Bank of Hawai‘i Corporation First Quarter 2023 Financial Results

Rhea-AI Summary

Bank of Hawai‘i Corporation (NYSE: BOH) reported diluted earnings per common share of $1.14 for Q1 2023, down from $1.50 in Q4 2022 and $1.32 in Q1 2022. Net income fell 23.6% quarter-over-quarter to $46.8 million. Average deposits rose 0.4% linked quarter, but total deposits decreased 0.6% from Q4 2022. Loans increased 1.3% linked quarter, with non-performing assets down to $12.1 million. Net interest income was $136.0 million, down 3.4% from the previous quarter but up 8.5% year-over-year. The company declared a quarterly dividend of $0.70 per share. The Tier 1 Capital Ratio stood at 12.10%, slightly down from the previous quarter. Overall asset quality remains strong, but credit losses increased compared to the previous quarter.

Positive

• Average deposits increased by 0.4% linked quarter.
• Loan portfolio showed growth of 1.3% linked quarter.
• Net interest income increased by 8.5% year-over-year.

Negative

• Diluted earnings per share decreased from $1.50 to $1.14 quarter-over-quarter.
• Net income fell by 23.6% from the previous quarter.
• Total deposits saw a decline of 0.6% from December 2022.

• Average Deposits Up 0.4% Linked Quarter
• Diluted Earnings Per Common Share $1.14
• Net Income $46.8 Million
• Board of Directors Declares Dividend of $0.70 Per Common Share

 

HONOLULU--(BUSINESS WIRE)-- Bank of Hawai‘i Corporation (NYSE: BOH) today reported diluted earnings per common share of $1.14 for the first quarter of 2023, compared with diluted earnings per common share of $1.50 in the previous quarter and $1.32 in the same quarter of 2022. Net income for the first quarter of 2023 was $46.8 million, down 23.6% from the previous quarter and down 14.6% from the same quarter of 2022. The return on average common equity for the first quarter of 2023 was 15.79% compared with 21.28% in the previous quarter and 15.44% in the same quarter of 2022.

“Amidst a challenging macro environmental backdrop, Bank of Hawai‘i delivered solid operating performance in the first quarter of 2023," said Peter Ho, Chairman, President, and CEO. “Average deposits grew 0.4% in the first quarter and were essentially flat from a year ago. Spot deposit balances were down 0.6% from the prior quarter and down 1.1% from the prior year. Deposit costs, while rising, continue to show the benefits of our unique Hawai‘i deposit base which is diversified and long tenured. Loans grew 1.3% on a linked quarter basis with growth across both our consumer and commercial portfolios. Credit quality remains excellent. Non-performing assets were lower on both a linked quarter and year on year basis. Annualized net charge-offs were 0.08% during the quarter.”

Financial Highlights

Net interest income for the first quarter of 2023 was $136.0 million, a decrease of 3.4% from the previous quarter and an increase of 8.5% from the same quarter of 2022. The decrease in net interest income in the first quarter of 2023 compared to the prior quarter was due to two fewer days in the quarter, which reduced net interest income by approximately $1.6 million, as well as higher funding costs, partially offset by loan growth and higher earning asset yields. The increase in net interest income compared to the same period in 2022 was primarily due to loan growth and higher earning asset yields, partially offset by higher funding costs.

Net interest margin was 2.47% in the first quarter of 2023, a decrease of 13 basis points from the previous quarter and an increase of 13 basis points from the same quarter of 2022. The decrease in net interest margin in the first quarter of 2023 compared to the prior quarter was due to higher funding costs, partially offset by higher earning asset yields. The increase in net interest margin from the same period in 2022 was primarily due to higher earning asset yields, partially offset by higher funding costs.

The average yield on loans and leases was 4.03% in the first quarter of 2023, up 22 basis points from the prior quarter and up 93 basis points from the same quarter of 2022. The average yield on total earning assets was 3.42% in the first quarter of 2023, up 25 basis points from the prior quarter and up 98 basis points from the same quarter of 2022. The average cost of interest-bearing deposits was 1.09% in the first quarter of 2023, up 40 basis points from the prior quarter and up 102 basis points from the same quarter of 2022. The average cost of total deposits, including noninterest-bearing deposits, was 0.75%, up 29 basis points from the prior quarter and up 70 basis points from the same quarter of 2022. The changes in yields and rates over the linked quarter and year over year period reflected the higher rate environment, including higher benchmark interest rates.

Noninterest income was $40.7 million in the first quarter of 2023, a decrease of 1.1% from the previous quarter and a decrease of 6.5% from the same period in 2022. Noninterest income in the first quarter of 2023 included a negative adjustment of $0.6 million related to a change in the Visa Class B conversion ratio. Adjusted for this item, noninterest income in the first quarter was $41.3 million, up 0.3% from the prior quarter and down 5.2% from the same period in 2022. The decrease in noninterest income compared to the same period in 2022 was due to lower customer swap transactions and lower mortgage banking income.

Noninterest expense was $111.9 million in the first quarter of 2023, an increase of 9.0% from the previous quarter and an increase of 7.7% from the same quarter of 2022. Noninterest expense in the first quarters 2022 and 2023 included seasonal payroll expenses of approximately $3.7 million and approximately $4.0 million, respectively. In addition, noninterest expense in the first quarter of 2023 included separation expenses of $3.1 million. Adjusted for these items, noninterest expense for the first quarter of 2023 was $104.9 million, an increase of 2.1% from the prior quarter and 4.7% from adjusted noninterest expense in same period in 2022. The linked quarter increase was primarily due to an industry-wide increase in FDIC insurance expense of $1.5 million. The increase from the same period in 2022, adjusting for nonrecurring items in both periods, was primarily due to higher salaries and benefits expense of $1.8 million, higher software license fees of $0.9 million and higher FDIC insurance expense of $1.7 million.

The effective tax rate for the first quarter of 2023 was 25.38% compared with 22.40% in the previous quarter and 22.15% during the same quarter of 2022. The increase in the effective tax rate on a linked quarter basis was due to a non-recurring benefit from the leveraged lease terminations received in the fourth quarter and an unfavorable discrete tax item in the first quarter. The year over year increase was primarily due to lower benefits from tax credit investments. The effective tax rate in the first quarter of 2022 also included benefits from leveraged leases that have since been terminated.

Asset Quality

The Company’s overall asset quality remained strong during the first quarter of 2023. Provision for credit losses for the first quarter of 2023 was $2.0 million compared with $0.2 million in the previous quarter and a net benefit of $5.5 million in the same quarter of 2022.

Total non-performing assets were $12.1 million at March 31, 2023, down $0.5 million from December 31, 2022 and down $7.9 million from March 31, 2022. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.09% at the end of the quarter, flat from the end of the prior quarter and a decrease of 7 basis points from the same quarter of 2022.

Net loan and lease charge-offs during the first quarter of 2023 were $2.7 million or 0.08% annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the first quarter of 2023 were comprised of charge-offs of $4.3 million partially offset by recoveries of $1.6 million. Compared to the prior quarter, net loan and lease charge-offs increased by $0.8 million or 3 basis points annualized on total average loans and leases outstanding. Compared to the same quarter of 2022, net loan and lease charge-offs increased by $1.2 million or 3 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $143.6 million at March 31, 2023, a decrease of $0.9 million from December 31, 2022 and a decrease of $8.5 million from March 31, 2022. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, down 2 basis points from the end of the prior quarter and down 17 basis points from the end of the same quarter of 2022.

Balance Sheet

Total assets were $23.9 billion at March 31, 2023, an increase of 1.4% from December 31, 2022 and an increase of 4.1% from March 31, 2022, primarily due to growth in our earning assets.

The investment securities portfolio was $8.1 billion at March 31, 2023, a decrease of 1.6% from December 31, 2022 and a decrease of 7.1% from March 31, 2022. These decreases were due to cashflows from the portfolio exceeding the pace of reinvestment. Period end unrealized losses on securities decreased by $120.7 million from the prior quarter end. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.

Total loans and leases were $13.8 billion at March 31, 2023, an increase of 1.3% from December 31, 2022 and an increase of 10.2% from March 31, 2022. Total commercial loans were $5.6 billion at March 31, 2023, an increase of 1.9% from the prior quarter and an increase of 10.9% from the same quarter of 2022, primarily due to an increase in our commercial mortgage portfolio. Total consumer loans were $8.3 billion as of March 31, 2023, an increase of 0.9% from the prior quarter and 9.7% from the same period in 2022, primarily driven by increases in our residential mortgage and home equity portfolios.

Total deposits were $20.5 billion at March 31, 2023, a decrease of 0.6% from December 31, 2022 and a decrease of 1.1% from March 31, 2022. Noninterest bearing deposits made up 31% of total deposit balances as of March 31, 2023, down from 33% as of December 31, 2022 and 36% as of March 31, 2022. Average deposits were $20.4 billion for the first quarter of 2023, up 0.4% from $20.3 billion in the prior quarter, and essentially unchanged from the first quarter of 2022. As of March 31, 2023 insured and collateralized deposits represent 58% of total deposit balances, up from 57% as of December 31, 2022 and 56% as of March 31, 2022.

Capital and Dividends

The Company’s capital levels remain well within regulatory well-capitalized guidelines.

The Tier 1 Capital Ratio was 12.10% at March 31, 2023 compared with 12.15% at December 31, 2022 and 13.22% at March 31, 2022. The Tier 1 Leverage Ratio was 7.19% at March 31, 2023 compared with 7.37% at December 31, 2022 and 7.30% at March 31, 2022. The decline in the Tier 1 Capital Ratio was due to an increase in risk-weighted assets and the decline in the Tier 1 Leverage Ratio was due to an increase in average total assets, both as a result of loan growth over the period.

The Company repurchased 150.0 thousand shares of common stock at a total cost of $9.9 million under its share repurchase program in the first quarter of 2023. Total remaining buyback authority under the share repurchase program was $126.0 million at March 31, 2023.

The Company’s Board of Directors declared a quarterly cash dividend of $0.70 per share on the Company’s outstanding common shares. The dividend will be payable on June 14, 2023 to shareholders of record at the close of business on May 31, 2023.

On April 4, 2023, the Board of Directors declared the quarterly dividend payment of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock. The depositary shares representing the Series A Preferred Stock are traded on the NYSE under the symbol “BOH.PRA.” The dividend will be payable on May 1, 2023 to shareholders of record of the preferred stock as of April 14, 2023.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link below: https://register.vevent.com/register/BIf628c91a80f642cb96f2725eff121a04. A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawaii Time on Monday, April 24, 2023. The replay will be accessible via the same link. In addition, the 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" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. 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 Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2022 which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Bank of Hawai‘i 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 Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s web site, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.

Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights										Table 1
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands, except per share amounts)		2023				2022				2022
For the Period:
Operating Results
Net Interest Income		$	135,955			$	140,738			$	125,263
Provision for Credit Losses			2,000				200				(5,500	)
Total Noninterest Income			40,737				41,172				43,551
Total Noninterest Expense			111,919				102,703				103,874
Pre-Provision Net Revenue			64,773				79,207				64,940
Net Income			46,842				61,307				54,834
Net Income Available to Common Shareholders			44,873				59,338				52,865
Basic Earnings Per Common Share			1.14				1.51				1.33
Diluted Earnings Per Common Share			1.14				1.50				1.32
Dividends Declared Per Common Share			0.70				0.70				0.70
Performance Ratios
Return on Average Assets			0.80	%			1.05	%			0.97	%
Return on Average Shareholders' Equity			14.25				18.91				14.18
Return on Average Common Equity			15.79				21.28				15.44
Efficiency Ratio 1			63.34				56.46				61.53
Net Interest Margin 2			2.47				2.60				2.34
Dividend Payout Ratio 3			61.40				46.36				52.63
Average Shareholders' Equity to Average Assets			5.59				5.56				6.87
Average Balances
Average Loans and Leases		$	13,717,483			$	13,452,791			$	12,290,402
Average Assets			23,865,478				23,147,398				22,847,488
Average Deposits			20,430,882				20,341,327				20,426,076
Average Shareholders' Equity			1,332,889				1,286,291				1,568,725
Per Share of Common Stock
Book Value		$	29.62			$	28.54			$	31.50
Tangible Book Value			28.83				27.75				30.71
Market Value
Closing			52.08				77.56				83.92
High			81.73				82.87				92.38
Low			34.71				70.15				79.60
		March 31,				December 31,				March 31,
		2023				2022				2022
As of Period End:
Balance Sheet Totals
Loans and Leases		$	13,824,522			$	13,646,420			$	12,544,492
Total Assets			23,931,977				23,606,877				23,000,317
Total Deposits			20,491,300				20,615,696				20,716,287
Other Debt			510,269				410,294				10,367
Total Shareholders' Equity			1,354,430				1,316,995				1,448,885
Asset Quality
Non-Performing Assets		$	12,124			$	12,647			$	19,979
Allowance for Credit Losses - Loans and Leases			143,577				144,439				152,028
Allowance to Loans and Leases Outstanding 4			1.04	%			1.06	%			1.21	%
Capital Ratios 5
Common Equity Tier 1 Capital Ratio			10.88	%			10.92	%			11.83	%
Tier 1 Capital Ratio			12.10				12.15				13.22
Total Capital Ratio			13.13				13.17				14.41
Tier 1 Leverage Ratio			7.19				7.37				7.30
Total Shareholders' Equity to Total Assets			5.66				5.58				6.30
Tangible Common Equity to Tangible Assets 6			4.78				4.69				5.39
Tangible Common Equity to Risk-Weighted Assets 6			7.97				7.76				9.77
Non-Financial Data
Full-Time Equivalent Employees			2,025				2,076				2,084
Branches			51				51				54
ATMs			320				320				307

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 common share divided by basic earnings per common share.
4		The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5		Regulatory capital ratios as of March 31, 2023 are preliminary.
6		Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures.
		Tangible common equity is defined by the Company as common shareholders' equity minus goodwill.
		See Table 2 "Reconciliation of Non-GAAP Financial Measures".

Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures										Table 2
		March 31,				December 31,				March 31,
(dollars in thousands)		2023				2022				2022
Total Shareholders' Equity		$	1,354,430			$	1,316,995			$	1,448,885
Less: Preferred Stock			180,000				180,000				180,000
Goodwill			31,517				31,517				31,517
Tangible Common Equity		$	1,142,913			$	1,105,478			$	1,237,368
Total Assets			23,931,977				23,606,877				23,000,317
Less: Goodwill			31,517				31,517				31,517
Tangible Assets		$	23,900,460			$	23,575,360			$	22,968,800
Risk-Weighted Assets, determined in accordance
with prescribed regulatory requirements 1		$	14,341,397			$	14,238,798			$	12,663,646
Total Shareholders' Equity to Total Assets			5.66	%			5.58	%			6.30	%
Tangible Common Equity to Tangible Assets (Non-GAAP)			4.78	%			4.69	%			5.39	%
Tier 1 Capital Ratio 1			12.10	%			12.15	%			13.22	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1			7.97	%			7.76	%			9.77	%

1

Regulatory capital ratios as of March 31, 2023 are preliminary.

Bank of Hawai‘i 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)		2023				2022				2022
Interest Income
Interest and Fees on Loans and Leases		$	136,501			$	128,683			$	94,439
Income on Investment Securities
Available-for-Sale			23,893				18,476				17,100
Held-to-Maturity			23,948				23,708				18,701
Deposits			27				13				4
Funds Sold			3,366				1,093				127
Other			597				340				202
Total Interest Income			188,332				172,313				130,573
Interest Expense
Deposits			37,794				23,494				2,353
Securities Sold Under Agreements to Repurchase			5,377				4,289				2,772
Funds Purchased			704				318				2
Short-Term Borrowings			3,203				1,978				-
Other Debt			5,299				1,496				183
Total Interest Expense			52,377				31,575				5,310
Net Interest Income			135,955				140,738				125,263
Provision for Credit Losses			2,000				200				(5,500	)
Net Interest Income After Provision for Credit Losses			133,955				140,538				130,763
Noninterest Income
Trust and Asset Management			10,690				10,652				11,276
Mortgage Banking			1,004				991				2,740
Service Charges on Deposit Accounts			7,737				7,513				7,272
Fees, Exchange, and Other Service Charges			13,808				13,906				12,952
Investment Securities Losses, Net			(1,792	)			(1,124	)			(1,545	)
Annuity and Insurance			1,271				1,087				791
Bank-Owned Life Insurance			2,842				2,475				2,349
Other			5,177				5,672				7,716
Total Noninterest Income			40,737				41,172				43,551
Noninterest Expense
Salaries and Benefits			65,088				57,639				59,924
Net Occupancy			9,872				9,499				9,826
Net Equipment			10,375				9,942				9,153
Data Processing			4,583				4,579				4,560
Professional Fees			3,883				3,958				3,258
FDIC Insurance			3,234				1,774				1,502
Other			14,884				15,312				15,651
Total Noninterest Expense			111,919				102,703				103,874
Income Before Provision for Income Taxes			62,773				79,007				70,440
Provision for Income Taxes			15,931				17,700				15,606
Net Income		$	46,842			$	61,307			$	54,834
Preferred Stock Dividends			1,969				1,969				1,969
Net Income Available to Common Shareholders		$	44,873			$	59,338			$	52,865
Basic Earnings Per Common Share		$	1.14			$	1.51			$	1.33
Diluted Earnings Per Common Share		$	1.14			$	1.50			$	1.32
Dividends Declared Per Common Share		$	0.70			$	0.70			$	0.70
Basic Weighted Average Common Shares			39,276,833				39,395,338				39,752,679
Diluted Weighted Average Common Shares			39,465,889				39,618,896				39,956,391

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)								Table 4
		Three Months Ended
		March 31,			December 31,			March 31,
(dollars in thousands)		2023			2022			2022
Net Income		$	46,842		$	61,307		$	54,834
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities			29,276			5,677			(180,124	)
Defined Benefit Plans			84			7,359			353
Other Comprehensive Income (Loss)			29,360			13,036			(179,771	)
Comprehensive Income (Loss)		$	76,202		$	74,343		$	(124,937	)

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
		March 31,				December 31,				March 31,
(dollars in thousands)		2023				2022				2022
Assets
Interest-Bearing Deposits in Other Banks		$	2,554			$	3,724			$	2,488
Funds Sold			272,018				81,364				356,373
Investment Securities
Available-for-Sale			2,815,083				2,844,823				4,258,534
Held-to-Maturity (Fair Value of $4,601,876; $4,615,393; and $4,171,262)			5,312,815				5,414,139				4,489,615
Loans Held for Sale			2,149				1,035				5,293
Loans and Leases			13,824,522				13,646,420				12,544,492
Allowance for Credit Losses			(143,577	)			(144,439	)			(152,028	)
Net Loans and Leases			13,680,945				13,501,981				12,392,464
Total Earning Assets			22,085,564				21,847,066				21,504,767
Cash and Due from Banks			337,413				316,679				236,193
Premises and Equipment, Net			203,131				206,777				199,743
Operating Lease Right-of-Use Assets			91,387				92,307				93,563
Accrued Interest Receivable			63,175				61,002				45,392
Foreclosed Real Estate			1,040				1,040				2,332
Mortgage Servicing Rights			22,102				22,619				23,968
Goodwill			31,517				31,517				31,517
Bank-Owned Life Insurance			455,602				453,882				446,926
Other Assets			641,046				573,988				415,916
Total Assets		$	23,931,977			$	23,606,877			$	23,000,317
Liabilities
Deposits
Noninterest-Bearing Demand		$	6,385,872			$	6,714,982			$	7,500,741
Interest-Bearing Demand			4,283,801				4,232,567				4,591,178
Savings			7,898,874				7,962,410				7,701,849
Time			1,922,753				1,705,737				922,519
Total Deposits			20,491,300				20,615,696				20,716,287
Short-Term Borrowings			325,000				-				-
Securities Sold Under Agreements to Repurchase			725,490				725,490				450,490
Other Debt			510,269				410,294				10,367
Operating Lease Liabilities			99,746				100,526				101,274
Retirement Benefits Payable			26,768				26,991				38,008
Accrued Interest Payable			13,061				9,698				2,545
Taxes Payable			11,039				7,104				17,265
Other Liabilities			374,874				394,083				215,196
Total Liabilities			22,577,547				22,289,882				21,551,432
Shareholders' Equity
Preferred Stock ($.01 par value; authorized 180,000 shares;
issued / outstanding: March 31, 2023; December 31, 2022; and March 31, 2022 - 180,000)			180,000				180,000				180,000
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2023 - 58,722,929 / 39,646,506;
December 31, 2022 - 58,733,625 / 39,835,750; and March 31, 2022 - 58,717,811 / 40,288,365)			583				582				582
Capital Surplus			624,126				620,578				607,061
Accumulated Other Comprehensive Loss			(405,298	)			(434,658	)			(246,153	)
Retained Earnings			2,074,428				2,055,912				1,974,790
Treasury Stock, at Cost (Shares: March 31, 2023 - 19,076,423; December 31, 2022 - 18,897,875;
and March 31, 2022 - 18,429,446)			(1,119,409	)			(1,105,419	)			(1,067,395	)
Total Shareholders' Equity			1,354,430				1,316,995				1,448,885
Total Liabilities and Shareholders' Equity		$	23,931,977			$	23,606,877			$	23,000,317

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																												Table 6
																Accumulated
																Other
		Preferred					Common									Comprehensive
		Shares		Preferred			Shares			Common			Capital			Income				Retained				Treasury
(dollars in thousands)		Outstanding		Stock			Outstanding			Stock			Surplus			(Loss)				Earnings				Stock				Total
Balance as of December 31, 2022		180,000		$	180,000		39,835,750			$	582		$	620,578		$	(434,658	)		$	2,055,912			$	(1,105,419	)		$	1,316,995
Net Income		-			-		-				-			-			-				46,842				-				46,842
Other Comprehensive Income		-			-		-				-			-			29,360				-				-				29,360
Share-Based Compensation		-			-		-				-			3,371			-				-				-				3,371
Common Stock Issued under Purchase and
Equity Compensation Plans		-			-		13,164				1			177			-				1,587				(197	)			1,568
Common Stock Repurchased		-			-		(202,408	)			-			-			-				-				(13,793	)			(13,793	)
Cash Dividends Declared Common Stock ($0.70 per share)		-			-		-				-			-			-				(27,944	)			-				(27,944	)
Cash Dividends Declared Preferred Stock		-			-		-				-			-			-				(1,969	)			-				(1,969	)
Balance as of March 31, 2023		180,000		$	180,000		39,646,506			$	583		$	624,126		$	(405,298	)		$	2,074,428			$	(1,119,409	)		$	1,354,430
Balance as of December 31, 2021		180,000			180,000		40,253,193				581			602,508			(66,382	)			1,950,375				(1,055,471	)			1,611,611
Net Income		-			-		-				-			-			-				54,834				-				54,834
Other Comprehensive Loss		-			-		-				-			-			(179,771	)			-				-				(179,771	)
Share-Based Compensation		-			-		-				-			4,010			-				-				-				4,010
Common Stock Issued under Purchase and
Equity Compensation Plans		-			-		197,783				1			543			-				(185	)			2,036				2,395
Common Stock Repurchased		-			-		(162,611	)			-			-			-				-				(13,960	)			(13,960	)
Cash Dividends Declared Common Stock ($0.70 per share)		-			-		-				-			-			-				(28,265	)			-				(28,265	)
Cash Dividends Declared Preferred Stock		-			-		-				-			-			-				(1,969	)			-				(1,969	)
Balance as of March 31, 2022		180,000		$	180,000		40,288,365			$	582		$	607,061		$	(246,153	)		$	1,974,790			$	(1,067,395	)		$	1,448,885

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1																							Table 7
		Three Months Ended									Three Months Ended									Three Months Ended
		March 31, 2023									December 31, 2022									March 31, 2022
		Average			Income/			Yield/			Average			Income/			Yield/			Average			Income/			Yield/
(dollars in millions)		Balance			Expense 2			Rate			Balance			Expense 2			Rate			Balance			Expense 2			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	1.7		$	-		6.25	%		$	2.2		$	-		2.32	%		$	3.4		$	-		0.45	%
Funds Sold			295.9			3.4		4.55				118.1			1.2		3.62				238.5			0.1		0.21
Investment Securities
Available-for-Sale
Taxable			2,820.3			23.8		3.40				2,593.5			18.4		2.83				4,399.9			17.1		1.56
Non-Taxable			9.6			0.1		4.38				7.5			0.1		4.14				3.0			-		1.93
Held-to-Maturity
Taxable			5,336.2			23.8		1.78				5,401.9			23.5		1.74				4,567.4			18.6		1.63
Non-Taxable			35.3			0.2		2.10				35.4			0.2		2.10				35.8			0.2		2.10
Total Investment Securities			8,201.4			47.9		2.34				8,038.3			42.2		2.10				9,006.1			35.9		1.59
Loans Held for Sale			1.5			-		5.30				3.3			-		5.65				13.7			0.1		2.78
Loans and Leases 3
Commercial and Industrial			1,411.4			16.2		4.67				1,379.9			14.8		4.25				1,332.9			9.0		2.73
Paycheck Protection Program			16.9			0.1		2.35				21.3			0.1		2.30				89.0			1.8		8.33
Commercial Mortgage			3,736.9			45.1		4.90				3,627.4			40.6		4.44				3,158.8			21.7		2.80
Construction			280.4			3.9		5.65				246.9			3.3		5.29				227.6			2.1		3.68
Commercial Lease Financing			66.9			-		(0.14	)			72.0			0.3		1.49				98.8			0.4		1.45
Residential Mortgage			4,666.0			39.9		3.42				4,617.9			38.9		3.37				4,343.3			34.9		3.21
Home Equity			2,239.4			18.2		3.30				2,207.7			17.9		3.23				1,898.9			13.3		2.83
Automobile			871.8			7.3		3.37				851.1			7.0		3.29				737.4			5.9		3.23
Other 4			427.8			6.2		5.83				428.6			6.1		5.64				403.7			5.5		5.47
Total Loans and Leases			13,717.5			136.9		4.03				13,452.8			129.0		3.81				12,290.4			94.6		3.10
Other			67.2			0.6		3.56				50.1			0.4		2.72				36.7			0.2		2.21
Total Earning Assets			22,285.2			188.8		3.42				21,664.8			172.8		3.17				21,588.8			130.9		2.44
Cash and Due from Banks			319.1									244.3									233.3
Other Assets			1,261.2									1,238.3									1,025.4
Total Assets		$	23,865.5								$	23,147.4								$	22,847.5
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	4,215.9			5.2		0.50			$	4,131.4			3.5		0.33			$	4,655.4			0.5		0.04
Savings			8,009.0			20.6		1.05				7,869.9			13.4		0.68				7,540.6			1.1		0.06
Time			1,789.9			12.0		2.71				1,467.7			6.6		1.78				971.5			0.8		0.34
Total Interest-Bearing Deposits			14,014.8			37.8		1.09				13,469.0			23.5		0.69				13,167.5			2.4		0.07
Short-Term Borrowings			325.4			3.9		4.80				234.9			2.3		3.82				6.8			-		0.11
Securities Sold Under Agreements to Repurchase			725.5			5.4		2.96				594.5			4.3		2.82				450.5			2.8		2.46
Other Debt			499.6			5.3		4.30				137.5			1.5		4.32				10.4			0.2		7.05
Total Interest-Bearing Liabilities			15,565.3			52.4		1.36				14,435.9			31.6		0.87				13,635.2			5.4		0.16
Net Interest Income					$	136.4								$	141.2								$	125.5
Interest Rate Spread								2.06	%								2.30	%								2.28	%
Net Interest Margin								2.47	%								2.60	%								2.34	%
Noninterest-Bearing Demand Deposits			6,416.1									6,872.3									7,258.6
Other Liabilities			551.2									552.9									385.0
Shareholders' Equity			1,332.9									1,286.3									1,568.7
Total Liabilities and Shareholders' Equity		$	23,865.5								$	23,147.4								$	22,847.5

1		Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2		Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $495,000, $433,000, and $254,000
		for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively.
3		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.
4		Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis										Table 8a
		Three Months Ended March 31, 2023
		Compared to December 31, 2022
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	1.9			$	0.3			$	2.2
Investment Securities
Available-for-Sale
Taxable			1.6				3.8				5.4
Held-to-Maturity
Taxable			(0.2	)			0.5				0.3
Total Investment Securities			1.4				4.3				5.7
Loans and Leases
Commercial and Industrial			0.3				1.1				1.4
Commercial Mortgage			1.0				3.5				4.5
Construction			0.4				0.2				0.6
Commercial Lease Financing			-				(0.3	)			(0.3	)
Residential Mortgage			0.4				0.6				1.0
Home Equity			0.1				0.2				0.3
Automobile			0.1				0.2				0.3
Other 2			-				0.1				0.1
Total Loans and Leases			2.3				5.6				7.9
Other			0.1				0.1				0.2
Total Change in Interest Income			5.7				10.3				16.0
Change in Interest Expense:
Interest-Bearing Deposits
Demand			0.1				1.6				1.7
Savings			0.2				7.0				7.2
Time			1.6				3.8				5.4
Total Interest-Bearing Deposits			1.9				12.4				14.3
Short-Term Borrowings			1.0				0.6				1.6
Securities Sold Under Agreements to Repurchase			0.9				0.2				1.1
Other Debt			3.8				-				3.8
Total Change in Interest Expense			7.6				13.2				20.8
Change in Net Interest Income		$	(1.9	)		$	(2.9	)		$	(4.8	)

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

Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis										Table 8b
		Three Months Ended March 31, 2023
		Compared to March 31, 2022
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	-			$	3.3			$	3.3
Investment Securities
Available-for-Sale
Taxable			(7.8	)			14.5				6.7
Non-Taxable			0.1				-				0.1
Held-to-Maturity
Taxable			3.3				1.9				5.2
Total Investment Securities			(4.4	)			16.4				12.0
Loans Held for Sale			(0.1	)			-				(0.1	)
Loans and Leases
Commercial and Industrial			0.6				6.6				7.2
Paycheck Protection Program			(0.9	)			(0.8	)			(1.7	)
Commercial Mortgage			4.6				18.8				23.4
Construction			0.6				1.2				1.8
Commercial Lease Financing			(0.2	)			(0.2	)			(0.4	)
Residential Mortgage			2.7				2.3				5.0
Home Equity			2.5				2.4				4.9
Automobile			1.1				0.3				1.4
Other 2			0.3				0.4				0.7
Total Loans and Leases			11.3				31.0				42.3
Other			0.2				0.2				0.4
Total Change in Interest Income			7.0				50.9				57.9
Change in Interest Expense:
Interest-Bearing Deposits
Demand			-				4.7				4.7
Savings			-				19.5				19.5
Time			1.2				10.0				11.2
Total Interest-Bearing Deposits			1.2				34.2				35.4
Short-Term Borrowings			2.0				1.9				3.9
Securities Sold Under Agreements to Repurchase			2.0				0.6				2.6
Other Debt			5.2				(0.1	)			5.1
Total Change in Interest Expense			10.4				36.6				47.0
Change in Net Interest Income		$	(3.4	)		$	14.3			$	10.9

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

Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits									Table 9
		Three Months Ended
		March 31,			December 31,				March 31,
(dollars in thousands)			2023			2022				2022
Salaries		$	38,617		$	37,395			$	34,932
Incentive Compensation			3,997			5,356				6,111
Share-Based Compensation			3,159			3,901				3,799
Commission Expense			647			830				1,641
Retirement and Other Benefits			5,888			4,065				4,693
Payroll Taxes			5,848			2,591				4,944
Medical, Dental, and Life Insurance			3,864			3,528				3,234
Separation Expense			3,068			(27	)			570
Total Salaries and Benefits		$	65,088		$	57,639			$	59,924

Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances														Table 10
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2023			2022			2022			2022			2022
Commercial
Commercial and Industrial		$	1,425,916		$	1,389,066		$	1,368,966		$	1,323,830		$	1,354,757
Paycheck Protection Program			15,175			19,579			22,955			31,964			57,809
Commercial Mortgage			3,826,283			3,725,542			3,591,943			3,464,126			3,257,689
Construction			232,903			260,825			236,498			246,177			248,363
Lease Financing			65,611			69,491			73,989			89,535			98,107
Total Commercial			5,565,888			5,464,503			5,294,351			5,155,632			5,016,725
Consumer
Residential Mortgage			4,691,298			4,653,072			4,585,723			4,486,571			4,405,718
Home Equity			2,260,001			2,225,950			2,185,484			2,101,612			1,958,285
Automobile			877,979			870,396			820,640			775,065			742,934
Other 1			429,356			432,499			435,408			432,693			420,830
Total Consumer			8,258,634			8,181,917			8,027,255			7,795,941			7,527,767
Total Loans and Leases		$	13,824,522		$	13,646,420		$	13,321,606		$	12,951,573		$	12,544,492
Deposits
		March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)		2023			2022			2022			2022			2022
Consumer		$	10,158,833		$	10,304,335		$	10,507,946		$	10,554,121		$	10,654,192
Commercial			8,594,441			8,569,670			8,841,781			8,824,609			8,818,477
Public and Other			1,738,026			1,741,691			1,539,046			1,646,951			1,243,618
Total Deposits		$	20,491,300		$	20,615,696		$	20,888,773		$	21,025,681		$	20,716,287

1

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

Bank of Hawai‘i 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)		2023				2022				2022				2022				2022
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial		$	31			$	37			$	49			$	85			$	99
Commercial Mortgage			3,216				3,309				3,396				3,462				8,065
Total Commercial			3,247				3,346				3,445				3,547				8,164
Consumer
Residential Mortgage			4,199				4,239				4,945				5,179				3,845
Home Equity			3,638				4,022				4,438				4,435				5,638
Total Consumer			7,837				8,261				9,383				9,614				9,483
Total Non-Accrual Loans and Leases			11,084				11,607				12,828				13,161				17,647
Foreclosed Real Estate			1,040				1,040				1,040				2,332				2,332
Total Non-Performing Assets		$	12,124			$	12,647			$	13,868			$	15,493			$	19,979
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial		$	-			$	-			$	-			$	-			$	22
Total Commercial			-				-				-				-				22
Consumer
Residential Mortgage			4,566				2,429				3,279				2,638				4,113
Home Equity			1,723				1,673				1,061				2,029				2,722
Automobile			598				589				467				359				504
Other 1			632				683				513				508				649
Total Consumer			7,519				5,374				5,320				5,534				7,988
Total Accruing Loans and Leases Past Due 90 Days or More		$	7,519			$	5,374			$	5,320			$	5,534			$	8,010
Total Loans and Leases		$	13,824,522			$	13,646,420			$	13,321,606			$	12,951,573			$	12,544,492
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases			0.08	%			0.09	%			0.10	%			0.10	%			0.14	%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate			0.09	%			0.09	%			0.10	%			0.12	%			0.16	%
Ratio of Non-Performing Assets to Total Assets			0.05	%			0.05	%			0.06	%			0.06	%			0.07	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate			0.06	%			0.06	%			0.07	%			0.07	%			0.16	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate			0.11	%			0.11	%			0.13	%			0.15	%			0.16	%
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			0.14	%			0.13	%			0.14	%			0.16	%			0.22	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter		$	12,647			$	13,868			$	15,493			$	19,979			$	18,966
Additions			552				704				489				2,293				2,243
Reductions
Payments			(778	)			(1,605	)			(706	)			(5,511	)			(1,230	)
Return to Accrual Status			(297	)			(301	)			(116	)			(1,267	)			-
Sales of Foreclosed Real Estate			-				-				(1,292	)			-				-
Charge-offs / Write-downs			-				(19	)			-				(1	)			-
Total Reductions			(1,075	)			(1,925	)			(2,114	)			(6,779	)			(1,230	)
Balance at End of Quarter		$	12,124			$	12,647			$	13,868			$	15,493			$	19,979

1

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

Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses										Table 12
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands)		2023				2022				2022
Balance at Beginning of Period		$	151,247			$	152,927			$	164,297
Loans and Leases Charged-Off
Commercial
Commercial and Industrial			(261	)			(196	)			(349	)
Consumer
Home Equity			(50	)			(10	)			(68	)
Automobile			(1,663	)			(1,171	)			(1,530	)
Other 1			(2,335	)			(1,846	)			(1,961	)
Total Loans and Leases Charged-Off			(4,309	)			(3,223	)			(3,908	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial			50				87				369
Consumer
Residential Mortgage			61				63				54
Home Equity			184				202				515
Automobile			672				412				739
Other 1			674				604				745
Total Recoveries on Loans and Leases Previously Charged-Off			1,641				1,368				2,422
Net Charged-Off - Loans and Leases			(2,668	)			(1,855	)			(1,486	)
Net Charged-Off - Accrued Interest Receivable			-				(25	)			(47	)
Provision for Credit Losses:
Loans and Leases			1,806				(142	)			(4,307	)
Accrued Interest Receivable			-				25				(367	)
Unfunded Commitments			194				317				(826	)
Total Provision for Credit Losses			2,000				200				(5,500	)
Balance at End of Period		$	150,579			$	151,247			$	157,264
Components
Allowance for Credit Losses - Loans and Leases		$	143,577			$	144,439			$	152,028
Reserve for Unfunded Commitments			7,002				6,808				5,236
Total Reserve for Credit Losses		$	150,579			$	151,247			$	157,264
Average Loans and Leases Outstanding		$	13,717,483			$	13,452,791			$	12,290,402
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)			0.08	%			0.05	%			0.05	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 2			1.04	%			1.06	%			1.21	%

1		Comprised of other revolving credit, installment, and lease financing.
2		The numerator comprises the Allowance for Credit Losses - Loans and Leases.

Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information														Table 13
		Consumer				Commercial				Treasury				Consolidated
(dollars in thousands)		Banking				Banking				and Other				Total
Three Months Ended March 31, 2023
Net Interest Income (Loss)		$	98,008			$	56,705			$	(18,758	)		$	135,955
Provision for Credit Losses			2,669				(1	)			(668	)			2,000
Net Interest Income (Loss) After Provision for Credit Losses			95,339				56,706				(18,090	)			133,955
Noninterest Income			31,154				8,649				934				40,737
Noninterest Expense			(85,073	)			(20,289	)			(6,557	)			(111,919	)
Income (Loss) Before Income Taxes			41,420				45,066				(23,713	)			62,773
Provision for Income Taxes			(10,623	)			(10,793	)			5,485				(15,931	)
Net Income (Loss)		$	30,797			$	34,273			$	(18,228	)		$	46,842
Total Assets as of March 31, 2023		$	8,654,243			$	5,625,254			$	9,652,480			$	23,931,977
Three Months Ended March 31, 2022 1
Net Interest Income		$	70,361			$	46,349			$	8,553			$	125,263
Provision for Credit Losses			1,683				(197	)			(6,986	)			(5,500	)
Net Interest Income After Provision for Credit Losses			68,678				46,546				15,539				130,763
Noninterest Income			31,969				10,198				1,384				43,551
Noninterest Expense			(81,810	)			(18,669	)			(3,395	)			(103,874	)
Income Before Income Taxes			18,837				38,075				13,528				70,440
Provision for Income Taxes			(4,714	)			(9,197	)			(1,695	)			(15,606	)
Net Income		$	14,123			$	28,878			$	11,833			$	54,834
Total Assets as of March 31, 2022 1		$	7,927,186			$	5,174,115			$	9,899,016			$	23,000,317

1

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

Bank of Hawai‘i Corporation and Subsidiaries
Selected Quarterly Financial Data																		Table 14
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
(dollars in thousands, except per share amounts)		2023				2022				2022				2022				2022
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases		$	136,501			$	128,683			$	115,013			$	101,663			$	94,439
Income on Investment Securities
Available-for-Sale			23,893				18,476				16,995				17,984				17,100
Held-to-Maturity			23,948				23,708				20,243				18,838				18,701
Deposits			27				13				10				5				4
Funds Sold			3,366				1,093				2,335				719				127
Other			597				340				322				353				202
Total Interest Income			188,332				172,313				154,918				139,562				130,573
Interest Expense
Deposits			37,794				23,494				10,296				3,535				2,353
Securities Sold Under Agreements to Repurchase			5,377				4,289				2,745				2,794				2,772
Funds Purchased			704				318				40				57				2
Short-Term Borrowings			3,203				1,978				-				92				-
Other Debt			5,299				1,496				182				182				183
Total Interest Expense			52,377				31,575				13,263				6,660				5,310
Net Interest Income			135,955				140,738				141,655				132,902				125,263
Provision for Credit Losses			2,000				200				-				(2,500	)			(5,500	)
Net Interest Income After Provision for Credit Losses			133,955				140,538				141,655				135,402				130,763
Noninterest Income
Trust and Asset Management			10,690				10,652				10,418				11,457				11,276
Mortgage Banking			1,004				991				1,002				1,247				2,740
Service Charges on Deposit Accounts			7,737				7,513				7,526				7,309				7,272
Fees, Exchange, and Other Service Charges			13,808				13,906				13,863				14,193				12,952
Investment Securities Losses, Net			(1,792	)			(1,124	)			(2,147	)			(1,295	)			(1,545	)
Annuity and Insurance			1,271				1,087				1,034				870				791
Bank-Owned Life Insurance			2,842				2,475				2,486				2,658				2,349
Other			5,177				5,672				(3,522	)			5,719				7,716
Total Noninterest Income			40,737				41,172				30,660				42,158				43,551
Noninterest Expense
Salaries and Benefits			65,088				57,639				59,938				57,769				59,924
Net Occupancy			9,872				9,499				10,186				9,930				9,826
Net Equipment			10,375				9,942				9,736				9,543				9,153
Data Processing			4,583				4,579				4,616				4,607				4,560
Professional Fees			3,883				3,958				3,799				3,542				3,258
FDIC Insurance			3,234				1,774				1,680				1,590				1,502
Other			14,884				15,312				15,794				15,958				15,651
Total Noninterest Expense			111,919				102,703				105,749				102,939				103,874
Income Before Provision for Income Taxes			62,773				79,007				66,566				74,621				70,440
Provision for Income Taxes			15,931				17,700				13,765				17,759				15,606
Net Income		$	46,842			$	61,307			$	52,801			$	56,862			$	54,834
Preferred Stock Dividends			1,969				1,969				1,969				1,969				1,969
Net Income Available to Common Shareholders		$	44,873			$	59,338			$	50,832			$	54,893			$	52,865
Basic Earnings Per Common Share		$	1.14			$	1.51			$	1.28			$	1.38			$	1.33
Diluted Earnings Per Common Share		$	1.14			$	1.50			$	1.28			$	1.38			$	1.32
Balance Sheet Totals
Loans and Leases		$	13,824,522			$	13,646,420			$	13,321,606			$	12,951,573			$	12,544,492
Total Assets			23,931,977				23,606,877				23,134,040				23,232,699				23,000,317
Total Deposits			20,491,300				20,615,696				20,888,773				21,025,681				20,716,287
Total Shareholders' Equity			1,354,430				1,316,995				1,282,384				1,348,746				1,448,885
Performance Ratios
Return on Average Assets			0.80	%			1.05	%			0.91	%			1.00	%			0.97	%
Return on Average Shareholders' Equity			14.25				18.91				15.31				16.40				14.18
Return on Average Common Equity			15.79				21.28				16.98				18.19				15.44
Efficiency Ratio 1			63.34				56.46				61.37				58.80				61.53
Net Interest Margin 2			2.47				2.60				2.60				2.47				2.34

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 Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends																		Table 15
		One Month Ended					Year Ended
(dollars in millions; jobs in thousands)		February 28, 2023					December 31, 2022							December 31, 2021
Hawaii Economic Trends
State General Fund Revenues 1		$	1,544.9	(0.2	)%		$	9,441.3			16.0	%		$	8,137.9			26.9	%
General Excise and Use Tax Revenue 1			797.0	12.8				4,263.4			18.3				3,604.3			18.6
Jobs 2			654.2					654.5							642.6
											February 28,			December 31,
											2023			2022				2021
Unemployment, seasonally adjusted 3
Statewide											3.6	%			3.7	%		3.2	%
Honolulu County											3.7				3.3			3.7
Hawaii County											3.8				4.7			1.8
Maui County											3.2				4.5			2.4
Kauai County											3.2				4.7			2.7
							March 31,				December 31,
(1-year percentage change, except months of inventory)							2023				2022			2021				2020
Housing Trends (Single Family Oahu) 4
Median Home Price								(6.8	)%		11.6	%			19.3	%		5.2	%
Home Sales Volume (units)								(37.0	)%		(23.2	)%			17.9	%		2.3	%
Months of Inventory								2.1			2.1				0.8			1.4
							Monthly Visitor Arrivals,							Percentage Change
(in thousands)							Not Seasonally Adjusted							from Previous Year
Tourism 5
February 28, 2023											733.6							17.6	%
January 31, 2023											775.1							36.7
December 31, 2022											858.1							14.0
November 30, 2022											725.5							18.2
October 31, 2022											726.1							31.8
September 30, 2022											691.8							37.1
August 31, 2022											829.7							14.8
July 31, 2022											919.2							4.5
June 30, 2022											841.8							6.4
May 31, 2022											774.1							22.9
April 30, 2022											809.6							67.3
March 31, 2022											785.7							78.7
February 28, 2022											623.7							165.1
January 31, 2022											567.2							229.8
December 31,2021											752.8							219.3
November 30, 2021											614.0							234.1
October 31, 2021											550.8							618.2
September 30, 2021											504.6							2,641.0
August 31, 2021											723.0							2,995.6
July 31, 2021											879.6							3,798.4
June 30, 2021											791.1							4,534.7
May 31, 2021											629.7							6,807.4
April 30, 2021											484.1							10,506.3
March 31, 2021											439.8							1.1
February 28, 2021											235.3							(71.6	)

1		Source: Hawaii Department of Business, Economic Development & Tourism
2		Source: U.S. Bureau of Labor Statistics
3		Source: University of Hawaii Economic Research Organization (UHERO)
4		Source: Honolulu Board of Realtors
5		Source: Hawaii Tourism Authority

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230424005195/en/

Media Inquiries

Melissa Torres-Laing

Email: Melissa.Torres-Laing@boh.com

Telephone: 808-694-8384

Mobile: 808-859-1703

Investor/Analyst Inquiries

Jennifer Lam

Email: Jennifer.Lam@boh.com

Telephone: 808-694-8121

Source: Bank of Hawai‘i Corporation

FAQ

What are the earnings per share for Bank of Hawai‘i in Q1 2023?

Bank of Hawai‘i reported diluted earnings per share of $1.14 for Q1 2023.

How did Bank of Hawai‘i's net income change in Q1 2023?

Net income for Q1 2023 was $46.8 million, down 23.6% from the previous quarter.

What is the dividend declared by Bank of Hawai‘i for Q1 2023?

Bank of Hawai‘i declared a quarterly cash dividend of $0.70 per share.

How did loan growth perform in Q1 2023 for Bank of Hawai‘i?

Loans grew by 1.3% linked quarter in Q1 2023.