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 July 25, 2005, Bank of Hawaii Corporation announced its results of operations for the quarter ending June 30, 2005. 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

(c)           Exhibits

The following exhibit is furnished as a part of this report:

Exhibit No.

99.1         July 25, 2005 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 Second Quarter 2005 Financial Results

•                  Diluted Earnings Per Share $0.87; Net Income $46.4 Million

•                  Board of Directors Declares Dividend of $0.33 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (July 25, 2005) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.87 for the second quarter of 2005, an increase from diluted earnings per share of $0.83 in the first quarter of 2005 and an increase from $0.79 in the second quarter of 2004.  Net income for the second quarter of 2005 was $46.4 million, up $0.9 million from net income of $45.5 million in the previous quarter and up $2.2 million from $44.2 million reported in the same quarter last year.

Results for the second quarter of 2004 included a return to income of $3.5 million before tax ($2.2 million after tax or $0.04 per diluted share), resulting from the release of a portion of the allowance for loan and lease losses.  Excluding the release of reserves, results for the second quarter of 2005 increased $4.4 million or $0.12 per diluted share from the same quarter last year.

Return on average assets for the second quarter of 2005 was 1.87 percent, compared to 1.88 percent in the first quarter of 2005, and 1.80 percent in the second quarter of 2004.  Return on average equity was 25.98 percent for the second quarter of 2005, up from 23.66 percent in the previous quarter and up from 24.28 percent in the same quarter last year.

“Bank of Hawaii Corporation completed another quarter of solid financial performance,” said Allan R. Landon, Chairman and CEO.  “We continued to focus on meeting the financial needs of our customers, which contributed to the growth of our businesses in the second quarter.”

For the six months ended June 30, 2005, net income was $92.0 million, up $7.9 million or 9.4 percent from net income of $84.0 million for the same period last year.  Diluted earnings

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per share were $1.69 for the first half of 2005, an increase of 14.2 percent from diluted earnings per share of $1.48 for the first half of 2004.  The year-to-date return on average assets was 1.87 percent, up from 1.73 percent for the same six months in 2004.  The year-to-date return on average equity was 24.78 percent, up from 22.03 percent for the six months ended June 30, 2004.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the second quarter of 2005 was $101.1 million, up $0.4 million from $100.7 million in the first quarter of 2005 and up $5.2 million from $95.9 million in the second quarter of last year.  The increase in net interest income from the second quarter of 2004 was largely due to growth in the loan portfolio.  An analysis of the change in net interest income from the previous quarter is included in Table 6.

The net interest margin was 4.36 percent for the second quarter of 2005, a 7 basis point decrease from 4.43 percent in the previous quarter and a 19 basis point increase from 4.17 percent in the second quarter of 2004.  The decrease from the previous quarter was primarily due to the effects of the flattening yield curve.

The Company did not recognize a provision for loan and lease losses during the second or first quarters of 2005.  As previously mentioned, the Company returned to income $3.5 million from a release of the allowance for loan and lease losses during the second quarter of 2004.

Non-interest income was $50.7 million for the second quarter of 2005, a decrease of $1.6 million or 3.1 percent compared to non-interest income of $52.3 million in the first quarter of 2005.  The decrease was largely due to a decline in insurance income, deposit account analysis fees, and personal tax preparation fees which are traditionally higher in the first quarter.  Non-interest income was $54.8 million in the same quarter last year, including a partnership distribution of $3.2 million and a gain of $2.5 million on the sale of land.  Excluding these items, non-interest income increased $1.5 million or 3.0 percent over the second quarter of 2004.

Non-interest expense was $79.0 million in the second quarter of 2005, down $1.9 million or 2.3 percent from non-interest expense of $80.9 million in the previous quarter and down $6.1 million or 7.2 percent from $85.1 million in the same quarter last year.  Included in the second quarter of 2004 were charges of $2.2 million to settle litigation.  Excluding these charges, non-interest expense decreased $3.9 million or 4.7 percent largely due to a decline in expenses for salaries and benefits.  An analysis of salary and benefit expenses is included in Table 7.

The efficiency ratio for the second quarter of 2005 was 52.07 percent, an improvement from 52.86 percent in the previous quarter and from 56.49 percent in the same quarter last year.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services Group, and Treasury and Other Corporate.  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 11a and 11b.

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Asset Quality

Bank of Hawaii Corporation’s asset quality continued to improve when compared to prior quarters.  Non-performing assets were $10.9 million at the end of the second quarter of 2005, a decrease of $2.4 million, or 18.3 percent, compared to non-performing assets of $13.4 million at the end of the previous quarter and a decrease of $10.2 million, or 48.4 percent, compared to $21.2 million at the end of the same quarter last year.  At June 30, 2005 the ratio of non-performing assets to total loans, foreclosed real estate, and other investments was 0.18 percent compared with 0.22 percent at March 31, 2005 and 0.37 percent at June 30, 2004.

Non-accrual loans were $9.9 million at June 30, 2005, a reduction of $2.6 million, or 20.4 percent, from $12.5 million at March 31, 2005 and down $6.3 million, or 38.9 percent, from $16.3 million at June 30, 2004.  Non-accrual loans as a percentage of total loans at June 30, 2005 were 0.16 percent, down from 0.21 percent at March 31, 2005 and down from 0.28 percent at June 30, 2004.

Net charge-offs for the second quarter of 2005 were $3.7 million, or 0.25 percent (annualized) of total average loans, unchanged from the first quarter of 2005.  During the second quarter of 2004 there was a net recovery of $1.2 million.  Net charge-offs in the second quarter of 2005 were comprised of $5.6 million in charge-offs partially offset by recoveries of $1.9 million.

The allowance for loan and lease losses was $101.6 million at June 30, 2005, down from $105.0 million at March 31, 2005 and down from $124.9 million at June 30, 2004.  The decrease in the allowance from the previous year is largely due to $10.0 million returned to income from releases of the allowance for loan and lease losses during 2004.  In addition, during the fourth quarter of 2004, $6.8 million was reclassified from the allowance for loan and lease losses to other liabilities representing the estimate for losses related to unfunded commitments to extend credit.  The $3.4 million decrease in the allowance from the previous quarter was primarily due to net charge-offs.  The allowance for unfunded commitments at June 30, 2005 was $4.6 million, down from $4.9 million at March 31, 2005.

The ratio of the allowance for loan and lease losses to total loans was 1.65 percent at June 30, 2005, down slightly from 1.75 percent at March 31, 2005 and down from 2.16 percent at June 30, 2004.  If the allowance for unfunded commitments had been reclassified at June 30, 2004, the ratio of the allowance for loan and lease losses to total loans would have been 2.06 percent.

Credit exposure to the air transportation industry is summarized in Table 8.

Other Financial Highlights

Total assets were $10.06 billion at June 30, 2005, up from $9.91 billion at March 31, 2005 and up from $9.69 billion at June 30, 2004.  Total loans and leases were $6.15 billion at June 30, 2005, up from $6.02 billion at March 31, 2005 and up from $5.79 billion at June 30, 2004.  Commercial loans were $2.20 billion at June 30, 2005, up from $2.10 billion at March 31, 2005 and $2.02 billion at June 30, 2004 as commercial loan originations strengthened during the quarter and outpaced payoff activity.  Consumer loans were $3.95 billion at June 30, 2005, up from $3.91 billion at March 31, 2005 and $3.76 billion at June 30, 2004 primarily as a result of increases in home equity outstandings from successful loan promotions in a strong Hawaii residential real estate market.

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Total deposits at June 30, 2005 were $7.73 billion, slightly down from $7.76 billion at March 31, 2005 and up from $7.47 billion at June 30, 2004.  On a linked quarter basis, balances in interest-bearing checking accounts decreased, despite an increase in the number of accounts, mostly due to customers who transferred excess account balances to higher rate time deposits resulting in a growth in time deposits on a linked quarter and year-to-date comparison.

During the second quarter of 2005, Bank of Hawaii Corporation repurchased 1.3 million shares of common stock at a total cost of $60.8 million under its share repurchase program.  The average cost was $47.22 per share repurchased.  From the beginning of the share repurchase program in July 2001 through June 30, 2005, the Company has repurchased a total of 38.6 million shares and returned a total of $1.3 billion to the shareholders at an average cost of $32.67 per share.  From July 1, 2005 through July 22, 2005, the Company repurchased an additional 0.1 million shares of common stock at an average cost of $52.90 per share.  Remaining buyback authority under the share repurchase program was $85.1 million at July 22, 2005.

The Company’s capital and liquidity remain strong.  At June 30, 2005 the Tier 1 leverage ratio was 7.18 percent compared to 7.42 percent at March 31, 2005 and 7.16 percent at June 30, 2004.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.33 per share on the Company’s outstanding shares.  The dividend will be payable on September 15, 2005 to shareholders of record at the close of business on August 29, 2005.

Financial Outlook

Bank of Hawaii Corporation’s earnings estimate of approximately $176.0 million to $179.0 million in net income for the full year of 2005 remains unchanged.  The Company performs a quarterly analysis of credit quality to determine the adequacy of the reserve for credit losses.  The results of this analysis determine the timing and amount of the provision for loan and lease losses.  Earnings per share and return on equity projections continue to be dependent upon, among other things, the terms and timing of share repurchases.

Economy

Hawaii continued to experience record high tourism volumes, home prices and employment during the second quarter of 2005.  Unemployment declined to 2.7 percent in the quarter, job growth remained strong and Hawaii personal income growth was 6.0 percent (3.0 percent after adjusting for inflation).  Construction continued to grow during the second quarter of 2005, including private and military housing initiatives.

Conference Call Information

The Company will review its second quarter 2005 financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time).  The presentation 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 is 800-573-4842 in the United States or 617-224-4327 for international callers.  No confirmation code is required to access the call.  A replay will be available for one week beginning Monday, July 25, 2005 by calling 888-286-8010 in the United States or 617-801-6888 for international callers and entering the number 37453795 when prompted.  A replay of the presentation will also be available via the Investor Relations link of the Company’s web site.

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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.

Forward-Looking Statements

This news release, including the statements under the caption “Financial Outlook,” contains forward-looking statements concerning, among other things, the economic and business environment in our service area and elsewhere, credit quality, the expected level of loan and lease loss provisioning, anticipated net income and other financial and business matters in future periods.  Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons, including, but not limited to: 1) unanticipated changes in business and economic conditions, the competitive environment, fiscal and monetary policies, legislation in Hawaii and the other markets we serve, or the timing and interpretation of accounting standards; 2) changes in our credit quality or risk profile which may increase or decrease the required level of reserve for credit losses; 3) changes in market interest rates that may affect our credit markets and ability to maintain our net interest margin; 4) changes to the amount and timing of our proposed equity repurchases and repayment of maturing debt; 5) real or threatened acts of war or terrorist activity affecting business conditions; and 6) adverse weather and other natural conditions impacting our and our customers’ operations.  We do not undertake any obligation to update forward-looking statements to reflect later events or circumstances.

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¹          The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.

²          The efficiency ratio is defined as non-interest expense divided by total revenue (net interest income and non-interest income).

¹          Certain 2004 information has been reclassified to conform to 2005 presentation.