-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PJkXU2wWcZ03IHxGiHeE0asP+vkQntiXsli+MWId6g2qzxcxzxwaXXivfIbaQM1e cFtMvjKDJyvraTzYvEyw1Q== 0000046195-96-000007.txt : 19960701 0000046195-96-000007.hdr.sgml : 19960701 ACCESSION NUMBER: 0000046195-96-000007 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANCORP HAWAII INC CENTRAL INDEX KEY: 0000046195 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 990148992 STATE OF INCORPORATION: HI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06887 FILM NUMBER: 96588025 BUSINESS ADDRESS: STREET 1: 130 MERCHANT STREET CITY: HONOLULU STATE: HI ZIP: 96813- BUSINESS PHONE: 8085378111 MAIL ADDRESS: STREET 1: PO BOX 2900 CITY: HONOLULU STATE: HI ZIP: 96846 FORMER COMPANY: FORMER CONFORMED NAME: HAWAII BANCORPORATION INC DATE OF NAME CHANGE: 19800128 11-K 1 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- 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- 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- 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- 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- Bank of Hawaii Profit Sharing Plan Statements of Net Assets Available for Plan Benefits
December 31 1995 1994 ------------- ------------- 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.
-6- Bank of Hawaii Profit Sharing Plan Statements of Investment Operations
Year ended December 31 1995 1994 1993 ------------ ------------ ------------ 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.
-7- Bank of Hawaii Profit Sharing Plan Statements of Changes in Net Assets Available for Plan Benefits
Year ended December 31 1995 1994 1993 ------------ ------------ ------------ 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.
-8- 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- 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- 2. Investments During 1995, 1994 and 1993, the change in unrealized appreciation (depreciation) in the Plan's investments is as follows: Year ended December 31 1995 1994 1993
------------ ------------ ------------ 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) =========== ============ ============
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:
Net realized gain (loss) Gain (loss) per per Statement of Aggregate Aggregate Vanguard Investment Proceeds Cost Form 5500 Operations Difference ------------ ------------ ------------ ------------ ------------ 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 ============ ============ ============ ============ ============
-11- 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- 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: Year ended December 31, 1995 --------------------------------------------------------------------------
Pacific Pacific Pacific Capital Capital Capital Growth Growth & New Asia Stock Income Growth Wellington Windsor Fund (1) Fund (1) Fund (1) Fund Fund -------------------------------------------------------------------------- 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
-13- Year ended December 31, 1995 ------------------------------------------------------------------------------
Short- Bancorp Term Investment Stock Vanguard Federal Contract Fund 500 Portfolio Portfolio Trust Total ------------------------------------------------------------------------------ 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.
-14- 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: Year ended December 31, 1994 -------------------------------------------------------------
Bancorp Hawaii Common Vanguard Wellington Windsor Stock 500 Fund Fund Fund Portfolio ------------------------------------------------------------- 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
Year ended December 31, 1994 -------------------------------------------------------------
Short- Term Investment Federal Contract Portfolio Trust Total ------------------------------------------------------------- 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
-15- 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: Year ended December 31, 1993 -------------------------------------------------------------
Bancorp Hawaii Common Vanguard Wellington Windsor Stock 500 Fund Fund Fund Portfolio ------------------------------------------------------------- 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
Year ended December 31, 1993 -------------------------------------------------------------
Short- Term Investment Federal Contract Portfolio Trust Total ------------------------------------------------------------- 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
-16- Supplemental Schedules -17- Bank of Hawaii Profit Sharing Plan Schedule of Assets Held for Investment Purposes December 31, 1995
Unrealized Appreciation Identity of Issue Description Cost Market Value(Depreciation) - ---------------------------------------------------------------------------------------------------- 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 ============ ============ ============
-18- Bank of Hawaii Profit Sharing Plan Schedule of Reportable Transactions Year ended December 31, 1995
No. of Proceeds Description No. of Sales/ Cost of from Sales/ of Assets Purchases Maturities Purchases Maturities Net Gain - -------------------------------------------------------------------------------------------------- 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 -
-19- 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 -20- -----END PRIVACY-ENHANCED MESSAGE-----