Bank of Hawaii Corporation 2014 Financial Results
| |
| • | Diluted Earnings Per Share for the Fourth Quarter of 2014 $0.94 |
| |
| • | Net Income for the Fourth Quarter of 2014 $41.2 Million |
| |
| • | 2014 Diluted Earnings Per Share $3.69 |
| |
| • | 2014 Net Income $163.0 Million |
| |
| • | Board of Directors Declares Dividend of $0.45 Per Share |
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 26, 2015) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.94 for the fourth quarter of 2014, down from $0.95 per share in the previous quarter, and up from $0.88 per share in the same quarter last year. Net income for the fourth quarter of 2014 was $41.2 million, compared to net income of $41.8 million in the third quarter of 2014 and $39.1 million in the same quarter last year. The return on average assets for the fourth quarter of 2014 was 1.12 percent, compared with 1.15 percent in the third quarter of 2014 and 1.12 percent in the fourth quarter last year. The return on average equity for the fourth quarter of 2014 was 15.39 percent, compared with 15.57 percent in the third quarter of 2014 and 15.36 percent in the fourth quarter last year.
Loan and lease balances were $6.9 billion at December 31, 2014, up 4.4 percent from September 30, 2014 and up 13.2 percent compared with December 31, 2013. Deposit growth remained strong during the quarter, increasing 2.2 percent from September 30, 2014 and 6.0 percent from December 31, 2013. The net interest margin was 2.84 percent during the fourth quarter of 2014 compared with 2.85 percent in the previous quarter and fourth quarter last year.
“Bank of Hawaii finished 2014 with strong financial performance," said Peter Ho, Chairman, President, and CEO. “During the quarter loan balances and deposits continued to grow. Our net interest margin was relatively stable, credit quality remained solid, expenses were well controlled, and our capital ratios remain quite strong.”
Diluted earnings per share for the full year of 2014 were $3.69, up $0.31 or 9.2 percent from diluted earnings per share of $3.38 in 2013. Net income for the year was $163.0 million, up $12.5 million or 8.3 percent from net income of $150.5 million in the previous year. The return on average assets for the full year of 2014 was 1.14 percent, up from 1.10 percent in 2013. The return on average equity for the full year of 2014 was 15.50 percent, up from 14.78 percent in 2013.
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Bank of Hawaii Corporation 2014 Financial Results Page 2
Financial Highlights
Net interest income, on a taxable-equivalent basis, for the fourth quarter of 2014 was $99.5 million, an increase of $1.2 million from net interest income of $98.3 million in the third quarter of 2014, and up $4.7 million from net interest income of $94.8 million in the fourth quarter last year. Net interest income, on a taxable-equivalent basis, for the full year of 2014 was $391.1 million, an increase of $22.0 million from net interest income of $369.1 million in 2013. Analyses of changes in net interest income are included in Tables 8a, 8b and 8c.
The net interest margin was 2.84 percent in the fourth quarter of 2014, a decrease of 1 basis point from the third quarter of 2014 and the fourth quarter last year. The net interest margin for the full year of 2014 was 2.85 percent, an increase of 4 basis points from the net interest margin of 2.81 percent in 2013.
Noninterest income was $45.8 million in the fourth quarter of 2014, an increase of $0.8 million compared with $45.0 million in the third quarter of 2014, and an increase of $0.5 million compared with $45.3 million in the fourth quarter of 2013. Noninterest income in the fourth quarter of 2014 included a gain of $2.0 million from the sale of 22,000 Visa Class B shares (9,066 Class A equivalents). Noninterest income in the third quarter of 2014 included a net gain of $1.9 million resulting from the sale of 23,000 Visa Class B shares (9,478 Class A equivalents). The Company also contributed 4,700 Visa Class B shares (1,937 Class A equivalents) to the Bank of Hawaii Foundation during the fourth quarter of 2014. The contribution of Visa shares to the Bank of Hawaii Foundation had no impact on noninterest expense; however, the contributions favorably impacted the Company’s effective tax rate. As of December 31, 2014, the Company has 397,514 Visa Class B shares remaining (163,816 Class A equivalents). Noninterest income for the full year of 2014 was $180.0 million compared with noninterest income of $186.2 million in 2013. The decrease in noninterest income compared with the previous year was primarily the result of lower mortgage banking income which totaled $7.6 million in 2014 compared with $19.2 million in 2013. The reduction in mortgage banking income in 2014 was partially offset by $7.9 million in net gains on the sales of 90,500 Visa Class B shares.
Noninterest expense was $81.2 million in the fourth quarter of 2014, up $0.2 million from noninterest expense of $81.0 million in the third quarter of 2014, and down $1.2 million from noninterest expense of $82.4 million in the fourth quarter of 2013. Noninterest expense for the full year of 2014 was $326.9 million, down $4.1 million, or 1.2 percent, from noninterest expense of $331.0 million in 2013.
The components of salaries and benefits are presented in Table 9.
The efficiency ratio for the fourth quarter of 2014 was 57.03 percent, an improvement from 57.74 percent in the previous quarter and 59.99 percent in the same quarter last year. The efficiency ratio for the full year of 2014 was 58.41 percent compared with 60.71 percent during the full year of 2013.
The effective tax rate for the fourth quarter of 2014 was 32.71 percent compared with 32.59 percent in the previous quarter and 28.96 percent in the same quarter last year. The effective tax rate for the full year of 2014 was 31.39 percent compared with 29.73 percent for the full year of 2013. The lower effective tax rate during 2013 was due to a larger release of tax reserves in 2013.
The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury & Other. Results are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information for the business segments is included in Tables 13a and 13b.
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Bank of Hawaii Corporation 2014 Financial Results Page 3
Asset Quality
The Company’s overall asset quality remained strong during the fourth quarter of 2014. Total non-performing assets decreased to $30.1 million at December 31, 2014, down from $33.3 million at September 30, 2014 and $39.7 million at December 31, 2013. Non-performing assets, as a percentage of total loans and leases and foreclosed real estate, were 0.44 percent at December 31, 2014, down from 0.50 percent at September 30, 2014 and 0.65 percent at December 31, 2013.
Accruing loans and leases past due 90 days or more were $8.7 million at December 31, 2014, down from $9.1 million at September 30, 2014 and $9.9 million at December 31, 2013. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $45.5 million at December 31, 2014 compared with $45.2 million at September 30, 2014 and $51.1 million at December 31, 2013. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.
Net charge-offs during the fourth quarter of 2014 were $1.7 million or 0.10 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $3.7 million during the quarter were partially offset by recoveries of $2.1 million. Net charge-offs during the third quarter of 2014 were $0.8 million or 0.05 percent annualized, and were comprised of charge-offs of $3.7 million and recoveries of $2.9 million. Net charge-offs during the fourth quarter of 2013 were $8.2 million, or 0.54 percent annualized, and were comprised of charge-offs of $10.4 million and recoveries of $2.2 million. Net charge-offs for the full year of 2014 were $1.9 million, or 0.03 percent of total average loans and leases, compared with $13.4 million or 0.23 percent of total average loans and leases in 2013.
The allowance for loan and lease losses was $108.7 million at December 31, 2014, down $1.7 million from the allowance for loan and lease losses of $110.4 million at September 30, 2014 and down $6.8 million from the allowance for loan and lease losses of $115.5 million at December 31, 2013. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.58 percent at December 31, 2014, a decrease of 9 basis points from September 30, 2014, and commensurate with the continued improvement in credit quality and the Hawaii economy. The total reserve for unfunded commitments at December 31, 2014 was unchanged from the prior quarter and remained at $5.9 million. 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
The Company’s total assets increased to $14.79 billion at December 31, 2014, up $277.0 million from total assets of $14.51 billion at September 30, 2014, and up $702.9 million from total assets of $14.08 billion at December 31, 2013. Average total assets were $14.60 billion during the fourth quarter of 2014, up $231.1 million from average total assets of $14.37 billion during the third quarter of 2014, and up $738.6 million from average total assets of $13.86 billion during the fourth quarter of 2013.
Total loans and leases increased to $6.90 billion at December 31, 2014, up from $6.61 billion at September 30, 2014, and up from $6.10 billion at December 31, 2013. The commercial loan portfolio was $2.83 billion at the end of the fourth quarter of 2014, up 3.6 percent from commercial loans of $2.73 billion at the end of the third quarter of 2014 and up 11.9 percent from commercial loans of $2.53 billion at the end of the fourth quarter last year. Consumer loans increased to $4.07 billion at December 31, 2014, up 5.0 percent from consumer loans of $3.88 billion at the end of the third quarter of 2014, and up 14.1 percent from consumer loans of $3.57 billion at the end of the fourth quarter last year. Average total loans and leases were $6.75 billion during the fourth quarter of 2014, up from $6.49 billion during the previous quarter and $6.05 billion during the same quarter last year. Loan and lease portfolio balances, including the higher risk loans and leases outstanding, are summarized in Table 10.
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Bank of Hawaii Corporation 2014 Financial Results Page 4
Deposit generation continued to remain strong during the fourth quarter of 2014. Total deposits increased to $12.63 billion at December 31, 2014, up from total deposits of $12.36 billion at September 30, 2014 and $11.91 billion at December 31, 2013. Average total deposits were $12.44 billion in the fourth quarter of 2014, up from $12.20 billion during the previous quarter and $11.57 billion during the same quarter last year. Deposit balances are summarized in Tables 7a, 7b, and 10.
The investment portfolio was $6.76 billion at December 31, 2014 compared to $6.78 billion at September 30, 2014 and $6.99 billion at December 31, 2013. The investment portfolio remains largely comprised of securities issued by U. S. government agencies and includes $4.47 billion in securities held to maturity and $2.29 billion in securities available for sale.
During the fourth quarter of 2014, the Company repurchased 280.5 thousand shares of common stock at a total cost of $16.0 million under its share repurchase program. The average cost was $56.94 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through December 31, 2014, the Company has repurchased 52.0 million shares and returned over $1.9 billion to shareholders at an average cost of $36.96 per share. Remaining buyback authority under the share repurchase program was $73.2 million at December 31, 2014. From January 2 through January 23, 2015, the Company repurchased an additional 75.0 thousand shares of common stock at an average cost of $56.02 per share repurchased.
Total shareholders’ equity was $1.06 billion at December 31, 2014, down slightly from September 30, 2014 and up from $1.01 billion at December 31, 2013. The Tier 1 Capital Ratio was 14.69 percent at December 31, 2014 compared with 15.32 percent at September 30, 2014 and 16.05 percent at December 31, 2013. The Tier 1 Leverage Ratio at December 31, 2014 was 7.13 percent, compared with 7.19 percent at September 30, 2014 and 7.24 percent at December 31, 2013.
The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares. The dividend will be payable on March 13, 2015 to shareholders of record at the close of business on February 27, 2015.
Hawaii Economy
General economic conditions in Hawaii continued to be healthy during the fourth quarter of 2014, led by a strong tourism industry, relatively low unemployment, rising real estate prices, and accelerating construction activity. For the first eleven months of 2014, total visitor arrivals increased by 0.9 percent and visitor spending increased by 2.3 percent compared to the same period in 2013. While the rate of visitor growth has eased from the prior year, 2014 is on track to be another record year for tourism in Hawaii. The statewide seasonally-adjusted unemployment rate held steady at 4.0 percent in December 2014, which is among the lowest in the nation. Real estate prices on Oahu reached new records during 2014, even as the number of sales declined slightly due to limited inventory of available properties on the market. The volume of single-family home sales on Oahu declined 0.8 percent in 2014 compared to 2013 and the volume of condominium sales on Oahu declined 1.3 percent compared to 2013. The median price of single-family home sales on Oahu increased 3.8 percent during 2014 and the median price of condominium sales on Oahu was 5.4 percent higher compared to 2013. As of December 31, 2014, months of inventory of single-family homes and condominiums on Oahu remained low at approximately 2.6 months and 3.0 months, respectively.
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Bank of Hawaii Corporation 2014 Financial Results Page 5
Conference Call Information
The Company will review its 2014 financial results today at 1:00 p.m. Hawaii Time (6:00 p.m. Eastern Time). The call will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation’s web site, www.boh.com. Conference call participants located in the United States or Canada should dial 1 (800) 708-4540. All other international conference call participants should dial 1 (847) 619-6397. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning on Monday, January 26, 2015 by dialing 1 (888) 843-7419 in the United States or Canada and 1 (630) 652-3042 from other international locations. Enter the pass code number 38758852# when prompted. A replay of the conference call will also be available via the Investor Relations link on the Company’s website, www.boh.com.
Forward-Looking Statements
This news release, and other statements made by the Company in connection with it may contain "forward-looking statements", such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the U.S. Securities and Exchange Commission. We do not promise to update forward-looking statements to reflect later events or circumstances.
Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa, and the West Pacific. The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com.
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| | | | | | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | | | | |
| Financial Highlights | | | | | | | | | Table 1a |
| |
| | Three Months Ended | | Year Ended | |
| | December 31, | | September 30, | | December 31, | | December 31, | |
| (dollars in thousands, except per share amounts) | 2014 | | 2014 | | 2013 | | 2014 | | 2013 | |
| For the Period: | | | | | | | | | | |
| Operating Results | | | | | | | | | | |
| Net Interest Income | $ | 96,632 |
| | $ | 95,379 |
| | $ | 92,120 |
| | $ | 379,656 |
| | $ | 358,907 |
| |
| Provision for Credit Losses | — |
| | (2,665 | ) | | — |
| | (4,864 | ) | | — |
| |
| Total Noninterest Income | 45,818 |
| | 44,950 |
| | 45,278 |
| | 180,017 |
| | 186,223 |
| |
| Total Noninterest Expense | 81,240 |
| | 81,030 |
| | 82,424 |
| | 326,899 |
| | 330,969 |
| |
| Net Income | 41,191 |
| | 41,769 |
| | 39,055 |
| | 163,042 |
| | 150,502 |
| |
| Basic Earnings Per Share | 0.95 |
| | 0.95 |
| | 0.88 |
| | 3.71 |
| | 3.39 |
| |
| Diluted Earnings Per Share | 0.94 |
| | 0.95 |
| | 0.88 |
| | 3.69 |
| | 3.38 |
| |
| Dividends Declared Per Share | 0.45 |
| | 0.45 |
| | 0.45 |
| | 1.80 |
| | 1.80 |
| |
| | | | | | | | | | | |
| Performance Ratios | | | | | | | | | | |
| Return on Average Assets | 1.12 |
| % | 1.15 |
| % | 1.12 |
| % | 1.14 |
| % | 1.10 |
| % |
| Return on Average Shareholders' Equity | 15.39 |
| | 15.57 |
| | 15.36 |
| | 15.50 |
| | 14.78 |
| |
Efficiency Ratio 1 | 57.03 |
| | 57.74 |
| | 59.99 |
| | 58.41 |
| | 60.71 |
| |
Net Interest Margin 2 | 2.84 |
| | 2.85 |
| | 2.85 |
| | 2.85 |
| | 2.81 |
| |
Dividend Payout Ratio 3 | 47.37 |
| | 47.37 |
| | 51.14 |
| | 48.52 |
| | 53.10 |
| |
| Average Shareholders' Equity to Average Assets | 7.27 |
| | 7.41 |
| | 7.28 |
| | 7.35 |
| | 7.44 |
| |
| | | | | | | | | | | |
| Average Balances | | | | | | | | | | |
| Average Loans and Leases | $ | 6,746,332 |
| | $ | 6,488,780 |
| | $ | 6,053,607 |
| | $ | 6,405,431 |
| | $ | 5,883,686 |
| |
| Average Assets | 14,603,493 |
| | 14,372,375 |
| | 13,864,914 |
| | 14,317,516 |
| | 13,692,133 |
| |
| Average Deposits | 12,435,692 |
| | 12,200,654 |
| | 11,571,905 |
| | 12,122,148 |
| | 11,396,801 |
| |
| Average Shareholders' Equity | 1,061,900 |
| | 1,064,589 |
| | 1,008,813 |
| | 1,052,195 |
| | 1,018,287 |
| |
| | | | | | | | | | | |
| Per Share of Common Stock | | | | | | | | | | |
| Book Value | $ | 24.13 |
| | $ | 24.04 |
| | $ | 22.75 |
| | $ | 24.13 |
| | $ | 22.75 |
| |
| Tangible Book Value | 23.41 |
| | 23.32 |
| | 22.04 |
| | 23.41 |
| | 22.04 |
| |
| Market Value | | | | | | | | | | |
| Closing | 59.31 |
| | 56.81 |
| | 59.14 |
| | 59.31 |
| | 59.14 |
| |
| High | 61.00 |
| | 60.75 |
| | 59.92 |
| | 61.73 |
| | 59.92 |
| |
| Low | 52.70 |
| | 55.55 |
| | 53.16 |
| | 52.70 |
| | 44.88 |
| |
| | | | | | | | | | | |
| | | |
|
| | December 31, |
| | September 30, |
| | December 31, |
| |
| | | |
|
| | 2014 |
| | 2014 |
| | 2013 |
| |
| As of Period End: | | | | | | | | | | |
| Balance Sheet Totals | | | | | | | | | | |
| Loans and Leases | | |
|
| | $ | 6,897,589 |
| | $ | 6,606,350 |
| | $ | 6,095,387 |
| |
| Total Assets | | |
| | 14,787,208 |
| | 14,510,166 |
| | 14,084,280 |
| |
| Total Deposits | | |
| | 12,633,089 |
| | 12,361,441 |
| | 11,914,656 |
| |
| Long-Term Debt | | |
| | 173,912 |
| | 173,926 |
| | 174,706 |
| |
| Total Shareholders' Equity | | |
| | 1,055,086 |
| | 1,057,413 |
| | 1,011,976 |
| |
| | | | | | | | | | | |
| Asset Quality | | | | | | | | | | |
| Allowance for Loan and Lease Losses | | |
|
| | $ | 108,688 |
| | $ | 110,362 |
| | $ | 115,454 |
| |
| Non-Performing Assets | | |
| | 30,082 |
| | 33,307 |
| | 39,650 |
| |
| | | | | | | | | | | |
| Financial Ratios | | | | | | | | | | |
| Allowance to Loans and Leases Outstanding | |
|
| | 1.58 |
| % | 1.67 |
| % | 1.89 |
| % |
Tier 1 Capital Ratio 4 | | |
|
| | 14.69 |
| | 15.32 |
| | 16.05 |
| |
Total Capital Ratio 4 | | |
|
| | 15.94 |
| | 16.57 |
| | 17.31 |
| |
Tier 1 Leverage Ratio 4 | | |
|
| | 7.13 |
| | 7.19 |
| | 7.24 |
| |
| Total Shareholders' Equity to Total Assets | | |
|
| | 7.14 |
| | 7.29 |
| | 7.19 |
| |
Tangible Common Equity to Tangible Assets 5 | |
|
| | 6.94 |
| | 7.09 |
| | 6.98 |
| |
Tangible Common Equity to Risk-Weighted Assets 4, 5 | |
|
| | 14.46 |
| | 15.23 |
| | 15.67 |
| |
| | | | | | | | | | | |
| Non-Financial Data | | | | | | | | | | |
| Full-Time Equivalent Employees | | |
| | 2,161 |
| | 2,170 |
| | 2,196 |
| |
| Branches | | |
| | 74 |
| | 74 |
| | 74 |
| |
| ATMs | | |
| | 459 |
| | 459 |
| | 466 |
| |
| | | | | | | | | | | |
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 Financial ratios as of December 31, 2013 were revised to conform to the current period calculation. | | | | | |
5 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 1b “Reconciliation of Non-GAAP Financial Measures." |
|
| | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | | |
| Reconciliation of Non-GAAP Financial Measures | | | | | Table 1b |
|
| | | | December 31, |
| | September 30, |
| | December 31, |
|
| (dollars in thousands) | | 2014 |
| | 2014 |
| | 2013 |
|
| Total Shareholders' Equity | | $ | 1,055,086 |
| | $ | 1,057,413 |
| | $ | 1,011,976 |
|
| Less: | Goodwill | | 31,517 |
| | 31,517 |
| | 31,517 |
|
| Tangible Common Equity | | $ | 1,023,569 |
| | $ | 1,025,896 |
| | $ | 980,459 |
|
| | | | | | | | |
| Total Assets | | $ | 14,787,208 |
| | $ | 14,510,166 |
| | $ | 14,084,280 |
|
| Less: | Goodwill | | 31,517 |
| | 31,517 |
| | 31,517 |
|
| Tangible Assets | | $ | 14,755,691 |
| | $ | 14,478,649 |
| | $ | 14,052,763 |
|
| | | | | | | | |
| Risk-Weighted Assets, determined in accordance | | | | | | |
| | with prescribed regulatory requirements 1 | | $ | 7,077,035 |
| | $ | 6,737,853 |
| | $ | 6,258,178 |
|
| | | | | | | | |
| Total Shareholders' Equity to Total Assets | | 7.14 | % | | 7.29 | % | | 7.19 | % |
| Tangible Common Equity to Tangible Assets (Non-GAAP) | | 6.94 | % | | 7.09 | % | | 6.98 | % |
| | | | | | | | |
Tier 1 Capital Ratio 1 | | 14.69 | % | | 15.32 | % | | 16.05 | % |
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 | | 14.46 | % | | 15.23 | % | | 15.67 | % |
| | | | | | | | |
| | | | | | | | |
1 Risk-weighted assets and financial ratios as of December 31, 2013 were revised to conform to the current period calculation. |
|
| | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | |
| Net Significant Items | | | | | | Table 2 |
|
| | Three Months Ended | | Year Ended |
| | December 31, |
| September 30, |
| December 31, |
| | December 31, |
| (dollars in thousands) | 2014 |
| 2014 |
| 2013 |
| | 2014 |
| 2013 |
|
| Investment Securities Gains, Net | $ | 1,966 |
| $ | 1,858 |
| $ | — |
| | $ | 8,063 |
| $ | — |
|
| Decrease in Allowance for Loan and Lease Losses | 1,674 |
| 3,476 |
| 8,225 |
| | 6,766 |
| 13,403 |
|
| Separation Expense | 202 |
| (14 | ) | (394 | ) | | (448 | ) | (4,486 | ) |
| Professional and Casualty Reserve Adjustment | 2,009 |
| — |
| — |
| | 2,009 |
| — |
|
| Operating Losses | — |
| — |
| — |
| | (730 | ) | — |
|
| Significant Items Before the Provision (Benefit) for Income Taxes | 5,851 |
| 5,320 |
| 7,831 |
| | 15,660 |
| 8,917 |
|
| Release of Tax Reserve | — |
| — |
| — |
| | (1,249 | ) | (2,357 | ) |
| Income Tax Impact | 2,294 |
| 2,085 |
| 2,741 |
| | 6,139 |
| 3,121 |
|
| Net Significant Items | $ | 3,557 |
| $ | 3,235 |
| $ | 5,090 |
| | $ | 10,770 |
| $ | 8,153 |
|
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| | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | |
| Consolidated Statements of Income | | | | Table 3 |
|
| | Three Months Ended | | Year Ended |
| | December 31, | September 30, | December 31, | | December 31, |
| (dollars in thousands, except per share amounts) | 2014 | 2014 | 2013 | | 2014 | 2013 |
| Interest Income | | | | | | |
| Interest and Fees on Loans and Leases | $ | 69,974 |
| $ | 68,089 |
| $ | 63,809 |
| | $ | 267,407 |
| $ | 253,276 |
|
| Income on Investment Securities | | | | | | |
| Available-for-Sale | 10,732 |
| 10,286 |
| 10,608 |
| | 42,475 |
| 53,570 |
|
| Held-to-Maturity | 24,966 |
| 26,067 |
| 26,882 |
| | 105,860 |
| 90,062 |
|
| Deposits | 2 |
| 3 |
| 3 |
| | 9 |
| 10 |
|
| Funds Sold | 192 |
| 176 |
| 105 |
| | 673 |
| 415 |
|
| Other | 303 |
| 302 |
| 302 |
| | 1,209 |
| 1,172 |
|
| Total Interest Income | 106,169 |
| 104,923 |
| 101,709 |
| | 417,633 |
| 398,505 |
|
| Interest Expense | | | | | | |
| Deposits | 2,392 |
| 2,391 |
| 2,418 |
| | 9,534 |
| 10,143 |
|
| Securities Sold Under Agreements to Repurchase | 6,520 |
| 6,523 |
| 6,530 |
| | 25,905 |
| 26,837 |
|
| Funds Purchased | 3 |
| 3 |
| 8 |
| | 13 |
| 44 |
|
| Short-Term Borrowings | — |
| — |
| 2 |
| | — |
| 2 |
|
| Long-Term Debt | 622 |
| 627 |
| 631 |
| | 2,525 |
| 2,572 |
|
| Total Interest Expense | 9,537 |
| 9,544 |
| 9,589 |
| | 37,977 |
| 39,598 |
|
| Net Interest Income | 96,632 |
| 95,379 |
| 92,120 |
| | 379,656 |
| 358,907 |
|
| Provision for Credit Losses | — |
| (2,665 | ) | — |
| | (4,864 | ) | — |
|
| Net Interest Income After Provision for Credit Losses | 96,632 |
| 98,044 |
| 92,120 |
| | 384,520 |
| 358,907 |
|
| Noninterest Income | | | | | | |
| Trust and Asset Management | 12,225 |
| 11,716 |
| 12,240 |
| | 47,798 |
| 47,932 |
|
| Mortgage Banking | 2,116 |
| 1,646 |
| 2,823 |
| | 7,571 |
| 19,186 |
|
| Service Charges on Deposit Accounts | 9,058 |
| 9,095 |
| 9,326 |
| | 35,669 |
| 37,124 |
|
| Fees, Exchange, and Other Service Charges | 13,702 |
| 13,390 |
| 12,670 |
| | 53,401 |
| 50,469 |
|
| Investment Securities Gains, Net | 1,966 |
| 1,858 |
| — |
| | 8,063 |
| — |
|
| Annuity and Insurance | 1,664 |
| 2,348 |
| 2,295 |
| | 8,065 |
| 9,190 |
|
| Bank-Owned Life Insurance | 1,874 |
| 1,644 |
| 1,895 |
| | 6,639 |
| 5,892 |
|
| Other | 3,213 |
| 3,253 |
| 4,029 |
| | 12,811 |
| 16,430 |
|
| Total Noninterest Income | 45,818 |
| 44,950 |
| 45,278 |
| | 180,017 |
| 186,223 |
|
| Noninterest Expense | | | | | | |
| Salaries and Benefits | 45,520 |
| 45,530 |
| 43,643 |
| | 183,028 |
| 184,211 |
|
| Net Occupancy | 9,291 |
| 9,334 |
| 9,602 |
| | 37,296 |
| 38,745 |
|
| Net Equipment | 4,734 |
| 4,473 |
| 4,837 |
| | 18,479 |
| 18,366 |
|
| Data Processing | 3,823 |
| 3,665 |
| 3,827 |
| | 14,979 |
| 13,840 |
|
| Professional Fees | 3,086 |
| 1,835 |
| 2,669 |
| | 9,794 |
| 9,405 |
|
| FDIC Insurance | 2,055 |
| 1,750 |
| 1,954 |
| | 7,936 |
| 7,765 |
|
| Other | 12,731 |
| 14,443 |
| 15,892 |
| | 55,387 |
| 58,637 |
|
| Total Noninterest Expense | 81,240 |
| 81,030 |
| 82,424 |
| | 326,899 |
| 330,969 |
|
| Income Before Provision for Income Taxes | 61,210 |
| 61,964 |
| 54,974 |
| | 237,638 |
| 214,161 |
|
| Provision for Income Taxes | 20,019 |
| 20,195 |
| 15,919 |
| | 74,596 |
| 63,659 |
|
| Net Income | $ | 41,191 |
| $ | 41,769 |
| $ | 39,055 |
| | $ | 163,042 |
| $ | 150,502 |
|
| Basic Earnings Per Share | $ | 0.95 |
| $ | 0.95 |
| $ | 0.88 |
| | $ | 3.71 |
| $ | 3.39 |
|
| Diluted Earnings Per Share | $ | 0.94 |
| $ | 0.95 |
| $ | 0.88 |
| | $ | 3.69 |
| $ | 3.38 |
|
| Dividends Declared Per Share | $ | 0.45 |
| $ | 0.45 |
| $ | 0.45 |
| | $ | 1.80 |
| $ | 1.80 |
|
| Basic Weighted Average Shares | 43,499,627 |
| 43,859,396 |
| 44,223,281 |
| | 43,899,208 |
| 44,380,948 |
|
| Diluted Weighted Average Shares | 43,758,873 |
| 44,088,553 |
| 44,496,313 |
| | 44,125,456 |
| 44,572,725 |
|
|
| | | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | |
| Consolidated Statements of Comprehensive Income | | | Table 4 |
|
| | | Three Months Ended | | Year Ended |
| | | December 31, | September 30, | December 31, | | December 31, |
| (dollars in thousands) | 2014 | 2014 | 2013 | | 2014 | 2013 |
| Net Income | $ | 41,191 |
| $ | 41,769 |
| $ | 39,055 |
| | $ | 163,042 |
| $ | 150,502 |
|
| Other Comprehensive Income (Loss), Net of Tax: | | | | | | |
| | Net Unrealized Gains (Losses) on Investment Securities | 1,567 |
| 403 |
| (6,006 | ) | | 16,858 |
| (69,206 | ) |
| | Defined Benefit Plans | (12,190 | ) | 157 |
| 7,694 |
| | (11,721 | ) | 8,175 |
|
| Total Other Comprehensive Income (Loss) | (10,623 | ) | 560 |
| 1,688 |
| | 5,137 |
| (61,031 | ) |
| Comprehensive Income | $ | 30,568 |
| $ | 42,329 |
| $ | 40,743 |
| | $ | 168,179 |
| $ | 89,471 |
|
|
| | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries |
| Consolidated Statements of Condition | | | Table 5 |
|
| | December 31, |
| September 30, |
| December 31, |
|
| (dollars in thousands) | 2014 |
| 2014 |
| 2013 |
|
| Assets | | | |
| Interest-Bearing Deposits in Other Banks | $ | 2,873 |
| $ | 3,883 |
| $ | 3,617 |
|
| Funds Sold | 360,577 |
| 377,303 |
| 271,414 |
|
| Investment Securities | | | |
| Available-for-Sale | 2,289,190 |
| 2,220,913 |
| 2,243,697 |
|
| Held-to-Maturity (Fair Value of $4,504,495; $4,576,396; and $4,697,587) | 4,466,679 |
| 4,557,614 |
| 4,744,519 |
|
| Loans Held for Sale | 5,136 |
| 2,382 |
| 6,435 |
|
| Loans and Leases | 6,897,589 |
| 6,606,350 |
| 6,095,387 |
|
| Allowance for Loan and Lease Losses | (108,688 | ) | (110,362 | ) | (115,454 | ) |
| Net Loans and Leases | 6,788,901 |
| 6,495,988 |
| 5,979,933 |
|
| Total Earning Assets | 13,913,356 |
| 13,658,083 |
| 13,249,615 |
|
| Cash and Due from Banks | 172,126 |
| 172,386 |
| 188,715 |
|
| Premises and Equipment, Net | 109,854 |
| 107,560 |
| 108,636 |
|
| Accrued Interest Receivable | 44,654 |
| 46,641 |
| 43,930 |
|
| Foreclosed Real Estate | 2,311 |
| 3,562 |
| 3,205 |
|
| Mortgage Servicing Rights | 24,695 |
| 25,559 |
| 28,123 |
|
| Goodwill | 31,517 |
| 31,517 |
| 31,517 |
|
| Bank-Owned Life Insurance | 262,807 |
| 261,862 |
| 223,246 |
|
| Other Assets | 225,888 |
| 202,996 |
| 207,293 |
|
| Total Assets | $ | 14,787,208 |
| $ | 14,510,166 |
| $ | 14,084,280 |
|
| | | | |
| Liabilities | | | |
| Deposits | | | |
| Noninterest-Bearing Demand | $ | 3,832,943 |
| $ | 3,824,544 |
| $ | 3,681,128 |
|
| Interest-Bearing Demand | 2,559,570 |
| 2,369,434 |
| 2,355,608 |
|
| Savings | 4,806,575 |
| 4,738,364 |
| 4,560,150 |
|
| Time | 1,434,001 |
| 1,429,099 |
| 1,317,770 |
|
| Total Deposits | 12,633,089 |
| 12,361,441 |
| 11,914,656 |
|
| Funds Purchased | 8,459 |
| 8,459 |
| 9,982 |
|
| Securities Sold Under Agreements to Repurchase | 688,601 |
| 700,203 |
| 770,049 |
|
| Long-Term Debt | 173,912 |
| 173,926 |
| 174,706 |
|
| Retirement Benefits Payable | 55,477 |
| 35,152 |
| 34,965 |
|
| Accrued Interest Payable | 5,148 |
| 6,086 |
| 4,871 |
|
| Taxes Payable and Deferred Taxes | 27,777 |
| 42,468 |
| 34,907 |
|
| Other Liabilities | 139,659 |
| 125,018 |
| 128,168 |
|
| Total Liabilities | 13,732,122 |
| 13,452,753 |
| 13,072,304 |
|
| Shareholders' Equity | | | |
| Common Stock ($.01 par value; authorized 500,000,000 shares; | | | |
| issued / outstanding: December 31, 2014 - 57,634,755 / 43,724,208; | | | |
| September 30, 2014 - 57,633,855 / 43,993,729; | | | |
| and December 31, 2013 - 57,480,846 / 44,490,385) | 574 |
| 573 |
| 572 |
|
| Capital Surplus | 531,932 |
| 529,530 |
| 522,505 |
|
| Accumulated Other Comprehensive Loss | (26,686 | ) | (16,063 | ) | (31,823 | ) |
| Retained Earnings | 1,234,801 |
| 1,213,339 |
| 1,151,754 |
|
| Treasury Stock, at Cost (Shares: December 31, 2014 - 13,910,547; | | | |
| September 30, 2014 - 13,640,126; and December 31, 2013 - 12,990,461) | (685,535 | ) | (669,966 | ) | (631,032 | ) |
| Total Shareholders' Equity | 1,055,086 |
| 1,057,413 |
| 1,011,976 |
|
| Total Liabilities and Shareholders' Equity | $ | 14,787,208 |
| $ | 14,510,166 |
| $ | 14,084,280 |
|
|
| | | | | | | | | | | | | | | | | | | | | |
| 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, 2012 | 44,754,835 |
| $ | 571 |
| $ | 515,619 |
| $ | 29,208 |
| $ | 1,084,477 |
| $ | (608,210 | ) | $ | 1,021,665 |
|
| Net Income | — |
| — |
| — |
| — |
| 150,502 |
| — |
| 150,502 |
|
| Other Comprehensive Loss | — |
| — |
| — |
| (61,031 | ) | — |
| — |
| (61,031 | ) |
| Share-Based Compensation | — |
| — |
| 5,546 |
| — |
| — |
| — |
| 5,546 |
|
| Common Stock Issued under Purchase and Equity | | | | | | | |
| | Compensation Plans and Related Tax Benefits | 505,691 |
| 1 |
| 1,340 |
| — |
| (2,691 | ) | 16,833 |
| 15,483 |
|
| Common Stock Repurchased | (770,141 | ) | — |
| — |
| — |
| — |
| (39,655 | ) | (39,655 | ) |
| Cash Dividends Declared ($1.80 per share) | — |
| — |
| — |
| — |
| (80,534 | ) | — |
| (80,534 | ) |
| Balance as of December 31, 2013 | 44,490,385 |
| $ | 572 |
| $ | 522,505 |
| $ | (31,823 | ) | $ | 1,151,754 |
| $ | (631,032 | ) | $ | 1,011,976 |
|
| Net Income | — |
| — |
| — |
| — |
| 163,042 |
| — |
| 163,042 |
|
| Other Comprehensive Income | — |
| — |
| — |
| 5,137 |
| | | 5,137 |
|
| Share-Based Compensation | — |
| — |
| 7,870 |
| — |
| — |
| — |
| 7,870 |
|
| Common Stock Issued under Purchase and Equity | | | | | | | |
| | Compensation Plans and Related Tax Benefits | 345,278 |
| 2 |
| 1,557 |
| — |
| (335 | ) | 9,543 |
| 10,767 |
|
| Common Stock Repurchased | (1,111,455 | ) | — |
| — |
| — |
| — |
| (64,046 | ) | (64,046 | ) |
| Cash Dividends Declared ($1.80 per share) | — |
| — |
| — |
| — |
| (79,660 | ) | — |
| (79,660 | ) |
| Balance as of December 31, 2014 | 43,724,208 |
| $ | 574 |
| $ | 531,932 |
| $ | (26,686 | ) | $ | 1,234,801 |
| $ | (685,535 | ) | $ | 1,055,086 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | | | | | |
| Average Balances and Interest Rates - Taxable-Equivalent Basis | | | | | Table 7a | | |
| | | Three Months Ended | | Three Months Ended | | Three Months Ended | |
| | | December 31, 2014 | | September 30, 2014 | | December 31, 2013 | |
| | | 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 | $ | 3.4 |
| $ | — |
| 0.24 |
| % | $ | 4.1 |
| $ | — |
| 0.24 |
| % | $ | 3.2 |
| $ | — |
| 0.42 |
| % |
| Funds Sold | 358.8 |
| 0.2 |
| 0.21 |
| | 326.2 |
| 0.2 |
| 0.21 |
| | 222.8 |
| 0.1 |
| 0.18 |
| |
| Investment Securities | | | | | | | | | | | | |
| | Available-for-Sale | | | | | | | | | | | | |
| | Taxable | 1,563.9 |
| 7 |
| 1.78 |
| | 1,508.0 |
| 6.6 |
| 1.75 |
| | 1,654.6 |
| 7.3 |
| 1.77 |
| |
| | Non-Taxable | 715.1 |
| 5.8 |
| 3.24 |
| | 704.0 |
| 5.7 |
| 3.22 |
| | 620.2 |
| 5.1 |
| 3.26 |
| |
| | Held-to-Maturity | | | | | | | | | | | | |
| | Taxable | 4,256.3 |
| 23.3 |
| 2.19 |
| | 4,390.2 |
| 24.4 |
| 2.23 |
| | 4,399.9 |
| 25.2 |
| 2.29 |
| |
| | Non-Taxable | 250.0 |
| 2.5 |
| 3.95 |
| | 250.9 |
| 2.5 |
| 3.95 |
| | 253.5 |
| 2.5 |
| 3.97 |
| |
| Total Investment Securities | 6,785.3 |
| 38.6 |
| 2.27 |
| | 6,853.1 |
| 39.2 |
| 2.29 |
| | 6,928.2 |
| 40.1 |
| 2.32 |
| |
| Loans Held for Sale | 2.8 |
| — |
| 3.92 |
| | 2.0 |
| — |
| 4.03 |
| | 7.8 |
| 0.1 |
| 5.07 |
| |
Loans and Leases 1 | | | | | | | | | | | | |
| | Commercial and Industrial | 1,025.3 |
| 8.5 |
| 3.30 |
| | 980.8 |
| 8.9 |
| 3.61 |
| | 906.3 |
| 7.8 |
| 3.42 |
| |
| | Commercial Mortgage | 1,421.3 |
| 13.9 |
| 3.87 |
| | 1,350.6 |
| 13.3 |
| 3.89 |
| | 1,237.0 |
| 12.4 |
| 3.97 |
| |
| | Construction | 110.4 |
| 1.2 |
| 4.52 |
| | 126.2 |
| 1.3 |
| 4.20 |
| | 115.2 |
| 1.3 |
| 4.63 |
| |
| | Commercial Lease Financing | 228.7 |
| 1.9 |
| 3.41 |
| | 235.1 |
| 2.0 |
| 3.33 |
| | 255.6 |
| 1.4 |
| 2.14 |
| |
| | Residential Mortgage | 2,501.8 |
| 26.5 |
| 4.24 |
| | 2,396.7 |
| 25.3 |
| 4.22 |
| | 2,284.4 |
| 24.8 |
| 4.35 |
| |
| | Home Equity | 850.5 |
| 8.2 |
| 3.82 |
| | 823.3 |
| 8.1 |
| 3.92 |
| | 767.7 |
| 7.8 |
| 4.04 |
| |
| | Automobile | 314.0 |
| 4.2 |
| 5.29 |
| | 296.6 |
| 4.0 |
| 5.29 |
| | 248.9 |
| 3.4 |
| 5.39 |
| |
| | Other 2 | 294.3 |
| 5.5 |
| 7.37 |
| | 279.5 |
| 5.2 |
| 7.45 |
| | 238.5 |
| 4.9 |
| 8.08 |
| |
| Total Loans and Leases | 6,746.3 |
| 69.9 |
| 4.13 |
| | 6,488.8 |
| 68.1 |
| 4.18 |
| | 6,053.6 |
| 63.8 |
| 4.19 |
| |
| Other | 68.7 |
| 0.3 |
| 1.76 |
| | 71.4 |
| 0.3 |
| 1.69 |
| | 77.5 |
| 0.3 |
| 1.55 |
| |
Total Earning Assets 3 | 13,965.3 |
| 109 |
| 3.11 |
| | 13,745.6 |
| 107.8 |
| 3.13 |
| | 13,293.1 |
| 104.4 |
| 3.13 |
| |
| Cash and Due from Banks | 140.2 |
| | | | 152.4 |
| | | | 136.8 |
| | | |
| Other Assets | 498.0 |
| | | | 474.4 |
| | | | 435.0 |
| | | |
| Total Assets | $ | 14,603.5 |
| | | | $ | 14,372.4 |
| | | | $ | 13,864.9 |
| | | |
| | | | | | | | | | | | | | |
| Interest-Bearing Liabilities | | | | | | | | | | | | |
| Interest-Bearing Deposits | | | | | | | | | | | | |
| | Demand | $ | 2,459.0 |
| 0.2 |
| 0.03 |
| | $ | 2,417.4 |
| 0.2 |
| 0.03 |
| | $ | 2,245.5 |
| 0.1 |
| 0.03 |
| |
| | Savings | 4,720.7 |
| 1.0 |
| 0.09 |
| | 4,591.4 |
| 1.0 |
| 0.09 |
| | 4,499.5 |
| 1.0 |
| 0.09 |
| |
| | Time | 1,480.5 |
| 1.2 |
| 0.32 |
| | 1,440.1 |
| 1.2 |
| 0.34 |
| | 1,331.2 |
| 1.3 |
| 0.38 |
| |
| Total Interest-Bearing Deposits | 8,660.2 |
| 2.4 |
| 0.11 |
| | 8,448.9 |
| 2.4 |
| 0.11 |
| | 8,076.2 |
| 2.4 |
| 0.12 |
| |
| Short-Term Borrowings | 8.5 |
| — |
| 0.14 |
| | 9.3 |
| — |
| 0.14 |
| | 28.3 |
| — |
| 0.15 |
| |
Securities Sold Under Agreements to Repurchase | 693.2 |
| 6.5 |
| 3.68 |
| | 715.6 |
| 6.5 |
| 3.57 |
| | 832.6 |
| 6.6 |
| 3.07 |
| |
| Long-Term Debt | 173.9 |
| 0.6 |
| 1.43 |
| | 173.8 |
| 0.6 |
| 1.44 |
| | 174.7 |
| 0.6 |
| 1.44 |
| |
| Total Interest-Bearing Liabilities | 9,535.8 |
| 9.5 |
| 0.39 |
| | 9,347.6 |
| 9.5 |
| 0.40 |
| | 9,111.8 |
| 9.6 |
| 0.41 |
| |
| Net Interest Income | | $ | 99.5 |
| | | | $ | 98.3 |
| | | | $ | 94.8 |
| | |
| | Interest Rate Spread | | | 2.72 |
| % | | | 2.73 |
| % | | | 2.72 |
| % |
| | Net Interest Margin | | | 2.84 |
| % | | | 2.85 |
| % | | | 2.85 |
| % |
| Noninterest-Bearing Demand Deposits | 3,775.5 |
| | | | 3,751.8 |
| | | | 3,495.7 |
| | | |
| Other Liabilities | 230.3 |
| | | | 208.4 |
| | | | 248.6 |
| | | |
| Shareholders' Equity | 1,061.9 |
| | | | 1,064.6 |
| | | | 1,008.8 |
| | | |
Total Liabilities and Shareholders' Equity | $ | 14,603.5 |
| | | | $ | 14,372.4 |
| | | | $ | 13,864.9 |
| | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
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 35%, of $2,908,000, $2,873,000, and $2,696,000 for the three months ended | |
| | December 31, 2014, September 30, 2014, and December 31, 2013, respectively. | | |
|
| | | | | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | |
| Average Balances and Interest Rates - Taxable-Equivalent Basis | | | | Table 7b |
| |
| | | Year Ended | | Year Ended | |
| | | December 31, 2014 | | December 31, 2013 | |
| | | Average |
| Income/ |
| Yield/ |
| | Average |
| Income/ |
| Yield/ |
| |
| (dollars in millions) | Balance |
| Expense |
| Rate |
| | Balance |
| Expense |
| Rate |
| |
| Earning Assets | | | | | | | | |
| Interest-Bearing Deposits in Other Banks | $ | 4.3 |
| $ | — |
| 0.21 |
| % | $ | 4.0 |
| $ | — |
| 0.26 |
| % |
| Funds Sold | 316.2 |
| 0.7 |
| 0.21 |
| | 221.2 |
| 0.4 |
| 0.19 |
| |
| Investment Securities | | | | | | | | |
| | Available-for-Sale | | | | | | | | |
| | Taxable | 1,536.5 |
| 27.7 |
| 1.80 |
| | 2,138.3 |
| 38.7 |
| 1.81 |
| |
| | Non-Taxable | 699.6 |
| 22.7 |
| 3.24 |
| | 684.2 |
| 22.9 |
| 3.35 |
| |
| | Held-to-Maturity | | | | | | | | |
| | Taxable | 4,412.5 |
| 99.4 |
| 2.25 |
| | 3,955.8 |
| 86.7 |
| 2.19 |
| |
| | Non-Taxable | 251.3 |
| 10.0 |
| 3.95 |
| | 130.8 |
| 5.1 |
| 3.94 |
| |
| Total Investment Securities | 6,899.9 |
| 159.8 |
| 2.32 |
| | 6,909.1 |
| 153.4 |
| 2.22 |
| |
| Loans Held for Sale | 3.2 |
| 0.1 |
| 4.31 |
| | 16.4 |
| 0.7 |
| 4.18 |
| |
Loans and Leases 1 | | | | | | | | |
| | Commercial and Industrial | 970.3 |
| 33.3 |
| 3.43 |
| | 865.8 |
| 30.9 |
| 3.57 |
| |
| | Commercial Mortgage | 1,331.5 |
| 52.5 |
| 3.94 |
| | 1,152.9 |
| 46.9 |
| 4.06 |
| |
| | Construction | 109.4 |
| 4.8 |
| 4.40 |
| | 114.6 |
| 5.4 |
| 4.75 |
| |
| | Commercial Lease Financing | 237.6 |
| 7.0 |
| 2.96 |
| | 261.6 |
| 6.0 |
| 2.31 |
| |
| | Residential Mortgage | 2,377.9 |
| 101.6 |
| 4.27 |
| | 2,275.8 |
| 101.7 |
| 4.47 |
| |
| | Home Equity | 815.6 |
| 31.9 |
| 3.91 |
| | 761.5 |
| 31.4 |
| 4.12 |
| |
| | Automobile | 288.8 |
| 15.4 |
| 5.32 |
| | 232.3 |
| 12.7 |
| 5.48 |
| |
| | Other 2 | 274.3 |
| 20.8 |
| 7.58 |
| | 219.2 |
| 18.0 |
| 8.21 |
| |
| Total Loans and Leases | 6,405.4 |
| 267.3 |
| 4.17 |
| | 5,883.7 |
| 253.0 |
| 4.30 |
| |
| Other | 72.7 |
| 1.2 |
| 1.66 |
| | 78.3 |
| 1.2 |
| 1.50 |
| |
Total Earning Assets 3 | 13,701.7 |
| 429.1 |
| 3.13 |
| | 13,112.7 |
| 408.7 |
| 3.12 |
| |
| Cash and Due from Banks | 143.4 |
| | | | 138.9 |
| | | |
| Other Assets | 472.4 |
| | | | 440.5 |
| | | |
| Total Assets | $ | 14,317.5 |
| | | | $ | 13,692.1 |
| | | |
| | | | | | | | | | |
| Interest-Bearing Liabilities | | | | | | | | |
| Interest-Bearing Deposits | | | | | | | | |
| | Demand | $ | 2,390.8 |
| 0.7 |
| 0.03 |
| | $ | 2,140.5 |
| 0.6 |
| 0.03 |
| |
| | Savings | 4,592.6 |
| 3.9 |
| 0.09 |
| | 4,461.4 |
| 3.9 |
| 0.09 |
| |
| | Time | 1,450.3 |
| 4.9 |
| 0.34 |
| | 1,406.2 |
| 5.6 |
| 0.40 |
| |
| Total Interest-Bearing Deposits | 8,433.7 |
| 9.5 |
| 0.11 |
| | 8,008.1 |
| 10.1 |
| 0.13 |
| |
| Short-Term Borrowings | 9.3 |
| — |
| 0.14 |
| | 31.7 |
| — |
| 0.15 |
| |
| Securities Sold Under Agreements to Repurchase | 747.9 |
| 25.9 |
| 3.46 |
| | 809.4 |
| 26.9 |
| 3.32 |
| |
| Long-Term Debt | 174.4 |
| 2.6 |
| 1.45 |
| | 171.0 |
| 2.6 |
| 1.50 |
| |
| Total Interest-Bearing Liabilities | 9,365.3 |
| 38.0 |
| 0.41 |
| | 9,020.2 |
| 39.6 |
| 0.44 |
| |
| Net Interest Income | | $ | 391.1 |
| | | | $ | 369.1 |
| | |
| | Interest Rate Spread | | | 2.72 |
| % | | | 2.68 |
| % |
| | Net Interest Margin | | | 2.85 |
| % | | | 2.81 |
| % |
| Noninterest-Bearing Demand Deposits | 3,688.4 |
| | | | 3,388.7 |
| | | |
| Other Liabilities | 211.6 |
| | | | 264.9 |
| | | |
| Shareholders' Equity | 1,052.2 |
| | | | 1,018.3 |
| | | |
| Total Liabilities and Shareholders' Equity | $ | 14,317.5 |
| | | | $ | 13,692.1 |
| | | |
| | | | | | | | | | |
| | | | | | | | | | |
1 Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis. | |
2 Comprised of other consumer revolving credit, installment, and consumer lease financing. | | | | | |
3 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 35%, of $11,479,000 and $10,194,000 for the | | |
| | years ended December 31, 2014 and December 31, 2013, respectively. | | | | | |
|
| | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | |
| Analysis of Change in Net Interest Income - Taxable-Equivalent Basis | | Table 8a |
|
| | Three Months Ended December 31, 2014 |
| | Compared to September 30, 2014 |
| (dollars in millions) | Volume 1 |
| Rate 1 |
| Total |
|
| Change in Interest Income: | | | |
| Investment Securities | | | |
| Available-for-Sale | | | |
| Taxable | $ | 0.2 |
| $ | 0.2 |
| $ | 0.4 |
|
| Non-Taxable | 0.1 |
| — |
| 0.1 |
|
| Held-to-Maturity | | | |
| Taxable | (0.7 | ) | (0.4 | ) | (1.1 | ) |
| Total Investment Securities | (0.4 | ) | (0.2 | ) | (0.6 | ) |
| Loans and Leases | | | |
| Commercial and Industrial | 0.4 |
| (0.8 | ) | (0.4 | ) |
| Commercial Mortgage | 0.7 |
| (0.1 | ) | 0.6 |
|
| Construction | (0.2 | ) | 0.1 |
| (0.1 | ) |
| Commercial Lease Financing | (0.1 | ) | — |
| (0.1 | ) |
| Residential Mortgage | 1.1 |
| 0.1 |
| 1.2 |
|
| Home Equity | 0.3 |
| (0.2 | ) | 0.1 |
|
| Automobile | 0.2 |
| — |
| 0.2 |
|
Other 2 | 0.3 |
| — |
| 0.3 |
|
| Total Loans and Leases | 2.7 |
| (0.9 | ) | 1.8 |
|
| Total Change in Interest Income | 2.3 |
| (1.1 | ) | 1.2 |
|
| | | | |
| Change in Interest Expense: | | | |
| Interest-Bearing Deposits | | | |
| Time | 0.1 |
| (0.1 | ) | — |
|
| Total Interest-Bearing Deposits | 0.1 |
| (0.1 | ) | — |
|
| Securities Sold Under Agreements to Repurchase | (0.2 | ) | 0.2 |
| — |
|
| Total Change in Interest Expense | (0.1 | ) | 0.1 |
| — |
|
| | | | |
| Change in Net Interest Income | $ | 2.4 |
| $ | (1.2 | ) | $ | 1.2 |
|
| | | | |
| | | | |
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 December 31, 2014 |
| | Compared to December 31, 2013 |
| (dollars in millions) | Volume 1 |
| Rate 1 |
| Total |
|
| Change in Interest Income: | | | |
| Funds Sold | $ | 0.1 |
| $ | — |
| $ | 0.1 |
|
| Investment Securities | | | |
| Available-for-Sale | | | |
| Taxable | (0.4 | ) | 0.1 |
| (0.3 | ) |
| Non-Taxable | 0.7 |
| — |
| 0.7 |
|
| Held-to-Maturity | | | |
| Taxable | (0.8 | ) | (1.1 | ) | (1.9 | ) |
| Total Investment Securities | (0.5 | ) | (1.0 | ) | (1.5 | ) |
| Loans Held for Sale | (0.1 | ) | — |
| (0.1 | ) |
| Loans and Leases | | | |
| Commercial and Industrial | 1.0 |
| (0.3 | ) | 0.7 |
|
| Commercial Mortgage | 1.8 |
| (0.3 | ) | 1.5 |
|
| Construction | (0.1 | ) | — |
| (0.1 | ) |
| Commercial Lease Financing | (0.2 | ) | 0.7 |
| 0.5 |
|
| Residential Mortgage | 2.3 |
| (0.6 | ) | 1.7 |
|
| Home Equity | 0.8 |
| (0.4 | ) | 0.4 |
|
| Automobile | 0.9 |
| (0.1 | ) | 0.8 |
|
Other 2 | 1.1 |
| (0.5 | ) | 0.6 |
|
| Total Loans and Leases | 7.6 |
| (1.5 | ) | 6.1 |
|
| Total Change in Interest Income | 7.1 |
| (2.5 | ) | 4.6 |
|
| | | | |
| Change in Interest Expense: | | | |
| Interest-Bearing Deposits | | | |
| Demand | 0.1 |
| — |
| 0.1 |
|
| Time | 0.1 |
| (0.2 | ) | (0.1 | ) |
| Total Interest-Bearing Deposits | 0.2 |
| (0.2 | ) | — |
|
| Securities Sold Under Agreements to Repurchase | (1.2 | ) | 1.1 |
| (0.1 | ) |
| Total Change in Interest Expense | (1.0 | ) | 0.9 |
| (0.1 | ) |
| | | | |
| Change in Net Interest Income | $ | 8.1 |
| $ | (3.4 | ) | $ | 4.7 |
|
| | | | |
| | | | |
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns. |
2 Comprised of other consumer revolving credit, installment, and consumer lease financing. | |
|
| | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | |
| Analysis of Change in Net Interest Income - Taxable-Equivalent Basis | | Table 8c |
|
| | Year Ended December 31, 2014 |
| | Compared to December 31, 2013 |
| (dollars in millions) | Volume 1 |
| Rate 1 |
| Total |
|
| Change in Interest Income: | | | |
| Funds Sold | $ | 0.2 |
| $ | 0.1 |
| $ | 0.3 |
|
| Investment Securities | | | |
| Available-for-Sale | | | |
| Taxable | (10.9 | ) | (0.1 | ) | (11.0 | ) |
| Non-Taxable | 0.6 |
| (0.8 | ) | (0.2 | ) |
| Held-to-Maturity | | | |
| Taxable | 10.2 |
| 2.5 |
| 12.7 |
|
| Non-Taxable | 4.9 |
| — |
| 4.9 |
|
| Total Investment Securities | 4.8 |
| 1.6 |
| 6.4 |
|
| Loans Held for Sale | (0.6 | ) | — |
| (0.6 | ) |
| Loans and Leases | | | |
| Commercial and Industrial | 3.6 |
| (1.2 | ) | 2.4 |
|
| Commercial Mortgage | 7.0 |
| (1.4 | ) | 5.6 |
|
| Construction | (0.2 | ) | (0.4 | ) | (0.6 | ) |
| Commercial Lease Financing | (0.6 | ) | 1.6 |
| 1.0 |
|
| Residential Mortgage | 4.4 |
| (4.5 | ) | (0.1 | ) |
| Home Equity | 2.2 |
| (1.7 | ) | 0.5 |
|
| Automobile | 3.0 |
| (0.3 | ) | 2.7 |
|
Other 2 | 4.3 |
| (1.5 | ) | 2.8 |
|
| Total Loans and Leases | 23.7 |
| (9.4 | ) | 14.3 |
|
| Other | (0.1 | ) | 0.1 |
| — |
|
| Total Change in Interest Income | 28.0 |
| (7.6 | ) | 20.4 |
|
| | | | |
| Change in Interest Expense: | | | |
| Interest-Bearing Deposits | | | |
| Demand | 0.1 |
| — |
| 0.1 |
|
| Savings | 0.1 |
| (0.1 | ) | — |
|
| Time | 0.2 |
| (0.9 | ) | (0.7 | ) |
| Total Interest-Bearing Deposits | 0.4 |
| (1.0 | ) | (0.6 | ) |
| Securities Sold Under Agreements to Repurchase | (2.1 | ) | 1.1 |
| (1.0 | ) |
| Long-Term Debt | 0.1 |
| (0.1 | ) | — |
|
| Total Change in Interest Expense | (1.6 | ) | — |
| (1.6 | ) |
| | | | |
| Change in Net Interest Income | $ | 29.6 |
| $ | (7.6 | ) | $ | 22.0 |
|
| | | | |
| | | | |
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 | | | | |
| Salaries and Benefits | | | | | | Table 9 |
|
| | Three Months Ended | | Year Ended |
| | December 31, | September 30, | December 31, | | December 31, |
| (dollars in thousands) | 2014 | 2014 | 2013 | | 2014 | 2013 |
| Salaries | $ | 28,751 |
| $ | 28,990 |
| $ | 28,636 |
| | $ | 114,199 |
| $ | 115,389 |
|
| Incentive Compensation | 4,639 |
| 4,242 |
| 4,681 |
| | 17,471 |
| 16,568 |
|
| Share-Based Compensation | 2,342 |
| 2,226 |
| 1,158 |
| | 8,808 |
| 4,932 |
|
| Commission Expense | 1,383 |
| 1,283 |
| 1,222 |
| | 4,831 |
| 6,874 |
|
| Retirement and Other Benefits | 3,947 |
| 4,056 |
| 3,183 |
| | 16,800 |
| 15,289 |
|
| Payroll Taxes | 2,007 |
| 2,162 |
| 2,091 |
| | 9,916 |
| 11,242 |
|
| Medical, Dental, and Life Insurance | 2,653 |
| 2,557 |
| 2,278 |
| | 10,555 |
| 9,431 |
|
| Separation Expense | (202 | ) | 14 |
| 394 |
| | 448 |
| 4,486 |
|
| Total Salaries and Benefits | $ | 45,520 |
| $ | 45,530 |
| $ | 43,643 |
| | $ | 183,028 |
| $ | 184,211 |
|
|
| | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | |
| Loan and Lease Portfolio Balances | | | | Table 10 |
|
| | | December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
|
| (dollars in thousands) | 2014 |
| 2014 |
| 2014 |
| 2014 |
| 2013 |
|
| Commercial | | | | | |
| | Commercial and Industrial | $ | 1,055,243 |
| $ | 991,157 |
| $ | 988,940 |
| $ | 955,599 |
| $ | 911,367 |
|
| | Commercial Mortgage | 1,437,513 |
| 1,373,289 |
| 1,345,549 |
| 1,284,181 |
| 1,247,510 |
|
| | Construction | 109,183 |
| 132,097 |
| 121,434 |
| 91,452 |
| 107,349 |
|
| | Lease Financing | 226,189 |
| 232,381 |
| 237,585 |
| 240,931 |
| 262,207 |
|
| Total Commercial | 2,828,128 |
| 2,728,924 |
| 2,693,508 |
| 2,572,163 |
| 2,528,433 |
|
| Consumer | | | | | |
| | Residential Mortgage | 2,571,090 |
| 2,444,989 |
| 2,355,085 |
| 2,305,153 |
| 2,282,894 |
|
| | Home Equity | 866,688 |
| 838,206 |
| 811,180 |
| 797,341 |
| 773,385 |
|
| | Automobile | 323,848 |
| 306,003 |
| 287,794 |
| 273,553 |
| 255,986 |
|
| | Other 1 | 307,835 |
| 288,228 |
| 278,786 |
| 261,647 |
| 254,689 |
|
| Total Consumer | 4,069,461 |
| 3,877,426 |
| 3,732,845 |
| 3,637,694 |
| 3,566,954 |
|
| Total Loans and Leases | $ | 6,897,589 |
| $ | 6,606,350 |
| $ | 6,426,353 |
| $ | 6,209,857 |
| $ | 6,095,387 |
|
| | | | | | | |
| | | | | | | |
| Higher Risk Loans and Leases Outstanding | | | | |
| | | December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
|
| (dollars in thousands) | 2014 |
| 2014 |
| 2014 |
| 2014 |
| 2013 |
|
Residential Land Loans 2 | $ | 8,565 |
| $ | 9,117 |
| $ | 10,016 |
| $ | 11,086 |
| $ | 11,922 |
|
Home Equity Loans 3 | 11,128 |
| 9,914 |
| 11,307 |
| 11,846 |
| 12,594 |
|
Air Transportation Leases 4 | 16,752 |
| 21,668 |
| 24,917 |
| 24,969 |
| 26,152 |
|
| Total Higher Risk Loans and Leases | $ | 36,445 |
| $ | 40,699 |
| $ | 46,240 |
| $ | 47,901 |
| $ | 50,668 |
|
| | | | | | | |
1 Comprised of other revolving credit, installment, and lease financing. | | | |
2 We consider all of our residential land loans, which are consumer loans secured by unimproved lots, to be of higher risk due to the volatility in the value |
| | of the underlying collateral. | | | | |
3 Higher risk home equity loans are defined as those loans originated in 2005 or later, with current monitoring credit scores below 600, and with original |
| | loan-to-value ratios greater than 70%. | | | | |
4 We consider all of our air transportation leases to be of higher risk due to the weak financial profile of the industry. | |
| | | | | |
| Deposits | | | | |
| | | December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
|
| (dollars in thousands) | 2014 |
| 2014 |
| 2014 |
| 2014 |
| 2013 |
|
| Consumer | $ | 6,092,929 |
| $ | 5,972,435 |
| $ | 5,938,123 |
| $ | 5,960,485 |
| $ | 5,829,352 |
|
| Commercial | 5,163,352 |
| 5,070,080 |
| 5,207,026 |
| 4,742,308 |
| 4,814,076 |
|
| Public and Other | 1,376,808 |
| 1,318,926 |
| 1,524,885 |
| 1,341,680 |
| 1,271,228 |
|
| Total Deposits | $ | 12,633,089 |
| $ | 12,361,441 |
| $ | 12,670,034 |
| $ | 12,044,473 |
| $ | 11,914,656 |
|
|
| | | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | |
| Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More | | Table 11 |
|
| | | | December 31, |
| September 30, |
| June 30, |
| March 31, |
| December 31, |
|
| (dollars in thousands) | 2014 |
| 2014 |
| 2014 |
| 2014 |
| 2013 |
|
| Non-Performing Assets | | | | | |
| Non-Accrual Loans and Leases | | | | | |
| | Commercial | | | | | |
| | | Commercial and Industrial | $ | 9,088 |
| $ | 8,952 |
| $ | 10,437 |
| $ | 11,239 |
| $ | 11,929 |
|
| | | Commercial Mortgage | 745 |
| 1,366 |
| 1,403 |
| 1,421 |
| 2,512 |
|
| | Total Commercial | 9,833 |
| 10,318 |
| 11,840 |
| 12,660 |
| 14,441 |
|
| | Consumer | | | | | |
| | | Residential Mortgage | 14,841 |
| 16,756 |
| 15,818 |
| 19,003 |
| 20,264 |
|
| | | Home Equity | 3,097 |
| 2,671 |
| 2,787 |
| 1,935 |
| 1,740 |
|
| | Total Consumer | 17,938 |
| 19,427 |
| 18,605 |
| 20,938 |
| 22,004 |
|
| Total Non-Accrual Loans and Leases | 27,771 |
| 29,745 |
| 30,445 |
| 33,598 |
| 36,445 |
|
| Foreclosed Real Estate | 2,311 |
| 3,562 |
| 3,944 |
| 3,450 |
| 3,205 |
|
| Total Non-Performing Assets | $ | 30,082 |
| $ | 33,307 |
| $ | 34,389 |
| $ | 37,048 |
| $ | 39,650 |
|
| | | | | | | | |
| Accruing Loans and Leases Past Due 90 Days or More | | | | |
| Commercial | | | | | |
| | Commercial and Industrial | $ | 2 |
| $ | 14 |
| $ | — |
| $ | 150 |
| $ | 1,173 |
|
| Total Commercial | 2 |
| 14 |
| — |
| 150 |
| 1,173 |
|
| Consumer | | | | | |
| | Residential Mortgage | 4,506 |
| 4,819 |
| 6,082 |
| 5,729 |
| 4,564 |
|
| | Home Equity | 2,596 |
| 2,816 |
| 2,505 |
| 2,845 |
| 3,009 |
|
| | Automobile | 616 |
| 612 |
| 236 |
| 346 |
| 322 |
|
| | Other 1 | 941 |
| 842 |
| 844 |
| 644 |
| 790 |
|
| Total Consumer | 8,659 |
| 9,089 |
| 9,667 |
| 9,564 |
| 8,685 |
|
| Total Accruing Loans and Leases Past Due 90 Days or More | $ | 8,661 |
| $ | 9,103 |
| $ | 9,667 |
| $ | 9,714 |
| $ | 9,858 |
|
| Restructured Loans on Accrual Status | | | | | |
| and Not Past Due 90 Days or More | $ | 45,474 |
| $ | 45,169 |
| $ | 43,625 |
| $ | 44,473 |
| $ | 51,123 |
|
| Total Loans and Leases | $ | 6,897,589 |
| $ | 6,606,350 |
| $ | 6,426,353 |
| $ | 6,209,857 |
| $ | 6,095,387 |
|
| | | | | | | | |
| Ratio of Non-Accrual Loans and Leases to Total Loans and Leases | 0.40 | % | 0.45 | % | 0.47 | % | 0.54 | % | 0.60 | % |
| | | | | | | | |
| Ratio of Non-Performing Assets to Total Loans and Leases | | | | | |
| | and Foreclosed Real Estate | 0.44 | % | 0.50 | % | 0.53 | % | 0.60 | % | 0.65 | % |
| | | | | | | | |
| Ratio of Commercial Non-Performing Assets to Total Commercial Loans | | | | | |
| | and Leases and Commercial Foreclosed Real Estate | 0.38 | % | 0.42 | % | 0.48 | % | 0.53 | % | 0.61 | % |
| | | | | | | | |
| Ratio of Consumer Non-Performing Assets to Total Consumer Loans | | | | | |
| | and Leases and Consumer Foreclosed Real Estate | 0.47 | % | 0.56 | % | 0.57 | % | 0.64 | % | 0.68 | % |
| | | | | | | | |
| 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 | 0.56 | % | 0.64 | % | 0.69 | % | 0.75 | % | 0.81 | % |
| | | | | | | | |
| Quarter to Quarter Changes in Non-Performing Assets | | | | | |
| Balance at Beginning of Quarter | $ | 33,307 |
| $ | 34,389 |
| $ | 37,048 |
| $ | 39,650 |
| $ | 33,832 |
|
| Additions | 1,885 |
| 2,565 |
| 2,798 |
| 2,491 |
| 13,040 |
|
| Reductions | | | | | |
| | Payments | (1,822 | ) | (2,381 | ) | (2,753 | ) | (1,855 | ) | (932 | ) |
| | Return to Accrual Status | (1,291 | ) | (704 | ) | (904 | ) | (1,864 | ) | (2,308 | ) |
| | Sales of Foreclosed Real Estate | (1,480 | ) | (449 | ) | (1,782 | ) | (737 | ) | (1,431 | ) |
| | Charge-offs/Write-downs | (517 | ) | (113 | ) | (18 | ) | (637 | ) | (2,551 | ) |
| Total Reductions | (5,110 | ) | (3,647 | ) | (5,457 | ) | (5,093 | ) | (7,222 | ) |
| Balance at End of Quarter | $ | 30,082 |
| $ | 33,307 |
| $ | 34,389 |
| $ | 37,048 |
| $ | 39,650 |
|
| | | | | | | | |
| | | | | | | | |
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 | | Year Ended |
| | | | December 31, | September 30, | December 31, | | December 31, |
| (dollars in thousands) | 2014 | 2014 | 2013 | | 2014 | 2013 |
| Balance at Beginning of Period | $ | 116,249 |
| $ | 119,725 |
| $ | 129,747 |
| | $ | 121,521 |
| $ | 134,276 |
|
| Loans and Leases Charged-Off | | | | | | |
| | Commercial | | | | | | |
| | | Commercial and Industrial | (205 | ) | (229 | ) | (6,828 | ) | | (2,002 | ) | (8,083 | ) |
| | | Lease Financing | — |
| — |
| — |
| | (66 | ) | (16 | ) |
| | Consumer | | | | | | |
| | | Residential Mortgage | (97 | ) | (22 | ) | (185 | ) | | (771 | ) | (2,013 | ) |
| | | Home Equity | (293 | ) | (475 | ) | (721 | ) | | (1,672 | ) | (5,220 | ) |
| | | Automobile | (1,376 | ) | (957 | ) | (670 | ) | | (3,961 | ) | (2,131 | ) |
| | | Other 1 | (1,772 | ) | (1,978 | ) | (2,039 | ) | | (6,967 | ) | (7,657 | ) |
| Total Loans and Leases Charged-Off | (3,743 | ) | (3,661 | ) | (10,443 | ) | | (15,439 | ) | (25,120 | ) |
| Recoveries on Loans and Leases Previously Charged-Off | | | | | | |
| | Commercial | | | | | | |
| | | Commercial and Industrial | 396 |
| 1,177 |
| 308 |
| | 4,625 |
| 1,681 |
|
| | | Commercial Mortgage | 14 |
| 14 |
| 14 |
| | 57 |
| 557 |
|
| | | Construction | 8 |
| 8 |
| 8 |
| | 29 |
| 365 |
|
| | | Lease Financing | 4 |
| 3 |
| 8 |
| | 10 |
| 41 |
|
| | Consumer | | | | | | |
| | | Residential Mortgage | 542 |
| 299 |
| 828 |
| | 3,448 |
| 3,540 |
|
| | | Home Equity | 204 |
| 531 |
| 246 |
| | 1,637 |
| 1,943 |
|
| | | Automobile | 467 |
| 322 |
| 363 |
| | 1,577 |
| 1,628 |
|
| | | Other 1 | 434 |
| 496 |
| 442 |
| | 2,154 |
| 1,962 |
|
| Total Recoveries on Loans and Leases Previously Charged-Off | 2,069 |
| 2,850 |
| 2,217 |
| | 13,537 |
| 11,717 |
|
| Net Loans and Leases Charged-Off | (1,674 | ) | (811 | ) | (8,226 | ) | | (1,902 | ) | (13,403 | ) |
| Provision for Credit Losses | — |
| (2,665 | ) | — |
| | (4,864 | ) | — |
|
| Provision for Unfunded Commitments | — |
| — |
| — |
| | (180 | ) | 648 |
|
Balance at End of Period 2 | $ | 114,575 |
| $ | 116,249 |
| $ | 121,521 |
| | $ | 114,575 |
| $ | 121,521 |
|
| | | | | | | | | |
| Components | | | | | | |
| Allowance for Loan and Lease Losses | $ | 108,688 |
| $ | 110,362 |
| $ | 115,454 |
| | $ | 108,688 |
| $ | 115,454 |
|
| Reserve for Unfunded Commitments | 5,887 |
| 5,887 |
| 6,067 |
| | 5,887 |
| 6,067 |
|
| Total Reserve for Credit Losses | $ | 114,575 |
| $ | 116,249 |
| $ | 121,521 |
| | $ | 114,575 |
| $ | 121,521 |
|
| | | | | | | | | |
| Average Loans and Leases Outstanding | $ | 6,746,332 |
| $ | 6,488,780 |
| $ | 6,053,607 |
| | $ | 6,405,431 |
| $ | 5,883,686 |
|
| | | | | | | | | |
| Ratio of Net Loans and Leases Charged-Off to | | | | | | |
| | Average Loans and Leases Outstanding (annualized) | 0.10 | % | 0.05 | % | 0.54 | % | | 0.03 | % | 0.23 | % |
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding | 1.58 | % | 1.67 | % | 1.89 | % | | 1.58 | % | 1.89 | % |
| | | | | | | | | |
| | | | | | | | | |
1 Comprised of other revolving credit, installment, and lease financing. | | | | |
2 Included in this analysis is activity related to the Company's reserve for unfunded commitments, which is separately recorded in other liabilities in the |
| | Consolidated Statements of Condition. | | | | | |
|
| | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | |
| Business Segments Selected Financial Information | | | Table 13a |
|
| | Retail |
| Commercial |
| Investment |
| Treasury |
| Consolidated |
|
| (dollars in thousands) | Banking |
| Banking |
| Services |
| and Other |
| Total |
|
| Three Months Ended December 31, 2014 | | | | | |
| Net Interest Income | $ | 49,091 |
| $ | 32,445 |
| $ | 2,828 |
| $ | 12,268 |
| $ | 96,632 |
|
| Provision for Credit Losses | 1,888 |
| (205 | ) | (10 | ) | (1,673 | ) | — |
|
| Net Interest Income After Provision for Credit Losses | 47,203 |
| 32,650 |
| 2,838 |
| 13,941 |
| 96,632 |
|
| Noninterest Income | 20,220 |
| 5,897 |
| 14,380 |
| 5,321 |
| 45,818 |
|
| Noninterest Expense | (50,049 | ) | (16,737 | ) | (13,004 | ) | (1,450 | ) | (81,240 | ) |
| Income Before Provision for Income Taxes | 17,374 |
| 21,810 |
| 4,214 |
| 17,812 |
| 61,210 |
|
| Provision for Income Taxes | (6,204 | ) | (7,656 | ) | (1,559 | ) | (4,600 | ) | (20,019 | ) |
| Net Income | $ | 11,170 |
| $ | 14,154 |
| $ | 2,655 |
| $ | 13,212 |
| $ | 41,191 |
|
| Total Assets as of December 31, 2014 | $ | 4,126,551 |
| $ | 2,749,228 |
| $ | 202,645 |
| $ | 7,708,784 |
| $ | 14,787,208 |
|
| | | | | | |
| | | | | | |
| Three Months Ended December 31, 2013 | | | | | |
| Net Interest Income | $ | 42,155 |
| $ | 25,647 |
| $ | 2,614 |
| $ | 21,704 |
| $ | 92,120 |
|
| Provision for Credit Losses | 1,790 |
| 6,419 |
| (19 | ) | (8,190 | ) | — |
|
| Net Interest Income After Provision for Credit Losses | 40,365 |
| 19,228 |
| 2,633 |
| 29,894 |
| 92,120 |
|
| Noninterest Income | 20,377 |
| 6,564 |
| 14,862 |
| 3,475 |
| 45,278 |
|
| Noninterest Expense | (50,015 | ) | (16,296 | ) | (13,353 | ) | (2,760 | ) | (82,424 | ) |
| Income Before Provision for Income Taxes | 10,727 |
| 9,496 |
| 4,142 |
| 30,609 |
| 54,974 |
|
| Provision for Income Taxes | (3,970 | ) | (3,054 | ) | (1,533 | ) | (7,362 | ) | (15,919 | ) |
| Net Income | $ | 6,757 |
| $ | 6,442 |
| $ | 2,609 |
| $ | 23,247 |
| $ | 39,055 |
|
| Total Assets as of December 31, 2013 | $ | 3,658,495 |
| $ | 2,426,452 |
| $ | 189,421 |
| $ | 7,809,912 |
| $ | 14,084,280 |
|
| | | | | | |
|
| | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | |
| Business Segments Selected Financial Information | | | Table 13b |
|
| | Retail |
| Commercial |
| Investment |
| Treasury |
| Consolidated |
|
| (dollars in thousands) | Banking |
| Banking |
| Services |
| and Other |
| Total |
|
| Year Ended December 31, 2014 | | | | | |
| Net Interest Income | $ | 183,867 |
| $ | 118,761 |
| $ | 10,723 |
| $ | 66,305 |
| $ | 379,656 |
|
| Provision for Credit Losses | 4,783 |
| (2,369 | ) | (313 | ) | (6,965 | ) | (4,864 | ) |
| Net Interest Income After Provision for Credit Losses | 179,084 |
| 121,130 |
| 11,036 |
| 73,270 |
| 384,520 |
|
| Noninterest Income | 80,110 |
| 23,120 |
| 57,586 |
| 19,201 |
| 180,017 |
|
| Noninterest Expense | (197,786 | ) | (65,952 | ) | (53,846 | ) | (9,315 | ) | (326,899 | ) |
| Income Before Provision for Income Taxes | 61,408 |
| 78,298 |
| 14,776 |
| 83,156 |
| 237,638 |
|
| Provision for Income Taxes | (22,221 | ) | (27,228 | ) | (5,467 | ) | (19,680 | ) | (74,596 | ) |
| Net Income | $ | 39,187 |
| $ | 51,070 |
| $ | 9,309 |
| $ | 63,476 |
| $ | 163,042 |
|
| Total Assets as of December 31, 2014 | $ | 4,126,551 |
| $ | 2,749,228 |
| $ | 202,645 |
| $ | 7,708,784 |
| $ | 14,787,208 |
|
| | | | | | |
| | | | | | |
| Year Ended December 31, 2013 | | | | | |
| Net Interest Income | $ | 164,597 |
| $ | 99,623 |
| $ | 10,552 |
| $ | 84,135 |
| $ | 358,907 |
|
| Provision for Credit Losses | 8,565 |
| 4,918 |
| (71 | ) | (13,412 | ) | — |
|
| Net Interest Income After Provision for Credit Losses | 156,032 |
| 94,705 |
| 10,623 |
| 97,547 |
| 358,907 |
|
| Noninterest Income | 88,063 |
| 26,946 |
| 59,308 |
| 11,906 |
| 186,223 |
|
| Noninterest Expense | (200,853 | ) | (64,253 | ) | (54,307 | ) | (11,556 | ) | (330,969 | ) |
| Income Before Provision for Income Taxes | 43,242 |
| 57,398 |
| 15,624 |
| 97,897 |
| 214,161 |
|
| Provision for Income Taxes | (16,000 | ) | (19,467 | ) | (5,781 | ) | (22,411 | ) | (63,659 | ) |
| Net Income | $ | 27,242 |
| $ | 37,931 |
| $ | 9,843 |
| $ | 75,486 |
| $ | 150,502 |
|
| Total Assets as of December 31, 2013 | $ | 3,658,495 |
| $ | 2,426,452 |
| $ | 189,421 |
| $ | 7,809,912 |
| $ | 14,084,280 |
|
| | | | | | |
|
| | | | | | | | | | | | | | | | | | | | |
| Bank of Hawaii Corporation and Subsidiaries | | | | | | | |
| Selected Quarterly Financial Data | | | | | | | | Table 14 |
| |
| | Three Months Ended | |
| | December 31, |
| | September 30, |
| | June 30, |
| | March 31, |
| | December 31, |
| |
| (dollars in thousands, except per share amounts) | 2014 |
| | 2014 |
| | 2014 |
| | 2014 |
| | 2013 |
| |
| Quarterly Operating Results | | | | | | | | | | |
| Interest Income | | | | | | | | | | |
| Interest and Fees on Loans and Leases | $ | 69,974 |
| | $ | 68,089 |
| | $ | 65,818 |
| | $ | 63,526 |
| | $ | 63,809 |
| |
| Income on Investment Securities | | | | | | | | | | |
| Available-for-Sale | 10,732 |
| | 10,286 |
| | 10,697 |
| | 10,760 |
| | 10,608 |
| |
| Held-to-Maturity | 24,966 |
| | 26,067 |
| | 26,938 |
| | 27,889 |
| | 26,882 |
| |
| Deposits | 2 |
| | 3 |
| | 1 |
| | 3 |
| | 3 |
| |
| Funds Sold | 192 |
| | 176 |
| | 168 |
| | 137 |
| | 105 |
| |
| Other | 303 |
| | 302 |
| | 302 |
| | 302 |
| | 302 |
| |
| Total Interest Income | 106,169 |
| | 104,923 |
| | 103,924 |
| | 102,617 |
| | 101,709 |
| |
| Interest Expense | | | | | | | | | | |
| Deposits | 2,392 |
| | 2,391 |
| | 2,393 |
| | 2,358 |
| | 2,418 |
| |
| Securities Sold Under Agreements to Repurchase | 6,520 |
| | 6,523 |
| | 6,465 |
| | 6,397 |
| | 6,530 |
| |
| Funds Purchased | 3 |
| | 3 |
| | 4 |
| | 3 |
| | 8 |
| |
| Short-Term Borrowings | — |
| | — |
| | — |
| | — |
| | 2 |
| |
| Long-Term Debt | 622 |
| | 627 |
| | 650 |
| | 626 |
| | 631 |
| |
| Total Interest Expense | 9,537 |
| | 9,544 |
| | 9,512 |
| | 9,384 |
| | 9,589 |
| |
| Net Interest Income | 96,632 |
| | 95,379 |
| | 94,412 |
| | 93,233 |
| | 92,120 |
| |
| Provision for Credit Losses | — |
| | (2,665 | ) | | (2,199 | ) | | — |
| | — |
| |
| Net Interest Income After Provision for Credit Losses | 96,632 |
| | 98,044 |
| | 96,611 |
| | 93,233 |
| | 92,120 |
| |
| Noninterest Income | | | | | | | | | | |
| Trust and Asset Management | 12,225 |
| | 11,716 |
| | 12,005 |
| | 11,852 |
| | 12,240 |
| |
| Mortgage Banking | 2,116 |
| | 1,646 |
| | 1,804 |
| | 2,005 |
| | 2,823 |
| |
| Service Charges on Deposit Accounts | 9,058 |
| | 9,095 |
| | 8,638 |
| | 8,878 |
| | 9,326 |
| |
| Fees, Exchange, and Other Service Charges | 13,702 |
| | 13,390 |
| | 13,370 |
| | 12,939 |
| | 12,670 |
| |
| Investment Securities Gains, Net | 1,966 |
| | 1,858 |
| | 2,079 |
| | 2,160 |
| | — |
| |
| Annuity and Insurance | 1,664 |
| | 2,348 |
| | 1,930 |
| | 2,123 |
| | 2,295 |
| |
| Bank-Owned Life Insurance | 1,874 |
| | 1,644 |
| | 1,519 |
| | 1,602 |
| | 1,895 |
| |
| Other | 3,213 |
| | 3,253 |
| | 3,136 |
| | 3,209 |
| | 4,029 |
| |
| Total Noninterest Income | 45,818 |
| | 44,950 |
| | 44,481 |
| | 44,768 |
| | 45,278 |
| |
| Noninterest Expense | | | | | | | | | | |
| Salaries and Benefits | 45,520 |
| | 45,530 |
| | 45,081 |
| | 46,897 |
| | 43,643 |
| |
| Net Occupancy | 9,291 |
| | 9,334 |
| | 9,254 |
| | 9,417 |
| | 9,602 |
| |
| Net Equipment | 4,734 |
| | 4,473 |
| | 4,669 |
| | 4,603 |
| | 4,837 |
| |
| Data Processing | 3,823 |
| | 3,665 |
| | 3,842 |
| | 3,649 |
| | 3,827 |
| |
| Professional Fees | 3,086 |
| | 1,835 |
| | 2,613 |
| | 2,260 |
| | 2,669 |
| |
| FDIC Insurance | 2,055 |
| | 1,750 |
| | 2,055 |
| | 2,076 |
| | 1,954 |
| |
| Other | 12,731 |
| | 14,443 |
| | 13,568 |
| | 14,645 |
| | 15,892 |
| |
| Total Noninterest Expense | 81,240 |
| | 81,030 |
| | 81,082 |
| | 83,547 |
| | 82,424 |
| |
| Income Before Provision for Income Taxes | 61,210 |
| | 61,964 |
| | 60,010 |
| | 54,454 |
| | 54,974 |
| |
| Provision for Income Taxes | 20,019 |
| | 20,195 |
| | 18,520 |
| | 15,862 |
| | 15,919 |
| |
| Net Income | $ | 41,191 |
| | $ | 41,769 |
| | $ | 41,490 |
| | $ | 38,592 |
| | $ | 39,055 |
| |
| | | | | | | | | | | |
| Basic Earnings Per Share | $ | 0.95 |
| | $ | 0.95 |
| | $ | 0.94 |
| | $ | 0.87 |
| | $ | 0.88 |
| |
| Diluted Earnings Per Share | $ | 0.94 |
| | $ | 0.95 |
| | $ | 0.94 |
| | $ | 0.87 |
| | $ | 0.88 |
| |
| | | | | | | | | | | |
| Balance Sheet Totals | | | | | | | | | | |
| Loans and Leases | $ | 6,897,589 |
| | $ | 6,606,350 |
| | $ | 6,426,353 |
| | $ | 6,209,857 |
| | $ | 6,095,387 |
| |
| Total Assets | 14,787,208 |
| | 14,510,166 |
| | 14,844,505 |
| | 14,263,118 |
| | 14,084,280 |
| |
| Total Deposits | 12,633,089 |
| | 12,361,441 |
| | 12,670,034 |
| | 12,044,473 |
| | 11,914,656 |
| |
| Total Shareholders' Equity | 1,055,086 |
| | 1,057,413 |
| | 1,050,801 |
| | 1,028,904 |
| | 1,011,976 |
| |
| | | | | | | | | | | |
| Performance Ratios | | | | | | | | | | |
| Return on Average Assets | 1.12 |
| % | 1.15 |
| % | 1.17 |
| % | 1.12 |
| % | 1.12 |
| % |
| Return on Average Shareholders' Equity | 15.39 |
| | 15.57 |
| | 15.87 |
| | 15.15 |
| | 15.36 |
| |
Efficiency Ratio 1 | 57.03 |
| | 57.74 |
| | 58.38 |
| | 60.54 |
| | 59.99 |
| |
Net Interest Margin 2 | 2.84 |
| | 2.85 |
| | 2.86 |
| | 2.87 |
| | 2.85 |
| |
| | | | | | | | | | | |
| | | | | | | | | | | |
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 |
| | Eleven Months Ended | | | Year Ended |
| ($ in millions; jobs in thousands) | November 30, 2014 | | | December 31, 2013 | December 31, 2012 |
| Hawaii Economic Trends | | | | | | | | | | | | |
State General Fund Revenues 1 | $ | 5,083.1 |
| 1.4 |
| % | | $ | 5,451.3 |
| | 3.7 |
| % | $ | 5,259.1 |
| | 12.8 |
| % |
General Excise and Use Tax Revenue 1 | $ | 2,753.4 |
| 2.8 |
| % | | $ | 2,907.6 |
| | 2.2 |
| % | $ | 2,844.7 |
| | 9.9 |
| % |
Jobs 2 | 642.8 |
| | | | 623.1 |
| | | | 619.3 |
| | | |
| | | | | | | | | | | | | |
| | | | | | | | December 31, |
| (spot rates) | | | | | | | 2014 | | 2013 | 2012 | |
Unemployment 3 | | | | | | | | | | | | |
| Statewide, seasonally adjusted | | | | | | | 4.0 |
| % | 4.7 |
| % | 5.1 |
| % |
| | | | | | | | | | | | | |
| Oahu | | | | | | | 3.4 |
| | 3.8 |
| | 4.2 |
| |
| Island of Hawaii | | | | | | | 4.7 |
| | 5.9 |
| | 6.9 |
| |
| Maui | | | | | | | 3.8 |
| | 4.7 |
| | 5.2 |
| |
| Kauai | | | | | | | 4.3 |
| | 5.2 |
| | 6.1 |
| |
| | | | | | | | | | | | | |
| | | | | | | | December 31, |
| (percentage change, except months of inventory) | | | | | | 2014 | | 2013 | 2012 | |
Housing Trends (Single Family Oahu) 4 | | | | | | | | | | | | |
| Median Home Price | | | | | | | 3.8 |
| % | 4.8 |
| % | 7.8 |
| % |
| Home Sales Volume (units) | | | | | | | (0.8 | ) | % | 4.6 |
| % | 6.5 |
| % |
| Months of Inventory | | | | | | | 2.6 |
| | 2.7 |
| | 2.5 |
| |
| | | | | | | | | | | | | |
| | | | | | Monthly Visitor Arrivals, | | Percentage Change |
| (in thousands) | | | | | Not Seasonally Adjusted | | from Previous Year |
Tourism 5 | | | | | | | | | | | | |
| November 30, 2014 | | | | | | | 637.7 |
| | | | 2.2 |
| |
| October 31, 2014 | | | | | | | 659.8 |
| | | | 3.0 |
| |
| September 30, 2014 | | | | | | | 622.2 |
| | | | 4.1 |
| |
| August 31, 2014 | | | | | | | 730.7 |
| | | | (2.4 | ) | |
| July 31, 2014 | | | | | | | 772.1 |
| | | | 1.9 |
| |
| June 30, 2014 | | | | | | | 725.1 |
| | | | 1.2 |
| |
| May 31, 2014 | | | | | | | 649.1 |
| | | | 1.8 |
| |
| April 30, 2014 | | | | | | | 662.6 |
| | | | (0.7 | ) | |
| March 31, 2014 | | | | | | | 728.8 |
| | | | (5.2 | ) | |
| February 28, 2014 | | | | | | | 646.8 |
| | | | (4.3 | ) | |
| January 31, 2014 | | | | | | | 682.6 |
| | | | 0.1 |
| |
| December 31, 2013 | | | | | | | 722.4 |
| | | | (1.9 | ) | |
| November 30, 2013 | | | | | | | 624.1 |
| | | | (4.2 | ) | |
| October 31, 2013 | | | | | | | 640.3 |
| | | | (0.1 | ) | |
| September 30, 2013 | | | | | | | 597.7 |
| | | | 0.5 |
| |
| August 31, 2013 | | | | | | | 748.8 |
| | | | 2.5 |
| |
| July 31, 2013 | | | | | | | 758.0 |
| | | | 4.6 |
| |
| June 30, 2013 | | | | | | | 716.6 |
| | | | 5.5 |
| |
| May 31, 2013 | | | | | | | 637.5 |
| | | | 2.4 |
| |
| April 30, 2013 | | | | | | | 667.0 |
| | | | 3.1 |
| |
| March 31, 2013 | | | | | | | 769.1 |
| | | | 7.6 |
| |
| February 28, 2013 | | | | | | | 675.5 |
| | | | 7.8 |
| |
| January 31, 2013 | | | | | | | 681.9 |
| | | | 5.9 |
| |
| December 31, 2012 | | | | | | | 733.7 |
| | | | 6.3 |
| |
| November 30, 2012 | | | | | | | 651.2 |
| | | | 14.5 |
| |
| | | | | | | | | | | | | |
1 Source: Hawaii Department of Business, Economic Development & Tourism | | | | | | | |
2 Source: U. S. Bureau of Labor | | | | | | | | | | |
3 Source: Hawaii Department of Labor and Industrial Relations | | | | | | | | | |
4 Source: Honolulu Board of REALTORS | | | | | | | | | | |
5 Source: Hawaii Tourism Authority | | | | | | | | | |
| Note: Certain prior period seasonally adjusted information has been revised. | | | | | | | | | |
