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Strong First Quarter Produces Earnings of $39.8 Million at Pacific Century Financial Corporation; Earnings per share up 13.6 percent year-over-year

HONOLULU--(BUSINESS WIRE)--April 19, 2000--Pacific Century Financial Corporation (NYSE:BOH) reported strong first quarter 2000 earnings of $39.8 million, up 12.3 percent from $35.4 million reported for the first quarter of 1999 and up 5.8 percent from $37.6 million reported for the fourth quarter of 1999. Diluted earnings per share were $0.50, up 13.6 percent from $0.44 reported for 1999's first quarter and up 6.4 percent from $0.47 reported for 1999's fourth quarter.

Tangible or economic earnings for the quarter were $43.9 million relative to $39.3 million reported for the same period last year. Tangible diluted earnings per share for the quarter were $0.55, up 14.6 percent from $0.48 reported for the first quarter of 1999.

Return on average assets for the quarter was 1.13 percent compared to 0.96 percent for 1999's first quarter. Return on average equity was 13.19 percent versus 12.00 percent for the same period last year. The efficiency ratio was 62.1 percent relative to 66.4 percent for the first quarter of 1999. On a tangible basis, return on average assets, return on average equity and the efficiency ratio for the first quarter were 1.26 percent, 17.54 percent and 59.7 percent, respectively.

"We're pleased to be able to demonstrate that the implementation of New Era Redesign initiatives is delivering the intended positive results," noted Lawrence M. Johnson, Pacific Century Chairman and CEO. "The improved performance clearly reflects the dedication and commitment of our staff."

The company saw improvement in non-interest expense in the first quarter, which stood at $126.1 million, down 6.5 percent from the first quarter of 1999 and down 3.9 percent relative to the fourth quarter of 1999. Factors contributing to the improvement in expenses include the implementation of New Era initiatives and the reduction in costs related to Y2K readiness.

Non-performing assets, exclusive of loans past due 90+ days ended the quarter at $136.4 million, compared to $149.9 million at the end of 1999's fourth quarter and $163.3 million at the end of 1999's first quarter.

"Our first quarter performance is an indicator of the momentum that's building in the company," said Johnson. "New Era implementation is solidly under way and on-track, and we are making steady progress at establishing a foundation for long-term growth and performance."

At March 31, 2000, total assets were $14.3 billion relative to $14.9 billion at the end of the first quarter last year. Reductions in investment securities and Asian exposure were primarily responsible for the decline in assets. Net loans ended the quarter at $9.3 billion versus $9.2 billion at the end of the first quarter of 1999. Total deposits were $9.1 billion compared to $9.4 billion for the period ended March 31, 1999. The decline in deposits was driven by a reduction in foreign time deposits due to banks (functionally a form of short-term borrowings), which offset net growth of $86.7 million in other deposit categories.

Hawaii's economy continues to gain momentum with the consensus forecast for real gross state product growth in 2000 of 2.5 percent, which is likely to be revised upward according to Hawaii's economists. Tourism is showing strength after the Y2K-related slowdown in visitors. In February 2000, total visitor arrivals and visitor days increased over last year by 4.2 percent and 7.1 percent, respectively. The state's Department of Business, Economic Development and Tourism noted that its index of Leading Economic Indicators rose for the ninth consecutive month in December 1999, suggesting a sustained period of higher economic activity for Hawaii.

In other news, Bank of Hawaii, Pacific Century's largest subsidiary, recently relocated and enhanced its Waikiki Branch, debuting an array of automated banking technology that is at the cutting edge of the industry. Clients can conduct their banking via "virtual" tellers, advanced-function ATMs, bank machines for businesses, and online and telephone banking kiosks. In addition, the branch offers personalized services through personal and business bankers, Asia Division personnel and a branch concierge. As part of a larger strategy, some of the new technology and service enhancements will be introduced to other branches in Hawaii.

Bank of Hawaii also recently launched its e-Bankoh for Business online banking service, which enables small businesses to access their accounts, obtain real-time balances and pay bills via the Internet 24 hours a day.

Further highlights on Pacific Century's performance are included in the attached "Comments on First Quarter 2000 Results."

Pacific Century Financial Corporation is a regional financial services holding company with locations throughout the Pacific region. Pacific Century and its subsidiaries provide varied financial service to businesses, governments and consumers in four principal markets: Hawaii, the West and South Pacific, Asia and selected markets on the U.S. Mainland. Pacific Century's principal subsidiary, Bank of Hawaii, is the largest commercial bank in the state of Hawaii.

Forward-Looking Statements

This press release and the attached comments contain forward-looking information. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Forward-looking statements are subject to significant risk and uncertainties, many of which are beyond the Company's control. Although the Company believes that the assumptions underlying its forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate and actual results may differ from those contained in or implied by such forward-looking statements for a variety of reasons. Factors which might cause such a difference include, but are not limited to, expected cost savings from New Era Redesign cannot be fully realized or realized within the expected timeframe; income or revenues from New Era Redesign are lower than expected or operating or implementation costs are higher; competitor pressures in the banking and financial services industry increase significantly, particularly in connection with product delivery and pricing; business disruption related to implementation of New Era Redesign programs or methodologies; inability to achieve expected customer acceptance of revised pricing structures and strategies; general economic conditions in the geographic areas where the Company operates are weaker than expected or other unanticipated occurrences which could delay or adversely impact the implementation of all or a part of New Era Redesign. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Comments on First Quarter 2000 Results

Pacific Century Financial Corporation reported first quarter earnings of $39.8 million, up 12.3% from the same period last year and 5.8% higher than reported for the fourth quarter of 1999. Diluted earnings per share for the first quarter were $0.50, up 13.6% from the $0.44 reported in 1999's first quarter and up 6.4% from $0.47 reported in 1999's fourth quarter.

Tangible or economic earnings for the quarter were $43.9 million relative to $39.3 million reported for the like period last year. Tangible diluted earnings per share for the quarter were $0.55, up 14.6% from $0.48 reported for the first quarter of 1999.

Return on average assets for the first quarter was 1.13%, up from 0.96% in 1999's like quarter while return on average equity was 13.19%, up from 12.00% for last year's first quarter. On a tangible basis return on average assets and return on average equity for the quarter were 1.26% and 17.54%, respectively.

Total assets of $14.3 billion at March 31, 2000 were 4.5% lower than at March 31, 1999, reflecting a continuing emphasis to make the balance sheet more efficient. Year over year, $142.0 million in loan growth was more than offset by a $699.8 million decline in securities and other short-term earning assets. Deposits at March 31, 2000 were $9.1 billion, down $291.4 million from March 31, 1999. The decline in deposits was driven by a reduction in foreign time deposits due to banks (functionally a form of short-term borrowings), which offset net growth of $86.7 million in other deposit categories.

Pacific Century's New Era redesign program finished the second quarter of its four-quarter implementation timeline. We are pleased to report that New Era is demonstrating its intended impact on net income.

Net interest income on a fully taxable equivalent basis declined by 2.9% to $139.8 million from the same period in 1999. The decline was primarily the result of the reduction in average earning assets referred to above. Net interest margin for the quarter was 4.31%, up from 4.24% for the first quarter of 1999 and unchanged from 1999's fourth quarter.

The provision for loan losses totaled $13.5 million for the quarter, compared with $12.6 million in 1999's first quarter and $20.9 million in 1999's fourth quarter. The $13.5 million provision exceeded first quarter net charge offs by $2.2 million.

Non-performing assets (NPAs), exclusive of loans past due 90+ days ended the quarter at $136.4 million or 1.39% of total loans, down from $163.3 million at March 31, 1999 and down from $149.9 million at year-end 1999. During the quarter, approximately $5.0 million non-performing residential real estate loans were sold, contributing to the overall NPA decline.

Non-interest income, exclusive of securities transactions, totaled $63.6 million, up 7.3% from 1999's first quarter and down 0.7% from 1999's fourth quarter. Results reflected approximately $2.0 million in non-recurring other operating income during the quarter, compared with $4.3 million in non-recurring other operating income in 1999's fourth quarter. Results also reflected modest contributions relative to "New Era" idea implementation and the seasonal impact of income tax processing fees as a component of trust income.

Non-interest expense totaled $126.1 million for the quarter, down 6.5% from 1999's first quarter, and down 3.9% from 1999's fourth quarter. Comparing first quarter 2000 to first quarter 1999, the improvement is largely driven by reduced compensation expense and reduced other operating expenses related to New Era implementation and Y2K remediation costs. On a linked quarter basis, comparisons reflect non-recurring items previously noted that reduced fourth quarter 1999 compensation expense by approximately $2.3 million and increased other operating expenses by a similar amount.

During the quarter, Pacific Century repurchased approximately 510,000 shares of common stock, of which approximately 374,000 related to the company's October 1999 share repurchase authorization; while the remainder offset shares issued under the company's dividend reinvestment plan and various benefit plans. Pacific Century's board of directors amended the October 1999 authorization to allow for the quarterly repurchase of up to $6.0 million worth of Pacific Century stock; previously the authorization had been for up to 300,000 shares per quarter.

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Highlights (Unaudited)

Pacific Century Financial Corporation and subsidiaries (in thousands of dollars except per share amounts)

Earnings Highlights and                                   Percentage
 Performance Ratios         2000            1999            Change

Three Months
 Ended March 31
Net Income             $   39,765      $   35,417            12.3%
Basic Earnings
 Per Share                   0.50            0.44            13.6%
Diluted Earnings
 Per Share                   0.50            0.44            13.6%
Cash Dividends             13,541          13,691

Return on
 Average Assets              1.13%           0.96%
Return on
 Average Equity             13.19%          12.00%
Average Spread
 on Earning Assets           4.31%           4.24%
Efficiency Ratio            62.06%          66.37%


Summary of Results
 Excluding the
 Effect of
 Intangibles (a)

Three Months
 Ended March 31
Net Income             $   43,889      $   39,252            11.8%
Basic Earnings
 per Share             $     0.55      $     0.49            12.2%
Diluted Earnings
 per Share             $     0.55      $     0.48            14.6%
Return on
 Average Assets              1.26%           1.08%
Return on
 Average Equity             17.54%          16.21%
Efficiency Ratio            59.73%          64.25%

(a) Intangibles include goodwill, core deposit and trust intangibles,

and other intangibles.

Statement

of Condition

Highlights

 and Performance           March 31         March 31  Percentage
 Ratios                      2000             1999      Change

Total Assets         $   14,250,386    $   14,928,286    -4.5%
Net Loans                 9,346,460         9,208,126     1.5%
Total Deposits            9,143,063         9,434,427    -3.1%
Total
 Shareholders'
 Equity                   1,225,907         1,207,559     1.5%

Book Value Per
 Common Share        $        15.39    $        15.01
Loss Reserve /
 Loans
 Outstanding                   2.05%             2.22%
Average
 Equity /
 Average
 Assets                        8.54%             7.98%

Common Stock
 Price Range                   High               Low
1999                 $        24.94         $   17.38
2000 First Quarter   $        20.38         $   14.35


Corporate Offices:                 Inquiries:
Financial Plaza of the Pacific     David A. Houle
130 Merchant Street                Executive Vice President, Treasurer
Honolulu, Hawaii  96813            and Chief Financial Officer
                                   (808) 537-8288



Consolidated Statements of Condition (Unaudited)
Pacific Century Financial Corporation and subsidiaries


                                  March 31       Dec. 31      March 31
(in thousands of dollars)           2000          1999          1999

Assets

Interest-Bearing Deposits    $    225,314  $    278,473  $    494,202
Investment Securities
 - Held to Maturity
 (Market Value of
 $721,620, $787,720 and
 $902,830, respectively)          732,344       796,322       894,502
Investment Securities
 - Available for Sale           2,537,617     2,542,232     2,733,466
Securities Purchased
 Under Agreements to Resell           902          --           4,083
Funds Sold                         42,208        52,740       111,894
Loans                           9,779,633     9,717,556     9,637,661
  Unearned Income                (237,764)     (242,503)     (220,206)
  Reserve for Loan Losses        (195,409)     (194,205)     (209,329)

  Net Loans                     9,346,460     9,280,848     9,208,126

  Total Earning Assets         12,884,845    12,950,615    13,446,273
Cash and Non-Interest
 Bearing Deposits                 491,218       639,895       617,362
Premises and Equipment            267,497       271,728       292,583
Customers' Acceptance
 Liability                          8,262         7,236        13,965
Accrued Interest Receivable        74,597        78,974        88,887
Other Real Estate                   4,633         4,576         6,225
Intangibles,
 including Goodwill               202,832       205,904       217,470
Other Assets                      316,502       281,387       245,521

  Total Assets               $ 14,250,386  $ 14,440,315  $ 14,928,286

Liabilities

Domestic Deposits

Demand - Non-Interest
 Bearing                     $  1,708,635  $  1,676,425  $  1,676,816
 - Interest Bearing             2,110,998     2,076,358     2,156,649
  Savings                         693,077       700,720       735,442
  Time                          2,759,319     2,761,650     2,539,649

Foreign Deposits

Demand
 - Non-Interest Bearing           380,179       401,613       409,994
  Time Due to Banks               398,176       597,675       776,257
  Other Savings and Time        1,092,679     1,179,777     1,139,620

  Total Deposits                9,143,063     9,394,218     9,434,427

Securities Sold Under
 Agreements to Repurchase       1,806,197     1,490,655     2,090,663
Funds Purchased                   511,440       839,962       775,577
Short-Term Borrowings             424,720       458,962       377,387
Bank's Acceptances
 Outstanding                        8,262         7,236        13,965
Accrued Retirement Expense         40,851        40,360        40,519
Accrued Interest Payable           66,456        64,588        76,287
Accrued Taxes Payable             103,826        85,022       126,243
Minority Interest                   4,269         4,435         4,849
Other Liabilities                 109,669       114,890       105,176
Long-Term Debt                    805,726       727,657       675,634

  Total Liabilities            13,024,479    13,227,985    13,720,727

Shareholders' Equity

Common Stock ($.01 par
 value), authorized
 500,000,000 shares;
 issued / outstanding;
 March 2000
 - 80,551,253 / 79,661,479;
 December 1999 - 80,550,728 /
 80,036,417; March 1999 -
 80,537,756 / 80,398,067              806           806           805
Capital Surplus                   345,863       345,851       344,955
Accumulated Other
 Comprehensive Income             (72,307)      (66,106)      (23,536)
Retained Earnings                 967,308       942,177       888,367
Treasury Stock,
 at Cost - (March 2000 -
 889,774; December 1999 -
 514,311 and March 1999 -
 139,689 shares)                  (15,763)      (10,398)       (3,032)

Total Shareholders'
 Equity                         1,225,907     1,212,330     1,207,559

Total Liabilities and
 Shareholders' Equity        $ 14,250,386  $ 14,440,315  $ 14,928,286



Consolidated Statements of Income (Unaudited)
Pacific Century Financial Corporation and subsidiaries


                                               3 Months      3 Months
                                                 Ended         Ended
                                                 Mar 31        Mar 31
(in thousands of dollars
 except per share amounts)                        2000          1999

Interest Income

  Interest on Loans                        $   180,402   $   176,000
  Loan Fees                                      8,246         9,581
  Income on Lease Financing                     11,109         8,268
  Interest and Dividends
   on Investment Securities
    Taxable                                     14,236        13,679
    Non-taxable                                    279           276
  Income on Investment Securities
   Available for Sale                           41,033        41,782
  Interest on Deposits                           3,764         8,226
  Interest on Security Resale Agreements            10           101
  Interest on Funds Sold                           473         2,553

    Total Interest Income                      259,552       260,466

Interest Expense

  Interest on Deposits                          68,214        66,327
  Interest on Security
    Repurchase Agreements                       22,953        24,416
  Interest on Funds Purchased                    8,527        12,768
  Interest on Short-Term Borrowings              7,662         3,249
  Interest on Long-Term Debt                    12,688         9,862

    Total Interest Expense                     120,044       116,622

Net Interest Income                            139,508       143,844

Provision for Loan Losses                       13,522        12,590

Net Interest Income
 After Provision for Loan Losses               125,986       131,254

Non-Interest Income

  Trust Income                                  16,887        15,575
  Service Charges
   on Deposit Accounts                           9,557         9,395
  Fees, Exchange, and
   Other Service Charges                        21,626        21,998
  Other Operating Income                        15,575        12,355
  Investment Securities Gains                      282         1,847

    Total Non-Interest Income                   63,927        61,170

Non-Interest Expense

  Salaries                                      47,547        50,842
  Pensions and Other Employee Benefits          14,630        15,043
  Net Occupancy Expense                         11,816        12,268
  Net Equipment Expense                         12,067        12,127
  Other Operating Expense                       39,953        44,353
  Minority Interest                                 69           207

    Total Non-Interest Expense                 126,082       134,840

Income Before Income Taxes                      63,831        57,584
Provision for Income Taxes                      24,066        22,167

Net Income                                 $    39,765   $    35,417

Basic Earnings Per Share                   $      0.50   $      0.44
Diluted Earnings Per Share                 $      0.50   $      0.44
Dividends Declared Per Share               $      0.17   $      0.17

Basic Weighted Average Shares               79,821,365    80,421,563
Diluted Weighted Average Shares             80,017,761    81,405,868



Pacific Century Financial Corporation and subsidiaries
Consolidated Statements of Shareholders' Equity (Unaudited)


                                                         Accumulated
                                                               Other
                                                             Compre-
(in thousands                         Common     Capital     hensive
 of dollars)              Total        Stock     Surplus      Income

Balance at
 December 31, 1999   $ 1,212,330  $       806 $   345,851 ($   66,106)

Comprehensive
 Income

Net Income                39,765         --          --          --

Other Comprehensive
 Income, Net of Tax

Investment
 Securities, Net of
 Reclassification
 Adjustment               (7,630)        --          --        (7,630)
Foreign Currency
 Translation
 Adjustment                1,429         --          --         1,429
Pension Liability
 Adjustments                --           --          --          --

Total
 Comprehensive
 Income

Common Stock Issued

22,377 Profit
 Sharing Plan                361         --          --          --
33,932 Stock
 Option Plan                 398         --             3        --
78,723 Dividend
 Reinvestment Plan         1,123         --          --          --
525 Directors'
 Restricted
 Shares and
 Deferred
 Compensation Plan             9         --             9        --
Treasury Stock
 Purchased                (8,337)        --          --          --
Cash Dividends Paid      (13,541)        --          --          --


Balance at
 March 31, 2000      $ 1,225,907  $       806 $   345,863 ($   72,307)


Balance at
 December 31, 1998   $ 1,185,594  $       805 $   342,932 ($   22,476)

Comprehensive
 Income

Net Income                35,417         --          --          --

Other
 Comprehensive
 Income, Net of Tax

Investment
 Securities, Net of
 Reclassification
 Adjustment                1,131         --          --         1,131
Foreign Currency
 Translation
 Adjustment               (2,191)        --          --        (2,191)
Pension Liability
 Adjustments                --           --          --          --

Total Comprehensive
 Income


Common Stock Issued

81 Profit
 Sharing Plan                  2         --             2        --
183,628 Stock
 Option Plan               3,746         --         1,860        --
65,874 Dividend
 Reinvestment Plan         1,447         --           137        --
1,241 Directors'
 Restricted
 Shares and Deferred
 Compensation Plan            24         --            24        --
Treasury Stock
 Purchased                (3,920)        --          --          --
Cash Dividends
 Paid                    (13,691)        --          --          --


Balance at
 March 31, 1999      $ 1,207,559  $       805 $   344,955 ($   23,536)



(in thousands            Retained     Treasury  Comprehensive
 of dollars)             Earnings        Stock         Income

Balance at
 December 31, 1999    $   942,177  ($   10,398)

Comprehensive
 Income

Net Income                 39,765         --    $    39,765

Other Comprehensive
 Income, Net of Tax

Investment
 Securities, Net of
 Reclassification
 Adjustment                  --           --         (7,630)
Foreign Currency
 Translation
 Adjustment                  --           --          1,429
Pension Liability
 Adjustments                 --           --           --

Total
 Comprehensive
 Income                                         $    33,564

Common Stock Issued

22,377 Profit
 Sharing Plan                (128)         489
33,932 Stock
 Option Plan                 (362)         757
78,723 Dividend
 Reinvestment Plan           (603)       1,726
525 Directors'
 Restricted
 Shares and
 Deferred
 Compensation Plan           --           --
Treasury Stock
 Purchased                   --         (8,337)
Cash Dividends Paid       (13,541)        --


Balance at
 March 31, 2000       $   967,308  ($   15,763)


Balance at
 December 31, 1998    $   867,852  ($    3,519)

Comprehensive
 Income

Net Income                 35,417         --    $    35,417

Other
 Comprehensive
 Income, Net of Tax

Investment
 Securities, Net of
 Reclassification
 Adjustment                  --           --          1,131

Foreign Currency
 Translation
 Adjustment                  --           --         (2,191)

Pension Liability
 Adjustments                 --           --           --


Total Comprehensive
 Income                                         $    34,357


Common Stock Issued

81 Profit
 Sharing Plan                --           --
183,628 Stock
 Option Plan               (1,195)       3,081
65,874 Dividend
 Reinvestment Plan            (16)       1,326
1,241 Directors'
 Restricted
 Shares and Deferred
 Compensation Plan           --           --
Treasury Stock
 Purchased                   --         (3,920)
Cash Dividends
 Paid                     (13,691)        --


Balance at
 March 31, 1999       $   888,367  ($    3,032)



Consolidated Average Balances and Interest
 Rates Taxable Equivalent (Unaudited)
Pacific Century Financial Corporation and subsidiaries


                    Three Months Ended        Three Months Ended
                      March 31, 2000            March 31, 1999
(in millions      Average  Income/ Yield/   Average  Income/ Yield/
 of dollars)      Balance  Expense   Rate   Balance  Expense   Rate

Earning Assets

Interest
 Bearing
 Deposits       $   206.5  $  3.8   7.33% $   466.6  $  8.2   7.15%
Investment
 Securities
 Held to
 Maturity
-Taxable            775.5    14.2   7.38      790.0    13.7   7.02
-Tax-Exempt          10.0     0.4  17.32       11.7     0.4  14.73
Investment
 Securities
 Available
 for Sale         2,527.0    41.0   6.53    2,815.3    41.8   6.02
Funds Sold           35.0     0.5   5.56      208.2     2.7   5.17
Net Loans
-Domestic         7,897.9   166.7   8.49    7,778.2   158.3   8.25
-Foreign          1,586.1    24.9   6.30    1,713.7    25.9   6.15
Loan Fees                     8.3                       9.6

Total Earning
 Assets          13,038.0   259.8   8.01   13,783.7   260.6   7.67

Cash and Due
 From Banks         506.5                     517.6

Other Assets        657.0                     694.3

Total Assets    $14,201.5                 $14,995.6


Interest
 Bearing
 Liabilities

Domestic
 Deposits
- Demand        $ 2,115.6    12.3   2.33  $ 2,163.9    12.0   2.25
- Savings           700.1     3.5   2.03      735.0     3.7   2.02
- Time            2,764.9    35.1   5.10    2,610.9    30.7   4.77

Total
 Domestic         5,580.6    50.9   3.67    5,509.8    46.4   3.41
Foreign
 Deposits
- Time Due
 to Banks           487.8     7.0   5.79      652.9     8.6   5.36
- Other
 Time and
 Savings          1,121.6    10.3   3.70    1,160.1    11.3   3.95

Total Foreign     1,609.4    17.3   4.33    1,813.0    19.9   4.46

Total Interest
 Bearing
 Deposits         7,190.0    68.2   3.82    7,322.8    66.3   3.67
Short-Term
 Borrowings       2,626.6    39.1   5.99    3,372.5    40.4   4.86
Long-Term Debt      773.0    12.7   6.60      651.8     9.9   6.14

Total
 Interest
 Bearing
 Liabilities     10,589.6   120.0   4.56   11,347.1   116.6   4.17

Net Interest
 Income                     139.8                     144.0
Interest
 Rate Spread                        3.45%                     3.50%
Net Interest
 Margin                             4.31%                     4.24%
Demand
 Deposits
- Domestic        1,663.6                   1,644.4
- Foreign           419.5                     448.2

Total Demand
 Deposits         2,083.1                   2,092.6
Other
 Liabilities        316.7                     359.1
Shareholders'
 Equity           1,212.1                   1,196.8

Total
 Liabilities
 and
 Shareholders'
 Equity         $14,201.5                 $14,995.6


Provision for
 Loan Losses                 13.5                      12.6
Net Overhead                 62.2                      73.7

Income Before
 Income Taxes                64.1                      57.7
Provision for
 Income Taxes                24.1                      22.2
Tax-Equivalent
 Adjustment                   0.2                       0.1

Net Income                 $ 39.8                    $ 35.4


                  Three Months Ended        Twelve Months Ended
                   December 31, 1999         December 31, 1999

(in millions Average Income/ Yield/ Average Income/ Yield/

of dollars) Balance Expense Rate Balance Expense Rate

Earning Assets

Interest

Bearing

Deposits $ 268.4 $ 4.6 6.75% $ 385.0 $ 24.9 6.48% Investment

Securities

Held to

Maturity

-Taxable         794.4     14.6   7.27      805.2      57.8   7.18
-Tax-Exempt       11.6      0.4  14.34       11.7       1.7  14.41
Investment
 Securities
 Available
 for Sale      2,590.0     41.8   6.40    2,698.8     168.0   6.23
Funds Sold        33.2      0.5   6.53      102.0       5.4   5.31
Net Loans
-Domestic      7,803.0    161.4   8.20    7,742.3     623.0   8.05
-Foreign       1,688.6     25.1   5.91    1,702.2     106.4   6.25

Loan Fees                   9.8                        39.9

Total Earning
 Assets       13,189.2    258.2   7.77   13,447.2   1,027.1   7.64

Cash and Due
 From Banks      519.3                      486.6
Other Assets     650.8                      649.1

Total
 Assets      $14,359.3                  $14,582.9


Interest
 Bearing
 Liabilities

Domestic
 Deposits
- Demand     $ 2,110.5     12.1   2.28  $ 2,137.1      48.5   2.27
- Savings
 - Savings       711.9      3.7   2.03      723.9      14.7   2.03
- Time
 - Time        2,634.8     32.4   4.88    2,559.4     123.3   4.82

Total
 Domestic      5,457.2     48.2   3.50    5,420.4     186.5   3.44

Foreign
 Deposits
- Time Due
 to Banks        625.6      8.7   5.50      641.4      33.7   5.25
- Other
 Time and
 Savings       1,171.7     10.6   3.60    1,165.7      41.0   3.52

Total Foreign  1,797.3     19.3   4.26    1,807.1      74.7   4.13

Total Interest
 Bearing
 Deposits      7,254.5     67.5   3.69    7,227.5     261.2   3.61
Short-Term
 Borrowings    2,707.6     35.4   5.18    3,014.8     146.2   4.85
Long-Term Debt   747.4     12.1   6.45      685.9      44.3   6.46

Total
 Interest
 Bearing
 Liabilities  10,709.5    115.0   4.26   10,928.2     451.7   4.13

Net Interest
 Income                   143.2                       575.4
Interest
 Rate Spread                      3.51%                       3.51%
Net Interest
 Margin                           4.31%                       4.28%
Demand
 Deposits
- Domestic     1,662.8                    1,652.6
- Foreign        457.5                      435.2

Total Demand
 Deposits      2,120.3                    2,087.8

Other
 Liabilities     315.3                      356.9
Shareholders'
 Equity        1,214.2                    1,210.0

Total
 Liabilities
 and
 Shareholders'
 Equity      $14,359.3                  $14,582.9


Provision for
 Loan Losses               20.9                        60.9
Net Overhead               61.7                       288.2

Income Before
 Income Taxes              60.6                       226.3
Provision for
 Income Taxes              22.8                        92.7
Tax-Equivalent
 Adjustment                 0.2                         0.6

Net Income             $   37.6                    $  133.0



Pacific Century Financial Corporation and subsidiaries
Consolidated Non-Performing Assets and Accruing Loans
 Past Due 90 Days or More (Unaudited)


                            Mar 31     Dec 31     Sep 30     Jun 30
(in millions of dollars)      2000       1999       1999       1999

Non-Accrual Loans

 Commercial and Industrial   $20.1      $23.7      $31.7      $37.5
 Real Estate
  Construction                 0.9        1.1        2.1        0.8
  Commercial                  18.2       19.0       20.8       17.2
  Residential                 23.2       29.7       33.1       35.2
 Installment                   0.5        0.5        0.7        0.8
 Leases                        3.7        3.9        4.8        4.4

  Total Domestic              66.6       77.9       93.2       95.9

 Foreign                      65.2       67.4       55.7       47.5

  Subtotal                   131.8      145.3      148.9      143.4

Restructured Loans
 Real Estate

  Commercial                    --         --         --         --
  Subtotal                      --         --         --         --

Foreclosed Real Estate

 Domestic                      4.3        4.3        5.6        5.8
 Foreign                       0.3        0.3        0.3        0.2

  Subtotal                     4.6        4.6        5.9        6.0

  Total Non-Performing
   Assets                    136.4      149.9      154.8      149.4


Accruing Loans Past Due
 90 Days or More

 Commercial and Industrial     6.7        5.9        6.2        3.9
 Real Estate
   Construction                --         --         0.5        0.2
   Commercial                  2.1        1.9        2.4        0.2
   Residential                 5.0        4.0        2.8        3.7
 Installment                   4.7        4.5        4.5        5.2
 Leases                        1.4        1.2        0.2        --

     Total Domestic           19.9       17.5       16.6       13.2

 Foreign                       3.2        1.0        5.0        8.2

     Subtotal                 23.1       18.5       21.6       21.4

     Total                  $159.5  $   168.4  $   176.4  $   170.8


Ratio of Non-Performing
 Assets to Total Loans        1.39%      1.54%      1.59%      1.55%

Ratio of Non-Performing
 Assets and Accruing Loans
 Past Due 90 Days or More
 to Total Loans               1.63%      1.73%      1.81%      1.78%


                            Mar 31   Dec 31  Sep 30  Jun 30     Mar 31
(in millions of dollars)     1999     1998    1998    1998       1998

Non-Accrual Loans

 Commercial and Industrial  $39.1    $28.2   $24.0   $23.7      $11.1
 Real Estate
  Construction                3.1      2.9     4.4     2.2        6.4
  Commercial                 18.7      5.4     6.7     3.4        2.2
  Residential                37.6     36.4    35.9    35.2       36.7
 Installment                  0.5      0.8     0.9     1.9        2.3
 Leases                       4.5      0.7     0.8      --        0.3

  Total Domestic            103.5     74.4    72.7    66.4       59.0

 Foreign                     53.6     57.5    67.9    59.7       27.7

  Subtotal                  157.1    131.9   140.6   126.1       86.7

Restructured Loans
 Real Estate

  Commercial                   --       --      --     1.6        1.6
  Subtotal                     --       --      --     1.6        1.6

Foreclosed Real Estate

 Domestic                     6.1      5.5    10.8    11.6        6.1
 Foreign                      0.1      0.1     0.1      --         --

  Subtotal                    6.2      5.6    10.9    11.6        6.1

  Total Non-Performing
   Assets                   163.3    137.5   151.5   139.3       94.4


Accruing Loans Past Due
 90 Days or More

 Commercial and Industrial    4.3      0.4     7.3     2.4        2.2
 Real Estate
   Construction               0.2      0.4     0.6     4.2         --
   Commercial                 0.4       --     0.8     0.9        5.8
   Residential                3.5      4.5     4.8     2.4        3.8
 Installment                  6.9      7.3     6.6     6.4        7.7
 Leases                       0.1      0.3     0.1     0.9        0.1

     Total Domestic          15.4     12.9    20.2    17.2       19.6

 Foreign                      6.3      7.9     7.1     4.9        4.8

     Subtotal                21.7     20.8    27.3    22.1       24.4

   Total                   $185.0   $158.3  $178.8  $161.4     $118.8


Ratio of Non-Performing
 Assets to Total Loans      1.69%    1.40%   1.59%   1.47%      1.00%

Ratio of Non-Performing
 Assets and Accruing Loans
 Past Due 90 Days or More
 to Total Loans             1.92%    1.61%   1.87%   1.71%      1.26%



Pacific Century Financial Corporation and subsidiaries
Summary of Loan Loss Experience


                            First          Year         First
                          Quarter         Ended       Quarter
(in millions of dollars)     2000      12/31/99          1999

Average Amount of
 Loans Outstanding    $   9,484.1   $   9,444.5   $   9,491.9

Balance of Reserve
 for Loan Losses
 at Beginning of
 Period               $     194.2   $     211.3   $     211.3
Loans Charged-Off
 Commercial and
  Industrial                  1.4          18.5           7.8
 Real Estate
  Construction                 --           1.4            --
  Commercial                  3.9           4.5           2.0
  Residential                 2.4           7.8           2.0
 Installment                  4.7          25.1           6.0
 Leases                        --           0.2            --

  Total Domestic             12.4          57.5          17.8

 Foreign                      3.7          45.8           3.0

Total Charged-Off            16.1         103.3          20.8

Recoveries on Loans
 Previously
 Charged-Off

  Commercial and
   Industrial                 1.7          14.0           8.0
  Real Estate
   Construction                --           0.1            --
   Commercial                 0.1           1.6           0.1
   Residential                0.5           0.6            --
  Installment                 1.7           7.6           1.6

   Total Domestic             4.0          23.9           9.7

  Foreign                     0.8           5.6           0.3

Total Recoveries              4.8          29.5          10.0

Net Charge-Offs             (11.3)        (73.8)        (10.8)
Provision Charged
 to Operating
 Expenses                    13.5          60.9          12.6
Other Net Additions
 (Reductions)(a)             (1.0)         (4.2)         (3.8)

Balance at End of
 Period               $     195.4   $     194.2   $     209.3

Ratio of Net Charge
 -Offs to Average
 Loans Outstanding
 (annualized)                 0.48%         0.78%         0.46%

Ratio of Reserve
 to Loans
 Outstanding                  2.05%         2.05%         2.22%

(a) Includes balance transfers, reserves acquired, and foreign

currency translation adjustments.

Pacific Century Financial Corporation and subsidiaries

Quarterly Summary of Selected Consolidated Financial Data

                              Mar. 31        Dec. 31       Sept. 30
(in millions of dollars         2000           1999          1999
 except per share amounts)

Balance Sheet Totals

Total Assets                    $ 14,250.4  $ 14,440.3    $ 14,505.4
Net Loans                          9,346.5     9,280.8       9,321.5
Deposits                           9,143.1     9,394.2       9,290.4
Long-Term Debt                       805.7       727.7         794.8
Shareholders' Equity               1,225.9     1,212.3       1,208.5


Quarterly Operating Results

Net Interest Income                $ 139.5     $ 143.0       $ 143.5
Provision for Loan Losses             13.5        20.9          13.5
Non-Interest Income                   63.9        69.4          71.4
Non-Interest Expense                 126.1       131.2         155.6
Net Income                            39.8        37.6          21.5

Basic Earnings Per Share             $0.50       $0.47         $0.27
Diluted Earnings Per Share           $0.50       $0.47         $0.27

Return on Average Assets             1.13%       1.04%         0.59%
Return on Average Equity            13.19%      12.29%         7.01%
Efficiency Ratio                    62.06%      63.32%        72.44%
Normalized Efficiency Ratio (1)          -           -        61.98%

Excluding the Effects of
 Intangibles (2)
 Net Income                          $43.9       $42.3         $25.9
 Basic Earnings Per Share            $0.55       $0.53         $0.32
 Diluted Earnings Per Share          $0.55       $0.52         $0.32
 Return on Average Assets             1.26%       1.19%         0.73%
 Return on Average Equity            17.54%      16.69%        10.25%
 Efficiency Ratio                    59.73%      60.59%        70.04%
 Normalized Efficiency Ratio (1)          -           -        59.57%


                                    Jun. 30       Mar. 31
                                     1999          1999
Balance Sheet Totals

Total Assets                      $ 14,551.5    $ 14,928.3
Net Loans                            9,181.7       9,208.1
Deposits                             9,286.2       9,434.4
Long-Term Debt                         654.8         675.6
Shareholders' Equity                 1,214.2       1,207.6


Quarterly Operating Results

Net Interest Income                  $ 144.4       $ 143.8
Provision for Loan Losses               13.9          12.6
Non-Interest Income                     63.6          61.2
Non-Interest Expense                   132.1         134.8
Net Income                              38.5          35.4

Basic Earnings Per Share               $0.48         $0.44
Diluted Earnings Per Share             $0.47         $0.44

Return on Average Assets               1.05%         0.96%
Return on Average Equity              12.72%        12.00%
Efficiency Ratio                      65.67%        66.37%
Normalized Efficiency Ratio (1)            -             -

Excluding the Effects of
 Intangibles (2)
 Net Income                            $42.3         $39.3
 Basic Earnings Per Share              $0.53         $0.49
 Diluted Earnings Per Share            $0.52         $0.48
 Return on Average Assets               1.18%         1.08%
 Return on Average Equity              17.01%        16.21%
 Efficiency Ratio                      63.53%        64.25%
 Normalized Efficiency Ratio (1)            -             -

(1) Excludes impact of $22.5 million restructuring charge in 1999's

Third Quarter.

(2) Intangibles include goodwill, core deposit and trust intangibles,

and other intangibles.

*T

CONTACT: Pacific Century Financial Corporation

             Stafford Kiguchi, 808/537-8580 (Media Inquiries)
             Pager: 808/363-5383
             skiguchi@boh.com
             Sharlene Bliss, 808/537-8037 (Investor/Analyst Inquiries)
             sbliss@boh.com