As a result of the strong deposit growth, which exceeded loan growth during the fourth quarter, the investment portfolio grew to $7.11 billion at year-end 2011, compared to $6.97 billion at September 30, 2011 and $6.66 billion at December 31, 2010. The Company’s municipal bond portfolio increased by $247 million during the fourth quarter of 2011, which represents 6.0 percent of the total securities portfolio at December 31, 2011. The investment portfolio remains largely comprised of securities issued by U. S. government agencies.During the fourth quarter of 2011, the Company repurchased 702.3 thousand shares of common stock at a total cost of $29.1 million under its share repurchase program. The average cost was $41.44 per share repurchased. From January 3 through January 20, 2012, the Company repurchased an additional 70.0 thousand shares of common stock at an average cost of $46.28 per share repurchased. From the beginning of the share repurchase program initiated during July 2001 through December 31, 2011, the Company has repurchased 48.5 million shares and returned over $1.7 billion to shareholders at an average cost of $35.98 per share. Remaining buyback authority under the share repurchase program was $74.0 million at December 31, 2011.
Bank Of Hawaii Corporation 2011 Financial Results
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