HONOLULU -- Bancorp Hawaii Inc. said it will buy back an unspecified number of its common shares on the open market.

The company estimates it will buy back "several hundred-thousand shares annually," depending on participation in company stock plans and share pricing, according to a Bancorp Hawaii spokeswoman.

She said the company has no specific timetable for the purchases.

In press release, the company said purchases cannot exceed the number of common shares it believes would be sold or issued during the applicable period through the company's dividend reinvestment and stock purchase plan, its stock option plans, and the employee profit-sharing plans of its units.

The company said it may buy shares from its units' employee profit-sharing plans if such shares become available.

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