# Bank of Hawaii (BOH.US)

Canonical: https://gigainvestors.com/s/BOH

Analysis as of: 2026-10-16T07:27:02.611Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $67.19 per share; close as of 2026-10-15.

Estimated value: low $92.51 per share, central $115.63 per share, high $154.18 per share. Buy at or below the central value $115.63 per share. Valuation as of 2026-10-16T07:27:02.611Z; scenarios are not confidence intervals.

Expected annual return: 12.9% at the stated quote. About 12.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.24×

Chart: Net income; fiscal year observations.

- FY2016: $181M

- FY2017: $185M

- FY2018: $220M

- FY2019: $226M

- FY2020: $154M

- FY2021: $250M

- FY2022: $218M

- FY2023: $163M

- FY2024: $137M

- FY2025: $185M

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 16.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.3%

- Cost / income, median: 57.9%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 16.4%

- FY2017: 15.7%

- FY2018: 18.1%

- FY2019: 18.4%

- FY2020: 11.6%

- FY2021: 18.2%

- FY2022: 20.1%

- FY2023: 13.8%

- FY2024: 8.5%

- FY2025: 10.3%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 14.9%

- Book return interval: 10 years

- Starting book value per share: $24.43

- Ending book value per share: $45.13

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 13.3%

- FY2017: 14.9%

- FY2018: 13.1%

- FY2019: 13.8%

- FY2020: 18.5%

- FY2021: 12.0%

- FY2022: -12.7%

- FY2023: 20.6%

- FY2024: 45.3%

- FY2025: 17.7%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -0.8%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: -0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.06×

- Book value created per share: $20.70

- Earnings retained per share after dividends and buybacks: $10.06

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 99

- FY2017: 98

- FY2018: 97

- FY2019: 94

- FY2020: 92

- FY2021: 92

- FY2022: 92

- FY2023: 91

- FY2024: 91

- FY2025: 92

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 4.8%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 3

- Years credit losses exceeded peer median: 3

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 22% since Feb 2022 · "BOH Q4 Deep Dive: Margin Expansion and Deposit Growth Propel Results" (finance.yahoo.com, Jan 2026) · net income +34.6%

Story as of 2026-10-16T09:58:25.171Z; price observation 2026-10-15.

The price assumes profits grow 3.1% a year forever

- 2026-01-27: BOH Q4 Deep Dive: Margin Expansion and Deposit Growth Propel Results ([finance.yahoo.com](https://finance.yahoo.com/news/boh-q4-deep-dive-margin-053101903.html))

- 2026-04-21: Bank of Hawaii Q1 Earnings Miss on Lower Fee Income, Expenses Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bank-hawaii-q1-earnings-miss-144900367.html))

- 2026-07-28: BOH Q2 Earnings Beat on Strong NII, Stock Dips on Lower Fee Income ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/boh-q2-earnings-beat-strong-164500925.html))

### Net income · FY2025

net income +34.6%; source https://www.sec.gov/Archives/edgar/data/46195/000004619526000015/boh-20251231.htm; observed 2026-02-24.

- FY2016: $181M 

- FY2017: $185M 

- FY2018: $220M 

- FY2019: $226M 

- FY2020: $154M 

- FY2021: $250M 

- FY2022: $218M 

- FY2023: $163M 

- FY2024: $137M 

- FY2025: $185M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 716.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/46195/000004619526000015/boh-20251231.htm#000004619526000015 (filed 2026-02-24); FY2025: revenue 716629000.

### Why customers stay

It earns 16.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,0.1640166781608468],[2017,0.15707020920637324],[2018,0.18113402393487812],[2019,0.18362536403929797],[2020,0.11622427527963378],[2021,0.1817311551461233],[2022,0.2012515018114085],[2023,0.1381949409609551],[2024,0.08493820258766228],[2025,0.10255293412642046]]; median 0.16054344368361. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 8.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,81157000],[2017,87066000],[2018,98496000],[2019,105478000],[2020,107434000],[2021,113608000],[2022,120434000],[2023,119672000],[2024,124957000],[2025,134032999]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/46195/000004619526000015/boh-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 8774000 USD.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOH.US SharesStats.PercentInsiders = 1.928 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://www.sec.gov/Archives/edgar/data/46195/000004619526000015/boh-20251231.htm (filed 2026-02-24); ensitive to regional business and economic conditions, in particular those of Hawaiʻi, Guam and other Pacific Islands.

Our business and operations are primarily concentrated in Hawaiʻi and the Pacific Islands. The local economic conditions in these market areas have a significant impact on the Company’s ability to originate loans, the ability of the borrowers to repay these loans, and the value of the collateral securing these loans. A significant decline in the general business and economic conditions caused by declines in one or more key industries, inflation, recession, unemployment, U.S. tariffs on imported goods or retaliatory tariffs on U.S. goods, or other factors beyond the Company’s control can affect, and has in the past affected, these local economic conditions.

These local economies rely heavily on tourism, the U.S. military, real estate, construction, government, and other service-based industries. Lower visitor arrivals or spending, unemployment rates, occupancy rates, real or threatened acts of war or terrorism, public unrest, increases in energy costs, inflation, tariffs, the availability of affordable air transportation, climate change, natural disasters and adverse weather, public health issues, and federal, State of Hawaiʻi and local government budget issues may impact consumer and corporate spending. The level of domestic and international visitor arrivals and spending, housing prices, real estate values, and unemployment rates are some of the metrics that we regularly monitor. Additionally, financial markets may be adversely affected by the current or anticipated impact of military conflict, terrorism or other geopolitical events.

Deterioration of business and economic conditions, particularly in Hawaiʻi and the West Pacific, has in the past adversely affected, and in the future could adversely affect the quality of our assets, credit losses, and the demand for our products and services, which could lead to lower revenues, higher expenses, and lower earnings.

9

Table of Contents

Our loan portfolio is largely secured by real estate, and a downturn in the real estate market may adversely affect our results of operations.

Our loan portfolio is largely secured by real estate, with a particular concentration of real estate located in Hawaiʻi and the West Pacific. As of December 31, 2025, our residential mortgage loans represented $4.8 billion, or 33.9%, of our total loan and lease portfolio and our commercial mortgage loans represented approximately $4.2 billion, or 29.9%, of our total loan and lease portfolio.

Payments on loans secured by commercial real estate often depend upon the successful operation and management of the properties and the businesses which operate from within them. Payments on loans secured by residential real estate often depends on the employment of the homeowner. Repayment of loans may be affected by

### What the price says

The price assumes profits grow 3.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Price 67.19; FX 1; original perpetual distributable cash 4.625307645069602; discount 0.1; growth 0.03116077325391277. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $75.15 per share

- 2016-11: $83.37 per share

- 2016-12: $88.69 per share

- 2017-01: $85.91 per share

- 2017-02: $84.46 per share

- 2017-03: $82.36 per share

- 2017-04: $81.48 per share

- 2017-05: $77.73 per share

- 2017-06: $82.97 per share

- 2017-07: $83.67 per share

- 2017-08: $78.13 per share

- 2017-09: $83.36 per share

- 2017-10: $81.61 per share

- 2017-11: $84.88 per share

- 2017-12: $85.70 per share

- 2018-01: $83.67 per share

- 2018-02: $82.01 per share

- 2018-03: $83.10 per share

- 2018-04: $84.21 per share

- 2018-05: $84.93 per share

- 2018-06: $83.42 per share

- 2018-07: $80.49 per share

- 2018-08: $83.13 per share

- 2018-09: $78.91 per share

- 2018-10: $78.44 per share

- 2018-11: $79.75 per share

- 2018-12: $67.32 per share

- 2019-01: $77.33 per share

- 2019-02: $82.23 per share

- 2019-03: $78.87 per share

- 2019-04: $82.38 per share

- 2019-05: $75.66 per share

- 2019-06: $82.91 per share

- 2019-07: $85.25 per share

- 2019-08: $82.68 per share

- 2019-09: $85.93 per share

- 2019-10: $87.31 per share

- 2019-11: $90.11 per share

- 2019-12: $95.16 per share

- 2020-01: $89.60 per share

- 2020-02: $74.42 per share

- 2020-03: $55.24 per share

- 2020-04: $68.18 per share

- 2020-05: $64.33 per share

- 2020-06: $61.41 per share

- 2020-07: $56.63 per share

- 2020-08: $55.04 per share

- 2020-09: $50.52 per share

- 2020-10: $60.64 per share

- 2020-11: $74.88 per share

- 2020-12: $76.62 per share

- 2021-01: $78.19 per share

- 2021-02: $87.50 per share

- 2021-03: $89.49 per share

- 2021-04: $90.89 per share

- 2021-05: $89.74 per share

- 2021-06: $84.22 per share

- 2021-07: $83.71 per share

- 2021-08: $83.81 per share

- 2021-09: $82.17 per share

- 2021-10: $84.50 per share

- 2021-11: $79.78 per share

- 2021-12: $83.76 per share

- 2022-01: $86.07 per share

- 2022-02: $86.18 per share

- 2022-03: $83.92 per share

- 2022-04: $74.34 per share

- 2022-05: $79.48 per share

- 2022-06: $74.40 per share

- 2022-07: $80.11 per share

- 2022-08: $78.02 per share

- 2022-09: $76.12 per share

- 2022-10: $75.95 per share

- 2022-11: $80.67 per share

- 2022-12: $77.56 per share

- 2023-01: $76.49 per share

- 2023-02: $74.86 per share

- 2023-03: $52.08 per share

- 2023-04: $48.43 per share

- 2023-05: $39.15 per share

- 2023-06: $41.23 per share

- 2023-07: $57.13 per share

- 2023-08: $53.74 per share

- 2023-09: $49.69 per share

- 2023-10: $49.39 per share

- 2023-11: $58.07 per share

- 2023-12: $72.46 per share

- 2024-01: $63.23 per share

- 2024-02: $60.28 per share

- 2024-03: $62.39 per share

- 2024-04: $56.69 per share

- 2024-05: $57.74 per share

- 2024-06: $57.21 per share

- 2024-07: $68.59 per share

- 2024-08: $66.37 per share

- 2024-09: $62.77 per share

- 2024-10: $72.23 per share

- 2024-11: $78.98 per share

- 2024-12: $71.24 per share

- 2025-01: $74.51 per share

- 2025-02: $72.22 per share

- 2025-03: $68.97 per share

- 2025-04: $66.11 per share

- 2025-05: $66.51 per share

- 2025-06: $67.53 per share

- 2025-07: $61.88 per share

- 2025-08: $68.12 per share

- 2025-09: $65.64 per share

- 2025-10: $64.93 per share

- 2025-11: $65.54 per share

- 2025-12: $68.37 per share

- 2026-01: $74.78 per share

- 2026-02: $75.77 per share

- 2026-03: $74.25 per share

- 2026-04: $79.51 per share

- 2026-05: $76.60 per share

- 2026-06: $81.49 per share

- 2026-07: $79.90 per share

- 2026-08: $75.93 per share

- 2026-09: $68.92 per share

- 2026-10: $67.19 per share

## Annual estimated value (USD per share)

- FY2016: low $56.97 per share, central $71.21 per share, high $94.95 per share

- FY2017: low $58.79 per share, central $73.48 per share, high $97.98 per share

- FY2018: low $61.50 per share, central $76.87 per share, high $102.49 per share

- FY2019: low $64.48 per share, central $80.60 per share, high $107.46 per share

- FY2020: low $68.75 per share, central $85.94 per share, high $114.58 per share

- FY2021: low $80.07 per share, central $100.09 per share, high $133.45 per share

- FY2022: low $65.34 per share, central $81.68 per share, high $108.90 per share

- FY2023: low $51.16 per share, central $56.28 per share, high $62.53 per share

- FY2024: low $59.19 per share, central $65.11 per share, high $72.35 per share

- FY2025: low $90.13 per share, central $112.66 per share, high $150.22 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/46195/000004619526000015/boh-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.