Bank of Hawaii (BOH) 8-K Results of Operations and Financial Condition

Exhibit 99.1

News Release NYBF: BOH

	Media Inquiries
	Stafford Kiguchi
	Telephone: 808-537-8580
	Mobile: 808-256-6367
	E-mail: skiguchi@boh.com
	Investor/Analyst Inquiries
	Clindy Wyrick
	Tlephone: 808-537-8430
	E-mail: cwyrick@boh,.com

Bank of Hawaii Corporation Second Quarter 2007 Financial Results

·Net Income Increases to $47.7 Million or $0.95 Per Diluted Share

·Board of Directors Declares Dividend of $0.41 Per Share

FOR IMMEDIATE RELEASE

HONOLULU, HI (July 23, 2007) — Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $0.95 for the second quarter of 2007, up from $0.72 in the second quarter of 2006 and up from $0.94 in the first quarter of 2007.  Net income for the second quarter of 2007 was $47.7 million, an increase of $10.6 million, or 28.4 percent from net income of $37.2 million in the second quarter of 2006 and up $0.4 million, or 0.8 percent from net income of $47.3 million in the first quarter of 2007.

The return on average assets for the second quarter of 2007 was 1.84 percent, up from 1.47 percent in the second quarter of 2006 and up from 1.83 percent in the first quarter of 2007.  The return on average equity was 26.30 percent for the second quarter of 2007, up from 21.70 percent in the second quarter last year and down from 27.00 percent in the previous quarter.

“Our financial performance in 2007 continues to be strong despite the challenging interest rate environment,” said Allan R. Landon, Chairman and CEO.   “We are especially pleased with our credit quality, which continues to reflect the stable Hawaii economy.”

For the six months ended June 30, 2007, net income was $95.1 million, up $12.5 million or 15.2 percent compared to net income of $82.5 million for the same period last year.  Diluted earnings per share were $1.89 for the first half of 2007, up from diluted earnings per share of $1.59 for the first half of 2006.  The year-to-date return on average assets was 1.84 percent, up from 1.64 percent for the same six months in 2006.  The year-to-date return on average equity was 26.64 percent, up from 23.93 percent for the six months ended June 30, 2006.

Financial results for the first half of 2007 included a $1.5 million credit related to resolution with the Internal Revenue Service related to a Lease In/Lease Out (“LILO”) leveraged lease.  Results for the first six months of 2006 included a charge of $8.8 million due to the May 2006 Tax Increase Prevention and Reconciliation Act (“TIPRA”), which repealed the exclusion from federal income taxation of a portion of income from foreign sales corporations.

- more -

130 Merchant Street · PO Box 2900 · Honolulu HI 96846-6000 · Fax 808-537-8440 · Website www.boh.com

Financial Highlights

Net interest income, on a taxable equivalent basis, for the second quarter of 2007 was $99.1 million, down $0.9 million from net interest income of $100.0 million in the second quarter of 2006 and up $0.7 million compared to net interest income of $98.4 million in the first quarter of 2007.  The decrease in net interest income compared to the same quarter last year was primarily due to increased funding costs.  The increase in net interest income compared to the previous quarter was due to a $1.1 million credit related to the previously mentioned resolution of the LILO leveraged lease.  Analyses of the changes in net interest income are included in Tables 6a and 6b.

The net interest margin was 4.12 percent for the second quarter of 2007, a 13 basis point decrease from 4.25 percent in the second quarter of 2006 and a 5 basis point increase from 4.07 percent in the first quarter of 2007.  For six months ended June 30, 2007, the net interest margin was 4.09 percent compared to 4.33 percent for the same period in 2006.

Results for the second quarter of 2007 included a provision for credit losses of $3.4 million compared to $2.1 million in the second quarter of 2006 and $2.6 million in the first quarter of 2007.  The increase in the provision for credit losses, which equaled net charge-offs in each quarter, was largely due to a lower level of recoveries.

Noninterest income was $58.0 million for the second quarter of 2007, an increase of $4.8 million or 9.1 percent compared to $53.2 million in the second quarter of 2006 and down $2.9 million or 4.8 percent compared to $61.0 million in the first quarter of 2007.  The increase in noninterest income compared to the previous year was widespread and included improvements in trust and asset management fees, service charges on deposits, and other fees.  Results during the first quarter of 2007 included a gain of $2.3 million on the disposal of leased equipment and seasonal insurance commissions of approximately $1.1 million.

Noninterest expense was $79.8 million in the second quarter of 2007, up $1.1 million or 1.4 percent from $78.7 million in the same quarter last year, and down $2.3 million or 2.8 percent from $82.1 million in the prior quarter.  The decrease in noninterest expense compared to the previous quarter was largely the result of increased payroll taxes during the first quarter related to annual bonus payouts.  An analysis of salary and benefit expenses is included in Table 7.

The efficiency ratio for the second quarter of 2007 was 50.88 percent, an improvement from 51.45 percent in the same quarter last year and from 51.62 percent in the previous quarter. For the six months ended June 30, 2007, the efficiency ratio was 51.25 percent compared to 51.83 percent for the same period in 2006.

The 35.25 percent effective tax rate for the second quarter of 2007 includes a $0.4 million net credit due to the previously mentioned IRS tax settlement.  The 48.54 percent effective tax rate for the second quarter of 2006 includes a charge of $8.2 million due to TIPRA.

The Company’s business segments are defined as Retail Banking, Commercial Banking, Investment Services Group, and Treasury.  Results are determined based on the Company’s internal financial management reporting processes and organizational structure.  Selected financial information for the business segments is included in Tables 11a and 11b.

- more -

2

Asset Quality

The Company’s overall asset quality remained strong and stable throughout the second quarter of 2007.  Non-performing assets were $6.3 million at the end of the second quarter of 2007, up $0.9 million compared to $5.4 million at the end of the same quarter last year and up $0.5 million, compared to $5.8 million at the end of the previous quarter.  The increase was largely due to the addition of one purchased lease of $0.9 million collateralized by construction equipment.  At June 30, 2007, the ratio of non-performing assets to total loans, foreclosed real estate, and other investments was 0.10 percent, up slightly from 0.08 percent at June 30, 2006 and from 0.09 percent at March 31, 2007.

Non-accrual loans and leases were $6.3 million at June 30, 2007, up from $5.1 million at June 30, 2006 and from $5.4 million at March 31, 2007 due to the previously mentioned lease.  Non-accrual loans and leases as a percentage of total loans and leases at June 30, 2007 were 0.10 percent, compared to 0.08 percent at June 30, 2006 and March 31, 2007.

Net charge-offs for the second quarter of 2007 were $3.4 million, or 0.21 percent annualized of total average loans and leases and included gross charge-offs of $5.2 million that were partially offset by recoveries of $1.8 million.  Net charge-offs for the second quarter of 2006 were $2.1 million, or 0.13 percent annualized of total average loans and leases and included gross charge-offs of $5.3 million partially offset by recoveries of $3.2 million.  Net charge-offs in the first quarter of 2007 were $2.6 million, or 0.16 percent annualized of total average loans and leases and included gross charge-offs of $6.6 million partially offset by recoveries of $4.0 million.  Net charge-offs for the first six months of 2007 were $6.0 million, or 0.18 percent annualized of total average loans compared to $4.8 million, or 0.16 percent annualized of total average loans for the same period last year.  Details of the reserve for credit losses are summarized in Table 10.

The allowance for loan and lease losses was $91.0 million at June 30, 2007, unchanged from June 30, 2006 and from March 31, 2007.  The ratio of the allowance for loan and lease losses to total loans was 1.39 percent at June 30, 2007, down slightly from 1.41 percent at June 30, 2006 and 1.40 percent at March 31, 2007.  The reserve for unfunded commitments at June 30, 2007 was $5.2 million, up from $5.1 million at June 30, 2006 and unchanged from March 31, 2007.

Credit exposure to the air transportation industry is summarized in Table 8.

Other Financial Highlights

Total assets were $10.72 billion at June 30, 2007, up from $10.33 billion at June 30, 2006 and up from $10.49 billion at March 31, 2007.  Total loans and leases were $6.57 billion at June 30, 2007, up from $6.44 billion at June 30, 2006 and up from $6.51 billion at March 31, 2007.  Commercial loans increased to $2.43 billion at June 30, 2007, compared with $2.32 billion at June 30, 2006 and $2.36 billion at March 31, 2007.  Consumer loans were $4.14 billion at June 30, 2007 compared with $4.13 billion at June 30, 2006 and $4.15 billion at March 31, 2007.

Total deposits at June 30, 2007 were $8.31 billion, up from $7.77 billion at June 30, 2006 and up from $7.95 billion at March 31, 2007.  The growth in deposits compared to prior quarters was largely due to increased commercial savings balances and public interest-bearing demand deposits.

- more -

3

During the second quarter of 2007, the Company repurchased 0.4 million shares of common stock at a total cost of $20.1 million under its share repurchase program.  The average cost was $53.07 per share repurchased.  From the beginning of the share repurchase program in July 2001 through June 30, 2007, the Company has repurchased 43.2 million shares and returned nearly $1.5 billion to shareholders at an average cost of $34.67 per share.  From July 1, 2007 through July 20, 2007, the Company repurchased an additional 95.0 thousand shares of common stock at an average cost of $51.55 per share.  Remaining buyback authority under the share repurchase program was $47.3 million at July 20, 2007.

At June 30, 2007, the Tier 1 leverage ratio was 7.02 percent compared to 7.09 percent at June 30, 2006 and 6.80 percent at March 31, 2007.

The Company’s Board of Directors has declared a quarterly cash dividend of $0.41 per share on the Company’s outstanding shares.  The dividend will be payable on September 14, 2007 to shareholders of record at the close of business on August 31, 2007.

Conference Call Information

The Company will review its second quarter 2007 financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time).  The presentation 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 is 800-706-7748 if calling within the United States or 617-614-3473 for international callers.  No pass code number is required.  A replay will be available for one week beginning Monday, July 23, 2007 by calling 888-286-8010 in the United States or 617-801-6888 internationally.  Please enter the number 20195583 when prompted.  A replay of the presentation will also be available via the Investor Relations link of the Company’s web site.

Forward-Looking Statements

Portions of this news release, and other statements made by the Company in connection with this release 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, 2006, 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 bank holding company providing a broad range of financial products and services to customers in Hawaii and the Pacific Islands (Guam, nearby islands and American Samoa).  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.

# # # #

4

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights (Unaudited)	Table 1

	Three Month Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands, except per share amounts)	2007			2007			2006 (1)			2007			2006 (1)
For the Period:
Net Interest Income	$	98,878		$	98,137		$	99,856		$	197,015		$	202,058
Total Noninterest Income	58,028			60,960			53,201			118,988			105,773
Net Income	47,729			47,335			37,176			95,064			82,526
Basic Earnings Per Share	0.97			0.96			0.74			1.93			1.63
Diluted Earnings Per Share	0.95			0.94			0.72			1.89			1.59
Dividends Declared Per Share	0.41			0.41			0.37			0.82			0.74
Net Income to Average Total Assets	1.84		%	1.83		%	1.47		%	1.84		%	1.64		%
Net Income to Average Shareholders’ Equity	26.30			27.00			21.70			26.64			23.93
Net Interest Margin (2)	4.12			4.07			4.25			4.09			4.33
Operating Leverage (3)	0.13			6.72			0.49			3.90			2.38
Efficiency Ratio (4)	50.88			51.62			51.45			51.25			51.83
Average Assets	$	10,383,030		$	10,481,773		$	10,169,341		$	10,432,130		$	10,130,718
Average Loans and Leases	6,532,736			6,561,848			6,317,682			6,547,212			6,250,082
Average Deposits	7,810,089			7,921,463			7,728,227			7,865,469			7,735,384
Average Shareholders’ Equity	727,887			711,118			687,083			719,549			695,424
Average Shareholders’ Equity to Average Assets	7.01		%	6.78		%	6.76		%	6.90		%	6.86		%
Market Price Per Share of Common Stock:
Closing	$	51.64		$	53.03		$	49.60		$	51.64		$	49.60
High	55.00			54.81			54.51			55.00			55.15
Low	50.64			50.11			48.33			50.11			48.33

	June 30,			March 31,			December 31,			June 30,
	2007			2007			2006 (1)			2006
As of Period End:
Net Loans and Leases	$	6,475,128		$	6,416,154		$	6,532,169		$	6,350,590
Total Assets	10,722,568			10,491,957			10,571,815			10,325,190
Total Deposits	8,314,404			7,952,937			8,023,394			7,766,033
Long-Term Debt	260,329			260,308			260,288			242,749
Total Shareholders’ Equity	708,806			711,031			719,420			666,728
Total Non-Performing Assets	$	6,314		$	5,836		$	6,407		$	5,377
Allowance to Loans and Leases Outstanding	1.39		%	1.40		%	1.37		%	1.41		%
Dividend Payout Ratio (5)	42.27			42.71			39.81			50.00
Leverage Ratio	7.02			6.80			7.06			7.09
Book Value Per Common Share	$	14.34		$	14.32		$	14.45		$	13.18
Full-Time Equivalent Employees	2,571			2,578			2,586			2,563
Branches and Offices	84			84			86			86

(1)	Certain prior period information has been reclassified to conform to current presentation. Three months ended and six months ended June 30, 2006 diluted EPS was corrected from $0.73 and $1.60, respectively.
(2)	The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.
(3)	The operating leverage is defined as the percentage change in income before provision for credit losses and provision for income taxes. Three months ended measures are presented on a linked quarter basis.
(4)	The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
(5)	Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share for the quarter.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)	Table 2

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(dollars in thousands, except per share amounts)	2007		2007		2006 (1)		2007		2006 (1)
Interest Income
Interest and Fees on Loans and Leases	$	112,026	$	110,298	$	104,388	$	222,324	$	203,759
Income on Investment Securities
Trading	1,357		1,618		—		2,975		—
Available-for-Sale	31,563		30,961		31,226		62,524		62,061
Held-to-Maturity	3,827		4,052		4,658		7,879		9,415
Deposits	96		58		55		154		98
Funds Sold	533		1,058		170		1,591		295
Other	364		333		272		697		544
Total Interest Income	149,766		148,378		140,769		298,144		276,172
Interest Expense
Deposits	33,701		33,375		24,656		67,076		44,289
Securities Sold Under Agreements to Repurchase	11,665		11,886		9,802		23,551		17,692
Funds Purchased	1,452		923		2,652		2,375		4,545
Short-Term Borrowings	91		87		73		178		130
Long-Term Debt	3,979		3,970		3,730		7,949		7,458
Total Interest Expense	50,888		50,241		40,913		101,129		74,114
Net Interest Income	98,878		98,137		99,856		197,015		202,058
Provision for Credit Losses	3,363		2,631		2,069		5,994		4,830
Net Interest Income After Provision for Credit Losses	95,515		95,506		97,787		191,021		197,228
Noninterest Income
Trust and Asset Management	16,135		15,833		14,537		31,968		29,385
Mortgage Banking	2,479		3,371		2,569		5,850		5,556
Service Charges on Deposit Accounts	11,072		10,967		9,695		22,039		19,827
Fees, Exchange, and Other Service Charges	16,556		16,061		15,633		32,617		30,400
Investment Securities Gains, Net	575		16		—		591		—
Insurance	4,887		6,215		4,691		11,102		9,710
Other	6,324		8,497		6,076		14,821		10,895
Total Noninterest Income	58,028		60,960		53,201		118,988		105,773
Noninterest Expense
Salaries and Benefits	44,587		45,406		44,811		89,993		90,597
Net Occupancy	9,695		9,811		9,376		19,506		19,019
Net Equipment	4,871		4,787		4,802		9,658		9,830
Professional Fees	2,599		2,543		2,589		5,142		3,027
Other	18,080		19,576		17,164		37,656		37,087
Total Noninterest Expense	79,832		82,123		78,742		161,955		159,560
Income Before Provision for Income Taxes	73,711		74,343		72,246		148,054		143,441
Provision for Income Taxes	25,982		27,008		35,070		52,990		60,915
Net Income	$	47,729	$	47,335	$	37,176	$	95,064	$	82,526
Basic Earnings Per Share	$	0.97	$	0.96	$	0.74	$	1.93	$	1.63
Diluted Earnings Per Share	$	0.95	$	0.94	$	0.72	$	1.89	$	1.59
Dividends Declared Per Share	$	0.41	$	0.41	$	0.37	$	0.82	$	0.74
Basic Weighted Average Shares	49,265,698		49,427,810		50,456,121		49,346,306		50,633,911
Diluted Weighted Average Shares	50,066,097		50,263,296		51,491,585		50,168,203		51,748,350

(1) Three months ended and six months ended June 30, 2006 diluted EPS was corrected from $0.73 and $1.60, respectively.  In addition, basic and diluted weighted average shares was corrected from 50,181,817 and 51,217,281, respectively, for the three months ended June 30, 2006 and from 50,481,864 and 51,596,303, respectively, for the six months ended June 30, 2006.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition (Unaudited)	Table 3

	June 30,			March 31,			December 31,			June 30,
(dollars in thousands)	2007			2007			2006			2006
Assets
Interest-Bearing Deposits	$	130,732		$	5,594		$	4,990		$	4,145
Funds Sold	200,000			97,000			50,000			—
Investment Securities
Trading	123,591			158,469			—			—
Available-for-Sale
Portfolio	1,683,417			1,672,893			1,846,742			2,177,220
Pledged as Collateral	772,251			765,639			751,135			334,947
Held-to-Maturity (Fair Value of $313,589; $340,636; $360,719; and $408,203)	327,118			349,663			371,344			426,910
Loans Held for Sale	13,527			19,238			11,942			15,506
Loans and Leases	6,566,126			6,507,152			6,623,167			6,441,625
Allowance for Loan and Lease Losses	(90,998		)	(90,998		)	(90,998		)	(91,035		)
Net Loans and Leases	6,475,128			6,416,154			6,532,169			6,350,590
Total Earning Assets	9,725,764			9,484,650			9,568,322			9,309,318
Cash and Noninterest-Bearing Deposits	345,226			365,517			398,342			397,061
Premises and Equipment	122,929			123,309			125,925			130,435
Customers’ Acceptances	2,234			839			1,230			646
Accrued Interest Receivable	49,121			49,477			49,284			45,343
Foreclosed Real Estate	48			462			407			188
Mortgage Servicing Rights	29,112			27,005			19,437			18,750
Goodwill	34,959			34,959			34,959			34,959
Other Assets	413,175			405,739			373,909			388,490
Total Assets	$	10,722,568		$	10,491,957		$	10,571,815		$	10,325,190
Liabilities
Deposits
Noninterest-Bearing Demand	$	1,896,335		$	1,973,631		$	1,993,794		$	1,976,051
Interest-Bearing Demand	1,755,646			1,618,615			1,642,375			1,602,914
Savings	2,923,168			2,648,495			2,690,846			2,691,029
Time	1,739,255			1,712,196			1,696,379			1,496,039
Total Deposits	8,314,404			7,952,937			8,023,394			7,766,033
Funds Purchased	90,650			72,400			60,140			353,700
Short-Term Borrowings	15,644			3,462			11,058			12,100
Securities Sold Under Agreements to Repurchase	910,302			1,050,393			1,047,824			835,563
Long-Term Debt	260,329			260,308			260,288			242,749
Banker’s Acceptances	2,234			839			1,230			646
Retirement Benefits Payable	43,892			48,363			48,309			72,192
Accrued Interest Payable	18,292			17,893			22,718			13,023
Taxes Payable and Deferred Taxes	277,516			293,326			277,202			274,146
Other Liabilities	80,499			81,005			100,232			88,310
Total Liabilities	10,013,762			9,780,926			9,852,395			9,658,462
Shareholders’ Equity
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: June 2007 - 56,927,022 / 49,440,204; March 2007 - 56,930,753 / 49,638,731; December 2006 - 56,848,609 / 49,777,654; and June 2006 - 56,855,346 / 50,570,697)	566			566			566			566
Capital Surplus	480,389			478,123			475,178			469,461
Accumulated Other Comprehensive Loss	(45,705		)	(27,356		)	(39,084		)	(76,204		)
Retained Earnings	645,149			620,034			630,660			581,406
Treasury Stock, at Cost (Shares: June 2007 - 7,486,818; March 2007 - 7,292,022; December 2006 - 7,070,955; and June 2006 - 6,284,649)	(371,593		)	(360,336		)	(347,900		)	(308,501		)
Total Shareholders’ Equity	708,806			711,031			719,420			666,728
Total Liabilities and Shareholders’ Equity	$	10,722,568		$	10,491,957		$	10,571,815		$	10,325,190

Bank of Hawaii Corporation and Subsidiaries

Consolidated Statements of Shareholders’ Equity (Unaudited) Table 4

									Accum.
									Other
									Compre-						Deferred						Compre-
				Common		Capital			hensive			Retained			Stock			Treasury			hensive
(dollars in thousands)	Total			Stock		Surplus			Loss			Earnings			Grants			Stock			Income
Balance as of December 31, 2006	$	719,420		$	566	$	475,178		$	(39,084	)	$	630,660		$	—		$	(347,900	)
Cumulative-Effect Adjustment of a Change in Accounting
Principle, Net of Tax:
SFAS No. 156, “Accounting for Servicing of Financial Assets, an amendment of FASB Statement No. 140”	5,126			—		—			5,279			(153		)	—			—
FSP No. 13-2, “Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction”	(27,106		)	—		—			—			(27,106		)	—			—
FIN 48, “Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109”	(7,247		)	—		—			—			(7,247		)	—			—
Comprehensive Income:
Net Income	95,064			—		—			—			95,064			—			—			$	95,064
Other Comprehensive Income, Net of Tax:
Change in Unrealized Gains and Losses on Investment Securities Available-for-Sale	(12,316		)	—		—			(12,316		)	—			—			—			(12,316		)
Amortization of Prior Service Credit and Net Actuarial Gain	416			—		—			416			—			—			—			416
Total Comprehensive Income																					$	83,164
Share-Based Compensation	2,748			—		2,748			—			—			—			—
Common Stock Issued under Share-Based Compensation Plans and Related Tax Benefits (444,008 shares)	14,615			—		2,463			—			(5,312		)	—			17,464
Common Stock Repurchased (779,689 shares)	(41,157		)	—		—			—			—			—			(41,157		)
Cash Dividends Paid	(40,757		)	—		—			—			(40,757		)	—			—
Balance as of June 30, 2007	$	708,806		$	566	$	480,389		$	(45,705	)	$	645,149		$	—		$	(371,593	)
Balance as of December 31, 2005	$	693,352		$	565	$	473,338		$	(47,818	)	$	546,591		$	(11,080	)	$	(268,244	)
Comprehensive Income:
Net Income	82,526			—		—			—			82,526			—			—			$	82,526
Other Comprehensive Income, Net of Tax:
Change in Unrealized Gains and Losses on Investment Securities Available-for-Sale	(28,386		)	—		—			(28,386		)	—			—			—			(28,386		)
Total Comprehensive Income																					$	54,140
Share-Based Compensation	2,803			—		2,803			—			—			—			—
Common Stock Issued under Share-Based Compensation Plans and Related Tax Benefits (537,554 shares)	19,598			1		(6,680		)	—			(9,999		)	11,080			25,196
Common Stock Repurchased (1,241,303 shares)	(65,453		)	—		—			—			—			—			(65,453		)
Cash Dividends Paid	(37,712		)	—		—			—			(37,712		)	—			—
Balance as of June 30, 2006	$	666,728		$	566	$	469,461		$	(76,204	)	$	581,406		$	—		$	(308,501	)

Bank of Hawaii Corporation and Subsidiaries

Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited) Table 5a

	Three Months Ended						Three Months Ended						Three Months Ended
	June 30, 2007						March 31, 2007						June 30, 2006 (1)
	Average		Income/		Yield/		Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits	$	8.0	$	0.1	4.83	%	$	4.7	$	0.1	4.99	%	$	5.7	$	0.1	3.82	%
Funds Sold	40.6		0.5		5.26		81.2		1.1		5.28		13.9		0.2		4.89
Investment Securities
Trading	137.1		1.4		3.96		161.9		1.6		4.00		—		—		—
Available-for-Sale	2,486.9		31.8		5.11		2,453.2		31.2		5.08		2,564.2		31.4		4.90
Held-to-Maturity	339.3		3.8		4.51		361.0		4.0		4.49		429.5		4.6		4.34
Loans Held for Sale	13.6		0.2		6.34		7.3		0.1		6.17		8.8		0.1		6.29
Loans and Leases (2)
Commercial and Industrial	1,053.3		19.5		7.43		1,076.0		19.8		7.45		967.5		17.6		7.29
Construction	253.8		5.0		7.93		245.7		4.8		7.97		176.7		3.5		8.08
Commercial Mortgage	620.0		10.6		6.85		616.5		10.3		6.78		598.8		9.9		6.66
Residential Mortgage	2,499.5		38.3		6.12		2,496.3		38.2		6.12		2,449.2		36.4		5.94
Other Revolving Credit and Installment	684.2		15.8		9.27		702.5		15.9		9.19		718.0		16.3		9.10
Home Equity	941.4		17.9		7.62		942.2		17.7		7.62		912.8		16.8		7.39
Lease Financing	480.5		4.7		3.92		482.6		3.5		2.90		494.7		3.7		2.99
Total Loans and Leases	6,532.7		111.8		6.86		6,561.8		110.2		6.77		6,317.7		104.2		6.61
Other	79.4		0.4		1.83		79.4		0.3		1.68		79.4		0.3		1.37
Total Earning Assets (3)	9,637.6		150.0		6.23		9,710.5		148.6		6.16		9,419.2		140.9		5.99
Cash and Noninterest-Bearing Deposits	275.3						310.5						304.3
Other Assets	470.1						460.7						445.8
Total Assets	$	10,383.0					$	10,481.7					$	10,169.3
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	1,581.0	4.1		1.03		$	1,602.4	4.3		1.08		$	1,611.7	3.9		0.97
Savings	2,627.8		12.6		1.93		2,640.0		12.5		1.91		2,699.0		9.4		1.39
Time	1,707.9		17.0		3.99		1,732.1		16.6		3.90		1,432.6		11.4		3.20
Total Interest-Bearing Deposits	5,916.7		33.7		2.28		5,974.5		33.4		2.27		5,743.3		24.7		1.72
Short-Term Borrowings	116.9		1.5		5.30		79.7		1.0		5.14		219.0		2.7		4.99
Securities Sold Under Agreements to Repurchase	1,040.6		11.7		4.46		1,069.7		11.9		4.47		855.9		9.8		4.57
Long-Term Debt	260.3		4.0		6.12		260.3		3.9		6.12		242.7		3.7		6.15
Total Interest-Bearing Liabilities	7,334.5		50.9		2.78		7,384.2		50.2		2.75		7,060.9		40.9		2.32
Net Interest Income			$	99.1					$	98.4					$	100.0
Interest Rate Spread					3.45	%					3.41	%					3.67	%
Net Interest Margin					4.12	%					4.07	%					4.25	%
Noninterest-Bearing Demand Deposits	1,893.4						1,947.0						1,984.9
Other Liabilities	427.2						439.4						436.4
Shareholders’ Equity	727.9						711.1						687.1
Total Liabilities and Shareholders’ Equity	$	10,383.0					$	10,481.7					$	10,169.3

(1)	Certain prior period information has been reclassified to conform to current presentation.
(2)	Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
(3)	Interest income includes taxable-equivalent basis adjustment based upon a federal statutory tax rate of 35%, of $236,000, $213,000, $175,000 for the second quarter 2007, first quarter 2007, and second quarter 2006, respectively.

Bank of Hawaii Corporation and Subsidiaries

Consolidated Average Balances and Interest Rates - Taxable Equivalent Basis (Unaudited) Table 5b

	Six Months Ended						Six Months Ended
	June 30, 2007						June 30, 2006 (1)
	Average		Income/		Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits	$	6.3	$	0.2	4.89	%	$	5.5	$	0.1	3.57	%
Funds Sold	60.8		1.6		5.28		12.5		0.3		4.77
Investment Securities
Trading	149.5		3.0		3.98		—		—		—
Available-for-Sale	2,470.1		62.9		5.10		2,576.7		62.4		4.84
Held-to-Maturity	350.1		7.9		4.50		436.6		9.4		4.31
Loans Held for Sale	10.5		0.3		6.27		10.4		0.3		6.15
Loans and Leases (2)
Commercial and Industrial	1,064.6		39.3		7.44		950.0		33.8		7.17
Construction	249.7		9.8		7.95		159.8		6.4		8.06
Commercial Mortgage	618.3		20.9		6.82		585.4		19.1		6.58
Residential Mortgage	2,497.9		76.5		6.12		2,435.8		71.8		5.89
Other Revolving Credit and Installment	693.3		31.7		9.23		721.8		32.2		9.00
Home Equity	941.8		35.6		7.62		903.6		32.3		7.20
Lease Financing	481.6		8.2		3.41		493.6		7.9		3.20
Total Loans and Leases	6,547.2		222.0		6.82		6,250.0		203.5		6.54
Other	79.4		0.7		1.76		79.4		0.5		1.37
Total Earning Assets (3)	9,673.9		298.6		6.20		9,371.1		276.5		5.92
Cash and Noninterest-Bearing Deposits	292.8						318.0
Other Assets	465.4						441.6
Total Assets	$	10,432.1					$	10,130.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	1,591.7	8.3		1.05		$	1,633.1	7.2		0.89
Savings	2,633.8		25.1		1.92		2,727.4		16.5		1.22
Time	1,719.9		33.7		3.94		1,371.5		20.6		3.02
Total Interest-Bearing Deposits	5,945.4		67.1		2.28		5,732.0		44.3		1.56
Short-Term Borrowings	98.4		2.6		5.23		198.6		4.7		4.75
Securities Sold Under Agreements to Repurchase	1,055.1		23.5		4.46		814.2		17.7		4.37
Long-Term Debt	260.3		7.9		6.12		242.7		7.4		6.16
Total Interest-Bearing Liabilities	7,359.2		101.1		2.76		6,987.5		74.1		2.14
Net Interest Income			$	197.5					$	202.4
Interest Rate Spread					3.44	%					3.78	%
Net Interest Margin					4.09	%					4.33	%
Noninterest-Bearing Demand Deposits	1,920.1						2,003.4
Other Liabilities	433.3						444.4
Shareholders’ Equity	719.5						695.4
Total Liabilities and Shareholders’ Equity	$	10,432.1					$	10,130.7

(1)	Certain prior period information has been reclassified to conform to current presentation.
(2)	Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
(3)	Interest income includes taxable-equivalent basis adjustment based upon a federal statutory tax rate of 35%, of $449,000 and $337,000 for the six months ended June 30, 2007 and 2006, respectively.

Bank of Hawaii Corporation and Subsidiaries

Analysis of Change in Net Interest Income - Taxable Equivalent Basis (Unaudited) Table 6a

	Three Months Ended June 30, 2007 compared to March 31, 2007
(dollars in millions)	Volume (1)			Rate (1)			Time (1)		Total
Change in Interest Income:
Funds Sold	$	(0.6	)	$	—		$	—	$	(0.6	)
Investment Securities
Trading	(0.2		)	—			—		(0.2		)
Available-for-Sale	0.4			0.2			—		0.6
Held-to-Maturity	(0.2		)	—			—		(0.2		)
Loans Held for Sale	0.1			—			—		0.1
Loans and Leases
Commercial and Industrial	(0.4		)	(0.1		)	0.2		(0.3		)
Construction	0.1			—			0.1		0.2
Commercial Mortgage	0.1			0.1			0.1		0.3
Residential Mortgage	0.1			—			—		0.1
Other Revolving Credit and Installment	(0.4		)	0.1			0.2		(0.1		)
Home Equity	—			—			0.2		0.2
Lease Financing	—			1.2			—		1.2
Total Loans and Leases	(0.5		)	1.3			0.8		1.6
Other	—			0.1			—		0.1
Total Change in Interest Income	(1.0		)	1.6			0.8		1.4
Change in Interest Expense:
Interest-Bearing Deposits
Demand	(0.1		)	(0.2		)	0.1		(0.2		)
Savings	(0.1		)	0.1			0.1		0.1
Time	(0.2		)	0.4			0.2		0.4
Total Interest-Bearing Deposits	(0.4		)	0.3			0.4		0.3
Short-Term Borrowings	0.5			—			—		0.5
Securities Sold Under Agreements to Repurchase	(0.3		)	—			0.1		(0.2		)
Long-Term Debt	—			—			0.1		0.1
Total Change in Interest Expense	(0.2		)	0.3			0.6		0.7
Change in Net Interest Income	$	(0.8	)	$	1.3		$	0.2	$	0.7

(1) The changes for each category of interest income and expense are allocated between the portion of changes attributable to the variance in volume, rate, and time for that category.

Bank of Hawaii Corporation and Subsidiaries

Analysis of Change in Net Interest Income - Taxable Equivalent Basis (Unaudited) Table  6b

	Three Months Ended June 30, 2007 compared to June 30, 2006
(dollars in millions)	Volume (1)			Rate (1)			Total
Change in Interest Income:
Funds Sold	$	0.3		$	—		$	0.3
Investment Securities
Trading	1.4			—			1.4
Available-for-Sale	(0.9		)	1.3			0.4
Held-to-Maturity	(1.0		)	0.2			(0.8		)
Loans Held for Sale	0.1			—			0.1
Loans and Leases
Commercial and Industrial	1.6			0.3			1.9
Construction	1.5			—			1.5
Commercial Mortgage	0.4			0.3			0.7
Residential Mortgage	0.8			1.1			1.9
Other Revolving Credit and Installment	(0.8		)	0.3			(0.5		)
Home Equity	0.5			0.6			1.1
Lease Financing	(0.1		)	1.1			1.0
Total Loans and Leases	3.9			3.7			7.6
Other	—			0.1			0.1
Total Change in Interest Income	3.8			5.3			9.1
Change in Interest Expense:
Interest-Bearing Deposits
Demand	(0.1		)	0.3			0.2
Savings	(0.3		)	3.5			3.2
Time	2.5			3.1			5.6
Total Interest-Bearing Deposits	2.1			6.9			9.0
Short-Term Borrowings	(1.3		)	0.1			(1.2		)
Securities Sold Under Agreements to Repurchase	2.1			(0.2		)	1.9
Long-Term Debt	0.3			—			0.3
Total Change in Interest Expense	3.2			6.8			10.0
Change in Net Interest Income	$	0.6		$	(1.5	)	$	(0.9	)

(1) The changes for each category of interest income and expense are allocated between the portion of changes attributable to the variance in volume and rate for that category.

Bank of Hawaii Corporation and Subsidiaries

Salaries and Benefits (Unaudited) Table 7

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
(dollars in thousands)	2007		2007		2006		2007		2006
Salaries	$	29,220	$	28,124	$	27,727	$	57,344	$	54,451
Incentive Compensation	3,794		3,619		3,844		7,413		8,165
Share-Based Compensation	1,333		1,227		1,631		2,560		3,112
Commission Expense	2,161		1,993		1,833		4,154		3,755
Retirement and Other Benefits	3,365		3,769		4,833		7,134		10,068
Payroll Taxes	2,247		3,522		2,297		5,769		5,682
Medical, Dental, and Life Insurance	2,263		2,238		2,185		4,501		4,346
Separation Expense	204		914		461		1,118		1,018
Total Salaries and Benefits	$	44,587	$	45,406	$	44,811	$	89,993	$	90,597

Bank of Hawaii Corporation and Subsidiaries

Loan and Lease Portfolio Balances (Unaudited) Table 8

	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2007		2007		2006		2006		2006 (1)
Commercial
Commercial and Industrial	$	1,065,155	$	1,042,174	$	1,093,392	$	994,531	$	1,008,618
Commercial Mortgage	619,668		611,784		611,334		635,552		619,839
Construction	261,478		245,951		249,263		238,995		212,490
Lease Financing	480,358		460,837		508,997		489,183		475,549
Total Commercial	2,426,659		2,360,746		2,462,986		2,358,261		2,316,496
Consumer
Residential Mortgage	2,505,073		2,495,141		2,493,110		2,464,240		2,457,867
Home Equity	938,261		938,135		944,873		942,743		929,386
Other Revolving Credit and Installment	677,750		693,132		700,896		701,759		714,617
Lease Financing	18,383		19,998		21,302		22,054		23,259
Total Consumer	4,139,467		4,146,406		4,160,181		4,130,796		4,125,129
Total Loans and Leases	$	6,566,126	$	6,507,152	$	6,623,167	$	6,489,057	$	6,441,625

Air Transportation Credit Exposure (2) (Unaudited)

	June 30, 2007						Mar. 31, 2007		June 30, 2006
			Unused		Total		Total		Total
(dollars in thousands)	Outstanding		Commitments		Exposure		Exposure		Exposure
Passenger Carriers Based In the United States	$	65,607	$	—	$	65,607	$	65,731	$	68,213
Passenger Carriers Based Outside the United States	19,246		—		19,246		19,326		19,542
Cargo Carriers	13,279		—		13,279		13,254		13,240
Total Air Transportation Credit Exposure	$	98,132	$	—	$	98,132	$	98,311	$	100,995

(1)	Certain prior period information has been reclassified to conform to current presentation.
(2)	Exposure includes loans, leveraged leases and operating leases.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Non-Performing Assets and Accruing Loans Past Due 90 Days or More (Unaudited)	Table 9

	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)	2007			2007			2006			2006			2006
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	265		$	273		$	769		$	400		$	227
Commercial Mortgage	130			38			40			44			48
Lease Financing	914			—			31			—			—
Total Commercial	1,309			311			840			444			275
Consumer
Residential Mortgage	3,844			4,345			4,914			4,253			4,628
Home Equity	899			476			164			254			204
Other Revolving Credit and Installment	214			242			—			—			—
Total Consumer	4,957			5,063			5,078			4,507			4,832
Total Non-Accrual Loans and Leases	6,266			5,374			5,918			4,951			5,107
Foreclosed Real Estate	48			462			407			409			188
Other Investments	—			—			82			82			82
Total Non-Performing Assets	$	6,314		$	5,836		$	6,407		$	5,442		$	5,377
Accruing Loans and Leases Past Due 90 Days or More
Commercial
Lease Financing	$	—		$	4		$	—		$	—		$	—
Consumer
Residential Mortgage	188			706			519			882			1,157
Home Equity	60			219			331			62			86
Other Revolving Credit and Installment	1,158			1,441			1,954			2,044			1,561
Lease Financing	—			10			10			—			—
Total Consumer	1,406			2,376			2,814			2,988			2,804
Total Accruing Loans and Leases Past Due 90 Days or More	$	1,406		$	2,380		$	2,814		$	2,988		$	2,804
Total Loans and Leases	$	6,566,126		$	6,507,152		$	6,623,167		$	6,489,057		$	6,441,625
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases	0.10		%	0.08		%	0.09		%	0.08		%	0.08		%
Ratio of Non-Performing Assets to Total Loans and Leases, Foreclosed Real Estate, and Other Investments	0.10		%	0.09		%	0.10		%	0.08		%	0.08		%
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases	0.12		%	0.13		%	0.14		%	0.13		%	0.13		%
Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	5,836		$	6,407		$	5,442		$	5,377		$	5,906
Additions	2,279			1,548			2,427			1,507			1,509
Reductions
Payments	(804		)	(1,150		)	(255		)	(848		)	(1,347		)
Return to Accrual	(473		)	(435		)	(897		)	(382		)	(260		)
Sales of Foreclosed Assets	(326		)	(56		)	(112		)	(20		)	(99		)
Charge-offs/Write-downs	(198		)	(478		)	(198		)	(192		)	(332		)
Total Reductions	(1,801		)	(2,119		)	(1,462		)	(1,442		)	(2,038		)
Balance at End of Quarter	$	6,314		$	5,836		$	6,407		$	5,442		$	5,377

Bank of Hawaii Corporation and Subsidiaries
Consolidated Reserve for Credit Losses (Unaudited)	Table 10

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,
(dollars in thousands)	2007			2007			2006 (1)			2007			2006 (1)
Balance at Beginning of Period	$	96,167		$	96,167		$	96,167		$	96,167		$	96,167
Loans and Leases Charged-Off
Commercial
Commercial and Industrial	(738		)	(805		)	(677		)	(1,543		)	(1,060		)
Lease Financing	—			(22		)	—			(22		)	—
Consumer
Residential Mortgage	(47		)	—			(29		)	(47		)	(39		)
Home Equity	(240		)	(102		)	(86		)	(342		)	(227		)
Other Revolving Credit and Installment	(4,195		)	(5,714		)	(4,467		)	(9,909		)	(8,721		)
Lease Financing	—			—			—			—			(12		)
Total Loans and Leases Charged-Off	(5,220		)	(6,643		)	(5,259		)	(11,863		)	(10,059		)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial	315			277			1,445			592			1,740
Commercial Mortgage	36			85			335			121			424
Lease Financing	6			2,081			—			2,087			—
Consumer
Residential Mortgage	54			135			119			189			241
Home Equity	55			65			127			120			188
Other Revolving Credit and Installment	1,384			1,365			1,158			2,749			2,621
Lease Financing	7			4			6			11			15
Total Recoveries on Loans and Leases Previously Charged-Off	1,857			4,012			3,190			5,869			5,229
Net Loans and Leases Charged-Off	(3,363		)	(2,631		)	(2,069		)	(5,994		)	(4,830		)
Provision for Credit Losses	3,363			2,631			2,069			5,994			4,830
Balance at End of Period (2)	$	96,167		$	96,167		$	96,167		$	96,167		$	96,167
Components
Allowance for Loan and Lease Losses	$	90,998		$	90,998		$	91,035		$	90,998		$	91,035
Reserve for Unfunded Commitments	5,169			5,169			5,132			5,169			5,132
Total Reserve for Credit Losses	$	96,167		$	96,167		$	96,167		$	96,167		$	96,167
Average Loans and Leases Outstanding	$	6,532,736		$	6,561,848		$	6,317,682		$	6,547,212		$	6,250,082
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)	0.21		%	0.16		%	0.13		%	0.18		%	0.16		%
Ratio of Allowance for Loans and Lease Losses to Loans and Leases Outstanding	1.39		%	1.40		%	1.41		%	1.39		%	1.41		%

(1)	Certain prior period information has been reclassified to conform to current presentation.
(2)	Included in this analysis is activity related to the Company’s reserve for unfunded commitments, which is separately recorded in other liabilities in the Consolidated Statements of Condition (Unaudited).

Bank of Hawaii Corporation and Subsidiaries
Business Segment Selected Financial Information (Unaudited)	Table 11a

	Retail			Commercial			Investment									Consolidated
(dollars in thousands)	Banking			Banking			Services			Total			Treasury			Total
Three Months Ended June 30, 2007
Net Interest Income (Loss)	$	60,126		$	35,288		$	4,325		$	99,739		$	(861	)	$	98,878
Provision for Credit Losses	2,559			813			—			3,372			(9		)	3,363
Net Interest Income (Loss) After Provision for Credit Losses	57,567			34,475			4,325			96,367			(852		)	95,515
Noninterest Income	27,063			7,528			19,686			54,277			3,751			58,028
Noninterest Expense	(42,717		)	(19,978		)	(16,251		)	(78,946		)	(886		)	(79,832		)
Income Before Provision for Income Taxes	41,913			22,025			7,760			71,698			2,013			73,711
Provision for Income Taxes	(15,509		)	(8,231		)	(2,871		)	(26,611		)	629			(25,982		)
Allocated Net Income	26,404			13,794			4,889			45,087			2,642			47,729
Allowance Funding Value	(242		)	(737		)	(10		)	(989		)	989			—
Provision for Credit Losses	2,559			813			—			3,372			(9		)	3,363
Economic Provision	(2,911		)	(2,079		)	(83		)	(5,073		)	—			(5,073		)
Tax Effect of Adjustments	220			741			34			995			(362		)	633
Income Before Capital Charge	26,030			12,532			4,830			43,392			3,260			46,652
Capital Charge	(5,448		)	(3,946		)	(1,574		)	(10,968		)	(9,047		)	(20,015		)
Net Income (Loss) After Capital Charge (NIACC)	$	20,582		$	8,586		$	3,256		$	32,424		$	(5,787	)	$	26,637
RAROC (ROE for the Company)	53		%	35		%	34		%	44		%	11		%	26		%
Total Assets as of June 30, 2007	$	3,987,482		$	2,746,074		$	243,026		$	6,976,582		$	3,745,986		$	10,722,568
Three Months Ended June 30, 2006 (1)
Net Interest Income	$	58,697		$	32,987		$	4,477		$	96,161		$	3,695		$	99,856
Provision for Credit Losses	1,862			317			999			3,178			(1,109		)	2,069
Net Interest Income After Provision for Credit Losses	56,835			32,670			3,478			92,983			4,804			97,787
Noninterest Income	24,792			7,905			17,561			50,258			2,943			53,201
Noninterest Expense	(41,861		)	(19,049		)	(16,512		)	(77,422		)	(1,320		)	(78,742		)
Income Before Provision for Income Taxes	39,766			21,526			4,527			65,819			6,427			72,246
Provision for Income Taxes	(14,714		)	(16,632		)	(1,666		)	(33,012		)	(2,058		)	(35,070		)
Allocated Net Income	25,052			4,894			2,861			32,807			4,369			37,176
Allowance Funding Value	(198		)	(602		)	(8		)	(808		)	808			—
Provision for Credit Losses	1,862			317			999			3,178			(1,109		)	2,069
Economic Provision	(3,076		)	(2,188		)	(85		)	(5,349		)	—			(5,349		)
Tax Effect of Adjustments	522			915			(335		)	1,102			111			1,213
Income Before Capital Charge	24,162			3,336			3,432			30,930			4,179			35,109
Capital Charge	(5,375		)	(4,063		)	(1,588		)	(11,026		)	(7,867		)	(18,893		)
Net Income (Loss) After Capital Charge (NIACC)	$	18,787		$	(727	)	$	1,844		$	19,904		$	(3,688	)	$	16,216
RAROC (ROE for the Company)	50		%	9		%	24		%	31		%	13		%	22		%
Total Assets as of June 30, 2006 (1)	$	3,951,725		$	2,671,854		$	228,584		$	6,852,163		$	3,473,027		$	10,325,190

(1) Certain prior period information has been reclassified to conform to current presentation.

Bank of Hawaii Corporation and Subsidiaries

Business Segment Selected Financial Information (Unaudited) Table 11b

	Retail			Commercial			Investment									Consolidated
(dollars in thousands)	Banking			Banking			Services			Total			Treasury			Total
Six Months Ended June 30, 2007
Net Interest Income	$	118,996		$	69,075		$	8,765		$	196,836		$	179		$	197,015
Provision for Credit Losses	5,891			125			—			6,016			(22		)	5,994
Net Interest Income After Provision for Credit Losses	113,105			68,950			8,765			190,820			201			191,021
Noninterest Income	52,960			19,167			39,089			111,216			7,772			118,988
Noninterest Expense	(85,675		)	(40,523		)	(32,684		)	(158,882		)	(3,073		)	(161,955		)
Income Before Provision for Income Taxes	80,390			47,594			15,170			143,154			4,900			148,054
Provision for Income Taxes	(29,745		)	(17,440		)	(5,613		)	(52,798		)	(192		)	(52,990		)
Allocated Net Income	50,645			30,154			9,557			90,356			4,708			95,064
Allowance Funding Value	(450		)	(1,432		)	(20		)	(1,902		)	1,902			—
Provision for Credit Losses	5,891			125			—			6,016			(22		)	5,994
Economic Provision	(5,869		)	(4,264		)	(164		)	(10,297		)	(1		)	(10,298		)
Tax Effect of Adjustments	158			2,061			68			2,287			(696		)	1,591
Income Before Capital Charge	50,375			26,644			9,441			86,460			5,891			92,351
Capital Charge	(10,898		)	(8,013		)	(3,153		)	(22,064		)	(17,506		)	(39,570		)
Net Income (Loss) After Capital Charge (NIACC)	$	39,477		$	18,631		$	6,288		$	64,396		$	(11,615	)	$	52,781
RAROC (ROE for the Company)	51		%	37		%	33		%	43		%	9		%	27		%
Total Assets as of June 30, 2007	$	3,987,482		$	2,746,074		$	243,026		$	6,976,582		$	3,745,986		$	10,722,568
Six Months Ended June 30, 2006 (1)
Net Interest Income	$	116,387		$	66,729		$	8,882		$	191,998		$	10,060		$	202,058
Provision for Credit Losses	4,357			738			999			6,094			(1,264		)	4,830
Net Interest Income After Provision for Credit Losses	112,030			65,991			7,883			185,904			11,324			197,228
Noninterest Income	48,907			16,313			35,307			100,527			5,246			105,773
Noninterest Expense	(83,821		)	(39,153		)	(33,454		)	(156,428		)	(3,132		)	(159,560		)
Income Before Provision for Income Taxes	77,116			43,151			9,736			130,003			13,438			143,441
Provision for Income Taxes	(28,533		)	(24,581		)	(3,594		)	(56,708		)	(4,207		)	(60,915		)
Allocated Net Income	48,583			18,570			6,142			73,295			9,231			82,526
Allowance Funding Value	(387		)	(1,149		)	(16		)	(1,552		)	1,552			—
Provision for Credit Losses	4,357			738			999			6,094			(1,264		)	4,830
Economic Provision	(6,236		)	(4,470		)	(188		)	(10,894		)	(1		)	(10,895		)
Tax Effect of Adjustments	839			1,806			(294		)	2,351			(107		)	2,244
Income Before Capital Charge	47,156			15,495			6,643			69,294			9,411			78,705
Capital Charge	(10,832		)	(8,368		)	(3,216		)	(22,416		)	(15,844		)	(38,260		)
Net Income (Loss) After Capital Charge (NIACC)	$	36,324		$	7,127		$	3,427		$	46,878		$	(6,433	)	$	40,445
RAROC (ROE for the Company)	48		%	21		%	23		%	34		%	15		%	24		%
Total Assets as of June 30, 2006 (1)	$	3,951,725		$	2,671,854		$	228,584		$	6,852,163		$	3,473,027		$	10,325,190

(1)Certain prior period information has been reclassified to conform to current presentation.

Bank of Hawaii Corporation and Subsidiaries

Quarterly Summary of Selected Consolidated Financial Data (Unaudited) Table 12

	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands, except per share amounts)	2007			2007			2006			2006 1			2006 (1)
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	112,026		$	110,298		$	111,649		$	110,065		$	104,388
Income on Investment Securities
Trading	1,357			1,618			—			—			—
Available-for-Sale	31,563			30,961			32,807			31,949			31,226
Held-to-Maturity	3,827			4,052			4,282			4,558			4,658
Deposits	96			58			63			50			55
Funds Sold	533			1,058			406			66			170
Other	364			333			333			272			272
Total Interest Income	149,766			148,378			149,540			146,960			140,769
Interest Expense
Deposits	33,701			33,375			30,924			28,464			24,656
Securities Sold Under Agreements to Repurchase	11,665			11,886			12,538			11,959			9,802
Funds Purchased	1,452			923			1,689			2,270			2,652
Short-Term Borrowings	91			87			106			82			73
Long-Term Debt	3,979			3,970			4,078			3,835			3,730
Total Interest Expense	50,888			50,241			49,335			46,610			40,913
Net Interest Income	98,878			98,137			100,205			100,350			99,856
Provision for Credit Losses	3,363			2,631			3,143			2,785			2,069
Net Interest Income After Provision for Credit Losses	95,515			95,506			97,062			97,565			97,787
Noninterest Income
Trust and Asset Management	16,135			15,833			14,949			14,406			14,537
Mortgage Banking	2,479			3,371			2,612			2,394			2,569
Service Charges on Deposit Accounts	11,072			10,967			11,206			10,723			9,695
Fees, Exchange, and Other Service Charges	16,556			16,061			15,775			16,266			15,633
Investment Securities Gains, Net	575			16			153			19			—
Insurance	4,887			6,215			3,965			6,713			4,691
Other	6,324			8,497			4,856			6,366			6,076
Total Noninterest Income	58,028			60,960			53,516			56,887			53,201
Noninterest Expense
Salaries and Benefits	44,587			45,406			42,727			43,133			44,811
Net Occupancy	9,695			9,811			9,959			9,998			9,376
Net Equipment	4,871			4,787			5,012			5,285			4,802
Professional Fees	2,599			2,543			1,189			2,638			2,589
Other	18,080			19,576			22,710			18,751			17,164
Total Noninterest Expense	79,832			82,123			81,597			79,805			78,742
Income Before Provision for Income Taxes	73,711			74,343			68,981			74,647			72,246
Provision for Income Taxes	25,982			27,008			18,068			27,727			35,070
Net Income	$	47,729		$	47,335		$	50,913		$	46,920		$	37,176
Basic Earnings Per Share	$	0.97		$	0.96		$	1.03		$	0.94		$	0.74
Diluted Earnings Per Share	$	0.95		$	0.94		$	1.01		$	0.92		$	0.72
Balance Sheet Totals
Total Assets	$	10,722,568		$	10,491,957		$	10,571,815		$	10,371,215		$	10,325,190
Net Loans and Leases	6,475,128			6,416,154			6,532,169			6,398,262			6,350,590
Total Deposits	8,314,404			7,952,937			8,023,394			7,687,123			7,766,033
Total Shareholders’ Equity	708,806			711,031			719,420			683,472			666,728
Performance Ratios
Net Income to Average Total Assets	1.84		%	1.83		%	1.94		%	1.81		%	1.47		%
Net Income to Average Shareholders’ Equity	26.30			27.00			28.56			27.09			21.70
Net Interest Margin (2)	4.12			4.07			4.15			4.20			4.25
Efficiency Ratio (3)	50.88			51.62			53.08			50.75			51.45

(1)	Third quarter 2006 basic and diluted EPS was corrected from $0.95 and $0.93, respectively, and second quarter 2006 diluted EPS was corrected from $0.73.
(2)	The net interest margin is defined as net interest income, on a fully-taxable equivalent basis, as a percentage of average earning assets.
(3)	The efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).