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

Date of Report

(Date of earliest event reported)                                                                       October 22, 2007

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 October 22, 2007 Bank of Hawaii Corporation announced its results of operations for the quarter ending September 30, 2007. 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.

(d)  Exhibits

Exhibit Number

99.1                           October 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

Bank of Hawaii Corporation Third Quarter 2007 Financial Results

•                    Net Income $47.8 Million or $0.96 Per Diluted Share

•                    Board of Directors Raise Dividend to $0.44 Per Share

•                    Board of Directors Increase Repurchase Authorization by $100 Million

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 22, 2007) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.96 for the third quarter of 2007, up from $0.92 in the third quarter of 2006 and up from $0.95 in the second quarter of 2007. Net income for the third quarter of 2007 was $47.8 million, an increase of $0.9 million, or 1.8 percent from net income of $46.9 million in the third quarter of 2006 and up slightly from net income of $47.7 million in the second quarter of 2007.

The return on average assets for the third quarter of 2007 was 1.79 percent compared with 1.81 percent in the third quarter of 2006 and 1.84 percent in the second quarter of 2007. The return on average equity was 26.02 percent for the third quarter of 2007 compared with 27.09 percent in the third quarter last year and 26.30 percent in the previous quarter.

“The third quarter of 2007 reflects another quarter of solid financial performance for Bank of Hawaii Corporation,” said Allan R. Landon, Chairman and CEO.   “Our bank has performed well during this period of market turbulence. Bank of Hawaii remains well positioned to deliver superior results, even as growth becomes more challenging.”

For the nine months ended September 30, 2007, net income was $142.8 million, up $13.4 million or 10.3 percent compared to net income of $129.4 million for the same period last year. Diluted earnings per share were $2.86 for the nine-month period in 2007, up from diluted earnings per share of $2.52 for the nine-month period in 2006. The year-to-date return on average assets was 1.82 percent, up from 1.70 percent for the same period in 2006. The year-to-date return on average equity was 26.43 percent, up from 24.99 percent for the nine months ended September 30, 2006.

- more -

Bank of Hawaii Corporation Third Quarter 2007 Financial Results

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2007 was $98.8 million, down $1.7 million from net interest income of $100.5 million in the third quarter of 2006 and down $0.3 million compared to net interest income of $99.1 million in the second quarter of 2007. For the nine-month period ended September 30, 2007, net interest income was $296.3 million compared to $302.9 million for the same period in 2006. Analyses of the changes in net interest income are included in Tables 6a and 6b.

The net interest margin was 4.03 percent for the third quarter of 2007, a 17 basis point decrease from 4.20 percent in the third quarter of 2006 and a 9 basis point decrease from 4.12 percent in the second quarter of 2007.  For the nine months ended September 30, 2007, the net interest margin was 4.07 percent compared to 4.29 percent for the same nine months in 2006.

Results for the third quarter of 2007 included a provision for credit losses of $4.1 million compared to $2.8 million in the third quarter of 2006 and $3.4 million in the second quarter of 2007. For the nine months ended September 30, 2007, the provision for credit losses was $10.1 million compared to $7.6 million for the same nine months in 2006.

Noninterest income was $61.2 million for the third quarter of 2007, an increase of $4.4 million or 7.7 percent compared to $56.9 million in the third quarter of 2006 and up $3.2 million or 5.5 percent compared to $58.0 million in the second quarter of 2007. The increase compared to the previous year included improvements in trust and asset management fees, mortgage banking, service charges on deposits, and insurance.

Noninterest expense was $81.5 million in the third quarter of 2007, up $1.6 million or 2.1 percent from $79.8 million in the third quarter last year and up $1.6 million or 2.0 percent from the prior quarter. The efficiency ratio for the third quarter of 2007 was 50.97 percent compared with 50.75 percent in the same quarter last year and 50.88 percent in the previous quarter. For the nine months ended September 30, 2007, the efficiency ratio was 51.16 percent compared to 51.47 percent for the same period in 2006.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury. Results are determined by the Company’s internal financial management reporting processes and organizational structure. Selected financial information for the business segments is included in Tables 11a and 11b.

Asset Quality

The Company’s overall asset quality continued to remain strong and stable throughout the third quarter of 2007. Non-performing assets were $4.3 million at the end of the third quarter of 2007, down $1.2 million compared to $5.4 million at the end of the same quarter last year and down $2.1 million, compared to $6.3 million at the end of the previous quarter. At September 30, 2007, the ratio of non-performing assets to total loans and leases, foreclosed real estate, and other investments was 0.06 percent, down from 0.08 percent at September 30, 2006 and down from 0.10 percent at June 30, 2007.

Non-accrual loans and leases were $4.2 million at September 30, 2007, down from $5.0 million at September 30, 2006 and down from $6.3 million at June 30, 2007. Non-accrual loans and leases as a percentage of total loans and leases at September 30, 2007 were 0.06 percent, compared to 0.08 percent at September 30, 2006 and 0.10 percent at June 30, 2007.

- more -

2

Bank of Hawaii Corporation Third Quarter 2007 Financial Results

Commercial nonperforming assets decreased to 0.007 percent of outstandings this quarter. The weighted average credit score for the largest consumer portfolio, residential mortgages, is 755 and 94% of the portfolio has a loan-to-value ratio of 80% or less. Delinquency rates in the mortgage portfolio are nominal. The second largest consumer portfolio, home equity, also reflects very strong quality with a weighted average credit score of 748 and an annualized loss rate of 0.08 percent.

Net charge-offs for the third quarter of 2007 were $4.1 million, or 0.25 percent annualized of total average loans and leases compared with net charge-offs of $2.8 million, or 0.17 percent annualized of total average loans and leases for the third quarter of 2006 and net charge-offs in the second quarter of 2007 of $3.4 million, or 0.21 percent annualized of total average loans and leases. Net charge-offs for the nine months ended September 30, 2007 were $10.1 million, or 0.21 percent annualized of total average loans and leases compared to $7.6 million, or 0.16 percent annualized of total average loans and leases for the same period last year. Details of the reserve for credit losses are summarized in Table 10.

The allowance for loan and lease losses was $91.0 million at September 30, 2007, up slightly from $90.8 million at September 30, 2006 and unchanged from June 30, 2007. The ratio of the allowance for loan and lease losses to total loans and leases was 1.38 percent at September 30, 2007, down slightly from 1.40 percent at September 30, 2006 and 1.39 percent at June 30, 2007.  The reserve for unfunded commitments at September 30, 2007 was $5.2 million, down from $5.4 million at September 30, 2006 and unchanged from June 30, 2007.

Other Financial Highlights

Total assets were $10.55 billion at September 30, 2007, up from $10.37 billion at September 30, 2006 and down from $10.72 billion at June 30, 2007. The decrease compared with the previous quarter is largely due to a reduction in funds sold and interest-bearing deposits. Total investment securities were $2.99 billion at September 30, 2007 and included $322.9 million in non-agency mortgage-backed securities. The non-agency securities all remain AAA-rated jumbo prime paper with an average original loan-to-value of 65 percent and were originated between 2003 and mid-2005. The market value at September 30, 2007 was $314.9 million. The non-agency holdings do not contain sub-prime or Alt-A collateral.

Total loans and leases were $6.60 billion at September 30, 2007, up from $6.49 billion at September 30, 2006 and up from $6.57 billion at June 30, 2007. Commercial loans increased to $2.43 billion at September 30, 2007, compared with $2.36 billion at September 30, 2006 and were essentially unchanged from June 30, 2007.  Consumer loans increased to $4.17 billion at September 30, 2007 compared with $4.13 billion at September 30, 2006 and $4.14 billion at June 30, 2007.

Total deposits at September 30, 2007 were $7.88 billion, up from $7.69 billion at September 30, 2006 and down from $8.31 billion at June 30, 2007.  The decrease in deposits compared to June 30, 2007 is largely due to short-term commercial deposits and public funds received near the end of the second quarter. Average total deposits during the third quarter of 2007 were $8.02 billion, up from $7.73 billion during the same quarter last year and up from $7.81 billion during the second quarter of 2007.

- more -

3

Bank of Hawaii Corporation Third Quarter 2007 Financial Results

During the third quarter of 2007, the Company repurchased 550.0 thousand shares of common stock at a total cost of $27.8 million under its share repurchase program. The average cost was $50.58 per share repurchased. From the beginning of the share repurchase program in July 2001 through September 30, 2007, the Company has repurchased 43.8 million shares and returned over $1.5 billion to shareholders at an average cost of $34.87 per share.

The Company’s Board of Directors has increased the authorization under the share repurchase program by an additional $100 million. This new authorization, combined with the previously announced authorizations of $1.55 billion, brings the total repurchase authority to $1.65 billion. From October 1, 2007 through October 19, 2007, the Company repurchased an additional 82.1 thousand shares of common stock at an average cost of $52.12 per share. Remaining buyback authority under the share repurchase program was $120.1 million at October 19, 2007.

At September 30, 2007, the Tier 1 leverage ratio was 6.95 percent compared to 6.90 percent at September 30, 2006 and 7.02 percent at June 30, 2007.

The Company’s Board of Directors has declared an increase in the quarterly cash dividend to $0.44 per share on the Company’s outstanding shares. The dividend will be payable on December 14, 2007 to shareholders of record at the close of business on November 30, 2007.

Conference Call Information

The Company will review its third quarter 2007 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 866-271-5140 if calling within the United States or 617-213-8893 for international callers. No pass code number is required. A replay will be available for one week beginning Monday, October 22, 2007 by calling 888-286-8010 in the United States or 617-801-6888 internationally. Please enter the number 71861112 when prompted. A replay of the presentation will also be available via the Investor Relations link of 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, 2006, which was filed with the U.S. Securities and Exchange Commission.  We do not promise to update forward-looking statements to reflect later events or circumstances.

Bank of Hawaii Corporation is a bank holding company providing a broad range of financial products and services to customers in Hawaii and the Pacific Islands (Guam, nearby islands and American Samoa). 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.

# # # #

4