Since the bank's chairman and CEO pledged to give the financially struggling symphony $1 million in mid-October, his donation, made on Monday in the form of 27,088 shares of Bankoh stock, has increased in value.

Those Bankoh shares, worth $996,568 on Monday when O'Neill donated them, were worth $1,067,267 yesterday, representing a record high value.

The symphony, however, has a policy of selling stock donations as soon as possible, and liquidated the shares on Wednesday for $1,033,407.

"We're not in the business of timing the market," said Steve Bloom, symphony president. "The danger is you receive a gift, you hold on to it, the stock price diminishes and that's not a happy thing for the donor to hear."

Still, the stout price rise in Bankoh stock has made it easier for O'Neill to be generous with his stake in the company, where he took over operations in November 2000 when its share price was one-third the value it is today.

In fact, since O'Neill made his symphony donation he has made back the million dollars in stock almost twice over.

MIKE O'NEILL

Bankoh's stock price has been pushed higher by investors pleased with the bank's financial performance under O'Neill's leadership. The boost earlier this week came right after the announcement of strong profits for the most recent quarter.

To achieve financial targets, O'Neill has made painful cuts to bank operations, including forgoing his base salary and any bonuses last year and this year.

Bloom said the bank chief has used his analytical ability to also help the symphony, first as a board director three years ago, then as treasurer last year and this year. "From the day Mike walked in the door, he has been a godsend to us," Bloom said.

During the past four years, the symphony reduced its running debt from about $1.8 million to $1 million. O'Neill's gift is designated to eliminate that debt and help the symphony stay out of the red, which it will be for the first time in a decade.

Symphony musicians also stepped up by agreeing to a reduction in benefits, a 20 percent pay cut next year and a pay freeze the following year. As part of the financial restructuring, an anonymous board director donated another $1 million. Honolulu Symphony Foundation chairwoman Lynne Johnson contributed $100,000.

Bloom said a handful of smaller donations continue to come in, including a $10,000 pledge yesterday.