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Bank Of Hawaii Corporation Second Quarter 2012 Financial Results

Net loans and leases charged off during the second quarter of 2012 were $3.8 million or 0.27 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $5.9 million during the quarter were partially offset by recoveries of $2.1 million. Net charge-offs in the first quarter of 2012 were $3.4 million, or 0.24 percent annualized of total average loans and leases outstanding, and were comprised of $7.8 million in charge-offs partially offset by recoveries of $4.4 million. Net charge-offs during the second quarter of 2011 were $6.0 million or 0.45 percent annualized of total average loans and leases outstanding, and were comprised of $9.0 million in charge-offs partially offset by recoveries of $3.0 million. Net charge-offs in the first half of 2012 were $7.1 million, or 0.26 percent annualized of total average loans and leases outstanding compared with net charge-offs of $10.7 million , or 0.40 percent annualized of total average loans and leases outstanding for the first half of 2011.

The allowance for loan and lease losses was reduced to $132.4 million at June 30, 2012. The ratio of the allowance for loan and lease losses to total loans and leases was 2.34 percent at June 30, 2012, a decrease of 8 basis points from the previous quarter, commensurate with improvements in credit quality and a generally improving Hawaii economy. The reserve for unfunded commitments at June 30, 2012 was unchanged at $5.4 million. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to $13.92 billion at June 30, 2012, up from total assets of $13.76 billion at March 31, 2012 and total assets of $13.16 billion at June 30, 2011. Average total assets were $13.75 billion during the second quarter of 2012, up from $13.68 billion during the previous quarter and $12.97 billion during the same quarter last year.

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