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Bank Of Hawaii Corporation Third Quarter 2012 Financial Results

BY Business Wire | 10/22/12 - 07:00 AM EDT

Stock quotes in this article: BOH

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Conference Call Information

The Company will review its third quarter 2012 financial results today at 8:00 a.m. Hawaii Time. The conference call will be accessible via teleconference and the Investor Relations link of Bank of Hawaii Corporation’s web site, www.boh.com. Conference call participants in the United States should dial 888-299-8538 and international participants should dial 617-786-2902. Use the pass code “Bank of Hawaii” to access the call. A replay of the call will be available for one week beginning Monday, October 22, 2012 by dialing 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 71907319 when prompted. A replay will also be available via the Investor Relations link of the Company’s web site, www.boh.com.

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									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
(dollars in thousands, except per share amounts)	2012			2012			2011			2012			2011
For the Period:
Operating Results
Net Interest Income	$	93,632		$	95,381		$	96,766		$	286,961		$	293,962
Provision for Credit Losses		-			628			2,180			979			10,471
Total Noninterest Income		52,374			46,848			50,863			147,304			154,248
Total Noninterest Expense		84,878			80,747			83,955			250,832			263,811
Net Income		41,232			40,747			43,306			125,789			120,814
Basic Earnings Per Share		0.92			0.90			0.93			2.78			2.55
Diluted Earnings Per Share		0.92			0.90			0.92			2.77			2.54
Dividends Declared Per Share		0.45			0.45			0.45			1.35			1.35

Performance Ratios
Return on Average Assets		1.22	%		1.19	%		1.31	%		1.23	%		1.24	%
Return on Average Shareholders' Equity		16.02			16.19			16.80			16.49			15.85
Efficiency Ratio ¹		58.13			56.77			56.87			57.76			58.86
Net Interest Margin ²		2.98			2.98			3.09			3.01			3.16
Dividend Payout Ratio ³		48.91			50.00			48.39			48.56			52.94
Average Shareholders' Equity to Average Assets		7.59			7.36			7.79			7.47			7.83

Average Balances
Average Loans and Leases	$	5,716,421		$	5,641,588		$	5,340,406		$	5,640,733		$	5,326,209
Average Assets		13,490,835			13,750,488			13,125,077			13,640,304			13,019,898
Average Deposits		11,301,668			10,622,420			9,871,750			10,786,654			9,845,269
Average Shareholders' Equity		1,023,804			1,012,182			1,022,585			1,018,903			1,019,409

Market Price Per Share of Common Stock
Closing		45.62			45.95			36.40			45.62			36.40
High		48.92			49.99			47.10			49.99			49.26
Low		45.29			44.02			35.30			44.02			35.30

				September 30,			June 30,			December 31,			September 30,
					2012			2012			2011			2011
As of Period End:
Balance Sheet Totals
Loans and Leases				$	5,782,304		$	5,671,483		$	5,538,304		$	5,348,472
Total Assets					13,382,425			13,915,626			13,846,391			13,304,758
Total Deposits					11,220,547			11,547,993			10,592,623			10,009,013
Long-Term Debt					28,065			28,075			30,696			30,705
Total Shareholders' Equity					1,024,562			1,003,825			1,002,667			1,017,775

Asset Quality
Allowance for Loan and Lease Losses				$	130,971		$	132,443		$	138,606		$	143,410
Non-Performing Assets					40,284			41,494			40,790			37,770

Financial Ratios
Allowance to Loans and Leases Outstanding					2.27	%		2.34	%		2.50	%		2.68	%
Tier 1 Capital Ratio					16.12			16.41			16.68			17.57
Total Capital Ratio					17.39			17.67			17.95			18.83
Tier 1 Leverage Ratio					6.78			6.57			6.73			6.95
Total Shareholders' Equity to Total Assets					7.66			7.21			7.24			7.65
Tangible Common Equity to Tangible Assets ⁴					7.44			7.00			7.03			7.43
Tangible Common Equity to Risk-Weighted Assets ⁴					17.43			17.57			17.93			18.90

Non-Financial Data
Full-Time Equivalent Employees					2,304			2,312			2,370			2,381
Branches and Offices					77			77			81			82
ATMs					495			494			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
		September 30,			June 30,			December 31,			September 30,
(dollars in thousands)			2012			2012			2011			2011

Total Shareholders' Equity		$	1,024,562		$	1,003,825		$	1,002,667		$	1,017,775
Less:	Goodwill		31,517			31,517			31,517			31,517
	Intangible Assets		46			58			83			96
Tangible Common Equity		$	992,999		$	972,250		$	971,067		$	986,162

Total Assets		$	13,382,425		$	13,915,626		$	13,846,391		$	13,304,758
Less:	Goodwill		31,517			31,517			31,517			31,517
	Intangible Assets		46			58			83			96
Tangible Assets		$	13,350,862		$	13,884,051		$	13,814,791		$	13,273,145

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements		$	5,697,581		$	5,532,285		$	5,414,481		$	5,218,651

Total Shareholders' Equity to Total Assets			7.66	%		7.21	%		7.24	%		7.65	%
Tangible Common Equity to Tangible Assets (Non-GAAP)			7.44	%		7.00	%		7.03	%		7.43	%

Tier 1 Capital Ratio			16.12	%		16.41	%		16.68	%		17.57	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)			17.43	%		17.57	%		17.93	%		18.90	%

Bank of Hawaii Corporation and Subsidiaries
Net Significant Income (Expense) Items											Table 2
	Three Months Ended							Nine Months Ended
	September 30,		June 30,		September 30,			September 30,
(dollars in thousands)	2012		2012			2011			2012			2011
Investment Securities Gains, Net		-		-		-			-			6,084
Gain on Mutual Fund Sale		-		-		1,956			-			1,956
Gains (Losses) on Disposal of Leased Equipment		-		-		-			2,473			-
Decrease in Allowance for Loan and Lease Losses		1,472		3,163		1,566			7,635			3,948
Bank of Hawaii Charitable Foundation		-		-		(2,000	)		-			(2,000	)
PC Refresh		-		-		-			(1,163	)		-
Legal Settlement Related to OD Claims		-		-		-			-			(9,000	)
Significant Income (Expense) Items Before the Provision (Benefit) for Income Taxes		1,472		3,163		1,522			8,945			988
Income Taxes Impact Related to Lease Transactions		-		-		-			(2,733	)		-
Income Tax Impact		515		1,107		533			1,915			346
Net Significant Income (Expense) Items	$	957	$	2,056	$	989		$	9,763		$	642

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income										Table 3
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
(dollars in thousands, except per share amounts)	2012		2012		2011			2012		2011
Interest Income
Interest and Fees on Loans and Leases	$	64,668	$	63,910	$	65,344	$	193,269		$	197,479
Income on Investment Securities
Available-for-Sale		15,922		16,988		23,097		50,623			84,256
Held-to-Maturity		23,232		25,054		20,344		74,699			48,530
Deposits		3		1		6		6			6
Funds Sold		105		119		160		353			708
Other		283		281		279		844			837
Total Interest Income		104,213		106,353		109,230		319,794			331,816
Interest Expense
Deposits		2,931		3,219		4,561		9,623			14,585
Securities Sold Under Agreements to Repurchase		7,185		7,250		7,400		21,739			21,779
Funds Purchased		7		5		4		17			15
Long-Term Debt		458		498		499		1,454			1,475
Total Interest Expense		10,581		10,972		12,464		32,833			37,854
Net Interest Income		93,632		95,381		96,766		286,961			293,962
Provision for Credit Losses		-		628		2,180		979			10,471
Net Interest Income After Provision for Credit Losses		93,632		94,753		94,586		285,982			283,491
Noninterest Income
Trust and Asset Management		11,050		11,195		10,788		33,163			34,021
Mortgage Banking		11,745		7,581		5,480		24,376			11,263
Service Charges on Deposit Accounts		9,346		9,225		9,820		28,162			29,127
Fees, Exchange, and Other Service Charges		11,907		12,326		16,219		36,632			47,826
Investment Securities Gains (Losses), Net		13		-		-		(77	)		6,084
Insurance		2,326		2,399		2,664		7,003			8,645
Other		5,987		4,122		5,892		18,045			17,282
Total Noninterest Income		52,374		46,848		50,863		147,304			154,248
Noninterest Expense
Salaries and Benefits		47,231		44,037		44,307		138,292			137,889
Net Occupancy		10,524		10,058		11,113		31,098			31,916
Net Equipment		4,523		4,669		4,662		15,018			14,101
Professional Fees		2,494		2,386		2,245		7,012			6,697
FDIC Insurance		1,822		2,088		2,065		5,981			7,319
Other		18,284		17,509		19,563		53,431			65,889
Total Noninterest Expense		84,878		80,747		83,955		250,832			263,811
Income Before Provision for Income Taxes		61,128		60,854		61,494		182,454			173,928
Provision for Income Taxes		19,896		20,107		18,188		56,665			53,114
Net Income	$	41,232	$	40,747	$	43,306	$	125,789		$	120,814
Basic Earnings Per Share	$	0.92	$	0.90	$	0.93	$	2.78		$	2.55
Diluted Earnings Per Share	$	0.92	$	0.90	$	0.92	$	2.77		$	2.54
Dividends Declared Per Share	$	0.45	$	0.45	$	0.45	$	1.35		$	1.35
Basic Weighted Average Shares		44,913,348		45,221,293		46,806,439		45,280,541			47,358,049
Diluted Weighted Average Shares		45,050,638		45,347,368		46,934,140		45,421,624			47,531,066

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income										Table 4
		Three Months Ended						Nine Months Ended
		September 30,		June 30,		September 30,		September 30,
(dollars in thousands)		2012		2012		2011		2012		2011
Net Income		$	41,232	$	40,747	$	43,306	$	125,789	$	120,814
Other Comprehensive Income, Net of Tax:
	Net Unrealized Gains on Investment Securities		9,770		3,387		18,611		6,703		18,376
	Defined Benefit Plans		152		153		365		458		1,413
Other Comprehensive Income			9,922		3,540		18,976		7,161		19,789

Comprehensive Income		$	51,154	$	44,287	$	62,282	$	132,950	$	140,603

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
	September 30,			June 30,			December 31,			September 30,
(dollars in thousands)		2012			2012			2011			2011
Assets
Interest-Bearing Deposits	$	4,673		$	3,057		$	3,036		$	3,543
Funds Sold		251,664			499,338			512,384			242,062
Investment Securities
Available-for-Sale		3,124,209			3,339,472			3,451,885			4,448,898
Held to Maturity (Fair Value of $3,587,997; $3,828,954; $3,754,206; and $2,610,081)		3,475,259			3,729,665			3,657,796			2,520,422
Loans Held for Sale		25,971			14,223			18,957			12,745
Loans and Leases		5,782,304			5,671,483			5,538,304			5,348,472
Allowance for Loan and Lease Losses		(130,971	)		(132,443	)		(138,606	)		(143,410	)
Net Loans and Leases		5,651,333			5,539,040			5,399,698			5,205,062
Total Earning Assets		12,533,109			13,124,795			13,043,756			12,432,732
Cash and Noninterest-Bearing Deposits		153,599			131,845			154,489			206,875
Premises and Equipment		107,144			107,421			103,550			104,509
Customers' Acceptances		242			176			476			749
Accrued Interest Receivable		47,192			45,044			43,510			43,319
Foreclosed Real Estate		3,067			2,569			3,042			3,341
Mortgage Servicing Rights		23,980			23,254			24,279			23,990
Goodwill		31,517			31,517			31,517			31,517
Other Assets		482,575			449,005			441,772			457,726
Total Assets	$	13,382,425		$	13,915,626		$	13,846,391		$	13,304,758

Liabilities
Deposits
Noninterest-Bearing Demand	$	2,985,561		$	3,105,798		$	2,850,923		$	2,702,296
Interest-Bearing Demand		2,034,319			2,063,070			2,005,983			1,745,812
Savings		4,480,733			4,435,894			4,398,638			4,449,351
Time		1,719,934			1,943,231			1,337,079			1,111,554
Total Deposits		11,220,547			11,547,993			10,592,623			10,009,013
Funds Purchased		10,942			13,756			10,791			9,882
Short-Term Borrowings		-			-			-			6,400
Securities Sold Under Agreements to Repurchase		818,080			1,065,653			1,925,998			1,929,266
Long-Term Debt		28,065			28,075			30,696			30,705
Banker's Acceptances		242			176			476			749
Retirement Benefits Payable		41,872			41,812			46,949			30,704
Accrued Interest Payable		5,997			5,114			5,330			6,751
Taxes Payable and Deferred Taxes		94,369			86,095			95,840			114,842
Other Liabilities		137,749			123,127			135,021			148,671
Total Liabilities		12,357,863			12,911,801			12,843,724			12,286,983
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: September 30, 2012 - 57,315,093 / 45,004,813; June 30, 2012 - 57,301,892 / 45,248,277; December 31, 2011 - 57,134,470 / 45,947,116; and September 30, 2011 - 57,132,310 / 46,570,413)		571			571			571			571
Capital Surplus		513,758			511,729			507,558			503,255
Accumulated Other Comprehensive Income		42,424			32,502			35,263			46,754
Retained Earnings		1,065,245			1,044,588			1,003,938			986,202
Treasury Stock, at Cost (Shares: September 30, 2012 - 12,310,280; June 30, 2012 - 12,053,615; December 31, 2011 - 11,187,354; and September 30, 2011 - 10,561,897)		(597,436	)		(585,565	)		(544,663	)		(519,007	)
Total Shareholders' Equity		1,024,562			1,003,825			1,002,667			1,017,775
Total Liabilities and Shareholders' Equity	$	13,382,425		$	13,915,626		$	13,846,391		$	13,304,758

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	-			-		-		-		125,789			-			125,789
Other Comprehensive Income	-			-		-		7,161		-			-			7,161
Share-Based Compensation	-			-		5,687		-		-			-			5,687
Common Stock Issued under Purchase and Equity Compensation Plans and Related Tax Benefits	471,104			-		513		-		(3,023	)		13,472			10,962
Common Stock Repurchased	(1,413,407	)		-		-		-		-			(66,245	)		(66,245	)
Cash Dividends Paid ($1.35 per share)	-			-		-		-		(61,459	)		-			(61,459	)
Balance as of September 30, 2012	45,004,813		$	571	$	513,758	$	42,424	$	1,065,245		$	(597,436	)	$	1,024,562

Balance as of December 31, 2010	48,097,672		$	570	$	500,888	$	26,965	$	932,629		$	(449,919	)	$	1,011,133
Net Income	-			-		-		-		120,814			-			120,814
Other Comprehensive Income	-			-		-		19,789		-			-			19,789
Share-Based Compensation	-			-		2,001		-		-			-			2,001
Common Stock Issued under Purchase and Equity Compensation Plans and Related Tax Benefits	309,108			1		366		-		(3,193	)		13,303			10,477
Common Stock Repurchased	(1,836,367	)		-		-		-		-			(82,391	)		(82,391	)
Cash Dividends Paid ($1.35 per share)	-			-		-		-		(64,048	)		-			(64,048	)
Balance as of September 30, 2011	46,570,413		$	571	$	503,255	$	46,754	$	986,202		$	(519,007	)	$	1,017,775

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
		September 30, 2012						June 30, 2012						September 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		$	4.0	$	-	0.33	%	$	3.0	$	-	0.12	%	$	3.7	$	-	0.56	%
Funds Sold			221.5		0.1	0.19			237.8		0.1	0.20			309.4		0.2	0.20
Investment Securities
	Available-for-Sale		3,247.8		18.3	2.26			3,410.4		19.4	2.27			4,309.3		23.5	2.18
	Held-to-Maturity		3,617.3		23.2	2.57			3,788.9		25.1	2.65			2,511.0		20.3	3.24
Loans Held for Sale			15.8		0.2	4.32			12.1		0.1	4.22			9.2		0.1	4.87
Loans and Leases ¹
	Commercial and Industrial		797.2		7.7	3.86			786.3		7.7	3.93			815.5		8.2	3.97
	Commercial Mortgage		993.2		10.8	4.32			953.5		10.4	4.40			876.7		10.7	4.85
	Construction		100.1		1.3	4.97			99.7		1.3	5.07			74.5		1.0	5.15
	Commercial Lease Financing		278.5		1.7	2.42			284.5		1.7	2.36			314.6		2.0	2.61
	Residential Mortgage		2,391.8		28.1	4.70			2,371.7		27.9	4.71			2,129.8		27.8	5.23
	Home Equity		770.2		8.3	4.28			772.3		8.4	4.36			780.5		9.3	4.72
	Automobile		194.9		2.9	5.90			193.7		2.9	6.03			191.4		3.2	6.66
	Other ²		190.5		3.9	8.09			179.9		3.6	8.12			157.4		3.0	7.50
Total Loans and Leases			5,716.4		64.7	4.51			5,641.6		63.9	4.54			5,340.4		65.2	4.86
Other			80.1		0.3	1.41			80.0		0.3	1.41			79.9		0.3	1.40
Total Earning Assets ³			12,902.9		106.8	3.30			13,173.8		108.9	3.31			12,562.9		109.6	3.48
Cash and Noninterest-Bearing Deposits			134.9						131.7						135.1
Other Assets			453.0						445.0						427.1
Total Assets		$	13,490.8					$	13,750.5					$	13,125.1

Interest-Bearing Liabilities
Interest-Bearing Deposits
	Demand		1,968.8		0.1	0.03			1,906.1		0.1	0.03			1,772.5		0.2	0.04
	Savings		4,456.2		1.0	0.09			4,444.5		1.1	0.10			4,497.1		1.8	0.16
	Time		1,823.2		1.8	0.38			1,253.9		2.0	0.63			1,069.4		2.6	0.96
Total Interest-Bearing Deposits			8,248.2		2.9	0.14			7,604.5		3.2	0.17			7,339.0		4.6	0.25
Short-Term Borrowings			18.5		-	0.15			15.0		-	0.14			19.0		-	0.08
Securities Sold Under Agreements to Repurchase			853.0		7.2	3.30			1,808.5		7.3	1.59			1,908.9		7.4	1.52
Long-Term Debt			28.0		0.5	6.52			30.6		0.5	6.51			30.7		0.5	6.50
Total Interest-Bearing Liabilities			9,147.7		10.6	0.46			9,458.6		11.0	0.46			9,297.6		12.5	0.53
Net Interest Income				$	96.2					$	97.9					$	97.1
	Interest Rate Spread					2.84	%					2.85	%					2.95	%
	Net Interest Margin					2.98	%					2.98	%					3.09	%
Noninterest-Bearing Demand Deposits			3,053.5						3,017.9						2,532.8
Other Liabilities			265.8						261.8						272.1
Shareholders' Equity			1,023.8						1,012.2						1,022.6
Total Liabilities and Shareholders' Equity		$	13,490.8					$	13,750.5					$	13,125.1


¹Non-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 $2,529,000, $2,481,000, and $364,000 for the three months ended September 30, 2012, June 30, 2012, and September 30, 2011, respectively.

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis												Table 7b
		Nine Months Ended						Nine Months Ended
		September 30, 2012						September 30, 2011
		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits		$	3.4	$	-	0.24	%	$	4.4	$	-	0.18	%
Funds Sold			240.5		0.4	0.19			427.8		0.7	0.22
Investment Securities
	Available-for-Sale		3,369.5		57.4	2.27			4,667.6		85.4	2.44
	Held-to-Maturity		3,714.2		74.7	2.68			1,949.2		48.6	3.32
Loans Held for Sale			13.3		0.4	4.26			9.7		0.3	4.46
Loans and Leases ¹
	Commercial and Industrial		796.5		23.5	3.94			788.0		23.8	4.03
	Commercial Mortgage		962.9		31.7	4.40			873.1		31.9	4.88
	Construction		101.1		3.9	5.13			78.1		3.0	5.14
	Commercial Lease Financing		285.7		5.1	2.37			325.8		6.6	2.72
	Residential Mortgage		2,342.8		83.8	4.77			2,114.7		84.2	5.31
	Home Equity		773.8		25.2	4.35			787.2		28.4	4.82
	Automobile		193.9		8.8	6.05			195.7		10.1	6.91
	Other ²		184.0		11.2	8.10			163.6		9.2	7.51
Total Loans and Leases			5,640.7		193.2	4.57			5,326.2		197.2	4.94
Other			80.0		0.8	1.41			79.9		0.8	1.40
Total Earning Assets ³			13,061.6		326.9	3.34			12,464.8		333.0	3.56
Cash and Noninterest-Bearing Deposits			134.6						133.0
Other Assets			444.1						422.1
Total Assets		$	13,640.3					$	13,019.9

Interest-Bearing Liabilities
Interest-Bearing Deposits
	Demand		1,914.2		0.3	0.03			1,782.2		0.6	0.04
	Savings		4,446.6		3.5	0.10			4,518.9		5.9	0.18
	Time		1,447.1		5.8	0.53			1,041.7		8.1	1.04
Total Interest-Bearing Deposits			7,807.9		9.6	0.16			7,342.8		14.6	0.27
Short-Term Borrowings			16.4		-	0.14			17.4		-	0.12
Securities Sold Under Agreements to Repurchase			1,523.4		21.8	1.88			1,844.7		21.8	1.56
Long-Term Debt			29.8		1.5	6.51			32.0		1.5	6.15
Total Interest-Bearing Liabilities			9,377.5		32.9	0.46			9,236.9		37.9	0.54
Net Interest Income				$	294.0					$	295.1
	Interest Rate Spread					2.88	%					3.02	%
	Net Interest Margin					3.01	%					3.16	%
Noninterest-Bearing Demand Deposits			2,978.8						2,502.5
Other Liabilities			265.1						261.1
Shareholders' Equity			1,018.9						1,019.4
Total Liabilities and Shareholders' Equity		$	13,640.3					$	13,019.9


¹Non-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 $7,080,000 and $1,142,000 for the nine months ended September 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 September 30, 2012
	Compared to June 30, 2012
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Investment Securities
Available-for-Sale	$	(0.9	)	$	(0.2	)	$	(1.1	)
Held-to-Maturity		(1.2	)		(0.7	)		(1.9	)
Loans Held for Sale		0.1			-			0.1
Loans and Leases
Commercial and Industrial		0.1			(0.1	)		-
Commercial Mortgage		0.6			(0.2	)		0.4
Residential Mortgage		0.2			-			0.2
Home Equity		-			(0.1	)		(0.1	)
Other ²		0.3			-			0.3
Total Loans and Leases		1.2			(0.4	)		0.8
Total Change in Interest Income		(0.8	)		(1.3	)		(2.1	)

Change in Interest Expense:
Interest-Bearing Deposits
Savings		-			(0.1	)		(0.1	)
Time		0.7			(0.9	)		(0.2	)
Total Interest-Bearing Deposits		0.7			(1.0	)		(0.3	)
Securities Sold Under Agreements to Repurchase		(5.2	)		5.1			(0.1	)
Total Change in Interest Expense		(4.5	)		4.1			(0.4	)

Change in Net Interest Income	$	3.7		$	(5.4	)	$	(1.7	)


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 September 30, 2012
	Compared to September 30, 2011
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	(0.1	)	$	-		$	(0.1	)
Investment Securities
Available-for-Sale		(6.0	)		0.8			(5.2	)
Held-to-Maturity		7.7			(4.8	)		2.9
Loans Held for Sale		0.1			-			0.1
Loans and Leases
Commercial and Industrial		(0.2	)		(0.3	)		(0.5	)
Commercial Mortgage		1.3			(1.2	)		0.1
Construction		0.3			-			0.3
Commercial Lease Financing		(0.2	)		(0.1	)		(0.3	)
Residential Mortgage		3.3			(3.0	)		0.3
Home Equity		(0.1	)		(0.9	)		(1.0	)
Automobile		0.1			(0.4	)		(0.3	)
Other ²		0.7			0.2			0.9
Total Loans and Leases		5.2			(5.7	)		(0.5	)
Total Change in Interest Income		6.9			(9.7	)		(2.8	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.1	)		(0.1	)
Savings		-			(0.8	)		(0.8	)
Time		1.2			(2.0	)		(0.8	)
Total Interest-Bearing Deposits		1.2			(2.9	)		(1.7	)
Securities Sold Under Agreements to Repurchase		(5.6	)		5.4			(0.2	)
Total Change in Interest Expense		(4.4	)		2.5			(1.9	)

Change in Net Interest Income	$	11.3		$	(12.2	)	$	(0.9	)


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
	Nine Months Ended September 30, 2012
	Compared to September 30, 2011
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	(0.2	)	$	(0.1	)	$	(0.3	)
Investment Securities
Available-for-Sale		(22.4	)		(5.6	)		(28.0	)
Held-to-Maturity		36.9			(10.8	)		26.1
Loans Held for Sale		0.1			-			0.1
Loans and Leases
Commercial and Industrial		0.3			(0.6	)		(0.3	)
Commercial Mortgage		3.1			(3.3	)		(0.2	)
Construction		0.9			-			0.9
Commercial Lease Financing		(0.8	)		(0.7	)		(1.5	)
Residential Mortgage		8.6			(9.0	)		(0.4	)
Home Equity		(0.5	)		(2.7	)		(3.2	)
Automobile		(0.1	)		(1.2	)		(1.3	)
Other ²		1.2			0.8			2.0
Total Loans and Leases		12.7			(16.7	)		(4.0	)
Total Change in Interest Income		27.1			(33.2	)		(6.1	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		-			(0.3	)		(0.3	)
Savings		(0.1	)		(2.3	)		(2.4	)
Time		2.5			(4.8	)		(2.3	)
Total Interest-Bearing Deposits		2.4			(7.4	)		(5.0	)
Securities Sold Under Agreements to Repurchase		(4.1	)		4.1			-
Long-Term Debt		(0.1	)		0.1			-
Total Change in Interest Expense		(1.8	)		(3.2	)		(5.0	)

Change in Net Interest Income		28.9			(30.0	)		(1.1	)


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						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
(dollars in thousands)	2012		2012		2011		2012		2011
Salaries	$	29,312	$	27,831	$	28,965	$	85,830	$	87,182
Incentive Compensation		4,492		4,132		4,777		12,678		12,486
Share-Based Compensation and Cash Grants for the Purchase of Company Stock		1,817		1,758		743		5,260		3,901
Commission Expense		1,750		1,754		1,572		5,040		4,788
Retirement and Other Benefits		4,322		3,481		3,634		12,193		12,400
Payroll Taxes		2,267		2,437		2,241		8,522		8,615
Medical, Dental, and Life Insurance		2,255		2,239		2,056		6,931		6,717
Separation Expense		1,016		405		319		1,838		1,800
Total Salaries and Benefits	$	47,231	$	44,037	$	44,307	$	138,292	$	137,889

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances										Table 10
		September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)			2012		2012		2012		2011		2011
Commercial
	Commercial and Industrial	$	808,621	$	781,688	$	788,718	$	817,170	$	790,294
	Commercial Mortgage		1,039,556		961,984		948,196		938,250		922,075
	Construction		101,818		97,668		110,184		98,669		69,635
	Lease Financing		277,328		281,020		285,860		311,928		312,159
Total Commercial			2,227,323		2,122,360		2,132,958		2,166,017		2,094,163
Consumer
	Residential Mortgage		2,392,871		2,401,331		2,319,485		2,215,892		2,130,589
	Home Equity		770,284		766,839		773,643		780,691		775,105
	Automobile		200,788		194,339		193,851		192,506		191,497
	Other ¹		191,038		186,614		178,995		183,198		157,118
Total Consumer			3,554,981		3,549,123		3,465,974		3,372,287		3,254,309
Total Loans and Leases		$	5,782,304	$	5,671,483	$	5,598,932	$	5,538,304	$	5,348,472


Higher Risk Loans Outstanding
		September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)			2012		2012		2012		2011		2011
Residential Land Loans ²			16,513		16,703		17,602		18,163		18,305
Home Equity Loans ³			19,774		22,029		21,359		21,413		22,321
Air Transportation ⁴			27,765		27,633		27,548		36,144		36,511
Total Higher Risk Loans		$	64,052	$	66,365	$	66,509	$	75,720	$	77,137

¹ Comprised of other revolving credit, installment, and lease financing.
²We 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.
³Higher 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%.
⁴We consider all of our air transportation leases to be of higher risk due to the weak financial profile of the industry.


Deposits
		September 30,		June 30,		March 31,		December 31,		September 30,
(dollars in thousands)			2012		2012		2012		2011		2011
Consumer		$	5,369,724	$	5,360,325	$	5,377,804	$	5,241,827	$	5,137,548
Commercial			4,394,745		4,403,095		4,307,931		4,320,712		4,275,915
Public and Other			1,456,078		1,784,573		935,435		1,030,084		595,550
Total Deposits		$	11,220,547	$	11,547,993	$	10,621,170	$	10,592,623	$	10,009,013

Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More															Table 11
			September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)				2012			2012			2012			2011			2011
Non-Performing Assets
Non-Accrual Loans and Leases
	Commercial
		Commercial and Industrial	$	5,635		$	5,778		$	5,852		$	6,243		$	6,593
		Commercial Mortgage		2,671			2,737			2,113			2,140			2,188
		Construction		953			1,182			1,482			2,080			-
		Lease Financing		-			-			4			5			6
	Total Commercial			9,259			9,697			9,451			10,468			8,787
	Consumer
		Residential Mortgage		25,456			26,803			26,356			25,256			23,779
		Home Equity		2,502			2,425			2,069			2,024			1,863
	Total Consumer			27,958			29,228			28,425			27,280			25,642
Total Non-Accrual Loans and Leases				37,217			38,925			37,876			37,748			34,429
Foreclosed Real Estate				3,067			2,569			3,530			3,042			3,341
Total Non-Performing Assets			$	40,284		$	41,494		$	41,406		$	40,790		$	37,770

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			3,988			4,229			6,590			6,422			7,664
	Home Equity			2,755			2,445			2,829			2,194			2,639
	Automobile			154			98			124			170			138
	Other ¹			578			395			543			435			414
Total Consumer				7,475			7,167			10,086			9,221			10,855
Total Accruing Loans and Leases Past Due 90 Days or More			$	7,475		$	7,168		$	10,088		$	9,222		$	10,855
Restructured Loans on Accrual Status and Not Past Due 90 Days or More			$	31,426		$	31,124		$	29,539		$	33,703		$	33,140
Total Loans and Leases			$	5,782,304		$	5,671,483		$	5,598,932		$	5,538,304		$	5,348,472

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

Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate				0.70	%		0.73	%		0.74	%		0.74	%		0.71	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate				0.46	%		0.51	%		0.53	%		0.56	%		0.52	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate				0.84	%		0.87	%		0.87	%		0.85	%		0.82	%

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				0.83	%		0.86	%		0.92	%		0.90	%		0.91	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter			$	41,494		$	41,406		$	40,790		$	37,770		$	34,156
Additions				2,878			7,574			5,334			8,653			8,552
Reductions
	Payments			(2,408	)		(2,942	)		(2,524	)		(1,173	)		(3,237	)
	Return to Accrual Status			(1,083	)		(2,085	)		(535	)		(2,421	)		(401	)
	Sales of Foreclosed Real Estate			(424	)		(2,247	)		(1,049	)		(1,320	)		(157	)
	Charge-offs/Write-downs			(173	)		(212	)		(610	)		(719	)		(1,143	)
Total Reductions				(4,088	)		(7,486	)		(4,718	)		(5,633	)		(4,938	)
Balance at End of Quarter			$	40,284		$	41,494		$	41,406		$	40,790		$	37,770


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

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses															Table 12
			Three Months Ended									Nine Months Ended
			September 30,			June 30,			September 30,			September 30,
(dollars in thousands)				2012			2012			2011			2012			2011
Balance at Beginning of Period			$	137,862		$	141,025		$	150,395		$	144,025		$	152,777
Loans and Leases Charged-Off
	Commercial
		Commercial and Industrial		(519	)		(1,078	)		(4,215	)		(3,028	)		(7,379	)
		Construction		-			-			-			(330	)		-
	Consumer
		Residential Mortgage		(628	)		(1,369	)		(1,558	)		(3,577	)		(5,286	)
		Home Equity		(1,061	)		(1,657	)		(2,528	)		(5,159	)		(7,139	)
		Automobile		(472	)		(438	)		(715	)		(1,436	)		(2,541	)
		Other ¹		(2,354	)		(1,394	)		(1,755	)		(5,199	)		(4,807	)
Total Loans and Leases Charged-Off				(5,034	)		(5,936	)		(10,771	)		(18,729	)		(27,152	)
Recoveries on Loans and Leases Previously Charged-Off
	Commercial
		Commercial and Industrial		578			524			994			3,035			1,965
		Commercial Mortgage		14			10			530			48			530
		Construction		3			-			-			3			-
		Lease Financing		83			11			3,405			166			3,499
	Consumer
		Residential Mortgage		739			376			740			1,781			1,621
		Home Equity		258			165			137			993			1,226
		Automobile		433			482			650			1,453			1,951
		Other ¹		1,454			577			569			2,636			1,941
Total Recoveries on Loans and Leases Previously Charged-Off				3,562			2,145			7,025			10,115			12,733
Net Loans and Leases Charged-Off				(1,472	)		(3,791	)		(3,746	)		(8,614	)		(14,419	)
Provision for Credit Losses				-			628			2,180			979			10,471
Balance at End of Period ²			$	136,390		$	137,862		$	148,829		$	136,390		$	148,829

Components
Allowance for Loan and Lease Losses			$	130,971		$	132,443		$	143,410		$	130,971		$	143,410
Reserve for Unfunded Commitments				5,419			5,419			5,419			5,419			5,419
Total Reserve for Credit Losses			$	136,390		$	137,862		$	148,829		$	136,390		$	148,829

Average Loans and Leases Outstanding			$	5,716,421		$	5,641,588		$	5,340,406		$	5,640,733		$	5,326,209

Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)				0.10	%		0.27	%		0.28	%		0.20	%		0.36	%
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding				2.27	%		2.34	%		2.68	%		2.27	%		2.68	%

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 September 30, 2012
Net Interest Income	$	38,530		$	30,811		$	3,607		$	20,684		$	93,632
Provision for Credit Losses		1,677			(180	)		(24	)		(1,473	)		-
Net Interest Income After Provision for Credit Losses		36,853			30,991			3,631			22,157			93,632
Noninterest Income		24,918			8,687			15,350			3,419			52,374
Noninterest Expense		(45,454	)		(22,120	)		(14,519	)		(2,785	)		(84,878	)
Income Before Provision for Income Taxes		16,317			17,558			4,462			22,791			61,128
Provision for Income Taxes		(6,038	)		(6,051	)		(1,651	)		(6,156	)		(19,896	)
Net Income		10,279			11,507			2,811			16,635			41,232
Total Assets as of September 30, 2012	$	3,242,817		$	2,397,307		$	321,273		$	7,421,028		$	13,382,425


Three Months Ended September 30, 2011 ¹
Net Interest Income	$	43,334		$	33,935		$	3,698		$	15,799		$	96,766
Provision for Credit Losses		4,477			(935	)		205			(1,567	)		2,180
Net Interest Income After Provision for Credit Losses		38,857			34,870			3,493			17,366			94,586
Noninterest Income		24,677			9,426			15,971			789			50,863
Noninterest Expense		(45,026	)		(22,626	)		(14,615	)		(1,688	)		(83,955	)
Income Before Provision for Income Taxes		18,508			21,670			4,849			16,467			61,494
Provision for Income Taxes		(6,848	)		(7,468	)		(1,794	)		(2,078	)		(18,188	)
Net Income		11,660			14,202			3,055			14,389			43,306
Total Assets as of September 30, 2011	$	3,050,418		$	2,249,890		$	212,914		$	7,791,536		$	13,304,758


¹Certain 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
Nine Months Ended September 30, 2012
Net Interest Income	$	117,179		$	93,069		$	10,738		$	65,975		$	286,961
Provision for Credit Losses		9,041			(691	)		265			(7,636	)		979
Net Interest Income After Provision for Credit Losses		108,138			93,760			10,473			73,611			285,982
Noninterest Income		65,443			28,816			44,482			8,563			147,304
Noninterest Expense		(133,758	)		(67,247	)		(43,524	)		(6,303	)		(250,832	)
Income Before Provision for Income Taxes		39,823			55,329			11,431			75,871			182,454
Provision for Income Taxes		(14,735	)		(15,103	)		(4,229	)		(22,598	)		(56,665	)
Net Income		25,088			40,226			7,202			53,273			125,789
Total Assets as of September 30, 2012	$	3,242,817		$	2,397,307		$	321,273		$	7,421,028		$	13,382,425


Nine Months Ended September 30, 2011 ¹
Net Interest Income	$	131,648		$	103,624		$	11,353		$	47,337		$	293,962
Provision for Credit Losses		15,105			(726	)		65			(3,973	)		10,471
Net Interest Income After Provision for Credit Losses		116,543			104,350			11,288			51,310			283,491
Noninterest Income		66,494			28,224			46,256			13,274			154,248
Noninterest Expense		(141,114	)		(71,363	)		(45,062	)		(6,272	)		(263,811	)
Income Before Provision for Income Taxes		41,923			61,211			12,482			58,312			173,928
Provision for Income Taxes		(15,512	)		(21,215	)		(4,618	)		(11,769	)		(53,114	)
Net Income		26,411			39,996			7,864			46,543			120,814
Total Assets as of September 30, 2011	$	3,050,418		$	2,249,890		$	212,914		$	7,791,536		$	13,304,758


¹Certain 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
	September 30,			June 30,			March 31,				December 31,			September 30,
(dollars in thousands, except per share amounts)		2012			2012			2012				2011			2011
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	64,668		$	63,910		$	64,691			$	64,760		$	65,344
Income on Investment Securities
Available-for-Sale		15,922			16,988			17,713				19,107			23,097
Held-to-Maturity		23,232			25,054			26,413				23,608			20,344
Deposits		3			1			2				2			6
Funds Sold		105			119			129				120			160
Other		283			281			280				280			279
Total Interest Income		104,213			106,353			109,228				107,877			109,230
Interest Expense
Deposits		2,931			3,219			3,473				3,736			4,561
Securities Sold Under Agreements to Repurchase		7,185			7,250			7,304				7,392			7,400
Funds Purchased		7			5			5				5			4
Long-Term Debt		458			498			498				498			499
Total Interest Expense		10,581			10,972			11,280				11,631			12,464
Net Interest Income		93,632			95,381			97,948				96,246			96,766
Provision for Credit Losses		-			628			351				2,219			2,180
Net Interest Income After Provision for Credit Losses		93,632			94,753			97,597				94,027			94,586
Noninterest Income
Trust and Asset Management		11,050			11,195			10,918				11,025			10,788
Mortgage Banking		11,745			7,581			5,050				3,401			5,480
Service Charges on Deposit Accounts		9,346			9,225			9,591				9,606			9,820
Fees, Exchange, and Other Service Charges		11,907			12,326			12,399				12,401			16,219
Investment Securities Gains (Losses), Net		13			-			(90	)			282			-
Insurance		2,326			2,399			2,278				2,312			2,664
Other		5,987			4,122			7,936				4,380			5,892
Total Noninterest Income		52,374			46,848			48,082				43,407			50,863
Noninterest Expense
Salaries and Benefits		47,231			44,037			47,024				44,927			44,307
Net Occupancy		10,524			10,058			10,516				11,253			11,113
Net Equipment		4,523			4,669			5,826				4,748			4,662
Professional Fees		2,494			2,386			2,132				1,926			2,245
FDIC Insurance		1,822			2,088			2,071				2,027			2,065
Other		18,284			17,509			17,638				19,501			19,563
Total Noninterest Expense		84,878			80,747			85,207				84,382			83,955
Income Before Provision for Income Taxes		61,128			60,854			60,472				53,052			61,494
Provision for Income Taxes		19,896			20,107			16,662				13,823			18,188
Net Income	$	41,232		$	40,747		$	43,810			$	39,229		$	43,306

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

Balance Sheet Totals
Loans and Leases	$	5,782,304		$	5,671,483		$	5,598,932			$	5,538,304		$	5,348,472
Total Assets		13,382,425			13,915,626			13,759,409				13,846,391			13,304,758
Total Deposits		11,220,547			11,547,993			10,621,170				10,592,623			10,009,013
Total Shareholders' Equity		1,024,562			1,003,825			995,897				1,002,667			1,017,775

Performance Ratios
Return on Average Assets		1.22	%		1.19	%		1.29		%		1.17	%		1.31	%
Return on Average Shareholders' Equity		16.02			16.19			17.26				15.23			16.80
Efficiency Ratio ¹		58.13			56.77			58.35				60.42			56.87
Net Interest Margin ²		2.98			2.98			3.06				3.04			3.09


¹ Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
² Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends														Table 15
	Eight Months Ended				Year Ended
($ in millions; jobs in thousands)	August 31, 2012				December 31, 2011						December 31, 2010
Hawaii Economic Trends ¹
State General Fund Revenues	$	3,513.6	13.1	%	$	4,662.5		8.1		%	$	4,314.1		7.4		%
General Excise and Use Tax Revenue	$	1,915.1	9.5		$	2,588.5		8.8			$	2,379.9		3.6
Jobs		596.8	1.2			592.1		0.9				586.8		(0.8	)

			September 30,		June 30,			December 31,
(spot rates)			2012			2012		2011			2010			2009
Unemployment ¹
Statewide, seasonally adjusted			5.7	%		6.4	%	6.2		%		6.3	%	6.9		%

Oahu			5.0			6.4		5.4				4.8		5.4
Island of Hawaii			7.9			10.1		8.9				8.6		9.5
Maui			6.0			7.5		7.1				7.4		8.8
Kauai			6.8			8.7		7.8				7.8		8.7

			September 30,		June 30,			December 31,
(percentage change, except months of inventory)			2012		2012			2011			2010			2009
Housing Trends (Single Family Oahu) ²
Median Home Price			8.8	%		8.7	%	(3.0	)	%		3.1	%	(7.3	)	%
Home Sales Volume (units)			3.5	%		0.4	%	(2.7	)	%		13.4	%	(1.8	)	%
Months of Inventory			3.3			3.9		4.8				6.0		6.8

					Monthly Visitor Arrivals,						Percentage Change
(in thousands)					Seasonally Adjusted						from Previous Month
Tourism ³

July 31, 2012								634.9						(1.9	)	%
June 30, 2012								647.2						(0.8	)
May 31, 2012								652.4						2.7
April 30, 2012								635.0						(4.8	)
March 31, 2012								666.7						4.9
February 29, 2012								635.5						(2.4	)
January 31, 2012								651.1						3.1
December 31, 2011								631.3						2.6
November 30, 2011								615.2						1.7
October 31, 2011								604.8						(1.2	)
September 30, 2011								612.0						3.8
August 31, 2011								589.8						0.9
July 31, 2011								584.3						1.3
June 30, 2011								577.0						(0.1	)
May 31, 2011								577.8						(0.7	)
April 30, 2011								581.9						(0.9	)
March 31, 2011								587.4						(3.0	)
February 28, 2011								605.5						(0.3	)
January 31, 2011								607.5						2.5
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	)


¹Source: Hawaii Department of Business, Economic Development & Tourism.
²Source: Honolulu Board of REALTORS.
³Source: University of Hawaii Economic Research Organization.
Note: Certain prior period seasonally adjusted information has been revised.

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