Bank Of Hawaii Corporation 2011 Financial Results

BY Business Wire | 01/23/12 - 06:00 AM EST

Stock quotes in this article: BOH

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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 1a
(dollars in thousands, except per share amounts)	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
	2011			2011			2010			2011			2010
For the Period:
Operating Results
Net Interest Income	$	96,246		$	96,766		$	96,273		$	390,208		$	406,480
Provision for Credit Losses		2,219			2,180			5,278			12,690			55,287
Total Noninterest Income		43,407			50,863			51,477			197,655			255,258
Total Noninterest Expense		84,382			83,955			88,722			348,193			346,236
Net Income		39,229			43,306			40,578			160,043			183,942
Basic Earnings Per Share		0.85			0.93			0.84			3.40			3.83
Diluted Earnings Per Share		0.85			0.92			0.84			3.39			3.80
Dividends Declared Per Share		0.45			0.45			0.45			1.80			1.80

Performance Ratios
Return on Average Assets		1.17	%		1.31	%		1.24	%		1.22	%		1.45	%
Return on Average Shareholders' Equity		15.23			16.80			15.08			15.69			18.16
Efficiency Ratio ¹		60.42			56.87			60.05			59.23			52.32
Net Interest Margin ²		3.04			3.09			3.15			3.13			3.41
Dividend Payout Ratio ³		52.94			48.39			53.57			52.94			47.00
Average Shareholders' Equity to Average Assets		7.65			7.79			8.23			7.78			7.98

Average Balances
Average Loans and Leases	$	5,420,352		$	5,340,406		$	5,317,815		$	5,349,938		$	5,472,534
Average Assets		13,357,646			13,125,077			12,964,973			13,105,029			12,687,717
Average Deposits		10,160,392			9,871,750			9,677,452			9,924,697			9,509,130
Average Shareholders' Equity		1,022,012			1,022,585			1,067,429			1,020,065			1,012,746

Market Price Per Share of Common Stock
Closing	$	44.49		$	36.40		$	47.21		$	44.49		$	47.21
High		45.13			47.10			48.27			49.26			54.10
Low		34.50			35.30			42.94			34.50			41.60

							December 31,			September 30,			December 31,
							2011			2011			2010
As of Period End:
Balance Sheet Totals
Loans and Leases							$	5,538,304		$	5,348,472		$	5,335,792
Total Assets								13,846,391			13,304,758			13,126,787
Total Deposits								10,592,623			10,009,013			9,888,995
Long-Term Debt								30,696			30,705			32,652
Total Shareholders' Equity								1,002,667			1,017,775			1,011,133

Asset Quality
Allowance for Loan and Lease Losses							$	138,606		$	143,410		$	147,358
Non-Performing Assets								40,790			37,770			37,786

Financial Ratios
Allowance to Loans and Leases Outstanding								2.50	%		2.68	%		2.76	%
Tier 1 Capital Ratio								16.68			17.57			18.28
Total Capital Ratio								17.95			18.83			19.55
Tier 1 Leverage Ratio								6.73			6.95			7.15
Total Shareholders' Equity to Total Assets								7.24			7.65			7.70
Tangible Common Equity to Tangible Assets ⁴								7.03			7.43			7.48
Tangible Common Equity to Risk-Weighted Assets ⁴								17.93			18.90			19.29

Non-Financial Data
Full-Time Equivalent Employees								2,370			2,381			2,399
Branches and Offices								81			82			82
ATMs								506			508			502

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 Tangible common equity, a non-GAAP financial measure, is defined by the Company as shareholders' equity minus goodwill and intangible assets. Intangible assets are included as a component of other assets in the Consolidated Statements of Condition.

Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures							Table 1b
(dollars in thousands)	December 31,			September 30,				December 31,
(dollars in thousands)	2011			2011				2010

Total Shareholders' Equity	$	1,002,667		$	1,017,775			$	1,011,133
Less: Goodwill		31,517			31,517				31,517
Intangible Assets		83			96				154
Tangible Common Equity	$	971,067		$	986,162			$	979,462

Total Assets	$	13,846,391		$	13,304,758			$	13,126,787
Less: Goodwill		31,517			31,517				31,517
Intangible Assets		83			96				154
Tangible Assets	$	13,814,791		$	13,273,145			$	13,095,116

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements	$	5,414,481		$	5,218,651			$	5,076,909

Total Shareholders' Equity to Total Assets		7.24	%		7.65	%			7.70	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		7.03	%		7.43	%			7.48	%

Tier 1 Capital Ratio		16.68	%		17.57	%			18.28	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)		17.93	%		18.90	%			19.29	%

Bank of Hawaii Corporation and Subsidiaries
Net Significant Income (Expense) Items												Table 2
(dollars in thousands)	Three Months Ended								Year Ended
	December 31,		September 30,			December 31,			December 31,
	2011		2011			2010			2011			2010
Cash Basis Interest Recoveries	$	-	$	-		$	-		$	-		$	2,832
Investment Securities Gains, Net		-		-			-			6,366			42,848
Gain on Mutual Fund Sale		-		1,956			-			1,956			2,852
Gains (Loss) on Disposal of Leased Equipment		-		-			-			-			(260	)
Gain on Sale of Insurance Subsidiary		-		-			-			-			904
Decrease (Increase) in Allowance for Loan and Lease Losses		4,804		1,566			-			8,752			(3,700	)
Employee Incentive Awards		-		-			(1,949	)		-			(1,949	)
Cash Grants for the Purchase of Company Stock		-		-			(196	)		-			(3,446	)
Settlement Gain on the Extinguishment of Retiree Life Insurance Obligation		-		-			951			-			951
PC Refresh		-		-			(1,192	)		-			(1,192	)
Settlement Related to Overdraft Claims		-		-			-			(9,000	)		-
Bank of Hawaii Charitable Foundation		-		(2,000	)		(1,000	)		(2,000	)		(1,000	)
Gain on Sale of Foreclosed Real Estate		-		-			1,343			-			1,343
REPO Early Termination Expense		-		-			-			-			(5,189	)
Significant Income (Expense) Items Before the Provision (Benefit) for Income Taxes		4,804		1,522			(2,043	)		6,074			34,994
Income Taxes Impact Related to Lease Transactions		-		-			-			-			(3,541	)
Income Tax Impact		1,681		533			(715	)		2,126			12,340
Net Significant Income (Expense) Items	$	3,123	$	989		$	(1,328	)	$	3,948		$	26,195

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income										Table 3
(dollars in thousands, except per share amounts)	Three Months Ended							Year Ended
	December 31,		September 30,		December 31,			December 31,
	2011		2011		2010			2011		2010
Interest Income
Interest and Fees on Loans and Leases	$	64,760	$	65,344	$	67,915		$	262,239	$	287,381
Income on Investment Securities
Available-for-Sale		19,107		23,097		39,546			103,363		169,151
Held-to-Maturity		23,608		20,344		1,388			72,138		6,504
Deposits		2		6		7			8		28
Funds Sold		120		160		160			828		1,076
Other		280		279		279			1,117		1,111
Total Interest Income		107,877		109,230		109,295			439,693		465,251
Interest Expense
Deposits		3,736		4,561		5,918			18,321		29,196
Securities Sold Under Agreements to Repurchase		7,392		7,400		6,425			29,171		25,996
Funds Purchased		5		4		7			20		30
Long-Term Debt		498		499		672			1,973		3,549
Total Interest Expense		11,631		12,464		13,022			49,485		58,771
Net Interest Income		96,246		96,766		96,273			390,208		406,480
Provision for Credit Losses		2,219		2,180		5,278			12,690		55,287
Net Interest Income After Provision for Credit Losses		94,027		94,586		90,995			377,518		351,193
Noninterest Income
Trust and Asset Management		11,025		10,788		11,190			45,046		44,889
Mortgage Banking		3,401		5,480		4,549			14,664		18,576
Service Charges on Deposit Accounts		9,606		9,820		11,632			38,733		53,039
Fees, Exchange, and Other Service Charges		12,401		16,219		15,196			60,227		61,006
Investment Securities Gains (Losses), Net		282		-		(1	)		6,366		42,848
Insurance		2,312		2,664		2,309			10,957		9,961
Other		4,380		5,892		6,602			21,662		24,939
Total Noninterest Income		43,407		50,863		51,477			197,655		255,258
Noninterest Expense
Salaries and Benefits		44,927		44,307		46,809			182,816		185,713
Net Occupancy		11,253		11,113		10,504			43,169		40,988
Net Equipment		4,748		4,662		5,902			18,849		19,371
Professional Fees		1,926		2,245		2,116			8,623		7,104
FDIC Insurance		2,027		2,065		3,198			9,346		12,564
Other		19,501		19,563		20,193			85,390		80,496
Total Noninterest Expense		84,382		83,955		88,722			348,193		346,236
Income Before Provision for Income Taxes		53,052		61,494		53,750			226,980		260,215
Provision for Income Taxes		13,823		18,188		13,172			66,937		76,273
Net Income	$	39,229	$	43,306	$	40,578		$	160,043	$	183,942
Basic Earnings Per Share	$	0.85	$	0.93	$	0.84		$	3.40	$	3.83
Diluted Earnings Per Share	$	0.85	$	0.92	$	0.84		$	3.39	$	3.80
Dividends Declared Per Share	$	0.45	$	0.45	$	0.45		$	1.80	$	1.80
Basic Weighted Average Shares		46,195,147		46,806,439		48,034,234			47,064,925		48,055,025
Diluted Weighted Average Shares		46,324,734		46,934,140		48,275,474			47,224,981		48,355,965

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition							Table 4
(dollars in thousands)	December 31,			September 30,			December 31,
(dollars in thousands)	2011			2011			2010
Assets
Interest-Bearing Deposits	$	3,036		$	3,543		$	3,472
Funds Sold		512,384			242,062			438,327
Investment Securities
Available-for-Sale		3,451,885			4,448,898			6,533,874
Held-to-Maturity (Fair Value of $3,754,206; $2,610,081; and $134,028)		3,657,796			2,520,422			127,249
Loans Held for Sale		18,957			12,745			17,564
Loans and Leases		5,538,304			5,348,472			5,335,792
Allowance for Loan and Lease Losses		(138,606	)		(143,410	)		(147,358	)
Net Loans and Leases		5,399,698			5,205,062			5,188,434
Total Earning Assets		13,043,756			12,432,732			12,308,920
Cash and Noninterest-Bearing Deposits		154,489			206,875			165,748
Premises and Equipment		103,550			104,509			108,170
Customers' Acceptances		476			749			437
Accrued Interest Receivable		43,510			43,319			41,151
Foreclosed Real Estate		3,042			3,341			1,928
Mortgage Servicing Rights		24,279			23,990			25,379
Goodwill		31,517			31,517			31,517
Other Assets		441,772			457,726			443,537
Total Assets	$	13,846,391		$	13,304,758		$	13,126,787

Liabilities
Deposits
Noninterest-Bearing Demand	$	2,850,923		$	2,702,296		$	2,447,713
Interest-Bearing Demand		2,005,983			1,745,812			1,871,718
Savings		4,398,638			4,449,351			4,526,893
Time		1,337,079			1,111,554			1,042,671
Total Deposits		10,592,623			10,009,013			9,888,995
Funds Purchased		10,791			9,882			9,478
Short-Term Borrowings		-			6,400			6,200
Securities Sold Under Agreements to Repurchase		1,925,998			1,929,266			1,901,084
Long-Term Debt		30,696			30,705			32,652
Banker's Acceptances		476			749			437
Retirement Benefits Payable		46,949			30,704			30,885
Accrued Interest Payable		5,330			6,751			5,007
Taxes Payable and Deferred Taxes		95,840			114,842			121,517
Other Liabilities		135,021			148,671			119,399
Total Liabilities		12,843,724			12,286,983			12,115,654
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: December 31, 2011 - 57,134,470 / 45,947,116; September 30, 2011 - 57,132,310 / 46,570,413; and December 31, 2010 - 57,115,287 / 48,097,672)		571			571			570
Capital Surplus		507,558			503,255			500,888
Accumulated Other Comprehensive Income		35,263			46,754			26,965
Retained Earnings		1,003,938			986,202			932,629
Treasury Stock, at Cost (Shares: December 31, 2011 - 11,187,354; September 30, 2011 - 10,561,897; and December 31, 2010 - 9,017,615)		(544,663	)		(519,007	)		(449,919	)
Total Shareholders' Equity		1,002,667			1,017,775			1,011,133
Total Liabilities and Shareholders' Equity	$	13,846,391		$	13,304,758		$	13,126,787

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																	Table 5
(dollars in thousands)								Accum.
								Other
								Compre-
								hensive									Compre-
				Common		Capital		Income			Retained			Treasury			hensive
	Total			Stock		Surplus		(Loss)			Earnings			Stock			Income
Balance as of December 31, 2009	$	895,973		$	569	$	494,318	$	6,925		$	843,521		$	(449,360	)

Comprehensive Income:
Net Income		183,942			-		-		-			183,942			-		$	183,942
Other Comprehensive Income, Net of Tax:
Net Unrealized Gains on Investment Securities,
Net of Reclassification Adjustment		20,231			-		-		20,231			-			-			20,231
Settlement Gain Related to Defined Benefit Plan		(608	)		-		-		(608	)		-			-			(608	)
Net Gains related to Defined Benefit Plans		417			-		-		417			-			-			417
Total Comprehensive Income																	$	203,982
Share-Based Compensation		3,841			-		3,841		-			-			-
Common Stock Issued under Purchase and Equity
Compensation Plans and Related Tax Benefits (617,345 shares)		19,141			1		2,729		-			(8,011	)		24,422
Common Stock Repurchased (538,616 shares)		(24,981	)		-		-		-			-			(24,981	)
Cash Dividends Paid ($1.80 per share)		(86,823	)		-		-		-			(86,823	)		-
Balance as of December 31, 2010	$	1,011,133		$	570	$	500,888	$	26,965		$	932,629		$	(449,919	)

Comprehensive Income:
Net Income		160,043			-		-		-			160,043			-		$	160,043
Other Comprehensive Income, Net of Tax:
Net Unrealized Gains on Investment Securities,
Net of Reclassification Adjustment		16,411			-		-		16,411			-			-			16,411
Net Losses related to Defined Benefit Plans		(8,113	)		-		-		(8,113	)		-			-			(8,113	)
Total Comprehensive Income																	$	168,341
Share-Based Compensation		6,216			-		6,216		-			-			-
Common Stock Issued under Purchase and Equity
Compensation Plans and Related Tax Benefits (389,470 shares)		13,412			1		454		-			(3,843	)		16,800
Common Stock Repurchased (2,540,026 shares)		(111,544	)		-		-		-			-			(111,544	)
Cash Dividends Paid ($1.80 per share)		(84,891	)		-		-		-			(84,891	)		-
Balance as of December 31, 2011	$	1,002,667		$	571	$	507,558	$	35,263		$	1,003,938		$	(544,663	)

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable Equivalent Basis																	Table 6a
(dollars in millions)	Three Months Ended						Three Months Ended						Three Months Ended
	December 31, 2011						September 30, 2011						December 31, 2010
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/			Yield/
	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense			Rate
Earning Assets
Interest-Bearing Deposits	$	3.9	$	-	0.23	%	$	3.7	$	-	0.56	%	$	3.2	$	-		0.81	%
Funds Sold		239.0		0.1	0.20			309.4		0.2	0.20			211.4		0.2		0.30
Investment Securities
Available-for-Sale		3,763.7		19.9	2.12			4,309.3		23.5	2.18			6,468.5		39.8		2.46
Held-to-Maturity		3,259.8		23.6	2.90			2,511.0		20.3	3.24			134.8		1.4		4.12
Loans Held for Sale		14.7		0.2	4.73			9.2		0.1	4.87			13.2		0.1		4.77
Loans and Leases ¹
Commercial and Industrial		798.3		8.0	3.99			815.5		8.2	3.97			752.7		7.8		4.13
Commercial Mortgage		929.0		10.9	4.66			876.7		10.7	4.85			838.0		10.5		5.00
Construction		85.7		1.1	4.84			74.5		1.0	5.15			86.1		1.1		5.09
Commercial Lease Financing		311.0		2.1	2.68			314.6		2.0	2.61			352.6		2.3		2.57
Residential Mortgage		2,163.1		27.3	5.05			2,129.8		27.8	5.23			2,078.1		28.4		5.46
Home Equity		778.1		9.0	4.57			780.5		9.3	4.72			821.3		10.3		4.95
Automobile		190.7		3.1	6.40			191.4		3.2	6.66			214.4		4.0		7.38
Other ²		164.5		3.2	7.76			157.4		3.0	7.50			174.6		3.4		7.68
Total Loans and Leases		5,420.4		64.7	4.75			5,340.4		65.2	4.86			5,317.8		67.8		5.07
Other		79.9		0.3	1.40			79.9		0.3	1.40			79.9		0.3		1.39
Total Earning Assets ³		12,781.4		108.8	3.40			12,562.9		109.6	3.48			12,228.8		109.6		3.57
Cash and Noninterest-Bearing Deposits		142.2						135.1						240.3
Other Assets		434.0						427.1						495.9
Total Assets	$	13,357.6					$	13,125.1					$	12,965.0

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	1,799.9		0.1	0.03		$	1,772.5		0.2	0.04		$	1,769.4		0.2		0.06
Savings		4,447.8		1.4	0.13			4,497.1		1.8	0.16			4,486.7		2.6		0.23
Time		1,145.4		2.2	0.76			1,069.4		2.6	0.96			1,050.9		3.1		1.18
Total Interest-Bearing Deposits		7,393.1		3.7	0.20			7,339.0		4.6	0.25			7,307.0		5.9		0.32
Short-Term Borrowings		20.4		-	0.08			19.0		-	0.08			20.1		-		0.14
Securities Sold Under Agreements to Repurchase		1,848.9		7.4	1.57			1,908.9		7.4	1.52			1,774.8		6.4		1.42
Long-Term Debt		30.7		0.5	6.49			30.7		0.5	6.50			40.0		0.7		6.72
Total Interest-Bearing Liabilities		9,293.1		11.6	0.49			9,297.6		12.5	0.53			9,141.9		13.0		0.56
Net Interest Income			$	97.2					$	97.1					$	96.6
Interest Rate Spread					2.91	%					2.95	%						3.01	%
Net Interest Margin					3.04	%					3.09	%						3.15	%
Noninterest-Bearing Demand Deposits		2,767.3						2,532.8						2,370.5
Other Liabilities		275.2						272.1						385.2
Shareholders' Equity		1,022.0						1,022.6						1,067.4
Total Liabilities and Shareholders' Equity	$	13,357.6					$	13,125.1					$	12,965.0

¹Non-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 $938,000, $364,000, and $300,000 for the three months ended December 31, 2011, September 30, 2011, and December 31, 2010, respectively.

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable Equivalent Basis									Table 6b
(dollars in millions)	Year Ended						Year Ended
	December 31, 2011						December 31, 2010
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits	$	4.2	$	-	0.19	%	$	4.7	$	-	0.59	%
Funds Sold		380.2		0.8	0.22			390.2		1.1	0.28
Investment Securities
Available-for-Sale		4,439.8		105.4	2.37			5,854.1		170.1	2.91
Held-to-Maturity		2,279.6		72.2	3.16			154.2		6.5	4.22
Loans Held for Sale		11.0		0.5	4.54			10.8		0.9	8.51
Loans and Leases ¹
Commercial and Industrial		790.6		31.8	4.02			764.2		33.7	4.41
Commercial Mortgage		887.1		42.8	4.82			827.7		42.0	5.07
Construction		80.1		4.0	5.06			95.4		4.8	5.08
Commercial Lease Financing		322.1		8.7	2.71			385.1		11.3	2.92
Residential Mortgage		2,126.9		111.5	5.24			2,105.6		118.7	5.64
Home Equity		784.9		37.4	4.76			863.7		43.2	4.99
Automobile		194.4		13.2	6.78			241.2		18.3	7.58
Other ²		163.8		12.4	7.57			189.6		14.5	7.66
Total Loans and Leases		5,349.9		261.8	4.89			5,472.5		286.5	5.23
Other		79.9		1.1	1.40			79.8		1.1	1.39
Total Earning Assets ³		12,544.6		441.8	3.52			11,966.3		466.2	3.90
Cash and Noninterest-Bearing Deposits		135.3						229.6
Other Assets		425.1						491.8
Total Assets	$	13,105.0					$	12,687.7

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	1,786.7		0.7	0.04		$	1,715.8		1.1	0.06
Savings		4,501.0		7.3	0.16			4,465.0		14.7	0.33
Time		1,067.8		10.3	0.96			1,088.7		13.4	1.23
Total Interest-Bearing Deposits		7,355.5		18.3	0.25			7,269.5		29.2	0.40
Short-Term Borrowings		18.2		-	0.11			23.3		-	0.13
Securities Sold Under Agreements to Repurchase		1,845.8		29.2	1.58			1,700.2		26.0	1.53
Long-Term Debt		31.6		2.0	6.23			61.0		3.5	5.81
Total Interest-Bearing Liabilities		9,251.1		49.5	0.53			9,054.0		58.7	0.65
Net Interest Income			$	392.3					$	407.5
Interest Rate Spread					2.99	%					3.25	%
Net Interest Margin					3.13	%					3.41	%
Noninterest-Bearing Demand Deposits		2,569.2						2,239.6
Other Liabilities		264.6						381.4
Shareholders' Equity		1,020.1						1,012.7
Total Liabilities and Shareholders' Equity	$	13,105.0					$	12,687.7

¹Non-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 $2,080,000 and $975,000 for the year ended December 31, 2011 and 2010, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent Basis				Table 7a
(dollars in millions)	Three Months Ended December 31, 2011
	Compared to September 30, 2011
	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	(0.1	)	$	-		$	(0.1	)
Investment Securities
Available-for-Sale		(2.9	)		(0.7	)		(3.6	)
Held-to-Maturity		5.6			(2.3	)		3.3
Loans Held for Sale		0.1			-			0.1
Loans and Leases
Commercial and Industrial		(0.2	)		-			(0.2	)
Commercial Mortgage		0.6			(0.4	)		0.2
Construction		0.2			(0.1	)		0.1
Commercial Lease Financing		-			0.1			0.1
Residential Mortgage		0.4			(0.9	)		(0.5	)
Home Equity		-			(0.3	)		(0.3	)
Automobile		-			(0.1	)		(0.1	)
Other ²		0.1			0.1			0.2
Total Loans and Leases		1.1			(1.6	)		(0.5	)
Total Change in Interest Income		3.8			(4.6	)		(0.8	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.1	)		(0.1	)
Savings		-			(0.4	)		(0.4	)
Time		0.1			(0.5	)		(0.4	)
Total Interest-Bearing Deposits		0.1			(1.0	)		(0.9	)
Securities Sold Under Agreements to Repurchase		(0.2	)		0.2			-
Total Change in Interest Expense		(0.1	)		(0.8	)		(0.9	)

Change in Net Interest Income	$	3.9		$	(3.8	)	$	0.1

¹ The changes for each category of interest income and expense are allocated between the portion of changes attributable to the variance in volume and rate for that category.

² Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent Basis							Table 7b
(dollars in millions)	Three Months Ended December 31, 2011
	Compared to December 31, 2010
	Volume ¹			Rate ¹				Total
Change in Interest Income:
Funds Sold	$	-		$	(0.1	)		$	(0.1	)
Investment Securities
Available-for-Sale		(15.0	)		(4.9	)			(19.9	)
Held-to-Maturity		22.7			(0.5	)			22.2
Loans Held for Sale		0.1			-				0.1
Loans and Leases
Commercial and Industrial		0.5			(0.3	)			0.2
Commercial Mortgage		1.1			(0.7	)			0.4
Commercial Lease Financing		(0.3	)		0.1				(0.2	)
Residential Mortgage		1.1			(2.2	)			(1.1	)
Home Equity		(0.5	)		(0.8	)			(1.3	)
Automobile		(0.4	)		(0.5	)			(0.9	)
Other ²		(0.2	)		-				(0.2	)
Total Loans and Leases		1.3			(4.4	)			(3.1	)
Total Change in Interest Income		9.1			(9.9	)			(0.8	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.1	)			(0.1	)
Savings		(0.1	)		(1.1	)			(1.2	)
Time		0.3			(1.2	)			(0.9	)
Total Interest-Bearing Deposits		0.2			(2.4	)			(2.2	)
Securities Sold Under Agreements to Repurchase		0.3			0.7				1.0
Long-Term Debt		(0.1	)		(0.1	)			(0.2	)
Total Change in Interest Expense		0.4			(1.8	)			(1.4	)

Change in Net Interest Income	$	8.7		$	(8.1	)		$	0.6

¹ The changes for each category of interest income and expense are allocated between the portion of changes attributable to the variance in volume and rate for that category.

² Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent Basis				Table 7c
(dollars in millions)	Year Ended December 31, 2011
	Compared to December 31, 2010
	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	-		$	(0.3	)	$	(0.3	)
Investment Securities
Available-for-Sale		(36.5	)		(28.2	)		(64.7	)
Held-to-Maturity		67.7			(2.0	)		65.7
Loans Held for Sale		-			(0.4	)		(0.4	)
Loans and Leases
Commercial and Industrial		1.1			(3.0	)		(1.9	)
Commercial Mortgage		2.9			(2.1	)		0.8
Construction		(0.8	)		-			(0.8	)
Commercial Lease Financing		(1.8	)		(0.8	)		(2.6	)
Residential Mortgage		1.2			(8.4	)		(7.2	)
Home Equity		(3.8	)		(2.0	)		(5.8	)
Automobile		(3.3	)		(1.8	)		(5.1	)
Other ²		(1.9	)		(0.2	)		(2.1	)
Total Loans and Leases		(6.4	)		(18.3	)		(24.7	)
Total Change in Interest Income		24.8			(49.2	)		(24.4	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.4	)		(0.4	)
Savings		0.1			(7.5	)		(7.4	)
Time		(0.2	)		(2.9	)		(3.1	)
Total Interest-Bearing Deposits		(0.1	)		(10.8	)		(10.9	)
Securities Sold Under Agreements to Repurchase		2.3			0.9			3.2
Long-Term Debt		(1.8	)		0.3			(1.5	)
Total Change in Interest Expense		0.4			(9.6	)		(9.2	)

Change in Net Interest Income	$	24.4		$	(39.6	)	$	(15.2	)

¹ The changes for each category of interest income and expense are allocated between the portion of changes attributable to the variance in volume and rate for that category.

² Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits							Table 8
(dollars in thousands)	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
	2011		2011		2010		2011		2010
Salaries	$	28,330	$	28,965	$	30,350	$	115,512	$	119,515
Incentive Compensation		3,881		4,777		5,248		16,367		15,544
Share-Based Compensation and Cash Grants for the Purchase of Company Stock		1,819		743		1,220		5,720		6,805
Commission Expense		1,701		1,572		2,225		6,489		6,666
Retirement and Other Benefits		4,429		3,634		3,564		16,829		15,708
Payroll Taxes		2,030		2,241		2,033		10,645		10,084
Medical, Dental, and Life Insurance		2,322		2,056		1,018		9,039		8,242
Separation Expense		415		319		1,151		2,215		3,149
Total Salaries and Benefits	$	44,927	$	44,307	$	46,809	$	182,816	$	185,713

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances							Table 9
(dollars in thousands)	December 31,		September 30,		June 30,		March 31,		December 31,
(dollars in thousands)	2011		2011		2011		2011		2010
Commercial
Commercial and Industrial	$	817,170	$	790,294	$	815,912	$	771,923	$	772,624
Commercial Mortgage		938,250		922,075		872,283		883,360		863,385
Construction		98,669		69,635		81,432		80,360		80,325
Lease Financing		311,928		312,159		316,776		331,491		334,997
Total Commercial		2,166,017		2,094,163		2,086,403		2,067,134		2,051,331
Consumer
Residential Mortgage		2,215,892		2,130,589		2,130,335		2,108,376		2,094,189
Home Equity		780,691		775,105		783,582		787,179		807,479
Automobile		192,506		191,497		191,739		196,649		209,008
Other ¹		183,198		157,118		159,414		167,591		173,785
Total Consumer		3,372,287		3,254,309		3,265,070		3,259,795		3,284,461
Total Loans and Leases	$	5,538,304	$	5,348,472	$	5,351,473	$	5,326,929	$	5,335,792


Higher Risk Loans Outstanding
(dollars in thousands)	December 31,		September 30,		June 30,		March 31,		December 31,
(dollars in thousands)	2011		2011		2011		2011		2010
Residential Home Building ²	$	13,475	$	15,379	$	16,186	$	14,744	$	14,964
Residential Land Loans ³		18,163		18,305		19,960		21,595		23,745
Home Equity Loans ⁴		21,413		22,321		21,778		23,783		23,179
Air Transportation ⁵		36,144		36,511		36,961		37,440		37,879
Total Higher Risk Loans	$	89,195	$	92,516	$	94,885	$	97,562	$	99,767

¹ Comprised of other revolving credit, installment, and lease financing.
²Residential home building loans were $29.0 million as of December 31, 2011. Higher risk loans within this segment are defined as those loans with a well-defined weakness or weaknesses that jeopardizes the orderly repayment of the loan.
³We consider all of our residential land loans, which are consumer loans secured by unimproved lots, to be of higher risk due to the volatility in the value of the underlying collateral. Residential Land Loans were revised from $18,285 as of September 30, 2011.
⁴Higher risk home equity loans are defined as those loans originated in 2005 or later, with current monitoring credit scores below 600, and with original loan-to-value ratios greater than 70%.
⁵We consider all of our air transportation leases to be of higher risk due to the weak financial profile of the industry.

Deposits
(dollars in thousands)	December 31,		September 30,		June 30,		March 31,		December 31,
(dollars in thousands)	2011		2011		2011		2011		2010
Consumer	$	5,241,827	$	5,137,548	$	5,073,101	$	5,097,056	$	5,082,802
Commercial		4,320,712		4,275,915		4,165,435		4,326,495		4,292,108
Public and Other		1,030,084		595,550		740,498		488,840		514,085
Total Deposits	$	10,592,623	$	10,009,013	$	9,979,034	$	9,912,391	$	9,888,995

Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More										Table 10
(dollars in thousands)	December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)	2011			2011			2011			2011			2010
Non-Performing Assets ¹
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	6,243		$	6,593		$	1,839		$	1,107		$	1,642
Commercial Mortgage		2,140			2,188			3,290			3,421			3,503
Construction		2,080			-			288			288			288
Lease Financing		5			6			8			9			19
Total Commercial		10,468			8,787			5,425			4,825			5,452
Consumer
Residential Mortgage		25,256			23,779			23,970			24,372			28,152
Home Equity		2,024			1,863			2,155			2,602			2,254
Other ²		-			-			16			-			-
Total Consumer		27,280			25,642			26,141			26,974			30,406
Total Non-Accrual Loans and Leases		37,748			34,429			31,566			31,799			35,858
Foreclosed Real Estate		3,042			3,341			2,590			2,793			1,928
Total Non-Performing Assets	$	40,790		$	37,770		$	34,156		$	34,592		$	37,786

Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial	$	1		$	-		$	-		$	-		$	-
Total Commercial		1			-			-			-			-
Consumer
Residential Mortgage		6,422			7,664			5,854			3,614			5,399
Home Equity		2,194			2,639			1,147			1,100			1,067
Automobile		170			138			167			260			410
Other ²		435			414			604			578			707
Total Consumer		9,221			10,855			7,772			5,552			7,583
Total Accruing Loans and Leases Past Due 90 Days or More	$	9,222		$	10,855		$	7,772		$	5,552		$	7,583
Restructured Loans on Accrual Status and Not Past Due 90 Days or More	$	33,703		$	33,140		$	28,193		$	29,513		$	23,724
Total Loans and Leases	$	5,538,304		$	5,348,472		$	5,351,473		$	5,326,929		$	5,335,792

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.68	%		0.64	%		0.59	%		0.60	%		0.67	%

Ratio of Non-Performing Assets to Total Loans and Leases, Loans Held for Sale, and Foreclosed Real Estate		0.73	%		0.70	%		0.64	%		0.65	%		0.71	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases, Commercial Loans Held for Sale, and Commercial Foreclosed Real Estate		0.56	%		0.52	%		0.34	%		0.31	%		0.31	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate		0.85	%		0.82	%		0.83	%		0.86	%		0.95	%

Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases, Loans Held for Sale, and Foreclosed Real Estate		0.90	%		0.91	%		0.78	%		0.75	%		0.85	%

Quarter to Quarter Changes in Non-Performing Assets ¹
Balance at Beginning of Quarter	$	37,770		$	34,156		$	34,592		$	37,786		$	45,174
Additions		8,653			8,552			6,079			5,591			7,042
Reductions
Payments		(1,173	)		(3,237	)		(2,363	)		(2,164	)		(5,019	)
Return to Accrual Status		(2,421	)		(401	)		(3,226	)		(6,408	)		(1,250	)
Sales of Foreclosed Real Estate		(1,320	)		(157	)		(497	)		-			(5,427	)
Charge-offs/Write-downs		(719	)		(1,143	)		(429	)		(213	)		(2,734	)
Total Reductions		(5,633	)		(4,938	)		(6,515	)		(8,785	)		(14,430	)
Balance at End of Quarter	$	40,790		$	37,770		$	34,156		$	34,592		$	37,786

¹Excluded from non-performing assets was a contractually binding non-accrual loan held for sale of $7.5 million as of March 31, 2011.

²Comprised of other revolving credit, installment, and lease financing.

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses										Table 11
	Three Months Ended										Year Ended
	December 31,			September 30,			December 31,				December 31,
(dollars in thousands)	2011			2011			2010				2011			2010
Balance at Beginning of Period	$	148,829		$	150,395		$	152,777			$	152,777		$	149,077
Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(733	)		(4,215	)		(6,528	)			(8,112	)		(21,125	)
Commercial Mortgage		-			-			(745	)			-			(2,048	)
Construction		-			-			-				-			(2,274	)
Lease Financing		-			-			(95	)			-			(500	)
Consumer
Residential Mortgage		(2,888	)		(1,558	)		(3,182	)			(8,174	)		(12,139	)
Home Equity		(3,714	)		(2,528	)		(1,859	)			(10,853	)		(15,052	)
Automobile		(688	)		(715	)		(1,116	)			(3,229	)		(6,425	)
Other ¹		(1,585	)		(1,755	)		(2,137	)			(6,392	)		(10,315	)
Total Loans and Leases Charged-Off		(9,608	)		(10,771	)		(15,662	)			(36,760	)		(69,878	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		469			994			424				2,434			2,082
Commercial Mortgage		8			530			44				538			68
Construction		-			-			7,321				-			7,321
Lease Financing		29			3,405			118				3,528			158
Consumer
Residential Mortgage		531			740			190				2,152			1,544
Home Equity		469			137			967				1,695			1,597
Automobile		528			650			727				2,479			3,128
Other ¹		551			569			593				2,492			2,393
Total Recoveries on Loans and Leases Previously Charged-Off		2,585			7,025			10,384				15,318			18,291
Net Loans and Leases Charged-Off		(7,023	)		(3,746	)		(5,278	)			(21,442	)		(51,587	)
Provision for Credit Losses		2,219			2,180			5,278				12,690			55,287
Balance at End of Period ²	$	144,025		$	148,829		$	152,777			$	144,025		$	152,777

Components
Allowance for Loan and Lease Losses	$	138,606		$	143,410		$	147,358			$	138,606		$	147,358
Reserve for Unfunded Commitments		5,419			5,419			5,419				5,419			5,419
Total Reserve for Credit Losses	$	144,025		$	148,829		$	152,777			$	144,025		$	152,777

Average Loans and Leases Outstanding	$	5,420,352		$	5,340,406		$	5,317,815			$	5,349,938		$	5,472,534

Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)		0.51	%		0.28	%		0.39	%			0.40	%		0.94	%
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding		2.50	%		2.68	%		2.76	%			2.50	%		2.76	%

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 12a
(dollars in thousands)	Retail			Commercial			Investment			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			Services			and Other			Total
Three Months Ended December 31, 2011
Net Interest Income	$	42,333		$	33,727		$	3,784		$	16,402		$	96,246
Provision for Credit Losses		7,236			(212	)		(1	)		(4,804	)		2,219
Net Interest Income After Provision for Credit Losses		35,097			33,939			3,785			21,206			94,027
Noninterest Income		17,513			8,907			13,636			3,351			43,407
Noninterest Expense		(45,523	)		(22,494	)		(14,125	)		(2,240	)		(84,382	)
Income Before Provision for Income Taxes		7,087			20,352			3,296			22,317			53,052
Provision for Income Taxes		(2,622	)		(7,099	)		(1,219	)		(2,883	)		(13,823	)
Net Income		4,465			13,253			2,077			19,434			39,229
Total Assets as of December 31, 2011	$	3,147,760		$	2,337,214		$	218,088		$	8,143,329		$	13,846,391


Three Months Ended December 31, 2010 ¹
Net Interest Income	$	44,382		$	34,333		$	3,985		$	13,573		$	96,273
Provision for Credit Losses		6,861			(1,383	)		(199	)		(1	)		5,278
Net Interest Income After Provision for Credit Losses		37,521			35,716			4,184			13,574			90,995
Noninterest Income		23,537			9,843			14,134			3,963			51,477
Noninterest Expense		(46,461	)		(24,015	)		(15,017	)		(3,229	)		(88,722	)
Income Before Provision for Income Taxes		14,597			21,544			3,301			14,308			53,750
Provision for Income Taxes		(5,401	)		(7,531	)		(1,221	)		981			(13,172	)
Net Income		9,196			14,013			2,080			15,289			40,578
Total Assets as of December 31, 2010 ¹	$	3,078,747		$	2,244,788		$	196,466		$	7,606,786		$	13,126,787

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

Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information										Table 12b
(dollars in thousands)	Retail			Commercial			Investment				Treasury			Consolidated
(dollars in thousands)	Banking			Banking			Services				and Other			Total
Year Ended December 31, 2011
Net Interest Income	$	173,982		$	137,351		$	15,137			$	63,738		$	390,208
Provision for Credit Losses		22,341			(938	)		64				(8,777	)		12,690
Net Interest Income After Provision for Credit Losses		151,641			138,289			15,073				72,515			377,518
Noninterest Income		84,008			37,132			59,891				16,624			197,655
Noninterest Expense		(186,872	)		(93,623	)		(59,187	)			(8,511	)		(348,193	)
Income Before Provision for Income Taxes		48,777			81,798			15,777				80,628			226,980
Provision for Income Taxes		(18,047	)		(28,401	)		(5,838	)			(14,651	)		(66,937	)
Net Income		30,730			53,397			9,939				65,977			160,043
Total Assets as of December 31, 2011	$	3,147,760		$	2,337,214		$	218,088			$	8,143,329		$	13,846,391


Year Ended December 31, 2010 ¹
Net Interest Income	$	188,673		$	147,016		$	16,567			$	54,224		$	406,480
Provision for Credit Losses		38,377			17,085			(129	)			(46	)		55,287
Net Interest Income After Provision for Credit Losses		150,296			129,931			16,696				54,270			351,193
Noninterest Income		100,859			41,304			59,948				53,147			255,258
Noninterest Expense		(175,621	)		(96,225	)		(58,467	)			(15,923	)		(346,236	)
Income Before Provision for Income Taxes		75,534			75,010			18,177				91,494			260,215
Provision for Income Taxes		(27,947	)		(22,273	)		(6,726	)			(19,327	)		(76,273	)
Net Income		47,587			52,737			11,451				72,167			183,942
Total Assets as of December 31, 2010 ¹	$	3,078,747		$	2,244,788		$	196,466			$	7,606,786		$	13,126,787

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data										Table 13
(dollars in thousands, except per share amounts)	Three Months Ended
	December 31,			September 30,			June 30,				March 31,			December 31,
	2011			2011			2011				2011			2010
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	64,760		$	65,344		$	65,542			$	66,593		$	67,915
Income on Investment Securities
Available-for-Sale		19,107			23,097			23,490				37,669			39,546
Held-to-Maturity		23,608			20,344			20,553				7,633			1,388
Deposits		2			6			2				(2	)		7
Funds Sold		120			160			297				251			160
Other		280			279			279				279			279
Total Interest Income		107,877			109,230			110,163				112,423			109,295
Interest Expense
Deposits		3,736			4,561			4,792				5,232			5,918
Securities Sold Under Agreements to Repurchase		7,392			7,400			7,338				7,041			6,425
Funds Purchased		5			4			5				6			7
Long-Term Debt		498			499			529				447			672
Total Interest Expense		11,631			12,464			12,664				12,726			13,022
Net Interest Income		96,246			96,766			97,499				99,697			96,273
Provision for Credit Losses		2,219			2,180			3,600				4,691			5,278
Net Interest Income After Provision for Credit Losses		94,027			94,586			93,899				95,006			90,995
Noninterest Income
Trust and Asset Management		11,025			10,788			11,427				11,806			11,190
Mortgage Banking		3,401			5,480			2,661				3,122			4,549
Service Charges on Deposit Accounts		9,606			9,820			9,375				9,932			11,632
Fees, Exchange, and Other Service Charges		12,401			16,219			16,662				14,945			15,196
Investment Securities Gains (Losses), Net		282			-			-				6,084			(1	)
Insurance		2,312			2,664			3,210				2,771			2,309
Other		4,380			5,892			6,128				5,262			6,602
Total Noninterest Income		43,407			50,863			49,463				53,922			51,477
Noninterest Expense
Salaries and Benefits		44,927			44,307			46,800				46,782			46,809
Net Occupancy		11,253			11,113			10,476				10,327			10,504
Net Equipment		4,748			4,662			4,741				4,698			5,902
Professional Fees		1,926			2,245			2,294				2,158			2,116
FDIC Insurance		2,027			2,065			2,010				3,244			3,198
Other		19,501			19,563			27,453				18,873			20,193
Total Noninterest Expense		84,382			83,955			93,774				86,082			88,722
Income Before Provision for Income Taxes		53,052			61,494			49,588				62,846			53,750
Provision for Income Taxes		13,823			18,188			14,440				20,486			13,172
Net Income	$	39,229		$	43,306		$	35,148			$	42,360		$	40,578

Basic Earnings Per Share	$	0.85		$	0.93		$	0.74			$	0.89		$	0.84
Diluted Earnings Per Share	$	0.85		$	0.92		$	0.74			$	0.88		$	0.84

Balance Sheet Totals
Loans and Leases	$	5,538,304		$	5,348,472		$	5,351,473			$	5,326,929		$	5,335,792
Total Assets		13,846,391			13,304,758			13,161,204				12,962,304			13,126,787
Total Deposits		10,592,623			10,009,013			9,979,034				9,912,391			9,888,995
Total Shareholders' Equity		1,002,667			1,017,775			1,003,450				996,225			1,011,133

Performance Ratios
Return on Average Assets		1.17	%		1.31	%		1.09	%			1.32	%		1.24
Return on Average Shareholders' Equity		15.23			16.80			13.86				16.86			15.08
Efficiency Ratio ¹		60.42			56.87			63.81				56.04			60.05
Net Interest Margin ²		3.04			3.09			3.16				3.24			3.15

¹ The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).

² The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.

Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends													Table 14
($ in millions; jobs in thousands)	Eleven Months Ended				Year Ended
($ in millions; jobs in thousands)	November 30, 2011				December 31, 2010						December 31, 2009
Hawaii Economic Trends
State General Fund Revenues ¹	$	4,258.0	7.8	%	$	4,314.1		7.4		%	$	4,018.2		(12.8	)	%
General Excise and Use Tax Revenue ¹	$	2,383.1	9.0		$	2,379.9		3.6			$	2,296.3		(10.6	)
Jobs ²		599.7	1.3			586.8		(0.8	)			591.7		(4.4	)

					November 30,			December 31,
(spot rates)					2011			2010			2009			2008
Unemployment ³
Statewide, seasonally adjusted						6.5	%	6.3		%		6.9	%	5.6		%

Oahu						5.7		4.8				5.4		4.3
Island of Hawaii						9.6		8.6				9.5		7.4
Maui						7.7		7.4				8.8		6.9
Kauai						8.8		7.8				8.7		7.8

								December 31,
(percentage change, except months of inventory)								2011			2010			2009
Housing Trends (Single Family Oahu) ⁴
Median Home Price								(3.0	)	%		3.1	%	(7.3	)	%
Home Sales Volume (units)								(2.7	)	%		13.4	%	(1.8	)	%
Months of Inventory								4.8				6.0		6.8

					Monthly Visitor Arrivals,						Percentage Change
(in thousands)					Seasonally Adjusted						from Previous Month
Tourism ²

October 31, 2011								605.9						(2.8	)	%
September 30, 2011								623.4						7.7
August 31, 2011								578.6						(1.2	)
July 31, 2011								585.4						2.4
June 30, 2011								572.0						(0.1	)
May 31, 2011								572.5						(2.2	)
April 30, 2011								585.3						1.9
March 31, 2011								574.4						(4.5	)
February 28, 2011								601.6						(0.5	)
January 31, 2011								604.7						1.1
December 31, 2010								598.2						(2.0	)
November 30, 2010								610.6						1.0
October 31, 2010								604.5						0.9
September 30, 2010								598.9						(1.1	)
August 31, 2010								605.9						1.3
July 31, 2010								597.9						1.2
June 30, 2010								590.9						3.1
May 31, 2010								572.9						1.4
April 30, 2010								564.8						1.8
March 31, 2010								554.9						2.6
February 28, 2010								540.6						(0.3	)
January 31, 2010								542.5						(0.1	)

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