Item 2.02. Results of Operations and Financial Condition.

On January 25, 2021, Bank of Hawaii Corporation announced its results of operations for the quarter ended December 31, 2020. The public announcement was made by means of a press release, the text of which is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

The information furnished pursuant to this Item 2.02 of this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference into any of the Bank of Hawaii Corporation's filings with the Securities and Exchange Commission, unless otherwise expressly stated in such filing.

Item 2.05. Costs Associated with Exit or Disposal Activities.

On January 22, 2021, the Board of Directors of Bank of Hawaii Corporation made the determination to permanently close twelve Bank of Hawaii (the "Bank") branches primarily located within local supermarkets in order to increase efficiency and meet changing customer needs. Customers will continue to have access to in-person banking services at nearby branch locations, and all impacted employees have been offered alternative roles within the Bank. The branch closures are expected to be completed, subject to applicable regulatory requirements, by May 31, 2021.

As a result, the Bank recorded a total charge of approximately $5.6 million during the fourth quarter of 2020. This aggregate charge includes approximately $2.5 million in costs associated with early termination of lease and in-store branch agreements, $1.2 million associated with the disposition of assets, and $1.9 million associated with site restoration costs. The Bank anticipates annual operating expense savings of approximately $4.7 million resulting from the branch closures. These estimates could change as the Bank's plan evolves and becomes finalized.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits




Exhibit No.

99.1          January 25, 2021 Press Release: Bank of Hawaii Corporation Fourth
            Quarter 2020 Financial Results.  Any internet addresses provided in this
            release are for informational purposes only and are not intended to be
            hyperlinks.  Furnished herewith.

99.2          Bank of Hawaii Corporation Fourth Quarter 2020 Financial Report

104         Cover Page Interactive Data File (embedded within the Inline XBRL
            document)

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