U N I T E D S T A T E S
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1995
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION
PERIOD FROM
____________ TO ____________
BANK OF HAWAII PROFIT SHARING PLAN
_____________________________________________________
Full title of the plan and the address of the plan,
if different from that of the issuer named below:
Bancorp Hawaii, Inc.
130 Merchant Street
Honolulu, Hawaii 96846
_____________________________________________________
Name of issuer of the securities held pursuant to the
plan and the address of its principal executive office
-1-
<PAGE>
Required Information
Listed below are the financial statements and exhibits filed
as part of the annual report.
A) Financial Statements
1) Report of Independent Certified Public Accountants
2) Statements of Net Assets Available for Plan
Benefits December 31, 1995 and 1994
3) Statements of Investment Operations - Years Ended
December 31, 1995, 1994 and 1993
4) Statements of Changes in Net Assets Available for
Plan Benefits - Years Ended December 31, 1995,
1994 and 1993
5) Notes to financial statements
6) Schedule of Security Investments December 31,
1995
7) Schedule of Transactions or Series of Transactions
in Excess of 5% of the Current Value of Plan
Assets December 31, 1995
B) Exhibits
Consent of Independent Certified Public Accountants
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the trustees (or other persons who administer the Plan)
have duly caused this annual report to be signed on its behalf by
the undersigned thereunto duly authorized.
BANK OF HAWAII PROFIT SHARING PLAN
Date: June 27, 1996 By: /s/ RICHARD J. DAHL
Richard J. Dahl
President and Director of
Bancorp Hawaii, Inc.; and
member of the Profit Sharing
Trust Committee
-2-
<PAGE>
Financial Statements
and Supplemental Schedules
Bank of Hawaii Profit Sharing Plan
Years ended December 31, 1995, 1994 and 1993
with Report of Independent Auditors
-3-
<PAGE>
Bank of Hawaii Profit Sharing Plan
Financial Statements
and Supplemental Schedules
Years ended December 31, 1995, 1994 and 1993
Contents
Report of Independent Auditors. . . . . . . . . . . . . . .1
Statements of Net Assets Available for Plan Benefits. . . .2
Statements of Investment Operations. . . . . . . . . . . .3
Statements of Changes in Net Assets Available for Plan
Benefits. . . . . . . . . . . . . . . . . . . . . . . . . .4
Notes to Financial Statements. . . . . . . . . . . . . . . 5
Supplemental Schedules
Schedule of Assets Held for Investment Purposes. . . . . .13
Schedule of Reportable Transactions. . . . . . . . . . . .14
-4-
<PAGE>
Report of Independent Auditors
The Board of Directors
Bank of Hawaii and
The Profit Sharing Trust Committee
Bank of Hawaii Profit Sharing Plan
We have audited the accompanying statements of net assets
available for plan benefits of the Bank of Hawaii Profit
Sharing Plan (the Plan) as of December 31, 1995 and 1994 and
the related statements of investment operations and changes in
net assets available for plan benefits for each of the three
years in the period ended December 31, 1995. These financial
statements are the responsibility of the Plan's Trust
Committee. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used
and significant estimates made by the Plan's Trust Committee,
as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the Plan at December 31, 1995
and 1994, and the results of its investment operations and
changes in net assets available for plan benefits for each of
the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on
the financial statements taken as a whole. The accompanying
supplemental schedules of assets held for investment purposes
as of December 31, 1995, and reportable transactions for the
year then ended, are presented for purposes of complying with
the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security
Act of 1974, and are not a required part of the financial
statements. The supplemental schedules have been subjected to
the auditing procedures applied in our audit of the 1995
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the 1995 financial
statements taken as a whole.
ERNST & YOUNG LLP
Honolulu, Hawaii
May 15, 1996
-5-<PAGE>
<TABLE>
Bank of Hawaii Profit Sharing Plan
Statements of Net Assets Available for Plan Benefits
<CAPTION>
December 31
1995 1994
------------- -------------
<S> <C> <C>
Assets
Investments:
Investment securities, at fair value (Notes 2 and 3):
Wellington Fund $ 24,552,465 $ 19,584,330
Windsor Fund 26,608,335 20,996,062
Vanguard Fiduciary Trust Company Investment
Contract Trust 29,596,973 31,396,788
500 Portfolio of the Vanguard Index Trust 3,525,772 1,460,457
Short-Term Federal Portfolio of the Vanguard
Fixed Income Securities Fund 1,185,945 955,817
Bancorp Stock Fund 74,371,425 54,101,771
------------ ------------
159,840,915 128,495,225
Receivables:
Employer contribution (Note 1) 5,194,107 5,242,921
Employee contributions (Note 1) 320,698 336,723
Accrued interest and other 16,625 168
------------ ------------
5,531,430 5,579,812
------------ ------------
Net assets available for plan benefits $165,372,345 $134,075,037
============ ============
See accompanying notes to financial statements.
</TABLE>
-6-
<PAGE>
<TABLE>
Bank of Hawaii Profit Sharing Plan
Statements of Investment Operations
<CAPTION>
Year ended December 31
1995 1994 1993
------------ ------------ ------------
<S> <C> <C> <C>
Investment income
Dividends on Bancorp Hawaii
Common Stock Fund (Note 3) $ 2,298,976 $ 2,055,236 $ 1,650,019
Dividends on units of mutual fund
shares 4,337,150 2,969,742 3,005,359
Interest income 1,928,812 1,861,314 1,861,871
------------ ------------ ------------
Total investment income 8,564,938 6,886,292 6,517,249
Realized and unrealized gain on
investments
Net realized gain from security
transactions (Notes 1 and 2) 3,743,076 1,623,208 3,378,609
Unrealized appreciation of
investments:
Beginning of year 7,213,565 16,652,882 20,496,975
End of year 34,785,138 7,213,565 16,652,882
------------ ------------ ------------
Change in unrealized
appreciation (depreciation) 27,571,573 (9,439,317) (3,844,093)
------------ ------------ ------------
Net realized and unrealized gain
(loss) on investments 31,314,649 (7,816,109) (465,484)
------------ ------------ ------------
Income and net realized and
unrealized gain (loss) on
investments $ 39,879,587 $ (929,817) $ 6,051,765
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
-7-
<PAGE>
<TABLE>
Bank of Hawaii Profit Sharing Plan
Statements of Changes in Net Assets Available for Plan Benefits
<CAPTION>
Year ended December 31
1995 1994 1993
------------ ------------ ------------
<S> <C> <C> <C>
Net assets available for plan benefits
at beginning of year (Note 5) $134,075,037 $132,659,873 $123,681,942
Contributions
Employee 4,211,005 4,032,595 3,531,630
Employer 5,194,107 5,247,290 6,922,581
Other 15,230 105,108 59,745
------------ ------------ ------------
9,420,342 9,384,993 10,513,956
Investment income 8,564,938 6,886,292 6,517,249
Net realized and unrealized gain
(loss) on investments 31,314,649 (7,816,109) (465,484)
------------ ------------ ------------
Income and net realized and
unrealized gain (loss) on
investments 39,879,587 (929,817) 6,051,765
Distributions to plan participants (18,002,621) (7,040,012) (7,587,790)
------------ ------------ ------------
Net assets available for plan benefits
at end of year $165,372,345 $134,075,037 $132,659,873
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
-8-
<PAGE>
Bank of Hawaii Profit Sharing Plan
Notes to Financial Statements
December 31, 1995, 1994 and 1993
1. Summary of Significant Accounting Policies
Description of the Plan
The following description of the Bank of Hawaii Profit
Sharing Plan (the "Plan") provides only general information.
Participants should refer to the Summary Plan Description
for a more complete description of the Plan's provisions.
The Plan is a defined contribution plan and covers eligible
staff members of Bank of Hawaii and certain subsidiaries of
Bancorp Hawaii, Inc. and Bank of Hawaii, collectively (the
"Bank"), who have fulfilled the Plan's participation
requirements. Bank of Hawaii is a wholly-owned subsidiary
of Bancorp Hawaii, Inc. The Plan is subject to provisions
of the Employee Retirement Income Security Act of 1974
("ERISA").
Each year, the Bank contributes to the Plan an amount which
is based upon Bancorp Hawaii, Inc.'s profits for the year.
The contribution varies depending on Bancorp Hawaii, Inc.'s
adjusted net income and adjusted return on equity.
Participants are allowed to contribute up to 7% of their
eligible compensation to the Plan. However, participants'
contributions are limited to certain maximum annual amounts,
including those provided under the Internal Revenue Code
($9,240 for 1995).
The Plan's trustee is the Vanguard Fiduciary Trust Company.
Participants' investment options include the Bancorp Hawaii
Common Stock Fund, the Wellington Fund, the Windsor Fund,
the 500 Portfolio of the Vanguard Index Trust (the "Vanguard
500 Portfolio"), Short-Term Federal Portfolio of the
Vanguard Fixed Income Securities Fund (the "Short-Term
Federal Portfolio") and the Vanguard Fiduciary Trust Company
Investment Contract Trust (the "Investment Contract Trust").
During 1995, the Bank changed certain features of the Plan
with these changes effective January 1, 1996. Among those
changes was a 401(k) enhancement whereby the Bank will match
participant contributions at $1.25 for each $1.00
contributed by participants up to 2% of the participant's
eligible compensation. Effective January 1, 1996,
additional investment options were also made available to
participants and included the Pacific Capital Growth Stock
Fund, the Pacific Capital Growth & Income Fund, and the
Pacific Capital New Asia Growth Fund.
-9-
<PAGE>
Throughout the December 31, 1995 plan year, the Plan allowed
a participant to elect to receive up to 50% of his/her
employer contribution in cash after year end. Remaining
amounts were invested in any combination in the available
investment options. Additional plan changes effective
January 1, 1996 call for mandatory distribution of 50% of
employer contributions with remaining amounts invested in
any combination of the investment options available as of
that date. Participants are fully vested in the Plan's
assets allocated to their account.
Under the Plan, a participant retiring may elect to defer
payment of benefits until a subsequent year. The benefits
are disbursed upon notice from the participant or designated
beneficiary. Under certain conditions, a participant may
receive part or all of the value of his or her account
before termination or retirement. Otherwise, distributions
to retirees are made during the quarter following retirement
or withdrawal.
Use of Estimates
The preparation of financial statements in conformity with
generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of
contingent assets and liabilities in the financial
statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ
from those estimates.
Expenses
Fees paid to the Plan trustee and other administrative
expenses are paid by Bank of Hawaii.
Investments
Investments are stated at fair value. Values for the
Bancorp Hawaii Common Stock Fund and the mutual funds are
determined based on quoted market prices. Value for the
Investment Contract Trust is based on contract value, which
approximates fair value. Contract value represents
contributions made plus interest accrued at the contract
rate, less withdrawals. Net gains and losses from
securities transactions are computed using the average cost
method.
Receivables
Contributions from both employer and employees are accrued
through December 31 in the Statements of Net Assets
Available for Plan Benefits.
-10-
<PAGE>
2. Investments
During 1995, 1994 and 1993, the change in unrealized
appreciation (depreciation) in the Plan's investments is as
follows:
<TABLE>
Year ended December 31
1995 1994 1993
<CAPTION>
------------ ------------ ------------
<S> <C> <C> <C>
Bancorp Hawaii Common Stock Fund $19,340,108 $(6,014,311) $(6,341,908)
Wellington Fund 4,543,890 (1,183,965) 1,026,703
Windsor Fund 3,034,422 (2,121,852) 1,425,941
Vanguard 500 Portfolio 589,320 (67,785) 47,576
Short-Term Federal Portfolio 63,833 (51,404) (2,405)
------------ ------------ ------------
$27,571,573 $(9,439,317) $(3,844,093)
=========== ============ ============
</TABLE>
The reporting requirements under ERISA specify that realized
gains and losses are to be calculated as the difference
between the proceeds of assets sold during the year and the
fair value of those assets at the beginning of the year (or
the purchase price if the assets sold were acquired during
the year). This differs from generally accepted accounting
principles which bases the calculation of realized gains and
losses on historical cost. As a result, the 1995 net
realized gain in these financial statements was $1,153,983
greater than that reported in Form 5500 as shown below:
<TABLE>
<CAPTION>
Net realized
gain (loss)
Gain (loss) per
per Statement of
Aggregate Aggregate Vanguard Investment
Proceeds Cost Form 5500 Operations Difference
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Wellington Fund $ 3,530,517 $ 3,105,449 $ 425,068 $ 523,786 $ 98,718
Windsor Fund 3,578,131 3,110,078 468,053 199,289 (268,764)
Vanguard 500 Portfolio 520,348 456,447 63,901 74,748 10,847
Short-Term Federal
Portfolio 336,019 324,943 11,076 (4,586) (15,662)
Bancorp Hawaii Common
Stock Fund 9,100,167 7,479,172 1,620,995 2,949,839 1,328,844
------------ ------------ ------------ ------------ ------------
$17,065,182 $14,476,089 $ 2,589,093 $ 3,743,076 $ 1,153,983
============ ============ ============ ============ ============
</TABLE>
-11-
<PAGE>
2. Investments (continued)
The investment contract trust is a collective trust
investing in investment contracts with selected insurance
companies and commercial banks. The investment contract
trust allows for benefit responsive withdrawals by the Plan
at contract value, subject to certain market value
adjustments. The investment contract trust's yields, net of
expenses, for the years ended December 31, 1995 and 1994
were 6.25% and 6.18%, respectively. The stated contract
rate on contracts ranged from 4.90% to 9.22% at December 31,
1995 and 1994 with average contractual maturities at both
dates being 2.5 years.
3. Transactions with Related Parties
The Plan's investment portfolio at December 31, 1995
includes $74,371,425 in the Bancorp Hawaii Common Stock Fund
which invests in the $2 par common stock of Bancorp Hawaii,
Inc. Dividends received during 1995 from this fund from its
investment in common stock of Bancorp Hawaii, Inc. totaled
$2,298,976.
The Pacific Capital Growth Stock Fund, the Pacific Capital
Growth & Income Fund, and the Pacific Capital New Asia
Growth Fund belong to a family of mutual funds whose
investment advisor is Hawaiian Trust Company, Ltd., a
subsidiary of Bank of Hawaii.
4. Income Tax Status
The Internal Revenue Service has issued a determination
letter dated February 23, 1995 that the Plan qualifies, in
form, under Section 401(a) and 401(k) of the Internal
Revenue Code of 1986, as amended (the "Code"), and the
underlying trust is, therefore, exempt from federal income
taxes under Section 501(a) of the Code. The Plan is
required to operate in accordance with the Code to maintain
its tax qualification. The Plan's Administrator is not
aware of any course of action or series of events that have
occurred that might adversely affect the Plan's qualified
status.
-12-
<PAGE>
5. Changes in Net Assets Available for Plan Benefits by Fund
During 1995, the change in net assets available for plan
benefits by fund is as follows:
<TABLE>
Year ended December 31, 1995
--------------------------------------------------------------------------
<CAPTION>
Pacific Pacific Pacific
Capital Capital Capital
Growth Growth & New Asia
Stock Income Growth Wellington Windsor
Fund (1) Fund (1) Fund (1) Fund Fund
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net assets available
for plan benefits at
beginning of year $ - $ - $ - $20,438,493 $21,991,206
Employee transfers
to (from) funds - - - (318,244) (278,011)
Contributions
Employee 317 92 848 630,309 817,866
Employer 75,550 48,547 79,266 758,414 951,749
Other - - - 3,038 2,893
------------ ------------ ------------ ------------ ------------
75,867 48,639 80,114 1,391,761 1,772,508
Investment income - - - 1,239,932 3,025,335
Net realized and
unrealized gain
(loss) on
investments - - - 5,067,677 3,233,711
------------ ------------ ------------ ------------ ------------
Income and net gain
(loss) on
investments - - - 6,307,609 6,259,046
Distributions to
Members - - - (2,463,803) (2,120,980)
------------ ------------ ------------ ------------ ------------
Net assets available
for plan benefits at
end of year $75,867 $48,639 $80,114 $25,355,816 $27,623,769
============ ============ ============ ============ ============
Net asset value per
unit: $ 11.85 $ 11.86 $ 0.81 $ 24.43 $ 4.53
Number of
participants with
year end balances: - - - 2,106 2,168
</TABLE>
-13-
<PAGE>
<TABLE>
Year ended December 31, 1995
------------------------------------------------------------------------------
<CAPTION>
Short-
Bancorp Term Investment
Stock Vanguard Federal Contract
Fund 500 Portfolio Portfolio Trust Total
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net assets available
for plan benefits at
beginning of year$56,118,606 $1,675,551 $1,053,046 $32,798,135 $134,075,037
Employee transfers
to (from) funds (1,914,233) 1,255,565 137,271 1,117,652 -
Contributions
Employee 1,558,147 274,327 88,908 840,191 4,211,005
Employer 1,833,500 449,534 97,355 900,192 5,194,107
Other 7,225 867 773 434 15,230
------------ ------------ ------------ ------------ ------------
3,398,872 724,728 187,036 1,740,817 9,420,342
Investment income 2,319,401 71,883 64,623 1,843,764 8,564,938
Net realized and
unrealized gain
(loss) on
investments 22,289,947 664,067 59,247 - 31,314,649
------------ ------------ ------------ ------------ ------------
Income and net gain
(loss) on
investments 24,609,348 735,950 123,870 1,843,764 39,879,587
Distributions to
Members (5,888,178) (389,271) (211,550) (6,928,839) (18,002,621)
------------ ------------ ------------ ------------ ------------
Net assets available
for plan benefits at
end of year $76,324,415 $4,002,523 $1,289,673 $30,571,529 $165,372,345
============ ============ ============ ============ ============
Net asset value per
unit: $ 19.22 $ 57.60 $ 10.25 $ 1.00
Number of
participants with
year end balances: 3,096 817 461 2,334 3,870
(1) Effective January 1, 1996, the Pacific Capital Funds became available as investment options.
Contributions received after January 1, 1996 for Plan year 1995 were eligible to invest in these
Funds.
</TABLE>
-14-
<PAGE>
5. Changes in Net Assets Available for Plan Benefits by Fund
(continued)
During 1994, the change in net assets available for plan
benefits by fund was as follows:
<TABLE>
Year ended December 31, 1994
-------------------------------------------------------------
<CAPTION>
Bancorp
Hawaii
Common Vanguard
Wellington Windsor Stock 500
Fund Fund Fund Portfolio
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net assets available
for plan benefits at
beginning of year $21,502,720 $22,173,418 $53,661,401 $1,590,825
Employee transfers
to (from) funds (1,519,974) (941,258) 4,181,702 (146,574)
Contributions
Employee 612,710 757,673 1,495,005 206,866
Employer 807,299 934,023 1,890,241 197,500
Other 37,397 39,574 6,796 1,148
------------ ------------ ------------ ------------
1,457,406 1,731,270 3,392,042 405,514
Investment income 917,301 2,006,054 2,076,718 46,387
Net realized and
unrealized gain
(loss) on
investments (1,009,036) (2,030,473) (4,687,248) (28,191)
------------ ------------ ------------ ------------
Income and net gain
(loss) on
investments (91,735) (24,419) (2,610,530) 18,196
Distributions to
Members (909,924) (947,805) (2,506,009) (192,410)
------------ ------------ ------------ ------------
Net assets available
for plan benefits at
end of year $20,438,493 $21,991,206 $56,118,606 $1,675,551
============ ============ ============ ============
Net asset value per
unit: $ 19.39 $ 12.59 $ 13.61 $ 42.97
Number of
participants with
year end balances: 2,024 2,030 3,056 603
</TABLE>
<PAGE>
<TABLE>
Year ended December 31, 1994
-------------------------------------------------------------
<CAPTION>
Short-
Term Investment
Federal Contract
Portfolio Trust Total
-------------------------------------------------------------
<S> <C> <C> <C>
Net assets available
for plan benefits at
beginning of year $1,023,542 $32,707,967 $132,659,873
Employee transfers
to (from) funds (48,675) (1,525,221) -
Contributions
Employee 85,307 875,034 4,032,595
Employer 90,670 1,327,557 5,247,290
Other - 20,193 105,108
------------ ------------ ------------
175,977 2,222,784 9,384,993
Investment income 52,863 1,786,969 6,886,292
Net realized and
unrealized gain
(loss) on
investments (61,161) - (7,816,109)
------------ ------------ ------------
Income and net gain
(loss) on
investments (8,298) 1,786,969 (929,817)
Distributions to
Members (89,500) (2,394,364) (7,040,012)
------------ ------------ ------------
Net assets available
for plan benefits at
end of year $1,053,046 $32,798,135 $134,075,037
============ ============ ============
Net asset value per
unit: $ 9.69 $ 1.00
Number of
participants with
year end balances: 394 2,334 3,215
</TABLE>
-15-
<PAGE>
5. Changes in Net Assets Available for Plan Benefits by Fund
(continued)
During 1993, the change in net assets available for plan
benefits by fund was as follows:
<TABLE>
Year ended December 31, 1993
-------------------------------------------------------------
<CAPTION>
Bancorp
Hawaii
Common Vanguard
Wellington Windsor Stock 500
Fund Fund Fund Portfolio
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Net assets available
for plan benefits at
beginning of year $17,933,310 $17,221,633 $56,455,107 $1,152,634
Employee transfers
to (from) funds 532,276 366,031 (1,743,409) 206,160
Contributions
Employee 540,963 628,930 1,293,331 144,650
Employer 1,140,158 1,317,206 2,343,972 225,762
Other 18,176 18,015 4,425 5,466
------------ ------------ ------------ ------------
1,699,297 1,964,151 3,641,728 375,878
Investment income 1,227,083 1,742,946 1,659,816 35,330
Net realized and
unrealized gain
on investments 1,138,994 1,503,416 (3,185,855) 78,545
------------ ------------ ------------ ------------
Income and net gain
on investments 2,366,077 3,246,362 (1,526,039) 113,875
Distributions to
Members (1,028,240) (624,759) (3,165,986) (257,722)
------------ ------------ ------------ ------------
Net assets available
for plan benefits at
end of year $21,502,720 $22,173,418 $53,661,401 $1,590,825
============ ============ ============ ============
Net asset value per
unit: $ 0.40 $ 13.91 $ 14.67 $ 43.83
Number of
participants with
year end balances: 1,878 1,844 2,806 438
</TABLE>
<PAGE>
<TABLE>
Year ended December 31, 1993
-------------------------------------------------------------
<CAPTION>
Short-
Term Investment
Federal Contract
Portfolio Trust Total
-------------------------------------------------------------
<S> <C> <C> <C>
Net assets available
for plan benefits at
beginning of year $ 584,506 $30,334,752 $123,681,942
Employee transfers
to (from) funds 254,073 384,869 -
Contributions
Employee 65,963 857,793 3,531,630
Employer 109,710 1,785,773 6,922,581
Other 1,008 12,655 59,745
---------- ----------- -----------
176,681 2,656,221 10,513,956
Investment income 48,631 1,803,443 6,517,249
Net realized and
unrealized gain
on investments (584) - (465,484)
----------- ----------- ------------
Income and net gain
on investments 48,047 1,803,443 6,051,765
Distributions to
Members (39,765) (2,471,318) (7,587,790)
----------- ----------- ------------
Net assets available
for plan benefits at
end of year $1,023,542 $32,707,967 $132,659,873
=========== =========== ============
Net asset value per
unit: $ 10.34 $ 1.00
Number of
participants with
year end balances: 298 2,245 3,498
</TABLE>
-16-
<PAGE>
Supplemental Schedules
-17-
<PAGE>
<TABLE>
Bank of Hawaii Profit Sharing Plan
Schedule of Assets Held for Investment Purposes
December 31, 1995
<CAPTION>
Unrealized
Appreciation
Identity of Issue Description Cost Market Value(Depreciation)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Wellington Fund Mutual fund $ 19,412,659 $ 24,552,465 $ 5,139,806
Windsor Fund Mutual fund 25,224,742 26,608,335 1,383,593
Vanguard 500 Portfolio Mutual fund 2,897,085 3,525,772 628,687
Short-Term Federal
Portfolio Mutual fund 1,176,158 1,185,945 9,787
Investment Contract Collective
Trust investment trust 29,596,973 29,596,973 -
Bancorp Hawaii Pooled investment
Common Stock Fund fund 46,748,160 74,371,425 27,623,265
------------ ------------ ------------
$125,055,777 $159,840,915 $34,785,138
============ ============ ============
</TABLE>
-18-
<PAGE>
<TABLE>
Bank of Hawaii Profit Sharing Plan
Schedule of Reportable Transactions
Year ended December 31, 1995
<CAPTION>
No. of Proceeds
Description No. of Sales/ Cost of from Sales/
of Assets Purchases Maturities Purchases Maturities Net Gain
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Wellington Fund 101 121 $3,430,975 $3,530,517 $ 523,786
Windsor Fund 111 121 5,955,791 3,578,131 199,289
Bancorp Hawaii
Common Stock
Fund 123 157 7,080,229 9,100,167 2,949,839
Investment
Contract Trust 181 167 7,468,346 9,266,870 -
</TABLE>
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<PAGE>
Consent of Independent Auditors
We consent to the incorporation by reference in the
Registration Statement (Form S-8 No. 33-57267) pertaining to
the Bank of Hawaii Profit Sharing Plan, of our report dated
May 15, 1996, with respect to the financial statements and
schedules of the Bank of Hawaii Profit Sharing Plan included
in this Annual Report (Form 11-K) for the year ended
December 31, 1995.
ERNST & YOUNG LLP
Honolulu, Hawaii
June 27, 1996
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