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 April 23, 2007 Bank of Hawaii Corporation announced its results of operations for the quarter ending March 31, 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 No.

99.1         March 23, 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 Corporation First Quarter 2007 Financial Results

·                  Diluted Earnings Per Share $0.94

·                  Net Income $47.3 Million

·                  Board of Directors Declares Dividend of $0.41 Per Share

HONOLULU, HI (April 23, 2007) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.94 for the first quarter of 2007, an increase of $0.07 or 8.1 percent from diluted earnings per share of $0.87 in the same quarter last year.  Net income for the first quarter of 2007 was $47.3 million, up $2.0 million or 4.4 percent from net income of $45.4 million in the first quarter of 2006.  Total revenue during the first quarter of 2007 increased 2.8 percent while total noninterest expense increased 1.6 percent compared with the same quarter last year, resulting in positive operating leverage of 4.1 percent.

The return on average assets for the first quarter of 2007 was 1.83 percent, up from 1.82 percent during the same quarter last year.  The return on average equity for the first quarter was 27.00 percent, up from 26.13 percent during the first quarter of 2006.  The efficiency ratio for the first quarter of 2007 improved to 51.62 percent compared to 52.22 percent in the same quarter last year.

“Bank of Hawaii Corporation began 2007 with solid financial performance,” said Allan R. Landon, Chairman and CEO.  “We increased noninterest revenue and controlled our core expenses which helped to offset continued margin pressure.  Our average loans and deposits grew during the quarter, overall credit quality remained stable and the Hawaii economy continued to be solid.”

Financial Highlights

The net interest margin for the first quarter of 2007 was 4.07 percent, down from 4.41 percent in the first quarter of 2006 largely due to the continued effects of the inverted yield curve and shifts in the funding mix.  Net interest income, on a taxable equivalent basis, for the first quarter of 2007 was $98.4 million, down $4.0 million from $102.4 million in the first quarter of 2006.  Analyses of the changes in net interest income are included in Tables 6a and 6b.

- more -

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

Bank of Hawaii Corporation First Quarter 2007 Financial Results

Results for the first quarter of 2007 included a provision for credit losses of $2.6 million, which equaled net charge-offs during the quarter, as compared to $2.8 million during the same quarter last year.

Noninterest income was $61.0 million for the first quarter of 2007, an increase of $8.4 million or 16.0 percent compared to noninterest income of $52.6 million in the same quarter last year.  Noninterest income grew in every category during the first quarter of 2007 compared to the previous year.  The increase in other income was largely due to a gain of $2.2 million on the disposal of leased equipment.

Noninterest expense was $82.1 million in the first quarter of 2007, an increase of $1.3 million from noninterest expense of $80.8 million in the same quarter last year.  The increase in noninterest expense was largely due to a recovery of legal fees recorded in the first quarter of 2006.  An analysis of salaries and benefit expenses is included in Table 7.

The 36.33 percent effective tax rate for the first quarter of 2007 increased slightly from the first quarter of 2006 effective tax rate of 36.30 percent.

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 11.

Asset Quality

The Company’s overall asset quality remained stable during the first quarter of 2007.  Non-performing assets were $5.8 million at the end of the first quarter of 2007, down $0.1 million compared to $5.9 million at the end of the same quarter last year.  The ratio of non-performing assets to total loans, foreclosed real estate, and other investments at March 31, 2007 was 0.09 percent, unchanged from March 31, 2006.  Non-accrual loans and leases were $5.4 million at March 31, 2007, up $0.1 million from $5.3 million at March 31, 2006 due to a slight increase in the indirect auto loan portfolio.  Non-accrual loans and leases as a percentage of total loans and leases at March 31, 2007 were 0.08 percent, which was unchanged from March 31, 2006.  Additional information on non-performing assets is included in Table 9.

Net charge-offs during the first quarter of 2007 were $2.6 million or 0.16 percent annualized of total average loans and leases compared to $2.8 million or 0.18 percent annualized of total average loans and leases during the same quarter last year.  First quarter 2007 charge-offs of $6.6 million were partially offset by recoveries of $4.0 million, including the partial recovery of $2.1 million on an aircraft lease which was charged off during the third quarter of 2005.

The allowance for loan and lease losses was $91.0 million at March 31, 2007, down $0.1 million from $91.1 million at March 31, 2006.  The ratio of the allowance for loan and lease losses to total loans was 1.40 percent at March 31, 2007, down from 1.46 percent at March 31, 2006.  The reserve for unfunded commitments at March 31, 2007 was $5.2 million, up from $5.1 million at March 31, 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.

2

Bank of Hawaii Corporation First Quarter 2007 Financial Results

Other Financial Highlights

Total assets were $10.49 billion at March 31, 2007, down $36 million from total assets of $10.53 billion at March 31, 2006.  The decrease in assets compared to the prior year was largely due to a reduction in funds sold.

Total loans and leases were $6.51 billion at March 31, 2007, up $261 million or 4.2 percent compared to total loans and leases of $6.25 billion at March 31, 2006.  Average loans and leases were $6.56 billion during the first quarter of 2007, an increase of $380 million or 6.2 percent from average loans and leases of $6.18 billion during the first quarter of 2006.   Commercial loan balances were $2.36 billion at March 31, 2007, up $189 million or 8.7 percent from commercial loans of $2.17 billion at March 31, 2006.  Commercial lease financing balances were reduced by $43 million related to the Company’s adoption of new accounting guidance on January 1, 2007.  Commercial loan originations during the quarter were offset by pay-offs of certain bridge and short-term loan fundings originated during the fourth quarter of 2006 and by the Company’s decision to exit certain commercial credits.  Total consumer loans were $4.15 billion at March 31, 2007, up $72 million or 1.8 percent from consumer loans of $4.07 billion at March 31, 2006.

 Total deposits at March 31, 2007 were $7.95 billion, down $194 million from total deposits of $8.15 billion at March 31, 2006 due to a reduction in public funds and “due from” balances that offset growth in commercial deposits.  Consumer deposit balances remained stable during the quarter.  Average deposits increased to $7.92 billion, up $179 million or 2.3 percent compared to average deposits of $7.74 billion during the first quarter of 2006.

During the first quarter of 2007, Bank of Hawaii Corporation repurchased 363 thousand shares of common stock at a total cost of $19.0 million under its share repurchase program.  The average cost was $52.52 per share repurchased.  From the beginning of the repurchase program in July 2001 through March 31, 2007, the Company repurchased 42.8 million shares and returned $1.48 billion to the shareholders at an average cost of $34.50 per share.  From April 1, 2007 through April 20, 2007, the Company repurchased an additional 70 thousand shares of common stock at an average cost of $52.81 per share.  Remaining buyback authority under the share repurchase program was $68.6 million at April 20, 2007.

At March 31, 2007, the Tier 1 leverage ratio was 6.80 percent compared to 7.19 percent at March 31, 2006.  The lower capital levels resulted from first quarter accounting adjustments related to the adoption of three new accounting standards.

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 June 14, 2007 to shareholders of record at the close of business on May 31, 2007.

Conference Call Information

The Company will review its first 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) 277-1182 in the United States or (617) 597-5359 for international callers.  No pass code is required to access the call.  A replay will be available for one week beginning Monday, April 23, 2007 by calling (888) 286-8010 in the United States or (617) 801-6888 for international callers and entering the number 74272153 when prompted.  A replay will also be available via the Investor Relations link of the Company’s web site.

3

Bank of Hawaii Corporation First Quarter 2007 Financial Results

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.

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, 2006, 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 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