While the overall evidence that I found suggested that, yes, intelligence and humor are related, there have been some conflicting reports, which makes the situation not crystal clear.
sense of humour correlated highly with both creativity (r = .89) and intelligence (r = .91).
The authors also report that another study reported low correlation between sense of humor and intelligence.
Although it is widely assumed that sense of humor is closely related to intelligence and creativity, the empirical studies of these relationships, which are reviewed in this article, have yielded conflicting findings. On the basis of the present review and a consideration of other relevant literature, it is suggested that the nature of such relationships might be affected by how the variables are operationalized, several characteristics of the experimental participants, as well as various aspects of the broader experimental context As the extant studies have investigated only a restricted number of the empirical issues to do with those characteristics, it is evident that a considerable amount of research remains to be conducted The more informative characterization provided by such research would clearly provide the basis for more accurate analyses of the nature of intelligence and creativity
Structural equation models showed that general and verbal intelligence both predict humor production ability
There does appear to be a relationship between humor and intelligence, but, perhaps unsurprisingly due to the slipperiness of the concepts, it depends on how and when you measure it.