
|
|
|
1,529.2
|
|
|
9.4
|
|
0.82
|
|
|
Total Interest-Bearing Deposits
|
|
|
|
10,097.2
|
|
|
28.0
|
|
0.37
|
|
|
|
9,784.6
|
|
|
15.4
|
|
0.21
|
|
|
Short-Term Borrowings
|
|
|
|
17.2
|
|
|
0.2
|
|
1.73
|
|
|
|
15.3
|
|
|
0.1
|
|
0.91
|
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
504.9
|
|
|
13.9
|
|
3.62
|
|
|
|
507.7
|
|
|
14.9
|
|
3.88
|
|
|
Other Debt
|
|
|
|
233.6
|
|
|
2.7
|
|
1.56
|
|
|
|
267.9
|
|
|
3.3
|
|
1.66
|
|
|
Total Interest-Bearing Liabilities
|
|
|
|
10,852.9
|
|
|
44.8
|
|
0.55
|
|
|
|
10,575.5
|
|
|
33.7
|
|
0.42
|
|
|
Net Interest Income
|
|
|
|
|
$
|
366.3
|
|
|
|
|
|
|
$
|
347.5
|
|
|
|
|
Interest Rate Spread
|
|
|
|
|
|
|
2.86
|
%
|
|
|
|
2.77
|
%
|
|
Net Interest Margin
|
|
|
|
|
|
|
3.04
|
%
|
|
|
|
2.91
|
%
|
|
Noninterest-Bearing Demand Deposits
|
|
|
|
4,653.2
|
|
|
|
|
|
|
|
4,617.1
|
|
|
|
|
|
|
Other Liabilities
|
|
|
|
216.4
|
|
|
|
|
|
|
|
241.7
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
1,242.6
|
|
|
|
|
|
|
|
1,201.9
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity
|
|
|
$
|
16,965.1
|
|
|
|
|
|
|
$
|
16,636.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% for 2018 and 35%
for 2017, of $3,907,000 for the nine months ended September 30,
2018 and $9,035,000 for the nine months ended September 30, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Analysis of Change in Net Interest Income - Taxable-Equivalent
Basis
|
|
Table 8a
|
|
|
|
|
Three Months Ended September 30, 2018
|
|
|
|
|
Compared to June 30, 2018
|
|
(dollars in millions)
|
|
|
Volume 1
|
|
Rate 1
|
|
Total
|
|
Change in Interest Income:
|
|
|
|
|
|
|
|
|
Funds Sold
|
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
$
|
0.6
|
|
|
Investment Securities
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
(0.3
|
)
|
|
|
0.6
|
|
|
|
0.3
|
|
|
Non-Taxable
|
|
|
|
(0.1
|
)
|
|
|
-
|
|
|
|
(0.1
|
)
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
(0.3
|
)
|
|
|
0.4
|
|
|
|
0.1
|
|
|
Total Investment Securities
|
|
|
|
(0.7
|
)
|
|
|
1.0
|
|
|
|
0.3
|
|
|
Loans and Leases
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
(0.3
|
)
|
|
|
0.5
|
|
|
|
0.2
|
|
|
Commercial Mortgage
|
|
|
|
0.7
|
|
|
|
0.4
|
|
|
|
1.1
|
|
|
Construction
|
|
|
|
0.1
|
|
|
|
(0.1
|
)
|
|
|
-
|
|
|
Residential Mortgage
|
|
|
|
0.4
|
|
|
|
-
|
|
|
|
0.4
|
|
|
Home Equity
|
|
|
|
0.1
|
|
|
|
0.5
|
|
|
|
0.6
|
|
|
Automobile
|
|
|
|
0.4
|
|
|
|
(0.2
|
)
|
|
|
0.2
|
|
|
Other 2
|
|
|
|
0.3
|
|
|
|
0.1
|
|
|
|
0.4
|
|
|
Total Loans and Leases
|
|
|
|
1.7
|
|
|
|
1.2
|
|
|
|
2.9
|
|
|
Total Change in Interest Income
|
|
|
|
1.5
|
|
|
|
2.3
|
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense:
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
Demand
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
Savings
|
|
|
|
0.1
|
|
|
|
0.6
|
|
|
|
0.7
|
|
|
Time
|
|
|
|
(0.1
|
)
|
|
|
0.7
|
|
|
|
0.6
|
|
|
Total Interest-Bearing Deposits
|
|
|
|
-
|
|
|
|
1.4
|
|
|
|
1.4
|
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
0.1
|
|
|
|
-
|
|
|
|
0.1
|
|
|
Other Debt
|
|
|
|
(0.1
|
)
|
|
|
-
|
|
|
|
(0.1
|
)
|
|
Total Change in Interest Expense
|
|
|
|
-
|
|
|
|
1.4
|
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
Change in Net Interest Income
|
|
|
$
|
1.5
|
|
|
$
|
0.9
|
|
|
$
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
The change in interest income and expense not solely due to
changes in volume or rate has been allocated on a pro-rata basis
to the volume and rate columns.
|
|
2
|
|
Comprised of other consumer revolving credit, installment, and
consumer lease financing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Analysis of Change in Net Interest Income - Taxable-Equivalent
Basis
|
|
Table 8b
|
|
|
|
|
Three Months Ended September 30, 2018
|
|
|
|
|
Compared to September 30, 2017
|
|
(dollars in millions)
|
|
|
Volume 1
|
|
Rate 1
|
|
Total
|
|
Change in Interest Income:
|
|
|
|
|
|
|
|
|
Funds Sold
|
|
|
$
|
(1.1
|
)
|
|
$
|
0.9
|
|
|
$
|
(0.2
|
)
|
|
Investment Securities
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
(0.8
|
)
|
|
|
1.7
|
|
|
|
0.9
|
|
|
Non-Taxable
|
|
|
|
(0.5
|
)
|
|
|
(0.8
|
)
|
|
|
(1.3
|
)
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
(1.2
|
)
|
|
|
1.7
|
|
|
|
0.5
|
|
|
Non-Taxable
|
|
|
|
(0.1
|
)
|
|
|
(0.4
|
)
|
|
|
(0.5
|
)
|
|
Total Investment Securities
|
|
|
|
(2.6
|
)
|
|
|
2.2
|
|
|
|
(0.4
|
)
|
|
Loans Held for Sale
|
|
|
|
(0.1
|
)
|
|
|
0.1
|
|
|
|
-
|
|
|
Loans and Leases
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
0.2
|
|
|
|
1.5
|
|
|
|
1.7
|
|
|
Commercial Mortgage
|
|
|
|
1.7
|
|
|
|
1.7
|
|
|
|
3.4
|
|
|
Construction
|
|
|
|
(0.6
|
)
|
|
|
(0.1
|
)
|
|
|
(0.7
|
)
|
|
Commercial Lease Financing
|
|
|
|
(0.2
|
)
|
|
|
-
|
|
|
|
(0.2
|
)
|
|
Residential Mortgage
|
|
|
|
2.2
|
|
|
|
-
|
|
|
|
2.2
|
|
|
Home Equity
|
|
|
|
1.1
|
|
|
|
0.8
|
|
|
|
1.9
|
|
|
Automobile
|
|
|
|
1.2
|
|
|
|
(1.2
|
)
|
|
|
-
|
|
|
Other 2
|
|
|
|
1.2
|
|
|
|
(0.1
|
)
|
|
|
1.1
|
|
|
Total Loans and Leases
|
|
|
|
6.8
|
|
|
|
2.6
|
|
|
|
9.4
|
|
|
Other
|
|
|
|
-
|
|
|
|
0.2
|
|
|
|
0.2
|
|
|
Total Change in Interest Income
|
|
|
|
3.0
|
|
|
|
6.0
|
|
|
|
9.0
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense:
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
Demand
|
|
|
|
-
|
|
|
|
0.8
|
|
|
|
0.8
|
|
|
Savings
|
|
|
|
-
|
|
|
|
2.0
|
|
|
|
2.0
|
|
|
Time
|
|
|
|
(0.3
|
)
|
|
|
1.7
|
|
|
|
1.4
|
|
|
Total Interest-Bearing Deposits
|
|
|
|
(0.3
|
)
|
|
|
4.5
|
|
|
|
4.2
|
|
|
Short-Term Borrowings
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
Other Debt
|
|
|
|
(0.3
|
)
|
|
|
-
|
|
|
|
(0.3
|
)
|
|
Total Change in Interest Expense
|
|
|
|
(0.6
|
)
|
|
|
4.6
|
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
Change in Net Interest Income
|
|
|
$
|
3.6
|
|
|
$
|
1.4
|
|
|
$
|
5.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
The change in interest income and expense not solely due to
changes in volume or rate has been allocated on a pro-rata basis
to the volume and rate columns.
|
|
2
|
|
Comprised of other consumer revolving credit, installment, and
consumer lease financing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Analysis of Change in Net Interest Income - Taxable-Equivalent
Basis
|
|
Table 8c
|
|
|
|
|
Nine Months Ended September 30, 2018
|
|
|
|
|
Compared to September 30, 2017
|
|
(dollars in millions)
|
|
|
Volume 1
|
|
Rate 1
|
|
Total
|
|
Change in Interest Income:
|
|
|
|
|
|
|
|
|
Funds Sold
|
|
|
$
|
(2.4
|
)
|
|
$
|
2.2
|
|
|
$
|
(0.2
|
)
|
|
Investment Securities
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
(1.5
|
)
|
|
|
4.5
|
|
|
|
3.0
|
|
|
Non-Taxable
|
|
|
|
(1.5
|
)
|
|
|
(2.3
|
)
|
|
|
(3.8
|
)
|
|
Held-to-Maturity
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
|
(1.6
|
)
|
|
|
4.6
|
|
|
|
3.0
|
|
|
Non-Taxable
|
|
|
|
(0.1
|
)
|
|
|
(1.3
|
)
|
|
|
(1.4
|
)
|
|
Total Investment Securities
|
|
|
|
(4.7
|
)
|
|
|
5.5
|
|
|
|
0.8
|
|
|
Loans Held for Sale
|
|
|
|
(0.3
|
)
|
|
|
0.1
|
|
|
|
(0.2
|
)
|
|
Loans and Leases
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
0.9
|
|
|
|
4.0
|
|
|
|
4.9
|
|
|
Commercial Mortgage
|
|
|
|
5.5
|
|
|
|
4.5
|
|
|
|
10.0
|
|
|
Construction
|
|
|
|
(2.1
|
)
|
|
|
-
|
|
|
|
(2.1
|
)
|
|
Commercial Lease Financing
|
|
|
|
(0.5
|
)
|
|
|
-
|
|
|
|
(0.5
|
)
|
|
Residential Mortgage
|
|
|
|
7.2
|
|
|
|
(0.1
|
)
|
|
|
7.1
|
|
|
Home Equity
|
|
|
|
4.8
|
|
|
|
1.7
|
|
|
|
6.5
|
|
|
Automobile
|
|
|
|
3.2
|
|
|
|
(3.6
|
)
|
|
|
(0.4
|
)
|
|
Other 2
|
|
|
|
3.9
|
|
|
|
(0.2
|
)
|
|
|
3.7
|
|
|
Total Loans and Leases
|
|
|
|
22.9
|
|
|
|
6.3
|
|
|
|
29.2
|
|
|
Other
|
|
|
|
-
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
Total Change in Interest Income
|
|
|
|
15.5
|
|
|
|
14.4
|
|
|
|
29.9
|
|
|
|
|
|
|
|
|
|
|
|
Change in Interest Expense:
|
|
|
|
|
|
|
|
|
Interest-Bearing Deposits
|
|
|
|
|
|
|
|
|
Demand
|
|
|
|
0.1
|
|
|
|
1.8
|
|
|
|
1.9
|
|
|
Savings
|
|
|
|
-
|
|
|
|
4.4
|
|
|
|
4.4
|
|
|
Time
|
|
|
|
1.1
|
|
|
|
5.2
|
|
|
|
6.3
|
|
|
Total Interest-Bearing Deposits
|
|
|
|
1.2
|
|
|
|
11.4
|
|
|
|
12.6
|
|
|
Short-Term Borrowings
|
|
|
|
-
|
|
|
|
0.1
|
|
|
|
0.1
|
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
(0.1
|
)
|
|
|
(0.9
|
)
|
|
|
(1.0
|
)
|
|
Other Debt
|
|
|
|
(0.4
|
)
|
|
|
(0.2
|
)
|
|
|
(0.6
|
)
|
|
Total Change in Interest Expense
|
|
|
|
0.7
|
|
|
|
10.4
|
|
|
|
11.1
|
|
|
|
|
|
|
|
|
|
|
|
Change in Net Interest Income
|
|
|
$
|
14.8
|
|
|
$
|
4.0
|
|
|
$
|
18.8
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
The change in interest income and expense not solely due to
changes in volume or rate has been allocated on a pro-rata basis
to the volume and rate columns.
|
|
2
|
|
Comprised of other consumer revolving credit, installment, and
consumer lease financing.
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Salaries and Benefits
|
|
|
Table 9
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
2018
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Salaries
|
|
|
$
|
33,308
|
|
|
$
|
33,269
|
|
$
|
31,224
|
|
|
$
|
99,281
|
|
$
|
91,202
|
|
Incentive Compensation
|
|
|
|
5,378
|
|
|
|
4,416
|
|
|
4,857
|
|
|
|
14,972
|
|
|
15,756
|
|
Share-Based Compensation
|
|
|
|
2,153
|
|
|
|
2,423
|
|
|
1,962
|
|
|
|
6,657
|
|
|
7,144
|
|
Commission Expense
|
|
|
|
1,034
|
|
|
|
1,272
|
|
|
1,439
|
|
|
|
3,260
|
|
|
5,066
|
|
Retirement and Other Benefits
|
|
|
|
3,925
|
|
|
|
4,178
|
|
|
3,843
|
|
|
|
12,944
|
|
|
12,169
|
|
Payroll Taxes
|
|
|
|
2,372
|
|
|
|
2,568
|
|
|
2,353
|
|
|
|
9,112
|
|
|
8,724
|
|
Medical, Dental, and Life Insurance
|
|
|
|
3,616
|
|
|
|
3,820
|
|
|
3,444
|
|
|
|
10,897
|
|
|
9,859
|
|
Separation Expense
|
|
|
|
(4
|
)
|
|
|
202
|
|
|
2,068
|
|
|
|
1,229
|
|
|
2,111
|
|
Total Salaries and Benefits
|
|
|
$
|
51,782
|
|
|
$
|
52,148
|
|
$
|
51,190
|
|
|
$
|
158,352
|
|
$
|
152,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain prior period information has been reclassified to
conform to current presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Loan and Lease Portfolio Balances
|
|
Table 10
|
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
$
|
1,314,609
|
|
$
|
1,282,967
|
|
$
|
1,329,096
|
|
$
|
1,279,347
|
|
$
|
1,252,238
|
|
Commercial Mortgage
|
|
|
|
2,237,020
|
|
|
2,169,357
|
|
|
2,097,339
|
|
|
2,103,967
|
|
|
2,050,998
|
|
Construction
|
|
|
|
176,447
|
|
|
185,350
|
|
|
186,530
|
|
|
202,253
|
|
|
232,487
|
|
Lease Financing
|
|
|
|
172,232
|
|
|
178,598
|
|
|
179,771
|
|
|
180,931
|
|
|
204,240
|
|
Total Commercial
|
|
|
|
3,900,308
|
|
|
3,816,272
|
|
|
3,792,736
|
|
|
3,766,498
|
|
|
3,739,963
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Mortgage
|
|
|
|
3,596,627
|
|
|
3,548,444
|
|
|
3,505,239
|
|
|
3,466,773
|
|
|
3,366,634
|
|
Home Equity
|
|
|
|
1,625,208
|
|
|
1,622,314
|
|
|
1,601,698
|
|
|
1,585,455
|
|
|
1,528,353
|
|
Automobile
|
|
|
|
625,086
|
|
|
592,705
|
|
|
558,468
|
|
|
528,474
|
|
|
506,102
|
|
Other 1
|
|
|
|
483,833
|
|
|
473,588
|
|
|
458,487
|
|
|
449,747
|
|
|
432,904
|
|
Total Consumer
|
|
|
|
6,330,754
|
|
|
6,237,051
|
|
|
6,123,892
|
|
|
6,030,449
|
|
|
5,833,993
|
|
Total Loans and Leases
|
|
|
$
|
10,231,062
|
|
$
|
10,053,323
|
|
$
|
9,916,628
|
|
$
|
9,796,947
|
|
$
|
9,573,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
Consumer
|
|
|
$
|
7,627,527
|
|
$
|
7,672,435
|
|
$
|
7,665,926
|
|
$
|
7,478,228
|
|
$
|
7,303,546
|
|
Commercial
|
|
|
|
5,967,343
|
|
|
5,921,414
|
|
|
5,897,194
|
|
|
5,973,763
|
|
|
6,091,800
|
|
Public and Other
|
|
|
|
1,248,465
|
|
|
1,349,509
|
|
|
1,394,013
|
|
|
1,431,977
|
|
|
1,652,814
|
|
Total Deposits
|
|
|
$
|
14,843,335
|
|
$
|
14,943,358
|
|
$
|
14,957,133
|
|
$
|
14,883,968
|
|
$
|
15,048,160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Comprised of other revolving credit, installment, and
lease financing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Non-Performing Assets and Accruing Loans and Leases Past Due 90
Days or More
|
|
Table 11
|
|
|
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
|
2018
|
|
|
2018
|
|
|
2018
|
|
|
2017
|
|
|
2017
|
|
Non-Performing Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accrual Loans and Leases
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
$
|
1,205
|
|
|
$
|
917
|
|
|
$
|
986
|
|
|
$
|
448
|
|
|
$
|
901
|
|
|
Commercial Mortgage
|
|
|
|
652
|
|
|
|
659
|
|
|
|
1,367
|
|
|
|
1,398
|
|
|
|
1,425
|
|
|
Total Commercial
|
|
|
|
1,857
|
|
|
|
1,576
|
|
|
|
2,353
|
|
|
|
1,846
|
|
|
|
2,326
|
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Mortgage
|
|
|
|
6,359
|
|
|
|
6,722
|
|
|
|
6,725
|
|
|
|
9,243
|
|
|
|
9,188
|
|
|
Home Equity
|
|
|
|
3,673
|
|
|
|
3,933
|
|
|
|
3,890
|
|
|
|
3,991
|
|
|
|
4,128
|
|
|
Total Consumer
|
|
|
|
10,032
|
|
|
|
10,655
|
|
|
|
10,615
|
|
|
|
13,234
|
|
|
|
13,316
|
|
|
Total Non-Accrual Loans and Leases
|
|
|
|
11,889
|
|
|
|
12,231
|
|
|
|
12,968
|
|
|
|
15,080
|
|
|
|
15,642
|
|
|
Foreclosed Real Estate
|
|
|
|
1,909
|
|
|
|
2,926
|
|
|
|
2,768
|
|
|
|
1,040
|
|
|
|
1,393
|
|
|
Total Non-Performing Assets
|
|
|
$
|
13,798
|
|
|
$
|
15,157
|
|
|
$
|
15,736
|
|
|
$
|
16,120
|
|
|
$
|
17,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accruing Loans and Leases Past Due 90 Days or More
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
$
|
-
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
5
|
|
|
Commercial Mortgage
|
|
|
|
-
|
|
|
|
5,680
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Total Commercial
|
|
|
|
-
|
|
|
|
5,682
|
|
|
|
-
|
|
|
|
-
|
|
|
|
5
|
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Mortgage
|
|
|
$
|
2,426
|
|
|
$
|
2,281
|
|
|
$
|
2,927
|
|
|
$
|
2,703
|
|
|
$
|
2,933
|
|
|
Home Equity
|
|
|
|
3,112
|
|
|
|
3,016
|
|
|
|
3,013
|
|
|
|
1,624
|
|
|
|
1,392
|
|
|
Automobile
|
|
|
|
829
|
|
|
|
674
|
|
|
|
333
|
|
|
|
886
|
|
|
|
806
|
|
|
Other 1
|
|
|
|
1,727
|
|
|
|
1,660
|
|
|
|
1,895
|
|
|
|
1,934
|
|
|
|
1,528
|
|
|
Total Consumer
|
|
|
|
8,094
|
|
|
|
7,631
|
|
|
|
8,168
|
|
|
|
7,147
|
|
|
|
6,659
|
|
|
Total Accruing Loans and Leases Past Due 90 Days or More
|
|
|
$
|
8,094
|
|
|
$
|
13,313
|
|
|
$
|
8,168
|
|
|
$
|
7,147
|
|
|
$
|
6,664
|
|
|
Restructured Loans on Accrual Status and Not Past Due 90 Days
or More
|
|
|
$
|
49,462
|
|
|
$
|
50,212
|
|
|
$
|
56,743
|
|
|
$
|
55,672
|
|
|
$
|
55,038
|
|
|
Total Loans and Leases
|
|
|
$
|
10,231,062
|
|
|
$
|
10,053,323
|
|
|
$
|
9,916,628
|
|
|
$
|
9,796,947
|
|
|
$
|
9,573,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases
|
|
|
|
0.12
|
%
|
|
|
0.12
|
%
|
|
|
0.13
|
%
|
|
|
0.15
|
%
|
|
|
0.16
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Non-Performing Assets to Total Loans and Leases and
Foreclosed Real Estate
|
|
|
|
0.13
|
%
|
|
|
0.15
|
%
|
|
|
0.16
|
%
|
|
|
0.16
|
%
|
|
|
0.18
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Commercial Non-Performing Assets to Total Commercial
Loans and Leases and Commercial Foreclosed Real Estate
|
|
|
|
0.05
|
%
|
|
|
0.04
|
%
|
|
|
0.06
|
%
|
|
|
0.05
|
%
|
|
|
0.06
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate
|
|
|
|
0.19
|
%
|
|
|
0.22
|
%
|
|
|
0.22
|
%
|
|
|
0.24
|
%
|
|
|
0.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
0.21
|
%
|
|
|
0.28
|
%
|
|
|
0.24
|
%
|
|
|
0.24
|
%
|
|
|
0.25
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter to Quarter Changes in Non-Performing Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at Beginning of Quarter
|
|
|
$
|
15,157
|
|
|
$
|
15,736
|
|
|
$
|
16,120
|
|
|
$
|
17,035
|
|
|
$
|
16,368
|
|
|
Additions
|
|
|
|
2,030
|
|
|
|
1,949
|
|
|
|
2,332
|
|
|
|
2,109
|
|
|
|
2,212
|
|
|
Reductions
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments
|
|
|
|
(415
|
)
|
|
|
(1,847
|
)
|
|
|
(1,251
|
)
|
|
|
(368
|
)
|
|
|
(199
|
)
|
|
Return to Accrual Status
|
|
|
|
(1,420
|
)
|
|
|
(126
|
)
|
|
|
(1,270
|
)
|
|
|
(1,779
|
)
|
|
|
(305
|
)
|
|
Sales of Foreclosed Real Estate
|
|
|
|
(1,301
|
)
|
|
|
(421
|
)
|
|
|
-
|
|
|
|
(353
|
)
|
|
|
(951
|
)
|
|
Charge-offs/Write-downs
|
|
|
|
(253
|
)
|
|
|
(134
|
)
|
|
|
(195
|
)
|
|
|
(524
|
)
|
|
|
(90
|
)
|
|
Total Reductions
|
|
|
|
(3,389
|
)
|
|
|
(2,528
|
)
|
|
|
(2,716
|
)
|
|
|
(3,024
|
)
|
|
|
(1,545
|
)
|
|
Balance at End of Quarter
|
|
|
$
|
13,798
|
|
|
$
|
15,157
|
|
|
$
|
15,736
|
|
|
$
|
16,120
|
|
|
$
|
17,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Comprised of other revolving credit, installment, and
lease financing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Reserve for Credit Losses
|
|
|
Table 12
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
June 30,
|
|
September 30,
|
|
|
September 30,
|
|
(dollars in thousands)
|
|
|
2018
|
|
2018
|
|
2017
|
|
|
2018
|
|
2017
|
|
Balance at Beginning of Period
|
|
|
$
|
115,010
|
|
|
$
|
114,760
|
|
|
$
|
113,175
|
|
|
|
$
|
114,168
|
|
|
|
110,845
|
|
|
Loans and Leases Charged-Off
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
(449
|
)
|
|
|
(485
|
)
|
|
|
(611
|
)
|
|
|
|
(1,140
|
)
|
|
|
(909
|
)
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Mortgage
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
(36
|
)
|
|
|
|
(100
|
)
|
|
|
(725
|
)
|
|
Home Equity
|
|
|
|
(124
|
)
|
|
|
(44
|
)
|
|
|
(129
|
)
|
|
|
|
(259
|
)
|
|
|
(774
|
)
|
|
Automobile
|
|
|
|
(2,114
|
)
|
|
|
(1,515
|
)
|
|
|
(1,921
|
)
|
|
|
|
(5,883
|
)
|
|
|
(5,723
|
)
|
|
Other 1
|
|
|
|
(3,340
|
)
|
|
|
(3,614
|
)
|
|
|
(3,521
|
)
|
|
|
|
(10,294
|
)
|
|
|
(9,278
|
)
|
|
Total Loans and Leases Charged-Off
|
|
|
|
(6,027
|
)
|
|
|
(5,661
|
)
|
|
|
(6,218
|
)
|
|
|
|
(17,676
|
)
|
|
|
(17,409
|
)
|
|
Recoveries on Loans and Leases Previously Charged-Off
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial
|
|
|
|
542
|
|
|
|
366
|
|
|
|
597
|
|
|
|
|
1,236
|
|
|
|
1,198
|
|
|
Lease Financing
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
|
-
|
|
|
|
2
|
|
|
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential Mortgage
|
|
|
|
261
|
|
|
|
214
|
|
|
|
89
|
|
|
|
|
695
|
|
|
|
457
|
|
|
Home Equity
|
|
|
|
558
|
|
|
|
451
|
|
|
|
837
|
|
|
|
|
1,634
|
|
|
|
2,183
|
|
|
Automobile
|
|
|
|
616
|
|
|
|
738
|
|
|
|
692
|
|
|
|
|
1,953
|
|
|
|
1,919
|
|
|
Other 1
|
|
|
|
752
|
|
|
|
642
|
|
|
|
530
|
|
|
|
|
2,077
|
|
|
|
1,608
|
|
|
Total Recoveries on Loans and Leases Previously Charged-Off
|
|
|
|
2,729
|
|
|
|
2,411
|
|
|
|
2,746
|
|
|
|
|
7,595
|
|
|
|
7,367
|
|
|
Net Loans and Leases Charged-Off
|
|
|
|
(3,298
|
)
|
|
|
(3,250
|
)
|
|
|
(3,472
|
)
|
|
|
|
(10,081
|
)
|
|
|
(10,042
|
)
|
|
Provision for Credit Losses
|
|
|
|
3,800
|
|
|
|
3,500
|
|
|
|
4,000
|
|
|
|
|
11,425
|
|
|
|
12,650
|
|
|
Provision for Unfunded Commitments
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
250
|
|
|
Balance at End of Period 2
|
|
|
$
|
115,512
|
|
|
$
|
115,010
|
|
|
$
|
113,703
|
|
|
|
$
|
115,512
|
|
|
$
|
113,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Components
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan and Lease Losses
|
|
|
$
|
108,690
|
|
|
$
|
108,188
|
|
|
$
|
106,881
|
|
|
|
|
108,690
|
|
|
|
106,881
|
|
|
Reserve for Unfunded Commitments
|
|
|
|
6,822
|
|
|
|
6,822
|
|
|
|
6,822
|
|
|
|
|
6,822
|
|
|
|
6,822
|
|
|
Total Reserve for Credit Losses
|
|
|
$
|
115,512
|
|
|
$
|
115,010
|
|
|
$
|
113,703
|
|
|
|
$
|
115,512
|
|
|
$
|
113,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Loans and Leases Outstanding
|
|
|
$
|
10,081,886
|
|
|
$
|
9,962,860
|
|
|
$
|
9,451,972
|
|
|
|
$
|
9,950,518
|
|
|
$
|
9,231,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Net Loans and Leases Charged-Off to Average Loans and
Leases Outstanding (annualized)
|
|
|
|
0.13
|
%
|
|
|
0.13
|
%
|
|
|
0.15
|
%
|
|
|
|
0.14
|
%
|
|
|
0.15
|
%
|
|
Ratio of Allowance for Loan and Lease Losses to Loans and Leases
Outstanding
|
|
|
|
1.06
|
%
|
|
|
1.08
|
%
|
|
|
1.12
|
%
|
|
|
|
1.06
|
%
|
|
|
1.12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
Services and
|
|
|
|
|
|
|
|
|
Retail
|
|
Commercial
|
|
Private
|
|
Treasury
|
|
Consolidated
|
|
(dollars in thousands)
|
|
|
Banking
|
|
Banking
|
|
Banking
|
|
and Other
|
|
Total
|
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
$
|
66,927
|
|
|
$
|
46,240
|
|
|
$
|
10,574
|
|
|
$
|
(814
|
)
|
|
$
|
122,927
|
|
|
Provision for Credit Losses
|
|
|
|
3,229
|
|
|
|
69
|
|
|
|
-
|
|
|
|
502
|
|
|
|
3,800
|
|
|
Net Interest Income After Provision for Credit Losses
|
|
|
|
63,698
|
|
|
|
46,171
|
|
|
|
10,574
|
|
|
|
(1,316
|
)
|
|
|
119,127
|
|
|
Noninterest Income
|
|
|
|
19,814
|
|
|
|
6,241
|
|
|
|
13,526
|
|
|
|
1,901
|
|
|
|
41,482
|
|
|
Noninterest Expense
|
|
|
|
(51,806
|
)
|
|
|
(20,242
|
)
|
|
|
(15,657
|
)
|
|
|
(2,833
|
)
|
|
|
(90,538
|
)
|
|
Income Before Provision for Income Taxes
|
|
|
|
31,706
|
|
|
|
32,170
|
|
|
|
8,443
|
|
|
|
(2,248
|
)
|
|
|
70,071
|
|
|
Provision for Income Taxes
|
|
|
|
(7,943
|
)
|
|
|
(7,218
|
)
|
|
|
(2,226
|
)
|
|
|
4,249
|
|
|
|
(13,138
|
)
|
|
Net Income
|
|
|
$
|
23,763
|
|
|
$
|
24,952
|
|
|
$
|
6,217
|
|
|
$
|
2,001
|
|
|
$
|
56,933
|
|
|
Total Assets as of September 30, 2018
|
|
|
$
|
6,246,126
|
|
|
$
|
3,873,454
|
|
|
$
|
340,793
|
|
|
$
|
6,531,361
|
|
|
$
|
16,991,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
$
|
67,128
|
|
|
$
|
43,438
|
|
|
$
|
7,321
|
|
|
$
|
(1,570
|
)
|
|
$
|
116,317
|
|
|
Provision for Credit Losses
|
|
|
|
3,512
|
|
|
|
(35
|
)
|
|
|
(5
|
)
|
|
|
528
|
|
|
|
4,000
|
|
|
Net Interest Income After Provision for Credit Losses
|
|
|
|
63,616
|
|
|
|
43,473
|
|
|
|
7,326
|
|
|
|
(2,098
|
)
|
|
|
112,317
|
|
|
Noninterest Income
|
|
|
|
21,287
|
|
|
|
5,137
|
|
|
|
13,593
|
|
|
|
2,393
|
|
|
|
42,410
|
|
|
Noninterest Expense
|
|
|
|
(51,507
|
)
|
|
|
(17,721
|
)
|
|
|
(14,925
|
)
|
|
|
(4,445
|
)
|
|
|
(88,598
|
)
|
|
Income Before Provision for Income Taxes
|
|
|
|
33,396
|
|
|
|
30,889
|
|
|
|
5,994
|
|
|
|
(4,150
|
)
|
|
|
66,129
|
|
|
Provision for Income Taxes
|
|
|
|
(11,908
|
)
|
|
|
(10,891
|
)
|
|
|
(2,218
|
)
|
|
|
4,769
|
|
|
|
(20,248
|
)
|
|
Net Income
|
|
|
$
|
21,488
|
|
|
$
|
19,998
|
|
|
$
|
3,776
|
|
|
$
|
619
|
|
|
$
|
45,881
|
|
|
Total Assets as of September 30, 2017
|
|
|
$
|
5,758,799
|
|
|
$
|
3,695,606
|
|
|
$
|
305,015
|
|
|
$
|
7,508,882
|
|
|
$
|
17,268,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Business Segments Selected Financial Information
|
|
Table 13b
|
|
|
|
|
|
|
|
|
Investment
|
|
|
|
|
|
|
|
|
|
|
|
|
Services and
|
|
|
|
|
|
|
|
|
Retail
|
|
Commercial
|
|
Private
|
|
Treasury
|
|
Consolidated
|
|
(dollars in thousands)
|
|
|
Banking
|
|
Banking
|
|
Banking
|
|
and Other
|
|
Total
|
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
$
|
197,007
|
|
|
$
|
133,148
|
|
|
$
|
30,987
|
|
|
$
|
1,237
|
|
|
$
|
362,379
|
|
|
Provision for Credit Losses
|
|
|
|
10,417
|
|
|
|
(276
|
)
|
|
|
(60
|
)
|
|
|
1,344
|
|
|
|
11,425
|
|
|
Net Interest Income After Provision for Credit Losses
|
|
|
|
186,590
|
|
|
|
133,424
|
|
|
|
31,047
|
|
|
|
(107
|
)
|
|
|
350,954
|
|
|
Noninterest Income
|
|
|
|
58,665
|
|
|
|
17,395
|
|
|
|
41,941
|
|
|
|
8,814
|
|
|
|
126,815
|
|
|
Noninterest Expense
|
|
|
|
(158,344
|
)
|
|
|
(60,432
|
)
|
|
|
(48,264
|
)
|
|
|
(8,673
|
)
|
|
|
(275,713
|
)
|
|
Income Before Provision for Income Taxes
|
|
|
|
86,911
|
|
|
|
90,387
|
|
|
|
24,724
|
|
|
|
34
|
|
|
|
202,056
|
|
|
Provision for Income Taxes
|
|
|
|
(21,707
|
)
|
|
|
(20,782
|
)
|
|
|
(6,518
|
)
|
|
|
12,642
|
|
|
|
(36,365
|
)
|
|
Net Income
|
|
|
$
|
65,204
|
|
|
$
|
69,605
|
|
|
$
|
18,206
|
|
|
$
|
12,676
|
|
|
$
|
165,691
|
|
|
Total Assets as of September 30, 2018
|
|
|
$
|
6,246,126
|
|
|
$
|
3,873,454
|
|
|
$
|
340,793
|
|
|
$
|
6,531,361
|
|
|
$
|
16,991,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income
|
|
|
$
|
198,633
|
|
|
$
|
127,106
|
|
|
$
|
20,685
|
|
|
$
|
(7,956
|
)
|
|
$
|
338,468
|
|
|
Provision for Credit Losses
|
|
|
|
10,413
|
|
|
|
(355
|
)
|
|
|
(16
|
)
|
|
|
2,608
|
|
|
|
12,650
|
|
|
Net Interest Income After Provision for Credit Losses
|
|
|
|
188,220
|
|
|
|
127,461
|
|
|
|
20,701
|
|
|
|
(10,564
|
)
|
|
|
325,818
|
|
|
Noninterest Income
|
|
|
|
64,132
|
|
|
|
16,451
|
|
|
|
43,389
|
|
|
|
19,590
|
|
|
|
143,562
|
|
|
Noninterest Expense
|
|
|
|
(155,786
|
)
|
|
|
(54,483
|
)
|
|
|
(45,692
|
)
|
|
|
(9,394
|
)
|
|
|
(265,355
|
)
|
|
Income Before Provision for Income Taxes
|
|
|
|
96,566
|
|
|
|
89,429
|
|
|
|
18,398
|
|
|
|
(368
|
)
|
|
|
204,025
|
|
|
Provision for Income Taxes
|
|
|
|
(34,323
|
)
|
|
|
(31,472
|
)
|
|
|
(6,807
|
)
|
|
|
10,296
|
|
|
|
(62,306
|
)
|
|
Net Income
|
|
|
$
|
62,243
|
|
|
$
|
57,957
|
|
|
$
|
11,591
|
|
|
$
|
9,928
|
|
|
$
|
141,719
|
|
|
Total Assets as of September 30, 2017
|
|
|
$
|
5,758,799
|
|
|
$
|
3,695,606
|
|
|
$
|
305,015
|
|
|
$
|
7,508,882
|
|
|
$
|
17,268,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
|
Selected Quarterly Financial Data
|
|
Table 14
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
|
March 31,
|
|
|
December 31,
|
|
|
September 30,
|
|
|
(dollars in thousands, except per share amounts)
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2017
|
|
|
Quarterly Operating Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and Fees on Loans and Leases
|
|
|
$
|
104,248
|
|
|
|
$
|
101,311
|
|
|
|
$
|
97,634
|
|
|
|
$
|
96,974
|
|
|
|
$
|
94,621
|
|
|
|
Income on Investment Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale
|
|
|
|
12,588
|
|
|
|
|
12,380
|
|
|
|
|
12,141
|
|
|
|
|
11,866
|
|
|
|
|
11,987
|
|
|
|
Held-to-Maturity
|
|
|
|
20,821
|
|
|
|
|
20,711
|
|
|
|
|
21,296
|
|
|
|
|
21,782
|
|
|
|
|
20,334
|
|
|
|
Deposits
|
|
|
|
10
|
|
|
|
|
(4
|
)
|
|
|
|
18
|
|
|
|
|
3
|
|
|
|
|
5
|
|
|
|
Funds Sold
|
|
|
|
1,393
|
|
|
|
|
846
|
|
|
|
|
757
|
|
|
|
|
717
|
|
|
|
|
1,579
|
|
|
|
Other
|
|
|
|
364
|
|
|
|
|
341
|
|
|
|
|
300
|
|
|
|
|
271
|
|
|
|
|
235
|
|
|
|
Total Interest Income
|
|
|
|
139,424
|
|
|
|
|
135,585
|
|
|
|
|
132,146
|
|
|
|
|
131,613
|
|
|
|
|
128,761
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
10,931
|
|
|
|
|
9,459
|
|
|
|
|
7,581
|
|
|
|
|
6,980
|
|
|
|
|
6,663
|
|
|
|
Securities Sold Under Agreements to Repurchase
|
|
|
|
4,667
|
|
|
|
|
4,617
|
|
|
|
|
4,564
|
|
|
|
|
4,664
|
|
|
|
|
4,664
|
|
|
|
Funds Purchased
|
|
|
|
33
|
|
|
|
|
83
|
|
|
|
|
53
|
|
|
|
|
81
|
|
|
|
|
-
|
|
|
|
Short-Term Borrowings
|
|
|
|
28
|
|
|
|
|
13
|
|
|
|
|
16
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
Other Debt
|
|
|
|
838
|
|
|
|
|
917
|
|
|
|
|
976
|
|
|
|
|
1,118
|
|
|
|
|
1,117
|
|
|
|
Total Interest Expense
|
|
|
|
16,497
|
|
|
|
|
15,089
|
|
|
|
|
13,190
|
|
|
|
|
12,843
|
|
|
|
|
12,444
|
|
|
|
Net Interest Income
|
|
|
|
122,927
|
|
|
|
|
120,496
|
|
|
|
|
118,956
|
|
|
|
|
118,770
|
|
|
|
|
116,317
|
|
|
|
Provision for Credit Losses
|
|
|
|
3,800
|
|
|
|
|
3,500
|
|
|
|
|
4,125
|
|
|
|
|
4,250
|
|
|
|
|
4,000
|
|
|
|
Net Interest Income After Provision for Credit Losses
|
|
|
|
119,127
|
|
|
|
|
116,996
|
|
|
|
|
114,831
|
|
|
|
|
114,520
|
|
|
|
|
112,317
|
|
|
|
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust and Asset Management
|
|
|
|
10,782
|
|
|
|
|
11,356
|
|
|
|
|
11,181
|
|
|
|
|
11,105
|
|
|
|
|
11,050
|
|
|
|
Mortgage Banking
|
|
|
|
1,965
|
|
|
|
|
2,179
|
|
|
|
|
2,145
|
|
|
|
|
2,593
|
|
|
|
|
3,237
|
|
|
|
Service Charges on Deposit Accounts
|
|
|
|
7,255
|
|
|
|
|
6,865
|
|
|
|
|
7,129
|
|
|
|
|
8,053
|
|
|
|
|
8,188
|
|
|
|
Fees, Exchange, and Other Service Charges
|
|
|
|
14,173
|
|
|
|
|
14,400
|
|
|
|
|
14,333
|
|
|
|
|
13,784
|
|
|
|
|
13,764
|
|
|
|
Investment Securities Gains (Losses), Net
|
|
|
|
(729
|
)
|
|
|
|
(1,702
|
)
|
|
|
|
(666
|
)
|
|
|
|
(617
|
)
|
|
|
|
(566
|
)
|
|
|
Annuity and Insurance
|
|
|
|
1,360
|
|
|
|
|
1,847
|
|
|
|
|
1,206
|
|
|
|
|
1,273
|
|
|
|
|
1,429
|
|
|
|
Bank-Owned Life Insurance
|
|
|
|
1,620
|
|
|
|
|
1,796
|
|
|
|
|
1,842
|
|
|
|
|
1,609
|
|
|
|
|
1,861
|
|
|
|
Other
|
|
|
|
5,056
|
|
|
|
|
4,557
|
|
|
|
|
6,865
|
|
|
|
|
4,055
|
|
|
|
|
3,447
|
|
|
|
Total Noninterest Income
|
|
|
|
41,482
|
|
|
|
|
41,298
|
|
|
|
|
44,035
|
|
|
|
|
41,855
|
|
|
|
|
42,410
|
|
|
|
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and Benefits
|
|
|
|
51,782
|
|
|
|
|
52,148
|
|
|
|
|
54,422
|
|
|
|
|
51,698
|
|
|
|
|
51,190
|
|
|
|
Net Occupancy
|
|
|
|
8,702
|
|
|
|
|
8,588
|
|
|
|
|
8,534
|
|
|
|
|
8,510
|
|
|
|
|
7,727
|
|
|
|
Net Equipment
|
|
|
|
6,116
|
|
|
|
|
5,845
|
|
|
|
|
5,527
|
|
|
|
|
5,454
|
|
|
|
|
5,417
|
|
|
|
Data Processing
|
|
|
|
4,241
|
|
|
|
|
4,563
|
|
|
|
|
3,891
|
|
|
|
|
4,310
|
|
|
|
|
3,882
|
|
|
|
Professional Fees
|
|
|
|
2,206
|
|
|
|
|
2,546
|
|
|
|
|
2,773
|
|
|
|
|
3,266
|
|
|
|
|
3,044
|
|
|
|
FDIC Insurance
|
|
|
|
2,057
|
|
|
|
|
2,182
|
|
|
|
|
2,157
|
|
|
|
|
2,253
|
|
|
|
|
2,107
|
|
|
|
Other
|
|
|
|
15,434
|
|
|
|
|
14,919
|
|
|
|
|
17,080
|
|
|
|
|
16,845
|
|
|
|
|
15,231
|
|
|
|
Total Noninterest Expense
|
|
|
|
90,538
|
|
|
|
|
90,791
|
|
|
|
|
94,384
|
|
|
|
|
92,336
|
|
|
|
|
88,598
|
|
|
|
Income Before Provision for Income Taxes
|
|
|
|
70,071
|
|
|
|
|
67,503
|
|
|
|
|
64,482
|
|
|
|
|
64,039
|
|
|
|
|
66,129
|
|
|
|
Provision for Income Taxes
|
|
|
|
13,138
|
|
|
|
|
12,785
|
|
|
|
|
10,442
|
|
|
|
|
21,086
|
|
|
|
|
20,248
|
|
|
|
Net Income
|
|
|
$
|
56,933
|
|
|
|
$
|
54,718
|
|
|
|
$
|
54,040
|
|
|
|
$
|
42,953
|
|
|
|
$
|
45,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per Share
|
|
|
$
|
1.37
|
|
|
|
$
|
1.31
|
|
|
|
$
|
1.29
|
|
|
|
$
|
1.02
|
|
|
|
$
|
1.09
|
|
|
|
Diluted Earnings Per Share
|
|
|
$
|
1.36
|
|
|
|
$
|
1.30
|
|
|
|
$
|
1.28
|
|
|
|
$
|
1.01
|
|
|
|
$
|
1.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Totals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Leases
|
|
|
$
|
10,231,062
|
|
|
|
$
|
10,053,323
|
|
|
|
$
|
9,916,628
|
|
|
|
$
|
9,796,947
|
|
|
|
$
|
9,573,956
|
|
|
|
Total Assets
|
|
|
|
16,991,734
|
|
|
|
|
17,124,162
|
|
|
|
|
17,136,030
|
|
|
|
|
17,089,052
|
|
|
|
|
17,268,302
|
|
|
|
Total Deposits
|
|
|
|
14,843,335
|
|
|
|
|
14,943,358
|
|
|
|
|
14,957,133
|
|
|
|
|
14,883,968
|
|
|
|
|
15,048,160
|
|
|
|
Total Shareholders' Equity
|
|
|
|
1,253,327
|
|
|
|
|
1,247,717
|
|
|
|
|
1,241,193
|
|
|
|
|
1,231,868
|
|
|
|
|
1,227,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets
|
|
|
|
1.33
|
|
%
|
|
|
1.30
|
|
%
|
|
|
1.29
|
|
%
|
|
|
1.00
|
|
%
|
|
|
1.07
|
|
%
|
|
Return on Average Shareholders' Equity
|
|
|
|
18.06
|
|
|
|
|
17.68
|
|
|
|
|
17.74
|
|
|
|
|
13.85
|
|
|
|
|
14.89
|
|
|
|
Efficiency Ratio 1
|
|
|
|
55.07
|
|
|
|
|
56.12
|
|
|
|
|
57.91
|
|
|
|
|
57.49
|
|
|
|
|
55.82
|
|
|
|
Net Interest Margin 2
|
|
|
|
3.07
|
|
|
|
|
3.04
|
|
|
|
|
3.00
|
|
|
|
|
2.98
|
|
|
|
|
2.92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
Note: Certain prior period information has been reclassified to
conform to current presentation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corporation and Subsidiaries
|
|
Hawaii Economic Trends
|
|
|
Table 15
|
|
|
|
|
Eight Months Ended
|
|
|
Year Ended
|
|
($ in millions; jobs in thousands)
|
|
|
August 31, 2018
|
|
|
December 31, 2017
|
|
|
December 31, 2016
|
|
|
Hawaii Economic Trends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State General Fund Revenues 1
|
|
|
$
|
4,677.1
|
|
7.3
|
%
|
|
$
|
6,485.0
|
|
|
|
4.3
|
%
|
|
$
|
6,215.4
|
|
|
3.6
|
%
|
|
General Excise and Use Tax Revenue 1
|
|
|
$
|
2,298.3
|
|
2.1
|
%
|
|
$
|
3,349.8
|
|
|
|
4.5
|
%
|
|
$
|
3,205.7
|
|
|
2.0
|
%
|
|
Jobs 2
|
|
|
|
672.7
|
|
|
|
|
|
668.2
|
|
|
|
|
|
|
|
669.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
(spot rates)
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
2016
|
|
|
Unemployment 3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statewide, seasonally adjusted
|
|
|
|
|
|
|
|
|
|
|
2.2
|
%
|
|
|
2.1
|
%
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oahu
|
|
|
|
|
|
|
|
|
|
|
2.4
|
|
|
|
1.7
|
|
|
2.4
|
|
|
Island of Hawaii
|
|
|
|
|
|
|
|
|
|
|
3.0
|
|
|
|
2.0
|
|
|
3.1
|
|
|
Maui
|
|
|
|
|
|
|
|
|
|
|
2.5
|
|
|
|
1.8
|
|
|
2.7
|
|
|
Kauai
|
|
|
|
|
|
|
|
|
|
|
2.9
|
|
|
|
1.7
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
(percentage change, except months of inventory)
|
|
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2016
|
|
|
2015
|
|
|
Housing Trends (Single Family Oahu) 4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Median Home Price
|
|
|
|
|
|
|
|
|
4.2
|
|
%
|
|
2.7
|
%
|
|
|
5.0
|
%
|
|
3.7
|
%
|
|
Home Sales Volume (units)
|
|
|
|
|
|
|
|
|
(3.7
|
)
|
%
|
|
6.3
|
%
|
|
|
6.5
|
%
|
|
5.2
|
%
|
|
Months of Inventory
|
|
|
|
|
|
|
|
|
2.8
|
|
|
|
2.1
|
|
|
|
2.5
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly Visitor Arrivals,
|
|
|
Percentage Change
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
Not Seasonally Adjusted
|
|
|
from Previous Year
|
|
|
Tourism 5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
880.4
|
|
|
|
|
|
6.3
|
|
|
November 30, 2017
|
|
|
|
|
|
|
|
|
|
|
748.3
|
|
|
|
|
|
7.3
|
|
|
October 31, 2017
|
|
|
|
|
|
|
|
|
|
|
737.0
|
|
|
|
|
|
2.8
|
|
|
September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
701.8
|
|
|
|
|
|
5.1
|
|
|
August 31, 2017
|
|
|
|
|
|
|
|
|
|
|
818.6
|
|
|
|
|
|
4.8
|
|
|
July 31, 2017
|
|
|
|
|
|
|
|
|
|
|
891.9
|
|
|
|
|
|
6.8
|
|
|
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
835.9
|
|
|
|
|
|
4.5
|
|
|
May 31, 2017
|
|
|
|
|
|
|
|
|
|
|
751.2
|
|
|
|
|
|
4.5
|
|
|
April 30, 2017
|
|
|
|
|
|
|
|
|
|
|
753.0
|
|
|
|
|
|
7.5
|
|
|
March 31, 2017
|
|
|
|
|
|
|
|
|
|
|
802.8
|
|
|
|
|
|
2.1
|
|
|
February 28, 2017
|
|
|
|
|
|
|
|
|
|
|
706.1
|
|
|
|
|
|
2.5
|
|
|
January 31, 2017
|
|
|
|
|
|
|
|
|
|
|
756.0
|
|
|
|
|
|
4.9
|
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
828.2
|
|
|
|
|
|
3.6
|
|
|
November 30, 2016
|
|
|
|
|
|
|
|
|
|
|
697.1
|
|
|
|
|
|
4.7
|
|
|
October 31, 2016
|
|
|
|
|
|
|
|
|
|
|
717.0
|
|
|
|
|
|
4.3
|
|
|
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
667.6
|
|
|
|
|
|
3.1
|
|
|
August 31, 2016
|
|
|
|
|
|
|
|
|
|
|
780.7
|
|
|
|
|
|
3.1
|
|
|
July 31, 2016
|
|
|
|
|
|
|
|
|
|
|
835.4
|
|
|
|
|
|
2.1
|
|
|
June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
800.3
|
|
|
|
|
|
4.2
|
|
|
May 31, 2016
|
|
|
|
|
|
|
|
|
|
|
718.9
|
|
|
|
|
|
1.3
|
|
|
April 30, 2016
|
|
|
|
|
|
|
|
|
|
|
700.6
|
|
|
|
|
|
3.4
|
|
|
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
786.3
|
|
|
|
|
|
0.8
|
|
|
February 29, 2016
|
|
|
|
|
|
|
|
|
|
|
688.8
|
|
|
|
|
|
4.1
|
|
|
January 31, 2016
|
|
|
|
|
|
|
|
|
|
|
721.0
|
|
|
|
|
|
6.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181022005234/en/
