Bank of Hawaii Corporation First Quarter 2021 Financial Results

Rhea-AI Summary

Bank of Hawaii Corporation (NYSE: BOH) reported strong financial results for Q1 2021. Diluted earnings per share increased to $1.50, up from $1.06 in Q4 2020 and $0.87 YoY. Net income rose to $59.9 million, compared to $42.3 million last quarter and $34.7 million last year. Total assets reached a record $21.9 billion, driven by a 7.4% increase in deposits. Return on average assets was 1.15%, and return on average equity was 17.65%. However, the net interest margin declined to 2.43% from 2.48% last quarter, reflecting lower interest rates and increased liquidity.

Positive

• Q1 2021 net income rose to $59.9 million, a significant increase from $34.7 million YoY.
• Diluted EPS increased to $1.50 from $0.87 in Q1 2020.
• Total assets reached a record $21.9 billion, up from $18.5 billion YoY.
• Return on average assets improved to 1.15% from 0.77% YoY.
• Total deposits grew 21.8% YoY, indicating strong customer confidence.

Negative

• Net interest margin decreased to 2.43%, down from 2.96% YoY due to lower interest rates.
• Noninterest income declined to $43.0 million, from $46.1 million YoY, due to reduced customer derivative program income.

Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.50 for the first quarter of 2021, compared with diluted earnings per share of $1.06 in the previous quarter and $0.87 in the same quarter last year. Net income for the first quarter of 2021 was $59.9 million compared with net income of $42.3 million in the fourth quarter of 2020 and $34.7 million in the first quarter of 2020.

“We are pleased with our financial performance during the first quarter of 2021," said Peter Ho, Chairman, President, and CEO. “Our balance sheet remains strong with deposit balances and total assets reaching new record highs, solid asset quality, and high levels of liquidity and capital.”

The return on average assets for the first quarter of 2021 was 1.15 percent compared with 0.83 percent during the previous quarter and 0.77 percent in the same quarter last year. The return on average equity for the first quarter of 2021 was 17.65 percent compared with 12.26 percent during the previous quarter and 10.64 percent in the same quarter last year.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2021 was $120.8 million, an increase of $1.0 million from $119.8 million in the fourth quarter of 2020 and down $5.5 million from $126.3 million in the first quarter of 2020. The net interest margin was 2.43 percent in the first quarter of 2021, a decrease of 5 basis points from 2.48 percent the previous quarter and 53 basis points from 2.96 percent in the same quarter last year. Net interest income in the fourth quarter of 2020 included a charge of $3.0 million related to an impairment in the residual value of a leveraged lease which had a negative impact of 6 basis points on the net interest margin. The decrease in the net interest margin is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates. Analyses of changes in net interest income are included in Tables 8a and 8b.

Results for the first quarter of 2021 included a negative provision for credit losses of $14.3 million compared with a provision for credit losses of $15.2 million in the previous quarter and $33.6 million in the same quarter last year.

Noninterest income was $43.0 million in the first quarter of 2021 compared with noninterest income of $45.3 million in the fourth quarter of 2020 and $46.1 million in the first quarter of 2020. The decrease in noninterest income during the first quarter of 2021 compared with the prior quarter is largely due to a decrease in customer derivative program and mortgage banking income. The decrease in noninterest income compared to the first quarter of 2020 is largely due to a decrease in customer derivative program income and lower service charges on deposit accounts.

Noninterest expense was $98.9 million in the first quarter of 2021 compared with noninterest expense of $98.7 million in the fourth quarter of 2020 and $96.3 million in the first quarter of 2020. Noninterest expense in the first quarter of 2021 included seasonal payroll expenses of approximately $2.1 million, charges related to the rollout of contactless cards of $1.9 million, and separation expenses of $1.8 million. Noninterest expense in the first quarter of 2021 also included the restoration of corporate incentives that were eliminated in the first quarter of 2020. Noninterest expense in the fourth quarter of 2020 included $6.1 million in charges related to the decision to permanently close twelve branches and reduce the current number of cash-only ATMs. Noninterest expense in the fourth quarter of 2020 also included a charge of $0.8 million related to the true-up of amortization on an investment. Noninterest expense in the first quarter of 2020 included seasonal payroll expenses of approximately $3.1 million and separation expenses of $4.7 million that were partially offset by the elimination of corporate incentive accruals. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The efficiency ratio during the first quarter of 2021 was 60.45 percent compared with 59.88 percent in the previous quarter and 55.96 percent during the same quarter last year.

The effective tax rate for the first quarter of 2021 was 24.09 percent compared with 16.87 percent in the previous quarter and 17.68 percent during the same quarter in 2020. The increase in the effective tax rate for the first quarter of 2021 was primarily due to higher pretax book income in the first quarter of 2021. The fourth quarter of 2020 included a return to provision adjustment of $1.6 million. There were no significant items impacting the tax rate during the first quarter of 2020.

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

Asset Quality

The Company’s overall asset quality remained stable during the first quarter of 2021. Total non-performing assets were $17.9 million at March 31, 2021, down from $18.5 million at December 31, 2020 and from $20.6 million at March 31, 2020. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.15 percent at the end of the first quarter of 2021, compared with 0.15 percent at the end of the fourth quarter of 2020 and 0.18 percent at the end of the first quarter of 2020.

Bank of Hawaii Corporation First Quarter 2021 Financial Results Page 3

Accruing loans and leases past due 90 days or more were $10.4 million at March 31, 2021 compared with $10.5 million at December 31, 2020 and $8.5 million at March 31, 2020. Restructured loans on accrual status and not past due 90 days or more were $74.2 million at March 31, 2021 compared with $68.1 million at December 31, 2020 and $61.4 million at March 31, 2020. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loan and lease charge-offs during the first quarter of 2021 were $2.9 million or 0.10 percent annualized of total average loans and leases outstanding and were comprised of charge-offs of $6.3 million partially offset by recoveries of $3.4 million. Net charge-offs during the fourth quarter of 2020 were a net recovery of $0.3 million and were comprised of charge-offs of $3.2 million fully offset by recoveries of $3.5 million. Net charge-offs during the first quarter of 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and were comprised of $7.2 million of charge-offs partially offset by recoveries of $3.4 million.

The allowance for credit losses on loans and leases was $198.3 million at March 31, 2021, a decrease from $216.3 million at December 31, 2020 and an increase from $138.2 million at March 31, 2020. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.63 percent at March 31, 2021, down from 1.81 percent at December 31, 2020 and up from 1.22 percent at March 31, 2020. The reserve for unfunded commitments was $3.0 million at March 31, 2021, a slight increase from $2.4 million at the end of the prior quarter and down from $3.3 million at the end of the same quarter in 2020. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to a new record of $21.9 billion at March 31, 2021, compared with total assets of $20.6 billion at December 31, 2020 and $18.5 billion at March 31, 2020. Average total assets were $21.2 billion during the first quarter of 2021, an increase from $20.4 billion during the fourth quarter of 2020 and $18.2 billion in the first quarter of 2020.

The investment securities portfolio was $7.5 billion at March 31, 2021, up from $7.1 billion at December 31, 2020 and from $5.7 billion at March 31, 2020 due to growth in deposits that continued to outpace loan growth. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $4.0 billion in securities available-for-sale and $3.5 billion in securities held-to-maturity at March 31, 2021. The securities portfolio at December 31, 2020 included $3.8 billion in securities available-for-sale and $3.3 billion in securities held-to-maturity. The securities portfolio at March 31, 2020 included $2.7 billion in securities available-for-sale and $3.0 billion in securities held-to-maturity.

Total loans and leases were $12.1 billion at March 31, 2021, an increase of 1.7 percent from total loans and leases of $11.9 billion at December 31, 2020 and up 6.9 percent from $11.4 billion at March 31, 2020. Average total loans and leases were $12.0 billion during the first quarter of 2021, an increase from average total loans and leases of $11.8 billion during the fourth quarter of 2020 and $11.1 billion during the first quarter of 2020.

The commercial loan portfolio was $5.3 billion at the end of March 31, 2021, an increase of $158.7 million or 3.1 percent from $5.1 billion at the end of the fourth quarter of 2020 and up $728.8 million or 16.1 percent from $4.5 billion at the end of the first quarter of 2020. Consumer loans were $6.9 billion at March 31, 2021, an increase of $42.0 million or 0.6 percent from $6.8 billion at the end of the fourth quarter of 2020 and up $59.1 million or 0.9 percent from $6.8 billion at the end of the first quarter of 2020. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $19.6 billion at March 31, 2021, an increase of 7.4 percent from total deposits of $18.2 billion at December 31, 2020 and up 21.8 percent from total deposits of $16.1 billion at March 31, 2020. Average total deposits were $18.7 billion during the first quarter of 2021, an increase from $17.8 billion during the fourth quarter of 2020 and from $15.8 billion during first quarter of 2020.

Consumer deposits were $9.7 billion at March 31, 2021, an increase of $399.0 million or 4.3 percent from $9.3 billion at the end of the fourth quarter of 2020 and an increase of $1.5 billion or 17.5 percent from $8.3 billion at the end of the first quarter of 2020. Commercial deposits were $8.2 billion at March 31, 2021, an increase of $938.3 million or 12.8 percent from $7.3 billion at the end of the fourth quarter of 2020 and an increase of $1.9 billion or 29.6 percent from $6.4 billion at the end of the first quarter of 2020. Other deposits, including public funds, were $1.6 billion at March 31, 2021, an increase of $7.8 million or 0.5 percent from $1.6 billion at the end of the fourth quarter of 2020 and an increase of $166.5 million or 11.9 percent from $1.4 billion at the end of the first quarter of 2020. Deposit balances are summarized in Tables 7 and 10.

Total shareholders’ equity was $1.4 billion at March 31, 2021, a decrease of $14.3 million from December 31, 2020, and an increase of $32.3 million from March 31, 2020. In the first quarter of 2021 there were no repurchases under the share repurchase program. The Tier 1 Capital Ratio was 12.35 percent at March 31, 2021 compared with 12.06 percent at December 31, 2020 and 11.81 percent at March 31, 2020. The Tier 1 Leverage Ratio at March 31, 2021 was 6.61 percent compared with 6.71 percent at December 31, 2020 and 7.12 percent at March 30, 2020. The decrease in the Tier 1 Leverage ratio is due to balance sheet growth related to the significant increase in customer deposits.

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 14, 2021 to shareholders of record at the close of business on May 28, 2021.

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 Hawaii Corporation's website, www.boh.com. The webcast link is https://edge.media-server.com/mmc/p/xbnzsss3. The toll-free number for the teleconference 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 of the conference call will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, April 26, 2021. 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 8037629 when prompted. 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 Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2020, 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 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 web site, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights									Table 1
		Three Months Ended
		March 31,				December 31,			March 31,
(dollars in thousands, except per share amounts)		2021				2020			2020
For the Period:
Operating Results
Net Interest Income		$	120,569			$	119,499		$	125,966
Provision for Credit Losses			(14,300	)			15,200			33,600
Total Noninterest Income			42,970				45,258			46,149
Total Noninterest Expense			98,865				98,654			96,312
Net Income			59,949				42,314			34,742
Basic Earnings Per Share			1.51				1.06			0.88
Diluted Earnings Per Share			1.50				1.06			0.87
Dividends Declared Per Share			0.67				0.67			0.67
Performance Ratios
Return on Average Assets			1.15	%			0.83	%		0.77	%
Return on Average Shareholders' Equity			17.65				12.26			10.64
Efficiency Ratio 1			60.45				59.88			55.96
Net Interest Margin 2			2.43				2.48			2.96
Dividend Payout Ratio 3			44.37				63.21			76.14
Average Shareholders' Equity to Average Assets			6.51				6.74			7.21
Average Balances
Average Loans and Leases		$	11,952,587			$	11,835,929		$	11,060,707
Average Assets			21,150,670				20,382,633			18,222,602
Average Deposits			18,665,222				17,819,116			15,817,745
Average Shareholders' Equity			1,377,272				1,372,971			1,313,848
Per Share of Common Stock
Book Value		$	33.67			$	34.26		$	33.20
Tangible Book Value			32.89				33.47			32.41
Market Value
Closing			89.49				76.62			54.91
High			99.10				80.38			95.53
Low			75.65				49.25			46.70
		March 31,				December 31,			March 31,
		2021				2020			2020
As of Period End:
Balance Sheet Totals
Loans and Leases		$	12,140,703			$	11,940,020		$	11,352,780
Total Assets			21,947,271				20,603,651			18,542,233
Total Deposits			19,556,651				18,211,621			16,055,361
Other Debt			60,459				60,481			60,545
Total Shareholders' Equity			1,360,221				1,374,507			1,327,929
Asset Quality
Non-Performing Assets		$	17,883			$	18,481		$	20,604
Allowance for Credit Losses			198,343				216,252			138,150
Allowance to Loans and Leases Outstanding			1.63	%			1.81	%		1.22	%
Capital Ratios 4
Common Equity Tier 1 Capital Ratio			12.35	%			12.06	%		11.81	%
Tier 1 Capital Ratio			12.35				12.06			11.81
Total Capital Ratio			13.61				13.31			13.06
Tier 1 Leverage Ratio			6.61				6.71			7.12
Total Shareholders' Equity to Total Assets			6.20				6.67			7.16
Tangible Common Equity to Tangible Assets 5			6.06				6.53			7.00
Tangible Common Equity to Risk-Weighted Assets 5			11.78				11.89			11.85
Non-Financial Data
Full-Time Equivalent Employees			2,058				2,022			2,094
Branches			63				65			67
ATMs			361				357			382

1		Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2		Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3		Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.
4		Regulatory capital ratios as of March 31, 2021 are preliminary. CET 1 / Tier 1 Capital Ratios revised from 11.85%, Total Capital Ratio revised from 13.10%, and Tier 1 Leverage Ratio revised from 7.14% as of March 31, 2020.
5		Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."

Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures										Table 2
		March 31,				December 31,				March 31,
(dollars in thousands)		2021				2020				2020
Total Shareholders' Equity		$	1,360,221			$	1,374,507			$	1,327,929
Less:Goodwill			31,517				31,517				31,517
Tangible Common Equity		$	1,328,704			$	1,342,990			$	1,296,412
Total Assets		$	21,947,271			$	20,603,651			$	18,542,233
Less:Goodwill			31,517				31,517				31,517
Tangible Assets		$	21,915,754			$	20,572,134			$	18,510,716
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements		$	11,275,565			$	11,295,077			$	10,944,260
Total Shareholders' Equity to Total Assets			6.20	%			6.67	%			7.16	%
Tangible Common Equity to Tangible Assets (Non-GAAP)			6.06	%			6.53	%			7.00	%
Tier 1 Capital Ratio			12.35	%			12.06	%			11.81	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)			11.78	%			11.89	%			11.85	%

Note: Risk-Weighted Assets and Regulatory capital ratios as of March 31, 2021 are preliminary. Risk-Weighted Assets revised from $10,941,909 and Tier 1 Capital Ratio revised from 11.85% as of March 31, 2020.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income										Table 3
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands, except per share amounts)		2021				2020				2020
Interest Income
Interest and Fees on Loans and Leases		$	99,299			$	98,471			$	108,210
Income on Investment Securities
Available-for-Sale			15,837				15,449				16,711
Held-to-Maturity			13,300				14,113				19,252
Deposits			7				1				9
Funds Sold			137				115				546
Other			185				167				218
Total Interest Income			128,765				128,316				144,946
Interest Expense
Deposits			4,329				4,861				14,260
Securities Sold Under Agreements to Repurchase			3,533				3,614				4,025
Funds Purchased			1				5				72
Short-Term Borrowings			-				-				39
Other Debt			333				337				584
Total Interest Expense			8,196				8,817				18,980
Net Interest Income			120,569				119,499				125,966
Provision for Credit Losses			(14,300	)			15,200				33,600
Net Interest Income After Provision for Credit Losses			134,869				104,299				92,366
Noninterest Income
Trust and Asset Management			11,278				11,239				10,915
Mortgage Banking			5,862				6,851				2,695
Service Charges on Deposit Accounts			6,128				6,335				7,451
Fees, Exchange, and Other Service Charges			13,607				12,143				13,200
Investment Securities Gains (Losses), Net			(1,203	)			(1,193	)			(970	)
Annuity and Insurance			702				670				928
Bank-Owned Life Insurance			1,917				2,353				1,580
Other			4,679				6,860				10,350
Total Noninterest Income			42,970				45,258				46,149
Noninterest Expense
Salaries and Benefits			56,251				50,200				54,463
Net Occupancy			9,090				14,536				8,955
Net Equipment			8,878				9,574				8,456
Data Processing			6,322				4,604				4,788
Professional Fees			3,406				3,174				3,208
FDIC Insurance			1,654				1,484				1,456
Other			13,264				15,082				14,986
Total Noninterest Expense			98,865				98,654				96,312
Income Before Provision for Income Taxes			78,974				50,903				42,203
Provision for Income Taxes			19,025				8,589				7,461
Net Income		$	59,949			$	42,314			$	34,742
Basic Earnings Per Share		$	1.51			$	1.06			$	0.88
Diluted Earnings Per Share		$	1.50			$	1.06			$	0.87
Dividends Declared Per Share		$	0.67			$	0.67			$	0.67
Basic Weighted Average Shares			39,827,590				39,773,851				39,681,611
Diluted Weighted Average Shares			40,071,477				39,963,736				39,916,986

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income										Table 4
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands)		2021				2020				2020
Net Income		$	59,949			$	42,314			$	34,742
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities			(50,050	)			(961	)			41,559
Defined Benefit Plans			441				(5,616	)			374
Other Comprehensive Income (Loss)			(49,609	)			(6,577	)			41,933
Comprehensive Income		$	10,340			$	35,737			$	76,675

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
		March 31,				December 31,				March 31,
(dollars in thousands)		2021				2020				2020
Assets
Interest-Bearing Deposits in Other Banks		$	4,506			$	1,646			$	6,346
Funds Sold			1,101,631				333,022				96,898
Investment Securities
Available-for-Sale			4,024,763				3,791,689				2,681,049
Held-to-Maturity (Fair Value of $3,477,346; $3,348,693; and $3,104,020)			3,464,360				3,262,727				3,004,139
Loans Held for Sale			18,320				82,565				20,789
Loans and Leases			12,140,703				11,940,020				11,352,780
Allowance for Credit Losses			(198,343	)			(216,252	)			(138,150	)
Net Loans and Leases			11,942,360				11,723,768				11,214,630
Total Earning Assets			20,555,940				19,195,417				17,023,851
Cash and Due from Banks			286,717				279,420				453,465
Premises and Equipment, Net			198,107				199,695				196,228
Operating Lease Right-of-Use Assets			97,750				99,542				98,695
Accrued Interest Receivable			47,917				49,303				46,996
Foreclosed Real Estate			2,332				2,332				2,506
Mortgage Servicing Rights			22,320				19,652				22,537
Goodwill			31,517				31,517				31,517
Bank-Owned Life Insurance			291,764				291,480				289,536
Other Assets			412,907				435,293				376,902
Total Assets		$	21,947,271			$	20,603,651			$	18,542,233
Liabilities
Deposits
Noninterest-Bearing Demand		$	6,227,436			$	5,749,612			$	4,378,918
Interest-Bearing Demand			4,379,243				4,040,733				3,261,101
Savings			7,474,580				6,759,213				6,670,530
Time			1,475,392				1,662,063				1,744,812
Total Deposits			19,556,651				18,211,621				16,055,361
Funds Purchased			-				-				75,000
Short-Term Borrowings			-				-				75,000
Securities Sold Under Agreements to Repurchase			600,490				600,590				603,206
Other Debt			60,459				60,481				60,545
Operating Lease Liabilities			105,820				107,412				106,180
Retirement Benefits Payable			50,687				51,197				44,124
Accrued Interest Payable			4,109				5,117				7,932
Taxes Payable and Deferred Taxes			15,599				2,463				32,793
Other Liabilities			193,235				190,263				154,163
Total Liabilities			20,587,050				19,229,144				17,214,304
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2021 - 58,553,365 / 40,394,234;
December 31, 2020 - 58,285,624 / 40,119,312;
and March 31, 2020 - 58,251,725 / 39,996,510)			580				580				579
Capital Surplus			594,804				591,360				584,392
Accumulated Other Comprehensive Income (Loss)			(41,787	)			7,822				10,821
Retained Earnings			1,844,057				1,811,979				1,773,607
Treasury Stock, at Cost (Shares: March 31, 2021 - 18,159,131;
December 31, 2020 - 18,166,312; and March 31, 2020 - 18,255,215)			(1,037,433	)			(1,037,234	)			(1,041,470	)
Total Shareholders' Equity			1,360,221				1,374,507				1,327,929
Total Liabilities and Shareholders' Equity		$	21,947,271			$	20,603,651			$	18,542,233

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, 2020		40,119,312			$	580		$	591,360		$	7,822			$	1,811,979			$	(1,037,234	)		$	1,374,507
Net Income		-				-			-			-				59,949				-				59,949
Other Comprehensive Loss		-				-			-			(49,609	)			-				-				(49,609	)
Share-Based Compensation		-				-			2,780			-				-				-				2,780
Common Stock Issued under Purchase and Equity
Compensation Plans		310,905				-			664			-				(845	)			2,990				2,809
Common Stock Repurchased		(35,983	)			-			-			-				-				(3,189	)			(3,189	)
Cash Dividends Declared ($0.67 per share)		-				-			-			-				(27,026	)			-				(27,026	)
Balance as of March 31, 2021		40,394,234			$	580		$	594,804		$	(41,787	)		$	1,844,057			$	(1,037,433	)		$	1,360,221
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

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis																											Table 7
		Three Months Ended									Three Months Ended										Three Months Ended
		March 31, 2021									December 31, 2020										March 31, 2020
		Average			Income/			Yield/			Average			Income/				Yield/			Average			Income/			Yield/
(dollars in millions)		Balance			Expense			Rate			Balance			Expense				Rate			Balance			Expense			Rate
Earning Assets
Interest-Bearing Deposits in Other Banks		$	3.2		$	-		0.93	%		$	2.2		$	-			0.16	%		$	1.4		$	-		2.36	%
Funds Sold			550.6			0.1		0.10				451.6			0.1			0.10				152.8			0.6		1.41
Investment Securities
Available-for-Sale
Taxable			4,007.9			15.8		1.57				3,605.8			15.3			1.69				2,702.4			16.4		2.43
Non-Taxable			12.3			0.1		4.27				20.2			0.2			4.33				32.4			0.4		4.40
Held-to-Maturity
Taxable			3,385.8			13.1		1.55				3,246.7			13.9			1.71				3,036.2			18.9		2.50
Non-Taxable			38.1			0.2		2.55				47.1			0.3			2.66				54.7			0.4		2.67
Total Investment Securities			7,444.1			29.2		1.57				6,919.8			29.7			1.71				5,825.7			36.1		2.48
Loans Held for Sale			26.2			0.2		2.76				15.1			0.1			2.98				23.2			0.2		3.54
Loans and Leases 1
Commercial and Industrial			1,904.5			14.3		3.05				1,897.4			14.0			2.95				1,409.3			13.2		3.77
Commercial Mortgage			2,846.0			21.3		3.04				2,768.0			21.7			3.12				2,549.4			25.1		3.96
Construction			264.1			2.3		3.48				257.4			2.3			3.62				213.2			2.5		4.65
Commercial Lease Financing			106.4			0.4		1.43				112.2			(2.5	)		(9.07	)			111.4			0.5		1.95
Residential Mortgage			4,146.6			35.9		3.46				4,089.7			36.4			3.57				3,895.4			36.9		3.79
Home Equity			1,594.1			12.6		3.20				1,600.9			13.2			3.28				1,680.2			15.2		3.64
Automobile			708.3			6.1		3.51				706.1			6.4			3.59				721.0			6.4		3.56
Other 2			382.6			6.4		6.75				404.2			7.0			6.85				480.8			8.4		7.06
Total Loans and Leases			11,952.6			99.3		3.35				11,835.9			98.5			3.32				11,060.7			108.2		3.93
Other			33.4			0.2		2.21				33.3			0.2			2.01				34.3			0.2		2.54
Total Earning Assets 3			20,010.1			129.0		2.60				19,257.9			128.6			2.66				17,098.1			145.3		3.41
Cash and Due from Banks			270.7									240.4										278.8
Other Assets			869.9									884.3										845.7
Total Assets		$	21,150.7								$	20,382.6									$	18,222.6
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	4,186.4			0.6		0.06			$	3,899.5			0.6			0.06			$	3,110.0			1.0		0.12
Savings			7,016.6			1.5		0.09				6,728.8			1.4			0.08				6,502.4			7.1		0.44
Time			1,630.0			2.2		0.56				1,696.0			2.9			0.68				1,743.0			6.2		1.43
Total Interest-Bearing Deposits			12,833.0			4.3		0.14				12,324.3			4.9			0.16				11,355.4			14.3		0.51
Short-Term Borrowings			2.4			-		0.09				19.2			-			0.10				57.8			0.1		0.76
Securities Sold Under Agreements to Repurchase			600.5			3.6		2.35				600.9			3.6			2.35				604.1			4.0		2.64
Other Debt			60.5			0.3		2.22				60.5			0.3			2.22				66.9			0.6		3.51
Total Interest-Bearing Liabilities			13,496.4			8.2		0.24				13,004.9			8.8			0.27				12,084.2			19.0		0.63
Net Interest Income					$	120.8								$	119.8									$	126.3
Interest Rate Spread								2.36	%									2.39	%								2.78	%
Net Interest Margin								2.43	%									2.48	%								2.96	%
Noninterest-Bearing Demand Deposits			5,832.2									5,494.8										4,462.3
Other Liabilities			444.8									509.9										362.3
Shareholders' Equity			1,377.3									1,373.0										1,313.8
Total Liabilities and Shareholders' Equity		$	21,150.7								$	20,382.6									$	18,222.6

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 $252,000, $287,000, and $357,000 for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis										Table 8a
		Three Months Ended March 31, 2021
		Compared to December 31, 2020
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Investment Securities
Available-for-Sale
Taxable		$	1.6			$	(1.1	)		$	0.5
Non-Taxable			(0.1	)			-				(0.1	)
Held-to-Maturity
Taxable			0.6				(1.4	)			(0.8	)
Non-Taxable			(0.1	)			-				(0.1	)
Total Investment Securities			2.0				(2.5	)			(0.5	)
Loans Held for Sale			0.1				-				0.1
Loans and Leases
Commercial and Industrial			-				0.3				0.3
Commercial Mortgage			0.4				(0.8	)			(0.4	)
Construction			0.1				(0.1	)			-
Commercial Lease Financing			0.1				2.8				2.9
Residential Mortgage			0.5				(1.0	)			(0.5	)
Home Equity			(0.1	)			(0.5	)			(0.6	)
Automobile			-				(0.3	)			(0.3	)
Other 2			(0.5	)			(0.1	)			(0.6	)
Total Loans and Leases			0.5				0.3				0.8
Total Change in Interest Income			2.6				(2.2	)			0.4
Change in Interest Expense:
Interest-Bearing Deposits
Savings			-				0.1				0.1
Time			(0.1	)			(0.6	)			(0.7	)
Total Interest-Bearing Deposits			(0.1	)			(0.5	)			(0.6	)
Total Change in Interest Expense			(0.1	)			(0.5	)			(0.6	)
Change in Net Interest Income		$	2.7			$	(1.7	)		$	1.0

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

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis										Table 8b
		Three Months Ended March 31, 2021
		Compared to March 31, 2020
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Funds Sold		$	0.4			$	(0.9	)		$	(0.5	)
Investment Securities
Available-for-Sale
Taxable			6.4				(7.0	)			(0.6	)
Non-Taxable			(0.2	)			(0.1	)			(0.3	)
Held-to-Maturity
Taxable			2.0				(7.8	)			(5.8	)
Non-Taxable			(0.1	)			(0.1	)			(0.2	)
Total Investment Securities			8.1				(15.0	)			(6.9	)
Loans and Leases
Commercial and Industrial			3.9				(2.8	)			1.1
Commercial Mortgage			2.6				(6.4	)			(3.8	)
Construction			0.5				(0.7	)			(0.2	)
Commercial Lease Financing			-				(0.1	)			(0.1	)
Residential Mortgage			2.3				(3.3	)			(1.0	)
Home Equity			(0.8	)			(1.8	)			(2.6	)
Automobile			(0.2	)			(0.1	)			(0.3	)
Other 2			(1.7	)			(0.3	)			(2.0	)
Total Loans and Leases			6.6				(15.5	)			(8.9	)
Total Change in Interest Income			15.1				(31.4	)			(16.3	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand			0.2				(0.6	)			(0.4	)
Savings			0.5				(6.1	)			(5.6	)
Time			(0.4	)			(3.6	)			(4.0	)
Total Interest-Bearing Deposits			0.3				(10.3	)			(10.0	)
Short-Term Borrowings			(0.1	)			-				(0.1	)
Securities Sold Under Agreements to Repurchase			0.1				(0.5	)			(0.4	)
Other Debt			(0.1	)			(0.2	)			(0.3	)
Total Change in Interest Expense			0.2				(11.0	)			(10.8	)
Change in Net Interest Income		$	14.9			$	(20.4	)		$	(5.5	)

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

Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits									Table 9
		Three Months Ended
		March 31,			December 31,				March 31,
(dollars in thousands)		2021			2020				2020
Salaries		$	31,569		$	33,907			$	33,486
Incentive Compensation			5,914			3,084				245
Share-Based Compensation			2,584			2,029				1,291
Commission Expense			2,436			2,164				1,374
Retirement and Other Benefits			5,517			5,212				4,706
Payroll Taxes			3,968			2,292				4,543
Medical, Dental, and Life Insurance			2,424			1,523				4,142
Separation Expense			1,839			(11	)			4,676
Total Salaries and Benefits		$	56,251		$	50,200			$	54,463

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)		2021		2020		2020		2020		2020
Commercial
Commercial and Industrial		$ 2,013,981		$ 1,875,293		$ 1,908,482		$ 1,956,939		$ 1,558,232
Commercial Mortgage		2,859,246		2,854,829		2,745,611		2,707,534		2,616,243
Construction		281,164		259,798		250,943		245,099		245,390
Lease Financing		104,980		110,766		111,831		113,187		110,704
Total Commercial		5,259,371		5,100,686		5,016,867		5,022,759		4,530,569
Consumer
Residential Mortgage		4,216,976		4,130,513		4,044,228		3,989,393		3,928,183
Home Equity		1,577,500		1,604,538		1,605,486		1,640,887		1,692,154
Automobile		710,407		708,800		709,937		700,702		716,214
Other 1		376,449		395,483		417,090		451,629		485,660
Total Consumer		6,881,332		6,839,334		6,776,741		6,782,611		6,822,211
Total Loans and Leases		$ 12,140,703		$ 11,940,020		$ 11,793,608		$ 11,805,370		$ 11,352,780
Deposits
		March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)		2021		2020		2020		2020		2020
Consumer		$ 9,746,713		$ 9,347,725		$ 8,903,808		$ 8,766,885		$ 8,294,464
Commercial		8,241,102		7,302,832		7,159,531		7,295,033		6,358,583
Public and Other		1,568,836		1,561,064		1,675,544		1,361,237		1,402,314
Total Deposits		$ 19,556,651		$ 18,211,621		$ 17,738,883		$ 17,423,155		$ 16,055,361

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)		2021				2020				2020				2020				2020
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial		$	293			$	441			$	475			$	459			$	634
Commercial Mortgage			8,503				8,527				8,615				8,672				9,048
Total Commercial			8,796				8,968				9,090				9,131				9,682
Consumer
Residential Mortgage			1,804				3,223				3,543				5,888				4,330
Home Equity			4,951				3,958				3,661				5,176				4,086
Total Consumer			6,755				7,181				7,204				11,064				8,416
Total Non-Accrual Loans and Leases			15,551				16,149				16,294				20,195				18,098
Foreclosed Real Estate			2,332				2,332				2,332				2,506				2,506
Total Non-Performing Assets		$	17,883			$	18,481			$	18,626			$	22,701			$	20,604
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial		$	9			$	-			$	-			$	-			$	-
Total Commercial			9				-				-				-				-
Consumer
Residential Mortgage		$	4,069			$	5,274			$	6,607			$	4,937			$	3,024
Home Equity			4,906				3,187				2,571				3,519				3,426
Automobile			604				925				156				133				866
Other 1			828				1,160				258				296				1,205
Total Consumer			10,407				10,546				9,592				8,885				8,521
Total Accruing Loans and Leases Past Due 90 Days or More		$	10,416			$	10,546			$	9,592			$	8,885			$	8,521
Restructured Loans on Accrual Status
and Not Past Due 90 Days or More		$	74,216			$	68,065			$	58,650			$	59,713			$	61,425
Total Loans and Leases		$	12,140,703			$	11,940,020			$	11,793,608			$	11,805,370			$	11,352,780
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases			0.13	%			0.14	%			0.14	%			0.17	%			0.16	%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate			0.15	%			0.15	%			0.16	%			0.19	%			0.18	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate			0.17	%			0.18	%			0.18	%			0.18	%			0.21	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate			0.13	%			0.14	%			0.14	%			0.20	%			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			0.23	%			0.24	%			0.24	%			0.27	%			0.26	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter		$	18,481			$	18,626			$	22,701			$	20,604			$	20,117
Additions			2,992				434				938				5,856				1,754
Reductions
Payments			(2,481	)			(490	)			(3,729	)			(2,736	)			(315	)
Return to Accrual Status			(1,014	)			-				(1,035	)			(822	)			(437	)
Sales of Foreclosed Real Estate			-				-				(175	)			-				(231	)
Charge-offs/Write-downs			(95	)			(89	)			(74	)			(201	)			(284	)
Total Reductions			(3,590	)			(579	)			(5,013	)			(3,759	)			(1,267	)
Balance at End of Quarter		$	17,883			$	18,481			$	18,626			$	22,701			$	20,604

1

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

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses										Table 12
		Three Months Ended
		March 31,				December 31,				March 31,
(dollars in thousands)		2021				2020				2020
Balance at Beginning of Period		$	221,303			$	205,813			$	116,849
CECL Adoption (Day 1) Impact			-				-				(5,072	)
Loans and Leases Charged-Off
Commercial
Commercial and Industrial			(248	)			(177	)			(693	)
Consumer
Residential Mortgage			(4	)			(120	)			(20	)
Home Equity			(16	)			(81	)			-
Automobile			(2,109	)			(393	)			(2,500	)
Other 1			(3,914	)			(2,460	)			(3,964	)
Total Loans and Leases Charged-Off			(6,291	)			(3,231	)			(7,177	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial			112				244				289
Commercial Mortgage			-				-				40
Consumer
Residential Mortgage			955				497				263
Home Equity			533				868				976
Automobile			919				910				1,005
Other 1			856				968				864
Total Recoveries on Loans and Leases Previously Charged-Off			3,375				3,487				3,437
Net Recovered (Charged-Off) - Loans and Leases			(2,916	)			256				(3,740	)
Net Charged-Off - Accrued Interest Receivable			(308	)			-				-
Provision for Credit Losses:
Loans and Leases			(14,993	)			12,500				33,600
Accrued Interest Receivable 2			-				2,700				-
Unfunded Commitments 3			693				34				(170	)
Balance at End of Period		$	203,779			$	221,303			$	141,467
Components
Allowance for Credit Losses - Loans and Leases		$	198,343				216,252				138,150
Allowance for Credit Losses - Accrued Interest Receivable 2			2,392				2,700				-
Reserve for Unfunded Commitments 3			3,044				2,351				3,317
Total Reserve for Credit Losses		$	203,779			$	221,303			$	141,467
Average Loans and Leases Outstanding		$	11,952,587			$	11,835,929			$	11,060,707
Ratio of Net Loans and Leases Charged-Off (Recovered) to
Average Loans and Leases Outstanding (annualized)			0.10	%			(0.01	%)			0.14	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding			1.63	%			1.81	%			1.22	%

1		Comprised of other revolving credit, installment, and lease financing.
2		Beginning December 31, 2020, the Company established a reserve on accrued interest receivable related to loans in which interest payment forbearances were granted to borrowers impacted by the COVID-19 pandemic. The reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses.
3		The reserve for unfunded commitments is separately recorded in other liabilities in the consolidated statements of condition. For the three months ended March 31, 2021, the offsetting provision was recorded in provision for credit losses in the consolidated statements of income. In previous reporting periods, the offsetting provision was recorded in other noninterest expense.

Bank of Hawaii 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, 2021
Net Interest Income		$	69,762			$	47,143			$	3,664			$	120,569
Provision for Credit Losses			2,866				50				(17,216	)			(14,300	)
Net Interest Income After Provision for Credit Losses			66,896				47,093				20,880				134,869
Noninterest Income			33,698				7,858				1,414				42,970
Noninterest Expense			(78,181	)			(15,677	)			(5,007	)			(98,865	)
Income Before Income Taxes			22,413				39,274				17,287				78,974
Provision for Income Taxes			(5,474	)			(9,558	)			(3,993	)			(19,025	)
Net Income		$	16,939			$	29,716			$	13,294			$	59,949
Total Assets as of March 31, 2021		$	7,556,756			$	5,224,386			$	9,166,129			$	21,947,271
Three Months Ended March 31, 2020 1
Net Interest Income		$	73,914			$	45,237			$	6,815			$	125,966
Provision for Credit Losses			3,451				290				29,859				33,600
Net Interest Income (Loss) After Provision for Credit Losses			70,463				44,947				(23,044	)			92,366
Noninterest Income			32,590				11,735				1,824				46,149
Noninterest Expense			(70,746	)			(17,346	)			(8,220	)			(96,312	)
Income (Loss) Before Income Taxes			32,307				39,336				(29,440	)			42,203
Provision for Income Taxes			(8,116	)			(9,555	)			10,210				(7,461	)
Net Income (Loss)		$	24,191			$	29,781			$	(19,230	)		$	34,742
Total Assets as of March 31, 2020 1		$	7,388,217			$	4,728,651			$	6,425,365			$	18,542,233

1

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

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data																					Table 14
		Three Months Ended
		March 31,					December 31,					September 30,					June 30,				March 31,
(dollars in thousands, except per share amounts)		2021					2020					2020					2020				2020
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases		$	99,299				$	98,471				$	103,189				$	107,628			$	108,210
Income on Investment Securities
Available-for-Sale			15,837					15,449					14,558					14,576				16,711
Held-to-Maturity			13,300					14,113					15,967					16,723				19,252
Deposits			7					1					3					1				9
Funds Sold			137					115					149					92				546
Other			185					167					151					125				218
Total Interest Income			128,765					128,316					134,017					139,145				144,946
Interest Expense
Deposits			4,329					4,861					5,891					7,954				14,260
Securities Sold Under Agreements to Repurchase			3,533					3,614					3,622					4,020				4,025
Funds Purchased			1					5					-					18				72
Short-Term Borrowings			-					-					1					22				39
Other Debt			333					337					337					440				584
Total Interest Expense			8,196					8,817					9,851					12,454				18,980
Net Interest Income			120,569					119,499					124,166					126,691				125,966
Provision for Credit Losses			(14,300	)				15,200					28,600					40,400				33,600
Net Interest Income After Provision for Credit Losses			134,869					104,299					95,566					86,291				92,366
Noninterest Income
Trust and Asset Management			11,278					11,239					10,752					10,550				10,915
Mortgage Banking			5,862					6,851					4,047					4,278				2,695
Service Charges on Deposit Accounts			6,128					6,335					6,027					5,097				7,451
Fees, Exchange, and Other Service Charges			13,607					12,143					12,296					9,417				13,200
Investment Securities Gains (Losses), Net			(1,203	)				(1,193	)				(1,121	)				13,216				(970	)
Annuity and Insurance			702					670					881					883				928
Bank-Owned Life Insurance			1,917					2,353					1,806					1,649				1,580
Other			4,679					6,860					7,046					6,178				10,350
Total Noninterest Income			42,970					45,258					41,734					51,268				46,149
Noninterest Expense
Salaries and Benefits			56,251					50,200					51,951					50,715				54,463
Net Occupancy			9,090					14,536					7,281					8,761				8,955
Net Equipment			8,878					9,574					9,223					8,195				8,456
Data Processing			6,322					4,604					4,691					4,416				4,788
Professional Fees			3,406					3,174					2,743					3,061				3,208
FDIC Insurance			1,654					1,484					1,282					1,558				1,456
Other			13,264					15,082					12,778					12,186				14,986
Total Noninterest Expense			98,865					98,654					89,949					88,892				96,312
Income Before Provision for Income Taxes			78,974					50,903					47,351					48,667				42,203
Provision for Income Taxes			19,025					8,589					9,511					9,759				7,461
Net Income		$	59,949				$	42,314				$	37,840				$	38,908			$	34,742
Basic Earnings Per Share		$	1.51				$	1.06				$	0.95				$	0.98			$	0.88
Diluted Earnings Per Share		$	1.50				$	1.06				$	0.95				$	0.98			$	0.87
Balance Sheet Totals
Loans and Leases		$	12,140,703				$	11,940,020				$	11,793,608				$	11,805,370			$	11,352,780
Total Assets			21,947,271					20,603,651					20,109,489					19,769,942				18,542,233
Total Deposits			19,556,651					18,211,621					17,738,883					17,423,155				16,055,361
Total Shareholders' Equity			1,360,221					1,374,507					1,361,739					1,352,082				1,327,929
Performance Ratios
Return on Average Assets			1.15	%				0.83	%				0.76	%				0.82	%			0.77	%
Return on Average Shareholders' Equity			17.65					12.26					11.01					11.58				10.64
Efficiency Ratio 1			60.45					59.88					54.22					49.95				55.96
Net Interest Margin 2			2.43					2.48					2.67					2.83				2.96

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 Ended					Year Ended
($ in millions; jobs in thousands)		February 28, 2021					December 31, 2020						December 31, 2019
Hawaii Economic Trends
State General Fund Revenues 1		$ 1,111.9		(17.6)	%		$ 6,415.1			(12.3)	%		$ 7,316.5			5.5	%
General Excise and Use Tax Revenue 1		$ 551.1		(18.9)	%		$ 3,038.8			(15.6)	%		$ 3,602.2			5.1	%
Jobs 2		595.3					588.2						659.7
										March 31,			December 31,
(spot rates)										2021			2020			2019
Unemployment, seasonally adjusted 3
Statewide										9.0	%		10.3	%		2.1	%
Oahu										7.6			9.3			2.0
Island of Hawaii										8.3			10.1			2.5
Maui										12.1			14.3			2.0
Kauai										13.0			13.9			2.1
							March 31,			December 31,
(percentage change, except months of inventory)							2021			2020			2019			2018
Housing Trends (Single Family Oahu) 4
Median Home Price							17.3	%		5.2	%		(0.1)	%		4.6	%
Home Sales Volume (units)							11.9	%		2.3	%		3.9	%		(7.7)	%
Months of Inventory							1.3			1.4			2.5			2.8
							Monthly Visitor Arrivals,						Percentage Change
(in thousands)							Not Seasonally Adjusted						from Previous Year
Tourism 5
February 28, 2021										235.3						(71.6)
January 31, 2021										172.0						(80.1)
December 31, 2020										235.8						(75.2)
November 30, 2020										183.8						(77.3)
October 31, 2020										76.6						(90.4)
September 30, 2020										18.9						(97.4)
August 31, 2020										22.3						(97.6)
July 31, 2020										22.6						(97.7)
June 30, 2020										17.1						(98.2)
May 31, 2020										9.1						(98.9)
April 30, 2020										4.6						(99.5)
March 31, 2020										434.9						(53.7)
February 29, 2020										828.1						5.8
January 31, 2020										862.6						5.1
December 31, 2019										952.4						5.8
November 30, 2019										809.1						3.9
October 31, 2019										796.2						4.3
September 30, 2019										738.2						3.1
August 31, 2019										926.4						9.6
July 31, 2019										995.2						5.9
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

1		Source: Hawaii Department of Business, Economic Development & Tourism
2		Source: U. S. Bureau of Labor Statistics
3		Source: UHERO
4		Source: Honolulu Board of REALTORS
5		Source: Hawaii Tourism Authority

 

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FAQ

What were Bank of Hawaii's earnings for Q1 2021?

Bank of Hawaii reported diluted earnings per share of $1.50 for Q1 2021.

How much was Bank of Hawaii's net income for the first quarter of 2021?

The net income for Q1 2021 was $59.9 million.

What is the current dividend declared by Bank of Hawaii?

The Board declared a quarterly cash dividend of $0.67 per share.

What changes occurred in Bank of Hawaii's total assets in Q1 2021?

Total assets increased to a record $21.9 billion, up from $18.5 billion YoY.

What is the Tier 1 Capital Ratio for Bank of Hawaii as of March 31, 2021?

The Tier 1 Capital Ratio was 12.35%.