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Back of Napkin

Bank of Hawaii Corporation BOH

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Net interest income at Bank of Hawaii rose 18.4% over the past year while the yield on its earning assets moved seven basis points, so the recovery was rented from the Federal Reserve rather than earned by the bank.

Futures now price the funds rate higher twelve months out than it is today, which runs that engine backwards against an asset book that cannot reprice with it.

Key data

Sector / industryFinancials / Regional Banks
FYE / countryDec / US
Price · 52w range$75.11 · $59.36-$86.31
Market cap · shares$3.0B · 39.4M
Filing anchorQ2-FY2026 (CQ2 CY2026), filed Jul 28, 2026
Price / tangible book1.98x on $38.01 as-filed tangible book per share
TTMNet interest income $586.6M · fee income $174.9M · diluted EPS $5.37
ReturnsReturn on tangible common equity 15.0% · efficiency 59.0% · CET1 12.12%
Consensus EPSFY26E $5.98 · FY27E $6.69
YieldDividend 3.7% · $32.1M of stock repurchased in the first half

BOH · price with moving averages

Daily · 6MWeekly · 3Y
$42$54$66$77$89 Sep '23Apr '24Nov '24Jun '25Jan '26Sep '26 BID
EMAs82140

Source: market data.

The business

Bank of Hawaii gathers deposits across Oahu, Maui, Hawaii Island, Kauai, Guam and the smaller Pacific islands and lends most of the money back into the same real estate, as residential mortgages, home equity lines and commercial mortgages on island property. State and county governments supply a further slice of the funding against pledged collateral. About a third of the balance sheet never becomes a loan at all and sits in agency mortgage securities bought in a different rate world. The moat is geography and incumbency: 2,400 miles of ocean makes branch entry uneconomic for a mainland bank, and two local institutions have divided the islands since before statehood.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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