Bank of Hawaii (BOH) 8-K Results of Operations and Financial Condition

Exhibit 99.1

News Release NYSE: BOH

Media Inquiries

Stafford Kiguchi

Telephone: 808-537-8580

Pager: 877-849-5423

E-mail: skiguchi@boh.com

Investor/Analyst Inquiries

Cindy Wyrick

Telephone: 808-537-8430

Email: cwyrick@boh.com

Bank of Hawaii Corporation 2005 Financial Results

•2005 Diluted Earnings Per Share $3.41, Up 10.7% From 2004

•2005 Net Income $181.6 Million, Up 4.7% From 2004

•Board of Directors Increases Share Repurchase Authorization $100 Million

•Board of Directors Declares Dividend of $0.37 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 23, 2006)—Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share for 2005 of $3.41, up $0.33 or 10.7 percent from diluted earnings per share of $3.08 in 2004. Net income for the year was $181.6 million, up $8.2 million or 4.7 percent from $173.3 million in the previous year. The return on average assets in 2005 was 1.81 percent, up from 1.78 percent in 2004. The return on average equity for the year was 24.83 percent, up from 22.78 percent in 2004.

“We are pleased with our financial performance in 2005 and the continued momentum of our bank,” said Allan R. Landon, Chairman and CEO. “These results would not have been possible without the strong customer focus and dedication of our exceptional employees. The Hawaii economy remains solid and we are on track to surpass the goals of our 2004 – 2006 plan.”

Diluted earnings per share for the fourth quarter of 2005 were $0.86, up $0.04 or 4.9 percent from $0.82 per diluted share for the same period last year. Net income in the fourth quarter of 2005 was $44.8 million, down $1.5 million or 3.2 percent from net income of $46.2 million in the fourth quarter last year. Results for the fourth quarter of 2004 included a return to income of $6.5 million before tax ($4.1 million after tax or $0.07 per diluted share), resulting from a release of reserves for loan and lease losses. The return on average assets for the fourth quarter of 2005 was 1.76 percent, down from 1.89 percent in the fourth quarter of 2004. The return on average equity was 25.19 percent for the quarter, up from 23.63 percent in the same quarter last year.

- more -

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 fourth quarter of 2005 was $103.5 million, up $3.5 million from $100.0 million in the fourth quarter last year and up $1.5 million from $102.0 million in the third quarter of 2005. The increase in net interest income compared to the same quarter last year was largely due to an increase in the yield in average earning assets partially offset by a rise in deposit rates as a result of short term rate increases. An analysis of the change in net interest income for the full year of 2005 is included in Table 6.

The net interest margin was 4.42 percent for the fourth quarter of 2005, a 2 basis point increase from 4.40 percent in the fourth quarter of 2004 and a 12 basis point increase from 4.30 percent in the previous quarter. The net interest margin for the full year of 2005 was 4.37 percent, a 5 basis point increase from 4.32 percent in 2004.

Net income for the fourth quarter of 2005 included a provision for credit losses of $1.6 million. As previously mentioned, the Company returned to income $6.5 million of the allowance for loan and lease losses during the fourth quarter of 2004. Net income for the third quarter of 2005 included a provision for credit losses of $3.0 million.

Non-interest income was $50.8 million for the fourth quarter, an increase of $2.5 million or 5.1 percent compared to non-interest income of $48.4 million in the same quarter last year and a decrease of $4.7 million or 8.5 percent compared to non-interest income of $55.5 million in the third quarter of 2005. Non-interest income in the third quarter of 2005 included a gain of $3.4 million on the sale of assets at the end of a leveraged lease transaction.

Non-interest expense was $83.2 million in the fourth quarter of 2005, up $1.1 million or 1.3 percent from $82.1 million in the fourth quarter of 2004 and down $1.4 million or 1.7 percent from $84.6 million in the previous quarter. An analysis of salaries and benefit expenses is included in Table 7.

The efficiency ratio for the fourth quarter of 2005 was 53.92 percent, an improvement from 55.37 percent in the same quarter last year and essentially flat with the efficiency ratio of 53.72 in the previous quarter. The efficiency ratio for the full year of 2005 was 53.15 percent compared to 56.14 percent for 2004.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services Group, and Treasury and Other Corporate. Results are determined based on the Company’s internal financial management reporting process and organizational structure. Previously reported results have been reclassified to conform to the current organizational reporting structure. Business segment performance details are summarized in Tables 11a and 11b.

Asset Quality

Non-performing assets declined to $6.5 million at December 31, 2005, a decrease of $7.4 million, or 53.3 percent, compared to non-performing assets of $13.9 million at December 31, 2004 and a decrease of $1.8 million, or 21.5 percent, compared to $8.3 million at September 30, 2005. At December 31, 2005 the ratio of non-performing assets to total loans and leases, foreclosed real estate, and other investments was 0.11 percent compared with 0.23 percent at December 31, 2004 and 0.13 percent at September 30, 2005.

2

Non-accrual loans and leases were $5.8 million at December 31, 2005, a reduction of $7.8 million, or 57.4 percent, compared to non-accrual loans and leases of $13.7 million at December 31, 2004 and down $1.3 million, or 18.7 percent, compared to $7.2 million at September 30, 2005. Non-accrual loans and leases as a percentage of total loans and leases were 0.09 percent at December 31, 2005, down from 0.23 percent at December 31, 2004 and from 0.12 percent at September 30, 2005.

Net charge-offs for the fourth quarter of 2005 were $1.6 million, or 0.10 percent (annualized) of total average loans and leases. In the fourth quarter of 2004, net charge-offs were $4.6 million, or 0.31 percent (annualized) of total average loans and leases. Net charge-offs in the previous quarter were $13.0 million, or 0.84 percent (annualized) of total average loans and included a $10.0 million write-off of a fully reserved aircraft lease. Net charge-offs for the full year of 2005 were $22.0 million, or 0.36 percent of total average loans compared to $5.5 million or 0.09 percent of total average loans for the prior year. Net charge-offs in 2004 included a $6.0 million recovery of a previously charged-off loan from the divested Asia business.

The allowance for loan and lease losses was $91.1 million at December 31, 2005, down from $106.8 million at December 31, 2004 and down slightly from $91.7 million at September 30, 2005. The reserve for unfunded commitments was $5.1 million at December 31, 2005, down from $6.8 million at December 31, 2004 and up from $4.5 million at September 30, 2005. The ratio of the allowance for loan and lease losses to total loans was 1.48 percent at December 31, 2005, down from 1.78 percent at December 31, 2004 and unchanged from September 30, 2005. The decrease in the ratio from the previous year was largely due to the previously mentioned write-off of an aircraft lease.

Credit exposure to the air transportation industry is summarized in Table 8.

Other Financial Highlights

Total assets were $10.19 billion at December 31, 2005, up $421 million from $9.77 billion at December 31, 2004 and up $102 million from $10.09 billion at September 30, 2005. Total loans and leases were $6.17 billion at December 31, 2005, up $182 million from $5.99 billion at December 31, 2004 and down $34 million from $6.20 billion at September 30, 2005.

Total commercial loans were $2.10 billion at December 31, 2005, down $11 million compared to $2.11 billion at December 31, 2004 and down $87 million from $2.19 billion at September 30, 2005. Total consumer loans were $4.07 billion at December 31, 2005, up $192 million compared to $3.88 billion at December 31, 2004 and up $53 million compared to $4.01 billion at September 30, 2005.

Total deposits at December 31, 2005 were $7.91 billion, up $343 million from total deposits of $7.56 billion at December 31, 2004 and up $151 million from total deposits of $7.76 billion at September 30, 2005. Non-interest bearing demand deposits were $2.13 billion at December 31, 2005, up $157 million compared to $1.98 billion at December 31, 2004 and up $244 million compared to $1.89 billion at September 30, 2005.

3

During the fourth quarter of 2005, Bank of Hawaii Corporation repurchased 0.6 million shares of common stock at a total cost of $32.3 million under its share repurchase program. The average cost was $51.20 per share repurchased during the quarter. From the beginning of the share repurchase program in July 2001 through December 31, 2005, the Company repurchased a total of 40.0 million shares and returned over $1.33 billion to the shareholders at an average cost of $33.31 per share.

The Company’s Board of Directors has increased the authorization under the share repurchase program by an additional $100 million of common stock. This new authorization, combined with the previously announced authorizations of $1.35 billion, brings the total repurchase authority to $1.45 billion. From January 1, 2006 through January 20, 2006, the Company repurchased an additional 65.0 thousand shares of common stock at an average cost of $52.54 per share. Remaining buyback authority under the share repurchase program was $114.6 million at January 20, 2006.

The Company’s capital and liquidity remain strong. At December 31, 2005 the Tier 1 leverage ratio was 7.14 percent compared to 6.98 percent at September 30, 2005 and 8.29 percent at December 31, 2004.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.37 per share on the Company’s outstanding shares. The dividend will be payable on March 14, 2006 to shareholders of record at the close of business on February 28, 2006.

Financial Outlook

Bank of Hawaii Corporation currently estimates that its net income for 2006 will be approximately $187 million, which exceeds its previous guidance by $9 million. Net income estimates for 2006 include a $17 million provision for credit losses.  An analysis of credit quality is performed quarterly to determine the adequacy of the reserve for credit losses.  The results of this analysis determine the timing and amount of the provision for credit losses.

Conference Call Information

The Company will review its fourth quarter 2005 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 866-203-3206 in the United States or 617-213-8848 for international callers. No confirmation code is required to access the call. A replay will be available for one week beginning Monday, January 23, 2006 by calling 888-286-8010 in the United States or 617-801-6888 for international callers and entering the number 41805438 when prompted. A replay of the presentation will also be available via the Investor Relations link of the Company’s web site.

Bank of Hawaii Corporation is a 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.

4

Forward-Looking Statements

This news release contains, and other statements made by the Company may contain, forward-looking statements concerning, among other things, the economic and business environment in our service area and elsewhere, credit quality, anticipated net income and other financial and business matters in future periods. Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons, including, but not limited to: 1) unanticipated changes in business and economic conditions, the competitive environment, fiscal and monetary policies, taxing authority interpretations, legislation in Hawaii and the other markets we serve, or the timing and interpretation of proposed accounting standards; 2) changes in our credit quality or risk profile that may increase or decrease the required level of reserve for credit losses; 3) changes in market interest rates that may affect our credit markets and ability to maintain our net interest margin; 4) unpredictable costs and other consequences of legal or regulatory matters involving the Company; 5) changes to the amount and timing of our proposed equity repurchases; 6) real or threatened acts of war or terrorist activity affecting business conditions; and 7) adverse weather, public health and other natural conditions impacting the Company and its customers’ operations.  We do not undertake an obligation to update forward-looking statements to reflect later events or circumstances.

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5

Bank of Hawaii Corporation and Subsidiaries

Highlights (Unaudited)

Table 1

		Three Months Ended December 31,						Year Ended December 31,
(dollars in thousands except per share amounts)		2005			2004			2005			2004
For the Period:
Interest Income		$	132,945		$	117,371		$	506,442		$	455,014
Net Interest Income		103,456			99,931			407,113			390,590
Net Income		44,781			46,241			181,561			173,339
Basic Earnings Per Share		0.88			0.86			3.50			3.26
Diluted Earnings Per Share		0.86			0.82			3.41			3.08
Dividends Declared Per Share		0.37			0.33			1.36			1.23
Net Income to Average Total Assets (ROA)		1.76		%	1.89		%	1.81		%	1.78		%
Net Income to Average Shareholders’ Equity (ROE)		25.19			23.63			24.83			22.78
Net Interest Margin(1)		4.42			4.40			4.37			4.32
Efficiency Ratio(2)		53.92			55.37			53.15			56.14
Average Assets		$	10,079,483		$	9,743,034		$	10,023,750		$	9,745,466
Average Loans and Leases		6,177,424			5,834,379			6,110,264			5,786,663
Average Deposits		7,795,381			7,516,374			7,766,516			7,422,276
Average Shareholders’ Equity		705,428			778,607			731,077			760,990
Average Equity to Average Assets		7.00		%	7.99		%	7.29		%	7.81		%
Market Price Per Share of Common Stock:	Closing	$	51.54		$	50.74		$	51.54		$	50.74
	High	53.19			51.10			54.44			51.10
	Low	47.21			46.80			43.82			40.97

	December 31,
	2005			2004
At Period End:
Net Loans and Leases	$	6,077,446		$	5,880,134
Total Assets	10,187,038			9,766,191
Deposits	7,907,468			7,564,667
Long-Term Debt	242,703			252,638
Shareholders’ Equity	693,352			814,834
Allowance for Loan and Lease Losses to Loans and Leases Outstanding	1.48		%	1.78		%
Dividend Payout Ratio(3)	38.86			37.73
Leverage Ratio	7.14			8.29
Book Value Per Common Share	$	13.52		$	14.83
Employees (FTE)	2,585			2,623
Branches and Offices	85			87

(1) The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.

(2) The efficiency ratio is defined as non-interest expense divided by total revenue (net interest income and non-interest income).

(3) Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.

6

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

Table 2

	Three Months Ended								Year Ended
	December 31,			September 30,		December 31,			December 31,
(dollars in thousands except per share amounts)	2005			2005		2004			2005		2004
Interest Income
Interest and Fees on Loans and Leases	$	97,697		$	94,381	$	84,100		$	368,664	$	327,953
Income on Investment Securities—Available for Sale	29,820			28,482		26,394			113,608		93,528
Income on Investment Securities—Held to Maturity	4,899			5,109		6,147			21,360		26,204
Deposits	103			57		107			219		3,480
Funds Sold	154			935		356			1,329		1,058
Other	272			270		267			1,262		2,791
Total Interest Income	132,945			129,234		117,371			506,442		455,014
Interest Expense
Deposits	17,479			15,766		9,993			58,426		36,743
Securities Sold Under Agreements to Repurchase	6,504			6,796		3,120			21,187		9,353
Funds Purchased	1,730			901		395			4,515		1,815
Short-Term Borrowings	61			50		39			188		82
Long-Term Debt	3,715			3,761		3,893			15,013		16,431
Total Interest Expense	29,489			27,274		17,440			99,329		64,424
Net Interest Income	103,456			101,960		99,931			407,113		390,590
Provision for Credit Losses	1,588			3,000		(6,500		)	4,588		(10,000		)
Net Interest Income After Provision for Credit Losses	101,868			98,960		106,431			402,525		400,590
Non-Interest Income
Trust and Asset Management	14,098			14,052		13,934			56,830		53,465
Mortgage Banking	2,597			2,618		1,516			10,399		8,012
Service Charges on Deposit Accounts	10,151			10,046		10,155			39,945		39,117
Fees, Exchange, and Other Service Charges	15,147			15,394		13,684			59,588		54,907
Investment Securities Gains (Losses)	(4		)	8		(757		)	341		(794		)
Insurance	4,201			5,324		4,234			19,643		19,241
Other	4,619			8,074		5,584			22,568		31,146
Total Non-Interest Income	50,809			55,516		48,350			209,314		205,094
Non-Interest Expense
Salaries and Benefits	43,319			44,366		45,043			176,310		184,299
Net Occupancy	9,643			9,896		9,606			38,273		38,347
Net Equipment	5,358			5,335		6,316			21,541		23,926
Professional Fees	4,057			5,689		3,580			15,702		14,212
Other	20,802			19,310		17,558			75,816		73,656
Total Non-Interest Expense	83,179			84,596		82,103			327,642		334,440
Income Before Income Taxes	69,498			69,880		72,678			284,197		271,244
Provision for Income Taxes	24,717			25,051		26,437			102,636		97,905
Net Income	$	44,781		$	44,829	$	46,241		$	181,561	$	173,339
Basic Earnings Per Share	$	0.88		$	0.87	$	0.86		$	3.50	$	3.26
Diluted Earnings Per Share	$	0.86		$	0.85	$	0.82		$	3.41	$	3.08
Dividends Declared Per Share	$	0.37		$	0.33	$	0.33		$	1.36	$	1.23
Basic Weighted Average Shares	50,743,172			51,385,840		53,766,057			51,848,765		53,232,815
Diluted Weighted Average Shares	52,042,845			52,844,961		56,055,531			53,310,816		56,241,044

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Condition (Unaudited)

Table 3

(dollars in thousands)	December 31, 2005			September 30, 2005			December 31, 2004
Assets
Interest-Bearing Deposits	$	4,893		$	10,119		$	4,592
Investment Securities—Available for Sale
Held in Portfolio	2,333,417			2,381,462			2,483,719
Pledged as Collateral	204,798			172,500			—
Investment Securities—Held to Maturity (Fair Value of $442,989, $475,884, and $585,836)	454,240			485,041			589,908
Funds Sold	—			10,000			21,000
Loans Held for Sale	17,915			18,095			17,642
Loans and Leases	6,168,536			6,202,546			5,986,930
Allowance for Loan and Lease Losses	(91,090		)	(91,654		)	(106,796		)
Net Loans and Leases	6,077,446			6,110,892			5,880,134
Total Earning Assets	9,092,709			9,188,109			8,996,995
Cash and Non-Interest-Bearing Deposits	493,825			296,152			225,359
Premises and Equipment	133,913			135,952			146,095
Customers’ Acceptance Liability	1,056			1,081			1,406
Accrued Interest Receivable	43,033			40,898			36,044
Foreclosed Real Estate	358			413			191
Mortgage Servicing Rights	18,010			18,049			18,769
Goodwill	34,959			34,959			36,216
Other Assets	369,175			369,622			305,116
Total Assets	$	10,187,038		$	10,085,235		$	9,766,191
Liabilities
Deposits
Non-Interest-Bearing Demand	$	2,134,916		$	1,890,904		$	1,977,703
Interest-Bearing Demand	1,678,454			1,716,306			1,536,323
Savings	2,819,258			2,880,066			2,960,351
Time	1,274,840			1,269,310			1,090,290
Total Deposits	7,907,468			7,756,586			7,564,667
Securities Sold Under Agreements to Repurchase	609,380			756,407			568,981
Funds Purchased	268,110			172,365			149,635
Short-Term Borrowings	9,447			8,537			15,000
Banker’s Acceptances Outstanding	1,056			1,081			1,406
Retirement Benefits Payable	71,116			67,136			65,708
Accrued Interest Payable	10,910			9,416			7,021
Taxes Payable and Deferred Taxes	269,094			276,678			229,928
Other Liabilities	104,402			98,026			96,373
Long-Term Debt	242,703			242,692			252,638
Total Liabilities	9,493,686			9,388,924			8,951,357
Shareholders’ Equity
Common Stock ($.01 par value); authorized 500,000,000 shares; issued / outstanding: December 2005—56,827,483 / 51,276,286, September 2005—81,722,233 / 51,282,537, December 2004—81,711,752 / 54,960,857	565			815			813
Capital Surplus	473,338			463,084			450,998
Accumulated Other Comprehensive Income (Loss)	(47,818		)	(34,697		)	(12,917		)
Retained Earnings	546,591			1,366,058			1,282,425
Deferred Stock Grants	(11,080		)	(5,974		)	(8,433		)
Treasury Stock, at Cost (Shares: December 2005—5,551,197, September 2005—30,439,696, December 2004—26,750,895)	(268,244		)	(1,092,975		)	(898,052		)
Total Shareholders’ Equity	693,352			696,311			814,834
Total Liabilities and Shareholders’ Equity	$	10,187,038		$	10,085,235		$	9,766,191

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Shareholders’ Equity (Unaudited)

Table 4

(dollars in thousands)	Total			Common Stock			Capital Surplus		Accum. Other Comprehensive Income (Loss)			Retained Earnings			Deferred Stock Grants			Treasury Stock			Comprehensive Income
Balance at December 31, 2004	$	814,834		$	813		$	450,998	$	(12,917	)	$	1,282,425		$	(8,433	)	$	(898,052	)
Comprehensive Income:
Net Income	181,561			—			—		—			181,561			—			—			$	181,561
Other Comprehensive Income, Net of Tax:
Change in Unrealized Gains and Losses on Investment Securities	(32,547		)	—			—		(32,547		)	—			—			—			(32,547		)
Change in Pension Liability Adjustments	(2,354		)	—			—		(2,354		)	—			—			—			(2,354		)
Total Comprehensive Income																					$	146,660
Common Stock Issued under Stock Plans and Related Tax Benefits (1,430,416 shares)	50,067			2			22,090		—			(4,138		)	(2,647		)	34,760
Treasury Stock Purchased (5,111,281 shares)	(247,376		)	—			—		—			—			—			(247,376		)
Treasury Stock Retired (25,000,000 shares)	—			(250		)	250		—			(842,424		)	—			842,424
Cash Dividends Paid	(70,833		)	—			—		—			(70,833		)	—			—
Balance at December 31, 2005	$	693,352		$	565		$	473,338	$	(47,818	)	$	546,591		$	(11,080	)	$	(268,244	)
Balance at December 31, 2003	$	793,132		$	807		$	391,701	$	(5,711	)	$	1,199,077		$	(8,309	)	$	(784,433	)
Comprehensive Income:
Net Income	173,339			—			—		—			173,339			—			—			$	173,339
Other Comprehensive Income, Net of Tax:
Change in Unrealized Gains and Losses on Investment Securities	(5,519		)	—			—		(5,519		)	—			—			—			(5,519		)
Change in Pension Liability Adjustments	(1,687		)	—			—		(1,687		)	—			—			—			(1,687		)
Total Comprehensive Income																					$	166,133
Common Stock Issued under Stock Plans and Related Tax Benefits (5,280,205 shares)	159,972			6			59,297		—			(23,665		)	(124		)	124,458
Treasury Stock Purchased (5,243,458 shares)	(238,077		)	—			—		—			—			—			(238,077		)
Cash Dividends Paid	(66,326		)	—			—		—			(66,326		)	—			—
Balance at December 31, 2004	$	814,834		$	813		$	450,998	$	(12,917	)	$	1,282,425		$	(8,433	)	$	(898,052	)

Bank of Hawaii Corporation and Subsidiaries

Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited)

Table 5a

	Three Months Ended December 31, 2005						Three Months Ended September 30, 2005(1)						Three Months Ended December 31, 2004(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	$	11.2	$	0.1	3.64	%	$	6.4	$	0.1	3.55	%	$	21.0	$	0.1	2.05	%
Funds Sold	15.1		0.1		4.08		105.7		0.9		3.54		74.3		0.4		1.92
Investment Securities
Available for Sale	2,573.2		29.9		4.64		2,574.2		28.5		4.43		2,444.9		26.4		4.32
Held to Maturity	469.9		4.9		4.17		507.5		5.1		4.03		615.1		6.1		4.00
Loans Held for Sale	12.8		0.2		5.67		17.0		0.3		5.82		15.9		0.2		5.72
Loans and Leases(2)
Commercial and Industrial	943.7		16.0		6.74		992.5		15.9		6.38		804.4		11.6		5.71
Construction	161.3		2.9		7.22		164.5		2.7		6.42		100.1		1.3		5.03
Commercial Mortgage	565.7		9.0		6.33		560.2		8.4		5.95		624.4		8.6		5.47
Residential Mortgage	2,406.3		34.7		5.77		2,364.5		33.9		5.74		2,305.0		32.3		5.62
Other Revolving Credit and Installment	738.8		16.2		8.70		744.0		15.9		8.50		722.4		15.4		8.50
Home Equity	790.8		13.6		6.81		758.2		12.2		6.40		632.6		8.4		5.25
Purchased Home Equity	77.3		0.7		3.68		88.7		0.6		2.71		134.4		1.2		3.71
Lease Financing	493.5		4.4		3.50		497.7		4.5		3.55		511.1		5.1		3.97
Total Loans and Leases	6,177.4		97.5		6.28		6,170.3		94.1		6.07		5,834.4		83.9		5.73
Other	79.4		0.3		1.36		79.4		0.3		1.35		60.7		0.3		1.74
Total Earning Assets(3)	9,339.0		133.0		5.67		9,460.5		129.3		5.44		9,066.3		117.4		5.17
Cash and Non-Interest-Bearing Deposits	314.7						316.1						307.5
Other Assets	425.8						419.4						369.2
Total Assets	$	10,079.5					$	10,196.0					$	9,743.0
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	1,650.9	3.1		0.75		$	1,730.7	2.9		0.66		$	1,500.0	1.3		0.33
Savings	2,882.4		6.1		0.83		2,890.2		5.3		0.73		2,998.5		3.6		0.48
Time	1,273.6		8.3		2.59		1,241.9		7.6		2.42		1,063.7		5.1		1.92
Total Interest-Bearing Deposits	5,806.9		17.5		1.19		5,862.8		15.8		1.07		5,562.2		10.0		0.71
Short-Term Borrowings	888.6		8.3		3.70		953.2		7.7		3.22		776.0		3.5		1.82
Long-Term Debt	242.7		3.7		6.11		242.7		3.8		6.19		252.6		3.9		6.16
Total Interest-Bearing Liabilities	6,938.2		29.5		1.69		7,058.7		27.3		1.53		6,590.8		17.4		1.05
Net Interest Income			$	103.5					$	102.0					$	100.0
Interest Rate Spread					3.98	%					3.91	%					4.12	%
Net Interest Margin					4.42	%					4.30	%					4.40	%
Non-Interest-Bearing Demand Deposits	1,988.5						1,970.9						1,954.2
Other Liabilities	447.4						443.7						419.4
Shareholders’ Equity	705.4						722.7						778.6
Total Liabilities and Shareholders’ Equity	$	10,079.5					$	10,196.0					$	9,743.0

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

(2) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(3) Interest income includes taxable-equivalent basis adjustment based upon a statutory tax rate of 35%.

Table 5b

	Year Ended December 31, 2005						Year Ended December 31, 2004(1)
(dollars in millions)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Earning Assets
Interest-Bearing Deposits	$	7.1	$	0.2	3.07	%	$	189.7	$	3.5	1.83	%
Funds Sold	39.3		1.3		3.38		85.6		1.0		1.24
Investment Securities
Available for Sale	2,545.6		113.8		4.47		2,227.8		93.7		4.21
Held to Maturity	523.7		21.4		4.08		675.7		26.2		3.88
Loans Held for Sale	14.5		0.8		5.67		15.8		0.9		5.58
Loans and Leases(2)
Commercial and Industrial	953.4		59.8		6.27		834.3		43.2		5.17
Construction	138.6		8.8		6.35		85.7		3.7		4.39
Commercial Mortgage	582.6		34.8		5.97		639.1		34.5		5.40
Residential Mortgage	2,363.8		134.3		5.69		2,298.1		130.1		5.66
Other Revolving Credit and Installment	740.4		62.7		8.46		691.5		59.3		8.58
Home Equity	737.1		46.0		6.24		560.3		27.4		4.88
Purchased Home Equity	96.4		3.1		3.25		168.2		7.4		4.41
Lease Financing	498.0		18.3		3.67		509.5		21.5		4.21
Total Loans and Leases	6,110.3		367.8		6.02		5,786.7		327.1		5.65
Other	69.8		1.3		1.81		73.8		2.8		3.78
Total Earning Assets(3)	9,310.3		506.6		5.44		9,055.1		455.2		5.03
Cash and Non-Interest-Bearing Deposits	313.0						314.6
Other Assets	400.4						375.8
Total Assets	$	10,023.7					$	9,745.5
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	1,667.0	10.1		0.60		$	1,433.1	3.2		0.22
Savings	2,928.6		20.5		0.70		2,945.3		13.2		0.45
Time	1,197.8		27.8		2.32		1,114.8		20.3		1.82
Total Interest-Bearing Deposits	5,793.4		58.4		1.01		5,493.2		36.7		0.67
Short-Term Borrowings	843.5		25.9		3.07		884.0		11.3		1.27
Long-Term Debt	244.2		15.0		6.15		284.2		16.4		5.78
Total Interest-Bearing Liabilities	6,881.1		99.3		1.44		6,661.4		64.4		0.97
Net Interest Income			$	407.3					$	390.8
Interest Rate Spread					4.00	%					4.06	%
Net Interest Margin					4.37	%					4.32	%
Non-Interest-Bearing Demand Deposits	1,973.1						1,929.1
Other Liabilities	438.4						394.0
Shareholders’ Equity	731.1						761.0
Total Liabilities and Shareholders’ Equity	$	10,023.7					$	9,745.5

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

(2) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

(3) Interest income includes taxable-equivalent basis adjustment based upon a statutory tax rate of 35%.

Bank of Hawaii Corporation and Subsidiaries

Analysis of Change in Net Interest Income - Taxable Equivalent Basis (Unaudited)

Table 6

	Year Ended December 31, 2005 Compared to 2004
(dollars in millions)	Volume(1)			Rate(1)			Total
Change in Interest Income:
Interest-Bearing Deposits	$	(4.7	)	$	1.4		$	(3.3	)
Funds Sold	(0.8		)	1.1			0.3
Investment Securities
Available for Sale	14.0			6.1			20.1
Held to Maturity	(6.1		)	1.3			(4.8		)
Loans Held for Sale	(0.1		)	—			(0.1		)
Loans and Leases
Commercial and Industrial	6.7			9.9			16.6
Construction	3.0			2.1			5.1
Commercial Mortgage	(3.2		)	3.5			0.3
Residential Mortgage	3.6			0.6			4.2
Other Revolving Credit and Installment	4.2			(0.8		)	3.4
Home Equity	9.9			8.7			18.6
Purchased Home Equity	(2.7		)	(1.6		)	(4.3		)
Lease Financing	(0.5		)	(2.7		)	(3.2		)
Total Loans and Leases	21.0			19.7			40.7
Other	(0.1		)	(1.4		)	(1.5		)
Total Change in Interest Income	23.2			28.2			51.4
Change in Interest Expense:
Interest-Bearing Deposits
Demand	0.6			6.3			6.9
Savings	(0.1		)	7.4			7.3
Time	1.6			5.9			7.5
Total Interest-Bearing Deposits	2.1			19.6			21.7
Short-Term Borrowings	(0.6		)	15.2			14.6
Long-Term Debt	(2.4		)	1.0			(1.4		)
Total Change in Interest Expense	(0.9		)	35.8			34.9
Change in Net Interest Income	$	24.1		$	(7.6	)	$	16.5

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

Bank of Hawaii Corporation and Subsidiaries

Salaries and Benefits (Unaudited)

Table 7

	Three Months Ended						Year Ended
	December 31,		September 30,		December 31,		December 31,
(dollars in thousands)	2005		2005		2004(1)		2005		2004(1)
Salaries	$	27,765	$	27,652	$	28,055	$	108,286	$	111,362
Incentive Compensation	4,067		4,385		3,999		16,145		15,458
Stock Based Compensation	720		1,855		2,926		6,118		11,726
Commission Expense	1,715		1,864		1,991		8,112		7,682
Retirement and Other Benefits	4,245		4,512		3,230		17,962		15,900
Payroll Taxes	1,999		2,091		2,115		9,748		11,063
Medical, Dental, and Life Insurance	2,168		1,805		2,050		8,027		8,354
Separation Expense	640		202		677		1,912		2,754
Total Salaries and Benefits	$	43,319	$	44,366	$	45,043	$	176,310	$	184,299

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

Bank of Hawaii Corporation and Subsidiaries

Loan and Lease Portfolio Balances (Unaudited)

Table 8

(dollars in thousands)	December 31, 2005		September 30, 2005(1)		June 30, 2005(1)		March 31, 2005(1)		December 31, 2004(1)
Commercial
Commercial and Industrial	$	918,777	$	975,623	$	1,010,540	$	935,146	$	923,643
Commercial Mortgage	558,346		574,034		563,581		609,689		602,678
Construction	153,393		169,733		144,538		88,506		105,967
Lease Financing	470,155		468,378		471,600		468,349		479,100
Total Commercial	2,100,671		2,187,768		2,190,259		2,101,690		2,111,388
Consumer
Residential Mortgage	2,431,552		2,382,725		2,354,995		2,343,277		2,326,937
Home Equity	801,767		778,723		739,161		694,261		657,164
Purchased Home Equity	72,633		81,076		93,806		109,632		122,728
Other Revolving Credit and Installment	736,364		745,149		744,570		736,250		736,178
Lease Financing	25,549		27,105		28,627		30,680		32,535
Total Consumer	4,067,865		4,014,778		3,961,159		3,914,100		3,875,542
Total Loans and Leases	$	6,168,536	$	6,202,546	$	6,151,418	$	6,015,790	$	5,986,930

Air Transportation Credit Exposure(2) (Unaudited)

	December 31, 2005						Sept. 30, 2005		Dec. 31, 2004(1)
(dollars in thousands)	Outstanding		Unused Commitments		Total Exposure		Total Exposure		Total Exposure
Passenger Carriers Based in the United States	$	68,829	$	—	$	68,829	$	70,678	$	92,358
Passenger Carriers Based Outside the United States	20,678		—		20,678		21,573		25,910
Cargo Carriers	13,240		—		13,240		13,240		13,771
Total Air Transportation Credit Exposure	$	102,747	$	—	$	102,747	$	105,491	$	132,039

(1) Exposure includes loans, leveraged leases and operating leases. Certain prior period information has been reclassified to conform to current presentation.

(2) Exposure includes loans, leveraged leases and operating leases.

Bank of Hawaii Corporation and Subsidiaries

Consolidated Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More (Unaudited)

Table 9

(dollars in thousands)	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	212		$	471		$	430		$	470		$	683
Commercial Mortgage	72			1,555			1,739			1,922			2,106
Lease Financing	—			4			1,586			2,418			2,973
Total Commercial	284			2,030			3,755			4,810			5,762
Consumer
Residential Mortgage	5,496			5,083			6,034			7,504			7,688
Home Equity	39			41			156			185			218
Total Consumer	5,535			5,124			6,190			7,689			7,906
Total Non-Accrual Loans and Leases	5,819			7,154			9,945			12,499			13,668
Foreclosed Real Estate	359			413			292			183			191
Other Investments	300			683			683			683			—
Total Non-Performing Assets	$	6,478		$	8,250		$	10,920		$	13,365		$	13,859
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial	$	—		$	—		$	9		$	29		$	52
Commercial Mortgage	—			—			2,213			2,243			—
Total Commercial	—			—			2,222			2,272			52
Consumer
Residential Mortgage	1,132			1,545			1,310			604			387
Purchased Home Equity	185			83			—			70			183
Other Revolving Credit and Installment	1,504			1,479			1,417			1,417			1,433
Lease Financing	29			51			—			—			30
Total Consumer	2,850			3,158			2,727			2,091			2,033
Total Accruing Loans and Leases Past Due 90 Days or More	$	2,850		$	3,158		$	4,949		$	4,363		$	2,085
Total Loans and Leases	$	6,168,536		$	6,202,546		$	6,151,418		$	6,015,790		$	5,986,930
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.09		%	0.12		%	0.16		%	0.21		%	0.23		%
Ratio of Non-Performing Assets to Total Loans and Leases, Foreclosed Real Estate and Other Investments	0.11		%	0.13		%	0.18		%	0.22		%	0.23		%
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases	0.15		%	0.18		%	0.26		%	0.29		%	0.27		%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	8,250		$	10,920		$	13,365		$	13,859		$	15,977
Additions	1,191			919			3,088			2,796			5,164
Reductions
Payments	(2,345		)	(1,326		)	(5,097		)	(2,202		)	(6,435		)
Return to Accrual	(231		)	(2,007		)	(392		)	(698		)	(456		)
Sales of Foreclosed Assets	(122		)	—			—			(129		)	(206		)
Charge-offs/Write-downs	(265		)	(256		)	(44		)	(261		)	(185		)
Total Reductions	(2,963		)	(3,589		)	(5,533		)	(3,290		)	(7,282		)
Balance at End of Quarter	$	6,478		$	8,250		$	10,920		$	13,365		$	13,859

Bank of Hawaii Corporation and Subsidiaries

Consolidated Reserve for Credit Losses (Unaudited)

Table 10

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,
(dollars in thousands)	2005			2005			2004			2005			2004
Balance at Beginning of Period	$	96,167		$	106,163		$	124,651		$	113,596		$	129,080
Loans and Leases Charged-Off
Commercial
Commercial and Industrial	732			620			465			2,507			4,408
Commercial Mortgage	—			—			—			—			575
Lease Financing	—			10,049			774			10,049			1,381
Consumer
Residential Mortgage	134			130			128			646			819
Home Equity	—			—			—			—			20
Purchased Home Equity	236			26			343			959			807
Other Revolving Credit and Installment	5,651			4,488			4,903			19,268			18,390
Lease Financing	35			6			47			104			155
Total Loans and Leases Charged-Off	6,788			15,319			6,660			33,533			26,555
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial	470			528			542			1,751			3,973
Commercial Mortgage	3,006			146			119			3,246			2,052
Construction	—			—			—			—			529
Lease Financing	26			—			1			189			19
Consumer
Residential Mortgage	156			190			109			641			915
Home Equity	2			4			5			35			158
Purchased Home Equity	95			126			16			376			125
Other Revolving Credit and Installment	1,440			1,322			1,267			5,215			6,136
Lease Financing	5			7			23			63			103
Foreign	—			—			23			—			7,061
Total Recoveries on Loans and Leases Previously Charged-Off	5,200			2,323			2,105			11,516			21,071
Net Loan and Lease Charge-Offs	(1,588		)	(12,996		)	(4,555		)	(22,017		)	(5,484		)
Provision for Credit Losses	1,588			3,000			(6,500		)	4,588			(10,000		)
Balance at End of Period(1)	$	96,167		$	96,167		$	113,596		$	96,167		$	113,596
Components
Allowance for Loan and Lease Losses	91,090			91,654			106,796			91,090			106,796
Reserve for Unfunded Commitments	5,077			4,513			6,800			5,077			6,800
Total Reserve for Credit Losses	$	96,167		$	96,167		$	113,596		$	96,167		$	113,596
Average Loans and Leases Outstanding	$	6,177,424		$	6,170,302		$	5,834,379		$	6,110,264		$	5,786,663
Ratio of Net Loan and Lease Charge-Offs to Average Loans and Leases Outstanding (annualized)	0.10		%	0.84		%	0.31		%	0.36		%	0.09		%
Allowance for Loan and Lease Losses to Loans and Leases Outstanding	1.48		%	1.48		%	1.78		%	1.48		%	1.78		%

(1) Included in this analysis is activity related to the Company’s reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition.

Bank of Hawaii Corporation and Subsidiaries

Business Segment Selected Financial Information (Unaudited)

Table 11a

(dollars in thousands)	Retail Banking			Commercial Banking			Investment Services Group			Treasury and Other Corporate			Consolidated Total
Three Months Ended December 31, 2005
Net Interest Income	$	57,506		$	36,331		$	3,298		$	6,321		$	103,456
Provision for Credit Losses	4,189			(2,274		)	—			(327		)	1,588
Net Interest Income After Provision for Credit Losses	53,317			38,605			3,298			6,648			101,868
Non-Interest Income	25,375			8,907			14,190			2,337			50,809
	78,692			47,512			17,488			8,985			152,677
Non-Interest Expense	(44,750		)	(21,711		)	(14,278		)	(2,440		)	(83,179		)
Income Before Income Taxes	33,942			25,801			3,210			6,545			69,498
Provision for Income Taxes	(12,559		)	(9,550		)	(1,188		)	(1,420		)	(24,717		)
Allocated Net Income	21,383			16,251			2,022			5,125			44,781
Allowance Funding Value	(180		)	(544		)	(6		)	730			—
Provision for Credit Losses	4,189			(2,274		)	—			(327		)	1,588
Economic Provision	(3,243		)	(2,463		)	(108		)	(1		)	(5,815		)
Tax Effect of Adjustments	(283		)	1,954			42			(149		)	1,564
Income Before Capital Charge	21,866			12,924			1,950			5,378			42,118
Capital Charge	(5,592		)	(4,663		)	(1,469		)	(7,676		)	(19,400		)
Net Income (Loss) After Capital Charge (NIACC)	$	16,274		$	8,261		$	481		$	(2,298	)	$	22,718
RAROC (ROE for the Company)	43		%	30		%	14		%	19		%	25		%
Total Assets at December 31, 2005	$	3,890,498		$	2,462,257		$	210,260		$	3,624,023		$	10,187,038
Three Months Ended December 31, 2004(1)
Net Interest Income	$	52,531		$	33,904		$	2,996		$	10,500		$	99,931
Provision for Credit Losses	2,991			1,602			—			(11,093		)	(6,500		)
Net Interest Income After Provision for Credit Losses	49,540			32,302			2,996			21,593			106,431
Non-Interest Income	22,590			9,355			13,803			2,602			48,350
	72,130			41,657			16,799			24,195			154,781
Non-Interest Expense	(43,287		)	(21,706		)	(12,429		)	(4,681		)	(82,103		)
Income Before Income Taxes	28,843			19,951			4,370			19,514			72,678
Provision for Income Taxes	(10,672		)	(7,378		)	(1,617		)	(6,770		)	(26,437		)
Allocated Net Income	18,171			12,573			2,753			12,744			46,241
Allowance Funding Value	(162		)	(608		)	(6		)	776			—
Provision for Credit Losses	2,991			1,602			—			(11,093		)	(6,500		)
Economic Provision	(3,565		)	(2,463		)	(91		)	(1		)	(6,120		)
Tax Effect of Adjustments	272			544			36			3,817			4,669
Income Before Capital Charge	17,707			11,648			2,692			6,243			38,290
Capital Charge	(5,461		)	(4,669		)	(1,293		)	(9,991		)	(21,414		)
Net Income (Loss) After Capital Charge (NIACC)	$	12,246		$	6,979		$	1,399		$	(3,748	)	$	16,876
RAROC (ROE for the Company)	35		%	27		%	23		%	16		%	24		%
Total Assets at December 31, 2004	$	3,773,950		$	2,376,763		$	117,615		$	3,497,863		$	9,766,191

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

Table 11b

(dollars in thousands)	Retail Banking			Commercial Banking			Investment Services Group			Treasury and Other Corporate			Consolidated Total
Year Ended December 31, 2005
Net Interest Income	$	220,617		$	142,436		$	12,632		$	31,428		$	407,113
Provision for Credit Losses	14,151			8,942			(1		)	(18,504		)	4,588
Net Interest Income After Provision for Credit Losses	206,466			133,494			12,633			49,932			402,525
Non-Interest Income	100,292			42,558			57,142			9,322			209,314
	306,758			176,052			69,775			59,254			611,839
Non-Interest Expense	(174,885		)	(87,315		)	(56,872		)	(8,570		)	(327,642		)
Income Before Income Taxes	131,873			88,737			12,903			50,684			284,197
Provision for Income Taxes	(48,793		)	(32,876		)	(4,774		)	(16,193		)	(102,636		)
Allocated Net Income	83,080			55,861			8,129			34,491			181,561
Allowance Funding Value	(688		)	(2,332		)	(23		)	3,043			—
Provision for Credit Losses	14,151			8,942			(1		)	(18,504		)	4,588
Economic Provision	(13,547		)	(9,763		)	(406		)	(4		)	(23,720		)
Tax Effect of Adjustments	31			1,167			159			5,722			7,079
Income Before Capital Charge	83,027			53,875			7,858			24,748			169,508
Capital Charge	(22,042		)	(18,505		)	(5,787		)	(34,112		)	(80,446		)
Net Income (Loss) After Capital Charge (NIACC)	$	60,985		$	35,370		$	2,071		$	(9,364	)	$	89,062
RAROC (ROE for the Company)	41		%	32		%	15		%	17		%	25		%
Total Assets at December 31, 2005	$	3,890,498		$	2,462,257		$	210,260		$	3,624,023		$	10,187,038
Year Ended December 31, 2004(1)
Net Interest Income	$	203,541		$	135,472		$	11,529		$	40,048		$	390,590
Provision for Credit Losses	10,446			3,232			47			(23,725		)	(10,000		)
Net Interest Income After Provision for Credit Losses	193,095			132,240			11,482			63,773			400,590
Non-Interest Income	90,424			47,278			54,040			13,352			205,094
	283,519			179,518			65,522			77,125			605,684
Non-Interest Expense	(174,670		)	(90,797		)	(52,317		)	(16,656		)	(334,440		)
Income Before Income Taxes	108,849			88,721			13,205			60,469			271,244
Provision for Income Taxes	(40,274		)	(32,828		)	(4,886		)	(19,917		)	(97,905		)
Allocated Net Income	68,575			55,893			8,319			40,552			173,339
Allowance Funding Value	(605		)	(2,653		)	(25		)	3,283			—
Provision for Credit Losses	10,446			3,232			47			(23,725		)	(10,000		)
Economic Provision	(14,054		)	(10,528		)	(370		)	(8		)	(24,960		)
Tax Effect of Adjustments	1,559			3,681			129			7,566			12,935
Income Before Capital Charge	65,921			49,625			8,100			27,668			151,314
Capital Charge	(22,157		)	(19,887		)	(5,227		)	(36,458		)	(83,729		)
Net Income (Loss) After Capital Charge (NIACC)	$	43,764		$	29,738		$	2,873		$	(8,790	)	$	67,585
RAROC (ROE for the Company)	33		%	27		%	17		%	22		%	23		%
Total Assets at December 31, 2004	$	3,773,950		$	2,376,763		$	117,615		$	3,497,863		$	9,766,191

(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
(dollars in thousands except per share amounts)	December 31, 2005			September 30, 2005			June 30, 2005			March 31, 2005			December 31, 2004
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	97,697		$	94,381		$	90,119		$	86,467		$	84,100
Income on Investment Securities—Available for Sale	29,820			28,482			27,987			27,319			26,394
Income on Investment Securities—Held to Maturity	4,899			5,109			5,527			5,825			6,147
Deposits	103			57			36			23			107
Funds Sold	154			935			165			75			356
Other	272			270			271			449			267
Total Interest Income	132,945			129,234			124,105			120,158			117,371
Interest Expense
Deposits	17,479			15,766			13,577			11,604			9,993
Securities Sold Under Agreements to Repurchase	6,504			6,796			4,562			3,325			3,120
Funds Purchased	1,730			901			1,151			733			395
Short-Term Borrowings	61			50			45			32			39
Long-Term Debt	3,715			3,761			3,731			3,806			3,893
Total Interest Expense	29,489			27,274			23,066			19,500			17,440
Net Interest Income	103,456			101,960			101,039			100,658			99,931
Provision for Credit Losses	1,588			3,000			—			—			(6,500		)
Net Interest Income After Provision for Credit Losses	101,868			98,960			101,039			100,658			106,431
Non-Interest Income
Trust and Asset Management	14,098			14,052			14,058			14,622			13,934
Mortgage Banking	2,597			2,618			2,594			2,590			1,516
Service Charges on Deposit Accounts	10,151			10,046			9,569			10,179			10,155
Fees, Exchange, and Other Service Charges	15,147			15,394			15,211			13,836			13,684
Investment Securities Gains (Losses)	(4		)	8			337			—			(757		)
Insurance	4,201			5,324			4,330			5,788			4,234
Other	4,619			8,074			4,575			5,300			5,584
Total Non-Interest Income	50,809			55,516			50,674			52,315			48,350
Non-Interest Expense
Salaries and Benefits	43,319			44,366			43,856			44,769			45,043
Net Occupancy	9,643			9,896			9,189			9,545			9,606
Net Equipment	5,358			5,335			5,377			5,471			6,316
Professional Fees	4,057			5,689			2,905			3,051			3,580
Other	20,802			19,310			17,677			18,027			17,558
Total Non-Interest Expense	83,179			84,596			79,004			80,863			82,103
Income Before Income Taxes	69,498			69,880			72,709			72,110			72,678
Provision for Income Taxes	24,717			25,051			26,280			26,588			26,437
Net Income	$	44,781		$	44,829		$	46,429		$	45,522		$	46,241
Basic Earnings Per Share	$	0.88		$	0.87		$	0.90		$	0.85		$	0.86
Diluted Earnings Per Share	$	0.86		$	0.85		$	0.87		$	0.83		$	0.82
Balance Sheet Totals
Total Assets	$	10,187,038		$	10,085,235		$	10,059,690		$	9,908,030		$	9,766,191
Net Loans and Leases	6,077,446			6,110,892			6,049,831			5,910,784			5,880,134
Total Deposits	7,907,468			7,756,586			7,726,758			7,760,662			7,564,667
Total Shareholders’ Equity	693,352			696,311			712,169			716,656			814,834
Performance Ratios
Net Income to Average Total Assets (ROA)	1.76		%	1.74		%	1.87		%	1.88		%	1.89		%
Net Income to Average Shareholders’ Equity (ROE)	25.19			24.61			25.98			23.66			23.63
Net Interest Margin(1)	4.42			4.30			4.36			4.43			4.40
Efficiency Ratio(2)	53.92			53.72			52.07			52.86			55.37

(1) The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.

(2) The efficiency ratio is defined as non-interest expense divided by total revenue (net interest income and non-interest income).