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

Date of Report (Date of earliest event reported) April 19, 2010

BANK OF HAWAII CORPORATION

(Exact name of registrant as specified in its charter)

(Registrant’s telephone number, including area code) (808) 694-8822

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 19, 2010, Bank of Hawaii Corporation announced its results of operations for the quarter ending March 31, 2010.  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 19, 2010, Allan R. Landon announced that the Bank of Hawaii is beginning a leadership transition process that will result in President Peter Ho succeeding him as Chairman and Chief Executive Officer.  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

Exhibit No.

99.1         April 19, 2010 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

Media Inquiries

Stafford Kiguchi

Telephone: 808-694-8580

Mobile: 808-265-6367

E-mail: Stafford.Kiguchi@boh.com

Investor/Analyst Inquiries

Cindy Wyrick

Telephone: 808-694-8430

E-mail: Cindy.Wyrick@boh.com

Bank of Hawaii Corporation First Quarter 2010 Financial Results

·                  Diluted Earnings Per Share Increases to $1.09

·                  Net Income for the Quarter $52.7 Million

·                  Board of Directors Declares Dividend of $0.45 Per Share

·                  Company Announces Leadership Transition Process

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 19, 2010) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.09 for the first quarter of 2010, up from $0.84 in the previous quarter and up from $0.75 in the same quarter last year.  Net income for the first quarter of 2010 was $52.7 million compared to net income of $40.5 million in the fourth quarter of 2009 and $36.0 million in the first quarter of 2009.  First quarter 2010 results include a provision for credit losses of $20.7 million as compared to $26.8 million in the fourth quarter of 2009 and $24.9 million in the first quarter of 2009.

Noninterest income in the first quarter of 2010 included net gains of $20.0 million on sales of investment securities compared with $25.7 million in the fourth quarter of 2009.  The gains were the result of management’s plans to retain capital and reduce interest rate risk.

Deposits continued to be strong during the quarter, increasing to $9.5 billion at March 31, 2010.  Shareholders’ equity increased to $939.4 million at the end of the quarter.  The allowance for loan and lease losses increased to $146.4 million during the first quarter of 2010 and currently represents 2.61 percent of outstanding loans and leases.

“Bank of Hawaii Corporation began 2010 with good financial performance,” said Allan R. Landon, Chairman and CEO.  “Our profitability remained solid and the Hawaii economy is showing signs of stabilization.”

The return on average assets for the first quarter of 2010 was 1.73 percent, up from 1.31 percent in the previous quarter, and up from 1.32 percent during the same quarter last year.  The return on average equity for the first quarter of 2010 was 22.54 percent compared to 16.91 percent for the fourth quarter of 2009 and 17.86 percent in the first quarter of 2009.  The efficiency ratio for the first quarter of 2010 was 45.54 percent compared to 48.02 percent in the previous quarter and 52.52 percent in the same quarter last year.

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130 Merchant Street · PO Box 2900 · Honolulu HI 96846-6000 · Fax 808-694-8440 · Website www.boh.com

Financial Highlights

Net interest income, on a taxable equivalent basis, for the first quarter of 2010 was $107.9 million, up $4.1 million from net interest income of $103.8 million in the fourth quarter of 2009 and up $10.6 million from net interest income of $97.3 million in the first quarter of 2009.  Results for the first quarter of 2010 include net interest recoveries of $2.8 million.  Analyses of the changes in net interest income are included in Tables 7a and 7b.

The net interest margin was 3.72 percent for the first quarter of 2010, a 15 basis point increase from 3.57 percent in the fourth quarter of 2009 and a 4 basis point decrease from 3.76 percent in the first quarter of 2009.  Adjusted for the previously mentioned net interest recoveries, the net interest margin in the first quarter of 2010 was 3.62 percent.

Results for the first quarter of 2010 included a provision for credit losses of $20.7 million compared with $26.8 million in the fourth quarter of 2009 and $24.9 million in the first quarter of 2009.  The provision for credit losses exceeded net charge-offs of $18.0 million by $2.7 million in the first quarter of 2010.  The provision for credit losses exceeded net charge-offs of $25.8 million by $1.0 million in the fourth quarter of 2009 and exceeded net charge-offs of $14.0 million by $10.9 million in the first quarter of 2009.

Noninterest income was $71.8 million for the first quarter of 2010, a decrease of $9.0 million compared to noninterest income of $80.8 million in the fourth quarter of 2009, and an increase of $1.4 million compared to noninterest income of $70.4 million in the first quarter of 2009.  Noninterest income in the first quarter of 2010 included the previously mentioned net gains of $20.0 million.  Noninterest income in the fourth quarter of 2009 included the previously mentioned net gains of $25.7 million, $1.5 million related to the sale of the Company’s wholesale insurance business, and $1.0 related to the disposal of leased equipment.  Results for the first quarter of 2009 included a gain of $10.0 million related to the Company’s sale of its equity interest in leveraged leases of two watercraft.

Noninterest expense was $81.7 million in the first quarter of 2010, down $6.8 million from noninterest expense of $88.5 million in the fourth quarter of 2009, and down $6.2 million from noninterest expense of $87.9 million in the same quarter last year.  Noninterest expense in the fourth quarter of 2009 included $4.1 million for employee grants for the purchase of company stock, $2.0 million for employee incentives, and a donation of $1.0 million to the Bank of Hawaii Charitable Foundation, partially offset by the reversal of $1.2 million in legal contingency reserves.  Noninterest expense in the first quarter of 2009 included a legal contingency reserve of $1.5 million and a market premium of $0.9 million for the early repayment of long-term privately placed debt.  An analysis of salary and benefit expenses is included in Table 8.

The efficiency ratio for the first quarter of 2010 was 45.54 percent, compared with 48.02 percent in the fourth quarter of 2009 and 52.52 percent in the first quarter of 2009.  Adjusted for the income and expense items previously discussed, the efficiency ratio for the first quarter of 2010 was 52.18 percent compared with 52.88 percent in the fourth quarter of 2009 and 54.36 percent in the first quarter of 2009.  A summary of these items is included in Table 2.

The effective tax rate for the first quarter of 2010 was 31.53 percent compared to 41.30 percent in the previous quarter and 34.00 percent during the same quarter last year.  The lower effective tax rate in the first quarter of 2010 was primarily due to the expected utilization of capital losses on the sale of a low-income housing investment.

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The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury & Other.  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

Overall credit quality reflects a stabilizing economy albeit with non-performing assets at elevated levels.  Non-performing assets were $41.6 million at March 31, 2010, down from $48.3 million at December 31, 2009, and up slightly from $40.3 million at March 31, 2009.  The decrease from the previous quarter was largely due to the payoff of a commercial construction loan.  The increase in non-performing residential mortgage loans was primarily on Hawaiian Islands other than Oahu.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.74 percent at March 31, 2010.

Accruing loans and leases past due 90 days or more were $16.0 million at March 31, 2010, up from $13.7 million at December 31, 2009, and up from $8.6 million at March 31, 2009.  The increase from December 31, 2009 was primarily due to two commercial loans, which are in the process of being restructured.  The borrowers are continuing to make interest payments and the loans are expected to be returned to current status.  Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more increased to $15.7 million at March 31, 2010 and were primarily the result of the modification of interest rates and the extension of maturity dates on residential first mortgages.  More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 10.

Net charge-offs during the first quarter of 2010 were $18.0 million or 1.28 percent annualized of total average loans and leases compared with $25.8 million or 1.75 percent annualized in the fourth quarter of 2009 and $14.0 million or 0.88 percent annualized in the first quarter last year.  The decrease in losses compared with the previous quarter was largely due to a reduction in commercial loan losses which was partially offset by increased net charge-offs in the home equity and residential mortgage portfolios.

The allowance for loan and lease losses increased in the quarter by $2.7 million to $146.4 million at March 31, 2010, up from $143.7 million at December 31, 2009, and $134.4 million at March 31, 2009.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.61 percent at March 31, 2010.  While the overall Hawaii economy shows signs of stabilization, the allowance for loan and lease losses reflects an increased level of risk as consumers continue to be adversely impacted by underemployment and higher levels of unemployment.  The reserve for unfunded commitments at March 31, 2010 remained unchanged at $5.4 million.  Details of charge-offs, recoveries, and the components of the reserve for credit losses are summarized in Table 11.

Other Financial Highlights

Total assets were $12.44 billion at March 31, 2010, higher than total assets of $12.41 billion at December 31, 2009, and up from total assets of $11.45 billion at March 31, 2009.  Average total assets were $12.38 billion during the first quarter of 2010, higher than average assets of $12.28 billion during the previous quarter, and up from average assets of $11.10 billion during the first quarter last year.  Growth in investment securities continues to offset the decline in loan balances.  The decrease in loans was primarily due to tighter underwriting standards, reduced loan demand, payoffs, and loan sales to reduce overall portfolio risk.

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Total deposits increased to $9.49 billion at March 31, 2010, higher than the $9.41 billion at December 31, 2009, and up from $9.21 billion at March 31, 2009.  Average total deposits were $9.39 billion in the first quarter of 2010, higher than average deposits of $9.32 billion during the previous quarter, and up from $8.75 billion during the first quarter last year.

As a result of strong deposit levels and weak loan demand, the investment securities portfolio increased to $5.61 billion at March 31, 2010, up from $5.51 billion at December 31, 2009 and significantly up from $3.33 billion at March 31, 2009.

Consistent with the Company’s plan to build capital levels, no shares were repurchased during the first quarter of 2010.  Remaining buyback authority under the share repurchase program was $85.4 million at March 31, 2010.  Total shareholder’s equity was $939.4 million at March 31, 2010, up $43.4 million from $896.0 million at December 31, 2009, and up from $833.9 million at March 31, 2009.

At March 31, 2010, the Tier 1 leverage ratio was 6.97 percent, up from 6.76 percent at December 31, 2009 and 6.92 percent at March 31, 2009.  At March 31, 2010, the ratio of tangible common equity to risk weighted assets increased to 16.75 percent, up from 15.45 percent at December 31, 2009, and 12.47 percent at March 31, 2009.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares.  The dividend will be payable on June 14, 2010 to shareholders of record at the close of business on May 28, 2010.

Leadership Transition Process

Al Landon also announced that the Bank of Hawaii is beginning a leadership transition process that will result in Bank of Hawaii President Peter Ho succeeding him as Chairman and Chief Executive Officer.  The transition process is expected to be concluded before the end of 2010, at which time Landon will retire.

“Peter and I have worked together for the last 10 years, through the good and the challenging economic times.  Peter provided key leadership in developing and carrying out the Bank’s business plans.  The Bank’s performance during that period speaks for itself,” Landon said. “Peter is going to be a great CEO.  He has the vision, skills, experience, judgment, and presence to lead our Bank”.

Bank of Hawaii recognizes the importance of developing management succession from within.  Each of the Bank’s senior officers is expected to identify and develop a successor according to a realistic schedule.  The CEO succession has been planned for some time and management believes that now is the appropriate time to begin the transition.  The Bank of Hawaii has emerged from the recent financial crisis as one of America’s strongest banks and no significant change in the Bank’s strategy is anticipated under Ho’s leadership.

Landon and Ho will review the progress of the transition process with the Board and expect to provide an update to shareholders with future quarterly earning announcements.

Hawaii Economy

Hawaii’s economy was generally stable during the first quarter of 2010.  Visitor arrivals improved slightly and spending, while still weak, showed signs of stabilization.  Some sectors are

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beginning to add modest numbers of jobs, although additional public sector job losses remain a risk.  The State’s seasonally adjusted unemployment rate at the end of February 2010 was 6.9 percent compared with a national rate of 9.7 percent.  Home sales on Oahu continue to improve and prices have stabilized, although sales on the neighbor islands continue to lag.  Private construction activity appears to be at a low and the sector may begin to see more benefit from Federal and State spending programs.  More information on Hawaii economic trends is presented in Table 14.

Conference Call Information

The Company will review its first quarter 2010 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. Conference call participants in the United States should dial 866-277-1184.  International participants should dial 617-597-5360.  Use the pass code “Bank of Hawaii” to access the call.  A replay of the call will be available for one week beginning Monday, April 19, 2010 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 86125718 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, 2009, 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