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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) January 27, 2003

BANK OF HAWAII CORPORATION
(Exact name of registrant as specified in its charter)

Delaware (State of Incorporation)		1-6887 (Commission File Number)		99-0148992 (IRS Employer Identification No.)
130 Merchant Street, Honolulu, Hawaii (Address of principal executive offices)				96813 (Zip Code)

(Registrant's telephone number, including area code) (808) 537-8430

Item 5. Other Events

(a): Exhibit 99.1

Press Release: Bank of Hawaii Corporation 2002 Financial Results

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 thereunto duly authorized.

Date: January 27, 2003		BANK OF HAWAII CORPORATION
		/s/ MICHAEL E. O'NEILL Michael E. O'Neill Chairman, Chief Executive Officer and President

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Item 5. Other Events

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EXHIBIT 99.1

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

BANK OF HAWAII CORPORATION

EXHIBIT TO CURRENT REPORT ON
FORM 8-K DATED January 27, 2003

Commission File Number 1-6887

[LETTERHEAD]

Bank of Hawaii Corporation 2002 Financial Results

•: 2002 Net Income $121.2 Million, Up 3% From 2001
•: 2002 Diluted Earnings Per Share Increase to $1.70, Up 16% From 2001
•: Board of Directors Declares Dividend of $0.19 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 27, 2003)—Bank of Hawaii Corporation (NYSE:BOH) today reported diluted earnings per share for 2002 of $1.70, compared to diluted earnings per share of $1.46 in 2001. Net income for the year was $121.2 million, up $3.4 million from $117.8 million reported in the previous year. The return on average assets in 2002 was 1.22 percent, up 31.2 percent compared to 0.93 percent in 2001. The return on average equity was 10.24 percent, an increase of 16.9 percent from 8.76 percent in 2001.

"We are pleased with several aspects of Bank of Hawaii's results for 2002," said Michael E. O'Neill, Chairman and CEO. "Our people are much more focused on our key markets in Hawaii, Guam and American Samoa. Our credit quality has improved, our margin has strengthened, our share repurchase program has returned $530 million to shareholders and our technology conversion program is on schedule. Importantly, our customer and employee satisfaction measures have strengthened and our banking businesses are poised for growth in 2003. We remain optimistic that we can continue to improve our efficiency and benefit from an improved economy this year."

Diluted earnings per share for the fourth quarter of 2002 were $0.44, up $0.10 or 29.4 percent from $0.34 per diluted share for the same period last year. Net income in the fourth quarter was $28.9 million, up 9.9 percent from net income of $26.3 million in the fourth quarter last year. The presence of non-core items and the effect of business divestitures in 2001 continue to have a significant impact on the comparability with prior year results. Included in the fourth quarter of 2002 were charges of $7.0 million related to the information technology systems replacement project and $0.4 million in net restructuring expenses from the closure of four branches in the West Pacific that were partially offset by a reversal of reserves related to the divestiture program. Earnings for the fourth quarter of 2001 included gains on divestitures and restructuring items that increased net income by $6.4 million, or $0.08 per diluted share. Supplemental information has been provided in Table 11 that summarizes the continuing business operating results for the last eight quarters.

Financial Highlights

Net interest income for the fourth quarter of 2002 on a fully taxable equivalent basis was $90.2 million, down $2.0 million from the third quarter of 2002 primarily due to decreased interest rates. Net interest income was down $16.0 million from the fourth quarter of 2001 primarily due to lower average earning assets related to the divestitures and the managed reduction of loans in an effort to reduce credit risk.

The net interest margin was 4.05 percent for the fourth quarter of 2002, a 2 basis point increase from 4.03 percent in the previous quarter and a 12 basis point increase from 3.93 percent in the same quarter last year. The net interest margin improvement was largely due to lengthening the maturities of some short-term investments, reductions in short-term borrowings and time deposits, as well as debt repurchases, which lowered the Company's cost of funds.

Given continued improvements in Bank of Hawaii Corporation's credit quality, the Company did not recognize a provision for loan and lease losses during the fourth quarter of 2002. This resulted in a $11.6 million reduction in the allowance for loan and lease losses, which equaled the amount of net charge-offs for the quarter. The Company did not recognize a provision for loan and lease losses during the third quarter of 2002. The provision for loan and lease losses was $14.5 million in the fourth quarter of 2001.

Non-interest income was $51.1 million for the quarter, an increase of $3.7 million, or 7.8 percent, from non-interest income of $47.4 million in the third quarter of 2002. Non-interest income of $79.0 million for the fourth quarter of 2001 included $28.7 million in net gains on sales of the Company's South Pacific operations that were partially offset by write-downs on venture investments. Excluding these items, non-interest income increased $0.9 million, or 1.7 percent from the same quarter last year.

Non-interest expense for the fourth quarter of 2002 was $97.5 million, including the previously mentioned $7.4 million in information technology system replacement and restructuring costs. Excluding these items, non-interest expense increased by $4.5 million, or 5.3 percent, to $90.0 million compared to $85.5 million in the previous quarter. The increase was largely the result of severance expenses, damage from Typhoon Pongsona in Guam and professional fees accrued at year-end. Non-interest expense of $140.0 million for the fourth quarter of 2001 included restructuring and other related costs of $18.5 million. Excluding these items, non-interest expenses declined $31.5 million, or 25.9 percent, from the same quarter last year and were largely due to savings associated with the divested businesses.

The efficiency ratio was 65.0 percent for the full year of 2002. Excluding the systems replacement project costs and non-recurring items, the efficiency ratio was 62.2 percent compared to the continuing business efficiency ratio of 63.4 percent last year. The Company anticipates that the efficiency ratio excluding systems replacement costs will be approximately 58.0 percent by the end of 2003.

The effective tax rate of 35.4 percent for 2002 is a decrease from the prior year as the effective tax rate in 2001 reflected the impact of divestitures and foreign taxes. The unusually low effective tax rate for the fourth quarter of 2001 was due to the impact of foreign tax and other credits recognized in the quarter as well as adjustments in the effective tax rate for the full year of 2001.

Asset Quality

Bank of Hawaii Corporation's credit quality improved during the fourth quarter of 2002 as measured by reductions in non-performing assets and continued improvement in the Company's internal credit risk ratings.

Non-performing assets were $54.4 million at the end of the fourth quarter of 2002, a decrease of $8.9 million, or 14.1 percent, from non-performing assets of $63.3 million at the end of the third quarter. Compared to the same period last year, non-performing assets declined $25.3 million, or 31.7 percent. At December 31, 2002 the ratio of non-performing assets to total loans plus foreclosed assets and non-performing loans held for sale was 1.01 percent, down from 1.20 percent at September 30, 2002 and down from 1.40 percent at December 31, 2001.

Non-accrual loans were $45.0 million at December 31, 2002, a reduction of $0.7 million from $45.7 million at September 30, 2002 and down $15.8 million, or 26.0 percent, from $60.8 million at December 31, 2001. Non-accrual loans as a percentage of total loans were 0.84 percent at December 31, 2002, down from 0.87 percent at the end of the previous quarter and down from 1.07 percent at December 31, 2001.

Net charge-offs for the fourth quarter of 2002 were $11.6 million, or 0.88 percent, of total average loans (annualized). Charge-offs of $15.0 million, which includes an $8.8 million write-off of an aircraft lease, were partially offset by recoveries of $3.4 million. Net charge-offs of $27.7 million for the full year of 2002 were 0.51 percent of total average loans (annualized), a significant improvement from net charge-offs of $121.4 million, or 1.57 percent in the prior year.

The allowance for loan and lease losses was $142.9 million at December 31, 2002, a decrease of $11.6 million compared with September 30, 2002 and a decrease of $16.1 million from December 31, 2001. The ratio of the allowance for loan and lease losses to total loans was 2.67 percent at

December 31, 2002 compared with 2.94 percent at the end of the third quarter and 2.81 percent at the end of the same quarter last year.

The concentration of credit exposure to selected industries and the amount of the Company's syndicated exposure are summarized in Table 6.

Other Financial Highlights

Total assets were $9.5 billion at the end of December 31, 2002, down from $10.6 billion at December 31, 2001 and down slightly from $9.7 billion at the end of September 30, 2002. The most significant decrease compared to the previous year was commercial loans as the Company made strategic risk reductions in the portfolio. Compared to September 30, 2002, total assets decreased $186 million from $9.7 billion largely due to reductions in short-term investments as excess liquidity was utilized for share repurchase and debt reduction during the quarter.

Total deposits at December 31, 2002 were $6.9 billion, up $242 million from December 31, 2001 and up $293 million from the end of September 30, 2002. Quarterly deposit levels are summarized in Table 9. Strong growth in demand and savings deposits more than offset managed decreases in time and foreign deposits. The Company continues to manage down higher cost funds, including time deposits, purchased funds and long-term debt.

During the fourth quarter of 2002, Bank of Hawaii Corporation repurchased 3.3 million shares of common stock at a total cost of $94.1 million. The average cost per share was $28.90 during the quarter. At December 31, 2002, the Company had repurchased a total of 20.1 million shares under its previously announced share repurchase programs. Through December 31, 2002, a total of $527.9 million had been returned to the shareholder at an average cost of $26.21 per share. An additional program to repurchase up to $230 million of common stock was announced on December 13, 2002. This new authorization, combined with the Company's previously announced authorizations of $570 million, brings the total repurchase authority to $800 million. Through January 24, 2003, the Company repurchased an additional 1.4 million shares of common stock at a cost of $30.29 per share. Remaining buyback authority was $230.4 million at January 24, 2003.

The Company's capital and liquidity remains exceptionally strong. At December 31, 2002 the Tier 1 leverage ratio was 10.34 percent compared to 11.20 percent at December 31, 2001 and 11.07 percent at September 30, 2002.

The Company's Board of Directors declared a quarterly cash dividend of $0.19 per share on the Company's outstanding shares. The dividend will be payable on March 14, 2003 to shareholders of record at the close of business on February 24, 2003.

Information Technology Systems Replacement Project

Bank of Hawaii Corporation signed an agreement with Metavante Corporation in July 2002 to serve as the Company's primary technology systems provider. The seven-year outsourcing arrangement is on schedule to be operational in the third quarter of 2003 and is expected to provide annual cost savings of over $17 million compared to current expense levels. In connection with this decision, the Company estimates that it will recognize transition charges of approximately $35 million over the five-quarter conversion period that began in the third quarter of 2002. During the fourth quarter, $7.0 million in transition costs were incurred, bringing the total cost to $13.6 million in 2002. System conversion costs are estimated to be approximately $7.7 million in the first quarter of 2003. Additional details on this project may be found in Table 10.

Economic Outlook

The current macroeconomic forecast for Hawaii in 2003 is real economic growth of 3.1 percent after modest inflation of 1.8 percent with 2.0 percent job growth, part of which is still recovery from

9/11. Tourism growth for 2003 is forecast at 4.7 percent for domestic travel markets and at 4.8 percent for international travelers. Construction and real estate investment will continue to drive the economy forward in 2003, despite lingering geopolitical risks. For more economic information, visit the Company's web site http://www.boh.com/econ/.

Earnings Outlook

Bank of Hawaii Corporation updates its earnings guidance to $131 million in net income for the full year of 2003. Net income is expected to increase in the second half of 2003 after completion of the systems conversion project. Based on current conditions, the Company does not expect to record a provision for loan losses in 2003. However, the actual amount of the provision for loan losses will depend on determinations of credit risk that will be made near the end of each quarter. Earnings per share and return on equity projections continue to be dependent upon the terms and timing of share repurchases.

Conference Call Information

The Company will review its 2002 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 (800) 915-4836 in the U.S. or (973) 317-5319 for international callers. A replay will be available for one week beginning at 10:00 a.m. Hawaii Time (3:00 p.m. Eastern Time) on Monday, January 27, 2003 by calling (800) 428-6051 in the U.S or (973) 709-2089 for international and entering the number 273137 when prompted. A replay of the presentation will be also available on 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.

This news release contains forward-looking statements concerning the expected efficiency ratio, expected level of loan loss provisioning, anticipated costs and annual savings of our technology systems replacement project, and anticipated revenues and expenses in 2003 and beyond. We believe the assumptions underlying our forward-looking statements are reasonable. However, any of the assumptions could prove to be inaccurate and actual results may differ materially from those projected for a variety of reasons including, but not limited to: the Hawaii economy may not continue at the pace we anticipate; our refocused emphasis on our Hawaii market may not achieve the customer and revenue gains we anticipate; our credit markets may deteriorate and our credit quality may fall short of our goals; we may not achieve the expense reductions we expect; we may not be able to maintain our net interest margin; we may not be able to implement our proposed equity repurchases in the amount or at the times planned; the economics or timing, or both, of our technology outsourcing project may not result in the expected benefits; unanticipated difficulties or delays in the conversion of our data processing to outsourcing may result in the reduction or delay of anticipated cost savings or increased cost of conversion; the technology outsourcing project may not be able to achieve the projected reductions in staffing; we may encounter unanticipated difficulties or costs in exiting existing data processing agreements with third parties; the required level of reserves for loan and lease losses may increase or decrease due to changes in our credit quality or risk profile; there may be economic volatility in the markets we serve; and there may be changes in business and economic conditions, competition, fiscal and monetary policies or legislation. We do not undertake any obligation to update any forward-looking statements to reflect later events or circumstances.

# # # #

Bank of Hawaii Corporation and Subsidiaries
Highlights (Unaudited)
Table 1

	Three Months Ended December 31						Year Ended December 31
Earnings Highlights and Performance Ratios	Three Months Ended December 31						Year Ended December 31
Earnings Highlights and Performance Ratios	2002			2001			2002			2001
	(dollars in thousands except per share amounts)
Net Income	$	28,908		$	26,320		$	121,180		$	117,795
Basic Earnings Per Share		0.45			0.35			1.75			1.49
Diluted Earnings Per Share		0.44			0.34			1.70			1.46
Cash Dividends		12,193			13,152			50,635			56,567
Return on Average Assets		1.20	%		0.90	%		1.22	%		0.93	%
Return on Average Equity		10.72	%		8.14	%		10.24	%		8.76	%
Net Interest Margin		4.05	%		3.93	%		3.99	%		3.91	%
Efficiency Ratio		68.97	%		75.61	%		65.04	%		65.40	%
Continuing Business Efficiency Ratio(1)		63.70	%		71.99	%		62.24	%		63.36	%

(1): Excludes the effects of the businesses that were divested in 2001, restructuring costs, non-core transactions and costs associated with the information technology system replacement project. Goodwill amortization expense is excluded from 2001.

		December 31
Statement of Condition Highlights and Performance Ratios		December 31
		2002			2001
Total Assets		$	9,516,418		$	10,632,400
Net Loans			5,216,151			5,498,143
Total Deposits			6,920,161			6,678,220
Total Shareholders' Equity			1,015,759			1,247,012
Book Value Per Common Share		$	16.12		$	17.03
Allowance/Loans Outstanding			2.67	%		2.81	%
Average Equity/Average Assets			11.88	%		10.59	%
Employees (FTE)			2,891			3,175
Branches and offices			93			97
Market Price Per Share of Common Stock for the Quarter Ended:
	Closing	$	30.39		$	25.89
	High	$	31.05		$	26.40
	Low	$	25.40		$	19.32

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
Table 2

		Three Months Ended December 31					Year Ended December 31
		2002		2001			2002		2001
		(dollars in thousands except per share amounts)
Interest Income
	Interest and Fees on Loan and Leases	$	85,945	$	123,716		$	366,366	$	619,447
	Income on Investment Securities—Held to Maturity		4,658		6,401			19,597		33,521
	Income on Investment Securities—Available for Sale		22,552		29,338			101,438		137,320
	Deposits		3,578		7,858			20,020		27,596
	Funds Sold and Security Resale Agreements		834		803			3,503		5,034
	Other		1,312		1,396			5,614		5,344

Total Interest Income			118,879		169,512			516,538		828,262
Interest Expense
	Deposits		17,657		35,158			84,348		217,305
	Security Repurchase Agreements		4,585		14,716			30,173		77,764
	Funds Purchased		255		365			1,030		10,099
	Short-Term Borrowings		217		1,549			1,489		9,562
	Long-Term Debt		5,947		11,624			29,267		53,854

Total Interest Expense			28,661		63,412			146,307		368,584

Net Interest Income			90,218		106,100			370,231		459,678
Provision for Loan and Lease Losses			—		14,541			11,616		74,339

Net Interest Income After Provision for Loan and Lease Losses			90,218		91,559			358,615		385,339
Non-Interest Income
	Trust and Asset Management		13,085		14,883			55,733		59,924
	Mortgage Banking		5,152		(58	)		20,452		20,133
	Service Charges on Deposit Accounts		8,326		9,058			32,617		38,467
	Fees, Exchange, and Other Service Charges		12,963		16,997			51,594		77,833
	Gains on Sales of Banking Operations, Net of Venture Investment Losses		—		28,746			—		173,426
	Investment Securities Gains		612		68			615		32,982
	Insurance		3,640		2,559			13,118		11,592
	Other		7,331		6,735			25,792		34,393

Total Non-Interest Income			51,109		78,988			199,921		448,750
Non-Interest Expense
	Salaries		38,462		48,099			153,527		195,863
	Pensions and Other Employee Benefits		6,272		10,860			33,036		44,930
	Net Occupancy Expense		10,638		10,897			39,149		46,344
	Net Equipment Expense		11,077		14,467			41,253		53,395
	Goodwill Amortization		—		2,426			—		13,342
	Restructuring and Other Related Costs		385		18,464			2,364		104,794
	Information Technology Systems Replacement Project		7,052		—			13,628		—
	Other		23,581		34,736			87,878		135,462

Total Non-Interest Expense			97,467		139,949			370,835		594,130

Income Before Income Taxes			43,860		30,598			187,701		239,959
Provision for Income Taxes			14,952		4,278			66,521		122,164

Net Income		$	28,908	$	26,320		$	121,180	$	117,795

Basic Earnings Per Share		$	0.45	$	0.35		$	1.75	$	1.49
Diluted Earnings Per Share		$	0.44	$	0.34		$	1.70	$	1.46
Dividends Per Share		$	0.19	$	0.18		$	0.73	$	0.72
Basic Weighted Average Shares			64,154,477		75,165,102			69,385,745		78,977,011
Diluted Weighted Average Shares			66,378,208		76,835,941			71,447,333		80,577,763

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition (Unaudited)
Table 3

			December 31 2002			December 31 2001
			(dollars in thousands)
Assets
Interest-Bearing Deposits			$	549,978		$	1,101,974
Investment Securities—Held to Maturity (Market Value of $236,016 and $407,838)				229,720			396,216
Investment Securities—Available for Sale				2,287,201			2,001,420
Funds Sold				195,000			115,000
Loans Held for Sale				40,118			456,709
Loans				5,359,004			5,657,122
	Allowance for Loan and Lease Losses			(142,853	)		(158,979	)

		Net Loans		5,216,151			5,498,143

Total Earning Assets				8,518,168			9,569,462
Cash and Non-Interest Bearing Deposits				374,352			408,807
Premises and Equipment				176,969			196,171
Customers' Acceptance Liability				2,680			593
Accrued Interest Receivable				36,722			42,687
Foreclosed Real Estate				9,434			17,174
Mortgage Servicing Rights				28,820			27,291
Goodwill				36,216			36,216
Other Assets				333,057			333,999

Total Assets			$	9,516,418		$	10,632,400

Liabilities
Domestic Deposits
	Non-Interest Bearing Demand		$	1,719,633		$	1,552,947
	Interest Bearing Demand			1,169,128			956,179
	Savings			2,535,219			1,937,663
	Time			1,461,780			1,927,778
Foreign Deposits
	Time Due to Banks			1,130			230,249
	Other Savings and Time			33,271			73,404

Total Deposits				6,920,161			6,678,220
Securities Sold Under Agreements to Repurchase				735,621			1,643,444
Funds Purchased				64,467			55,800
Current Maturities of Long-Term Debt				114,781			120,645
Short-Term Borrowings				33,420			114,247
Banker's Acceptances Outstanding				2,680			593
Retirement Benefits Payable				61,385			36,175
Accrued Interest Payable				13,731			29,762
Taxes Payable				196,813			138,366
Other Liabilities				82,596			98,401
Long-Term Debt				275,004			469,735

Total Liabilities				8,500,659			9,385,388
Shareholders' Equity
Common Stock ($.01 par value); authorized 500,000,000 shares; issued/outstanding: December 2002—81,294,730/63,015,442; December 2001—81,377,241/73,218,326				806			806
Capital Surplus				372,192			367,672
Accumulated Other Comprehensive Income				11,659			22,761
Retained Earnings				1,115,910			1,055,424
Deferred Stock Grants				(1,424	)		(7,637	)
Treasury Stock, at Cost (Shares: December 2002—18,279,288; December 2001—8,158,915)				(483,384	)		(192,014	)

Total Shareholders' Equity				1,015,759			1,247,012

Total Liabilities and Shareholders' Equity			$	9,516,418		$	10,632,400

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity (Unaudited)
Table 4

				Total			Common Stock		Capital Surplus			Accum. Other Comprehensive Income			Retained Earnings			Deferred Stock Grants			Treasury Stock			Comprehensive Income
				(dollars in thousands)
Balance at December 31, 2001				$	1,247,012		$	806	$	367,672		$	22,761		$	1,055,424		$	(7,637	)	$	(192,014	)
Comprehensive Income
	Net Income				121,180			—		—			—			121,180			—			—		$	121,180
	Other Comprehensive Income, Net of Tax
		Unrealized Gain on Investment Securities			4,237			—		—			4,237			—			—			—			4,237
		Foreign Currency Translation Adjustment			(582	)		—		—			(582	)		—			—			—			(582	)
		Pension Liability Adjustments			(14,757	)		—		—			(14,757	)		—			—			—			(14,757	)

Total Comprehensive Income																								$	110,078

Common Stock Issued
	43,449		Profit Sharing Plan		1,240			—		288			—			—			—			952
1,581,876			Stock Option Plan		32,279			—		5,352			—			(10,057	)		(793	)		37,777
101,796			Dividend Reinvestment Plan		2,893			—		656			—			(2	)		—			2,239
4,792			Directors' Restricted Shares and Deferred Compensation Plan		20			—		141			—			—			—			(121	)
(91,600)			Employees' Restricted Shares		5,089			—		(1,917	)		—			—			7,006
Treasury Stock Purchased 11,838,800 shares					(332,217	)		—		—			—			—			—			(332,217	)
Cash Dividends Paid					(50,635	)		—		—			—			(50,635	)		—			—

Balance at December 31, 2002				$	1,015,759		$	806	$	372,192		$	11,659		$	1,115,910		$	(1,424	)	$	(483,384	)

Balance at December 31, 2000				$	1,301,356		$	806	$	346,045		$	(25,079	)	$	996,791		$	—		$	(17,207	)
Comprehensive Income
	Net Income				117,795			—		—			—			117,795			—			—		$	117,795
	Other Comprehensive Income, Net of Tax
		Unrealized Gain on Investment Securities			20,733			—		—			20,733			—			—			—			20,733
		Foreign Currency Translation Adjustment			27,266			—		—			27,266			—			—			—			27,266
		Pension Liability Adjustments			(159	)		—		—			(159	)		—			—			—			(159	)

Total Comprehensive Income																								$	165,635

Common Stock Issued
59,586			Profit Sharing Plan		1,402			—		261			—			—			—			1,141
916,817			Stock Option Plan		21,314			—		1,054			—			(2,591	)		5,655			17,196
120,397			Dividend Reinvestment Plan		2,819			—		495			—			(4	)		—			2,328
5,487			Directors' Restricted Shares and Deferred Compensation Plan		336			—		121			—			—			—			215
727,800			Employees' Restricted Shares		5,105			—		18,397			—			—			(13,292	)		—
65,146			Hawaii Insurance Network		1,299			—		1,299			—			—			—			—
Treasury Stock Purchased 8,300,900 shares					(195,687	)		—		—			—			—			—			(195,687	)
Cash Dividends Paid					(56,567	)		—		—			—			(56,567	)		—			—

Balance at December 31, 2001				$	1,247,012		$	806	$	367,672		$	22,761		$	1,055,424		$	(7,637	)	$	(192,014	)

Bank of Hawaii Corporation and Subsidiaries
Consolidated Average Balances and Interest Rates—Taxable Equivalent Basis (Unaudited)
Table 5

			Three Months Ended December 31, 2002						Three Months Ended(1) December 31, 2001						Year Ended December 31, 2002						Year Ended(1) December 31, 2001
			Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
			(dollars in millions)
Earning Assets
Interest Bearing Deposits			$	796.6	$	3.6	1.78	%	$	1,236.2	$	7.9	2.52	%	$	1,100.0	$	20.0	1.82	%	$	733.4	$	27.6	3.76	%
Funds Sold				234.5		0.8	1.42			150.5		0.8	2.09			213.8		3.5	1.64			136.8		5.0	3.63
Investment Securities
	—Held-To-Maturity			253.8		4.7	7.38			431.5		6.5	5.97			311.7		19.9	6.38			525.6		33.8	6.42
	—Available for Sale			2,273.3		22.6	3.97			2,037.5		29.3	5.75			2,028.9		101.4	5.00			2,242.3		137.3	6.12
Loans Held For Sale				38.9		0.6	5.88			304.7		5.1	6.64			120.2		8.0	6.65			312.2		21.4	6.86
Net Loans and Lease Financing
	Domestic
		—Commercial and Industrial		867.7		11.4	5.20			1,281.9		18.9	5.87			1,010.0		52.4	5.18			1,761.6		129.7	7.36
		—Construction		131.5		1.8	5.30			175.6		2.5	5.58			151.5		8.3	5.45			240.5		18.5	7.71
		—Mortgage		2,823.2		48.4	6.85			3,089.4		57.3	7.42			2,933.1		204.3	6.97			3,369.5		258.0	7.66
		—Installment		875.5		17.4	7.91			724.8		18.0	9.85			804.2		67.4	8.38			809.1		90.0	11.12
		—Lease Financing		498.5		6.3	5.03			484.8		7.3	5.95			498.4		25.8	5.17			525.6		29.3	5.57

		Total Domestic Loans		5,196.4		85.3	6.54			5,756.5		104.0	7.19			5,397.2		358.2	6.64			6,706.3		525.5	7.84
		Foreign		14.0		—	—			777.0		14.6	7.48			14.1		0.2	1.55			1,026.4		72.5	7.07

Total Loans				5,210.4		85.3	6.52			6,533.5		118.6	7.23			5,411.3		358.4	6.62			7,732.7		598.0	7.73
Other				78.7		1.3	6.62			86.2		1.4	6.42			91.5		5.6	6.14			79.6		5.4	6.72

Total Earning Assets				8,886.2		118.9	5.33			10,780.1		169.6	6.26			9,277.4		516.8	5.57			11,762.6		828.5	7.04
Cash and Non-interest Bearing Deposits				305.2						354.9						313.2						376.6
Other Assets				363.4						480.7						370.6						554.5

Total Assets			$	9,554.8					$	11,615.7					$	9,961.2					$	12,693.7

Interest Bearing Liabilities
	Domestic Deposits
		—Demand	$	1,099.9		1.1	0.38		$	755.5		1.0	0.53		$	1,003.8		4.1	0.41		$	827.5		8.6	1.04
		—Savings		2,468.2		6.4	1.03			1,977.5		8.7	1.74			2,263.4		29.5	1.30			1,847.2		42.0	2.27
		—Time		1,501.1		10.1	2.66			2,048.2		19.7	3.81			1,679.7		49.1	2.92			2,506.7		129.6	5.17

		Total Domestic Deposits		5,069.2		17.6	1.37			4,781.2		29.4	2.44			4,946.9		82.7	1.67			5,181.4		180.2	3.48
	Foreign Deposits
		—Time Due to Banks		2.9		—	—			365.5		2.1	2.26			41.7		0.7	1.87			351.3		14.5	4.13
		—Other Time and Savings		39.4		0.1	1.38			445.9		3.7	3.31			55.0		0.9	1.63			648.2		22.6	3.49

		Total Foreign Deposits		42.3		0.1	1.29			811.4		5.8	2.84			96.7		1.6	1.73			999.5		37.1	3.71

Total Interest Bearing Deposits				5,111.5		17.7	1.37			5,592.6		35.2	2.49			5,043.6		84.3	1.67			6,180.9		217.3	3.52
Short-Term Borrowings				1,053.5		5.1	1.90			1,942.5		16.6	3.40			1,390.2		32.7	2.35			2,105.6		97.4	4.63
Long-Term Debt				389.9		5.9	6.05			678.9		11.6	6.79			471.3		29.3	6.21			800.5		53.9	6.73

Total Interest Bearing Liabilities				6,554.9		28.7	1.73			8,214.0		63.4	3.06			6,905.1		146.3	2.12			9,087.0		368.6	4.06

Net Interest Income					$	90.2					$	106.2					$	370.5					$	459.9
		Interest Rate Spread					3.60	%					3.20	%					3.45	%					2.98	%
		Net Interest Margin					4.05	%					3.93	%					3.99	%					3.91	%
Non-Interest Bearing Demand Deposits
	—Domestic			1,601.0						1,401.3						1,556.3						1,539.8
	—Foreign			—						328.0						—						346.0

	Total Non-Int Bearing Demand Deposits			1,601.0						1,729.3						1,556.3						1,885.8
Other Liabilities				329.3						390.3						316.3						376.8
Shareholders' Equity				1,069.6						1,282.1						1,183.5						1,344.1

Total Liabilities and Shareholders' Equity			$	9,554.8					$	11,615.7					$	9,961.2					$	12,693.7

(1): Adjusted to reflect the reclassification of certain average balances.

Bank of Hawaii Corporation and Subsidiaries
Loan Portfolio Balances (Unaudited)
Table 6

			December 31 2002		September 30 2002		June 30 2002		March 31 2002		December 31 2001
			(dollars in millions)
Domestic
	Commercial
		Commercial and Industrial(1)	$	875.0	$	863.3	$	993.4	$	1,114.9	$	1,169.8
		Mortgage—Commercial(1)		591.1		616.5		562.5		617.6		640.7
		Construction		127.5		146.3		148.6		161.4		169.6
		Lease Financing		427.3		433.6		432.7		436.1		423.9

	Total Commercial			2,020.9		2,059.7		2,137.2		2,330.0		2,404.0
	Consumer
		Mortgage—Residential		2,131.4		2,259.8		2,361.2		2,409.4		2,424.0
		Home Equity		614.0		419.2		404.2		369.8		329.9
		Other Consumer		493.3		421.6		403.2		389.5		399.8
		Lease Financing		34.5		36.5		37.3		37.9		38.9

	Total Consumer			3,273.2		3,137.1		3,205.9		3,206.6		3,192.6

Total Domestic				5,294.1		5,196.8		5,343.1		5,536.6		5,596.6

Foreign				64.9		62.5		66.1		65.0		60.5

Total Loans			$	5,359.0	$	5,259.3	$	5,409.2	$	5,601.6	$	5,657.1

(1): $42.3 million in loans were reclassified to mortgage-commercial from commercial and industrial during the third quarter of 2002.

Selected Concentrations of Credit Exposure (Unaudited)

		December 31, 2002
		Outstanding		Unused Commitments		Total Exposure		Sep. 30, 2002 Total Exposure		Dec. 31, 2001 Total Exposure
		(dollars in millions)
Air Transportation(1)
	Regional Passenger Carriers	$	47.1	$	10.2	$	57.3	$	57.2	$	60.4
	United States Based Passenger Carriers		39.6		—		39.6		48.3		50.5
	International Based Passenger Carriers		32.1		—		32.1		32.2		32.5
	Cargo Carriers		15.0		—		15.0		15.0		14.9

Total Air Transportation		$	133.8	$	10.2	$	144.0	$	152.7	$	158.3

Lodging
	National Hotel Companies	$	23.3	$	78.7	$	102.0	$	104.7	$	123.9
	Hawaii Hotels		103.4		31.9		135.3		134.6		129.4
	West Pacific Hotels		44.6		—		44.6		46.9		60.0

Total Lodging		$	171.3	$	110.6	$	281.9	$	286.2	$	313.3

Telecommunication Companies		$	0.9	$	25.7	$	26.6	$	31.1	$	112.7

Syndicated Exposure		$	309.1	$	693.0	$	1,002.1	$	1,075.8	$	1,520.4

(1): Includes leases on 29 aircraft to 12 carriers. The largest carrier exposure is $30.3 million on 7 aircraft, including a 737-700 and 6 commuter aircraft. The largest aircraft exposure is $15.0 on an MD11 aircraft outfitted for cargo. Excluding 18 commuter aircraft, the average outstanding per aircraft is $9.1 million.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Non-Performing Assets and Accruing Loans Past Due 90 Days or More (Unaudited)
Table 7

			December 31 2002			September 30 2002			June 30 2002			March 31 2002			December 31 2001
			(dollars in millions)
Non-Performing Assets
Non-Accrual Loans
	Commercial
		Commercial and Industrial	$	5.9		$	6.4		$	14.4		$	27.4		$	18.9
		Mortgage—Commercial		20.3			18.1			25.3			15.1			16.3
		Construction		0.5			0.9			0.7			1.0			9.3
		Lease Financing		4.1			5.7			6.9			4.4			0.8

	Total Commerical			30.8			31.1			47.3			47.9			45.3
	Consumer
		Mortgage—Residential		13.9			14.3			14.2			15.3			15.3
		Home Equity		0.3			0.2			0.1			0.4			0.1
		Other Consumer		—			0.1			—			0.1			0.1

	Total Consumer			14.2			14.6			14.3			15.8			15.5

Total Non-Accrual Loans				45.0			45.7			61.6			63.7			60.8

Non-Accrual Loans Held For Sale				—			—			—			7.8			1.7
Foreclosed Real Estate				9.4			17.6			17.2			19.2			17.2

Total Non-Performing Assets			$	54.4		$	63.3		$	78.8		$	90.7		$	79.7

Accruing Loans Past Due 90 Days or More
	Commercial
		Commercial and Industrial	$	0.2		$	—		$	—		$	0.2		$	0.1
		Mortgage—Commercial		0.3			—			—			1.2			—
		Lease Financing		—			—			0.1			0.1			—

	Total Commerical			0.5			—			0.1			1.5			0.1
	Consumer
		Mortgage—Residential		0.6			1.4			0.9			2.1			3.7
		Home Equity		—			—			—			—			0.1
		Other Consumer		0.7			0.3			0.5			0.7			0.9
		Lease Financing		—			—			—			—			0.1

	Total Consumer			1.3			1.7			1.4			2.8			4.8

Total Accruing and Past Due			$	1.8		$	1.7		$	1.5		$	4.3		$	4.9

Total Loans			$	5,359.0		$	5,259.3		$	5,409.2		$	5,601.6		$	5,657.1

Ratio of Non-Accrual Loans to Total Loans				0.84	%		0.87	%		1.14	%		1.14	%		1.07	%

Ratio of Non-Performing Assets to Total Loans, Foreclosed Real Estate and Non-Performing Loans Held for Sale				1.01	%		1.20	%		1.45	%		1.61	%		1.40	%

Ratio of Non-Performing Assets and Accruing Loans Past Due 90 Days or More to Total Loans				1.05	%		1.24	%		1.48	%		1.70	%		1.50	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter			$	63.3		$	78.8		$	90.7		$	79.7		$	106.4
	Additions			12.0			7.0			20.5			36.4			43.8
	Reductions
		Payments and Sales of Loans		(6.9	)		(8.5	)		(20.6	)		(12.9	)		(40.9	)
		Return to Accrual		(1.9	)		(9.1	)		(6.2	)		(6.3	)		(3.6	)
		Sales of Foreclosed Assets		(9.4	)		(1.4	)		(3.5	)		(0.9	)		(21.9	)
		Charge-offs		(2.7	)		(3.5	)		(2.1	)		(5.3	)		(4.1	)

	Total Reductions			(20.9	)		(22.5	)		(32.4	)		(25.4	)		(70.5	)

Balance at End of Quarter			$	54.4		$	63.3		$	78.8		$	90.7		$	79.7

Bank of Hawaii Corporation and Subsidiaries
Consolidated Allowance for Loan and Lease Losses (Unaudited)
Table 8

				Three Months Ended									Year Ended December 31
				December 31 2002			September 30 2002			December 31 2001			2002			2001
				(dollars in millions)
Balance at Beginning of Period				$	154.5		$	159.0		$	182.5		$	159.0		$	246.2
	Loans Charged-Off
		Commercial
			Commercial & Industrial		(2.0	)		(0.9	)		(9.7	)		(13.0	)		(97.7	)
			Mortgage—Commercial		—			(2.5	)		(3.3	)		(2.9	)		(19.4	)
			Construction		—			—			—			(0.5	)		—
			Lease Financing		(9.6	)		(0.1	)		(0.2	)		(9.9	)		(0.7	)
		Consumer
			Mortgage—Residential		(0.4	)		(0.6	)		(3.2	)		(3.5	)		(8.9	)
			Home Equity		(0.1	)		—			(0.2	)		(0.2	)		(0.6	)
			Other Consumer		(2.8	)		(3.0	)		(5.1	)		(12.5	)		(19.2	)
			Lease Financing		(0.1	)		(0.1	)		(0.2	)		(0.3	)		(0.5	)
		Foreign			—			—			(4.0	)		—			(22.0	)

	Total Charge-Offs				(15.0	)		(7.2	)		(25.9	)		(42.8	)		(169.0	)
Recoveries on Loans Previously Charged-Off
		Commercial
			Commercial & Industrial		1.4			0.7			1.4			4.7			9.2
			Mortgage—Commercial		0.1			—			0.8			2.1			3.2
			Construction		0.2			—			—			0.2			—
			Lease Financing		—			—			—			—			0.3
		Consumer
			Mortgage—Residential		0.3			0.1			0.3			1.1			1.0
			Home Equity		—			—			—			0.1			0.1
			Other Consumer		1.3			1.5			2.4			6.1			8.1
			Lease Financing		0.1			—			—			0.1			0.1
		Foreign			—			0.4			6.5			0.7			25.6

	Total Recoveries				3.4			2.7			11.4			15.1			47.6

Net Loan Charge-Offs					(11.6	)		(4.5	)		(14.5	)		(27.7	)		(121.4	)
Provision for Loan and Lease Losses					—			—			14.5			11.6			74.3
Allowance Related to Disposition					—			—			(23.7	)		—			(40.2	)
Foreign Currency Translation					—			—			0.2			—			0.1

Balance at End of Period				$	142.9		$	154.5		$	159.0		$	142.9		$	159.0

Average Loans Outstanding				$	5,210.4		$	5,350.0		$	6,533.5		$	5,411.3		$	7,732.7

Ratio of Net Charge-Offs to Average Loans Outstanding (annualized)					0.88	%		0.33	%		0.88	%		0.51	%		1.57	%
Ratio of Allowance to Loans Outstanding					2.67	%		2.94	%		2.81	%		2.67	%		2.81	%

Bank of Hawaii Corporation and Subsidiaries
Deposits (Unaudited)
Table 9

		December 31 2002		September 30 2002		June 30 2002		March 31 2002		December 31 2001
		(dollars in millions)
Domestic
	Non-Interest Bearing Demand	$	1,719.6	$	1,593.8	$	1,466.1	$	1,593.0	$	1,552.9
	Interest Bearing Demand		1,169.2		1,042.9		986.5		933.8		956.2
	Savings		2,535.2		2,403.2		2,292.4		2,089.2		1,937.7
	Time		1,461.8		1,549.7		1,652.8		1,807.0		1,927.8

Total Domestic			6,885.8		6,589.6		6,397.8		6,423.0		6,374.6
Foreign			34.4		38.1		58.2		120.8		303.6

Total Deposits		$	6,920.2	$	6,627.7	$	6,456.0	$	6,543.8	$	6,678.2

Bank of Hawaii Corporation and Subsidiaries
Information Technology Systems Replacement Project (Unaudited)
Table 10

		Professional Fees		Employee Termination Benefits		Accelerated Depreciation		Other Associated Costs(1)		Total
		(dollars in millions)
Costs Incurred
Three Months Ended:
	September 30, 2002	$	1.9	$	1.0	$	3.2	$	0.5	$	6.6
	December 31, 2002		3.2		0.2		2.2		1.4		7.0

Year Ended December 31, 2002		$	5.1	$	1.2	$	5.4	$	1.9	$	13.6

Total Expected Project Costs		$	12.7	$	6.6	$	9.2	$	7.0	$	35.5

(1): Includes contract termination, equipment, excise tax, and other costs.

Bank of Hawaii Corporation and Subsidiaries
Quarterly Summary of Selected Consolidated Financial Data (Unaudited)
Table 11

	Dec. 31 2002			Sep. 30 2002			Jun. 30 2002			Mar. 31 2002			Dec. 31 2001			Sep. 30 2001			Jun. 30 2001			Mar. 31 2001
	(dollars in millions except per share amounts)
Balance Sheet Totals
Total Assets	$	9,516.4		$	9,702.7		$	9,824.1		$	10,245.0		$	10,632.4		$	11,947.4		$	12,791.6		$	13,743.7
Net Loans		5,216.2			5,104.9			5,250.2			5,442.6			5,498.1			6,586.8			7,454.1			8,257.8
Total Deposits		6,920.2			6,627.7			6,456.0			6,543.8			6,678.2			7,403.0			8,144.6			8,848.6
Total Shareholders' Equity		1,015.8			1,100.7			1,191.1			1,265.9			1,247.0			1,371.1			1,395.7			1,371.9
Quarterly Operating Results
Net Interest Income	$	90.2		$	92.2		$	92.9		$	94.9		$	106.1		$	111.7		$	116.7		$	125.2
Provision for Loan and Lease Losses		—			—			3.3			8.3			14.5			0.9			6.4			52.5
Non-Interest Income		51.1			47.4			48.2			53.2			50.3			64.8			72.5			87.8
Gain on Sales of Banking Operations, Net of Venture Investment Losses		—			—			—			—			28.7			47.8			24.8			72.1
Non-Interest Expense		90.1			85.5			89.6			89.6			121.4			118.8			121.7			127.4
Restructuring and Other Related Costs		0.4			—			—			2.0			18.5			3.0			38.9			44.4
Information Technology System Replacement Project		7.0			6.6			—			—			—			—			—			—
Net Income		28.9			30.2			31.0			31.1			26.3			31.1			26.7			33.7
Basic Earnings Per Share	$	0.45		$	0.44		$	0.43		$	0.42		$	0.35		$	0.39		$	0.33		$	0.42
Diluted Earnings Per Share	$	0.44		$	0.43		$	0.42		$	0.41		$	0.34		$	0.37		$	0.32		$	0.42
Return on Average Assets		1.20	%		1.22	%		1.23	%		1.21	%		0.90	%		1.00	%		0.83	%		0.99	%
Return on Average Equity		10.72	%		10.40	%		9.94	%		9.97	%		8.14	%		8.88	%		7.69	%		10.42	%
Efficiency Ratio		68.97	%		65.99	%		63.51	%		61.86	%		75.61	%		54.31	%		75.07	%		60.24	%
Continuing Business Operating Results(1)
Net Interest Income	$	90.2		$	92.2		$	92.9		$	94.9		$	93.8		$	91.0		$	87.8		$	92.2
Provision for Loan and Lease Losses		—			—			3.3			8.3			16.6			6.4			2.6			12.1
Non-Interest Income		51.1			47.4			48.2			53.3			42.9			53.0			54.2			54.0
Non-Interest Expense		90.0			85.5			89.6			89.7			98.4			87.6			88.6			85.8
Net Income		33.8			34.4			31.0			32.3			21.3			31.4			32.6			28.3
Diluted Earnings Per Share	$	0.51		$	0.49		$	0.42		$	0.43		$	0.28		$	0.38		$	0.39		$	0.35
Return on Average Equity		12.54	%		11.84	%		9.94	%		10.37	%		6.59	%		8.96	%		9.37	%		8.76	%
Efficiency Ratio		63.70	%		61.28	%		63.51	%		60.53	%		71.99	%		60.83	%		62.40	%		58.71	%

(1): Excludes the effects of the businesses that were divested in 2001, restructuring, non-core transactions and costs associated with the information technology system replacement project. 2001 Quarterly information has been reclassified to conform to December 31, 2001 presentation and excludes goodwill amortization.

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EXHIBIT 99.1