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 Condition.

On April 22, 2013, Bank of Hawaii Corporation announced its results of operations for the quarter ended March 31, 2013.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01.                                        Financial Statements and Exhibits.

(d)                                 Exhibits

Exhibit No.

99.1                        April 22, 2013 Press Release: Bank of Hawaii Corporation First Quarter 2013 Financial Results.  Any internet addresses provided in this release are for informational purposes only and are not intended to be hyperlinks.  Furnished herewith.

SIGNATURES

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 2013 Financial Results

·    Diluted Earnings Per Share $0.81

·    Net Income $36.0 Million

·    Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 22, 2013) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.81 for the first quarter of 2013, down from $0.90 in the previous quarter and $0.95 in the same quarter last year.  Net income for the first quarter of 2013 was $36.0 million, a decrease of $4.3 million compared with net income of $40.3 million in the fourth quarter of 2012, and down $7.8 million from net income of $43.8 million in the first quarter of 2012.

Loan and lease balances were $5.78 billion at the end of the first quarter of 2013 compared with loan and lease balances of $5.85 billion at the end of the fourth quarter of 2012 as growth in commercial loans was more than offset by reductions in residential mortgage loans.  Total deposit balances decreased during the first quarter due to lower levels of public deposits.  Consumer and business deposits remained strong during the quarter, up 1.4 percent on average compared with the previous quarter.  The allowance for loan and lease losses decreased by $2.0 million from the fourth quarter to $126.9 million at March 31, 2013 and represents 2.19 percent of outstanding loans and leases.

“Reduced mortgage income, lower net interest margin, and seasonal expenses resulted in lower operating results during the first quarter of 2013,” said Peter S. Ho, Chairman, President, and CEO.  “Our balance sheet remains solid and we maintained our disciplined approach to risk and capital management during the quarter.  Our many expense control initiatives are expected to have a positive impact on operating leverage as we go forward.”

The return on average assets for the first quarter of 2013 was 1.08 percent, down from 1.19 percent in the previous quarter and 1.29 percent in the first quarter of 2012.  The return on average equity for the first quarter of 2013 was 14.10 percent compared with 15.47 percent in the fourth quarter of 2012 and 17.26 percent in the first quarter last year.  The efficiency ratio during the first quarter of 2013 was 61.90 percent compared with 58.24 percent in the previous quarter and 58.35 percent in the same quarter last year.

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Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2013 was $91.0 million, down $1.7 million from net interest income of $92.7 million in the fourth quarter of 2012, and down $9.0 million from net interest income of $100.0 million in the first quarter of 2012 due to a continuation of the low interest rate environment.  Analyses of the changes in net interest income are included in Tables 8a and 8b.

The net interest margin was 2.82 percent for the first quarter of 2013, a decrease of 5 basis points compared with the net interest margin of 2.87 percent in the fourth quarter of 2012, and a 24 basis point decrease from 3.06 percent in the first quarter of 2012.  The reduction in the net interest margin was largely the result of lower interest rates which resulted in decreased yields on loans and investments.

The Company did not record a provision for credit losses during the first quarter of 2013 and fourth quarter of 2012.  Net loans and leases charged-off were $2.0 million in the first quarter of 2013 and $2.1 million in the fourth quarter of 2012.  The provision for credit losses during the first quarter of 2012 was $0.4 million, or $3.0 million less than net charge-offs.

Noninterest income was $47.8 million for the first quarter of 2013, a decrease of $5.2 million compared with noninterest income of $53.0 million in the fourth quarter of 2012, and a decrease of $0.3 million compared with noninterest income of $48.1 million in the first quarter of 2012.  The decrease in noninterest income compared with the previous quarter is largely due to a reduction in mortgage banking revenue, which was $4.9 million higher in the fourth quarter of 2012 due to strong origination volumes and higher gains on sales.  Noninterest income in the first quarter of 2012 included a gain of $3.5 million on the early termination of leveraged leases for two cargo ships and a loss of $1.0 million on the termination and sale of an aircraft lease.

Noninterest expense was $84.4 million in the first quarter of 2013, up $0.9 million from noninterest expense of $83.5 million in the fourth quarter of 2012, and down $0.8 million from noninterest expense of $85.2 million in the same quarter last year.  Noninterest expense in the first quarter of 2013 included $1.5 million in separation expense related to the implementation of expense reduction initiatives and seasonal payroll-related expenses resulting from annual payments from the Company’s incentive compensation plans and higher payroll taxes.  Noninterest expense in the fourth quarter of 2012 included charges of $1.5 million related to the Company’s plans to close two branches in American Samoa.  Noninterest expense in the first quarter of 2012 included $1.2 million for the final phase of a refresh of the Company’s personal computers.  An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the first quarter of 2013 was 30.74 percent compared with 32.67 percent in the previous quarter and 27.55 percent during the same quarter last year.  The lower effective tax rate in the first quarter of 2012 was primarily due to a $2.7 million credit to the provision for income taxes related to the early termination of the previously mentioned leveraged leases.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury & Other.  Results for the business segments 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 13.

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Asset Quality

The Company’s overall asset quality in the first quarter of 2013 continues to reflect the improving Hawaii economy.  Total non-performing assets were $38.4 million at March 31, 2013 compared with $37.1 million at December 31, 2012 and $41.4 million at March 31, 2012.  As a percentage of total loans and leases, including foreclosed real estate, non-performing assets were 0.66 percent at the end of the first quarter of 2013, up slightly from 0.63 percent at the end of the fourth quarter of 2012, and down from 0.74 percent at the end of the first quarter last year.  Non-performing assets remain above historical levels due to the lengthy judicial foreclosure process for residential mortgage loans.

Accruing loans and leases past due 90 days or more were $11.7 million at March 31, 2013, up from $10.4 million at December 31, 2012, and up from $10.1 million at March 31, 2012.  The increase was largely due to consumer delinquencies in home equity loans, primarily on neighbor island properties.  Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $30.1 million at March 31, 2013 and was primarily comprised of residential mortgages with lowered monthly payments to accommodate the borrowers’ financial needs for a period of time.  More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loan and lease charge-offs during the first quarter of 2013 were $2.0 million or 0.14 percent annualized of total average loans and leases outstanding.  Loan and lease charge-offs during the quarter were $5.3 million and were partially offset by recoveries of $3.3 million.  Net charge-offs in the fourth quarter of 2012 were $2.1 million, or 0.15 percent annualized of total average loans and leases outstanding, and were comprised of $5.4 million in charge-offs partially offset by recoveries of $3.3 million.  Net charge-offs during the first quarter of 2012 were $3.4 million, or 0.24 percent annualized of total average loans and leases outstanding, and were comprised of $7.8 million in charge-offs partially offset by recoveries of $4.4 million.

Due to the improving Hawaii economy and asset quality, the Company’s allowance for loan and lease losses was reduced to $126.9 million at March 31, 2013, down $2.0 million from the allowance for loan and lease losses at December 31, 2012 of $128.9 million, and down $8.7 million from the allowance for loan and lease losses at March 31, 2012 of $135.6 million.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.19 percent at March 31, 2013, a decrease of one basis point from December 31, 2012, and a decrease of 23 basis points from the same quarter last year.  The Company’s reserve for unfunded commitments at March 31, 2013 remained unchanged at $5.4 million.  Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets were $13.53 billion at March 31, 2013, down from $13.73 billion at December 31, 2012 and $13.76 billion at March 31, 2012.  Average total assets were $13.56 billion during the first quarter of 2013, an increase from average total assets of $13.52 billion during the fourth quarter of 2012, and a decrease from $13.68 billion during the same quarter last year.

The securities portfolio was $6.89 billion at March 31, 2013, down from $6.96 billion at December 31, 2012, and down from $7.25 billion at March 31, 2012.  The portfolio remains largely comprised of securities issued by U. S. government agencies.

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Total loans and leases were $5.78 billion at March 31, 2013, down from $5.85 billion at December 31, 2012, and up from $5.60 billion at March 31, 2012.  The commercial loan portfolio was $2.33 billion at the end of the first quarter of 2013, up from commercial loans of $2.32 billion at the end of the fourth quarter of 2012 and $2.13 billion at the end of the same quarter last year.  Consumer loans were $3.46 billion at the end of the first quarter of 2013, down from $3.54 billion at the end of the fourth quarter of 2012 and $3.47 billion at the end of the same quarter last year due to a decline in the residential mortgage and home equity portfolios.  Average total loans and leases were $5.80 billion during the first quarter of 2013, up slightly from the fourth quarter of 2012, and up from average total loans and leases of $5.56 billion during the same quarter last year.  Loan and lease portfolio balances, including the higher risk loans and leases outstanding, are summarized in Table 10.

Total deposits were $11.25 billion at March 31, 2013, down from total deposits of $11.53 billion at December 31, 2012, and up from $10.62 billion at March 31, 2012.  The decrease in total deposits compared with the previous quarter was largely due to a reduction in public time deposits.  Average total deposits were $11.29 billion in the first quarter of 2013 compared with $11.38 billion during the previous quarter and $10.43 billion during the same quarter last year.

Long-term debt increased to $177.4 million at March 31, 2013 compared with long-term debt of $128.1 million at December 31, 2012 and $30.7 million at March 31, 2012.  The increase in long-term debt was primarily for asset/liability management purposes.

During the first quarter of 2013, the Company repurchased 137.0 thousand shares of common stock at a total cost of $6.6 million under its share repurchase program.  The average cost was $48.46 per share repurchased.  From April1 through April 19, 2013, the Company repurchased an additional 37.5 thousand shares of common stock at an average cost of $49.04 per share.  From the beginning of the share repurchase program initiated during July 2001 through March 31, 2013, the Company has repurchased 50.4 million shares and returned over $1.8 billion to shareholders at an average cost of $36.38 per share.  Remaining buyback authority under the share repurchase program was $62.9 million at March 31, 2013.

Total shareholders’ equity was $1.03 billion at March 31, 2013, compared with $1.02 billion at December 31, 2012 and $995.9 million at March 31, 2012.  The ratio of tangible common equity to risk-weighted assets was 17.04 percent at the end of the first quarter of 2013, compared with 17.24 percent at the end of the fourth quarter of 2012, and 17.62 percent at the end of the first quarter last year.  The Tier 1 leverage ratio at March 31, 2013 was 6.90 percent compared with 6.83 percent at December 31, 2012, and 6.57 percent at March 31, 2012.

The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares.  The dividend will be payable on June 14, 2013 to shareholders of record at the close of business on May 31, 2013.

Hawaii Economy

Hawaii’s economy continued to improve during the first quarter of 2013 led by tourism, the State’s largest industry.  For the first two months of 2013, total visitor arrivals increased by 6.9 percent and visitor spending increased by 7.6 percent compared with the same period in 2012.  The most significant growth in visitor spending was from U.S. Mainland visitors.  Hawaii’s statewide seasonally-adjusted unemployment rate was 5.1% in March 2013, compared to 7.6% nationally.

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For the first three months of 2013, the volume of single-family home sales on Oahu was 6.9 percent higher compared with the same period in 2012 and the volume of condominium sales on Oahu was 37.1 percent higher compared with the same period in 2012.  Also, for the first two months of 2013, the median price of single-family home sales on Oahu was 2.7 percent lower compared with the same period in 2012, while the median price of condominium sales on Oahu was 9.7 percent higher compared with the same period in 2012.  The median price of single-family home sales on Oahu was 2.4% higher in March 2013 compared to March 2012, while the median price of condominium sales on Oahu was 11.2% higher in March 2013 compared to March 2012.  As of March 31, 2013, months of inventory of single-family homes and condominiums on Oahu remained low at approximately 2.4 months and 2.7 months, respectively.  More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its first quarter 2013 financial results today, April 22, 2013, at 8:00 a.m. Hawaii 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 located in the United States should dial 866-314-5232.  International participants should dial 617-213-8052.  Use the pass code “Bank of Hawaii” to access the call.  A replay will be available for one week beginning Monday, April 22, 2013 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 93444112 when prompted.  A replay will also be available via the Investor Relations link on 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, 2012, 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   Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

3   Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.

4   Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures.  See Table 1b “Reconciliation of Non-GAAP Financial Measures.”

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Bank of Hawaii Corporation and Subsidiaries

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Bank of Hawaii Corporation and Subsidiaries

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Bank of Hawaii Corporation and Subsidiaries

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Bank of Hawaii Corporation and Subsidiaries

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Bank of Hawaii Corporation and Subsidiaries

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