Exhibit 99.1

Bank of Hawaii Corporation Third Quarter 2010 Financial Results

·            Diluted Earnings Per Share $0.91

·            Net Income for the Quarter $44.1 Million

·            Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (October 25, 2010) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.91 for the third quarter of 2010, up $0.15 or 20 percent from diluted earnings per share of $0.76 in the same quarter last year.  Net income for the third quarter of 2010 was $44.1 million compared to net income of $36.5 million in the third quarter of 2009.  The return on average assets for the third quarter of 2010 was 1.37 percent compared to 1.21 percent during the same quarter last year.  The return on average equity for the third quarter of 2010 was 16.64 percent compared to 16.44 percent for the third quarter of 2009.

Average total deposits increased to $9.6 billion during the third quarter of 2010 compared to average deposits of $9.4 billion in the second quarter of 2010.  Shareholders’ equity increased to $1.04 billion at the end of the quarter.  The allowance for loan and lease losses was unchanged at $147.4 million, representing 2.77 percent of outstanding loans and leases.

“Bank of Hawaii Corporation had good results for the third quarter of 2010,” said Peter S. Ho, Chairman, CEO, and President.  “We were able to increase our capital, maintain our profitability, and our Board affirmed our dividend.  During the quarter, we repurchased 208.5 thousand shares of common stock at a total cost of $9.8 million.    The Hawaii economy remains stable and we are pleased with our year-to-date financial results, including our improved credit quality.  We are hopeful that our loan balances will begin to stabilize in the near future although we remain cautious about revenue headwinds resulting from financial reform legislation, the possibility of lower interest rates, and the ability to generate sustained future loan growth.”

For the nine months ended September 30, 2010, net income was $143.4 million compared to net income of $103.5 million for the same period last year.  Diluted earnings per share were $2.96 for the nine-month period in 2010, up from $2.16 for the same period in 2009.  The year-to-date return on average assets was 1.52 percent compared to 1.19 percent for the same period in 2009.  The year-to-date return on average equity was 19.28 percent, up from 16.24 percent for the nine months ended September 30, 2009.

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Results for the nine months ended September 30, 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 gain of $0.9 million from a contingent payment received in the third quarter of 2010 related to the sale of the Company’s retail insurance brokerage business in 2009.  These gains were partially offset by $5.2 million in early termination costs related to prepayment of $75.0 million in debt (securities sold under agreements to repurchase), a $3.7 million increase in the allowance for loan and lease losses, and $3.3 million for employee cash grants for the purchase of Company stock.  Results for the same period in 2009 included gains of $13.7 million from the disposition of leased equipment and the sale of the Company’s retail insurance brokerage business.  These gains were offset by increases in the allowance for loan and lease losses, an industry-wide FDIC special assessment, expenses for legal contingencies, an impairment of a leveraged lease residual value, and early debt retirement.  Details of these items are included in Table 2.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the third quarter of 2010 was $98.8 million, down $5.3 million from net interest income of $104.2 million in the second quarter of 2010, and down $10.4 million from net interest income of $109.2 million in the third quarter of 2009.  The decrease compared to the previous quarter was largely due to lower interest rates and lower loan balances.  For the nine months ended September 30, 2010, net interest income, on a taxable-equivalent basis, was $310.9 million compared to $309.7 million for the same period in 2009.  Analyses of the changes in net interest income are included in Tables 7a, 7b and 7c.

The net interest margin was 3.27 percent for the third quarter of 2010, a decrease of 24 basis points from 3.51 percent in the second quarter of 2010, and a 58 basis point decrease from 3.85 percent in the third quarter of 2009.   For the nine months ended September 30, 2010, the net interest margin was 3.50 percent compared to 3.78 percent for the same nine months in 2009.  The decrease in the net interest margin was largely the result of lower interest rates, a change in the balance sheet mix due to the higher percentage of investment securities compared with loans, and the Company’s strategy to maintain a lower risk investment portfolio.

Results for the third quarter of 2010 included a provision for credit losses of $13.4 million compared with $15.9 million in the second quarter of 2010 and $27.5 million in the third quarter of 2009.  The provision for credit losses equaled net charge-offs in the third quarter of 2010.  The provision for credit losses exceeded net charge-offs by $1.0 million in the second quarter of 2010 and $5.2 million in the third quarter of 2009.

Noninterest income was $63.1 million for the third quarter of 2010, a decrease of $5.7 million compared to $68.9 million in the second quarter of 2010, and up $6.3 million from $56.8 million in the third quarter of 2009.  Noninterest income in the third quarter of 2010 included net securities gains of $7.9 million, $3.8 million related to the previously mentioned Pacific Capital Funds and insurance business sales, and a loss of $1.4 million related to the disposition of a leveraged lease.  Noninterest income in the second quarter of 2010 included net securities gains of $15.0 million and a gain of $1.2 million related to the disposition of leased equipment.

Noninterest expense was $89.9 million in the third quarter of 2010, up $4.0 million from $85.9 million in the previous quarter, and up $5.9 million from $84.0 million in the same quarter last year.  Noninterest expense in the third quarter of 2010 included $5.2 million for the early termination of debt (securities sold under agreements to repurchase).  Noninterest expense in the second quarter of 2010 included $3.3 million for the previously mentioned employee cash grants.  An analysis of salary and benefit expenses is included in Table 8.

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The efficiency ratio for the third quarter of 2010 was 55.57 percent, compared with an efficiency ratio of 49.72 percent in the previous quarter and 50.69 percent in the same quarter last year.  The efficiency ratio for the nine-month period ended September 30, 2010 was 50.10 percent compared with 52.74 percent for the same period last year.

The effective tax rate for the third quarter of 2010 was 24.68 percent, compared to 34.37 percent in the previous quarter, and 32.71 percent during the third quarter last year.  Taxes in the third quarter of 2010 included a $4.4 million net credit related to the disposition of two leveraged leases.

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

Overall credit quality reflected the slowly improving Hawaii economy during the third quarter of 2010.  Non-performing assets were $45.2 million at September 30, 2010, up from $43.2 million at June 30, 2010, and down from $48.5 million at September 30, 2009.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.85 percent at September 30, 2010.  Non-performing assets remain at elevated levels primarily due to the lengthy resolution process on residential mortgages.  Non-accrual loans and leases declined to $39.3 million at September 30, 2010, representing 0.74 percent of total loans and leases.  Accruing loans and leases past due 90 days or more decreased to $10.5 million during the third quarter.  More information on non-performing assets and accruing loans and leases past due 90 days is presented in Table 10.

Net charge-offs during the third quarter of 2010 were $13.4 million or 0.99 percent annualized of total average loans and leases, down from $14.9 million in the second quarter of 2010, and down from $22.3 million in the third quarter last year.  Net charge-offs for the nine months ended September 30, 2010 were $46.3 million, or 1.12 percent annualized of total average loans and leases, down from $61.9 million, or 1.33 percent annualized of total average loans and leases for the same period last year.

The allowance for loan and lease losses was $147.4 million at September 30, 2010, unchanged from June 30, 2010, and up from $142.7 million at September 30, 2009.  The ratio of the allowance for loan and lease losses to total loans and leases increased to 2.77 percent at September 30, 2010.  The reserve for unfunded commitments at September 30, 2010 was unchanged at $5.4 million.  Details of charge-offs, recoveries and the components of the total reserve for credit losses are summarized in Table 11.

Other Financial Highlights

Total assets were $12.72 billion at September 30, 2010, down slightly from total assets of $12.86 billion at June 30, 2010, and up from $12.21 billion at September 30, 2009.  Average total assets were $12.80 billion during the third quarter of 2010, up from average assets of $12.60 billion during the previous quarter, and up from $11.99 billion during the third quarter last year.

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Total loans and leases were $5.31 billion at September 30, 2010, down from $5.44 billion at June 30, 2010, and down from $5.93 billion at September 30, 2009 primarily due to lower demand.  Loan and lease portfolio balances, including the higher risk loans outstanding, are summarized in Table 9.

Deposit generation remained strong during the third quarter of 2010.  Total deposits were $9.60 billion at September 30, 2010, up from $9.32 billion at June 30, 2010, and up from $9.25 billion at September 30, 2009.  The increase in deposits was widespread among deposit categories.  Average total deposits were $9.58 billion in the third quarter of 2010, up from average deposits of $9.39 billion during the previous quarter, and up from $9.13 billion during the third quarter last year.  Deposit balances are summarized in Tables 6a, 6b, and 9.

As a result of strong deposits and weak loan demand, the investment securities portfolio increased to $6.36 billion at September 30, 2010, up from $6.13 billion at June 30, 2010, and up from $5.02 billion at September 30, 2009.

During the third quarter of 2010, the Company repurchased 208.5 thousand shares of common stock at a total cost of $9.8 million under its share repurchase program.  The average cost was $46.93 per share repurchased.  From October 1, 2010 through October 22, 2010, the Company repurchased an additional 65.5 thousand shares of common stock at an average cost of $45.68 per share.  From the beginning of the share repurchase program initiated during July 2001 through September 30, 2010, the Company has repurchased 45.8 million shares and returned over $1.6 billion to shareholders at an average cost of $35.47 per share.  Remaining buyback authority under the share repurchase program was $75.6 million at September 30, 2010.

Total shareholders’ equity increased to $1.04 billion at September 30, 2010, compared to $1.01 billion at June 30, 2010, and $902.8 million at September 30, 2009.  The ratio of tangible common equity to risk-weighted assets was 19.50 percent at September 30, 2010, up from 18.57 percent at June 30, 2010, and up from 14.56 percent at September 30, 2009.  At September 30, 2010, the Tier 1 leverage ratio increased to 7.15 percent, up from to 7.09 percent at June 30, 2010, and 6.65 percent at September 30, 2009.

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, 2010 to shareholders of record at the close of business on November 30, 2010.

Hawaii Economy

Hawaii’s economy continued to recover during the third quarter of 2010 due to a stronger visitor industry.  During April through July, total visitor arrivals increased 8.4 percent compared with the same period last year and were widespread among counties.  Hotel occupancy improved to 74 percent and visitor spending is trending upward.  Overall, state job growth in July 2010 was 1.0 percent as visitor industry gains offset declines in other sectors.  Construction continues to be the industry most impacted with 9.3 percent fewer jobs in July compared with the previous year.  The September statewide unemployment rate declined slightly to 6.3 percent on a seasonally adjusted basis.  Home prices and sales remained fairly strong during the quarter.  More information on Hawaii economic trends is presented in Table 14.

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Conference Call Information

The Company will review its third quarter 2010 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 866-543-6405.  International participants should dial 617-213-8897.  Use the pass code “Bank of Hawaii” to access the call.  A replay will be available for one week beginning Monday, October 25, 2010 by dialing 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 44496791 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, 2009, 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  Excluded from non-performing assets are contractually binding non-accrual loans held for sale of $4.2 million and $7.7 million as of December 31, 2009 and September 30, 2009, respectively.

6  Tier 1 Capital Ratio as of December 31, 2009 and September 30, 2009 was revised from 14.88% and 13.43%, respectively.

7  Total Capital Ratio as of December 31, 2009 and September 30, 2009 was revised from 16.15% and 14.70%, respectively.

8  Leverage Ratio as of December 31, 2009 and September 30, 2009 was revised from 6.78% and 6.67%, respectively.

9  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.