UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

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))

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 2009 Financial Results

·                  Diluted Earnings Per Share $0.75

·                  Net Income for the Quarter $36.0 Million

·                  Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 20, 2009) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.75 for the first quarter of 2009 down from diluted earnings per share of $1.18 in the same quarter last year.  Net income for the first quarter of 2009 was $36.0 million compared to net income of $57.2 million in the first quarter of 2008.  Results for the first quarter of 2009 included a pre-tax gain of $10.0 million related to the Company’s sale of its equity interest in the leveraged leases of two watercraft.  Results for the first quarter of 2008 included pre-tax gains of $25.3 million related to the redemption of Visa shares and the early buy-out of an aircraft lease.  First quarter 2009 results include a provision for credit losses of $24.9 million as compared to $14.4 million in the first quarter of 2008.

Deposits increased $921 million in the first quarter to $9.2 billion at March 31, 2009.  Shareholders’ equity increased $43 million to $834 million at March 31, 2009.  The allowance for loan and lease losses increased $11 million during the first quarter of 2009 and currently represents 2.12 percent of outstanding loans and leases.

“We accomplished our near-term objectives of continuing to increase liquidity, reserves and capital during the first quarter of 2009,” said Allan R. Landon, Chairman and CEO.  “Our profitability remained solid even as business activity in Hawaii slowed.  Bank of Hawaii has a strong balance sheet and is well prepared for future economic developments and opportunities.”

The return on average assets for the first quarter of 2009 was 1.32 percent, compared to 2.16 percent during the same quarter last year.  The return on average equity for the first quarter of 2009 was 17.86 percent compared to 29.88 percent for the first quarter of 2008.  The efficiency ratio for the first quarter of 2009 was 52.52 percent compared to 49.62 percent in the same quarter last year.

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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 first quarter of 2009 was $97.3 million, down $5.1 million from net interest income of $102.4 million in the first quarter of 2008 and down $8.8 million from net interest income of $106.1 million in the fourth quarter of 2008.  The decrease compared to the previous quarters was largely due to significant growth and liquidity in the balance sheet during the first quarter of 2009.  Analyses of the changes in net interest income are included in Tables 7a and 7b.

The net interest margin was 3.76 percent for the first quarter of 2009, a 41 basis point decrease from 4.17 percent in the first quarter of 2008 and a 67 basis point decrease from 4.43 percent in the fourth quarter of 2008.   The decrease in the net interest margin was largely the result of lower interest rates and the Company’s strategy to increase deposits and liquidity, and to reduce risk.

Results for the first quarter of 2009 included a provision for credit losses of $24.9 million compared with $14.4 million in the first quarter of 2008 and $18.6 million in the fourth quarter of 2008.  The provision for credit losses exceeded net charge-offs of $14.0 million by $10.9 million in the first quarter of 2009.  The provision for credit losses exceeded net charge-offs of $5.4 million by $9.0 million in the first quarter of 2008 and exceeded net charge-offs of $10.6 million by $8.0 million in the fourth quarter of 2008.

Noninterest income was $70.4 million for the first quarter of 2009, a decrease of $15.8 million compared to $86.1 million in the first quarter of 2008 and an increase of $15.9 million compared to $54.5 million in the fourth quarter of 2008.  Noninterest income in the first quarter of 2009 included the previously mentioned gain for the disposition of a leveraged lease.  Results for the first quarter of 2008 included the previously mentioned Visa share redemption and disposition of an aircraft lease.  Adjusted for these items, noninterest income was $60.3 million in the first quarter of 2009 compared to $60.8 in the first quarter of 2008 and $54.5 million in the fourth quarter of 2008.

Noninterest expense was $87.9 million in the first quarter of 2009, down $5.5 million from noninterest expense of $93.4 million in the same quarter last year and up $5.2 million from $82.7 million in the previous quarter.  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 repurchase of long-term privately placed debt.  Noninterest expense in the first quarter of 2008 included a reversal of $5.6 million related to Visa litigation, 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 on long-term capital securities debt, and $0.6 million for separation costs.  Adjusted for these items, the increase in noninterest expenses was largely due to an increase of $1.6 million in FDIC fees and personnel costs related to incentive compensation.  An analysis of salary and benefit expenses is included in Table 8.

The efficiency ratio for the first quarter of 2009 was 52.52 percent, compared with 49.62 percent in the same quarter last year and 51.58 percent in the previous quarter.  Adjusted for the income and expense items previously discussed, the efficiency ratio for the first quarter of 2009 was 54.36 percent compared with 51.04 percent in the first quarter of 2008 and 51.58 percent in the fourth quarter of 2008.  A summary of these items is included in Table 2.

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The effective tax rate for the first quarter of 2009 was 34.00 percent compared to 28.88 percent during the same quarter last year and 33.46 percent in the previous quarter.  The lower effective tax rate in the first quarter of 2008 was primarily due to accounting for the disposition of the aircraft lease.

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

Credit quality continued to reflect the trend of a weakening economy during the first quarter of 2009.  Non-accrual loans were $40.0 million at the end of March 31, 2009, up from $5.8 million at March 31, 2008 and up from $14.5 million at December 31, 2008.  As a percentage of total loans and leases, non-accrual loans were 0.63 percent at March 31, 2009.  The increase in commercial non-accrual loans was primarily related to a loan for a large national mall owner with a significant presence in Hawaii.  The increase in consumer non-accrual loans was largely in residential mortgages and due to one large mortgage loan and four land loans on the neighbor islands.

Net charge-offs during the first quarter of 2009 were $14.0 million or 0.88 percent annualized of total average loans and leases compared to $5.4 million in the first quarter last year and $10.6 million in the fourth quarter of 2008.  The increase was largely due to increased net charge-offs in the home equity and other consumer portfolios.  Net charge-offs also included $3.0 million for the previously discussed commercial loan.

The allowance for loan and lease losses was increased in the quarter by $10.9 million to $134.4 million at March 31, 2009, up from $100.0 million at March 31, 2008 and up from $123.5 million at December 31, 2008.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.12 percent at March 31, 2009. The increase in the allowance for loan and lease losses reflects the increased level of risk given the softening local and national economy.  The reserve for unfunded commitments at March 31, 2009 was $5.4 million, up from $5.2 million at March 31, 2008 and December 31, 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 $11.45 billion at March 31, 2009, up $625 million from $10.82 billion at March 31, 2008 and up $685 million from $10.76 billion at December 31, 2008.  Average total assets were $11.10 billion during the first quarter of 2009, up $452 million from average assets of $10.64 billion during the first quarter last year and up $789 million from average assets of $10.31 billion during the previous quarter.  The growth in assets was largely due to an increase in the Company’s liquidity position in funds sold due to strong deposit generation.

Total loans and leases were $6.34 billion at March 31, 2009, down $241 million from $6.58 billion at March 31, 2008 and down $192 million compared with $6.53 billion at December 31, 2008.  Average loans and leases were $6.45 billion during the first quarter of 2009, down $141 million from average loans and leases of $6.59 billion during the first quarter last year and down $91 million from average loans and leases of $6.54 billion during the previous quarter.

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Total commercial loans were $2.34 billion at March 31, 2009, down $51 million from $2.39 billion at March 31, 2008 and down $81 million from $2.42 billion at December 31, 2008.  Total consumer loans were $4.00 billion at March 31, 2009, down $189 million from $4.19 billion at March 31, 2008 and down $110 million from $4.11 billion at December 31, 2008.  The decrease in consumer loan balances is largely due to reductions in residential mortgage and automobile loans.  Loan and lease portfolio balances are summarized in Table 9.

Total deposits were $9.21 billion at March 31, 2009, up $1.11 billion from $8.10 billion at March 31, 2008 and up $921 million from $8.29 billion at December 31, 2008.  The increase in deposits was widespread among deposit categories except time deposits.  Average total deposits were $8.75 billion during the first quarter of 2009, up $799 million from $7.95 billion during the first quarter last year and up $1.03 billion from $7.72 billion during the previous quarter.

Total long-term debt was $59.0 million at March 31, 2009, down $180.4 million from $239.4 million at March 31, 2008 and down $144.3 million from $203.3 million at December 31, 2008.  The decrease compared to the previous quarter was due to the maturity of $119.3 million in subordinated notes and the early payment of $25.0 million in privately placed notes during the first quarter of 2009.

Consistent with the Company’s plans to build capital levels, no shares were repurchased during the first quarter of 2009.  Remaining buyback authority under the share repurchase program was $85.4 million at March 31, 2009.  Total shareholder’s equity was $833.9 million at March 31, 2009, up $67.2 million from $766.7 million at March 31, 2008 and up $43.2 million from $790.7 million at December 31, 2008.

At March 31, 2009, the Tier 1 leverage ratio was 6.94 percent compared to 6.97 percent at March 31, 2008 and 7.30 percent at December 31, 2008.  The decrease in the Tier 1 leverage ratio was due to the significant asset growth during the first quarter of 2009.  At March 31, 2009, the ratio of tangible common equity to risk weighted assets was 12.47 percent up from 10.36 percent at March 31, 2008 and 11.28 percent at December 31, 2008.

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 12, 2009 to shareholders of record at the close of business on May 29, 2009.

Hawaii Economy

During the first quarter of 2009, Hawaii’s economy continued to reflect weakness.  Hawaii unemployment increased to 7.1 percent in March 2009 and visitor levels remained below the comparable periods last year.  Real estate markets in Hawaii continue to be more resilient than the U. S. mainland.  Neighbor island markets experienced housing price declines more in line with the U. S. mainland; however, Oahu’s urban market has been much less adversely affected.  Mortgage delinquency rates (90 days or more past due) were 1.64 percent in Honolulu County, and 3.08 percent and 3.15 percent in Hawaii and Maui Counties, respectively.

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Conference Call Information

The Company will review its first quarter 2009 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 866-510-0704.  International participants should call 617-597-5362.  No pass code is required.  A replay of the conference call will be available for one week beginning Monday, April 20, 2009 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 91428407 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, 2008, 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

Bank of Hawaii Corporation and Subsidiaries

(1)  Certain prior period information has been reclassified to conform to current presentation.

(1)  Certain prior period information has been reclassified to conform to current presentation.