Exhibit 99.1

Bank of Hawaii Corporation 2010 Financial Results

·            2010 Diluted Earnings Per Share $3.80

·            2010 Net Income $183.9 Million

·            Diluted Earnings Per Share for the Fourth Quarter of 2010 $0.84

·            Net Income for the Fourth Quarter of 2010 $40.6 Million

·            Board of Directors Declares Dividend of $0.45 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (January 24, 2011) — Bank of Hawaii Corporation (NYSE: BOH) today reported net income of $40.6 million or $0.84 per diluted share for the fourth quarter of 2010 compared with $40.5 million or $0.84 per diluted share for the fourth quarter of 2009.  Net income for the full year of 2010 was $183.9 million or $3.80 per diluted share, up from net income of $144.0 million or $3.00 per diluted share in the previous year.

“Bank of Hawaii Corporation finished 2010 with solid financial performance,” said Peter S. Ho, Chairman, CEO, and President.  “During the quarter we continued to see strong core deposit growth.  Our loan portfolio grew slightly compared with the third quarter of 2010.  Our balance sheet remained strong with high levels of liquidity, reserves, and capital.  Credit quality continues to improve.  The Hawaii economy is continuing to recover due, in part, to improving arrival and spend statistics in our visitor industry.  Bank of Hawaii is well positioned to meet the needs of our marketplace as conditions improve.”

The return on average assets for the fourth quarter of 2010 was 1.24 percent and the return on average equity for the quarter was 15.08 percent.  The return on average assets in 2010 was 1.45 percent, up from 1.22 percent in 2009.  The return on average equity for the year was 18.16 percent, up from 16.42 percent in 2009.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the fourth quarter of 2010 was $96.6 million, down $7.2 million from net interest income of $103.8 million in the fourth quarter of 2009 and down $2.2 million from net interest income of $98.8 million in the third quarter of 2010.  Net interest income, on a taxable equivalent basis, for the full year of 2010 was $407.5 million, down $6.0 million from net interest income of $413.5 million in 2009.  Analyses of changes in net interest income are included in Tables 7a, 7b and 7c.

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The net interest margin was 3.15 percent for the fourth quarter of 2010, a 42 basis point decrease from the same quarter last year and a 12 basis point decrease from the previous quarter. The net interest margin for the full year of 2010 was 3.41 percent, a 31 basis point decrease from 3.72 percent in 2009.  The reduction in the net interest margin was largely the result of higher levels of liquidity, lower interest rates, and lower loan balances.

Results for the fourth quarter of 2010 included a provision for credit losses of $5.3 million compared with $26.8 million in the fourth quarter of 2009 and $13.4 million in the third quarter of 2010.  The provision for credit losses equaled net charge-offs in the fourth and third quarters of 2010.  The provision for credit losses exceeded net charge-offs by $1.0 million in the fourth quarter of 2009.  The provision for credit losses for the full year of 2010 was $55.3 million compared with $107.9 million in 2009.

Noninterest income was $51.5 million for the fourth quarter of 2010, compared with $80.8 million in the fourth quarter of 2009 and $63.1 million in the third quarter of 2010. Noninterest income in the fourth quarter of 2009 included net gains of $25.7 million on sales of investment securities and net gains of $2.5 million related to the sale of the Company’s insurance subsidiary and the disposal of leased assets.  Noninterest income in the third quarter of 2010 included net gains of $7.9 million on the sales of investment securities, $3.8 million related to asset sales, and a loss of $1.4 million related to the disposition of a leveraged lease.  Noninterest income for the full year of 2010 was $255.3 million compared with noninterest income of $267.8 million in 2009.

Noninterest expense was $88.7 million in the fourth quarter of 2010, up slightly from noninterest expense of $88.5 million in the fourth quarter of 2009, and down $1.2 million compared with $89.9 million in the previous quarter.  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.  Partially offsetting these expenses were 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 in the fourth quarter of 2009 included $4.1 million for employee grants to purchase company stock, $2.0 million for employee incentives, and a donation of $1.0 million to the Bank of Hawaii Foundation.  Noninterest expense in the third quarter of 2010 included $5.2 million for the early termination of securities sold under agreements to repurchase.  Full year salaries and benefits expense in 2010 decreased $2.9 million, or 1.5 percent compared to 2009.  An analysis of salary and benefit expenses is included in Table 8.  Noninterest expense for the full year of 2010 was $346.2 million, down $3.8 million from 2009.

The efficiency ratio for the fourth quarter of 2010 was 60.05 percent compared with 48.02 percent in the same quarter last year and 55.57 percent in the previous quarter.  The efficiency ratio for the full year of 2010 was 52.32 percent, up slightly from 51.46 percent during the full year of 2009.

The effective tax rate for the fourth quarter of 2010 was 24.5 percent compared with 41.3 percent in the same quarter last year and 24.7 percent in the previous quarter.  The lower effective tax rate for the fourth quarter of 2010 compared to the fourth quarter of 2009 was primarily due to an adjustment to tax reserves determined during the quarter.  The effective tax rate for the full year of 2010 was 29.3 percent compared with 35.2 percent for the full year of 2009.  The lower effective tax rate for 2010 was primarily due to a first quarter adjustment in the expected utilization of capital losses on the sale of a low-income housing investment, the disposition of two leveraged leases in the third quarter, and the previously discussed adjustment in the fourth quarter.

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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 improving Hawaii economy.  Non-performing assets were $37.8 million at December 31, 2010, down from $48.3 million at December 31, 2009, and down from $45.2 million at September 30, 2010.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.71 percent at December 31, 2010.  Non-accrual loans and leases declined to $35.9 million at December 31, 2010, representing 0.67 percent of total loans and leases.  Accruing loans and leases past due 90 days or more decreased to $7.6 million during the fourth quarter of 2010.  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 fourth quarter of 2010 were $5.3 million or 0.40 percent annualized of total average loans and leases, down from $25.8 million in the fourth quarter of 2009, and $13.4 million in the third quarter of 2010.  Net charge-offs for the fourth quarter of 2010 included recoveries of $7.3 million on two commercial construction loans.  Net charge-offs for the full year of 2010 were $51.6 million, or 0.94 percent annualized of total average loans and leases, down from $87.7 million, or 1.43 percent annualized of total average loans and leases in 2009.

The allowance for loan and lease losses was $147.4 million at December 31, 2010, unchanged from September 30, 2010, and up from $143.7 million at December 31, 2009.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.76 percent at December 31, 2010.  The reserve for unfunded commitments at December 31, 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 $13.13 billion at December 31, 2010, an increase from total assets of $12.41 billion at December 31, 2009, and up from total assets of $12.72 billion at September 30, 2010.  Growth in investment securities during 2010 offset a decline in loan balances due to reduced demand, payoffs, and loan sales to reduce portfolio risk.  Total loans and leases were $5.33 billion at December 31, 2010, down from $5.76 billion at December 31, 2009, and up from $5.31 billion at September 30, 2010.  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 2010.  Total deposits increased to $9.89 billion at December 31, 2010, higher than total deposits of $9.41 billion at December 31, 2009, and up from $9.60 billion at September 30, 2010.  Average total deposits were $9.68 billion in the fourth quarter of 2010, higher than average deposits of $9.32 billion during the same quarter last year, and up from average deposits of $9.58 billion during the previous quarter.

As a result of the strong deposit growth, the investment portfolio grew to $6.66 billion at year-end 2010, compared to $5.51 billion at December 31, 2009 and $6.36 billion at September 30, 2010.

During the fourth quarter of 2010, the Company repurchased 258.0 thousand shares of common stock at a total cost of $11.7 million under its share repurchase program.  The average cost was $45.36 per share repurchased.  From January 3 through January 21, 2011, the Company repurchased an additional 63.0 thousand shares of common stock at an average cost of $47.25 per share repurchased.  From the beginning of the share repurchase program initiated during July 2001 through December 31, 2010, the

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Company has repurchased 46.0 million shares and returned over $1.6 billion to shareholders at an average cost of $35.55 per share.  Remaining buyback authority under the share repurchase program was $63.9 million at December 31, 2010.

Total shareholders’ equity was $1.01 billion at December 31, 2010, compared to $0.90 billion at December 31, 2009, and $1.04 billion at September 30, 2010.  The ratio of tangible common equity to risk-weighted assets was 19.29 percent at December 31, 2010, up from 15.45 percent at December 31, 2009, and down slightly from 19.50 percent at September 30, 2010.  At December 31, 2010, the Tier 1 leverage ratio was 7.15 percent, up from to 6.76 percent at December 31, 2009, and unchanged from 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 March 14, 2011 to shareholders of record at the close of business on February 28, 2011.

Hawaii Economy

Hawaii’s economy continued to recover during the fourth quarter of 2010 due to increasing visitor arrivals and spending.  For the first 11 months of 2010, total visitor arrivals increased 8.6 percent compared to the same period in 2009.  Total visitor spending for the first 11 months of 2010 were up 16 percent compared to the same period last year.  Hotel occupancy continued to improve and revenue per available room has finally begun to show signs of improvement.  Overall, state job growth has begun to stabilize and the statewide unemployment rate remains unchanged for the fifth straight month at 6.4 percent.  Home prices and sales remained fairly stable during the quarter.  More information on Hawaii economic trends is presented in Table 14.

Conference Call Information

The Company will review its 2010 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 866-783-2137.  International participants should call 857-350-1596.  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 24, 2011 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the number 57311607 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, 2009, 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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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 as of December 31, 2009.

6  Tier 1 Capital Ratio, Total Capital Ratio, and Tier 1 Leverage Ratio as of December 31, 2009 were revised from 14.88%, 16.15%, and 6.78%, respectively.

7  Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures.  See reconciliation of Non-GAAP financial measures in Table 1b.

1  Tier 1 Capital Ratio as of December 31, 2009 was revised from 14.88%.