Total shareholders’ equity was $995.9 million at March 31, 2012, compared to $1.0 billion at December 31, 2011 and $996.2 million at March 31, 2011. The ratio of tangible common equity to risk-weighted assets was 17.62 percent at the end of the first quarter of 2012, compared to 17.93 percent at year-end 2011, and 19.04 percent at the end of the same quarter last year. The Tier 1 leverage ratio at March 31, 2012 was 6.57 percent compared to 6.73 percent at December 31, 2011, and 7.16 percent at March 31, 2011.The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares. The dividend will be payable on June 14, 2012 to shareholders of record at the close of business on May 31, 2012. Hawaii Economy Hawaii’s economy was stable with continued improvement in certain aspects, particularly in tourism, during the first two months of 2012. For the first two months of 2012, total visitor arrivals increased by 6.7% and visitor spending increased by 11.4% compared to the same period in 2011. The increase in visitor spending was primarily due to strong spending growth by visitors from Japan and Canada. Hotel occupancy and revenue per available room also continued to improve. Overall, state job growth has begun to stabilize as the statewide seasonally adjusted unemployment rate was 6.4% as of March 2012, compared to 8.2% nationally. For the first three months of 2012, the volume of single-family home sales was slightly lower than the same period in 2011, while the median price of single family homes sold on Oahu was higher compared to the same period in 2011. Months of inventory continued to remain low at approximately 4 months as of March 31, 2012. More information on current Hawaii economic trends is presented in Table 15.