UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report	 	 	
(Date of earliest event reported)	 	January 22, 2007	
 
BANK OF HAWAII CORPORATION
(Exact name of registrant as specified in its charter)
Delaware	 	1-6887	 	99-0148992	
(State of Incorporation)	 	(Commission	 	(IRS Employer	
 	 	File Number)	 	Identification No.)	
 
130 Merchant Street, Honolulu, Hawaii	 	96813	
(Address of principal executive offices)	 	(Zip Code)	
 
(Registrant’s telephone number,	 	 	
including area code)	 	(808) 537-8430	
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Item 5.02.               Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
On January 22, 2007, Richard C. Keene announced his intention to resign from his position as the Chief Financial Officer of Bank of Hawaii Corporation.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 2.02.               Results of Operations and Financial Conditions.
On January 22, 2007 Bank of Hawaii Corporation announced its results of operations for the quarter ending December 31, 2006.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.
Item 9.01.                                              Financial Statements and Exhibits
(d)                                 Exhibits
Exhibit No.
99.1                       January 22, 2007 Press Release
99.2                       January 22, 2007 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 23, 2007	 	BANK OF HAWAII CORPORATION	
 	 	 	
 	 	/s/ CYNTHIA G. WYRICK	 	
 	 	Cynthia G. Wyrick	
 	 	Executive Vice President and
Corporate Secretary	
 
2

Exhibit 99.1
 	News Release	NYSE: BOH	 	 	 	
 	 	 	 	 	 	
 	 	Media Inquiries	 	 	 	
 	 	Stafford Kiguchi	 	 	 	 	
 	 	Telephone: 808-537-8580	 	 	 	 	
 	 	Mobile: 808-265-6367	 	 	 	 	
 	 	E-mail: skiguchi@boh.com	 	 	 	 	
 	 	 	 	 	 	 	
 	 	Investor/Analyst Inquiries	 	 	 	 	
 	 	Cindy Wyrick	 	 	 	 	
 	 	Telephone: 808-537-8430	 	 	 	 	
 	 	E-mail: cwyrick@boh.com	 	 	 	 	
 
FOR IMMEDIATE RELEASE
Bank of Hawaii Announces Senior Management Changes
HONOLULU, HAWAII (Jan. 22, 2007) – Bank of Hawaii Corporation announced today that its Board of Directors has elected Mark A. Rossi Vice Chairman and Chief Administrative Officer and Corporate Secretary, effective Feb. 1, 2007.   He will be responsible for legal, human resources, security, government relations and corporate communications.  He will also serve on the bank’s Managing Committee.
Also announced was that Vice Chairman Donna Tanoue, who previously served as Chief Administrative Officer, will concentrate on client relations and community activities, areas of major emphasis under the bank’s new business plan.  Tanoue will continue in her role as a Vice Chairman and Director of the bank, member of the Managing Committee and President of Bank of Hawaii’s Charitable Foundation.
“The senior management appointments for Mark and Donna are part of our efforts to continually strengthen our management team and focus on building relationships, both critical elements of the bank’s business plan,” said Allan R. Landon, Chairman and CEO.  “Mark and Donna are well-versed in our industry and highly respected.  These changes positively position the bank to address the challenges and opportunities in our markets.  We look forward to their contributions.”
Rossi was previously President of Lane Powell in Seattle, Wash., a 180-attorney law firm with six offices in Washington, Oregon, Alaska and London.  His practice focused on banking, bankruptcy and creditor rights, commercial litigation and real estate.  Prior to that he was an officer for 13 years at First Interstate Bank, most recently as Senior Vice President and General Counsel for the northwest region.   He received his Juris Doctor from Willamette University College of Law in Salem, Ore., and his Bachelor of Arts degree from the University of Minnesota.
Prior to joining Bank of Hawaii in 2002, Tanoue was Chairman of the Federal Deposit Insurance Corporation (FDIC) in Washington, D.C.  She received her Juris Doctor from Georgetown University Law Center and Bachelor of Arts degree from the University of Hawaii.
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130 Merchant Street  ·  PO Box 2900  ·  Honolulu HI 96846-6000  ·  Fax 808-537-8440  ·  Website www.boh.com

Bank of Hawaii Announces Senior Management Changes
Tanoue currently serves on the boards of Longs Drug Stores Corporation; Queen’s Health Systems; Kaneohe Ranch Company, Ltd.; Bishop Museum; Hawaii Preparatory Academy; The Contemporary Museum and the national board of the Public Broadcasting Service (PBS).
Both Rossi and Tanoue will report to Landon.  Also now reporting to Landon is Executive Vice President Cindy Wyrick, who assumes the new position of Board Secretary and continues as Director of Investor Relations.
The bank also announced that Richard Keene, Vice Chairman and Chief Financial Officer, intends to accept employment with another organization and will be leaving the bank later in the first quarter.  The bank has engaged a search firm to identify a successor.
Keene joined the bank in 2002 as Executive Vice President and Controller.  He was promoted to Chief Financial Officer in 2004.
The bank also announced that Vice Chairman Neal Hocklander completed his duties and returned to the mainland.  Hocklander joined the bank in 2000 as Executive Vice President and Director of Human Resources.
“I’d like to thank Rick and Neal for their contributions over the past several years,” said Landon.  “Both have been important members of our senior management team and helped guide us through several significant and challenging initiatives.  They have done a great job and we wish them much happiness and success in their future endeavors.”
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, visit the company’s website: www.boh.com.
# # #
2

Exhibit 99.2
 	News Release	NYSE: BOH	 	 	 	
 	 	 	 	 	 	
 	 	Media Inquiries	 	 	 	
 	 	Stafford Kiguchi	 	 	 	 	
 	 	Telephone: 808-537-8580	 	 	 	 	
 	 	Mobile: 808-265-6367	 	 	 	 	
 	 	E-mail: skiguchi@boh.com	 	 	 	 	
 	 	 	 	 	 	 	
 	 	Investor/Analyst Inquiries	 	 	 	 	
 	 	Cindy Wyrick	 	 	 	 	
 	 	Telephone: 808-537-8430	 	 	 	 	
 	 	E-mail: cwyrick@boh.com	 	 	 	 	
 
Bank of Hawaii Corporation 2006 Financial Results
·           Diluted Earnings Per Share Increases to $3.52
·           Board of Directors Declares Dividend of $0.41 Per Share
·           Company Releases Future Business Plan
FOR IMMEDIATE RELEASE
HONOLULU, HI (January 22, 2007) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share for 2006 of $3.52 up $0.11 from diluted earnings per share of $3.41 in 2005.  Net income for the year was $180.4 million, down $1.2 million from net income of $181.6 million in the previous year.  The return on average assets in 2006 was 1.76 percent, down from 1.81 percent in 2005.  The return on average equity for the year was 25.90 percent, up from 24.83 percent in 2005.
Diluted earnings per share for the fourth quarter of 2006 was $1.01, up $0.15 or 17.4 percent from $0.86 per diluted share for the same quarter last year and up $0.09 or 9.8 percent from the previous quarter.  Net income in the fourth quarter of 2006 was $50.9 million, up $6.1 million or 13.7 percent from net income of $44.8 million in the fourth quarter last year and up $4.0 million or 8.5 percent from net income of $46.9 million in the third quarter of 2006.  The return on average assets for the fourth quarter of 2006 was 1.94 percent, up from 1.76 percent in the fourth quarter of 2005 and up from 1.81 percent in the previous quarter.  The return on average equity was 28.56 percent during the fourth quarter of 2006, up from 25.19 percent in the same quarter last year and up from 27.09 percent in the third quarter of 2006.
“Bank of Hawaii Corporation had good financial performance during the fourth quarter of 2006,” said Allan R. Landon, Chairman and CEO.  ”Loan growth and asset quality continued to be strong, our net interest margin held up rather well in spite of the challenging interest rate environment.  During 2006, we increased the number of our deposit accounts, and balances were up at year-end.  These results represent the completion of our 2004 - 2006 Strategic Plan.  We are pleased that Bank of Hawaii met its key goals.  As we enter 2007 and begin to execute our next plan, the Hawaii economy appears strong and we believe our company is well positioned to continue building on its many successes.”
 
- more -
 
130 Merchant Street  ·  PO Box 2900  ·  Honolulu HI 96846-6000  ·  Fax 808-537-8440  ·  Website www.boh.com

Bank of Hawaii Corporation 2006 Financial Results
Financial Highlights
Net interest income, on a taxable equivalent basis, for the fourth quarter of 2006 was $100.4 million, down $3.2 million from net interest income of $103.6 million in the fourth quarter of 2005 and down $0.1 million from net interest income of $100.5 million in the third quarter of 2006.  Net interest income, on a taxable equivalent basis, for the full year of 2006 was $403.3 million, down $4.2 million from $407.5 million in 2005.  Analyses of changes in net interest income for the full year are included in Table 6.
The net interest margin was 4.15 percent for the fourth quarter of 2006, a 28 basis point decrease from 4.43 percent in the fourth quarter of 2005 and a 5 basis point decrease from 4.20 percent in the third quarter of 2006.  The net interest margin for the full year of 2006 was 4.25 percent, a 13 basis point decrease from 4.38 percent in 2005.  The decrease was primarily due to the effect of the inverted yield curve in the second half of 2006 and shifts in the funding mix.
Results for the fourth quarter of 2006 included a provision for credit losses of $3.1 million compared to $1.6 million in the fourth quarter of 2005 and $2.8 million in the third quarter of 2006.  The provision for credit losses for the full year of 2006 was $10.8 million compared to $4.6 million in 2005.
Noninterest income was $53.5 million for the fourth quarter of 2006, an increase of $2.7 million or 5.3 percent compared to noninterest income of $50.8 million in the fourth quarter of 2005 and down $3.4 million or 5.9 percent compared to noninterest income of $56.9 million in the third quarter of 2006. The decrease compared to the previous quarter was largely due to a seasonal reduction in insurance commissions.  Noninterest income for the full year of 2006 was $216.2 million, up $6.9 million or 3.3 percent from noninterest income of $209.3 million in 2005.
Noninterest expense was $81.6 million in the fourth quarter of 2006, down $1.6 million or 1.9 percent from noninterest expense of $83.2 million in the same quarter last year and up $1.8 million or 2.2 percent from $79.8 million in the previous quarter.  Results for the fourth quarter of 2006 included contributions of $1.5 million to the Bank of Hawaii Charitable Foundation.  Fourth quarter noninterest expense also includes an accrual of $1.5 million for bonuses to some employees not participating in other incentive programs due to the successful completion of the 2004 – 2006 Strategic Plan.  An analysis of salary and benefit expenses is included in Table 7.  Noninterest expense for the full year of 2006 was $321.0 million, down $6.7 million or 2.0 percent from noninterest expense of $327.6 million in 2005.
The efficiency ratio for the fourth quarter of 2006 was 53.08 percent, down from 53.92 percent in the same quarter last year and up from 50.75 percent in the previous quarter. The efficiency ratio for the full year of 2006 was 51.87 percent, an improvement from 53.15 percent during the full year of 2005.
The effective tax rate for the fourth quarter of 2006 was 26.19 percent compared to 35.57 percent during the same quarter last year and 37.14 percent in the previous quarter.  The lower rate in the fourth quarter of 2006 was primarily due to accrual adjustments for tax matters that were resolved in the fourth quarter.  The effective tax rate for the full year of 2006 was 37.17 percent compared to 36.11 percent during 2005.  The increase from prior year was due to the second quarter 2006 tax charge related to a change in tax legislation.
2

Bank of Hawaii Corporation 2006 Financial Results
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.  Selected financial information for the business segments is included in Tables 11a and 11b.
Asset Quality
Asset quality remained strong throughout 2006.  Non-performing assets were $6.4 million at the end of the fourth quarter of 2006, down $0.1 million, compared to $6.5 million at the end of the same quarter last year and up $1.0 million, compared to $5.4 million at the end of the previous quarter.  The ratio of non-performing assets to total loans, foreclosed real estate, and other investments at December 31, 2006 was 0.10 percent, down from 0.11 percent at December 31, 2005 and up from 0.08 percent at September 30, 2006.
Non-accrual loans and leases were $5.9 million at December 31, 2006, up $0.1 million from $5.8 million at December 31, 2005 and up $1.0 million from $5.0 million at September 30, 2006.  Non-accrual loans and leases as a percentage of total loans and leases at December 31, 2006 were 0.09 percent, unchanged from December 31, 2005 and up slightly from 0.08 percent at September 30, 2006.  Additional information on non-performing assets is included in Table 9.
Net charge-offs during the fourth quarter of 2006 were $3.1 million or 0.19 percent annualized of total average loans and leases compared to $1.6 million or 0.10 percent annualized of total average loans and leases in the fourth quarter last year and $2.8 million or 0.17 percent annualized of total average loans and leases in the previous quarter.  Net charge-offs for the full year of 2006 were $10.8 million, or 0.17 percent of total average loans, a decrease of $11.3 million, or 51.1 percent from net charge-offs of $22.0 million, or 0.36 percent of total average loans in 2005.  Net charge-offs in 2005 included a $10.0 million write-off of a fully reserved aircraft lease.
The allowance for loan and lease losses was $91.0 million at December 31, 2006, down $0.1 million from $91.1 million at December 31, 2005 and up $0.2 million from $90.8 million at September 30, 2006.  The ratio of the allowance for loan and lease losses to total loans was 1.37 percent at December 31, 2006, down from 1.48 percent at December 31, 2005 and down from 1.40 percent at September 30, 2006.  The reserve for unfunded commitments at December 31, 2006 was $5.2 million, up from $5.1 million at December 31, 2005 and down from $5.4 million at September 30, 2006.   Details of charge-offs, recoveries and the components of the total reserve for credit losses are summarized in Table 10.
Loan and lease portfolio balances, including credit exposure to the air transportation industry are summarized in Table 8.
Other Financial Highlights
Total assets were $10.57 billion at December 31, 2006, up $385 million from $10.19 billion at December 31, 2005 and up $201 million from $10.37 billion at September 30, 2006.  Total loans and leases were $6.62 billion at December 31, 2006, up $455 million from $6.17 billion at December 31, 2005 and up $134 million from $6.49 billion at September 30, 2006.
3

Bank of Hawaii Corporation 2006 Financial Results
Total commercial loans were $2.46 billion at December 31, 2006, up $362 million from $2.10 billion at December 31, 2005 and up $105 million from $2.36 billion at September 30, 2006. Total consumer loans were $4.16 billion at December 31, 2006, up $93 million from $4.07 billion at December 31, 2005 and up $29 million from $4.13 billion at September 30, 2006.
Total deposits at December 31, 2006 were $8.02 billion, up $116 million from $7.91 billion at December 31, 2005 and up $336 million from $7.69 billion at September 30, 2006.  Average total deposits were $7.72 billion during the fourth quarter of 2006, down $74 million from the fourth quarter last year and down $10 million from $7.73 billion during the previous quarter.
During the fourth quarter of 2006, the Company repurchased 337.5 thousand shares of common stock at a total cost of $17.1 million under its share repurchase program.  The average cost was $50.71 per share repurchased.  From the beginning of the share repurchase program in July 2001 through December 31, 2006, the Company repurchased a total of 42.5 million shares and returned nearly $1.5 billion to shareholders at an average cost of $34.35 per share.  From January 1, 2006 through January 19, 2007, the Company repurchased an additional 75.0 thousand shares of common stock at an average cost of $53.17 per share.  Remaining buyback authority under the share repurchase program was $87.4 million at January 19, 2007.
At December 31, 2006 the Tier 1 leverage ratio was 7.13 percent compared to 7.14 percent at December 31, 2005 and 6.90 percent at September 30, 2006.
The Company’s Board of Directors has declared a quarterly cash dividend of $0.41 per share on the Company’s outstanding shares.  The dividend will be payable on March 14, 2007 to shareholders of record at the close of business on February 28, 2007.
Economic Update
At the end of 2006, the Hawaii economy was generally in strong condition.  Inflation moderated in the second half of 2006 due to lower energy prices and stable home prices.  Looking forward to 2007, most economic indicators will show modest improvements as capacity constraints affecting tourism and the workforce will limit economic growth.  Personal income growth should improve slightly, although inflation is expected to exceed national levels.  Housing prices are expected to remain stable as new home building slows.  Commercial real estate demand is expected to remain strong.
Business Outlook
In 2001, the Company announced a three-year plan designed to refocus on maximizing shareholder value over time, which continues to be our governing objective.  That plan was successfully completed in 2003.  A new three-year plan for 2004 – 2006 was announced in 2004 which continued to build on the winning strategy of the previous plan.  The key elements were to accelerate revenue growth, better integrate business segments, develop the management team, improve efficiency, and maintain a discipline of dependable risk and capital management.  The 2004 – 2006 Plan was successfully completed in 2006.
The Company’s Plan for 2007 and beyond builds on the themes that were prominent in the 2004 – 2006 Plan.  The 2007+ Plan emphasizes growth in revenues, integration of service
4

Bank of Hawaii Corporation 2006 Financial Results
delivery and business units, development of people, enhancement of the Bank of Hawaii brand, and discipline in managing risk and financial performance.  The 2007+ Plan does not contemplate expansion beyond the Company’s current footprint.
“Given the solid performance of Bank of Hawaii in the last two years, we anticipate that our shareholders expect a plan that emphasizes consistency”, said Mr. Landon.  “Our 2007+ Plan was prepared by a team of fifteen of the Company’s best leaders.  Our planning team evaluated a full range of strategic alternatives and developed a solid plan.”
The 2007+ Plan is based on moderate growth in revenue and consistent positive operating leverage.  The 2007+ Plan is based on forecasts of a “flat” yield curve continuing well into 2007.  Anticipated operating results include an annual return on assets above 1.7 percent, a return on equity above 25 percent, and an efficiency ratio approaching 50 percent, based on a stable economy and a return to a more traditional interest rate environment.  The 2007+ Plan contemplates some increase in loan losses.  The Company does not expect to provide specific earnings expectations in the future.  The 2007+ Plan will be reevaluated periodically and updated as market events dictate.
Conference Call Information
The Company will review its 2006 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time).  The call 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 for participants in the United States is 866-713-8307.  International participants should call 617-597-5307.  No passcode is required.  A replay of the conference call will be available for one week beginning Monday, January 22, 2007 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the number 46131311 when prompted.  A replay will also be available via the Investor Relations link of the Company’s web site.
Forward-Looking Statements
This news release contains, and other statements made by the Company in connection with this earnings release may contain, forward-looking statements concerning, among other things, the Company’s business outlook, the economic and business environment in our service areas and elsewhere, credit quality 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) general economic conditions are less favorable than expected; 2) competitive pressure among financial services and products; 3) the impact of legislation and the regulatory environment; 4) fiscal and monetary policies of the markets in which the Company serves; 5) changes in accounting standards; 6) changes in tax laws or regulations or the interpretation of such laws and regulations; 7) changes in the Company’s credit quality or risk profile that may increase or decrease the required level of reserve for credit losses; 8) changes in market interest rates that may affect the Company’s credit markets and ability to maintain its net interest margin; 9) unpredictable costs and other consequences of legal or regulatory matters; 10) changes to the amount and timing of proposed equity repurchases; and 11) geopolitical risk, military or terrorist activity, natural disaster, adverse weather, public health and other conditions impacting the Company and its customers’ operations.
5

Bank of Hawaii Corporation 2006 Financial Results
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, and subsequent periodic and current reports, filed with the U.S. Securities and Exchange Commission.  Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not exclusive means of identifying such statements.  The Company does not undertake an obligation to update forward-looking statements to reflect later events or circumstances.
Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific.  The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii.  For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com .
# # # #
6

Bank of Hawaii Corporation and Subsidiaries	 	
Highlights (Unaudited)	Table1	
 
 	 	Three Months Ended	 	Year Ended	 	
 	 	December 31,	 	September 30,	 	December 31,	 	December 31,	 	
(dollars in thousands, except per share amounts)	 	2006	 	2006 (1),(2)	 	2005 (1)	 	2006	 	2005 (1)	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	$	149,540	 	$	146,960	 	$	132,945	 	$	572,672	 	$	506,442	 	
Net Interest Income	 	100,205	 	100,350	 	103,456	 	402,613	 	407,113	 	
Net Income	 	50,913	 	46,920	 	44,781	 	180,359	 	181,561	 	
Basic Earnings Per Share	 	1.03	 	0.94	 	0.88	 	3.59	 	3.50	 	
Diluted Earnings Per Share	 	1.01	 	0.92	 	0.86	 	3.52	 	3.41	 	
Dividends Declared Per Share	 	0.41	 	0.37	 	0.37	 	1.52	 	1.36	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Net Income to Average Total Assets (ROA)	 	1.94	%	1.81	%	1.76	%	1.76	%	1.81	%	
Net Income to Average Shareholders’ Equity (ROE)	 	28.56	 	27.09	 	25.19	 	25.90	 	24.83	 	
Net Interest Margin (3)	 	4.15	 	4.20	 	4.43	 	4.25	 	4.38	 	
Operating Leverage (prior year)	 	 	 	 	 	 	 	3.13	 	10.54	 	
Efficiency Ratio (4)	 	53.08	 	50.75	 	53.92	 	51.87	 	53.15	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Average Assets	 	$	10,391,402	 	$	10,309,314	 	$	10,079,483	 	$	10,241,442	 	$	10,023,750	 	
Average Loans and Leases	 	6,501,868	 	6,470,883	 	6,153,802	 	6,369,200	 	6,104,356	 	
Average Deposits	 	7,721,584	 	7,731,993	 	7,795,381	 	7,731,051	 	7,766,516	 	
Average Shareholders’ Equity	 	707,149	 	687,172	 	705,428	 	696,299	 	731,077	 	
Average Shareholders’ Equity to Average Assets	 	6.81	%	6.67	%	7.00	%	6.80	%	7.29	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Market Price Per Share of Common Stock:	 	 	 	 	 	 	 	 	 	 	 	
Closing	 	$	53.95	 	$	48.16	 	$	51.54	 	$	53.95	 	$	51.54	 	
High	 	54.59	 	50.75	 	53.19	 	55.15	 	54.44	 	
Low	 	47.54	 	47.00	 	47.21	 	47.00	 	43.82	 	

 	 	December 31,	 	September 30,	 	December 31,	 	
 	 	2006	 	2006 (1)	 	2005 (1)	 	
At Period End:	 	 	 	 	 	 	 	
Net Loans and Leases	 	$	6,532,169	 	$	6,398,262	 	$	6,077,446	 	
Total Assets	 	10,571,815	 	10,371,215	 	10,187,038	 	
Deposits	 	8,023,394	 	7,687,123	 	7,907,468	 	
Long-Term Debt	 	260,288	 	265,268	 	242,703	 	
Shareholders’ Equity	 	719,420	 	683,472	 	693,352	 	
 	 	 	 	 	 	 	 	
Ratio of Allowance for Loan and Lease Losses to Loans and Leases Outstanding	 	1.37	%	1.40	%	1.48	%	
Dividend Payout Ratio (5)	 	42.11	 	43.02	 	38.86	 	
Leverage Capital Ratio	 	7.13	 	6.90	 	7.14	 	
 	 	 	 	 	 	 	 	
Book Value Per Common Share	 	$	14.45	 	$	13.72	 	$	13.52	 	
 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	 	2,586	 	2,589	 	2,585	 	
Branches and Offices	 	86	 	86	 	85	 	

(1)          Certain prior period information has been reclassified to conform to current presentation. 
 
(2)          Third quarter 2006 basic and diluted EPS was corrected from $0.95 and $0.93, respectively.
 
(3)          The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.
 
(4)          The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
 
(5)          Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Statements of Income (Unaudited)	Table 2	
 
 	 	Three Months Ended	 	Year Ended	 	
 	 	December 31,	 	September 30,	 	December 31,	 	December 31,	 	
(dollars in thousands, except per share amounts)	 	2006	 	2006(1)	 	2005	 	2006	 	2005	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	 	$	111,649	 	$	110,065	 	$	97,697	 	$	425,473	 	$	368,664	 	
Income on Investment Securities - Available-for-Sale	 	32,807	 	31,949	 	29,820	 	126,817	 	113,608	 	
Income on Investment Securities - Held-to-Maturity	 	4,282	 	4,558	 	4,899	 	18,255	 	21,360	 	
Deposits	 	63	 	50	 	103	 	211	 	219	 	
Funds Sold	 	406	 	66	 	154	 	767	 	1,329	 	
Other	 	333	 	272	 	272	 	1,149	 	1,262	 	
Total Interest Income	 	149,540	 	146,960	 	132,945	 	572,672	 	506,442	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	
Deposits	 	30,924	 	28,464	 	17,479	 	103,677	 	58,426	 	
Securities Sold Under Agreements to Repurchase	 	12,538	 	11,959	 	6,504	 	42,189	 	21,187	 	
Funds Purchased	 	1,689	 	2,270	 	1,730	 	8,504	 	4,515	 	
Short-Term Borrowings	 	106	 	82	 	61	 	318	 	188	 	
Long-Term Debt	 	4,078	 	3,835	 	3,715	 	15,371	 	15,013	 	
Total Interest Expense	 	49,335	 	46,610	 	29,489	 	170,059	 	99,329	 	
Net Interest Income	 	100,205	 	100,350	 	103,456	 	402,613	 	407,113	 	
Provision for Credit Losses	 	3,143	 	2,785	 	1,588	 	10,758	 	4,588	 	
Net Interest Income After Provision for Credit Losses	 	97,062	 	97,565	 	101,868	 	391,855	 	402,525	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	 	
Trust and Asset Management	 	14,949	 	14,406	 	14,098	 	58,740	 	56,830	 	
Mortgage Banking	 	2,612	 	2,394	 	2,597	 	10,562	 	10,399	 	
Service Charges on Deposit Accounts	 	11,206	 	10,723	 	10,151	 	41,756	 	39,945	 	
Fees, Exchange, and Other Service Charges	 	15,775	 	16,266	 	15,147	 	62,441	 	59,588	 	
Investment Securities Gains (Losses), Net	 	153	 	19	 	(4	)	172	 	341	 	
Insurance	 	3,965	 	6,713	 	4,201	 	20,388	 	19,643	 	
Other	 	4,856	 	6,366	 	4,619	 	22,117	 	22,568	 	
Total Noninterest Income	 	53,516	 	56,887	 	50,809	 	216,176	 	209,314	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	 	
Salaries and Benefits	 	42,727	 	43,133	 	43,319	 	176,457	 	176,310	 	
Net Occupancy	 	9,959	 	9,998	 	9,643	 	38,976	 	38,273	 	
Net Equipment	 	5,012	 	5,285	 	5,358	 	20,127	 	21,541	 	
Professional Fees	 	1,189	 	2,638	 	4,057	 	6,854	 	15,702	 	
Other	 	22,710	 	18,751	 	20,802	 	78,548	 	75,816	 	
Total Noninterest Expense	 	81,597	 	79,805	 	83,179	 	320,962	 	327,642	 	
Income Before Provision for Income Taxes	 	68,981	 	74,647	 	69,498	 	287,069	 	284,197	 	
Provision for Income Taxes	 	18,068	 	27,727	 	24,717	 	106,710	 	102,636	 	
Net Income	 	$	50,913	 	$	46,920	 	$	44,781	 	$	180,359	 	$	181,561	 	
Basic Earnings Per Share	 	$	1.03	 	$	0.94	 	$	0.88	 	$	3.59	 	$	3.50	 	
Diluted Earnings Per Share	 	$	1.01	 	$	0.92	 	$	0.86	 	$	3.52	 	$	3.41	 	
Dividends Declared Per Share	 	$	0.41	 	$	0.37	 	$	0.37	 	$	1.52	 	$	1.36	 	
Basic Weighted Average Shares	 	49,493,213	 	49,960,617	 	50,743,172	 	50,176,685	 	51,848,765	 	
Diluted Weighted Average Shares	 	50,378,519	 	50,879,937	 	52,042,845	 	51,178,943	 	53,310,816	 	

(1) Third quarter 2006 basic and diluted EPS was corrected from $0.95 and $0.93, respectively.  In addition, basic and diluted weighted average shares was corrected from 49,586,947 and 50,506,267, respectively.

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Statements of Condition (Unaudited)	Table 3	
 
 	 	December 31,	 	September 30,	 	December 31,	 	
(dollars in thousands)	 	2006	 	2006	 	2005	 	
Assets	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	$	4,990	 	$	5,238	 	$	4,893	 	
Funds Sold	 	50,000	 	—	 	—	 	
Investment Securities - Available-for-Sale	 	 	 	 	 	 	 	
Held in Portfolio	 	1,846,742	 	1,973,719	 	2,333,417	 	
Pledged as Collateral	 	751,135	 	678,914	 	204,798	 	
Investment Securities - Held-to-Maturity
(Fair Value of $360,719; $385,891; and $442,989)	 	371,344	 	397,520	 	454,240	 	
Loans Held for Sale	 	11,942	 	15,336	 	17,915	 	
Loans and Leases	 	6,623,167	 	6,489,057	 	6,168,536	 	
Allowance for Loan and Lease Losses	 	(90,998	)	(90,795	)	(91,090	)	
Net Loans and Leases	 	6,532,169	 	6,398,262	 	6,077,446	 	
Total Earning Assets	 	9,568,322	 	9,468,989	 	9,092,709	 	
Cash and Noninterest-Bearing Deposits	 	398,342	 	283,621	 	493,825	 	
Premises and Equipment	 	125,925	 	127,521	 	133,913	 	
Customers’ Acceptances	 	1,230	 	673	 	1,056	 	
Accrued Interest Receivable	 	49,284	 	49,339	 	43,033	 	
Foreclosed Real Estate	 	407	 	409	 	358	 	
Mortgage Servicing Rights	 	19,437	 	18,995	 	18,010	 	
Goodwill	 	34,959	 	34,959	 	34,959	 	
Other Assets	 	373,909	 	386,709	 	369,175	 	
Total Assets	 	$	10,571,815	 	$	10,371,215	 	$	10,187,038	 	
Liabilities	 	 	 	 	 	 	 	
Deposits	 	 	 	 	 	 	 	
Noninterest-Bearing Demand	 	$	1,993,794	 	$	1,879,644	 	$	2,134,916	 	
Interest-Bearing Demand	 	1,642,375	 	1,608,774	 	1,678,454	 	
Savings	 	2,690,846	 	2,596,940	 	2,819,258	 	
Time	 	1,696,379	 	1,601,765	 	1,274,840	 	
Total Deposits	 	8,023,394	 	7,687,123	 	7,907,468	 	
Funds Purchased	 	60,140	 	160,600	 	268,110	 	
Short-Term Borrowings	 	11,058	 	11,290	 	9,447	 	
Securities Sold Under Agreements to Repurchase	 	1,047,824	 	1,099,260	 	609,380	 	
Long-Term Debt	 	260,288	 	265,268	 	242,703	 	
Banker’s Acceptances	 	1,230	 	673	 	1,056	 	
Retirement Benefits Payable	 	48,309	 	72,651	 	71,116	 	
Accrued Interest Payable	 	22,718	 	18,659	 	10,910	 	
Taxes Payable and Deferred Taxes	 	277,202	 	280,611	 	269,094	 	
Other Liabilities	 	100,232	 	91,608	 	104,402	 	
Total Liabilities	 	9,852,395	 	9,687,743	 	9,493,686	 	
Shareholders’ Equity	 	 	 	 	 	 	 	
Common Stock ($.01 par value); authorized 500,000,000 shares; issued / outstanding: December 2006 - 56,848,609 / 49,777,654; September 2006 - 56,848,799 / 49,809,709; and December 2005 - 56,827,483 / 51,276,286	 	566	 	566	 	565	 	
Capital Surplus	 	475,178	 	471,908	 	473,338	 	
Accumulated Other Comprehensive Loss	 	(39,084	)	(49,422	)	(47,818	)	
Retained Earnings	 	630,660	 	605,976	 	546,591	 	
Deferred Stock Grants	 	—	 	—	 	(11,080	)	
Treasury Stock, at Cost (Shares: December 2006 - 7,070,955; September 2006 - 7,039,090; and December 2005 - 5,551,197)	 	(347,900	)	(345,556	)	(268,244	)	
Total Shareholders’ Equity	 	719,420	 	683,472	 	693,352	 	
Total Liabilities and Shareholders’ Equity	 	$	10,571,815	 	$	10,371,215	 	$	10,187,038	 	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Statements of Shareholders’ Equity (Unaudited)	Table 4	
 
 	 	 	 	 	 	 	 	Accum.	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Other	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Compre-	 	 	 	Deferred	 	 	 	Compre-	 	
 	 	 	 	Common	 	Capital	 	hensive	 	Retained	 	Stock	 	Treasury	 	hensive	 	
(dollars in thousands)	 	Total	 	Stock	 	Surplus	 	Loss	 	Earnings	 	Grants	 	Stock	 	Income	 	
Balance at December 31, 2005	 	$	693,352	 	$	565	 	$	473,338	 	$	(47,818	)	$	546,591	 	$	(11,080	)	$	(268,244	)	 	 	
Comprehensive Income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	180,359	 	—	 	—	 	—	 	180,359	 	—	 	—	 	$	180,359	 	
Other Comprehensive Income, Net of Tax:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Change in Unrealized Gains and Losses on Investment Securities - Available-for-Sale	 	(196	)	—	 	—	 	(196	)	—	 	—	 	—	 	(196	)	
Change in Minimum Pension Liability Adjustments	 	1,972	 	—	 	—	 	1,972	 	—	 	—	 	—	 	1,972	 	
Total Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	182,135	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustment to Initially Apply FASB Statement No. 158, Net of Tax	 	6,958	 	—	 	—	 	6,958	 	—	 	—	 	—	 	 	 	
Common Stock Issued under Share-Based Compensation Plans and Related Tax Benefits (1,044,951 shares)	 	43,449	 	1	 	1,840	 	—	 	(19,543	)	11,080	 	50,071	 	 	 	
Common Stock Repurchased (2,540,130 shares)	 	(129,727	)	—	 	—	 	—	 	—	 	—	 	(129,727	)	 	 	
Cash Dividends Paid	 	(76,747	)	—	 	—	 	—	 	(76,747	)	—	 	—	 	 	 	
Balance at December 31, 2006	 	$	719,420	 	$	566	 	$	475,178	 	$	(39,084	)	$	630,660	 	$	—	 	$	(347,900	)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance at December 31, 2004	 	$	814,834	 	$	813	 	$	450,998	 	$	(12,917	)	$	1,282,425	 	$	(8,433	)	$	(898,052	)	 	 	
Comprehensive Income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	181,561	 	—	 	—	 	—	 	181,561	 	—	 	—	 	$	181,561	 	
Other Comprehensive Income, Net of Tax:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Change in Unrealized Gains and Losses on Investment Securities - Available-for-Sale	 	(32,547	)	—	 	—	 	(32,547	)	—	 	—	 	—	 	(32,547	)	
Change in Minimum Pension Liability Adjustments	 	(2,354	)	—	 	—	 	(2,354	)	—	 	—	 	—	 	(2,354	)	
Total Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	146,660	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Common Stock Issued under Share-Based Compensation Plans and Related Tax Benefits (1,430,416 shares)	 	50,067	 	2	 	22,090	 	—	 	(4,138	)	(2,647	)	34,760	 	 	 	
Common Stock Repurchased (5,111,281 shares)	 	(247,376	)	—	 	—	 	—	 	—	 	—	 	(247,376	)	 	 	
Retirement of Treasury Stock Shares (25,000,000 shares)	 	—	 	(250	)	250	 	—	 	(842,424	)	—	 	842,424	 	 	 	
Cash Dividends Paid	 	(70,833	)	—	 	—	 	—	 	(70,833	)	—	 	—	 	 	 	
Balance at December 31, 2005	 	$	693,352	 	$	565	 	$	473,338	 	$	(47,818	)	$	546,591	 	$	(11,080	)	$	(268,244	)	 	 	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited)	Table 5a	
 
 	 	Three Months Ended	 	Three Months Ended	 	Three Months Ended	 	
 	 	December 31, 2006	 	September 30, 2006 (1)	 	December 31, 2005 (1)	 	
 	 	Average	 	Income/	 	Yield/	 	Average	 	Income/	 	Yield/	 	Average	 	Income/	 	Yield/	 	
(dollars in millions)	 	Balance	 	Expense	 	Rate	 	Balance	 	Expense	 	Rate	 	Balance	 	Expense	 	Rate	 	
Earning Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	$	5.7	 	$	0.1	 	4.42	%	$	4.9	 	$	0.1	 	4.12	%	$	11.2	 	$	0.1	 	3.64	%	
Funds Sold	 	30.5	 	0.4	 	5.28	 	5.1	 	0.1	 	5.16	 	15.1	 	0.1	 	4.05	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Available-for-Sale	 	2,657.8	 	33.0	 	4.96	 	2,583.0	 	32.1	 	4.97	 	2,573.2	 	30.0	 	4.65	 	
Held-to-Maturity	 	384.7	 	4.3	 	4.45	 	413.3	 	4.5	 	4.41	 	469.9	 	4.9	 	4.17	 	
Loans Held for Sale	 	10.0	 	0.2	 	6.79	 	8.1	 	0.1	 	6.45	 	36.4	 	0.2	 	1.99	 	
Loans and Leases (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	1,025.8	 	19.6	 	7.59	 	1,024.3	 	19.3	 	7.46	 	944.1	 	16.0	 	6.74	 	
Construction	 	236.4	 	4.9	 	8.24	 	232.2	 	4.9	 	8.30	 	161.3	 	2.9	 	7.22	 	
Commercial Mortgage	 	608.9	 	10.7	 	6.97	 	614.0	 	10.5	 	6.77	 	565.7	 	9.0	 	6.33	 	
Residential Mortgage	 	2,474.6	 	37.6	 	6.08	 	2,454.6	 	36.8	 	6.01	 	2,369.6	 	34.5	 	5.82	 	
Other Revolving Credit and Installment	 	697.3	 	16.1	 	9.18	 	705.6	 	16.4	 	9.21	 	738.8	 	16.2	 	8.70	 	
Home Equity	 	943.8	 	18.2	 	7.66	 	937.2	 	17.9	 	7.59	 	880.8	 	14.5	 	6.53	 	
Lease Financing	 	515.1	 	4.3	 	3.31	 	503.0	 	4.1	 	3.27	 	493.5	 	4.4	 	3.53	 	
Total Loans and Leases	 	6,501.9	 	111.4	 	6.82	 	6,470.9	 	109.9	 	6.76	 	6,153.8	 	97.5	 	6.31	 	
Other	 	79.4	 	0.3	 	1.68	 	79.4	 	0.3	 	1.37	 	79.4	 	0.3	 	1.37	 	
Total Earning Assets (3)	 	9,670.0	 	149.7	 	6.17	 	9,564.7	 	147.1	 	6.13	 	9,339.0	 	133.1	 	5.68	 	
Cash and Noninterest-Bearing Deposits	 	272.9	 	 	 	 	 	296.5	 	 	 	 	 	314.7	 	 	 	 	 	
Other Assets	 	448.5	 	 	 	 	 	448.1	 	 	 	 	 	425.8	 	 	 	 	 	
Total Assets	 	$	10,391.4	 	 	 	 	 	$	10,309.3	 	 	 	 	 	$	10,079.5	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Demand	 	$	1,577.6	 	4.2	 	1.06	 	$	1,618.9	 	4.1	 	1.01	 	$	1,650.9	 	3.1	 	0.75	 	
Savings	 	2,626.4	 	11.1	 	1.68	 	2,641.4	 	10.6	 	1.59	 	2,882.4	 	6.1	 	0.83	 	
Time	 	1,650.0	 	15.6	 	3.74	 	1,542.7	 	13.8	 	3.53	 	1,273.6	 	8.3	 	2.59	 	
Total Interest-Bearing Deposits	 	5,854.0	 	30.9	 	2.10	 	5,803.0	 	28.5	 	1.95	 	5,806.9	 	17.5	 	1.19	 	
Short-Term Borrowings	 	135.0	 	1.8	 	5.28	 	179.1	 	2.4	 	5.21	 	178.1	 	1.8	 	3.99	 	
Securities Sold Under Agreements to Repurchase	 	1,091.6	 	12.5	 	4.52	 	1,005.8	 	11.9	 	4.69	 	710.5	 	6.5	 	3.62	 	
Long-Term Debt	 	264.7	 	4.1	 	6.15	 	248.7	 	3.8	 	6.16	 	242.7	 	3.7	 	6.11	 	
Total Interest-Bearing Liabilities	 	7,345.3	 	49.3	 	2.66	 	7,236.6	 	46.6	 	2.55	 	6,938.2	 	29.5	 	1.69	 	
Net Interest Income	 	 	 	$	100.4	 	 	 	 	 	$	100.5	 	 	 	 	 	$	103.6	 	 	 	
Interest Rate Spread	 	 	 	 	 	3.51	%	 	 	 	 	3.58	%	 	 	 	 	3.99	%	
Net Interest Margin	 	 	 	 	 	4.15	%	 	 	 	 	4.20	%	 	 	 	 	4.43	%	
Noninterest-Bearing Demand Deposits	 	1,867.6	 	 	 	 	 	1,929.0	 	 	 	 	 	1,988.5	 	 	 	 	 	
Other Liabilities	 	471.4	 	 	 	 	 	456.5	 	 	 	 	 	447.4	 	 	 	 	 	
Shareholders’ Equity	 	707.1	 	 	 	 	 	687.2	 	 	 	 	 	705.4	 	 	 	 	 	
Total Liabilities and Shareholders’ Equity	 	$	10,391.4	 	 	 	 	 	$	10,309.3	 	 	 	 	 	$	10,079.5	 	 	 	 	 	

(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 a taxable-equivalent basis adjustment based upon a statutory tax rate of 35%.

 
Bank of Hawaii Corporation and Subsidiaries	 	 	
Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited)	 	Table 5b	
 
 	 	Year Ended	 	Year Ended	 	
 	 	December 31, 2006	 	December 31, 2005 (1)	 	
 	 	Average	 	Income/	 	Yield/	 	Average	 	Income/	 	Yield/	 	
(dollars in millions)	 	Balance	 	Expense	 	Rate	 	Balance	 	Expense	 	Rate	 	
Earning Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	$	5.4	 	$	0.2	 	3.92	%	$	7.1	 	$	0.2	 	3.07	%	
Funds Sold	 	15.2	 	0.8	 	5.06	 	39.3	 	1.3	 	3.38	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	
Available-for-Sale	 	2,598.8	 	127.5	 	4.91	 	2,545.6	 	114.0	 	4.48	 	
Held-to-Maturity	 	417.6	 	18.3	 	4.37	 	523.7	 	21.4	 	4.08	 	
Loans Held for Sale	 	9.7	 	0.6	 	6.38	 	20.4	 	0.8	 	4.03	 	
Loans and Leases (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	987.8	 	72.7	 	7.36	 	953.8	 	59.8	 	6.27	 	
Construction	 	197.3	 	16.2	 	8.19	 	138.6	 	8.8	 	6.35	 	
Commercial Mortgage	 	598.5	 	40.3	 	6.73	 	582.6	 	34.8	 	5.97	 	
Residential Mortgage	 	2,450.4	 	146.3	 	5.97	 	2,346.8	 	133.6	 	5.70	 	
Other Revolving Credit and Installment	 	711.6	 	64.7	 	9.09	 	740.4	 	62.7	 	8.46	 	
Home Equity	 	922.2	 	68.4	 	7.42	 	844.2	 	49.8	 	5.91	 	
Lease Financing	 	501.4	 	16.3	 	3.25	 	498.0	 	18.3	 	3.67	 	
Total Loans and Leases	 	6,369.2	 	424.9	 	6.67	 	6,104.4	 	367.8	 	6.03	 	
Other	 	79.4	 	1.1	 	1.45	 	69.8	 	1.3	 	1.81	 	
Total Earning Assets (3)	 	9,495.3	 	573.4	 	6.04	 	9,310.3	 	506.8	 	5.44	 	
Cash and Noninterest-Bearing Deposits	 	301.2	 	 	 	 	 	313.0	 	 	 	 	 	
Other Assets	 	444.9	 	 	 	 	 	400.4	 	 	 	 	 	
Total Assets	 	$	10,241.4	 	 	 	 	 	$	10,023.7	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	
Demand	 	$	1,615.5	 	15.6	 	0.96	 	$	1,667.0	 	10.1	 	0.60	 	
Savings	 	2,680.3	 	38.3	 	1.43	 	2,928.6	 	20.5	 	0.70	 	
Time	 	1,484.8	 	49.8	 	3.35	 	1,197.8	 	27.8	 	2.32	 	
Total Interest-Bearing Deposits	 	5,780.6	 	103.7	 	1.79	 	5,793.4	 	58.4	 	1.01	 	
Short-Term Borrowings	 	177.7	 	8.8	 	4.97	 	144.5	 	4.7	 	3.25	 	
Securities Sold Under Agreements to Repurchase	 	932.4	 	42.2	 	4.52	 	699.0	 	21.2	 	3.03	 	
Long-Term Debt	 	249.8	 	15.4	 	6.15	 	244.2	 	15.0	 	6.15	 	
Total Interest-Bearing Liabilities	 	7,140.5	 	170.1	 	2.38	 	6,881.1	 	99.3	 	1.44	 	
Net Interest Income	 	 	 	$	403.3	 	 	 	 	 	$	407.5	 	 	 	
Interest Rate Spread	 	 	 	 	 	3.66	%	 	 	 	 	4.00	%	
Net Interest Margin	 	 	 	 	 	4.25	%	 	 	 	 	4.38	%	
Noninterest-Bearing Demand Deposits	 	1,950.4	 	 	 	 	 	1,973.1	 	 	 	 	 	
Other Liabilities	 	454.2	 	 	 	 	 	438.4	 	 	 	 	 	
Shareholders’ Equity	 	696.3	 	 	 	 	 	731.1	 	 	 	 	 	
Total Liabilities and Shareholders’ Equity	 	$	10,241.4	 	 	 	 	 	$	10,023.7	 	 	 	 	 	

(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 a 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	
 
 	 	Year Ended December 31, 2006 compared to December 31, 2005	 	
(dollars in millions)	 	Volume (1)	 	Rate (1)	 	Total	 	
Change in Interest Income:	 	 	 	 	 	 	 	
Funds Sold	 	$	(1.0	)	$	0.5	 	$	(0.5	)	
Investment Securities	 	 	 	 	 	 	 	
Available-for-Sale	 	2.4	 	11.1	 	13.5	 	
Held-to-Maturity	 	(4.5	)	1.4	 	(3.1	)	
Loans Held for Sale	 	(0.5	)	0.3	 	(0.2	)	
Loans and Leases	 	 	 	 	 	 	 	
Commercial and Industrial	 	2.2	 	10.7	 	12.9	 	
Construction	 	4.4	 	3.0	 	7.4	 	
Commercial Mortgage	 	0.9	 	4.6	 	5.5	 	
Residential Mortgage	 	6.1	 	6.6	 	12.7	 	
Other Revolving Credit and Installment	 	(2.5	)	4.5	 	2.0	 	
Home Equity	 	4.9	 	13.7	 	18.6	 	
Lease Financing	 	0.1	 	(2.1	)	(2.0	)	
Total Loans and Leases	 	16.1	 	41.0	 	57.1	 	
Other	 	0.1	 	(0.3	)	(0.2	)	
Total Change in Interest Income	 	12.6	 	54.0	 	66.6	 	
 	 	 	 	 	 	 	 	
Change in Interest Expense:	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	
Demand	 	(0.3	)	5.8	 	5.5	 	
Savings	 	(1.9	)	19.7	 	17.8	 	
Time	 	7.7	 	14.3	 	22.0	 	
Total Interest-Bearing Deposits	 	5.5	 	39.8	 	45.3	 	
Short-Term Borrowings	 	1.2	 	2.9	 	4.1	 	
Securities Sold Under Agreements to Repurchase	 	8.5	 	12.5	 	21.0	 	
Long-Term Debt	 	0.4	 	—	 	0.4	 	
Total Change in Interest Expense	 	15.6	 	55.2	 	70.8	 	
 	 	 	 	 	 	 	 	
Change in Net Interest Income	 	$	(3.0	)	$	(1.2	)	$	(4.2	)	

(1)          The changes for each category of interest income and expense are allocated between the portion of changes attributable to the variance in volume or rate for that category.

 
Bank of Hawaii Corporation and Subsidiaries	 	 	
Salaries and Benefits (Unaudited)	 	Table 7	
 
 	 	Three Months Ended	 	Year Ended	 	
 	 	December 31,	 	September 30,	 	December 31,	 	December 31,	 	
(dollars in thousands)	 	2006	 	2006	 	2005	 	2006	 	2005	 	
Salaries	 	$	27,923	 	$	27,829	 	$	27,765	 	$	110,203	 	$	108,286	 	
Incentive Compensation	 	5,288	 	3,697	 	4,067	 	17,150	 	16,145	 	
Share-Based Compensation	 	999	 	1,211	 	720	 	5,322	 	6,118	 	
Commission Expense	 	1,692	 	1,721	 	1,715	 	7,168	 	8,112	 	
Retirement and Other Benefits	 	2,690	 	4,454	 	4,245	 	17,212	 	17,962	 	
Payroll Taxes	 	1,992	 	2,117	 	1,999	 	9,791	 	9,748	 	
Medical, Dental, and Life Insurance	 	1,934	 	1,620	 	2,168	 	7,900	 	8,027	 	
Separation Expense	 	209	 	484	 	640	 	1,711	 	1,912	 	
Total Salaries and Benefits	 	$	42,727	 	$	43,133	 	$	43,319	 	$	176,457	 	$	176,310	 	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More (Unaudited)	Table 9	
 
 	 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	December 31,	 	
(dollars in thousands)	 	2006	 	2006	 	2006	 	2006	 	2005 (1)	 	
Non-Performing Assets	 	 	 	 	 	 	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	$	769	 	$	400	 	$	227	 	$	236	 	$	212	 	
Commercial Mortgage	 	40	 	44	 	48	 	52	 	58	 	
Lease Financing	 	31	 	—	 	—	 	—	 	—	 	
Total Commercial	 	840	 	444	 	275	 	288	 	270	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	4,914	 	4,253	 	4,628	 	4,922	 	5,439	 	
Home Equity	 	164	 	254	 	204	 	38	 	111	 	
Total Consumer	 	5,078	 	4,507	 	4,832	 	4,960	 	5,550	 	
Total Non-Accrual Loans and Leases	 	5,918	 	4,951	 	5,107	 	5,248	 	5,820	 	
Foreclosed Real Estate	 	407	 	409	 	188	 	358	 	358	 	
Other Investments	 	82	 	82	 	82	 	300	 	300	 	
Total Non-Performing Assets	 	$	6,407	 	$	5,442	 	$	5,377	 	$	5,906	 	$	6,478	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	$	519	 	$	882	 	$	1,157	 	$	464	 	$	1,132	 	
Home Equity	 	331	 	62	 	86	 	85	 	185	 	
Other Revolving Credit and Installment	 	1,954	 	2,044	 	1,561	 	1,390	 	1,504	 	
Lease Financing	 	10	 	—	 	—	 	18	 	29	 	
Total Accruing Loans and Leases Past Due 90 Days or More	 	$	2,814	 	$	2,988	 	$	2,804	 	$	1,957	 	$	2,850	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Loans and Leases	 	$	6,623,167	 	$	6,489,057	 	$	6,441,625	 	$	6,246,125	 	$	6,168,536	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	 	0.09	%	0.08	%	0.08	%	0.08	%	0.09	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases, Foreclosed Real Estate, and Other Investments	 	0.10	%	0.08	%	0.08	%	0.09	%	0.11	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases	 	0.14	%	0.13	%	0.13	%	0.13	%	0.15	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	 	 	 	 	 	 	
Balance at Beginning of Quarter	 	$	5,442	 	$	5,377	 	$	5,906	 	$	6,478	 	$	8,250	 	
Additions	 	2,427	 	1,507	 	1,509	 	907	 	1,191	 	
Reductions	 	 	 	 	 	 	 	 	 	 	 	
Payments	 	(255	)	(848	)	(1,347	)	(445	)	(2,345	)	
Return to Accrual	 	(897	)	(382	)	(260	)	(985	)	(231	)	
Sales of Foreclosed Assets	 	(112	)	(20	)	(99	)	—	 	(122	)	
Charge-offs/Write-downs	 	(198	)	(192	)	(332	)	(49	)	(265	)	
Total Reductions	 	(1,462	)	(1,442	)	(2,038	)	(1,479	)	(2,963	)	
Balance at End of Quarter	 	$	6,407	 	$	5,442	 	$	5,377	 	$	5,906	 	$	6,478	 	

(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	 	Year Ended	 	
 	 	December 31,	 	September 30,	 	December 31,	 	December 31,	 	
(dollars in thousands)	 	2006	 	2006 (1)	 	2005 (1)	 	2006	 	2005 (1)	 	
Balance at Beginning of Period	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	$	113,596	 	
Loans and Leases Charged-Off	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	(720	)	(593	)	(732	)	(2,373	)	(2,507	)	
Lease Financing	 	—	 	—	 	—	 	—	 	(10,049	)	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	(93	)	—	 	(134	)	(132	)	(646	)	
Home Equity	 	(195	)	(211	)	(236	)	(633	)	(959	)	
Other Revolving Credit and Installment	 	(4,756	)	(3,982	)	(5,651	)	(17,459	)	(19,268	)	
Lease Financing	 	(30	)	(18	)	(35	)	(60	)	(104	)	
Total Loans and Leases Charged-Off	 	(5,794	)	(4,804	)	(6,788	)	(20,657	)	(33,533	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	1,445	 	325	 	470	 	3,509	 	1,751	 	
Commercial Mortgage	 	—	 	84	 	3,006	 	509	 	3,246	 	
Lease Financing	 	2	 	1	 	26	 	3	 	189	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	—	 	223	 	156	 	464	 	641	 	
Home Equity	 	1	 	120	 	97	 	309	 	411	 	
Other Revolving Credit and Installment	 	1,191	 	1,250	 	1,440	 	5,062	 	5,215	 	
Lease Financing	 	12	 	16	 	5	 	43	 	63	 	
Total Recoveries on Loans and Leases Previously Charged-Off	 	2,651	 	2,019	 	5,200	 	9,899	 	11,516	 	
Net Loan and Lease Charge-Offs	 	(3,143	)	(2,785	)	(1,588	)	(10,758	)	(22,017	)	
Provision for Credit Losses	 	3,143	 	2,785	 	1,588	 	10,758	 	4,588	 	
Balance at End of Period (2)	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Components	 	 	 	 	 	 	 	 	 	 	 	
Allowance for Loan and Lease Losses	 	$	90,998	 	$	90,795	 	$	91,090	 	$	90,998	 	$	91,090	 	
Reserve for Unfunded Commitments	 	5,169	 	5,372	 	5,077	 	5,169	 	5,077	 	
Total Reserve for Credit Losses	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases Outstanding	 	$	6,501,868	 	$	6,470,883	 	$	6,153,802	 	$	6,369,200	 	$	6,104,356	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Net Loan and Lease Charge-Offs to Average Loans and Leases Outstanding (annualized)	 	0.19	%	0.17	%	0.10	%	0.17	%	0.36	%	
Ratio of Allowance for Loans and Lease Losses to Loans and Leases Outstanding	 	1.37	%	1.40	%	1.48	%	1.37	%	1.48	%	

(1)   Certain prior period information has been reclassified to conform to current presentation.
(2)   Included in this analysis is activity related to the Company’s reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.

 
Bank of Hawaii Corporation and Subsidiaries	 	
Business Segment Selected Financial Information (Unaudited)	Table 11a	
 
 	 	 	 	 	 	Investment	 	Treasury	 	 	 	
 	 	Retail	 	Commercial	 	Services	 	and Other	 	Consolidated	 	
(dollars in thousands)	 	Banking	 	Banking	 	Group	 	Corporate	 	Total	 	
Three Months Ended December 31, 2006	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	59,652	 	$	34,839	 	$	4,428	 	$	1,286	 	$	100,205	 	
Provision for Credit Losses	 	3,525	 	747	 	(1,000	)	(129	)	3,143	 	
Net Interest Income After Provision for Credit Losses	 	56,127	 	34,092	 	5,428	 	1,415	 	97,062	 	
Noninterest Income	 	26,144	 	7,178	 	17,763	 	2,431	 	53,516	 	
Noninterest Expense	 	(43,853	)	(19,733	)	(16,265	)	(1,746	)	(81,597	)	
Income Before Provision for Income Taxes	 	38,418	 	21,537	 	6,926	 	2,100	 	68,981	 	
Provision for Income Taxes	 	(14,215	)	(7,960	)	(2,563	)	6,670	 	(18,068	)	
Allocated Net Income	 	24,203	 	13,577	 	4,363	 	8,770	 	50,913	 	
Allowance Funding Value	 	(202	)	(686	)	(9	)	897	 	—	 	
Provision for Credit Losses	 	3,525	 	747	 	(1,000	)	(129	)	3,143	 	
Economic Provision	 	(3,125	)	(2,190	)	(100	)	—	 	(5,415	)	
Tax Effect of Adjustments	 	(73	)	788	 	410	 	(284	)	841	 	
Income Before Capital Charge	 	24,328	 	12,236	 	3,664	 	9,254	 	49,482	 	
Capital Charge	 	(5,486	)	(3,982	)	(1,564	)	(8,416	)	(19,448	)	
Net Income After Capital Charge (NIACC)	 	$	18,842	 	$	8,254	 	$	2,100	 	$	838	 	$	30,034	 	
 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	48	%	34	%	26	%	23	%	29	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets at December 31, 2006	 	$	3,972,124	 	$	2,795,509	 	$	213,506	 	$	3,590,676	 	$	10,571,815	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Three Months Ended December 31, 2005 (1)	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	57,495	 	$	35,018	 	$	4,621	 	$	6,322	 	$	103,456	 	
Provision for Credit Losses	 	4,189	 	(2,274	)	—	 	(327	)	1,588	 	
Net Interest Income After Provision for Credit Losses	 	53,306	 	37,292	 	4,621	 	6,649	 	101,868	 	
Noninterest Income	 	23,943	 	7,793	 	16,738	 	2,335	 	50,809	 	
Noninterest Expense	 	(43,416	)	(19,801	)	(17,522	)	(2,440	)	(83,179	)	
Income Before Provision for Income Taxes	 	33,833	 	25,284	 	3,837	 	6,544	 	69,498	 	
Provision for Income Taxes	 	(12,518	)	(9,358	)	(1,419	)	(1,422	)	(24,717	)	
Allocated Net Income	 	21,315	 	15,926	 	2,418	 	5,122	 	44,781	 	
Allowance Funding Value	 	(180	)	(544	)	(6	)	730	 	—	 	
Provision for Credit Losses	 	4,189	 	(2,274	)	—	 	(327	)	1,588	 	
Economic Provision	 	(3,243	)	(2,463	)	(108	)	(1	)	(5,815	)	
Tax Effect of Adjustments	 	(283	)	1,954	 	42	 	(149	)	1,564	 	
Income Before Capital Charge	 	21,798	 	12,599	 	2,346	 	5,375	 	42,118	 	
Capital Charge	 	(5,511	)	(4,546	)	(1,668	)	(7,675	)	(19,400	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	16,287	 	$	8,053	 	$	678	 	$	(2,300	)	$	22,718	 	
 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	43	%	30	%	15	%	19	%	25	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets at December 31, 2005	 	$	3,890,877	 	$	2,443,235	 	$	228,903	 	$	3,624,023	 	$	10,187,038	 	

(1)   Certain prior period information has been reclassified to conform to current presentation.

 
Bank of Hawaii Corporation and Subsidiaries	 	
Business Segment Selected Financial Information (Unaudited)	Table 11b	
 
 	 	 	 	 	 	Investment	 	Treasury	 	 	 	
 	 	Retail	 	Commercial	 	Services	 	and Other	 	Consolidated	 	
(dollars in thousands)	 	Banking	 	Banking	 	Group	 	Corporate	 	Total	 	
Year Ended December 31, 2006	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	235,440	 	$	135,564	 	$	17,603	 	$	14,006	 	$	402,613	 	
Provision for Credit Losses	 	10,491	 	1,965	 	(1	)	(1,697	)	10,758	 	
Net Interest Income After Provision for Credit Losses	 	224,949	 	133,599	 	17,604	 	15,703	 	391,855	 	
Noninterest Income	 	100,294	 	35,421	 	70,413	 	10,048	 	216,176	 	
Noninterest Expense	 	(170,705	)	(78,625	)	(65,151	)	(6,481	)	(320,962	)	
Income Before Provision for Income Taxes	 	154,538	 	90,395	 	22,866	 	19,270	 	287,069	 	
Provision for Income Taxes	 	(57,179	)	(42,222	)	(8,452	)	1,143	 	(106,710	)	
Allocated Net Income	 	97,359	 	48,173	 	14,414	 	20,413	 	180,359	 	
Allowance Funding Value	 	(792	)	(2,496	)	(34	)	3,322	 	—	 	
Provision for Credit Losses	 	10,491	 	1,965	 	(1	)	(1,697	)	10,758	 	
Economic Provision	 	(12,466	)	(8,818	)	(386	)	(1	)	(21,671	)	
Tax Effect of Adjustments	 	1,024	 	3,459	 	156	 	(601	)	4,038	 	
Income Before Capital Charge	 	95,616	 	42,283	 	14,149	 	21,436	 	173,484	 	
Capital Charge	 	(21,742	)	(16,264	)	(6,291	)	(32,309	)	(76,606	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	73,874	 	$	26,019	 	$	7,858	 	$	(10,873	)	$	96,878	 	
 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	48	%	29	%	25	%	15	%	26	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets at December 31, 2006	 	$	3,972,124	 	$	2,795,509	 	$	213,506	 	$	3,590,676	 	$	10,571,815	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Year Ended December 31, 2005 (1)	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	220,579	 	$	137,323	 	$	17,782	 	$	31,429	 	$	407,113	 	
Provision for Credit Losses	 	14,151	 	8,942	 	(1	)	(18,504	)	4,588	 	
Net Interest Income After Provision for Credit Losses	 	206,428	 	128,381	 	17,783	 	49,933	 	402,525	 	
Noninterest Income	 	94,684	 	37,078	 	68,231	 	9,321	 	209,314	 	
Noninterest Expense	 	(170,232	)	(78,258	)	(70,582	)	(8,570	)	(327,642	)	
Income Before Provision for Income Taxes	 	130,880	 	87,201	 	15,432	 	50,684	 	284,197	 	
Provision for Income Taxes	 	(48,426	)	(32,307	)	(5,710	)	(16,193	)	(102,636	)	
Allocated Net Income	 	82,454	 	54,894	 	9,722	 	34,491	 	181,561	 	
Allowance Funding Value	 	(688	)	(2,332	)	(23	)	3,043	 	—	 	
Provision for Credit Losses	 	14,151	 	8,942	 	(1	)	(18,504	)	4,588	 	
Economic Provision	 	(13,547	)	(9,757	)	(412	)	(4	)	(23,720	)	
Tax Effect of Adjustments	 	31	 	1,167	 	159	 	5,722	 	7,079	 	
Income Before Capital Charge	 	82,401	 	52,914	 	9,445	 	24,748	 	169,508	 	
Capital Charge	 	(21,717	)	(17,989	)	(6,628	)	(34,112	)	(80,446	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	60,684	 	$	34,925	 	$	2,817	 	$	(9,364	)	$	89,062	 	
 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	42	%	32	%	16	%	17	%	25	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets at December 31, 2005	 	$	3,890,877	 	$	2,443,235	 	$	228,903	 	$	3,624,023	 	$	10,187,038	 	

(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	
 
 	 	Three Months Ended	 	
 	 	December 31,	 	September 30,	 	June 30,	 	March 31,	 	December 31,	 	
(dollars in thousands, except per share amounts)	 	2006	 	2006 (1)	 	2006 (1)	 	2006	 	2005 (2)	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	 	$	111,649	 	$	110,065	 	$	104,388	 	$	99,371	 	$	97,697	 	
Income on Investment Securities - Available-for-Sale	 	32,807	 	31,949	 	31,226	 	30,835	 	29,820	 	
Income on Investment Securities - Held-to-Maturity	 	4,282	 	4,558	 	4,658	 	4,757	 	4,899	 	
Deposits	 	63	 	50	 	55	 	43	 	103	 	
Funds Sold	 	406	 	66	 	170	 	125	 	154	 	
Other	 	333	 	272	 	272	 	272	 	272	 	
Total Interest Income	 	149,540	 	146,960	 	140,769	 	135,403	 	132,945	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	
Deposits	 	30,924	 	28,464	 	24,656	 	19,633	 	17,479	 	
Securities Sold Under Agreements to Repurchase	 	12,538	 	11,959	 	9,802	 	7,890	 	6,504	 	
Funds Purchased	 	1,689	 	2,270	 	2,652	 	1,893	 	1,730	 	
Short-Term Borrowings	 	106	 	82	 	73	 	57	 	61	 	
Long-Term Debt	 	4,078	 	3,835	 	3,730	 	3,728	 	3,715	 	
Total Interest Expense	 	49,335	 	46,610	 	40,913	 	33,201	 	29,489	 	
Net Interest Income	 	100,205	 	100,350	 	99,856	 	102,202	 	103,456	 	
Provision for Credit Losses	 	3,143	 	2,785	 	2,069	 	2,761	 	1,588	 	
Net Interest Income After Provision for Credit Losses	 	97,062	 	97,565	 	97,787	 	99,441	 	101,868	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	 	
Trust and Asset Management	 	14,949	 	14,406	 	14,537	 	14,848	 	14,098	 	
Mortgage Banking	 	2,612	 	2,394	 	2,569	 	2,987	 	2,597	 	
Service Charges on Deposit Accounts	 	11,206	 	10,723	 	9,695	 	10,132	 	10,151	 	
Fees, Exchange, and Other Service Charges	 	15,775	 	16,266	 	15,633	 	14,767	 	15,147	 	
Investment Securities Gains (Losses), Net	 	153	 	19	 	—	 	—	 	(4	)	
Insurance	 	3,965	 	6,713	 	4,691	 	5,019	 	4,201	 	
Other	 	4,856	 	6,366	 	6,076	 	4,819	 	4,619	 	
Total Noninterest Income	 	53,516	 	56,887	 	53,201	 	52,572	 	50,809	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	 	
Salaries and Benefits	 	42,727	 	43,133	 	44,811	 	45,786	 	43,319	 	
Net Occupancy	 	9,959	 	9,998	 	9,376	 	9,643	 	9,643	 	
Net Equipment	 	5,012	 	5,285	 	4,802	 	5,028	 	5,358	 	
Professional Fees	 	1,189	 	2,638	 	2,589	 	438	 	4,057	 	
Other	 	22,710	 	18,751	 	17,164	 	19,923	 	20,802	 	
Total Noninterest Expense	 	81,597	 	79,805	 	78,742	 	80,818	 	83,179	 	
Income Before Provision for Income Taxes	 	68,981	 	74,647	 	72,246	 	71,195	 	69,498	 	
Provision for Income Taxes	 	18,068	 	27,727	 	35,070	 	25,845	 	24,717	 	
Net Income	 	$	50,913	 	$	46,920	 	$	37,176	 	$	45,350	 	$	44,781	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic Earnings Per Share	 	$	1.03	 	$	0.94	 	$	0.74	 	$	0.89	 	$	0.88	 	
Diluted Earnings Per Share	 	$	1.01	 	$	0.92	 	$	0.72	 	$	0.87	 	$	0.86	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	 	$	10,571,815	 	$	10,371,215	 	$	10,325,190	 	$	10,528,049	 	$	10,187,038	 	
Net Loans and Leases	 	6,532,169	 	6,398,262	 	6,350,590	 	6,155,061	 	6,077,446	 	
Total Deposits	 	8,023,394	 	7,687,123	 	7,766,033	 	8,147,101	 	7,907,468	 	
Total Shareholders’ Equity	 	719,420	 	683,472	 	666,728	 	681,078	 	693,352	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Performance Ratios	 	 	 	 	 	 	 	 	 	 	 	
Net Income to Average Total Assets (ROA)	 	1.94	%	1.81	%	1.47	%	1.82	%	1.76	%	
Net Income to Average Shareholders’ Equity (ROE)	 	28.56	 	27.09	 	21.70	 	26.13	 	25.19	 	
Net Interest Margin (3)	 	4.15	 	4.20	 	4.25	 	4.41	 	4.43	 	
Efficiency Ratio (4)	 	53.08	 	50.75	 	51.45	 	52.22	 	53.92	 	

(1)   Third quarter 2006 basic and diluted EPS was corrected from $0.95 and $0.93, respectively, and second quarter 2006 diluted EPS was corrected from $0.73.
(2)   Certain prior period information has been reclassified to conform to current presentation. 
(3)   The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.
(4)   The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).