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

1/26/26 6:45:00 AM ET

Major Banks

Finance

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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

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.

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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 requirements¹	$	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 Revenues²	$	7,240.5	(7.1	)%	$	10,124.9		6.5	%	$	9,504.1		0.7	%
General Excise and Use Tax Revenue²		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 adjusted³
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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Date	Price Target	Rating	Analyst
1/27/2026	$91.00	Mkt Perform → Outperform	Keefe Bruyette
11/11/2025	$75.00	Underweight → Equal Weight	Barclays
8/21/2025	$71.00	Neutral	Piper Sandler
11/27/2024	$90.00	Overweight	Stephens
10/2/2024	$60.00 → $67.00	Underperform → Mkt Perform	Keefe Bruyette
8/12/2024	$70.00 → $61.00	Neutral → Underweight	Piper Sandler
3/8/2024	$51.00	Underweight	Barclays
7/25/2023	$47.00	Mkt Perform → Underperform	Keefe Bruyette

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

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Press Releases

Bank of Hawai'i Announces Planned Retirement of Chairman and CEO Peter S. Ho