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 January 23, 2006, Bank of Hawaii Corporation announced its results of operations for the quarter ending December 31, 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

Exhibit No.

99.1         January 23, 2006 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: 808-537-8580

Pager: 877-849-5423

E-mail: skiguchi@boh.com

Investor/Analyst Inquiries

Cindy Wyrick

Telephone: 808-537-8430

Email: cwyrick@boh.com

Bank of Hawaii Corporation 2005 Financial Results

•                  2005 Diluted Earnings Per Share $3.41, Up 10.7% From 2004

•                  2005 Net Income $181.6 Million, Up 4.7% From 2004

•                  Board of Directors Increases Share Repurchase Authorization $100 Million

•                  Board of Directors Declares Dividend of $0.37 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 23, 2006)—Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share for 2005 of $3.41, up $0.33 or 10.7 percent from diluted earnings per share of $3.08 in 2004. Net income for the year was $181.6 million, up $8.2 million or 4.7 percent from $173.3 million in the previous year. The return on average assets in 2005 was 1.81 percent, up from 1.78 percent in 2004. The return on average equity for the year was 24.83 percent, up from 22.78 percent in 2004.

“We are pleased with our financial performance in 2005 and the continued momentum of our bank,” said Allan R. Landon, Chairman and CEO. “These results would not have been possible without the strong customer focus and dedication of our exceptional employees. The Hawaii economy remains solid and we are on track to surpass the goals of our 2004 – 2006 plan.”

Diluted earnings per share for the fourth quarter of 2005 were $0.86, up $0.04 or 4.9 percent from $0.82 per diluted share for the same period last year. Net income in the fourth quarter of 2005 was $44.8 million, down $1.5 million or 3.2 percent from net income of $46.2 million in the fourth quarter last year. Results for the fourth quarter of 2004 included a return to income of $6.5 million before tax ($4.1 million after tax or $0.07 per diluted share), resulting from a release of reserves for loan and lease losses. The return on average assets for the fourth quarter of 2005 was 1.76 percent, down from 1.89 percent in the fourth quarter of 2004. The return on average equity was 25.19 percent for the quarter, up from 23.63 percent in the same quarter last year.

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Financial Highlights

Net interest income, on a taxable equivalent basis, for the fourth quarter of 2005 was $103.5 million, up $3.5 million from $100.0 million in the fourth quarter last year and up $1.5 million from $102.0 million in the third quarter of 2005. The increase in net interest income compared to the same quarter last year was largely due to an increase in the yield in average earning assets partially offset by a rise in deposit rates as a result of short term rate increases. An analysis of the change in net interest income for the full year of 2005 is included in Table 6.

The net interest margin was 4.42 percent for the fourth quarter of 2005, a 2 basis point increase from 4.40 percent in the fourth quarter of 2004 and a 12 basis point increase from 4.30 percent in the previous quarter. The net interest margin for the full year of 2005 was 4.37 percent, a 5 basis point increase from 4.32 percent in 2004.

Net income for the fourth quarter of 2005 included a provision for credit losses of $1.6 million. As previously mentioned, the Company returned to income $6.5 million of the allowance for loan and lease losses during the fourth quarter of 2004. Net income for the third quarter of 2005 included a provision for credit losses of $3.0 million.

Non-interest income was $50.8 million for the fourth quarter, an increase of $2.5 million or 5.1 percent compared to non-interest income of $48.4 million in the same quarter last year and a decrease of $4.7 million or 8.5 percent compared to non-interest income of $55.5 million in the third quarter of 2005. Non-interest income in the third quarter of 2005 included a gain of $3.4 million on the sale of assets at the end of a leveraged lease transaction.

Non-interest expense was $83.2 million in the fourth quarter of 2005, up $1.1 million or 1.3 percent from $82.1 million in the fourth quarter of 2004 and down $1.4 million or 1.7 percent from $84.6 million in the previous quarter. An analysis of salaries and benefit expenses is included in Table 7.

The efficiency ratio for the fourth quarter of 2005 was 53.92 percent, an improvement from 55.37 percent in the same quarter last year and essentially flat with the efficiency ratio of 53.72 in the previous quarter. The efficiency ratio for the full year of 2005 was 53.15 percent compared to 56.14 percent for 2004.

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. Previously reported results have been reclassified to conform to the current organizational reporting structure. Business segment performance details are summarized in Tables 11a and 11b.

Asset Quality

Non-performing assets declined to $6.5 million at December 31, 2005, a decrease of $7.4 million, or 53.3 percent, compared to non-performing assets of $13.9 million at December 31, 2004 and a decrease of $1.8 million, or 21.5 percent, compared to $8.3 million at September 30, 2005. At December 31, 2005 the ratio of non-performing assets to total loans and leases, foreclosed real estate, and other investments was 0.11 percent compared with 0.23 percent at December 31, 2004 and 0.13 percent at September 30, 2005.

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Non-accrual loans and leases were $5.8 million at December 31, 2005, a reduction of $7.8 million, or 57.4 percent, compared to non-accrual loans and leases of $13.7 million at December 31, 2004 and down $1.3 million, or 18.7 percent, compared to $7.2 million at September 30, 2005. Non-accrual loans and leases as a percentage of total loans and leases were 0.09 percent at December 31, 2005, down from 0.23 percent at December 31, 2004 and from 0.12 percent at September 30, 2005.

Net charge-offs for the fourth quarter of 2005 were $1.6 million, or 0.10 percent (annualized) of total average loans and leases. In the fourth quarter of 2004, net charge-offs were $4.6 million, or 0.31 percent (annualized) of total average loans and leases. Net charge-offs in the previous quarter were $13.0 million, or 0.84 percent (annualized) of total average loans and included a $10.0 million write-off of a fully reserved aircraft lease. Net charge-offs for the full year of 2005 were $22.0 million, or 0.36 percent of total average loans compared to $5.5 million or 0.09 percent of total average loans for the prior year. Net charge-offs in 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 $91.1 million at December 31, 2005, down from $106.8 million at December 31, 2004 and down slightly from $91.7 million at September 30, 2005. The reserve for unfunded commitments was $5.1 million at December 31, 2005, down from $6.8 million at December 31, 2004 and up from $4.5 million at September 30, 2005. The ratio of the allowance for loan and lease losses to total loans was 1.48 percent at December 31, 2005, down from 1.78 percent at December 31, 2004 and unchanged from September 30, 2005. The decrease in the ratio from the previous year was largely due to the previously mentioned write-off of an aircraft lease.

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

Other Financial Highlights

Total assets were $10.19 billion at December 31, 2005, up $421 million from $9.77 billion at December 31, 2004 and up $102 million from $10.09 billion at September 30, 2005. Total loans and leases were $6.17 billion at December 31, 2005, up $182 million from $5.99 billion at December 31, 2004 and down $34 million from $6.20 billion at September 30, 2005.

Total commercial loans were $2.10 billion at December 31, 2005, down $11 million compared to $2.11 billion at December 31, 2004 and down $87 million from $2.19 billion at September 30, 2005. Total consumer loans were $4.07 billion at December 31, 2005, up $192 million compared to $3.88 billion at December 31, 2004 and up $53 million compared to $4.01 billion at September 30, 2005.

Total deposits at December 31, 2005 were $7.91 billion, up $343 million from total deposits of $7.56 billion at December 31, 2004 and up $151 million from total deposits of $7.76 billion at September 30, 2005. Non-interest bearing demand deposits were $2.13 billion at December 31, 2005, up $157 million compared to $1.98 billion at December 31, 2004 and up $244 million compared to $1.89 billion at September 30, 2005.

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During the fourth quarter of 2005, Bank of Hawaii Corporation repurchased 0.6 million shares of common stock at a total cost of $32.3 million under its share repurchase program. The average cost was $51.20 per share repurchased during the quarter. From the beginning of the share repurchase program in July 2001 through December 31, 2005, the Company repurchased a total of 40.0 million shares and returned over $1.33 billion to the shareholders at an average cost of $33.31 per share.

The Company’s Board of Directors has increased the authorization under the share repurchase program by an additional $100 million of common stock. This new authorization, combined with the previously announced authorizations of $1.35 billion, brings the total repurchase authority to $1.45 billion. From January 1, 2006 through January 20, 2006, the Company repurchased an additional 65.0 thousand shares of common stock at an average cost of $52.54 per share. Remaining buyback authority under the share repurchase program was $114.6 million at January 20, 2006.

The Company’s capital and liquidity remain strong. At December 31, 2005 the Tier 1 leverage ratio was 7.14 percent compared to 6.98 percent at September 30, 2005 and 8.29 percent at December 31, 2004.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.37 per share on the Company’s outstanding shares. The dividend will be payable on March 14, 2006 to shareholders of record at the close of business on February 28, 2006.

Financial Outlook

Bank of Hawaii Corporation currently estimates that its net income for 2006 will be approximately $187 million, which exceeds its previous guidance by $9 million. Net income estimates for 2006 include a $17 million provision for credit losses.  An analysis of credit quality is performed quarterly 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 fourth quarter 2005 financial results today at 8:00 a.m. Hawaii Time (1:00 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 866-203-3206 in the United States or 617-213-8848 for international callers. No confirmation code is required to access the call. A replay will be available for one week beginning Monday, January 23, 2006 by calling 888-286-8010 in the United States or 617-801-6888 for international callers and entering the number 41805438 when prompted. A replay of the presentation will also be available via the Investor Relations link of the Company’s web site.

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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Forward-Looking Statements

This news release 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, 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 proposed 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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Bank of Hawaii Corporation and Subsidiaries

Highlights (Unaudited)

Table 1

(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).

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

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Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Income (Unaudited)

Table 2

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Condition (Unaudited)

Table 3

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Shareholders’ Equity (Unaudited)

Table 4

Bank of Hawaii Corporation and Subsidiaries

Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited)

Table 5a