Bank of Hawaii（BOH）Q3 2026 EPS $1.49 小幅低于预期、单笔商业按揭不良令不良资产暴增，但 NIM 连续十季扩张并新增 2 亿美元回购

PDF Version
Diluted Earnings Per Common Share of
$1.49
Net Income of
$64.3 Million
Net Interest Margin Increased to 2.82%
Share Repurchases of
$20.2 Million
Share Repurchase Program Increased by
$200 Million
HONOLULU
--(BUSINESS WIRE)--Oct. 26, 2026--
Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of
$1.49
for the third quarter of 2026, compared with
$1.47
during the linked quarter. Net income for the quarter was
$64.3 million
, up 0.7% from the linked quarter. The return on average common equity for the third quarter of 2026 was 15.38% compared with 15.47% during the linked quarter.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20261026685229/en/
“Bank of Hawai‘i delivered another quarter of solid performance, supported by continued expense discipline,” said
Jim Polk
, President and CEO. “Net interest margin expanded for the tenth consecutive quarter, reflecting the ongoing benefit of asset repricing and the positive impact of deposit repricing actions. Loan balances increased from the prior quarter, our funding profile remained resilient, and credit quality stayed healthy. We remain focused on enhancing earnings while maintaining the financial strength and resilience that differentiate our franchise.”
Financial Highlights
Net interest income for the third quarter of 2026 was
$156.1 million
, an increase of 1.6% from the linked quarter. The increase was primarily driven by a 5-basis point increase in earning asset yield as fixed-rate assets rolled off and were reinvested at higher rates (fixed asset repricing). The benefits were partially offset by a shift from noninterest-bearing deposits and interest-bearing deposits yielding less than 10 basis points to higher yielding interest-bearing deposits accounts (deposit mix shift).
Net interest margin was 2.82% in the third quarter of 2026, an increase of 4 basis points from the linked quarter, reflecting the same asset yield and deposit cost dynamics as previously mentioned.
The average yield on total earning assets was 4.13% and the average yield on loans and leases was 4.82% in the third quarter of 2026, up 5 basis points and 3 basis points, respectively, from the linked quarter. The increase in loan yield from the linked quarter was primarily driven by fixed asset repricing and additional loan production at higher current rates. Loan originations, including floating rate loans, during the quarter were originated at a weighted average rate of 5.89%.
The average quarterly rate of interest-bearing deposits was 1.72% and the average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.27%, down 1 basis point and unchanged, respectively, from the linked quarter.
Noninterest income was
$42.7 million
in the third quarter of 2026, a decrease of 1.4% from the linked quarter. Noninterest income included a
$0.6 million
and a
$0.4 million
charge related to a Visa Class B share conversion ratio change in the third quarter of 2026 and linked quarter, respectively. Adjusted for these items, noninterest income for the third quarter of 2026 was down 0.9% from the linked quarter. The decrease was primarily due to lower gains on leased asset sales and seasonally higher trust-related tax services revenue in the linked quarter, partially offset by stronger deposit fees.
Noninterest expense was
$112.3 million
in the third quarter of 2026, an increase of 1.0% from the linked quarter. Noninterest expense in the linked quarter included a
$0.5 million
net benefit related to the forfeiture of restricted stock awards. Adjusted for this item, noninterest expense for the third quarter of 2026 increased by 0.5% from the linked quarter. The increase was primarily due to higher net equipment and net occupancy expenses.
The effective tax rate for the third quarter of 2026 was 23.24% compared to 22.31% during the linked quarter. The higher effective tax rate in the current quarter as compared to the linked quarter was primarily due to an increase in valuation allowance related to low-income housing investments.
Asset Quality
The Company’s overall asset quality remained stable during the third quarter of 2026. Provision for credit losses for the third quarter of 2026 was
$2.8 million
, down
$0.9 million
from the linked quarter.
Total non-performing assets were
$43.4 million
at
September 30, 2026
, up
$31.9 million
from
June 30, 2026
. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.30% at the end of the quarter, an increase of 22 basis points from the linked quarter. The increase was primarily due to a single commercial mortgage being placed on non-accrual status in the third quarter of 2026 due to borrower specific circumstances on this particular loan and is not believed to represent broader credit deterioration in the loan portfolio.
Net loan and lease charge-offs during the third quarter of 2026 were
$3.3 million
or 9 basis points annualized of total average loans and leases outstanding. Gross charge-offs of
$4.7 million
were partially offset by gross recoveries of
$1.4 million
. Compared to the linked quarter, net loan and lease charge-offs decreased by
$0.1 million
or 1 basis point annualized on total average loans and leases outstanding.
The allowance for credit losses on loans and leases was
$146.2 million
at
September 30, 2026
, a decrease of
$0.8 million
from
June 30, 2026
. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.02% at the end of the quarter, a decrease of 1 basis point from
June 30, 2026
.
Balance Sheet
Total assets were
$23.8 billion
at
September 30, 2026
, a decrease of 1.5% from
December 31, 2025
. The decrease from
December 31, 2025
was primarily due to decreases in cash and cash equivalents and held-to-maturity securities, partially offset by increases in loans and leases.
The investment securities portfolio was
$7.5 billion
at
September 30, 2026
, a decrease of 3.3% from
December 31, 2025
. The decrease was primarily due to portfolio runoff, including maturities and paydowns, a decline in the fair value of our available-for-sale investment portfolio, partially offset by purchases of available-for-sale securities. The investment securities portfolio remains largely comprised of securities issued by
U.S
. government agencies and
U.S
. government-sponsored enterprises.
Total loans and leases were
$14.4 billion
at
September 30, 2026
, an increase of 2.1% from
December 31, 2025
. Total commercial loans were
$6.3 billion
at
September 30, 2026
, an increase of 3.8% from
December 31, 2025
. The increase was primarily due to commercial mortgage and commercial and industrial production. Total consumer loans were
$8.1 billion
at
September 30, 2026
, an increase of 0.7% from
December 31, 2025
. Both commercial and consumer loan originations during the period were partially offset by amortization and paydowns.
Total deposits were
$20.5 billion
at
September 30, 2026
, a decrease of 3.3% from
December 31, 2025
. The decrease was primarily driven by the strategic runoff of public funds and lower commercial deposit balances. Noninterest-bearing deposits made up 26.5% of total deposit balances at
September 30, 2026
, down from 27.2% at
December 31, 2025
. Average total deposits were
$20.7 billion
for the third quarter of 2026, down 1.5% from
December 31, 2025
, primarily reflecting lower commercial deposit balances during the period.
Capital and Dividends
The Company’s capital levels remain well above regulatory well-capitalized minimums.
The Tier 1 Capital Ratio was 14.41% at
September 30, 2026
compared with 14.49% at
December 31, 2025
. The decrease from
December 31, 2025
was due to an increase in risk-weighted assets and share repurchases, as discussed below, partially offset by an increase in retained earnings. The Tier 1 Leverage Ratio was 8.79% at
September 30, 2026
, compared with 8.57% at
December 31, 2025
. The increase from
December 31, 2025
was due to a decline in average assets and an increase in retained earnings.
The Company repurchased 256 thousand shares of common stock at a total cost of
$20.2 million
under the share repurchase program in the third quarter of 2026. Total remaining buyback authority under the share repurchase program was
$68.7 million
at
September 30, 2026
. Subsequent to quarter end, the Board of Directors increased the authorization under the share repurchase program by
$200 million
to
$268.7 million
.
The Company’s Board of Directors declared a quarterly cash dividend of
$0.70
per share on the Company’s outstanding common shares. The dividend will be payable on
December 14, 2026
to shareholders of record at the close of business on
November 30, 2026
.
On
October 2, 2026
, the Company announced that the Board of Directors declared a quarterly dividend payment of
$10.94
per share, equivalent to
$0.2735
per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, and a quarterly dividend payment of
$20.00
per share, equivalent to
$0.5000
per depositary share, of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. The depositary shares representing the Series A Preferred Stock and Series B Preferred Stock are traded on the NYSE under the symbol “BOH.PRA” and “BOH.PRB”, respectively. The dividends on the Series A Preferred Stock and Series B Preferred Stock will be payable on
November 2, 2026
to shareholders of record of the preferred stock as of the close of business on
October 16, 2026
.
Conference Call Information
The Company will review its third quarter financial results today at
8:00 a.m.
Hawai‘i Time (
2:00 p.m. Eastern Time
). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawai‘i Corporation's website,
www.boh.com
. The conference call can be accessed via the link:
h
ttps://register-conf.media-server.com/register/BIca3756a1006c4dff84049e53b338c6cf
. A replay of the conference call will be available for one year beginning at approximately
11:00 a.m.
Hawai‘i Time on
Monday, October 26, 2026
. The replay will be available on the Company's website,
www.boh.com
.
Investor Announcements
Investors and others should note that the Company intends to announce financial and other information to the Company’s investors using the Company’s investor relations website at
https://ir.boh.com
, social media channels, press releases,
SEC
filings and public conference calls and webcasts, all for purposes of complying with the Company’s disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, as information is updated, and new information is posted.
Forward-Looking Statements
This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. 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 Hawai‘i Corporation's Annual Report on Form 10-K for the year ended
December 31, 2025
, which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.
Bank of Hawai‘i Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawai‘i and the West Pacific. The Company's principal subsidiary, Bank of Hawai‘i, was founded in 1897. For more information about Bank of Hawai‘i Corporation, see the Company’s website,
www.boh.com
. Bank of Hawai‘i Corporation is a trade name of
Bank of Hawaii Corporation
.
Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights
Table 1a
Three Months Ended
Nine Months Ended
(dollars in thousands, except per share amounts)
September 30
,
2026
June 30
,
2026
September 30
,
2025
September 30
,
2026
September 30
,
2025
For the Period:
Operating Results
Net Interest Income
$
156,054
$
153,604
$
136,675
$
460,648
$
392,165
Provision for Credit Losses
2,750
3,600
2,500
8,100
9,000
Total Noninterest Income
42,706
43,299
45,966
127,337
134,819
Total Noninterest Expense
112,304
111,186
112,387
339,561
333,629
Pre-Provision Net Revenue
86,456
85,717
70,254
248,424
193,355
Net Income
64,258
63,799
53,345
185,489
144,967
Net Income Available to Common Shareholders
58,989
58,530
48,076
169,681
129,159
Basic Earnings Per Common Share
1.50
1.48
1.21
4.30
3.26
Diluted Earnings Per Common Share
1.49
1.47
1.20
4.27
3.24
Dividends Declared Per Common Share
0.70
0.70
0.70
2.10
2.10
Performance Ratios
Return on Average Assets
1.07
%
1.07
%
0.88
%
1.04
%
0.82
%
Return on Average Shareholders' Equity
13.66
13.74
12.10
13.30
11.34
Return on Average Common Equity
15.38
15.47
13.59
14.92
12.65
Efficiency Ratio
1
56.50
56.47
61.53
57.75
63.31
Net Interest Margin
2
2.82
2.78
2.46
2.78
2.39
Dividend Payout Ratio
3
46.67
47.30
57.85
48.84
64.42
Average Shareholders' Equity to Average Assets
7.85
7.81
7.29
7.82
7.20
Average Balances
Average Loans and Leases
$
14,305,379
$
14,218,951
$
13,982,003
$
14,203,547
$
14,030,773
Average Assets
23,768,568
23,861,848
23,995,037
23,848,046
23,744,661
Average Deposits
20,662,379
20,826,923
21,068,286
20,800,655
20,813,967
Average Shareholders' Equity
1,866,297
1,862,499
1,748,576
1,865,317
1,709,788
Per Share of Common Stock
Book Value
$
37.77
$
38.81
$
36.35
$
37.77
$
36.35
Tangible Book Value
36.97
38.01
35.56
36.97
35.56
Market Value
Closing
68.92
81.49
65.64
68.92
65.64
High
86.31
83.18
71.90
86.31
76.00
Low
68.51
70.07
60.32
67.04
57.45
1
Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2
Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3
Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
Bank of Hawai‘i Corporation and Subsidiaries
Financial Highlights
Table 1b
(dollars in thousands)
September 30
2026
June 30
2026
December 31
2025
September 30
2025
As of Period End:
Balance Sheet Totals
Loans and Leases
$
14,371,336
$
14,286,625
$
14,082,050
$
14,021,579
Total Assets
23,819,536
23,842,940
24,176,364
24,014,609
Total Deposits
20,481,558
20,892,775
21,188,495
21,080,669
Other Debt
853,098
508,124
558,176
558,201
Total Shareholders' Equity
1,826,076
1,875,467
1,851,212
1,791,183
Asset Quality
Non-Performing Assets
$
43,412
$
11,478
$
14,171
$
16,864
Allowance for Credit Losses - Loans and Leases
146,170
146,995
146,766
148,778
Allowance to Loans and Leases Outstanding
1
1.02
%
1.03
%
1.04
%
1.06
%
Capital Ratios
2
Common Equity Tier 1 Capital Ratio
3
12.10
%
12.12
%
12.14
%
11.98
%
Tier 1 Capital Ratio
14.41
14.45
14.49
14.34
Total Capital Ratio
15.43
15.48
15.54
15.40
Tier 1 Leverage Ratio
8.79
8.70
8.57
8.44
Total Shareholders' Equity to Total Assets
7.67
7.87
7.66
7.46
Tangible Common Equity to Tangible Assets
4
6.09
6.30
6.11
5.90
Tangible Common Equity to Risk-Weighted Assets
4
9.94
10.38
10.35
9.95
Non-Financial Data
Full-Time Equivalent Employees
5
1,865
1,910
1,877
1,905
Branches
52
52
51
51
ATMs
308
315
320
322
1
The numerator comprises the Allowance for Credit Losses - Loans and Leases.
2
Regulatory capital ratios as of
September 30, 2026
are preliminary.
3
Capital ratio as of
December 31, 2025
has been updated to reflect final reported ratio.
4
Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 8 “Reconciliation of Non-GAAP Financial Measures”.
5
Full-time equivalent employees as of
June 30, 2026
includes summer interns.
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income
Table 2
Three Months Ended
Nine Months Ended
(dollars in thousands, except per share amounts)
September 30, 2026
June 30, 2026
September 30, 2025
September 30, 2026
September 30, 2025
Interest Income
Interest and Fees on Loans and Leases
$
172,271
$
168,624
$
169,411
$
505,364
$
499,272
Income on
Investment Securities
Available-for-Sale
36,313
36,397
29,702
107,285
81,077
Held-to-Maturity
17,460
18,056
19,332
54,057
59,458
Cash and Cash Equivalents
1,674
1,726
8,195
6,729
17,472
Other
1,431
1,313
1,068
4,037
3,250
Total Interest Income
229,149
226,116
227,708
677,472
660,529
Interest Expense
Deposits
65,950
65,804
84,590
196,640
248,758
Securities Sold Under Agreements to Repurchase
496
491
496
1,473
1,731
Other Debt
6,649
6,217
5,947
18,711
17,875
Total Interest Expense
73,095
72,512
91,033
216,824
268,364
Net Interest Income
156,054
153,604
136,675
460,648
392,165
Provision for Credit Losses
2,750
3,600
2,500
8,100
9,000
Net Interest Income After Provision for Credit Losses
153,304
150,004
134,175
452,548
383,165
Noninterest Income
Trust and Asset Management
13,420
13,712
12,598
39,577
36,436
Fees, Exchange, and Other Service Charges
10,839
11,127
15,219
32,894
44,039
Service Charges on Deposit Accounts
9,052
8,353
8,510
25,845
24,888
Bank-Owned Life Insurance
3,877
3,923
3,681
11,947
11,006
Annuity and Insurance
2,117
2,017
1,095
5,603
4,087
Mortgage Banking
906
839
906
2,621
2,743
Investment Securities Losses, Net
(1,493
)
(1,287
)
(1,945
)
(4,052
)
(4,678
)
Other
3,988
4,615
5,902
12,902
16,298
Total Noninterest Income
42,706
43,299
45,966
127,337
134,819
Noninterest Expense
Salaries and Benefits
62,308
62,642
62,905
193,407
187,097
Net Equipment
11,307
10,604
10,285
32,522
30,454
Net Occupancy
11,197
10,868
10,932
32,847
31,990
Professional Fees
5,571
5,276
4,022
15,073
12,549
Data Processing
5,474
5,463
5,603
16,518
16,326
FDIC Insurance
3,004
2,978
3,508
8,701
8,790
Other
13,443
13,355
15,132
40,493
46,423
Total Noninterest Expense
112,304
111,186
112,387
339,561
333,629
Income Before Provision for Income Taxes
83,706
82,117
67,754
240,324
184,355
Provision for Income Taxes
19,448
18,318
14,409
54,835
39,388
Net Income
$
64,258
$
63,799
$
53,345
$
185,489
$
144,967
Preferred Stock Dividends
5,269
5,269
5,269
15,808
15,808
Net Income Available to Common Shareholders
$
58,989
$
58,530
$
48,076
$
169,681
$
129,159
Basic Earnings Per Common Share
$
1.50
$
1.48
$
1.21
$
4.30
$
3.26
Diluted Earnings Per Common Share
$
1.49
$
1.47
$
1.20
$
4.27
$
3.24
Dividends Declared Per Common Share
$
0.70
$
0.70
$
0.70
$
2.10
$
2.10
Basic Weighted Average Common Shares
39,316,506
39,513,447
39,655,741
39,464,588
39,611,372
Diluted Weighted Average Common Shares
39,553,225
39,734,782
39,980,931
39,732,180
39,919,998
Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition
Table 3
(dollars in thousands, except per share amounts)
September 30, 2026
June 30, 2026
December 31, 2025
September 30, 2025
Assets
Cash and Cash Equivalents
$
442,032
$
452,814
$
946,520
$
985,223
Investment Securities
Available-for-Sale
3,523,442
3,618,515
3,510,652
3,280,410
Held-to-Maturity (Fair Value of
$3,201,942
;
$3,452,980
;
$3,651,966
; and
$3,717,573
)
3,974,033
4,070,908
4,245,681
4,340,032
Loans Held for Sale
3,971
5,089
4,369
1,236
Loans and Leases
14,371,336
14,286,625
14,082,050
14,021,579
Allowance for Credit Losses
(146,170
)
(146,995
)
(146,766
)
(148,778
)
Net Loans and Leases
14,225,166
14,139,630
13,935,284
13,872,801
Premises and Equipment, Net
224,276
223,463
199,747
196,093
Operating Lease Right-of-Use Assets
87,449
84,519
83,424
82,804
Accrued Interest Receivable
71,749
70,646
69,899
69,224
Mortgage Servicing Rights
16,244
16,626
17,455
17,927
Goodwill
31,517
31,517
31,517
31,517
Bank-Owned Life Insurance
511,349
508,869
499,795
494,041
Other Assets
708,308
620,344
632,021
643,301
Total Assets
$
23,819,536
$
23,842,940
$
24,176,364
$
24,014,609
Liabilities
Deposits
Noninterest-Bearing Demand
$
5,429,216
$
5,575,291
$
5,755,371
$
5,400,943
Interest-Bearing Demand
3,739,272
4,075,694
3,910,952
3,813,921
Savings
8,595,032
8,705,102
8,741,090
8,814,451
Time
2,718,038
2,536,688
2,781,082
3,051,354
Total Deposits
20,481,558
20,892,775
21,188,495
21,080,669
Securities Sold Under Agreements to Repurchase
50,000
50,000
50,000
50,000
Other Debt
853,098
508,124
558,176
558,201
Operating Lease Liabilities
96,499
93,568
92,402
91,690
Retirement Benefits Payable
25,236
25,496
20,139
23,352
Accrued Interest Payable
16,675
16,390
22,370
27,580
Other Liabilities
470,394
381,120
393,570
391,934
Total Liabilities
21,993,460
21,967,473
22,325,152
22,223,426
Shareholders’ Equity
Preferred Stock (Series A,
$.01
par value; authorized 180,000 shares issued and outstanding)
180,000
180,000
180,000
180,000
Preferred Stock (Series B,
$.01
par value; authorized 165,000 shares issued and outstanding)
165,000
165,000
165,000
165,000
Common Stock (
$.01
par value; authorized 500,000,000 shares; issued / outstanding:
September 30, 2026
- 59,035,722 / 39,209,600;
June 30, 2026
- 59,020,336 / 39,439,677;
December 31, 2025
- 58,780,253 / 39,725,698 and
September 30, 2025
- 58,779,666 / 39,785,201)
590
590
587
587
Capital Surplus
679,084
675,654
664,781
659,922
Accumulated Other Comprehensive Loss
(307,653
)
(243,475
)
(244,438
)
(276,251
)
Retained Earnings
2,291,275
2,260,152
2,205,707
2,178,263
Treasury Stock, at Cost (Shares:
September 30, 2026
- 19,826,122;
June 30, 2026
- 19,580,659;
December 31, 2025
- 19,054,555; and
September 30, 2025
- 18,994,465)
(1,182,220
)
(1,162,454
)
(1,120,425
)
(1,116,338
)
Total Shareholders’ Equity
1,826,076
1,875,467
1,851,212
1,791,183
Total Liabilities and Shareholders’ Equity
$
23,819,536
$
23,842,940
$
24,176,364
$
24,014,609
Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis
1
Table 4a
Three Months Ended
September 30, 2026
Three Months Ended
June 30, 2026
Three Months Ended
September 30, 2025
(dollars in millions)
Average
Balance
Income/
Expense
2
Yield/
Rate
Average
Balance
Income/
Expense
2
Yield/
Rate
Average
Balance
Income/
Expense
2
Yield/
Rate
Earning Assets
Cash and Cash Equivalents
$
187.7
$
1.7
3.49
%
$
196.2
$
1.7
3.48
%
$
744.3
$
8.2
4.31
%
Investment Securities
Available-for-Sale
Taxable
3,602.0
36.0
3.99
3,669.5
36.1
3.93
3,157.8
29.3
3.70
Non-Taxable
31.6
0.4
5.14
31.7
0.4
5.08
32.4
0.5
5.98
Held-to-Maturity
Taxable
3,995.2
17.3
1.74
4,091.6
17.9
1.75
4,363.9
19.2
1.76
Non-Taxable
32.9
0.2
1.92
33.4
0.2
2.10
33.8
0.2
2.10
Total Investment Securities
7,661.7
53.9
2.81
7,826.2
54.6
2.79
7,587.9
49.2
2.59
Loans Held for Sale
2.9
0.0
5.83
2.7
0.0
6.20
1.6
0.0
5.92
Loans and Leases
3
Commercial Mortgage
4,393.9
57.1
5.15
4,314.9
55.7
5.17
4,016.3
54.3
5.36
Commercial and Industrial
1,656.2
20.6
4.92
1,624.6
19.5
4.83
1,600.7
20.5
5.09
Construction
145.7
2.2
6.09
209.7
3.3
6.30
394.4
7.3
7.32
Commercial Lease Financing
83.6
0.9
4.47
84.6
0.9
4.26
93.0
1.0
4.11
Residential Mortgage
4,854.9
50.2
4.13
4,812.6
48.9
4.06
4,638.1
46.7
4.02
Home Equity
2,080.5
24.5
4.68
2,085.3
24.1
4.63
2,129.6
23.9
4.46
Automobile
670.9
9.7
5.75
677.4
9.5
5.65
706.9
9.5
5.35
Other
419.7
8.2
7.78
409.9
7.9
7.74
403.0
7.7
7.63
Total Loans and Leases
14,305.4
173.4
4.82
14,219.0
169.8
4.79
13,982.0
170.9
4.86
Other
83.7
1.5
6.85
82.8
1.4
6.34
65.3
1.1
6.54
Total Earning Assets
22,241.4
230.5
4.13
22,326.9
227.5
4.08
22,381.1
229.4
4.08
Non-Earning Assets
1,527.2
1,534.9
1,613.9
Total Assets
$
23,768.6
$
23,861.8
$
23,995.0
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand
$
3,836.6
$
7.1
0.73
%
$
3,781.7
$
7.4
0.78
%
$
3,781.0
$
7.8
0.81
%
Savings
8,798.7
41.5
1.87
8,750.0
39.9
1.83
8,831.0
50.6
2.28
Time
2,555.8
17.3
2.69
2,707.6
18.5
2.75
3,057.6
26.2
3.40
Total Interest-Bearing Deposits
15,191.1
65.9
1.72
15,239.3
65.8
1.73
15,669.6
84.6
2.14
Securities Sold Under Agreements to Repurchase
50.0
0.5
3.89
50.0
0.5
3.88
50.0
0.5
3.89
Other Debt
627.8
6.7
4.19
593.3
6.2
4.20
558.3
6.0
4.23
Total Interest-Bearing Liabilities
15,868.9
73.1
1.83
15,882.6
72.5
1.83
16,277.9
91.1
2.22
Net Interest Income
$
157.4
$
155.0
$
138.3
Interest Rate Spread
2.30
%
2.25
%
1.86
%
Net Interest Margin
2.82
%
2.78
%
2.46
%
Noninterest-Bearing Demand Deposits
5,471.3
5,587.6
5,398.7
Other Liabilities
562.1
529.1
569.8
Shareholders' Equity
1,866.3
1,862.5
1,748.6
Total Liabilities and Shareholders' Equity
$
23,768.6
$
23,861.8
$
23,995.0
1
Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2
Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of
$1.3 million
,
$1.4 million
, and
$1.7 million
for the three months ended
September 30, 2026
,
June 30, 2026
, and
September 30, 2025
, respectively.
3
Non-performing loans and leases are included in the respective average loan and lease balances.
Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis
1
Table 4b
Nine Months Ended
September 30, 2026
Nine Months Ended
September 30, 2025
(dollars in millions)
Average
Balance
Income/
Expense
2
Yield/
Rate
Average
Balance
Income/
Expense
2
Yield/
Rate
Earning Assets
Cash and Cash Equivalents
$
251.4
$
6.7
3.53
%
$
533.5
$
17.5
4.32
%
Investment Securities
Available-for-Sale
Taxable
3,623.2
106.3
3.91
2,979.8
80.2
3.59
Non-Taxable
31.8
1.2
5.10
27.0
1.2
5.85
Held-to-Maturity
Taxable
4,086.7
53.7
1.75
4,457.6
59.0
1.77
Non-Taxable
33.3
0.5
2.04
34.0
0.5
2.10
Total Investment Securities
7,775.0
161.7
2.77
7,498.4
140.9
2.51
Loans Held for Sale
3.1
0.1
5.71
2.0
0.1
5.89
Loans and Leases
3
Commercial Mortgage
4,310.4
166.7
5.17
4,018.9
160.5
5.34
Commercial and Industrial
1,621.7
58.8
4.85
1,657.1
62.9
5.07
Construction
190.1
9.0
6.31
366.6
20.0
7.28
Commercial Lease Financing
85.0
2.8
4.34
92.5
2.8
4.00
Residential Mortgage
4,816.7
146.9
4.07
4,627.2
137.1
3.95
Home Equity
2,089.6
72.2
4.62
2,141.8
69.7
4.35
Automobile
677.6
28.7
5.66
729.7
28.3
5.18
Other
412.4
23.9
7.76
397.0
22.3
7.52
Total Loans and Leases
14,203.5
509.0
4.79
14,030.8
503.6
4.80
Other
82.9
4.1
6.50
65.2
3.2
6.64
Total Earning Assets
22,315.9
681.6
4.08
22,129.9
665.3
4.01
Non-Earning Assets
1,532.1
1,614.8
Total Assets
$
23,848.0
$
23,744.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand
$
3,819.1
$
21.1
0.74
%
$
3,753.3
$
22.4
0.80
%
Savings
8,739.5
120.0
1.84
8,652.4
146.0
2.25
Time
2,671.6
55.5
2.78
3,048.4
80.4
3.53
Total Interest-Bearing Deposits
15,230.2
196.6
1.73
15,454.1
248.8
2.15
Securities Sold Under Agreements to Repurchase
50.0
1.5
3.89
58.8
1.7
3.88
Other Debt
594.2
18.8
4.20
564.9
17.8
4.23
Total Interest-Bearing Liabilities
15,874.4
216.9
1.83
16,077.8
268.3
2.23
Net Interest Income
$
464.7
$
397.0
Interest Rate Spread
2.25
%
1.78
%
Net Interest Margin
2.78
%
2.39
%
Noninterest-Bearing Demand Deposits
5,570.5
5,359.9
Other Liabilities
537.8
597.2
Shareholders’ Equity
1,865.3
1,709.8
Total Liabilities and Shareholders’ Equity
$
23,848.0
$
23,744.7
1
Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2
Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of
$4.1 million
and
$4.8 million
for the nine months ended
September 30, 2026
and
September 30, 2025
, respectively.
3
Non-performing loans and leases are included in the respective average loan and lease balances.
Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances
Table 5
(dollars in thousands)
September 30
,
2026
June 30
,
2026
March 31
,
2026
December 31
,
2025
September 30
,
2025
Commercial
Commercial Mortgage
$
4,467,245
$
4,319,221
$
4,341,448
$
4,205,791
$
4,040,711
Commercial and Industrial
1,652,329
1,676,535
1,575,207
1,584,245
1,581,232
Construction
117,919
164,504
204,993
208,584
380,944
Lease Financing
81,556
85,338
84,651
88,303
92,213
Total Commercial
6,319,049
6,245,598
6,206,299
6,086,923
6,095,100
Consumer
Residential Mortgage
4,857,923
4,864,875
4,800,256
4,775,502
4,685,214
Home Equity
2,091,468
2,079,127
2,095,521
2,114,809
2,129,599
Automobile
671,597
674,899
680,570
690,376
699,244
Other
431,299
422,126
410,165
414,440
412,422
Total Consumer
8,052,287
8,041,027
7,986,512
7,995,127
7,926,479
Total Loans and Leases
$
14,371,336
$
14,286,625
$
14,192,811
$
14,082,050
$
14,021,579
Deposits
(dollars in thousands)
September 30
,
2026
June 30
,
2026
March 31
,
2026
December 31
,
2025
September 30
,
2025
Consumer
$
10,432,007
$
10,454,082
$
10,530,223
$
10,466,617
$
10,393,932
Commercial
7,977,291
8,167,262
8,340,279
8,597,265
8,348,396
Public and Other
2,072,260
2,271,431
2,087,428
2,124,613
2,338,341
Total Deposits
$
20,481,558
$
20,892,775
$
20,957,930
$
21,188,495
$
21,080,669
Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More
Table 6
(dollars in thousands)
September 30
,
2026
June 30
,
2026
March 31
,
2026
December 31
,
2025
September 30
,
2025
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage
$
32,500
$
-
$
-
$
2,085
$
2,498
Commercial and Industrial
1,622
1,734
1,860
1,940
3,506
Total Commercial
34,122
1,734
1,860
4,025
6,004
Consumer
Residential Mortgage
5,068
5,348
5,410
5,382
5,628
Home Equity
4,051
4,225
4,525
4,469
5,107
Total Consumer
9,119
9,573
9,935
9,851
10,735
Total Non-Accrual Loans and Leases
43,241
11,307
11,795
13,876
16,739
Foreclosed Real Estate
171
171
295
295
125
Total Non-Performing Assets
$
43,412
$
11,478
$
12,090
$
14,171
$
16,864
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage
$
12,125
$
8,887
$
10,733
$
8,834
$
7,456
Home Equity
2,845
3,503
1,556
2,152
2,765
Automobile
919
763
672
520
525
Other
679
965
764
753
578
Total Consumer
16,568
14,118
13,725
12,259
11,324
Total Accruing Loans and Leases Past Due 90 Days or More
$
16,568
$
14,118
$
13,725
$
12,259
$
11,324
Total Loans and Leases
$
14,371,336
$
14,286,625
$
14,192,811
$
14,082,050
$
14,021,579
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases
0.30
%
0.08
%
0.08
%
0.10
%
0.12
%
Ratio of Non-Performing Assets to Total Loans and Leases and
Foreclosed Real Estate
0.30
%
0.08
%
0.09
%
0.10
%
0.12
%
Ratio of Non-Performing Assets to Total Assets
0.18
%
0.05
%
0.05
%
0.06
%
0.07
%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and
Commercial Foreclosed Real Estate
0.54
%
0.03
%
0.03
%
0.07
%
0.10
%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and
Consumer Foreclosed Real Estate
0.12
%
0.12
%
0.13
%
0.13
%
0.14
%
Ratio of Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More to Total Loans and Leases and
Foreclosed Real Estate
0.42
%
0.18
%
0.18
%
0.19
%
0.20
%
Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses
Table 7
Three Months Ended
Nine Months Ended
(dollars in thousands)
September 30
,
2026
June 30
,
2026
September 30
,
2025
September 30
,
2026
September 30
,
2025
Balance at Beginning of Period
$
149,276
$
149,078
$
150,128
$
148,403
$
150,649
Loans and Leases Charged-Off
Commercial
Commercial and Industrial
(168
)
(385
)
(171
)
(783
)
(1,776
)
Consumer
Residential Mortgage
(16
)
—
—
(31
)
—
Home Equity
(253
)
(219
)
(28
)
(478
)
(258
)
Automobile
(1,799
)
(1,735
)
(1,368
)
(4,951
)
(4,372
)
Other
(2,477
)
(2,400
)
(2,392
)
(7,271
)
(7,273
)
Total Loans and Leases Charged-Off
(4,713
)
(4,739
)
(3,959
)
(13,514
)
(13,679
)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial Mortgage
—
—
—
1,617
—
Commercial and Industrial
41
72
98
166
253
Consumer
Residential Mortgage
8
22
58
41
80
Home Equity
58
77
177
272
485
Automobile
754
626
559
1,959
1,749
Other
538
540
490
1,668
1,514
Total Recoveries on Loans and Leases
1,399
1,337
1,382
5,723
4,081
Net Charged-Off - Loans and Leases
(3,314
)
(3,402
)
(2,577
)
(7,791
)
(9,598
)
Provision for Credit Losses:
Loans and Leases
2,489
3,435
2,812
7,195
9,848
Unfunded Commitments
261
165
(312
)
905
(848
)
Total Provision for Credit Losses
2,750
3,600
2,500
8,100
9,000
Balance at End of Period
$
148,712
$
149,276
$
150,051
$
148,712
$
150,051
Components
Allowance for Credit Losses - Loans and Leases
$
146,170
$
146,995
$
148,778
$
146,170
$
148,778
Reserve for Unfunded Commitments
2,542
2,281
1,273
2,542
1,273
Total Reserve for Credit Losses
$
148,712
$
149,276
$
150,051
$
148,712
$
150,051
Average Loans and Leases Outstanding
$
14,305,379
$
14,218,951
$
13,982,003
$
14,203,547
$
14,030,773
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)
0.09
%
0.10
%
0.07
%
0.07
%
0.09
%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding
1
1.02
%
1.03
%
1.06
%
1.02
%
1.06
%
1
The numerator comprises the Allowance for Credit Losses - Loans and Leases.
Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Table 8
(dollars in thousands)
September 30, 2026
June 30, 2026
December 31, 2025
September 30, 2025
Total Shareholders' Equity
$
1,826,076
$
1,875,467
$
1,851,212
$
1,791,183
Less: Preferred Stock
345,000
345,000
345,000
345,000
Goodwill
31,517
31,517
31,517
31,517
Tangible Common Equity
$
1,449,559
$
1,498,950
$
1,474,695
$
1,414,666
Total Assets
$
23,819,536
$
23,842,940
$
24,176,364
$
24,014,609
Less:
Goodwill
31,517
31,517
31,517
31,517
Tangible Assets
$
23,788,019
$
23,811,423
$
24,144,847
$
23,983,092
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements
1, 2
$
14,587,549
$
14,442,396
$
14,246,238
$
14,215,866
Total Shareholders' Equity to Total Assets
7.67
%
7.87
%
7.66
%
7.46
%
Tangible Common Equity to Tangible Assets (Non-GAAP)
6.09
%
6.30
%
6.11
%
5.90
%
Tier 1 Capital Ratio
1
14.41
%
14.45
%
14.49
%
14.34
%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)
1
9.94
%
10.38
%
10.35
%
9.95
%
1
Regulatory capital ratios as of
September 30, 2026
are preliminary.
2
Risk-Weighted Assets as of
December 31, 2025
has been updated to reflect final reported amount.
View source version on
businesswire.com
:
https://www.businesswire.com/news/home/20261026685229/en/
Media Inquiries
Melissa Torres-Laing
Email:
Melissa.Torres-Laing@boh.com
Phone: 808-694-8384
Mobile: 808-859-1703
Investor/Analyst Inquiries
Chang Park
Email:
Chang.Park@boh.com
Phone: 808-694-8238
Patricia Lam
Email:
Patricia.Lam@boh.com
Phone: 808-694-8575
Source: Bank of Hawai‘i Corporation