45 pershare on the Companys outstanding shares

Consistent with the Companys plans to build capital levels, only one thousandshares were repurchased during the fourth quarter of 2008 and no shares havebeen repurchased since the end of December 2008. Remaining buyback authorityunder the share repurchase program was $85.4 million at December 31, 2008. At December 31, 2008, the Tier 1 leverage ratio was 7.30 percent compared to7.02 percent at December 31, 2007 and 7.27 percent at September 30, 2008. The Companys Board of Directors declared a quarterly cash dividend of $0.45 pershare on the Companys outstanding shares. The dividend will be payable on March13, 2009 to shareholders of record at the close of business on February 27,2009. Hawaii EconomyThe Hawaii economy continued to weaken during the fourth quarter of 2008.Visitor arrivals, which were up in the first quarter of 2008, decreased 11.7percent during April to November 2008 compared with a year earlier. Unemploymentincreased to 5.0 percent in November 2008, up from 2.6 percent at the end of2007.

Single-family median existing home sales prices in the fourth quarter of2008 were down 1.5 percent from the fourth quarter of 2007 and down 4.2 percentfrom the cyclical peak between mid-2006 and mid-2007. However, home prices inHawaii were down more modestly in the fourth quarter of 2008 than across theU.S. mainland, and overall mortgage delinquency, at 4.04 percent in the thirdquarter of 2008, was relatively low compared to the U.S mainland. Business OutlookBank of Hawaii begins 2009 with a cautious business plan, given the expectationof continued economic weakness and uncertainty.

The Bank will focus onmaintaining high levels of liquidity, strong capital and reserves as well asdisciplined lending and investment. Bank of Hawaii has the resources to increaselending and investment when market conditions improve. Special emphasis will begiven to workforce productivity, technology and service enhancement, andmanagement of risk and expenses. Given the uncertain business environment, it isimpractical to set expectations for returns in 2009. Bank of Hawaii remainscommitted to producing superior financial performance over time with prioritygiven to soundness and timely resolution of credit issues. Conference Call InformationThe Company will review its 2008 financial results today at 8:00 a.m HawaiiTime (1:00 p.m Eastern Time).

The call will be accessible via teleconferenceand via the Investor Relations link of Bank of Hawaii Corporations web site, The conference call number for participants in the United States is866-700-6979 International participants should call 617-213-8836 No passcodeis required. A replay of the conference call will be available for one weekbeginning Monday, January 26, 2009 by calling 888-286-8010 in the United Statesor 617-801-6888 internationally and entering the number 18184581 when prompted.A replay will also be available via the Investor Relations link of the Companysweb site. Forward-Looking StatementsThis news release, and other statements made by the Company in connection withit may contain "forward-looking statements", such as forecasts of our financialresults and condition, expectations for our operations and business prospects,and our assumptions used in those forecasts and expectations Do not unduly relyon forward-looking statements. Actual results might differ significantly fromour forecasts and expectations because of a variety of factors.