Our comments today will refer to the financial information included in the earnings announcement this morning. Before we get started, let me remind you that today's conference call will contain some forward-looking statements, and while we believe our assumptions are reasonable, there are a variety of reasons the actual results may differ materially from those projected.
And now, I'd like to turn the call over to Peter Ho.
Thanks, Cindy. Good morning or good afternoon everyone. We certainly appreciate your interest in listening in today. I’m going to provide you with some general comments to begin and then I'll turn the call over to Kent, who'll provide color on the quarter's financials. As customary, we'll then provide an update on risk for the quarter and I'll finish up with some concluding thoughts and then certainly we'll be delighted to answer whatever questions you might have.Bank of Hawaii posted solid results for the fourth quarter of 2011. Despite continued revenue headwinds confronting the industry, Bank of Hawaii was able to generate fully diluted earnings per share modestly ahead of fourth quarter 2010 levels. Loans were up nicely in the quarter in almost all categories. Average core deposits were up meaningfully in both our consumer and commercial businesses. The number of demand accounts grew 10% and 4% respectively in our consumer and commercial businesses in 2011. Our credit capital and liquidity positions remained strong and our hallmark of our franchise. And now let me turn the call over to Kent. Kent? Kent Lucien Thank you, Peter. Good morning. Net income for the fourth quarter was $39.2 million or $0.85 per share, compared to $43.3 million or $0.92 per share in the third quarter and $40.6 million or $0.84 per share in the fourth quarter of 2010. The return on assets in the fourth quarter was 1.17%, and return on equity was 15.2%. We reduced our share count by 1.3% in the fourth quarter and by 4% for the full year.