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):

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

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

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

¨  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 October 27, 2008, Bank of Hawaii Corporation announced its results of operations for the quarter ending September 30, 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 9.01.            Financial Statements and Exhibits

(d)         Exhibits

99.1       October 27, 2008 Press Release

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 Third Quarter 2008 Financial Results

·                  Diluted Earnings Per Share $0.99

·                  Net Income for the Quarter $47.4 Million

·                  Board of Directors Increases Dividend to $0.45 Per Share

·                  Board of Directors Increases Repurchase Authorization by $50 Million

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 27, 2008) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.99 for the third quarter of 2008, an increase of $0.03 or 3.1 percent from diluted earnings per share of $0.96 in the same quarter last year.  Net income for the third quarter of 2008 was $47.4 million, down slightly from net income of $47.8 million in the third quarter of 2007.  Financial results for the third quarter of 2008 included an $8.9 million net credit related to the Company’s pending resolution of Sale In/Lease Out (“SILO”) leases with the Internal Revenue Service.  The Company also increased the allowance for loan and lease losses by $13.0 million during the quarter.

The return on average assets for the third quarter of 2008 was 1.82 percent, up from 1.79 percent during the same quarter last year.  The return on average equity for the third quarter of 2008 was 24.17 percent compared to 26.02 percent for the third quarter of 2007.

“Bank of Hawaii Corporation had another good financial performance during the third quarter of 2008 despite a challenging environment for banks,” said Allan R. Landon, Chairman and CEO.  “Asset quality remained solid and we strengthened our capital ratios and reserves during the quarter.  We are preparing for more challenging operating conditions as the Hawaii economy slows and Federal government programs begin to impact our market.”

For the nine months ended September 30, 2008, net income was $152.9 million, up $10.1 million or 7.0 percent compared to $142.8 million for the same period last year.  Diluted earnings per share were $3.17 for the nine-month period in 2008, up from $2.86 for the same period in 2007.  The year-to-date return on average assets was 1.95 percent, up from 1.82 percent for the same nine months in 2007.  The year-to-date return on average equity was 26.26 percent, down slightly from 26.43 percent for the same period in 2007 as the Company further strengthened its capital levels in 2008.

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

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2008 was $103.8 million, up $5.0 million from net interest income of $98.8 million in the third quarter of 2007 and down $3.6 million from net interest income of $107.4 million in the second quarter of 2008.  Net interest income in the third quarter of 2008 included a $4.0 million reduction related to accounting for the pending settlement of income tax issues with the SILO leases.  For the nine-month period ended September 30, 2008, net interest income on a taxable equivalent basis was $313.6 million compared to $296.3 million for the same period in 2007.  Analyses of the changes in net interest income are included in Tables 7a, 7b and 7c.

The net interest margin was 4.33 percent for the third quarter of 2008, a 30 basis point increase from 4.03 percent in the third quarter of 2007 and an 8 basis point decrease from 4.41 percent in the second quarter of 2008.  The decrease in the margin compared with the previous quarter was due to accounting for the proposed settlement of the SILO leases, which reduced the margin by 17 basis points.  For the nine months ended September 30, 2008, the net interest margin was 4.30 percent compared to 4.07 percent for the same nine months in 2007.  The increase in the net interest margin was primarily due to lower funding costs in 2008.

Results for the third quarter of 2008 included a provision for credit losses of $20.4 million compared with $4.1 million in the third quarter of 2007 and $7.2 million in the second quarter of 2008.  The provision for credit losses exceeded net charge-offs of $7.4 million by $13.0 million in the third quarter of 2008.  The provision for credit losses equaled net charge-offs in the third quarter of last year and exceeded net charge-offs by $2.5 million in the second quarter of 2008.

Noninterest income was $57.0 million for the third quarter of 2008, a decrease of $4.3 million compared to $61.2 million in the third quarter of 2007 and a decrease of $3.6 million compared to $60.5 million in the second quarter of 2008.  The decrease in noninterest income was largely due to accounting volatility in mortgage banking income, the timing of contingent insurance commission income, and lower investment management fees.

Noninterest expense was $86.8 million in the third quarter of 2008, up $5.3 million from noninterest expense of $81.5 million in the same quarter last year and up $2.9 million from $83.9 million in the previous quarter.  Noninterest expense in the third quarter of 2008 included an additional accrual of $2.0 million related to employee incentive awards.  An analysis of salary and benefit expenses is included in Table 8.

The efficiency ratio for the third quarter of 2008 was 54.05 percent compared to 50.97 percent in the third quarter last year.  For the nine months ended September 30, 2008, the efficiency ratio was 51.12 percent compared to 51.16 percent for the same period in 2007.

The 11.24 percent effective tax rate for the third quarter of 2008 includes a net credit of $12.9 million due to the previously mentioned IRS tax settlement.  The effective tax rate was 35.68 percent during the same quarter last year and 37.03 percent in the previous quarter.  For the nine months ended September 30, 2008, the effective tax rate was 27.37 percent compared to 35.75 percent for the same period in 2007.  Adjusted for the SILO tax settlement, the effective tax rate was 32.97 percent for the third quarter of 2008 and 32.89 percent for the nine-month period in 2008.

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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 Tables 12a and 12b.

Asset Quality

The Company’s overall asset quality remained solid during the three-month period ended September 30, 2008 with low levels of non-performing assets and accruing loans and leases past due 90 days or more.  However, the Company increased the allowance for loan and lease losses by an additional $13.0 million during the quarter due to heightened risk in three specific loan exposures and to general risk from the weakening Hawaii and U.S. mainland economy.

Non-accrual loans and leases were $5.6 million at September 30, 2008, up from $4.2 million at September 30, 2007 and down from $6.5 million at June 30, 2008.  As a percentage of total loans and leases, non-accrual loans at September 30, 2008 of 0.09 percent remain near historic lows.

Total non-performing assets were $5.9 million at the end of the third quarter of 2008, up from $4.3 million at the end of the same quarter last year and down from $6.7 million at the end of the previous quarter.  The ratio of non-performing assets to total loans and foreclosed real estate at September 30, 2008 was 0.09 percent, up from 0.06 percent at September 30, 2007 and down from 0.10 percent at June 30, 2008.

Net charge-offs during the third quarter of 2008 were $7.4 million or 0.45 percent annualized of total average loans and leases.  Net charge-offs increased $3.3 million compared to $4.1 million, or 0.25 percent annualized of total average loans and leases, during the same quarter last year and were up $2.7 million compared to $4.7 million, or 0.29 percent annualized of total average loans and leases, in the previous quarter.  The increase compared to the previous quarter was largely due to higher charge-offs in the unsecured consumer installment portfolio.  Net charge-offs for the nine months ended September 30, 2008 were $17.5 million, or 0.36 percent annualized of total average loans and leases compared to $10.1 million, or 0.21 percent annualized of total average loans and leases for the same period last year.  Net charge-offs for the first nine months of 2007 included a partial recovery of $2.1 million on an aircraft lease charged off in 2005.

The allowance for loan and lease losses increased to $115.5 million at September 30, 2008, up from $91.0 million at September 30, 2007 and up from $102.5 million at June 30, 2008.  The ratio of the allowance for loan and lease losses to total loans was 1.77 percent at September 30, 2008, an increase from 1.38 percent at September 30, 2007 and from 1.57 percent at June 30, 2008.  The reserve for unfunded commitments at September 30, 2008 was $5.2 million, unchanged from September 30, 2007 and from June 30, 2008.  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 $10.34 billion at September 30, 2008, down $215 million from $10.55 billion at September 30, 2007 and down $36 million from $10.37 billion at June 30, 2008.  The decrease in total assets compared with the prior quarters is largely due to a reduction in investment securities.

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Total loans and leases were $6.54 billion at September 30, 2008, down $60 million from $6.60 billion at September 30, 2007 and up $21 million from $6.52 billion at June 30, 2008.  Average loans and leases were $6.51 billion during the third quarter of 2008, down $58 million from $6.57 billion during the third quarter last year and down $19 million from $6.53 billion during the previous quarter.

Total commercial loans were $2.41 billion at September 30, 2008, down $19 million from $2.43 billion at September 30, 2007 and up $34 million from $2.37 billion at June 30, 2008.  The decrease in commercial loans is largely due to the Company’s strategy to reduce construction lending exposure.  Construction loans were $153 million at September 30, 2008, down $101 million from $254 million at September 30, 2007 and down $15 million from $169 million at June 30, 2008.

Total consumer loans were $4.13 billion at September 30, 2008, down $42 million from $4.17 billion at September 30, 2007 and down $12 million from $4.14 billion at June 30, 2008.  The decrease in consumer loans compared with the previous quarter was largely due to a reduction in residential first mortgages, automobile lending, and unsecured installment loans.  The trends in the consumer portfolio are consistent with the slowing Hawaii economy and the Company’s disciplined approach to underwriting and credit.  Loan and lease portfolio balances are summarized in Table 9.

Total deposits were $7.66 billion at September 30, 2008, down $217 million from $7.88 billion at September 30, 2007 and down $246 million from $7.90 billion at June 30, 2008.  The decrease in total deposits was largely due to a reduction in commercial escrow accounts related to construction projects nearing completion and lower public deposits due to the timing of bond payments.  Average total deposits were $7.77 billion during the third quarter of 2008, down $243 million from $8.02 billion during the third quarter last year and down $186 million from $7.96 billion during the previous quarter.

During the third quarter of 2008, the Company repurchased 332.2 thousand shares of common stock at a total cost of $16.2 million under its share repurchase program.  The average cost was $48.74 per share repurchased.  From the beginning of the share repurchase program in July 2001 through September 30, 2008, the Company has repurchased 45.6 million shares and returned over $1.6 billion to shareholders at an average cost of $35.44 per share.  On October 24, 2008 the Company’s Board of Directors increased the authorization under the share repurchase program by an additional $50 million.  This new authorization, combined with the previously announced authorizations of $1.65 billion, brings the total repurchase authority to $1.7 billion.  Remaining buyback authority under the share repurchase program was $85.4 million at October 24, 2008.

At September 30, 2008, the Tier 1 leverage ratio was 7.27 percent, up from 6.92 percent at September 30, 2007 and up from 7.01 percent at June 30, 2008.

The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares, up from $0.44 during the previous three quarters.  The dividend will be payable on December 12, 2008 to shareholders of record at the close of business on November 28, 2008.

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The Federal government and organizations have announced a number of programs to relieve distress in the financial markets, including the Emergency Economic Stabilization Act of 2008.  The Company is evaluating the programs to determine its level of participation, if any.

Hawaii Economy

During the third quarter of 2008, Hawaii’s economy continued to slow.  Unemployment increased to 4.5 percent in September 2008 compared with 2.6 percent at the end of 2007.  Visitor arrivals, which were up in the first quarter of 2008 and down slightly through the first half of 2008, decreased 17.3 percent in August compared with 2007.  Oahu single-family median home prices were down slightly compared with home prices last year, and decreased by larger proportions on the neighbor islands.  Reductions in residential building during 2008 continue to be partially offset by military construction.  Nonresidential construction, which was up significantly in the first half of 2008, declined 30.4 percent in August compared to prior year levels.  Inflation in Hawaii was 4.9 percent in the first half of 2008, down slightly from the first half of 2007.  Hawaii real personal income growth remained positive during the first half of 2008, up 0.3 percent from 2007.

Conference Call Information

The Company will review its third 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 the Company’s web site, www.boh.com.  The conference call number for participants in the United States is 800-901-5217.  International participants should call 617-786-2964.  No pass code is required.  A replay will be available for one week beginning Monday, October 27, 2008 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 74583826 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, 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

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries