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

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.

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

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

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

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

ATMs

320

322

317

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

Goodwill

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

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%

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

992

2,227

4,608

Other Debt

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

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

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

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

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

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

Preferred Stock (Series B, $.01 par value; authorized 165,000 shares issued and outstanding)

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

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

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

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

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

–

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

–

(4,386

)

–

160,614

Common Stock Issued Under Purchase and Equity Compensation Plans

–

96,394

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

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

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

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

Total Investment Securities

1.5

1.3

2.8

Loans Held for Sale

0.0

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

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

0.2

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

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

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

0.2

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

0.8

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

Total Change in Interest Expense

(1.5

)

(15.6

)

(17.1

)

Change in Net Interest Income

6.3

19.1

25.4

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

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

0.09

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

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

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

387

345

832

Consumer

Residential Mortgage

150

303

Home Equity

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

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

0.09

Ratio of Allowance for Credit Losses to Loans and Leases Outstanding 1

1.04

1.06

1.04

1.06

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

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

491

744

992

Other Debt

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

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

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

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

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

)