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Bank of Hawaii Corporation First Quarter 2019 Financial Results

Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.43 for the first quarter of 2019, an increase from diluted earnings per share of $1.30 in the previous quarter and $1.28 in the same quarter last year. Net income for the first quarter of 2019 was $58.8 million, an increase of $4.9 million compared with net income of $53.9 million in the fourth quarter of 2018 and up $4.8 million from net income of $54.0 million in the first quarter of 2018.

“We were pleased with our financial performance during the first quarter of 2019,” said Peter S. Ho, Chairman, President, and CEO. “We had growth in both loans and deposits, our net interest margin expanded, asset quality remained strong, and expenses were well controlled.”

The return on average assets for the first quarter of 2019 was 1.38 percent, up from 1.26 percent during the previous quarter and 1.29 percent in the same quarter last year. The return on average equity for the first quarter of 2019 was 18.81 percent, up from 17.05 percent in the fourth quarter of 2018 and 17.74 percent in the first quarter of 2018.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2019 was $125.8 million, an increase of $0.6 million from net interest income of $125.2 million in the fourth quarter of 2018 and an increase of $5.5 million from net interest income of $120.3 million in the first quarter of 2018. The net interest margin was 3.12 percent for the first quarter of 2019, up 2 basis points compared with the net interest margin of 3.10 percent in the previous quarter and up 12 basis points from the net interest margin of 3.00 percent for the first quarter last year. Analyses of the changes in net interest income are included in Tables 8a and 8b.

Results for the first quarter of 2019 included a provision for credit losses of $3.0 million compared with a provision for credit losses of $2.0 million in the fourth quarter of 2018 and $4.1 million in the first quarter of 2018. The lower provision for credit losses during the fourth quarter of 2018 was largely due to the release of credit loss reserves related to the sale of the credit card portfolio.

Noninterest income was $43.7 million in the first quarter of 2019, an increase of $1.6 million compared with noninterest income of $42.1 million in the fourth quarter of 2018 and a decrease of $0.3 million compared with noninterest income of $44.0 million in the first quarter of 2018. Noninterest income in the first quarter of 2019 included a $1.4 million commission related to insurance products offered through a third-party administrator Noninterest income in the first quarter of 2018 included $2.8 million from a low-income housing investment sale. There were no significant items in noninterest income during the fourth quarter of 2018.

Noninterest expense was $93.1 million in the first quarter of 2019, a decrease of $2.8 million compared with noninterest expense of $95.9 million in the fourth quarter of 2018 and a decrease of $1.3 million from noninterest expense of $94.4 million in the same quarter last year. Noninterest expense in the first quarter of 2019 included seasonal payroll expenses of approximately $2.7 million. Noninterest expense in the fourth quarter of 2018 included $3.0 million in one-time significant items related to a medical expense, an operational loss, and legal expenses. Noninterest expense in the first quarter of 2018 included seasonal payroll expenses of approximately $2.5 million in addition to a legal reserve of $2.0 million. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The efficiency ratio during the first quarter of 2019 declined to 55.22 percent compared with 57.75 percent in the previous quarter and 57.91 percent in the same quarter last year.

The effective tax rate for the first quarter of 2019 was 18.85 percent compared with an effective tax rate of 20.92 percent in the previous quarter and 16.19 percent during the same quarter last year. The first quarter of 2019 included tax benefits of $1.9 million related to a commercial customer’s exercise of an early-buy-out option on a leveraged lease. There were no significant items impacting the tax rate during the fourth quarter of 2018. The tax rate during the first quarter of 2018 was favorably impacted by a $2.0 million adjustment to the Company’s low-income housing investments.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services and Private Banking, and Treasury & Other. Results for the business segments are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information is included in Table 13.

Asset Quality

The Company’s asset quality remained strong during the first quarter of 2019. Total non-performing assets were $17.9 million at March 31, 2019, compared with non-performing assets of $12.9 million at December 31, 2018 and $15.7 million at March 31, 2018. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.17 percent at the end of the first quarter of 2019, compared with 0.12 percent at the end of the fourth quarter of 2018 and 0.16 percent at the end of the first quarter last year.

Accruing loans and leases past due 90 days or more were $6.1 million at March 31, 2019, compared with $6.6 million at December 31, 2018 and $8.2 million at March 31, 2018. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $48.6 million at March 31, 2019, down from $48.7 million at December 31, 2018 and $56.7 million at March 31, 2018. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loans and leases charged off during the first quarter of 2019 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $6.8 million during the quarter were partially offset by recoveries of $3.2 million. Net charge-offs during the fourth quarter of 2018 were $4.0 million or 0.15 percent annualized of total average loans and leases outstanding and were comprised of $6.9 million in charge-offs partially offset by recoveries of $2.9 million. Net charge-offs during the first quarter of 2018 were $3.5 million or 0.15 percent annualized of total average loans and leases outstanding and were comprised of $6.0 million in charge-offs partially offset by recoveries of $2.5 million.

The allowance for loan and lease losses was $106.0 million at March 31, 2019, a decrease from $106.7 million at December 31, 2018 and $107.9 million at March 31, 2018. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.01 percent at March 31, 2019 compared with 1.02 percent at December 31, 2018 and 1.09 percent at March 31, 2018. The reserve for unfunded commitments of $6.8 million at March 31, 2019 was unchanged from the prior quarter and the same quarter last year. Details of loan and lease charge-offs, recoveries, and components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets were $17.4 billion at March 31, 2019, up from total assets of $17.1 billion at December 31, 2018 and $17.1 billion at March 31, 2018. Average total assets were $17.2 billion during the first quarter of 2019, an increase from average total assets of $17.0 billion during the previous quarter and the same quarter last year.

The investment securities portfolio was $5.5 billion at March 31, 2019 compared with $5.5 billion at December 31, 2018 and $6.0 billion at March 31, 2018. The portfolio at March 31, 2019 remains largely comprised of securities issued by U.S. government agencies and includes $3.7 billion in securities held to maturity and $1.9 billion in securities available for sale.

Total loans and leases were $10.5 billion at March 31, 2019, an increase of $99.8 million or 1.0 percent from total loans and leases of $10.4 billion at December 31, 2018 and up $632.0 million or 6.4 percent from $9.9 billion at March 31, 2018. Average total loans and leases were $10.5 billion during the first quarter of 2019, an increase of 1.4 percent from average loans and leases of $10.3 billion during the previous quarter and up 6.8 percent from $9.8 billion during the same quarter last year. The commercial portfolio was $4.0 billion at the end of the first quarter of 2019, up $20.5 million or 0.5 percent from commercial loans of $4.0 billion at the end of the fourth quarter of 2018 and up $207.5 million or 5.5 percent from commercial loans of $3.8 billion at the end of the first quarter last year. The previously mentioned early buy out of a leveraged lease during the first quarter of 2019 reduced the commercial loan portfolio by $15.0 million in outstanding balances. Consumer loans were $6.5 billion at March 31, 2019, up $79.4 million or 1.2 percent from consumer loans of $6.5 billion at the end of the fourth quarter of 2018 and up $424.5 million or 6.9 percent from $6.1 billion at the end of the first quarter last year. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $15.3 billion at March 31, 2019, up $240.1 million or 1.6 percent from total deposits of $15.0 billion at December 31, 2018 and up $310.2 million or 2.1 percent from total deposits of $15.0 billion at March 31, 2018. Average total deposits were $15.0 billion during the first quarter of 2019, an increase of $191.9 million compared with average total deposits of $14.8 billion during the previous quarter and an increase of $251.1 million compared with average total deposits of $14.7 billion during the same quarter last year. Consumer deposits increased to $7.9 billion at March 31, 2019, up $218.1 million or 2.8 percent from consumer deposits of $7.7 billion at the end of the fourth quarter of 2018 and up $278.9 million or 3.6 percent from $7.7 billion at the end of the first quarter last year. Commercial deposits increased to $6.2 billion at March 31, 2019, up $63.9 million or 1.0 percent from commercial deposits of $6.1 billion at the end of the fourth quarter of 2018 and up $264.8 million or 4.5 percent from $5.9 billion at the end of the first quarter last year. Other deposits, including public funds, were $1.2 billion at March 31, 2019, down slightly from $1.2 billion at December 31, 2018 and down from $1.4 billion at March 31, 2018. Deposit balances are summarized in Tables 7 and 10.

Total shareholders’ equity was $1.3 billion at March 31, 2019, up slightly from December 31, 2018 and an increase from $1.2 billion at March 31, 2018. The Tier 1 Capital Ratio was 12.75 percent at March 31, 2019 compared with 13.07 percent at December 31, 2018 and 13.37 percent at March 31, 2018. The Tier 1 Leverage Ratio at March 31, 2019 was 7.46 percent compared with 7.60 percent at December 31, 2018 and 7.46 percent at March 31, 2018.

During the first quarter of 2019, the Company repurchased 513.4 thousand shares of common stock at a total cost of $39.9 million under its share repurchase program. The average cost was $77.79 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through March 31, 2019, the Company has repurchased 55.8 million shares and returned over $2.2 billion to shareholders at an average cost of $39.50 per share. Remaining buyback authority under the share repurchase program was $121.8 million at March 31, 2019. From April 1 through April 18, 2019 the Company repurchased an additional 114.0 thousand shares of common stock at an average cost of $80.79 per share.

The Company’s Board of Directors declared a quarterly cash dividend of $0.65 per share on the Company’s outstanding shares, an increase of 4.8 percent from the cash dividend of $0.62 per share in the previous quarter. The dividend will be payable on June 14, 2019 to shareholders of record at the close of business on May 31, 2019.

Hawaii Economy

General economic conditions in Hawaii remained healthy during the first quarter of 2019. The statewide seasonally-adjusted unemployment continues to remain low at 2.8 percent in March 2019, well below the 3.8 percent unemployment rate nationally.

The real estate market on Oahu remained strong during the first quarter of 2019 with a moderate decrease in home sales. Single-family home sales declined 5.7 percent and condominium sales declined 10.5 percent compared with sales during the first quarter of 2018. The median sales price of a single-family home increased 2.0 percent and the median sales price of a condominium decreased 3.2 percent compared with the same quarter last year. As of March 31, 2019, the inventory of single-family homes and condominiums on Oahu was 3.4 months and 3.6 months, respectively.

For the first two months of 2019, total visitor arrivals increased 1.8 percent although visitor spending declined 2.4 percent compared to the same period in 2018. Tourism during 2019 is expected to continue performing well. Scheduled air seats to Hawaii are projected to expand as Southwest Airlines began flying to Hawaii in March and Hawaiian Airlines began offering the first non-stop flights between Hawaii and Boston in April. More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its first quarter financial results today at 2:00 p.m. Eastern Daylight Time (8:00 a.m. Hawaii Time). The call will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation’s website, www.boh.com. The toll-free number is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning approximately 10:00 a.m. Hawaii Time on Monday, April 22, 2019. 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 4456158 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, 2018, 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 website, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial HighlightsTable 1
Three Months Ended
March 31,December 31,March 31,
(dollars in thousands, except per share amounts) 201920182018

For the Period:

Operating Results
Net Interest Income $ 124,837 $ 123,973 $ 118,956
Provision for Credit Losses 3,000 2,000 4,125
Total Noninterest Income 43,679 42,108 44,035
Total Noninterest Expense 93,057 95,911 94,384
Net Income 58,799 53,911 54,040
Basic Earnings Per Share 1.44 1.30 1.29
Diluted Earnings Per Share 1.43 1.30 1.28
Dividends Declared Per Share 0.62 0.62 0.52
Performance Ratios
Return on Average Assets 1.38 % 1.26 % 1.29 %
Return on Average Shareholders' Equity 18.81 17.05 17.74
Efficiency Ratio 1 55.22 57.75 57.91
Net Interest Margin 2 3.12 3.10 3.00
Dividend Payout Ratio 3 43.06 47.69 40.31
Average Shareholders' Equity to Average Assets 7.35 7.39 7.29
Average Balances
Average Loans and Leases $ 10,467,321 $ 10,320,051 $ 9,803,753
Average Assets 17,236,059 16,988,550 16,957,430
Average Deposits 14,971,404 14,779,511 14,720,266
Average Shareholders' Equity 1,267,438 1,254,704 1,235,550
Per Share of Common Stock
Book Value $ 30.91 $ 30.56 $ 29.33
Tangible Book Value 30.14 29.80 28.59
Market Value
Closing 78.87 67.32 83.10
High 83.94 82.80 89.09
Low 66.54 63.64 78.40
March 31,December 31,March 31,
201920182018

As of Period End:

Balance Sheet Totals
Loans and Leases $ 10,548,609 $ 10,448,774 $ 9,916,628
Total Assets 17,446,413 17,143,974 17,136,030
Total Deposits 15,267,310 15,027,242 14,957,133
Other Debt 110,624 135,643 235,699
Total Shareholders' Equity 1,269,690 1,268,200 1,241,193
Asset Quality
Non-Performing Assets $ 17,925 $ 12,930 $ 15,736
Allowance for Loan and Lease Losses 106,023 106,693 107,938
Allowance to Loans and Leases Outstanding 1.01 % 1.02 % 1.09 %
Capital Ratios
Common Equity Tier 1 Capital Ratio 12.75 % 13.07 % 13.37 %
Tier 1 Capital Ratio 12.75 13.07 13.37
Total Capital Ratio 13.87 14.21 14.58
Tier 1 Leverage Ratio 7.46 7.60 7.46
Total Shareholders' Equity to Total Assets 7.28 7.40 7.24
Tangible Common Equity to Tangible Assets 4 7.11 7.23 7.07
Tangible Common Equity to Risk-Weighted Assets 4 12.28 12.52 12.80
Non-Financial Data
Full-Time Equivalent Employees 2,112 2,122 2,138
Branches 69 69 69
ATMs 385 382 377
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.”

Note: Total Capital Ratio was revised from 14.59% as of March 31, 2018.
Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial MeasuresTable 2
March 31,December 31,March 31,
(dollars in thousands) 201920182018
Total Shareholders' Equity $ 1,269,690 $ 1,268,200 $ 1,241,193

Less: Goodwill

31,517 31,517 31,517
Tangible Common Equity $ 1,238,173 $ 1,236,683 $ 1,209,676
Total Assets $ 17,446,413 $ 17,143,974 $ 17,136,030
Less: Goodwill 31,517 31,517 31,517
Tangible Assets $ 17,414,896 $ 17,112,457 $ 17,104,513

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements

$ 10,079,858 $ 9,878,904 $ 9,452,847
Total Shareholders' Equity to Total Assets 7.28 % 7.40 % 7.24 %
Tangible Common Equity to Tangible Assets (Non-GAAP) 7.11 % 7.23 % 7.07 %
Tier 1 Capital Ratio 12.75 % 13.07 % 13.37 %
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 12.28 % 12.52 % 12.80 %
Note: Risk-Weighted Assets was revised from $9,451,647 as of March 31, 2018.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of IncomeTable 3
Three Months Ended
March 31,December 31,March 31,
(dollars in thousands, except per share amounts) 201920182018
Interest Income
Interest and Fees on Loans and Leases $ 108,511 $ 107,404 $ 97,634
Income on Investment Securities
Available-for-Sale 13,432 13,043 12,141
Held-to-Maturity 21,921 21,482 21,296
Deposits 15 10 18
Funds Sold 1,444 727 757
Other 319 352 300
Total Interest Income 145,642 143,018 132,146
Interest Expense
Deposits 15,284 13,172 7,581
Securities Sold Under Agreements to Repurchase 4,571 4,671 4,564
Funds Purchased 157 440 53
Short-Term Borrowings 36 88 16
Other Debt 757 674 976
Total Interest Expense 20,805 19,045 13,190
Net Interest Income 124,837 123,973 118,956
Provision for Credit Losses 3,000 2,000 4,125
Net Interest Income After Provision for Credit Losses 121,837 121,973 114,831
Noninterest Income
Trust and Asset Management 10,761 10,558 11,181
Mortgage Banking 2,287 2,148 2,145
Service Charges on Deposit Accounts 7,364 7,562 7,129
Fees, Exchange, and Other Service Charges 14,208 14,576 14,333
Investment Securities Gains (Losses), Net (835 ) (841 ) (666 )
Annuity and Insurance 2,578 1,409 1,206
Bank-Owned Life Insurance 1,710 1,941 1,842
Other 5,606 4,755 6,865
Total Noninterest Income 43,679 42,108 44,035
Noninterest Expense
Salaries and Benefits 56,586 54,856 54,422
Net Occupancy 7,594 8,918 8,534
Net Equipment 6,833 6,364 5,527
Data Processing 4,526 5,151 3,891
Professional Fees 2,453 2,467 2,773
FDIC Insurance 1,269 1,336 2,157
Other 13,796 16,819 17,080
Total Noninterest Expense 93,057 95,911 94,384
Income Before Provision for Income Taxes 72,459 68,170 64,482
Provision for Income Taxes 13,660 14,259 10,442
Net Income $ 58,799 $ 53,911 $ 54,040
Basic Earnings Per Share $ 1.44 $ 1.30 $ 1.29
Diluted Earnings Per Share $ 1.43 $ 1.30 $ 1.28
Dividends Declared Per Share $ 0.62 $ 0.62 $ 0.52
Basic Weighted Average Shares 40,938,318 41,325,456 42,038,573
Diluted Weighted Average Shares 41,213,453 41,601,649 42,358,425
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive IncomeTable 4
Three Months Ended
March 31,December 31,March 31,
(dollars in thousands) 201920182018
Net Income $ 58,799 $ 53,911 $ 54,040
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities 6,919 11,169 (9,121 )
Defined Benefit Plans 246 (2,974 ) 216
Other Comprehensive Income (Loss) 7,165 8,195 (8,905 )
Comprehensive Income $ 65,964 $ 62,106 $ 45,135
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of ConditionTable 5
March 31,December 31,March 31,
(dollars in thousands) 201920182018
Assets
Interest-Bearing Deposits in Other Banks $ 3,550 $ 3,028 $ 2,589
Funds Sold 243,867 198,860 387,766
Investment Securities
Available-for-Sale 1,859,256 2,007,942 2,184,187
Held-to-Maturity (Fair Value of $3,637,496; $3,413,994; and $3,711,149) 3,668,811 3,482,092 3,789,092
Loans Held for Sale 17,909 10,987 23,548
Loans and Leases 10,548,609 10,448,774 9,916,628
Allowance for Loan and Lease Losses (106,023 ) (106,693 ) (107,938 )
Net Loans and Leases 10,442,586 10,342,081 9,808,690
Total Earning Assets 16,235,979 16,044,990 16,195,872
Cash and Due from Banks 293,871 324,081 174,871
Premises and Equipment, Net 159,344 151,837 137,201
Operating Lease Right-of-Use Assets 104,166 - -
Accrued Interest Receivable 52,820 51,230 52,941
Foreclosed Real Estate 3,225 1,356 2,768
Mortgage Servicing Rights 24,149 24,310 24,493
Goodwill 31,517 31,517 31,517
Bank-Owned Life Insurance 285,155 283,771 280,537
Other Assets 256,187 230,882 235,830
Total Assets $ 17,446,413 $ 17,143,974 $ 17,136,030
Liabilities
Deposits
Noninterest-Bearing Demand $ 4,595,915 $ 4,739,596 $ 4,759,777
Interest-Bearing Demand 2,961,444 3,002,925 3,028,373
Savings 5,946,881 5,539,199 5,397,291
Time 1,763,070 1,745,522 1,771,692
Total Deposits 15,267,310 15,027,242 14,957,133
Short-Term Borrowings - 199 -
Securities Sold Under Agreements to Repurchase 504,299 504,296 505,293
Other Debt 110,624 135,643 235,699
Operating Lease Liabilities 111,230 - -
Retirement Benefits Payable 40,343 40,494 37,046
Accrued Interest Payable 8,474 8,253 8,229
Taxes Payable and Deferred Taxes 29,935 19,736 29,557
Other Liabilities 104,508 139,911 121,880
Total Liabilities 16,176,723 15,875,774 15,894,837
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2019 - 58,166,535 / 41,078,688;
December 31, 2018 - 58,063,689 / 41,499,898;
and March 31, 2018 - 58,051,646 / 42,314,414) 578 577 577
Capital Surplus 574,594 571,704 563,598
Accumulated Other Comprehensive Loss (43,878 ) (51,043 ) (51,097 )
Retained Earnings 1,674,264 1,641,314 1,551,900
Treasury Stock, at Cost (Shares: March 31, 2019 - 17,087,847;
December 31, 2018 - 16,563,791; and March 31, 2018 - 15,737,232) (935,868 ) (894,352 ) (823,785 )
Total Shareholders' Equity 1,269,690 1,268,200 1,241,193
Total Liabilities and Shareholders' Equity $ 17,446,413 $ 17,143,974 $ 17,136,030
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' EquityTable 6
Accum.
Other
Compre-
hensive
Common SharesCommonCapitalIncomeRetainedTreasury
(dollars in thousands) OutstandingStockSurplus(Loss)EarningsStockTotal
Balance as of December 31, 2018 41,499,898 $ 577 $ 571,704 $ (51,043 ) $ 1,641,314 $ (894,352 ) $ 1,268,200
Net Income - - - - 58,799 - 58,799
Other Comprehensive Income - - - 7,165 - - 7,165
Share-Based Compensation - - 2,274 - - - 2,274

Common Stock Issued under Purchase and Equity Compensation Plans

131,529 1 616 - (203 ) 1,673 2,087
Common Stock Repurchased (552,739 ) - - - - (43,189 ) (43,189 )
Cash Dividends Declared ($0.62 per share) - - - - (25,646 ) - (25,646 )
Balance as of March 31, 2019 41,078,688 $ 578 $ 574,594 $ (43,878 ) $ 1,674,264 $ (935,868 ) $ 1,269,690
Balance as of December 31, 2017 42,401,443 $ 576 $ 561,161 $ (34,715 ) $ 1,512,218 $ (807,372 ) $ 1,231,868
Net Income - - - - 54,040 - 54,040
Other Comprehensive Loss - - - (8,905 ) - - (8,905 )

Reclassification of the Income Tax Effects of the Tax Cuts and Jobs Act from AOCI

- - - (7,477 ) 7,477 - -
Share-Based Compensation - - 1,867 - - - 1,867

Common Stock Issued under Purchase and Equity Compensation Plans

121,299 1 570 - 252 1,128 1,951
Common Stock Repurchased (208,328 ) - - - - (17,541 ) (17,541 )
Cash Dividends Declared ($0.52 per share) - - - - (22,087 ) - (22,087 )
Balance as of March 31, 2018 42,314,414 $ 577 $ 563,598 $ (51,097 ) $ 1,551,900 $ (823,785 ) $ 1,241,193
Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent BasisTable 7
Three Months EndedThree Months EndedThree Months Ended
March 31, 2019December 31, 2018March 31, 2018
AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/
(dollars in millions) BalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Earning Assets
Interest-Bearing Deposits in Other Banks $ 3.0 $ - 2.05 % $ 3.3 $ - 1.21 % $ 3.0 $ - 2.34 %
Funds Sold 241.6 1.5 2.39 128.2 0.7 2.22 204.7 0.8 1.48
Investment Securities
Available-for-Sale
Taxable 1,595.8 11.5 2.90 1,480.5 10.0 2.70 1,595.1 8.9 2.23
Non-Taxable 279.1 2.4 3.45 556.4 3.8 2.77 604.7 4.1 2.74
Held-to-Maturity
Taxable 3,373.5 20.5 2.43 3,360.5 20.0 2.38 3,631.2 19.8 2.18
Non-Taxable 234.1 1.8 3.15 235.1 1.9 3.16 238.0 1.9 3.18
Total Investment Securities 5,482.5 36.2 2.65 5,632.5 35.7 2.53 6,069.0 34.7 2.29
Loans Held for Sale 12.4 0.1 4.35 12.1 0.2 4.63 14.1 0.1 3.76
Loans and Leases 1
Commercial and Industrial 1,357.8 15.3 4.57 1,351.1 14.3 4.21 1,280.9 11.8 3.73
Commercial Mortgage 2,310.4 24.9 4.36 2,256.0 24.2 4.25 2,096.4 20.6 3.99
Construction 150.4 1.9 5.08 179.8 2.2 4.79 189.4 2.1 4.45
Commercial Lease Financing 160.9 0.9 2.28 173.2 1.0 2.42 179.6 1.0 2.21
Residential Mortgage 3,680.2 35.5 3.86 3,615.8 35.1 3.88 3,478.2 33.3 3.83
Home Equity 1,690.0 16.1 3.87 1,652.4 15.7 3.78 1,595.4 14.6 3.70
Automobile 668.2 6.0 3.66 641.8 6.0 3.73 541.5 5.6 4.19
Other 2 449.4 7.9 7.13 450.0 8.8 7.72 442.4 8.6 7.91
Total Loans and Leases 10,467.3 108.5 4.18 10,320.1 107.3 4.14 9,803.8 97.6 4.02
Other 35.5 0.3 3.60 36.8 0.4 3.82 40.7 0.3 2.95
Total Earning Assets 3 16,242.3 146.6 3.64 16,133.0 144.3 3.56 16,135.3 133.5 3.33
Cash and Due from Banks 240.8 234.3 228.6
Other Assets 753.0 621.3 593.5
Total Assets $ 17,236.1 $ 16,988.6 $ 16,957.4
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand $ 2,939.9 1.5 0.20 $ 2,888.3 1.5 0.20 $ 2,978.1 0.8 0.10
Savings 5,760.8 6.7 0.47 5,494.5 4.5 0.32 5,366.3 2.1 0.16
Time 1,703.4 7.1 1.69 1,800.7 7.2 1.59 1,713.5 4.7 1.11
Total Interest-Bearing Deposits 10,404.1 15.3 0.60 10,183.5 13.2 0.51 10,057.9 7.6 0.31
Short-Term Borrowings 31.1 0.2 2.49 89.6 0.5 2.31 19.1 0.1 1.45
Securities Sold Under Agreements to Repurchase 504.3 4.6 3.63 504.3 4.7 3.62 505.3 4.5 3.61
Other Debt 120.0 0.7 2.55 145.2 0.7 1.85 257.1 1.0 1.54
Total Interest-Bearing Liabilities 11,059.5 20.8 0.76 10,922.6 19.1 0.69 10,839.4 13.2 0.49
Net Interest Income $ 125.8 $ 125.2 $ 120.3
Interest Rate Spread 2.88 % 2.87 % 2.84 %
Net Interest Margin 3.12 % 3.10 % 3.00 %
Noninterest-Bearing Demand Deposits 4,567.3 4,596.0 4,662.4
Other Liabilities 341.9 215.3 220.0
Shareholders' Equity 1,267.4 1,254.7 1,235.6
Total Liabilities and Shareholders' Equity $ 17,236.1 $ 16,988.6 $ 16,957.4
1 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.

3 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $981,000, $1,263,000, and $1,344,000 for the three months ended March 31, 2019, December 31, 2018, and March 31, 2018, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent BasisTable 8a
Three Months Ended March 31, 2019
Compared to December 31, 2018
(dollars in millions) Volume 1Rate 1Total
Change in Interest Income:
Funds Sold $ 0.7 $ 0.1 $ 0.8
Investment Securities
Available-for-Sale
Taxable 0.8 0.7 1.5
Non-Taxable (2.2 ) 0.8 (1.4 )
Held-to-Maturity
Taxable 0.1 0.4 0.5
Non-Taxable (0.1 ) - (0.1 )
Total Investment Securities (1.4 ) 1.9 0.5
Loans Held for Sale - (0.1 ) (0.1 )
Loans and Leases
Commercial and Industrial 0.1 0.9 1.0
Commercial Mortgage 0.3 0.4 0.7
Construction (0.4 ) 0.1 (0.3 )
Commercial Lease Financing (0.1 ) - (0.1 )
Residential Mortgage 0.6 (0.2 ) 0.4
Home Equity 0.2 0.2 0.4
Automobile 0.2 (0.2 ) -
Other 2 (0.1 ) (0.8 ) (0.9 )
Total Loans and Leases 0.8 0.4 1.2
Other - (0.1 ) (0.1 )
Total Change in Interest Income 0.1 2.2 2.3
Change in Interest Expense:
Interest-Bearing Deposits
Savings 0.2 2.0 2.2
Time (0.5 ) 0.4 (0.1 )
Total Interest-Bearing Deposits (0.3 ) 2.4 2.1
Short-Term Borrowings (0.4 ) 0.1 (0.3 )
Securities Sold Under Agreements to Repurchase - (0.1 ) (0.1 )
Other Debt (0.1 ) 0.1 -
Total Change in Interest Expense (0.8 ) 2.5 1.7
Change in Net Interest Income $ 0.9 $ (0.3 ) $ 0.6
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 BasisTable 8b
Three Months Ended March 31, 2019
Compared to March 31, 2018
(dollars in millions) Volume 1Rate 1Total
Change in Interest Income:
Funds Sold $ 0.2 $ 0.5 $ 0.7
Investment Securities
Available-for-Sale
Taxable - 2.6 2.6
Non-Taxable (2.6 ) 0.9 (1.7 )
Held-to-Maturity
Taxable (1.4 ) 2.1 0.7
Non-Taxable (0.1 ) - (0.1 )
Total Investment Securities (4.1 ) 5.6 1.5
Loans and Leases
Commercial and Industrial 0.8 2.7 3.5
Commercial Mortgage 2.2 2.1 4.3
Construction (0.5 ) 0.3 (0.2 )
Commercial Lease Financing (0.1 ) - (0.1 )
Residential Mortgage 2.0 0.2 2.2
Home Equity 0.8 0.7 1.5
Automobile 1.2 (0.8 ) 0.4
Other 2 0.2 (0.9 ) (0.7 )
Total Loans and Leases 6.6 4.3 10.9
Other (0.2 ) 0.2 -
Total Change in Interest Income 2.5 10.6 13.1
Change in Interest Expense:
Interest-Bearing Deposits
Demand - 0.7 0.7
Savings 0.2 4.4 4.6
Time - 2.4 2.4
Total Interest-Bearing Deposits 0.2 7.5 7.7
Short-Term Borrowings 0.1 - 0.1
Securities Sold Under Agreements to Repurchase - 0.1 0.1
Other Debt (0.7 ) 0.4 (0.3 )
Total Change in Interest Expense (0.4 ) 8.0 7.6
Change in Net Interest Income $ 2.9 $ 2.6 $ 5.5
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Salaries and BenefitsTable 9
Three Months Ended
March 31,December 31,March 31,
(dollars in thousands) 201920182018
Salaries $ 32,480 $ 33,603 $ 32,704
Incentive Compensation 5,904 5,715 5,178
Share-Based Compensation 3,079 1,417 2,081
Commission Expense 930 1,158 954
Retirement and Other Benefits 5,107 4,369 4,841
Payroll Taxes 4,247 2,277 4,172
Medical, Dental, and Life Insurance 4,465 5,237 3,461
Separation Expense 374 1,080 1,031
Total Salaries and Benefits $ 56,586 $ 54,856 $ 54,422
Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio BalancesTable 10
March 31,December 31,September 30,June 30,March 31,
(dollars in thousands) 20192018201820182018
Commercial
Commercial and Industrial $ 1,331,345 $ 1,331,149 $ 1,314,609 $ 1,282,967 $ 1,329,096
Commercial Mortgage 2,381,213 2,302,356 2,237,020 2,169,357 2,097,339
Construction 132,775 170,061 176,447 185,350 186,530
Lease Financing 154,919 176,226 172,232 178,598 179,771
Total Commercial 4,000,252 3,979,792 3,900,308 3,816,272 3,792,736
Consumer
Residential Mortgage 3,702,553 3,673,796 3,596,627 3,548,444 3,505,239
Home Equity 1,698,666 1,681,442 1,625,208 1,622,314 1,601,698
Automobile 676,730 658,133 625,086 592,705 558,468
Other 1 470,408 455,611 483,833 473,588 458,487
Total Consumer 6,548,357 6,468,982 6,330,754 6,237,051 6,123,892
Total Loans and Leases $ 10,548,609 $ 10,448,774 $ 10,231,062 $ 10,053,323 $ 9,916,628
Deposits
March 31,December 31,September 30,June 30,March 31,
(dollars in thousands) 20192018201820182018
Consumer $ 7,944,793 $ 7,726,731 $ 7,627,527 $ 7,672,435 $ 7,665,926
Commercial 6,162,042 6,098,186 5,967,343 5,921,414 5,897,194
Public and Other 1,160,475 1,202,325 1,248,465 1,349,509 1,394,013
Total Deposits $ 15,267,310 $ 15,027,242 $ 14,843,335 $ 14,943,358 $ 14,957,133
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 MoreTable 11
March 31,December 31,September 30,June 30,March 31,
(dollars in thousands) 20192018201820182018
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial $ 393 $ 542 $ 1,205 $ 917 $ 986
Commercial Mortgage 5,911 2,040 652 659 1,367
Total Commercial 6,304 2,582 1,857 1,576 2,353
Consumer
Residential Mortgage 5,599 5,321 6,359 6,722 6,725
Home Equity 2,797 3,671 3,673 3,933 3,890
Total Consumer 8,396 8,992 10,032 10,655 10,615
Total Non-Accrual Loans and Leases 14,700 11,574 11,889 12,231 12,968
Foreclosed Real Estate 3,225 1,356 1,909 2,926 2,768
Total Non-Performing Assets $ 17,925 $ 12,930 $ 13,798 $ 15,157 $ 15,736
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial $ 66 $ 10 $ - $ 2 $ -
Commercial Mortgage - - - 5,680 -
Total Commercial 66 10 - 5,682 -
Consumer
Residential Mortgage $ 903 $ 2,446 $ 2,426 $ 2,281 $ 2,927
Home Equity 3,381 2,684 3,112 3,016 3,013
Automobile 734 513 829 674 333
Other 1 1,033 914 1,727 1,660 1,895
Total Consumer 6,051 6,557 8,094 7,631 8,168
Total Accruing Loans and Leases Past Due 90 Days or More $ 6,117 $ 6,567 $ 8,094 $ 13,313 $ 8,168
Restructured Loans on Accrual Status
and Not Past Due 90 Days or More $ 48,571 $ 48,731 $ 49,462 $ 50,212 $ 56,743
Total Loans and Leases $ 10,548,609 $ 10,448,774 $ 10,231,062 $ 10,053,323 $ 9,916,628
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases 0.14 % 0.11 % 0.12 % 0.12 % 0.13 %
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate 0.17 % 0.12 % 0.13 % 0.15 % 0.16 %
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate 0.16 % 0.06 % 0.05 % 0.04 % 0.06 %
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate 0.18 % 0.16 % 0.19 % 0.22 % 0.22 %
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 0.23 % 0.19 % 0.21 % 0.28 % 0.24 %
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter $ 12,930 $ 13,798 $ 15,157 $ 15,736 $ 16,120
Additions 8,217 4,509 2,030 1,949 2,332
Reductions
Payments (989 ) (3,759 ) (415 ) (1,847 ) (1,251 )
Return to Accrual Status (316 ) (605 ) (1,420 ) (126 ) (1,270 )
Sales of Foreclosed Real Estate - (653 ) (1,301 ) (421 ) -
Charge-offs/Write-downs (1,917 ) (360 ) (253 ) (134 ) (195 )
Total Reductions (3,222 ) (5,377 ) (3,389 ) (2,528 ) (2,716 )
Balance at End of Quarter $ 17,925 $ 12,930 $ 13,798 $ 15,157 $ 15,736

1 Comprised of other revolving credit, installment, and lease financing.

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit LossesTable 12
Three Months Ended
March 31,December 31,March 31,
(dollars in thousands) 201920182018
Balance at Beginning of Period $ 113,515 $ 115,512 $ 114,168
Loans and Leases Charged-Off
Commercial
Commercial and Industrial (370 ) (365 ) (206 )
Commercial Mortgage (1,616 ) - -
Consumer
Residential Mortgage (4 ) (1 ) (97 )
Home Equity (295 ) (406 ) (91 )
Automobile (1,753 ) (2,335 ) (2,254 )
Other 1 (2,790 ) (3,781 ) (3,340 )
Total Loans and Leases Charged-Off (6,828 ) (6,888 ) (5,988 )
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial 501 803 328
Consumer
Residential Mortgage 484 112 220
Home Equity 588 367 625
Automobile 881 949 599
Other 1 704 660 683
Total Recoveries on Loans and Leases Previously Charged-Off 3,158 2,891 2,455
Net Loans and Leases Charged-Off (3,670 ) (3,997 ) (3,533 )
Provision for Credit Losses 3,000 2,000 4,125
Provision for Unfunded Commitments - - -
Balance at End of Period 2 $ 112,845 $ 113,515 $ 114,760
Components
Allowance for Loan and Lease Losses $ 106,023 $ 106,693 $ 107,938
Reserve for Unfunded Commitments 6,822 6,822 6,822
Total Reserve for Credit Losses $ 112,845 $ 113,515 $ 114,760
Average Loans and Leases Outstanding $ 10,467,321 $ 10,320,051 $ 9,803,753

Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)

0.14 % 0.15 % 0.15 %
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding 1.01 % 1.02 % 1.09 %
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 InformationTable 13
Investment
Services and
RetailCommercialPrivateTreasuryConsolidated
(dollars in thousands) BankingBankingBankingand OtherTotal
Three Months Ended March 31, 2019
Net Interest Income $ 66,154 $ 47,290 $ 10,198 $ 1,195 $ 124,837
Provision for Credit Losses 2,241 1,446 (17 ) (670 ) 3,000
Net Interest Income After Provision for Credit Losses 63,913 45,844 10,215 1,865 121,837
Noninterest Income 21,233 7,061 13,245 2,140 43,679
Noninterest Expense (52,524 ) (20,955 ) (16,903 ) (2,675 ) (93,057 )
Income Before Provision for Income Taxes 32,622 31,950 6,557 1,330 72,459
Provision for Income Taxes (8,105 ) (6,002 ) (1,729 ) 2,176 (13,660 )
Net Income $ 24,517 $ 25,948 $ 4,828 $ 3,506 $ 58,799
Total Assets as of March 31, 2019 $ 6,454,127 $ 4,004,176 $ 341,979 $ 6,646,131 $ 17,446,413
Three Months Ended March 31, 2018
Net Interest Income $ 64,397 $ 42,898 $ 9,887 $ 1,774 $ 118,956
Provision for Credit Losses 3,743 (151 ) (60 ) 593 4,125
Net Interest Income After Provision for Credit Losses 60,654 43,049 9,947 1,181 114,831
Noninterest Income 19,253 5,642 13,670 5,470 44,035
Noninterest Expense (54,599 ) (20,332 ) (16,207 ) (3,246 ) (94,384 )
Income Before Provision for Income Taxes 25,308 28,359 7,410 3,405 64,482
Provision for Income Taxes (6,291 ) (6,824 ) (1,954 ) 4,627 (10,442 )
Net Income $ 19,017 $ 21,535 $ 5,456 $ 8,032 $ 54,040
Total Assets as of March 31, 2018 $ 6,041,271 $ 3,771,678 $ 332,454 $ 6,990,627 $ 17,136,030
Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial DataTable 14
Three Months Ended
March 31,December 31,September 30,June 30,March 31,
(dollars in thousands, except per share amounts) 20192018201820182018
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases $ 108,511 $ 107,404 $ 104,248 $ 101,311 $ 97,634
Income on Investment Securities
Available-for-Sale 13,432 13,043 12,588 12,380 12,141
Held-to-Maturity 21,921 21,482 20,821 20,711 21,296
Deposits 15 10 10 (4 ) 18
Funds Sold 1,444 727 1,393 846 757
Other 319 352 364 341 300
Total Interest Income 145,642 143,018 139,424 135,585 132,146
Interest Expense

Deposits

15,284 13,172 10,931 9,459 7,581
Securities Sold Under Agreements to Repurchase 4,571 4,671 4,667 4,617 4,564
Funds Purchased 157 440 33 83 53
Short-Term Borrowings 36 88 28 13 16
Other Debt 757 674 838 917 976
Total Interest Expense 20,805 19,045 16,497 15,089 13,190
Net Interest Income 124,837 123,973 122,927 120,496 118,956
Provision for Credit Losses 3,000 2,000 3,800 3,500 4,125
Net Interest Income After Provision for Credit Losses 121,837 121,973 119,127 116,996 114,831
Noninterest Income
Trust and Asset Management 10,761 10,558 10,782 11,356 11,181
Mortgage Banking 2,287 2,148 1,965 2,179 2,145
Service Charges on Deposit Accounts 7,364 7,562 7,255 6,865 7,129
Fees, Exchange, and Other Service Charges 14,208 14,576 14,173 14,400 14,333
Investment Securities Gains (Losses), Net (835 ) (841 ) (729 ) (1,702 ) (666 )
Annuity and Insurance 2,578 1,409 1,360 1,847 1,206
Bank-Owned Life Insurance 1,710 1,941 1,620 1,796 1,842
Other 5,606 4,755 5,056 4,557 6,865
Total Noninterest Income 43,679 42,108 41,482 41,298 44,035
Noninterest Expense
Salaries and Benefits 56,586 54,856 51,782 52,148 54,422
Net Occupancy 7,594 8,918 8,702 8,588 8,534
Net Equipment 6,833 6,364 6,116 5,845 5,527
Data Processing 4,526 5,151 4,241 4,563 3,891
Professional Fees 2,453 2,467 2,206 2,546 2,773
FDIC Insurance 1,269 1,336 2,057 2,182 2,157
Other 13,796 16,819 15,434 14,919 17,080
Total Noninterest Expense 93,057 95,911 90,538 90,791 94,384
Income Before Provision for Income Taxes 72,459 68,170 70,071 67,503 64,482
Provision for Income Taxes 13,660 14,259 13,138 12,785 10,442
Net Income $ 58,799 $ 53,911 $ 56,933 $ 54,718 $ 54,040
Basic Earnings Per Share $ 1.44 $ 1.30 $ 1.37 $ 1.31 $ 1.29
Diluted Earnings Per Share $ 1.43 $ 1.30 $ 1.36 $ 1.30 $ 1.28
Balance Sheet Totals
Loans and Leases $ 10,548,609 $ 10,448,774 $ 10,231,062 $ 10,053,323 $ 9,916,628
Total Assets 17,446,413 17,143,974 16,991,734 17,124,162 17,136,030
Total Deposits 15,267,310 15,027,242 14,843,335 14,943,358 14,957,133
Total Shareholders' Equity 1,269,690 1,268,200 1,253,327 1,247,717 1,241,193

Performance Ratios

Return on Average Assets 1.38 % 1.26 % 1.33 % 1.30 % 1.29 %
Return on Average Shareholders' Equity 18.81 17.05 18.06 17.68 17.74
Efficiency Ratio 1 55.22 57.75 55.07 56.12 57.91
Net Interest Margin 2 3.12 3.10 3.07 3.04 3.00
1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic TrendsTable 15
Two Months EndedYear Ended
($ in millions; jobs in thousands) February 28, 2019December 31, 2018December 31, 2017
Hawaii Economic Trends
State General Fund Revenues 1 $ 1,200.3 (2.9 ) % $ 6,933.1 6.9 % $ 6,485.0 4.3 %

General Excise and Use Tax Revenue 1

$ 640.5 (5.2 ) % $ 3,426.5 2.3 % $ 3,349.8 4.5 %
Jobs 2 656.5 660.0 664.5
March 31,December 31,
(spot rates) 201920182017
Unemployment 3
Statewide, seasonally adjusted 2.8 % 2.5 % 2.1 %
Oahu 2.7 2.2 1.7
Island of Hawaii 3.7 2.9 2.0
Maui 2.8 2.3 1.8
Kauai 3.0 2.3 1.7
March 31,December 31,
(percentage change, except months of inventory) 2019201820172016
Housing Trends (Single Family Oahu) 4
Median Home Price 2.0 % 4.6 % 2.7 % 5.0 %
Home Sales Volume (units) (5.7 ) % (7.7 ) % 6.3 % 6.5 %
Months of Inventory 3.4 2.8 2.1 2.5
Monthly Visitor Arrivals,Percentage Change
(in thousands) Not Seasonally Adjustedfrom Previous Year
Tourism 5
February 28, 2019 782.6 0.5
January 31, 2019 820.6 3.0
December 31, 2018 910.1 3.4
November 30, 2018 782.0 4.3
October 31, 2018 770.4 4.4
September 30, 2018 724.9 3.5
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 749.5 7.5
October 31, 2017 737.6 2.9
September 30, 2017 700.5 4.9
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
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

Contacts:

Media Inquiries
Stafford Kiguchi
Telephone: 808-694-8580
Mobile: 808-265-6367
E-mail: Stafford.Kiguchi@boh.com

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