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Bank Of Hawaii Corporation Third Quarter 2012 Financial Results

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.

Asset Quality

The Company’s overall asset quality continued to improve during the third quarter of 2012. Total non-performing assets were $40.3 million at September 30, 2012, down from $41.5 million at June 30, 2012. Non-performing assets remain elevated above historical levels due to the lengthy judiciary foreclosure process for residential mortgage loans. As a percentage of total loans and leases and foreclosed real estate, non-performing assets were 0.70 percent at September 30, 2012, down from 0.73 percent at June 30, 2012 and 0.71 percent at September 30, 2011.

Accruing loans and leases past due 90 days or more were $7.5 million at September 30, 2012, up slightly from $7.2 million at June 30, 2012 and down from $10.9 million at September 30, 2011. Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $31.4 million at September 30, 2012, up slightly from $31.1 million at June 30, 2012 and down from $33.1 million at September 30, 2011. Restructured loans are primarily comprised of residential mortgage loans with lowered monthly payments to accommodate the borrowers’ financial needs for a period of time. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loans and leases charged off during the third quarter of 2012 were $1.5 million or 0.10 percent annualized of total average loans and leases outstanding. Loan and lease charge-offs of $5.0 million during the quarter were partially offset by recoveries of $3.6 million. Net charge-offs in the second quarter of 2012 were $3.8 million, or 0.27 percent annualized of total average loans and leases outstanding, and comprised of $5.9 million in charge-offs partially offset by recoveries of $2.1 million. Net charge-offs during the third quarter of 2011 were $3.7 million or 0.28 percent annualized of total average loans and leases outstanding, and comprised of $10.8 million in charge-offs partially offset by recoveries of $7.0 million. Net charge-offs during the nine months ended September 30, 2012 were $8.6 million or 0.20 percent annualized compared to $14.4 million or 0.36 percent annualized for the same period in 2011.

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