UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

BANK OF HAWAII CORPORATION

(Exact name of registrant as specified in its charter)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Item 2.02.               Results of Operations and Financial Conditions.

On April 21, 2008, Bank of Hawaii Corporation announced its results of operations for the quarter ending March 31, 2008.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 5.02.               Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On April 21, 2008, Daniel C. Stevens announced his intention to resign from his position as the Chief Financial Officer of Bank of Hawaii Corporation.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 9.01.               Financial Statements and Exhibits

(d)                                 Exhibits

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Exhibit 99.1

Bank of Hawaii Corporation First Quarter 2008 Financial Results

·                  Diluted Earnings Per Share $1.18

·                  Net Income for the Quarter $57.2 Million

·                  Board of Directors Declares Dividend of $0.44 Per Share

·                  Chief Financial Officer Announces Future Plans

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 21, 2008) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.18 for the first quarter of 2008, an increase of $0.24 or 25.5 percent from diluted earnings per share of $0.94 in the same quarter last year.  Net income for the first quarter of 2008 was $57.2 million, up $9.9 million or 20.9 percent from net income of $47.3 million in the first quarter of 2007.  Results for the first quarter of 2008 included proceeds from two transactions: $13.7 million related to the mandatory redemption of a portion of the Company’s interest in Visa shares and $11.6 million related to a lessee’s early buy-out of an aircraft lease. Additionally, the Company reversed $5.6 million of legal expenses related to Visa and released previously accrued income taxes related to the aircraft lease.  Partially offsetting these credits were expenses for employee incentives, contingencies, contributions to the Bank of Hawaii Charitable Foundation, and a call premium on the Company’s Trust Preferred Securities.  The Company also increased the allowance for loan and lease losses.  The net effect of these items was an increase in net income for the first quarter of $9.5 million or $0.20 per diluted share.

The return on average assets for the first quarter of 2008 was 2.16 percent, up from 1.83 percent during the same quarter last year.  The return on average equity for the first quarter of 2008 was 29.88 percent compared to 27.00 percent for the first quarter of 2007.  The efficiency ratio for the first quarter of 2008 improved to 49.62 percent compared to 51.62 percent in the same quarter last year.

“Bank of Hawaii Corporation began 2008 with solid financial performance,” said Allan R. Landon, Chairman and CEO.  “Our margin expanded, net charge-offs were unchanged from the previous quarter, noninterest revenue increased and our core expenses were controlled.  Average loans and deposits grew during the quarter and the overall credit quality of our portfolio remained solid.  We further strengthened our balance sheet in anticipation of a slowing economy.  The special gains will allow us to reward our employees and support our community.”

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130 Merchant Street · PO Box 2900 · Honolulu HI 96846-6000 · Fax 808-537-8440 · Website www.boh.com

Hawaii Economy

During the first quarter of 2008 Hawaii’s economy remained relatively solid when compared to many other states.  Visitor levels compared favorably with last year.  Home prices and unemployment in Hawaii were stable.  Residential construction has slowed gradually and commercial construction has held up well.  However, recent airline bankruptcies and cruise ship relocations are likely to constrain future visitor levels.  And inflation is expected to be higher than previous estimates, primarily due to energy and food costs.  The impact of these adverse factors is likely to further slow the economy in Hawaii.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the first quarter of 2008 was $102.4 million, up $4.0 million from net interest income of $98.4 million in the first quarter of 2007 and up $2.7 million from net interest income of $99.7 million in the fourth quarter of 2007.  The increase compared to the previous quarters was largely due to decreased funding costs.  Analyses of the changes in net interest income are included in Tables 7a and 7b.

The net interest margin was 4.17 percent for the first quarter of 2008, a 10 basis point increase from 4.07 percent in the first quarter of 2007 and a 5 basis point increase from 4.12 percent in the fourth quarter of 2007.

Results for the first quarter of 2008 included a provision for credit losses of $14.4 million compared with $2.6 million in the first quarter of 2007 and $5.4 million in the fourth quarter of 2007.  The provision for credit losses exceeded net charge-offs of $5.4 million by $9 million in the first quarter of 2008.  The provision for credit losses equaled net charge-offs in the comparable prior quarters.

Noninterest income was $86.1 million for the first quarter of 2008, an increase of $25.2 million compared to $61.0 million in the first quarter of 2007 and up $25.9 million from $60.3 million in the fourth quarter of 2007.  Noninterest income in the first quarter of 2008 included gains of $13.7 million related to the previously mentioned Visa share redemption and $11.6 million for the disposition of an aircraft lease.  Results for the first quarter of 2007 included a gain of $2.3 million on the disposal of leased equipment.  Fourth quarter 2007 noninterest revenue included a gain of $3.1 million on the sale of unused real estate.  Adjusted for these items, noninterest revenue was $60.8 million in the first quarter of 2008 compared with $58.7 in the first quarter of 2007 and $57.2 million in the fourth quarter of 2007.

Noninterest expense was $93.4 million in the first quarter of 2008, up $11.3 million from noninterest expense of $82.1 million in the same quarter last year and up $1.4 million from $92.0 million in the previous quarter.  Noninterest expense in the first quarter of 2008 included the previously mentioned reversal of $5.6 million related to Visa litigation and accruals of $9.0 million for employee incentives, $3.0 million for legal contingency reserves, $2.3 million for charitable contributions, $1.0 million for the call premium, and $0.6 million for separation costs.  The employee incentives include $4.6 million for grants to purchase Company stock and $4.4 million for earnings-based incentives.  Noninterest expense in the fourth quarter of 2007 included the previously mentioned Visa charge of $5.6 million and $1.8 million due to a fraud loss.  Adjusted for these items, noninterest expense was $83.2 million in the first quarter of 2008 compared with $84.6 million in the fourth quarter of 2007.  An analysis of salary and benefit expenses is included in Table 8.

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The efficiency ratio for the first quarter of 2008 was 49.62 percent, down from 51.62 percent in the same quarter last year and down from 57.61 percent in the previous quarter.  Adjusted for the income and expense items previously discussed, the efficiency ratio for the first quarter of 2008 was 51.04 percent, down from 52.37 percent in the same quarter last year and down from 54.02 percent in the previous quarter.  Details of these items are included in Table 2.

The effective tax rate for the first quarter of 2008 was 28.88 percent compared to 36.33 percent during the same quarter last year and 34.37 percent in the previous quarter.  The lower effective tax rate in the first quarter of 2008 was primarily due to the disposition of the aircraft lease.  Pre-tax gains from this sale would have resulted in an income tax expense of approximately $4.6 million, based on statutory income tax rates.  However, due to the timing and the adjustment of previously recognized income tax liabilities, the transaction resulted in a $1.4 million income tax benefit.  The total income tax benefit from this transaction was approximately $6.0 million.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury.  Results are determined based on the Company’s internal financial management reporting process and organizational structure.  Selected financial information for the business segments is included in Table 12.

Asset Quality

The Company’s overall asset quality remained solid during the three months ended March 31, 2008 with low, albeit increasing, levels of internally criticized loans and leases and non-performing assets.  The Company’s credit risk profile reflects the relative strength of the Hawaii economy.

Non-accrual loans and leases were $5.8 million at March 31, 2008, up from $5.4 million at March 31, 2007 and up from $5.1 million at December 31, 2007.  The increase was primarily due to residential mortgage loans and purchased equipment.  As a percentage of total loans and leases, non-accrual loans at March 31, 2008 of 0.09 percent remain near historic lows.

Total non-performing assets were $6.0 million at the end of the first quarter of 2008, up slightly from $5.8 million at the end of the same quarter last year and up from $5.3 million at the end of the previous quarter due to the increase in non-accrual loans.  The ratio of non-performing assets to total loans, and foreclosed real estate at March 31, 2008 was 0.09 percent, unchanged from March 31, 2007 and up slightly from 0.08 percent at December 31, 2007.

Net charge-offs during the first quarter of 2008 were $5.4 million or 0.33 percent annualized of total average loans and leases.  Charge-offs during the quarter of $8.0 million were partially offset by recoveries of $2.6 million.  Net charge-offs during the first quarter of 2007 were $2.6 million, or 0.16 percent annualized, and were comprised of charge-offs of $6.6 million partially offset by recoveries of $4.0 million, including the partial recovery of $2.1 million on an aircraft lease charged off during the third quarter of 2005.  Net charge-offs in the fourth quarter of 2007 were $5.4 million, or 0.33 percent annualized, and were comprised of charge-offs of $7.2 million partially offset by recoveries of $1.7 million.

The allowance for loan and lease losses was increased by $9.0 million to $100.0 million at March 31, 2008, up from $91.0 million at March 31, 2007 and December 31, 2007.  The ratio of the allowance for loan and lease losses to total loans was 1.52 percent at March 31, 2008, an

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increase from 1.40 percent at March 31, 2007 and up from 1.38 percent at December 31, 2007.  The increase in the allowance for loan and lease losses reflects increased risk in the Company’s air transportation exposure, small business and consumer portfolios.  The reserve for unfunded commitments at March 31, 2008 was $5.2 million, unchanged from March 31, 2007 and from December 31, 2007.  Details of charge-offs, recoveries and the components of the total reserve for credit losses are summarized in Table 11.

Other Financial Highlights

Total assets were $10.82 billion at March 31, 2008, up $331 million from $10.49 billion at March 31, 2007 and up $350 million from $10.47 billion at December 31, 2007.  The increase compared with the previous quarter was largely due to improved liquidity.

Total loans and leases were $6.58 billion at March 31, 2008, up $72 million from $6.51 billion at March 31, 2007 and essentially flat compared with December 31, 2007.  Average loans and leases were $6.59 billion during the first quarter of 2008, up $26 million from $6.56 billion during the first quarter last year and up $7 million from $6.58 billion during the previous quarter.

Total commercial loans and were $2.39 billion at March 31, 2008, up $26 million from $2.36 billion at March 31, 2007 and up $8 million from $2.38 billion at December 31, 2007.  Total consumer loans were $4.19 billion at March 31, 2008, up $46 million from $4.15 billion at March 31, 2007 and down $9 million from $4.20 billion at December 31, 2007.  The decrease in consumer loan balances compared with the previous quarter is largely due to a reduction in automobile and unsecured consumer installment loans.  Loan and lease portfolio balances are summarized in Table 9.

Total deposits were $8.10 billion at March 31, 2008, up $150 million from $7.95 billion at March 31, 2007 and up $160 million from $7.94 billion at December 31, 2007.  The increase in deposits was largely due to growth in consumer noninterest-bearing demand and savings deposits.  Average total deposits were $7.95 billion during the first quarter of 2008, up $31 million from $7.92 billion during the first quarter last year and up $150 million from $7.80 billion during the previous quarter.

During the first quarter of 2008, the Company repurchased 652.9 thousand shares of common stock at a total cost of $31.4 million under its share repurchase program.  The average cost was $48.03 per share repurchased.  From the beginning of the share repurchase program in July 2001 through March 31, 2008, the Company has repurchased 45.0 million shares and returned nearly $1.6 billion to shareholders at an average cost of $35.27 per share.  From April 1, 2008 through April 18, 2008, the Company repurchased an additional 65.0 thousand shares of common stock at an average cost of $48.90 per share.  Remaining buyback authority under the share repurchase program was $59.8 million at April 18, 2008.

At March 31, 2008, the Tier 1 leverage ratio was 6.99 percent compared to 6.80 percent at March 31, 2007 and 7.04 percent at December 31, 2007.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.44 per share on the Company’s outstanding shares.  The dividend will be payable on June 13, 2008 to shareholders of record at the close of business on May 30, 2008.

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Dan Stevens, Vice Chairman and Chief Financial Officer announced that he intends to resign those positions on April 25, 2008.  Dan moved to Hawaii and joined the Company in May 2007.  After helping transition to a new Chief Financial Officer, Stevens plans to return to the Mainland where he will be closer to family.  CEO Landon said, “We appreciate Dan’s contributions and wish him well in the future.”  The Company expects to announce the new Chief Financial Officer upon election by the Board of Directors in the near future.

Conference Call Information

The Company will review its first quarter 2008 financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time).  The conference call 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 for participants in the United States is 888-396-2386.  International participants should call 617-847-8712.  No pass code is required.  A replay of the conference call will be available for one week beginning Monday, April 21, 2008 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 60965519 when prompted.  A replay will also be available via the Investor Relations link of the Company’s web site.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain “forward-looking statements”, such as forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations.  Do not unduly rely on forward-looking statements.  Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation’s Annual Report on Form 10-K for the year ended December 31, 2007, which was filed with the U.S. Securities and Exchange Commission.  We have not committed to update forward-looking statements to reflect later events or circumstances.

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.

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Bank of Hawaii Corporation and Subsidiaries

¹          Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

²          Operating leverage is defined as the percentage change in income before provision for credit losses and provision for income taxes. Measures are presented on a linked quarter basis.

³          Net interest margin is defined as net interest income, on a taxable equivalent basis, as a percentage of average earning assets.

⁴          Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share for the quarter.

⁵          Tier 1 Capital includes $26.4 million in Capital Securities of which the call option was exercised, but the liability was not extinguished as of March 31, 2008.

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries