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 5.02.               Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On January 22, 2007, Richard C. Keene announced his intention to resign from his position as the Chief Financial Officer of Bank of Hawaii Corporation.  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 2.02.               Results of Operations and Financial Conditions.

On January 22, 2007 Bank of Hawaii Corporation announced its results of operations for the quarter ending December 31, 2006.  The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

Item 9.01.                                              Financial Statements and Exhibits

(d)                                 Exhibits

Exhibit No.

99.1                       January 22, 2007 Press Release

99.2                       January 22, 2007 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.

2

Exhibit 99.1

FOR IMMEDIATE RELEASE

Bank of Hawaii Announces Senior Management Changes

HONOLULU, HAWAII (Jan. 22, 2007) – Bank of Hawaii Corporation announced today that its Board of Directors has elected Mark A. Rossi Vice Chairman and Chief Administrative Officer and Corporate Secretary, effective Feb. 1, 2007.   He will be responsible for legal, human resources, security, government relations and corporate communications.  He will also serve on the bank’s Managing Committee.

Also announced was that Vice Chairman Donna Tanoue, who previously served as Chief Administrative Officer, will concentrate on client relations and community activities, areas of major emphasis under the bank’s new business plan.  Tanoue will continue in her role as a Vice Chairman and Director of the bank, member of the Managing Committee and President of Bank of Hawaii’s Charitable Foundation.

“The senior management appointments for Mark and Donna are part of our efforts to continually strengthen our management team and focus on building relationships, both critical elements of the bank’s business plan,” said Allan R. Landon, Chairman and CEO.  “Mark and Donna are well-versed in our industry and highly respected.  These changes positively position the bank to address the challenges and opportunities in our markets.  We look forward to their contributions.”

Rossi was previously President of Lane Powell in Seattle, Wash., a 180-attorney law firm with six offices in Washington, Oregon, Alaska and London.  His practice focused on banking, bankruptcy and creditor rights, commercial litigation and real estate.  Prior to that he was an officer for 13 years at First Interstate Bank, most recently as Senior Vice President and General Counsel for the northwest region.   He received his Juris Doctor from Willamette University College of Law in Salem, Ore., and his Bachelor of Arts degree from the University of Minnesota.

Prior to joining Bank of Hawaii in 2002, Tanoue was Chairman of the Federal Deposit Insurance Corporation (FDIC) in Washington, D.C.  She received her Juris Doctor from Georgetown University Law Center and Bachelor of Arts degree from the University of Hawaii.

- more -

130 Merchant Street  ·  PO Box 2900  ·  Honolulu HI 96846-6000  ·  Fax 808-537-8440  ·  Website www.boh.com

Bank of Hawaii Announces Senior Management Changes

Tanoue currently serves on the boards of Longs Drug Stores Corporation; Queen’s Health Systems; Kaneohe Ranch Company, Ltd.; Bishop Museum; Hawaii Preparatory Academy; The Contemporary Museum and the national board of the Public Broadcasting Service (PBS).

Both Rossi and Tanoue will report to Landon.  Also now reporting to Landon is Executive Vice President Cindy Wyrick, who assumes the new position of Board Secretary and continues as Director of Investor Relations.

The bank also announced that Richard Keene, Vice Chairman and Chief Financial Officer, intends to accept employment with another organization and will be leaving the bank later in the first quarter.  The bank has engaged a search firm to identify a successor.

Keene joined the bank in 2002 as Executive Vice President and Controller.  He was promoted to Chief Financial Officer in 2004.

The bank also announced that Vice Chairman Neal Hocklander completed his duties and returned to the mainland.  Hocklander joined the bank in 2000 as Executive Vice President and Director of Human Resources.

“I’d like to thank Rick and Neal for their contributions over the past several years,” said Landon.  “Both have been important members of our senior management team and helped guide us through several significant and challenging initiatives.  They have done a great job and we wish them much happiness and success in their future endeavors.”

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, visit the company’s website: www.boh.com.

# # #

2

Exhibit 99.2

Bank of Hawaii Corporation 2006 Financial Results

·           Diluted Earnings Per Share Increases to $3.52

·           Board of Directors Declares Dividend of $0.41 Per Share

·           Company Releases Future Business Plan

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 22, 2007) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share for 2006 of $3.52 up $0.11 from diluted earnings per share of $3.41 in 2005.  Net income for the year was $180.4 million, down $1.2 million from net income of $181.6 million in the previous year.  The return on average assets in 2006 was 1.76 percent, down from 1.81 percent in 2005.  The return on average equity for the year was 25.90 percent, up from 24.83 percent in 2005.

Diluted earnings per share for the fourth quarter of 2006 was $1.01, up $0.15 or 17.4 percent from $0.86 per diluted share for the same quarter last year and up $0.09 or 9.8 percent from the previous quarter.  Net income in the fourth quarter of 2006 was $50.9 million, up $6.1 million or 13.7 percent from net income of $44.8 million in the fourth quarter last year and up $4.0 million or 8.5 percent from net income of $46.9 million in the third quarter of 2006.  The return on average assets for the fourth quarter of 2006 was 1.94 percent, up from 1.76 percent in the fourth quarter of 2005 and up from 1.81 percent in the previous quarter.  The return on average equity was 28.56 percent during the fourth quarter of 2006, up from 25.19 percent in the same quarter last year and up from 27.09 percent in the third quarter of 2006.

“Bank of Hawaii Corporation had good financial performance during the fourth quarter of 2006,” said Allan R. Landon, Chairman and CEO.  ”Loan growth and asset quality continued to be strong, our net interest margin held up rather well in spite of the challenging interest rate environment.  During 2006, we increased the number of our deposit accounts, and balances were up at year-end.  These results represent the completion of our 2004 - 2006 Strategic Plan.  We are pleased that Bank of Hawaii met its key goals.  As we enter 2007 and begin to execute our next plan, the Hawaii economy appears strong and we believe our company is well positioned to continue building on its many successes.”

- more -

130 Merchant Street  ·  PO Box 2900  ·  Honolulu HI 96846-6000  ·  Fax 808-537-8440  ·  Website www.boh.com

Bank of Hawaii Corporation 2006 Financial Results

Financial Highlights

Net interest income, on a taxable equivalent basis, for the fourth quarter of 2006 was $100.4 million, down $3.2 million from net interest income of $103.6 million in the fourth quarter of 2005 and down $0.1 million from net interest income of $100.5 million in the third quarter of 2006.  Net interest income, on a taxable equivalent basis, for the full year of 2006 was $403.3 million, down $4.2 million from $407.5 million in 2005.  Analyses of changes in net interest income for the full year are included in Table 6.

The net interest margin was 4.15 percent for the fourth quarter of 2006, a 28 basis point decrease from 4.43 percent in the fourth quarter of 2005 and a 5 basis point decrease from 4.20 percent in the third quarter of 2006.  The net interest margin for the full year of 2006 was 4.25 percent, a 13 basis point decrease from 4.38 percent in 2005.  The decrease was primarily due to the effect of the inverted yield curve in the second half of 2006 and shifts in the funding mix.

Results for the fourth quarter of 2006 included a provision for credit losses of $3.1 million compared to $1.6 million in the fourth quarter of 2005 and $2.8 million in the third quarter of 2006.  The provision for credit losses for the full year of 2006 was $10.8 million compared to $4.6 million in 2005.

Noninterest income was $53.5 million for the fourth quarter of 2006, an increase of $2.7 million or 5.3 percent compared to noninterest income of $50.8 million in the fourth quarter of 2005 and down $3.4 million or 5.9 percent compared to noninterest income of $56.9 million in the third quarter of 2006. The decrease compared to the previous quarter was largely due to a seasonal reduction in insurance commissions.  Noninterest income for the full year of 2006 was $216.2 million, up $6.9 million or 3.3 percent from noninterest income of $209.3 million in 2005.

Noninterest expense was $81.6 million in the fourth quarter of 2006, down $1.6 million or 1.9 percent from noninterest expense of $83.2 million in the same quarter last year and up $1.8 million or 2.2 percent from $79.8 million in the previous quarter.  Results for the fourth quarter of 2006 included contributions of $1.5 million to the Bank of Hawaii Charitable Foundation.  Fourth quarter noninterest expense also includes an accrual of $1.5 million for bonuses to some employees not participating in other incentive programs due to the successful completion of the 2004 – 2006 Strategic Plan.  An analysis of salary and benefit expenses is included in Table 7.  Noninterest expense for the full year of 2006 was $321.0 million, down $6.7 million or 2.0 percent from noninterest expense of $327.6 million in 2005.

The efficiency ratio for the fourth quarter of 2006 was 53.08 percent, down from 53.92 percent in the same quarter last year and up from 50.75 percent in the previous quarter. The efficiency ratio for the full year of 2006 was 51.87 percent, an improvement from 53.15 percent during the full year of 2005.

The effective tax rate for the fourth quarter of 2006 was 26.19 percent compared to 35.57 percent during the same quarter last year and 37.14 percent in the previous quarter.  The lower rate in the fourth quarter of 2006 was primarily due to accrual adjustments for tax matters that were resolved in the fourth quarter.  The effective tax rate for the full year of 2006 was 37.17 percent compared to 36.11 percent during 2005.  The increase from prior year was due to the second quarter 2006 tax charge related to a change in tax legislation.

2

Bank of Hawaii Corporation 2006 Financial Results

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.

Asset Quality

Asset quality remained strong throughout 2006.  Non-performing assets were $6.4 million at the end of the fourth quarter of 2006, down $0.1 million, compared to $6.5 million at the end of the same quarter last year and up $1.0 million, compared to $5.4 million at the end of the previous quarter.  The ratio of non-performing assets to total loans, foreclosed real estate, and other investments at December 31, 2006 was 0.10 percent, down from 0.11 percent at December 31, 2005 and up from 0.08 percent at September 30, 2006.

Non-accrual loans and leases were $5.9 million at December 31, 2006, up $0.1 million from $5.8 million at December 31, 2005 and up $1.0 million from $5.0 million at September 30, 2006.  Non-accrual loans and leases as a percentage of total loans and leases at December 31, 2006 were 0.09 percent, unchanged from December 31, 2005 and up slightly from 0.08 percent at September 30, 2006.  Additional information on non-performing assets is included in Table 9.

Net charge-offs during the fourth quarter of 2006 were $3.1 million or 0.19 percent annualized of total average loans and leases compared to $1.6 million or 0.10 percent annualized of total average loans and leases in the fourth quarter last year and $2.8 million or 0.17 percent annualized of total average loans and leases in the previous quarter.  Net charge-offs for the full year of 2006 were $10.8 million, or 0.17 percent of total average loans, a decrease of $11.3 million, or 51.1 percent from net charge-offs of $22.0 million, or 0.36 percent of total average loans in 2005.  Net charge-offs in 2005 included a $10.0 million write-off of a fully reserved aircraft lease.

The allowance for loan and lease losses was $91.0 million at December 31, 2006, down $0.1 million from $91.1 million at December 31, 2005 and up $0.2 million from $90.8 million at September 30, 2006.  The ratio of the allowance for loan and lease losses to total loans was 1.37 percent at December 31, 2006, down from 1.48 percent at December 31, 2005 and down from 1.40 percent at September 30, 2006.  The reserve for unfunded commitments at December 31, 2006 was $5.2 million, up from $5.1 million at December 31, 2005 and down from $5.4 million at September 30, 2006.  Details of charge-offs, recoveries and the components of the total reserve for credit losses are summarized in Table 10.

Loan and lease portfolio balances, including credit exposure to the air transportation industry are summarized in Table 8.

Other Financial Highlights

Total assets were $10.57 billion at December 31, 2006, up $385 million from $10.19 billion at December 31, 2005 and up $201 million from $10.37 billion at September 30, 2006.  Total loans and leases were $6.62 billion at December 31, 2006, up $455 million from $6.17 billion at December 31, 2005 and up $134 million from $6.49 billion at September 30, 2006.

3

Bank of Hawaii Corporation 2006 Financial Results

Total commercial loans were $2.46 billion at December 31, 2006, up $362 million from $2.10 billion at December 31, 2005 and up $105 million from $2.36 billion at September 30, 2006. Total consumer loans were $4.16 billion at December 31, 2006, up $93 million from $4.07 billion at December 31, 2005 and up $29 million from $4.13 billion at September 30, 2006.

Total deposits at December 31, 2006 were $8.02 billion, up $116 million from $7.91 billion at December 31, 2005 and up $336 million from $7.69 billion at September 30, 2006.  Average total deposits were $7.72 billion during the fourth quarter of 2006, down $74 million from the fourth quarter last year and down $10 million from $7.73 billion during the previous quarter.

During the fourth quarter of 2006, the Company repurchased 337.5 thousand shares of common stock at a total cost of $17.1 million under its share repurchase program.  The average cost was $50.71 per share repurchased.  From the beginning of the share repurchase program in July 2001 through December 31, 2006, the Company repurchased a total of 42.5 million shares and returned nearly $1.5 billion to shareholders at an average cost of $34.35 per share.  From January 1, 2006 through January 19, 2007, the Company repurchased an additional 75.0 thousand shares of common stock at an average cost of $53.17 per share.  Remaining buyback authority under the share repurchase program was $87.4 million at January 19, 2007.

At December 31, 2006 the Tier 1 leverage ratio was 7.13 percent compared to 7.14 percent at December 31, 2005 and 6.90 percent at September 30, 2006.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.41 per share on the Company’s outstanding shares.  The dividend will be payable on March 14, 2007 to shareholders of record at the close of business on February 28, 2007.

Economic Update

At the end of 2006, the Hawaii economy was generally in strong condition.  Inflation moderated in the second half of 2006 due to lower energy prices and stable home prices.  Looking forward to 2007, most economic indicators will show modest improvements as capacity constraints affecting tourism and the workforce will limit economic growth.  Personal income growth should improve slightly, although inflation is expected to exceed national levels.  Housing prices are expected to remain stable as new home building slows.  Commercial real estate demand is expected to remain strong.

Business Outlook

In 2001, the Company announced a three-year plan designed to refocus on maximizing shareholder value over time, which continues to be our governing objective.  That plan was successfully completed in 2003.  A new three-year plan for 2004 – 2006 was announced in 2004 which continued to build on the winning strategy of the previous plan.  The key elements were to accelerate revenue growth, better integrate business segments, develop the management team, improve efficiency, and maintain a discipline of dependable risk and capital management.  The 2004 – 2006 Plan was successfully completed in 2006.

The Company’s Plan for 2007 and beyond builds on the themes that were prominent in the 2004 – 2006 Plan.  The 2007+ Plan emphasizes growth in revenues, integration of service

4

Bank of Hawaii Corporation 2006 Financial Results

delivery and business units, development of people, enhancement of the Bank of Hawaii brand, and discipline in managing risk and financial performance.  The 2007+ Plan does not contemplate expansion beyond the Company’s current footprint.

“Given the solid performance of Bank of Hawaii in the last two years, we anticipate that our shareholders expect a plan that emphasizes consistency”, said Mr. Landon.  “Our 2007+ Plan was prepared by a team of fifteen of the Company’s best leaders.  Our planning team evaluated a full range of strategic alternatives and developed a solid plan.”

The 2007+ Plan is based on moderate growth in revenue and consistent positive operating leverage.  The 2007+ Plan is based on forecasts of a “flat” yield curve continuing well into 2007.  Anticipated operating results include an annual return on assets above 1.7 percent, a return on equity above 25 percent, and an efficiency ratio approaching 50 percent, based on a stable economy and a return to a more traditional interest rate environment.  The 2007+ Plan contemplates some increase in loan losses.  The Company does not expect to provide specific earnings expectations in the future.  The 2007+ Plan will be reevaluated periodically and updated as market events dictate.

Conference Call Information

The Company will review its 2006 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time).  The 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 866-713-8307.  International participants should call 617-597-5307.  No passcode is required.  A replay of the conference call will be available for one week beginning Monday, January 22, 2007 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the number 46131311 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 contains, and other statements made by the Company in connection with this earnings release may contain, forward-looking statements concerning, among other things, the Company’s business outlook, the economic and business environment in our service areas and elsewhere, credit quality 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) general economic conditions are less favorable than expected; 2) competitive pressure among financial services and products; 3) the impact of legislation and the regulatory environment; 4) fiscal and monetary policies of the markets in which the Company serves; 5) changes in accounting standards; 6) changes in tax laws or regulations or the interpretation of such laws and regulations; 7) changes in the Company’s credit quality or risk profile that may increase or decrease the required level of reserve for credit losses; 8) changes in market interest rates that may affect the Company’s credit markets and ability to maintain its net interest margin; 9) unpredictable costs and other consequences of legal or regulatory matters; 10) changes to the amount and timing of proposed equity repurchases; and 11) geopolitical risk, military or terrorist activity, natural disaster, adverse weather, public health and other conditions impacting the Company and its customers’ operations.

5

Bank of Hawaii Corporation 2006 Financial Results

For further discussion of these and other risks and uncertainties that could cause actual results to differ materially from such forward-looking statements, please refer to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2005, and subsequent periodic and current reports, filed with the U.S. Securities and Exchange Commission.  Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not exclusive means of identifying such statements.  The Company does not undertake an obligation 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.

# # # #

6

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

(2)          Third quarter 2006 basic and diluted EPS was corrected from $0.95 and $0.93, respectively.

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

(4)          The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).

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

(1) Third quarter 2006 basic and diluted EPS was corrected from $0.95 and $0.93, respectively.  In addition, basic and diluted weighted average shares was corrected from 49,586,947 and 50,506,267, respectively.