UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

BANK OF HAWAII CORPORATION

(Exact name of registrant as specified in its charter)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Item 2.02.                                              Results of Operations and Financial Conditions.

On October 25, 2004, Bank of Hawaii Corporation announced its results of operations for its third quarter ended September 30, 2004. 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

The following exhibit is furnished as a part of this report:

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.

Exhibit 99.1

Bank of Hawaii Corporation Third Quarter 2004 Financial Results

•                  Diluted Earnings Per Share $0.78, Year-to-Date Earnings Per Share $2.26

•                  Net Income of $43.1 Million, Year-to-Date Net Income $127.1 Million

•                  Board of Directors Declares Dividend of $0.33 Per Share, Up 10 Percent

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 25, 2004) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.78 for the third quarter of 2004, down $0.01 or 1.3 percent from $0.79 in the second quarter of 2004, and up $0.17 or 27.9 percent from $0.61 reported in the comparable quarter last year.  Net income for the third quarter of 2004 was $43.1 million, down $1.2 million or 2.6 percent from $44.2 million in the previous quarter and up $6.4 million or 17.4 percent from $36.7 million reported in the same quarter last year.

Return on average assets for the third quarter of 2004 was 1.77 percent, down slightly from 1.80 percent in the second quarter of 2004, and up from 1.53 percent in the third quarter of 2003.  Return on average equity was 23.42 percent for the third quarter of 2004, down from 24.28 percent in the previous quarter and up from 16.69 percent in the same quarter last year.

For nine months ended September 30, 2004, net income was $127.1 million, up $30.6 million or 31.7 percent from net income of $96.5 million for the same period last year.  Diluted earnings per share were $2.26 for the first nine months of 2004, an increase of 44.9 percent from diluted earnings per share of $1.56 for the comparable period last year.  The year-to-date return on average assets was 1.74 percent, up from 1.37 percent for the same nine months in 2003.  The year-to-date return on average equity was 22.48 percent, up from 13.95 percent for the nine-month period ended September 30, 2003.

“Bank of Hawaii had another good quarter and I am pleased by the ongoing improvement demonstrated by our financial results,” said Allan R. Landon, Chairman, CEO and President.  “The Hawaii economy remains solid and we remain confident that we are well on the way to achieving the goals of our three-year plan.”

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Bank of Hawaii Corporation Third Quarter 2004 Financial Results

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2004 was $98.8 million, up $2.9 million from net interest income of $95.9 million in the second quarter of 2004, and up $7.7 million from net interest income of $91.1 million in the third quarter of 2003.  An analysis of the change in net interest income is included in Table 6.

The net interest margin was 4.39 percent for the third quarter of 2004, up 22 basis points from the net interest margin of 4.17 percent in the previous quarter and up 24 basis points from 4.15 percent in the same quarter last year.  The increase in the net interest margin from the previous quarter was largely due to higher average balances of short-term investments in the second quarter of 2004.  In addition, the margin was further improved in the third quarter of 2004 as a result of increased yields on earnings assets, stable interest rates paid on deposits and continuing reductions in short-term borrowings and long-term debt.

Credit quality continued to improve during the quarter.  The Company did not recognize a provision for loan and lease losses during the third quarter of 2004.  A negative provision of $3.5 million was recognized in the previous quarter.  The allowance for loan and lease losses was reduced $0.3 million from June 30, 2004, which equaled the amount of net charge-offs for the third quarter of 2004.

Non-interest income was $53.1 million for the third quarter of 2004 compared to non-interest income of $54.8 million in the second quarter of 2004 and $53.8 million in the third quarter of 2003.  Non-interest income in the third quarter of 2004 included a gain of $5.2 million on the sale of assets at the end of a leveraged lease transaction, compared to the previous quarter which included a partnership distribution of $3.2 million and a gain of $2.5 million on the sale of land.  Included in the third quarter of 2003 was a $3.1 million prepayment fee on a commercial real estate loan.  Excluding these items, non-interest income decreased from the second quarter of 2004 by $1.4 million largely due to a decline in gains on the sale of mortgage loans.

Non-interest expense for the third quarter of 2004 was $84.2 million, down $0.9 million from $85.1 million in the previous quarter and down $4.7 million or 5.3 percent from non-interest expense of $88.9 million in the third quarter of 2003.  The decrease from the previous quarter was largely the result of $2.2 million recorded in the second quarter primarily related to a legal settlement.  Non-interest expense in the third quarter of 2003 included $4.3 million in systems replacement costs.

The efficiency ratio was 55.45 percent for the third quarter of 2004, down from 56.49 percent in the second quarter of 2004 and 61.34 percent in the third quarter of 2003.  Excluding systems replacement costs, the efficiency ratio was 58.34 percent in the third quarter of 2003.  For nine months ended September 30, 2004, the efficiency ratio was 56.40 percent compared to 65.06 percent for the same period in 2003.  Excluding systems replacement costs, the efficiency ratio was 59.88 percent for the nine-month period last year.

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.  Business segment performance details are summarized in Table 11a and 11b.

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Asset Quality

Non-performing assets declined to $16.0 million at the end of the third quarter of 2004, a decrease of $5.2 million, or 24.5 percent, from non-performing assets of $21.2 million at the end of the second quarter of 2004.  Non-performing assets decreased $24.2 million, or 60.2 percent, compared to non-performing assets of $40.1 million at the end of the same quarter last year.  At September 30, 2004, the ratio of non-performing assets to total loans and foreclosed real estate was 0.27 percent, down from 0.37 percent at June 30, 2004 and down from 0.72 percent at September 30, 2003.

Non-accrual loans were $15.8 million at September 30, 2004, a reduction of $0.5 million, or 3.1 percent, from $16.3 million at June 30, 2004 and down $15.6 million, or 49.8 percent, from $31.4 million at September 30, 2003.  Non-accrual loans as a percentage of total loans were 0.27 percent at September 30, 2004, down from 0.28 percent at the end of the previous quarter and down from 0.56 percent at the end of the comparable quarter last year.

Net charge-offs were $0.3 million in the third quarter of 2004, or 0.02 percent (annualized) of total average loans.  Charge-offs of $5.0 million during the third quarter of 2004 were offset by recoveries of $4.7 million.  Net charge-offs were in a net recovery position of $1.2 million in the second quarter of 2004 as recoveries of $10.0 million more than offset charge-offs of $8.8 million.  Net charge-offs during the third quarter of 2003 were $5.3 million, or 0.38 percent (annualized) of total average loans.  Net charge-offs for the first nine months of 2004 were $0.9 million, or 0.02 percent (annualized) of total average loans.  In the same period last year, net charge-offs were $10.2 million, or 0.25 percent (annualized) of total average loans.

The allowance for loan and lease losses was $124.7 million at September 30, 2004.  The ratio of the allowance for loan and lease losses to total loans was 2.14 percent at September 30, 2004 compared with 2.16 percent at June 30, 2004 and 2.38 percent at the end of the same quarter last year.

Concentrations of credit exposure to selected components of the portfolio are summarized in Table 8.

Other Financial Highlights

Total assets were $9.59 billion at September 30, 2004, a decrease from total assets of $9.69 billion at June 30, 2004 and an increase from total assets of $9.37 billion at September 30, 2003.  The decrease from the previous quarter was largely due to a reduction in short-term assets that were utilized to pay down debt.  Total loans and leases were $5.82 billion at September 30, 2004, up from $5.79 billion at June 30, 2004 and $5.57 billion at September 30, 2003.  The increase in total loans and leases is due to ongoing growth in consumer lending.  Commercial loan originations remain strong, but were offset by loan prepayments during the quarter.

Total deposits at September 30, 2004 were $7.41 billion, down from total deposits of $7.47 billion at June 30, 2004 and up from total deposits of $7.10 billion at September 30, 2003.  The decrease from the previous quarter was mostly due to a reduction in custodial deposits related to mortgage banking activity and a continuation of the decline in time deposits.  The Company had a net increase of approximately 2,000 non-interest bearing checking accounts during the quarter.

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During the third quarter of 2004, Bank of Hawaii Corporation repurchased 0.7 million shares of common stock at a total cost of $31.4 million under its share repurchase program.  The average cost was $46.08 per share repurchased during the quarter.  From the beginning of the share repurchase program in July 2001 through September 30, 2004, the Company repurchased a total of 33.9 million shares and returned a total of $1,037.1 million to the shareholders at an average cost of $30.59 per share.  From October 1, 2004 through October 22, 2004, the Company repurchased an additional 0.1 million shares of common stock at an average cost of $49.11 per share.  Remaining buyback authority under the share repurchase program was $108.9 million at October 22, 2004.

The Company’s capital and liquidity remain strong.  At September 30, 2004, the Tier 1 leverage ratio was 7.69 percent compared to 7.16 percent at June 30, 2004 and 8.52 percent at September 30, 2003.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.33 per share on the Company’s outstanding shares, an increase of $0.03 per share or 10.0 percent.  The dividend will be payable on December 14, 2004 to shareholders of record at the close of business on November 29, 2004.

Economic Outlook

Hawaii’s economy continued to grow during the third quarter of 2004.  Tourism remains strong and is on track to establish 2004 as a record year in terms of total visitors.  Hawaii’s unemployment rate fell below 3.0 percent, the lowest in the country, as job growth continued in excess of 2.0 percent.  Real estate transactions and valuations continued to increase and military housing privatization initiatives are expected to augment private construction growth, beginning in the fourth quarter of 2004.  These trends are expected to drive capital spending forward for several more years.  A rise in core inflation in the Honolulu consumer price index (CPI) from around 1.5 percent to 3.0 percent during the first half of 2004 may indicate the state economy is approaching full employment.  However, Hawaii’s real personal income growth remains stable at 2.0 percent to 3.0 percent in 2004, as it has since 1997.

Earnings Outlook

Bank of Hawaii Corporation currently anticipates net income for the full year of 2004 will be approximately $166 million to $168 million.  Based on present conditions, the Company does not expect to record a provision for loan and lease losses during the fourth quarter of 2004.  However, the actual amount of the provision for loan and lease losses depends on determinations of credit risk that are made near the end of each quarter.  Earnings per share and return on average equity projections continue to be dependent upon the terms and timing of share repurchases.

Conference Call Information

The Company will review its third quarter 2004 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 800-599-9795 in the United States or 617-786-2905 for international callers.  No confirmation code is required to access the call.  A replay will be available for one week beginning Monday, October 25, 2004 by calling 888-286-8010 in the United States or 617-801-6888 for international callers and entering the number 83955183 when prompted.  A replay of the presentation will also be available via the Investor Relations link of the Company’s web site.

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Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific.  The Company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawaii.  For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com.

Forward-Looking Statements

This news release contains forward-looking statements concerning, among other things, the economic environment in our service area, the expected level of loan and lease loss provisioning, and anticipated net income, dividends, revenues and expenses during 2004 and beyond.  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, or legislation in Hawaii and the other markets we serve; 2) changes in our credit quality or risk profile which may increase or decrease the required level of allowance for loan and lease losses; 3) changes in market interest rates that may affect our credit markets and ability to maintain our net interest margin; 4) changes to the amount and timing of our proposed equity repurchases and repayment of maturing debt; 5) inability to achieve expected benefits of our business process changes due to adverse changes in implementation processes or costs, operational savings, or timing; 6) real or threatened acts of war or terrorist activity affecting business conditions; and 7) adverse weather and other natural conditions impacting our and our customers’ operations.  We do not undertake any obligation to update forward-looking statements to reflect later events or circumstances.

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(dollars in thousands except per share amounts)

¹                    The efficiency ratio is defined as non-interest expense divided by total revenue (net interest income and non-interest income).