Exhibit 99.1

Bank of Hawaii Corporation Second Quarter 2012 Financial Results

·                  Diluted Earnings Per Share $0.90

·                  Net Income $40.7 Million

·                  Board of Directors Declares Dividend of $0.45 Per Share

·                  Board of Directors Increases Repurchase Authorization by $75.0 Million

FOR IMMEDIATE RELEASE

HONOLULU, HI (July 23, 2012) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.90 for the second quarter of 2012, down from $0.95 in the previous quarter, and up from $0.74 in the same quarter last year.  Net income for the second quarter of 2012 was $40.7 million, a decrease of $3.1 million or 7.0 percent compared with net income of $43.8 million in the first quarter of 2012, and up $5.6 million or 15.9 percent from net income of $35.1 million in the second quarter of 2011.

Loan and lease balances increased to $5.7 billion during the second quarter of 2012, up 1.3 percent compared with the end of the first quarter of 2012 and up 6.0 percent compared with the end of the same quarter last year.  Deposit growth continued, increasing to $11.5 billion at June 30, 2012.  The allowance for loan and lease losses declined to $132.4 million and currently represents 2.34 percent of outstanding loans and leases.

“Bank of Hawaii Corporation continued to perform well in the second quarter of 2012,” said Peter Ho, Chairman, President and CEO.  “Loan balances continued to grow and deposits remained strong.  The net interest margin declined however due to continuing low interest rates.  We remain committed to risk and expense management and were pleased to see continued improvement in these areas in the second quarter.”

The return on average assets for the second quarter of 2012 was 1.19 percent, down from 1.29 percent in the previous quarter, and up from 1.09 percent for the same quarter last year.  The return on average equity for the second quarter of 2012 was 16.19 percent compared with 17.26 percent for the first quarter of 2012 and 13.86 percent in the second quarter of 2011. The efficiency ratio for the second quarter of 2012 was 56.77 percent, an improvement from 58.35 percent in the previous quarter and 63.81 percent in the same quarter last year.

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For the six month period ended June 30, 2012, net income was $84.6 million, up from net income of $77.5 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 which was offset by a litigation settlement of $9.0 million.  Diluted earnings per share were $1.85 for the first half of 2012, up from diluted earnings per share of $1.62 for the first half of 2011.  The year-to-date return on average assets was 1.24 percent, up from 1.21 percent for the same six months in 2011.  The year-to-date return on average equity was 16.73 percent, up from 15.36 percent for the six months ended June 30, 2011.  The efficiency ratio for the first half of 2012 was 57.57 percent compared with 59.84 percent in the same period last year.

Financial Highlights

Net interest income, on a taxable equivalent basis, for the second quarter of 2012 was $97.9 million, down $2.1 million from net interest income of $100.0 million in the first quarter of 2012 and essentially flat with the second quarter of 2011.  Net interest income for the first half of 2012 was $197.9 million compared with net interest income of $198.0 million for the first half of 2011.  Analyses of the changes in net interest income are included in Tables 8a, 8b, and 8c.

The net interest margin was 2.98 percent for the second quarter of 2012, an 8 basis point decrease from the net interest margin of 3.06 percent in the first quarter of 2012 and an 18 basis point decrease from 3.16 percent in the second quarter of 2011.  The net interest margin for the first six months of 2012 was 3.02 percent compared with 3.20 percent for the same six-month period last year primarily due to increased levels of liquidity and lower yields on loans and investment securities.

Results for the second quarter of 2012 included a provision for credit losses of $0.6 million, or $3.2 million less than net charge-offs.  The provision for credit losses during the first quarter of 2012 was $0.4 million, or $3.0 million less than net charge-offs.  The provision for credit losses during the second quarter of 2011 was $3.6 million, or $2.4 million less than net charge-offs.

Noninterest income was $46.8 million for the second quarter of 2012, a decrease of $1.2 million compared with noninterest income of $48.1 million in the first quarter of 2012, and a decrease of $2.6 million compared with noninterest income of $49.5 million in the second quarter of 2011.  Mortgage banking continues to be strong and produced income of $7.6 million in the second quarter of 2012 compared with $5.1 million in the first quarter of 2012 and $2.7 million in the second quarter last year.  There were no significant nonrecurring noninterest income items during the second quarter of 2012 and 2011. Noninterest income in the first quarter of 2012 included a 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.  Noninterest income for the first half of 2012 was $94.9 million compared with noninterest income of $103.4 million for the first half of 2011.

Noninterest expense was $80.7 million for the second quarter of 2012, down $4.5 million from noninterest expense of $85.2 million in the first quarter of 2012, and down $13.0 million from noninterest expense of $93.8 million in the same quarter last year.  There were no significant nonrecurring noninterest expense items during the second quarter of 2012.  Noninterest expense in the first quarter of 2012 included an expense of $1.2 million related to the final phase of a refresh of the Company’s personal computers.  Noninterest expense in the second quarter of 2011 included a litigation settlement of $9.0 million related to overdraft claims.  Noninterest expense for the first

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half of 2012 was $166.0 million, a decrease of $13.9 million compared with noninterest expense of $179.9 million for the first half of 2011.  An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The effective tax rate for the second quarter of 2012 was 33.04 percent compared with 27.55 percent in the previous quarter and 29.12 percent during the same quarter last year.  The lower effective tax rate in the first quarter of 2012 was due to a $2.7 million credit related to the early termination of leveraged leases.  The lower effective tax rate for the second quarter of 2011 was primarily due to the release of reserves related to the closing of Internal Revenue Service audits.

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 13a and 13b.

Asset Quality

The Company’s overall asset quality remained strong during the second quarter of 2012 and reflects the improving Hawaii economy.  Total non-performing assets were $41.5 million at June 30, 2012, up slightly from $41.4 million at March 31, 2012.  Non-performing assets continue to be impacted by the lengthy judiciary foreclosure process for residential mortgage loans.  As a percentage of total loans and leases and foreclosed real estate, non-performing assets were 0.73 percent at June 30, 2012, down slightly from 0.74 percent at March 31, 2012 and up from 0.64 percent at June 30, 2011.

Accruing loans and leases past due 90 days or more were $7.2 million at June 30, 2012, down from $10.1 million at March 31, 2012 and $7.8 million at June 30, 2011.  Restructured loans not included in non-accrual loans or accruing loans past due 90 days or more were $31.1 million at June 30, 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 loans and leases charged off during the second quarter of 2012 were $3.8 million or 0.27 percent annualized of total average loans and leases outstanding.  Loan and lease charge-offs of $5.9 million during the quarter were partially offset by recoveries of $2.1 million.  Net charge-offs in the first quarter of 2012 were $3.4 million, or 0.24 percent annualized of total average loans and leases outstanding, and were comprised of $7.8 million in charge-offs partially offset by recoveries of $4.4 million.  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, and were comprised of $9.0 million in charge-offs partially offset by recoveries of $3.0 million.  Net charge-offs in the first half of 2012 were $7.1 million, or 0.26 percent annualized of total average loans and leases outstanding compared with net charge-offs of $10.7 million , or 0.40 percent annualized of total average loans and leases outstanding for the first half of 2011.

The allowance for loan and lease losses was reduced to $132.4 million at June 30, 2012.  The ratio of the allowance for loan and lease losses to total loans and leases was 2.34 percent at June 30, 2012, a decrease of 8 basis points from the previous quarter, commensurate with improvements in credit quality and a generally improving Hawaii economy.  The reserve for

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unfunded commitments at June 30, 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 increased to $13.92 billion at June 30, 2012, up from total assets of $13.76 billion at March 31, 2012 and total assets of $13.16 billion at June 30, 2011.  Average total assets were $13.75 billion during the second quarter of 2012, up from $13.68 billion during the previous quarter and $12.97 billion during the same quarter last year.

The total investment securities portfolio totaled $7.07 billion at June 30, 2012, down from $7.25 billion at March 31, 2012, and up from $6.62 billion at June 30, 2011.  The portfolio remains largely comprised of securities issued by U.S. government agencies.

Total loans and leases increased to $5.67 billion at June 30, 2012, up from total loans and leases of $5.60 billion at March 31, 2012 and $5.35 billion at June 30, 2011.  Average total loans and leases were $5.64 billion during the second quarter of 2012, up from $5.56 billion during the previous quarter, and up from $5.33 billion during the same quarter last year.  Loan and lease portfolio balances, including the higher risk loans outstanding, are summarized in Table 10.

Total deposits increased to $11.55 billion at June 30, 2012, up from total deposits of $10.62 billion at March 31, 2012 and total deposits of $9.98 billion at June 30, 2011.  The growth was primarily due to a $720.3 million increase in public time deposits, mainly the result of local government entities transferring funds from repurchase agreements to time deposits.  Average total deposits were $10.62 billion in the second quarter of 2012, up from average deposits of $10.43 billion during the previous quarter, and up from average deposits of $9.79 billion during the same quarter last year.

During the second quarter of 2012, the Company repurchased 424.9 thousand shares of common stock at a total cost of $20.0 million under its share repurchase program.  The average cost was $46.97 per share repurchased.  From the beginning of the share repurchase program initiated during July 2001 through June 30, 2012, the Company has repurchased 49.6 million shares and returned $1.8 billion to shareholders at an average cost of $36.22 per share.

The Company’s Board of Directors increased the authorization under the share repurchase program by an additional $75.0 million.  This authorization, combined with previously announced authorizations of $1.82 billion, brings the total repurchase authority to $1.90 billion.  From July 2 through July 20, 2012, the Company repurchased an additional 70.0 thousand shares of common stock at an average cost of $46.10 per share repurchased.  Remaining buyback authority under the share repurchase program was $95.8 million at July 20, 2012.

Total shareholders’ equity was $1.0 billion at June 30, 2012, up from total shareholders’ equity of $995.9 million at March 31, 2012 and essentially flat with shareholders’ equity of $1.0 billion at June 30, 2011.  The ratio of tangible common equity to risk-weighted assets was 17.57 percent at the end of the second quarter of 2012, compared with 17.62 percent at the end of the first quarter of 2012, and 18.95 percent at the end of the same quarter last year.  The Tier 1 leverage ratio at June 30, 2012 was 6.57 percent, unchanged from March 31, 2012, and down from 7.07 percent at June 30, 2011.

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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 17, 2012 to shareholders of record at the close of business on August 31, 2012.

Hawaii Economy

Hawaii’s economy was stable during the second quarter with continued improvement in tourism, the State’s largest industry.  For the first five months of 2012, total visitor arrivals increased by 10.0% and visitor spending increased by 16.8% compared to the same period in 2011.  The increase in visitor spending was primarily due to strong growth from international visitors.  Hotel occupancy and revenue per available room also continued to improve.  Statewide seasonally adjusted unemployment was 6.4% in June 2012, compared to 8.2% nationally.  For the first six months of 2012, the volume of single-family home sales on Oahu was relatively unchanged from the same period in 2011, while the median price of single-family homes sold was 8.7% higher compared to the same period in 2011.  Single-family home inventory on Oahu continued to shrink and was at approximately four months as of June 30, 2012.  More information on current Hawaii economic trends is presented in Table 15.

Conference Call Information

The Company will review its second 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 800-237-9752.  International participants should dial 617-847-8706.  Use the pass code “Bank of Hawaii” to access the call.  A replay will be available for one week beginning Monday, July 23, 2012 by calling 888-286-8010 in the United States or 617-801-6888 internationally and entering the pass code number 86421715 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.

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(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.