Exhibit 99.1

Bank of Hawaii Corporation First Quarter 2012 Financial Results

·                  Diluted Earnings Per Share $0.95

·                  Net Income $43.8 Million

·                  Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (April 23, 2012) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.95 for the first quarter of 2012, up from $0.85 in the previous quarter, and up from $0.88 in the same quarter last year.  Net income for the first quarter of 2012 was $43.8 million, an increase of $4.6 million or 11.7 percent compared to net income of $39.2 million in the fourth quarter of 2011, and up $1.5 million or 3.4 percent from net income of $42.4 million in the first quarter of 2011.

Loan and lease balances increased to $5.6 billion during the first quarter of 2012, up 1.1 percent compared to the end of the fourth quarter of 2011 and up 5.1 percent compared to the end of the same quarter last year.  Deposit growth continued to remain strong, increasing to $10.6 billion at March 31, 2012.  The allowance for loan and lease losses declined to $135.6 million and currently represents 2.42 percent of outstanding loans and leases.

“Bank of Hawaii Corporation had a good start in 2012 with solid performance in the first quarter,” said Peter S. Ho, Chairman, President and CEO.  “Loan balances continued to grow, deposits remained strong, and our net interest margin slightly improved during the quarter.  We maintained our disciplined expense control management and credit costs are continuing to decline as the Hawaii economy recovers.”

The return on average assets for the first quarter of 2012 was 1.29 percent, up from 1.17 percent in the previous quarter, and down from 1.32 percent for the same quarter last year.  The return on average equity for the first quarter of 2012 was 17.26 percent compared to 15.23 percent for the fourth quarter of 2011 and 16.86 percent in the first quarter of 2011.  The efficiency ratio for the first quarter of 2012 was 58.35 percent, an improvement from 60.42 percent in the previous quarter.

- more -

Financial Highlights

Net interest income, on a taxable equivalent basis, for the first quarter of 2012 was $100.0 million, up $2.8 million from net interest income of $97.2 million in the fourth quarter of 2011 and essentially flat with net interest income of $100.1 million in the first quarter of 2011.  Analyses of the changes in net interest income are included in Tables 8a and 8b.

The net interest margin was 3.06 percent for the first quarter of 2012, a 2 basis point increase from the net interest margin of 3.04 percent in the fourth quarter of 2011 and an 18 basis point decrease from 3.24 percent in the first quarter of 2011.  The increase in the net interest margin compared to the fourth quarter is largely due to an improving balance sheet mix.  The decrease in the net interest margin compared to the first quarter of 2011 was primarily due to higher levels of liquidity and lower yields on loans and investment securities.

Results for the first quarter of 2012 included a provision for credit losses of $0.4 million, or $3.0 million less than net charge-offs.  The provision for credit losses during the fourth quarter of 2011 was $2.2 million, or $4.8 million less than net charge-offs.  The provision for credit losses of $4.7 million equaled net charge-offs during the first quarter of 2011.

Noninterest income was $48.1 million for the first quarter of 2012, an increase of $4.7 million compared to noninterest income of $43.4 million in the fourth quarter of 2011, and a decrease of $5.8 million compared to noninterest income of $53.9 million in the first quarter of 2011.  Noninterest income in the first quarter of 2012 included a previously disclosed gain of $3.5 million on the early termination of leveraged leases for two cargo ships and a loss of $1.0 million on the sale and termination of an aircraft lease.  There were no significant nonrecurring noninterest income items during the fourth quarter of 2011.  Noninterest income in the first quarter of 2011 included net gains of $6.1 million on sales of investment securities.  Adjusted for these items, the decrease in noninterest income compared to the first quarter of 2011 is largely due to a reduction in debit card fees, which were $3.0 million lower than the first quarter of 2011.

Noninterest expense was $85.2 million in the first quarter of 2012, up $0.8 million from noninterest expense of $84.4 million in the fourth quarter of 2011, and down $0.9 million from noninterest expense of $86.1 million in the same quarter last year.  Noninterest expense in the first quarter of 2012 included $1.2 million for the final phase of a refresh of the Company’s personal computers.  There were no significant nonrecurring noninterest expense items during the previous quarter or comparable quarter last year.  An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the first quarter of 2012 was 27.55 percent compared to 26.06 percent in the previous quarter, and 32.60 percent during the same quarter last year.  The lower effective tax rate in the first quarter of 2012 was primarily due to a $2.7 million credit to the provision for income taxes related to the previously disclosed early termination of leveraged leases for two cargo ships.  The effective tax rate for the fourth quarter of 2011 was 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 Table 13.

- more -

2

Asset Quality

The Company’s overall asset quality during the first quarter of 2012 reflects the gradually improving Hawaii economy.  Total non-performing assets increased to $41.4 million at March 31, 2012 primarily due to the lengthy judiciary foreclosure process for residential mortgage loans.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.74 percent at March 31, 2012, a slight increase from 0.73 percent at December 31, 2011 and up from 0.65 percent at March 31, 2011.

Accruing loans and leases past due 90 days or more were $10.1 million at March 31, 2012, up from $9.2 million at December 31, 2011, and up from $5.6 million at March 31, 2011.  The increase was largely due to consumer delinquencies in residential first mortgage and home equity loans, which 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 $29.5 million at March 31, 2012 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 11.

Net charge-offs during the first quarter of 2012 declined to $3.4 million or 0.24 percent annualized of total average loans and leases outstanding.  Loan and lease charge-offs of $7.8 million during the quarter were partially offset by recoveries of $4.4 million.  Net charge-offs in the fourth quarter of 2011 were $7.0 million, or 0.51 percent annualized of total average loans and leases outstanding, and were comprised of $9.6 million in charge-offs partially offset by recoveries of $2.6 million.  Net charge-offs during the first quarter of 2011 were $4.7 million, or 0.36 percent annualized of total average loans and leases outstanding, and were comprised of $7.4 million in charge-offs partially offset by recoveries of $2.7 million.

The allowance for loan and lease losses was $135.6 million at March 31, 2012, down $3.0 million from the allowance for loan and lease losses of $138.6 million at December 31, 2011 and down $11.8 million from the allowance for loan and lease losses of $147.4 million at March 31, 2011.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.42 percent at March 31, 2012, a decrease of 8 basis points from the previous quarter.  The reserve for unfunded commitments at March 31, 2012 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 12.

Other Financial Highlights

Total assets were $13.76 billion at March 31, 2012, down from total assets of $13.85 billion at December 31, 2011, and up from total assets of $12.96 billion at March 31, 2011.  Average total assets were $13.68 billion during the first quarter of 2012, up from $13.36 billion during the previous quarter and $12.97 billion during the same quarter last year.

Total loans and leases increased to $5.60 billion at March 31, 2012, up from $5.54 billion at December 31, 2011, and up from $5.33 billion at March 31, 2011.  Average total loans and leases were $5.56 billion during the first quarter of 2012, up from $5.42 billion during the previous quarter, and up from $5.31 billion during the same quarter last year.  Loan and lease portfolio balances, including the higher risk loans outstanding, are summarized in Table 10.

- more -

3

The securities portfolio was $7.25 billion at March 31, 2012, up from $7.11 billion at December 31, 2011 and up from $6.47 billion at March 31, 2011.  The portfolio remains largely comprised of securities issued by U. S. government agencies.  Funds sold decreased to $213.5 million at March 31, 2012 compared to $512.4 million at December 31, 2011 and $419.4 million at March 31, 2011.

Total deposits were $10.62 billion at March 31, 2012, up from $10.59 billion at December 31, 2011, and up from total deposits of $9.91 billion at March 31, 2011.  Average total deposits were $10.43 billion in the first quarter of 2012, higher than average deposits of $10.16 billion during the previous quarter, and up from $9.87 billion during the first quarter last year.

During the first quarter of 2012, the Company repurchased 638.8 thousand shares of common stock at a total cost of $30.0 million under its share repurchase program.  The average cost was $46.93 per share repurchased.  From April 2 through April 20, 2012, the Company repurchased an additional 122.5 thousand shares of common stock at an average cost of $47.47 per share repurchased.  From the beginning of the share repurchase program initiated during July 2001 through March 31, 2012, the Company has repurchased 49.2 million shares and returned nearly $1.8 billion to shareholders at an average cost of $36.12 per share.  Remaining buyback authority under the share repurchase program was $44.0 million at March 31, 2012.

Total shareholders’ equity was $995.9 million at March 31, 2012, compared to $1.0 billion at December 31, 2011 and $996.2 million at March 31, 2011.  The ratio of tangible common equity to risk-weighted assets was 17.62 percent at the end of the first quarter of 2012, compared to 17.93 percent at year-end 2011, and 19.04 percent at the end of the same quarter last year.  The Tier 1 leverage ratio at March 31, 2012 was 6.57 percent compared to 6.73 percent at December 31, 2011, and 7.16 percent at March 31, 2011.

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 June 14, 2012 to shareholders of record at the close of business on May 31, 2012.

Hawaii Economy

Hawaii’s economy was stable with continued improvement in certain aspects, particularly in tourism, during the first two months of 2012.   For the first two months of 2012, total visitor arrivals increased by 6.7% and visitor spending increased by 11.4% compared to the same period in 2011.  The increase in visitor spending was primarily due to strong spending growth by visitors from Japan and Canada.  Hotel occupancy and revenue per available room also continued to improve.  Overall, state job growth has begun to stabilize as the statewide seasonally adjusted unemployment rate was 6.4% as of March 2012, compared to 8.2% nationally.  For the first three months of 2012, the volume of single-family home sales was slightly lower than the same period in 2011, while the median price of single family homes sold on Oahu was higher compared to the same period in 2011.  Months of inventory continued to remain low at approximately 4 months as of March 31, 2012.  More information on current Hawaii economic trends is presented in Table 15.

- more -

4

Conference Call Information

The Company will review its first quarter 2012 financial results today at 8:00 a.m. Hawaii Time.  The conference call will be accessible via teleconference and via the Investor Relations link of Bank of Hawaii Corporation’s web site, www.boh.com.  Conference call participants located in the United States should dial 800-599-9816.  International participants should dial 617-847-8705.  Use the pass code “Bank of Hawaii” to access the call.  A replay will be available for one week beginning Monday, April 23, 2012 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 76013334 when prompted.  A replay will also be available via the Investor Relations link on 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, 2011, 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.

# # # #

5

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

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

(3)         Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.

(4)         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.