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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 27, 2003

BANK OF HAWAII CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
(State of Incorporation)	 	1-6887
(Commission File Number)	 	99-0148992
(IRS Employer
Identification No.)	

130 Merchant Street, Honolulu, Hawaii
(Address of principal executive offices)	
 	
96813
(Zip Code)	
(Registrant's telephone number, including area code)(808) 537-8430

Item 5. Other Events

(a)
Exhibit 99.1
Press Release: Bank of Hawaii Corporation 2002 Financial Results

2

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 thereunto duly authorized.
Date: January 27, 2003	 	BANK OF HAWAII CORPORATION	

 	
/s/  MICHAEL E. O'NEILL      

Michael E. O'Neill
Chairman, Chief Executive Officer and President	
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Item 5. Other Events
SIGNATURE

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EXHIBIT 99.1

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

BANK OF HAWAII CORPORATION

EXHIBIT TO CURRENT REPORT ON
FORM 8-K DATED January 27, 2003

Commission File Number 1-6887

[LETTERHEAD]
Bank of Hawaii Corporation 2002 Financial Results

•
2002 Net Income $121.2 Million, Up 3% From 2001
•
2002 Diluted Earnings Per Share Increase to $1.70, Up 16% From 2001
•
Board of Directors Declares Dividend of $0.19 Per Share

FOR IMMEDIATE RELEASE

        HONOLULU, HI (January 27, 2003)—Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share for 2002 of $1.70, compared to diluted earnings per share of $1.46 in 2001. Net income for the year was $121.2 million, up $3.4 million from $117.8 million reported in the previous year. The return on average assets in 2002 was 1.22 percent, up 31.2 percent compared to 0.93 percent in 2001. The return on average equity was 10.24 percent, an increase of 16.9 percent from 8.76 percent in 2001.

        "We are pleased with several aspects of Bank of Hawaii's results for 2002," said Michael E. O'Neill, Chairman and CEO. "Our people are much more focused on our key markets in Hawaii, Guam and American Samoa. Our credit quality has improved, our margin has strengthened, our share repurchase program has returned $530 million to shareholders and our technology conversion program is on schedule. Importantly, our customer and employee satisfaction measures have strengthened and our banking businesses are poised for growth in 2003. We remain optimistic that we can continue to improve our efficiency and benefit from an improved economy this year."

        Diluted earnings per share for the fourth quarter of 2002 were $0.44, up $0.10 or 29.4 percent from $0.34 per diluted share for the same period last year. Net income in the fourth quarter was $28.9 million, up 9.9 percent from net income of $26.3 million in the fourth quarter last year. The presence of non-core items and the effect of business divestitures in 2001 continue to have a significant impact on the comparability with prior year results. Included in the fourth quarter of 2002 were charges of $7.0 million related to the information technology systems replacement project and $0.4 million in net restructuring expenses from the closure of four branches in the West Pacific that were partially offset by a reversal of reserves related to the divestiture program. Earnings for the fourth quarter of 2001 included gains on divestitures and restructuring items that increased net income by $6.4 million, or $0.08 per diluted share. Supplemental information has been provided in Table 11 that summarizes the continuing business operating results for the last eight quarters.

Financial Highlights

        Net interest income for the fourth quarter of 2002 on a fully taxable equivalent basis was $90.2 million, down $2.0 million from the third quarter of 2002 primarily due to decreased interest rates. Net interest income was down $16.0 million from the fourth quarter of 2001 primarily due to lower average earning assets related to the divestitures and the managed reduction of loans in an effort to reduce credit risk.

        The net interest margin was 4.05 percent for the fourth quarter of 2002, a 2 basis point increase from 4.03 percent in the previous quarter and a 12 basis point increase from 3.93 percent in the same quarter last year. The net interest margin improvement was largely due to lengthening the maturities of some short-term investments, reductions in short-term borrowings and time deposits, as well as debt repurchases, which lowered the Company's cost of funds.

        Given continued improvements in Bank of Hawaii Corporation's credit quality, the Company did not recognize a provision for loan and lease losses during the fourth quarter of 2002. This resulted in a $11.6 million reduction in the allowance for loan and lease losses, which equaled the amount of net charge-offs for the quarter. The Company did not recognize a provision for loan and lease losses during the third quarter of 2002. The provision for loan and lease losses was $14.5 million in the fourth quarter of 2001.

        Non-interest income was $51.1 million for the quarter, an increase of $3.7 million, or 7.8 percent, from non-interest income of $47.4 million in the third quarter of 2002. Non-interest income of $79.0 million for the fourth quarter of 2001 included $28.7 million in net gains on sales of the Company's South Pacific operations that were partially offset by write-downs on venture investments. Excluding these items, non-interest income increased $0.9 million, or 1.7 percent from the same quarter last year.

        Non-interest expense for the fourth quarter of 2002 was $97.5 million, including the previously mentioned $7.4 million in information technology system replacement and restructuring costs. Excluding these items, non-interest expense increased by $4.5 million, or 5.3 percent, to $90.0 million compared to $85.5 million in the previous quarter. The increase was largely the result of severance expenses, damage from Typhoon Pongsona in Guam and professional fees accrued at year-end. Non-interest expense of $140.0 million for the fourth quarter of 2001 included restructuring and other related costs of $18.5 million. Excluding these items, non-interest expenses declined $31.5 million, or 25.9 percent, from the same quarter last year and were largely due to savings associated with the divested businesses.

        The efficiency ratio was 65.0 percent for the full year of 2002. Excluding the systems replacement project costs and non-recurring items, the efficiency ratio was 62.2 percent compared to the continuing business efficiency ratio of 63.4 percent last year. The Company anticipates that the efficiency ratio excluding systems replacement costs will be approximately 58.0 percent by the end of 2003.

        The effective tax rate of 35.4 percent for 2002 is a decrease from the prior year as the effective tax rate in 2001 reflected the impact of divestitures and foreign taxes. The unusually low effective tax rate for the fourth quarter of 2001 was due to the impact of foreign tax and other credits recognized in the quarter as well as adjustments in the effective tax rate for the full year of 2001.

Asset Quality

        Bank of Hawaii Corporation's credit quality improved during the fourth quarter of 2002 as measured by reductions in non-performing assets and continued improvement in the Company's internal credit risk ratings.

        Non-performing assets were $54.4 million at the end of the fourth quarter of 2002, a decrease of $8.9 million, or 14.1 percent, from non-performing assets of $63.3 million at the end of the third quarter. Compared to the same period last year, non-performing assets declined $25.3 million, or 31.7 percent. At December 31, 2002 the ratio of non-performing assets to total loans plus foreclosed assets and non-performing loans held for sale was 1.01 percent, down from 1.20 percent at September 30, 2002 and down from 1.40 percent at December 31, 2001.

        Non-accrual loans were $45.0 million at December 31, 2002, a reduction of $0.7 million from $45.7 million at September 30, 2002 and down $15.8 million, or 26.0 percent, from $60.8 million at December 31, 2001. Non-accrual loans as a percentage of total loans were 0.84 percent at December 31, 2002, down from 0.87 percent at the end of the previous quarter and down from 1.07 percent at December 31, 2001.

        Net charge-offs for the fourth quarter of 2002 were $11.6 million, or 0.88 percent, of total average loans (annualized). Charge-offs of $15.0 million, which includes an $8.8 million write-off of an aircraft lease, were partially offset by recoveries of $3.4 million. Net charge-offs of $27.7 million for the full year of 2002 were 0.51 percent of total average loans (annualized), a significant improvement from net charge-offs of $121.4 million, or 1.57 percent in the prior year.

        The allowance for loan and lease losses was $142.9 million at December 31, 2002, a decrease of $11.6 million compared with September 30, 2002 and a decrease of $16.1 million from December 31, 2001. The ratio of the allowance for loan and lease losses to total loans was 2.67 percent at

2

December 31, 2002 compared with 2.94 percent at the end of the third quarter and 2.81 percent at the end of the same quarter last year.

        The concentration of credit exposure to selected industries and the amount of the Company's syndicated exposure are summarized in Table 6.

Other Financial Highlights

        Total assets were $9.5 billion at the end of December 31, 2002, down from $10.6 billion at December 31, 2001 and down slightly from $9.7 billion at the end of September 30, 2002. The most significant decrease compared to the previous year was commercial loans as the Company made strategic risk reductions in the portfolio. Compared to September 30, 2002, total assets decreased $186 million from $9.7 billion largely due to reductions in short-term investments as excess liquidity was utilized for share repurchase and debt reduction during the quarter.

        Total deposits at December 31, 2002 were $6.9 billion, up $242 million from December 31, 2001 and up $293 million from the end of September 30, 2002. Quarterly deposit levels are summarized in Table 9. Strong growth in demand and savings deposits more than offset managed decreases in time and foreign deposits. The Company continues to manage down higher cost funds, including time deposits, purchased funds and long-term debt.

        During the fourth quarter of 2002, Bank of Hawaii Corporation repurchased 3.3 million shares of common stock at a total cost of $94.1 million. The average cost per share was $28.90 during the quarter. At December 31, 2002, the Company had repurchased a total of 20.1 million shares under its previously announced share repurchase programs. Through December 31, 2002, a total of $527.9 million had been returned to the shareholder at an average cost of $26.21 per share. An additional program to repurchase up to $230 million of common stock was announced on December 13, 2002. This new authorization, combined with the Company's previously announced authorizations of $570 million, brings the total repurchase authority to $800 million. Through January 24, 2003, the Company repurchased an additional 1.4 million shares of common stock at a cost of $30.29 per share. Remaining buyback authority was $230.4 million at January 24, 2003.

        The Company's capital and liquidity remains exceptionally strong. At December 31, 2002 the Tier 1 leverage ratio was 10.34 percent compared to 11.20 percent at December 31, 2001 and 11.07 percent at September 30, 2002.

        The Company's Board of Directors declared a quarterly cash dividend of $0.19 per share on the Company's outstanding shares. The dividend will be payable on March 14, 2003 to shareholders of record at the close of business on February 24, 2003.

Information Technology Systems Replacement Project

        Bank of Hawaii Corporation signed an agreement with Metavante Corporation in July 2002 to serve as the Company's primary technology systems provider. The seven-year outsourcing arrangement is on schedule to be operational in the third quarter of 2003 and is expected to provide annual cost savings of over $17 million compared to current expense levels. In connection with this decision, the Company estimates that it will recognize transition charges of approximately $35 million over the five-quarter conversion period that began in the third quarter of 2002. During the fourth quarter, $7.0 million in transition costs were incurred, bringing the total cost to $13.6 million in 2002. System conversion costs are estimated to be approximately $7.7 million in the first quarter of 2003. Additional details on this project may be found in Table 10.

Economic Outlook

        The current macroeconomic forecast for Hawaii in 2003 is real economic growth of 3.1 percent after modest inflation of 1.8 percent with 2.0 percent job growth, part of which is still recovery from

3

9/11. Tourism growth for 2003 is forecast at 4.7 percent for domestic travel markets and at 4.8 percent for international travelers. Construction and real estate investment will continue to drive the economy forward in 2003, despite lingering geopolitical risks. For more economic information, visit the Company's web site http://www.boh.com/econ/ .

Earnings Outlook

        Bank of Hawaii Corporation updates its earnings guidance to $131 million in net income for the full year of 2003. Net income is expected to increase in the second half of 2003 after completion of the systems conversion project. Based on current conditions, the Company does not expect to record a provision for loan losses in 2003. However, the actual amount of the provision for loan losses will depend on determinations of credit risk that will be made near the end of each quarter. Earnings per share and return on equity projections continue to be dependent upon the terms and timing of share repurchases.

Conference Call Information

        The Company will review its 2002 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time). The presentation will be accessible via teleconference and via the investor relations link of Bank of Hawaii Corporation's web site, www.boh.com. The conference call number is (800) 915-4836 in the U.S. or (973) 317-5319 for international callers. A replay will be available for one week beginning at 10:00 a.m. Hawaii Time (3:00 p.m. Eastern Time) on Monday, January 27, 2003 by calling (800) 428-6051 in the U.S or (973) 709-2089 for international and entering the number 273137 when prompted. A replay of the presentation will be also available on the Company's web site.

        Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The Company's principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. For more information about Bank of Hawaii Corporation, see the Company's web site, www.boh.com.

        This news release contains forward-looking statements concerning the expected efficiency ratio, expected level of loan loss provisioning, anticipated costs and annual savings of our technology systems replacement project, and anticipated revenues and expenses in 2003 and beyond. We believe the assumptions underlying our forward-looking statements are reasonable. However, any of the assumptions could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons including, but not limited to: the Hawaii economy may not continue at the pace we anticipate; our refocused emphasis on our Hawaii market may not achieve the customer and revenue gains we anticipate; our credit markets may deteriorate and our credit quality may fall short of our goals; we may not achieve the expense reductions we expect; we may not be able to maintain our net interest margin; we may not be able to implement our proposed equity repurchases in the amount or at the times planned; the economics or timing, or both, of our technology outsourcing project may not result in the expected benefits; unanticipated difficulties or delays in the conversion of our data processing to outsourcing may result in the reduction or delay of anticipated cost savings or increased cost of conversion; the technology outsourcing project may not be able to achieve the projected reductions in staffing; we may encounter unanticipated difficulties or costs in exiting existing data processing agreements with third parties; the required level of reserves for loan and lease losses may increase or decrease due to changes in our credit quality or risk profile; there may be economic volatility in the markets we serve; and there may be changes in business and economic conditions, competition, fiscal and monetary policies or legislation. We do not undertake any obligation to update any forward-looking statements to reflect later events or circumstances.

# # # #

4

Bank of Hawaii Corporation and Subsidiaries
Highlights (Unaudited)
Table 1
 
	 	Three Months Ended
December 31

	 	Year Ended
December 31

	 	 	
Earnings Highlights and Performance Ratios

	 	 	 	 	 	 	 	
 	 	2002

	 	2001

	 	2002

	 	2001

	 	 	 	
 
	 	(dollars in thousands except per share amounts)

Net Income	 	$	28,908	 	$	26,320	 	$	121,180	 	$	117,795	 	 	 	
Basic Earnings Per Share	 	 	0.45	 	 	0.35	 	 	1.75	 	 	1.49	 	 	 	
Diluted Earnings Per Share	 	 	0.44	 	 	0.34	 	 	1.70	 	 	1.46	 	 	 	
Cash Dividends	 	 	12,193	 	 	13,152	 	 	50,635	 	 	56,567	 	 	 	
Return on Average Assets	 	 	1.20	%	 	0.90	%	 	1.22	%	 	0.93	%	 	 	
Return on Average Equity	 	 	10.72	%	 	8.14	%	 	10.24	%	 	8.76	%	 	 	
Net Interest Margin	 	 	4.05	%	 	3.93	%	 	3.99	%	 	3.91	%	 	 	
Efficiency Ratio	 	 	68.97	%	 	75.61	%	 	65.04	%	 	65.40	%	 	 	
Continuing Business Efficiency Ratio(1)	 	 	63.70	%	 	71.99	%	 	62.24	%	 	63.36	%	 	 	

(1)
Excludes the effects of the businesses that were divested in 2001, restructuring costs, non-core transactions and costs associated with the information technology system replacement project. Goodwill amortization expense is excluded from 2001.

	

	
 	
December 31

	
 	 	
Statement of Condition Highlights and Performance Ratios

	 	 

	 	2002

	 	2001

	 	 	 	
Total Assets	 	 	 	$	9,516,418	 	$	10,632,400	 	 	 	
Net Loans	 	 	 	 	5,216,151	 	 	5,498,143	 	 	 	
Total Deposits	 	 	 	 	6,920,161	 	 	6,678,220	 	 	 	
Total Shareholders' Equity	 	 	 	 	1,015,759	 	 	1,247,012	 	 	 	

Book Value Per Common Share	

 	
$	
16.12	
 	
$	
17.03	
 	 	 	
Allowance/Loans Outstanding	 	 	 	 	2.67	%	 	2.81	%	 	 	
Average Equity/Average Assets	 	 	 	 	11.88	%	 	10.59	%	 	 	
Employees (FTE)	 	 	 	 	2,891	 	 	3,175	 	 	 	
Branches and offices	 	 	 	 	93	 	 	97	 	 	 	

Market Price Per Share of Common Stock for the Quarter Ended:	

 	

 	

 	 	 	
 	 	Closing	 	$	30.39	 	$	25.89	 	 	 	
 	 	High	 	$	31.05	 	$	26.40	 	 	 	
 	 	Low	 	$	25.40	 	$	19.32	 	 	 	
5

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
Table 2
 
	 	Three Months Ended
December 31

	 	Year Ended
December 31

	
 
	 	2002

	 	2001

	 	2002

	 	2001

	
 
	 	(dollars in thousands except per share amounts)

Interest Income	 	 	 	 	 	 	 	 	 	 	 	 	
 	Interest and Fees on Loan and Leases	 	$	85,945	 	$	123,716	 	$	366,366	 	$	619,447	
 	Income on Investment Securities—Held to Maturity	 	 	4,658	 	 	6,401	 	 	19,597	 	 	33,521	
 	Income on Investment Securities—Available for Sale	 	 	22,552	 	 	29,338	 	 	101,438	 	 	137,320	
 	Deposits	 	 	3,578	 	 	7,858	 	 	20,020	 	 	27,596	
 	Funds Sold and Security Resale Agreements	 	 	834	 	 	803	 	 	3,503	 	 	5,034	
 	Other	 	 	1,312	 	 	1,396	 	 	5,614	 	 	5,344	

	 	

	 	

	 	

	
Total Interest Income	 	 	118,879	 	 	169,512	 	 	516,538	 	 	828,262	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	
 	Deposits	 	 	17,657	 	 	35,158	 	 	84,348	 	 	217,305	
 	Security Repurchase Agreements	 	 	4,585	 	 	14,716	 	 	30,173	 	 	77,764	
 	Funds Purchased	 	 	255	 	 	365	 	 	1,030	 	 	10,099	
 	Short-Term Borrowings	 	 	217	 	 	1,549	 	 	1,489	 	 	9,562	
 	Long-Term Debt	 	 	5,947	 	 	11,624	 	 	29,267	 	 	53,854	

	 	

	 	

	 	

	
Total Interest Expense	 	 	28,661	 	 	63,412	 	 	146,307	 	 	368,584	

	 	

	 	

	 	

	
Net Interest Income	 	 	90,218	 	 	106,100	 	 	370,231	 	 	459,678	
Provision for Loan and Lease Losses	 	 	—	 	 	14,541	 	 	11,616	 	 	74,339	

	 	

	 	

	 	

	
Net Interest Income After Provision for Loan and Lease Losses	 	 	90,218	 	 	91,559	 	 	358,615	 	 	385,339	
Non-Interest Income	 	 	 	 	 	 	 	 	 	 	 	 	
 	Trust and Asset Management	 	 	13,085	 	 	14,883	 	 	55,733	 	 	59,924	
 	Mortgage Banking	 	 	5,152	 	 	(58	)	 	20,452	 	 	20,133	
 	Service Charges on Deposit Accounts	 	 	8,326	 	 	9,058	 	 	32,617	 	 	38,467	
 	Fees, Exchange, and Other Service Charges	 	 	12,963	 	 	16,997	 	 	51,594	 	 	77,833	
 	Gains on Sales of Banking Operations, Net of Venture Investment Losses	 	 	—	 	 	28,746	 	 	—	 	 	173,426	
 	Investment Securities Gains	 	 	612	 	 	68	 	 	615	 	 	32,982	
 	Insurance	 	 	3,640	 	 	2,559	 	 	13,118	 	 	11,592	
 	Other	 	 	7,331	 	 	6,735	 	 	25,792	 	 	34,393	

	 	

	 	

	 	

	
Total Non-Interest Income	 	 	51,109	 	 	78,988	 	 	199,921	 	 	448,750	
Non-Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	
 	Salaries	 	 	38,462	 	 	48,099	 	 	153,527	 	 	195,863	
 	Pensions and Other Employee Benefits	 	 	6,272	 	 	10,860	 	 	33,036	 	 	44,930	
 	Net Occupancy Expense	 	 	10,638	 	 	10,897	 	 	39,149	 	 	46,344	
 	Net Equipment Expense	 	 	11,077	 	 	14,467	 	 	41,253	 	 	53,395	
 	Goodwill Amortization	 	 	—	 	 	2,426	 	 	—	 	 	13,342	
 	Restructuring and Other Related Costs	 	 	385	 	 	18,464	 	 	2,364	 	 	104,794	
 	Information Technology Systems Replacement Project	 	 	7,052	 	 	—	 	 	13,628	 	 	—	
 	Other	 	 	23,581	 	 	34,736	 	 	87,878	 	 	135,462	

	 	

	 	

	 	

	
Total Non-Interest Expense	 	 	97,467	 	 	139,949	 	 	370,835	 	 	594,130	

	 	

	 	

	 	

	
Income Before Income Taxes	 	 	43,860	 	 	30,598	 	 	187,701	 	 	239,959	
Provision for Income Taxes	 	 	14,952	 	 	4,278	 	 	66,521	 	 	122,164	

	 	

	 	

	 	

	
Net Income	 	$	28,908	 	$	26,320	 	$	121,180	 	$	117,795	

	 	

	 	

	 	

	
Basic Earnings Per Share	 	$	0.45	 	$	0.35	 	$	1.75	 	$	1.49	
Diluted Earnings Per Share	 	$	0.44	 	$	0.34	 	$	1.70	 	$	1.46	
Dividends Per Share	 	$	0.19	 	$	0.18	 	$	0.73	 	$	0.72	
Basic Weighted Average Shares	 	 	64,154,477	 	 	75,165,102	 	 	69,385,745	 	 	78,977,011	
Diluted Weighted Average Shares	 	 	66,378,208	 	 	76,835,941	 	 	71,447,333	 	 	80,577,763	

	 	

	 	

	 	

	
6

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition (Unaudited)
Table 3
 
	 	December 31
2002

	 	December 31
2001

	 	
 
	 	(dollars in thousands)

Assets	 	 	 	 	 	 	 	
Interest-Bearing Deposits	 	$	549,978	 	$	1,101,974	 	
Investment Securities—Held to Maturity (Market Value of $236,016 and $407,838)	 	 	229,720	 	 	396,216	 	
Investment Securities—Available for Sale	 	 	2,287,201	 	 	2,001,420	 	
Funds Sold	 	 	195,000	 	 	115,000	 	
Loans Held for Sale	 	 	40,118	 	 	456,709	 	
Loans	 	 	5,359,004	 	 	5,657,122	 	
 	Allowance for Loan and Lease Losses	 	 	(142,853	)	 	(158,979	)	

	 	

	 	
 	 	Net Loans	 	 	5,216,151	 	 	5,498,143	 	

	 	

	 	
Total Earning Assets	 	 	8,518,168	 	 	9,569,462	 	
Cash and Non-Interest Bearing Deposits	 	 	374,352	 	 	408,807	 	
Premises and Equipment	 	 	176,969	 	 	196,171	 	
Customers' Acceptance Liability	 	 	2,680	 	 	593	 	
Accrued Interest Receivable	 	 	36,722	 	 	42,687	 	
Foreclosed Real Estate	 	 	9,434	 	 	17,174	 	
Mortgage Servicing Rights	 	 	28,820	 	 	27,291	 	
Goodwill	 	 	36,216	 	 	36,216	 	
Other Assets	 	 	333,057	 	 	333,999	 	

	 	

	 	
Total Assets	 	$	9,516,418	 	$	10,632,400	 	

	 	

	 	
Liabilities	 	 	 	 	 	 	 	
Domestic Deposits	 	 	 	 	 	 	 	
 	Non-Interest Bearing Demand	 	$	1,719,633	 	$	1,552,947	 	
 	Interest Bearing Demand	 	 	1,169,128	 	 	956,179	 	
 	Savings	 	 	2,535,219	 	 	1,937,663	 	
 	Time	 	 	1,461,780	 	 	1,927,778	 	
Foreign Deposits	 	 	 	 	 	 	 	
 	Time Due to Banks	 	 	1,130	 	 	230,249	 	
 	Other Savings and Time	 	 	33,271	 	 	73,404	 	

	 	

	 	
Total Deposits	 	 	6,920,161	 	 	6,678,220	 	
Securities Sold Under Agreements to Repurchase	 	 	735,621	 	 	1,643,444	 	
Funds Purchased	 	 	64,467	 	 	55,800	 	
Current Maturities of Long-Term Debt	 	 	114,781	 	 	120,645	 	
Short-Term Borrowings	 	 	33,420	 	 	114,247	 	
Banker's Acceptances Outstanding	 	 	2,680	 	 	593	 	
Retirement Benefits Payable	 	 	61,385	 	 	36,175	 	
Accrued Interest Payable	 	 	13,731	 	 	29,762	 	
Taxes Payable	 	 	196,813	 	 	138,366	 	
Other Liabilities	 	 	82,596	 	 	98,401	 	
Long-Term Debt	 	 	275,004	 	 	469,735	 	

	 	

	 	
Total Liabilities	 	 	8,500,659	 	 	9,385,388	 	
Shareholders' Equity	 	 	 	 	 	 	 	
Common Stock ($.01 par value); authorized 500,000,000 shares; issued/outstanding: December 2002—81,294,730/63,015,442; December 2001—81,377,241/73,218,326	 	 	806	 	 	806	 	
Capital Surplus	 	 	372,192	 	 	367,672	 	
Accumulated Other Comprehensive Income	 	 	11,659	 	 	22,761	 	
Retained Earnings	 	 	1,115,910	 	 	1,055,424	 	
Deferred Stock Grants	 	 	(1,424	)	 	(7,637	)	
Treasury Stock, at Cost (Shares: December 2002—18,279,288; December 2001—8,158,915)	 	 	(483,384	)	 	(192,014	)	

	 	

	 	
Total Shareholders' Equity	 	 	1,015,759	 	 	1,247,012	 	

	 	

	 	
Total Liabilities and Shareholders' Equity	 	$	9,516,418	 	$	10,632,400	 	

	 	

	 	
7

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity (Unaudited)
Table 4

	 	Total

	 	Common
Stock

	 	Capital
Surplus

	 	Accum.
Other
Comprehensive
Income

	 	Retained
Earnings

	 	Deferred
Stock
Grants

	 	Treasury
Stock

	 	Comprehensive
Income

	 	

	 	(dollars in thousands)

Balance at December 31, 2001	 	$	1,247,012	 	$	806	 	$	367,672	 	$	22,761	 	$	1,055,424	 	$	(7,637	)	$	(192,014	)	 	 	 	
Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net Income	 	 	121,180	 	 	—	 	 	—	 	 	—	 	 	121,180	 	 	—	 	 	—	 	$	121,180	 	
 	Other Comprehensive Income, Net of Tax	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Unrealized Gain on Investment Securities	 	 	4,237	 	 	—	 	 	—	 	 	4,237	 	 	—	 	 	—	 	 	—	 	 	4,237	 	
 	 	Foreign Currency Translation Adjustment	 	 	(582	)	 	—	 	 	—	 	 	(582	)	 	—	 	 	—	 	 	—	 	 	(582	)	
 	 	Pension Liability Adjustments	 	 	(14,757	)	 	—	 	 	—	 	 	(14,757	)	 	—	 	 	—	 	 	—	 	 	(14,757	)	

	 	
Total Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	110,078	 	

	 	
Common Stock Issued	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43,449	 	Profit Sharing Plan	 	 	1,240	 	 	—	 	 	288	 	 	—	 	 	—	 	 	—	 	 	952	 	 	 	 	
1,581,876	 	Stock Option Plan	 	 	32,279	 	 	—	 	 	5,352	 	 	—	 	 	(10,057	)	 	(793	)	 	37,777	 	 	 	 	
101,796	 	Dividend Reinvestment Plan	 	 	2,893	 	 	—	 	 	656	 	 	—	 	 	(2	)	 	—	 	 	2,239	 	 	 	 	
4,792	 	Directors' Restricted Shares and Deferred Compensation Plan	 	 	20	 	 	—	 	 	141	 	 	—	 	 	—	 	 	—	 	 	(121	)	 	 	 	
(91,600)	 	Employees' Restricted Shares	 	 	5,089	 	 	—	 	 	(1,917	)	 	—	 	 	—	 	 	7,006	 	 	 	 	 	 	 	
Treasury Stock Purchased 11,838,800 shares	 	 	(332,217	)	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	(332,217	)	 	 	 	
Cash Dividends Paid	 	 	(50,635	)	 	—	 	 	—	 	 	—	 	 	(50,635	)	 	—	 	 	—	 	 	 	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	
Balance at December 31, 2002	 	$	1,015,759	 	$	806	 	$	372,192	 	$	11,659	 	$	1,115,910	 	$	(1,424	)	$	(483,384	)	 	 	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	
Balance at December 31, 2000	 	$	1,301,356	 	$	806	 	$	346,045	 	$	(25,079	)	$	996,791	 	$	—	 	$	(17,207	)	 	 	 	
Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Net Income	 	 	117,795	 	 	—	 	 	—	 	 	—	 	 	117,795	 	 	—	 	 	—	 	$	117,795	 	
 	Other Comprehensive Income, Net of Tax	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Unrealized Gain on Investment Securities	 	 	20,733	 	 	—	 	 	—	 	 	20,733	 	 	—	 	 	—	 	 	—	 	 	20,733	 	
 	 	Foreign Currency Translation Adjustment	 	 	27,266	 	 	—	 	 	—	 	 	27,266	 	 	—	 	 	—	 	 	—	 	 	27,266	 	
 	 	Pension Liability Adjustments	 	 	(159	)	 	—	 	 	—	 	 	(159	)	 	—	 	 	—	 	 	—	 	 	(159	)	

	 	
Total Comprehensive Income	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	165,635	 	

	 	
Common Stock Issued	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
59,586	 	Profit Sharing Plan	 	 	1,402	 	 	—	 	 	261	 	 	—	 	 	—	 	 	—	 	 	1,141	 	 	 	 	
916,817	 	Stock Option Plan	 	 	21,314	 	 	—	 	 	1,054	 	 	—	 	 	(2,591	)	 	5,655	 	 	17,196	 	 	 	 	
120,397	 	Dividend Reinvestment Plan	 	 	2,819	 	 	—	 	 	495	 	 	—	 	 	(4	)	 	—	 	 	2,328	 	 	 	 	
5,487	 	Directors' Restricted Shares and Deferred Compensation Plan	 	 	336	 	 	—	 	 	121	 	 	—	 	 	—	 	 	—	 	 	215	 	 	 	 	
727,800	 	Employees' Restricted Shares	 	 	5,105	 	 	—	 	 	18,397	 	 	—	 	 	—	 	 	(13,292	)	 	—	 	 	 	 	
65,146	 	Hawaii Insurance Network	 	 	1,299	 	 	—	 	 	1,299	 	 	—	 	 	—	 	 	—	 	 	—	 	 	 	 	
Treasury Stock Purchased 8,300,900 shares	 	 	(195,687	)	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	(195,687	)	 	 	 	
Cash Dividends Paid	 	 	(56,567	)	 	—	 	 	—	 	 	—	 	 	(56,567	)	 	—	 	 	—	 	 	 	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	
Balance at December 31, 2001	 	$	1,247,012	 	$	806	 	$	367,672	 	$	22,761	 	$	1,055,424	 	$	(7,637	)	$	(192,014	)	 	 	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	 	 	 	
8

Bank of Hawaii Corporation and Subsidiaries
Consolidated Average Balances and Interest Rates—Taxable Equivalent Basis (Unaudited)
Table 5
 
	 	Three Months Ended
December 31, 2002

	 	Three Months Ended(1)
December 31, 2001

	 	Year Ended
December 31, 2002

	 	Year Ended(1)
December 31, 2001

	 	
 
	 	Average
Balance

	 	Income/
Expense

	 	Yield/
Rate

	 	Average
Balance

	 	Income/
Expense

	 	Yield/
Rate

	 	Average
Balance

	 	Income/
Expense

	 	Yield/
Rate

	 	Average
Balance

	 	Income/
Expense

	 	Yield/
Rate

	 	
 
	 	(dollars in millions)

Earning Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Bearing Deposits	 	$	796.6	 	$	3.6	 	1.78	%	$	1,236.2	 	$	7.9	 	2.52	%	$	1,100.0	 	$	20.0	 	1.82	%	$	733.4	 	$	27.6	 	3.76	%	
Funds Sold	 	 	234.5	 	 	0.8	 	1.42	 	 	150.5	 	 	0.8	 	2.09	 	 	213.8	 	 	3.5	 	1.64	 	 	136.8	 	 	5.0	 	3.63	 	
Investment Securities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	—Held-To-Maturity	 	 	253.8	 	 	4.7	 	7.38	 	 	431.5	 	 	6.5	 	5.97	 	 	311.7	 	 	19.9	 	6.38	 	 	525.6	 	 	33.8	 	6.42	 	
 	—Available for Sale	 	 	2,273.3	 	 	22.6	 	3.97	 	 	2,037.5	 	 	29.3	 	5.75	 	 	2,028.9	 	 	101.4	 	5.00	 	 	2,242.3	 	 	137.3	 	6.12	 	
Loans Held For Sale	 	 	38.9	 	 	0.6	 	5.88	 	 	304.7	 	 	5.1	 	6.64	 	 	120.2	 	 	8.0	 	6.65	 	 	312.2	 	 	21.4	 	6.86	 	
Net Loans and Lease Financing	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Domestic	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	—Commercial and Industrial	 	 	867.7	 	 	11.4	 	5.20	 	 	1,281.9	 	 	18.9	 	5.87	 	 	1,010.0	 	 	52.4	 	5.18	 	 	1,761.6	 	 	129.7	 	7.36	 	
 	 	—Construction	 	 	131.5	 	 	1.8	 	5.30	 	 	175.6	 	 	2.5	 	5.58	 	 	151.5	 	 	8.3	 	5.45	 	 	240.5	 	 	18.5	 	7.71	 	
 	 	—Mortgage	 	 	2,823.2	 	 	48.4	 	6.85	 	 	3,089.4	 	 	57.3	 	7.42	 	 	2,933.1	 	 	204.3	 	6.97	 	 	3,369.5	 	 	258.0	 	7.66	 	
 	 	—Installment	 	 	875.5	 	 	17.4	 	7.91	 	 	724.8	 	 	18.0	 	9.85	 	 	804.2	 	 	67.4	 	8.38	 	 	809.1	 	 	90.0	 	11.12	 	
 	 	—Lease Financing	 	 	498.5	 	 	6.3	 	5.03	 	 	484.8	 	 	7.3	 	5.95	 	 	498.4	 	 	25.8	 	5.17	 	 	525.6	 	 	29.3	 	5.57	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
 	 	Total Domestic Loans	 	 	5,196.4	 	 	85.3	 	6.54	 	 	5,756.5	 	 	104.0	 	7.19	 	 	5,397.2	 	 	358.2	 	6.64	 	 	6,706.3	 	 	525.5	 	7.84	 	
 	 	Foreign	 	 	14.0	 	 	—	 	—	 	 	777.0	 	 	14.6	 	7.48	 	 	14.1	 	 	0.2	 	1.55	 	 	1,026.4	 	 	72.5	 	7.07	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
Total Loans	 	 	5,210.4	 	 	85.3	 	6.52	 	 	6,533.5	 	 	118.6	 	7.23	 	 	5,411.3	 	 	358.4	 	6.62	 	 	7,732.7	 	 	598.0	 	7.73	 	
Other	 	 	78.7	 	 	1.3	 	6.62	 	 	86.2	 	 	1.4	 	6.42	 	 	91.5	 	 	5.6	 	6.14	 	 	79.6	 	 	5.4	 	6.72	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
Total Earning Assets	 	 	8,886.2	 	 	118.9	 	5.33	 	 	10,780.1	 	 	169.6	 	6.26	 	 	9,277.4	 	 	516.8	 	5.57	 	 	11,762.6	 	 	828.5	 	7.04	 	
Cash and Non-interest Bearing Deposits	 	 	305.2	 	 	 	 	 	 	 	354.9	 	 	 	 	 	 	 	313.2	 	 	 	 	 	 	 	376.6	 	 	 	 	 	 	
Other Assets	 	 	363.4	 	 	 	 	 	 	 	480.7	 	 	 	 	 	 	 	370.6	 	 	 	 	 	 	 	554.5	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	
Total Assets	 	$	9,554.8	 	 	 	 	 	 	$	11,615.7	 	 	 	 	 	 	$	9,961.2	 	 	 	 	 	 	$	12,693.7	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	
Interest Bearing Liabilities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Domestic Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	—Demand	 	$	1,099.9	 	 	1.1	 	0.38	 	$	755.5	 	 	1.0	 	0.53	 	$	1,003.8	 	 	4.1	 	0.41	 	$	827.5	 	 	8.6	 	1.04	 	
 	 	—Savings	 	 	2,468.2	 	 	6.4	 	1.03	 	 	1,977.5	 	 	8.7	 	1.74	 	 	2,263.4	 	 	29.5	 	1.30	 	 	1,847.2	 	 	42.0	 	2.27	 	
 	 	—Time	 	 	1,501.1	 	 	10.1	 	2.66	 	 	2,048.2	 	 	19.7	 	3.81	 	 	1,679.7	 	 	49.1	 	2.92	 	 	2,506.7	 	 	129.6	 	5.17	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
 	 	Total Domestic Deposits	 	 	5,069.2	 	 	17.6	 	1.37	 	 	4,781.2	 	 	29.4	 	2.44	 	 	4,946.9	 	 	82.7	 	1.67	 	 	5,181.4	 	 	180.2	 	3.48	 	
 	Foreign Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	—Time Due to Banks	 	 	2.9	 	 	—	 	—	 	 	365.5	 	 	2.1	 	2.26	 	 	41.7	 	 	0.7	 	1.87	 	 	351.3	 	 	14.5	 	4.13	 	
 	 	—Other Time and Savings	 	 	39.4	 	 	0.1	 	1.38	 	 	445.9	 	 	3.7	 	3.31	 	 	55.0	 	 	0.9	 	1.63	 	 	648.2	 	 	22.6	 	3.49	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
 	 	Total Foreign Deposits	 	 	42.3	 	 	0.1	 	1.29	 	 	811.4	 	 	5.8	 	2.84	 	 	96.7	 	 	1.6	 	1.73	 	 	999.5	 	 	37.1	 	3.71	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
Total Interest Bearing Deposits	 	 	5,111.5	 	 	17.7	 	1.37	 	 	5,592.6	 	 	35.2	 	2.49	 	 	5,043.6	 	 	84.3	 	1.67	 	 	6,180.9	 	 	217.3	 	3.52	 	
Short-Term Borrowings	 	 	1,053.5	 	 	5.1	 	1.90	 	 	1,942.5	 	 	16.6	 	3.40	 	 	1,390.2	 	 	32.7	 	2.35	 	 	2,105.6	 	 	97.4	 	4.63	 	
Long-Term Debt	 	 	389.9	 	 	5.9	 	6.05	 	 	678.9	 	 	11.6	 	6.79	 	 	471.3	 	 	29.3	 	6.21	 	 	800.5	 	 	53.9	 	6.73	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
Total Interest Bearing Liabilities	 	 	6,554.9	 	 	28.7	 	1.73	 	 	8,214.0	 	 	63.4	 	3.06	 	 	6,905.1	 	 	146.3	 	2.12	 	 	9,087.0	 	 	368.6	 	4.06	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	

	 	
Net Interest Income	 	 	 	 	$	90.2	 	 	 	 	 	 	$	106.2	 	 	 	 	 	 	$	370.5	 	 	 	 	 	 	$	459.9	 	 	 	
 	 	Interest Rate Spread	 	 	 	 	 	 	 	3.60	%	 	 	 	 	 	 	3.20	%	 	 	 	 	 	 	3.45	%	 	 	 	 	 	 	2.98	%	
 	 	Net Interest Margin	 	 	 	 	 	 	 	4.05	%	 	 	 	 	 	 	3.93	%	 	 	 	 	 	 	3.99	%	 	 	 	 	 	 	3.91	%	
Non-Interest Bearing Demand Deposits	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	—Domestic	 	 	1,601.0	 	 	 	 	 	 	 	1,401.3	 	 	 	 	 	 	 	1,556.3	 	 	 	 	 	 	 	1,539.8	 	 	 	 	 	 	
 	—Foreign	 	 	—	 	 	 	 	 	 	 	328.0	 	 	 	 	 	 	 	—	 	 	 	 	 	 	 	346.0	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	
 	Total Non-Int Bearing Demand Deposits	 	 	1,601.0	 	 	 	 	 	 	 	1,729.3	 	 	 	 	 	 	 	1,556.3	 	 	 	 	 	 	 	1,885.8	 	 	 	 	 	 	
Other Liabilities	 	 	329.3	 	 	 	 	 	 	 	390.3	 	 	 	 	 	 	 	316.3	 	 	 	 	 	 	 	376.8	 	 	 	 	 	 	
Shareholders' Equity	 	 	1,069.6	 	 	 	 	 	 	 	1,282.1	 	 	 	 	 	 	 	1,183.5	 	 	 	 	 	 	 	1,344.1	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	
Total Liabilities and Shareholders' Equity	 	$	9,554.8	 	 	 	 	 	 	$	11,615.7	 	 	 	 	 	 	$	9,961.2	 	 	 	 	 	 	$	12,693.7	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

	 	 	 	 	 	 	

(1)
Adjusted to reflect the reclassification of certain average balances.

9

Bank of Hawaii Corporation and Subsidiaries
Loan Portfolio Balances (Unaudited)
Table 6
 
	 	December 31
2002

	 	September 30
2002

	 	June 30
2002

	 	March 31
2002

	 	December 31
2001

	
 
	 	(dollars in millions)

Domestic	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial and Industrial(1)	 	$	875.0	 	$	863.3	 	$	993.4	 	$	1,114.9	 	$	1,169.8	
 	 	Mortgage—Commercial(1)	 	 	591.1	 	 	616.5	 	 	562.5	 	 	617.6	 	 	640.7	
 	 	Construction	 	 	127.5	 	 	146.3	 	 	148.6	 	 	161.4	 	 	169.6	
 	 	Lease Financing	 	 	427.3	 	 	433.6	 	 	432.7	 	 	436.1	 	 	423.9	

	 	

	 	

	 	

	 	

	
 	Total Commercial	 	 	2,020.9	 	 	2,059.7	 	 	2,137.2	 	 	2,330.0	 	 	2,404.0	
 	Consumer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Mortgage—Residential	 	 	2,131.4	 	 	2,259.8	 	 	2,361.2	 	 	2,409.4	 	 	2,424.0	
 	 	Home Equity	 	 	614.0	 	 	419.2	 	 	404.2	 	 	369.8	 	 	329.9	
 	 	Other Consumer	 	 	493.3	 	 	421.6	 	 	403.2	 	 	389.5	 	 	399.8	
 	 	Lease Financing	 	 	34.5	 	 	36.5	 	 	37.3	 	 	37.9	 	 	38.9	

	 	

	 	

	 	

	 	

	
 	Total Consumer	 	 	3,273.2	 	 	3,137.1	 	 	3,205.9	 	 	3,206.6	 	 	3,192.6	

	 	

	 	

	 	

	 	

	
Total Domestic	 	 	5,294.1	 	 	5,196.8	 	 	5,343.1	 	 	5,536.6	 	 	5,596.6	

	 	

	 	

	 	

	 	

	
Foreign	 	 	64.9	 	 	62.5	 	 	66.1	 	 	65.0	 	 	60.5	

	 	

	 	

	 	

	 	

	
Total Loans	 	$	5,359.0	 	$	5,259.3	 	$	5,409.2	 	$	5,601.6	 	$	5,657.1	

	 	

	 	

	 	

	 	

	

(1)
$42.3 million in loans were reclassified to mortgage-commercial from commercial and industrial during the third quarter of 2002.
Selected Concentrations of Credit Exposure (Unaudited)
 
	 	December 31, 2002

	 	 

 
	 	Outstanding

	 	Unused
Commitments

	 	Total
Exposure

	 	Sep. 30, 2002
Total
Exposure

	 	Dec. 31, 2001
Total
Exposure

	
 
	 	(dollars in millions)

Air Transportation(1)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regional Passenger Carriers	 	$	47.1	 	$	10.2	 	$	57.3	 	$	57.2	 	$	60.4	
 	United States Based Passenger Carriers	 	 	39.6	 	 	—	 	 	39.6	 	 	48.3	 	 	50.5	
 	International Based Passenger Carriers	 	 	32.1	 	 	—	 	 	32.1	 	 	32.2	 	 	32.5	
 	Cargo Carriers	 	 	15.0	 	 	—	 	 	15.0	 	 	15.0	 	 	14.9	

	 	

	 	

	 	

	 	

	
Total Air Transportation	 	$	133.8	 	$	10.2	 	$	144.0	 	$	152.7	 	$	158.3	

	 	

	 	

	 	

	 	

	
Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	National Hotel Companies	 	$	23.3	 	$	78.7	 	$	102.0	 	$	104.7	 	$	123.9	
 	Hawaii Hotels	 	 	103.4	 	 	31.9	 	 	135.3	 	 	134.6	 	 	129.4	
 	West Pacific Hotels	 	 	44.6	 	 	—	 	 	44.6	 	 	46.9	 	 	60.0	

	 	

	 	

	 	

	 	

	
Total Lodging	 	$	171.3	 	$	110.6	 	$	281.9	 	$	286.2	 	$	313.3	

	 	

	 	

	 	

	 	

	
Telecommunication Companies	 	$	0.9	 	$	25.7	 	$	26.6	 	$	31.1	 	$	112.7	

	 	

	 	

	 	

	 	

	
Syndicated Exposure	 	$	309.1	 	$	693.0	 	$	1,002.1	 	$	1,075.8	 	$	1,520.4	

	 	

	 	

	 	

	 	

	

(1)
Includes leases on 29 aircraft to 12 carriers. The largest carrier exposure is $30.3 million on 7 aircraft, including a 737-700 and 6 commuter aircraft. The largest aircraft exposure is $15.0 on an MD11 aircraft outfitted for cargo. Excluding 18 commuter aircraft, the average outstanding per aircraft is $9.1 million.

10

Bank of Hawaii Corporation and Subsidiaries
Consolidated Non-Performing Assets and Accruing Loans Past Due 90 Days or More (Unaudited)
Table 7
 
	 	December 31
2002

	 	September 30
2002

	 	June 30
2002

	 	March 31
2002

	 	December 31
2001

	 	
 
	 	(dollars in millions)

Non-Performing Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-Accrual Loans	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial and Industrial	 	$	5.9	 	$	6.4	 	$	14.4	 	$	27.4	 	$	18.9	 	
 	 	Mortgage—Commercial	 	 	20.3	 	 	18.1	 	 	25.3	 	 	15.1	 	 	16.3	 	
 	 	Construction	 	 	0.5	 	 	0.9	 	 	0.7	 	 	1.0	 	 	9.3	 	
 	 	Lease Financing	 	 	4.1	 	 	5.7	 	 	6.9	 	 	4.4	 	 	0.8	 	

	 	

	 	

	 	

	 	

	 	
 	Total Commerical	 	 	30.8	 	 	31.1	 	 	47.3	 	 	47.9	 	 	45.3	 	
 	Consumer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Mortgage—Residential	 	 	13.9	 	 	14.3	 	 	14.2	 	 	15.3	 	 	15.3	 	
 	 	Home Equity	 	 	0.3	 	 	0.2	 	 	0.1	 	 	0.4	 	 	0.1	 	
 	 	Other Consumer	 	 	—	 	 	0.1	 	 	—	 	 	0.1	 	 	0.1	 	

	 	

	 	

	 	

	 	

	 	
 	Total Consumer	 	 	14.2	 	 	14.6	 	 	14.3	 	 	15.8	 	 	15.5	 	

	 	

	 	

	 	

	 	

	 	
Total Non-Accrual Loans	 	 	45.0	 	 	45.7	 	 	61.6	 	 	63.7	 	 	60.8	 	

	 	

	 	

	 	

	 	

	 	
Non-Accrual Loans Held For Sale	 	 	—	 	 	—	 	 	—	 	 	7.8	 	 	1.7	 	
Foreclosed Real Estate	 	 	9.4	 	 	17.6	 	 	17.2	 	 	19.2	 	 	17.2	 	

	 	

	 	

	 	

	 	

	 	
Total Non-Performing Assets	 	$	54.4	 	$	63.3	 	$	78.8	 	$	90.7	 	$	79.7	 	

	 	

	 	

	 	

	 	

	 	
Accruing Loans Past Due 90 Days or More	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial and Industrial	 	$	0.2	 	$	—	 	$	—	 	$	0.2	 	$	0.1	 	
 	 	Mortgage—Commercial	 	 	0.3	 	 	—	 	 	—	 	 	1.2	 	 	—	 	
 	 	Lease Financing	 	 	—	 	 	—	 	 	0.1	 	 	0.1	 	 	—	 	

	 	

	 	

	 	

	 	

	 	
 	Total Commerical	 	 	0.5	 	 	—	 	 	0.1	 	 	1.5	 	 	0.1	 	
 	Consumer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Mortgage—Residential	 	 	0.6	 	 	1.4	 	 	0.9	 	 	2.1	 	 	3.7	 	
 	 	Home Equity	 	 	—	 	 	—	 	 	—	 	 	—	 	 	0.1	 	
 	 	Other Consumer	 	 	0.7	 	 	0.3	 	 	0.5	 	 	0.7	 	 	0.9	 	
 	 	Lease Financing	 	 	—	 	 	—	 	 	—	 	 	—	 	 	0.1	 	

	 	

	 	

	 	

	 	

	 	
 	Total Consumer	 	 	1.3	 	 	1.7	 	 	1.4	 	 	2.8	 	 	4.8	 	

	 	

	 	

	 	

	 	

	 	
Total Accruing and Past Due	 	$	1.8	 	$	1.7	 	$	1.5	 	$	4.3	 	$	4.9	 	

	 	

	 	

	 	

	 	

	 	
Total Loans	 	$	5,359.0	 	$	5,259.3	 	$	5,409.2	 	$	5,601.6	 	$	5,657.1	 	

	 	

	 	

	 	

	 	

	 	
Ratio of Non-Accrual Loans to Total Loans	 	 	0.84	%	 	0.87	%	 	1.14	%	 	1.14	%	 	1.07	%	

	 	

	 	

	 	

	 	

	 	
Ratio of Non-Performing Assets to Total Loans, Foreclosed Real Estate and Non-Performing Loans Held for Sale	 	 	1.01	%	 	1.20	%	 	1.45	%	 	1.61	%	 	1.40	%	

	 	

	 	

	 	

	 	

	 	
Ratio of Non-Performing Assets and Accruing Loans Past Due 90 Days or More to Total Loans	 	 	1.05	%	 	1.24	%	 	1.48	%	 	1.70	%	 	1.50	%	

	 	

	 	

	 	

	 	

	 	
Quarter to Quarter Changes in Non-Performing Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Balance at Beginning of Quarter	 	$	63.3	 	$	78.8	 	$	90.7	 	$	79.7	 	$	106.4	 	
 	Additions	 	 	12.0	 	 	7.0	 	 	20.5	 	 	36.4	 	 	43.8	 	
 	Reductions	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Payments and Sales of Loans	 	 	(6.9	)	 	(8.5	)	 	(20.6	)	 	(12.9	)	 	(40.9	)	
 	 	Return to Accrual	 	 	(1.9	)	 	(9.1	)	 	(6.2	)	 	(6.3	)	 	(3.6	)	
 	 	Sales of Foreclosed Assets	 	 	(9.4	)	 	(1.4	)	 	(3.5	)	 	(0.9	)	 	(21.9	)	
 	 	Charge-offs	 	 	(2.7	)	 	(3.5	)	 	(2.1	)	 	(5.3	)	 	(4.1	)	

	 	

	 	

	 	

	 	

	 	
 	Total Reductions	 	 	(20.9	)	 	(22.5	)	 	(32.4	)	 	(25.4	)	 	(70.5	)	

	 	

	 	

	 	

	 	

	 	
Balance at End of Quarter	 	$	54.4	 	$	63.3	 	$	78.8	 	$	90.7	 	$	79.7	 	

	 	

	 	

	 	

	 	

	 	
11

Bank of Hawaii Corporation and Subsidiaries
Consolidated Allowance for Loan and Lease Losses (Unaudited)
Table 8
 
	 	Three Months Ended

	 	Year Ended
December 31

	 	
 
	 	December 31
2002

	 	September 30
2002

	 	December 31
2001

	 	2002

	 	2001

	 	
 
	 	(dollars in millions)

Balance at Beginning of Period	 	$	154.5	 	$	159.0	 	$	182.5	 	$	159.0	 	$	246.2	 	
 	Loans Charged-Off	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Commercial & Industrial	 	 	(2.0	)	 	(0.9	)	 	(9.7	)	 	(13.0	)	 	(97.7	)	
 	 	 	Mortgage—Commercial	 	 	—	 	 	(2.5	)	 	(3.3	)	 	(2.9	)	 	(19.4	)	
 	 	 	Construction	 	 	—	 	 	—	 	 	—	 	 	(0.5	)	 	—	 	
 	 	 	Lease Financing	 	 	(9.6	)	 	(0.1	)	 	(0.2	)	 	(9.9	)	 	(0.7	)	
 	 	Consumer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Mortgage—Residential	 	 	(0.4	)	 	(0.6	)	 	(3.2	)	 	(3.5	)	 	(8.9	)	
 	 	 	Home Equity	 	 	(0.1	)	 	—	 	 	(0.2	)	 	(0.2	)	 	(0.6	)	
 	 	 	Other Consumer	 	 	(2.8	)	 	(3.0	)	 	(5.1	)	 	(12.5	)	 	(19.2	)	
 	 	 	Lease Financing	 	 	(0.1	)	 	(0.1	)	 	(0.2	)	 	(0.3	)	 	(0.5	)	
 	 	Foreign	 	 	—	 	 	—	 	 	(4.0	)	 	—	 	 	(22.0	)	

	 	

	 	

	 	

	 	

	 	
 	Total Charge-Offs	 	 	(15.0	)	 	(7.2	)	 	(25.9	)	 	(42.8	)	 	(169.0	)	
Recoveries on Loans Previously Charged-Off	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Commercial	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Commercial & Industrial	 	 	1.4	 	 	0.7	 	 	1.4	 	 	4.7	 	 	9.2	 	
 	 	 	Mortgage—Commercial	 	 	0.1	 	 	—	 	 	0.8	 	 	2.1	 	 	3.2	 	
 	 	 	Construction	 	 	0.2	 	 	—	 	 	—	 	 	0.2	 	 	—	 	
 	 	 	Lease Financing	 	 	—	 	 	—	 	 	—	 	 	—	 	 	0.3	 	
 	 	Consumer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Mortgage—Residential	 	 	0.3	 	 	0.1	 	 	0.3	 	 	1.1	 	 	1.0	 	
 	 	 	Home Equity	 	 	—	 	 	—	 	 	—	 	 	0.1	 	 	0.1	 	
 	 	 	Other Consumer	 	 	1.3	 	 	1.5	 	 	2.4	 	 	6.1	 	 	8.1	 	
 	 	 	Lease Financing	 	 	0.1	 	 	—	 	 	—	 	 	0.1	 	 	0.1	 	
 	 	Foreign	 	 	—	 	 	0.4	 	 	6.5	 	 	0.7	 	 	25.6	 	

	 	

	 	

	 	

	 	

	 	
 	Total Recoveries	 	 	3.4	 	 	2.7	 	 	11.4	 	 	15.1	 	 	47.6	 	

	 	

	 	

	 	

	 	

	 	
Net Loan Charge-Offs	 	 	(11.6	)	 	(4.5	)	 	(14.5	)	 	(27.7	)	 	(121.4	)	
Provision for Loan and Lease Losses	 	 	—	 	 	—	 	 	14.5	 	 	11.6	 	 	74.3	 	
Allowance Related to Disposition	 	 	—	 	 	—	 	 	(23.7	)	 	—	 	 	(40.2	)	
Foreign Currency Translation	 	 	—	 	 	—	 	 	0.2	 	 	—	 	 	0.1	 	

	 	

	 	

	 	

	 	

	 	
Balance at End of Period	 	$	142.9	 	$	154.5	 	$	159.0	 	$	142.9	 	$	159.0	 	

	 	

	 	

	 	

	 	

	 	
Average Loans Outstanding	 	$	5,210.4	 	$	5,350.0	 	$	6,533.5	 	$	5,411.3	 	$	7,732.7	 	

	 	

	 	

	 	

	 	

	 	
Ratio of Net Charge-Offs to Average Loans Outstanding (annualized)	 	 	0.88	%	 	0.33	%	 	0.88	%	 	0.51	%	 	1.57	%	
Ratio of Allowance to Loans Outstanding	 	 	2.67	%	 	2.94	%	 	2.81	%	 	2.67	%	 	2.81	%	
12

Bank of Hawaii Corporation and Subsidiaries
Deposits (Unaudited)
Table 9
 
	 	December 31
2002

	 	September 30
2002

	 	June 30
2002

	 	March 31
2002

	 	December 31
2001

	
 
	 	(dollars in millions)

Domestic	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Non-Interest Bearing Demand	 	$	1,719.6	 	$	1,593.8	 	$	1,466.1	 	$	1,593.0	 	$	1,552.9	
 	Interest Bearing Demand	 	 	1,169.2	 	 	1,042.9	 	 	986.5	 	 	933.8	 	 	956.2	
 	Savings	 	 	2,535.2	 	 	2,403.2	 	 	2,292.4	 	 	2,089.2	 	 	1,937.7	
 	Time	 	 	1,461.8	 	 	1,549.7	 	 	1,652.8	 	 	1,807.0	 	 	1,927.8	

	 	

	 	

	 	

	 	

	
Total Domestic	 	 	6,885.8	 	 	6,589.6	 	 	6,397.8	 	 	6,423.0	 	 	6,374.6	
Foreign	 	 	34.4	 	 	38.1	 	 	58.2	 	 	120.8	 	 	303.6	

	 	

	 	

	 	

	 	

	
Total Deposits	 	$	6,920.2	 	$	6,627.7	 	$	6,456.0	 	$	6,543.8	 	$	6,678.2	

	 	

	 	

	 	

	 	

	
13

Bank of Hawaii Corporation and Subsidiaries
Information Technology Systems Replacement Project (Unaudited)
Table 10
 
	 	Professional
Fees

	 	Employee
Termination
Benefits

	 	Accelerated
Depreciation

	 	Other
Associated
Costs(1)

	 	Total

	
 
	 	(dollars in millions)

Costs Incurred	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Three Months Ended:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	September 30, 2002	 	$	1.9	 	$	1.0	 	$	3.2	 	$	0.5	 	$	6.6	
 	December 31, 2002	 	 	3.2	 	 	0.2	 	 	2.2	 	 	1.4	 	 	7.0	

	 	

	 	

	 	

	 	

	
Year Ended December 31, 2002	 	$	5.1	 	$	1.2	 	$	5.4	 	$	1.9	 	$	13.6	

	 	

	 	

	 	

	 	

	
Total Expected Project Costs	 	$	12.7	 	$	6.6	 	$	9.2	 	$	7.0	 	$	35.5	

	 	

	 	

	 	

	 	

	

(1)
Includes contract termination, equipment, excise tax, and other costs.

14

Bank of Hawaii Corporation and Subsidiaries
Quarterly Summary of Selected Consolidated Financial Data (Unaudited)
Table 11
 
	 	Dec. 31
2002

	 	Sep. 30
2002

	 	Jun. 30
2002

	 	Mar. 31
2002

	 	Dec. 31
2001

	 	Sep. 30
2001

	 	Jun. 30
2001

	 	Mar. 31
2001

	 	
 
	 	(dollars in millions except per share amounts)

Balance Sheet Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Assets	 	$	9,516.4	 	$	9,702.7	 	$	9,824.1	 	$	10,245.0	 	$	10,632.4	 	$	11,947.4	 	$	12,791.6	 	$	13,743.7	 	
Net Loans	 	 	5,216.2	 	 	5,104.9	 	 	5,250.2	 	 	5,442.6	 	 	5,498.1	 	 	6,586.8	 	 	7,454.1	 	 	8,257.8	 	
Total Deposits	 	 	6,920.2	 	 	6,627.7	 	 	6,456.0	 	 	6,543.8	 	 	6,678.2	 	 	7,403.0	 	 	8,144.6	 	 	8,848.6	 	
Total Shareholders' Equity	 	 	1,015.8	 	 	1,100.7	 	 	1,191.1	 	 	1,265.9	 	 	1,247.0	 	 	1,371.1	 	 	1,395.7	 	 	1,371.9	 	

Quarterly Operating Results	

 	

 	

 	

 	

 	

 	

 	

 	
 	
Net Interest Income	 	$	90.2	 	$	92.2	 	$	92.9	 	$	94.9	 	$	106.1	 	$	111.7	 	$	116.7	 	$	125.2	 	
Provision for Loan and Lease Losses	 	 	—	 	 	—	 	 	3.3	 	 	8.3	 	 	14.5	 	 	0.9	 	 	6.4	 	 	52.5	 	
Non-Interest Income	 	 	51.1	 	 	47.4	 	 	48.2	 	 	53.2	 	 	50.3	 	 	64.8	 	 	72.5	 	 	87.8	 	
Gain on Sales of Banking Operations, Net of Venture Investment Losses	 	 	—	 	 	—	 	 	—	 	 	—	 	 	28.7	 	 	47.8	 	 	24.8	 	 	72.1	 	
Non-Interest Expense	 	 	90.1	 	 	85.5	 	 	89.6	 	 	89.6	 	 	121.4	 	 	118.8	 	 	121.7	 	 	127.4	 	
Restructuring and Other Related Costs	 	 	0.4	 	 	—	 	 	—	 	 	2.0	 	 	18.5	 	 	3.0	 	 	38.9	 	 	44.4	 	
Information Technology System Replacement Project	 	 	7.0	 	 	6.6	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	 	—	 	
Net Income	 	 	28.9	 	 	30.2	 	 	31.0	 	 	31.1	 	 	26.3	 	 	31.1	 	 	26.7	 	 	33.7	 	

Basic Earnings Per Share	
 	
$	
0.45	
 	
$	
0.44	
 	
$	
0.43	
 	
$	
0.42	
 	
$	
0.35	
 	
$	
0.39	
 	
$	
0.33	
 	
$	
0.42	
 	
Diluted Earnings Per Share	 	$	0.44	 	$	0.43	 	$	0.42	 	$	0.41	 	$	0.34	 	$	0.37	 	$	0.32	 	$	0.42	 	

Return on Average Assets	

1.20	
%	
 	
1.22	
%	
 	
1.23	
%	
 	
1.21	
%	
 	
0.90	
%	
 	
1.00	
%	
 	
0.83	
%	
 	
0.99	
%	
Return on Average Equity	 	 	10.72	%	 	10.40	%	 	9.94	%	 	9.97	%	 	8.14	%	 	8.88	%	 	7.69	%	 	10.42	%	
Efficiency Ratio	 	 	68.97	%	 	65.99	%	 	63.51	%	 	61.86	%	 	75.61	%	 	54.31	%	 	75.07	%	 	60.24	%	

Continuing Business Operating Results(1)	

 	

 	

 	

 	

 	

 	

 	

 	
 	
Net Interest Income	 	$	90.2	 	$	92.2	 	$	92.9	 	$	94.9	 	$	93.8	 	$	91.0	 	$	87.8	 	$	92.2	 	
Provision for Loan and Lease Losses	 	 	—	 	 	—	 	 	3.3	 	 	8.3	 	 	16.6	 	 	6.4	 	 	2.6	 	 	12.1	 	
Non-Interest Income	 	 	51.1	 	 	47.4	 	 	48.2	 	 	53.3	 	 	42.9	 	 	53.0	 	 	54.2	 	 	54.0	 	
Non-Interest Expense	 	 	90.0	 	 	85.5	 	 	89.6	 	 	89.7	 	 	98.4	 	 	87.6	 	 	88.6	 	 	85.8	 	
Net Income	 	 	33.8	 	 	34.4	 	 	31.0	 	 	32.3	 	 	21.3	 	 	31.4	 	 	32.6	 	 	28.3	 	

Diluted Earnings Per Share	
 	
$	
0.51	
 	
$	
0.49	
 	
$	
0.42	
 	
$	
0.43	
 	
$	
0.28	
 	
$	
0.38	
 	
$	
0.39	
 	
$	
0.35	

Return on Average Equity	

12.54	
%	
 	
11.84	
%	
 	
9.94	
%	
 	
10.37	
%	
 	
6.59	
%	
 	
8.96	
%	
 	
9.37	
%	
 	
8.76	
%	
Efficiency Ratio	 	 	63.70	%	 	61.28	%	 	63.51	%	 	60.53	%	 	71.99	%	 	60.83	%	 	62.40	%	 	58.71	%	

(1)
Excludes the effects of the businesses that were divested in 2001, restructuring, non-core transactions and costs associated with the information technology system replacement project. 2001 Quarterly information has been reclassified to conform to December 31, 2001 presentation and excludes goodwill amortization.

15

QuickLinks
EXHIBIT 99.1
Bank of Hawaii Corporation 2002 Financial Results
Bank of Hawaii Corporation and Subsidiaries Highlights (Unaudited) Table 1
Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Income (Unaudited) Table 2
Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Condition (Unaudited) Table 3
Bank of Hawaii Corporation and Subsidiaries Consolidated Statements of Shareholders' Equity (Unaudited) Table 4
Bank of Hawaii Corporation and Subsidiaries Consolidated Average Balances and Interest Rates—Taxable Equivalent Basis (Unaudited) Table 5
Bank of Hawaii Corporation and Subsidiaries Loan Portfolio Balances (Unaudited) Table 6
Selected Concentrations of Credit Exposure (Unaudited)
Bank of Hawaii Corporation and Subsidiaries Consolidated Non-Performing Assets and Accruing Loans Past Due 90 Days or More (Unaudited) Table 7
Bank of Hawaii Corporation and Subsidiaries Consolidated Allowance for Loan and Lease Losses (Unaudited) Table 8
Bank of Hawaii Corporation and Subsidiaries Deposits (Unaudited) Table 9
Bank of Hawaii Corporation and Subsidiaries Information Technology Systems Replacement Project (Unaudited) Table 10
Bank of Hawaii Corporation and Subsidiaries Quarterly Summary of Selected Consolidated Financial Data (Unaudited) Table 11