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 October 24, 2005, Bank of Hawaii Corporation announced its results of operations for the quarter ending September 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

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 2005 Financial Results

•      Diluted Earnings Per Share $0.85; Net Income $44.8 Million

•      Board of Directors Increases Dividend to $0.37 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 24, 2005) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.85 for the third quarter of 2005, an increase from diluted earnings per share of $0.78 in the third quarter of 2004 and a decrease from $0.87 in the second quarter of 2005.  Net income for the third quarter of 2005 was $44.8 million, up $1.8 million from net income of $43.1 million in the third quarter of 2004 and down $1.6 million from net income of $46.4 million in the second quarter of 2005.  Net income for the third quarter of 2005 included a provision for credit losses of $3.0 million ($1.9 million after tax or $0.04 per diluted share).

Return on average assets for the third quarter of 2005 was 1.74 percent, compared to 1.77 percent in the third quarter of 2004 and 1.87 percent in the second quarter of 2005.  Return on average equity was 24.61 percent for the third quarter of 2005, up from 23.42 percent in the same quarter last year and down from 25.98 percent in the previous quarter.

“We are pleased with Bank of Hawaii Corporation’s financial performance for the third quarter of 2005,” said Allan R. Landon, Chairman and CEO.  “We increased revenue, loans and deposits, and maintained reasonable expense levels.  Although we returned to provisioning for credit losses during the quarter, our credit quality and the Hawaii economy remain strong.”

For the nine months ended September 30, 2005, net income was $136.8 million, up $9.7 million or 7.6 percent from net income of $127.1 million for the same period last year.  Diluted earnings per share were $2.55 for the first nine months of 2005, an increase from $2.26 for the first nine months of 2004.  Year-to-date results for 2005 include the previously mentioned $3.0 million provision for credit losses compared to a return to income of $3.5 million in the same period last year resulting from the release of a portion of the allowance for loan and lease losses.

The return on average assets for the nine months ended September 30, 2005 was 1.83 percent, up from 1.74 percent for the same period in 2004.  The year-to-date return on average equity was 24.72 percent, up from 22.48 percent for the nine months ended September 30, 2004.

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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 2005 was $102.0 million, up $3.2 million from $98.8 million in the third quarter of 2004 and up $0.9 million from $101.1 million in the second quarter of 2005.  The increase in net interest income was largely due to growth in loans and higher average yields on the investment securities and loan portfolios.  Partially offsetting the positive increase in interest income was an increase in interest expense resulting from selective rate increases on interest-bearing deposits.  An analysis of the change in net interest income from the previous quarter is included in Table 6.

The net interest margin was 4.30 percent for the third quarter of 2005, a 9 basis point decrease from 4.39 percent in the prior year quarter and a 6 basis point decrease from 4.36 percent in the second quarter of 2005.  The decrease in the net interest margin compared to the previous quarter was largely due to a higher level of liquidity.  The decrease in the net interest margin compared to the same quarter last year was largely due to the effects of the flattening yield curve.

As previously mentioned, the Company recorded a provision for credit losses of $3.0 million in the third quarter of 2005.  Charge-offs during the quarter of $15.3 million included a $10.0 million write-off of a fully reserved aircraft lease and were partially offset by recoveries of $2.3 million. The Company did not recognize a provision for credit losses during the third quarter of 2004 or during the second quarter of 2005.

Non-interest income was $55.5 million for the third quarter of 2005, an increase of $2.5 million or 4.6 percent compared to non-interest income of $53.1 million in the third quarter of 2004.  Non-interest income in the third quarters of 2005 and 2004 included gains of $3.4 million and $5.2 million, respectively, on the sale of assets at the end of leveraged leases.  Excluding these items, non-interest income increased $4.3 million or 9.0 percent over the same quarter last year.  Non-interest income increased $4.8 million or 9.6 percent compared to $50.7 million in the second quarter of 2005.

Non-interest expense was $84.6 million in the third quarter of 2005, up $0.4 million or 0.5 percent from non-interest expense of $84.2 million in the same quarter last year and up $5.6 million or 7.1 percent from $79.0 million in the second quarter of 2005.  Included in the third quarter of 2005 were previously announced charges of $3.8 million for legal and other expenses related to the mutual fund business.  An analysis of salary and benefit expenses is included in Table 7.

The efficiency ratio for the third quarter of 2005 was 53.72 percent, an improvement from 55.45 percent in the same quarter last year and up from 52.07 percent in the previous quarter.

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

Overall asset quality remained strong and stable during the third quarter of 2005.  Non-performing assets were $8.3 million at the end of the third quarter of 2005, a decrease of $2.7 million, or 24.5 percent, compared to non-performing assets of $10.9 million at the end of the previous quarter and a decrease of $7.7 million, or 48.4 percent, compared to $16.0 million at the end of the same quarter last year.  At September 30, 2005 the ratio of non-performing assets to total loans, foreclosed real estate, and other investments was 0.13 percent compared with 0.18 percent at June 30, 2005 and 0.27 percent at September 30, 2004.

Non-accrual loans were $7.2 million at September 30, 2005, a reduction of $2.8 million, or 28.1 percent, from $9.9 million at June 30, 2005 and down $8.6 million, or 54.6 percent, from $15.8 million at September 30, 2004.  Non-accrual loans as a percentage of total loans were 0.12 percent at September 30, 2005, down from 0.16 percent at June 30, 2005 and from 0.27 percent at September 30, 2004.

Net charge-offs for the third quarter of 2005 were $13.0 million, or 0.84 percent (annualized) of total average loans, including the previously mentioned write-off of an aircraft lease.  Net charge-offs in the previous quarter were $3.7 million, or 0.25 percent (annualized) of total average loans.  In the third quarter of 2004, net charge-offs were $0.3 million, or 0.02 percent (annualized) of total average loans.  Net charge-offs for the first nine months of 2005 were $20.4 million, or 0.45 percent (annualized) of total average loans compared to $0.9 million or 0.02 percent (annualized) of total average loans in the same period last year.  Net charge-offs in the first nine months of 2004 included a $6.0 million recovery of a previously charged-off loan from the divested Asia business.

The allowance for loan and lease losses was $91.7 million at September 30, 2005, down from $101.6 million at June 30, 2005 and down from $124.7 million at September 30, 2004. The $9.9 million decrease in the allowance from the previous quarter was primarily due to net charge-offs.  The decrease from the previous year is largely due to net charges-offs, $6.5 million returned to income from releases of the allowance for loan and lease losses during 2004 and $6.8 million reclassified to other liabilities for potential losses related to unfunded commitments to extend credit.  The allowance for unfunded commitments was $4.5 million at September 30, 2005, down from $4.6 million at June 30, 2005.

The ratio of the allowance for loan and lease losses to total loans was 1.48 percent at September 30, 2005.  The decrease from the ratio of 1.65 percent at June 30, 2005 was largely due to the previously mentioned write-off of an aircraft lease.  The ratio of the allowance for loan and lease losses to total loans was 2.14 percent at September 30, 2004.  If the allowance for unfunded commitments had been reclassified at September 30, 2004, the ratio would have been 2.03 percent.

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

Other Financial Highlights

Total assets were $10.09 billion at September 30, 2005, up from $10.06 billion at June 30, 2005 and up from $9.59 billion at September 30, 2004.  Total loans and leases were $6.20 billion at September 30, 2005, up from $6.15 billion at June 30, 2005 and up from $5.82 billion at September 30, 2004.

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Commercial loan outstandings were $2.20 billion at September 30, 2005, essentially flat with June 30, 2005 and up from $2.02 billion at September 30, 2004.  Strong commercial loan originations and advances during the third quarter of 2005 were offset by payoff activity.  Consumer loan outstandings were $4.00 billion at September 30, 2005, up from $3.95 billion at June 30, 2005 and up from $3.79 billion at September 30, 2004.  Growth in residential mortgage and home equity lending continues to be supported by robust construction activity and the strong Hawaii housing market.

Total deposits at September 30, 2005 were $7.76 billion, up from $7.73 billion at June 30, 2005 and up from $7.41 billion at September 30, 2004.  Non-interest-bearing demand and savings accounts balances decreased during the quarter as customers shifted funds to higher rate interest-bearing accounts and time deposits.

During the third quarter of 2005, Bank of Hawaii Corporation repurchased 762.7 thousand shares of common stock at a total cost of $38.8 million under its share repurchase program.  The average cost was $50.85 per share repurchased.  From the beginning of the share repurchase program in July 2001 through September 30, 2005, the Company has repurchased a total of 39.4 million shares and returned $1.3 billion to the shareholders at an average cost of $33.03 per share.  From October 1, 2005 through October 21, 2005, the Company repurchased 75.0 thousand shares of common stock at an average cost of $48.66 per share.  Remaining buyback authority under the share repurchase program was $46.6 million at October 21, 2005.

The Company’s capital and liquidity remain strong.  At September 30, 2005 the Tier 1 leverage ratio was 6.98 percent compared to 7.14 percent at June 30, 2005 and 7.69 percent at September 30, 2004.

The Company’s Board of Directors declared a quarterly cash dividend of $0.37 per share on the Company’s outstanding shares.  The dividend will be payable on December 14, 2005 to shareholders of record at the close of business on November 30, 2005.

Financial Outlook

Bank of Hawaii Corporation currently estimates net income for the full year of 2005 will be approximately $179 million to $181 million.  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 credit losses.

Conference Call Information

The Company will review its third 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 866-700-7477 in the United States or 617-213-8840 for international callers.  No confirmation code is required to access the call.  A replay will be available for one week beginning Monday, October 24, 2005 by calling 888-286-8010 in the United States or 617-801-6888 for international callers and entering the number 43957291 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, and other statements made by the Company may contain, forward-looking statements concerning, among other things, the economic and business environment in our service area and elsewhere, growth in the lending portfolio, credit quality, 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, taxing authority interpretations, 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 that 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) unpredictable costs and other consequences of legal or regulatory matters involving the Company; 5) changes to the amount and timing of our proposed equity repurchases; 6) real or threatened acts of war or terrorist activity affecting business conditions; and 7) adverse weather, public health and other natural conditions impacting the Company and its customers’ operations.  We do not undertake an 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.