Exhibit 99.1

Bank of Hawaii Corporation Second Quarter 2011 Financial Results

·                  Diluted Earnings Per Share $0.74

·                  Net Income $35.1 Million

·                  Board of Directors Declares Dividend of $0.45 Per Share

·                  Board of Directors Increases Share Repurchase Authorization by $120.0 Million

FOR IMMEDIATE RELEASE

HONOLULU, HI (July 25, 2011) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.74 for the second quarter of 2011, down from $0.88 in the previous quarter.  Net income for the second quarter of 2011 was $35.1 million, down $7.2 million compared to net income of $42.4 million in the first quarter of 2011 primarily due to the previously announced tentative settlement agreement regarding the Company’s overdraft practices.

Loan and lease balances increased to $5.4 billion due to growth in both commercial and consumer loan demand.  Deposit growth remained strong during the second quarter, increasing to $10.0 billion at June 30, 2011.  The allowance for loan and lease losses decreased by $2.4 million to $145.0 million due to the improving Hawaii economy and represents 2.71 percent of outstanding loans and leases.

“Bank of Hawaii’s operating results were solid in the second quarter of 2011, excluding the one-time impact of a legal settlement,” said Peter S. Ho, Chairman, President and CEO.  “Loan growth was modestly higher both on an average and period end basis.  Expenses were controlled.  Credit quality remained stable and continued to improve from prior year levels.  The Hawaii economy remains steady with improved unemployment statistics and continued growth in visitor arrivals and spending.  Japan arrivals, as expected, have been muted by the effects of the March earthquake and resulting tsunami.  The downturn in arrivals from Japan however has been less severe than anticipated and has been more than offset by visitors from other market segments both domestic and international.”

The return on average assets for the second quarter of 2011 was 1.09 percent, down from 1.32 percent in the first quarter.  The return on average equity for the second quarter of 2011 was 13.86 percent compared to 16.86 percent for the previous quarter.  The efficiency ratio for the second quarter of 2011 was 63.81 percent compared to 56.04 percent in the previous quarter.

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Bank of Hawaii Corporation Second Quarter 2011 Financial Results

For the six months ended June 30, 2011, net income was $77.5 million, down from net income of $99.3 million for the same period last year.  Net income in the first half of 2011 included net gains of $6.1 million on the sales of investment securities compared with net gains of $35.0 million for the first six months of 2010.  Diluted earnings per share were $1.62 for the first half of 2011, down from diluted earnings per share of $2.05 for the first half of 2010.  The year-to-date return on average assets was 1.21 percent, down from 1.60 percent for the same six months in 2010.  The year-to-date return on average equity was 15.36 percent, down from 20.73 percent for the six months ended June 30, 2010.  The efficiency ratio for the first half of 2011 was 59.84 percent compared with 47.59 percent in the same period last year.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the second quarter of 2011 was $97.9 million, down $2.2 million from net interest income of $100.1 million in the first quarter of 2011 and down $6.3 million from net interest income of $104.2 million in the second quarter of 2010.  Net interest income for the first half of 2011 was $198.0, down $14.1 million compared with net interest income of $212.1 million for the first half of 2010.  Analyses of the changes in net interest income are included in Tables 7a, 7b, and 7c.

The net interest margin was 3.16 percent for the second quarter of 2011, a decrease of 8 basis points from the net interest margin of 3.24 percent in the first quarter of 2011 and a 35 basis point decrease from the net interest margin of 3.51 percent in the second quarter of 2010.  The net interest margin for the six months ended June 30, 2011 was 3.20 percent compared with 3.61 percent for the same period last year.  The decrease in the net interest margin was largely the result of lower interest rates and the Company’s strategy to maintain strong liquidity and reduce risk.

During the second quarter of 2011 the provision for credit losses totaled $3.6 million, or $2.4 million less than net charge-offs, and reflects the improving Hawaii economy and asset quality of the loan portfolio. The provision for credit losses equaled net charge-offs of $4.7 million during the first quarter of 2011.  During the second quarter of 2010 the provision for credit losses of $15.9 million exceeded net charge-offs of $14.9 million.

Noninterest income was $49.5 million for the second quarter of 2011, a decrease of $4.5 million compared to noninterest income of $53.9 million in the first quarter of 2011, and a decrease of $19.4 million compared to noninterest income of $68.9 million in the second quarter of 2010.  Noninterest income in the first quarter of 2011 included net gains of $6.1 million on the sales of investment securities.  Noninterest income in the second quarter of 2010 included $15.0 million in net gains on the sales of investment securities.  Excluding the gains on securities sales, the decrease compared with the previous year was largely due to a reduction in overdraft fees, which were $5.0 million lower than the second quarter of 2010.  Noninterest income for the first half of 2011 was $103.4 million compared with noninterest income of $140.7 million for the first half of 2010.

Noninterest expense was $93.8 million in the second quarter of 2011, up $7.7 million from noninterest expense of $86.1 million in the first quarter of 2011, and up $7.9 million from noninterest expense of $85.9 million in the same quarter last year.  Noninterest expense in the second quarter of 2011 included the previously mentioned litigation settlement of $9.0 million and $2.0 million for employee stock incentives.  Noninterest expense in the second quarter of 2010 included $3.3 million for employee incentives.  Noninterest expense for the first half of 2011 was $179.9 million compared with noninterest expense of $167.6 million for the first half of 2010.  An analysis of salary and benefit expenses is included in Table 8.

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Bank of Hawaii Corporation Second Quarter 2011 Financial Results

The effective tax rate for the second quarter of 2011 was 29.12 percent compared to 32.60 percent in the previous quarter and 34.37 percent during the same quarter last year.  The lower effective tax rate for the second quarter of 2011 compared to the same period in 2010 was primarily due to a benefit recorded in the second quarter of 2011 for the release of reserves due to the closing of Internal Revenue Service audits for certain prior years.  The effective tax rate for the first half of 2011 was 31.06 percent compared with 32.89 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 continues to improve and reflects the recovering Hawaii economy.  Non-performing assets decreased to $34.2 million at June 30, 2011, compared with $34.6 million at March 31, 2011 and $43.2 million at June 30, 2010.  As a percentage of total loans and leases, including loans held for sale and foreclosed real estate, non-performing assets were 0.64 percent at June 30, 2011, down from 0.65 percent as of March 31, 2011, and down from 0.79 percent at June 30, 2010.

Accruing consumer loans and leases past due 90 days or more were $7.8 million at June 30, 2011, up from $5.6 million at March 31, 2011, and down from $12.9 million at June 30, 2010.  The increase compared with the previous quarter is largely due to the addition of two residential first mortgage loans.  There were no accruing commercial loans or leases past due 90 days or more at June 30, 2011.  Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $28.2 million at June 30, 2011 and primarily comprised of 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 second quarter of 2011 were $6.0 million or 0.45 percent annualized of total average loans and leases outstanding.  Charge-offs of $9.0 million during the quarter were partially offset by recoveries of $3.0 million.  Net charge-offs in 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 charge-offs of $7.4 million and recoveries of $2.7 million.  Net charge-offs during the second quarter of 2010 were $14.9 million, or 1.09 percent annualized of total average loans and leases outstanding, and were comprised of charge-offs of $17.1 million and recoveries of $2.2 million.  Net charge-offs during the first six months of 2011 were $10.7 million or 0.40 percent annualized of total average loans and leases outstanding compared with $33.0 million or 1.19 percent for the first half of 2010.  Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 11.

The allowance for loan and lease losses was $145.0 million at June 30, 2011, down $2.4 million from the allowance for loan and lease losses of $147.4 at March 31, 2011 and at June 30, 2010.  The reduction is a reflection of the gradually improving Hawaii economy and its impact on the mortgage-related consumer lending and commercial portfolios.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.71 percent at June 30, 2011.  The reserve for unfunded commitments at June 30, 2011 was unchanged at $5.4 million.

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Bank of Hawaii Corporation Second Quarter 2011 Financial Results

Other Financial Highlights

Total assets were $13.2 billion at June 30, 2011, up from total assets of $13.0 billion at March 31, 2011, and up from total assets of $12.9 billion at June 30, 2010.  Average total assets were $13.0 billion during the second quarter of 2011, up slightly compared to average total assets in the previous quarter, and up from average assets of $12.6 billion during the second quarter last year.

As of June 30, 2011, the total carrying value of the investment securities portfolio was $6.6 billion, up from $6.5 billion at March 31, 2011, and up from $6.1 billion at June 30, 2010.  The available for sale securities portfolio increased to $4.1 billion and securities held to maturity increased to $2.5 billion at June 30, 2011.

Total loans and leases were $5.4 billion at June 30, 2011, up $24.5 million or 0.5 percent from March 31, 2011 as growth in commercial lending and residential mortgages offset declines in home equity, auto lending, and other consumer loans.  Average total loans and leases were $5.3 billion during the second quarter of 2011, up $14.3 million from the previous quarter, and down from average loans and leases of $5.5 billion during the second quarter last year.

Total deposits increased to $10.0 billion at June 30, 2011, up $66.6 million from March 31, 2011, and up $654.4 million from total deposits of $9.3 billion at June 30, 2010.  Average total deposits were $9.8 billion during the second quarter of 2011, down slightly from the previous quarter, and up from $9.4 billion during the second quarter last year.

During the second quarter of 2011, the Company repurchased 636.4 thousand shares of common stock at a total cost of $30.0 million under its share repurchase program.  The average cost was $47.15 per share repurchased.  From the beginning of the share repurchase program initiated during July 2001 through June 30, 2011, the Company has repurchased 47.1 million shares and returned $1.69 billion to shareholders at an average cost of $35.82 per share.

The Company’s Board of Directors has increased the authorization under the share repurchase program by an additional $120.0 million.  This new authorization, combined with the previously announced authorizations of $1.70 billion, brings the total repurchase authority to $1.82 billion.  From July 1 through July 22, 2011, the Company repurchased an additional 152.5 thousand shares of common stock at an average cost of $46.08 per share repurchased.  Remaining buyback authority under the share repurchase program was $126.1 million at July 22, 2011.

Total shareholders’ equity was $1.00 billion at June 30, 2011, compared to $996.2 million at March 31, 2011 and $1.01 billion at June 30, 2010.  The ratio of tangible common equity to risk-weighted assets was 18.95 percent at June 30, 2011, compared with 19.04 percent at March 31, 2011 and 18.57 percent at June 30, 2010.  The Tier 1 leverage ratio at June 30, 2011 was 7.07 percent, down from 7.16 percent at March 31, 2011 and down from 7.09 percent at June 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 September 15, 2011 to shareholders of record at the close of business on August 31, 2011.

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Bank of Hawaii Corporation Second Quarter 2011 Financial Results

Hawaii Economy

Hawaii’s economy continued to improve during the second quarter of 2011 due to increasing visitor arrivals and spending.  For the first five months of 2011, visitor arrivals increased 6.7% and visitor spending rose 15.3% compared to the same period in 2010.  As expected, Japanese visitor arrivals and spending decreased following the March 2011 natural disasters in Japan.  However, this was more than offset by continued strong visitor arrivals and spending from the U.S. Mainland and Canada.  Hotel occupancy and revenue per available room have also continued to show signs of improvement.  Overall, state job growth has begun to stabilize as the statewide seasonally-adjusted unemployment rate declined to 6.0% at the end of June 2011.  The volume and median price for single-family home sales on Oahu was lower for the first six months of 2011 compared to the same period in 2010.  The housing market on Oahu remains stable, with some continued softness on the neighbor islands.

Conference Call Information

The Company will review its second quarter 2011 financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern 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 within the United States should dial 800-299-8538.  International participants should dial 617-786-2902.  Use the pass code “Bank of Hawaii” to access the call.  A replay will be available for one week beginning Monday, July 25, 2011 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code 97148859 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, 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                   Excluded from non-performing assets are contractually binding non-accrual loans held for sale of $7.5 million as of March 31, 2011.

6                   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.