Exhibit 99.1

Bank of Hawaii Corporation 2011 Financial Results

·           2011 Diluted Earnings Per Share $3.39

·           2011 Net Income $160.0 Million

·           Diluted Earnings Per Share for the Fourth Quarter of 2011 $0.85

·           Net Income for the Fourth Quarter of 2011 $39.2 Million

·           Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 23, 2012) -- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.85 for the fourth quarter of 2011, down from $0.92 per share in the previous quarter, and up from $0.84 per share in the same quarter last year.  Net income for the fourth quarter of 2011 was $39.2 million, compared to net income of $43.3 million in the third quarter of 2011 and $40.6 million in the same quarter last year.

Loan and lease balances grew to $5.5 billion during the fourth quarter of 2011, increasing by 3.5 percent compared with the third quarter of 2011.  Deposit growth remained strong, growing by 5.8 percent to $10.6 billion at December 31, 2011.  As a result of continued strength in asset quality and an improving Hawaii economy, the allowance for loan and lease losses decreased by $4.8 million to $138.6 million, representing 2.50 percent of outstanding loans and leases.

“Bank of Hawaii finished 2011with solid financial performance,” said Peter S. Ho, Chairman, President, and CEO.  “During the quarter, we were pleased that our loan balances increased across most categories and deposit growth remained strong.  Credit quality remained strong during the quarter.  Our balance sheet remains solid, with high levels of liquidity, capital, and reserves due to our continued focus on disciplined capital and risk management.  During the quarter we reduced our shares outstanding by 1.3 percent and maintained our quarterly dividend of $0.45 per share.”

The return on average assets for the fourth quarter of 2011 was 1.17 percent, compared with 1.31 percent in the previous quarter and 1.24 percent in the same quarter last year.  The return on average equity for the fourth quarter of 2011 was 15.23 percent, compared with 16.80 percent in the previous quarter and 15.08 percent in the same quarter last year.  The return on average assets for the full year of 2011 was 1.22 percent, down from 1.45 percent in 2010.  The return on average equity for the full year of 2011 was 15.69 percent compared with 18.16 percent in 2010.

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Financial Highlights

Net interest income, on a taxable equivalent basis, for the fourth quarter of 2011 was $97.2 million, up slightly from net interest income of $97.1 million in the third quarter of 2011 and up $0.6 million from net interest income of $96.6 million in the fourth quarter of 2010.  Net interest income, on a taxable equivalent basis, for the full year of 2011 was $392.3 million, down $15.2 million from net interest income of $407.5 million in 2010.  Analyses of changes in net interest income are included in Tables 7a, 7b and 7c.

The net interest margin was 3.04 percent for the fourth quarter of 2011, a 5 basis point decrease from the previous quarter and an 11 basis point decrease from the same quarter last year. The net interest margin for the full year of 2011 was 3.13 percent, a 28 basis point decrease from 3.41 percent in 2010.  The reduction in the net interest margin was largely the result of higher levels of liquidity, lower average loan balances, and lower interest rates which resulted in lower yields on loans and investments.

During the fourth quarter of 2011 the provision for credit losses was $2.2 million, or $4.8 million less than net charge-offs.  The provision for credit losses during the third quarter of 2011 was $2.2 million, or $1.6 million less than net charge-offs.  The provision for credit losses during the fourth quarter of 2010 was $5.3 million and equaled net charge-offs.  The provision for credit losses for the full year of 2011 was $12.7 million compared with $55.3 million in 2010.

Noninterest income was $43.4 million for the fourth quarter of 2011, compared with $50.9 million in the third quarter of 2011 and $51.5 million in the fourth quarter of 2010.  There were no significant noninterest revenue items in the fourth quarter of 2011 or the fourth quarter of 2010.  Noninterest income in the third quarter of 2011 included a $2.0 million contingent payment received from the sale of the Company’s proprietary mutual funds in 2010.  The decline in noninterest revenue compared with the previous quarter is primarily due to lower debit card revenue resulting from implementation of the Durbin Amendment.  Mortgage Banking revenue also declined compared to the prior quarters due to the Company’s decision to portfolio some saleable mortgages.  Noninterest income for the full year of 2011 was $197.7 million compared with noninterest income of $255.3 million in 2010.  Results for 2011 included $6.4 million in gains on the sales of investment securities compared with similar gains of $42.8 million in 2010. Excluding the securities gains, noninterest revenue declined in 2011 compared with 2010 primarily due to reduced overdraft fees.

Noninterest expense was $84.4 million in the fourth quarter of 2011, up slightly from noninterest expense of $84.0 million in the third quarter of 2011, and down from $88.7 million in the fourth quarter of 2010.  There were no significant noninterest expense items in the fourth quarter of 2011.  Noninterest expense in the third quarter of 2011 included a donation of $2.0 million to the Bank of Hawaii Foundation.  Noninterest expense in the fourth quarter of 2010 included $1.9 million for employee incentives, $1.2 million for a refresh of personal computers, and a donation of $1.0 million to the Bank of Hawaii Foundation.  In the fourth quarter of 2010 these items were partially offset by a $1.3 million gain on the sale of foreclosed real estate and a $1.0 million settlement gain on the extinguishment of retiree life insurance obligations.  Noninterest expense for the full year of 2011 was $348.2 million, up slightly from noninterest expense of $346.2 million in 2010.  Results for 2011 included a second quarter litigation settlement of $9.0 million.

The efficiency ratio for the fourth quarter of 2011 was 60.42 percent compared with 56.87 percent in the previous quarter and 60.05 percent in the same quarter last year.  The efficiency ratio for the full year of 2011 was 59.23 percent compared with 52.32 percent during the full year of 2010.

The effective tax rate for the fourth quarter of 2011 was 26.1 percent compared with 29.6 percent in the previous quarter and 24.5 percent in the same quarter last year.  The effective tax rate for the full

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year of 2011 was 29.5 percent compared with 29.3 percent for the full year of 2010.  The effective tax rate for the fourth quarters of 2011 and 2010 were favorably impacted by the release of tax reserves determined during the quarter.

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 asset quality reflects the gradually improving Hawaii economy despite continuing weakness in the construction sector.  Total non-performing assets increased to $40.8 million at December 31, 2011 primarily due to the addition of one $2.1 million construction loan and are centered in residential mortgage loans which are taking longer to resolve through the judiciary foreclosure process.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.73 percent at December 31, 2011, up from 0.70 percent as of September 30, 2011 and 0.71 percent at December 31, 2010.

Accruing loans and leases past due 90 days or more were $9.2 million at December 31, 2011, down from $10.9 million at September 30, 2011, and up from $7.6 million at December 31, 2010.  Delinquencies in residential first mortgage and home equity loans continue to be primarily on neighbor island properties.   Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $33.7 million at December 31, 2011 and was 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 during the fourth quarter of 2011 were $7.0 million or 0.51 percent annualized of total average loans and leases outstanding.  Total charge-offs of $9.6 million were partially offset by total recoveries of $2.6 million.  Net charge-offs during the third quarter of 2011 were $3.8 million or 0.28 percent annualized, and were comprised of charge-offs of $10.8 million and recoveries of $7.0 million.  Net charge-offs in the fourth quarter of 2010 were $5.3 million, or 0.39 percent annualized, and were comprised of charge-offs of $15.7 million and recoveries of $10.4 million.  Net charge-offs for the full year of 2011 were $21.4 million, or 0.40 percent of total average loans and leases, down from $51.6 million, or 0.94 percent of total average loans and leases in 2010.

The allowance for loan and lease losses was $138.6 million at December 31, 2011, down $4.8 million from the allowance for loan and lease losses of $143.4 million at September 30, 2011 and $147.4 million at December 31, 2010.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.50 percent at December 31, 2011, a decrease of 18 basis points from the previous quarter.  The reserve for unfunded commitments at December 31, 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 increased to $13.85 billion at December 31, 2011, up from total assets of $13.30 billion at September 30, 2011, and up from total assets of $13.13 billion at December 31, 2010.  Average total assets were $13.36 billion during the fourth quarter of 2011, up from average total assets of $13.13 billion during the third quarter of 2011, and up from average total assets of $12.96 billion during the fourth quarter of 2010.

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Total loans and leases grew to $5.54 billion at December 31, 2011, up from $5.35 billion at September 30, 2011, and up from $5.34 billion at December 31, 2010.  Average total loans and leases were $5.42 billion during the fourth quarter of 2011, up from $5.34 billion during the previous quarter, and up from $5.32 billion during the same quarter last year.  Loan and lease portfolio balances, including the higher risk loans outstanding, are summarized in Table 9.

Deposit generation continued to remain strong during the fourth quarter of 2011, increasing to $10.59 billion at December 31, 2011, up from $10.01 billion at September 30, 2011, and up from $9.89 billion at December 31, 2010.  Average total deposits were $10.16 billion in the fourth quarter of 2011, higher than average deposits of $9.87 billion during the previous quarter, and up from average deposits of $9.68 billion during the same quarter last year.

As a result of the strong deposit growth, which exceeded loan growth during the fourth quarter, the investment portfolio grew to $7.11 billion at year-end 2011, compared to $6.97 billion at September 30, 2011 and $6.66 billion at December 31, 2010.   The Company’s municipal bond portfolio increased by $247 million during the fourth quarter of 2011, which represents 6.0 percent of the total securities portfolio at December 31, 2011.  The investment portfolio remains largely comprised of securities issued by U. S. government agencies.

During the fourth quarter of 2011, the Company repurchased 702.3 thousand shares of common stock at a total cost of $29.1 million under its share repurchase program.  The average cost was $41.44 per share repurchased.  From January 3 through January 20, 2012, the Company repurchased an additional 70.0 thousand shares of common stock at an average cost of $46.28 per share repurchased.  From the beginning of the share repurchase program initiated during July 2001 through December 31, 2011, the Company has repurchased 48.5 million shares and returned over $1.7 billion to shareholders at an average cost of $35.98 per share.  Remaining buyback authority under the share repurchase program was $74.0 million at December 31, 2011.

Total shareholders’ equity was $1.00 billion at December 31, 2011, down slightly from $1.02 billion at September 30, 2011 and $1.01 billion at December 31, 2010.  The ratio of tangible common equity to risk-weighted assets was 17.93 percent at December 31, 2011, compared with 18.90 percent at September 30, 2011 and 19.29 percent at December 31, 2010.  The Tier 1 leverage ratio at December 31, 2011 was 6.73 percent, down from 6.95 percent at September 30, 2011 and 7.15 percent at December 31, 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 March 14, 2012 to shareholders of record at the close of business on February 29, 2012.

Hawaii Economy

Hawaii’s economy continued to slowly recover during the fourth quarter of 2011 due to increasing visitor arrivals and spending.  For the first 11 months of 2011, total visitor arrivals increased 3.4 percent compared to the same period in 2010.  Total visitor spending for the first 11 months of 2011 increased 15.1 percent compared to the same period last year primarily due to strong spending growth from international visitors from the Asia-Pacific region, Canada, Australia, and New Zealand.  Hotel occupancy continued to improve and revenue per available room reflects signs of improvement.  Overall, employment continues to be stable.  The statewide unemployment rate remains significantly below the national average at 6.5 percent for the month of November.  More information on current Hawaii economic trends is presented in Table 14.

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Conference Call Information

The Company will review its 2011 financial results today at 8:00 a.m. Hawaii Time (1:00 p.m. Eastern Time).  The call 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 for participants in the United States is 800-901-5231.  International participants should call 617-786-2961.  Use the pass code “Bank of Hawaii” to access the call.  A replay of the conference call will be available for one week beginning Monday, January 23, 2012 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the number 83186423 when prompted.  A replay 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, 2010, 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 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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