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Bank Of Hawaii Corporation Second Quarter 2012 Financial Results

BY Business Wire | 07/23/12 - 07:00 AM EDT

Stock quotes in this article: BOH

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Conference Call Information

The Company will review its second quarter 2012 financial results today at 8:00 a.m. Hawaii Time. The conference call will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation’s web site, www.boh.com. Conference call participants located in the United States should dial 800-237-9752. International participants should dial 617-847-8706. Use the pass code “Bank of Hawaii” to access the call. A replay will be available for one week beginning Monday, July 23, 2012 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 86421715 when prompted. A replay will also be available via the Investor Relations link on 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, 2011, which was filed with the U.S. Securities and Exchange Commission. We have not committed to update forward-looking statements to reflect later events or circumstances.

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
	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands, except per share amounts)	2012			2012			2011			2012			2011
For the Period:
Operating Results
Net Interest Income	$	95,381		$	97,948		$	97,499		$	193,329		$	197,196
Provision for Credit Losses		628			351			3,600			979			8,291
Total Noninterest Income		46,848			48,082			49,463			94,930			103,385
Total Noninterest Expense		80,747			85,207			93,774			165,954			179,856
Net Income		40,747			43,810			35,148			84,557			77,508
Basic Earnings Per Share		0.90			0.96			0.74			1.86			1.63
Diluted Earnings Per Share		0.90			0.95			0.74			1.85			1.62
Dividends Declared Per Share		0.45			0.45			0.45			0.90			0.90

Performance Ratios
Return on Average Assets		1.19	%		1.29	%		1.09	%		1.24	%		1.21	%
Return on Average Shareholders' Equity		16.19			17.26			13.86			16.73			15.36
Efficiency Ratio ¹		56.77			58.35			63.81			57.57			59.84
Net Interest Margin ²		2.98			3.06			3.16			3.02			3.20
Dividend Payout Ratio ³		50.00			46.88			60.81			48.39			55.21
Average Shareholders' Equity to Average Assets		7.36			7.46			7.84			7.41			7.85

Average Balances
Average Loans and Leases	$	5,641,588		$	5,563,358		$	5,326,123		$	5,602,473		$	5,318,993
Average Assets		13,750,488			13,681,229			12,967,232			13,715,859			12,966,437
Average Deposits		10,622,420			10,430,215			9,790,349			10,526,317			9,831,809
Average Shareholders' Equity		1,012,182			1,020,668			1,016,813			1,016,425			1,017,795

Market Price Per Share of Common Stock
Closing	$	45.95		$	48.35		$	46.52		$	45.95		$	46.52
High		49.99			48.75			49.26			49.99			49.26
Low		44.02			44.08			44.90			44.02			44.32

				June 30,			March 31,			December 31,			June 30,
				2012			2012			2011			2011
As of Period End:
Balance Sheet Totals
Loans and Leases				$	5,671,483		$	5,598,932		$	5,538,304		$	5,351,473
Total Assets					13,915,626			13,759,409			13,846,391			13,161,204
Total Deposits					11,547,993			10,621,170			10,592,623			9,979,034
Long-Term Debt					28,075			30,687			30,696			30,714
Total Shareholders' Equity					1,003,825			995,897			1,002,667			1,003,450

Asset Quality
Allowance for Loan and Lease Losses				$	132,443		$	135,606		$	138,606		$	144,976
Non-Performing Assets					41,494			41,406			40,790			34,156

Financial Ratios
Allowance to Loans and Leases Outstanding					2.34	%		2.42	%		2.50	%		2.71	%
Tier 1 Capital Ratio					16.41			16.50			16.68			17.96
Total Capital Ratio					17.67			17.76			17.95			19.23
Tier 1 Leverage Ratio					6.57			6.57			6.73			7.07
Total Shareholders' Equity to Total Assets					7.21			7.24			7.24			7.62
Tangible Common Equity to Tangible Assets ⁴					7.00			7.02			7.03			7.40
Tangible Common Equity to Risk-Weighted Assets ⁴					17.57			17.62			17.93			18.95

Non-Financial Data
Full-Time Equivalent Employees					2,312			2,318			2,370			2,405
Branches and Offices					77			81			81			82
ATMs					494			498			506			508


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
		June 30,			March 31,			December 31,			June 30,
(dollars in thousands)		2012			2012			2011			2011

Total Shareholders' Equity		$	1,003,825		$	995,897		$	1,002,667		$	1,003,450
Less:	Goodwill		31,517			31,517			31,517			31,517
	Intangible Assets		58			71			83			108
Tangible Common Equity		$	972,250		$	964,309		$	971,067		$	971,825

Total Assets		$	13,915,626		$	13,759,409		$	13,846,391		$	13,161,204
Less:	Goodwill		31,517			31,517			31,517			31,517
	Intangible Assets		58			71			83			108
Tangible Assets		$	13,884,051		$	13,727,821		$	13,814,791		$	13,129,579

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements		$	5,532,285		$	5,473,661		$	5,414,481		$	5,128,368

Total Shareholders' Equity to Total Assets			7.21	%		7.24	%		7.24	%		7.62	%
Tangible Common Equity to Tangible Assets (Non-GAAP)			7.00	%		7.02	%		7.03	%		7.40	%

Tier 1 Capital Ratio			16.41	%		16.50	%		16.68	%		17.96	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)			17.57	%		17.62	%		17.93	%		18.95	%

Bank of Hawaii Corporation and Subsidiaries
Net Significant Income (Expense) Items												Table 2
	Three Months Ended								Six Months Ended
	June 30,		March 31,			June 30,			June 30,
(dollars in thousands)	2012		2012			2011			2012			2011
Investment Securities Gains, Net		-		-			-			-			6,084
Gains (Losses) on Disposal of Leased Equipment		-		2,473			-			2,473			-
Decrease in Allowance for Loan and Lease Losses		3,163		3,000			2,382			6,163			2,382
PC Refresh		-		(1,163	)		-			(1,163	)		-
Legal Settlement Related to OD Claims		-		-			(9,000	)		-			(9,000	)
Significant Income (Expense) Items Before the Provision (Benefit) for Income Taxes		3,163		4,310			(6,618	)		7,473			(534	)
Income Taxes Impact Related to Lease Transactions		-		(2,733	)		-			(2,733	)		-
Income Tax Impact		1,107		293			(2,316	)		1,400			(187	)
Net Significant Income (Expense) Items	$	2,056	$	6,750		$	(4,302	)	$	8,806		$	(347	)

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income											Table 3
	Three Months Ended							Six Months Ended
	June 30,		March 31,			June 30,		June 30,
(dollars in thousands, except per share amounts)	2012		2012			2011		2012			2011
Interest Income
Interest and Fees on Loans and Leases	$	63,910	$	64,691		$	65,542	$	128,601		$	132,135
Income on Investment Securities
Available-for-Sale		16,988		17,713			23,490		34,701			61,159
Held-to-Maturity		25,054		26,413			20,553		51,467			28,186
Deposits		1		2			2		3			-
Funds Sold		119		129			297		248			548
Other		281		280			279		561			558
Total Interest Income		106,353		109,228			110,163		215,581			222,586
Interest Expense
Deposits		3,219		3,473			4,792		6,692			10,024
Securities Sold Under Agreements to Repurchase		7,250		7,304			7,338		14,554			14,379
Funds Purchased		5		5			5		10			11
Long-Term Debt		498		498			529		996			976
Total Interest Expense		10,972		11,280			12,664		22,252			25,390
Net Interest Income		95,381		97,948			97,499		193,329			197,196
Provision for Credit Losses		628		351			3,600		979			8,291
Net Interest Income After Provision for Credit Losses		94,753		97,597			93,899		192,350			188,905
Noninterest Income
Trust and Asset Management		11,195		10,918			11,427		22,113			23,233
Mortgage Banking		7,581		5,050			2,661		12,631			5,783
Service Charges on Deposit Accounts		9,225		9,591			9,375		18,816			19,307
Fees, Exchange, and Other Service Charges		12,326		12,399			16,662		24,725			31,607
Investment Securities Gains (Losses), Net		-		(90	)		-		(90	)		6,084
Insurance		2,399		2,278			3,210		4,677			5,981
Other		4,122		7,936			6,128		12,058			11,390
Total Noninterest Income		46,848		48,082			49,463		94,930			103,385
Noninterest Expense
Salaries and Benefits		44,037		47,024			46,800		91,061			93,582
Net Occupancy		10,058		10,516			10,476		20,574			20,803
Net Equipment		4,669		5,826			4,741		10,495			9,439
Professional Fees		2,386		2,132			2,294		4,518			4,452
FDIC Insurance		2,088		2,071			2,010		4,159			5,254
Other		17,509		17,638			27,453		35,147			46,326
Total Noninterest Expense		80,747		85,207			93,774		165,954			179,856
Income Before Provision for Income Taxes		60,854		60,472			49,588		121,326			112,434
Provision for Income Taxes		20,107		16,662			14,440		36,769			34,926
Net Income	$	40,747	$	43,810		$	35,148	$	84,557		$	77,508
Basic Earnings Per Share	$	0.90	$	0.96		$	0.74	$	1.86		$	1.63
Diluted Earnings Per Share	$	0.90	$	0.95		$	0.74	$	1.85		$	1.62
Dividends Declared Per Share	$	0.45	$	0.45		$	0.45	$	0.90		$	0.90
Basic Weighted Average Shares		45,221,293		45,709,936			47,428,718		45,465,910			47,638,752
Diluted Weighted Average Shares		45,347,368		45,875,238			47,607,814		45,610,489			47,837,778

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income												Table 4
		Three Months Ended							Six Months Ended
		June 30,		March 31,			June 30,		June 30,
(dollars in thousands)		2012		2012			2011		2012			2011
Net Income		$	40,747	$	43,810		$	35,148	$	84,557		$	77,508
Other Comprehensive Income (Loss), Net of Tax:
	Net Unrealized Gains (Losses) on Investment Securities		3,387		(6,454	)		19,265		(3,067	)		(235	)
	Defined Benefit Plans		153		153			577		306			1,048
Other Comprehensive Income (Loss)			3,540		(6,301	)		19,842		(2,761	)		813

Comprehensive Income		$	44,287	$	37,509		$	54,990	$	81,796		$	78,321

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2012			2012			2011			2011
Assets
Interest-Bearing Deposits	$	3,057		$	3,333		$	3,036		$	4,796
Funds Sold		499,338			213,458			512,384			449,042
Investment Securities
Available-for-Sale		3,339,472			3,469,260			3,451,885			4,112,601
Held to Maturity (Fair Value of $3,828,954; $3,877,269; $3,754,206; and $2,566,621)		3,729,665			3,779,272			3,657,796			2,512,024
Loans Held for Sale		14,223			10,655			18,957			13,157
Loans and Leases		5,671,483			5,598,932			5,538,304			5,351,473
Allowance for Loan and Lease Losses		(132,443	)		(135,606	)		(138,606	)		(144,976	)
Net Loans and Leases		5,539,040			5,463,326			5,399,698			5,206,497
Total Earning Assets		13,124,795			12,939,304			13,043,756			12,298,117
Cash and Noninterest-Bearing Deposits		131,845			154,100			154,489			203,326
Premises and Equipment		107,421			106,543			103,550			105,785
Customers' Acceptances		176			117			476			882
Accrued Interest Receivable		45,044			48,032			43,510			40,957
Foreclosed Real Estate		2,569			3,530			3,042			2,590
Mortgage Servicing Rights		23,254			23,915			24,279			25,072
Goodwill		31,517			31,517			31,517			31,517
Other Assets		449,005			452,351			441,772			452,958
Total Assets	$	13,915,626		$	13,759,409		$	13,846,391		$	13,161,204

Liabilities
Deposits
Noninterest-Bearing Demand	$	3,105,798		$	2,964,372		$	2,850,923		$	2,507,358
Interest-Bearing Demand		2,063,070			1,964,487			2,005,983			2,023,937
Savings		4,435,894			4,440,674			4,398,638			4,413,390
Time		1,943,231			1,251,637			1,337,079			1,034,349
Total Deposits		11,547,993			10,621,170			10,592,623			9,979,034
Funds Purchased		13,756			11,024			10,791			9,882
Short-Term Borrowings		-			-			-			6,800
Securities Sold Under Agreements to Repurchase		1,065,653			1,825,646			1,925,998			1,873,286
Long-Term Debt		28,075			30,687			30,696			30,714
Banker's Acceptances		176			117			476			882
Retirement Benefits Payable		41,812			41,862			46,949			30,588
Accrued Interest Payable		5,114			6,318			5,330			5,457
Taxes Payable and Deferred Taxes		86,095			104,259			95,840			106,244
Other Liabilities		123,127			122,429			135,021			114,867
Total Liabilities		12,911,801			12,763,512			12,843,724			12,157,754
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 30, 2012 - 57,301,892 / 45,248,277; March 31, 2012 - 57,290,145 / 45,605,881; December 31, 2011 - 57,134,470 / 45,947,116; and June 30, 2011 - 57,132,830 / 47,225,303)		571			571			571			571
Capital Surplus		511,729			509,860			507,558			502,777
Accumulated Other Comprehensive Income		32,502			28,962			35,263			27,778
Retained Earnings		1,044,588			1,024,736			1,003,938			964,420
Treasury Stock, at Cost (Shares: June 30, 2012 - 12,053,615; March 31, 2012 - 11,684,264; December 31, 2011 - 11,187,354; and June 30, 2011 - 9,907,527)		(585,565	)		(568,232	)		(544,663	)		(492,096	)
Total Shareholders' Equity		1,003,825			995,897			1,002,667			1,003,450
Total Liabilities and Shareholders' Equity	$	13,915,626		$	13,759,409		$	13,846,391		$	13,161,204

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																Table 6
							Accum.
							Other
							Compre-
	Common Shares		Common		Capital		hensive			Retained			Treasury
(dollars in thousands)	Outstanding		Stock		Surplus		Income			Earnings			Stock			Total
Balance as of December 31, 2011	45,947,116		$	571	$	507,558	$	35,263		$	1,003,938		$	(544,663	)	$	1,002,667
Net Income	-			-		-		-			84,557			-			84,557
Other Comprehensive Loss	-			-		-		(2,761	)		-			-			(2,761	)
Share-Based Compensation	-			-		3,723		-			-			-			3,723
Common Stock Issued under Purchase and Equity
Compensation Plans and Related Tax Benefits	400,094			-		448		-			(2,758	)		10,684			8,374
Common Stock Repurchased	(1,098,933	)		-		-		-			-			(51,586	)		(51,586	)
Cash Dividends Paid ($0.90 per share)	-			-		-		-			(41,149	)		-			(41,149	)
Balance as of June 30, 2012	45,248,277		$	571	$	511,729	$	32,502		$	1,044,588		$	(585,565	)	$	1,003,825

Balance as of December 31, 2010	48,097,672		$	570	$	500,888	$	26,965		$	932,629		$	(449,919	)	$	1,011,133
Net Income	-			-		-		-			77,508			-			77,508
Other Comprehensive Income	-			-		-		813			-			-			813
Share-Based Compensation	-			-		1,360		-			-			-			1,360
Common Stock Issued under Purchase and Equity
Compensation Plans and Related Tax Benefits	237,619			1		529		-			(2,752	)		10,051			7,829
Common Stock Repurchased	(1,109,988	)		-		-		-			-			(52,228	)		(52,228	)
Cash Dividends Paid ($0.90 per share)	-			-		-		-			(42,965	)		-			(42,965	)
Balance as of June 30, 2011	47,225,303		$	571	$	502,777	$	27,778		$	964,420		$	(492,096	)	$	1,003,450

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable Equivalent Basis														Table 7a
		Three Months Ended						Three Months Ended						Three Months Ended
		June 30, 2012						March 31, 2012						June 30, 2011
		Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)		Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits		$	3.0	$	-	0.12	%	$	3.2	$	-	0.25	%	$	5.3	$	-	0.15	%
Funds Sold			237.8		0.1	0.20			262.4		0.1	0.19			518.4		0.3	0.23
Investment Securities
	Available-for-Sale		3,410.4		19.4	2.27			3,451.6		19.7	2.28			4,061.4		23.9	2.35
	Held-to-Maturity		3,788.9		25.1	2.65			3,737.3		26.4	2.83			2,418.0		20.6	3.40
Loans Held for Sale			12.1		0.1	4.22			12.0		0.1	4.22			11.5		0.1	3.25
Loans and Leases ¹
	Commercial and Industrial		786.3		7.7	3.93			805.9		8.1	4.03			772.4		7.8	4.02
	Commercial Mortgage		953.5		10.4	4.40			941.6		10.5	4.50			890.9		10.8	4.87
	Construction		99.7		1.3	5.07			103.5		1.4	5.34			79.3		1.0	5.24
	Commercial Lease Financing		284.5		1.7	2.36			294.3		1.7	2.33			329.5		2.3	2.79
	Residential Mortgage		2,371.7		27.9	4.71			2,264.4		27.7	4.90			2,113.3		27.7	5.25
	Home Equity		772.3		8.4	4.36			778.9		8.6	4.43			785.3		9.5	4.83
	Automobile		193.7		2.9	6.03			193.1		3.0	6.20			192.8		3.3	6.92
	Other ²		179.9		3.6	8.12			181.6		3.7	8.08			162.6		3.0	7.50
Total Loans and Leases			5,641.6		63.9	4.54			5,563.3		64.7	4.66			5,326.1		65.4	4.92
Other			80.0		0.3	1.41			79.9		0.3	1.40			79.9		0.3	1.40
Total Earning Assets ³			13,173.8		108.9	3.31			13,109.7		111.3	3.40			12,420.6		110.6	3.56
Cash and Noninterest-Bearing Deposits			131.7						137.2						129.3
Other Assets			445.0						434.3						417.3
Total Assets		$	13,750.5					$	13,681.2					$	12,967.2

Interest-Bearing Liabilities
Interest-Bearing Deposits
	Demand		1,906.1		0.1	0.03			1,867.1		0.1	0.02			1,769.6		0.2	0.04
	Savings		4,444.5		1.1	0.10			4,439.0		1.3	0.12			4,523.0		1.9	0.17
	Time		1,253.9		2.0	0.63			1,260.2		2.1	0.66			1,009.5		2.7	1.07
Total Interest-Bearing Deposits			7,604.5		3.2	0.17			7,566.3		3.5	0.18			7,302.1		4.8	0.26
Short-Term Borrowings			15.0		-	0.14			15.7		-	0.12			16.2		-	0.13
Securities Sold Under Agreements to Repurchase			1,808.5		7.3	1.59			1,916.0		7.3	1.51			1,862.4		7.4	1.56
Long-Term Debt			30.6		0.5	6.51			30.7		0.5	6.49			32.6		0.5	6.49
Total Interest-Bearing Liabilities			9,458.6		11.0	0.46			9,528.7		11.3	0.47			9,213.3		12.7	0.55
Net Interest Income				$	97.9					$	100.0					$	97.9
	Interest Rate Spread					2.85	%					2.93	%					3.01	%
	Net Interest Margin					2.98	%					3.06	%					3.16	%
Noninterest-Bearing Demand Deposits			3,017.9						2,864.0						2,488.2
Other Liabilities			261.8						267.8						248.9
Shareholders' Equity			1,012.2						1,020.7						1,016.8
Total Liabilities and Shareholders' Equity		$	13,750.5					$	13,681.2					$	12,967.2


¹ Non-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 $2,481,000, $2,070,000 and $395,000 for the three months ended June 30, 2012, March 31, 2012, and June 30, 2011, respectively.

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable Equivalent Basis								Table 7b
		Six Months Ended						Six Months Ended
		June 30, 2012						June 30, 2011
		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits		$	3.1	$	-	0.19	%	$	4.7	$	-	0.02	%
Funds Sold			250.1		0.2	0.20			488.0		0.6	0.22
Investment Securities
	Available-for-Sale		3,431.0		39.0	2.28			4,849.8		61.9	2.56
	Held-to-Maturity		3,763.1		51.5	2.74			1,663.6		28.2	3.39
Loans Held for Sale			12.0		0.3	4.22			10.0		0.2	4.26
Loans and Leases ¹
	Commercial and Industrial		796.1		15.8	3.98			774.1		15.6	4.07
	Commercial Mortgage		947.6		21.0	4.45			871.2		21.2	4.90
	Construction		101.6		2.6	5.21			80.0		2.0	5.14
	Commercial Lease Financing		289.4		3.4	2.35			331.5		4.6	2.77
	Residential Mortgage		2,318.0		55.7	4.80			2,107.0		56.3	5.34
	Home Equity		775.6		16.9	4.39			790.6		19.1	4.87
	Automobile		193.4		5.9	6.12			197.9		6.9	7.03
	Other ²		180.8		7.3	8.10			166.7		6.2	7.52
Total Loans and Leases			5,602.5		128.6	4.60			5,319.0		131.9	4.98
Other			80.0		0.6	1.40			79.9		0.6	1.40
Total Earning Assets ³			13,141.8		220.2	3.36			12,415.0		223.4	3.61
Cash and Noninterest-Bearing Deposits			134.5						131.9
Other Assets			439.6						419.5
Total Assets		$	13,715.9					$	12,966.4

Interest-Bearing Liabilities
Interest-Bearing Deposits
	Demand		1,886.6		0.2	0.03			1,787.2		0.4	0.04
	Savings		4,441.8		2.4	0.11			4,529.9		4.1	0.18
	Time		1,257.0		4.1	0.64			1,027.6		5.5	1.08
Total Interest-Bearing Deposits			7,585.4		6.7	0.18			7,344.7		10.0	0.28
Short-Term Borrowings			15.3		-	0.13			16.6		-	0.13
Securities Sold Under Agreements to Repurchase			1,862.3		14.6	1.55			1,812.2		14.4	1.58
Long-Term Debt			30.7		1.0	6.50			32.6		1.0	5.99
Total Interest-Bearing Liabilities			9,493.7		22.3	0.47			9,206.1		25.4	0.55
Net Interest Income				$	197.9					$	198.0
	Interest Rate Spread					2.89	%					3.06	%
	Net Interest Margin					3.02	%					3.20	%
Noninterest-Bearing Demand Deposits			2,940.9						2,487.0
Other Liabilities			264.9						255.5
Shareholders' Equity			1,016.4						1,017.8
Total Liabilities and Shareholders' Equity		$	13,715.9					$	12,966.4


¹ Non-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 $4,551,000 and $778,000 for the six months ended June 30, 2012 and 2011, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent Basis							Table 8a
	Three Months Ended June 30, 2012
	Compared to March 31, 2012
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Investment Securities
Available-for-Sale	$	(0.2	)	$	(0.1	)	$	(0.3	)
Held-to-Maturity		0.4			(1.7	)		(1.3	)
Loans and Leases
Commercial and Industrial		(0.2	)		(0.2	)		(0.4	)
Commercial Mortgage		0.1			(0.2	)		(0.1	)
Construction		-			(0.1	)		(0.1	)
Residential Mortgage		1.3			(1.1	)		0.2
Home Equity		(0.1	)		(0.1	)		(0.2	)
Automobile		-			(0.1	)		(0.1	)
Other ²		(0.1	)		-			(0.1	)
Total Loans and Leases		1.0			(1.8	)		(0.8	)
Total Change in Interest Income		1.2			(3.6	)		(2.4	)

Change in Interest Expense:
Interest-Bearing Deposits
Savings		-			(0.2	)		(0.2	)
Time		-			(0.1	)		(0.1	)
Total Interest-Bearing Deposits		-			(0.3	)		(0.3	)
Securities Sold Under Agreements to Repurchase		(0.4	)		0.4			-
Total Change in Interest Expense		(0.4	)		0.1			(0.3	)

Change in Net Interest Income	$	1.6		$	(3.7	)	$	(2.1	)


¹ The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
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 8b
	Three Months Ended June 30, 2012
	Compared to June 30, 2011
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	(0.2	)	$	-		$	(0.2	)
Investment Securities
Available-for-Sale		(3.7	)		(0.8	)		(4.5	)
Held-to-Maturity		9.8			(5.3	)		4.5
Loans and Leases
Commercial and Industrial		0.1			(0.2	)		(0.1	)
Commercial Mortgage		0.7			(1.1	)		(0.4	)
Construction		0.3			-			0.3
Commercial Lease Financing		(0.3	)		(0.3	)		(0.6	)
Residential Mortgage		3.2			(3.0	)		0.2
Home Equity		(0.2	)		(0.9	)		(1.1	)
Automobile		-			(0.4	)		(0.4	)
Other ²		0.4			0.2			0.6
Total Loans and Leases		4.2			(5.7	)		(1.5	)
Total Change in Interest Income		10.1			(11.8	)		(1.7	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.1	)		(0.1	)
Savings		(0.1	)		(0.7	)		(0.8	)
Time		0.6			(1.3	)		(0.7	)
Total Interest-Bearing Deposits		0.5			(2.1	)		(1.6	)
Securities Sold Under Agreements to Repurchase		(0.2	)		0.1			(0.1	)
Total Change in Interest Expense		0.3			(2.0	)		(1.7	)

Change in Net Interest Income	$	9.8		$	(9.8	)	$	-


¹ The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
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 8c
	Six Months Ended June 30, 2012
	Compared to June 30, 2011
(dollars in millions)	Volume ¹		Rate ¹		Total
Change in Interest Income:
Funds Sold	(0.3	)	(0.1	)	(0.4	)
Investment Securities
Available-for-Sale	(16.7	)	(6.2	)	(22.9	)
Held-to-Maturity	29.6		(6.3	)	23.3
Loans Held for Sale	0.1		-		0.1
Loans and Leases
Commercial and Industrial	0.5		(0.3	)	0.2
Commercial Mortgage	1.8		(2.0	)	(0.2	)
Construction	0.6		-		0.6
Commercial Lease Financing	(0.5	)	(0.7	)	(1.2	)
Residential Mortgage	5.4		(6.0	)	(0.6	)
Home Equity	(0.4	)	(1.8	)	(2.2	)
Automobile	(0.2	)	(0.8	)	(1.0	)
Other ²	0.6		0.5		1.1
Total Loans and Leases	7.8		(11.1	)	(3.3	)
Total Change in Interest Income	20.5		(23.7	)	(3.2	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand	-		(0.2	)	(0.2	)
Savings	(0.1	)	(1.6	)	(1.7	)
Time	1.1		(2.5	)	(1.4	)
Total Interest-Bearing Deposits	1.0		(4.3	)	(3.3	)
Securities Sold Under Agreements to Repurchase	0.5		(0.3	)	0.2
Long-Term Debt	(0.1	)	0.1		-
Total Change in Interest Expense	1.4		(4.5	)	(3.1	)

Change in Net Interest Income	19.1		(19.2	)	(0.1	)


¹ The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
² Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits							Table 9
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(dollars in thousands)	2012		2012		2011		2012		2011
Salaries	$	27,831	$	28,687	$	29,142	$	56,518	$	58,217
Incentive Compensation		4,132		4,054		4,243		8,186		7,709
Share-Based Compensation and Cash Grants for the Purchase of Company Stock		1,758		1,685		2,483		3,443		3,158
Commission Expense		1,754		1,536		1,553		3,290		3,216
Retirement and Other Benefits		3,481		4,390		3,804		7,871		8,766
Payroll Taxes		2,437		3,818		2,335		6,255		6,374
Medical, Dental, and Life Insurance		2,239		2,437		2,438		4,676		4,661
Separation Expense		405		417		802		822		1,481
Total Salaries and Benefits	$	44,037	$	47,024	$	46,800	$	91,061	$	93,582

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances								Table 10
		June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)			2012		2012		2011		2011		2011
Commercial
	Commercial and Industrial	$	781,688	$	788,718	$	817,170	$	790,294	$	815,912
	Commercial Mortgage		961,984		948,196		938,250		922,075		872,283
	Construction		97,668		110,184		98,669		69,635		81,432
	Lease Financing		281,020		285,860		311,928		312,159		316,776
Total Commercial			2,122,360		2,132,958		2,166,017		2,094,163		2,086,403
Consumer
	Residential Mortgage		2,401,331		2,319,485		2,215,892		2,130,589		2,130,335
	Home Equity		766,839		773,643		780,691		775,105		783,582
	Automobile		194,339		193,851		192,506		191,497		191,739
	Other ¹		186,614		178,995		183,198		157,118		159,414
Total Consumer			3,549,123		3,465,974		3,372,287		3,254,309		3,265,070
Total Loans and Leases		$	5,671,483	$	5,598,932	$	5,538,304	$	5,348,472	$	5,351,473


Higher Risk Loans Outstanding
		June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)			2012		2012		2011		2011		2011
Residential Home Building ²		$	8,777	$	13,148	$	13,475	$	15,379	$	16,186
Residential Land Loans ³			16,703		17,602		18,163		18,305		19,960
Home Equity Loans ⁴			22,029		21,359		21,413		22,321		21,778
Air Transportation ⁵			27,633		27,548		36,144		36,511		36,961
Total Higher Risk Loans		$	75,142	$	79,657	$	89,195	$	92,516	$	94,885

¹ Comprised of other revolving credit, installment, and lease financing.
² Residential home building loans were $48.6 million as of June 30, 2012. 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.
³ We 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.
⁴ Higher 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%.
⁵ We consider all of our air transportation leases to be of higher risk due to the weak financial profile of the industry.


Deposits
		June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)			2012		2012		2011		2011		2011
Consumer		$	5,360,325	$	5,377,804	$	5,241,827	$	5,137,548	$	5,073,101
Commercial			4,403,095		4,307,931		4,320,712		4,275,915		4,165,435
Public and Other			1,784,573		935,435		1,030,084		595,550		740,498
Total Deposits		$	11,547,993	$	10,621,170	$	10,592,623	$	10,009,013	$	9,979,034

Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More															Table 11
			June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)			2012			2012			2011			2011			2011
Non-Performing Assets
Non-Accrual Loans and Leases
	Commercial
		Commercial and Industrial	$	5,778		$	5,852		$	6,243		$	6,593		$	1,839
		Commercial Mortgage		2,737			2,113			2,140			2,188			3,290
		Construction		1,182			1,482			2,080			-			288
		Lease Financing		-			4			5			6			8
	Total Commercial			9,697			9,451			10,468			8,787			5,425
	Consumer
		Residential Mortgage		26,803			26,356			25,256			23,779			23,970
		Home Equity		2,425			2,069			2,024			1,863			2,155
		Other ¹		-			-			-			-			16
	Total Consumer			29,228			28,425			27,280			25,642			26,141
Total Non-Accrual Loans and Leases				38,925			37,876			37,748			34,429			31,566
Foreclosed Real Estate				2,569			3,530			3,042			3,341			2,590
Total Non-Performing Assets			$	41,494		$	41,406		$	40,790		$	37,770		$	34,156

Accruing Loans and Leases Past Due 90 Days or More
Commercial
	Commercial and Industrial		$	1		$	2		$	1		$	-		$	-
Total Commercial				1			2			1			-			-
Consumer
	Residential Mortgage			4,229			6,590			6,422			7,664			5,854
	Home Equity			2,445			2,829			2,194			2,639			1,147
	Automobile			98			124			170			138			167
	Other ¹			395			543			435			414			604
Total Consumer				7,167			10,086			9,221			10,855			7,772
Total Accruing Loans and Leases Past Due 90 Days or More			$	7,168		$	10,088		$	9,222		$	10,855		$	7,772
Restructured Loans on Accrual Status and Not Past Due 90 Days or More			$	31,124		$	29,539		$	33,703		$	33,140		$	28,193
Total Loans and Leases			$	5,671,483		$	5,598,932		$	5,538,304		$	5,348,472		$	5,351,473

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases				0.69	%		0.68	%		0.68	%		0.64	%		0.59	%

Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate				0.73	%		0.74	%		0.74	%		0.71	%		0.64	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate				0.51	%		0.53	%		0.56	%		0.52	%		0.34	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate				0.87	%		0.87	%		0.85	%		0.82	%		0.83	%

Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases and Foreclosed Real Estate				0.86	%		0.92	%		0.90	%		0.91	%		0.78	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter			$	41,406		$	40,790		$	37,770		$	34,156		$	34,592
Additions				7,574			5,334			8,653			8,552			6,079
Reductions
	Payments			(2,942	)		(2,524	)		(1,173	)		(3,237	)		(2,363	)
	Return to Accrual Status			(2,085	)		(535	)		(2,421	)		(401	)		(3,226	)
	Sales of Foreclosed Real Estate			(2,247	)		(1,049	)		(1,320	)		(157	)		(497	)
	Charge-offs/Write-downs			(212	)		(610	)		(719	)		(1,143	)		(429	)
Total Reductions				(7,486	)		(4,718	)		(5,633	)		(4,938	)		(6,515	)
Balance at End of Quarter			$	41,494		$	41,406		$	40,790		$	37,770		$	34,156


¹ Comprised of other revolving credit, installment, and lease financing.

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses												Table 12
			Three Months Ended									Six Months Ended
			June 30,			March 31,			June 30,			June 30,			June 30,
(dollars in thousands)			2012			2012			2011			2012			2011
Balance at Beginning of Period			$	141,025		$	144,025		$	152,777		$	144,025		$	152,777
Loans and Leases Charged-Off
	Commercial
		Commercial and Industrial		(1,078	)		(1,431	)		(1,507	)		(2,509	)		(3,164	)
		Construction		-			(330	)		-			(330	)		-
	Consumer
		Residential Mortgage		(1,369	)		(1,580	)		(1,977	)		(2,949	)		(3,728	)
		Home Equity		(1,657	)		(2,441	)		(3,252	)		(4,098	)		(4,611	)
		Automobile		(438	)		(526	)		(797	)		(964	)		(1,826	)
		Other ¹		(1,394	)		(1,451	)		(1,488	)		(2,845	)		(3,052	)
Total Loans and Leases Charged-Off				(5,936	)		(7,759	)		(9,021	)		(13,695	)		(16,381	)
Recoveries on Loans and Leases Previously Charged-Off
	Commercial
		Commercial and Industrial		524			1,933			399			2,457			971
		Commercial Mortgage		10			24			-			34			-
		Lease Financing		11			72			44			83			94
	Consumer
		Residential Mortgage		376			666			622			1,042			881
		Home Equity		165			570			750			735			1,089
		Automobile		482			538			652			1,020			1,301
		Other ¹		577			605			572			1,182			1,372
Total Recoveries on Loans and Leases Previously Charged-Off				2,145			4,408			3,039			6,553			5,708
Net Loans and Leases Charged-Off				(3,791	)		(3,351	)		(5,982	)		(7,142	)		(10,673	)
Provision for Credit Losses				628			351			3,600			979			8,291
Balance at End of Period ²			$	137,862		$	141,025		$	150,395		$	137,862		$	150,395

Components
Allowance for Loan and Lease Losses			$	132,443		$	135,606		$	144,976		$	132,443		$	144,976
Reserve for Unfunded Commitments				5,419			5,419			5,419			5,419			5,419
Total Reserve for Credit Losses			$	137,862		$	141,025		$	150,395		$	137,862		$	150,395

Average Loans and Leases Outstanding			$	5,641,588		$	5,563,358		$	5,326,123		$	5,602,473		$	5,318,993

Ratio of Net Loans and Leases Charged-Off to
	Average Loans and Leases Outstanding (annualized)			0.27	%		0.24	%		0.45	%		0.26	%		0.40	%
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding				2.34	%		2.42	%		2.71	%		2.34	%		2.71	%


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 13a
	Retail			Commercial			Investment			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			Services			and Other			Total
Three Months Ended June 30, 2012
Net Interest Income	$	38,680		$	30,817		$	3,585		$	22,299		$	95,381
Provision for Credit Losses		3,334			157			301			(3,164	)		628
Net Interest Income After Provision for Credit Losses		35,346			30,660			3,284			25,463			94,753
Noninterest Income		21,389			8,552			15,058			1,849			46,848
Noninterest Expense		(43,797	)		(21,597	)		(13,875	)		(1,478	)		(80,747	)
Income Before Provision for Income Taxes		12,938			17,615			4,467			25,834			60,854
Provision for Income Taxes		(4,787	)		(6,035	)		(1,653	)		(7,632	)		(20,107	)
Net Income		8,151			11,580			2,814			18,202			40,747
Total Assets as of June 30, 2012	$	3,246,917		$	2,289,516		$	287,669		$	8,091,524		$	13,915,626


Three Months Ended June 30, 2011 ¹
Net Interest Income	$	43,890		$	34,686		$	3,792		$	15,131		$	97,499
Provision for Credit Losses		5,585			397			-			(2,382	)		3,600
Net Interest Income After Provision for Credit Losses		38,305			34,289			3,792			17,513			93,899
Noninterest Income		21,697			9,741			15,234			2,791			49,463
Noninterest Expense		(52,268	)		(24,236	)		(15,043	)		(2,227	)		(93,774	)
Income Before Provision for Income Taxes		7,734			19,794			3,983			18,077			49,588
Provision for Income Taxes		(2,861	)		(6,946	)		(1,474	)		(3,159	)		(14,440	)
Net Income		4,873			12,848			2,509			14,918			35,148
Total Assets as of June 30, 2011	$	3,058,041		$	2,266,089		$	221,347		$	7,615,727		$	13,161,204


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 13b
	Retail			Commercial			Investment			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			Services			and Other			Total
Six Months Ended June 30, 2012
Net Interest Income	$	78,649		$	62,259		$	7,131		$	45,290		$	193,329
Provision for Credit Losses		7,364			(511	)		290			(6,164	)		979
Net Interest Income After Provision for Credit Losses		71,285			62,770			6,841			51,454			192,350
Noninterest Income		40,525			20,129			29,132			5,144			94,930
Noninterest Expense		(88,304	)		(45,127	)		(29,006	)		(3,517	)		(165,954	)
Income Before Provision for Income Taxes		23,506			37,772			6,967			53,081			121,326
Provision for Income Taxes		(8,697	)		(9,052	)		(2,578	)		(16,442	)		(36,769	)
Net Income		14,809			28,720			4,389			36,639			84,557
Total Assets as of June 30, 2012	$	3,246,917		$	2,289,516		$	287,669		$	8,091,524		$	13,915,626


Six Months Ended June 30, 2011 ¹
Net Interest Income	$	88,314		$	69,689		$	7,655		$	31,538		$	197,196
Provision for Credit Losses		10,628			209			(140	)		(2,406	)		8,291
Net Interest Income After Provision for Credit Losses		77,686			69,480			7,795			33,944			188,905
Noninterest Income		41,817			18,797			30,283			12,488			103,385
Noninterest Expense		(96,087	)		(48,738	)		(30,447	)		(4,584	)		(179,856	)
Income Before Provision for Income Taxes		23,416			39,539			7,631			41,848			112,434
Provision for Income Taxes		(8,664	)		(13,748	)		(2,824	)		(9,690	)		(34,926	)
Net Income		14,752			25,791			4,807			32,158			77,508
Total Assets as of June 30, 2011	$	3,058,041		$	2,266,089		$	221,347		$	7,615,727		$	13,161,204


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

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data											Table 14
	Three Months Ended
	June 30,			March 31,				December 31,			September 30,			June 30,
(dollars in thousands, except per share amounts)	2012			2012				2011			2011			2011
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	63,910		$	64,691			$	64,760		$	65,344		$	65,542
Income on Investment Securities
Available-for-Sale		16,988			17,713				19,107			23,097			23,490
Held-to-Maturity		25,054			26,413				23,608			20,344			20,553
Deposits		1			2				2			6			2
Funds Sold		119			129				120			160			297
Other		281			280				280			279			279
Total Interest Income		106,353			109,228				107,877			109,230			110,163
Interest Expense
Deposits		3,219			3,473				3,736			4,561			4,792
Securities Sold Under Agreements to Repurchase		7,250			7,304				7,392			7,400			7,338
Funds Purchased		5			5				5			4			5
Long-Term Debt		498			498				498			499			529
Total Interest Expense		10,972			11,280				11,631			12,464			12,664
Net Interest Income		95,381			97,948				96,246			96,766			97,499
Provision for Credit Losses		628			351				2,219			2,180			3,600
Net Interest Income After Provision for Credit Losses		94,753			97,597				94,027			94,586			93,899
Noninterest Income
Trust and Asset Management		11,195			10,918				11,025			10,788			11,427
Mortgage Banking		7,581			5,050				3,401			5,480			2,661
Service Charges on Deposit Accounts		9,225			9,591				9,606			9,820			9,375
Fees, Exchange, and Other Service Charges		12,326			12,399				12,401			16,219			16,662
Investment Securities Gains (Losses), Net		-			(90	)			282			-			-
Insurance		2,399			2,278				2,312			2,664			3,210
Other		4,122			7,936				4,380			5,892			6,128
Total Noninterest Income		46,848			48,082				43,407			50,863			49,463
Noninterest Expense
Salaries and Benefits		44,037			47,024				44,927			44,307			46,800
Net Occupancy		10,058			10,516				11,253			11,113			10,476
Net Equipment		4,669			5,826				4,748			4,662			4,741
Professional Fees		2,386			2,132				1,926			2,245			2,294
FDIC Insurance		2,088			2,071				2,027			2,065			2,010
Other		17,509			17,638				19,501			19,563			27,453
Total Noninterest Expense		80,747			85,207				84,382			83,955			93,774
Income Before Provision for Income Taxes		60,854			60,472				53,052			61,494			49,588
Provision for Income Taxes		20,107			16,662				13,823			18,188			14,440
Net Income	$	40,747		$	43,810			$	39,229		$	43,306		$	35,148

Basic Earnings Per Share	$	0.90		$	0.96			$	0.85		$	0.93		$	0.74
Diluted Earnings Per Share	$	0.90		$	0.95			$	0.85		$	0.92		$	0.74

Balance Sheet Totals
Loans and Leases	$	5,671,483		$	5,598,932			$	5,538,304		$	5,348,472		$	5,351,473
Total Assets		13,915,626			13,759,409				13,846,391			13,304,758			13,161,204
Total Deposits		11,547,993			10,621,170				10,592,623			10,009,013			9,979,034
Total Shareholders' Equity		1,003,825			995,897				1,002,667			1,017,775			1,003,450

Performance Ratios
Return on Average Assets		1.19	%		1.29		%		1.17	%		1.31	%		1.09	%
Return on Average Shareholders' Equity		16.19			17.26				15.23			16.80			13.86
Efficiency Ratio ¹		56.77			58.35				60.42			56.87			63.81
Net Interest Margin ²		2.98			3.06				3.04			3.09			3.16


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 15
	Five Months Ended					Year Ended
($ in millions; jobs in thousands)	May 31, 2012					December 31, 2011							December 31, 2010
Hawaii Economic Trends
State General Fund Revenues ¹	$	2,188.6	10.6	%		$	4,662.5			8.1		%	$	4,314.1		7.4		%
General Excise and Use Tax Revenue ¹	$	1,190.7	7.3			$	2,588.5			8.8			$	2,379.9		3.6
Jobs ²		597.1	1.0				592.1			0.9				586.8		(0.8	)

			June 30,			March 31,				December 31,
(spot rates)			2012				2012			2011				2010		2009
Unemployment ³
Statewide, seasonally adjusted			6.4	%			6.4		%	6.2		%		6.3	%	6.9		%

Oahu			6.4				5.7			5.4				4.8		5.4
Island of Hawaii			10.1				9.2			8.9				8.6		9.5
Maui			7.5				7.1			7.1				7.4		8.8
Kauai			8.7				8.1			7.8				7.8		8.7

			June 30,			March 31,				December 31,
(percentage change, except months of inventory)			2012			2012				2011			2010			2009
Housing Trends (Single Family Oahu) ⁴
Median Home Price			8.7	%			10.4		%	(3.0	)	%		3.1	%	(7.3	)	%
Home Sales Volume (units)			0.4	%			(1.3	)	%	(2.7	)	%		13.4	%	(1.8	)	%
Months of Inventory			3.9				4.0			4.8				6.0		6.8

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

April 30, 2012										637.2						(4.4	)	%
March 31, 2012										666.2						5.1
February 29, 2012										634.1						(2.3	)
January 31, 2012										649.2						3.0
December 31, 2011										630.4						2.7
November 30, 2011										613.8						1.7
October 31, 2011										603.4						(1.2	)
September 30, 2011										610.6						3.8
August 31, 2011										588.4						0.9
July 31, 2011										582.9						1.2
June 30, 2011										575.9						(0.1	)
May 31, 2011										576.6						(0.8	)
April 30, 2011										581.5						(0.9	)
March 31, 2011										586.9						(2.8	)
February 28, 2011										603.8						(0.3	)
January 31, 2011										605.4						2.2
December 31, 2010										592.6						-
November 30, 2010										592.9						(1.5	)
October 31, 2010										601.7						2.5
September 30, 2010										587.3						1.0
August 31, 2010										581.7						(2.5	)
July 31, 2010										596.6						3.7
June 30, 2010										575.0						0.2
May 31, 2010										573.9						0.9
April 30, 2010										568.9						1.9
March 31, 2010										558.1						2.7


¹ Source: Hawaii Department of Business, Economic Development & Tourism.
² Source: University of Hawaii Economic Research Organization. Year-to-date figures.
³ Source: University of Hawaii Economic Research Organization, State of Hawaii Department of Labor and Industrial Relations.
⁴ Source: Honolulu Board of REALTORS.
Note: Certain prior period seasonally adjusted information has been revised.

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