Bank of Hawaii Corporation 2002 Financial Results
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2002 Net Income $121.2 Million, Up 3% From 2001
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2002 Diluted Earnings Per Share Increase to $1.70, Up 16% From 2001
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Board of Directors Declares Dividend of $0.19 Per Share
HONOLULU--(BUSINESS WIRE)--Jan. 27, 2003-- Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share for 2002 of $1.70, compared to diluted earnings per share of $1.46 in 2001. Net income for the year was $121.2 million, up $3.4 million from $117.8 million reported in the previous year. The return on average assets in 2002 was 1.22 percent, up 31.2 percent compared to 0.93 percent in 2001. The return on average equity was 10.24 percent, an increase of 16.9 percent from 8.76 percent in 2001. "We are pleased with several aspects of Bank of Hawaii's results for 2002," said Michael E. O'Neill, Chairman and CEO. "Our people are much more focused on our key markets in Hawaii, Guam and American Samoa. Our credit quality has improved, our margin has strengthened, our share repurchase program has returned $530 million to shareholders and our technology conversion program is on schedule. Importantly, our customer and employee satisfaction measures have strengthened and our banking businesses are poised for growth in 2003. We remain optimistic that we can continue to improve our efficiency and benefit from an improved economy this year."
Diluted earnings per share for the fourth quarter of 2002 were $0.44, up $0.10 or 29.4 percent from $0.34 per diluted share for the same period last year. Net income in the fourth quarter was $28.9 million, up 9.9 percent from net income of $26.3 million in the fourth quarter last year. The presence of non-core items and the effect of business divestitures in 2001 continue to have a significant impact on the comparability with prior year results. Included in the fourth quarter of 2002 were charges of $7.0 million related to the information technology systems replacement project and $0.4 million in net restructuring expenses from the closure of four branches in the West Pacific that were partially offset by a reversal of reserves related to the divestiture program. Earnings for the fourth quarter of 2001 included gains on divestitures and restructuring items that increased net income by $6.4 million, or $0.08 per diluted share. Supplemental information has been provided in Table 11 that summarizes the continuing business operating results for the last eight quarters.
Financial Highlights
Net interest income for the fourth quarter of 2002 on a fully taxable equivalent basis was $90.2 million, down $2.0 million from the third quarter of 2002 primarily due to decreased interest rates. Net interest income was down $16.0 million from the fourth quarter of 2001 primarily due to lower average earning assets related to the divestitures and the managed reduction of loans in an effort to reduce credit risk.
The net interest margin was 4.05 percent for the fourth quarter of 2002, a 2 basis point increase from 4.03 percent in the previous quarter and a 12 basis point increase from 3.93 percent in the same quarter last year. The net interest margin improvement was largely due to lengthening the maturities of some short-term investments, reductions in short-term borrowings and time deposits, as well as debt repurchases, which lowered the Company's cost of funds.
Given continued improvements in Bank of Hawaii Corporation's credit quality, the Company did not recognize a provision for loan and lease losses during the fourth quarter of 2002. This resulted in a $11.6 million reduction in the allowance for loan and lease losses, which equaled the amount of net charge-offs for the quarter. The Company did not recognize a provision for loan and lease losses during the third quarter of 2002. The provision for loan and lease losses was $14.5 million in the fourth quarter of 2001.
Non-interest income was $51.1 million for the quarter, an increase of $3.7 million, or 7.8 percent, from non-interest income of $47.4 million in the third quarter of 2002. Non-interest income of $79.0 million for the fourth quarter of 2001 included $28.7 million in net gains on sales of the Company's South Pacific operations that were partially offset by write-downs on venture investments. Excluding these items, non-interest income increased $0.9 million, or 1.7 percent from the same quarter last year.
Non-interest expense for the fourth quarter of 2002 was $97.5 million, including the previously mentioned $7.4 million in information technology system replacement and restructuring costs. Excluding these items, non-interest expense increased by $4.5 million, or 5.3 percent, to $90.0 million compared to $85.5 million in the previous quarter. The increase was largely the result of severance expenses, damage from Typhoon Pongsona in Guam and professional fees accrued at year-end. Non-interest expense of $140.0 million for the fourth quarter of 2001 included restructuring and other related costs of $18.5 million. Excluding these items, non-interest expenses declined $31.5 million, or 25.9 percent, from the same quarter last year and were largely due to savings associated with the divested businesses.
The efficiency ratio was 65.0 percent for the full year of 2002. Excluding the systems replacement project costs and non-recurring items, the efficiency ratio was 62.2 percent compared to the continuing business efficiency ratio of 63.4 percent last year. The Company anticipates that the efficiency ratio excluding systems replacement costs will be approximately 58.0 percent by the end of 2003.
The effective tax rate of 35.4 percent for 2002 is a decrease from the prior year as the effective tax rate in 2001 reflected the impact of divestitures and foreign taxes. The unusually low effective tax rate for the fourth quarter of 2001 was due to the impact of foreign tax and other credits recognized in the quarter as well as adjustments in the effective tax rate for the full year of 2001.
Asset Quality
Bank of Hawaii Corporation's credit quality improved during the fourth quarter of 2002 as measured by reductions in non-performing assets and continued improvement in the Company's internal credit risk ratings.
Non-performing assets were $54.4 million at the end of the fourth quarter of 2002, a decrease of $8.9 million, or 14.1 percent, from non-performing assets of $63.3 million at the end of the third quarter. Compared to the same period last year, non-performing assets declined $25.3 million, or 31.7 percent. At December 31, 2002 the ratio of non-performing assets to total loans plus foreclosed assets and non-performing loans held for sale was 1.01 percent, down from 1.20 percent at September 30, 2002 and down from 1.40 percent at December 31, 2001.
Non-accrual loans were $45.0 million at December 31, 2002, a reduction of $0.7 million from $45.7 million at September 30, 2002 and down $15.8 million, or 26.0 percent, from $60.8 million at December 31, 2001. Non-accrual loans as a percentage of total loans were 0.84 percent at December 31, 2002, down from 0.87 percent at the end of the previous quarter and down from 1.07 percent at December 31, 2001.
Net charge-offs for the fourth quarter of 2002 were $11.6 million, or 0.88 percent, of total average loans (annualized). Charge-offs of $15.0 million, which includes an $8.8 million write-off of an aircraft lease, were partially offset by recoveries of $3.4 million. Net charge-offs of $27.7 million for the full year of 2002 were 0.51 percent of total average loans (annualized), a significant improvement from net charge-offs of $121.4 million, or 1.57 percent in the prior year.
The allowance for loan and lease losses was $142.9 million at December 31, 2002, a decrease of $11.6 million compared with September 30, 2002 and a decrease of $16.1 million from December 31, 2001. The ratio of the allowance for loan and lease losses to total loans was 2.67 percent at December 31, 2002 compared with 2.94 percent at the end of the third quarter and 2.81 percent at the end of the same quarter last year.
The concentration of credit exposure to selected industries and the amount of the Company's syndicated exposure are summarized in Table 6.
Other Financial Highlights
Total assets were $9.5 billion at the end of December 31, 2002, down from $10.6 billion at December 31, 2001 and down slightly from $9.7 billion at the end of September 30, 2002. The most significant decrease compared to the previous year was commercial loans as the Company made strategic risk reductions in the portfolio. Compared to September 30, 2002, total assets decreased $186 million from $9.7 billion largely due to reductions in short-term investments as excess liquidity was utilized for share repurchase and debt reduction during the quarter.
Total deposits at December 31, 2002 were $6.9 billion, up $242 million from December 31, 2001 and up $293 million from the end of September 30, 2002. Quarterly deposit levels are summarized in Table 9. Strong growth in demand and savings deposits more than offset managed decreases in time and foreign deposits. The Company continues to manage down higher cost funds, including time deposits, purchased funds and long-term debt.
During the fourth quarter of 2002, Bank of Hawaii Corporation repurchased 3.3 million shares of common stock at a total cost of $94.1 million. The average cost per share was $28.90 during the quarter. At December 31, 2002, the Company had repurchased a total of 20.1 million shares under its previously announced share repurchase programs. Through December 31, 2002, a total of $527.9 million had been returned to the shareholder at an average cost of $26.21 per share. An additional program to repurchase up to $230 million of common stock was announced on December 13, 2002. This new authorization, combined with the Company's previously announced authorizations of $570 million, brings the total repurchase authority to $800 million. Through January 24, 2003, the Company repurchased an additional 1.4 million shares of common stock at a cost of $30.29 per share. Remaining buyback authority was $230.4 million at January 24, 2003.
The Company's capital and liquidity remains exceptionally strong. At December 31, 2002 the Tier 1 leverage ratio was 10.34 percent compared to 11.20 percent at December 31, 2001 and 11.07 percent at September 30, 2002.
The Company's Board of Directors declared a quarterly cash dividend of $0.19 per share on the Company's outstanding shares. The dividend will be payable on March 14, 2003 to shareholders of record at the close of business on February 24, 2003.
Information Technology Systems Replacement Project
Bank of Hawaii Corporation signed an agreement with Metavante Corporation in July 2002 to serve as the Company's primary technology systems provider. The seven-year outsourcing arrangement is on schedule to be operational in the third quarter of 2003 and is expected to provide annual cost savings of over $17 million compared to current expense levels. In connection with this decision, the Company estimates that it will recognize transition charges of approximately $35 million over the five-quarter conversion period that began in the third quarter of 2002. During the fourth quarter, $7.0 million in transition costs were incurred, bringing the total cost to $13.6 million in 2002. System conversion costs are estimated to be approximately $7.7 million in the first quarter of 2003. Additional details on this project may be found in Table 10.
Economic Outlook
The current macroeconomic forecast for Hawaii in 2003 is real economic growth of 3.1 percent after modest inflation of 1.8 percent with 2.0 percent job growth, part of which is still recovery from 9/11. Tourism growth for 2003 is forecast at 4.7 percent for domestic travel markets and at 4.8 percent for international travelers. Construction and real estate investment will continue to drive the economy forward in 2003, despite lingering geopolitical risks. For more economic information, visit the Company's web site http://www.boh.com/econ/.
Earnings Outlook
Bank of Hawaii Corporation updates its earnings guidance to $131 million in net income for the full year of 2003. Net income is expected to increase in the second half of 2003 after completion of the systems conversion project. Based on current conditions, the Company does not expect to record a provision for loan losses in 2003. However, the actual amount of the provision for loan losses will depend on determinations of credit risk that will be made near the end of each quarter. Earnings per share and return on equity projections continue to be dependent upon the terms and timing of share repurchases.
Conference Call Information
The Company will review its 2002 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The presentation will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation's web site, www.boh.com. The conference call number is 800/915-4836 in the U.S. or 973/317-5319 for international callers. A replay will be available for one week beginning at 10:00 a.m. Hawaii Time (3:00 p.m. Eastern Time) on Monday, January 27, 2003 by calling 800/428-6051 in the U.S or 973/709-2089 for international and entering the number 273137 when prompted. A replay of the presentation will be also available on the Company's web site.
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.
This news release contains forward-looking statements concerning the expected efficiency ratio, expected level of loan loss provisioning, anticipated costs and annual savings of our technology systems replacement project, and anticipated revenues and expenses in 2003 and beyond. We believe the assumptions underlying our forward-looking statements are reasonable. However, any of the assumptions could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons including, but not limited to: the Hawaii economy may not continue at the pace we anticipate; our refocused emphasis on our Hawaii market may not achieve the customer and revenue gains we anticipate; our credit markets may deteriorate and our credit quality may fall short of our goals; we may not achieve the expense reductions we expect; we may not be able to maintain our net interest margin; we may not be able to implement our proposed equity repurchases in the amount or at the times planned; the economics or timing, or both, of our technology outsourcing project may not result in the expected benefits; unanticipated difficulties or delays in the conversion of our data processing to outsourcing may result in the reduction or delay of anticipated cost savings or increased cost of conversion; the technology outsourcing project may not be able to achieve the projected reductions in staffing; we may encounter unanticipated difficulties or costs in exiting existing data processing agreements with third parties; the required level of reserves for loan and lease losses may increase or decrease due to changes in our credit quality or risk profile; there may be economic volatility in the markets we serve; and there may be changes in business and economic conditions, competition, fiscal and monetary policies or legislation. We do not undertake any obligation to update any forward-looking statements to reflect later events or circumstances.
Bank of Hawaii Corporation and Subsidiaries Highlights (Unaudited) Table 1 (dollars in thousands except per share amounts) ---------------------------------------------------------------------- Three Months Ended Year Ended December 31 December 31 Earnings Highlights and Performance Ratios 2002 2001 2002 2001 --------------------------- ----------------- ------------------------ Net Income $28,908 $26,320 $121,180 $117,795 Basic Earnings Per Share 0.45 0.35 1.75 1.49 Diluted Earnings Per Share 0.44 0.34 1.70 1.46 Cash Dividends 12,193 13,152 50,635 56,567 Return on Average Assets 1.20% 0.90% 1.22% 0.93% Return on Average Equity 10.72% 8.14% 10.24% 8.76% Net Interest Margin 4.05% 3.93% 3.99% 3.91% Efficiency Ratio 68.97% 75.61% 65.04% 65.40% Continuing Business Efficiency Ratio (1) 63.70% 71.99% 62.24% 63.36% ---------------------------------------------------------------------- Statement of Condition Highlights December 31 and Performance Ratios 2002 2001 ------------------------------------ ------------------------ Total Assets $9,516,418 $10,632,400 Net Loans 5,216,151 5,498,143 Total Deposits 6,920,161 6,678,220 Total Shareholders' Equity 1,015,759 1,247,012 Book Value Per Common Share $16.12 $17.03 Allowance / Loans Outstanding 2.67% 2.81% Average Equity / Average Assets 11.88% 10.59% Employees (FTE) 2,891 3,175 Branches and offices 93 97 Market Price Per Share of Common Stock for the Quarter Ended: Closing $30.39 $25.89 High $31.05 $26.40 Low $25.40 $19.32 (1) Excludes the effects of the businesses that were divested in 2001, restructuring costs, non-core transactions and costs associated with the information technology system replacement project. Goodwill amortization expense is excluded from 2001. Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) Table 2 (dollars in thousands except per share amounts) ---------------------------------------------------------------------- Three Months Ended Year Ended December 31 December 31 2002 2001 2002 2001 ---------------------------------------------------------------------- Interest Income Interest and Fees on Loan and Leases $85,945 $123,716 $366,366 $619,447 Income on Investment Securities - Held to Maturity 4,658 6,401 19,597 33,521 Income on Investment Securities - Available for Sale 22,552 29,338 101,438 137,320 Deposits 3,578 7,858 20,020 27,596 Funds Sold and Security Resale Agreements 834 803 3,503 5,034 Other 1,312 1,396 5,614 5,344 ---------------------------------------------------------------------- Total Interest Income 118,879 169,512 516,538 828,262 Interest Expense Deposits 17,657 35,158 84,348 217,305 Security Repurchase Agreements 4,585 14,716 30,173 77,764 Funds Purchased 255 365 1,030 10,099 Short-Term Borrowings 217 1,549 1,489 9,562 Long-Term Debt 5,947 11,624 29,267 53,854 ---------------------------------------------------------------------- Total Interest Expense 28,661 63,412 146,307 368,584 ---------------------------------------------------------------------- Net Interest Income 90,218 106,100 370,231 459,678 Provision for Loan and Lease Losses - 14,541 11,616 74,339 ---------------------------------------------------------------------- Net Interest Income After Provision for Loan and Lease Losses 90,218 91,559 358,615 385,339 Non-Interest Income Trust and Asset Management 13,085 14,883 55,733 59,924 Mortgage Banking 5,152 (58) 20,452 20,133 Service Charges on Deposit Accounts 8,326 9,058 32,617 38,467 Fees, Exchange, and Other Service Charges 12,963 16,997 51,594 77,833 Gains on Sales of Banking Operations, Net of Venture Investment Losses - 28,746 - 173,426 Investment Securities Gains 612 68 615 32,982 Insurance 3,640 2,559 13,118 11,592 Other 7,331 6,735 25,792 34,393 ---------------------------------------------------------------------- Total Non-Interest Income 51,109 78,988 199,921 448,750 Non-Interest Expense Salaries 38,462 48,099 153,527 195,863 Pensions and Other Employee Benefits 6,272 10,860 33,036 44,930 Net Occupancy Expense 10,638 10,897 39,149 46,344 Net Equipment Expense 11,077 14,467 41,253 53,395 Goodwill Amortization - 2,426 - 13,342 Restructuring and Other Related Costs 385 18,464 2,364 104,794 Information Technology Systems Replacement Project 7,052 - 13,628 - Other 23,581 34,736 87,878 135,462 ---------------------------------------------------------------------- Total Non-Interest Expense 97,467 139,949 370,835 594,130 ---------------------------------------------------------------------- Income Before Income Taxes 43,860 30,598 187,701 239,959 Provision for Income Taxes 14,952 4,278 66,521 122,164 ---------------------------------------------------------------------- Net Income $28,908 $26,320 $121,180 $117,795 ====================================================================== Basic Earnings Per Share $0.45 $0.35 $1.75 $1.49 Diluted Earnings Per Share $0.44 $0.34 $1.70 $1.46 Dividends Per Share $0.19 $0.18 $0.73 $0.72 Basic Weighted Average Shares 64,154,477 75,165,102 69,385,745 78,977,011 Diluted Weighted Average Shares 66,378,208 76,835,941 71,447,333 80,577,763 ====================================================================== Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Condition Table 3 (Unaudited) ---------------------------------------------------------------------- December 31 December 31 (dollars in thousands) 2002 2001 ---------------------------------------------------------------------- Assets Interest-Bearing Deposits $549,978 $1,101,974 Investment Securities - Held to Maturity (Market Value of $236,016 and $407,838) 229,720 396,216 Investment Securities - Available for Sale 2,287,201 2,001,420 Funds Sold 195,000 115,000 Loans Held for Sale 40,118 456,709 Loans 5,359,004 5,657,122 Allowance for Loan and Lease Losses (142,853) (158,979) ---------------------------------------------------------------------- Net Loans 5,216,151 5,498,143 ---------------------------------------------------------------------- Total Earning Assets 8,518,168 9,569,462 Cash and Non-Interest Bearing Deposits 374,352 408,807 Premises and Equipment 176,969 196,171 Customers' Acceptance Liability 2,680 593 Accrued Interest Receivable 36,722 42,687 Foreclosed Real Estate 9,434 17,174 Mortgage Servicing Rights 28,820 27,291 Goodwill 36,216 36,216 Other Assets 333,057 333,999 ---------------------------------------------------------------------- Total Assets $9,516,418 $10,632,400 ====================================================================== Liabilities Domestic Deposits Non-Interest Bearing Demand $1,719,633 $1,552,947 Interest Bearing Demand 1,169,128 956,179 Savings 2,535,219 1,937,663 Time 1,461,780 1,927,778 Foreign Deposits Time Due to Banks 1,130 230,249 Other Savings and Time 33,271 73,404 ---------------------------------------------------------------------- Total Deposits 6,920,161 6,678,220 Securities Sold Under Agreements to Repurchase 735,621 1,643,444 Funds Purchased 64,467 55,800 Current Maturities of Long-Term Debt 114,781 120,645 Short-Term Borrowings 33,420 114,247 Banker's Acceptances Outstanding 2,680 593 Retirement Benefits Payable 61,385 36,175 Accrued Interest Payable 13,731 29,762 Taxes Payable 196,813 138,366 Other Liabilities 82,596 98,401 Long-Term Debt 275,004 469,735 ---------------------------------------------------------------------- Total Liabilities 8,500,659 9,385,388 Shareholders' Equity Common Stock ($.01 par value); authorized 500,000,000 shares; issued / outstanding: December 2002 - 81,294,730 / 63,015,442; December 2001 - 81,377,241 / 73,218,326 806 806 Capital Surplus 372,192 367,672 Accumulated Other Comprehensive Income 11,659 22,761 Retained Earnings 1,115,910 1,055,424 Deferred Stock Grants (1,424) (7,637) Treasury Stock, at Cost (Shares:December 2002 - 18,279,288; December 2001 - 8,158,915) (483,384) (192,014) ---------------------------------------------------------------------- Total Shareholders' Equity 1,015,759 1,247,012 ---------------------------------------------------------------------- Total Liabilities and Shareholders' Equity $9,516,418 $10,632,400 ====================================================================== Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Shareholders' Equity (Unaudited) Table 4 ---------------------------------------------------------------------- Accum. Other Compre- Common Capital hensive (dollars in thousands) Total Stock Surplus Income ---------------------------------------------------------------------- Balance at Dec. 31, 2001 $1,247,012 $ 806 $ 367,672 $ 22,761 Comprehensive Income Net Income 121,180 -- -- -- Other Comprehensive Income, Net of Tax Unrealized Gain on Investment Securities 4,237 -- -- 4,237 Foreign Currency Translation Adjustment (582) -- -- (582) Pension Liability Adjustments (14,757) -- -- (14,757) Total Comprehensive Income Common Stock Issued 43,449 Profit Sharing Plan 1,240 -- 288 -- 1,581,876 Stock Option Plan 32,279 -- 5,352 -- 101,796 Dividend Reinvestment Plan 2,893 -- 656 -- 4,792 Directors' Restricted Shares and Deferred Compensation Plan 20 -- 141 -- (91,600)Employees' Restricted Shares 5,089 -- (1,917) -- Treasury Stock Purchased 11,838,800 shares (332,217) -- -- -- Cash Dividends Paid (50,635) -- -- -- ---------------------------------------------------------------------- Balance at Dec. 31, 2002 $1,015,759 $ 806 $ 372,192 $ 11,659 ====================================================================== Balance at Dec. 31, 2000 $1,301,356 $ 806 $ 346,045 $ (25,079) Comprehensive Income Net Income 117,795 -- -- -- Other Comprehensive Income, Net of Tax Unrealized Gain on Investment Securities 20,733 -- -- 20,733 Foreign Currency Translation Adjustment 27,266 -- -- 27,266 Pension Liability Adjustments (159) -- -- (159) Total Comprehensive Income Common Stock Issued 59,586 Profit Sharing Plan 1,402 -- 261 -- 916,817 Stock Option Plan 21,314 -- 1,054 -- 120,397 Dividend Reinvestment Plan 2,819 -- 495 -- 5,487 Directors' Restricted Shares and Deferred Compensation Plan 336 -- 121 -- 727,800 Employees' Restricted Shares 5,105 -- 18,397 -- 65,146 Hawaii Insurance Network 1,299 -- 1,299 -- Treasury Stock Purchased 8,300,900 shares (195,687) -- -- -- Cash Dividends Paid (56,567) -- -- -- ---------------------------------------------------------------------- Balance at Dec. 31, 2001 $1,247,012 $ 806 $ 367,672 $ 22,761 ====================================================================== Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Shareholders' Equity (Unaudited) Table 4 ---------------------------------------------------------------------- Accum. Other Compre- Common Capital hensive (dollars in thousands) Total Stock Surplus Income ---------------------------------------------------------------------- Balance at Dec. 31, 2001 $ 1,055,424 $ (7,637) $(192,014) Comprehensive Income Net Income 121,180 -- -- $ 121,180 Other Comprehensive Income, Net of Tax Unrealized Gain on Investment Securities -- -- -- 4,237 Foreign Currency Translation Adjustment -- -- -- (582) Pension Liability Adjustments -- -- -- (14,757) ----------- Total Comprehensive Income $ 110,078 =========== Common Stock Issued 43,449 Profit Sharing Plan -- -- 952 1,581,876 Stock Option Plan (10,057) (793) 37,777 101,796 Dividend Reinvestment Plan (2) -- 2,239 4,792 Directors' Restricted Shares and Deferred Compensation Plan -- -- (121) (91,600)Employees' Restricted Shares -- 7,006 Treasury Stock Purchased 11,838,800 shares -- -- (332,217) Cash Dividends Paid (50,635) -- -- ---------------------------------------------------------------------- Balance at Dec. 31, 2002 $ 1,115,910 $ (1,424)$(483,384) ====================================================================== Balance at Dec. 31, 2000 $ 996,791 $ -- $ (17,207) Comprehensive Income Net Income 117,795 -- -- $ 117,795 Other Comprehensive Income, Net of Tax Unrealized Gain on Investment Securities -- -- -- 20,733 Foreign Currency Translation Adjustment -- -- -- 27,266 Pension Liability Adjustments -- -- -- (159) ----------- Total Comprehensive Income $ 165,635 =========== Common Stock Issued 59,586 Profit Sharing Plan -- -- 1,141 916,817 Stock Option Plan (2,591) 5,655 17,196 120,397 Dividend Reinvestment Plan (4) -- 2,328 5,487 Directors' Restricted Shares and Deferred Compensation Plan -- -- 215 727,800 Employees' Restricted Shares -- (13,292) -- 65,146 Hawaii Insurance Network -- -- -- Treasury Stock Purchased 8,300,900 shares -- -- (195,687) Cash Dividends Paid (56,567) -- -- ---------------------------------------------------------------------- Balance at Dec. 31, 2001 $ 1,055,424 $ (7,637)$(192,014) ====================================================================== Bank of Hawaii Corporation and Subsidiaries Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited) Table 5 ---------------------------------------------------------------------- (dollars in millions) Three Months Ended Three Months Ended (1) December 31, 2002 December 31, 2001 Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ---------------------------------------------------------------------- Earning Assets Interest Bearing Deposits $ 796.6 $ 3.6 1.78% $ 1,236.2 $ 7.9 2.52% Funds Sold 234.5 0.8 1.42 150.5 0.8 2.09 Investment Securities - Held-To -Maturity 253.8 4.7 7.38 431.5 6.5 5.97 - Available for Sale 2,273.3 22.6 3.97 2,037.5 29.3 5.75 Loans Held For Sale 38.9 0.6 5.88 304.7 5.1 6.64 Net Loans and Lease Financing Domestic - Commercial and Industrial 867.7 11.4 5.20 1,281.9 18.9 5.87 - Construction 131.5 1.8 5.30 175.6 2.5 5.58 - Mortgage 2,823.2 48.4 6.85 3,089.4 57.3 7.42 - Installment 875.5 17.4 7.91 724.8 18.0 9.85 - Lease Financing 498.5 6.3 5.03 484.8 7.3 5.95 ---------------------------------------------------------------------- Total Domestic Loans 5,196.4 85.3 6.54 5,756.5 104.0 7.19 Foreign 14.0 -- 777.0 14.6 7.48 ---------------------------------------------------------------------- Total Loans 5,210.4 85.3 6.52 6,533.5 118.6 7.23 Other 78.7 1.3 6.62 86.2 1.4 6.42 ---------------------------------------------------------------------- Total Earning Assets 8,886.2 118.9 5.33 10,780.1 169.6 6.26 Cash and Non-interest Bearing Deposits 305.2 354.9 Other Assets 363.4 480.7 -------- --------- Total Assets $9,554.8 $11,615.7 ======== ========= Interest Bearing Liabilities Domestic Deposits - Demand $1,099.9 1.1 0.38 $ 755.5 1.0 0.53 - Savings 2,468.2 6.4 1.03 1,977.5 8.7 1.74 - Timed 1,501.1 10.1 2.66 2,048.2 19.7 3.81 ---------------------------------------------------------------------- Total Domestic Deposits 5,069.2 17.6 1.37 4,781.2 29.4 2.44 Foreign Deposits - Time Due to Banks 2.9 -- -- 365.5 2.1 2.26 - Other Time and Savings 39.4 0.1 1.38 445.9 3.7 3.31 ---------------------------------------------------------------------- Total Foreign Deposits 42.3 0.1 1.29 811.4 5.8 2.84 ---------------------------------------------------------------------- Total Interest Bearing Deposits 5,111.5 17.7 1.37 5,592.6 35.2 2.49 Short-Term Borrowings 1,053.5 5.1 1.90 1,942.5 16.6 3.40 Long-Term Debt 389.9 5.9 6.05 678.9 11.6 6.79 ---------------------------------------------------------------------- Total Interest Bearing Liabilities 6,554.9 28.7 1.73 8,214.0 63.4 3.06 ---------------------------------------------------------------------- Net Interest Income $ 90.2 $ 106.2 Interest Rate Spread 3.60% 3.20% Net Interest Margin 4.05% 3.93% Non-Interest Bearing Demand Deposits - Domestic 1,601.0 1,401.3 - Foreign -- 328.0 -------- --------- Total Non-Int Bearing Demand Deposits 1,601.0 1,729.3 Other Liabilities 329.3 390.3 Shareholders' Equity 1,069.6 1,282.1 -------- --------- Total Liabilities and Shareholders' Equity $9,554.8 $11,615.7 ======== ========= Bank of Hawaii Corporation and Subsidiaries Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited) Table 5 ---------------------------------------------------------------------- (dollars in millions) Year Ended Year Ended (1) December 31, 2002 December 31, 2001 Average Income/ Yield/ Average Income/ Yield/ Balance Expense Rate Balance Expense Rate ---------------------------------------------------------------------- Earning Assets Interest Bearing Deposits $ 1,100.0 $ 20.0 1.82% $ 733.4 $ 27.6 3.76% Funds Sold 213.8 3.5 1.64 136.8 5.0 3.63 Investment Securities - Held-To -Maturity 311.7 19.9 6.38 525.6 33.8 6.42 - Available for Sale 2,028.9 101.4 5.00 2,242.3 137.3 6.12 Loans Held For Sale 120.2 8.0 6.65 312.2 21.4 6.86 Net Loans and Lease Financing Domestic - Commercial and Industrial 1,010.0 52.4 5.18 1,761.6 129.7 7.36 - Construction 151.5 8.3 5.45 240.5 18.5 7.71 - Mortgage 2,933.1 204.3 6.97 3,369.5 258.0 7.66 - Installment 804.2 67.4 8.38 809.1 90.0 11.12 - Lease Financing 498.4 25.8 5.17 525.6 29.3 5.57 ---------------------------------------------------------------------- Total Domestic Loans 5,397.2 358.2 6.64 6,706.3 525.5 7.84 Foreign 14.1 0.2 1.55 1,026.4 72.5 7.07 ---------------------------------------------------------------------- Total Loans 5,411.3 358.4 6.62 7,732.7 598.0 7.73 Other 91.5 5.6 6.14 79.6 5.4 6.72 ---------------------------------------------------------------------- Total Earning Assets 9,277.4 516.8 5.57 11,762.6 828.5 7.04 Cash and Non-interest Bearing Deposits 313.2 376.6 Other Assets 370.6 554.5 -------- --------- Total Assets $9,961.2 $12,693.7 ======== ========= Interest Bearing Liabilities Domestic Deposits - Demand $1,003.8 4.1 0.41 $ 827.5 8.6 1.04 - Savings 2,263.4 29.5 1.30 1,847.2 42.0 2.27 - Timed 1,679.7 49.1 2.92 2,506.7 129.6 5.17 ---------------------------------------------------------------------- Total Domestic Deposits 4,946.9 82.7 1.67 5,181.4 180.2 3.48 Foreign Deposits - Time Due to Banks 41.7 0.7 1.87 351.3 14.5 4.13 - Other Time and Savings 55.0 0.9 1.63 648.2 22.6 3.49 ---------------------------------------------------------------------- Total Foreign Deposits 96.7 1.6 1.73 999.5 37.1 3.71 ---------------------------------------------------------------------- Total Interest Bearing Deposits 5,043.6 84.3 1.67 6,180.9 217.3 3.52 Short-Term Borrowings 1,390.2 32.7 2.35 2,105.6 97.4 4.63 Long-Term Debt 471.3 29.3 6.21 800.5 53.9 6.73 ---------------------------------------------------------------------- Total Interest Bearing Liabilities 6,905.1 146.3 2.12 9,087.0 368.6 4.06 ---------------------------------------------------------------------- Net Interest Income $370.5 $ 459.9 Interest Rate Spread 3.45% 2.98% Net Interest Margin 3.99% 3.91% Non-Interest Bearing Demand Deposits - Domestic 1,556.3 1,539.8 - Foreign -- 346.0 -------- --------- Total Non-Int Bearing Demand Deposits 1,556.3 1,885.8 Other Liabilities 316.3 376.8 Shareholders' Equity 1,183.5 1,344.1 -------- --------- Total Liabilities and Shareholders' Equity $9,961.2 $12,693.7 ======== ========= (1) Adjusted to reflect the reclassification of certain average balances. Bank of Hawaii Corporation and Subsidiaries Loan Portfolio Balances (Unaudited) Table 6 (dollars in millions) ---------------------------------------------------------------------- Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2002 2002 2002 2002 2001 ---------------------------------------------------------------------- Domestic Commercial Commercial and Industrial (1) $875.0 $863.3 $993.4 $1,114.9 $1,169.8 Mortgage - Commercial (1) 591.1 616.5 562.5 617.6 640.7 Construction 127.5 146.3 148.6 161.4 169.6 Lease Financing 427.3 433.6 432.7 436.1 423.9 ---------------------------------------------------------------------- Total Commercial 2,020.9 2,059.7 2,137.2 2,330.0 2,404.0 Consumer Mortgage - Residential 2,131.4 2,259.8 2,361.2 2,409.4 2,424.0 Home Equity 614.0 419.2 404.2 369.8 329.9 Other Consumer 493.3 421.6 403.2 389.5 399.8 Lease Financing 34.5 36.5 37.3 37.9 38.9 ---------------------------------------------------------------------- Total Consumer 3,273.2 3,137.1 3,205.9 3,206.6 3,192.6 ---------------------------------------------------------------------- Total Domestic 5,294.1 5,196.8 5,343.1 5,536.6 5,596.6 ---------------------------------------------------------------------- Foreign 64.9 62.5 66.1 65.0 60.5 ---------------------------------------------------------------------- Total Loans $5,359.0 $5,259.3 $5,409.2 $5,601.6 $5,657.1 ====================================================================== (1) $42.3 million in loans were reclassified to mortgage-commercial from commercial and industrial during the third quarter of 2002. Selected Concentrations of Credit Exposure (Unaudited) (dollars in millions) ---------------------------------------------------------------------- December 31, Sep. 30, Dec. 31, 2002 2002 2001 Outstand Unused Total Total Total -ing Commitments Exposure Exposure Exposure ---------------------------------------------------------------------- Air Transportation (1) Regional Passenger Carriers $47.1 $10.2 $57.3 $57.2 $60.4 United States Based Passenger Carriers 39.6 - 39.6 48.3 50.5 International Based Passenger Carriers 32.1 - 32.1 32.2 32.5 Cargo Carriers 15.0 - 15.0 15.0 14.9 ---------------------------------------------------------------------- Total Air Transportation $133.8 $10.2 $144.0 $152.7 $158.3 ====================================================================== Lodging National Hotel Companies $23.3 $78.7 $102.0 $104.7 $123.9 Hawaii Hotels 103.4 31.9 135.3 134.6 129.4 West Pacific Hotels 44.6 - 44.6 46.9 60.0 ---------------------------------------------------------------------- Total Lodging $171.3 $110.6 $281.9 $286.2 $313.3 ====================================================================== Telecommunication Companies $0.9 $25.7 $26.6 $31.1 $112.7 ====================================================================== Syndicated Exposure $309.1 $693.0 $1,002.1 $1,075.8 $1,520.4 ====================================================================== (1) Includes leases on 29 aircraft to 12 carriers. The largest carrier exposure is $30.3 million on 7 aircraft, including a 737-700 and 6 commuter aircraft. The largest aircraft exposure is $15.0 on an MD11 aircraft outfitted for cargo. Excluding 18 commuter aircraft, the average outstanding per aircraft is $9.1 million. Bank of Hawaii Corporation and Subsidiaries Consolidated Non-Performing Assets and Accruing Loans Past Table 7 Due 90 Days or More (Unaudited) ---------------------------------------------------------------------- Dec. 31 Sept. 30 June 30 March 31 Dec. 31 (dollars in millions) 2002 2002 2002 2002 2001 ---------------------------------------------------------------------- Non-Performing Assets Non-Accrual Loans Commercial Commercial and Industrial $5.9 $6.4 $14.4 $27.4 $18.9 Mortgage - Commercial 20.3 18.1 25.3 15.1 16.3 Construction 0.5 0.9 0.7 1.0 9.3 Lease Financing 4.1 5.7 6.9 4.4 0.8 ---------------------------------------------------------------------- Total Commerical 30.8 31.1 47.3 47.9 45.3 Consumer Mortgage - Residential 13.9 14.3 14.2 15.3 15.3 Home Equity 0.3 0.2 0.1 0.4 0.1 Other Consumer - 0.1 - 0.1 0.1 ---------------------------------------------------------------------- Total Consumer 14.2 14.6 14.3 15.8 15.5 ---------------------------------------------------------------------- Total Non-Accrual Loans 45.0 45.7 61.6 63.7 60.8 ---------------------------------------------------------------------- Non-Accrual Loans Held For Sale - - - 7.8 1.7 Foreclosed Real Estate 9.4 17.6 17.2 19.2 17.2 ---------------------------------------------------------------------- Total Non-Performing Assets $54.4 $63.3 $78.8 $90.7 $79.7 ====================================================================== Accruing Loans Past Due 90 Days or More Commercial Commercial and Industrial $0.2 $- $- $0.2 $0.1 Mortgage - Commercial 0.3 - - 1.2 - Lease Financing - - 0.1 0.1 - ---------------------------------------------------------------------- Total Commerical 0.5 - 0.1 1.5 0.1 Consumer Mortgage - Residential 0.6 1.4 0.9 2.1 3.7 Home Equity - - - - 0.1 Other Consumer 0.7 0.3 0.5 0.7 0.9 Lease Financing - - - - 0.1 ---------------------------------------------------------------------- Total Consumer 1.3 1.7 1.4 2.8 4.8 ---------------------------------------------------------------------- Total Accruing and Past Due $1.8 $1.7 $1.5 $4.3 $4.9 ====================================================================== Total Loans $5,359.0 $5,259.3 $5,409.2 $5,601.6 $5,657.1 ====================================================================== Ratio of Non-Accrual Loans to Total Loans 0.84% 0.87% 1.14% 1.14% 1.07% ---------------------------------------------------------------------- Ratio of Non-Performing Assets to Total Loans, Foreclosed Real Estate and Non- Performing Loans Held for Sale 1.01% 1.20% 1.45% 1.61% 1.40% ---------------------------------------------------------------------- Ratio of Non-Performing Assets and Accruing Loans Past Due 90 Days or More to Total Loans 1.05% 1.24% 1.48% 1.70% 1.50% ---------------------------------------------------------------------- Quarter to Quarter Changes in Non- Performing Assets Balance at Beginning of Quarter $63.3 $78.8 $90.7 $79.7 $106.4 Additions 12.0 7.0 20.5 36.4 43.8 Reductions Payments and Sales of Loans (6.9) (8.5) (20.6) (12.9) (40.9) Return to Accrual (1.9) (9.1) (6.2) (6.3) (3.6) Sales of Foreclosed Assets (9.4) (1.4) (3.5) (0.9) (21.9) Charge-offs (2.7) (3.5) (2.1) (5.3) (4.1) ---------------------------------------------------------------------- Total Reductions (20.9) (22.5) (32.4) (25.4) (70.5) ---------------------------------------------------------------------- Balance at End of Quarter $54.4 $63.3 $78.8 $90.7 $79.7 ====================================================================== Bank of Hawaii Corporation and Subsidiaries Consolidated Allowance for Loan and Lease Losses (Unaudited) Table 8 (dollars in millions) ---------------------------------------------------------------------- Three Months Ended Year Ended Dec. 31 Sept. 30 Dec. 31 Dec. 31 2002 2002 2001 2002 2001 ---------------------------------------------------------------------- Balance at Beginning of Period $154.5 $159.0 $182.5 $159.0 $246.2 Loans Charged-Off Commercial Commercial & Industrial (2.0) (0.9) (9.7) (13.0) (97.7) Mortgage- Commercial - (2.5) (3.3) (2.9) (19.4) Construction - - - (0.5) - Lease Financing (9.6) (0.1) (0.2) (9.9) (0.7) Consumer Mortgage- Residential (0.4) (0.6) (3.2) (3.5) (8.9) Home Equity (0.1) - (0.2) (0.2) (0.6) Other Consumer (2.8) (3.0) (5.1) (12.5) (19.2) Lease Financing (0.1) (0.1) (0.2) (0.3) (0.5) Foreign - - (4.0) - (22.0) ---------------------------------------------------------------------- Total Charge-Offs (15.0) (7.2) (25.9) (42.8) (169.0) Recoveries on Loans Previously Charged-Off Commercial Commercial & Industrial 1.4 0.7 1.4 4.7 9.2 Mortgage-Commercial 0.1 - 0.8 2.1 3.2 Construction 0.2 - - 0.2 - Lease Financing - - - - 0.3 Consumer Mortgage- Residential 0.3 0.1 0.3 1.1 1.0 Home Equity - - - 0.1 0.1 Other Consumer 1.3 1.5 2.4 6.1 8.1 Lease Financing 0.1 - - 0.1 0.1 Foreign - 0.4 6.5 0.7 25.6 ---------------------------------------------------------------------- Total Recoveries 3.4 2.7 11.4 15.1 47.6 ---------------------------------------------------------------------- Net Loan Charge-Offs (11.6) (4.5) (14.5) (27.7) (121.4) Provision for Loan and Lease Losses - - 14.5 11.6 74.3 Allowance Related to Disposition - - (23.7) - (40.2) Foreign Currency Translation - - 0.2 - 0.1 ---------------------------------------------------------------------- Balance at End of Period $142.9 $154.5 $159.0 $142.9 $159.0 ====================================================================== Average Loans Outstanding $5,210.4 $5,350.0 $6,533.5 $5,411.3 $7,732.7 ====================================================================== Ratio of Net Charge-Offs to Average Loans Outstanding (annualized) 0.88% 0.33% 0.88% 0.51% 1.57% Ratio of Allowance to Loans Outstanding 2.67% 2.94% 2.81% 2.67% 2.81% Bank of Hawaii Corporation and Subsidiaries Deposits (Unaudited) (dollars in millions) Table 9 ---------------------------------------------------------------------- Dec. 31 Sept. 30 June 30 March 31 Dec. 31 2002 2002 2002 2002 2001 ---------------------------------------------------------------------- Domestic Non-Interest Bearing Demand $1,719.6 $1,593.8 $1,466.1 $1,593.0 $1,552.9 Interest Bearing Demand 1,169.2 1,042.9 986.5 933.8 956.2 Savings 2,535.2 2,403.2 2,292.4 2,089.2 1,937.7 Time 1,461.8 1,549.7 1,652.8 1,807.0 1,927.8 ---------------------------------------------------------------------- Total Domestic 6,885.8 6,589.6 6,397.8 6,423.0 6,374.6 Foreign 34.4 38.1 58.2 120.8 303.6 ---------------------------------------------------------------------- Total Deposits $6,920.2 $6,627.7 $6,456.0 $6,543.8 $6,678.2 ====================================================================== Bank of Hawaii Corporation and Subsidiaries Information Technology Systems Table Replacement Project (Unaudited) 10 (dollars in millions) ---------------------------------------------------------------------- Pro- Employee Acceler- Other fessional Termina- ated Associ- Fees tion Deprecia- ated Benefits tion Costs(1) Total ---------------------------------------------------------------------- Costs Incurred Three Months Ended: September 30, 2002 $1.9 $1.0 $3.2 $0.5 $6.6 December 31, 2002 3.2 0.2 2.2 1.4 7.0 ---------------------------------------------------------------------- Year Ended December 31, 2002 $5.1 $1.2 $5.4 $1.9 $13.6 ====================================================================== Total Expected Project Costs $12.7 $6.6 $9.2 $7.0 $35.5 ====================================================================== (1) Includes contract termination, equipment, excise tax, and other costs. Bank of Hawaii Corporation and Subsidiaries Quarterly Summary of Selected Consolidated Financial Data (Unaudited) Table 11 ---------------------------------------------------------------------- (dollars in millions except per share amounts) Dec. 31 Sep. 30 Jun. 30 Mar. 31 2002 2002 2002 2002 ---------------------------------------------------------------------- Balance Sheet Totals Total Assets $9,516.4 $9,702.7 $9,824.1 $10,245.0 Net Loans 5,216.2 5,104.9 5,250.2 5,442.6 Total Deposits 6,920.2 6,627.7 6,456.0 6,543.8 Total Shareholders' Equity 1,015.8 1,100.7 1,191.1 1,265.9 Quarterly Operating Results Net Interest Income $90.2 $92.2 $92.9 $94.9 Provision for Loan and Lease Losses - - 3.3 8.3 Non-Interest Income 51.1 47.4 48.2 53.2 Gain on Sales of Banking Operations, Net of Venture Investment Losses - - - - Non-Interest Expense 90.1 85.5 89.6 89.6 Restructuring and Other Related Costs 0.4 - - 2.0 Information Technology System Replacement Project 7.0 6.6 - - Net Income 28.9 30.2 31.0 31.1 Basic Earnings Per Share $0.45 $0.44 $0.43 $0.42 Diluted Earnings Per Share $0.44 $0.43 $0.42 $0.41 Return on Average Assets 1.20% 1.22% 1.23% 1.21% Return on Average Equity 10.72% 10.40% 9.94% 9.97% Efficiency Ratio 68.97% 65.99% 63.51% 61.86% Continuing Business Operating Results( 1) Net Interest Income $90.2 $92.2 $92.9 $94.9 Provision for Loan and Lease Losses - - 3.3 8.3 Non-Interest Income 51.1 47.4 48.2 53.3 Non-Interest Expense 90.0 85.5 89.6 89.7 Net Income 33.8 34.4 31.0 32.3 Diluted Earnings Per Share $0.51 $0.49 $0.42 $0.43 Return on Average Equity 12.54% 11.84% 9.94% 10.37% Efficiency Ratio 63.70% 61.28% 63.51% 60.53% Bank of Hawaii Corporation and Subsidiaries Quarterly Summary of Selected Consolidated Financial Data (Unaudited) Table 11 ---------------------------------------------------------------------- (dollars in millions except per share amounts) Dec. 31 Sep. 30 Jun. 30 Mar. 31 2001 2001 2001 2001 ---------------------------------------------------------------------- Balance Sheet Totals Total Assets $10,632.4 $11,947.4 $12,791.6 $13,743.7 Net Loans 5,498.1 6,586.8 7,454.1 8,257.8 Total Deposits 6,678.2 7,403.0 8,144.6 8,848.6 Total Shareholders' Equity 1,247.0 1,371.1 1,395.7 1,371.9 Quarterly Operating Results Net Interest Income $106.1 $111.7 $116.7 $125.2 Provision for Loan and Lease Losses 14.5 0.9 6.4 52.5 Non-Interest Income 50.3 64.8 72.5 87.8 Gain on Sales of Banking Operations, Net of Venture Investment Losses 28.7 47.8 24.8 72.1 Non-Interest Expense 121.4 118.8 121.7 127.4 Restructuring and Other Related Costs 18.5 3.0 38.9 44.4 Information Technology System Replacement Project - - - - Net Income 26.3 31.1 26.7 33.7 Basic Earnings Per Share $0.35 $0.39 $0.33 $0.42 Diluted Earnings Per Share $0.34 $0.37 $0.32 $0.42 Return on Average Assets 0.90% 1.00% 0.83% 0.99% Return on Average Equity 8.14% 8.88% 7.69% 10.42% Efficiency Ratio 75.61% 54.31% 75.07% 60.24% Continuing Business Operating Results(1) Net Interest Income $93.8 $91.0 $87.8 $92.2 Provision for Loan and Lease Losses 16.6 6.4 2.6 12.1 Non-Interest Income 42.9 53.0 54.2 54.0 Non-Interest Expense 98.4 87.6 88.6 85.8 Net Income 21.3 31.4 32.6 28.3 Diluted Earnings Per Share $0.28 $0.38 $0.39 $0.35 Return on Average Equity 6.59% 8.96% 9.37% 8.76% Efficiency Ratio 71.99% 60.83% 62.40% 58.71% (1) Excludes the effects of the businesses that were divested in 2001, restructuring, non-core transactions and costs associated with the information technology system replacement project. 2001 Quarterly information has been reclassified to conform to December 31, 2001 presentation and excludes goodwill amortization.
CONTACT:
Bank of Hawaii
Stafford Kiguchi, 808/537-8580 (Media)
pager: 877/849-5423
skiguchi@boh.com
or
Cindy Wyrick, 808/537-8430 (Investor/Analyst)
cwyrick@boh.com