Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share of $0.97 for the first quarter of 2015, up from $0.94 in the previous quarter, and up from $0.87 in the same quarter last year. Net income for the first quarter of 2015 was $42.4 million, an increase of $1.3 million compared with net income of $41.2 million in the fourth quarter of 2014, and up $3.9 million from net income of $38.6 million in the first quarter of 2014.

Loan and lease balances increased to $7.2 billion at March 31, 2015, up 4.1 percent from December 31, 2014 and 15.6 percent compared with March 31, 2014. Deposit growth remained strong during the quarter, increasing 2.7 percent from December 31, 2014 and 7.8 percent from March 31, 2014.

“Bank of Hawaii Corporation had a solid start to 2015 with good financial performance in the first quarter,” said Peter S. Ho, Chairman, President, and CEO. “Our balance sheet remains strong with growth in both loans and deposits, and we maintained our disciplined approach to risk and capital management. During the quarter we sold $10.1 million in Visa shares which exceeded our previous quarterly rate of $2.0 million because of our counterparty’s minimum transaction requirement. We do not currently anticipate further sales of Visa shares during 2015.”

The return on average assets for the first quarter of 2015 was 1.15 percent, an increase from 1.12 percent during the previous quarter and same quarter last year. The return on average equity for the first quarter of 2015 was 16.18 percent, up from 15.39 percent in the fourth quarter of 2014 and 15.15 percent in the first quarter of 2014. The efficiency ratio during the first quarter of 2015 was 58.30 percent compared with 57.03 percent in the previous quarter and 60.54 percent in the same quarter last year.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2015 was $99.6 million, up $0.1 million from the fourth quarter of 2014, and up $3.5 million from the first quarter of 2014. The net interest margin was 2.81 percent for the first quarter of 2015, a decrease of 3 basis points compared with the net interest margin of 2.84 percent in the fourth quarter of 2014, and a 6 basis point decrease from 2.87 percent in the first quarter of 2014. Analyses of the changes in net interest income are included in Tables 8a and 8b.

Noninterest income was $52.3 million for the first quarter of 2015, an increase of $6.5 million compared with noninterest income of $45.8 million in the fourth quarter of 2014, and an increase of $7.5 million compared with noninterest income of $44.8 million in the first quarter of 2014. Noninterest income in the first quarter of 2015 included a net gain of $10.1 million resulting from the sale of 95,000 Visa Class B shares (156,589 Class A equivalents). The Company also contributed 4,700 Visa Class B shares to the Bank of Hawaii Foundation during the quarter. The contribution had no impact on noninterest expense; however, the contribution did favorably impact the effective tax rate during the quarter. Noninterest income in the first quarter of 2014 included a gain of $2.0 million resulting from the sale of 22,000 Visa Class B shares. As of March 31, 2015, the Company has 297,814 Visa Class B shares remaining (490,887 Class A equivalents).

Noninterest expense was $86.9 million in the first quarter of 2015, up $5.7 million from noninterest expense of $81.2 million in the fourth quarter of 2014, and up $3.4 million from noninterest expense of $83.5 million in the same quarter last year. Noninterest expense in the first quarter of 2015 included seasonal payroll-related expenses resulting from annual payments from the Company’s incentive compensation plans and higher payroll taxes, $1.9 million in severance payments, higher medical and commission expenses, and increased technology investments. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the first quarter of 2015 was 31.72 percent compared with 32.71 percent in the previous quarter and 29.13 percent during the same quarter last year. The lower effective tax rate in the first quarter of 2014 was primarily due to a $1.2 million credit for the release of reserves due to a settlement with the State of Hawaii related to prior year tax issues.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, 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 for the business segments is included in Table 13.

Asset Quality

The Company’s asset quality remained strong during the first quarter of 2015. Total non-performing assets decreased to $28.8 million at March 31, 2015, down from non-performing assets of $30.1 million at December 31, 2014 and $37.0 million at March 31, 2014. As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.40 percent at the end of the first quarter of 2015, down from 0.44 percent at the end of the fourth quarter of 2014, and 0.60 percent at the end of the first quarter last year.

Accruing loans and leases past due 90 days or more were $8.0 million at March 31, 2015, down from $8.7 million at December 31, 2014 and $9.7 million at March 31, 2014. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $46.6 million at March 31, 2015, up from $45.5 million at December 31, 2014 and $44.5 million at March 31, 2014. 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 2015 were $1.2 million or 0.07 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $4.1 million were partially offset by recoveries of $2.9 million. Net charge-offs in the fourth quarter of 2014 were $1.7 million, or 0.10 percent annualized of total average loans and leases outstanding, and were comprised of $3.7 million in charge-offs partially offset by recoveries of $2.1 million. Net charge-offs during the first quarter of 2014 were $1.3 million, or 0.09 percent annualized of total average loans and leases outstanding, and were comprised of $4.0 million in charge-offs partially offset by recoveries of $2.7 million.

The allowance for loan and lease losses was $107.5 million at March 31, 2015, down from $108.7 million at December 31, 2014 and $114.1 million at March 31, 2014. The ratio of the allowance for loan and lease losses to total loans and leases outstanding was 1.50 percent at March 31, 2015. The reserve for unfunded commitments was $5.9 million at March 31, 2015, unchanged from the previous quarter and down from $6.0 million at March 31, 2014. 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 were $15.14 billion at March 31, 2015, up from $14.79 billion at December 31, 2014 and $14.26 billion at March 31, 2014. Average total assets were $14.95 billion during the first quarter of 2015, an increase from average total assets of $14.60 billion during the previous quarter and $14.03 billion during the same quarter last year.

The investment securities portfolio decreased to $6.58 billion at March 31, 2015, compared with $6.76 billion at December 31, 2014 and $6.97 billion at March 31, 2014. The portfolio at March 31, 2015 remains largely comprised of securities issued by U. S. government agencies and included $4.31 billion in securities held to maturity and $2.27 billion in securities available for sale.

Total loans and leases were $7.18 billion at March 31, 2015, up from $6.90 billion at December 31, 2014 and $6.21 billion at March 31, 2014. Average total loans and leases were $7.05 billion during the first quarter of 2015, up from $6.75 billion during the fourth quarter of 2014, and up from $6.10 billion during the same quarter last year.

The commercial loan portfolio was $2.96 billion at the end of the first quarter of 2015, an increase of 4.5 percent from commercial loans of $2.83 billion at the end of the fourth quarter of 2014, and up 14.9 percent from commercial loans of $2.57 billion at the end of the same quarter last year. The consumer loan portfolio was $4.22 billion at the end of the first quarter of 2015, an increase of 3.8 percent from consumer loans of $4.07 billion at the end of the fourth quarter of 2014, and up 16.1 percent from $3.64 billion at the end of the same quarter last year. Loan and lease portfolio balances are summarized in Table 10.

Total deposits increased to $12.98 billion at March 31, 2015 compared with $12.63 billion at December 31, 2014 and $12.04 billion at March 31, 2014. Average total deposits were $12.79 billion during the first quarter of 2015, up from $12.44 billion during the previous quarter and $11.81 billion during the same quarter last year.

Consumer deposits increased 2.1 percent from the previous quarter and 4.4 percent compared with the first quarter last year. Commercial deposits increased 5.5 percent from the previous quarter and 14.8 percent compared with the first quarter last year. Other deposits, including public funds, decreased 4.5 percent from the previous quarter and 2.0 percent compared with the same quarter last year. Deposit balances are summarized in Tables 7 and 10.

During the first quarter of 2015, the Company repurchased 178.5 thousand shares of common stock at a total cost of $10.3 million under its share repurchase program. The average cost was $57.70 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through March 31, 2015, the Company has repurchased 52.2 million shares and returned over $1.9 billion to shareholders at an average cost of $37.03 per share. Remaining buyback authority under the share repurchase program was $62.9 million at March 31, 2015. From April 1 through April 17, 2015, the Company repurchased an additional 48.0 thousand shares of common stock at an average cost of $61.58 per share. As of April 17, 2015, remaining buyback authority under the share repurchase program was $60.0 million.

Total shareholders’ equity increased to $1.08 billion at March 31, 2015, up from $1.06 billion at December 31, 2014 and $1.03 billion at March 31, 2014. At March 31, 2015, the Tier 1 Capital Ratio was 14.62 percent and the Tier 1 leverage ratio was 7.17 percent. Capital ratios are calculated under Basel III rules, which became effective January 1, 2015.

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 June 12, 2015 to shareholders of record at the close of business on May 29, 2015.

Hawaii Economy

The overall Hawaii economy remained positive during the first quarter of 2015 due to the continuation of a strong tourism industry, expanding construction activity, relatively low unemployment, and stable real estate market. For the first two months of 2015, total visitor arrivals increased 0.8 percent and visitor spending decreased 3.3 percent compared to the same period in 2014. Following another record level of tourism in 2014, the current level of visitor activity still reflects a healthy tourism industry despite the mixed year-to-date results. The statewide seasonally-adjusted unemployment rate declined to 4.1 percent in February 2014, compared to 5.5 percent nationally.

For the first quarter of 2015, the volume of single-family home sales on Oahu decreased 4.0 percent and the volume of condominium sales on Oahu decreased 1.4 percent compared with the same period last year. During the first quarter of 2015, the median price of single-family home sales on Oahu increased 3.2 percent and the median price of condominium sales on Oahu increased 5.4 percent compared with the same period last year. As of March 31, 2015, months of inventory of single-family homes and condominiums on Oahu remained extremely low at 2.7 months and 3.4 months, respectively. More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its first quarter financial results today at 2:00 p.m. Eastern Time (8:00 a.m. Hawaii Time). The conference 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, April 20, 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 38310708# 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, 2014, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is 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.

       
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)     2015     2014     2014

For the Period:

Operating Results
Net Interest Income $ 96,770 $ 96,632 $ 93,233
Provision for Credit Losses - - -
Total Noninterest Income 52,307 45,818 44,768
Total Noninterest Expense 86,915 81,240 83,547
Net Income 42,442 41,191 38,592
Basic Earnings Per Share 0.98 0.95 0.87
Diluted Earnings Per Share 0.97 0.94 0.87
Dividends Declared Per Share 0.45 0.45 0.45
 
Performance Ratios
Return on Average Assets 1.15 % 1.12 % 1.12 %
Return on Average Shareholders' Equity 16.18 15.39 15.15
Efficiency Ratio 1 58.30 57.03 60.54
Net Interest Margin 2 2.81 2.84 2.87
Dividend Payout Ratio 3 45.92 47.37 51.72
Average Shareholders' Equity to Average Assets 7.12 7.27 7.36
 
Average Balances
Average Loans and Leases $ 7,053,061 $ 6,746,332 $ 6,104,041
Average Assets 14,946,037 14,603,493 14,033,949
Average Deposits 12,786,449 12,435,692 11,814,548
Average Shareholders' Equity 1,064,112 1,061,900 1,033,413
 
Per Share of Common Stock
Book Value $ 24.63 $ 24.13 $ 23.14
Tangible Book Value 23.91 23.41 22.43
Market Value
Closing 61.21 59.31 60.61
High 62.58 61.00 61.36
Low 53.90 52.70 54.16
 
March 31, December 31, March 31,
      2015     2014     2014

As of Period End:

Balance Sheet Totals
Loans and Leases $ 7,178,628 $ 6,897,589 $ 6,209,857
Total Assets 15,139,179 14,787,208 14,263,118
Total Deposits 12,979,616 12,633,089 12,044,473
Other Debt 173,898 173,912 174,695
Total Shareholders' Equity 1,075,251 1,055,086 1,028,904
 
Asset Quality
Non-Performing Assets $ 28,777 $ 30,082 $ 37,048
Allowance for Loan and Lease Losses 107,461 108,688 114,126
Allowance to Loans and Leases Outstanding 1.50 % 1.58 % 1.84 %
 
Capital Ratios
Common Equity Tier 1 Capital Ratio 4 14.62 % n/a n/a
Tier 1 Capital Ratio 4 14.62 14.69 % 15.96 %
Total Capital Ratio 4 15.87 15.94 17.22
Tier 1 Leverage Ratio 4 7.17 7.13 7.22
Total Shareholders' Equity to Total Assets 7.10 7.14 7.21
Tangible Common Equity to Tangible Assets 5 6.91 6.94 7.01
Tangible Common Equity to Risk-Weighted Assets 5 14.27 14.46 15.69
 
Non-Financial Data
Full-Time Equivalent Employees 2,156 2,161 2,181
Branches 74 74 74
ATMs 456 459 458
 
 
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 Capital ratios as of March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.

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)     2015     2014     2014
 
Total Shareholders' Equity $ 1,075,251 $ 1,055,086 $ 1,028,904

Less:  Goodwill

      31,517         31,517         31,517  
Tangible Common Equity     $ 1,043,734       $ 1,023,569       $ 997,387  
 
Total Assets $ 15,139,179 $ 14,787,208 $ 14,263,118

Less:  Goodwill

      31,517         31,517         31,517  
Tangible Assets     $ 15,107,662       $ 14,755,691       $ 14,231,601  
 

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1

 $ 7,313,682 $ 7,077,035 $ 6,357,459
 
Total Shareholders' Equity to Total Assets 7.10 % 7.14 % 7.21 %
Tangible Common Equity to Tangible Assets (Non-GAAP) 6.91 % 6.94 % 7.01 %
 
Tier 1 Capital Ratio 1 14.62 % 14.69 % 15.96 %
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1 14.27 % 14.46 % 15.69 %
 
 

1 Risk-weighted assets and capital ratios as of March 31, 2015 calculated under Basel III rules, which became effective January 1, 2015.

 
       
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)     2015   2014   2014
Interest Income
Interest and Fees on Loans and Leases $ 70,961 $ 69,974 $ 63,526
Income on Investment Securities
Available-for-Sale 10,198 10,732 10,760
Held-to-Maturity 24,407 24,966 27,889
Deposits 3 2 3
Funds Sold 259 192 137
Other       302     303     302
Total Interest Income       106,130     106,169     102,617
Interest Expense
Deposits 2,368 2,392 2,358
Securities Sold Under Agreements to Repurchase 6,371 6,520 6,397
Funds Purchased 3 3 3
Other Debt       618     622     626
Total Interest Expense       9,360     9,537     9,384
Net Interest Income 96,770 96,632 93,233
Provision for Credit Losses       -     -     -
Net Interest Income After Provision for Credit Losses       96,770     96,632     93,233
Noninterest Income
Trust and Asset Management 12,180 12,225 11,852
Mortgage Banking 1,693 2,116 2,005
Service Charges on Deposit Accounts 8,537 9,058 8,878
Fees, Exchange, and Other Service Charges 12,897 13,702 12,939
Investment Securities Gains, Net 10,231 1,966 2,160
Annuity and Insurance 2,044 1,664 2,123
Bank-Owned Life Insurance 1,734 1,874 1,602
Other       2,991     3,213     3,209
Total Noninterest Income       52,307     45,818     44,768
Noninterest Expense
Salaries and Benefits 49,780 45,520 46,897
Net Occupancy 9,333 9,291 9,417
Net Equipment 5,288 4,734 4,603
Data Processing 3,773 3,823 3,649
Professional Fees 2,334 3,086 2,260
FDIC Insurance 2,140 2,055 2,076
Other       14,267     12,731     14,645
Total Noninterest Expense       86,915     81,240     83,547
Income Before Provision for Income Taxes 62,162 61,210 54,454
Provision for Income Taxes       19,720     20,019     15,862
Net Income     $ 42,442   $ 41,191   $ 38,592
Basic Earnings Per Share $ 0.98 $ 0.95 $ 0.87
Diluted Earnings Per Share $ 0.97 $ 0.94 $ 0.87
Dividends Declared Per Share $ 0.45 $ 0.45 $ 0.45
Basic Weighted Average Shares 43,386,402 43,499,627 44,193,267
Diluted Weighted Average Shares       43,597,504     43,758,873     44,420,349
 
       
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)     2015   2014   2014
Net Income $ 42,442 $ 41,191 $ 38,592
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains on Investment Securities 5,294 1,567 6,271
Defined Benefit Plans     220   (12,190)   156
Total Other Comprehensive Income (Loss)     5,514   (10,623)   6,427
Comprehensive Income     $ 47,956   $ 30,568   $ 45,019
 
       
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition                     Table 5  
March 31, December 31, March 31,
(dollars in thousands)     2015     2014     2014  
Assets
Interest-Bearing Deposits in Other Banks $ 3,383 $ 2,873 $ 4,085
Funds Sold 620,331 360,577 382,154
Investment Securities
Available-for-Sale 2,271,186 2,289,190 2,188,064
Held to Maturity (Fair Value of $4,378,007; $4,504,495; and $4,774,032) 4,306,353 4,466,679 4,777,494
Loans Held for Sale 1,951 5,136 2,437
Loans and Leases 7,178,628 6,897,589 6,209,857
Allowance for Loan and Lease Losses       (107,461 )     (108,688 )     (114,126 )
Net Loans and Leases       7,071,167       6,788,901       6,095,731  
Total Earning Assets       14,274,371       13,913,356       13,449,965  
Cash and Due from Banks 151,793 172,126 159,079
Premises and Equipment, Net 109,223 109,854 107,323
Accrued Interest Receivable 47,017 44,654 46,431
Foreclosed Real Estate 2,095 2,311 3,450
Mortgage Servicing Rights 23,643 24,695 27,378
Goodwill 31,517 31,517 31,517
Bank-Owned Life Insurance 264,228 262,807 223,883
Other Assets       235,292       225,888       214,092  
Total Assets     $ 15,139,179     $ 14,787,208     $ 14,263,118  
 
Liabilities
Deposits
Noninterest-Bearing Demand $ 4,047,334 $ 3,832,943 $ 3,679,410
Interest-Bearing Demand 2,608,664 2,559,570 2,378,414
Savings 5,014,686 4,806,575 4,515,026
Time       1,308,932       1,434,001       1,471,623  
Total Deposits       12,979,616       12,633,089       12,044,473  
Funds Purchased 8,459 8,459 9,982
Short-Term Borrowings - - 375
Securities Sold Under Agreements to Repurchase 672,329 688,601 797,213
Other Debt 173,898 173,912 174,695
Retirement Benefits Payable 55,197 55,477 35,111
Accrued Interest Payable 5,836 5,148 5,743
Taxes Payable and Deferred Taxes 46,987 27,777 45,811
Other Liabilities       121,606       139,659       120,811  
Total Liabilities       14,063,928       13,732,122       13,234,214  
Shareholders' Equity

Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2015 - 57,733,267 / 43,652,628; December 31, 2014 - 57,634,755 / 43,724,208; and March 31, 2014 - 57,620,212 / 44,467,593)

575 574 573
Capital Surplus 534,141 531,932 524,912
Accumulated Other Comprehensive Loss (21,172 ) (26,686 ) (25,396 )
Retained Earnings 1,257,341 1,234,801 1,170,068

Treasury Stock, at Cost (Shares: March 31, 2015 - 14,080,639; December 31, 2014 - 13,910,547; and March 31, 2014 - 13,152,619)

      (695,634 )     (685,535 )     (641,253 )
Total Shareholders' Equity       1,075,251       1,055,086       1,028,904  
Total Liabilities and Shareholders' Equity     $ 15,139,179     $ 14,787,208     $ 14,263,118  
 
               
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, 2014 43,724,208 $ 574 $ 531,932 $ (26,686) $1,234,801 $ (685,535) $ 1,055,086
Net Income - - - - 42,442 - 42,442
Other Comprehensive Income - - - 5,514 - - 5,514
Share-Based Compensation - - 1,776 - - - 1,776
Common Stock Issued under Purchase and Equity
Compensation Plans and Related Tax Benefits 155,646 1 433 - (218) 3,045 3,261
Common Stock Repurchased (227,226) - - - - (13,144) (13,144)
Cash Dividends Declared ($0.45 per share)     -   -   -   -   (19,684)   -   (19,684)
Balance as of March 31, 2015     43,652,628   $ 575   $ 534,141   $ (21,172)   $1,257,341   $ (695,634)   $ 1,075,251
 
Balance as of December 31, 2013 44,490,385 $ 572 $ 522,505 $ (31,823) $1,151,754 $ (631,032) $ 1,011,976
Net Income - - - - 38,592 - 38,592
Other Comprehensive Income - - - 6,427 - - 6,427
Share-Based Compensation - - 1,808 - - - 1,808
Common Stock Issued under Purchase and Equity
Compensation Plans and Related Tax Benefits 222,762 1 599 - (205) 4,063 4,458
Common Stock Repurchased (245,554) - - - - (14,284) (14,284)
Cash Dividends Declared ($0.45 per share)     -   -   -   -   (20,073)   -   (20,073)
Balance as of March 31, 2014     44,467,593   $ 573   $ 524,912   $ (25,396)   $1,170,068   $ (641,253)   $ 1,028,904
 
 
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, 2015 December 31, 2014 March 31, 2014
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 $ 3.1 $ - 0.44 % $ 3.4 $ - 0.24 % $ 5.7 $ - 0.23 %
Funds Sold 484.3 0.2 0.21 358.8 0.2 0.21 270.5 0.1 0.20
Investment Securities
Available-for-Sale
Taxable 1,560.8 6.5 1.67 1,563.9 7.0 1.78 1,548.9 7.2 1.86
Non-Taxable 723.3 5.7 3.16 715.1 5.8 3.24 677.5 5.5 3.27
Held-to-Maturity
Taxable 4,140.9 22.8 2.21 4,256.3 23.3 2.19 4,501.6 26.3 2.34
Non-Taxable       249.1     2.5   3.94       250.0     2.5   3.95       252.6     2.5   3.96
Total Investment Securities       6,674.1     37.5   2.25       6,785.3     38.6   2.27       6,980.6     41.5   2.38
Loans Held for Sale 3.1 - 3.63 2.8 - 3.92 4.2 0.1 4.68
Loans and Leases 1
Commercial and Industrial 1,130.5 8.9 3.18 1,025.3 8.5 3.30 923.8 7.8 3.41
Commercial Mortgage 1,449.5 13.7 3.83 1,421.3 13.9 3.87 1,250.0 12.7 4.12
Construction 103.8 1.1 4.39 110.4 1.2 4.52 97.3 1.1 4.43
Commercial Lease Financing 225.9 1.9 3.42 228.7 1.9 3.41 245.8 1.4 2.33
Residential Mortgage 2,631.3 27.5 4.18 2,501.8 26.5 4.24 2,286.9 24.4 4.27
Home Equity 878.5 8.1 3.72 850.5 8.2 3.82 781.8 7.6 3.97
Automobile 331.5 4.3 5.25 314.0 4.2 5.29 263.3 3.5 5.39
Other 2       302.1     5.5   7.36       294.3     5.5   7.37       255.1     5.0   7.90
Total Loans and Leases       7,053.1     71.0   4.06       6,746.3     69.9   4.13       6,104.0     63.5   4.19
Other       66.0     0.3   1.83       68.7     0.3   1.76       76.8     0.3   1.57
Total Earning Assets 3       14,283.7     109.0   3.07       13,965.3     109.0   3.11       13,441.8     105.5   3.16
Cash and Due from Banks 136.5 140.2 142.5
Other Assets   525.8   498.0   449.6
Total Assets $ 14,946.0 $ 14,603.5 $ 14,033.9
 
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand $ 2,577.1 0.2 0.03 $ 2,459.0 0.2 0.03 $ 2,325.8 0.2 0.03
Savings 4,941.0 1.1 0.09 4,720.7 1.0 0.09 4,515.6 1.0 0.09
Time       1,378.3     1.1   0.33       1,480.5     1.2   0.32       1,373.1     1.2   0.37
Total Interest-Bearing Deposits       8,896.4     2.4   0.11       8,660.2     2.4   0.11       8,214.5     2.4   0.12
Short-Term Borrowings 8.5 - 0.14 8.5 - 0.14 10.0 - 0.14
Securities Sold Under Agreements to Repurchase 678.0 6.4 3.76 693.2 6.5 3.68 794.4 6.4 3.22
Other Debt       173.9     0.6   1.43       173.9     0.6   1.43       174.7     0.6   1.44
Total Interest-Bearing Liabilities       9,756.8     9.4   0.39       9,535.8     9.5   0.39       9,193.6     9.4   0.41
Net Interest Income $ 99.6 $ 99.5 $ 96.1
Interest Rate Spread 2.68 % 2.72 % 2.75 %
Net Interest Margin 2.81 % 2.84 % 2.87 %
Noninterest-Bearing Demand Deposits 3,890.0 3,775.5 3,600.0
Other Liabilities 235.1 230.3 206.9
Shareholders' Equity   1,064.1   1,061.9   1,033.4
Total Liabilities and Shareholders' Equity $ 14,946.0 $ 14,603.5 $ 14,033.9
 
 

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 $2,878,000, $2,908,000 and $2,824,000 for the three months ended March 31, 2015, December 31, 2014, and March 31, 2014, respectively.

 
       
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8a
Three Months Ended March 31, 2015
Compared to December 31, 2014
(dollars in millions)     Volume 1   Rate 1   Total
Change in Interest Income:
Investment Securities
Available-for-Sale
Taxable $ - $ (0.5 ) $ (0.5 )
Non-Taxable 0.1 (0.2 ) (0.1 )
Held-to-Maturity
Taxable       (0.7 )     0.2       (0.5 )
Total Investment Securities       (0.6 )     (0.5 )     (1.1 )
Loans and Leases
Commercial and Industrial 0.7 (0.3 ) 0.4
Commercial Mortgage 0.1 (0.3 ) (0.2 )
Construction (0.1 ) - (0.1 )
Residential Mortgage 1.4 (0.4 ) 1.0
Home Equity 0.2 (0.3 ) (0.1 )
Automobile       0.1       -       0.1  
Total Loans and Leases       2.4       (1.3 )     1.1  
Total Change in Interest Income       1.8       (1.8 )     -  
 
Change in Interest Expense:
Interest-Bearing Deposits
Savings 0.1 - 0.1
Time       (0.1 )     -       (0.1 )
Total Interest-Bearing Deposits       -       -       -  
Securities Sold Under Agreements to Repurchase       (0.2 )     0.1       (0.1 )
Total Change in Interest Expense       (0.2 )     0.1       (0.1 )
 
Change in Net Interest Income     $ 2.0     $ (1.9 )   $ 0.1  
 
 
1 The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
 
       
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis Table 8b
Three Months Ended March 31, 2015
Compared to March 31, 2014
(dollars in millions)     Volume 1   Rate 1   Total
Change in Interest Income:
Funds Sold $ 0.1 $ - $ 0.1
Investment Securities
Available-for-Sale
Taxable 0.1 (0.8) (0.7)
Non-Taxable 0.4 (0.2) 0.2
Held-to-Maturity
Taxable     (2.1)   (1.4)   (3.5)
Total Investment Securities     (1.6)   (2.4)   (4.0)
Loans Held for Sale (0.1) - (0.1)
Loans and Leases
Commercial and Industrial 1.6 (0.5) 1.1
Commercial Mortgage 1.9 (0.9) 1.0
Construction 0.1 (0.1) -
Commercial Lease Financing (0.1) 0.6 0.5
Residential Mortgage 3.6 (0.5) 3.1
Home Equity 0.9 (0.4) 0.5
Automobile 0.9 (0.1) 0.8
Other 2     0.9   (0.4)   0.5
Total Loans and Leases     9.8   (2.3)   7.5
Total Change in Interest Income     8.2   (4.7)   3.5
 
Change in Interest Expense:
Interest-Bearing Deposits
Savings 0.1 - 0.1
Time     -   (0.1)   (0.1)
Total Interest-Bearing Deposits     0.1   (0.1)   -
Securities Sold Under Agreements to Repurchase     (1.0)   1.0   -
Total Change in Interest Expense     (0.9)   0.9   -
 
Change in Net Interest Income     $ 9.1   $ (5.6)   $ 3.5
 
 
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)     2015   2014     2014
Salaries $ 27,914 $ 28,751 $ 27,914
Incentive Compensation 4,514 4,639 4,231
Share-Based Compensation 2,345 2,342 1,969
Commission Expense 1,592 1,383 1,059
Retirement and Other Benefits 4,731 3,947 4,986
Payroll Taxes 3,585 2,007 3,568
Medical, Dental, and Life Insurance 3,184 2,653 2,621
Separation Expense       1,915     (202 )     549
Total Salaries and Benefits     $ 49,780   $ 45,520     $ 46,897
 
           
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)     2015   2014   2014   2014   2014
Commercial
Commercial and Industrial $ 1,141,408 $ 1,055,243 $ 991,157 $ 988,940 $ 955,599
Commercial Mortgage 1,477,902 1,437,513 1,373,289 1,345,549 1,284,181
Construction 111,381 109,183 132,097 121,434 91,452
Lease Financing       224,419     226,189     232,381     237,585     240,931
Total Commercial       2,955,110     2,828,128     2,728,924     2,693,508     2,572,163
Consumer
Residential Mortgage 2,699,434 2,571,090 2,444,989 2,355,085 2,305,153
Home Equity 884,742 866,688 838,206 811,180 797,341
Automobile 339,686 323,848 306,003 287,794 273,553
Other 1       299,656     307,835     288,228     278,786     261,647
Total Consumer       4,223,518     4,069,461     3,877,426     3,732,845     3,637,694
Total Loans and Leases     $ 7,178,628   $ 6,897,589   $ 6,606,350   $ 6,426,353   $ 6,209,857
 
 
Deposits
March 31, December 31, September 30, June 30, March 31,
(dollars in thousands)     2015   2014   2014   2014   2014
Consumer $ 6,220,391 $ 6,092,929 $ 5,972,435 $ 5,938,123 $ 5,960,485
Commercial 5,444,814 5,163,352 5,070,080 5,207,026 4,742,308
Public and Other       1,314,411     1,376,808     1,318,926     1,524,885     1,341,680
Total Deposits     $ 12,979,616   $ 12,633,089   $ 12,361,441   $ 12,670,034   $ 12,044,473
 
 
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)     2015     2014     2014     2014     2014  
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial $ 8,641 $ 9,088 $ 8,952 $ 10,437 $ 11,239
Commercial Mortgage       732       745       1,366       1,403       1,421  
Total Commercial       9,373       9,833       10,318       11,840       12,660  
Consumer
Residential Mortgage 14,344 14,841 16,756 15,818 19,003
Home Equity       2,965       3,097       2,671       2,787       1,935  
Total Consumer       17,309       17,938       19,427       18,605       20,938  
Total Non-Accrual Loans and Leases       26,682       27,771       29,745       30,445       33,598  
Foreclosed Real Estate       2,095       2,311       3,562       3,944       3,450  
Total Non-Performing Assets     $ 28,777     $ 30,082     $ 33,307     $ 34,389     $ 37,048  
 
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial     $ -     $ 2     $ 14     $ -     $ 150  
Total Commercial       -       2       14       -       150  
Consumer
Residential Mortgage 3,914 4,506 4,819 6,082 5,729
Home Equity 2,425 2,596 2,816 2,505 2,845
Automobile 537 616 612 236 346
Other 1       1,078       941       842       844       644  
Total Consumer       7,954       8,659       9,089       9,667       9,564  
Total Accruing Loans and Leases Past Due 90 Days or More     $ 7,954     $ 8,661     $ 9,103     $ 9,667     $ 9,714  

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

     $ 46,639     $ 45,474     $ 45,169     $ 43,625     $ 44,473  
Total Loans and Leases     $ 7,178,628     $ 6,897,589     $ 6,606,350     $ 6,426,353     $ 6,209,857  
 
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases       0.37 %     0.40 %     0.45 %     0.47 %     0.54 %
 

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

      0.40 %     0.44 %     0.50 %     0.53 %     0.60 %
 

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

      0.34 %     0.38 %     0.42 %     0.48 %     0.53 %
 

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

      0.44 %     0.47 %     0.56 %     0.57 %     0.64 %
 

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

      0.51 %     0.56 %     0.64 %     0.69 %     0.75 %
 
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter $ 30,082 $ 33,307 $ 34,389 $ 37,048 $ 39,650
Additions 621 1,885 2,565 2,798 2,491
Reductions
Payments (1,427 ) (1,822 ) (2,381 ) (2,753 ) (1,855 )
Return to Accrual Status (187 ) (1,291 ) (704 ) (904 ) (1,864 )
Sales of Foreclosed Real Estate (37 ) (1,480 ) (449 ) (1,782 ) (737 )
Charge-offs/Write-downs       (275 )     (517 )     (113 )     (18 )     (637 )
Total Reductions       (1,926 )     (5,110 )     (3,647 )     (5,457 )     (5,093 )
Balance at End of Quarter     $ 28,777     $ 30,082     $ 33,307     $ 34,389     $ 37,048  
 
 

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)     2015   2014   2014
Balance at Beginning of Period $ 114,575 $ 116,249 $ 121,521
Loans and Leases Charged-Off
Commercial
Commercial and Industrial (235 ) (205 ) (819 )
Consumer
Residential Mortgage (559 ) (97 ) (329 )
Home Equity (216 ) (293 ) (351 )
Automobile (1,428 ) (1,376 ) (917 )
Other 1       (1,650 )     (1,772 )     (1,622 )
Total Loans and Leases Charged-Off       (4,088 )     (3,743 )     (4,038 )
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial 646 396 920
Commercial Mortgage 14 14 14
Construction 8 8 5
Lease Financing 68 4 2
Consumer
Residential Mortgage 342 542 272
Home Equity 881 204 551
Automobile 494 467 445
Other 1       408       434       501  
Total Recoveries on Loans and Leases Previously Charged-Off       2,861       2,069       2,710  
Net Loans and Leases Charged-Off (1,227 ) (1,674 ) (1,328 )
Provision for Unfunded Commitments       -       -       (57 )
Balance at End of Period 2     $ 113,348     $ 114,575     $ 120,136  
 
Components
Allowance for Loan and Lease Losses $ 107,461 $ 108,688 $ 114,126
Reserve for Unfunded Commitments       5,887       5,887       6,010  
Total Reserve for Credit Losses     $ 113,348     $ 114,575     $ 120,136  
 
Average Loans and Leases Outstanding     $ 7,053,061     $ 6,746,332     $ 6,104,041  
 
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized) 0.07 % 0.10 % 0.09 %
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding 1.50 % 1.58 % 1.84 %
 
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 13
    Retail   Commercial   Investment   Treasury   Consolidated
(dollars in thousands)     Banking   Banking   Services   and Other   Total
Three Months Ended March 31, 2015
Net Interest Income $ 48,015 $ 35,927 $ 2,977 $ 9,851 $ 96,770
Provision for Credit Losses       1,723       (464 )     (8 )     (1,251 )     -  
Net Interest Income After Provision for Credit Losses 46,292 36,391 2,985 11,102 96,770
Noninterest Income 19,073 5,599 14,717 12,918 52,307
Noninterest Expense       (50,033 )     (18,188 )     (14,444 )     (4,250 )     (86,915 )
Income Before Provision for Income Taxes 15,332 23,802 3,258 19,770 62,162
Provision for Income Taxes       (5,447 )     (8,402 )     (1,205 )     (4,666 )     (19,720 )
Net Income     $ 9,885     $ 15,400     $ 2,053     $ 15,104     $ 42,442  
Total Assets as of March 31, 2015     $ 4,239,641     $ 2,910,258     $ 188,399     $ 7,800,881     $ 15,139,179  
 
 
Three Months Ended March 31, 2014 1
Net Interest Income $ 41,102 $ 28,237 $ 2,582 $ 21,312 $ 93,233
Provision for Credit Losses       1,456       (61 )     (68 )     (1,327 )     -  
Net Interest Income After Provision for Credit Losses 39,646 28,298 2,650 22,639 93,233
Noninterest Income 19,320 6,260 14,343 4,845 44,768
Noninterest Expense       (49,096 )     (17,418 )     (14,235 )     (2,798 )     (83,547 )
Income Before Provision for Income Taxes 9,870 17,140 2,758 24,686 54,454
Provision for Income Taxes       (3,652 )     (5,879 )     (1,020 )     (5,311 )     (15,862 )
Net Income     $ 6,218     $ 11,261     $ 1,738     $ 19,375     $ 38,592  
Total Assets as of March 31, 2014 1     $ 3,679,909     $ 2,512,523     $ 183,381     $ 7,887,305     $ 14,263,118  
 
 
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)     2015     2014     2014       2014       2014
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases $ 70,961 $ 69,974 $ 68,089 $ 65,818 $ 63,526
Income on Investment Securities
Available-for-Sale 10,198 10,732 10,286 10,697 10,760
Held-to-Maturity 24,407 24,966 26,067 26,938 27,889
Deposits 3 2 3 1 3
Funds Sold 259 192 176 168 137
Other       302       303       302         302         302
Total Interest Income       106,130       106,169       104,923         103,924         102,617
Interest Expense
Deposits 2,368 2,392 2,391 2,393 2,358
Securities Sold Under Agreements to Repurchase 6,371 6,520 6,523 6,465 6,397
Funds Purchased 3 3 3 4 3
Other Debt       618       622       627         650         626
Total Interest Expense       9,360       9,537       9,544         9,512         9,384
Net Interest Income 96,770 96,632 95,379 94,412 93,233
Provision for Credit Losses       -       -       (2,665 )       (2,199 )       -
Net Interest Income After Provision for Credit Losses       96,770       96,632       98,044         96,611         93,233
Noninterest Income
Trust and Asset Management 12,180 12,225 11,716 12,005 11,852
Mortgage Banking 1,693 2,116 1,646 1,804 2,005
Service Charges on Deposit Accounts 8,537 9,058 9,095 8,638 8,878
Fees, Exchange, and Other Service Charges 12,897 13,702 13,390 13,370 12,939
Investment Securities Gains, Net 10,231 1,966 1,858 2,079 2,160
Annuity and Insurance 2,044 1,664 2,348 1,930 2,123
Bank-Owned Life Insurance 1,734 1,874 1,644 1,519 1,602
Other       2,991       3,213       3,253         3,136         3,209
Total Noninterest Income       52,307       45,818       44,950         44,481         44,768
Noninterest Expense
Salaries and Benefits 49,780 45,520 45,530 45,081 46,897
Net Occupancy 9,333 9,291 9,334 9,254 9,417
Net Equipment 5,288 4,734 4,473 4,669 4,603
Data Processing 3,773 3,823 3,665 3,842 3,649
Professional Fees 2,334 3,086 1,835 2,613 2,260
FDIC Insurance 2,140 2,055 1,750 2,055 2,076
Other       14,267       12,731       14,443         13,568         14,645
Total Noninterest Expense       86,915       81,240       81,030         81,082         83,547
Income Before Provision for Income Taxes 62,162 61,210 61,964 60,010 54,454
Provision for Income Taxes       19,720       20,019       20,195         18,520         15,862
Net Income     $ 42,442     $ 41,191     $ 41,769       $ 41,490       $ 38,592
 
Basic Earnings Per Share $ 0.98 $ 0.95 $ 0.95 $ 0.94 $ 0.87
Diluted Earnings Per Share $ 0.97 $ 0.94 $ 0.95 $ 0.94 $ 0.87
 
Balance Sheet Totals
Loans and Leases $ 7,178,628 $ 6,897,589 $ 6,606,350 $ 6,426,353 $ 6,209,857
Total Assets 15,139,179 14,787,208 14,510,166 14,844,505 14,263,118
Total Deposits 12,979,616 12,633,089 12,361,441 12,670,034 12,044,473
Total Shareholders' Equity 1,075,251 1,055,086 1,057,413 1,050,801 1,028,904
 
Performance Ratios
Return on Average Assets 1.15 % 1.12 % 1.15

%

 

1.17

%

 

1.12 %
Return on Average Shareholders' Equity 16.18 15.39 15.57 15.87 15.15
Efficiency Ratio 1 58.30 57.03 57.74 58.38 60.54
Net Interest Margin 2 2.81 2.84 2.85 2.86 2.87
 
 
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, 2015   December 31, 2014       December 31, 2013    
Hawaii Economic Trends
State General Fund Revenues 1 $ 1,045.5 12.2 % $ 5,535.7 1.6 % $ 5,450.6 3.7 %
General Excise and Use Tax Revenue 1 $ 534.4 3.2 % $ 2,979.8 2.5 % $ 2,907.6 2.2 %
Jobs 2 647.0 643.7 629.9
                                               
February 28,   December 31,    
(spot rates)                         2015       2014       2013    
Unemployment 3
Statewide, seasonally adjusted 4.1 % 4.0 % 4.7 %
 
Oahu 3.9 3.5 3.8
Island of Hawaii 5.3 4.7 5.9
Maui 4.4 3.8 4.7
Kauai 4.8 4.3 5.2
             
March 31, December 31,    
(percentage change, except months of inventory)       2015   2014       2013       2012    
Housing Trends (Single Family Oahu) 4
Median Home Price 3.2 % 3.8 % 4.8 % 7.8 %
Home Sales Volume (units) (4.0 ) % (0.8 ) % 4.6 % 6.5 %
Months of Inventory 2.7 2.6 2.7 2.5
                                               
Monthly Visitor Arrivals, Percentage Change
(in thousands)                 Not Seasonally Adjusted       from Previous Year    
Tourism 5
 
February 28, 2015 661.7 2.3
January 31, 2015 678.9 (0.6 )
December 31, 2014 765.3 6.2
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 720.8 (1.8 )
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
October 31, 2012 640.7 8.6
September 30, 2012 595.0 6.1
August 31, 2012 725.6 11.0
July 31, 2012 720.4 7.8
June 30, 2012 677.2 11.5
May 31, 2012 622.9 12.5
 
 

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.