Bank of Hawaii (BOH)
Market Price (11/3/2026): $70.71 | Market Cap: $2.8 BilSector: Financials | Industry: Regional Banks
Bank of Hawaii (BOH)
Market Price (11/3/2026): $70.71Market Cap: $2.8 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.7%, FCF Yield is 7.3% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -96% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Low stock price volatilityVol 12M is 23% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -16% Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 10% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Key risksBOH key risks include [1] its geographic concentration in Hawaii and the Pacific Islands, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 12%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.7%, FCF Yield is 7.3% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -96% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Low stock price volatilityVol 12M is 23% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -16% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 10% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Key risksBOH key risks include [1] its geographic concentration in Hawaii and the Pacific Islands, Show more. |
Qualitative Assessment
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Bank of Hawaii (BOH) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings and Revenue Miss: Bank of Hawaii reported diluted earnings per share (EPS) of $1.49 for fiscal Q3 2026, which ended September 30, 2026, missing analyst consensus estimates of $1.51 by $0.02. Additionally, the company's revenue for the quarter totaled $198.8 million, falling short of the $202.6 million analysts had expected. This earnings and revenue miss led to an immediate decline in the stock price, with shares falling over 7% in pre-market trading following the announcement.
2. Significant Increase in Non-Performing Assets: A notable increase in non-performing assets (NPAs) contributed to investor concerns. NPAs rose to $43.4 million at September 30, 2026, marking a substantial increase of $31.9 million from $11.5 million at June 30, 2026. This increase was primarily attributed to one commercial mortgage being placed on non-accrual status.
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Bank of Hawaii (BOH) stock has lost about 10% since 7/31/2026 because of the following key factors:
1. Fiscal Q3 2026 Earnings and Revenue Miss: Bank of Hawaii reported diluted earnings per share (EPS) of $1.49 for fiscal Q3 2026, which ended September 30, 2026, missing analyst consensus estimates of $1.51 by $0.02. Additionally, the company's revenue for the quarter totaled $198.8 million, falling short of the $202.6 million analysts had expected. This earnings and revenue miss led to an immediate decline in the stock price, with shares falling over 7% in pre-market trading following the announcement.
2. Significant Increase in Non-Performing Assets: A notable increase in non-performing assets (NPAs) contributed to investor concerns. NPAs rose to $43.4 million at September 30, 2026, marking a substantial increase of $31.9 million from $11.5 million at June 30, 2026. This increase was primarily attributed to one commercial mortgage being placed on non-accrual status.
3. Decline in Deposits: The company experienced a decrease in total deposits, which stood at $20.5 billion at September 30, 2026, a 3.3% decline from December 31, 2025. Average total deposits for fiscal Q3 2026 also decreased by 0.8% from the prior quarter. This reduction was primarily driven by the strategic runoff of high-cost public funds and lower commercial deposit balances, signaling potential pressure on funding.
4. Sputtering Hawaiian Economic Outlook: Broader macroeconomic factors, particularly the weakening economic outlook for Hawaii, impacted investor sentiment. The state's real GDP growth is projected to be in the low single digits for 2026 and a modest 1.6% for 2027. Furthermore, visitor arrivals in August fell by 5.6%, and visitor spending plummeted by 9.7%, highlighting the fragility of the local economy and its potential impact on a regional bank like Bank of Hawaii.
5. Analyst Downgrades and Price Target Reductions: Following the fiscal Q3 2026 earnings report, several equity research analysts lowered their price targets and/or ratings for Bank of Hawaii. For example, Stephens reduced its price target for BOH from $82.00 to $76.00. Similarly, Piper Sandler and Keefe, Bruyette & Woods both cut their price objectives from $85.00 to $78.00, with Keefe, Bruyette & Woods also downgrading the stock from "outperform" to "market perform," reflecting a more cautious outlook.
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Stock Movement Drivers
Fundamental Drivers
The -10.1% change in BOH stock from 7/31/2026 to 11/2/2026 was primarily driven by a -10.1% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.18 | 71.19 | -10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 760 | 760 | 0.0% |
| Net Income Margin (%) | 31.0% | 31.0% | 0.0% |
| P/E Multiple | 13.3 | 11.9 | -10.1% |
| Shares Outstanding (Mil) | 40 | 40 | 0.0% |
| Cumulative Contribution | -10.1% |
Market Drivers
7/31/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BOH | -10.1% | |
| Market (SPY) | 0.7% | 4.9% |
| Sector (XLF) | 1.1% | 50.4% |
Fundamental Drivers
The -8.8% change in BOH stock from 4/30/2026 to 11/2/2026 was primarily driven by a -15.2% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.08 | 71.19 | -8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 737 | 760 | 3.0% |
| Net Income Margin (%) | 29.8% | 31.0% | 4.2% |
| P/E Multiple | 14.1 | 11.9 | -15.2% |
| Shares Outstanding (Mil) | 40 | 40 | 0.1% |
| Cumulative Contribution | -8.8% |
Market Drivers
4/30/2026 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BOH | -8.8% | |
| Market (SPY) | 4.9% | 6.7% |
| Sector (XLF) | 10.8% | 46.7% |
Fundamental Drivers
The 13.9% change in BOH stock from 10/31/2025 to 11/2/2026 was primarily driven by a 15.3% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 62.53 | 71.19 | 13.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 685 | 760 | 10.9% |
| Net Income Margin (%) | 26.9% | 31.0% | 15.3% |
| P/E Multiple | 13.5 | 11.9 | -11.3% |
| Shares Outstanding (Mil) | 40 | 40 | 0.4% |
| Cumulative Contribution | 13.9% |
Market Drivers
10/31/2025 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BOH | 13.9% | |
| Market (SPY) | 11.2% | 26.8% |
| Sector (XLF) | 11.3% | 54.1% |
Fundamental Drivers
The 64.7% change in BOH stock from 10/31/2023 to 11/2/2026 was primarily driven by a 42.2% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11022026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.22 | 71.19 | 64.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 682 | 760 | 11.3% |
| Net Income Margin (%) | 29.6% | 31.0% | 4.7% |
| P/E Multiple | 8.4 | 11.9 | 42.2% |
| Shares Outstanding (Mil) | 39 | 40 | -0.6% |
| Cumulative Contribution | 64.7% |
Market Drivers
10/31/2023 to 11/2/2026| Return | Correlation | |
|---|---|---|
| BOH | 64.7% | |
| Market (SPY) | 86.0% | 41.9% |
| Sector (XLF) | 85.7% | 61.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BOH Return | 13% | -4% | -2% | 4% | 0% | 7% | 18% |
| Peers Return | 53% | -21% | 3% | 34% | 9% | 13% | 106% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| BOH Win Rate | 58% | 42% | 33% | 42% | 50% | 55% | |
| Peers Win Rate | 67% | 50% | 47% | 53% | 53% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| BOH Max Drawdown | -18% | -21% | -58% | -22% | -20% | -23% | |
| Peers Max Drawdown | -17% | -38% | -55% | -15% | -28% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FHB, CPF, ZION, WAL, EWBC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)
How Low Can It Go
| Event | BOH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.1% | -18.8% |
| % Gain to Breakeven | 20.7% | 23.1% |
| Time to Breakeven | 253 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.6% | -9.5% |
| % Gain to Breakeven | 18.5% | 10.5% |
| Time to Breakeven | 14 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -56.1% | -6.7% |
| % Gain to Breakeven | 128.0% | 7.1% |
| Time to Breakeven | 216 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -15.0% | -24.5% |
| % Gain to Breakeven | 17.7% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.9% | -33.7% |
| % Gain to Breakeven | 88.3% | 50.9% |
| Time to Breakeven | 324 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.1% | -19.2% |
| % Gain to Breakeven | 25.1% | 23.8% |
| Time to Breakeven | 35 days | 105 days |
In The Past
Bank of Hawaii's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | BOH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -56.1% | -6.7% |
| % Gain to Breakeven | 128.0% | 7.1% |
| Time to Breakeven | 216 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.9% | -33.7% |
| % Gain to Breakeven | 88.3% | 50.9% |
| Time to Breakeven | 324 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.1% | -19.2% |
| % Gain to Breakeven | 25.1% | 23.8% |
| Time to Breakeven | 35 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.6% | -17.9% |
| % Gain to Breakeven | 30.8% | 21.8% |
| Time to Breakeven | 94 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -47.9% | -53.4% |
| % Gain to Breakeven | 91.9% | 114.4% |
| Time to Breakeven | 288 days | 1085 days |
In The Past
Bank of Hawaii's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Bank of Hawaii (BOH)
Bank of Hawaii Corporation (BOH) operates as the bank holding company for Bank of Hawaii, providing a comprehensive suite of financial products and services primarily across Hawaii, Guam, and other Pacific Islands. The company serves a diverse customer base, including individuals, families, businesses, and government entities, making it a key financial institution in its region.
For its individual customers, Bank of Hawaii offers a broad range of consumer banking services. These include essential checking, savings, and time deposit accounts, alongside various lending options such as residential mortgages, home equity lines of credit, auto loans, personal loans, and credit cards. Additionally, the bank provides private and international client banking, investment management, trust services, and brokerage offerings like equities and mutual funds, catering to both everyday needs and wealth management requirements for individuals and high-net-worth clients.
On the commercial side, Bank of Hawaii extends its services to middle-market and large companies, as well as government entities. Its commercial banking segment delivers corporate banking solutions, commercial real estate loans, commercial lease financing, and auto dealer financing, coupled with specialized deposit products and international banking services. The company also manages corporate asset and liability through its Treasury segment, offering interest rate risk management and foreign exchange services.
```AI Analysis | Feedback
Here are a few analogies for Bank of Hawaii (BOH):
- It's like the JPMorgan Chase or Bank of America for Hawaii and the Pacific Islands.
- Think of it as the Wells Fargo deeply rooted in the Hawaiian and Pacific Island economies.
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- Consumer Banking Services:
- Deposit Accounts: Offers checking, savings, and time deposit accounts for individual customers.
- Consumer Loans & Leases: Provides residential mortgages, home equity lines, automobile loans, personal loans, and credit cards.
- Small Business Loans & Leases: Delivers various lending and leasing products specifically for small businesses.
- Wealth Management & Investment Services: Offers private banking, investment management, trust, and brokerage services for individuals and institutions.
- Commercial Banking Services:
- Commercial Loans: Provides corporate banking, commercial real estate loans, commercial lease financing, and auto dealer financing.
- Commercial Deposit Products: Offers deposit solutions for middle-market, large companies, and government entities.
- International Banking & Merchant Services: Facilitates international transactions and provides merchant payment processing.
- Treasury and Other Services:
- Asset & Liability Management: Manages corporate assets and liabilities, including interest rate and foreign exchange risk.
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Bank of Hawaii (BOH) serves a diverse customer base and does not have a few specific "major customers" in the traditional sense, but rather serves broad categories of clients. Given its extensive retail presence (54 branch locations and 307 ATMs) and the wide range of services offered to individuals, it serves individuals as a primary customer group, alongside significant commercial and institutional clients. Its major customer categories include:
- Individuals and Families: This category encompasses retail customers, high-net-worth individuals, and international clients who utilize services such as checking, savings, and time deposit accounts, residential mortgage loans, home equity lines of credit, automobile loans, personal lines of credit, installment loans, credit cards, private banking, investment management, and brokerage offerings.
- Businesses: This broad category includes small businesses (receiving loans and leases), middle-market and large companies (utilizing corporate banking, commercial real estate loans, commercial lease financing, auto dealer financing, commercial lending, deposit products, international banking, and merchant services), as well as investors, developers, and builders.
- Institutional Clients: This category primarily serves government entities and foundations, providing services such as institutional investment advisory, commercial lending, and deposit products.
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Peter S. Ho, Chairman and Chief Executive Officer
Peter S. Ho joined Bank of Hawaii in 1993, working in and managing various operating businesses, including Commercial Banking, Retail Banking, and Trust and Private Client Services. He was appointed President in 2008 and, in 2010, added the titles of Chairman and CEO. Mr. Ho began his banking career in 1987 with Manufacturers Hanover in New York City. He will retire effective March 31, 2026, concluding a 33-year career with the bank.
Bradley S. Satenberg, Vice Chair and Chief Financial Officer
Bradley S. Satenberg was promoted to Vice Chair and Chief Financial Officer at Bank of Hawaiʻi, effective July 1, 2025. He joined the bank in July 2024 as Senior Executive Vice President and Deputy CFO. Prior to joining Bank of Hawaii, Mr. Satenberg served as CFO of Luther Burbank Savings at Luther Burbank Corporation. He has over 30 years of experience in the financial services industry, having held leadership roles at Luther Burbank Savings, 1st Century Bancshares, Inc., and Imperial Capital Bancorp, Inc.
James C. Polk, President and Chief Banking Officer
James C. Polk is the President and Chief Banking Officer of Bank of Hawaii, a role he assumed in July 2024. He oversees Commercial Banking, Merchant Services, Cash Management, Wealth Management, and Retail Banking, putting him in charge of all the bank's revenue-generating businesses. Mr. Polk joined Bank of Hawaii in 1999 and has over 35 years of experience in the financial services industry, serving in various leadership roles including manager of the Commercial Banking Group, Mortgage Banking Division, Corporate Banking Division, and the West Pacific Region. He was promoted to Vice Chair in 2016 and Chief Banking Officer in 2021. Mr. Polk will succeed Peter S. Ho as President and CEO starting April 1, 2026.
Marco A. Abbruzzese, Vice Chair and Senior Executive Director of Wealth Management
Marco A. Abbruzzese serves as Vice Chair and Senior Executive Director of Wealth Management at Bank of Hawaii. No further detailed background information for Marco A. Abbruzzese was readily available in the search results.
Matthew K.M. Emerson, Vice Chair and Chief Retail Banking Officer
Matthew K.M. Emerson is the Vice Chair and Chief Retail Banking Officer. He is responsible for the bank's Consumer Banking products, Branch Banking, and Contact Center. Mr. Emerson joined Bank of Hawaii in 2010 as vice president and internet banking manager in the Online and Mobile Banking Department. Since then, he has held various leadership roles across the bank, including in eCommerce and Digital Channels, Product Management, Investment Services, Retail Lending, Consumer Deposits, and Digital Banking. He has been a member of the bank's Executive Committee since 2018 and was promoted to Vice Chair in 2022. Most recently, Mr. Emerson served as Chief Strategy Officer.
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The key risks for Bank of Hawaii (BOH) are primarily related to its concentrated geographic footprint, the broader economic and regulatory environment, and competitive pressures on its deposit base.
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Geographic Concentration: Bank of Hawaii's operations are heavily concentrated in Hawaii, Guam, and other Pacific Islands, making it particularly vulnerable to localized economic downturns, natural disasters, and changes in the tourism- and military-driven economy of these regions. This limited market scope exposes the company to disproportionate impacts from local events compared to more geographically diversified competitors.
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Economic and Regulatory Changes, including Interest Rate Sensitivity: The company faces significant threats from changes in economic conditions and regulatory frameworks. Economic downturns, especially in its core markets, can negatively affect loan quality and overall profitability. Furthermore, new regulations or modifications to existing laws can increase compliance costs or restrict profitable activities. Bank of Hawaii is also exposed to interest rate risk, with higher rates leading to unrealized losses on its securities portfolio and potentially impacting the asset sensitivity of its balance sheet due to a significant portion of fixed-rate loans.
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Intense Competition and Deposit Dynamics: Bank of Hawaii operates in a highly competitive landscape, facing pressure from both traditional financial institutions and non-traditional service providers. This competition requires continuous innovation to maintain market share. There is also a risk of deposit flight, particularly from uninsured deposits, especially if competitors offer higher interest rates or if there are broader concerns about the stability of the banking system.
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Bank of Hawaii (symbol: BOH) operates in several key financial service markets across Hawaii, Guam, and other Pacific Islands. Here are the addressable market sizes for its main products or services:
- Commercial Banking (Hawaii): The Commercial Banking industry in Hawaii is projected to have a market size of $4.8 billion in 2026.
- Commercial Leasing (Hawaii): The Commercial Leasing industry in Hawaii is expected to reach a market size of $2.0 billion in 2026.
- Small Business Loans (Hawaii): Total new lending to Hawaii businesses with revenues of $1 million or less was $1.1 billion in 2022.
- Small Business Loans (Guam): Total new lending to Guam businesses with revenues of $1 million or less was $84.0 million in 2023.
- Deposits (Urban Honolulu, Hawaii): The Urban Honolulu, HI, market had $45.406 billion in deposits across 13 institutions as of the third quarter of 2025.
- Wealth Management (Hawaii): Hawaii presented an addressable market of more than $917 million in potential client assets per advisor, indicating a significant pool of assets for wealth management services.
For other products such as residential mortgage loans, automobile loans and leases, personal lines of credit, installment loans, credit cards, corporate asset and liability management services, interest rate risk management, and foreign exchange services, specific addressable market sizes in dollar values for the specified regions were not available in the provided information.
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Expected Drivers of Future Revenue Growth for Bank of Hawaii (BOH)
- Net Interest Margin (NIM) Expansion and Net Interest Income (NII) Growth: Bank of Hawaii expects its net interest margin to continue expanding, with projections to approach 2.90% by the end of 2026. This growth is anticipated due to the continued repricing of fixed assets at higher yields and the moderation of deposit funding costs, supported by a favorable deposit mix shift.
- Loan Growth, particularly in Commercial and Residential Lending: After a relatively flat 2025, the company anticipates a return to mid-single-digit loan growth in 2026. This expected growth is supported by improving commercial and residential loan pipelines.
- Expansion of Wealth Management Services: Bank of Hawaii has launched new initiatives and identifies wealth management as a strategic focus and significant growth opportunity. This includes leveraging its strong brand to serve individuals and families, and high-net-worth individuals, aiming for increased market share in these areas.
- Strategic Branch Network Enhancement and Market Share Gains: The bank is actively investing in its physical presence through new branch openings (e.g., 'Ele'ele, Lahaina) and "Branch of Tomorrow" transformations across its network in Hawaii and the Pacific Islands. These initiatives aim to strengthen its physical footprint, enhance customer experience, and maintain its leading deposit market share in Hawaii.
- Technological Advancements and Fintech Partnerships: Bank of Hawaii is leveraging technology to enhance its service offerings and improve operational efficiency. This includes adopting digital banking solutions and exploring strategic partnerships with fintech companies to offer specialized services and reach niche markets, thereby attracting a younger, tech-savvy customer base.
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Share Repurchases
- In January 2023, Bank of Hawaii's board approved a new $100 million common stock buyback plan with no expiration, replacing the prior 2001 authorization.
- As of December 31, 2025, approximately $121 million remained available under the share repurchase program.
- The company repurchased 76.5 thousand shares of common stock for $5.0 million in the fourth quarter of 2025, resuming buybacks after a period of no repurchases in earlier quarters of 2024 and 2025.
Share Issuance
- In June 2021, Bank of Hawaii Corporation priced a public offering of 7,200,000 depositary shares, each representing 1/40th ownership interest in a share of its 4.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, for gross proceeds of $180 million, with net proceeds of approximately $176 million.
- The net proceeds from the 2021 offering were intended for general corporate purposes, including supporting asset growth and the resumption of common stock repurchases.
- In the second quarter of 2024, Bank of Hawaii issued $165.0 million of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, at an 8.00% rate.
Outbound Investments
- In the fourth quarter of 2025, noninterest income included an $18.1 million gain from the sale of its merchant services portfolio.
- An undisclosed buyer acquired the Merchant Services Portfolio from Bank of Hawaii Corporation on October 1, 2025.
- Bank of Hawaii realized a $16.8 million loss on the sale of investments in the fourth quarter of 2025, as approximately $200 million of available-for-sale securities yielding around 1.5% were replaced with new securities yielding about 4.9%.
Capital Expenditures
- Bank of Hawaii invested $8.2 million in capital expenditures in the fourth quarter of 2025.
- This Q4 2025 capital expenditure amount represented a 5.2% decrease from the prior quarter.
Peer Outperformance in Regional Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BOH | Bank of Hawaii | 3.2% | 11.9x | 13.9% | 45.9% | 4.3% | — |
| FBP | First BanCorp | 2.9% | 10.9x | 40.1% | 102.9% | 129.4% | +125pp |
| BPOP | Popular | 2.8% | 10.5x | 45.9% | 147.5% | 127.1% | +123pp |
| OFG | OFG Bancorp | 4.5% | 9.8x | 35.6% | 73.5% | 122.9% | +119pp |
| CHCO | City | 4.0% | 15.5x | 26.9% | 62.9% | 108.9% | +105pp |
| EWBC | East West Bancorp | 6.3% | 12.7x | 35.3% | 143.4% | 85.2% | +81pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 37.5% | 74.0% | 118.3% | SPNT 170% · RGA 148% · RNR 138% |
| Investment Banking & Brokerage | 13 | -1.9% | 90.1% | 92.3% | IBKR 314% · SNEX 159% · HOOD 140% |
| Diversified Banks | 12 | 32.8% | 141.8% | 91.6% | CM 142% · RY 130% · JPM 126% |
| Life & Health Insurance | 20 | 17.2% | 52.4% | 78.2% | JXN 536% · UNM 303% · FG 188% |
| Property & Casualty Insurance | 42 | 21.7% | 72.7% | 65.0% | PGR 176% · TRV 176% · ACGL 166% |
| Multi-line Insurance | 9 | 10.2% | 68.9% | 63.6% | AIZ 100% · GNW 98% · L 97% |
| Multi-Sector Holdings | 3 | 9.8% | 52.4% | 57.5% | BRK-B 93% · VOYA 57% · JEF 35% |
| Regional Banks ← | 262 | 34.5% | 91.3% | 53.5% | CBC 263% · FCNCA 189% · NIC 146% |
| Financial Exchanges & Data | 15 | 19.8% | 33.8% | 32.6% | CBOE 176% · VIRT 144% · CME 71% |
| Insurance Brokers | 15 | 5.3% | 11.6% | 26.0% | LIFE 387% · ARX 89% · AJG 80% |
| Asset Management & Custody Banks | 85 | -6.1% | 21.7% | 8.8% | VCTR 257% · WT 230% · AAMI 191% |
| Consumer Finance | 30 | 5.9% | 72.9% | 5.4% | ENVA 397% · FCFS 137% · AXP 101% |
| Diversified Financial Services | 4 | -5.1% | 18.6% | 3.3% | FRHC 171% · EQH 80% |
| Commercial & Residential Mortgage Finance | 14 | -48.7% | 20.2% | -0.2% | FNMA 448% · FMCC 399% · ACT 167% |
| Specialized Finance | 3 | 8.4% | 31.0% | -20.6% | HASI -21% · CACC -28% |
| Transaction & Payment Processing Services | 17 | 15.8% | 17.6% | -22.2% | V 111% · MA 106% · CPAY 69% |
| Mortgage REITs | 35 | -19.0% | -7.6% | -35.2% | RITM 35% · DX 18% · AGNC 11% |
| Diversified Capital Markets | 20 | -58.1% | 2.5% | -68.4% | LPLA 80% · TW 39% · WULF -60% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 68.81 |
| Mkt Cap | 5.8 |
| Rev LTM | 1,969 |
| Op Inc LTM | - |
| FCF LTM | 259 |
| FCF 3Y Avg | 235 |
| CFO LTM | 295 |
| CFO 3Y Avg | 263 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 14.2% |
| Rev Chg 3Y Avg | 5.2% |
| Rev Chg Q | 10.4% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 37.7% |
| CFO/Rev 3Y Avg | 34.7% |
| FCF/Rev LTM | 35.4% |
| FCF/Rev 3Y Avg | 31.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer Banking | 520 | 526 | 520 | 450 | 415 |
| Commercial Banking | 267 | 235 | 242 | 232 | 225 |
| Treasury and Other | -70 | -122 | -89 | 16 | 28 |
| Total | 717 | 639 | 674 | 698 | 669 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Commercial Banking | 90 | 78 | 57 | 72 | 82 |
| Retail Banking | 77 | 61 | 43 | 59 | 49 |
| Treasury and Other | 45 | 83 | 98 | 96 | 81 |
| Investment Services | 20 | 15 | 16 | 14 | 16 |
| Total | 231 | 238 | 214 | 242 | 227 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial Banking | 142 | 119 | 124 | 122 | 121 |
| Consumer Banking | 118 | 130 | 127 | 86 | 79 |
| Treasury and Other | -55 | -99 | -80 | 18 | 53 |
| Total | 206 | 150 | 171 | 226 | 253 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Treasury and Other | 9,713 | 9,167 | 9,415 | 9,563 | 10,002 |
| Consumer Banking | 8,338 | 8,289 | 8,487 | 8,521 | 7,676 |
| Commercial Banking | 6,126 | 6,145 | 5,832 | 5,523 | 5,107 |
| Total | 24,176 | 23,601 | 23,733 | 23,607 | 22,785 |
Price Behavior
| Market Price | $71.19 | |
| Market Cap ($ Bil) | 2.8 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -16.3% | |
| 50 Days | 200 Days | |
| DMA Price | $71.65 | $75.45 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -0.6% | -5.6% |
| 3M | 1YR | |
| Volatility | 17.7% | 22.9% |
| Downside Capture | 52.60 | 53.08 |
| Upside Capture | -18.33 | 62.13 |
| Correlation (S&P 500) | 0.3% | 27.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.20 | -0.04 | 0.12 | 0.13 | 0.49 | 0.78 |
| Up Beta | -2.60 | -1.84 | -0.45 | 0.18 | 0.48 | 0.81 |
| Down Beta | 0.18 | -0.02 | -0.06 | -0.14 | 0.18 | 0.62 |
| Up Capture | -13% | -8% | -1% | 4% | 52% | 63% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 19 | 27 | 63 | 125 | 359 |
| Down Capture | -31% | 59% | 76% | 43% | 65% | 96% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 24 | 36 | 62 | 125 | 389 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BOH | |
|---|---|---|---|---|
| BOH | 13.9% | 22.9% | 0.49 | - |
| Sector ETF (XLF) | 11.6% | 14.6% | 0.52 | 54.1% |
| Equity (SPY) | 11.6% | 12.8% | 0.57 | 26.8% |
| Gold (GLD) | -2.3% | 28.6% | -0.09 | 10.2% |
| Commodities (DBC) | 43.1% | 20.9% | 1.60 | -16.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.50 | 42.6% |
| Bitcoin (BTCUSD) | -28.8% | 43.6% | -0.66 | 7.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BOH | |
|---|---|---|---|---|
| BOH | 0.2% | 33.4% | 0.06 | - |
| Sector ETF (XLF) | 9.0% | 18.3% | 0.35 | 62.0% |
| Equity (SPY) | 12.0% | 17.1% | 0.52 | 43.7% |
| Gold (GLD) | 16.5% | 19.0% | 0.69 | 0.5% |
| Commodities (DBC) | 8.4% | 19.6% | 0.31 | 8.0% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 47.7% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BOH | |
|---|---|---|---|---|
| BOH | 3.4% | 32.8% | 0.18 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 71.3% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 52.4% |
| Gold (GLD) | 11.6% | 16.5% | 0.57 | -4.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.34 | 15.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 50.6% |
| Bitcoin (BTCUSD) | 61.7% | 66.3% | 1.01 | 11.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -0.1% | -1.2% | |
| 7/27/2026 | -4.7% | -4.8% | -8.5% |
| 4/20/2026 | -0.0% | -3.8% | -3.9% |
| 1/26/2026 | 6.1% | 5.6% | 8.5% |
| 10/27/2025 | 2.3% | 1.7% | 4.4% |
| 7/28/2025 | -4.3% | -6.6% | 3.4% |
| 4/21/2025 | 3.8% | 3.2% | 8.0% |
| 1/27/2025 | 1.8% | -1.2% | -4.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 8 | 11 |
| # Negative | 12 | 16 | 12 |
| Median Positive | 1.2% | 3.1% | 8.0% |
| Median Negative | -1.6% | -2.1% | -4.1% |
| Max Positive | 6.1% | 7.0% | 15.8% |
| Max Negative | -5.4% | -6.6% | -18.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/26/2026 | -0.1% | -1.2% | |
| 7/27/2026 | -4.7% | -4.8% | -8.5% |
| 4/20/2026 | -0.0% | -3.8% | -3.9% |
| 1/26/2026 | 6.1% | 5.6% | 8.5% |
| 10/27/2025 | 2.3% | 1.7% | 4.4% |
| 7/28/2025 | -4.3% | -6.6% | 3.4% |
| 4/21/2025 | 3.8% | 3.2% | 8.0% |
| 1/27/2025 | 1.8% | -1.2% | -4.3% |
| 10/28/2024 | 1.6% | -0.0% | 11.4% |
| 7/22/2024 | 0.0% | -2.1% | -6.2% |
| 4/22/2024 | -0.4% | -1.2% | 0.6% |
| 1/22/2024 | -5.4% | -2.2% | -10.0% |
| 10/23/2023 | 0.7% | 3.3% | 15.8% |
| 7/24/2023 | -4.2% | -0.1% | -9.1% |
| 4/24/2023 | -3.7% | -3.7% | -18.5% |
| 1/23/2023 | -0.5% | 0.9% | -0.9% |
| 10/24/2022 | 0.9% | 7.0% | 14.2% |
| 7/25/2022 | 0.3% | 2.9% | 3.2% |
| 4/25/2022 | -2.2% | -4.3% | -0.8% |
| 1/24/2022 | -0.4% | -2.7% | -2.8% |
| 10/25/2021 | 0.1% | -1.2% | -0.3% |
| 7/26/2021 | 0.7% | -0.4% | 2.2% |
| 4/26/2021 | 2.2% | 2.4% | -1.3% |
| 1/25/2021 | -0.9% | -2.5% | 14.5% |
| SUMMARY STATS | |||
| # Positive | 12 | 8 | 11 |
| # Negative | 12 | 16 | 12 |
| Median Positive | 1.2% | 3.1% | 8.0% |
| Median Negative | -1.6% | -2.1% | -4.1% |
| Max Positive | 6.1% | 7.0% | 15.8% |
| Max Negative | -5.4% | -6.6% | -18.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/27/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/25/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/25/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/26/2021 | 10-Q |
| 03/31/2021 | 04/26/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 10/30/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/28/2019 | 10-Q |
Insider Activity
Updated 10/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abbruzzese, Marco A | Vice Chair | Direct | Sell | 8042026 | 81.59 | 2,441 | Form | ||
| 2 | Abbruzzese, Marco A | Vice Chair | Direct | Sell | 8032026 | 79.84 | 2,000 | 159,680 | 194,889 | Form |
| 3 | Lucien, Kent Thomas | Direct | Sell | 5042026 | 80.17 | 5,000 | 400,850 | 2,683,290 | Form | |
| 4 | Wo, Robert W JR | Robert Ching Wo Trust 1985 | Sell | 2092026 | 78.57 | 5,000 | Form | |||
| 5 | Emerson, Matthew | Vice Chair | Direct | Sell | 2052026 | 76.53 | 1,996 | 152,754 | 760,938 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Abbruzzese, Marco A | Vice Chair | Direct | Sell | 8042026 | 81.59 | 2,441 | Form | ||
| 2 | Abbruzzese, Marco A | Vice Chair | Direct | Sell | 8032026 | 79.84 | 2,000 | 159,680 | 194,889 | Form |
| 3 | Lucien, Kent Thomas | Direct | Sell | 5042026 | 80.17 | 5,000 | 400,850 | 2,683,290 | Form | |
| 4 | Wo, Robert W JR | Robert Ching Wo Trust 1985 | Sell | 2092026 | 78.57 | 5,000 | Form | |||
| 5 | Emerson, Matthew | Vice Chair | Direct | Sell | 2052026 | 76.53 | 1,996 | 152,754 | 760,938 | Form |
| 6 | Ho, Peter S | Chairman & CEO | Direct | Sell | 1052026 | 67.87 | 15,000 | 1,018,050 | 10,640,251 | Form |
Investor Activity (13F)
Updated Nov 3, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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