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Bank of Hawaii Corporation First Quarter 2004 Financial Results

HONOLULU--(BUSINESS WIRE)--April 26, 2004--Bank of Hawaii Corporation (NYSE:BOH)

  • Diluted Earnings Per Share Increases to $0.69, Up Over 46 Percent
  • Net Income of $39.8 Million for the Quarter, Up Over 33 Percent
  • $50 Million Additional Share Repurchase Program Announced
  • Board of Directors Declares Dividend of $0.30 Per Share

Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share of $0.69 for the first quarter of 2004, up $0.03 or 4.5 percent from diluted earnings per share of $0.66 in the fourth quarter of 2003 and up $0.22 or 46.8 percent from $0.47 in the comparable quarter last year. Net income for the first quarter of 2004 was $39.8 million, up $1.1 million or 2.9 percent from net income of $38.7 million in the previous quarter and up $10.0 million or 33.5 percent from $29.8 million reported in the same quarter last year.

The return on average assets for the first quarter of 2004 was 1.65 percent, essentially flat with 1.66 percent in the fourth quarter of 2003 and up from 1.31 percent in the first quarter of 2003. The return on average equity was 19.98 percent for the first quarter of 2004, up from 18.59 percent in the previous quarter and a significant improvement from 12.42 percent in the same quarter last year.

The efficiency ratio was 57.3 percent for the first quarter of 2004, down from 58.4 percent in the fourth quarter of 2003. Excluding systems replacement costs, the efficiency ratio was 61.0 percent in the first quarter of 2003.

"I am very pleased with the first quarter results for 2004," said Michael E. O'Neill, Chairman and CEO. "By all measures we have performed extremely well; our returns have improved, our operating leverage was positive, asset quality remains solid, customer and employee confidences have reached new highs, and the Hawaii economy continues to reflect strength. Bank of Hawaii is well positioned to build on the tremendous momentum the Company has generated."

Financial Highlights

Net interest income for the first quarter of 2004 was $96.1 million on a taxable equivalent basis, up $2.7 million from net interest income of $93.4 million in the fourth quarter of 2003, primarily due to increased earning assets. Net interest income was up $5.1 million from $91.0 million in the first quarter of 2003 and was largely the result of lower interest rates paid on deposits and a reduction in long-term debt. An analysis of the change in net interest income is included in Table 6.

The net interest margin was 4.30 percent for the first quarter of 2004, down 5 basis points from the net interest margin of 4.35 in the previous quarter and up 1 basis point from 4.29 the same quarter last year. The decrease in the net interest margin compared to the previous quarter was largely due to a 5 basis point decrease in the average yield on the loan portfolio.

Credit quality continued to improve during the quarter. The Company did not recognize a provision for loan and lease losses during the first quarter of 2004 and has not recorded a provision for the last seven quarters. The allowance for loan and lease losses was reduced $1.9 million from December 31, 2003, which equaled the amount of net charge-offs during the quarter.

Non-interest income was $48.8 million for the quarter compared to non-interest income of $49.4 million in the fourth quarter of 2003 and $44.8 million in the first quarter of 2003. The decrease from the previous quarter was largely due to a reduction in mortgage banking income that offset growth in trust and asset management fees and service charges on deposits.

Non-interest expense for the first quarter of 2004 was $83.0 million, down $0.4 from $83.4 million in the previous quarter and down $7.2 million or 8.0 percent from $90.2 million in the same quarter last year. Non-interest expense in the first quarter of 2003 included $7.4 million in systems replacement costs. Excluding these items, non-interest expenses were essentially unchanged from the same quarter last year.

The Company's business segments are defined as Retail Banking, Commercial Banking, Investment Services Group, and Treasury and Other Corporate. Results are determined based on the Company's internal financial management reporting process and organizational structure. Business segment performance details are summarized in Table 11.

Asset Quality

Bank of Hawaii Corporation's strong credit quality continued during the first quarter of 2004. Non-performing assets were $27.9 million at the end of the quarter, a decrease of $3.9 million, or 12.2 percent, from non-performing assets of $31.7 million at the end of the fourth quarter of 2003. Non-performing assets declined $16.4 million, or 37.0 percent, compared to non-performing assets of $44.2 million in the same period last year. At March 31, 2004 the ratio of non-performing assets to total loans and foreclosed real estate was 0.49 percent, down from 0.55 percent at December 31, 2003 and down from 0.79 percent at March 31, 2003.

Non-accrual loans were $23.5 million at March 31, 2004, a reduction of $3.9 million, or 14.3 percent, from $27.3 million at December 31, 2003 and down $11.7 million, or 33.2 percent, from $35.1 million at March 31, 2003. Non-accrual loans as a percentage of total loans were 0.41 percent at March 31, 2004 down from 0.48 percent at the end of the previous quarter and down from 0.63 percent at the end of the comparable quarter last year.

Net charge-offs for the first quarter of 2004 were $1.9 million, or 0.13 percent (annualized) of total average loans. Charge-offs during the quarter of $6.1 million were partially offset by recoveries of $4.2 million. Net charge-offs in the fourth quarter of 2003 were $3.6 million, or 0.26 percent (annualized) of total average loans. Net charge-offs during the first quarter of 2003 were $2.8 million, or 0.21 percent (annualized) of total average loans.

The allowance for loan and lease losses was $127.2 million at March 31, 2004. The ratio of the allowance for loan and lease losses to total loans was 2.23 percent at March 31, 2004 compared with 2.24 percent at December 31, 2003 and 2.52 percent at the end of the same quarter last year.

Concentrations of credit exposure to selected components of the portfolio are summarized in Table 8.

Other Financial Highlights

Total assets increased to $10.0 billion at the end of March 31, 2004, compared to total assets of $9.5 billion at the end of December 31, 2003 and $9.4 billion at the end of March 31, 2003. The increase in total assets is primarily related to a higher level of funding resulting from securities repurchase agreements by public entities and continued deposit growth.

Total deposits at March 31, 2004 were $7.4 billion, up from total deposits of $7.3 billion at December 31, 2003 and up from total deposits of $7.0 billion at March 31, 2003. The increase in deposits is due to continued strong growth in demand and savings deposits.

During the first quarter of 2004, Bank of Hawaii Corporation repurchased 1.3 million shares of common stock at a total cost of $57.8 million under the share repurchase program. The average cost per share was $44.77 during the quarter. From the beginning of the share repurchase program in July 2001 through March 31, 2004, the Company had repurchased a total of 31.1 million shares and returned a total of $912.9 million to the shareholders at an average cost of $29.34 per share. The Company's Board of Directors has authorized an additional program to repurchase up to $50 million of common stock. This new authorization, combined with the Company's previously announced authorizations of $1.0 billion, brings the total repurchase authority to $1,050 million. Through April 23, 2004, the Company repurchased an additional 1.0 million shares of common stock at an average cost of $43.92 per share. Remaining buyback authority was $93.9 million at April 23, 2004.

The Company's capital and liquidity remain strong. At March 31, 2004 the Tier 1 leverage ratio was 7.88 percent compared to 8.43 percent at December 31, 2003 and 10.03 percent at March 31, 2003.

The Company's Board of Directors has declared a quarterly cash dividend of $0.30 per share on the Company's outstanding shares. The dividend will be payable on June 14, 2004 to shareholders of record at the close of business on May 24, 2004.

Economic Outlook

First quarter 2004 visitor growth increased 6.0 percent, including a 9.0 percent gain in domestic travelers. The strong yen is expected to further help the tourism-dependent sectors of the Hawaii economy.

Hawaii's real growth is most recently forecast at 3.5 percent for 2004 after adjusting for increasing inflation due to higher housing costs. Hawaii construction should remain strong in 2004, based on 20.0 percent growth in the 2003 value of residential building permits, and a doubling in nonresidential building permits, combined with military housing construction. Record high home prices continued rising during first quarter 2004 along with statewide home sales volumes. Interest rate sensitivity is expected to be modest and strong fundamentals support the local housing valuation trends.

Tight labor market conditions in Hawaii persisted during the first quarter of 2004. Statewide unemployment declined from 4.4 percent in the fourth quarter of 2003 to 3.9 percent in the first quarter of 2004. Overall, Hawaii job growth continued at around 2.0 percent through the first quarter, with the construction sector leading (up 7.0 percent) and the information sector lagging (down 9.0 percent). External pressures that could constrain the economic growth in Hawaii include higher petroleum prices and a rising interest rate environment.

Earnings Outlook

Bank of Hawaii Corporation's previously published earnings guidance of approximately $157 million in net income for the full year of 2004 remains unchanged. Based on current conditions, the Company does not expect to record a provision for loan and lease losses in 2004. However, the actual amount of the provision for loan and lease losses depends on determinations of credit risk that are made near the end of each quarter. Earnings per share and return on equity projections continue to be dependent upon the terms and timing of share repurchases.

Conference Call Information

The Company will review its first quarter 2004 financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The presentation will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation's web site, www.boh.com. The conference call number is 800-299-7635 in the United States or 617-786-2901 for international callers. No confirmation code is required to access the call. A replay will be available for one week beginning at 10:00 a.m. Hawaii Time (4:00 p.m. Eastern Time) on Monday, April 26, 2004 by calling 888-286-8010 in the United States or 617-801-6888 for international callers and entering the number 65319657 when prompted. A replay of the presentation will also be available via the Investor Relations link of the Company's web site.

Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The Company's principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii. For more information about Bank of Hawaii Corporation, see the Company's web site, www.boh.com.

This news release contains forward-looking statements concerning, among other things, the economic environment in our service area, the expected level of loan loss provisioning, the effect of our new three-year plan, and anticipated dividends, revenues and expenses during 2004 and beyond. We believe the assumptions underlying our forward-looking statements are reasonable. However, any of the assumptions could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons, including, but not limited to: 1) unanticipated changes in business and economic conditions, the competitive environment, fiscal and monetary policies, or legislation in Hawaii and the other markets we serve; 2) changes in our credit quality or risk profile which may increase or decrease the required level of allowance for loan and lease losses; 3) changes in market interest rates that may affect our credit markets and ability to maintain our net interest margin; 4) changes to the amount and timing of our proposed equity repurchases; 5) inability to achieve expected benefits of our business process changes due to adverse changes in implementation processes or costs, operational savings, or timing; 6) real or threatened acts of war or terrorist activity affecting business conditions; and 7) adverse weather and other natural conditions impacting our and our customers' operations. We do not undertake any obligation to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation and Subsidiaries
Highlights  (Unaudited)                                        Table 1
----------------------------------------------------------------------
(dollars in thousands except per share amounts)  Three Months Ended
                                                      March 31,
Earnings Highlights and Performance Ratios        2004        2003
---------------------------------------------- -----------------------

Net Income                                         $39,799    $29,801
Basic Earnings Per Share                              0.73       0.49
Diluted Earnings Per Share                            0.69       0.47
Cash Dividends                                      16,418     11,562
Net Income to Average Total Assets (ROA)              1.65%      1.31%
Net Income to Average Shareholders'
 Equity (ROE)                                        19.98%     12.42%
Net Interest Margin                                   4.30%      4.29%
Efficiency Ratio(1)                                  57.31%     66.44%
Efficiency Ratio excluding System
 Replacement Costs                                   57.31%     60.98%

----------------------------------------------------------------------
Statement of Condition Highlights and                 March 31,
 Performance Ratios                               2004        2003
---------------------------------------------- -----------------------
Total Assets                                   $10,013,442 $9,410,210
Net Loans                                        5,587,811  5,425,343
Total Deposits                                   7,363,922  6,987,331
Total Shareholders' Equity                         785,768    952,007

Book Value Per Common Share                         $14.49     $15.76
Allowance / Loans and Leases
 Outstanding                                          2.23%      2.52%
Average Equity / Average Assets                       8.28%     10.53%
Employees (FTE)                                      2,703      2,891
Branches and offices                                    89         91

Market Price Per Share of Common Stock
 for the Quarter Ended:
                                       Closing      $46.33     $30.80
                                       High         $47.45     $31.50
                                       Low          $41.75     $29.25

(1) The efficiency ratio is defined as non-interest expense divided by
total revenue (net interest income and non-interest income).



Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)                  Table 2
----------------------------------------------------------------------
                                                  Three Months Ended
                                                 March 31,  March 31,
(dollars in thousands except per share amounts)      2004       2003
----------------------------------------------------------------------
Interest Income
   Interest and Fees on Loans and Leases           $81,428    $85,773
   Income on Investment Securities - Held to
    Maturity                                         6,976      2,283
   Income on Investment Securities - Available
    for Sale                                        20,846     22,463
   Deposits                                          1,231      1,307
   Funds Sold                                          417        764
   Other                                               858      1,189
----------------------------------------------------------------------
Total Interest Income                              111,756    113,779
Interest Expense
   Deposits                                          9,200     14,447
   Security Repurchase Agreements                    1,926      2,242
   Funds Purchased                                     231        205
   Short-Term Borrowings                                15         24
   Long-Term Debt                                    4,353      5,861
----------------------------------------------------------------------
Total Interest Expense                              15,725     22,779
----------------------------------------------------------------------
Net Interest Income                                 96,031     91,000
Provision for Loan and Lease Losses                      -          -
----------------------------------------------------------------------
Net Interest Income After Provision for Loan and
 Lease Losses                                       96,031     91,000
Non-Interest Income
   Trust and Asset Management                       13,864     13,181
   Mortgage Banking                                  1,977        283
   Service Charges on Deposit Accounts               9,950      8,950
   Fees, Exchange, and Other Service Charges        13,239     12,989
   Investment Securities Gains                           -        583
   Insurance                                         3,643      3,080
   Other                                             6,169      5,687
----------------------------------------------------------------------
Total Non-Interest Income                           48,842     44,753
Non-Interest Expense
   Salaries and Benefits                            46,001     46,429
   Net Occupancy Expense                             9,386      9,613
   Net Equipment Expense                             5,964      9,748
   Information Technology Systems Replacement
    Project                                              -      7,417
   Other                                            21,671     16,993
----------------------------------------------------------------------
Total Non-Interest Expense                          83,022     90,200
----------------------------------------------------------------------
Income Before Income Taxes                          61,851     45,553
Provision for Income Taxes                          22,052     15,752
----------------------------------------------------------------------
Net Income                                         $39,799    $29,801
======================================================================
Basic Earnings Per Share                             $0.73      $0.49
Diluted Earnings Per Share                           $0.69      $0.47
Dividends Declared Per Share                         $0.30      $0.19
Basic Weighted Average Shares                   54,286,648 61,294,460
Diluted Weighted Average Shares                 57,746,520 63,535,609
======================================================================


Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition (Unaudited)               Table 3
----------------------------------------------------------------------
                                                  March 31,  March 31,
(dollars in thousands)                                2004       2003
----------------------------------------------------------------------
Assets
Interest-Bearing Deposits                         $479,882   $157,067
Investment Securities - Held to Maturity
 (Market Value of $719,308 and $180,043)           717,867    175,600
Investment Securities - Available for Sale       1,995,713  2,497,508
Funds Sold                                         255,000    175,000
Loans Held for Sale                                 67,328     47,269
Loans and Leases                                 5,714,996  5,565,371
  Allowance for Loan and Lease Losses             (127,185)  (140,028)
----------------------------------------------------------------------
    Net Loans                                    5,587,811  5,425,343
----------------------------------------------------------------------
Total Earning Assets                             9,103,601  8,477,787
Cash and Non-Interest Bearing Deposits             313,090    331,994
Premises and Equipment                             155,488    170,696
Customers' Acceptance Liability                      1,844      1,372
Accrued Interest Receivable                         34,658     36,845
Foreclosed Real Estate                               4,416      9,097
Mortgage Servicing Rights                           21,138     25,801
Goodwill                                            36,216     36,216
Other Assets                                       342,991    320,402
----------------------------------------------------------------------
Total Assets                                   $10,013,442 $9,410,210
======================================================================
Liabilities
Deposits
   Non-Interest Bearing Demand                  $1,915,678 $1,714,601
   Interest Bearing Demand                       1,407,494  1,164,975
   Savings                                       2,888,877  2,669,409
   Time                                          1,151,873  1,438,346
----------------------------------------------------------------------
Total Deposits                                   7,363,922  6,987,331
Securities Sold Under Agreements to Repurchase   1,039,204    646,317
Funds Purchased                                     98,370     69,890
Short-Term Borrowings                               11,349     12,096
Current Maturities of Long-Term Debt               102,252    118,792
Banker's Acceptances Outstanding                     1,844      1,372
Retirement Benefits Payable                         62,298     62,091
Accrued Interest Payable                             6,978     12,761
Taxes Payable and Deferred Taxes                   228,785    206,139
Other Liabilities                                   95,091     70,644
Long-Term Debt                                     217,581    270,770
----------------------------------------------------------------------
Total Liabilities                                9,227,674  8,458,203
Shareholders' Equity
Common Stock ($.01 par value); authorized
 500,000,000 shares; issued / outstanding:
 March 2004 - 81,641,545 / 54,216,350, March
 2003 - 81,276,420 / 60,418,539                        807        807
Capital Surplus                                    396,335    372,887
Accumulated Other Comprehensive Income               4,289      8,273
Retained Earnings                                1,222,602  1,133,642
Deferred Stock Grants                               (7,594)        74
Treasury Stock, at Cost (Shares: March 2004 -
 27,425,195, March 2003 - 20,857,881)             (830,671)  (563,676)
----------------------------------------------------------------------
Total Shareholders' Equity                         785,768    952,007
----------------------------------------------------------------------
Total Liabilities and Shareholders' Equity     $10,013,442 $9,410,210
======================================================================


Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity (Unaudited)    Table 4
----------------------------------------------------------------------
                                                                Accum.
                                                                 Other
                                                               Compre-
                                                               hensive
                                            Common    Capital   Income
(dollars in thousands)              Total    Stock    Surplus   (Loss)
----------------------------------------------------------------------

Balance at December 31, 2003    $793,132     $807   $391,701  $(5,711)
Comprehensive Income:
  Net Income                      39,799        -          -        -
  Other Comprehensive Income,
   Net of Tax:
    Change in Unrealized Gains
     and Losses on Investment
     Securities                   10,000        -          -   10,000
  Total Comprehensive Income
Common Stock Issued under
 Stock Plans and Related Tax
 Benefits (611,820 shares)        18,482        -      4,634        -
Treasury Stock Purchased
 (1,323,050 shares)              (59,227)       -          -        -
Cash Dividends Paid              (16,418)       -          -        -
----------------------------------------------------------------------
Balance at March 31, 2004       $785,768     $807   $396,335   $4,289
======================================================================

Balance at December 31, 2002  $1,015,759     $806   $372,192  $11,659
Comprehensive Income:
  Net Income                      29,801        -          -        -
  Other Comprehensive Income,
   Net of Tax:
    Change in Unrealized Gains
     and Losses on Investment
     Securities                   (3,386)       -          -   (3,386)
  Total Comprehensive Income
Common Stock Issued under
 Stock Plans and Related Tax
 Benefits (261,802 shares)         7,721        1        695        -
Treasury Stock Purchased
 (2,856,600 shares)              (86,326)       -          -        -
Cash Dividends Paid              (11,562)       -          -        -
----------------------------------------------------------------------
Balance at March 31, 2003       $952,007     $807   $372,887   $8,273
======================================================================


                                          Deferred             Compre-
                                 Retained    Stock   Treasury  hensive
(dollars in thousands)           Earnings   Grants      Stock   Income
----------------------------------------------------------------------

Balance at December 31, 2003  $1,199,077  $(8,309) $(784,433)
Comprehensive Income:
  Net Income                      39,799        -          -  $39,799
  Other Comprehensive Income,
   Net of Tax:
    Change in Unrealized Gains
     and Losses on Investment
     Securities                        -        -          -   10,000
                                                             ---------
  Total Comprehensive Income                                  $49,799
                                                             =========
Common Stock Issued under
 Stock Plans and Related Tax
 Benefits (611,820 shares)           144      715     12,989
Treasury Stock Purchased
 (1,323,050 shares)                    -        -    (59,227)
Cash Dividends Paid              (16,418)       -          -
-------------------------------------------------------------
Balance at March 31, 2004     $1,222,602  $(7,594) $(830,671)
=============================================================

Balance at December 31, 2002  $1,115,910  $(1,424) $(483,384)
Comprehensive Income:
  Net Income                      29,801        -          -  $29,801
  Other Comprehensive Income,
   Net of Tax:
    Change in Unrealized Gains
     and Losses on Investment
     Securities                        -        -          -   (3,386)
                                                             ---------
  Total Comprehensive Income                                  $26,415
                                                             =========
Common Stock Issued under
 Stock Plans and Related Tax
 Benefits (261,802 shares)          (507)   1,498      6,034
Treasury Stock Purchased
 (2,856,600 shares)                    -        -    (86,326)
Cash Dividends Paid              (11,562)       -          -
-------------------------------------------------------------
Balance at March 31, 2003     $1,133,642      $74  $(563,676)
=============================================================


Bank of Hawaii Corporation and Subsidiaries
Consolidated Average Balances and Interest Rates - Taxable
Equivalent Basis (Unaudited)                                   Table 5
----------------------------------------------------------------------
                                                 Three Months Ended
                                                   March 31, 2004
                                            Average   Income/   Yield/
(dollars in millions)                       Balance   Expense    Rate
----------------------------------------------------------------------
Earning Assets
Interest Bearing Deposits                    $249.6      $1.2    1.98%
Funds Sold                                    168.9       0.4    0.99
Investment Securities
 Held to Maturity                             719.6       7.0    3.90
 Available for Sale                         1,988.5      20.8    4.20
Loans Held for Sale                            15.4       0.2    5.33
Loans and Leases
 Commercial and Industrial                    844.4      10.1    4.81
 Construction                                 100.4       1.1    4.31
 Commercial Mortgage                          634.1       8.6    5.45
 Residential Mortgage                       2,317.5      33.3    5.75
 Installment                                  651.0      14.3    8.84
 Home Equity                                  489.2       5.8    4.75
 Purchased Home Equity                        204.9       2.7    5.18
 Lease Financing                              500.9       5.4    4.33
----------------------------------------------------------------------
Total Loans and Leases                      5,742.4      81.3    5.68
Other                                          77.5       0.9    4.45
----------------------------------------------------------------------
Total Earning Assets                        8,961.9     111.8    5.00
Cash and Non-Interest Bearing Deposits        327.6
Other Assets                                  388.4
                                           ---------
Total Assets                               $9,677.9
                                           =========

Interest Bearing Liabilities
Interest Bearing Deposits
    Demand                                 $1,370.0       0.5    0.15
    Savings                                 2,871.6       3.3    0.46
    Time                                    1,188.8       5.4    1.83
----------------------------------------------------------------------
Total Interest Bearing Deposits             5,430.4       9.2    0.68
Short-Term Borrowings                         862.3       2.2    1.01
Long-Term Debt                                320.9       4.3    5.44
----------------------------------------------------------------------
Total Interest Bearing Liabilities          6,613.6      15.7    0.96
----------------------------------------------------------------------
Net Interest Income                                     $96.1
                                                      ========
 Interest Rate Spread                                            4.04%
 Net Interest Margin                                             4.30%
Non-Interest Bearing Demand Deposits        1,889.5
Other Liabilities                             373.6
Shareholders' Equity                          801.2
                                           ---------
Total Liabilities and Shareholders' Equity $9,677.9
                                           =========

(1) Certain 2003 information has been reclassified to conform to 2004
presentation.


                                                 Three Months Ended
                                               December 31, 2003 (1)
                                            Average   Income/   Yield/
(dollars in millions)                       Balance   Expense    Rate
----------------------------------------------------------------------
Earning Assets
Interest Bearing Deposits                    $218.6      $1.2    2.12%
Funds Sold                                     34.3       0.1    0.99
Investment Securities
 Held to Maturity                             742.1       7.2    3.89
 Available for Sale                         1,898.6      19.0    4.01
Loans Held for Sale                            13.9       0.2    6.21
Loans and Leases
 Commercial and Industrial                    858.2      10.6    4.90
 Construction                                  99.2       1.1    4.30
 Commercial Mortgage                          627.4       8.9    5.62
 Residential Mortgage                       2,336.3      34.5    5.90
 Installment                                  598.1      13.4    8.89
 Home Equity                                  453.0       5.6    4.89
 Purchased Home Equity                        104.7       0.6    2.24
 Lease Financing                              494.0       5.5    4.44
----------------------------------------------------------------------
Total Loans and Leases                      5,570.9      80.2    5.73
Other                                          76.8       1.0    5.20
----------------------------------------------------------------------
Total Earning Assets                        8,555.2     108.9    5.07
Cash and Non-Interest Bearing Deposits        323.5
Other Assets                                  379.1
                                           ---------
Total Assets                               $9,257.8
                                           =========
Interest Bearing Liabilities
Interest Bearing Deposits
    Demand                                 $1,293.8       0.5    0.16
    Savings                                 2,786.6       3.2    0.46
    Time                                    1,227.9       5.7    1.83
----------------------------------------------------------------------
Total Interest Bearing Deposits             5,308.3       9.4    0.71
Short-Term Borrowings                         608.0       1.7    1.06
Long-Term Debt                                324.2       4.4    5.43
----------------------------------------------------------------------
Total Interest Bearing Liabilities          6,240.5      15.5    0.99
----------------------------------------------------------------------
Net Interest Income                                     $93.4
                                                      ========
 Interest Rate Spread                                            4.08%
 Net Interest Margin                                             4.35%
Non-Interest Bearing Demand Deposits        1,836.4
Other Liabilities                             355.7
Shareholders' Equity                          825.2
                                           ---------
Total Liabilities and Shareholders' Equity $9,257.8
                                           =========

(1) Certain 2003 information has been reclassified to conform to 2004
presentation.


                                                 Three Months Ended
                                                 March 31, 2003 (1)
                                            Average    Income/  Yield/
(dollars in millions)                       Balance   Expense    Rate
----------------------------------------------------------------------
Earning Assets
Interest Bearing Deposits                    $253.8      $1.3    2.09%
Funds Sold                                    250.5       0.8    1.22
Investment Securities
 Held to Maturity                             202.0       2.3    4.61
 Available for Sale                         2,268.1      22.5    3.96
Loans Held for Sale                            10.1       0.1    5.16
Loans and Leases
 Commercial and Industrial                    886.4      10.5    4.81
 Construction                                 115.4       1.4    5.08
 Commercial Mortgage                          597.8       9.0    6.14
 Residential Mortgage                       2,249.0      37.7    6.70
 Installment                                  501.9      12.8   10.36
 Home Equity                                  434.5       5.7    5.28
 Purchased Home Equity                        180.2       2.6    5.78
 Lease Financing                              495.6       5.9    4.81
----------------------------------------------------------------------
Total Loans and Leases                      5,460.8      85.6    6.32
Other                                          74.6       1.2    6.47
----------------------------------------------------------------------
Total Earning Assets                        8,519.9     113.8    5.38
Cash and Non-Interest Bearing Deposits        331.6
Other Assets                                  391.5
                                           ---------
Total Assets                               $9,243.0
                                           =========

Interest Bearing Liabilities
Interest Bearing Deposits
    Demand                                 $1,151.9       0.7    0.26
    Savings                                 2,608.2       4.6    0.71
    Time                                    1,472.1       9.2    2.52
----------------------------------------------------------------------
Total Interest Bearing Deposits             5,232.2      14.5    1.12
Short-Term Borrowings                         649.8       2.5    1.54
Long-Term Debt                                390.4       5.8    6.02
----------------------------------------------------------------------
Total Interest Bearing Liabilities          6,272.4      22.8    1.47
----------------------------------------------------------------------
Net Interest Income                                     $91.0
                                                      ========
 Interest Rate Spread                                            3.91%
 Net Interest Margin                                             4.29%
Non-Interest Bearing Demand Deposits        1,636.8
Other Liabilities                             360.7
Shareholders' Equity                          973.1
                                           ---------
Total Liabilities and Shareholders' Equity $9,243.0
                                           =========

(1) Certain 2003 information has been reclassified to conform to 2004
presentation.


Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income -Tax Equivalent
 Basis (Unaudited)                                             Table 6
----------------------------------------------------------------------
                                 Three Months Ended March 31, 2004
                                  Compared to December 31, 2003 (1)
(dollars in millions)            Volume (2)  Rate (2) Time (2)   Total
----------------------------------------------------------------------

Change in Interest Income:
Interest Bearing Deposits             $0.1     $(0.1)      $-      $-
Funds Sold                             0.3         -        -     0.3
Investment Securities
   Held to Maturity                   (0.2)        -        -    (0.2)
   Available for Sale                  0.9       0.9        -     1.8
Loans and Leases
   Commercial and Industrial          (0.2)     (0.2)    (0.1)   (0.5)
   Commercial Mortgage                 0.1      (0.3)    (0.1)   (0.3)
   Residential Mortgage               (0.3)     (0.9)       -    (1.2)
   Installment                         1.2      (0.2)    (0.1)    0.9
   Home Equity                         0.5      (0.2)    (0.1)    0.2
   Purchased Home Equity               1.3       0.8        -     2.1
   Lease Financing                     0.1      (0.1)    (0.1)   (0.1)
----------------------------------------------------------------------
Total Loans and Leases                 2.7      (1.1)    (0.5)    1.1
Other                                    -      (0.1)       -    (0.1)
----------------------------------------------------------------------
Total Change in Interest Income        3.8      (0.4)    (0.5)    2.9
----------------------------------------------------------------------
Change in Interest Expense:
Interest Bearing Deposits
   Savings                             0.1         -        -     0.1
   Time                               (0.2)        -     (0.1)   (0.3)
----------------------------------------------------------------------
Total Interest Bearing Deposits       (0.1)        -     (0.1)   (0.2)
Short-Term Borrowings                  0.6      (0.1)       -     0.5
Long-Term Debt                        (0.1)        -        -    (0.1)
----------------------------------------------------------------------
Total Change in Interest Expense       0.4      (0.1)    (0.1)    0.2
----------------------------------------------------------------------
Change in Net Interest Income         $3.4     $(0.3)   $(0.4)   $2.7
======================================================================

(1) Certain 2003 information has been reclassified to conform to 2004
presentation.

(2) The changes for each category of interest income and expense are
allocated between the portion of changes attributable to the variance
in volume, rate or time for that category.



Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits (Unaudited)                              Table 7
----------------------------------------------------------------------
                                             Three Months Ended
(dollars in thousands)                  March 31, 2004  March 31, 2003
----------------------------------------------------------------------
Salaries                                        $27,204       $28,514
Incentive Compensation                            3,816         3,591
Stock Based Compensation                          2,896         1,118
Commission Expense                                1,627         2,487
Retirement and Other Benefits                     4,357         4,451
Payroll Taxes                                     3,430         3,449
Medical, Dental, and Life Insurance               2,104         2,070
Separation Expense                                  567           749
----------------------------------------------------------------------
Total Salaries and Benefits                     $46,001       $46,429
======================================================================



Bank of Hawaii Corporation and Subsidiaries
Loan Portfolio Balances (Unaudited)                            Table 8
----------------------------------------------------------------------
                                     March 31, December 31,  March 31,
(dollars in thousands)                   2004         2003       2003
----------------------------------------------------------------------
Domestic Loans
 Commercial
  Commercial and Industrial          $793,293     $816,246   $824,906
  Commercial Mortgage                 650,566      639,354    691,736
  Construction                         91,002      101,321     86,690
  Lease Financing                     442,590      435,934    430,342
----------------------------------------------------------------------
 Total Commercial                   1,977,451    1,992,855  2,033,674
 Consumer
  Residential Mortgage              2,254,654    2,320,410  2,305,329
  Home Equity                         510,378      467,019    439,011
  Purchased Home Equity               191,066      212,514    170,946
  Other Consumer                      671,893      658,831    518,501
  Lease Financing                      34,816       35,320     33,842
----------------------------------------------------------------------
 Total Consumer                     3,662,807    3,694,094  3,467,629
----------------------------------------------------------------------
Total Domestic Loans                5,640,258    5,686,949  5,501,303
----------------------------------------------------------------------
Foreign Loans                          74,738       70,226     64,068
----------------------------------------------------------------------
Total Loans and Leases             $5,714,996   $5,757,175 $5,565,371
======================================================================

Selected Concentrations of Credit Exposure (Unaudited)
----------------------------------------------------------------------
                                                    Dec. 31, March 31,
                               March 31, 2004         2003(1)  2003(1)
(dollars in                          Unused    Total    Total    Total
 thousands)         Outstanding Commitments Exposure Exposure Exposure
----------------------------------------------------------------------

Air Transportation
 United States
  Regional Passenger
  Carriers             $46,003     $12,173  $58,176  $59,231  $60,888
 United States
  National Passenger
  Carriers              37,413           -   37,413   37,259   37,441
 Passenger Carriers
  Based Outside
  United States         30,475           -   30,475   31,549   31,922
 Cargo Carriers         14,122           -   14,122   14,405   14,739
----------------------------------------------------------------------
Total Air
 Transportation       $128,013     $12,173 $140,186 $142,444 $144,990
======================================================================

Guam
 Hotel                 $15,692          $-  $15,692  $17,733  $42,843
 Other Commercial      130,128      45,920  176,048  184,129  171,300
 Consumer              290,966      12,638  303,604  288,831  263,900
----------------------------------------------------------------------
Total Guam            $436,786     $58,558 $495,344 $490,693 $478,043
======================================================================

Syndicated Exposure   $297,512    $642,624 $940,136 $912,896 $997,516
======================================================================

Other Large
 Borrowers(2)          $86,658    $235,143 $321,801 $336,748 $381,386
======================================================================
Exposure includes loans, leveraged leases and operating leases.

(1) For three borrowers, reclassifications have occurred between
Regional and National Carriers.  Syndicated Exposure has been restated
to include a purchased participation.

(2)  Other Large Borrowers is defined as exposure with commitments of
$25 million and greater, excluding those collateralized by cash and
those separately identified as Air Transportation, Guam, and
Syndicated Exposure.



Bank of Hawaii Corporation and Subsidiaries
Consolidated Non-Performing Assets and Accruing Loans Past
 Due 90 Days or More  (Unaudited)                              Table 9
----------------------------------------------------------------------
(dollars in      March 31,   Dec. 31,  Sept. 30,   June 30,  March 31,
 thousands)          2004       2003       2003       2003       2003
----------------------------------------------------------------------
Non-Performing
 Assets
Non-Accrual Loans
 Commercial
  Commercial and
   Industrial      $6,009     $6,015     $7,856     $8,832     $2,367
  Commercial
   Mortgage         7,388      9,337     10,977     11,216     17,930
  Lease
   Financing        1,962      2,181      2,388      2,423      3,183
----------------------------------------------------------------------
 Total
  Commercial       15,359     17,533     21,221     22,471     23,480
 Consumer
  Residential
   Mortgage         7,685      9,354      9,669     10,196     11,523
  Home Equity         406        460        497          -        117
----------------------------------------------------------------------
 Total Consumer     8,091      9,814     10,166     10,196     11,640
----------------------------------------------------------------------
Total Non-
 Accrual Loans     23,450     27,347     31,387     32,667     35,120
----------------------------------------------------------------------
Foreclosed Real
 Estate             4,416      4,377      8,757      9,285      9,097
----------------------------------------------------------------------
Total Non-
 Performing
 Assets           $27,866    $31,724    $40,144    $41,952    $44,217
======================================================================
Accruing Loans
 Past Due 90
 Days or More
 Commercial
  Commercial and
   Industrial        $707       $725       $695       $523         $1
  Commercial
   Mortgage           702          -          -          -        368
  Lease
   Financing            -        117          -          -          -
 ---------------------------------------------------------------------
 Total
  Commercial        1,409        842        695        523        369
 Consumer
  Residential
   Mortgage           595      1,430      2,027      1,817      1,580
  Home Equity           -          -          -         84         17
  Purchased
   Home Equity        107          -        107         98          -
  Other
   Consumer         1,180      1,210      1,059        368      2,257
  Lease
   Financing            -          -          -         19          -
----------------------------------------------------------------------
 Total Consumer     1,882      2,640      3,193      2,386      3,854
----------------------------------------------------------------------
Total Accruing
 and Past Due      $3,291     $3,482     $3,888     $2,909     $4,223
======================================================================
Total Loans    $5,714,996 $5,757,175 $5,570,405 $5,471,870 $5,565,371
======================================================================
Ratio of Non-
 Accrual Loans
 to Total Loans      0.41%      0.48%      0.56%      0.60%      0.63%
----------------------------------------------------------------------
Ratio of Non-
 Performing
 Assets to
 Total Loans
 and Foreclosed
Real Estate          0.49%      0.55%      0.72%      0.77%      0.79%
----------------------------------------------------------------------
Ratio of Non-
 Performing
 Assets and
 Accruing Loans
 Past Due 90
 Days or More
 to Total Loans      0.55%      0.61%      0.79%      0.82%      0.87%
----------------------------------------------------------------------
Quarter to Quarter
 Changes in
 Non-Performing
 Assets
Balance at
 Beginning of
 Quarter          $31,724    $40,144    $41,952    $44,217    $54,406
 Additions          3,293      2,340      3,199     11,603      4,805
 Reductions
   Payments and
    Sales of
    Loans          (4,555)    (3,416)    (1,782)    (4,279)    (5,641)
   Return to
    Accrual        (1,444)      (839)    (1,464)    (7,556)    (5,571)
   Sales of
    Foreclosed
    Assets           (310)    (4,418)    (1,025)      (672)    (1,091)
   Charge-
    offs/Write-
    downs            (842)    (2,087)      (736)    (1,361)    (2,691)
----------------------------------------------------------------------
 Total
  Reductions       (7,151)   (10,760)    (5,007)   (13,868)   (14,994)
----------------------------------------------------------------------
Balance at End
 of Quarter       $27,866    $31,724    $40,144    $41,952    $44,217
======================================================================


Bank of Hawaii Corporation and Subsidiaries
Consolidated Allowance for Loan and Lease Losses (Unaudited)  Table 10
----------------------------------------------------------------------
                                         Three Months Ended
                                  March 31,   December 31,   March 31,
(dollars in thousands)                2004           2003        2003
----------------------------------------------------------------------
Balance at Beginning of Period    $129,080       $132,675    $142,853
Loans Charged-Off
  Commercial
     Commercial and Industrial         387          1,997       1,617
     Commercial Mortgage               574              -           -
     Construction                        -              -         529
     Lease Financing                   228              -          15
  Consumer
     Residential Mortgage              145            462         689
     Home Equity                         -            250          82
     Purchased Home Equity              90            143           -
     Other Consumer                  4,655          3,919       3,089
     Lease Financing                    36            100          67
----------------------------------------------------------------------
 Total Charge-Offs                   6,115          6,871       6,088
Recoveries on Loans Previously
 Charged-Off
  Commercial
     Commercial and Industrial         980            936         572
     Commercial Mortgage               689             23          17
     Construction                      435              3         900
     Lease Financing                    15             88          17
  Consumer
     Residential Mortgage              294            115         203
     Home Equity                        39              4          53
     Other Consumer                  1,663          2,015       1,327
     Lease Financing                    55             30          45
  Foreign                               50             62         129
----------------------------------------------------------------------
 Total Recoveries                    4,220          3,276       3,263
----------------------------------------------------------------------
Net Loan Charge-Offs                (1,895)        (3,595)     (2,825)
Provision for Loan and Lease
 Losses                                  -              -           -
----------------------------------------------------------------------
Balance at End of Period          $127,185       $129,080    $140,028
======================================================================
Average Loans Outstanding       $5,742,368     $5,570,844  $5,460,847
======================================================================
Ratio of Net Loan Charge-Offs
 to Average Loans Outstanding
 (annualized)                         0.13%          0.26%       0.21%
Ratio of Allowance to Loans and
 Leases Outstanding                   2.23%          2.24%       2.52%



Bank of Hawaii Corporation and Subsidiaries
Business Segment Selected Financial Information (Unaudited)   Table 11
----------------------------------------------------------------------
                                    Investment   Treasury
(dollars in        Retail Commercial  Services  and Other Consolidated
 thousands)       Banking    Banking     Group  Corporate        Total
----------------------------------------------------------------------
Three Months Ended
 March 31, 2004

Net Interest
 Income          $50,189    $33,758    $3,191     $8,893      $96,031
Provision for
 Loan and
 Lease Losses     (2,747)       253       (49)     2,543            -
----------------------------------------------------------------------
Net Interest
 Income After
 Provision
 for Loan and
 Lease Losses     47,442     34,011     3,142     11,436       96,031
Non-Interest
 Income           19,505      9,723    16,663      2,951       48,842
----------------------------------------------------------------------
                  66,947     43,734    19,805     14,387      144,873
Non-Interest
 Expense         (40,435)   (22,584)  (16,372)    (3,631)     (83,022)
----------------------------------------------------------------------
Income Before
 Income Taxes     26,512     21,150     3,433     10,756       61,851
Provision for
 Income Taxes     (9,809)    (7,806)   (1,270)    (3,167)     (22,052)
----------------------------------------------------------------------
Allocated Net
 Income           16,703     13,344     2,163      7,589       39,799
----------------------------------------------------------------------
Allowance Funding
 Value              (128)      (737)       (8)       873            -
GAAP Provision     2,747       (253)       49     (2,543)           -
Economic
 Provision        (3,396)    (2,769)     (102)        (2)      (6,269)
Tax Effect of
 Adjustments         287      1,391        23        619        2,320
----------------------------------------------------------------------
Income Before
 Capital Charge   16,213     10,976     2,125      6,536       35,850
Capital Charge    (5,602)    (5,196)   (1,522)    (9,718)     (22,038)
----------------------------------------------------------------------
Net Income
 (Loss) After
 Capital Charge
 (NIACC)         $10,611     $5,780      $603    $(3,182)     $13,812
======================================================================

RAROC (ROE for
 the Company)         32%        23%       15%        25%          20%
======================================================================

Total Assets
 at March 31,
 2004         $3,692,657 $2,276,958  $137,632 $3,906,195  $10,013,442
======================================================================
Three Months Ended
 March 31, 2003 (1)

Net Interest
 Income          $52,103    $34,691    $3,665       $541      $91,000
Provision for
 Loan and
 Lease Losses       (848)    (2,151)        -      2,999            -
----------------------------------------------------------------------
Net Interest
 Income After
 Provision
 for Loan and
 Lease Losses     51,255     32,540     3,665      3,540       91,000
Non-Interest
 Income           17,386      8,416    15,680      3,271       44,753
----------------------------------------------------------------------
                  68,641     40,956    19,345      6,811      135,753
Information
 Technology
 Systems
 Replacement
 Project            (583)       (23)     (244)    (6,567)      (7,417)
Non-Interest
 Expense         (40,668)   (22,719)  (15,904)    (3,492)     (82,783)
----------------------------------------------------------------------
Income (Loss)
 Before
 Income Taxes     27,390     18,214     3,197     (3,248)      45,553
Provision for
 Income Taxes    (10,134)    (6,642)   (1,183)     2,207      (15,752)
----------------------------------------------------------------------
Allocated Net
 Income
 (Loss)           17,256     11,572     2,014     (1,041)      29,801
----------------------------------------------------------------------
Allowance Funding
 Value              (152)    (1,141)      (10)     1,303            -
GAAP Provision       848      2,151         -     (2,999)           -
Economic
 Provision        (2,708)    (3,059)     (132)        (5)      (5,904)
Tax Effect of
 Adjustments         744        758        53        629        2,184
----------------------------------------------------------------------
Income (Loss)
 Before Capital
 Charge           15,988     10,281     1,925     (2,113)      26,081
Capital Charge    (5,392)    (5,378)   (1,517)   (14,464)     (26,751)
----------------------------------------------------------------------
Net Income
 (Loss) After
 Capital Charge
 (NIACC)         $10,596     $4,903      $408   $(16,577)       $(670)
======================================================================

RAROC (ROE for
 the Company)         33%        21%       14%       (7)%          12%
======================================================================

Total Assets
 at March 31,
 2003         $3,471,677 $2,254,381  $145,925 $3,538,227   $9,410,210
======================================================================
(1) Certain 2003 information has been reclassified to conform to 2004
presentation.



Bank of Hawaii Corporation and Subsidiaries
Quarterly Summary of Selected Consolidated Financial Data
 (Unaudited)                                                  Table 12
----------------------------------------------------------------------
(dollars in                        Three Months Ended
thousands except     March 31,  Dec. 31,  Sept.30,  June 30, March 31,
per share amounts)       2004      2003      2003      2003      2003
----------------------------------------------------------------------
Quarterly Operating
 Results
Interest Income
 Interest and Fees
  on Loans and
  Leases              $81,428   $80,351   $82,715   $85,954   $85,773
 Income on
  Investment
  Securities - Held
  to Maturity           6,976     7,183     6,407     3,083     2,283
 Income on
  Investment
  Securities -
  Available for
  Sale                 20,846    19,032    16,483    19,815    22,463
 Deposits               1,231     1,169     1,179     1,161     1,307
 Funds Sold               417        85       248       822       764
 Other                    858     1,007     1,032     1,016     1,189
----------------------------------------------------------------------
Total Interest
 Income               111,756   108,827   108,064   111,851   113,779
Interest Expense
 Deposits               9,200     9,433    10,284    13,309    14,447
 Security
  Repurchase
  Agreements            1,926     1,359     1,947     2,391     2,242
 Funds Purchased          231       249       271       219       205
 Short-Term
  Borrowings               15        17        26        25        24
 Long-Term Debt         4,353     4,417     4,431     5,422     5,861
----------------------------------------------------------------------
Total Interest
 Expense               15,725    15,475    16,959    21,366    22,779
----------------------------------------------------------------------
Net Interest Income    96,031    93,352    91,105    90,485    91,000
Provision for Loan
 and Lease Losses           -         -         -         -         -
----------------------------------------------------------------------
Net Interest Income
 After Provision
 for Loan and Lease
 Losses                96,031    93,352    91,105    90,485    91,000
Non-Interest Income
 Trust and Asset
  Management           13,864    12,759    12,511    12,545    13,181
 Mortgage Banking       1,977     3,324     5,888     6,061       283
 Service Charges on
  Deposit Accounts      9,950     9,442     8,901     8,645     8,950
 Fees, Exchange,
  and Other Service
  Charges              13,239    13,725    16,034    13,473    12,989
 Investment
  Securities Gains
  (Losses)                  -       (20)      639       587       583
 Insurance              3,643     3,597     3,988     3,015     3,080
 Other                  6,169     6,610     5,830     6,413     5,687
----------------------------------------------------------------------
Total Non-Interest
 Income                48,842    49,437    53,791    50,739    44,753
Non-Interest
 Expense
 Salaries and
  Benefits             46,001    46,409    45,731    47,711    46,429
 Net Occupancy
  Expense               9,386     9,933     9,806     9,628     9,613
 Net Equipment
  Expense               5,964     7,395     7,301     9,208     9,748
 Information
  Technology
  Systems
  Replacement
  Project                   -         -     4,349    10,105     7,417
 Other                 21,671    19,667    21,690    18,742    16,993
----------------------------------------------------------------------
Total Non-Interest
 Expense               83,022    83,404    88,877    95,394    90,200
----------------------------------------------------------------------
Income Before
 Income Taxes          61,851    59,385    56,019    45,830    45,553
Provision for
 Income Taxes          22,052    20,712    19,332    15,796    15,752
----------------------------------------------------------------------
Net Income            $39,799   $38,673   $36,687   $30,034   $29,801
======================================================================

Basic Earnings Per
 Share                  $0.73     $0.70     $0.64     $0.50     $0.49
Diluted Earnings
 Per Share              $0.69     $0.66     $0.61     $0.48     $0.47

Balance Sheet
 Totals
Total Assets       10,013,442 9,461,647 9,370,755 9,550,934 9,410,210
Net Loans           5,587,811 5,628,095 5,437,730 5,333,896 5,425,343
Total Deposits      7,363,922 7,332,779 7,102,116 7,140,849 6,987,331
Total Shareholders'
 Equity               785,768   793,132   823,760   913,010   952,007

Performance Ratios
Net Income to
 Average Total
 Assets (ROA)            1.65%     1.66%     1.53%     1.27%     1.31%
Net Income to
 Average
 Shareholders'
 Equity (ROE)           19.98%    18.59%    16.69%    12.93%    12.42%
Efficiency Ratio(1)     57.31%    58.41%    61.34%    67.55%    66.44%
Efficiency Ratio
 excluding System
 Replacement Costs      57.31%    58.41%    58.34%    60.39%    60.98%

(1) The efficiency ratio is defined as non-interest expense divided by
total revenue (net interest income and non-interest income).

CONTACT: Bank of Hawaii Corporation
Stafford Kiguchi, 808-537-8580 (Media)
pager: 877-849-5423
skiguchi@boh.com
Cindy Wyrick, 808-537-8430 (Investors/Analysts)
cwyrick@boh.com

SOURCE: Bank of Hawaii Corporation