Bank of Hawai‘i Corporation Fourth Quarter 2025 and Full Year 2025 Financial Results

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.

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.

deposit beta financial

Deposit beta measures how much of a change in market interest rates a bank passes on to the interest rates it pays depositors. Think of it like a store deciding how much of a supplier’s price increase to pass to shoppers; a low deposit beta means the bank keeps more of the higher rates as profit, while a high beta means deposit costs rise more and can squeeze margins. Investors track it to gauge future bank profitability and funding pressure.

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.

Tier 1 Leverage Ratio financial

Tier 1 leverage ratio measures a bank’s core capital — the money that can absorb losses — as a share of its total assets, showing how much of its balance sheet is funded by real loss-absorbing capital rather than borrowed money. Investors use it like a safety gauge: a higher ratio means a bigger cushion against shocks and lower risk of insolvency, similar to how a thicker spare tire reduces the chance of being stranded.

FDIC special assessment regulatory

A FDIC special assessment is a one-time or temporary charge the Federal Deposit Insurance Corporation can levy on insured banks to replenish the fund that protects depositors after unexpected losses. Think of it as an emergency invoice that raises a bank’s costs, which can reduce profits, eat into capital used for lending, and therefore matter to investors watching bank earnings, dividend capacity, and share price.

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.

• Diluted Earnings Per Common Share of $1.39 for the Fourth Quarter 2025
• Net Income of $60.9 Million for the Fourth Quarter 2025
• Net Interest Margin Increased to 2.61%, a 15 Basis Point Improvement during the Fourth Quarter 2025
• Quarterly Cost of Deposits Decreased to 1.43% Compared to 1.59% during the Linked Quarter
• Share Repurchases Resumed during the Fourth Quarter 2025

HONOLULU--(BUSINESS WIRE)-- Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $4.63 for the full year of 2025, compared with $3.46 for the full year of 2024. Net income for the year was $205.9 million, up 37.3% from the previous year. The return on average common equity for the full year of 2025 was 13.29% compared with 10.85% in 2024.

Diluted earnings per common share was $1.39 for the fourth quarter of 2025, compared with $1.20 during the linked quarter and $0.85 during the same period last year. Net income for the fourth quarter of 2025 was $60.9 million, up 14.2% from the linked quarter and up 55.6% from the same period last year. The return on average common equity for the fourth quarter of 2025 was 15.03% compared with 13.59% during the linked quarter and 10.30% during the same period last year.

“Bank of Hawai‘i completed 2025 with strong financial performance,” said Peter Ho, Chairman and CEO. “We continued to deliver consistent growth in net interest income and margin for the seventh consecutive quarter. Noninterest-bearing deposit balances increased 6.6% from the linked quarter and end of period total deposits and total loans and leases increased modestly. Credit quality remains outstanding, and we continue to be disciplined in managing expenses. Our strong performance reflects the hard work and exceptional commitment of our employees, whose dedication continues to drive our success.”

Financial Highlights

Net interest income for the fourth quarter of 2025 was $145.4 million, an increase of 6.4% from the linked quarter and an increase of 21.0% as compared to the same period last year. The increase from the linked quarter was primarily driven by lower interest‑bearing deposit rates, partially offset by a 1 basis point decline in earning asset yield, as the negative impact from floating rate assets repricing down in a lower rate environment outweighed the benefit from fixed rate assets rolling off at lower interest rates and being reinvested at higher rates (fixed-rate asset repricing). The increase from the same period last year was primarily due to lower interest-bearing deposit rates and fixed asset repricing, partially offset by floating rate assets repricing to lower interest rates.

Net interest margin was 2.61% in the fourth quarter of 2025, an increase of 15 basis points from the linked quarter and an increase of 42 basis points from the same period last year. The increase from the prior periods was primarily due to lower interest-bearing deposit rates and fixed-rate asset repricing, partially offset by floating rate assets repricing to lower interest rates.

The average yield on total earning assets was 4.07% in the fourth quarter of 2025, down 1 basis point from the linked quarter and up 10 basis points from the same period last year. The average yield on loans and leases was 4.81% in the fourth quarter of 2025, down 5 basis points from the linked quarter and up 8 basis points from the same period last year. The decrease in loan yield from the linked quarter was primarily driven by floating rate assets repricing to lower interest rates, which outweighed the benefit from fixed-rate asset repricing. The increase in loan yield from the same period last year is primarily due to new and existing loans earning higher rates than paid-off loans. The average rate of interest-bearing deposits was 1.94% in the fourth quarter of 2025, down 20 basis points from the linked quarter and down 43 basis points from the same period last year. The average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.43%, down 16 basis points from the linked quarter and down 34 basis points from the same period last year. The decreases were primarily due to lower benchmark interest rates. Deposit beta for the downward rate cycle was 31% as of the fourth quarter of 2025.

Noninterest income was $44.3 million in the fourth quarter of 2025, a decrease of 3.7% from the linked quarter and an increase of 2.8% from the same period last year. Noninterest income in the fourth quarter included a $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. We realized a $16.8 million loss on the sale of investments in the fourth quarter of 2025 as we replaced approximately $200 million of available-for-sale securities portfolio yielding approximately 1.5% with new securities yielding approximately 4.9%. Noninterest income in the linked quarter and same period last year also included charges related to Visa Class B share conversion ratio change of $0.8 million and $2.4 million, respectively. We sold our merchant services portfolio in the fourth quarter of 2025, which contributed approximately $3.0 million of non-recurring noninterest income in the linked quarter and the same period last year. Adjusted for these items, noninterest income was flat from the linked quarter and increased by 3.1% from the same period last year. The increase from the same period last year was due to increases in trust and asset management and other loan fees.

Noninterest expense was $109.5 million in the fourth quarter of 2025, a decrease of 2.6% from the linked quarter and an increase of 1.5% from the same period last year. Noninterest expense in the fourth 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. Noninterest expense in the linked quarter included a $2.1 million severance-related charge. Noninterest expense in the linked quarter and same period last year also included approximately $2.2 million in non-recurring Merchant Services expenses. Adjusted for these items, noninterest expense increased by 1.6% from the linked quarter and increased by 3.9% from the same period last year. The increase from the linked quarter was primarily due to higher salaries and benefits and other expenses, partially offset by lower occupancy expenses. The increase from the same period last year was primarily due to higher salaries and benefits and other expenses, partially offset by lower professional fees.

The effective tax rate for the fourth quarter of 2025 was 21.50% compared to 21.27% during the linked quarter and 24.02% during the same period last year. Compared to the same period last year, the decrease in our effective tax rate was primarily due to a decrease in nondeductible compensation, and increases in tax benefits related to low-income housing investments, as well as a change in discrete items.

Asset Quality

The Company’s overall asset quality remained strong during the fourth quarter of 2025. Provision for credit losses for the fourth quarter of 2025 was $2.5 million, unchanged from the linked quarter and down $1.3 million from the same period last year.

Total non-performing assets were $14.2 million at December 31, 2025, down $2.7 million from September 30, 2025 and down $5.1 million from December 31, 2024. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.10% at the end of the quarter, decreases of 2 basis points and 4 basis points from the linked quarter and the same period last year, respectively.

Net loan and lease charge-offs during the fourth quarter of 2025 were $4.1 million or 12 basis points annualized of total average loans and leases outstanding. Gross charge-offs of $5.3 million were partially offset by gross recoveries of $1.2 million. Compared to the linked quarter, net loan and lease charge-offs increased by $1.6 million or 5 basis points annualized on total average loans and leases outstanding. Compared to the same period last year, net loan and lease charge-offs increased by $0.7 million or 2 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $146.8 million at December 31, 2025, a decrease of $2.0 million from September 30, 2025 and a decrease of $1.8 million from December 31, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, down 2 basis points from the linked quarter and the same period last year.

Balance Sheet

Total assets were $24.2 billion at December 31, 2025, an increase of 0.7% from September 30, 2025 and an increase of 2.4% from December 31, 2024. The increases from the linked quarter and same period last year were primarily due to increases in available-for-sale securities, partially offset by decreases in held-to-maturity securities.

The investment securities portfolio was $7.8 billion at December 31, 2025, an increase of 1.8% from September 30, 2025 and an increase of 6.1% from December 31, 2024. The increases from the prior periods were 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 $14.1 billion at December 31, 2025, an increase of 0.4% from September 30, 2025 and flat from December 31, 2024. Total commercial loans were $6.1 billion at December 31, 2025, a decrease of 0.1% from September 30, 2025 and a decrease of 0.6% from December 31, 2024. The decrease from the linked quarter was primarily due to loan amortization and paydowns within our construction portfolio, partially offset by commercial mortgage production. The decrease from the same period last year was primarily due to loan amortization and paydowns within our commercial and industrial and construction portfolios, partially offset by commercial mortgage production. Total consumer loans were $8.0 billion at December 31, 2025, an increase of 0.9% from the linked quarter and an increase of 0.6% from the same period last year. The increase from the linked quarter was primarily due to increased production in the residential mortgage portfolio, partially offset by amortization and paydowns in the home equity portfolio. The increase from the same period last year was primarily due to increased production in the residential mortgage portfolio, partially offset by amortization and paydowns in the automobile portfolio.

Total deposits were $21.2 billion at December 31, 2025, an increase of 0.5% from September 30, 2025 and an increase of 2.7% from December 31, 2024. Noninterest-bearing deposits made up 27.2% of total deposit balances at December 31, 2025, up from 25.6% at September 30, 2025 and up from 26.3% at December 31, 2024. Average total deposits were $21.0 billion for the fourth quarter of 2025, down 0.4% from the linked quarter and up 1.1% from the same period last year.

Capital and Dividends

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

The Tier 1 Capital Ratio was 14.49% at December 31, 2025 compared with 14.34% at September 30, 2025 and 13.95% at December 31, 2024. The increase from prior periods was due to retained earnings growth. The Tier 1 Leverage Ratio was 8.57% at December 31, 2025, compared with 8.44% at September 30, 2025 and 8.31% at December 31, 2024. The increase from the linked quarter was due to an increase in retained earnings and a decrease in average total assets. The increase from the same period last year was due to an increase in retained earnings, partially offset by an increase in average assets.

The Company repurchased 76.5 thousand shares of common stock at a total cost of $5.0 million under the share repurchase program in the fourth quarter of 2025. Total remaining buyback authority under the share repurchase program was $121.0 million at December 31, 2025.

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 March 13, 2026 to shareholders of record at the close of business on February 27, 2026.

On January 5, 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 February 2, 2026 to shareholders of record of the preferred stock as of the close of business on January 16, 2026.

Conference Call Information

The Company will review its fourth quarter financial results today at 8:00 a.m. Hawai‘i Time (1:00 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/BI34f63e9b4766446cafc8f47a1a745b34. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, January 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, 2024 and its Form 10-Q for fiscal quarters ended March 31, 2025, June 30, 2025, and September 30, 2025 which were 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												Twelve Months Ended
(dollars in thousands, except per share amounts)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
For the Period:
Operating Results
Net Interest Income		$	145,374			$	136,675			$	120,178			$	537,539			$	466,580
Provision for Credit Losses			2,500				2,500				3,750				11,500				11,150
Total Noninterest Income			44,271				45,966				43,047				179,090				172,529
Total Noninterest Expense			109,518				112,387				107,931				443,147				430,108
Pre-Provision Net Revenue			80,127				70,254				55,294				273,482				209,001
Net Income			60,935				53,345				39,162				205,902				149,994
Net Income Available to Common Shareholders			55,666				48,076				33,893				184,825				137,350
Basic Earnings Per Common Share			1.40				1.21				0.86				4.67				3.48
Diluted Earnings Per Common Share			1.39				1.20				0.85				4.63				3.46
Dividends Declared Per Common Share			0.70				0.70				0.70				2.80				2.80
Performance Ratios
Return on Average Assets			1.01	%			0.88	%			0.66	%			0.87	%			0.64	%
Return on Average Shareholders' Equity			13.33				12.10				9.42				11.86				9.78
Return on Average Common Equity			15.03				13.59				10.30				13.29				10.85
Efficiency Ratio 1			57.75				61.53				66.12				61.84				67.30
Net Interest Margin 2			2.61				2.46				2.19				2.45				2.16
Dividend Payout Ratio 3			50.00				57.85				81.40				59.96				80.46
Average Shareholders' Equity to Average Assets			7.57				7.29				6.98				7.29				6.56
Average Balances
Average Loans and Leases		$	14,013,532			$	13,982,003			$	13,964,687			$	14,026,427			$	13,868,916
Average Assets			23,958,401				23,995,037				23,682,494				23,798,535				23,362,736
Average Deposits			20,980,199				21,068,286				20,756,682				20,855,867				20,536,239
Average Shareholders' Equity			1,814,000				1,748,576				1,654,156				1,736,055				1,533,243
Per Share of Common Stock
Book Value		$	37.92			$	36.35			$	33.27			$	37.92			$	33.27
Tangible Book Value			37.12				35.56				32.47				37.12				32.47
Market Value
Closing			68.37				65.64				71.24				68.37				71.24
High			71.85				71.90				82.70				76.00				82.70
Low			59.36				60.32				60.58				57.45				54.50

		December 31, 2025				September 30, 2025				December 31, 2024
As of Period End:
Balance Sheet Totals
Loans and Leases		$	14,082,050			$	14,021,579			$	14,075,980
Total Assets			24,176,364				24,014,609				23,601,114
Total Deposits			21,188,495				21,080,669				20,633,037
Other Debt			558,176				558,201				558,274
Total Shareholders' Equity			1,851,212				1,791,183				1,667,774
Asset Quality
Non-Performing Assets		$	14,171			$	16,864			$	19,300
Allowance for Credit Losses - Loans and Leases			146,766				148,778				148,528
Allowance to Loans and Leases Outstanding 4			1.04	%			1.06	%			1.06	%
Capital Ratios 5
Common Equity Tier 1 Capital Ratio			12.13	%			11.98	%			11.59	%
Tier 1 Capital Ratio			14.49				14.34				13.95
Total Capital Ratio			15.54				15.40				15.00
Tier 1 Leverage Ratio			8.57				8.44				8.31
Total Shareholders' Equity to Total Assets			7.66				7.46				7.07
Tangible Common Equity to Tangible Assets 6			6.11				5.90				5.48
Tangible Common Equity to Risk-Weighted Assets 6			10.35				9.95				9.08
Non-Financial Data
Full-Time Equivalent Employees			1,877				1,905				1,865
Branches			51				51				50
ATMs			320				322				317
Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income). Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets. Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share. The numerator comprises the Allowance for Credit Losses - Loans and Leases. Regulatory capital ratios as of December 31, 2025 are preliminary. 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)		December 31, 2025			September 30, 2025			December 31, 2024
Total Shareholders' Equity		$	1,851,212		$	1,791,183		$	1,667,774
Less: Preferred Stock			345,000			345,000			345,000
Goodwill			31,517			31,517			31,517
Tangible Common Equity		$	1,474,695		$	1,414,666		$	1,291,257
Total Assets		$	24,176,364		$	24,014,609		$	23,601,114
Less: Goodwill			31,517			31,517			31,517
Tangible Assets		$	24,144,847		$	23,983,092		$	23,569,597
Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1		$	14,246,491		$	14,215,866		$	14,225,908
Total Shareholders' Equity to Total Assets			7.66%			7.46%			7.07%
Tangible Common Equity to Tangible Assets (Non-GAAP)			6.11%			5.90%			5.48%
Tier 1 Capital Ratio 1			14.49%			14.34%			13.95%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1			10.35%			9.95%			9.08%
Regulatory capital ratios as of December 31, 2025 are preliminary.

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Income																		Table 3
		Three Months Ended												Twelve Months Ended
(dollars in thousands, except per share amounts)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Interest Income
Interest and Fees on Loans and Leases		$	168,234			$	169,411			$	164,785			$	667,506			$	653,615
Income on Investment Securities
Available-for-Sale			32,950				29,702				23,223				114,027				89,705
Held-to-Maturity			18,929				19,332				20,677				78,387				85,515
Cash and Cash Equivalents			5,936				8,195				9,425				23,408				30,701
Other			1,245				1,068				1,107				4,495				4,215
Total Interest Income			227,294				227,708				219,217				887,823				863,751
Interest Expense
Deposits			75,477				84,590				92,099				324,235				368,764
Securities Sold Under Agreements to Repurchase			496				496				992				2,227				4,608
Other Debt			5,947				5,947				5,948				23,822				23,799
Total Interest Expense			81,920				91,033				99,039				350,284				397,171
Net Interest Income			145,374				136,675				120,178				537,539				466,580
Provision for Credit Losses			2,500				2,500				3,750				11,500				11,150
Net Interest Income After Provision for Credit Losses			142,874				134,175				116,428				526,039				455,430
Noninterest Income
Trust and Asset Management			12,883				12,598				12,157				49,319				47,485
Fees, Exchange, and Other Service Charges			12,298				15,219				14,399				56,337				57,236
Service Charges on Deposit Accounts			8,694				8,510				8,678				33,582				32,430
Bank-Owned Life Insurance			3,758				3,681				3,283				14,764				13,568
Annuity and Insurance			1,124				1,095				1,347				5,211				5,436
Mortgage Banking			917				906				942				3,660				4,109
Investment Securities Losses, Net			(18,717	)			(1,945	)			(3,306	)			(23,395	)			(7,507	)
Other			23,314				5,902				5,547				39,612				19,772
Total Noninterest Income			44,271				45,966				43,047				179,090				172,529
Noninterest Expense
Salaries and Benefits			61,675				62,905				58,690				248,772				232,564
Net Equipment			10,047				10,285				10,308				40,501				40,886
Net Occupancy			10,029				10,932				10,263				42,019				42,084
Data Processing			5,659				5,603				5,313				21,985				19,540
Professional Fees			3,682				4,022				4,988				16,231				19,319
FDIC Insurance			2,378				3,508				3,711				11,168				17,850
Other			16,048				15,132				14,658				62,471				57,865
Total Noninterest Expense			109,518				112,387				107,931				443,147				430,108
Income Before Provision for Income Taxes			77,627				67,754				51,544				261,982				197,851
Provision for Income Taxes			16,692				14,409				12,382				56,080				47,857
Net Income		$	60,935			$	53,345			$	39,162			$	205,902			$	149,994
Preferred Stock Dividends			5,269				5,269				5,269				21,077				12,644
Net Income Available to Common Shareholders		$	55,666			$	48,076			$	33,893			$	184,825			$	137,350
Basic Earnings Per Common Share		$	1.40			$	1.21			$	0.86			$	4.67			$	3.48
Diluted Earnings Per Common Share		$	1.39			$	1.20			$	0.85			$	4.63			$	3.46
Dividends Declared Per Common Share		$	0.70			$	0.70			$	0.70			$	2.80			$	2.80
Basic Weighted Average Common Shares			39,641,382				39,655,741				39,513,210				39,618,830				39,450,737
Diluted Weighted Average Common Shares			40,003,635				39,980,931				39,836,758				39,934,431				39,700,388

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income															Table 4
		Three Months Ended										Twelve Months Ended
(dollars in thousands)		December 31, 2025			September 30, 2025			December 31, 2024				December 31, 2025			December 31, 2024
Net Income		$	60,935		$	53,345		$	39,162			$	205,902		$	149,994
Other Comprehensive Income (Loss), Net of Tax:
Net Change in Unrealized Gains (Losses) on Investment Securities			29,367			22,711			(7,388	)			95,808			53,435
Net Change in Defined Benefit Plans			2,446			232			(641	)			3,143			(136	)
Other Comprehensive Income (Loss)			31,813			22,943			(8,029	)			98,951			53,299
Comprehensive Income		$	92,748		$	76,288		$	31,133			$	304,853		$	203,293

Bank of Hawai‘i Corporation and Subsidiaries
Consolidated Statements of Condition										Table 5
(dollars in thousands, except per share amounts)		December 31, 2025				September 30, 2025				December 31, 2024
Assets
Cash and Cash Equivalents		$	946,520			$	985,223			$	763,571
Investment Securities
Available-for-Sale			3,510,652				3,280,410				2,689,528
Held-to-Maturity (Fair Value of $3,651,966; $3,717,573; and $3,820,882)			4,245,681				4,340,032				4,618,543
Loans Held for Sale			4,369				1,236				2,150
Loans and Leases			14,082,050				14,021,579				14,075,980
Allowance for Credit Losses			(146,766	)			(148,778	)			(148,528	)
Net Loans and Leases			13,935,284				13,872,801				13,927,452
Premises and Equipment, Net			199,747				196,093				184,480
Operating Lease Right-of-Use Assets			83,424				82,804				80,165
Accrued Interest Receivable			69,899				69,224				66,367
Mortgage Servicing Rights			17,455				17,927				19,199
Goodwill			31,517				31,517				31,517
Bank-Owned Life Insurance			499,795				494,041				481,184
Other Assets			632,021				643,301				736,958
Total Assets		$	24,176,364			$	24,014,609			$	23,601,114
Liabilities
Deposits
Noninterest-Bearing Demand		$	5,755,371			$	5,400,943			$	5,423,562
Interest-Bearing Demand			3,910,952				3,813,921				3,784,984
Savings			8,741,090				8,814,451				8,364,916
Time			2,781,082				3,051,354				3,059,575
Total Deposits			21,188,495				21,080,669				20,633,037
Securities Sold Under Agreements to Repurchase			50,000				50,000				100,000
Other Debt			558,176				558,201				558,274
Operating Lease Liabilities			92,402				91,690				88,794
Retirement Benefits Payable			20,139				23,352				23,760
Accrued Interest Payable			22,370				27,580				34,799
Other Liabilities			393,570				391,934				494,676
Total Liabilities			22,325,152				22,223,426				21,933,340
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: December 31, 2025 - 58,780,253 / 39,725,698; September 30, 2025 - 58,779,666 / 39,785,201; and December 31, 2024 - 58,765,907 / 39,762,255)			587				587				585
Capital Surplus			664,781				659,922				647,403
Accumulated Other Comprehensive Loss			(244,438	)			(276,251	)			(343,389	)
Retained Earnings			2,205,707				2,178,263				2,133,838
Treasury Stock, at Cost (Shares: December 31, 2025 - 19,054,555; September 30, 2025 - 18,994,465; and December 31, 2024 - 19,003,609)			(1,120,425	)			(1,116,338	)			(1,115,663	)
Total Shareholders’ Equity			1,851,212				1,791,183				1,667,774
Total Liabilities and Shareholders’ Equity		$	24,176,364			$	24,014,609			$	23,601,114

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, 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		–			–		–			–		–				–			–				–				205,902				–				205,902
Other Comprehensive Income		–			–		–			–		–				–			–				98,951				–				–				98,951
Share-Based Compensation		–			–		–			–		–				–			16,243				–				–				–				16,243
Common Stock Issued Under Purchase and Equity Compensation Plans		–			–		–			–		97,556				2			1,135				–				–				4,012				5,149
Common Stock Repurchased Under Share Repurchase Program		–			–		–			–		(76,547	)			–			–				–				–				(5,001	)			(5,001	)
Equity Compensation Plan Common Stock Repurchases		—			—		—			—		(57,566	)			—			—				—				—				(3,773	)			(3,773	)
Cash Dividends Declared Common Stock ($2.80 per share)		–			–		–			–		–				–			–				–				(112,956	)			–				(112,956	)
Cash Dividends Declared Preferred Stock		–			–		–			–		–				–			–				–				(21,077	)			–				(21,077	)
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
Balance as of December 31, 2023		180,000		$	180,000		–		$	–		39,753,138			$	583		$	636,422			$	(396,688	)		$	2,107,569			$	(1,113,644	)		$	1,414,242
Net Income		–			–		–			–		–				–			–				–				149,994				–				149,994
Other Comprehensive Income		–			–		–			–		–				–			–				53,299				–				–				53,299
Share-Based Compensation		–			–		–			–		–				–			14,444				–				–				–				14,444
Preferred Stock Issued, Net		–			–		165,000			165,000		–				–			(4,386	)			–				–				–				160,614
Common Stock Issued Under Purchase and Equity Compensation Plans		–			–		–			–		96,394				2			923				–				1,232				3,283				5,440
Equity Compensation Plan Common Stock Repurchases		–			–		–			–		(87,277	)			–			–				–				–				(5,302	)			(5,302	)
Cash Dividends Declared Common Stock ($2.80 per share)		–			–		–			–		–				–			–				–				(112,313	)			–				(112,313	)
Cash Dividends Declared Preferred Stock		–			–		–			–		–				–			–				–				(12,644	)			–				(12,644	)
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

Bank of Hawai‘i Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis 1																							Table 7a
		Three Months Ended December 31, 2025									Three Months Ended September 30, 2025									Three Months Ended December 31, 2024
(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		$	604.5		$	6.0		3.84	%		$	744.3		$	8.2		4.31	%		$	784.9		$	9.4		4.70	%
Investment Securities
Available-for-Sale
Taxable			3,363.4			32.5		3.86				3,157.8			29.3		3.70				2,614.5			23.0		3.50
Non-Taxable			32.0			0.5		5.80				32.4			0.5		5.98				21.5			0.3		6.39
Held-to-Maturity
Taxable			4,265.7			18.8		1.76				4,363.9			19.2		1.76				4,636.7			20.5		1.77
Non-Taxable			33.7			0.2		2.10				33.8			0.2		2.10				34.3			0.2		2.10
Total Investment Securities			7,694.8			52.0		2.70				7,587.9			49.2		2.59				7,307.0			44.0		2.41
Loans Held for Sale			2.4			0.0		5.51				1.6			0.0		5.92				4.0			0.1		5.86
Loans and Leases 3
Commercial Mortgage			4,124.5			55.2		5.31				4,016.3			54.3		5.36				3,868.7			52.0		5.34
Commercial and Industrial			1,590.0			19.6		4.90				1,600.7			20.5		5.09				1,697.9			22.1		5.18
Construction			265.5			4.6		6.89				394.4			7.3		7.32				346.6			6.6		7.54
Commercial Lease Financing			89.7			0.9		4.19				93.0			1.0		4.11				82.9			0.7		3.62
Residential Mortgage			4,719.8			47.5		4.03				4,638.1			46.7		4.02				4,621.0			45.3		3.93
Home Equity			2,122.1			24.3		4.54				2,129.6			23.9		4.46				2,181.6			22.5		4.10
Automobile			692.7			9.6		5.49				706.9			9.5		5.35				774.4			9.5		4.90
Other			409.2			7.9		7.64				403.0			7.7		7.63				391.6			7.2		7.29
Total Loans and Leases			14,013.5			169.6		4.81				13,982.0			170.9		4.86				13,964.7			165.9		4.73
Other			82.2			1.2		6.06				65.3			1.1		6.54				65.0			1.1		6.82
Total Earning Assets			22,397.4			228.8		4.07				22,381.1			229.4		4.08				22,125.6			220.5		3.97
Non-Earning Assets			1,561.0									1,613.9									1,556.9
Total Assets		$	23,958.4								$	23,995.0								$	23,682.5
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	3,697.9		$	7.3		0.78	%		$	3,781.0		$	7.8		0.81	%		$	3,655.8		$	7.8		0.85	%
Savings			8,738.2			44.3		2.01				8,831.0			50.6		2.28				8,652.2			52.6		2.42
Time			2,974.0			23.9		3.18				3,057.6			26.2		3.40				3,142.8			31.7		4.02
Total Interest-Bearing Deposits			15,410.1			75.5		1.94				15,669.6			84.6		2.14				15,450.8			92.1		2.37
Securities Sold Under Agreements to Repurchase			50.0			0.5		3.89				50.0			0.5		3.89				100.2			1.0		3.87
Other Debt			558.2			5.9		4.23				558.3			6.0		4.23				558.3			5.9		4.24
Total Interest-Bearing Liabilities			16,018.3			81.9		2.03				16,277.9			91.1		2.22				16,109.3			99.0		2.45
Net Interest Income					$	146.9								$	138.3								$	121.5
Interest Rate Spread								2.04	%								1.86	%								1.52	%
Net Interest Margin								2.61	%								2.46	%								2.19	%
Noninterest-Bearing Demand Deposits			5,570.1									5,398.7									5,305.9
Other Liabilities			556.0									569.8									613.1
Shareholders' Equity			1,814.0									1,748.6									1,654.2
Total Liabilities and Shareholders' Equity		$	23,958.4								$	23,995.0								$	23,682.5
Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report. Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.6 million, $1.7 million, and $1.3 million for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, respectively. 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 7b
		Twelve Months Ended December 31, 2025									Twelve Months Ended December 31, 2024
(dollars in millions)		Average Balance			Income/Expense 2			Yield/Rate			Average Balance			Income/Expense 2			Yield/Rate
Earning Assets
Cash and Cash Equivalents		$	551.4		$	23.4		4.24	%		$	594.1		$	30.7		5.17	%
Investment Securities
Available-for-Sale
Taxable			3,076.5			112.7		3.66				2,433.8			89.3		3.67
Non-Taxable			28.3			1.7		5.83				9.2			0.6		6.05
Held-to-Maturity
Taxable			4,409.2			77.8		1.77				4,783.5			84.9		1.78
Non-Taxable			33.9			0.7		2.10				34.5			0.7		2.10
Total Investment Securities			7,547.9			192.9		2.56				7,261.0			175.5		2.42
Loans Held for Sale			2.1			0.2		5.78				2.9			0.2		6.05
Loans and Leases 3
Commercial Mortgage			4,045.5			215.7		5.33				3,763.6			205.9		5.47
Commercial and Industrial			1,640.2			82.5		5.03				1,679.8			89.2		5.31
Construction			341.1			24.6		7.21				333.4			25.6		7.66
Commercial Lease Financing			91.8			3.7		4.05				65.1			1.7		2.68
Residential Mortgage			4,650.5			184.6		3.97				4,614.8			182.4		3.95
Home Equity			2,136.8			94.0		4.40				2,217.5			87.8		3.96
Automobile			720.4			37.9		5.26				803.6			37.0		4.61
Other			400.1			30.2		7.55				391.1			27.4		7.01
Total Loans and Leases			14,026.4			673.2		4.80				13,868.9			657.0		4.74
Other			69.5			4.5		6.47				63.2			4.2		6.66
Total Earning Assets			22,197.3			894.2		4.03				21,790.1			867.6		3.98
Non-Earning Assets			1,601.2									1,572.6
Total Assets		$	23,798.5								$	23,362.7
Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand		$	3,739.3		$	29.7		0.79	%		$	3,745.9		$	33.2		0.89	%
Savings			8,674.1			190.2		2.19				8,362.3			209.7		2.51
Time			3,029.6			104.3		3.44				3,042.3			125.9		4.14
Total Interest-Bearing Deposits			15,443.0			324.2		2.10				15,150.5			368.8		2.43
Securities Sold Under Agreements to Repurchase			56.6			2.2		3.94				118.2			4.6		3.90
Other Debt			563.2			23.9		4.23				560.4			23.8		4.25
Total Interest-Bearing Liabilities			16,062.8			350.3		2.18				15,829.1			397.2		2.51
Net Interest Income					$	543.9								$	470.4
Interest Rate Spread								1.85	%								1.47	%
Net Interest Margin								2.45	%								2.16	%
Noninterest-Bearing Demand Deposits			5,412.9									5,385.8
Other Liabilities			586.7									614.6
Shareholders' Equity			1,736.1									1,533.2
Total Liabilities and Shareholders' Equity		$	23,798.5								$	23,362.7
Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report. Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $6.4 million and $3.8 million for the twelve months ended December 31, 2025 and December 31, 2024, respectively. 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 December 31, 2025
		Compared to September 30, 2025
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Cash and Cash Equivalents		$	(1.4	)		$	(0.9	)		$	(2.3	)
Investment Securities
Available-for-Sale
Taxable			2.0				1.3				3.3
Non-Taxable			(0.1	)			0.0				(0.1	)
Held-to-Maturity
Taxable			(0.4	)			0.0				(0.4	)
Non-Taxable			0.0				0.0				0.0
Total Investment Securities			1.5				1.3				2.8
Loans Held for Sale			0.0				0.1				0.1
Loans and Leases
Commercial Mortgage			1.5				(0.6	)			0.9
Commercial and Industrial			(0.1	)			(0.8	)			(0.9	)
Construction			(2.3	)			(0.4	)			(2.7	)
Commercial Lease Financing			0.0				0.0				0.0
Residential Mortgage			0.8				0.1				0.9
Home Equity			(0.1	)			0.4				0.3
Automobile			(0.2	)			0.2				0.0
Other			0.1				0.1				0.2
Total Loans and Leases			(0.3	)			(1.0	)			(1.3	)
Other			0.5				(0.3	)			0.2
Total Change in Interest Income			0.3				(0.8	)			(0.5	)
Change in Interest Expense:
Interest-Bearing Deposits
Demand			(0.2	)			(0.3	)			(0.5	)
Savings			(0.5	)			(5.8	)			(6.3	)
Time			(0.7	)			(1.6	)			(2.3	)
Total Interest-Bearing Deposits			(1.4	)			(7.7	)			(9.1	)
Securities Sold Under Agreements to Repurchase			—				—				—
Other Debt			—				—				—
Total Change in Interest Expense			(1.4	)			(7.7	)			(9.1	)
Change in Net Interest Income		$	1.7			$	6.9			$	8.6
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 December 31, 2025
		Compared to December 31, 2024
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Cash and Cash Equivalents		$	(2.0	)		$	(1.5	)		$	(3.5	)
Investment Securities
Available-for-Sale
Taxable			7.1				2.5				9.6
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			5.6				2.4				8.0
Loans Held for Sale			0.0				0.0				0.0
Loans and Leases
Commercial Mortgage			3.6				(0.4	)			3.2
Commercial and Industrial			(1.3	)			(1.1	)			(2.4	)
Construction			(1.5	)			(0.5	)			(2.0	)
Commercial Lease Financing			0.1				0.1				0.2
Residential Mortgage			1.0				1.1				2.1
Home Equity			(0.6	)			2.4				1.8
Automobile			(1.1	)			1.1				0.0
Other			0.4				0.4				0.8
Total Loans and Leases			0.6				3.1				3.7
Other			0.6				(0.5	)			0.1
Total Change in Interest Income			4.8				3.5				8.3
Change in Interest Expense:
Interest-Bearing Deposits
Demand			0.1				(0.7	)			(0.6	)
Savings			0.5				(8.7	)			(8.2	)
Time			(1.6	)			(6.2	)			(7.8	)
Total Interest-Bearing Deposits			(1.0	)			(15.6	)			(16.6	)
Securities Sold Under Agreements to Repurchase			(0.5	)			0.0				(0.5	)
Other Debt			—				0.0				0.0
Total Change in Interest Expense			(1.5	)			(15.6	)			(17.1	)
Change in Net Interest Income		$	6.3			$	19.1			$	25.4
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 8c
		Twelve Months Ended December 31, 2025
		Compared to December 31, 2024
(dollars in millions)		Volume 1				Rate 1				Total
Change in Interest Income:
Cash and Cash Equivalents		$	(2.1	)		$	(5.2	)		$	(7.3	)
Investment Securities
Available-for-Sale
Taxable			23.6				(0.1	)			23.5
Non-Taxable			1.1				0.0				1.1
Held-to-Maturity
Taxable			(6.6	)			(0.5	)			(7.1	)
Non-Taxable			(0.1	)			—				(0.1	)
Total Investment Securities			18.0				(0.6	)			17.4
Loans Held for Sale			(0.1	)			0.0				(0.1	)
Loans and Leases
Commercial Mortgage			15.1				(5.3	)			9.8
Commercial and Industrial			(2.1	)			(4.6	)			(6.7	)
Construction			0.6				(1.6	)			(1.0	)
Commercial Lease Financing			1.6				0.4				2.0
Residential Mortgage			1.4				0.9				2.3
Home Equity			(3.3	)			9.5				6.2
Automobile			(4.0	)			4.9				0.9
Other			0.6				2.2				2.8
Total Loans and Leases			9.9				6.4				16.3
Other			0.4				(0.1	)			0.3
Total Change in Interest Income			26.1				0.5				26.6
Change in Interest Expense:
Interest-Bearing Deposits
Demand			(0.1	)			(3.4	)			(3.5	)
Savings			7.6				(27.0	)			(19.4	)
Time			(0.5	)			(21.1	)			(21.6	)
Total Interest-Bearing Deposits			7.0				(51.5	)			(44.5	)
Securities Sold Under Agreements to Repurchase			(2.4	)			0.0				(2.4	)
Other Debt			0.1				(0.1	)			0.0
Total Change in Interest Expense			4.7				(51.6	)			(46.9	)
Change in Net Interest Income		$	21.4			$	52.1			$	73.5
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									Twelve Months Ended
(dollars in thousands)		December 31, 2025			September 30, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Salaries		$	39,915		$	40,428		$	38,852		$	158,229		$	154,538
Incentive Compensation			4,535			4,280			4,423			19,455			15,708
Share-Based Compensation			4,379			3,979			3,208			15,527			13,667
Retirement and Other Benefits			4,378			3,895			3,456			17,228			15,408
Medical, Dental, and Life Insurance			3,916			3,908			4,965			15,971			14,900
Payroll Taxes			2,740			2,998			2,593			13,502			13,232
Commission Expense			1,670			1,326			1,085			5,172			3,575
Separation Expense			142			2,091			108			3,688			1,536
Total Salaries and Benefits		$	61,675		$	62,905		$	58,690		$	248,772		$	232,564

Bank of Hawai‘i Corporation and Subsidiaries
Loan and Lease Portfolio Balances														Table 10
(dollars in thousands)		December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Commercial
Commercial Mortgage		$	4,205,791		$	4,040,711		$	4,038,956		$	4,038,287		$	4,020,622
Commercial and Industrial			1,584,245			1,581,232			1,597,560			1,703,290			1,705,133
Construction			208,584			380,944			374,768			363,716			308,898
Lease Financing			88,303			92,213			92,842			92,456			90,756
Total Commercial			6,086,923			6,095,100			6,104,126			6,197,749			6,125,409
Consumer
Residential Mortgage			4,775,502			4,685,214			4,637,014			4,630,876			4,628,283
Home Equity			2,114,809			2,129,599			2,139,025			2,144,955			2,165,514
Automobile			690,376			699,244			715,688			740,390			764,146
Other			414,440			412,422			406,325			401,353			392,628
Total Consumer			7,995,127			7,926,479			7,898,052			7,917,574			7,950,571
Total Loans and Leases		$	14,082,050		$	14,021,579		$	14,002,178		$	14,115,323		$	14,075,980
Deposits
(dollars in thousands)		December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Consumer		$	10,466,617		$	10,393,932		$	10,429,271		$	10,522,627		$	10,397,777
Commercial			8,597,265			8,348,396			8,243,898			8,411,838			8,299,590
Public and Other			2,124,613			2,338,341			2,125,745			2,073,752			1,935,670
Total Deposits		$	21,188,495		$	21,080,669		$	20,798,914		$	21,008,217		$	20,633,037
Average Deposits
		Three Months Ended
(dollars in thousands)		December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024
Consumer		$	10,373,200		$	10,387,715		$	10,435,867		$	10,408,747		$	10,327,928
Commercial			8,478,592			8,504,078			8,316,893			8,318,182			8,564,213
Public and Other			2,128,407			2,176,493			1,946,933			1,942,610			1,864,541
Total Deposits		$	20,980,199		$	21,068,286		$	20,699,693		$	20,669,539		$	20,756,682

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)		December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial Mortgage		$	2,085			$	2,498			$	2,566			$	2,195			$	2,450
Commercial and Industrial			1,940				3,506				3,744				3,451				4,627
Total Commercial			4,025				6,004				6,310				5,646				7,077
Consumer
Residential Mortgage			5,382				5,628				5,842				4,686				5,052
Home Equity			4,469				5,107				5,387				5,759				4,514
Total Consumer			9,851				10,735				11,229				10,445				9,566
Total Non-Accrual Loans and Leases			13,876				16,739				17,539				16,091				16,643
Foreclosed Real Estate			295				125				342				1,360				2,657
Total Non-Performing Assets		$	14,171			$	16,864			$	17,881			$	17,451			$	19,300
Accruing Loans and Leases Past Due 90 Days or More
Consumer
Residential Mortgage		$	8,834			$	7,456			$	9,070			$	3,895			$	3,984
Home Equity			2,152				2,765				1,867				2,228				2,845
Automobile			520				525				680				486				776
Other			753				578				630				943				677
Total Consumer			12,259				11,324				12,247				7,552				8,282
Total Accruing Loans and Leases Past Due 90 Days or More		$	12,259			$	11,324			$	12,247			$	7,552			$	8,282
Total Loans and Leases		$	14,082,050			$	14,021,579			$	14,002,178			$	14,115,323			$	14,075,980
Ratio of Non-Accrual Loans and Leases to Total Loans and Leases			0.10	%			0.12	%			0.13	%			0.11	%			0.12	%
Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate			0.10	%			0.12	%			0.13	%			0.12	%			0.14	%
Ratio of Non-Performing Assets to Total Assets			0.06	%			0.07	%			0.08	%			0.07	%			0.08	%
Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate			0.07	%			0.10	%			0.10	%			0.09	%			0.12	%
Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate			0.13	%			0.14	%			0.15	%			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			0.19	%			0.20	%			0.22	%			0.18	%			0.20	%
Quarter to Quarter Changes in Non-Performing Assets Balance at Beginning of Quarter		$	16,864			$	17,881			$	17,451			$	19,300			$	19,781
Additions 1			2,608				959				3,522				2,209				2,198
Reductions
Payments			(2,631	)			(804	)			(1,424	)			(1,212	)			(708	)
Return to Accrual Status			(1,217	)			(321	)			(574	)			(244	)			(476	)
Sales of Foreclosed Real Estate			(120	)			(216	)			(1,040	)			(1,492	)			-
Charge-offs / Write-downs 1			(1,333	)			(635	)			(54	)			(1,110	)			(1,495	)
Total Reductions			(5,301	)			(1,976	)			(3,092	)			(4,058	)			(2,679	)
Balance at End of Quarter		$	14,171			$	16,864			$	17,881			$	17,451			$	19,300
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												Twelve Months Ended
(dollars in thousands)		December 31, 2025				September 30, 2025				December 31, 2024				December 31, 2025				December 31, 2024
Balance at Beginning of Period		$	150,051			$	150,128			$	150,325			$	150,649			$	152,429
Loans and Leases Charged-Off
Commercial
Commercial and Industrial			(1,331	)			(171	)			(353	)			(3,107	)			(2,609	)
Consumer
Residential Mortgage			—				—				(337	)			—				(385	)
Home Equity			(165	)			(28	)			(339	)			(423	)			(701	)
Automobile			(1,654	)			(1,368	)			(1,548	)			(6,026	)			(5,342	)
Other			(2,192	)			(2,392	)			(2,637	)			(9,465	)			(10,099	)
Total Loans and Leases Charged-Off			(5,342	)			(3,959	)			(5,214	)			(19,021	)			(19,136	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial			92				98				387				345				832
Consumer
Residential Mortgage			11				58				150				91				303
Home Equity			88				177				177				573				792
Automobile			517				559				609				2,266				2,168
Other			486				490				465				2,000				2,111
Total Recoveries on Loans and Leases Previously Charged-Off			1,194				1,382				1,788				5,275				6,206
Net Charged-Off - Loans and Leases			(4,148	)			(2,577	)			(3,426	)			(13,746	)			(12,930	)
Provision for Credit Losses:
Loans and Leases			2,136				2,812				4,623				11,984				15,055
Unfunded Commitments			364				(312	)			(873	)			(484	)			(3,905	)
Total Provision for Credit Losses			2,500				2,500				3,750				11,500				11,150
Balance at End of Period		$	148,403			$	150,051			$	150,649			$	148,403			$	150,649
Components
Allowance for Credit Losses - Loans and Leases		$	146,766			$	148,778			$	148,528			$	146,766			$	148,528
Reserve for Unfunded Commitments			1,637				1,273				2,121				1,637				2,121
Total Reserve for Credit Losses		$	148,403			$	150,051			$	150,649			$	148,403			$	150,649
Average Loans and Leases Outstanding		$	14,013,532			$	13,982,003			$	13,964,687			$	14,026,427			$	13,868,916
Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)			0.12	%			0.07	%			0.10	%			0.10	%			0.09	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1			1.04	%			1.06	%			1.06	%			1.04	%			1.06	%
The numerator comprises the Allowance for Credit Losses - Loans and Leases.

Bank of Hawai‘i Corporation and Subsidiaries
Business Segments Selected Financial Information													Table 13
(dollars in thousands)		Consumer Banking			Commercial Banking				Treasury and Other				Consolidated Total
Three Months Ended December 31, 2025
Net Interest Income (Expense)		$	97,044		$	56,365			$	(8,035	)		$	145,374
Provision for (Recapture of) Credit Losses			3,059			1,088				(1,647	)			2,500
Net Interest Income (Expense) After Provision for Credit Losses			93,985			55,277				(6,388	)			142,874
Noninterest Income			34,574			23,638				(13,941	)			44,271
Salaries and Benefits			21,318			4,434				35,923				61,675
Net Occupancy			6,977			395				2,657				10,029
Other Noninterest Expense			61,042			11,156				(34,384	)			37,814
Noninterest Expense			89,337			15,985				4,196				109,518
Income (Loss) Before Provision for Income Taxes			39,222			62,930				(24,525	)			77,627
Provision (Benefit) for Income Taxes			9,929			16,284				(9,521	)			16,692
Net Income (Loss)		$	29,293		$	46,646			$	(15,004	)		$	60,935
Total Assets as of December 31, 2025		$	8,337,939		$	6,125,727			$	9,712,698			$	24,176,364
Three Months Ended December 31, 2024 ¹
Net Interest Income (Expense)		$	98,019		$	53,516			$	(31,357	)		$	120,178
Provision for (Recapture of) Credit Losses			3,751			(326	)			325				3,750
Net Interest Income (Expense) After Provision for Credit Losses			94,268			53,842				(31,682	)			116,428
Noninterest Income			34,800			7,490				757				43,047
Salaries and Benefits			19,984			4,799				33,907				58,690
Net Occupancy			7,074			474				2,715				10,263
Other Noninterest Expense			58,458			13,601				(33,081	)			38,978
Noninterest Expense			85,516			18,874				3,541				107,931
Income (Loss) Before Provision for Income Taxes			43,552			42,458				(34,466	)			51,544
Provision (Benefit) for Income Taxes			11,136			10,819				(9,573	)			12,382
Net Income (Loss)		$	32,416		$	31,639			$	(24,893	)		$	39,162
Total Assets as of December 31, 2024		$	8,288,997		$	6,145,162			$	9,166,955			$	23,601,114
Twelve Months Ended December 31, 2025
Net Interest Income (Expense)		$	383,955		$	220,084			$	(66,500	)		$	537,539
Provision for (Recapture of) Credit Losses			11,551			2,194				(2,245	)			11,500
Net Interest Income (Expense) After Provision for Credit Losses			372,404			217,890				(64,255	)			526,039
Noninterest Income			135,923			47,086				(3,919	)			179,090
Salaries and Benefits			84,773			19,834				144,165				248,772
Net Occupancy			28,578			1,593				11,848				42,019
Other Noninterest Expense			236,285			52,332				(136,261	)			152,356
Noninterest Expense			349,636			73,759				19,752				443,147
Income (Loss) Before Provision for Income Taxes			158,691			191,217				(87,926	)			261,982
Provision (Benefit) for Income Taxes			40,291			49,097				(33,308	)			56,080
Net Income (Loss)		$	118,400		$	142,120			$	(54,618	)		$	205,902
Total Assets as of December 31, 2025		$	8,337,939		$	6,125,727			$	9,712,698			$	24,176,364
Twelve Months Ended December 31, 2024 ¹
Net Interest Income (Expense)		$	391,137		$	206,450			$	(131,007	)		$	466,580
Provision for (Recapture of) Credit Losses			11,969			913				(1,732	)			11,150
Net Interest Income (Expense) After Provision for Credit Losses			379,168			205,537				(129,275	)			455,430
Noninterest Income			134,568			28,768				9,193				172,529
Salaries and Benefits			81,477			20,436				130,651				232,564
Net Occupancy			27,551			1,816				12,717				42,084
Other Noninterest Expense			230,916			52,100				(127,556	)			155,460
Noninterest Expense			339,944			74,352				15,812				430,108
Income (Loss) Before Provision for Income Taxes			173,792			159,953				(135,894	)			197,851
Provision (Benefit) for Income Taxes			44,290			40,530				(36,963	)			47,857
Net Income (Loss)		$	129,502		$	119,423			$	(98,931	)		$	149,994
Total Assets as of December 31, 2024		$	8,288,997		$	6,145,162			$	9,166,955			$	23,601,114
Certain prior period information has been reclassified to conform to current presentation.

Bank of Hawai‘i Corporation and Subsidiaries
Selected Quarterly Financial Data																		Table 14
		Three Months Ended
(dollars in thousands, except per share amounts)		December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases		$	168,234			$	169,411			$	166,779			$	163,082			$	164,785
Income on Investment Securities
Available-for-Sale			32,950				29,702				27,007				24,368				23,223
Held-to-Maturity			18,929				19,332				19,835				20,291				20,677
Cash and Cash Equivalents			5,936				8,195				3,817				5,460				9,425
Other			1,245				1,068				1,097				1,085				1,107
Total Interest Income			227,294				227,708				218,535				214,286				219,217
Interest Expense
Deposits			75,477				84,590				82,476				81,692				92,099
Securities Sold Under Agreements to Repurchase			496				496				491				744				992
Other Debt			5,947				5,947				5,885				6,043				5,948
Total Interest Expense			81,920				91,033				88,852				88,479				99,039
Net Interest Income			145,374				136,675				129,683				125,807				120,178
Provision for Credit Losses			2,500				2,500				3,250				3,250				3,750
Net Interest Income After Provision for Credit Losses			142,874				134,175				126,433				122,557				116,428
Noninterest Income
Trust and Asset Management			12,883				12,598				12,097				11,741				12,157
Fees, Exchange, and Other Service Charges			12,298				15,219				14,383				14,437				14,399
Service Charges on Deposit Accounts			8,694				8,510				8,119				8,259				8,678
Bank-Owned Life Insurance			3,758				3,681				3,714				3,611				3,283
Annuity and Insurance			1,124				1,095				1,437				1,555				1,347
Mortgage Banking			917				906				849				988				942
Investment Securities Losses, Net			(18,717	)			(1,945	)			(1,126	)			(1,607	)			(3,306	)
Other			23,314				5,902				5,322				5,074				5,547
Total Noninterest Income			44,271				45,966				44,795				44,058				43,047
Noninterest Expense
Salaries and Benefits			61,675				62,905				61,308				62,884				58,690
Net Equipment			10,047				10,285				9,977				10,192				10,308
Net Occupancy			10,029				10,932				10,499				10,559				10,263
Data Processing			5,659				5,603				5,456				5,267				5,313
Professional Fees			3,682				4,022				4,263				4,264				4,988
FDIC Insurance			2,378				3,508				3,640				1,642				3,711
Other			16,048				15,132				15,640				15,651				14,658
Total Noninterest Expense			109,518				112,387				110,783				110,459				107,931
Income Before Provision for Income Taxes			77,627				67,754				60,445				56,156				51,544
Provision for Income Taxes			16,692				14,409				12,808				12,171				12,382
Net Income		$	60,935			$	53,345			$	47,637			$	43,985			$	39,162
Preferred Stock Dividends			5,269				5,269				5,269				5,269				5,269
Net Income Available to Common Shareholders		$	55,666			$	48,076			$	42,368			$	38,716			$	33,893
Basic Earnings Per Common Share		$	1.40			$	1.21			$	1.07			$	0.98			$	0.86
Diluted Earnings Per Common Share		$	1.39			$	1.20			$	1.06			$	0.97			$	0.85
Balance Sheet Totals
Loans and Leases		$	14,082,050			$	14,021,579			$	14,002,178			$	14,115,323			$	14,075,980
Total Assets			24,176,364				24,014,609				23,709,752				23,885,056				23,601,114
Total Deposits			21,188,495				21,080,669				20,798,914				21,008,217				20,633,037
Total Shareholders' Equity			1,851,212				1,791,183				1,743,107				1,704,935				1,667,774
Performance Ratios
Return on Average Assets			1.01	%			0.88	%			0.81	%			0.75	%			0.66	%
Return on Average Shareholders' Equity			13.33				12.10				11.21				10.65				9.42
Return on Average Common Equity			15.03				13.59				12.50				11.80				10.30
Efficiency Ratio 1			57.75				61.53				63.49				65.03				66.12
Net Interest Margin 2			2.61				2.46				2.39				2.32				2.19
Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income). 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 15
		Nine Months Ended						Year Ended
(dollars in millions, jobs in thousands, 1-year percentage change)		September 30, 2025 1						December 31, 2024							December 31, 2023
Hawaii Economic Trends
State General Fund Revenues 2		$	7,240.5		(7.1	)%		$	10,124.9			6.5	%		$	9,504.1			0.7	%
General Excise and Use Tax Revenue 2			3,614.4		4.7				4,495.0			0.5				4,474.1			4.9
Jobs 3			669.8						661.6							657.7
												November 30,			December 31,
												2025			2024				2023
Unemployment, seasonally adjusted 3
Statewide												2.2	%			3.0	%		3.0	%
Honolulu County												2.1				2.9			2.5
Hawaii County												2.6				3.4			2.9
Maui County												2.7				3.7			5.8
Kauai County												2.0				3.0			2.5
								December 31,
(1-year percentage change, except months of inventory)								2025				2024			2023				2022
Housing Trends (Single Family Oahu) 4
Median Home Price									3.5	%		4.8	%			(5.0	)%		11.6	%
Home Sales Volume (units)									3.5	%		9.1	%			(26.3	)%		(23.2	)%
Months of Inventory									2.6			2.9				2.8			2.1

(in thousands, except percentage change)		Monthly Visitor Arrivals, Not Seasonally Adjusted		Percentage Change from Previous Year
Tourism 5
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		892.0		5.3
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
January 31, 2024		745.6		(3.8	)
December 31, 2023		847.3		(1.3	)
Based on the latest complete available data Source: Hawaii Department of Business, Economic Development & Tourism Source: U.S. Bureau of Labor Statistics Source: Honolulu Board of Realtors Source: Hawaii Tourism Authority

 

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