Bank of Hawai‘i Corporation First Quarter 2026 Financial Results

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Key Terms

net interest margin financial

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

basis point financial

A basis point is a unit equal to one one‑hundredth of a percent (0.01%), used to describe very small changes in interest rates, bond yields, fees or other percentage figures. Think of it like a single dollar change on $10,000: tiny by itself but meaningful when applied to large sums or repeated over time, so investors use basis points to track and compare small but financially significant moves precisely.

View in glossary

provision for credit losses financial

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

non-performing assets financial

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

tier 1 capital ratio financial

A tier 1 capital ratio measures a bank’s core financial strength by comparing its most reliable capital — such as shareholder equity and retained profits — to its assets after adjusting for how risky those assets are. Think of it as the firm’s shock-absorbing cushion relative to the danger of its exposures; higher ratios mean the bank is better positioned to absorb losses, meet regulations and continue lending, which matters to investors assessing safety and long-term returns.

tangible common equity financial

Tangible common equity is the portion of a company’s net worth that belongs to ordinary shareholders after removing intangible items (like goodwill or patents) and any preferred claims; it’s often expressed on a per-share basis. Think of it as the hard, sellable value left for common owners if you removed non-physical assets and paid off debts—investors use it to judge how much real cushion a company has and whether the stock might be under- or over-valued.

risk-weighted assets regulatory

Risk-weighted assets are a bank’s assets (like loans and investments) adjusted by how risky regulators consider each one, so safer items count less and riskier items count more. Think of it as packing a suitcase where heavy, fragile items take up more “real” space; higher risk-weighted assets mean a bank must hold more capital as a cushion. Investors watch this because it affects a bank’s safety, regulatory limits and ability to lend or return money to shareholders.

non-cumulative perpetual preferred stock financial

Non-cumulative perpetual preferred stock is a type of investment that pays a fixed dividend forever, without a set end date. If the company skips some dividends in a year, you don’t get that money later, and it’s gone forever. It matters because investors get regular income but may miss out if the company faces financial trouble.

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04/20/2026 - 06:45 AM

Diluted Earnings Per Common Share of $1.30
Net Income of $57.4 Million
Net Interest Margin Increased to 2.74%, a 13 Basis Point Improvement
Quarterly Cost of Deposits Decreased to 1.26%, a 17 Basis Point Improvement
Share Repurchases of $15.1 Million

HONOLULU--(BUSINESS WIRE)-- Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $1.30 for the first quarter of 2026, compared with $1.39 during the linked quarter. Net income for the quarter was $57.4 million, down 5.7% from the linked quarter. The return on average common equity for the first quarter of 2026 was 13.90% compared with 15.03% during the linked quarter.

“Bank of Hawai‘i began the year on firm footing,” said Jim Polk, President and CEO. “This performance underscores the strength and resilience of our franchise. Net interest income and net interest margin continued to improve, supported by disciplined balance sheet management and a stable deposit base. Total loans and leases and average noninterest-bearing deposits increased compared to the prior quarter. Credit quality continues to be strong, and we remain focused on expense management. As I step into this role, we are committed to executing our strategy, supporting our customers and communities, and building on our strong, established foundation.”

Financial Highlights

Net interest income for the first quarter of 2026 was $151.0 million, an increase of 3.9% from the linked quarter. The increase was primarily driven by a 22 basis point decline in our interest‑bearing deposit rates following the FOMC interest rate cuts in late 2025, partially offset by a 4 basis point decline in earning asset yields as floating-rate assets repriced down more than the benefit from fixed-rate assets rolling off and being reinvested at higher rates (fixed asset repricing).

Net interest margin was 2.74% in the first quarter of 2026, an increase of 13 basis points from the linked quarter, reflecting the same deposit cost and asset yield dynamics as previously mentioned.

The average yield on total earning assets was 4.03% and the average yield on loans and leases was 4.75% in the first quarter of 2026, down 4 basis points and 6 basis points, respectively, from the linked quarter. As discussed above, the decrease in loan yield from the linked quarter was primarily driven by floating-rate assets repricing to lower current interest rates, partially offset by fixed asset repricing.

The average rate of interest-bearing deposits was 1.72% and the average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.26%, down 22 basis points and 17 basis points, respectively, from the linked quarter. As discussed above, the decreases were primarily due to the repricing down of our interest-bearing deposits following the FOMC interest rate cuts in late 2025. The deposit beta for the downward rate cycle was 36% as of the first quarter of 2026.

Noninterest income was $41.3 million in the first quarter of 2026, a decrease of 6.6% from the linked quarter. Noninterest income in the first quarter of 2026 included a $0.2 million charge related to a Visa Class B share conversion ratio change. Noninterest income in the linked quarter included an $18.1 million gain related to the sale of our merchant services portfolio, a $16.8 million loss on the sale of investments, and a $0.8 million charge related to a Visa Class B share conversion ratio change. Adjusted for these items, noninterest income for the first quarter of 2026 was down 5.1% from the linked quarter. The decrease was primarily due to decreases in other loan fees, which were elevated in the fourth quarter of 2025, as well as lower swap fees and trust and management fees, partially offset by higher BOLI income and annuity and insurance fees.

Noninterest expense was $116.1 million in the first quarter of 2026, an increase of 6.0% from the linked quarter. Noninterest expense in the first quarter included $3.5 million in expenses related to the accelerated vesting of restricted stock awards pursuant to the retirement provision of performance-based restricted stock granted in 2024 and 2025 and $0.7 million in separation expenses. Noninterest expense in the linked quarter included a $1.4 million reduction in our FDIC special assessment charge and a $1.1 million donation to the Bank of Hawai‘i Foundation. Adjusted for these items, noninterest expense for the first quarter of 2026 increased by 1.9% from the linked quarter. The increase was primarily due to higher seasonal payroll expenses, net occupancy, equipment expenses, and professional fees, partially offset by lower FDIC insurance and other expenses.

The effective tax rate for the first quarter of 2026 was 22.91% compared to 21.50% during the linked quarter. The higher effective tax rate in the current quarter as compared to the linked quarter was primarily due to lower benefits from certain tax advantaged investments and an increase in tax expense from discrete items.

Asset Quality

The Company’s overall asset quality remained strong during the first quarter of 2026. Provision for credit losses for the first quarter of 2026 was $1.8 million, down $0.8 million from the linked quarter.

Total non-performing assets were $12.1 million at March 31, 2026, down $2.1 million from December 31, 2025. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.09% at the end of the quarter, a decrease of 1 basis point from the linked quarter.

Net loan and lease charge-offs during the first quarter of 2026 were $1.1 million or 3 basis points annualized of total average loans and leases outstanding. Gross charge-offs of $4.1 million were partially offset by gross recoveries of $3.0 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $3.1 million or 9 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $147.0 million at March 31, 2026, an increase of $0.2 million from December 31, 2025. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, unchanged from December 31, 2025.

Balance Sheet

Total assets were $23.9 billion at March 31, 2026, a decrease of 1.1% from December 31, 2025. The decrease from December 31, 2025 was primarily due to a reduction in cash and cash equivalents, partially offset by increases in available-for-sale securities and loans and leases.

The investment securities portfolio was $7.9 billion at March 31, 2026, an increase of 1.7% from December 31, 2025. The increase was primarily due to the purchases of available-for-sale investment securities, partially offset by the amortization of the portfolio. 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 $14.2 billion at March 31, 2026, an increase of 0.8% from December 31, 2025. Total commercial loans were $6.2 billion at March 31, 2026, an increase of 2.0% from December 31, 2025. The increase was primarily due to commercial mortgage production. Total consumer loans were $8.0 billion at March 31, 2026, a decrease of 0.1% from December 31, 2025. The decrease was primarily due to amortization and paydowns, partially offset by increased production in the residential mortgage portfolio.

Total deposits were $21.0 billion at March 31, 2026, a decrease of 1.1% from December 31, 2025. Noninterest-bearing deposits made up 27.0% of total deposit balances at March 31, 2026, down from 27.2% at December 31, 2025. Average total deposits were $20.9 billion for the first quarter of 2026, down 0.3% from December 31, 2025.

Capital and Dividends

The Company’s capital levels remain well above regulatory well-capitalized minimums.

The Tier 1 Capital Ratio was 14.40% at March 31, 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 retained earnings growth. The Tier 1 Leverage Ratio was 8.62% at March 31, 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 194.1 thousand shares of common stock at a total cost of $15.1 million under the share repurchase program in the first quarter of 2026. Total remaining buyback authority under the share repurchase program was $105.9 million at March 31, 2026.

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 June 12, 2026 to shareholders of record at the close of business on May 29, 2026.

On April 3, 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 May 1, 2026 to shareholders of record of the preferred stock as of the close of business on April 16, 2026.

Conference Call Information

The Company will review its first 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 webcast can be accessed via the link: https://register-conf.media-server.com/register/BI42ddba51d0fa4b6dacb219e80a369fdb. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, April 20, 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 1
	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2026			December 31, 2025			March 31, 2025
For the Period:
Operating Results
Net Interest Income	$	150,990		$	145,374		$	125,807
Provision for Credit Losses		1,750			2,500			3,250
Total Noninterest Income		41,332			44,271			44,058
Total Noninterest Expense		116,071			109,518			110,459
Pre-Provision Net Revenue		76,251			80,127			59,406
Net Income		57,432			60,935			43,985
Net Income Available to Common Shareholders		52,163			55,666			38,716
Basic Earnings Per Common Share		1.32			1.40			0.98
Diluted Earnings Per Common Share		1.30			1.39			0.97
Dividends Declared Per Common Share		0.70			0.70			0.70
Performance Ratios
Return on Average Assets		0.97	%		1.01	%		0.75	%
Return on Average Shareholders' Equity		12.47			13.33			10.65
Return on Average Common Equity		13.90			15.03			11.80
Efficiency Ratio ¹		60.35			57.75			65.03
Net Interest Margin ²		2.74			2.61			2.32
Dividend Payout Ratio ³		53.03			50.00			71.43
Average Shareholders' Equity to Average Assets		7.81			7.57			7.09
Average Balances
Average Loans and Leases	$	14,083,875		$	14,013,532		$	14,062,173
Average Assets		23,915,334			23,958,401			23,638,068
Average Deposits		20,915,443			20,980,199			20,669,539
Average Shareholders' Equity		1,867,165			1,814,000			1,675,571
Per Share of Common Stock
Book Value	$	38.10		$	37.92		$	34.23
Tangible Book Value		37.31			37.12			33.43
Market Value
Closing		74.25			68.37			68.97
High		80.61			71.85			76.00
Low		67.04			59.36			65.82

	March 31, 2026			December 31, 2025			March 31, 2025
As of Period End:
Balance Sheet Totals
Loans and Leases	$	14,192,811		$	14,082,050		$	14,115,323
Total Assets		23,909,933			24,176,364			23,885,056
Total Deposits		20,957,930			21,188,495			21,008,217
Other Debt		558,150			558,176			558,250
Total Shareholders' Equity		1,854,563			1,851,212			1,704,935
Asset Quality
Non-Performing Assets	$	12,090		$	14,171		$	17,451
Allowance for Credit Losses - Loans and Leases		146,962			146,766			147,707
Allowance to Loans and Leases Outstanding ⁴		1.04	%		1.04	%		1.05	%
Capital Ratios ⁵
Common Equity Tier 1 Capital Ratio ⁶		12.06	%		12.14	%		11.58	%
Tier 1 Capital Ratio		14.40			14.49			13.93
Total Capital Ratio		15.44			15.54			14.97
Tier 1 Leverage Ratio		8.62			8.57			8.36
Total Shareholders' Equity to Total Assets		7.76			7.66			7.14
Tangible Common Equity to Tangible Assets ⁷		6.19			6.11			5.57
Tangible Common Equity to Risk-Weighted Assets ⁷		10.28			10.35			9.28
Non-Financial Data
Full-Time Equivalent Employees		1,866			1,877			1,876
Branches		52			51			50
ATMs		319			320			316
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. ⁴ The numerator comprises the Allowance for Credit Losses - Loans and Leases. ⁵ Regulatory capital ratios as of March 31, 2026 are preliminary. ⁶ Capital Ratio as of December 31, 2025 has been updated to reflect final reported ratio. ⁷ 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 2 “Reconciliation of Non-GAAP Financial Measures”.

Bank of Hawai‘i Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures					Table 2
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
Total Shareholders' Equity	$	1,854,563	$	1,851,212	$	1,704,935
Less: Preferred Stock		345,000		345,000		345,000
Goodwill		31,517		31,517		31,517
Tangible Common Equity	$	1,478,046	$	1,474,695	$	1,328,418

Total Assets	$	23,909,933	$	24,176,364	$	23,885,056
Less: Goodwill		31,517		31,517		31,517
Tangible Assets	$	23,878,416	$	24,144,847	$	23,853,539

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements^{1, 2}	$	14,382,622	$	14,246,238	$	14,319,932

Total Shareholders' Equity to Total Assets		7.76%		7.66%		7.14%
Tangible Common Equity to Tangible Assets (Non-GAAP)		6.19%		6.11%		5.57%

Tier 1 Capital Ratio ¹		14.40%		14.49%		13.93%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)¹		10.28%		10.35%		9.28%
¹ Regulatory capital ratios as of March 31, 2026 are preliminary. ² Capital Ratio as of December 31, 2025 has been updated to reflect final reported ratio.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income							Table 3
	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2026			December 31, 2025			March 31, 2025
Interest Income
Interest and Fees on Loans and Leases	$	164,469		$	168,234		$	163,082
Income on Investment Securities
Available-for-Sale		34,575			32,950			24,368
Held-to-Maturity		18,541			18,929			20,291
Cash and Cash Equivalents		3,329			5,936			5,460
Other		1,293			1,245			1,085
Total Interest Income		222,207			227,294			214,286
Interest Expense
Deposits		64,886			75,477			81,692
Securities Sold Under Agreements to Repurchase		486			496			744
Other Debt		5,845			5,947			6,043
Total Interest Expense		71,217			81,920			88,479
Net Interest Income		150,990			145,374			125,807
Provision for Credit Losses		1,750			2,500			3,250
Net Interest Income After Provision for Credit Losses		149,240			142,874			122,557
Noninterest Income
Trust and Asset Management		12,445			12,883			11,741
Fees, Exchange, and Other Service Charges		10,928			12,298			14,437
Service Charges on Deposit Accounts		8,440			8,694			8,259
Bank-Owned Life Insurance		4,147			3,758			3,611
Annuity and Insurance		1,469			1,124			1,555
Mortgage Banking		876			917			988
Investment Securities Losses, Net		(1,272	)		(18,717	)		(1,607	)
Other		4,299			23,314			5,074
Total Noninterest Income		41,332			44,271			44,058
Noninterest Expense
Salaries and Benefits		68,457			61,675			62,884
Net Occupancy		10,782			10,029			10,559
Net Equipment		10,611			10,047			10,192
Data Processing		5,581			5,659			5,267
Professional Fees		4,226			3,682			4,264
FDIC Insurance		2,719			2,378			1,642
Other		13,695			16,048			15,651
Total Noninterest Expense		116,071			109,518			110,459
Income Before Provision for Income Taxes		74,501			77,627			56,156
Provision for Income Taxes		17,069			16,692			12,171
Net Income	$	57,432		$	60,935		$	43,985
Preferred Stock Dividends		5,269			5,269			5,269
Net Income Available to Common Shareholders	$	52,163		$	55,666		$	38,716
Basic Earnings Per Common Share	$	1.32		$	1.40		$	0.98
Diluted Earnings Per Common Share	$	1.30		$	1.39		$	0.97
Dividends Declared Per Common Share	$	0.70		$	0.70		$	0.70
Basic Weighted Average Common Shares		39,568,000			39,641,382			39,554,834
Diluted Weighted Average Common Shares		39,981,356			40,003,635			39,876,406

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income						Table 4
	Three Months Ended
(dollars in thousands)	March 31, 2026			December 31, 2025		March 31, 2025
Net Income	$	57,432		$	60,935	$	43,985
Other Comprehensive Income (Loss), Net of Tax:
Net Change in Unrealized Gains (Losses) on Investment Securities		(3,001	)		29,367		24,760
Net Change in Defined Benefit Plans		222			2,446		232
Other Comprehensive Income (Loss)		(2,779	)		31,813		24,992
Comprehensive Income	$	54,653		$	92,748	$	68,977

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition							Table 5
(dollars in thousands, except per share amounts)	March 31, 2026			December 31, 2025			March 31, 2025
Assets
Cash and Cash Equivalents	$	425,080		$	946,520		$	935,200
Investment Securities
Available-for-Sale		3,722,405			3,510,652			2,887,019
Held-to-Maturity (Fair Value of $3,549,687; $3,651,966; and $3,823,655)		4,163,261			4,245,681			4,535,108
Loans Held for Sale		3,609			4,369			2,640
Loans and Leases		14,192,811			14,082,050			14,115,323
Allowance for Credit Losses		(146,962	)		(146,766	)		(147,707	)
Net Loans and Leases		14,045,849			13,935,284			13,967,616
Premises and Equipment, Net		215,859			199,747			187,858
Operating Lease Right-of-Use Assets		82,244			83,424			83,577
Accrued Interest Receivable		70,555			69,899			67,706
Mortgage Servicing Rights		17,036			17,455			18,770
Goodwill		31,517			31,517			31,517
Bank-Owned Life Insurance		499,681			499,795			481,260
Other Assets		632,837			632,021			686,785
Total Assets	$	23,909,933		$	24,176,364		$	23,885,056
Liabilities
Deposits
Noninterest-Bearing Demand	$	5,653,265		$	5,755,371		$	5,493,232
Interest-Bearing Demand		3,884,305			3,910,952			3,775,948
Savings		8,683,875			8,741,090			8,700,143
Time		2,736,485			2,781,082			3,038,894
Total Deposits		20,957,930			21,188,495			21,008,217
Securities Sold Under Agreements to Repurchase		50,000			50,000			50,000
Other Debt		558,150			558,176			558,250
Operating Lease Liabilities		91,213			92,402			92,267
Retirement Benefits Payable		25,686			20,139			23,640
Accrued Interest Payable		19,757			22,370			23,261
Other Liabilities		352,634			393,570			424,486
Total Liabilities		22,055,370			22,325,152			22,180,121
Shareholders’ Equity
Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)		180,000			180,000			180,000
Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)		165,000			165,000			165,000
Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2026 - 59,000,929 / 39,620,563; December 31, 2025 - 58,780,253 / 39,725,698; and March 31, 2025 - 58,765,864 / 39,734,304)		590			587			586
Capital Surplus		672,584			664,781			651,374
Accumulated Other Comprehensive Loss		(247,217	)		(244,438	)		(318,397	)
Retained Earnings		2,229,539			2,205,707			2,144,326
Treasury Stock, at Cost (Shares: March 31, 2026 - 19,380,366; December 31, 2025 - 19,054,555; and March 31, 2025 - 19,031,560)		(1,145,933	)		(1,120,425	)		(1,117,954	)
Total Shareholders’ Equity		1,854,563			1,851,212			1,704,935
Total Liabilities and Shareholders’ Equity	$	23,909,933		$	24,176,364		$	23,885,056

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																						Table 6
(dollars in thousands, except per share amounts)	Preferred Shares Series A Outstanding	Preferred Series A Stock		Preferred Shares Series B Outstanding	Preferred Series B Stock		Common Shares Outstanding		Common Stock		Capital Surplus		Accum. Other Comprehensive Income (Loss)			Retained Earnings			Treasury Stock			Total
Balance as of December 31, 2025	180,000	$	180,000	165,000	$	165,000	39,725,698		$	587	$	664,781	$	(244,438	)	$	2,205,707		$	(1,120,425	)	$	1,851,212
Net Income	–		–	–		–	–			–		–		–			57,432			–			57,432
Other Comprehensive Loss	–		–	–		–	–			–		–		(2,779	)		–			–			(2,779	)
Share-Based Compensation	–		–	–		–	–			–		7,459		–			–			–			7,459
Common Stock Issued Under Purchase and Equity Compensation Plans	–		–	–		–	237,399			3		344		–			–			881			1,228
Common Stock Repurchased Under Share Repurchase Program	–		–	–		–	(194,096	)		–		–		–			–			(15,109	)		(15,109	)
Equity Compensation Plan Common Stock Repurchases	–		–	–		–	(148,438	)		–		–		–			–			(11,280	)		(11,280	)
Cash Dividends Declared Common Stock ($0.70 per share)	–		–	–		–	–			–		–		–			(28,331	)		–			(28,331	)
Cash Dividends Declared Preferred Stock	–		–	–		–	–			–		–		–			(5,269	)		–			(5,269	)
Balance as of March 31, 2026	180,000	$	180,000	165,000	$	165,000	39,620,563		$	590	$	672,584	$	(247,217	)	$	2,229,539		$	(1,145,933	)	$	1,854,563

Balance as of December 31, 2024	180,000	$	180,000	165,000	$	165,000	39,762,255		$	585	$	647,403	$	(343,389	)	$	2,133,838		$	(1,115,663	)	$	1,667,774
Net Income	–		–	–		–	–			–		–		–			43,985			–			43,985
Other Comprehensive Income	–		–	–		–	–			–		–		24,992			–			–			24,992
Share-Based Compensation	–		–	–		–	–			–		3,680		–			–			–			3,680
Common Stock Issued Under Purchase and Equity Compensation Plans	–		–	–		–	19,477			1		291		–			–			1,023			1,315
Equity Compensation Plan Common Stock Repurchases	–		–	–		–	(47,428	)		–		–		–			–			(3,314	)		(3,314	)
Cash Dividends Declared Common Stock ($0.70 per share)	–		–	–		–	–			–		–		–			(28,228	)		–			(28,228	)
Cash Dividends Declared Preferred Stock	–		–	–		–	–			–		–		–			(5,269	)		–			(5,269	)
Balance as of March 31, 2025	180,000	$	180,000	165,000	$	165,000	39,734,304		$	586	$	651,374	$	(318,397	)	$	2,144,326		$	(1,117,954	)	$	1,704,935

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis ¹															Table 7
	Three Months Ended March 31, 2026						Three Months Ended December 31, 2025						Three Months Ended March 31, 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	$	372.5	$	3.3	3.58	%	$	604.5	$	6.0	3.84	%	$	500.0	$	5.5	4.37	%
Investment Securities
Available-for-Sale
Taxable		3,598.1		34.2	3.82			3,363.4		32.5	3.86			2,790.3		24.1	3.47
Non-Taxable		32.1		0.4	5.07			32.0		0.5	5.80			21.3		0.3	5.68
Held-to-Maturity
Taxable		4,175.4		18.4	1.76			4,265.7		18.8	1.76			4,548.6		20.2	1.77
Non-Taxable		33.5		0.2	2.10			33.7		0.2	2.10			34.1		0.2	2.09
Total Investment Securities		7,839.1		53.2	2.72			7,694.8		52.0	2.70			7,394.3		44.8	2.43
Loans Held for Sale		3.6		0.1	5.22			2.4		0.0	5.51			2.3		0.0	6.06
Loans and Leases ³
Commercial Mortgage		4,220.6		54.1	5.19			4,124.5		55.2	5.31			4,015.2		52.5	5.30
Commercial and Industrial		1,583.4		18.7	4.79			1,590.0		19.6	4.90			1,703.7		21.3	5.06
Construction		215.7		3.4	6.46			265.5		4.6	6.89			338.5		6.0	7.22
Commercial Lease Financing		86.9		0.9	4.29			89.7		0.9	4.19			91.1		0.9	3.83
Residential Mortgage		4,781.9		47.8	4.00			4,719.8		47.5	4.03			4,616.7		44.8	3.88
Home Equity		2,103.1		23.6	4.55			2,122.1		24.3	4.54			2,154.4		22.5	4.23
Automobile		684.6		9.4	5.57			692.7		9.6	5.49			752.6		9.3	5.02
Other		407.7		7.8	7.76			409.2		7.9	7.64			390.0		7.1	7.41
Total Loans and Leases		14,083.9		165.7	4.75			14,013.5		169.6	4.81			14,062.2		164.4	4.72
Other		81.9		1.3	6.31			82.2		1.2	6.06			65.1		1.1	6.67
Total Earning Assets		22,381.0		223.6	4.03			22,397.4		228.8	4.07			22,023.9		215.8	3.95
Non-Earning Assets		1,534.3						1,561.0						1,614.2
Total Assets	$	23,915.3					$	23,958.4					$	23,638.1

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	3,839.0	$	6.6	0.69	%	$	3,697.9	$	7.3	0.78	%	$	3,773.4	$	7.1	0.76	%
Savings		8,668.4		38.7	1.81			8,738.2		44.3	2.01			8,544.5		47.1	2.23
Time		2,753.6		19.6	2.89			2,974.0		23.9	3.18			3,037.3		27.5	3.67
Total Interest-Bearing Deposits		15,261.0		64.9	1.72			15,410.1		75.5	1.94			15,355.2		81.7	2.16
Securities Sold Under Agreements to Repurchase		50.0		0.5	3.89			50.0		0.5	3.89			76.7		0.7	3.88
Other Debt		560.9		5.8	4.23			558.2		5.9	4.23			578.2		6.1	4.24
Total Interest-Bearing Liabilities		15,871.9		71.2	1.82			16,018.3		81.9	2.03			16,010.1		88.5	2.24
Net Interest Income			$	152.4					$	146.9					$	127.3
Interest Rate Spread					2.21	%					2.04	%					1.71	%
Net Interest Margin					2.74	%					2.61	%					2.32	%
Noninterest-Bearing Demand Deposits		5,654.4						5,570.1						5,314.3
Other Liabilities		521.8						556.0						638.1
Shareholders' Equity		1,867.2						1,814.0						1,675.6
Total Liabilities and Shareholders' Equity	$	23,915.3					$	23,958.4					$	23,638.1
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 $1.4 million, $1.6 million, and $1.5 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 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
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended March 31, 2026
	Compared to December 31, 2025
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Cash and Cash Equivalents	$	(2.2	)	$	(0.4	)	$	(2.6	)
Investment Securities
Available-for-Sale
Taxable		2.1			(0.4	)		1.7
Non-Taxable		—			(0.1	)		(0.1	)
Held-to-Maturity
Taxable		(0.4	)		0.0			(0.4	)
Non-Taxable		0.0			—			0.0
Total Investment Securities		1.7			(0.5	)		1.2
Loans Held for Sale		0.0			0.0			0.0
Loans and Leases
Commercial Mortgage		0.6			(1.8	)		(1.2	)
Commercial and Industrial		(0.1	)		(0.8	)		(0.9	)
Construction		(0.9	)		(0.3	)		(1.2	)
Commercial Lease Financing		0.0			0.0			0.0
Residential Mortgage		0.6			(0.3	)		0.3
Home Equity		(0.5	)		(0.1	)		(0.6	)
Automobile		(0.2	)		0.0			(0.2	)
Other		(0.1	)		0.0			(0.1	)
Total Loans and Leases		(0.6	)		(3.3	)		(3.9	)
Other		0.0			0.0			0.0
Total Change in Interest Income		(1.1	)		(4.2	)		(5.3	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		0.2			(0.9	)		(0.7	)
Savings		(0.4	)		(5.2	)		(5.6	)
Time		(1.9	)		(2.4	)		(4.3	)
Total Interest-Bearing Deposits		(2.1	)		(8.5	)		(10.6	)
Securities Sold Under Agreements to Repurchase		—			0.0			0.0
Other Debt		(0.1	)		0.0			(0.1	)
Total Change in Interest Expense		(2.2	)		(8.5	)		(10.7	)

Change in Net Interest Income	$	1.1		$	4.3		$	5.4
¹ The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Bank of Hawai‘i Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended March 31, 2026
	Compared to March 31, 2025
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Cash and Cash Equivalents	$	(1.2	)	$	(0.9	)	$	(2.1	)
Investment Securities
Available-for-Sale
Taxable		7.5			2.6			10.1
Non-Taxable		0.1			0.0			0.1
Held-to-Maturity
Taxable		(1.6	)		(0.1	)		(1.7	)
Non-Taxable		0.0			—			0.0
Total Investment Securities		6.0			2.5			8.5
Loans Held for Sale		0.0			0.0			0.0
Loans and Leases
Commercial Mortgage		2.7			(1.2	)		1.5
Commercial and Industrial		(1.5	)		(1.1	)		(2.6	)
Construction		(2.0	)		(0.6	)		(2.6	)
Commercial Lease Financing		0.0			0.1			0.1
Residential Mortgage		1.6			1.4			3.0
Home Equity		(0.5	)		1.6			1.1
Automobile		(0.9	)		1.0			0.1
Other		0.3			0.4			0.7
Total Loans and Leases		(0.3	)		1.6			1.3
Other		0.4			(0.3	)		0.1
Total Change in Interest Income		4.9			2.9			7.8

Change in Interest Expense:
Interest-Bearing Deposits
Demand		0.2			(0.7	)		(0.5	)
Savings		0.6			(9.0	)		(8.4	)
Time		(2.4	)		(5.5	)		(7.9	)
Total Interest-Bearing Deposits		(1.6	)		(15.2	)		(16.8	)
Securities Sold Under Agreements to Repurchase		(0.3	)		0.0			(0.3	)
Other Debt		(0.2	)		0.0			(0.2	)
Total Change in Interest Expense		(2.1	)		(15.2	)		(17.3	)

Change in Net Interest Income	$	7.0		$	18.1		$	25.1
¹ The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Bank of Hawai‘i Corporation and Subsidiaries
Salaries and Benefits					Table 9
	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		March 31, 2025
Salaries	$	38,990	$	39,915	$	38,242
Share-Based Compensation		7,282		4,379		3,501
Incentive Compensation		6,083		4,535		5,573
Payroll Taxes		5,321		2,740		4,766
Retirement and Other Benefits		4,597		4,378		5,061
Medical, Dental, and Life Insurance		4,222		3,916		4,537
Commission Expense		1,213		1,670		1,123
Separation Expense		749		142		81
Total Salaries and Benefits	$	68,457	$	61,675	$	62,884

Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances									Table 10
(dollars in thousands)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Commercial
Commercial Mortgage	$	4,341,448	$	4,205,791	$	4,040,711	$	4,038,956	$	4,038,287
Commercial and Industrial		1,575,207		1,584,245		1,581,232		1,597,560		1,703,290
Construction		204,993		208,584		380,944		374,768		363,716
Lease Financing		84,651		88,303		92,213		92,842		92,456
Total Commercial		6,206,299		6,086,923		6,095,100		6,104,126		6,197,749
Consumer
Residential Mortgage		4,800,256		4,775,502		4,685,214		4,637,014		4,630,876
Home Equity		2,095,521		2,114,809		2,129,599		2,139,025		2,144,955
Automobile		680,570		690,376		699,244		715,688		740,390
Other		410,165		414,440		412,422		406,325		401,353
Total Consumer		7,986,512		7,995,127		7,926,479		7,898,052		7,917,574
Total Loans and Leases	$	14,192,811	$	14,082,050	$	14,021,579	$	14,002,178	$	14,115,323

Deposits
(dollars in thousands)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Consumer	$	10,530,223	$	10,466,617	$	10,393,932	$	10,429,271	$	10,522,627
Commercial		8,340,279		8,597,265		8,348,396		8,243,898		8,411,838
Public and Other		2,087,428		2,124,613		2,338,341		2,125,745		2,073,752
Total Deposits	$	20,957,930	$	21,188,495	$	21,080,669	$	20,798,914	$	21,008,217

Average Deposits
	Three Months Ended
(dollars in thousands)	March 31, 2026		December 31, 2025		September 30, 2025		June 30, 2025		March 31, 2025
Consumer	$	10,461,004	$	10,373,200	$	10,387,715	$	10,435,867	$	10,408,747
Commercial		8,431,519		8,478,592		8,504,078		8,316,893		8,318,182
Public and Other		2,022,920		2,128,407		2,176,493		1,946,933		1,942,610
Total Deposits	$	20,915,443	$	20,980,199	$	21,068,286	$	20,699,693	$	20,669,539

Bank of Hawai‘i Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More													Table 11
(dollars in thousands)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage	$	-		$	2,085		$	2,498		$	2,566		$	2,195
Commercial and Industrial		1,860			1,940			3,506			3,744			3,451
Total Commercial		1,860			4,025			6,004			6,310			5,646
Consumer
Residential Mortgage		5,410			5,382			5,628			5,842			4,686
Home Equity		4,525			4,469			5,107			5,387			5,759
Total Consumer		9,935			9,851			10,735			11,229			10,445
Total Non-Accrual Loans and Leases		11,795			13,876			16,739			17,539			16,091
Foreclosed Real Estate		295			295			125			342			1,360
Total Non-Performing Assets	$	12,090		$	14,171		$	16,864		$	17,881		$	17,451
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage	$	10,733		$	8,834		$	7,456		$	9,070		$	3,895
Home Equity		1,556			2,152			2,765			1,867			2,228
Automobile		672			520			525			680			486
Other		764			753			578			630			943
Total Consumer		13,725			12,259			11,324			12,247			7,552
Total Accruing Loans and Leases Past Due 90 Days or More	$	13,725		$	12,259		$	11,324		$	12,247		$	7,552
Total Loans and Leases	$	14,192,811		$	14,082,050		$	14,021,579		$	14,002,178		$	14,115,323
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.08	%		0.10	%		0.12	%		0.13	%		0.11	%
Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate		0.09	%		0.10	%		0.12	%		0.13	%		0.12	%
Ratio of Non-Performing Assets to Total Assets		0.05	%		0.06	%		0.07	%		0.08	%		0.07	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate		0.03	%		0.07	%		0.10	%		0.10	%		0.09	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate		0.13	%		0.13	%		0.14	%		0.15	%		0.15	%
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		0.18	%		0.19	%		0.20	%		0.22	%		0.18	%
Quarter to Quarter Changes in Non-Performing Assets Balance at Beginning of Quarter	$	14,171		$	16,864		$	17,881		$	17,451		$	19,300
Additions ¹		1,010			2,608			959			3,522			2,209
Reductions
Payments		(2,744	)		(2,631	)		(804	)		(1,424	)		(1,212	)
Return to Accrual Status		(341	)		(1,217	)		(321	)		(574	)		(244	)
Sales of Foreclosed Real Estate		-			(120	)		(216	)		(1,040	)		(1,492	)
Charge-offs / Write-downs ¹		(6	)		(1,333	)		(635	)		(54	)		(1,110	)
Total Reductions		(3,091	)		(5,301	)		(1,976	)		(3,092	)		(4,058	)
Balance at End of Quarter	$	12,090		$	14,171		$	16,864		$	17,881		$	17,451
¹ Excludes loans that are fully charged-off and placed on non-accrual status during the same period.

Bank of Hawai‘i Corporation and Subsidiaries
Reserve for Credit Losses							Table 12
	Three Months Ended
(dollars in thousands)	March 31, 2026			December 31, 2025			March 31, 2025
Balance at Beginning of Period	$	148,403		$	150,051		$	150,649
Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(230	)		(1,331	)		(1,399	)
Consumer
Residential Mortgage		(15	)		—			—
Home Equity		(6	)		(165	)		(75	)
Automobile		(1,417	)		(1,654	)		(1,751	)
Other		(2,394	)		(2,192	)		(2,484	)
Total Loans and Leases Charged-Off		(4,062	)		(5,342	)		(5,709	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial Mortgage		1,617			—			—
Commercial and Industrial		53			92			77
Consumer
Residential Mortgage		11			11			11
Home Equity		137			88			128
Automobile		579			517			633
Other		590			486			457
Total Recoveries on Loans and Leases		2,987			1,194			1,306
Net Charged-Off - Loans and Leases		(1,075	)		(4,148	)		(4,403	)
Provision for Credit Losses:
Loans and Leases		1,271			2,136			3,582
Unfunded Commitments		479			364			(332	)
Total Provision for Credit Losses		1,750			2,500			3,250
Balance at End of Period	$	149,078		$	148,403		$	149,496
Components
Allowance for Credit Losses - Loans and Leases	$	146,962		$	146,766		$	147,707
Reserve for Unfunded Commitments		2,116			1,637			1,789
Total Reserve for Credit Losses	$	149,078		$	148,403		$	149,496
Average Loans and Leases Outstanding	$	14,083,875		$	14,013,532		$	14,062,173
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)		0.03	%		0.12	%		0.13	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding ¹		1.04	%		1.04	%		1.05	%
¹ The numerator comprises the Allowance for Credit Losses - Loans and Leases.

Bank of Hawai‘i Corporation and Subsidiaries
Selected Quarterly Financial Data													Table 13
	Three Months Ended
(dollars in thousands, except per share amounts)	March 31, 2026			December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	164,469		$	168,234		$	169,411		$	166,779		$	163,082
Income on Investment Securities
Available-for-Sale		34,575			32,950			29,702			27,007			24,368
Held-to-Maturity		18,541			18,929			19,332			19,835			20,291
Cash and Cash Equivalents		3,329			5,936			8,195			3,817			5,460
Other		1,293			1,245			1,068			1,097			1,085
Total Interest Income		222,207			227,294			227,708			218,535			214,286
Interest Expense
Deposits		64,886			75,477			84,590			82,476			81,692
Securities Sold Under Agreements to Repurchase		486			496			496			491			744
Other Debt		5,845			5,947			5,947			5,885			6,043
Total Interest Expense		71,217			81,920			91,033			88,852			88,479
Net Interest Income		150,990			145,374			136,675			129,683			125,807
Provision for Credit Losses		1,750			2,500			2,500			3,250			3,250
Net Interest Income After Provision for Credit Losses		149,240			142,874			134,175			126,433			122,557
Noninterest Income
Trust and Asset Management		12,445			12,883			12,598			12,097			11,741
Fees, Exchange, and Other Service Charges		10,928			12,298			15,219			14,383			14,437
Service Charges on Deposit Accounts		8,440			8,694			8,510			8,119			8,259
Bank-Owned Life Insurance		4,147			3,758			3,681			3,714			3,611
Annuity and Insurance		1,469			1,124			1,095			1,437			1,555
Mortgage Banking		876			917			906			849			988
Investment Securities Losses, Net		(1,272	)		(18,717	)		(1,945	)		(1,126	)		(1,607	)
Other		4,299			23,314			5,902			5,322			5,074
Total Noninterest Income		41,332			44,271			45,966			44,795			44,058
Noninterest Expense
Salaries and Benefits		68,457			61,675			62,905			61,308			62,884
Net Occupancy		10,782			10,029			10,932			10,499			10,559
Net Equipment		10,611			10,047			10,285			9,977			10,192
Data Processing		5,581			5,659			5,603			5,456			5,267
Professional Fees		4,226			3,682			4,022			4,263			4,264
FDIC Insurance		2,719			2,378			3,508			3,640			1,642
Other		13,695			16,048			15,132			15,640			15,651
Total Noninterest Expense		116,071			109,518			112,387			110,783			110,459
Income Before Provision for Income Taxes		74,501			77,627			67,754			60,445			56,156
Provision for Income Taxes		17,069			16,692			14,409			12,808			12,171
Net Income	$	57,432		$	60,935		$	53,345		$	47,637		$	43,985
Preferred Stock Dividends		5,269			5,269			5,269			5,269			5,269
Net Income Available to Common Shareholders	$	52,163		$	55,666		$	48,076		$	42,368		$	38,716
Basic Earnings Per Common Share	$	1.32		$	1.40		$	1.21		$	1.07		$	0.98
Diluted Earnings Per Common Share	$	1.30		$	1.39		$	1.20		$	1.06		$	0.97
Balance Sheet Totals
Loans and Leases	$	14,192,811		$	14,082,050		$	14,021,579		$	14,002,178		$	14,115,323
Total Assets		23,909,933			24,176,364			24,014,609			23,709,752			23,885,056
Total Deposits		20,957,930			21,188,495			21,080,669			20,798,914			21,008,217
Total Shareholders' Equity		1,854,563			1,851,212			1,791,183			1,743,107			1,704,935
Performance Ratios
Return on Average Assets		0.97	%		1.01	%		0.88	%		0.81	%		0.75	%
Return on Average Shareholders' Equity		12.47			13.33			12.10			11.21			10.65
Return on Average Common Equity		13.90			15.03			13.59			12.50			11.80
Efficiency Ratio ¹		60.35			57.75			61.53			63.49			65.03
Net Interest Margin ²		2.74			2.61			2.46			2.39			2.32
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.

Bank of Hawai‘i Corporation and Subsidiaries
Hawaii Economic Trends										Table 14
				Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change)				December 31, 2025				December 31, 2024
Hawaii Economic Trends
General Excise and Use Tax Revenue¹	889.1	4.1	%	4,773.4		6.2	%	4,495.0		0.5	%
Jobs ²	672.7			672.9				669.0
						January 31,		December 31,
						2026		2025		2024
Unemployment, seasonally adjusted²
Statewide						2.6	%	2.6	%	3.0	%
Honolulu County						2.6		2.5		2.9
Hawaii County						2.9		3.1		3.5
Maui County						2.9		2.9		3.6
Kauai County						2.0		2.7		3.0
				February 28,		December 31,
(1-year percentage change, except months of inventory)				2026		2025		2024		2023
Housing Trends (Single Family Oahu) ³
Median Home Price				0.9	%	3.5	%	4.8	%	(5.0	)%
Home Sales Volume (units)				2.2	%	3.5	%	9.1	%	(26.3	)%
Months of Inventory				2.8		2.6		2.9		2.8

(in thousands, except percentage change)	Monthly Visitor Arrivals, Not Seasonally Adjusted	Percentage Change from Previous Year
Tourism ⁴
February 28, 2026	760.8	2.9	%
January 31, 2026	858.7	11.1
December 31, 2025	850.3	(4.4	)
November 30, 2025	728.1	(3.7	)
October 31, 2025	727.2	(1.2	)
September 30, 2025	674.9	(2.2	)
August 31, 2025	806.8	(2.6	)
July 31, 2025	870.8	(4.6	)
June 30, 2025	855.7	(1.9	)
May 31, 2025	766.4	1.1
April 30, 2025	810.3	9.4
March 31, 2025	890.0	2.8
February 28, 2025	739.7	(1.7	)
January 31, 2025	773.1	3.7
December 31, 2024	889.6	5.0
November 30, 2024	755.8	4.8
October 31, 2024	736.1	5.1
September 30, 2024	690.2	6.5
August 31, 2024	828.3	8.1
July 31, 2024	912.8	(1.9	)
June 30, 2024	872.6	(1.5	)
May 31, 2024	757.8	(4.1	)
April 30, 2024	740.7	(8.1	)
March 31, 2024	865.8	(3.0	)
February 29, 2024	752.7	2.6
¹ Source: Hawaii Department of Business, Economic Development & Tourism. Based on the latest complete available data for February 2026. ² Source: U.S. Bureau of Labor Statistics. Based on the latest complete available data for January 2026. Prior period numbers most recently reported may differ from previously reported figures. ³ Source: Honolulu Board of Realtors. ⁴ Source: Hawaii Tourism Authority. Prior period numbers most recently reported may differ from previously reported figures.

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Media Inquiries
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Email: Melissa.Torres-Laing@boh.com
Phone: 808-694-8384
Mobile: 808-859-1703

Investor/Analyst Inquiries
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Phone: 808-694-8238

Patricia Lam
Email: Patricia.Lam@boh.com
Phone: 808-694-8575

Source: Bank of Hawai‘i Corporation

Bank of Hawai‘i Corporation First Quarter 2026 Financial Results

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