Exhibit 99.1

Bank of Hawaii Corporation Third Quarter 2011 Financial Results

·            Diluted Earnings Per Share $0.92

·            Net Income for the Quarter $43.3 Million

·            Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 24, 2011) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.92 for the third quarter of 2011, up $0.18 per share from diluted earnings per share of $0.74 in the previous quarter.  Net income for the third quarter of 2011 was $43.3 million, up $8.2 million compared to net income of $35.1 million in the second quarter of 2011.

Deposit growth remained strong during the third quarter, increasing to above $10.0 billion at September 30, 2011.  Loan and lease balances were flat for the quarter as growth in commercial lending was offset by weak consumer loan demand.  The allowance for loan and lease losses decreased by $1.6 million to $143.4 million and represents 2.68 percent of outstanding loans and leases.

“Bank of Hawaii Corporation had good results for the third quarter of 2011,” said Peter S. Ho, Chairman, President, and CEO.  “We continued to maintain strong expense control in light of the challenging environment.  Mortgage activity was strong during the quarter due to low interest rates.  Our overall credit quality remains stable reflecting the slowly improving Hawaii economy.  Our continued focus on capital and risk management has resulted in a strong balance sheet, an outstanding dividend yield, and increased earnings per share. ”

The return on average assets for the third quarter of 2011 was 1.31 percent, up from 1.09 percent in the second quarter.  The return on average equity for the third quarter of 2011 was 16.80 percent compared to 13.86 percent for the previous quarter.  The efficiency ratio for the third quarter of 2011 was 56.87 percent, an improvement from 63.81 percent in the previous quarter.

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For the nine months ended September 30, 2011, net income was $120.8 million compared to net income of $143.4 million for the same period last year.  Diluted earnings per share were $2.54 for the nine-month period in 2011, compared with $2.96 for the same period in 2010.  The year-to-date return on average assets was 1.24 percent compared to 1.52 percent for the same period in 2010.  The year-to-date return on average equity was 15.85 percent, down from 19.28 percent for the nine months ended September 30, 2010.  The efficiency ratio for the nine-month period ended September 30, 2011 was 58.86 percent compared with 50.10 percent for the same period last year.

Results for the nine months ended September 30, 2011 included $6.1 million in net gains on investment securities and a $2.0 million gain related to a contingent payment from the sale of the Company’s proprietary mutual funds in 2010.  These gains were offset by a litigation settlement of $9.0 million, $2.3 million for employee stock incentives, and a donation of $2.0 million to the Bank of Hawaii Foundation.  Results for the same period in 2010 included $42.8 million in net gains on investment securities, interest recoveries of $2.8 million, a net gain of $2.9 million on the sale of the Company’s Pacific Capital Funds, and a net gain of $0.9 million related to the sale of the Company’s retail insurance brokerage business.  These gains were partially offset by $5.2 million in early termination costs related to prepayment of debt and $3.3 million for employee cash grants.  Details of these items are included in Table 2.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2011 was $97.1 million, down $0.8 million from net interest income of $97.9 million in the second quarter of 2011, and down $1.7 million from net interest income of $98.8 million in the third quarter of 2010.  For the nine months ended September 30, 2011, net interest income, on a taxable-equivalent basis, was $295.1 million compared to $310.9 million for the same period in 2010.  Analyses of the changes in net interest income are included in Tables 7a, 7b and 7c.

The net interest margin was 3.09 percent for the third quarter of 2011, a decrease of 7 basis points from the net interest margin of 3.16 percent in the second quarter of 2011, and an 18 basis point decrease from the net interest margin of 3.27 percent in the third quarter of 2010.   For the nine months ended September 30, 2011, the net interest margin was 3.16 percent compared to 3.50 percent for the same nine months in 2010.

During the third quarter of 2011 the provision for credit losses was $2.2 million, or $1.6 million less than net charge-offs.  During the second quarter of 2011 the provision for credit losses totaled $3.6 million, or $2.4 million less than net charge-offs.   During the third quarter of 2010 the provision for credit losses of $13.4 million equaled net charge-offs.  For the nine months ended September 30, 2011, the provision for credit losses was $10.5 million compared to $50.0 million for the same period in 2010.

Noninterest income was $50.9 million for the third quarter of 2011, an increase of $1.4 million compared to noninterest income of $49.5 million in the second quarter of 2011, and down $2.2 million from noninterest income of $63.1 million in the third quarter of 2010.  Noninterest income in the third quarter of 2011 included the previously mentioned $2.0 million gain related to a contingent payment from the sale of the Company’s proprietary mutual funds in 2010.  Noninterest income in the third quarter of 2010 included net securities gains of $7.9 million, $3.8 million related to the Pacific Capital Funds and insurance business sales, and a loss of $1.4 million related to the disposition of a leveraged lease.

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Noninterest expense was $84.0 million in the third quarter of 2011, down $9.8 million from $93.8 million in the previous quarter, and down $5.9 million from $89.9 million in the same quarter last year.  Noninterest expense in the third quarter of 2011 included a previously mentioned donation of $2.0 million to the Bank of Hawaii Foundation.  Noninterest expense in the second quarter of 2011 included a litigation settlement of $9.0 million and $2.0 million for employee stock incentives.  Noninterest expense in the third quarter of 2010 included $5.2 million for the early termination of debt.  An analysis of salary and benefit expenses is included in Table 8.

The higher effective tax rate for the third quarter of 2011 compared to the same period in 2010 was primarily due to the sale of the Company’s equity interest in two leveraged leases, which resulted in a $4.4 million credit to the provision for income taxes in the third quarter of 2010.  The effective tax rate for the nine-month period ended September 30, 2011 was 30.54 percent compared with 30.56 percent for the same period last year.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services, and Treasury & Other.  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 12a and 12b.

Asset Quality

The Company’s overall credit quality reflected the improving Hawaii economy during the third quarter of 2011.  Total non-performing assets increased to $37.8 million at September 30, 2011 primarily due to the addition of one commercial loan.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.70 percent at September 30, 2011, up from 0.64 percent as of June 30, 2011, and down from 0.85 percent at September 30, 2010.

Accruing consumer loans and leases past due 90 days or more were $10.9 million at September 30, 2011, up from $7.8 million at June 30, 2011 and $10.5 million at September 30, 2010.  Residential first mortgage and home equity delinquencies continue to be centered on neighbor islands.   There were no accruing commercial loans or leases past due 90 days or more at September 30, 2011.  Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $33.1 million at September 30, 2011 and primarily comprised of residential mortgage loans with lowered monthly payments to accommodate the borrowers’ financial needs for a period of time.  More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 10.

Net charge-offs were $3.8 million or 0.28 percent annualized of total average loans and leases outstanding.  Total charge-offs of $10.8 million were partially offset by total recoveries of $7.0 million.  Net charge-offs during the second quarter of 2011 were $6.0 million or 0.45 percent annualized, and were comprised of charge-offs of $9.0 million and recoveries of $3.0 million.  Net charge-offs in the third quarter of 2010 were $13.4 million, or 0.99 percent annualized, and were comprised of charge-offs of $16.3 million and recoveries of $2.9 million.  Net charge-offs during the nine months ended September 30, 2011 were $14.4 million or 0.36 percent annualized compared with $46.3 million or 1.12 percent annualized for the same period in 2010.

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The allowance for loan and lease losses was $143.4 million at September 30, 2011, down $1.6 million from the allowance for loan and lease losses of $145.0 million at June 30, 2011 and $147.4 million at September 30, 2010.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.68 percent at September 30, 2011.  The reserve for unfunded commitments at September 30, 2011 was unchanged at $5.4 million.  Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 11.

Other Financial Highlights

Total assets were $13.30 billion at September 30, 2011, up from total assets of $13.16 billion at June 30, 2011, and up from $12.72 billion at September 30, 2010.  Average total assets were $13.13 billion during the third quarter of 2011, up from average assets of $12.97 billion during the previous quarter, and up from $12.80 billion during the third quarter last year.

Total loans and leases were $5.35 billion at September 30, 2011, down slightly from June 30, 2011, and up from $5.31 billion at September 30, 2010.  Average total loans and leases were $5.34 billion during the third quarter of 2011, up from $5.33 billion during the previous quarter, and down from $5.37 billion during the third quarter last year.  Loan and lease portfolio balances, including the higher risk loans outstanding, are summarized in Table 9.

Deposit growth remained strong during the third quarter of 2011.  Total deposits were $10.01 billion at September 30, 2011, up from $9.98 billion at June 30, 2011, and up from $9.60 billion at September 30, 2010.  Average total deposits were $9.87 billion in the third quarter of 2011, up from average deposits of $9.79 billion during the previous quarter, and up from $9.58 billion during the third quarter last year.  Deposit balances are summarized in Tables 6a, 6b, and 9.

As a result of strong deposit growth and weak consumer loan demand, the investment securities portfolio increased to $6.97 billion at September 30, 2011, up from $6.62 billion at June 30, 2011, and up from $6.36 billion at September 30, 2010.

During the third quarter of 2011, the Company repurchased 722.9 thousand shares of common stock at a total cost of $30.0 million under its share repurchase program.  The average cost was $41.52 per share repurchased.  From the beginning of the share repurchase program initiated during July 2001 through September 30, 2011, the Company has repurchased 47.8 million shares and returned over $1.7 billion to shareholders at an average cost of $35.90 per share.  From October 1 through October 21, 2011, the Company repurchased an additional 162.1 thousand shares of common stock at an average cost of $37.89 per share repurchased.  Remaining buyback authority under the share repurchase program was $96.9 million at October 21, 2011.

Total shareholders’ equity was $1.02 billion at September 30, 2011, up from $1.00 billion at June 30, 2011 and down from $1.04 billion at September 30, 2010.  The ratio of tangible common equity to risk-weighted assets was 18.90 percent at September 30, 2011, compared with 18.95 percent at June 30, 2011 and 19.50 percent at September 30, 2010.  The Tier 1 leverage ratio at September 30, 2011 was 6.95 percent, down from 7.07 percent at June 30, 2011 and 7.15 percent at September 30, 2010.

The Company’s Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company’s outstanding shares.  The dividend will be payable on December 14, 2011 to shareholders of record at the close of business on November 30, 2011.

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Hawaii Economy

Hawaii’s economy continued to improve during the third quarter of 2011 primarily due to increasing visitor arrivals and spending.  For the first eight months of 2011, visitor arrivals increased 2.5 percent and visitor spending increased by 14.1 percent compared to the same period in 2010.  Total Japanese visitor expenditures increased 4.9 percent for the first eight months of 2011, despite a decline in Japanese arrivals of 8.2 percent compared to the same period in 2010.  During 2011, hotel occupancy and revenue per available room have generally shown signs of improvement as well.  Overall, state employment has been stable and the statewide seasonally-adjusted unemployment rate was 6.4 percent at the end of September 2011, compared with 9.1 percent nationally.  The median sales price for single-family homes on Oahu has remained flat year-to-date through September 2011, although the volume of single-family home sales began to increase in the third quarter of 2011 compared to the same period in 2010.

Conference Call Information

The Company will review its third quarter 2011 financial results today at 8:00 a.m. Hawaii Time.  The conference call will be accessible via teleconference and the Investor Relations link of Bank of Hawaii Corporation’s web site, www.boh.com.  Conference call participants in the United States should dial 888-268-4176 and international participants should dial 617-597-5493.  Use the pass code “Bank of Hawaii” to access the call.  A replay of the call will be available for one week beginning Monday, October 24, 2011 by dialing 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 41254996 when prompted.  A replay will also be available via the Investor Relations link of the Company’s web site, www.boh.com.

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, 2010, which was filed with the U.S. Securities and Exchange Commission.  We have not committed 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.

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1  Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).

2  Operating leverage is defined as the percentage change in income before the provision for credit losses and the provision for income taxes.  Measures are presented on a linked quarter basis.

3  Net interest margin is defined as net interest income, on a taxable equivalent basis, as a percentage of average earning assets.

4  Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.

5  Tangible common equity, a non-GAAP financial measure, is defined by the Company as shareholders’ equity minus goodwill and intangible assets.  Intangible assets are included as a component of other assets in the Consolidated Statements of Condition.

Bank of  Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries

Bank of Hawaii Corporation and Subsidiaries