Bank of Hawaii Corporation reported a net income of $57.4 million for the first quarter of 2026, marking a 31% increase from $43.9 million in the same period last year. This translates to diluted earnings per share of $1.30, up from $0.97 a year earlier. The company's return on average common equity improved to 13.90% from 11.80% in the prior year. Net interest income rose by 20% to $151.0 million, driven by a net interest margin of 2.74%, which increased by 42 basis points year-over-year. The provision for credit losses decreased to $1.8 million from $3.3 million, reflecting improved credit quality.
Total assets as of March 31, 2026, were $23.9 billion, a slight decline of 1.1% from the previous quarter. The loan and lease portfolio grew to $14.2 billion, up 0.8% from December 31, 2025, primarily due to an increase in commercial loans. The allowance for credit losses remained stable at $147.0 million, representing 1.04% of total loans and leases. Non-performing assets decreased to $12.1 million, down from $14.2 million at the end of 2025, indicating improved asset quality.
In terms of operational developments, the bank's total deposits decreased to $21.0 billion, a decline of 1.1% from the previous quarter. Consumer deposits increased slightly, while commercial deposits saw a notable decrease. The bank's investment securities portfolio increased to $7.9 billion, primarily due to new purchases of available-for-sale securities. The company also repurchased 194,096 shares of common stock during the quarter at an average cost of $77.84 per share, with a remaining buyback authority of $105.9 million.
Looking ahead, Bank of Hawaii Corporation remains focused on maintaining its strong financial position while navigating the challenges posed by the current economic environment. The bank's management emphasized its commitment to prudent risk management and capital strategies, aiming to support growth while ensuring stability. The outlook for the remainder of 2026 includes expectations for modest economic expansion in Hawaii, although uncertainties related to tourism and inflation may impact performance. The bank plans to continue leveraging its market knowledge and operational strengths to deliver value to stakeholders.
About BANK OF HAWAII CORP
Bank of Hawaii Corporation is a bank holding company headquartered in Honolulu, serving primarily Hawaii, Guam, and Pacific Islands. Its core business includes consumer and commercial banking, treasury services, securities brokerage, investment advisory, and credit insurance through subsidiaries. The company leverages an extensive branch network and local market expertise to provide financial products and services to individuals, businesses, and institutions, emphasizing strong community relationships and regulatory compliance.
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