Hawaii’s economy continued to slowly recover during the fourth quarter of 2011 due to increasing visitor arrivals and spending. For the first 11 months of 2011, total visitor arrivals increased 3.4 percent compared to the same period in 2010. Total visitor spending for the first 11 months of 2011 increased 15.1 percent compared to the same period last year primarily due to strong spending growth from international visitors from the Asia-Pacific region, Canada, Australia, and New Zealand. Hotel occupancy continued to improve and revenue per available room reflects signs of improvement. Overall, employment continues to be stable. The statewide unemployment rate remains significantly below the national average at 6.5 percent for the month of November. More information on current Hawaii economic trends is presented in Table 14.
Conference Call Information
The Company will review its 2011 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The call will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation’s web site, www.boh.com. The conference call number for participants in the United States is 800-901-5231. International participants should call 617-786-2961. Use the pass code “Bank of Hawaii” to access the call. A replay of the conference call will be available for one week beginning Monday, January 23, 2012 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the number 83186423 when prompted. A replay will also be available via the Investor Relations link of the Company’s web site.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, 2010, which was filed with the U.S. Securities and Exchange Commission. We do not promise to update forward-looking statements to reflect later events or circumstances.