Bank of Hawai‘i Corporation First Quarter 2023 Financial Results

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

 

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

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

Financial Highlights

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

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

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

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

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

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

Asset Quality

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

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

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

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

Balance Sheet

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

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

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

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

Capital and Dividends

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

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

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

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

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

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website, www.boh.com. The webcast can be accessed via the link below: https://register.vevent.com/register/BIf628c91a80f642cb96f2725eff121a04. A replay of the conference call will be available for one year beginning approximately 11:00 a.m. Hawaii Time on Monday, April 24, 2023. The replay will be accessible via the same link. In addition, the replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawai‘i Corporation's Annual Report on Form 10-K for the year ended December 31, 2022 which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Bank of Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company's principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s web site, www.boh.com. Bank of Hawai‘i Corporation is a trade name of Bank of Hawaii Corporation.

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

^1	Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
^2	Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
^3	Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
^4	The numerator comprises the Allowance for Credit Losses - Loans and Leases.
^5	Regulatory capital ratios as of March 31, 2023 are preliminary.
^6	Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures.
	Tangible common equity is defined by the Company as common shareholders' equity minus goodwill.
	See Table 2 "Reconciliation of Non-GAAP Financial Measures".

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

^1	Regulatory capital ratios as of March 31, 2023 are preliminary.

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

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

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

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

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

^1	Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
^2	Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $495,000, $433,000, and $254,000
	for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively.
^3	Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
^4	Comprised of other consumer revolving credit, installment, and consumer lease financing.

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

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

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

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

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

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

^1	Comprised of other revolving credit, installment, and lease financing.

Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More													Table 11
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2023			2022			2022			2022			2022
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	31		$	37		$	49		$	85		$	99
Commercial Mortgage		3,216			3,309			3,396			3,462			8,065
Total Commercial		3,247			3,346			3,445			3,547			8,164
Consumer
Residential Mortgage		4,199			4,239			4,945			5,179			3,845
Home Equity		3,638			4,022			4,438			4,435			5,638
Total Consumer		7,837			8,261			9,383			9,614			9,483
Total Non-Accrual Loans and Leases		11,084			11,607			12,828			13,161			17,647
Foreclosed Real Estate		1,040			1,040			1,040			2,332			2,332
Total Non-Performing Assets	$	12,124		$	12,647		$	13,868		$	15,493		$	19,979
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial	$	-		$	-		$	-		$	-		$	22
Total Commercial		-			-			-			-			22
Consumer
Residential Mortgage		4,566			2,429			3,279			2,638			4,113
Home Equity		1,723			1,673			1,061			2,029			2,722
Automobile		598			589			467			359			504
Other ^1		632			683			513			508			649
Total Consumer		7,519			5,374			5,320			5,534			7,988
Total Accruing Loans and Leases Past Due 90 Days or More	$	7,519		$	5,374		$	5,320		$	5,534		$	8,010
Total Loans and Leases	$	13,824,522		$	13,646,420		$	13,321,606		$	12,951,573		$	12,544,492
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.08	%		0.09	%		0.10	%		0.10	%		0.14	%
Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate		0.09	%		0.09	%		0.10	%		0.12	%		0.16	%
Ratio of Non-Performing Assets to Total Assets		0.05	%		0.05	%		0.06	%		0.06	%		0.07	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate		0.06	%		0.06	%		0.07	%		0.07	%		0.16	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate		0.11	%		0.11	%		0.13	%		0.15	%		0.16	%
Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed Real Estate		0.14	%		0.13	%		0.14	%		0.16	%		0.22	%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	12,647		$	13,868		$	15,493		$	19,979		$	18,966
Additions		552			704			489			2,293			2,243
Reductions
Payments		(778	)		(1,605	)		(706	)		(5,511	)		(1,230	)
Return to Accrual Status		(297	)		(301	)		(116	)		(1,267	)		-
Sales of Foreclosed Real Estate		-			-			(1,292	)		-			-
Charge-offs / Write-downs		-			(19	)		-			(1	)		-
Total Reductions		(1,075	)		(1,925	)		(2,114	)		(6,779	)		(1,230	)
Balance at End of Quarter	$	12,124		$	12,647		$	13,868		$	15,493		$	19,979

^1	Comprised of other revolving credit, installment, and lease financing.

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

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

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

^1	Certain prior period information has been reclassified to conform to current presentation.

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

^1	Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
^2	Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

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

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