A new report lists Bank of Hawaii Corp. as one of the nation's top performing banks.

Bank Director magazine rated Bank of Hawaii number 4 among the country's 150 largest banks and thrifts from the standpoint of profitability, asset quality and capital adequacy.

The report was conducted for the magazine by Sandler O'Neill & Partners L.P. and was based on financial reports between 2007 and 2008. The report said the Bank of Hawaii has benefitted from a healthy tourism industry, robust defense spending and the state's strong economic ties with to Japan.

"They're well rounded and they've avoided a lot of the pitfalls that many other banks have stepped into," said Aaron Deer, a San Francisco-based banking analyst for Sandler O'Neill.