BANK OF HAWAII CORP
For the period ended Mar 31, 2026. Filed Apr 27, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 27, 2026
BOH$69.64-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0000046195-25-000037
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-27.
0000046195-26-000036
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 177 previous paragraphs and 166 current paragraphs.
98 unchanged; 50 reworded; 18 added; 25 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 20 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
As of March 31, 2026, Hawai‘i’s economy continues to experience slow and uneven growth amid lingering uncertainty. Tourism conditions have stabilized but remain soft, with visitor volumes flat overall as continued weakness in most international markets offsets a modest recovery from Japan. Visitor spending has been supported by higher per‑visitor expenditures, particularly from U.S. mainland travelers, even as arrivals lag. Construction continues to provide a key source of stability, driven by elevated federal and military infrastructure projects and Maui rebuilding activity, although growth is expected to slow from recent highs. Labor market conditions have improved modestly following federal workforce reductions, and Hawai‘i’s unemployment rate remains historically low at 2.6% in January 2026, well below the national level of 4.3%. Inflationary pressures persist as the pass‑through effect of tariffs and tariff uncertainty, as well as the impact of recent military conflict on gasoline and electricity, continues to affect consumer prices. Recent Kona low storm events have also resulted in localized economic stress, with related impacts still evolving. Hawai‘i’s economy is expected to expand at a modest pace in 2026, constrained by ongoing federal policy uncertainty and a gradual recovery in tourism, but with uncertainty due to the impact on travel of higher jet fuel prices and other increased travel costs and potential erosion of consumer confidence negatively impacting middle-class tourism demand.
Current report
•Noninterest income was $41.3 million in the first quarter of 2026, a decrease of 6% compared to the same period last year.
Current report
•The effective tax rate for the first quarter of 2026 was 22.9% compared with 21.7% for the same period last year.
Current report
•Total assets were $23.9 billion as of March 31, 2026, a decrease of 1.1% from December 31, 2025.
Current report
•Total loans and leases were $14.2 billion as of March 31, 2026, an increase of 0.8% from December 31, 2025.
Current report
•Total deposits were $21.0 billion as of March 31, 2026 and $21.2 billion as of December 31, 2025.
Current report
•We maintained a quarterly dividend of $0.70 per common share during the three months ended March 31, 2026 and 2025.
Current report
Fees, exchange, and other service charges decreased by$3.5 million or 24% in the first quarter of 2026 compared to the same period last year, primarily due to lower merchant income following the sale of our merchant services portfolio in the fourth quarter of 2025.
Current report
Bank-owned life insurance increased by $0.5 million or 15% in the first quarter of 2026 compared to the same period last year, primarily due to an increase in death benefits received.
Current report
Other income decreased by $0.8 million or 15% in the first quarter of 2026 compared to the same period last year. This decrease was primarily due to an insurance settlement recognized in the first quarter of 2025 and lower foreign exchange volumes during the first quarter of 2026.
Current report
Total other expense decreased by $2.0 million or 12.5% for the first quarter of 2026 compared to the same period last year, primarily due to lower merchant transaction and card processing fees following the sale of our merchant services portfolio in the fourth quarter of 2025. This was partially offset by an increase in advertising expense.
Current report
Cash and Cash Equivalents
Current report
Cash and cash equivalents were $425.1 million as of March 31, 2026, a decrease of $521.4 million or 55.1% from the prior year. The decrease was primarily due to an increase in our investment portfolio.
Current report
Total loans and leases as of March 31, 2026 increased by $110.8 million or 0.8% from December 31, 2025, primarily due to growth in our commercial loans. This was partially offset by decreases in our consumer loans.
Current report
Table 8 presents the geographic distribution of our loan and lease portfolio.
Current report
Prepaid expenses increased by $2.8 million or 12%, primarily due to changes in accruals and timing of payments. Deferred compensation plan assets decreased by $3.6 million or 22%, primarily due to distributions from the executive deferred compensation plan during the three months ended March 31, 2026. Other assets increased by $6.1 million or 13%, primarily driven by improved funded status of the Company’s defined benefit pension plans.
Current report
Uninsured amounts are estimated based on the portion of account balances in excess of FDIC insurance limits.
Current report
Net income increased by $7.4 million or 23% in the first quarter of 2026 compared to the same period last year, primarily due to an increase in net interest income and a decrease in noninterest expense, partially offset by a decrease in noninterest income. Net interest income increased by $8.1 million or 15%, primarily due to higher average deposit balances and spreads, which increased segment net interest income under our funds transfer pricing methodology, partially offset by lower loan balances. Noninterest income decreased by $3.5 million or 46%, primarily due to a reduction in merchant revenue following the sale of the Bank’s merchant services portfolio in the fourth quarter of 2025, lower loan and commitment fees, and reduced gains on sale of leased assets, partially offset by an increase in account analysis fees. Noninterest expense decreased by $2.9 million or 15%, primarily due to lower merchant transaction processing fees, salaries and benefits, equipment expenses, and allocated administrative, support unit and treasury expenses, partially offset by increases in data processing, customer derivative broker charges, and allocated branch expenses.
Removed paragraphs (25)
Previous report
As of September 30, 2025, Hawai‘i’s economy continues to show resilience despite broader national and global uncertainties. While tourism has softened, the sector remains a vital contributor to the state’s recovery, with domestic travel helping to offset slower international arrivals. Construction activity remains strong, supported by public infrastructure investment and rebuilding efforts, and continues to provide stability across the labor market. Inflationary pressures and changes to federal support programs present challenges, but ongoing state-level initiatives and a diversified economic base are expected to help mitigate their impact. Although job growth has moderated and federal employment reductions are underway, Hawai‘i’s unemployment rate has been lower relative to national levels. Hawai‘i’s unemployment rate was 2.7% in August 2025, which was below the U.S. unemployment rate of 4.3%.
Previous report
•Noninterest income was $46.0 million in the third quarter of 2025, an increase of 2% compared to the same period last year.
Previous report
•The effective tax rate for the third quarter of 2025 was 21.3% compared with 23.3% compared to the same period last year.
Previous report
The balance sheet remained stable during the third quarter of 2025. Compared to December 31, 2024, we experienced a modest decline in loans, while investments and deposits increased.
Previous report
•Total assets were $24.0 billion as of September 30, 2025, an increase of 1.8% from December 31, 2024.
Previous report
•Total loans and leases were $14.0 billion as of September 30, 2025, a decrease of 0.4% from December 31, 2024.
Previous report
•Total deposits were $21.1 billion as of September 30, 2025 and $20.6 billion as of December 31, 2024.
Previous report
Investment securities losses increased by $0.8 million or 76.3% in the third quarter of 2025 compared to the same period last year, primarily due to higher fees paid to counterparties for Visa Class B share conversion rate expense during the third quarter of 2025. In October 2025, we initiated the process of repositioning a portion of our AFS securities. As a result, we expect to realize a loss on the sale of certain securities during the quarter ending December 31, 2025 that is expected to range from $16 million to $17 million.
Previous report
Other income increased by $0.8 million or 15.8% in the third quarter of 2025 compared to the same period last year, primarily due to an increase in customer derivative transactions during the quarter. Other income increased by $2.1 million or 14.6% for the first nine months of 2025 compared to the same period last year, primarily due to an increase in customer derivative transactions, a gain on sale of an other real estate owned (“OREO”) property, and the recovery of a previously charged-off bank-owned life insurance policy.
Previous report
On October 1, 2025, we sold the economic interests of our merchant services portfolio. As a result of this transaction, we will recognize a one-time gain of approximately $18 million during the quarter ending December 31, 2025. The noninterest income generated from our merchant services portfolio during the three and nine months ended September 30, 2025 was $3.1 million and $8.7 million, respectively. These amounts were recognized in Fees, Exchange, and Other Service Charges.
Previous report
Annuity and insurance decreased by $0.4 million or 25.0% in the third quarter of 2025 compared to the same period last year, primarily due to the onboarding of our new broker-dealer service provider during the quarter.
Previous report
Mortgage banking decreased by $0.3 million or 23.7% in the third quarter of 2025 compared to the same period last year, primarily due to a decrease in the amount of loans sold to third parties.
Previous report
Data processing fees increased by $0.9 million or 18.9% in the third quarter of 2025 and by $2.1 million or 14.8% for the first nine months of 2025 compared to the same periods last year, primarily due to an increase in data service fees, our online banking platform, and an increase in debit card transactions.
Previous report
Professional fees decreased by $0.7 million or 14.9% in the third quarter of 2025 and by $1.8 million or 12.4% for the first nine months of 2025 compared to the same periods last year, primarily due to a decrease in consulting and outsourcing costs incurred.
Previous report
Other expense increased by $2.3 million or 10.2% for the first nine months of 2025 compared to the same period last year, primarily due to an increase in operational losses, telephone charges, and travel expenses.
Previous report
The provision for income taxes was $39.4 million in the first nine months of 2025, an increase of $3.9 million compared to the same period in 2024. The effective tax rate for the first nine months of 2025 was 21.4%, a decrease from 24.2% for the same period in 2024. The lower effective tax rate for the first nine months of 2025 compared to the same period in 2024 was due to a decrease in tax expense from discrete items and an increase in tax-exempt investment income.
Previous report
In July 2025, the One Big Beautiful Bill Act (“OBBA”) was enacted, permanently extending several tax provisions originally introduced under the 2017 Tax Cuts and Jobs Act that were set to expire at the end of 2025. The OBBA also introduces changes to certain U.S. corporate tax rules, most of which take effect in 2026. We have evaluated the impact of the OBBA and do not expect any material changes to our effective tax rate or results of operations.
Previous report
Total loans and leases as of September 30, 2025 decreased by $54.4 million or 0.4% from December 31, 2024 due to reductions in both our commercial and consumer loans.
Previous report
Table 7 presents the composition of our loan and lease portfolio by geographic area and by major categories.
Previous report
Derivative financial instruments decreased by $57.4 million or 35.5% due to changes in interest rates from December 2024 to September 2025, decreasing the valuation of customer swaps and fair value hedges. Deferred compensation plan assets decreased by $2.9 million or 15.9%, primarily due to distributions from the executive deferred compensation plan in 2025. Foreclosed real estate decreased by 2.5 million or 95.3%, primarily due to the sale of foreclosed properties during the nine months ended September 30, 2025. Accounts receivable decreased by $2.0 million or 11.5%, primarily due to changes in accruals and timing of payments.
Previous report
Estimated uninsured deposits are calculated pursuant to regulatory guidance and reported in our Call Report and include deposits collateralized by government-backed securities and intercompany deposits of wholly-owned subsidiaries. Table 12 presents a reconciliation of our estimated uninsured deposits as reported in our Call Report to our adjusted uninsured deposits. We believe the adjusted uninsured deposits reconciliation provides useful information about our deposits at risk.
Previous report
2 Balances presented as of December 31, 2024 were revised to reflect changes made in our Call Report.
Previous report
Net income decreased by $8.0 million or 8% in the first nine months of 2025 compared to the same period last year, primarily due to a decrease in net interest income and an increase in noninterest expense. This was partially offset by an increase in noninterest income. Net interest income decreased by $6.2 million or 2%, primarily due to lower deposit spreads on higher deposit balances. Noninterest expense increased by $5.9 million or 2%, primarily due to higher salaries and benefits expense, mobile and online banking platform costs, operational losses, card production costs, and allocated administrative and support unit costs. Noninterest income increased by $1.6 million or 2%, primarily due to increases in trust and asset management income, monthly service fees, and credit card commissions, partially offset by a decrease in mortgage banking income.
Previous report
Net income increased by $4.2 million or 14% in the third quarter of 2025 compared to the same period last year, primarily due to an increase in net interest income and noninterest income, partially offset by an increase in noninterest expense. Net interest income increased by $3.6 million or 7%, primarily due to an increase in loan balances, primarily in commercial mortgages, as well as a net increase in allocated interest income related to increases in balances and spreads on interest-bearing and savings deposits, partially offset by a decline in noninterest-bearing deposits. Noninterest income increased by $1.8 million or 23%, primarily due to higher customer derivative program revenue, merchant revenue, loan and commitment fees, and analyzed deposit account fees. Noninterest expense increased by $0.4 million or 2%, primarily due to higher allocated administrative, support unit and branch expenses, professional fees, and data processing, partially offset by lower equipment expense and fewer operational losses in the period.
Previous report
Net income increased by $7.7 million or 9% in the first nine months of 2025 compared to the same period last year, primarily due to an increase in net interest income and noninterest income, partially offset by an increase in noninterest expense. Net interest income increased by $10.8 million or 7%, primarily due to an increase in loan balances, primarily in commercial mortgages, as well as a net increase in allocated interest income related to increases in balances and spreads on interest-bearing and savings deposits, partially offset by a decline in noninterest-bearing deposit balances. Noninterest income increased by $2.2 million or 10%, primarily due to higher customer derivative program revenue, merchant revenue, loan and commitment fees, analyzed deposit account fees and a one-time gain on sale of leased assets. Noninterest expense increased by $2.3 million or 4%, primarily due to higher allocated administrative, support unit and branch expenses, professional, data processing, and merchant transaction fees, partially offset by lower salaries and benefits, occupancy and equipment expenses, and fewer operational losses in the period.
Reworded paragraphs (50)
Previous wording
The following MD&A is intended to help the reader understand the Company and its operations and is focused on our financial results for the third quarter of 2025, including comparisons of year-to-year performance, trends, and updates from the Company’s most recent 10-K filing. Discussion and analysis of our 2024 fiscal year, as well as the year-to-year comparison between fiscal years 2024 and 2023, are included in Part II, Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 4, 2025.
Current wording
The following MD&A is intended to help the reader understand the Company and its operations and is focused on our financial results for the first quarter of 2026, including comparisons of year-to-year performance, trends, and updates from the Company’s most recent 10-K filing. Discussion and analysis of our 2025 fiscal year, as well as the year-to-year comparison between fiscal years 2025 and 2024, are included in Part II, Item 7. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 24, 2026.
Previous wording
Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate, and actual results may differ materially from those projected because of a variety of risks and uncertainties, including, but not limited to: (1) Our business is sensitive to regional business and economic conditions, in particular those of Hawaiʻi, Guam and other Pacific Islands; (2) Our loan portfolio is largely secured by real estate, and a downturn in the real estate market may adversely affect our results of operations; (3) Significant changes to the size, structure, powers and operations of the federal government (including the current federal government shutdown), changes to U.S. economic policies, and uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition; (4) A sustained period of high inflation could pose a risk to local economies and the financial performance of the Bank; (5) Climate change and the governmental responses to it could have a material adverse impact on the Bank and its customers; (6) Disruptions, instability and failures in the banking industry may negatively impact us; (7) Any reduction in defense spending by the federal government in the state of Hawaiʻi, including as a result of the federal government shutdown, could adversely impact the economy in Hawaiʻi and the Pacific Islands; (8) Changes in interest rates could adversely impact our results of operations and capital; (9) Our allowance for credit losses may prove to be insufficient to absorb losses or appropriately reflect, at any given time, the inherent risk of loss in our loan portfolio; (10) Consumer protection initiatives and court decisions related to the foreclosure process affect our remedies as a creditor; (11) Changes in the capital markets could materially affect the level of assets under management and the demand for our other fee-based services; (12) The Parent’s liquidity is dependent on dividends from the Bank; (13) There can be no assurance that the Parent will continue to declare cash dividends; (14) Fiscal and monetary policy changes may significantly impact our profitability and liquidity; (15) Legislation and regulatory initiatives affecting the financial services industry, including new interpretations, restrictions and requirements, could detrimentally affect the Company’s business; (16) Changes in income tax laws and interpretations, or in accounting standards, could materially affect our financial condition or results of operations; (17) A failure in or breach of our operational systems, information systems, or infrastructure, or those of our third party vendors and other service providers, may result in financial losses, loss of customers, or damage to our reputation; (18) An interruption or breach in security of our information systems or those related to merchants and third party vendors, including as a r…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Our forward-looking statements are based on numerous assumptions, any of which could prove to be inaccurate, and actual results may differ materially from those projected due to global economic conditions and a variety of risks and uncertainties, including, but not limited to: (1) Our business is sensitive to regional business and economic conditions, in particular those of Hawaiʻi, Guam and other Pacific Islands; (2) Our loan portfolio is largely secured by real estate, and a downturn in the real estate market may adversely affect our results of operations; (3) Significant changes to the size, structure, powers and operations of the federal government, the effects of any prolonged shutdown of the federal government, changes to U.S. economic policies, and uncertainties regarding the potential for these changes may cause economic disruptions that could, in turn, adversely impact our business, results of operations and financial condition; (4) A sustained period of high inflation could pose a risk to local economies and the financial performance of the Bank; (5) Climate change and the governmental responses to it could have a material adverse impact on the Bank and its customers; (6) Disruptions, instability and failures in the banking industry may negatively impact us; (7) Any reduction in defense spending by the federal government in the state of Hawaiʻi could adversely impact the economy in Hawaiʻi and the Pacific Islands; (8) Changes in interest rates could adversely impact our results of operations and capital; (9) Our allowance for credit losses may prove to be insufficient to absorb losses or appropriately reflect, at any given time, the inherent risk of loss in our loan portfolio; (10) Consumer protection initiatives and court decisions related to the foreclosure process affect our remedies as a creditor; (11) Changes in the capital markets could materially affect the level of assets under management and the demand for our other fee-based services; (12) The Parent’s liquidity is dependent on dividends from the Bank; (13) There can be no assurance that the Parent will continue to declare cash dividends; (14) Fiscal and monetary policy changes may significantly impact our profitability and liquidity; (15) Legislation and regulatory initiatives affecting the financial services industry, including new interpretations, restrictions and requirements, could detrimentally affect the Company’s business; (16) Changes in income tax laws and interpretations, or in accounting standards, could materially affect our financial condition or results of operations; (17) A failure in or breach of our operational systems, information systems, or infrastructure, or those of our third-party vendors and other service providers, may result in financial losses, loss of customers, or damage to our reputation; (18) An interruption or breach in security of our information systems or those related to merchants and third-party vendors, including as a result of cyber-atta…
Excerpt shortened here; the source contains the full paragraph.
Previous wording
The risks and uncertainties that could cause actual results to differ materially from our historical experience and our expectations and projections include but are not limited to those described in Item 1A. “Risk Factors,” Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in our most recent Annual Report on Form 10-K and in subsequent SEC filings, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by the federal securities laws.
Current wording
The risks and uncertainties that could cause actual results to differ materially from our historical experience and our expectations and projections include but are not limited to those described in Item 1A. “Risk Factors,” Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and elsewhere in our most recent Annual Report on Form 10-K and in subsequent SEC filings. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by the federal securities laws.
Previous wording
For the first nine months of 2025, the median price of single-family home and condominium sales on Oahu increased by 4.1% and decreased by 1.0%, respectively, compared to the same period in 2024. The volume of single-family homes sales on Oahu increased 0.8% and condominium sales decreased 3.0% compared to the same period in 2024. Inventory of single-family homes and condominiums on Oahu was 3.4 months and 6.4 months, respectively, for the third quarter of 2025.
Current wording
For the first three months of 2026, the median price of single-family home sales on Oahu increased by 2.6% while the median price of condominiums remained flat compared to the same period in 2025. The volume of single-family homes sales on Oahu increased 10.9% and condominium sales decreased 3.6% compared to the same period in 2025. Inventory of single-family homes and condominiums on Oahu was 2.8 months and 6.3 months, respectively, for the first quarter of 2026.
Previous wording
Net income for the third quarter of 2025 was $53.3 million, an increase of $13.0 million, or 32%, compared to the same period in 2024. Diluted earnings per common share was $1.20 for the third quarter of 2025, an increase of $0.27, or 29%, compared to the same period in 2024.
Current wording
Net income for the first quarter of 2026 was $57.4 million, an increase of $13.4 million, or 31%, compared to the same period in 2025. Diluted earnings per common share was $1.30 for the first quarter of 2026, an increase of $0.33, or 34%, compared to the same period in 2025.
Previous wording
•The return on average common equity for the third quarter of 2025 was 13.59% compared with 11.50% in the same quarter of 2024.
Current wording
•The return on average common equity for the first quarter of 2026 was 13.90% compared with 11.80% in the same period last year.
Previous wording
•Net interest income for the third quarter of 2025 was $136.7 million, an increase of 16% compared to the same period last year.
Current wording
•Net interest income for the first quarter of 2026 was $151.0 million, an increase of 20% compared to the same period last year.
Previous wording
•Net interest margin was 2.46% in the third quarter of 2025, an increase of 28 basis points from the same period in 2024.
Current wording
•Net interest margin was 2.74% in the first quarter of 2026, an increase of 42 basis points from the same period last year.
Previous wording
•The provision for credit losses for the third quarter of 2025 and 2024 was $2.5 million and $3.0 million, respectively.
Current wording
•The provision for credit losses for the first quarter of 2026 and 2025 was $1.8 million and $3.3 million, respectively.
Previous wording
•Noninterest expense was $112.4 million in the third quarter of 2025, an increase of 5% compared to the same period last year.
Current wording
•Noninterest expense was $116.1 million in the first quarter of 2026, an increase of 5% compared to the same period last year.
Previous wording
•The allowance for credit losses on loans and leases was $148.8 million as of September 30, 2025, a decrease from December 31, 2024. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.06% at the end of the quarter, flat from December 31, 2024.
Current wording
•The allowance for credit losses on loans and leases was $147.0 million as of March 31, 2026, an increase of $0.2 million from December 31, 2025. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.04% at the end of the quarter, unchanged from December 31, 2025.
Previous wording
•Net loan and lease charge-offs during the third quarter of 2025 were $2.6 million or 7 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the third quarter of 2025 were comprised of charge-offs of $4.0 million partially offset by recoveries of $1.4 million. Compared to the same quarter of 2024, net loan and lease charge-offs decreased by $1.3 million or 4 basis points annualized on total average loans and leases outstanding.
Current wording
•Net loan and lease charge-offs during the first quarter of 2026 were $1.1 million or 3 basis points annualized of total average loans and leases outstanding. Net loan and lease charge-offs for the first quarter of 2026 were comprised of charge-offs of $4.1 million partially offset by recoveries of $3.0 million. Compared to the same quarter of 2025, net loan and lease charge-offs decreased by $3.3 million. Net loan and lease charge-offs to average loans and leases outstanding during the first quarter of 2026 was 0.03% compared to 0.13% in the same period last year.
Previous wording
•Total non-performing assets (“NPAs”) were $16.9 million as of September 30, 2025, down $2.4 million from December 31, 2024. NPAs were 12 basis points of total loans and leases and foreclosed real estate at the end of the quarter, down 2 basis points from December 31, 2024.
Current wording
•Total non-performing assets (“NPAs”) were $12.1 million as of March 31, 2026, down $2.1 million from December 31, 2025. NPAs were 9 basis points of total loans and leases and foreclosed real estate at the end of the quarter, down 1 basis point from December 31, 2025.
Previous wording
•The investment securities portfolio was $7.6 billion as of September 30, 2025, an increase of 4.3% from December 31, 2024. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises. Floating rate securities represented 19.3% of the investment securities portfolio as of September 30, 2025, compared to 16.5% as of December 31, 2024.
Current wording
•The investment securities portfolio was $7.9 billion as of March 31, 2026, an increase of 1.7% from December 31, 2025. The investment portfolio remains largely comprised of securities issued by U.S. government agencies and U.S. government-sponsored enterprises.
Previous wording
•Total shareholders’ equity was $1.8 billion as of September 30, 2025, an increase of 7.4% from December 31, 2024.
Current wording
•Total shareholders’ equity was $1.9 billion as of March 31, 2026 and December 31, 2025.
Previous wording
•No shares of common stock were repurchased under the share repurchase program in the third quarter of 2025. Total remaining buyback authority under the share repurchase program was $126.0 million at September 30, 2025.
Current wording
•During the three months ended March 31, 2026, we repurchased 194,096 shares of common stock at an average cost per share of $77.84 and a total cost of $15.1 million under the share repurchase program. Total remaining buyback authority under the share repurchase program was $105.9 million at March 31, 2026.
Previous wording
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.7 million and $4.8 million for the three and nine months ended September 30, 2025, respectively, and $1.0 million and $2.5 million for the three and nine months ended September 30, 2024, respectively.
Current wording
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.4 million and $1.5 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
The average balance of our earning assets for the three and nine months ended September 30, 2025 increased by $624.6 million or 3% and $452.4 million or 2%, respectively, compared to the same periods in 2024. These increases were due to increases in the average balances of available-for-sale investment securities and commercial mortgage loans. As compared to the same periods last year, yields on our investment securities portfolio increased by 13 and 9 basis points during the three and nine months ended September 30, 2025, respectively, primarily due to the amortization of lower yielding investments being reinvested into new investments at higher current interest rates. This increase was partially offset by lower income earned from interest rate swaps that hedge a portion of our available-for-sale (“AFS”) securities portfolio. As compared to the same periods last year, yields on our loan and lease portfolio increased by 4 and 6 basis points during the three and nine months ended September 30, 2025, respectively, primarily due to higher rates on home equity lines and automobile loans originated, partially offset by the payoffs of higher yielding commercial mortgage and commercial and industrial loans.
Current wording
The average balance of our earning assets for the three months ended March 31, 2026 increased by $357.1 million or 2% compared to the same period last year. The increase was primarily due to an increase in the average balance of available-for-sale investment securities. As compared to the same period last year, yields on our investment securities portfolio increased by 29 basis points during the three months ended March 31, 2026 primarily due to the amortization of lower yielding investments being reinvested into new investments at higher current interest rates, as well as the impact of the repositioning of a portion of our AFS securities portfolio in the fourth quarter of 2025, which resulted in a higher-yielding securities mix. As compared to the same period last year, yields on our loan and lease portfolio increased by 3 basis points during the three months ended March 31, 2026. The increase primarily reflects the continued amortization of lower‑yielding loans along with the origination of new loans at higher prevailing interest rates. This benefit was partially offset by lower income from interest rate swaps and the repricing of certain variable‑rate loans following recent Federal Reserve rate cuts.
Previous wording
The average balance of our interest-bearing liabilities for the three and nine months ended September 30, 2025 increased by $430.1 million or 3% and $342.7 million or 2%, respectively, compared to the same periods in 2024 primarily due to an increase in savings deposits. As compared to the same periods last year, the cost of our interest-bearing liabilities decreased by 37 and 30 basis points during the three and nine months ended September 30, 2025, respectively, primarily due to a decrease in the prevailing interest rate environment, which was driven by 125 basis points of interest rate cuts by the Federal Open Market Committee from September 2024 through September 2025.
Current wording
The average balance of our interest-bearing liabilities for the three months ended March 31, 2026 decreased by $138.2 million or 1% compared to the same period in 2025 primarily due to a decrease in time deposits. As compared to the same period last year, the cost of our interest-bearing liabilities decreased by 42 basis points during the three months ended March 31, 2026 primarily due to a decrease in the prevailing interest rate environment, which was driven by 175 basis points of interest rate cuts by the Federal Open Market Committee from September 2024 through December 2025.
Previous wording
Total salaries and benefits expense increased by $4.3 million or 7.3% in the third quarter of 2025 compared to the same period last year, primarily due to increases in base salaries and separation expense, partially offset by lower incentive compensation. Total salaries and benefits expense increased by $13.2 million or 7.6% for the first nine months of 2025, compared to the same period last year, primarily due to increases in base salaries, incentive compensation, medical, dental, and life insurance and separation expense.
Current wording
Total salaries and benefits expense increased by $5.6 million or 8.9% in the first quarter of 2026 compared to the same period last year, primarily due to an increase in share-based compensation related to the accelerated vesting of restricted stock awards pursuant to the retirement provisions of performance-based restricted stock awards granted in 2024 and 2025, as well as increases in base salaries and separation expense. These increases were partially offset by decreases in retirement and other benefits expense and medical, dental, and life insurance expense.
Previous wording
FDIC insurance expense decreased by $5.3 million or 37.8% for the first nine months of 2025 compared to the same period last year, primarily due to a partial recovery of the FDIC special assessment in 2025.
Current wording
FDIC insurance expense increased by $1.1 million or 65.6% for the first quarter of 2026 compared to the same period last year, primarily due to a partial recovery of the FDIC special assessment in 2025, partially offset by a lower FDIC assessment rate in the current period.
Previous wording
The provision for income taxes was $14.4 million in the third quarter of 2025, an increase of $2.1 million compared to the same period in 2024. The effective tax rate for the third quarter of 2025 was 21.3%, a decrease from 23.3% for the same period in 2024. The lower effective tax rate in the third quarter of 2025 compared to the same period in 2024 was primarily due to a decrease in tax expense from discrete items and an increase in tax-exempt investment income.
Current wording
The provision for income taxes was $17.1 million in the first quarter of 2026, an increase of $4.9 million compared to the same period in 2025. The effective tax rate for the first quarter of 2026 was 22.9%, an increase from 21.7% for the same period in 2025. The higher effective tax rate in the first quarter of 2026 compared to the same period last year was primarily due to an increase in nondeductible compensation and an increase in tax expense from discrete items.
Previous wording
The carrying value of our investment securities portfolio was $7.6 billion and $7.3 billion as of September 30, 2025 and December 31, 2024, respectively. The increase was primarily due to the purchase of $738.1 million in available-for-sale investment securities during the nine months ended September 30, 2025, of which $333.7 million were floating rate securities. The increase was partially offset by the amortization of existing securities. Floating rate securities represented 19.3% of the investment securities portfolio, measured by par value, as of September 30, 2025, compared to 16.5% as of December 31, 2024.
Current wording
The carrying value of our investment securities portfolio was $7.9 billion and $7.8 billion as of March 31, 2026 and December 31, 2025, respectively. The increase was primarily due to the purchase of $372.2 million in available-for-sale investment securities during the three months ended March 31, 2026. The increase was partially offset by the amortization of existing securities.
Previous wording
Net unrealized losses in our AFS and HTM investment securities were $0.8 billion as of September 30, 2025 and $1.1 billion as of December 31, 2024. In addition, we transferred AFS investment securities to the HTM category in 2022. At the time of transfer, these securities had a fair value of $1.3 billion. The unrealized losses at the time of transfer are being amortized over the estimated remaining life of the securities as an adjustment of yield and recognized as a reduction of interest income. The unamortized balance of these losses was $160.5 million and $177.9 million as of September 30, 2025 and December 31, 2024, respectively. See Note 2 Investment Securities and Note 7 Accumulated Other Comprehensive Incometo the unaudited Consolidated Financial Statements for more information. In October 2025, we initiated the process of repositioning a portion of our AFS securities. As a result, we expect to realize a loss on the sale of certain securities during the quarter ending December 31, 2025 that is expected to range from $16 million to $17 million.
Current wording
Net unrealized losses in our AFS and HTM investment securities were $777.3 million as of March 31, 2026 and $739.8 million as of December 31, 2025. In addition, we transferred AFS investment securities to the HTM category in 2022. At the time of transfer, these securities had a fair value of $1.3 billion. The unrealized losses at the time of transfer remain in accumulated other comprehensive income and are amortized over the estimated remaining life of the securities through an adjustment to the effective yield of the HTM portfolio. The unamortized balance of these losses was $149.7 million and $155.0 million as of March 31, 2026 and December 31, 2025, respectively. See Note 7 Accumulated Other Comprehensive Incometo the unaudited Consolidated Financial Statements for more information.
Previous wording
Commercial loans and leases as of September 30, 2025 decreased by $30.3 million or 0.5% from December 31, 2024, primarily due to a decline in commercial and industrial loans, which decreased by $123.9 million or 7.3% largely as a result of paydowns. This was partially offset by construction loans, which increased by $72.0 million or 23.3%, primarily due to increased construction activity during the year. Consumer loans and leases as of September 30, 2025 decreased by $24.1 million or 0.3% from December 31, 2024, primarily due to paydowns in our home equity portfolio and a slowdown in production for our automobile loans. This was partially offset by residential mortgage loans, which increased by $56.9 million or 1.2%, primarily due to a decrease in the amount of loans sold to third parties during the nine months ended September 30, 2025.
Current wording
Commercial loans and leases as of March 31, 2026 increased by $119.4 million or 2.0% from December 31, 2025, primarily due to an increase in our commercial mortgage portfolio, which increased by $135.7 million or 3.2% largely as a result of new originations. This was partially offset by paydowns in our commercial and industrial portfolio. Consumer loans and leases as of March 31, 2026 decreased by $8.6 million or 0.1% from December 31, 2025, primarily due to paydowns in our home equity portfolio and reduced demand for automobile loans. This was partially offset by an increase in our residential mortgage loans, which increased by $24.8 million or 0.5% primarily due to increased production.
Previous wording
Total deposits were $21.1 billion as of September 30, 2025, an increase of $447.6 million or 2.2% from December 31, 2024. Consumer deposits decreased by $3.8 million due to decreases of $101.2 million in interest-bearing deposits and $58.3 million in time deposits, partially offset by increases of 149.4 million in savings deposits and $6.3 million in non-interest bearing deposits. Commercial deposits increased by $48.8 million primarily from increases of $69.1 million in interest-bearing deposits, partially offset by a decrease of $20.3 million in non-interest bearing deposits. Public and other deposits increased by $402.7 million due to an increase of $411.3 million in interest-bearing deposits, partially offset by a decrease of $8.6 million in non-interest bearing deposits.
Current wording
Total deposits were $21.0 billion as of March 31, 2026, a decrease of $230.6 million or 1.1% from December 31, 2025. Consumer deposits increased by $63.6 million due to increases of $66.8 million in savings deposits, $30.5 million in non-interest bearing deposits, and $11.6 million in interest-bearing demand deposits, partially offset by a decrease of $45.3 million in time deposits. Commercial deposits decreased by $257.0 million due to decreases of $153.5 million in savings deposits, $126.8 million in non-interest bearing deposits, and $14.7 million in time deposits, partially offset by an increase of $38.1 million in interest-bearing demand deposits. Public and other deposits decreased by $37.2 million due to a decrease of $82.1 million in interest-bearing demand deposits and noninterest-bearing deposits, partially offset by increases of $29.5 million in saving deposits and $15.4 million in time deposits.
Previous wording
The increase in Regular Savings was primarily due to increases in consumer deposits of $162.4 million, public deposits of $295.7 million, and commercial deposits of $25.1 million. The decrease in Money Market was primarily due to decreases in commercial deposits of $20.7 million and consumer deposits of $13.0 million.
Current wording
The increase in Regular Savings was primarily due to increases in consumer deposits of $71.6 million, commercial deposits of $36.3 million, and public deposits of $29.5 million. The decrease in Money Market was primarily due to decreases in commercial deposits of $189.8 million and consumer deposits of $4.8 million.
Previous wording
Securities sold under agreements to repurchase were $50.0 million and $100.0 million as of September 30, 2025 and December 31, 2024, respectively. In February 2025, a private institution exercised its right to call on a repurchase agreement with a balance of $50.0 million, resulting in its termination. As of September 30, 2025, our remaining repurchase agreement was at a fixed interest rate of 3.89% with a remaining maturity of 4.13 years. Our repurchase agreement was accounted for as a collateralized financing arrangement (i.e., a secured borrowing) and not as a sale and subsequent repurchase of securities.
Current wording
Securities sold under agreements to repurchase were $50.0 million as of both March 31, 2026 and December 31, 2025. As of March 31, 2026, our remaining repurchase agreement was at a fixed interest rate of 3.89% with a remaining maturity of 3.6 years. Our repurchase agreement was accounted for as a collateralized financing arrangement (i.e., a secured borrowing) and not as a sale and subsequent repurchase of securities. Our remaining repurchase agreement with a private institution may be terminated at earlier specified dates by either the private institution or the Company. See Note 6 Securities Sold Under Agreements to Repurchase to the unaudited Consolidated Financial Statements for more information.
Previous wording
Table 14 summarizes net income from our business segments. Additional information about segment performance is presented in Note 9 Business Segments to the unaudited Consolidated Financial Statements.
Current wording
Table 14 summarizes net income (loss) from our business segments. Additional information about segment performance is presented in Note 9 Business Segments to the unaudited Consolidated Financial Statements.
Previous wording
Net income decreased by $3.1 million or 9% in the third quarter of 2025 compared to the same period last year, primarily due to an increase in noninterest expense and a decrease in net interest income. This was partially offset by a decrease in the provision for loan losses. Noninterest expense increased by $2.4 million or 3%, primarily due to higher salaries and benefits expense, mobile and online banking platform costs, and allocated administrative and support unit costs. Net interest income decreased by $2.0 million or 2%, primarily due to lower deposit spreads on higher deposit balances. The provision for loan losses decreased by $0.5 million or 16%, primarily due to lower net charge-offs in the auto loan portfolio.
Current wording
Net income increased by $2.4 million or 8% in the first quarter of 2026 compared to the same period last year, primarily due to an increase in net interest income and a decrease in the provision for credit losses. This was partially offset by an increase in noninterest expense. Net interest income increased by $10.7 million or 11%, primarily due to higher deposit spreads on higher deposit balances. The provision for credit losses decreased by $0.6 million or 18%, primarily due to lower net charge-offs in the auto loan portfolio. Noninterest expense increased by $7.9 million or 9%, primarily due to higher allocated administrative and support unit costs and higher salaries & benefits expense.
Previous wording
Net loss decreased by $34.4 million or 46% in the first nine months of 2025 compared to the same period last year, primarily due to a decrease in net interest expense and an increase in noninterest income, partially offset by an increase in noninterest expense and provision for credit losses. Net interest expense decreased by $41.2 million or 70%, primarily due to lower funding costs and an increase in interest income from higher asset yields. Noninterest income increased by $1.6 million or 19%, primarily due to increases in other income and bank-owned life insurance income. The provision for credit losses and income taxes in this business segment represents the residual amounts to arrive at the total amount for the Company.
Current wording
Net loss decreased by $3.6 million or 21% in the first quarter of 2026 compared to the same period last year, primarily due to a decrease in net interest expense and an increase in noninterest income, partially offset by an increase in the provision for credit losses and an increase in noninterest expense. Net interest expense decreased by $6.4 million or 25%, primarily due to an increase in interest income from higher earning asset balances and yields. Noninterest income increased by $0.9 million or 30%, primarily due to an increase in BOLI and COLI income and a decrease in investment securities losses. Noninterest expense increased by $0.6 million or 14%, primarily due to higher salaries and benefits expense. The provision for credit losses and income taxes in this business segment represents the residual amounts to arrive at the total amount for the Company.
Previous wording
Non-accrual loans and leases as of September 30, 2025 were $16.7 million, an increase of $0.1 million or 1% from December 31, 2024 primarily due to increases in home equity and residential mortgage partially offset by a decline in commercial and industrial. Residential mortgage non-accrual loans increased by $0.6 million or 11% from December 31, 2024. As of September 30, 2025, our residential mortgage non-accrual loans were comprised of 18 loans with a weighted average current loan-to-value ratio of 73.3%. Home equity non-accrual loans increased by $0.6 million or 13% from December 31, 2024. As of September 30, 2025, our home equity non-accrual loans were comprised of 54 loans with a weighted average current loan-to-value ratio of 52.2%. Commercial and industrial non-accrual loans decreased by $1.1 million or 24% from December 31, 2024, primarily due to the partial charge-off of a significant loan.
Current wording
Non-accrual loans and leases as of March 31, 2026 were $11.8 million, a decrease of $2.1 million or 15% from December 31, 2025 primarily due to a $2.1 million payoff of a commercial mortgage in the first quarter of 2026. As of March 31, 2026, our residential mortgage non-accrual loans were comprised of 16 loans with a weighted average current loan-to-value ratio of 69%. As of March 31, 2026, our home equity non-accrual loans were comprised of 55 loans with a weighted average current loan-to-value ratio of 42%.
Previous wording
Foreclosed real estate represents property acquired as the result of borrower defaults on loans. Foreclosed real estate is recorded at fair value, less estimated selling costs, at the time of foreclosure. On an ongoing basis, properties are appraised as required by market conditions and applicable regulations. Foreclosed real estate was $0.1 million as of September 30, 2025 compared to $2.7 million as of December 31, 2024. The decrease was due to the sale of foreclosed properties during the nine months ended September 30, 2025.
Current wording
Foreclosed real estate represents property acquired as the result of borrower defaults on loans. Foreclosed real estate is recorded at fair value, less estimated selling costs, at the time of foreclosure. On an ongoing basis, properties are appraised as required by market conditions and applicable regulations. Foreclosed real estate was $0.3 million as of March 31, 2026 and December 31, 2025.
Previous wording
Loans and leases past due 90 days or more and still accruing interest were $11.3 million as of September 30, 2025, a $3.0 million or 37% increase from December 31, 2024. The increase was primarily in our residential mortgage portfolio. This category includes loans and leases that are well-secured and in the process of collection, as well as loans and leases that have not reached the specified past due status to be placed on non-accrual.
Current wording
Loans and leases past due 90 days or more and still accruing interest were $13.7 million as of March 31, 2026, a $1.5 million or 12% increase from December 31, 2025. The increase was primarily in our residential mortgage portfolio, partially offset by a decrease in our home equity portfolio. This category includes loans and leases that are well-secured and in the process of collection, as well as loans and leases that have not reached the specified past due status to be placed on non-accrual.
Previous wording
As of September 30, 2025, the Allowance was $148.8 million or 1.06% of total loans and leases outstanding compared with an Allowance of $148.5 million or 1.06% of total loans and leases outstanding December 31, 2024. The Allowance as of September 30, 2025 and December 31, 2024, includes a qualitative overlay to account for economic uncertainty and downside risk of a recession.
Current wording
As of March 31, 2026, the Allowance was $147.0 million or 1.04% of total loans and leases outstanding compared with an Allowance of $146.8 million or 1.04% of total loans and leases outstanding as of December 31, 2025.
Previous wording
Net charge-offs on loans and leases for the three and nine months ended September 30, 2025 were $2.6 million or 0.07% and $9.6 million or 0.09%, respectively of total average loans and leases on an annualized basis, compared to $3.8 million or 0.11% and $9.5 million or 0.09% of total average loans and leases on an annualized basis for the three and nine months ended September 30, 2024, respectively.
Current wording
Net charge-offs on loans and leases for the three months ended March 31, 2026 and 2025 were $1.1 million or 0.03% and $4.4 million or 0.13%, respectively, of total average loans and leases on an annualized basis.
Previous wording
The Unfunded Reserve was $1.3 million as of September 30, 2025, a decrease of $0.8 million or 40% from December 31, 2024, primarily due to lower unfunded commitments in our construction portfolio. The reserve for unfunded commitments is recorded in other liabilities in the unaudited consolidated statements of condition.
Current wording
The Unfunded Reserve was $2.1 million as of March 31, 2026, an increase of $0.5 million or 29% from December 31, 2025, primarily due to higher unfunded commitments in our commercial and industrial portfolio. The reserve for unfunded commitments is recorded in other liabilities in the unaudited consolidated statements of condition.
Previous wording
For the nine months ended September 30, 2025, the provision for credit losses was $9.0 million, compared to $7.4 million for the same respective period last year. The increase in the provision for credit losses for the nine months ended September 30, 2025 was primarily due to a smaller recapture in the reserve for unfunded commitments, which was driven by a smaller change in our unfunded commitment balance.
Current wording
For the three months ended March 31, 2026, the provision for credit losses was $1.8 million, compared to $3.3 million for the same respective period last year. The decrease in the provision for credit losses was primarily due to a $1.6 million recovery of a commercial mortgage loan in the first quarter of 2026.
Previous wording
The objective of our interest rate risk management process is to optimize net interest income while operating within acceptable limits. This involves balancing expected returns with potential earnings and price volatility due to changes in interest rates over short-term, medium-term, and long-term time horizons, while maintaining adequate levels of funding and liquidity. The potential cash flows, sales, or replacement value of many of our assets and liabilities, especially those that earn or pay interest, are sensitive to changes in interest rates. This interest rate risk arises primarily from our core business activities of extending loans and accepting deposits. Our investment securities portfolio is also subject to significant interest rate risk.
Current wording
The objective of our interest rate risk management process is to optimize net interest income while operating within acceptable limits. This involves balancing expected returns with potential earnings and price volatility due to changes in interest rates over short-term, medium-term, and long-term time horizons, while maintaining adequate levels of funding and liquidity. The potential cash flows, sales, or replacement value of many of our assets and liabilities, especially those that earn or pay interest, are sensitive to changes in interest rates. This interest rate risk arises primarily from our core business activities of extending loans and accepting deposits.
Previous wording
We utilize two management guidelines to measure our interest rate risk exposure: 1) net interest income (“NII”) sensitivity, and 2) economic value of equity (“EVE”) sensitivity. NII and EVE sensitivities measure the estimated percentage change in forward looking net interest income and economic value, respectively, under instantaneous parallel shocks of the yield curve ranging from -400 basis points to +400 basis points. We measure NII sensitivity over two successive 12-month periods to evaluate interest rate risk over short-term and medium-term time horizons. EVE sensitivity, which captures the present value of all on and off-balance sheet positions, measures interest rate risk over a long-term time horizon. The results are measured relative to established limits and early warning indicators that ensure that fluctuation in income and valuation in both up and down rate shocks remain within levels approved by the Asset and Liability Management Committee (“ALCO”) and the Board of Directors. While we recognize that instantaneous parallel shocks of the entire yield curve are unrealistic, we believe that the application of immediate shocks provides us with a sufficient range of potential outcomes to frame our risk exposures. We pay particular attention to the +/-200 basis point shock sensitivities, as we believe they represent a more realistic range of rate movements that could occur in the near to medium term. As of September 30, 2025, we remained within applicable guidelines for such scenarios.
Current wording
We utilize two management guidelines to measure our interest rate risk exposure: 1) net interest income (“NII”) sensitivity, and 2) economic value of equity (“EVE”) sensitivity. NII and EVE sensitivities measure the estimated percentage change in forward looking net-interest income and economic value, respectively, under instantaneous parallel shocks of the yield curve ranging from -400 basis points to +400 basis points. We measure NII sensitivity over two successive 12-month periods to evaluate interest rate risk over short-term and medium-term time horizons. EVE sensitivity, which captures the present value of all on and off-balance sheet positions, measures interest rate risk over a long-term time horizon. The results are measured relative to established limits and early warning indicators that ensure that fluctuation in income and valuation in both up and down rate shocks remain within levels approved by the Asset and Liability Management Committee (“ALCO”) and the Board of Directors. While we recognize that instantaneous parallel shocks of the entire yield curve are unrealistic, we believe that the application of immediate shocks provides us with a sufficient range of sensitivities to frame our risk exposures. We pay particular attention to the rate shock sensitivities within the range of +/-200 basis points, as we believe this range represents the highest probability of rate movements that could occur in the near to medium term. As of March 31, 2026, we remained within applicable guidelines for such scenarios.
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Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
•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 December 12, 2025 to shareholders of record at the close of business on November 28, 2025.
Previous report — wording carried elsewhere
•On October 3, 2025, the Company announced that the Board of Directors declared quarterly dividend payments of $10.94 per share, equivalent to $0.2735 per depositary share, on its preferred stock, Series A, and $20.00 per share, equivalent to $0.5000 per depositary share, on its 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 November 3, 2025 to shareholders of record of the preferred stock as of the close of business on October 17, 2025.
Previous report — wording carried elsewhere
1 Balances presented as of September 30, 2025 are preliminary.
Previous report — wording carried elsewhere
Net loss decreased by $11.9 million or 55% in the third quarter of 2025 compared to the same period last year, primarily due to a decrease in net interest expense and an increase in noninterest income, partially offset by an increase in the provision for credit losses. Net interest expense decreased by $17.4 million or 56%, primarily due to a decrease in funding costs reflecting the current lower rate environment. Noninterest income decreased by $0.6 million or 20%, primarily due to an increase in investment securities losses. The provision for credit losses and income taxes in this business segment represents the residual amounts to arrive at the total amount for the Company.