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Bank of Hawaii Corporation First Quarter 2020 Financial Results

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

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200420005179/en/

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

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

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2020 was $126.3 million, an increase of $2.1 million from $124.2 million in the fourth quarter of 2019 and up $0.5 million from $125.8 million in the first quarter of 2019. The net interest margin was 2.96 percent for the first quarter of 2020, up 1 basis point compared with 2.95 percent in the previous quarter and down 16 basis points from 3.12 percent in the first quarter last year. Analyses of the changes in net interest income are included in Tables 8a and 8b.

Results for the first quarter of 2020 included a provision for credit losses of $33.6 million. The provision under CECL is reflective of the Company’s credit risk profile and the future economic outlook and forecasts. Upon adoption of CECL, the Company recorded a $1.7 million decrease to the allowance for loan and lease losses on January 1, 2020 that reflected a generally stable asset quality and economic outlook. At that time, the COVID-19 pandemic was not yet estimated to have the significant impact that ultimately transpired in the latter half of the current quarter.

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

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

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

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

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

Asset Quality

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

Accruing loans and leases past due 90 days or more were $8.5 million at March 31, 2020, compared with $8.4 million at December 31, 2019 and $6.1 million at March 31, 2019. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $61.4 million at March 31, 2019 compared with $63.1 million at December 31, 2019 and $48.6 million at March 31, 2019. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loans and leases charged off during the first quarter of 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $7.2 million during the quarter were partially offset by recoveries of $3.4 million. Net charge-offs during the fourth quarter of 2019 were $3.7 million or 0.13 percent annualized of total average loans and leases outstanding and were comprised of $6.2 million in charge-offs partially offset by recoveries of $2.6 million. Net charge-offs during the first quarter of 2019 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and were comprised of $6.8 million in charge-offs partially offset by recoveries of $3.2 million.

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

Other Financial Highlights

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

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

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

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

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

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

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

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

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

Conference Call Information

The Company will review its first quarter financial results today at 2:00 p.m. Eastern Daylight Time (8:00 a.m. Hawaii Time). The conference call will be accessible via teleconference and the call and presentation materials will be available via the investor relations link of Bank of Hawaii Corporation's website, www.boh.com. The toll-free number is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, April 20, 2020. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 4256888 when prompted. In addition, a replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release including supplemental materials and other statements made by the Company in connection with it may contain "forward-looking statements," such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2019, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company’s website, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial HighlightsTable 1

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands, except per share amounts)

2020

2019

2019

For the Period:
Operating Results
Net Interest Income

$

125,966

$

123,885

$

124,837

Provision for Credit Losses

33,600

4,750

3,000

Total Noninterest Income

46,149

47,702

43,679

Total Noninterest Expense

96,312

93,096

93,057

Net Income

34,742

58,143

58,799

Basic Earnings Per Share

0.88

1.46

1.44

Diluted Earnings Per Share

0.87

1.45

1.43

Dividends Declared Per Share

0.67

0.67

0.62

 
Performance Ratios
Return on Average Assets

0.77

%

1.29

%

1.38

%

Return on Average Shareholders' Equity

10.64

17.84

18.81

Efficiency Ratio 1

55.96

54.26

55.22

Net Interest Margin 2

2.96

2.95

3.12

Dividend Payout Ratio 3

76.14

45.89

43.06

Average Shareholders' Equity to Average Assets

7.21

7.26

7.35

 
Average Balances
Average Loans and Leases

$

11,060,707

$

10,878,672

$

10,467,321

Average Assets

18,222,602

17,821,004

17,236,059

Average Deposits

15,817,745

15,441,097

14,971,404

Average Shareholders' Equity

1,313,848

1,292,930

1,267,438

 
Per Share of Common Stock
Book Value

$

33.20

$

32.14

$

30.91

Tangible Book Value

32.41

31.35

30.14

Market Value
Closing

54.91

95.16

78.87

High

95.53

95.68

83.94

Low

46.70

81.29

66.54

 

March 31,

December 31,

March 31,

2020

2019

2019

As of Period End:
Balance Sheet Totals
Loans and Leases

$

11,352,780

$

10,990,892

$

10,548,609

Total Assets

18,542,233

18,095,496

17,446,413

Total Deposits

16,055,361

15,784,482

15,267,310

Other Debt

60,545

85,565

110,624

Total Shareholders' Equity

1,327,929

1,286,832

1,269,690

 
Asset Quality
Non-Performing Assets

$

20,604

$

20,117

$

17,925

Allowance for Credit Losses

138,150

110,027

106,023

Allowance to Loans and Leases Outstanding

1.22

%

1.00

%

1.01

%

 
Capital Ratios 4
Common Equity Tier 1 Capital Ratio

11.85

%

12.18

%

12.75

%

Tier 1 Capital Ratio

11.85

12.18

12.75

Total Capital Ratio

13.10

13.28

13.87

Tier 1 Leverage Ratio

7.14

7.25

7.46

Total Shareholders' Equity to Total Assets

7.16

7.11

7.28

Tangible Common Equity to Tangible Assets 5

7.00

6.95

7.11

Tangible Common Equity to Risk-Weighted Assets 5

11.85

11.85

12.28

 
Non-Financial Data
Full-Time Equivalent Employees

2,094

2,124

2,112

Branches

67

68

69

ATMs

382

387

385

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.
4 The Company has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the US banking agencies’ March 2020 interim final rule.
5 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."
Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial MeasuresTable 2

March 31,

December 31,

March 31,

(dollars in thousands)

2020

2019

2019

 
Total Shareholders' Equity

$

1,327,929

$

1,286,832

$

1,269,690

Less:Goodwill

31,517

31,517

31,517

Tangible Common Equity

$

1,296,412

$

1,255,315

$

1,238,173

 
Total Assets

$

18,542,233

$

18,095,496

$

17,446,413

Less:Goodwill

31,517

31,517

31,517

Tangible Assets

$

18,510,716

$

18,063,979

$

17,414,896

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

$

10,941,909

$

10,589,061

$

10,079,858

 
Total Shareholders' Equity to Total Assets

7.16

%

7.11

%

7.28

%

Tangible Common Equity to Tangible Assets (Non-GAAP)

7.00

%

6.95

%

7.11

%

 
Tier 1 Capital Ratio

11.85

%

12.18

%

12.75

%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)

11.85

%

11.85

%

12.28

%

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income Table 3

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands, except per share amounts)

2020

2019

2019

Interest Income
Interest and Fees on Loans and Leases

$

108,210

$

109,223

$

108,511

Income on Investment Securities
Available-for-Sale

16,711

16,158

13,432

Held-to-Maturity

19,252

18,750

21,921

Deposits

9

8

15

Funds Sold

546

723

1,444

Other

218

239

319

Total Interest Income

144,946

145,101

145,642

Interest Expense
Deposits

14,260

16,407

15,284

Securities Sold Under Agreements to Repurchase

4,025

4,071

4,571

Funds Purchased

72

25

157

Short-Term Borrowings

39

-

36

Other Debt

584

713

757

Total Interest Expense

18,980

21,216

20,805

Net Interest Income

125,966

123,885

124,837

Provision for Credit Losses

33,600

4,750

3,000

Net Interest Income After Provision for Credit Losses

92,366

119,135

121,837

Noninterest Income
Trust and Asset Management

10,915

11,157

10,761

Mortgage Banking

2,695

3,199

2,287

Service Charges on Deposit Accounts

7,451

7,835

7,364

Fees, Exchange, and Other Service Charges

13,200

14,533

14,208

Investment Securities Gains (Losses), Net

(970

)

(906

)

(835

)

Annuity and Insurance

928

1,272

2,578

Bank-Owned Life Insurance

1,580

1,879

1,710

Other

10,350

8,733

5,606

Total Noninterest Income

46,149

47,702

43,679

Noninterest Expense
Salaries and Benefits

54,463

51,664

56,586

Net Occupancy

8,955

8,824

7,594

Net Equipment

8,456

7,930

6,833

Data Processing

4,788

4,828

4,526

Professional Fees

3,208

3,257

2,453

FDIC Insurance

1,456

1,376

1,269

Other

14,986

15,217

13,796

Total Noninterest Expense

96,312

93,096

93,057

Income Before Provision for Income Taxes

42,203

73,741

72,459

Provision for Income Taxes

7,461

15,598

13,660

Net Income

$

34,742

$

58,143

$

58,799

Basic Earnings Per Share

$

0.88

$

1.46

$

1.44

Diluted Earnings Per Share

$

0.87

$

1.45

$

1.43

Dividends Declared Per Share

$

0.67

$

0.67

$

0.62

Basic Weighted Average Shares

39,681,611

39,880,619

40,938,318

Diluted Weighted Average Shares

39,916,986

40,179,016

41,213,453

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive IncomeTable 4

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2020

2019

2019

Net Income

$

34,742

$

58,143

$

58,799

Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities

41,559

(5,856

)

6,919

Defined Benefit Plans

374

(3,482

)

246

Other Comprehensive Income (Loss)

41,933

(9,338

)

7,165

Comprehensive Income

$

76,675

$

48,805

$

65,964

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of ConditionTable 5
March 31,December 31,March 31,
(dollars in thousands)

2020

2019

2019

Assets
Interest-Bearing Deposits in Other Banks

$

6,346

$

4,979

$

3,550

Funds Sold

96,898

254,574

243,867

Investment Securities
Available-for-Sale

2,681,049

2,619,003

1,859,256

Held-to-Maturity (Fair Value of $3,104,020; $3,062,882; and $3,637,496)

3,004,139

3,042,294

3,668,811

Loans Held for Sale

20,789

39,062

17,909

Loans and Leases

11,352,780

10,990,892

10,548,609

Allowance for Credit Losses

(138,150

)

(110,027

)

(106,023

)

Net Loans and Leases

11,214,630

10,880,865

10,442,586

Total Earning Assets

17,023,851

16,840,777

16,235,979

Cash and Due from Banks

453,465

299,105

293,871

Premises and Equipment, Net

196,228

188,388

159,344

Operating Lease Right-of-Use Assets

98,695

100,838

104,166

Accrued Interest Receivable

46,996

46,476

52,820

Foreclosed Real Estate

2,506

2,737

3,225

Mortgage Servicing Rights

22,537

25,022

24,149

Goodwill

31,517

31,517

31,517

Bank-Owned Life Insurance

289,536

287,962

285,155

Other Assets

376,902

272,674

256,187

Total Assets

$

18,542,233

$

18,095,496

$

17,446,413

 
Liabilities
Deposits
Noninterest-Bearing Demand

$

4,378,918

$

4,489,525

$

4,595,915

Interest-Bearing Demand

3,261,101

3,127,205

2,961,444

Savings

6,670,530

6,365,321

5,946,881

Time

1,744,812

1,802,431

1,763,070

Total Deposits

16,055,361

15,784,482

15,267,310

Funds Purchased

75,000

-

-

Short-Term Borrowings

75,000

-

-

Securities Sold Under Agreements to Repurchase

603,206

604,306

504,299

Other Debt

60,545

85,565

110,624

Operating Lease Liabilities

106,180

108,210

111,230

Retirement Benefits Payable

44,124

44,504

40,343

Accrued Interest Payable

7,932

8,040

8,474

Taxes Payable and Deferred Taxes

32,793

16,085

29,935

Other Liabilities

154,163

157,472

104,508

Total Liabilities

17,214,304

16,808,664

16,176,723

Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2020 - 58,251,725 / 39,996,510;
December 31, 2019 - 58,166,910 / 40,039,695;
and March 31, 2019 - 58,166,535 / 41,078,688)

579

579

578

Capital Surplus

584,392

582,566

574,594

Accumulated Other Comprehensive Loss

10,821

(31,112

)

(43,878

)

Retained Earnings

1,773,607

1,761,415

1,674,264

Treasury Stock, at Cost (Shares: March 31, 2020 - 18,255,215;
December 31, 2019 - 18,127,215; and March 31, 2019 - 17,087,847)

(1,041,470

)

(1,026,616

)

(935,868

)

Total Shareholders' Equity

1,327,929

1,286,832

1,269,690

Total Liabilities and Shareholders' Equity

$

18,542,233

$

18,095,496

$

17,446,413

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity Table 6

Accum.

Other

Compre-

hensive

Common Shares

Common

Capital

Income

Retained

Treasury

(dollars in thousands)

Outstanding

Stock

Surplus

(Loss)

Earnings

Stock

Total

Balance as of December 31, 2019

40,039,695

$

579

$

582,566

$

(31,112

)

$

1,761,415

$

(1,026,616

)

$

1,286,832

Net Income

-

-

-

-

34,742

-

34,742

Other Comprehensive Income

-

-

-

41,933

-

-

41,933

Cumulative Change in Accounting Principle

-

-

-

-

3,632

-

3,632

Share-Based Compensation

-

-

1,497

-

-

-

1,497

Common Stock Issued under Purchase and Equity
Compensation Plans

154,091

-

329

-

653

2,779

3,761

Common Stock Repurchased

(197,276

)

-

-

-

-

(17,633

)

(17,633

)

Cash Dividends Declared ($0.67 per share)

-

-

-

-

(26,835

)

-

(26,835

)

Balance as of March 31, 2020

39,996,510

$

579

$

584,392

$

10,821

$

1,773,607

$

(1,041,470

)

$

1,327,929

 
Balance as of December 31, 2018

41,499,898

$

577

$

571,704

$

(51,043

)

$

1,641,314

$

(894,352

)

$

1,268,200

Net Income

-

-

-

-

58,799

-

58,799

Other Comprehensive Income

-

-

-

7,165

-

-

7,165

Share-Based Compensation

-

-

2,274

-

-

-

2,274

Common Stock Issued under Purchase and Equity
Compensation Plans

131,529

1

616

-

(203

)

1,673

2,087

Common Stock Repurchased

(552,739

)

-

-

-

-

(43,189

)

(43,189

)

Cash Dividends Declared ($0.62 per share)

-

-

-

-

(25,646

)

-

(25,646

)

Balance as of March 31, 2019

41,078,688

$

578

$

574,594

$

(43,878

)

$

1,674,264

$

(935,868

)

$

1,269,690

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent BasisTable 7

Three Months Ended

Three Months Ended

Three Months Ended

March 31, 2020

December 31, 2019

March 31, 2019

Average

Income/

Yield/

Average

Income/

Yield/

Average

Income/

Yield/

(dollars in millions)

Balance

Expense

Rate

Balance

Expense

Rate

Balance

Expense

Rate

Earning Assets
Interest-Bearing Deposits in Other Banks

$

1.4

$

-

2.36

%

$

3.4

$

-

0.90

%

$

3.0

$

-

2.05

%

Funds Sold

152.8

0.6

1.41

177.7

0.7

1.59

241.6

1.5

2.39

Investment Securities
Available-for-Sale
Taxable

2,702.4

16.4

2.43

2,578.3

15.9

2.46

1,595.8

11.5

2.90

Non-Taxable

32.4

0.4

4.40

33.4

0.4

4.35

279.1

2.4

3.45

Held-to-Maturity
Taxable

3,036.2

18.9

2.50

2,994.7

18.4

2.46

3,373.5

20.5

2.43

Non-Taxable

54.7

0.4

2.67

61.7

0.4

2.70

234.1

1.8

3.15

Total Investment Securities

5,825.7

36.1

2.48

5,668.1

35.1

2.47

5,482.5

36.2

2.65

Loans Held for Sale

23.2

0.2

3.54

31.0

0.3

3.67

12.4

0.1

4.35

Loans and Leases 1
Commercial and Industrial

1,409.3

13.2

3.77

1,356.1

13.3

3.90

1,357.8

15.3

4.57

Commercial Mortgage

2,549.4

25.1

3.96

2,479.7

25.5

4.08

2,310.4

24.9

4.36

Construction

213.2

2.5

4.65

179.1

2.1

4.73

150.4

1.9

5.08

Commercial Lease Financing

111.4

0.5

1.95

135.4

0.8

2.38

160.9

0.9

2.28

Residential Mortgage

3,895.4

36.9

3.79

3,850.4

36.7

3.81

3,680.2

35.5

3.86

Home Equity

1,680.2

15.2

3.64

1,683.4

15.7

3.70

1,690.0

16.1

3.87

Automobile

721.0

6.4

3.56

715.2

6.5

3.59

668.2

6.0

3.66

Other 2

480.8

8.4

7.06

479.4

8.5

7.02

449.4

7.9

7.13

Total Loans and Leases

11,060.7

108.2

3.93

10,878.7

109.1

3.99

10,467.3

108.5

4.18

Other

34.3

0.2

2.54

34.9

0.2

2.74

35.5

0.3

3.60

Total Earning Assets 3

17,098.1

145.3

3.41

16,793.8

145.4

3.45

16,242.3

146.6

3.64

Cash and Due from Banks

278.8

222.2

240.8

Other Assets

845.7

805.0

753.0

Total Assets

$

18,222.6

$

17,821.0

$

17,236.1

 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand

$

3,110.0

1.0

0.12

$

2,990.3

1.0

0.14

$

2,939.9

1.5

0.20

Savings

6,502.4

7.1

0.44

6,245.0

8.0

0.51

5,760.8

6.7

0.47

Time

1,743.0

6.2

1.43

1,842.3

7.4

1.59

1,703.4

7.1

1.69

Total Interest-Bearing Deposits

11,355.4

14.3

0.51

11,077.6

16.4

0.59

10,404.1

15.3

0.60

Short-Term Borrowings

57.8

0.1

0.76

5.8

-

1.66

31.1

0.2

2.49

Securities Sold Under Agreements to Repurchase

604.1

4.0

2.64

604.3

4.1

2.64

504.3

4.6

3.63

Other Debt

66.9

0.6

3.51

106.2

0.7

2.67

120.0

0.7

2.55

Total Interest-Bearing Liabilities

12,084.2

19.0

0.63

11,793.9

21.2

0.71

11,059.5

20.8

0.76

Net Interest Income

$

126.3

$

124.2

$

125.8

Interest Rate Spread

2.78

%

2.74

%

2.88

%

Net Interest Margin

2.96

%

2.95

%

3.12

%

Noninterest-Bearing Demand Deposits

4,462.3

4,363.5

4,567.3

Other Liabilities

362.3

370.7

341.9

Shareholders' Equity

1,313.8

1,292.9

1,267.4

Total Liabilities and Shareholders' Equity

$

18,222.6

$

17,821.0

$

17,236.1

1 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
3 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $357,000, $352,000, and $981,000 for the three months ended March 31, 2020, December 31, 2019, and March 31, 2019, respectively.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a

Three Months Ended March 31, 2020

Compared to December 31, 2019

(dollars in millions)

Volume 1

Rate 1

Total

Change in Interest Income:
Funds Sold

$

(0.1

)

$

-

$

(0.1

)

Investment Securities
Available-for-Sale
Taxable

0.7

(0.2

)

0.5

Held-to-Maturity
Taxable

0.2

0.3

0.5

Total Investment Securities

0.9

0.1

1.0

Loans Held for Sale

(0.1

)

-

(0.1

)

Loans and Leases
Commercial and Industrial

0.4

(0.5

)

(0.1

)

Commercial Mortgage

0.5

(0.9

)

(0.4

)

Construction

0.4

-

0.4

Commercial Lease Financing

(0.1

)

(0.2

)

(0.3

)

Residential Mortgage

0.5

(0.3

)

0.2

Home Equity

(0.1

)

(0.4

)

(0.5

)

Automobile

-

(0.1

)

(0.1

)

Other 2

-

(0.1

)

(0.1

)

Total Loans and Leases

1.6

(2.5

)

(0.9

)

Total Change in Interest Income

2.3

(2.4

)

(0.1

)

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

0.1

(0.1

)

-

Savings

0.3

(1.2

)

(0.9

)

Time

(0.4

)

(0.8

)

(1.2

)

Total Interest-Bearing Deposits

-

(2.1

)

(2.1

)

Short-Term Borrowings

0.1

-

0.1

Securities Sold Under Agreements to Repurchase

(0.1

)

-

(0.1

)

Other Debt

(0.3

)

0.2

(0.1

)

Total Change in Interest Expense

(0.3

)

(1.9

)

(2.2

)

 
Change in Net Interest Income

$

2.6

$

(0.5

)

$

2.1

1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
Three Months Ended March 31, 2020
Compared to March 31, 2019
(dollars in millions)

Volume 1

Rate 1

Total

Change in Interest Income:
Funds Sold

$

(0.4

)

$

(0.5

)

$

(0.9

)

Investment Securities
Available-for-Sale
Taxable

7.0

(2.1

)

4.9

Non-Taxable

(2.5

)

0.5

(2.0

)

Held-to-Maturity
Taxable

(2.2

)

0.6

(1.6

)

Non-Taxable

(1.2

)

(0.2

)

(1.4

)

Total Investment Securities

1.1

(1.2

)

(0.1

)

Loans Held for Sale

0.1

-

0.1

Loans and Leases
Commercial and Industrial

0.6

(2.7

)

(2.1

)

Commercial Mortgage

2.5

(2.3

)

0.2

Construction

0.8

(0.2

)

0.6

Commercial Lease Financing

(0.3

)

(0.1

)

(0.4

)

Residential Mortgage

2.1

(0.7

)

1.4

Home Equity

(0.1

)

(0.8

)

(0.9

)

Automobile

0.5

(0.1

)

0.4

Other 2

0.6

(0.1

)

0.5

Total Loans and Leases

6.7

(7.0

)

(0.3

)

Other

-

(0.1

)

(0.1

)

Total Change in Interest Income

7.5

(8.8

)

(1.3

)

 
Change in Interest Expense:
Interest-Bearing Deposits
Demand

0.1

(0.6

)

(0.5

)

Savings

0.9

(0.5

)

0.4

Time

0.2

(1.1

)

(0.9

)

Total Interest-Bearing Deposits

1.2

(2.2

)

(1.0

)

Short-Term Borrowings

0.1

(0.2

)

(0.1

)

Securities Sold Under Agreements to Repurchase

0.8

(1.4

)

(0.6

)

Other Debt

(0.4

)

0.3

(0.1

)

Total Change in Interest Expense

1.7

(3.5

)

(1.8

)

 
Change in Net Interest Income

$

5.8

$

(5.3

)

$

0.5

1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
2 Comprised of other consumer revolving credit, installment, and consumer lease financing.
Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits Table 9

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2020

2020

2019

Salaries

$

33,486

$

33,465

$

32,480

Incentive Compensation

245

4,864

5,904

Share-Based Compensation

1,291

1,475

3,079

Commission Expense

1,374

2,080

930

Retirement and Other Benefits

4,706

4,279

5,107

Payroll Taxes

4,543

2,386

4,247

Medical, Dental, and Life Insurance

4,142

2,903

4,465

Separation Expense

4,676

212

374

Total Salaries and Benefits

$

54,463

$

51,664

$

56,586

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances  Table 10
March 31, December 31,September 30,June 30,March 31,
(dollars in thousands)

2020

 

2019

2019

2019

2019

Commercial 
Commercial and Industrial

$

1,558,232

 

$

1,379,152

$

1,361,011

$

1,408,729

$

1,331,345

Commercial Mortgage

2,616,243

 

2,518,051

2,477,296

2,411,289

2,381,213

Construction

245,390

 

194,170

154,754

119,228

132,775

Lease Financing

110,704

 

122,454

163,672

163,070

154,919

Total Commercial

4,530,569

 

4,213,827

4,156,733

4,102,316

4,000,252

Consumer 
Residential Mortgage

3,928,183

 

3,891,100

3,846,511

3,785,006

3,702,553

Home Equity

1,692,154

 

1,676,073

1,681,951

1,694,577

1,698,666

Automobile

716,214

 

720,286

713,424

703,523

676,730

Other 1

485,660

 

489,606

482,679

473,707

470,408

Total Consumer

6,822,211

 

6,777,065

6,724,565

6,656,813

6,548,357

Total Loans and Leases

$

11,352,780

 

$

10,990,892

$

10,881,298

$

10,759,129

$

10,548,609

 
Deposits 
March 31, December 31,September 30,June 30,March 31,
(dollars in thousands)

2020

 

2019

2019

2019

2019

Consumer

$

8,294,464

 

$

8,118,494

$

7,893,454

$

7,880,284

$

7,944,793

Commercial

6,358,583

 

6,324,214

6,153,492

6,178,984

6,162,042

Public and Other

1,402,314

 

1,341,774

1,293,806

1,429,553

1,160,475

Total Deposits

$

16,055,361

 

$

15,784,482

$

15,340,752

$

15,488,821

$

15,267,310

1 Comprised of other revolving credit, installment, and lease financing.
Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More Table 11
March 31,December 31,September 30,June 30,March 31,
(dollars in thousands)

2020

2019

2019

2019

2019

Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial

$

634

$

830

$

573

$

552

$

393

Commercial Mortgage

9,048

9,244

11,088

11,310

5,911

Total Commercial

9,682

10,074

11,661

11,862

6,304

Consumer
Residential Mortgage

4,330

4,125

4,258

4,697

5,599

Home Equity

4,086

3,181

2,787

2,486

2,797

Total Consumer

8,416

7,306

7,045

7,183

8,396

Total Non-Accrual Loans and Leases

18,098

17,380

18,706

19,045

14,700

Foreclosed Real Estate

2,506

2,737

2,939

2,737

3,225

Total Non-Performing Assets

$

20,604

$

20,117

$

21,645

$

21,782

$

17,925

 
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial

$

-

$

-

$

81

$

-

$

66

Total Commercial

-

-

81

-

66

Consumer
Residential Mortgage

3,024

1,839

2,032

1,859

903

Home Equity

3,426

4,125

2,320

2,981

3,381

Automobile

866

949

582

607

734

Other 1

1,205

1,493

1,076

963

1,033

Total Consumer

8,521

8,406

6,010

6,410

6,051

Total Accruing Loans and Leases Past Due 90 Days or More

$

8,521

$

8,406

$

6,091

$

6,410

$

6,117

Restructured Loans on Accrual Status
and Not Past Due 90 Days or More

$

61,425

$

63,103

$

46,178

$

48,563

$

48,571

Total Loans and Leases

$

11,352,780

$

10,990,892

$

10,881,298

$

10,759,129

$

10,548,609

 
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases

0.16

%

0.16

%

0.17

%

0.18

%

0.14

%

 
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate

0.18

%

0.18

%

0.20

%

0.20

%

0.17

%

 
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and
Leases and Commercial Foreclosed Real Estate

0.21

%

0.24

%

0.28

%

0.29

%

0.16

%

 
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate

0.16

%

0.15

%

0.15

%

0.15

%

0.18

%

 
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed Real Estate

0.26

%

0.26

%

0.25

%

0.26

%

0.23

%

 
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter

20,117

$

21,645

$

21,782

$

17,925

$

12,930

Additions

1,754

883

1,035

6,186

8,217

Reductions
Payments

(315

)

(495

)

(984

)

(441

)

(989

)

Return to Accrual Status

(437

)

(1,673

)

-

(1,344

)

(316

)

Sales of Foreclosed Real Estate

(231

)

(201

)

-

(374

)

-

Charge-offs/Write-downs

(284

)

(42

)

(188

)

(170

)

(1,917

)

Total Reductions

(1,267

)

(2,411

)

(1,172

)

(2,329

)

(3,222

)

Balance at End of Quarter

$

20,604

$

20,117

$

21,645

$

21,782

$

17,925

1 Comprised of other revolving credit, installment, and lease financing.
Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit LossesTable 12

Three Months Ended

March 31,

December 31,

March 31,

(dollars in thousands)

2020

2019

2019

Balance at Beginning of Period

$

116,849

$

115,758

$

113,515

CECL Adoption (Day 1) Impact

(5,072

)

-

-

Loans and Leases Charged-Off
Commercial
Commercial and Industrial

(693

)

(307

)

(370

)

Commercial Mortgage

-

-

(1,616

)

Consumer
Residential Mortgage

(20

)

(50

)

(4

)

Home Equity

-

(245

)

(295

)

Automobile

(2,500

)

(1,990

)

(1,753

)

Other 1

(3,964

)

(3,651

)

(2,790

)

Total Loans and Leases Charged-Off

(7,177

)

(6,243

)

(6,828

)

Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial

289

293

501

Commercial Mortgage

40

-

-

Consumer
Residential Mortgage

263

699

484

Home Equity

976

577

588

Automobile

1,005

512

881

Other 1

864

503

704

Total Recoveries on Loans and Leases Previously Charged-Off

3,437

2,584

3,158

Net Loans and Leases Charged-Off

(3,740

)

(3,659

)

(3,670

)

Provision for Credit Losses

33,600

4,750

3,000

Provision for Unfunded Commitments

(170

)

-

-

Balance at End of Period 2

$

141,467

$

116,849

$

112,845

 
Components
Allowance for Credit Losses

$

138,150

$

110,027

$

106,023

Reserve for Unfunded Commitments

3,317

6,822

6,822

Total Reserve for Credit Losses

$

141,467

$

116,849

$

112,845

 
Average Loans and Leases Outstanding

$

11,060,707

$

10,878,672

$

10,467,321

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

0.14

%

0.13

%

0.14

%

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding

1.22

%

1.00

%

1.01

%

1 Comprised of other revolving credit, installment, and lease financing.
2 Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.
Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial InformationTable 13
 
ConsumerCommercialTreasuryConsolidated
(dollars in thousands)BankingBankingand OtherTotal
Three Months Ended March 31, 2020
Net Interest Income

$

73,661

$

45,986

$

6,319

$

125,966

Provision for Credit Losses

3,545

290

29,765

33,600

Net Interest Income After Provision for Credit Losses

70,116

45,696

(23,446

)

92,366

Noninterest Income

32,590

11,735

1,824

46,149

Noninterest Expense

(70,900

)

(17,298

)

(8,114

)

(96,312

)

Income Before Provision for Income Taxes

31,806

40,133

(29,736

)

42,203

Provision for Income Taxes

(7,984

)

(9,760

)

10,283

(7,461

)

Net Income

$

23,822

$

30,373

$

(19,453

)

$

34,742

Total Assets as of March 31, 2020

$

7,385,185

$

4,584,040

$

6,573,008

$

18,542,233

 
Three Months Ended March 31, 2019 1
Net Interest Income

$

76,352

$

47,290

$

1,195

$

124,837

Provision for Credit Losses

2,224

1,446

(670

)

3,000

Net Interest Income After Provision for Credit Losses

74,128

45,844

1,865

121,837

Noninterest Income

34,478

7,061

2,140

43,679

Noninterest Expense

(69,427

)

(20,955

)

(2,675

)

(93,057

)

Income Before Provision for Income Taxes

39,179

31,950

1,330

72,459

Provision for Income Taxes

(9,834

)

(6,002

)

2,176

(13,660

)

Net Income

$

29,345

$

25,948

$

3,506

$

58,799

Total Assets as of March 31, 2019 1

$

6,796,106

$

4,004,176

$

6,646,131

$

17,446,413

1 Certain prior period information has been reclassified to conform to current presentation.
Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial DataTable 14

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

(dollars in thousands, except per share amounts)

2020

2019

2019

2019

2019

Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases

$

108,210

$

109,223

$

110,877

$

110,401

$

108,511

Income on Investment Securities
Available-for-Sale

16,711

16,158

17,512

15,072

13,432

Held-to-Maturity

19,252

18,750

18,796

22,149

21,921

Deposits

9

8

9

9

15

Funds Sold

546

723

656

730

1,444

Other

218

239

233

210

319

Total Interest Income

144,946

145,101

148,083

148,571

145,642

Interest Expense
Deposits

14,260

16,407

18,055

18,628

15,284

Securities Sold Under Agreements to Repurchase

4,025

4,071

4,257

4,623

4,571

Funds Purchased

72

25

146

512

157

Short-Term Borrowings

39

-

1

1

36

Other Debt

584

713

728

710

757

Total Interest Expense

18,980

21,216

23,187

24,474

20,805

Net Interest Income

125,966

123,885

124,896

124,097

124,837

Provision for Credit Losses

33,600

4,750

4,250

4,000

3,000

Net Interest Income After Provision for Credit Losses

92,366

119,135

120,646

120,097

121,837

Noninterest Income
Trust and Asset Management

10,915

11,157

10,930

11,385

10,761

Mortgage Banking

2,695

3,199

4,864

3,336

2,287

Service Charges on Deposit Accounts

7,451

7,835

7,592

7,283

7,364

Fees, Exchange, and Other Service Charges

13,200

14,533

14,900

14,252

14,208

Investment Securities Gains (Losses), Net

(970

)

(906

)

(1,469

)

(776

)

(835

)

Annuity and Insurance

928

1,272

1,278

1,806

2,578

Bank-Owned Life Insurance

1,580

1,879

1,647

1,779

1,710

Other

10,350

8,733

6,765

6,385

5,606

Total Noninterest Income

46,149

47,702

46,507

45,450

43,679

Noninterest Expense
Salaries and Benefits

54,463

51,664

54,345

53,511

56,586

Net Occupancy

8,955

8,824

8,803

8,579

7,594

Net Equipment

8,456

7,930

7,637

6,895

6,833

Data Processing

4,788

4,828

4,676

4,727

4,526

Professional Fees

3,208

3,257

2,184

2,177

2,453

FDIC Insurance

1,456

1,376

1,257

1,290

1,269

Other

14,986

15,217

21,447

15,546

13,796

Total Noninterest Expense

96,312

93,096

100,349

92,725

93,057

Income Before Provision for Income Taxes

42,203

73,741

66,804

72,822

72,459

Provision for Income Taxes

7,461

15,598

14,752

15,903

13,660

Net Income

$

34,742

$

58,143

$

52,052

$

56,919

$

58,799

 
Basic Earnings Per Share

$

0.88

$

1.46

$

1.30

$

1.40

$

1.44

Diluted Earnings Per Share

$

0.87

$

1.45

$

1.29

$

1.40

$

1.43

 
Balance Sheet Totals
Loans and Leases

$

11,352,780

$

10,990,892

$

10,881,298

$

10,759,129

$

10,548,609

Total Assets

18,542,233

18,095,496

17,672,140

17,688,845

17,446,413

Total Deposits

16,055,361

15,784,482

15,340,752

15,488,821

15,267,310

Total Shareholders' Equity

1,327,929

1,286,832

1,291,490

1,285,948

1,269,690

 
Performance Ratios
Return on Average Assets

0.77

%

1.29

%

1.17

%

1.31

%

1.38

%

Return on Average Shareholders' Equity

10.64

17.84

16.02

17.97

18.81

Efficiency Ratio 1

55.96

54.26

58.55

54.69

55.22

Net Interest Margin 2

2.96

2.95

3.01

3.04

3.12

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends Table 15
Two Months EndedYear Ended
($ in millions; jobs in thousands)February 29, 2020December 31, 2019December 31, 2018
Hawaii Economic Trends
State General Fund Revenues 1

$

1,362.3

15.2

%

$

7,316.5

5.5

%

$

6,933.1

6.9

%

General Excise and Use Tax Revenue 1

$

677.8

5.8

%

$

3,602.2

5.1

%

$

3,426.5

2.3

%

Jobs 2

651.2

648.9

649.9

 

January 31,

December 31,

(spot rates)

2020

2019

2018

Unemployment 3
Statewide, seasonally adjusted

2.7

%

2.7

%

2.6

%

 
Oahu

2.7

2.1

2.2

Island of Hawaii

3.5

2.8

2.9

Maui

2.8

2.2

2.2

Kauai

3.0

2.4

2.3

 

March 31,

December 31,

(percentage change, except months of inventory)

2020

2019

2018

2017

Housing Trends (Single Family Oahu) 4
Median Home Price

-

%

(0.1

)

%

4.6

%

2.7

%

Home Sales Volume (units)

11.6

%

3.9

%

(7.7

)

%

6.3

%

Months of Inventory

2.6

2.5

2.8

2.1

 
Monthly Visitor Arrivals,Percentage Change
(in thousands)Not Seasonally Adjustedfrom Previous Year
Tourism 5
February 29, 2020

828.1

5.8

January 31, 2020

862.6

5.1

December 31, 2019

954.3

6.0

November 30, 2019

811.4

4.2

October 31, 2019

800.4

4.8

September 30, 2019

741.3

3.5

August 31, 2019

928.2

9.8

July 31, 2019

997.9

6.2

June 30, 2019

951.6

6.1

May 31, 2019

841.4

4.6

April 30, 2019

856.3

6.6

March 31, 2019

939.1

3.9

February 28, 2019

782.7

0.5

January 31, 2019

820.6

3.0

December 31, 2018

900.2

2.3

November 30, 2018

778.5

3.9

October 31, 2018

763.7

3.5

September 30, 2018

716.1

2.2

August 31, 2018

845.1

3.2

July 31, 2018

939.4

5.3

June 30, 2018

897.1

7.3

May 31, 2018

804.1

7.0

April 30, 2018

803.0

6.6

March 31, 2018

903.6

12.5

February 28, 2018

778.6

10.3

January 31, 2018

796.5

5.4

1 Source: Hawaii Department of Business, Economic Development & Tourism
2 Source: U. S. Bureau of Labor Statistics
3 Source: Hawaii Department of Labor and Industrial Relations, County jobs data not seasonally adjusted.
4 Source: Honolulu Board of REALTORS
5 Source: Hawaii Tourism Authority

Contacts:

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

Investor/Analyst Inquiries
Cindy Wyrick
Telephone: 808-694-8430
E-mail: Cindy.Wyrick@boh.com

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