The effective tax rate for the second quarter of 2012 was 33.04 percent compared with 27.55 percent in the previous quarter and 29.12 percent during the same quarter last year. The lower effective tax rate in the first quarter of 2012 was due to a $2.7 million credit related to the early termination of leveraged leases. The lower effective tax rate for the second quarter of 2011 was primarily due to the release of reserves related to the closing of Internal Revenue Service audits.The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury & Other. Results are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information for the business segments is included in Tables 13a and 13b.
Bank Of Hawaii Corporation Second Quarter 2012 Financial Results
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