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Bank Of Hawaii Corporation Third Quarter 2012 Financial Results

Results for the nine months ended September 30, 2012 included a gain of $3.5 million on the early termination of leveraged leases for two cargo ships offset by a loss of $1.0 million on the sale of an aircraft lease, expenses of $1.2 million for the final phase of a refresh of the Company’s personal computers, and expenses of $1.0 million related to the launch of a new consumer credit card product. Results for the same period in 2011 included net gains of $6.1 million on the sales of investment securities and a gain of $2.0 million related to a contingent payment from the sale of the Company’s proprietary mutual funds in 2010. These gains were offset by a litigation settlement of $9.0 million and a $2.0 million donation to the Bank of Hawaii Foundation.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the third quarter of 2012 was $96.2 million, down $1.7 million from net interest income of $97.9 million in the second quarter of 2012, and down $0.9 million from net interest income of $97.1 million in the third quarter of 2011. For the nine months ended September 30, 2012, net interest income, on a taxable-equivalent basis, was $294.0 million compared to $295.1 million for the same period in 2011. Analyses of the changes in net interest income are included in Tables 8a, 8b and 8c.

The net interest margin was 2.98 percent for the third quarter of 2012, unchanged from the second quarter of 2012, and down 11 basis points from the net interest margin of 3.09 percent in the third quarter of 2011. For the nine months ended September 30, 2012, the net interest margin was 3.01 percent compared to 3.16 percent for the same nine months in 2011.

During the third quarter of 2012 the Company did not record a provision for credit losses, although net charge-offs were $1.5 million during the quarter. During the second quarter of 2012 the provision for credit losses was $0.6 million, or $3.2 million less than net charge-offs. During the third quarter of 2011 the provision for credit losses was $2.2 million, or $1.6 million less than net charge-offs. For the nine months ended September 30, 2012, the provision for credit losses was $1.0 million compared to $10.5 million for the same period in 2011.

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