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)	 	July 23, 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) 537-8822	
 
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 2.02.                                          Results of Operations and Financial Condition.
On July 23, 2007, Bank of Hawaii Corporation announced its results of operations for the quarter ended June 30, 2007.  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.  The sole purpose of this Current Report on Form 8-K is to furnish certain of the information specified in Item 2.02 of Form 8-K. The information included in the press release furnished as Exhibit 99.1 hereto has been previously reported by Bank of Hawaii Corporation in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on July 25, 2007.
Item 9.01.                                         Financial Statements and Exhibits
(d)                                 Exhibits
Exhibit No.
99.1                       July 23, 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:  July 31, 2007	BANK OF HAWAII CORPORATION	

 	By:	/s/ MARK A. ROSSI	 	
 	 	Mark A. Rossi	
 	 	Vice Chairman and Corporate Secretary	
 
2

Exhibit 99.1
 	News Release	NYBF: BOH	
 
 	Media Inquiries	 	
 	Stafford Kiguchi	 	 	
 	Telephone: 808-537-8580	 	 	 	
 	Mobile: 808-256-6367	 	 	 	
 	E-mail: skiguchi@boh.com	 	 	 	
 	 	 	 	 	
 	Investor/Analyst Inquiries	 	 	 	
 	Clindy Wyrick	 	 	 	
 	Tlephone: 808-537-8430	 	 	 	
 	E-mail: cwyrick@boh,.com	 	 	 	
 
Bank of Hawaii Corporation Second Quarter 2007 Financial Results
·           Net Income Increases to $47.7 Million or $0.95 Per Diluted Share
·           Board of Directors Declares Dividend of $0.41 Per Share
FOR IMMEDIATE RELEASE
HONOLULU, HI (July 23, 2007) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.95 for the second quarter of 2007, up from $0.72 in the second quarter of 2006 and up from $0.94 in the first quarter of 2007.  Net income for the second quarter of 2007 was $47.7 million, an increase of $10.6 million, or 28.4 percent from net income of $37.2 million in the second quarter of 2006 and up $0.4 million, or 0.8 percent from net income of $47.3 million in the first quarter of 2007.
The return on average assets for the second quarter of 2007 was 1.84 percent, up from 1.47 percent in the second quarter of 2006 and up from 1.83 percent in the first quarter of 2007.  The return on average equity was 26.30 percent for the second quarter of 2007, up from 21.70 percent in the second quarter last year and down from 27.00 percent in the previous quarter.
“Our financial performance in 2007 continues to be strong despite the challenging interest rate environment,” said Allan R. Landon, Chairman and CEO.   “We are especially pleased with our credit quality, which continues to reflect the stable Hawaii economy.”
For the six months ended June 30, 2007, net income was $95.1 million, up $12.5 million or 15.2 percent compared to net income of $82.5 million for the same period last year.  Diluted earnings per share were $1.89 for the first half of 2007, up from diluted earnings per share of $1.59 for the first half of 2006.  The year-to-date return on average assets was 1.84 percent, up from 1.64 percent for the same six months in 2006.  The year-to-date return on average equity was 26.64 percent, up from 23.93 percent for the six months ended June 30, 2006.
Financial results for the first half of 2007 included a $1.5 million credit related to resolution with the Internal Revenue Service related to a Lease In/Lease Out (“LILO”) leveraged lease.  Results for the first six months of 2006 included a charge of $8.8 million due to the May 2006 Tax Increase Prevention and Reconciliation Act (“TIPRA”), which repealed the exclusion from federal income taxation of a portion of income from foreign sales corporations.
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130 Merchant Street · PO Box 2900 · Honolulu HI 96846-6000 · Fax 808-537-8440 · Website www.boh.com

Financial Highlights
Net interest income, on a taxable equivalent basis, for the second quarter of 2007 was $99.1 million, down $0.9 million from net interest income of $100.0 million in the second quarter of 2006 and up $0.7 million compared to net interest income of $98.4 million in the first quarter of 2007.  The decrease in net interest income compared to the same quarter last year was primarily due to increased funding costs.  The increase in net interest income compared to the previous quarter was due to a $1.1 million credit related to the previously mentioned resolution of the LILO leveraged lease.  Analyses of the changes in net interest income are included in Tables 6a and 6b.
The net interest margin was 4.12 percent for the second quarter of 2007, a 13 basis point decrease from 4.25 percent in the second quarter of 2006 and a 5 basis point increase from 4.07 percent in the first quarter of 2007.  For six months ended June 30, 2007, the net interest margin was 4.09 percent compared to 4.33 percent for the same period in 2006.
Results for the second quarter of 2007 included a provision for credit losses of $3.4 million compared to $2.1 million in the second quarter of 2006 and $2.6 million in the first quarter of 2007.  The increase in the provision for credit losses, which equaled net charge-offs in each quarter, was largely due to a lower level of recoveries.
Noninterest income was $58.0 million for the second quarter of 2007, an increase of $4.8 million or 9.1 percent compared to $53.2 million in the second quarter of 2006 and down $2.9 million or 4.8 percent compared to $61.0 million in the first quarter of 2007.  The increase in noninterest income compared to the previous year was widespread and included improvements in trust and asset management fees, service charges on deposits, and other fees.  Results during the first quarter of 2007 included a gain of $2.3 million on the disposal of leased equipment and seasonal insurance commissions of approximately $1.1 million.
Noninterest expense was $79.8 million in the second quarter of 2007, up $1.1 million or 1.4 percent from $78.7 million in the same quarter last year, and down $2.3 million or 2.8 percent from $82.1 million in the prior quarter.  The decrease in noninterest expense compared to the previous quarter was largely the result of increased payroll taxes during the first quarter related to annual bonus payouts.  An analysis of salary and benefit expenses is included in Table 7.
The efficiency ratio for the second quarter of 2007 was 50.88 percent, an improvement from 51.45 percent in the same quarter last year and from 51.62 percent in the previous quarter.  For the six months ended June 30, 2007, the efficiency ratio was 51.25 percent compared to 51.83 percent for the same period in 2006.
The 35.25 percent effective tax rate for the second quarter of 2007 includes a $0.4 million net credit due to the previously mentioned IRS tax settlement.  The 48.54 percent effective tax rate for the second quarter of 2006 includes a charge of $8.2 million due to TIPRA.
The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services Group, and Treasury.  Results are determined based on the Company’s internal financial management reporting processes and organizational structure.  Selected financial information for the business segments is included in Tables 11a and 11b.
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2

Asset Quality
The Company’s overall asset quality remained strong and stable throughout the second quarter of 2007.  Non-performing assets were $6.3 million at the end of the second quarter of 2007, up $0.9 million compared to $5.4 million at the end of the same quarter last year and up $0.5 million, compared to $5.8 million at the end of the previous quarter.  The increase was largely due to the addition of one purchased lease of $0.9 million collateralized by construction equipment.  At June 30, 2007, the ratio of non-performing assets to total loans, foreclosed real estate, and other investments was 0.10 percent, up slightly from 0.08 percent at June 30, 2006 and from 0.09 percent at March 31, 2007.
Non-accrual loans and leases were $6.3 million at June 30, 2007, up from $5.1 million at June 30, 2006 and from $5.4 million at March 31, 2007 due to the previously mentioned lease.  Non-accrual loans and leases as a percentage of total loans and leases at June 30, 2007 were 0.10 percent, compared to 0.08 percent at June 30, 2006 and March 31, 2007.
Net charge-offs for the second quarter of 2007 were $3.4 million, or 0.21 percent annualized of total average loans and leases and included gross charge-offs of $5.2 million that were partially offset by recoveries of $1.8 million.  Net charge-offs for the second quarter of 2006 were $2.1 million, or 0.13 percent annualized of total average loans and leases and included gross charge-offs of $5.3 million partially offset by recoveries of $3.2 million.  Net charge-offs in the first quarter of 2007 were $2.6 million, or 0.16 percent annualized of total average loans and leases and included gross charge-offs of $6.6 million partially offset by recoveries of $4.0 million.  Net charge-offs for the first six months of 2007 were $6.0 million, or 0.18 percent annualized of total average loans compared to $4.8 million, or 0.16 percent annualized of total average loans for the same period last year.  Details of the reserve for credit losses are summarized in Table 10.
The allowance for loan and lease losses was $91.0 million at June 30, 2007, unchanged from June 30, 2006 and from March 31, 2007.  The ratio of the allowance for loan and lease losses to total loans was 1.39 percent at June 30, 2007, down slightly from 1.41 percent at June 30, 2006 and 1.40 percent at March 31, 2007.  The reserve for unfunded commitments at June 30, 2007 was $5.2 million, up from $5.1 million at June 30, 2006 and unchanged from March 31, 2007.
Credit exposure to the air transportation industry is summarized in Table 8.
Other Financial Highlights
Total assets were $10.72 billion at June 30, 2007, up from $10.33 billion at June 30, 2006 and up from $10.49 billion at March 31, 2007.  Total loans and leases were $6.57 billion at June 30, 2007, up from $6.44 billion at June 30, 2006 and up from $6.51 billion at March 31, 2007.  Commercial loans increased to $2.43 billion at June 30, 2007, compared with $2.32 billion at June 30, 2006 and $2.36 billion at March 31, 2007.  Consumer loans were $4.14 billion at June 30, 2007 compared with $4.13 billion at June 30, 2006 and $4.15 billion at March 31, 2007.
Total deposits at June 30, 2007 were $8.31 billion, up from $7.77 billion at June 30, 2006 and up from $7.95 billion at March 31, 2007.  The growth in deposits compared to prior quarters was largely due to increased commercial savings balances and public interest-bearing demand deposits.
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3

During the second quarter of 2007, the Company repurchased 0.4 million shares of common stock at a total cost of $20.1 million under its share repurchase program.  The average cost was $53.07 per share repurchased.  From the beginning of the share repurchase program in July 2001 through June 30, 2007, the Company has repurchased 43.2 million shares and returned nearly $1.5 billion to shareholders at an average cost of $34.67 per share.  From July 1, 2007 through July 20, 2007, the Company repurchased an additional 95.0 thousand shares of common stock at an average cost of $51.55 per share.  Remaining buyback authority under the share repurchase program was $47.3 million at July 20, 2007.
At June 30, 2007, the Tier 1 leverage ratio was 7.02 percent compared to 7.09 percent at June 30, 2006 and 6.80 percent at March 31, 2007.
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 September 14, 2007 to shareholders of record at the close of business on August 31, 2007.
Conference Call Information
The Company will review its second quarter 2007 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 800-706-7748 if calling within the United States or 617-614-3473 for international callers.  No pass code number is required.  A replay will be available for one week beginning Monday, July 23, 2007 by calling 888-286-8010 in the United States or 617-801-6888 internationally.  Please enter the number 20195583 when prompted.  A replay of the presentation will also be available via the Investor Relations link of the Company’s web site.
Forward-Looking Statements
Portions of this news release, and other statements made by the Company in connection with this release may contain “forward-looking statements”, such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations.  Do not unduly rely on forward-looking statements.  Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation’s Annual Report on Form 10-K for the year ended December 31, 2006, which was filed with the U.S. Securities and Exchange Commission.  We do not promise to update forward-looking statements to reflect later events or circumstances.
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.
# # # #
4

Bank of Hawaii Corporation and Subsidiaries	 	 	
Financial Highlights (Unaudited)	 	Table 1	
 
 	 	Three Month Ended	 	Six Months Ended	 	
 	 	June 30,	 	March 31,	 	June 30,	 	June 30,	 	
(dollars in thousands, except per share amounts)	 	2007	 	2007	 	2006 (1)	 	2007	 	2006 (1)	 	
For the Period:	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	98,878	 	$	98,137	 	$	99,856	 	$	197,015	 	$	202,058	 	
Total Noninterest Income	 	58,028	 	60,960	 	53,201	 	118,988	 	105,773	 	
Net Income	 	47,729	 	47,335	 	37,176	 	95,064	 	82,526	 	
Basic Earnings Per Share	 	0.97	 	0.96	 	0.74	 	1.93	 	1.63	 	
Diluted Earnings Per Share	 	0.95	 	0.94	 	0.72	 	1.89	 	1.59	 	
Dividends Declared Per Share	 	0.41	 	0.41	 	0.37	 	0.82	 	0.74	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Net Income to Average Total Assets	 	1.84	%	1.83	%	1.47	%	1.84	%	1.64	%	
Net Income to Average Shareholders’ Equity	 	26.30	 	27.00	 	21.70	 	26.64	 	23.93	 	
Net Interest Margin (2)	 	4.12	 	4.07	 	4.25	 	4.09	 	4.33	 	
Operating Leverage (3)	 	0.13	 	6.72	 	0.49	 	3.90	 	2.38	 	
Efficiency Ratio (4)	 	50.88	 	51.62	 	51.45	 	51.25	 	51.83	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Average Assets	 	$	10,383,030	 	$	10,481,773	 	$	10,169,341	 	$	10,432,130	 	$	10,130,718	 	
Average Loans and Leases	 	6,532,736	 	6,561,848	 	6,317,682	 	6,547,212	 	6,250,082	 	
Average Deposits	 	7,810,089	 	7,921,463	 	7,728,227	 	7,865,469	 	7,735,384	 	
Average Shareholders’ Equity	 	727,887	 	711,118	 	687,083	 	719,549	 	695,424	 	
Average Shareholders’ Equity to Average Assets	 	7.01	%	6.78	%	6.76	%	6.90	%	6.86	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Market Price Per Share of Common Stock:	 	 	 	 	 	 	 	 	 	 	 	
Closing	 	$	51.64	 	$	53.03	 	$	49.60	 	$	51.64	 	$	49.60	 	
High	 	55.00	 	54.81	 	54.51	 	55.00	 	55.15	 	
Low	 	50.64	 	50.11	 	48.33	 	50.11	 	48.33	 	
 
 	 	June 30,	 	March 31,	 	December 31,	 	June 30,	 	
 	 	2007	 	2007	 	2006 (1)	 	2006	 	
As of Period End:	 	 	 	 	 	 	 	 	 	
Net Loans and Leases	 	$	6,475,128	 	$	6,416,154	 	$	6,532,169	 	$	6,350,590	 	
Total Assets	 	10,722,568	 	10,491,957	 	10,571,815	 	10,325,190	 	
Total Deposits	 	8,314,404	 	7,952,937	 	8,023,394	 	7,766,033	 	
Long-Term Debt	 	260,329	 	260,308	 	260,288	 	242,749	 	
Total Shareholders’ Equity	 	708,806	 	711,031	 	719,420	 	666,728	 	
 	 	 	 	 	 	 	 	 	 	
Total Non-Performing Assets	 	$	6,314	 	$	5,836	 	$	6,407	 	$	5,377	 	
 	 	 	 	 	 	 	 	 	 	
Allowance to Loans and Leases Outstanding	 	1.39	%	1.40	%	1.37	%	1.41	%	
Dividend Payout Ratio (5)	 	42.27	 	42.71	 	39.81	 	50.00	 	
Leverage Ratio	 	7.02	 	6.80	 	7.06	 	7.09	 	
 	 	 	 	 	 	 	 	 	 	
Book Value Per Common Share	 	$	14.34	 	$	14.32	 	$	14.45	 	$	13.18	 	
 	 	 	 	 	 	 	 	 	 	
Full-Time Equivalent Employees	 	2,571	 	2,578	 	2,586	 	2,563	 	
Branches and Offices	 	84	 	84	 	86	 	86	 	

(1)	Certain prior period information has been reclassified to conform to current presentation. Three months ended and six months ended June 30, 2006 diluted EPS was corrected from $0.73 and $1.60, respectively.	
(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 operating leverage is defined as the percentage change in income before provision for credit losses and provision for income taxes. Three months ended measures are presented on a linked quarter basis.	
(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 for the quarter.	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Statements of Income (Unaudited)	Table 2	
 
 	 	Three Months Ended	 	Six Months Ended	 	
 	 	June 30,	 	March 31,	 	June 30,	 	June 30,	 	
(dollars in thousands, except per share amounts)	 	2007	 	2007	 	2006 (1)	 	2007	 	2006 (1)	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	 	$	112,026	 	$	110,298	 	$	104,388	 	$	222,324	 	$	203,759	 	
Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	 	
Trading	 	1,357	 	1,618	 	—	 	2,975	 	—	 	
Available-for-Sale	 	31,563	 	30,961	 	31,226	 	62,524	 	62,061	 	
Held-to-Maturity	 	3,827	 	4,052	 	4,658	 	7,879	 	9,415	 	
Deposits	 	96	 	58	 	55	 	154	 	98	 	
Funds Sold	 	533	 	1,058	 	170	 	1,591	 	295	 	
Other	 	364	 	333	 	272	 	697	 	544	 	
Total Interest Income	 	149,766	 	148,378	 	140,769	 	298,144	 	276,172	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	
Deposits	 	33,701	 	33,375	 	24,656	 	67,076	 	44,289	 	
Securities Sold Under Agreements to Repurchase	 	11,665	 	11,886	 	9,802	 	23,551	 	17,692	 	
Funds Purchased	 	1,452	 	923	 	2,652	 	2,375	 	4,545	 	
Short-Term Borrowings	 	91	 	87	 	73	 	178	 	130	 	
Long-Term Debt	 	3,979	 	3,970	 	3,730	 	7,949	 	7,458	 	
Total Interest Expense	 	50,888	 	50,241	 	40,913	 	101,129	 	74,114	 	
Net Interest Income	 	98,878	 	98,137	 	99,856	 	197,015	 	202,058	 	
Provision for Credit Losses	 	3,363	 	2,631	 	2,069	 	5,994	 	4,830	 	
Net Interest Income After Provision for Credit Losses	 	95,515	 	95,506	 	97,787	 	191,021	 	197,228	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	 	
Trust and Asset Management	 	16,135	 	15,833	 	14,537	 	31,968	 	29,385	 	
Mortgage Banking	 	2,479	 	3,371	 	2,569	 	5,850	 	5,556	 	
Service Charges on Deposit Accounts	 	11,072	 	10,967	 	9,695	 	22,039	 	19,827	 	
Fees, Exchange, and Other Service Charges	 	16,556	 	16,061	 	15,633	 	32,617	 	30,400	 	
Investment Securities Gains, Net	 	575	 	16	 	—	 	591	 	—	 	
Insurance	 	4,887	 	6,215	 	4,691	 	11,102	 	9,710	 	
Other	 	6,324	 	8,497	 	6,076	 	14,821	 	10,895	 	
Total Noninterest Income	 	58,028	 	60,960	 	53,201	 	118,988	 	105,773	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	 	
Salaries and Benefits	 	44,587	 	45,406	 	44,811	 	89,993	 	90,597	 	
Net Occupancy	 	9,695	 	9,811	 	9,376	 	19,506	 	19,019	 	
Net Equipment	 	4,871	 	4,787	 	4,802	 	9,658	 	9,830	 	
Professional Fees	 	2,599	 	2,543	 	2,589	 	5,142	 	3,027	 	
Other	 	18,080	 	19,576	 	17,164	 	37,656	 	37,087	 	
Total Noninterest Expense	 	79,832	 	82,123	 	78,742	 	161,955	 	159,560	 	
Income Before Provision for Income Taxes	 	73,711	 	74,343	 	72,246	 	148,054	 	143,441	 	
Provision for Income Taxes	 	25,982	 	27,008	 	35,070	 	52,990	 	60,915	 	
Net Income	 	$	47,729	 	$	47,335	 	$	37,176	 	$	95,064	 	$	82,526	 	
Basic Earnings Per Share	 	$	0.97	 	$	0.96	 	$	0.74	 	$	1.93	 	$	1.63	 	
Diluted Earnings Per Share	 	$	0.95	 	$	0.94	 	$	0.72	 	$	1.89	 	$	1.59	 	
Dividends Declared Per Share	 	$	0.41	 	$	0.41	 	$	0.37	 	$	0.82	 	$	0.74	 	
Basic Weighted Average Shares	 	49,265,698	 	49,427,810	 	50,456,121	 	49,346,306	 	50,633,911	 	
Diluted Weighted Average Shares	 	50,066,097	 	50,263,296	 	51,491,585	 	50,168,203	 	51,748,350	 	

(1)	Three months ended and six months ended June 30, 2006 diluted EPS was corrected from $0.73 and $1.60, respectively.  In addition, basic and diluted weighted average shares was corrected from 50,181,817 and 51,217,281, respectively, for the three months ended June 30, 2006 and from 50,481,864 and 51,596,303, respectively, for the six months ended June 30, 2006.	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Statements of Condition (Unaudited)	Table 3	
 
 	 	June 30,	 	March 31,	 	December 31,	 	June 30,	 	
(dollars in thousands)	 	2007	 	2007	 	2006	 	2006	 	
Assets	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	$	130,732	 	$	5,594	 	$	4,990	 	$	4,145	 	
Funds Sold	 	200,000	 	97,000	 	50,000	 	—	 	
Investment Securities	 	 	 	 	 	 	 	 	 	
Trading	 	123,591	 	158,469	 	—	 	—	 	
Available-for-Sale	 	 	 	 	 	 	 	 	 	
Portfolio	 	1,683,417	 	1,672,893	 	1,846,742	 	2,177,220	 	
Pledged as Collateral	 	772,251	 	765,639	 	751,135	 	334,947	 	
Held-to-Maturity (Fair Value of $313,589; $340,636; $360,719; and $408,203)	 	327,118	 	349,663	 	371,344	 	426,910	 	
Loans Held for Sale	 	13,527	 	19,238	 	11,942	 	15,506	 	
Loans and Leases	 	6,566,126	 	6,507,152	 	6,623,167	 	6,441,625	 	
Allowance for Loan and Lease Losses	 	(90,998	)	(90,998	)	(90,998	)	(91,035	)	
Net Loans and Leases	 	6,475,128	 	6,416,154	 	6,532,169	 	6,350,590	 	
Total Earning Assets	 	9,725,764	 	9,484,650	 	9,568,322	 	9,309,318	 	
Cash and Noninterest-Bearing Deposits	 	345,226	 	365,517	 	398,342	 	397,061	 	
Premises and Equipment	 	122,929	 	123,309	 	125,925	 	130,435	 	
Customers’ Acceptances	 	2,234	 	839	 	1,230	 	646	 	
Accrued Interest Receivable	 	49,121	 	49,477	 	49,284	 	45,343	 	
Foreclosed Real Estate	 	48	 	462	 	407	 	188	 	
Mortgage Servicing Rights	 	29,112	 	27,005	 	19,437	 	18,750	 	
Goodwill	 	34,959	 	34,959	 	34,959	 	34,959	 	
Other Assets	 	413,175	 	405,739	 	373,909	 	388,490	 	
Total Assets	 	$	10,722,568	 	$	10,491,957	 	$	10,571,815	 	$	10,325,190	 	
Liabilities	 	 	 	 	 	 	 	 	 	
Deposits	 	 	 	 	 	 	 	 	 	
Noninterest-Bearing Demand	 	$	1,896,335	 	$	1,973,631	 	$	1,993,794	 	$	1,976,051	 	
Interest-Bearing Demand	 	1,755,646	 	1,618,615	 	1,642,375	 	1,602,914	 	
Savings	 	2,923,168	 	2,648,495	 	2,690,846	 	2,691,029	 	
Time	 	1,739,255	 	1,712,196	 	1,696,379	 	1,496,039	 	
Total Deposits	 	8,314,404	 	7,952,937	 	8,023,394	 	7,766,033	 	
Funds Purchased	 	90,650	 	72,400	 	60,140	 	353,700	 	
Short-Term Borrowings	 	15,644	 	3,462	 	11,058	 	12,100	 	
Securities Sold Under Agreements to Repurchase	 	910,302	 	1,050,393	 	1,047,824	 	835,563	 	
Long-Term Debt	 	260,329	 	260,308	 	260,288	 	242,749	 	
Banker’s Acceptances	 	2,234	 	839	 	1,230	 	646	 	
Retirement Benefits Payable	 	43,892	 	48,363	 	48,309	 	72,192	 	
Accrued Interest Payable	 	18,292	 	17,893	 	22,718	 	13,023	 	
Taxes Payable and Deferred Taxes	 	277,516	 	293,326	 	277,202	 	274,146	 	
Other Liabilities	 	80,499	 	81,005	 	100,232	 	88,310	 	
Total Liabilities	 	10,013,762	 	9,780,926	 	9,852,395	 	9,658,462	 	
Shareholders’ Equity	 	 	 	 	 	 	 	 	 	
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 2007 - 56,927,022 / 49,440,204; March 2007 - 56,930,753 / 49,638,731; December 2006 - 56,848,609 / 49,777,654; and June 2006 - 56,855,346 / 50,570,697)	 	566	 	566	 	566	 	566	 	
Capital Surplus	 	480,389	 	478,123	 	475,178	 	469,461	 	
Accumulated Other Comprehensive Loss	 	(45,705	)	(27,356	)	(39,084	)	(76,204	)	
Retained Earnings	 	645,149	 	620,034	 	630,660	 	581,406	 	
Treasury Stock, at Cost (Shares: June 2007 - 7,486,818; March 2007 - 7,292,022; December 2006 - 7,070,955; and June 2006 - 6,284,649)	 	(371,593	)	(360,336	)	(347,900	)	(308,501	)	
Total Shareholders’ Equity	 	708,806	 	711,031	 	719,420	 	666,728	 	
Total Liabilities and Shareholders’ Equity	 	$	10,722,568	 	$	10,491,957	 	$	10,571,815	 	$	10,325,190	 	

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 as of December 31, 2006	 	$	719,420	 	$	566	 	$	475,178	 	$	(39,084	)	$	630,660	 	$	—	 	$	(347,900	)	 	 	
Cumulative-Effect Adjustment of a Change in Accounting	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principle, Net of Tax:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
SFAS No. 156, “Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140”	 	5,126	 	—	 	—	 	5,279	 	(153	)	—	 	—	 	 	 	
FSP No. 13-2, “Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction”	 	(27,106	)	—	 	—	 	—	 	(27,106	)	—	 	—	 	 	 	
FIN 48, “Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109”	 	(7,247	)	—	 	—	 	—	 	(7,247	)	—	 	—	 	 	 	
Comprehensive Income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	95,064	 	—	 	—	 	—	 	95,064	 	—	 	—	 	$	95,064	 	
Other Comprehensive Income, Net of Tax:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Change in Unrealized Gains and Losses on Investment Securities Available-for-Sale	 	(12,316	)	—	 	—	 	(12,316	)	—	 	—	 	—	 	(12,316	)	
Amortization of Prior Service Credit and Net Actuarial Gain	 	416	 	—	 	—	 	416	 	—	 	—	 	—	 	416	 	
Total Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	83,164	 	
Share-Based Compensation	 	2,748	 	—	 	2,748	 	—	 	—	 	—	 	—	 	 	 	
Common Stock Issued under Share-Based Compensation Plans and Related Tax Benefits (444,008 shares)	 	14,615	 	—	 	2,463	 	—	 	(5,312	)	—	 	17,464	 	 	 	
Common Stock Repurchased (779,689 shares)	 	(41,157	)	—	 	—	 	—	 	—	 	—	 	(41,157	)	 	 	
Cash Dividends Paid	 	(40,757	)	—	 	—	 	—	 	(40,757	)	—	 	—	 	 	 	
Balance as of June 30, 2007	 	$	708,806	 	$	566	 	$	480,389	 	$	(45,705	)	$	645,149	 	$	—	 	$	(371,593	)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance as of December 31, 2005	 	$	693,352	 	$	565	 	$	473,338	 	$	(47,818	)	$	546,591	 	$	(11,080	)	$	(268,244	)	 	 	
Comprehensive Income:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Income	 	82,526	 	—	 	—	 	—	 	82,526	 	—	 	—	 	$	82,526	 	
Other Comprehensive Income, Net of Tax:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Change in Unrealized Gains and Losses on Investment Securities Available-for-Sale	 	(28,386	)	—	 	—	 	(28,386	)	—	 	—	 	—	 	(28,386	)	
Total Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	54,140	 	
Share-Based Compensation	 	2,803	 	—	 	2,803	 	—	 	—	 	—	 	—	 	 	 	
Common Stock Issued under Share-Based Compensation Plans and Related Tax Benefits (537,554 shares)	 	19,598	 	1	 	(6,680	)	—	 	(9,999	)	11,080	 	25,196	 	 	 	
Common Stock Repurchased (1,241,303 shares)	 	(65,453	)	—	 	—	 	—	 	—	 	—	 	(65,453	)	 	 	
Cash Dividends Paid	 	(37,712	)	—	 	—	 	—	 	(37,712	)	—	 	—	 	 	 	
Balance as of June 30, 2006	 	$	666,728	 	$	566	 	$	469,461	 	$	(76,204	)	$	581,406	 	$	—	 	$	(308,501	)	 	 	

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	 	
 	 	June 30, 2007	 	March 31, 2007	 	June 30, 2006 (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	 	$	8.0	 	$	0.1	 	4.83	%	$	4.7	 	$	0.1	 	4.99	%	$	5.7	 	$	0.1	 	3.82	%	
Funds Sold	 	40.6	 	0.5	 	5.26	 	81.2	 	1.1	 	5.28	 	13.9	 	0.2	 	4.89	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Trading	 	137.1	 	1.4	 	3.96	 	161.9	 	1.6	 	4.00	 	—	 	—	 	—	 	
Available-for-Sale	 	2,486.9	 	31.8	 	5.11	 	2,453.2	 	31.2	 	5.08	 	2,564.2	 	31.4	 	4.90	 	
Held-to-Maturity	 	339.3	 	3.8	 	4.51	 	361.0	 	4.0	 	4.49	 	429.5	 	4.6	 	4.34	 	
Loans Held for Sale	 	13.6	 	0.2	 	6.34	 	7.3	 	0.1	 	6.17	 	8.8	 	0.1	 	6.29	 	
Loans and Leases (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	1,053.3	 	19.5	 	7.43	 	1,076.0	 	19.8	 	7.45	 	967.5	 	17.6	 	7.29	 	
Construction	 	253.8	 	5.0	 	7.93	 	245.7	 	4.8	 	7.97	 	176.7	 	3.5	 	8.08	 	
Commercial Mortgage	 	620.0	 	10.6	 	6.85	 	616.5	 	10.3	 	6.78	 	598.8	 	9.9	 	6.66	 	
Residential Mortgage	 	2,499.5	 	38.3	 	6.12	 	2,496.3	 	38.2	 	6.12	 	2,449.2	 	36.4	 	5.94	 	
Other Revolving Credit and Installment	 	684.2	 	15.8	 	9.27	 	702.5	 	15.9	 	9.19	 	718.0	 	16.3	 	9.10	 	
Home Equity	 	941.4	 	17.9	 	7.62	 	942.2	 	17.7	 	7.62	 	912.8	 	16.8	 	7.39	 	
Lease Financing	 	480.5	 	4.7	 	3.92	 	482.6	 	3.5	 	2.90	 	494.7	 	3.7	 	2.99	 	
Total Loans and Leases	 	6,532.7	 	111.8	 	6.86	 	6,561.8	 	110.2	 	6.77	 	6,317.7	 	104.2	 	6.61	 	
Other	 	79.4	 	0.4	 	1.83	 	79.4	 	0.3	 	1.68	 	79.4	 	0.3	 	1.37	 	
Total Earning Assets (3)	 	9,637.6	 	150.0	 	6.23	 	9,710.5	 	148.6	 	6.16	 	9,419.2	 	140.9	 	5.99	 	
Cash and Noninterest-Bearing Deposits	 	275.3	 	 	 	 	 	310.5	 	 	 	 	 	304.3	 	 	 	 	 	
Other Assets	 	470.1	 	 	 	 	 	460.7	 	 	 	 	 	445.8	 	 	 	 	 	
Total Assets	 	$	10,383.0	 	 	 	 	 	$	10,481.7	 	 	 	 	 	$	10,169.3	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Demand	 	$	1,581.0	 	4.1	 	1.03	 	$	1,602.4	 	4.3	 	1.08	 	$	1,611.7	 	3.9	 	0.97	 	
Savings	 	2,627.8	 	12.6	 	1.93	 	2,640.0	 	12.5	 	1.91	 	2,699.0	 	9.4	 	1.39	 	
Time	 	1,707.9	 	17.0	 	3.99	 	1,732.1	 	16.6	 	3.90	 	1,432.6	 	11.4	 	3.20	 	
Total Interest-Bearing Deposits	 	5,916.7	 	33.7	 	2.28	 	5,974.5	 	33.4	 	2.27	 	5,743.3	 	24.7	 	1.72	 	
Short-Term Borrowings	 	116.9	 	1.5	 	5.30	 	79.7	 	1.0	 	5.14	 	219.0	 	2.7	 	4.99	 	
Securities Sold Under Agreements to Repurchase	 	1,040.6	 	11.7	 	4.46	 	1,069.7	 	11.9	 	4.47	 	855.9	 	9.8	 	4.57	 	
Long-Term Debt	 	260.3	 	4.0	 	6.12	 	260.3	 	3.9	 	6.12	 	242.7	 	3.7	 	6.15	 	
Total Interest-Bearing Liabilities	 	7,334.5	 	50.9	 	2.78	 	7,384.2	 	50.2	 	2.75	 	7,060.9	 	40.9	 	2.32	 	
Net Interest Income	 	 	 	$	99.1	 	 	 	 	 	$	98.4	 	 	 	 	 	$	100.0	 	 	 	
Interest Rate Spread	 	 	 	 	 	3.45	%	 	 	 	 	3.41	%	 	 	 	 	3.67	%	
Net Interest Margin	 	 	 	 	 	4.12	%	 	 	 	 	4.07	%	 	 	 	 	4.25	%	
Noninterest-Bearing Demand Deposits	 	1,893.4	 	 	 	 	 	1,947.0	 	 	 	 	 	1,984.9	 	 	 	 	 	
Other Liabilities	 	427.2	 	 	 	 	 	439.4	 	 	 	 	 	436.4	 	 	 	 	 	
Shareholders’ Equity	 	727.9	 	 	 	 	 	711.1	 	 	 	 	 	687.1	 	 	 	 	 	
Total Liabilities and Shareholders’ Equity	 	$	10,383.0	 	 	 	 	 	$	10,481.7	 	 	 	 	 	$	10,169.3	 	 	 	 	 	

(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 federal statutory tax rate of 35%, of $236,000, $213,000, $175,000 for the second quarter 2007, first quarter 2007, and second quarter 2006, respectively.	

Bank of Hawaii Corporation and Subsidiaries
Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited)	Table 5b	
 
 	 	Six Months Ended	 	Six Months Ended	 	
 	 	June 30, 2007	 	June 30, 2006 (1)	 	
 	 	Average	 	Income/	 	Yield/	 	Average	 	Income/	 	Yield/	 	
(dollars in millions)	 	Balance	 	Expense	 	Rate	 	Balance	 	Expense	 	Rate	 	
Earning Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	$	6.3	 	$	0.2	 	4.89	%	$	5.5	 	$	0.1	 	3.57	%	
Funds Sold	 	60.8	 	1.6	 	5.28	 	12.5	 	0.3	 	4.77	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	
Trading	 	149.5	 	3.0	 	3.98	 	—	 	—	 	—	 	
Available-for-Sale	 	2,470.1	 	62.9	 	5.10	 	2,576.7	 	62.4	 	4.84	 	
Held-to-Maturity	 	350.1	 	7.9	 	4.50	 	436.6	 	9.4	 	4.31	 	
Loans Held for Sale	 	10.5	 	0.3	 	6.27	 	10.4	 	0.3	 	6.15	 	
Loans and Leases (2)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	1,064.6	 	39.3	 	7.44	 	950.0	 	33.8	 	7.17	 	
Construction	 	249.7	 	9.8	 	7.95	 	159.8	 	6.4	 	8.06	 	
Commercial Mortgage	 	618.3	 	20.9	 	6.82	 	585.4	 	19.1	 	6.58	 	
Residential Mortgage	 	2,497.9	 	76.5	 	6.12	 	2,435.8	 	71.8	 	5.89	 	
Other Revolving Credit and Installment	 	693.3	 	31.7	 	9.23	 	721.8	 	32.2	 	9.00	 	
Home Equity	 	941.8	 	35.6	 	7.62	 	903.6	 	32.3	 	7.20	 	
Lease Financing	 	481.6	 	8.2	 	3.41	 	493.6	 	7.9	 	3.20	 	
Total Loans and Leases	 	6,547.2	 	222.0	 	6.82	 	6,250.0	 	203.5	 	6.54	 	
Other	 	79.4	 	0.7	 	1.76	 	79.4	 	0.5	 	1.37	 	
Total Earning Assets (3)	 	9,673.9	 	298.6	 	6.20	 	9,371.1	 	276.5	 	5.92	 	
Cash and Noninterest-Bearing Deposits	 	292.8	 	 	 	 	 	318.0	 	 	 	 	 	
Other Assets	 	465.4	 	 	 	 	 	441.6	 	 	 	 	 	
Total Assets	 	$	10,432.1	 	 	 	 	 	$	10,130.7	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	
Demand	 	$	1,591.7	 	8.3	 	1.05	 	$	1,633.1	 	7.2	 	0.89	 	
Savings	 	2,633.8	 	25.1	 	1.92	 	2,727.4	 	16.5	 	1.22	 	
Time	 	1,719.9	 	33.7	 	3.94	 	1,371.5	 	20.6	 	3.02	 	
Total Interest-Bearing Deposits	 	5,945.4	 	67.1	 	2.28	 	5,732.0	 	44.3	 	1.56	 	
Short-Term Borrowings	 	98.4	 	2.6	 	5.23	 	198.6	 	4.7	 	4.75	 	
Securities Sold Under Agreements to Repurchase	 	1,055.1	 	23.5	 	4.46	 	814.2	 	17.7	 	4.37	 	
Long-Term Debt	 	260.3	 	7.9	 	6.12	 	242.7	 	7.4	 	6.16	 	
Total Interest-Bearing Liabilities	 	7,359.2	 	101.1	 	2.76	 	6,987.5	 	74.1	 	2.14	 	
Net Interest Income	 	 	 	$	197.5	 	 	 	 	 	$	202.4	 	 	 	
Interest Rate Spread	 	 	 	 	 	3.44	%	 	 	 	 	3.78	%	
Net Interest Margin	 	 	 	 	 	4.09	%	 	 	 	 	4.33	%	
Noninterest-Bearing Demand Deposits	 	1,920.1	 	 	 	 	 	2,003.4	 	 	 	 	 	
Other Liabilities	 	433.3	 	 	 	 	 	444.4	 	 	 	 	 	
Shareholders’ Equity	 	719.5	 	 	 	 	 	695.4	 	 	 	 	 	
Total Liabilities and Shareholders’ Equity	 	$	10,432.1	 	 	 	 	 	$	10,130.7	 	 	 	 	 	

(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 taxable-equivalent basis adjustment based upon a federal statutory tax rate of 35%, of $449,000 and $337,000 for the six months ended June 30, 2007 and 2006, respectively.	

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent Basis (Unaudited)	Table 6a	
 
 	 	Three Months Ended June 30, 2007 compared to March 31, 2007	 	
(dollars in millions)	 	Volume (1)	 	Rate (1)	 	Time (1)	 	Total	 	
Change in Interest Income:	 	 	 	 	 	 	 	 	 	
Funds Sold	 	$	(0.6	)	$	—	 	$	—	 	$	(0.6	)	
Investment Securities	 	 	 	 	 	 	 	 	 	
Trading	 	(0.2	)	—	 	—	 	(0.2	)	
Available-for-Sale	 	0.4	 	0.2	 	—	 	0.6	 	
Held-to-Maturity	 	(0.2	)	—	 	—	 	(0.2	)	
Loans Held for Sale	 	0.1	 	—	 	—	 	0.1	 	
Loans and Leases	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	(0.4	)	(0.1	)	0.2	 	(0.3	)	
Construction	 	0.1	 	—	 	0.1	 	0.2	 	
Commercial Mortgage	 	0.1	 	0.1	 	0.1	 	0.3	 	
Residential Mortgage	 	0.1	 	—	 	—	 	0.1	 	
Other Revolving Credit and Installment	 	(0.4	)	0.1	 	0.2	 	(0.1	)	
Home Equity	 	—	 	—	 	0.2	 	0.2	 	
Lease Financing	 	—	 	1.2	 	—	 	1.2	 	
Total Loans and Leases	 	(0.5	)	1.3	 	0.8	 	1.6	 	
Other	 	—	 	0.1	 	—	 	0.1	 	
Total Change in Interest Income	 	(1.0	)	1.6	 	0.8	 	1.4	 	
 	 	 	 	 	 	 	 	 	 	
Change in Interest Expense:	 	 	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	 	 	
Demand	 	(0.1	)	(0.2	)	0.1	 	(0.2	)	
Savings	 	(0.1	)	0.1	 	0.1	 	0.1	 	
Time	 	(0.2	)	0.4	 	0.2	 	0.4	 	
Total Interest-Bearing Deposits	 	(0.4	)	0.3	 	0.4	 	0.3	 	
Short-Term Borrowings	 	0.5	 	—	 	—	 	0.5	 	
Securities Sold Under Agreements to Repurchase	 	(0.3	)	—	 	0.1	 	(0.2	)	
Long-Term Debt	 	—	 	—	 	0.1	 	0.1	 	
Total Change in Interest Expense	 	(0.2	)	0.3	 	0.6	 	0.7	 	
 	 	 	 	 	 	 	 	 	 	
Change in Net Interest Income	 	$	(0.8	)	$	1.3	 	$	0.2	 	$	0.7	 	

(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, and time for that category.	

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable Equivalent Basis (Unaudited)	Table  6b	
 
 	 	Three Months Ended June 30, 2007 compared to June 30, 2006	 	
(dollars in millions)	 	Volume (1)	 	Rate (1)	 	Total	 	
Change in Interest Income:	 	 	 	 	 	 	 	
Funds Sold	 	$	0.3	 	$	—	 	$	0.3	 	
Investment Securities	 	 	 	 	 	 	 	
Trading	 	1.4	 	—	 	1.4	 	
Available-for-Sale	 	(0.9	)	1.3	 	0.4	 	
Held-to-Maturity	 	(1.0	)	0.2	 	(0.8	)	
Loans Held for Sale	 	0.1	 	—	 	0.1	 	
Loans and Leases	 	 	 	 	 	 	 	
Commercial and Industrial	 	1.6	 	0.3	 	1.9	 	
Construction	 	1.5	 	—	 	1.5	 	
Commercial Mortgage	 	0.4	 	0.3	 	0.7	 	
Residential Mortgage	 	0.8	 	1.1	 	1.9	 	
Other Revolving Credit and Installment	 	(0.8	)	0.3	 	(0.5	)	
Home Equity	 	0.5	 	0.6	 	1.1	 	
Lease Financing	 	(0.1	)	1.1	 	1.0	 	
Total Loans and Leases	 	3.9	 	3.7	 	7.6	 	
Other	 	—	 	0.1	 	0.1	 	
Total Change in Interest Income	 	3.8	 	5.3	 	9.1	 	
 	 	 	 	 	 	 	 	
Change in Interest Expense:	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	 	 	 	 	 	 	
Demand	 	(0.1	)	0.3	 	0.2	 	
Savings	 	(0.3	)	3.5	 	3.2	 	
Time	 	2.5	 	3.1	 	5.6	 	
Total Interest-Bearing Deposits	 	2.1	 	6.9	 	9.0	 	
Short-Term Borrowings	 	(1.3	)	0.1	 	(1.2	)	
Securities Sold Under Agreements to Repurchase	 	2.1	 	(0.2	)	1.9	 	
Long-Term Debt	 	0.3	 	—	 	0.3	 	
Total Change in Interest Expense	 	3.2	 	6.8	 	10.0	 	
 	 	 	 	 	 	 	 	
Change in Net Interest Income	 	$	0.6	 	$	(1.5	)	$	(0.9	)	

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

Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits (Unaudited)	Table 7	
 
 	 	Three Months Ended	 	Six Months Ended	 	
 	 	June 30,	 	March 31,	 	June 30,	 	June 30,	 	
(dollars in thousands)	 	2007	 	2007	 	2006	 	2007	 	2006	 	
Salaries	 	$	29,220	 	$	28,124	 	$	27,727	 	$	57,344	 	$	54,451	 	
Incentive Compensation	 	3,794	 	3,619	 	3,844	 	7,413	 	8,165	 	
Share-Based Compensation	 	1,333	 	1,227	 	1,631	 	2,560	 	3,112	 	
Commission Expense	 	2,161	 	1,993	 	1,833	 	4,154	 	3,755	 	
Retirement and Other Benefits	 	3,365	 	3,769	 	4,833	 	7,134	 	10,068	 	
Payroll Taxes	 	2,247	 	3,522	 	2,297	 	5,769	 	5,682	 	
Medical, Dental, and Life Insurance	 	2,263	 	2,238	 	2,185	 	4,501	 	4,346	 	
Separation Expense	 	204	 	914	 	461	 	1,118	 	1,018	 	
Total Salaries and Benefits	 	$	44,587	 	$	45,406	 	$	44,811	 	$	89,993	 	$	90,597	 	

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances (Unaudited)	Table 8	
 
 	 	June 30,	 	March 31,	 	December 31,	 	September 30,	 	June 30,	 	
(dollars in thousands)	 	2007	 	2007	 	2006	 	2006	 	2006 (1)	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	$	1,065,155	 	$	1,042,174	 	$	1,093,392	 	$	994,531	 	$	1,008,618	 	
Commercial Mortgage	 	619,668	 	611,784	 	611,334	 	635,552	 	619,839	 	
Construction	 	261,478	 	245,951	 	249,263	 	238,995	 	212,490	 	
Lease Financing	 	480,358	 	460,837	 	508,997	 	489,183	 	475,549	 	
Total Commercial	 	2,426,659	 	2,360,746	 	2,462,986	 	2,358,261	 	2,316,496	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	2,505,073	 	2,495,141	 	2,493,110	 	2,464,240	 	2,457,867	 	
Home Equity	 	938,261	 	938,135	 	944,873	 	942,743	 	929,386	 	
Other Revolving Credit and Installment	 	677,750	 	693,132	 	700,896	 	701,759	 	714,617	 	
Lease Financing	 	18,383	 	19,998	 	21,302	 	22,054	 	23,259	 	
Total Consumer	 	4,139,467	 	4,146,406	 	4,160,181	 	4,130,796	 	4,125,129	 	
Total Loans and Leases	 	$	6,566,126	 	$	6,507,152	 	$	6,623,167	 	$	6,489,057	 	$	6,441,625	 	
 
Air Transportation Credit Exposure (2) (Unaudited)
 	 	June 30, 2007	 	Mar. 31, 2007	 	June 30, 2006	 	
 	 	 	 	Unused	 	Total	 	Total	 	Total	 	
(dollars in thousands)	 	Outstanding	 	Commitments	 	Exposure	 	Exposure	 	Exposure	 	
Passenger Carriers Based In the United States	 	$	65,607	 	$	—	 	$	65,607	 	$	65,731	 	$	68,213	 	
Passenger Carriers Based Outside the United States	 	19,246	 	—	 	19,246	 	19,326	 	19,542	 	
Cargo Carriers	 	13,279	 	—	 	13,279	 	13,254	 	13,240	 	
Total Air Transportation Credit Exposure	 	$	98,132	 	$	—	 	$	98,132	 	$	98,311	 	$	100,995	 	

(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 Past Due 90 Days or More (Unaudited)	Table 9	
 
 	 	June 30,	 	March 31,	 	December 31,	 	September 30,	 	June 30,	 	
(dollars in thousands)	 	2007	 	2007	 	2006	 	2006	 	2006	 	
Non-Performing Assets	 	 	 	 	 	 	 	 	 	 	 	
Non-Accrual Loans and Leases	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	$	265	 	$	273	 	$	769	 	$	400	 	$	227	 	
Commercial Mortgage	 	130	 	38	 	40	 	44	 	48	 	
Lease Financing	 	914	 	—	 	31	 	—	 	—	 	
Total Commercial	 	1,309	 	311	 	840	 	444	 	275	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	3,844	 	4,345	 	4,914	 	4,253	 	4,628	 	
Home Equity	 	899	 	476	 	164	 	254	 	204	 	
Other Revolving Credit and Installment	 	214	 	242	 	—	 	—	 	—	 	
Total Consumer	 	4,957	 	5,063	 	5,078	 	4,507	 	4,832	 	
Total Non-Accrual Loans and Leases	 	6,266	 	5,374	 	5,918	 	4,951	 	5,107	 	
Foreclosed Real Estate	 	48	 	462	 	407	 	409	 	188	 	
Other Investments	 	—	 	—	 	82	 	82	 	82	 	
Total Non-Performing Assets	 	$	6,314	 	$	5,836	 	$	6,407	 	$	5,442	 	$	5,377	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Accruing Loans and Leases Past Due 90 Days or More	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Lease Financing	 	$	—	 	$	4	 	$	—	 	$	—	 	$	—	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	188	 	706	 	519	 	882	 	1,157	 	
Home Equity	 	60	 	219	 	331	 	62	 	86	 	
Other Revolving Credit and Installment	 	1,158	 	1,441	 	1,954	 	2,044	 	1,561	 	
Lease Financing	 	—	 	10	 	10	 	—	 	—	 	
Total Consumer	 	1,406	 	2,376	 	2,814	 	2,988	 	2,804	 	
Total Accruing Loans and Leases Past Due 90 Days or More	 	$	1,406	 	$	2,380	 	$	2,814	 	$	2,988	 	$	2,804	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Loans and Leases	 	$	6,566,126	 	$	6,507,152	 	$	6,623,167	 	$	6,489,057	 	$	6,441,625	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	 	0.10	%	0.08	%	0.09	%	0.08	%	0.08	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets to Total Loans and Leases, Foreclosed Real Estate, and Other Investments	 	0.10	%	0.09	%	0.10	%	0.08	%	0.08	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases	 	0.12	%	0.13	%	0.14	%	0.13	%	0.13	%	
 	 	 	 	 	 	 	 	 	 	 	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	 	 	 	 	 	 	
Balance at Beginning of Quarter	 	$	5,836	 	$	6,407	 	$	5,442	 	$	5,377	 	$	5,906	 	
Additions	 	2,279	 	1,548	 	2,427	 	1,507	 	1,509	 	
Reductions	 	 	 	 	 	 	 	 	 	 	 	
Payments	 	(804	)	(1,150	)	(255	)	(848	)	(1,347	)	
Return to Accrual	 	(473	)	(435	)	(897	)	(382	)	(260	)	
Sales of Foreclosed Assets	 	(326	)	(56	)	(112	)	(20	)	(99	)	
Charge-offs/Write-downs	 	(198	)	(478	)	(198	)	(192	)	(332	)	
Total Reductions	 	(1,801	)	(2,119	)	(1,462	)	(1,442	)	(2,038	)	
Balance at End of Quarter	 	$	6,314	 	$	5,836	 	$	6,407	 	$	5,442	 	$	5,377	 	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Consolidated Reserve for Credit Losses (Unaudited)	Table 10	
 
 	 	Three Months Ended	 	Six Months Ended	 	
 	 	June 30,	 	March 31,	 	June 30,	 	June 30,	 	
(dollars in thousands)	 	2007	 	2007	 	2006 (1)	 	2007	 	2006 (1)	 	
Balance at Beginning of Period	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	
Loans and Leases Charged-Off	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	(738	)	(805	)	(677	)	(1,543	)	(1,060	)	
Lease Financing	 	—	 	(22	)	—	 	(22	)	—	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	(47	)	—	 	(29	)	(47	)	(39	)	
Home Equity	 	(240	)	(102	)	(86	)	(342	)	(227	)	
Other Revolving Credit and Installment	 	(4,195	)	(5,714	)	(4,467	)	(9,909	)	(8,721	)	
Lease Financing	 	—	 	—	 	—	 	—	 	(12	)	
Total Loans and Leases Charged-Off	 	(5,220	)	(6,643	)	(5,259	)	(11,863	)	(10,059	)	
Recoveries on Loans and Leases Previously Charged-Off	 	 	 	 	 	 	 	 	 	 	 	
Commercial	 	 	 	 	 	 	 	 	 	 	 	
Commercial and Industrial	 	315	 	277	 	1,445	 	592	 	1,740	 	
Commercial Mortgage	 	36	 	85	 	335	 	121	 	424	 	
Lease Financing	 	6	 	2,081	 	—	 	2,087	 	—	 	
Consumer	 	 	 	 	 	 	 	 	 	 	 	
Residential Mortgage	 	54	 	135	 	119	 	189	 	241	 	
Home Equity	 	55	 	65	 	127	 	120	 	188	 	
Other Revolving Credit and Installment	 	1,384	 	1,365	 	1,158	 	2,749	 	2,621	 	
Lease Financing	 	7	 	4	 	6	 	11	 	15	 	
Total Recoveries on Loans and Leases Previously Charged-Off	 	1,857	 	4,012	 	3,190	 	5,869	 	5,229	 	
Net Loans and Leases Charged-Off	 	(3,363	)	(2,631	)	(2,069	)	(5,994	)	(4,830	)	
Provision for Credit Losses	 	3,363	 	2,631	 	2,069	 	5,994	 	4,830	 	
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	 	$	90,998	 	$	91,035	 	$	90,998	 	$	91,035	 	
Reserve for Unfunded Commitments	 	5,169	 	5,169	 	5,132	 	5,169	 	5,132	 	
Total Reserve for Credit Losses	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	$	96,167	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Average Loans and Leases Outstanding	 	$	6,532,736	 	$	6,561,848	 	$	6,317,682	 	$	6,547,212	 	$	6,250,082	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Ratio of Net Loans and Leases Charged-Off to
Average Loans and Leases Outstanding (annualized)	 	0.21	%	0.16	%	0.13	%	0.18	%	0.16	%	
Ratio of Allowance for Loans and Lease Losses to Loans and Leases Outstanding	 	1.39	%	1.40	%	1.41	%	1.39	%	1.41	%	

(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 (Unaudited).	

 
Bank of Hawaii Corporation and Subsidiaries	 	
Business Segment Selected Financial Information (Unaudited)	Table 11a	
 
 	 	Retail	 	Commercial	 	Investment	 	 	 	 	 	Consolidated	 	
(dollars in thousands)	 	Banking	 	Banking	 	Services	 	Total	 	Treasury	 	Total	 	
Three Months Ended June 30, 2007	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income (Loss)	 	$	60,126	 	$	35,288	 	$	4,325	 	$	99,739	 	$	(861	)	$	98,878	 	
Provision for Credit Losses	 	2,559	 	813	 	—	 	3,372	 	(9	)	3,363	 	
Net Interest Income (Loss) After Provision for Credit Losses	 	57,567	 	34,475	 	4,325	 	96,367	 	(852	)	95,515	 	
Noninterest Income	 	27,063	 	7,528	 	19,686	 	54,277	 	3,751	 	58,028	 	
Noninterest Expense	 	(42,717	)	(19,978	)	(16,251	)	(78,946	)	(886	)	(79,832	)	
Income Before Provision for Income Taxes	 	41,913	 	22,025	 	7,760	 	71,698	 	2,013	 	73,711	 	
Provision for Income Taxes	 	(15,509	)	(8,231	)	(2,871	)	(26,611	)	629	 	(25,982	)	
Allocated Net Income	 	26,404	 	13,794	 	4,889	 	45,087	 	2,642	 	47,729	 	
Allowance Funding Value	 	(242	)	(737	)	(10	)	(989	)	989	 	—	 	
Provision for Credit Losses	 	2,559	 	813	 	—	 	3,372	 	(9	)	3,363	 	
Economic Provision	 	(2,911	)	(2,079	)	(83	)	(5,073	)	—	 	(5,073	)	
Tax Effect of Adjustments	 	220	 	741	 	34	 	995	 	(362	)	633	 	
Income Before Capital Charge	 	26,030	 	12,532	 	4,830	 	43,392	 	3,260	 	46,652	 	
Capital Charge	 	(5,448	)	(3,946	)	(1,574	)	(10,968	)	(9,047	)	(20,015	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	20,582	 	$	8,586	 	$	3,256	 	$	32,424	 	$	(5,787	)	$	26,637	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	53	%	35	%	34	%	44	%	11	%	26	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets as of June 30, 2007	 	$	3,987,482	 	$	2,746,074	 	$	243,026	 	$	6,976,582	 	$	3,745,986	 	$	10,722,568	 	

Three Months Ended June 30, 2006 (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	58,697	 	$	32,987	 	$	4,477	 	$	96,161	 	$	3,695	 	$	99,856	 	
Provision for Credit Losses	 	1,862	 	317	 	999	 	3,178	 	(1,109	)	2,069	 	
Net Interest Income After Provision for Credit Losses	 	56,835	 	32,670	 	3,478	 	92,983	 	4,804	 	97,787	 	
Noninterest Income	 	24,792	 	7,905	 	17,561	 	50,258	 	2,943	 	53,201	 	
Noninterest Expense	 	(41,861	)	(19,049	)	(16,512	)	(77,422	)	(1,320	)	(78,742	)	
Income Before Provision for Income Taxes	 	39,766	 	21,526	 	4,527	 	65,819	 	6,427	 	72,246	 	
Provision for Income Taxes	 	(14,714	)	(16,632	)	(1,666	)	(33,012	)	(2,058	)	(35,070	)	
Allocated Net Income	 	25,052	 	4,894	 	2,861	 	32,807	 	4,369	 	37,176	 	
Allowance Funding Value	 	(198	)	(602	)	(8	)	(808	)	808	 	—	 	
Provision for Credit Losses	 	1,862	 	317	 	999	 	3,178	 	(1,109	)	2,069	 	
Economic Provision	 	(3,076	)	(2,188	)	(85	)	(5,349	)	—	 	(5,349	)	
Tax Effect of Adjustments	 	522	 	915	 	(335	)	1,102	 	111	 	1,213	 	
Income Before Capital Charge	 	24,162	 	3,336	 	3,432	 	30,930	 	4,179	 	35,109	 	
Capital Charge	 	(5,375	)	(4,063	)	(1,588	)	(11,026	)	(7,867	)	(18,893	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	18,787	 	$	(727	)	$	1,844	 	$	19,904	 	$	(3,688	)	$	16,216	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	50	%	9	%	24	%	31	%	13	%	22	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets as of June 30, 2006 (1)	 	$	3,951,725	 	$	2,671,854	 	$	228,584	 	$	6,852,163	 	$	3,473,027	 	$	10,325,190	 	

(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	
 
 	 	Retail	 	Commercial	 	Investment	 	 	 	 	 	Consolidated	 	
(dollars in thousands)	 	Banking	 	Banking	 	Services	 	Total	 	Treasury	 	Total	 	
Six Months Ended June 30, 2007	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	118,996	 	$	69,075	 	$	8,765	 	$	196,836	 	$	179	 	$	197,015	 	
Provision for Credit Losses	 	5,891	 	125	 	—	 	6,016	 	(22	)	5,994	 	
Net Interest Income After Provision for Credit Losses	 	113,105	 	68,950	 	8,765	 	190,820	 	201	 	191,021	 	
Noninterest Income	 	52,960	 	19,167	 	39,089	 	111,216	 	7,772	 	118,988	 	
Noninterest Expense	 	(85,675	)	(40,523	)	(32,684	)	(158,882	)	(3,073	)	(161,955	)	
Income Before Provision for Income Taxes	 	80,390	 	47,594	 	15,170	 	143,154	 	4,900	 	148,054	 	
Provision for Income Taxes	 	(29,745	)	(17,440	)	(5,613	)	(52,798	)	(192	)	(52,990	)	
Allocated Net Income	 	50,645	 	30,154	 	9,557	 	90,356	 	4,708	 	95,064	 	
Allowance Funding Value	 	(450	)	(1,432	)	(20	)	(1,902	)	1,902	 	—	 	
Provision for Credit Losses	 	5,891	 	125	 	—	 	6,016	 	(22	)	5,994	 	
Economic Provision	 	(5,869	)	(4,264	)	(164	)	(10,297	)	(1	)	(10,298	)	
Tax Effect of Adjustments	 	158	 	2,061	 	68	 	2,287	 	(696	)	1,591	 	
Income Before Capital Charge	 	50,375	 	26,644	 	9,441	 	86,460	 	5,891	 	92,351	 	
Capital Charge	 	(10,898	)	(8,013	)	(3,153	)	(22,064	)	(17,506	)	(39,570	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	39,477	 	$	18,631	 	$	6,288	 	$	64,396	 	$	(11,615	)	$	52,781	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	51	%	37	%	33	%	43	%	9	%	27	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets as of June 30, 2007	 	$	3,987,482	 	$	2,746,074	 	$	243,026	 	$	6,976,582	 	$	3,745,986	 	$	10,722,568	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Six Months Ended June 30, 2006 (1)	 	 	 	 	 	 	 	 	 	 	 	 	 	
Net Interest Income	 	$	116,387	 	$	66,729	 	$	8,882	 	$	191,998	 	$	10,060	 	$	202,058	 	
Provision for Credit Losses	 	4,357	 	738	 	999	 	6,094	 	(1,264	)	4,830	 	
Net Interest Income After Provision for Credit Losses	 	112,030	 	65,991	 	7,883	 	185,904	 	11,324	 	197,228	 	
Noninterest Income	 	48,907	 	16,313	 	35,307	 	100,527	 	5,246	 	105,773	 	
Noninterest Expense	 	(83,821	)	(39,153	)	(33,454	)	(156,428	)	(3,132	)	(159,560	)	
Income Before Provision for Income Taxes	 	77,116	 	43,151	 	9,736	 	130,003	 	13,438	 	143,441	 	
Provision for Income Taxes	 	(28,533	)	(24,581	)	(3,594	)	(56,708	)	(4,207	)	(60,915	)	
Allocated Net Income	 	48,583	 	18,570	 	6,142	 	73,295	 	9,231	 	82,526	 	
Allowance Funding Value	 	(387	)	(1,149	)	(16	)	(1,552	)	1,552	 	—	 	
Provision for Credit Losses	 	4,357	 	738	 	999	 	6,094	 	(1,264	)	4,830	 	
Economic Provision	 	(6,236	)	(4,470	)	(188	)	(10,894	)	(1	)	(10,895	)	
Tax Effect of Adjustments	 	839	 	1,806	 	(294	)	2,351	 	(107	)	2,244	 	
Income Before Capital Charge	 	47,156	 	15,495	 	6,643	 	69,294	 	9,411	 	78,705	 	
Capital Charge	 	(10,832	)	(8,368	)	(3,216	)	(22,416	)	(15,844	)	(38,260	)	
Net Income (Loss) After Capital Charge (NIACC)	 	$	36,324	 	$	7,127	 	$	3,427	 	$	46,878	 	$	(6,433	)	$	40,445	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
RAROC (ROE for the Company)	 	48	%	21	%	23	%	34	%	15	%	24	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets as of June 30, 2006 (1)	 	$	3,951,725	 	$	2,671,854	 	$	228,584	 	$	6,852,163	 	$	3,473,027	 	$	10,325,190	 	

(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	 	
 	 	June 30,	 	March 31,	 	December 31,	 	September 30,	 	June 30,	 	
(dollars in thousands, except per share amounts)	 	2007	 	2007	 	2006	 	2006 1	 	2006 (1)	 	
Quarterly Operating Results	 	 	 	 	 	 	 	 	 	 	 	
Interest Income	 	 	 	 	 	 	 	 	 	 	 	
Interest and Fees on Loans and Leases	 	$	112,026	 	$	110,298	 	$	111,649	 	$	110,065	 	$	104,388	 	
Income on Investment Securities	 	 	 	 	 	 	 	 	 	 	 	
Trading	 	1,357	 	1,618	 	—	 	—	 	—	 	
Available-for-Sale	 	31,563	 	30,961	 	32,807	 	31,949	 	31,226	 	
Held-to-Maturity	 	3,827	 	4,052	 	4,282	 	4,558	 	4,658	 	
Deposits	 	96	 	58	 	63	 	50	 	55	 	
Funds Sold	 	533	 	1,058	 	406	 	66	 	170	 	
Other	 	364	 	333	 	333	 	272	 	272	 	
Total Interest Income	 	149,766	 	148,378	 	149,540	 	146,960	 	140,769	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	
Deposits	 	33,701	 	33,375	 	30,924	 	28,464	 	24,656	 	
Securities Sold Under Agreements to Repurchase	 	11,665	 	11,886	 	12,538	 	11,959	 	9,802	 	
Funds Purchased	 	1,452	 	923	 	1,689	 	2,270	 	2,652	 	
Short-Term Borrowings	 	91	 	87	 	106	 	82	 	73	 	
Long-Term Debt	 	3,979	 	3,970	 	4,078	 	3,835	 	3,730	 	
Total Interest Expense	 	50,888	 	50,241	 	49,335	 	46,610	 	40,913	 	
Net Interest Income	 	98,878	 	98,137	 	100,205	 	100,350	 	99,856	 	
Provision for Credit Losses	 	3,363	 	2,631	 	3,143	 	2,785	 	2,069	 	
Net Interest Income After Provision for Credit Losses	 	95,515	 	95,506	 	97,062	 	97,565	 	97,787	 	
Noninterest Income	 	 	 	 	 	 	 	 	 	 	 	
Trust and Asset Management	 	16,135	 	15,833	 	14,949	 	14,406	 	14,537	 	
Mortgage Banking	 	2,479	 	3,371	 	2,612	 	2,394	 	2,569	 	
Service Charges on Deposit Accounts	 	11,072	 	10,967	 	11,206	 	10,723	 	9,695	 	
Fees, Exchange, and Other Service Charges	 	16,556	 	16,061	 	15,775	 	16,266	 	15,633	 	
Investment Securities Gains, Net	 	575	 	16	 	153	 	19	 	—	 	
Insurance	 	4,887	 	6,215	 	3,965	 	6,713	 	4,691	 	
Other	 	6,324	 	8,497	 	4,856	 	6,366	 	6,076	 	
Total Noninterest Income	 	58,028	 	60,960	 	53,516	 	56,887	 	53,201	 	
Noninterest Expense	 	 	 	 	 	 	 	 	 	 	 	
Salaries and Benefits	 	44,587	 	45,406	 	42,727	 	43,133	 	44,811	 	
Net Occupancy	 	9,695	 	9,811	 	9,959	 	9,998	 	9,376	 	
Net Equipment	 	4,871	 	4,787	 	5,012	 	5,285	 	4,802	 	
Professional Fees	 	2,599	 	2,543	 	1,189	 	2,638	 	2,589	 	
Other	 	18,080	 	19,576	 	22,710	 	18,751	 	17,164	 	
Total Noninterest Expense	 	79,832	 	82,123	 	81,597	 	79,805	 	78,742	 	
Income Before Provision for Income Taxes	 	73,711	 	74,343	 	68,981	 	74,647	 	72,246	 	
Provision for Income Taxes	 	25,982	 	27,008	 	18,068	 	27,727	 	35,070	 	
Net Income	 	$	47,729	 	$	47,335	 	$	50,913	 	$	46,920	 	$	37,176	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Basic Earnings Per Share	 	$	0.97	 	$	0.96	 	$	1.03	 	$	0.94	 	$	0.74	 	
Diluted Earnings Per Share	 	$	0.95	 	$	0.94	 	$	1.01	 	$	0.92	 	$	0.72	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	 	$	10,722,568	 	$	10,491,957	 	$	10,571,815	 	$	10,371,215	 	$	10,325,190	 	
Net Loans and Leases	 	6,475,128	 	6,416,154	 	6,532,169	 	6,398,262	 	6,350,590	 	
Total Deposits	 	8,314,404	 	7,952,937	 	8,023,394	 	7,687,123	 	7,766,033	 	
Total Shareholders’ Equity	 	708,806	 	711,031	 	719,420	 	683,472	 	666,728	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Performance Ratios	 	 	 	 	 	 	 	 	 	 	 	
Net Income to Average Total Assets	 	1.84	%	1.83	%	1.94	%	1.81	%	1.47	%	
Net Income to Average Shareholders’ Equity	 	26.30	 	27.00	 	28.56	 	27.09	 	21.70	 	
Net Interest Margin (2)	 	4.12	 	4.07	 	4.15	 	4.20	 	4.25	 	
Efficiency Ratio (3)	 	50.88	 	51.62	 	53.08	 	50.75	 	51.45	 	

(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)	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 noninterest expense divided by total revenue (net interest income and noninterest income).