Bank of Hawaii Corporation First Quarter 2006 Financial Results
Click here for a printable version of the First Quarter 2006 Financial Results.
HONOLULU--(BUSINESS WIRE)--April 24, 2006--Bank of Hawaii Corporation (NYSE:BOH):
- Diluted Earnings Per Share $0.87
- Net Income $45.4 Million
- Board of Directors Declares Dividend of $0.37 Per Share
Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share of $0.87 for the first quarter of 2006, an increase from diluted earnings per share of $0.83 in the same quarter last year and an increase from diluted earnings per share of $0.86 in the previous quarter. Net income for the first quarter of 2006 was $45.4 million, essentially unchanged from $45.5 million in the first quarter of 2005, and up from $44.8 million in the fourth quarter of 2005.
The return on average assets for the first quarter of 2006 was 1.82 percent compared to 1.88 percent for the first quarter of 2005 and 1.76 percent in the fourth quarter of 2005. The return on average equity for the first quarter of 2006 was 26.13 percent, up from 23.66 percent for the first quarter of 2005 and up from 25.19 percent in the fourth quarter of 2005.
"Bank of Hawaii had a good start in 2006 with solid performance in the first quarter," said Allan R. Landon, Chairman and CEO. "We've had good loan origination volumes, our deposits continue to be strong and the Hawaii economy remains solid. We are optimistic about achieving our goals for the remainder of the year."
Results for the first quarter of 2006 included a provision for credit losses of $2.8 million compared to $1.6 million in the fourth quarter of 2005. The Company did not record a provision for credit losses during the first quarter of 2005.
Financial Highlights
The net interest margin for the first quarter of 2006 was stable at 4.41 percent compared to previous quarters. Net interest income, on a taxable equivalent basis, for the first quarter of 2006 was $102.2 million, up $1.5 million from $100.7 million in the first quarter last year and down $1.3 million from $103.5 million in the fourth quarter of 2005. The increase in net interest income compared to the same quarter last year was primarily due to an increase in the yield on earning assets which was partially offset by a rise in deposit and short term borrowing rates. The decrease in net interest income compared to the previous quarter was largely due to fewer days in the first quarter and a shift in the funding mix. An analysis of the change in net interest income is included in Table 6.
As previously mentioned, the provision for credit losses during the first quarter of 2006 was $2.8 million and equaled net charge-offs for the quarter.
Non-interest income was $52.6 million for the first quarter of 2006, an increase of $0.3 million compared to non-interest income of $52.3 million in the same quarter last year and an increase of $1.8 million compared to non-interest income of $50.8 million in the fourth quarter of 2005.
Non-interest expense was $80.8 million in the first quarter of 2006, essentially flat with non-interest expense of $80.9 million in the first quarter of 2005 and a decrease of $2.4 million from non-interest expense of $83.2 million in the previous quarter. Non-interest expense in the first quarter of 2005 included a gain of $1.1 million on the sale of a foreclosed property largely offset by a goodwill impairment charge of $1.3 million related to the Company's insurance business. The decrease from the fourth quarter was largely due to a reduction in legal expenses which was partially offset by an accrual for legal claims. An analysis of salaries and benefit expenses is included in Table 7.
The efficiency ratio for the first quarter of 2006 was 52.22 percent, an improvement from 52.86 percent in the same quarter last year and from 53.92 percent in the previous quarter.
The Company's business segments are defined as Retail Banking, Commercial Banking, Investment Services Group, and Treasury and Other Corporate. Results are determined based on the Company's internal financial management reporting process and organizational structure. Business segment performance details are summarized in Table 11.
Asset Quality
Non-performing assets declined to $5.9 million and the ratio of non-performing assets to total loans and leases, foreclosed real estate, and other investments decreased to 0.09 percent at March 31, 2006. Non-accrual loans and leases were $5.2 million at the end of the first quarter of 2006, resulting in a decrease in the ratio of non-accrual loans and leases as a percentage of total loans and leases to 0.08 percent at March 31, 2006. An analysis of asset quality is presented in Table 9.
Net charge-offs for the first quarter of 2006 were $2.8 million, or 0.18 percent annualized, of total average loans and leases compared to net charge-offs of $3.7 million, or 0.25 percent annualized, of total average loans and leases in the same quarter last year. Net charge-offs in the fourth quarter of 2005 were $1.6 million, including a recovery of $3.0 million, or 0.10 percent annualized, of total average loans and leases. Details of the reserve for credit losses are summarized in Table 10.
The allowance for loan and lease losses was $91.1 million at March 31, 2006, down from $105.0 at March 31, 2005 and essentially unchanged from December 31, 2005. The ratio of the allowance for loan and lease losses to total loans and leases was 1.46 percent at March 31, 2006, down from 1.75 percent at March 31, 2005 and down from 1.48 percent at December 31, 2005.
Other Financial Highlights
Total assets were $10.53 billion at March 31, 2006, up $620 million from $9.91 billion at March 31, 2005 and up $341 million from $10.19 billion at December 31, 2005. Total loans and leases were $6.25 billion at March 31, 2006, up $230 million from $6.02 billion at March 31, 2005 and up $78 million from $6.17 billion at December 31, 2005. Loan and lease portfolio balances are included in Table 8.
Total deposits at March 31, 2006 were $8.15 billion, up $386 million from $7.76 billion at March 31, 2005 and up $240 million from $7.91 billion at December 31, 2005.
During the first quarter of 2006, Bank of Hawaii Corporation repurchased 0.7 million shares of common stock at a total cost of $34.7 million under its share repurchase program. The average cost was $53.22 per share repurchased. From the beginning of the repurchase program in July 2001 through March 31, 2006, the Company repurchased a total of 40.6 million shares and returned nearly $1.37 billion to the shareholders at an average cost of $33.63 per share. From April 1, 2006 through April 21, 2006, the Company repurchased an additional 130 thousand shares of common stock at an average cost of $53.18 per share. Remaining buyback authority under the share repurchase program was $76.4 million at April 21, 2006.
At March 31, 2006 the Tier 1 leverage ratio was 7.19 percent compared to 7.42 percent at March 31, 2005 and 7.14 percent at December 31, 2005.
The Company's Board of Directors has declared a quarterly cash dividend of $0.37 per share on the Company's outstanding shares. The dividend will be payable on June 14, 2006 to shareholders of record at the close of business on May 31, 2006.
Financial Outlook
Bank of Hawaii Corporation's previous earnings estimate of net income for the full year of 2006 remains unchanged at approximately $187 million, including a $17 million provision for credit losses. An analysis of credit quality is performed quarterly to determine the adequacy of the reserve for credit losses. This analysis determines the timing and amount of the provision for credit losses.
Conference Call Information
The Company will review its first quarter 2006 financial results today at 8:00 a.m. Hawaii Time (2:00 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) 510-9661 in the United States or (617) 614-3452 for international callers. No passcode is required to access the call. A replay will be available for one week beginning Monday, April 24, 2006 by calling (888) 286-8010 in the United States or (617) 801-6888 for international callers and entering the number 67899656 when prompted. A replay of the presentation will also be available via the Investor Relations link of the Company's web site.
Bank of Hawaii Corporation is a bank holding company providing a broad range of financial products and services to customers in Hawaii and the Pacific Islands (Guam, nearby islands and American Samoa). 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.
Forward-Looking Statements
This news release contains, and other statements made by the Company may contain, forward-looking statements concerning, among other things, the economic and business environment in our service area and elsewhere, credit quality, anticipated net income and other financial and business matters in future periods. Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons, including, but not limited to: 1) unanticipated changes in business and economic conditions, the competitive environment, taxing authority interpretations, legislation in Hawaii and the other markets we serve, or the timing and interpretation of proposed accounting standards; 2) changes in our credit quality or risk profile that may increase or decrease the required level of reserve for credit losses; 3) changes in market interest rates that may affect our credit markets and ability to maintain our net interest margin; 4) unpredictable costs and other consequences of legal, tax or regulatory matters involving the Company; 5) changes to the amount and timing of our proposed equity repurchases; 6) real or threatened acts of war or terrorist activity affecting business conditions; and 7) adverse weather, public health and other natural conditions impacting the Company and its customers' operations. For further discussion of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, please refer to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2005 filed with the U.S. Securities and Exchange Commission. We do not undertake an obligation to update forward-looking statements to reflect later events or circumstances.
Bank of Hawaii Corporation and Subsidiaries
Highlights (Unaudited) Table 1
----------------------------------------------------------------------
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands
except per share
amounts) 2006 2005 2005 (1)
----------------------------------------------------------------------
For the Period:
Interest Income $ 135,403 $ 132,945 $ 120,158
Net Interest Income 102,202 103,456 100,658
Net Income 45,350 44,781 45,522
Basic Earnings Per
Share 0.89 0.88 0.85
Diluted Earnings Per
Share 0.87 0.86 0.83
Dividends Declared Per
Share 0.37 0.37 0.33
Net Income to Average
Total Assets (ROA) 1.82 % 1.76 % 1.88 %
Net Income to Average
Shareholders' Equity
(ROE) 26.13 25.19 23.66
Net Interest Margin (2) 4.41 4.42 4.42
Efficiency Ratio (3) 52.22 53.92 52.86
Average Assets $10,091,665 $10,079,483 $ 9,845,765
Average Loans and
Leases 6,181,697 6,177,424 6,000,572
Average Deposits 7,742,623 7,795,381 7,687,798
Average Shareholders'
Equity 703,856 705,428 780,271
Average Equity to
Average Assets 6.97 % 7.00 % 7.92 %
Market Price Per Share
of Common Stock: Closing $ 53.31 $ 51.54 $ 45.26
High 55.15 53.19 50.95
Low 51.40 47.21 44.33
March 31, December 31, March 31,
2006 2005 2005
----------------------------------------------------------------------
At Period End:
Net Loans and Leases $ 6,155,061 $ 6,077,446 $ 5,910,784
Total Assets 10,528,049 10,187,038 9,908,030
Deposits 8,147,101 7,907,468 7,760,662
Long-Term Debt 242,730 242,703 242,656
Shareholders' Equity 681,078 693,352 716,656
Ratio of Allowance for Loan and
Lease Losses to Loans and
Leases Outstanding 1.46 % 1.48 % 1.75 %
Dividend Payout
Ratio (4) 41.57 42.05 38.82
Leverage Capital Ratio 7.19 7.14 7.42
Book Value Per Common
Share $ 13.36 $ 13.52 $ 13.57
Full-Time Equivalent
Employees 2,561 2,585 2,593
Branches and Offices 85 85 87
(1)Certain prior period information has been reclassified to conform
to current presentation.
(2) The net interest margin is defined as net interest income, on a
fully-taxable equivalent basis, as a percentage of average earning
assets.
(3) The efficiency ratio is defined as non-interest expense divided by
total revenue (net interest income and non-interest income).
(4) Dividend payout ratio is defined as dividends declared per share
divided by basic earnings per share for the quarter.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income Table 2
(Unaudited)
----------------------------------------------------------------------
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands except per
share amounts) 2006 2005 2005
----------------------------------------------------------------------
Interest Income
Interest and Fees on Loans and
Leases $ 99,371 $ 97,697 $ 86,467
Income on Investment Securities
- Available for Sale 30,835 29,820 27,319
Income on Investment Securities
- Held to Maturity 4,757 4,899 5,825
Deposits 43 103 23
Funds Sold 125 154 75
Other 272 272 449
----------------------------------------------------------------------
Total Interest Income 135,403 132,945 120,158
----------------------------------------------------------------------
Interest Expense
Deposits 19,633 17,479 11,604
Securities Sold Under
Agreements to Repurchase 7,890 6,504 3,325
Funds Purchased 1,893 1,730 733
Short-Term Borrowings 57 61 32
Long-Term Debt 3,728 3,715 3,806
----------------------------------------------------------------------
Total Interest Expense 33,201 29,489 19,500
----------------------------------------------------------------------
Net Interest Income 102,202 103,456 100,658
Provision for Credit Losses 2,761 1,588 -
----------------------------------------------------------------------
Net Interest Income After
Provision for Credit Losses 99,441 101,868 100,658
----------------------------------------------------------------------
Non-Interest Income
Trust and Asset Management 14,848 14,098 14,622
Mortgage Banking 2,987 2,597 2,590
Service Charges on Deposit
Accounts 10,132 10,151 10,179
Fees, Exchange, and Other
Service Charges 14,767 15,147 13,836
Investment Securities Gains
(Losses) - (4) -
Insurance 5,019 4,201 5,788
Other 4,819 4,619 5,300
----------------------------------------------------------------------
Total Non-Interest Income 52,572 50,809 52,315
----------------------------------------------------------------------
Non-Interest Expense
Salaries and Benefits 45,786 43,319 44,769
Net Occupancy 9,643 9,643 9,545
Net Equipment 5,028 5,358 5,471
Professional Fees 438 4,057 3,051
Other 19,923 20,802 18,027
----------------------------------------------------------------------
Total Non-Interest Expense 80,818 83,179 80,863
----------------------------------------------------------------------
Income Before Income Taxes 71,195 69,498 72,110
Provision for Income Taxes 25,845 24,717 26,588
----------------------------------------------------------------------
Net Income $ 45,350 $ 44,781 $ 45,522
======================================================================
Basic Earnings Per Share $ 0.89 $ 0.88 $ 0.85
Diluted Earnings Per Share $ 0.87 $ 0.86 $ 0.83
Dividends Declared Per Share $ 0.37 $ 0.37 $ 0.33
Basic Weighted Average Shares 50,785,244 50,743,172 53,401,787
Diluted Weighted Average Shares 52,106,954 52,042,845 55,020,050
======================================================================
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Table 3
Condition (Unaudited)
----------------------------------------------------------------------
March 31, December 31, March 31,
(dollars in thousands) 2006 2005 2005
----------------------------------------------------------------------
Assets
Interest-Bearing Deposits $ 5,171 $ 4,893 $ 5,897
Funds Sold 328,000 - 70,000
Investment Securities - Available
for Sale
Held in Portfolio 2,268,644 2,333,417 2,495,447
Pledged as Collateral 280,560 204,798 -
Investment Securities - Held to
Maturity (Fair Value of $417,938,
$442,989, and $547,764) 433,021 454,240 558,834
Loans Held for Sale 22,754 17,915 20,897
Loans and Leases 6,246,125 6,168,536 6,015,790
Allowance for Loan and Lease
Losses (91,064) (91,090) (105,006)
----------------------------------------------------------------------
Net Loans and Leases 6,155,061 6,077,446 5,910,784
----------------------------------------------------------------------
Total Earning Assets 9,493,211 9,092,709 9,061,859
----------------------------------------------------------------------
Cash and Non-Interest-Bearing
Deposits 422,436 493,825 306,852
Premises and Equipment 143,392 133,913 141,615
Customers' Acceptance Liability 729 1,056 1,054
Accrued Interest Receivable 44,149 43,033 38,427
Foreclosed Real Estate 358 358 183
Mortgage Servicing Rights 18,468 18,010 18,510
Goodwill 34,959 34,959 34,959
Other Assets 370,347 369,175 304,571
----------------------------------------------------------------------
Total Assets $10,528,049 $10,187,038 $ 9,908,030
======================================================================
Liabilities
Deposits
Non-Interest-Bearing Demand $ 2,377,355 $ 2,134,916 $ 1,943,616
Interest-Bearing Demand 1,674,294 1,678,454 1,702,158
Savings 2,716,572 2,819,258 2,968,624
Time 1,378,880 1,274,840 1,146,264
----------------------------------------------------------------------
Total Deposits 8,147,101 7,907,468 7,760,662
----------------------------------------------------------------------
Funds Purchased 55,930 268,110 76,100
Short-Term Borrowings 2,025 9,447 8,376
Securities Sold Under Agreements
to Repurchase 957,166 609,380 664,206
Long-Term Debt 242,730 242,703 242,656
Banker's Acceptances Outstanding 729 1,056 1,054
Retirement Benefits Payable 71,708 71,116 66,233
Accrued Interest Payable 11,882 10,910 7,669
Taxes Payable and Deferred Taxes 273,088 269,094 274,164
Other Liabilities 84,612 104,402 90,254
----------------------------------------------------------------------
Total Liabilities 9,846,971 9,493,686 9,191,374
----------------------------------------------------------------------
Shareholders' Equity
Common Stock ($.01 par value);
authorized 500,000,000 shares;
issued / outstanding: March 2006
- 56,858,558 / 50,970,829,
December 2005 - 56,827,483 /
51,276,286, March 2005 -
81,711,752 / 52,826,818 566 565 815
Capital Surplus 467,678 473,338 453,227
Accumulated Other Comprehensive
Income (Loss) (65,668) (47,818) (33,469)
Retained Earnings 565,702 546,591 1,310,070
Deferred Stock Grants - (11,080) (8,145)
Treasury Stock, at Cost (Shares:
March 2006 - 5,887,729, December
2005 - 5,551,197, March 2005 -
28,884,934) (287,200) (268,244) (1,005,842)
----------------------------------------------------------------------
Total Shareholders' Equity 681,078 693,352 716,656
----------------------------------------------------------------------
Total Liabilities and
Shareholders' Equity $10,528,049 $10,187,038 $ 9,908,030
======================================================================
Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity (Unaudited) Table 4
----------------------------------------------------------------------
Accum.
Other
Compre-
hensive
Common Capital Income
(dollars in thousands) Total Stock Surplus (Loss)
----------------------------------------------------------------------
Balance at December 31, 2005 $ 693,352 $ 565 $ 473,338 $ (47,818)
Comprehensive Income:
Net Income 45,350 - - -
Other Comprehensive Income,
Net of Tax:
Change in Unrealized Gains
and Losses on Investment
Securities (17,850) - - (17,850)
Total Comprehensive Income
Common Stock Issued under Stock
Plans and Related Tax Benefits
(393,036 shares) 16,014 1 (5,660) -
Treasury Stock Purchased
(697,974 shares) (36,848) - - -
Cash Dividends Paid (18,940) - - -
------------------------------- --------- -------- --------- ---------
Balance at March 31, 2006 $ 681,078 $ 566 $ 467,678 $ (65,668)
=============================== ========= ======== ========= =========
Balance at December 31, 2004 $ 814,834 $ 813 $ 450,998 $ (12,917)
Comprehensive Income:
Net Income 45,522 - - -
Other Comprehensive Income,
Net of Tax:
Change in Unrealized Gains
and Losses on Investment
Securities (20,552) - - (20,552)
Total Comprehensive Income
Common Stock Issued under Stock
Plans and Related Tax Benefits
(278,339 shares) 9,027 2 2,229 -
Treasury Stock Purchased
(2,411,752 shares) (114,580) - - -
Cash Dividends Paid (17,595) - - -
------------------------------- --------- -------- --------- ---------
Balance at March 31, 2005 $ 716,656 $ 815 $ 453,227 $ (33,469)
=============================== ========= ======== ========= =========
Deferred Compre-
Retained Stock Treasury hensive
(dollars in thousands) Earnings Grants Stock Income
----------------------------------------------------------------------
Balance at December 31, 2005 $ 546,591 $(11,080)$ (268,244)
Comprehensive Income:
Net Income 45,350 - - $ 45,350
Other Comprehensive Income,
Net of Tax:
Change in Unrealized Gains
and Losses on Investment
Securities - - - (17,850)
--------
Total Comprehensive Income $ 27,500
========
Common Stock Issued under
Stock Plans and Related Tax
Benefits (393,036 shares) (7,299) 11,080 17,892
Treasury Stock Purchased
(697,974 shares) - - (36,848)
Cash Dividends Paid (18,940) - -
----------------------------- ---------- -------- -----------
Balance at March 31, 2006 $ 565,702 $ - $ (287,200)
============================= ========== ======== ===========
Balance at December 31, 2004 $1,282,425 $ (8,433)$ (898,052)
Comprehensive Income:
Net Income 45,522 - - $ 45,522
Other Comprehensive Income,
Net of Tax:
Change in Unrealized Gains
and Losses on Investment
Securities - - - (20,552)
--------
Total Comprehensive Income $ 24,970
========
Common Stock Issued under
Stock Plans and Related Tax
Benefits (278,339 shares) (282) 288 6,790
Treasury Stock Purchased
(2,411,752 shares) - - (114,580)
Cash Dividends Paid (17,595) - -
----------------------------- ---------- -------- -----------
Balance at March 31, 2005 $1,310,070 $ (8,145)$(1,005,842)
============================= ========== ======== ===========
Bank of Hawaii Corporation and Subsidiaries
Consolidated Average Balances and Interest Rates - Taxable Equivalent
Basis (Unaudited) Table 5
----------------------------------------------------------------------
Three Months Ended
March 31, 2006
Average Income/ Yield/
(dollars in millions) Balance Expense Rate
----------------------------------------------------------------------
Earning Assets
Interest-Bearing Deposits $ 5.3 $ - 3.30%
Funds Sold 11.0 0.1 4.61
Investment Securities
Available for Sale 2,589.4 30.9 4.78
Held to Maturity 443.7 4.7 4.29
Loans Held for Sale 12.0 0.2 6.02
Loans and Leases (2)
Commercial and Industrial 931.9 16.2 7.05
Construction 142.6 2.8 8.03
Commercial Mortgage 571.9 9.2 6.50
Residential Mortgage 2,436.4 35.7 5.85
Other Revolving Credit and Installment 725.7 15.9 8.89
Home Equity 880.7 15.2 7.01
Lease Financing 492.5 4.2 3.42
----------------------------------------------------------------------
Total Loans and Leases 6,181.7 99.2 6.47
----------------------------------------------------------------------
Other 79.4 0.3 1.39
----------------------------------------------------------------------
Total Earning Assets (3) 9,322.5 135.4 5.85
----------------------------------------------------------------------
Cash and Non-Interest-Bearing Deposits 331.8
Other Assets 437.4
----------
Total Assets $ 10,091.7
==========
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand $ 1,654.7 3.3 0.82
Savings 2,756.2 7.2 1.06
Time 1,309.7 9.1 2.82
----------------------------------------------------------------------
Total Interest-Bearing Deposits 5,720.6 19.6 1.39
----------------------------------------------------------------------
Short-Term Borrowings 178.0 2.0 4.44
Securities Sold Under Agreements to
Repurchase 772.0 7.9 4.15
Long-Term Debt 242.7 3.7 6.16
----------------------------------------------------------------------
Total Interest-Bearing Liabilities 6,913.3 33.2 1.95
----------------------------------------------------------------------
Net Interest Income $ 102.2
========
Interest Rate Spread 3.90%
Net Interest Margin 4.41%
Non-Interest-Bearing Demand Deposits 2,022.0
Other Liabilities 452.5
Shareholders' Equity 703.9
---------- --------
Total Liabilities and Shareholders'
Equity $ 10,091.7
========== ========
Three Months Ended
December 31, 2005 (1)
Average Income/ Yield/
(dollars in millions) Balance Expense Rate
----------------------------------------------------------------------
Earning Assets
Interest-Bearing Deposits $ 11.2 $ 0.1 3.64 %
Funds Sold 15.1 0.1 4.05
Investment Securities
Available for Sale 2,573.2 29.9 4.64
Held to Maturity 469.9 4.9 4.17
Loans Held for Sale 12.8 0.2 5.67
Loans and Leases (2)
Commercial and Industrial 943.7 16.0 6.74
Construction 161.3 2.9 7.22
Commercial Mortgage 565.7 9.0 6.33
Residential Mortgage 2,406.3 34.7 5.77
Other Revolving Credit and Installment 738.8 16.2 8.70
Home Equity 868.1 14.3 6.53
Lease Financing 493.5 4.4 3.53
----------------------------------------------------------------------
Total Loans and Leases 6,177.4 97.5 6.28
----------------------------------------------------------------------
Other 79.4 0.3 1.36
----------------------------------------------------------------------
Total Earning Assets (3) 9,339.0 133.0 5.67
----------------------------------------------------------------------
Cash and Non-Interest-Bearing Deposits 314.7
Other Assets 425.8
-----------
Total Assets $ 10,079.5
===========
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand $ 1,650.9 3.1 0.75
Savings 2,882.4 6.1 0.83
Time 1,273.6 8.3 2.59
----------------------------------------------------------------------
Total Interest-Bearing Deposits 5,806.9 17.5 1.19
----------------------------------------------------------------------
Short-Term Borrowings 178.1 1.8 3.99
Securities Sold Under Agreements to
Repurchase 710.5 6.5 3.63
Long-Term Debt 242.7 3.7 6.11
----------------------------------------------------------------------
Total Interest-Bearing Liabilities 6,938.2 29.5 1.69
----------------------------------------------------------------------
Net Interest Income $ 103.5
========
Interest Rate Spread 3.98 %
Net Interest Margin % 4.42 %
Non-Interest-Bearing Demand Deposits 1,988.5
Other Liabilities 447.4
Shareholders' Equity 705.4
----------- --
Total Liabilities and Shareholders'
Equity $ 10,079.5
=========== ==
Three Months Ended
March 31, 2005 (1)
Average Income/ Yield/
(dollars in millions) Balance Expense Rate
----------------------------------------------------------------------
Earning Assets
Interest-Bearing Deposits $ 4.8 $ - 1.93 %
Funds Sold 12.6 0.1 2.40
Investment Securities
Available for Sale 2,491.1 27.4 4.40
Held to Maturity 574.6 5.8 4.06
Loans Held for Sale 13.2 0.2 5.40
Loans and Leases (2)
Commercial and Industrial 918.8 13.4 5.89
Construction 106.7 1.4 5.38
Commercial Mortgage 605.9 8.5 5.73
Residential Mortgage 2,333.8 32.6 5.59
Other Revolving Credit and Installment 738.0 15.1 8.27
Home Equity 795.6 10.5 5.34
Lease Financing 501.8 4.8 3.82
----------------------------------------------------------------------
Total Loans and Leases 6,000.6 86.3 5.80
----------------------------------------------------------------------
Other 53.9 0.4 3.38
----------------------------------------------------------------------
Total Earning Assets (3) 9,150.8 120.2 5.29
----------------------------------------------------------------------
Cash and Non-Interest-Bearing Deposits 315.6
Other Assets 379.4
----------
Total Assets $ 9,845.8
==========
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand $ 1,618.1 1.7 0.42
Savings 2,972.3 4.4 0.60
Time 1,114.7 5.5 2.02
----------------------------------------------------------------------
Total Interest-Bearing Deposits 5,705.1 11.6 0.82
----------------------------------------------------------------------
Short-Term Borrowings 128.6 0.8 2.41
Securities Sold Under Agreements to
Repurchase 577.6 3.3 2.33
Long-Term Debt 248.7 3.8 6.14
----------------------------------------------------------------------
Total Interest-Bearing Liabilities 6,660.0 19.5 1.19
----------------------------------------------------------------------
Net Interest Income $100.7
======
Interest Rate Spread 4.10 %
Net Interest Margin % 4.42 %
Non-Interest-Bearing Demand Deposits 1,982.7
Other Liabilities 422.8
Shareholders' Equity 780.3
----------
Total Liabilities and Shareholders'
Equity $ 9,845.8
==========
(1) Certain prior period information has been reclassified to conform
to current presentation.
(2) Non-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.
(3) Interest income includes taxable-equivalent basis adjustment based
upon a statutory tax rate of 35%.
Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent
Basis (Unaudited) Table 6
----------------------------------------------------------------------
Three Months Ended March 31, 2006
compared to December 31, 2005
(dollars in millions) Volume (1) Rate (1) Time (1) Total
----------------------------------------------------------------------
Change in Interest Income:
Interest-Bearing Deposits $ (0.1) $ - $ - $(0.1)
Investment Securities
Available for Sale 0.2 0.9 (0.1) 1.0
Held to Maturity (0.3) 0.1 - (0.2)
Loans and Leases
Commercial and Industrial (0.2) 0.7 (0.3) 0.2
Construction (0.4) 0.3 - (0.1)
Commercial Mortgage 0.1 0.3 (0.2) 0.2
Residential Mortgage 0.5 0.5 - 1.0
Other Revolving Credit and
Installment (0.3) 0.4 (0.4) (0.3)
Home Equity 0.2 1.0 (0.3) 0.9
Lease Financing - (0.2) - (0.2)
----------------------------------------------------------------------
Total Loans and Leases (0.1) 3.0 (1.2) 1.7
----------------------------------------------------------------------
Total Change in Interest Income (0.3) 4.0 (1.3) 2.4
----------------------------------------------------------------------
Change in Interest Expense:
Interest-Bearing Deposits
Demand - 0.3 (0.1) 0.2
Savings (0.4) 1.6 (0.1) 1.1
Time 0.3 0.5 - 0.8
----------------------------------------------------------------------
Total Interest-Bearing Deposits (0.1) 2.4 (0.2) 2.1
----------------------------------------------------------------------
Short-Term Borrowings - 0.2 - 0.2
Securities Sold Under Agreements
to Repurchase 0.6 0.9 (0.1) 1.4
----------------------------------------------------------------------
Total Change in Interest Expense 0.5 3.5 (0.3) 3.7
----------------------------------------------------------------------
Change in Net Interest Income $ (0.8) $ 0.5 $ (1.0) $(1.3)
======================================================================
(1) The changes for each category of interest income and expense are
allocated between the portion of changes attributable to the variance
in volume, rate or time for that category.
Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits (Unaudited) Table 7
----------------------------------------------------------------------
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands) 2006 2005 2005 (1)
----------------------------------------------------------------------
Salaries $ 26,724 $ 27,765 $ 26,111
Incentive Compensation 4,321 4,067 3,968
Share-Based Compensation 1,481 720 1,715
Commission Expense 1,922 1,715 2,252
Retirement and Other Benefits 5,235 4,245 4,768
Payroll Taxes 3,385 1,999 3,453
Medical, Dental, and Life Insurance 2,161 2,168 2,231
Separation Expense 557 640 271
----------------------------------------------------------------------
Total Salaries and Benefits $ 45,786 $ 43,319 $ 44,769
======================================================================
(1) Certain prior period information has been reclassified to conform
to current presentation.
Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances (Unaudited) Table 8
----------------------------------------------------------------------
March 31, December 31, March 31,
(dollars in thousands) 2006 2005 (1) 2005 (1)
----------------------------------------------------------------------
Commercial
Commercial and Industrial $ 957,893 $ 918,842 $ 932,978
Commercial Mortgage 591,770 558,346 609,689
Construction 154,737 153,682 88,769
Lease Financing 467,688 470,155 468,349
----------------------------------------------------------------------
Total Commercial 2,172,088 2,101,025 2,099,785
----------------------------------------------------------------------
Consumer
Residential Mortgage 2,441,664 2,431,198 2,345,182
Home Equity 888,528 874,400 803,893
Other Revolving Credit and
Installment 719,553 736,364 736,250
Lease Financing 24,292 25,549 30,680
----------------------------------------------------------------------
Total Consumer 4,074,037 4,067,511 3,916,005
----------------------------------------------------------------------
Total Loans and Leases $6,246,125 $6,168,536 $6,015,790
======================================================================
Air Transportation Credit Exposure (2) (Unaudited)
----------------------------------------------------------------------
March 31, Dec. 31, March 31,
2006 2005 2005
-------------------------------- ------------------
Unused Total Total Total
(dollars in Outstanding Commitments Exposure Exposure Exposure
thousands)
--------------------------------------------------- ------------------
Passenger Carriers
Based In the
United States $ 68,609 $ - $ 68,609 $ 68,829 $ 90,353
Passenger Carriers
Based Outside the
United States 20,613 - 20,613 20,678 24,888
Cargo Carriers 13,240 - 13,240 13,240 13,475
--------------------------------------------------- ------------------
Total Air
Transportation
Credit Exposure $102,462 $ - $102,462 $102,747 $128,716
=================================================== ==================
(1) Certain prior period information has been reclassified to conform
to current presentation.
(2) Exposure includes loans, leveraged leases and operating leases.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Non-Performing Assets and Accruing Loans and Leases Past
Due 90 Days or More (Unaudited) Table 9
----------------------------------------------------------------------
March 31, December 31, September 30,
(dollars in thousands) 2006 2005 (1) 2005 (1)
----------------------------------------------------------------------
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial $ 236 $ 212 $ 471
Commercial Mortgage 52 130 1,617
Lease Financing - - 4
----------------------------------------------------------------------
Total Commercial 288 342 2,092
----------------------------------------------------------------------
Consumer
Residential Mortgage 4,922 5,439 5,021
Home Equity 38 39 41
----------------------------------------------------------------------
Total Consumer 4,960 5,478 5,062
----------------------------------------------------------------------
Total Non-Accrual Loans and
Leases 5,248 5,820 7,154
----------------------------------------------------------------------
Foreclosed Real Estate 358 358 413
Other Investments 300 300 683
----------------------------------------------------------------------
Total Non-Performing Assets $ 5,906 $ 6,478 $ 8,250
======================================================================
Accruing Loans and Leases Past
Due 90 Days or More
Commercial
Commercial and Industrial $ - $ - $ -
Commercial Mortgage - - -
----------------------------------------------------------------------
Total Commercial - - -
----------------------------------------------------------------------
Consumer
Residential Mortgage 464 1,132 1,545
Home Equity 85 185 83
Other Revolving Credit and
Installment 1,390 1,504 1,479
Lease Financing 18 29 51
----------------------------------------------------------------------
Total Consumer 1,957 2,850 3,158
----------------------------------------------------------------------
Total Accruing Loans and Leases
Past Due 90 Days or More $ 1,957 $ 2,850 $ 3,158
======================================================================
Total Loans and Leases $6,246,125 $ 6,168,536 $ 6,202,546
======================================================================
Ratio of Non-Accrual Loans and
Leases to Total Loans and
Leases 0.08% 0.09% 0.12%
----------------------------------------------------------------------
Ratio of Non-Performing Assets
to Total Loans and Leases,
Foreclosed Real Estate and
Other Investments 0.09% 0.11% 0.13%
----------------------------------------------------------------------
Ratio of Non-Performing Assets and
Accruing Loans and Leases
Past Due 90 Days or More to
Total Loans and Leases 0.13% 0.15% 0.18%
----------------------------------------------------------------------
Quarter to Quarter Changes in Non-
Performing Assets
Balance at Beginning of Quarter$ 6,478 $ 8,250 $ 10,920
Additions 907 1,191 919
Reductions
Payments (445) (2,345) (1,326)
Return to Accrual (985) (231) (2,007)
Sales of Foreclosed Assets - (122) -
Charge-offs/Write-downs (49) (265) (256)
----------------------------------------------------------------------
Total Reductions (1,479) (2,963) (3,589)
----------------------------------------------------------------------
Balance at End of Quarter $ 5,906 $ 6,478 $ 8,250
======================================================================
June 30, March 31,
(dollars in thousands) 2005 (1) 2005 (1)
----------------------------------------------------------------------
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial $ 430 $ 470
Commercial Mortgage 1,805 1,994
Lease Financing 1,586 2,418
----------------------------------------------------------------------
Total Commercial 3,821 4,882
----------------------------------------------------------------------
Consumer
Residential Mortgage 5,968 7,432
Home Equity 156 185
----------------------------------------------------------------------
Total Consumer 6,124 7,617
----------------------------------------------------------------------
Total Non-Accrual Loans and Leases 9,945 12,499
----------------------------------------------------------------------
Foreclosed Real Estate 292 183
Other Investments 683 683
----------------------------------------------------------------------
Total Non-Performing Assets $ 10,920 $ 13,365
======================================================================
Accruing Loans and Leases Past
Due 90 Days or More
Commercial
Commercial and Industrial $ 9 $ 29
Commercial Mortgage 2,213 2,243
----------------------------------------------------------------------
Total Commercial 2,222 2,272
----------------------------------------------------------------------
Consumer
Residential Mortgage 1,310 604
Home Equity - 70
Other Revolving Credit and Installment 1,417 1,417
Lease Financing - -
----------------------------------------------------------------------
Total Consumer 2,727 2,091
----------------------------------------------------------------------
Total Accruing Loans and Leases Past Due 90 Days
or More $ 4,949 $ 4,363
======================================================================
======================================================================
Total Loans and Leases $6,151,418 $6,015,790
======================================================================
Ratio of Non-Accrual Loans and Leases to Total
Loans and Leases 0.16% 0.21%
----------------------------------------------------------------------
Ratio of Non-Performing Assets to Total Loans
and Leases, Foreclosed Real Estate and Other
Investments 0.18% 0.22%
----------------------------------------------------------------------
Ratio of Non-Performing Assets and Accruing
Loans and Leases
Past Due 90 Days or More to Total Loans and
Leases 0.26% 0.29%
----------------------------------------------------------------------
Quarter to Quarter Changes in Non-
Performing Assets
Balance at Beginning of Quarter $ 13,365 $ 13,859
Additions 3,088 2,796
Reductions
Payments (5,097) (2,202)
Return to Accrual (392) (698)
Sales of Foreclosed Assets - (129)
Charge-offs/Write-downs (44) (261)
----------------------------------------------------------------------
Total Reductions (5,533) (3,290)
----------------------------------------------------------------------
Balance at End of Quarter $ 10,920 $ 13,365
======================================================================
(1) Certain prior period information has been reclassified to
conform to current presentation.
Bank of Hawaii Corporation and Subsidiaries
Consolidated Reserve for Credit Losses (Unaudited)
Table 10
----------------------------------------------------------------------
Three Months Ended
March 31, December 31, March 31,
(dollars in thousands) 2006 2005 2005
----------------------------------------------------------------------
Balance at Beginning of Period $96,167 $96,167 $113,596
Loans and Leases Charged-Off
Commercial
Commercial and Industrial (382) (732) (574)
Consumer
Residential Mortgage (10) (134) (315)
Home Equity (141) (236) (292)
Other Revolving Credit
and Installment (4,254) (5,651) (4,582)
Lease Financing (12) (35) (34)
----------------------------------------------------------------------
Total Loans and Leases Charged-Off (4,799) (6,788) (5,797)
----------------------------------------------------------------------
Recoveries on Loans and Leases
Previously Charged-Off
Commercial
Commercial and Industrial 295 470 541
Commercial Mortgage 89 3,006 62
Lease Financing - 26 32
Consumer
Residential Mortgage 122 156 106
Home Equity 61 97 60
Other Revolving Credit
and Installment 1,462 1,440 1,287
Lease Financing 9 5 19
----------------------------------------------------------------------
Total Recoveries on Loans and
Leases Previously Charged-Off 2,038 5,200 2,107
----------------------------------------------------------------------
Net Loan and Lease Charge-Offs (2,761) (1,588) (3,690)
Provision for Credit Losses 2,761 1,588 -
----------------------------------------------------------------------
Balance at End of Period (1) $96,167 $96,167 $109,906
======================================================================
Components
Allowance for Loan and Lease Losses $91,064 $91,090 $105,006
Reserve for Unfunded Commitments 5,103 5,077 4,900
----------------------------------------------------------------------
Total Reserve for Credit Losses $96,167 $96,167 $109,906
======================================================================
Average Loans and Leases
Outstanding $6,181,697 $6,177,424 $6,000,572
======================================================================
Ratio of Net Loan and Lease
Charge-Offs to Average Loans and
Leases Outstanding (annualized) 0.18% 0.10% 0.25%
Ratio of Allowance for Loan and
Lease Losses to Loans and Leases
Outstanding 1.46% 1.48% 1.75%
(1) 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 Segment Selected Financial
Information (Unaudited) Table 11
----------------------------------------------------------------------
Investment Treasury
Retail Commercial Services and Consolidated
(dollars in Banking Banking Group Other Total
thousands) Corporate
----------------------------------------------------------------------
Three Months
Ended March
31, 2006
Net Interest
Income $57,659 $34,777 $3,404 $6,362 $102,202
Provision for
Credit Losses 2,494 421 - (154) 2,761
----------------------------------------------------------------------
Net Interest
Income After
Provision for
Credit Losses 55,165 34,356 3,404 6,516 99,441
Non-Interest
Income 23,038 9,808 17,422 2,304 52,572
----------------------------------------------------------------------
78,203 44,164 20,826 8,820 152,013
Non-Interest
Expense (40,897) (21,894) (16,214) (1,813) (80,818)
----------------------------------------------------------------------
Income Before
Income Taxes 37,306 22,270 4,612 7,007 71,195
Provision for
Income Taxes (13,803) (8,187) (1,706) (2,149) (25,845)
----------------------------------------------------------------------
Allocated Net
Income 23,503 14,083 2,906 4,858 45,350
----------------------------------------------------------------------
Allowance
Funding Value (189) (546) (8) 743 -
Provision for
Credit Losses 2,494 421 - (154) 2,761
Economic
Provision (3,160) (2,283) (102) - (5,545)
Tax Effect of
Adjustments 316 891 41 (218) 1,030
----------------------------------------------------------------------
Income Before
Capital Charge 22,964 12,566 2,837 5,229 43,596
Capital Charge (5,392) (4,415) (1,583) (7,977) (19,367)
----------------------------------------------------------------------
Net Income
(Loss) After
Capital Charge
(NIACC) $17,572 $8,151 $1,254 $(2,748) $24,229
======================================================================
RAROC (ROE for
the Company) 48% 32% 20% 17% 26%
======================================================================
Total Assets at
March 31,
2006 $3,874,845 $2,542,730 $189,084 $3,921,390 $10,528,049
======================================================================
Three Months
Ended March
31, 2005 (1)
Net Interest
Income $52,310 $34,562 $2,929 $10,857 $100,658
Provision for
Credit Losses 3,485 416 - (3,901) -
----------------------------------------------------------------------
Net Interest
Income After
Provision for
Credit Losses 48,825 34,146 2,929 14,758 100,658
Non-Interest
Income 21,528 11,531 17,340 1,916 52,315
----------------------------------------------------------------------
70,353 45,677 20,269 16,674 152,973
Non-Interest
Expense (40,273) (22,560) (15,995) (2,035) (80,863)
----------------------------------------------------------------------
Income Before
Income Taxes 30,080 23,117 4,274 14,639 72,110
Provision for
Income Taxes (11,130) (8,598) (1,582) (5,278) (26,588)
----------------------------------------------------------------------
Allocated Net
Income 18,950 14,519 2,692 9,361 45,522
----------------------------------------------------------------------
Allowance
Funding Value (162) (602) (6) 770 -
Provision for
Credit Losses 3,485 416 - (3,901) -
Economic
Provision (3,505) (2,458) (90) (2) (6,055)
Tax Effect of
Adjustments 67 978 36 1,159 2,240
----------------------------------------------------------------------
Income Before
Capital Charge 18,835 12,853 2,632 7,387 41,707
Capital Charge (5,288) (4,636) (1,510) (10,027) (21,461)
----------------------------------------------------------------------
Net Income
(Loss) After
Capital Charge
(NIACC) $13,547 $8,217 $1,122 $(2,640) $20,246
======================================================================
RAROC (ROE for
the Company) 40% 31% 19% 20% 24%
======================================================================
Total Assets at
March 31,
2005 $3,791,538 $2,390,204 $142,619 $3,583,669 $9,908,030
======================================================================
(1) Certain prior period information has been reclassified to
conform to current presentation.
Bank of Hawaii Corporation and Subsidiaries
Quarterly Summary of Selected
Consolidated Financial Data (Unaudited) Table 12
----------------------------------------------------------------------
(dollars in
thousands Three Months Ended
except per March 31, December 31, September 30, June 30, March 31,
share amounts) 2006 2005 2005 2005 2005 (1)
----------------------------------------------------------------------
Quarterly
Operating
Results
Interest Income
Interest and
Fees on
Loans and
Leases $99,371 $97,697 $94,381 $90,119 $86,467
Income on
Investment
Securities
- Available
for Sale 30,835 29,820 28,482 27,987 27,319
Income on
Investment
Securities
- Held to
Maturity 4,757 4,899 5,109 5,527 5,825
Deposits 43 103 57 36 23
Funds Sold 125 154 935 165 75
Other 272 272 270 271 449
----------------------------------------------------------------------
Total Interest
Income 135,403 132,945 129,234 124,105 120,158
----------------------------------------------------------------------
Interest Expense
Deposits 19,633 17,479 15,766 13,577 11,604
Securities
Sold Under
Agreements
to Repurchase 7,890 6,504 6,796 4,562 3,325
Funds
Purchased 1,893 1,730 901 1,151 733
Short-Term
Borrowings 57 61 50 45 32
Long-Term
Debt 3,728 3,715 3,761 3,731 3,806
----------------------------------------------------------------------
Total Interest
Expense 33,201 29,489 27,274 23,066 19,500
----------------------------------------------------------------------
Net Interest
Income 102,202 103,456 101,960 101,039 100,658
Provision for
Credit Losses 2,761 1,588 3,000 - -
----------------------------------------------------------------------
Net Interest
Income After
Provision for
Credit Losses 99,441 101,868 98,960 101,039 100,658
----------------------------------------------------------------------
Non-Interest Income
Trust and
Asset
Management 14,848 14,098 14,052 14,058 14,622
Mortgage
Banking 2,987 2,597 2,618 2,594 2,590
Service
Charges on
Deposit
Accounts 10,132 10,151 10,046 9,569 10,179
Fees,
Exchange,
and Other
Service
Charges 14,767 15,147 15,394 15,211 13,836
Investment
Securities
Gains
(Losses) - (4) 8 337 -
Insurance 5,019 4,201 5,324 4,330 5,788
Other 4,819 4,619 8,074 4,575 5,300
----------------------------------------------------------------------
Total Non-
Interest
Income 52,572 50,809 55,516 50,674 52,315
----------------------------------------------------------------------
Non-Interest Expense
Salaries and
Benefits 45,786 43,319 44,366 43,856 44,769
Net
Occupancy 9,643 9,643 9,896 9,189 9,545
Net Equipment 5,028 5,358 5,335 5,377 5,471
Professional
Fees 438 4,057 5,689 2,905 3,051
Other 19,923 20,802 19,310 17,677 18,027
----------------------------------------------------------------------
Total Non-
Interest
Expense 80,818 83,179 84,596 79,004 80,863
----------------------------------------------------------------------
Income Before
Income Taxes 71,195 69,498 69,880 72,709 72,110
Provision for
Income Taxes 25,845 24,717 25,051 26,280 26,588
----------------------------------------------------------------------
Net Income $45,350 $44,781 $44,829 $46,429 $45,522
======================================================================
Basic Earnings
Per Share $0.89 $0.88 $0.87 $0.90 $0.85
Diluted
Earnings Per
Share $0.87 $0.86 $0.85 $0.87 $0.83
Balance Sheet Totals
Total
Assets $10,528,049 $10,187,038 $10,085,235 $10,059,690 $9,908,030
Net Loans
and Leases 6,155,061 6,077,446 6,110,892 6,049,831 5,910,784
Total
Deposits 8,147,101 7,907,468 7,756,586 7,726,758 7,760,662
Total
Shareholders'
Equity 681,078 693,352 696,311 712,169 716,656
Performance Ratios
Net Income to
Average Total
Assets (ROA) 1.82 % 1.76 % 1.74 % 1.87 % 1.88 %
Net Income to
Average
Shareholders'
Equity (ROE) 26.13 25.19 24.61 25.98 23.66
Net Interest
Margin (2) 4.41 4.42 4.30 4.36 4.42
Efficiency
Ratio (3) 52.22 53.92 53.72 52.07 52.86
(1) Certain prior period information has been reclassified to
conform to current presentation.
(2) The net interest margin is defined as net interest income, on
a fully-taxable equivalent basis, as a percentage of average earning
assets.
(3) The efficiency ratio is defined as non-interest expense
divided by total revenue (net interest income and non-interest
income).
CONTACT: Bank of Hawaii Corporation Stafford Kiguchi, 808-537-8580 (Media) Mobile: 808-265-6367 skiguchi@boh.com Cindy Wyrick, 808-537-8430 (Investors/Analysts) cwyrick@boh.com SOURCE: Bank of Hawaii Corporation