Track market-moving stories before they get noisy

After years of post-pandemic highs, the era of outsized down payments is beginning to unwind AUSTIN, Texas, May 19, 2026 /PRNewswire/ -- The typical down payment fell to $23,400 in the first quarter of 2026, the lowest level since 2021, according to the latest Realtor.com ®  Down Payment Report. That represents a 19% decline year-over-year and the fourth consecutive quarterly drop, as rising inventory and moderating prices give buyers more negotiating room and reduce the pressure to lead with an outsized down payment.

How Timing and Pricing Shape Your Home's Final Sale Price, according to a New Realtor.com ® Report AUSTIN, Texas, June 11, 2026 /PRNewswire/ -- The bidding war era is over. A new report from Realtor.com ® shows the average home is now selling below its asking price, a sharp U-turn from the pandemic frenzy of 2021 and 2022.

Virtu Financial (VIRT - Free Report) came out with quarterly earnings of $2.24 per share, beating the Zacks Consensus Estimate of $1.66 per share. This compares to earnings of $1.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +35.21%. A quarter ago, it was expected that this high-speed trading company would post earnings of $1.28 per share when it actually produced earnings of $1.85, delivering a surprise of +44.53%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Virtu Financial, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $786.53 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 37.50%. This compares to year-ago revenues of $497.14 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Virtu Financial shares have added about 46.8% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for Virtu Financial?While Virtu Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Virtu Financial was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #1 (Strong Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.22 on $515.15 million in revenues for the coming quarter and $5.62 on $2.05 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Orion Digital Corp. (ORIO - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026.

This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of -75%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Orion Digital Corp.'s revenues are expected to be $12.43 million, up 3% from the year-ago quarter.

Virtu Financial, Inc. (VIRT) Q1 2026 Earnings Call Transcript

NEW YORK, May 05, 2026 (GLOBE NEWSWIRE) -- zerohash, the leading digital asset infrastructure platform powering crypto, stablecoin, and tokenization capabilities for financial institutions, today announced that Virtu Financial, a global market maker and liquidity provider across equities, options, fixed income, FX, and digital assets, has joined the zerohash liquidity ecosystem as a market-making partner.

Through this partnership, Virtu now provides liquidity across zerohash’s full liquidity stack, including its central limit order book and RFQ (Request for Quote) systems. The integration further enhances existing pricing depth, execution quality, and market stability for zerohash’s partners, which include broker-dealers, banks, fintech platforms, and payment providers.

Virtu is one of the world’s largest market makers, known for its deep expertise in providing continuous, two-sided liquidity across asset classes. Its participation in zerohash’s liquidity ecosystem reinforces the convergence between traditional financial market structure and digital asset infrastructure.

As digital asset adoption accelerates among retail and institutional investors, execution quality has become a critical differentiator. By integrating Virtu’s liquidity into its platform, zerohash continues to strengthen its ability to deliver deeper liquidity and tighter spreads, as well as more consistent execution during volatile markets.

For zerohash partners, this translates directly into better trading experiences for end customers without additional operational complexity.

“zerohash is the leading infrastructure to financial institutions and enterprises, including Interactive Brokers, Morgan Stanley, Public.com and tastytrade. The partnership further underscores zerohash’s continued focus on delivering the best and most reliable pricing to customers,” said Edward Woodford, Founder and CEO of zerohash.

“The adoption of digital assets by the broader financial ecosystem continues to take form quicker than most anticipated,” said Scotte Moegling, Head of Business Development for Digital Assets at Virtu Financial. “We are pleased to partner with zerohash, one of the leading crypto venues, as we bring our market making expertise via quality pricing and execution to a growing network of financial institutions.”

About zerohash

zerohash is the leading infrastructure provider for crypto, stablecoin, and tokenized assets. Its API and embeddable dev-kit enable innovators to easily launch solutions across cross-border payments, commerce, trading, remittance, payroll, tokenization, and on/off-ramps. The company has a global regulatory footprint across the EU, Latin America, Australia, New Zealand, Bermuda, and the U.S., and operates regulated entities in 51 U.S. jurisdictions. For more information, visit zerohash.com.

Disclosures: zerohash services and product offerings may not be available in all jurisdictions. zerohash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. zerohash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. zerohash is not registered with the SEC or FINRA.

About Virtu Financial

Virtu is a leading provider of financial services and products that leverages cutting-edge technology to deliver liquidity to the global markets and innovative, transparent trading solutions to its clients. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income, cryptocurrency and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre-, intra-, and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Contact: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58e0aa19-f951-4d1a-9ad3-56279ac2653f

zerohash & Virtu Financial Virtu Financial Connects to zerohash, Further Deepening Institutional-Grade Liquidity for Digital As...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.93% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.

VIRT is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 8; value investors should take notice.

For fiscal 2026, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $1.64 to $6.33 per share. VIRT boasts an average earnings surprise of +25.1%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, VIRT should be on investors' short list.

Investors interested in stocks from the Financial - Miscellaneous Services sector have probably already heard of Virtu Financial (VIRT) and Circle Internet Group, Inc. (CRCL). But which of these two stocks presents investors with the better value opportunity right now?

Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.

One of our most popular services, Zacks Premium offers daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All are useful tools to find what stocks to buy, what to sell, and what are today's hottest industries.

Also included in Zacks Premium is the Focus List. This is a long-term portfolio of top stocks that have all the traits to beat the market.

Breaking Down the Zacks Focus ListIf you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?

That's what the Zacks Focus List, a portfolio of 50 stocks, offers investors. Not only does it serve as a starting point for long-term investors, but all stocks included in the list are poised to outperform the market over the next 12 months.

What makes the Focus List even more helpful is that each selection is accompanied by a full Zacks Analyst Report, which explains the reasoning behind every stock's selection and why we believe it's a good pick for the long-term.

The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.

Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.

Earnings estimates, or expectations of growth and profitability, come from brokerage analysts who track publicly traded companies; these analysts work together with company management to analyze every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.

Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.

The stocks that receive positive changes to earnings estimates are more likely to receive even more upward changes in the future. Take this example: if an analyst raised their estimates last month, they'll probably do so again this month, and other analysts will follow.

Utilizing the power of earnings estimate revisions is when the Zacks Rank joins the party. A unique, proprietary stock-rating model, the Zacks Rank uses changes to quarterly earnings expectations to help investors create a winning portfolio.

There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."

The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.

Focus List Spotlight: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.

On July 31, 2023, VIRT was added to the Focus List at $18.9 per share. Shares have increased 190.95% to $54.99 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.

Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $1.63 to $6.32. VIRT also boasts an average earnings surprise of 25.1%.

Earnings for VIRT are forecasted to see growth of 10.3% for the current fiscal year as well.

Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>

Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.

The Zacks Premium service makes this easier. It features daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All of these can help you quickly identify what stocks to buy, what to sell, and what are today's hottest industries.

The service also includes the Focus List, which is a long-term portfolio of top stocks that boast a winning, market-beating combination of growth and momentum qualities.

Breaking Down the Zacks Focus ListBuilding an investment portfolio from scratch can be difficult, so if you could, wouldn't you take a peek at a curated list of top stocks?

That's what the Zacks Focus List, a portfolio of 50 stocks, offers investors. Not only does it serve as a starting point for long-term investors, but all stocks included in the list are poised to outperform the market over the next 12 months.

Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.

The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.

Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.

Earnings estimates are expectations of growth and profitability, and are determined by brokerage analysts. Together with company management, these analysts examine every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.

Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.

Stocks that receive upward earnings estimate revisions are more likely to receive even more upward changes in the future. For example, if an analyst raised their estimates last month, they're more likely to do it again this month, and other analysts are likely to do the same.

Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.

Four primary factors make up the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each is given a raw score that's recalculated every night and compiled into the Rank, and with this data, stocks are then classified into five groups, ranging from "Strong Buy" to "Strong Sell."

The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.

Focus List Spotlight: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.

On July 31, 2023, VIRT was added to the Focus List at $18.9 per share. Shares have increased 177.62% to $52.47 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.

Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $1.58 to $6.32. VIRT boasts an average earnings surprise of 25.1%.

Additionally, VIRT's earnings are expected to grow 10.3% for the current fiscal year.

Reveal Winning StocksUnlock all of our powerful research, tools and analysis, including the Zacks #1 Rank List, Equity Research Reports, Zacks Earnings ESP Filter, Premium Screener and more, as part of Zacks Premium. You'll quickly identify which stocks to buy, hold and sell, and target today's hottest industries, to help improve the performance of your portfolio. Gain full access now >>

On May 27, 2026, Virtu Financial Inc VIRT shares fell 3.9% today, closing at $49.90. The stock has experienced a 52-week range between $31.55 and $56.48, highlighting significant volatility over the past year.

GF Value™ verdict: Current price $49.90 vs GF Value™ of $39.06, indicating the stock is 27.8% overvalued.GF Score™: 71/100, which is considered above average, suggesting decent overall performance relative to peers.Most notable signal: Recent insider activity shows that insiders sold $1.7M worth of shares in the last 3 months, indicating a lack of buying interest. Is VIRT Overvalued or Undervalued? With a current price of $49.90 and a GF Value™ of $39.06, Virtu Financial Inc is assessed as overvalued by approximately 27.8%. This significant gap indicates that the market price exceeds the intrinsic value calculated through GF Value™. Investors should be cautious as this overvaluation suggests that the stock may be at risk of a price correction, particularly given the modestly overvalued label associated with its GF Valuation. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

The margin of safety is important in investment decisions, and currently, there is none for VIRT investors, as the share price is substantially above the calculated fair value. This suggests that potential investors may want to consider waiting for a more attractive entry point before committing capital to the stock.

How Does VIRT's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)8.3x9.1x Forward P/E7.6xN/A Currently, VIRT's P/E (TTM) is 8.3x, which is 10% below its 5-year median P/E of 9.1x. The forward P/E of 7.6x also suggests that the stock is trading below its historical valuation levels. This P/E analysis supports the GF Value™ verdict of overvaluation, indicating that the stock may not provide sufficient value at its current price level compared to historical norms.

What Does VIRT's GF Score™ Tell Us? MetricRating GF Score™71 Financial Strength3/10 Profitability8/10 Growth3/10 Valuation5/10 Momentum9/10 The GF Score™ of 71/100 for Virtu Financial indicates that the company has a solid performance in profitability and momentum, ranking 8/10 and 9/10 respectively. However, it lags in financial strength and growth, with scores of 3/10. This mixed scoring indicates that while the company is generating profits and experiencing positive momentum, it may not be solidly positioned financially and lacks robust growth prospects, which could impact its long-term sustainability.

What Are Insiders Doing with VIRT Stock? In the last three months, insiders at Virtu Financial have sold approximately $1.7 million worth of shares, with no reported insider buying. This trend of selling, without accompanying purchases, can suggest a lack of confidence from those closest to the company regarding its future price performance. Such behavior often raises red flags for potential investors, as it may indicate that insiders believe the stock is currently overvalued.

What This Means for Investors Based on the GF Value™ assessment, Virtu Financial Inc is currently overvalued. The significant distance between the current stock price and the GF Value™ suggests caution for potential investors, as the risk of a price correction looms with such a high overvaluation percentage. It may be prudent to monitor the stock closely for any signs of a more attractive entry point in the future.

For the complete analysis, visit the Virtu Financial Inc VIRT stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is VIRT's GF Score™?

The GF Score™ for Virtu Financial is 71/100, indicating that the stock is above average based on key performance metrics, suggesting potential for higher long-term returns.

Is VIRT overvalued or undervalued?

Virtu Financial is currently overvalued, with a GF Value™ of $39.06 compared to its market price of $49.90, presenting a 27.8% overvaluation.

What is VIRT's P/E ratio?

VIRT's P/E (TTM) is 8.3x, which is below its 5-year median P/E of 9.1x, supporting the assessment of its current overvaluation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Azora Capital disclosed a new stake in Virtu Financial (VIRT +2.60%) in its May 15, 2026, SEC filing, acquiring 1,880,990 shares in a transaction estimated at $73.26 million based on the quarterly average price.

What happenedAccording to its SEC filing dated May 15, 2026, Azora Capital initiated a new position in Virtu Financial, buying 1,880,990 shares. The estimated transaction value, calculated using the average closing price during the quarter, was $73.26 million. The quarter-end value of the stake was $82.73 million, a figure that reflects both the shares acquired and price movement within the period.

This was a new position for Azora Capital LP, now representing 5.44% of its reportable U.S. equity AUM.Top holdings after the filing:NASDAQ:LPLA: $128.56 million (8.45% of AUM)NYSE:BEN: $120.46 million (7.92% of AUM)NASDAQ:VLY: $109.89 million (7.23% of AUM)NYSE:BBT: $94.14 million (6.19% of AUM)NASDAQ:IBOC: $88.33 million (5.81% of AUM)As of Friday, Virtu Financial shares were priced at $50.15, up about 23% over the past year, compared to a 28% gain for the S&P 500.Company OverviewMetricValueRevenue (TTM)$3.89 billionNet Income (TTM)$550.99 millionDividend Yield2%Price (as of Friday)$50.15Company SnapshotVirtu Financial provides data, analytics, and connectivity products, including execution, liquidity sourcing, and multi-asset trading platforms across global equities, ETFs, FX, futures, fixed income, and cryptocurrencies.The firm operates a two-segment business model: Market Making and Execution Services, generating revenue through trading activity and technology-driven execution solutions.It serves institutional clients and professional investors worldwide seeking advanced trading, risk management, and analytics solutions.Virtu Financial, Inc. is a leading global provider of financial technology and market-making services, leveraging advanced analytics and workflow solutions to facilitate efficient trading across multiple asset classes. The company’s scale and technology-driven approach enable it to deliver consistent liquidity and execution quality for institutional clients. Virtu’s diversified revenue streams and robust platform position it competitively within the capital markets sector.

What this transaction means for investorsVirtu's business tends to thrive when trading activity picks up, and Azora might be making a bet on market volatility lingering around. As evidence of that, for the first quarter, Virtu reported revenue of $1.1 billion, up 31% year over year, while net income surged 83% to $346.6 million.

Management also continued returning capital to shareholders, declaring a quarterly dividend of $0.24 per share. Meanwhile, the firm's market-making business generated $782 million of trading income, a testament to the scale advantages that have helped Virtu remain a dominant liquidity provider across global markets. It’s also worth noting that Azora is highly specialized in the financial services sector.

The risk here is that calmer markets can weigh on trading volumes. But Azora's sizable new position suggests it believes the company's earnings power remains underappreciated despite the stock's recent gains, and long-term, the thesis should remain intact.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.

One of our most popular services, Zacks Premium offers daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All are useful tools to find what stocks to buy, what to sell, and what are today's hottest industries.

It also includes the Focus List, a long-term portfolio of top stocks that have all the elements to beat the market.

Breaking Down the Zacks Focus ListBuilding an investment portfolio from scratch can be difficult, so if you could, wouldn't you take a peek at a curated list of top stocks?

Enter the Zacks Focus List. It's a portfolio made up of 50 stocks that are set to beat the market over the next 12 months; each company selected serves as a foundation for long-term investors looking to create an individual portfolio.

Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.

The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.

Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.

Earnings estimates, or expectations of growth and profitability, come from brokerage analysts who track publicly traded companies; these analysts work together with company management to analyze every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.

Earnings estimate revisions are very important, since investors also need to take into consideration what a company will earn in the future.

The stocks that receive positive changes to earnings estimates are more likely to receive even more upward changes in the future. Take this example: if an analyst raised their estimates last month, they'll probably do so again this month, and other analysts will follow.

Utilizing the power of earnings estimate revisions is when the Zacks Rank joins the party. A unique, proprietary stock-rating model, the Zacks Rank uses changes to quarterly earnings expectations to help investors create a winning portfolio.

Four primary factors make up the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each is given a raw score that's recalculated every night and compiled into the Rank, and with this data, stocks are then classified into five groups, ranging from "Strong Buy" to "Strong Sell."

The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.

Focus List Spotlight: Virtu Financial (VIRT - Free Report) Headquartered in New York, NY, Virtu Financial is a market-leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. It provides a wide array of offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. The company was founded in 2008.

On July 31, 2023, VIRT was added to the Focus List at $18.9 per share. Shares have increased 180.53% to $53.02 since then, and the company is a #1 (Strong Buy) on the Zacks Rank.

Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $1.21 to $6.32. VIRT also boasts an average earnings surprise of 25.1%.

Earnings for VIRT are forecasted to see growth of 10.3% for the current fiscal year as well.

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April 01, 2026 16:15 ET  | Source: South Plains Financial, Inc.

LUBBOCK, Texas, April 01, 2026 (GLOBE NEWSWIRE) -- South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank”), today announced the completion of the merger of BOH Holdings, Inc. (“BOH”) with and into South Plains, with South Plains continuing as the surviving corporation, and the merger of BOH’s wholly-owned subsidiary, Bank of Houston, with and into City Bank, with City Bank continuing as the surviving bank. The mergers became effective on April 1, 2026. As of December 31, 2025, BOH had total assets of $744 million, total loans of $624 million, and total deposits of $603 million.

Raymond James & Associates, Inc. served as financial advisor to South Plains and rendered a fairness opinion to its board of directors. Hunton Andrews Kurth LLP served as South Plains’ legal advisor. Hillworth Bank Partners served as financial advisor to BOH and rendered a fairness opinion to its board of directors. Fenimore Kay Harrison LLP served as BOH’s legal advisor.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Available Information

The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Source: South Plains Financial, Inc.

Posted by Defense World Staff on Apr 6th, 2026

SG Americas Securities LLC bought a new position in shares of Bank of Hawaii Corporation (NYSE:BOH – Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 29,602 shares of the bank’s stock, valued at approximately $2,024,000. SG Americas Securities LLC owned approximately 0.07% of Bank of Hawaii at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Balyasny Asset Management L.P. increased its holdings in Bank of Hawaii by 122.3% during the 3rd quarter. Balyasny Asset Management L.P. now owns 1,012,560 shares of the bank’s stock worth $66,464,000 after purchasing an additional 557,148 shares in the last quarter. Norges Bank bought a new position in shares of Bank of Hawaii in the second quarter valued at approximately $30,569,000. Verition Fund Management LLC boosted its position in shares of Bank of Hawaii by 1,699.7% during the third quarter. Verition Fund Management LLC now owns 265,834 shares of the bank’s stock valued at $17,449,000 after buying an additional 251,063 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of Bank of Hawaii by 163.9% during the third quarter. Two Sigma Investments LP now owns 339,827 shares of the bank’s stock valued at $22,306,000 after buying an additional 211,076 shares during the last quarter. Finally, UBS Group AG grew its holdings in Bank of Hawaii by 199.5% during the third quarter. UBS Group AG now owns 195,454 shares of the bank’s stock worth $12,830,000 after buying an additional 130,188 shares in the last quarter. Institutional investors own 82.18% of the company’s stock.

Analysts Set New Price Targets A number of equities research analysts recently commented on the company. Wall Street Zen raised Bank of Hawaii from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. Barclays upped their target price on shares of Bank of Hawaii from $75.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 27th. Weiss Ratings upgraded shares of Bank of Hawaii from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, March 30th. Stephens reissued an “overweight” rating on shares of Bank of Hawaii in a research report on Tuesday, January 27th. Finally, Piper Sandler cut their price target on shares of Bank of Hawaii from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $83.20.

Get Our Latest Research Report on Bank of Hawaii

Bank of Hawaii Stock Up 0.0% BOH stock opened at $74.79 on Monday. The stock has a market cap of $2.97 billion, a P/E ratio of 16.19, a P/E/G ratio of 0.76 and a beta of 0.72. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.37. The stock’s fifty day simple moving average is $75.62 and its two-hundred day simple moving average is $69.94. Bank of Hawaii Corporation has a 1-year low of $57.44 and a 1-year high of $80.61.

Bank of Hawaii (NYSE:BOH – Get Free Report) last announced its earnings results on Monday, January 26th. The bank reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.14. The firm had revenue of $189.65 million during the quarter, compared to analyst estimates of $184.83 million. Bank of Hawaii had a return on equity of 14.42% and a net margin of 19.30%.During the same period last year, the firm posted $0.85 EPS. Analysts expect that Bank of Hawaii Corporation will post 3.97 EPS for the current year.

Bank of Hawaii Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Friday, March 13th. Shareholders of record on Friday, February 27th were given a $0.70 dividend. The ex-dividend date of this dividend was Friday, February 27th. This represents a $2.80 annualized dividend and a yield of 3.7%. Bank of Hawaii’s payout ratio is currently 60.61%.

Bank of Hawaii Company Profile (Free Report)

Bank of Hawaii (NYSE: BOH) is a regional commercial bank headquartered in Honolulu, Hawaii, with roots tracing back to its founding in 1897 by Charles Montague Cooke and Peter Cushman Jones. As one of the oldest financial institutions in the U.S. West Coast region, the bank has built a reputation for stability and community focus. It operates as the principal subsidiary of Bank of Hawaii Corporation, a publicly traded company on the New York Stock Exchange.

The bank offers a comprehensive suite of personal and business banking products and services.

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Wall Street expects a year-over-year increase in earnings on higher revenues when Bank of Hawaii (BOH - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on April 20, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis bank holding company is expected to post quarterly earnings of $1.33 per share in its upcoming report, which represents a year-over-year change of +37.1%.

Revenues are expected to be $192.33 million, up 13.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Bank of Hawaii?For Bank of Hawaii, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Bank of Hawaii will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Bank of Hawaii would post earnings of $1.25 per share when it actually produced earnings of $1.39, delivering a surprise of +11.20%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Bank of Hawaii doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

HONOLULU--(BUSINESS WIRE)--Bank of Hawai‘i Corporation (NYSE: BOH) (the “Company”) today reported diluted earnings per common share of $1.30 for the first quarter of 2026, compared with $1.39 during the linked quarter. Net income for the quarter was $57.4 million, down 5.7% from the linked quarter. The return on average common equity for the first quarter of 2026 was 13.90% compared with 15.03% during the linked quarter.

“Bank of Hawai‘i began the year on firm footing,” said Jim Polk, President and CEO. “This performance underscores the strength and resilience of our franchise. Net interest income and net interest margin continued to improve, supported by disciplined balance sheet management and a stable deposit base. Total loans and leases and average noninterest-bearing deposits increased compared to the prior quarter. Credit quality continues to be strong, and we remain focused on expense management. As I step into this role, we are committed to executing our strategy, supporting our customers and communities, and building on our strong, established foundation.”

Financial Highlights

Net interest income for the first quarter of 2026 was $151.0 million, an increase of 3.9% from the linked quarter. The increase was primarily driven by a 22 basis point decline in our interest‑bearing deposit rates following the FOMC interest rate cuts in late 2025, partially offset by a 4 basis point decline in earning asset yields as floating-rate assets repriced down more than the benefit from fixed-rate assets rolling off and being reinvested at higher rates (fixed asset repricing).

Net interest margin was 2.74% in the first quarter of 2026, an increase of 13 basis points from the linked quarter, reflecting the same deposit cost and asset yield dynamics as previously mentioned.

The average yield on total earning assets was 4.03% and the average yield on loans and leases was 4.75% in the first quarter of 2026, down 4 basis points and 6 basis points, respectively, from the linked quarter. As discussed above, the decrease in loan yield from the linked quarter was primarily driven by floating-rate assets repricing to lower current interest rates, partially offset by fixed asset repricing.

The average rate of interest-bearing deposits was 1.72% and the average quarterly rate of total deposits, including noninterest-bearing deposits, was 1.26%, down 22 basis points and 17 basis points, respectively, from the linked quarter. As discussed above, the decreases were primarily due to the repricing down of our interest-bearing deposits following the FOMC interest rate cuts in late 2025. The deposit beta for the downward rate cycle was 36% as of the first quarter of 2026.

Noninterest income was $41.3 million in the first quarter of 2026, a decrease of 6.6% from the linked quarter. Noninterest income in the first quarter of 2026 included a $0.2 million charge related to a Visa Class B share conversion ratio change. Noninterest income in the linked quarter included an $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. Adjusted for these items, noninterest income for the first quarter of 2026 was down 5.1% from the linked quarter. The decrease was primarily due to decreases in other loan fees, which were elevated in the fourth quarter of 2025, as well as lower swap fees and trust and management fees, partially offset by higher BOLI income and annuity and insurance fees.

Noninterest expense was $116.1 million in the first quarter of 2026, an increase of 6.0% from the linked quarter. Noninterest expense in the first quarter included $3.5 million in expenses related to the accelerated vesting of restricted stock awards pursuant to the retirement provision of performance-based restricted stock granted in 2024 and 2025 and $0.7 million in separation expenses. Noninterest expense in the linked 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. Adjusted for these items, noninterest expense for the first quarter of 2026 increased by 1.9% from the linked quarter. The increase was primarily due to higher seasonal payroll expenses, net occupancy, equipment expenses, and professional fees, partially offset by lower FDIC insurance and other expenses.

The effective tax rate for the first quarter of 2026 was 22.91% compared to 21.50% during the linked quarter. The higher effective tax rate in the current quarter as compared to the linked quarter was primarily due to lower benefits from certain tax advantaged investments and an increase in tax expense from discrete items.

Asset Quality

The Company’s overall asset quality remained strong during the first quarter of 2026. Provision for credit losses for the first quarter of 2026 was $1.8 million, down $0.8 million from the linked quarter.

Total non-performing assets were $12.1 million at March 31, 2026, down $2.1 million from December 31, 2025. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.09% at the end of the quarter, a decrease of 1 basis point from the linked quarter.

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. Gross charge-offs of $4.1 million were partially offset by gross recoveries of $3.0 million. Compared to the linked quarter, net loan and lease charge-offs decreased by $3.1 million or 9 basis points annualized on total average loans and leases outstanding.

The allowance for credit losses on loans and leases was $147.0 million at 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.

Balance Sheet

Total assets were $23.9 billion at March 31, 2026, a decrease of 1.1% from December 31, 2025. The decrease from December 31, 2025 was primarily due to a reduction in cash and cash equivalents, partially offset by increases in available-for-sale securities and loans and leases.

The investment securities portfolio was $7.9 billion at March 31, 2026, an increase of 1.7% from December 31, 2025. The increase was 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 $14.2 billion at March 31, 2026, an increase of 0.8% from December 31, 2025. Total commercial loans were $6.2 billion at March 31, 2026, an increase of 2.0% from December 31, 2025. The increase was primarily due to commercial mortgage production. Total consumer loans were $8.0 billion at March 31, 2026, a decrease of 0.1% from December 31, 2025. The decrease was primarily due to amortization and paydowns, partially offset by increased production in the residential mortgage portfolio.

Total deposits were $21.0 billion at March 31, 2026, a decrease of 1.1% from December 31, 2025. Noninterest-bearing deposits made up 27.0% of total deposit balances at March 31, 2026, down from 27.2% at December 31, 2025. Average total deposits were $20.9 billion for the first quarter of 2026, down 0.3% from December 31, 2025.

Capital and Dividends

The Company’s capital levels remain well above regulatory well-capitalized minimums.

The Tier 1 Capital Ratio was 14.40% at March 31, 2026 compared with 14.49% at December 31, 2025. The decrease from December 31, 2025 was due to an increase in risk-weighted assets and share repurchases, as discussed below, partially offset by retained earnings growth. The Tier 1 Leverage Ratio was 8.62% at March 31, 2026, compared with 8.57% at December 31, 2025. The increase from December 31, 2025 was due to a decline in average assets and an increase in retained earnings.

The Company repurchased 194.1 thousand shares of common stock at a total cost of $15.1 million under the share repurchase program in the first quarter of 2026. Total remaining buyback authority under the share repurchase program was $105.9 million at March 31, 2026.

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 June 12, 2026 to shareholders of record at the close of business on May 29, 2026.

On April 3, 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 May 1, 2026 to shareholders of record of the preferred stock as of the close of business on April 16, 2026.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawai‘i Time (2:00 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/BI42ddba51d0fa4b6dacb219e80a369fdb. A replay of the conference call will be available for one year beginning at approximately 11:00 a.m. Hawai‘i Time on Monday, April 20, 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, 2025 which was 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.

  Bank of Hawai‘i Corporation and Subsidiaries

Financial Highlights

Table 1

Three Months Ended

(dollars in thousands, except per share amounts)

March 31, 2026

December 31, 2025

March 31, 2025

For the Period:

Operating Results

Net Interest Income

$

150,990

$

145,374

$

125,807

Provision for Credit Losses

1,750

2,500

3,250

Total Noninterest Income

41,332

44,271

44,058

Total Noninterest Expense

116,071

109,518

110,459

Pre-Provision Net Revenue

76,251

80,127

59,406

Net Income

57,432

60,935

43,985

Net Income Available to Common Shareholders

52,163

55,666

38,716

Basic Earnings Per Common Share

1.32

1.40

0.98

Diluted Earnings Per Common Share

1.30

1.39

0.97

Dividends Declared Per Common Share

0.70

0.70

0.70

Performance Ratios

Return on Average Assets

0.97

%

1.01

%

0.75

%

Return on Average Shareholders' Equity

12.47

13.33

10.65

Return on Average Common Equity

13.90

15.03

11.80

Efficiency Ratio 1

60.35

57.75

65.03

Net Interest Margin 2

2.74

2.61

2.32

Dividend Payout Ratio 3

53.03

50.00

71.43

Average Shareholders' Equity to Average Assets

7.81

7.57

7.09

Average Balances

Average Loans and Leases

$

14,083,875

$

14,013,532

$

14,062,173

Average Assets

23,915,334

23,958,401

23,638,068

Average Deposits

20,915,443

20,980,199

20,669,539

Average Shareholders' Equity

1,867,165

1,814,000

1,675,571

Per Share of Common Stock

Book Value

$

38.10

$

37.92

$

34.23

Tangible Book Value

37.31

37.12

33.43

Market Value

Closing

74.25

68.37

68.97

High

80.61

71.85

76.00

Low

67.04

59.36

65.82

March 31, 2026

December 31, 2025

March 31, 2025

As of Period End:

Balance Sheet Totals

Loans and Leases

$

14,192,811

$

14,082,050

$

14,115,323

Total Assets

23,909,933

24,176,364

23,885,056

Total Deposits

20,957,930

21,188,495

21,008,217

Other Debt

558,150

558,176

558,250

Total Shareholders' Equity

1,854,563

1,851,212

1,704,935

Asset Quality

Non-Performing Assets

$

12,090

$

14,171

$

17,451

Allowance for Credit Losses - Loans and Leases

146,962

146,766

147,707

Allowance to Loans and Leases Outstanding 4

1.04

%

1.04

%

1.05

%

Capital Ratios 5

Common Equity Tier 1 Capital Ratio 6

12.06

%

12.14

%

11.58

%

Tier 1 Capital Ratio

14.40

14.49

13.93

Total Capital Ratio

15.44

15.54

14.97

Tier 1 Leverage Ratio

8.62

8.57

8.36

Total Shareholders' Equity to Total Assets

7.76

7.66

7.14

Tangible Common Equity to Tangible Assets 7

6.19

6.11

5.57

Tangible Common Equity to Risk-Weighted Assets 7

10.28

10.35

9.28

Non-Financial Data

Full-Time Equivalent Employees

1,866

1,877

1,876

Branches

52

51

50

ATMs

319

320

316

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
3 Dividend payout ratio is defined as dividends declared per common share divided by basic earnings per common share.
4 The numerator comprises the Allowance for Credit Losses - Loans and Leases.
5 Regulatory capital ratios as of March 31, 2026 are preliminary.
6 Capital Ratio as of December 31, 2025 has been updated to reflect final reported ratio.
7 Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. Tangible common equity is defined by the Company as common shareholders' equity minus goodwill. See Table 2 “Reconciliation of Non-GAAP Financial Measures”.

Bank of Hawai‘i Corporation and Subsidiaries

Reconciliation of Non-GAAP Financial Measures

Table 2

(dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Total Shareholders' Equity

$

1,854,563

$

1,851,212

$

1,704,935

Less: Preferred Stock

345,000

345,000

345,000

Goodwill

31,517

31,517

31,517

Tangible Common Equity

$

1,478,046

$

1,474,695

$

1,328,418

Total Assets

$

23,909,933

$

24,176,364

$

23,885,056

Less: Goodwill

31,517

31,517

31,517

Tangible Assets

$

23,878,416

$

24,144,847

$

23,853,539

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements 1, 2

$

14,382,622

$

14,246,238

$

14,319,932

Total Shareholders' Equity to Total Assets

7.76%

7.66%

7.14%

Tangible Common Equity to Tangible Assets (Non-GAAP)

6.19%

6.11%

5.57%

Tier 1 Capital Ratio 1

14.40%

14.49%

13.93%

Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) 1

10.28%

10.35%

9.28%

1 Regulatory capital ratios as of March 31, 2026 are preliminary.
2 Capital Ratio as of December 31, 2025 has been updated to reflect final reported ratio.

Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Income

Table 3

Three Months Ended

(dollars in thousands, except per share amounts)

March 31, 2026

December 31, 2025

March 31, 2025

Interest Income

Interest and Fees on Loans and Leases

$

164,469

$

168,234

$

163,082

Income on Investment Securities

Available-for-Sale

34,575

32,950

24,368

Held-to-Maturity

18,541

18,929

20,291

Cash and Cash Equivalents

3,329

5,936

5,460

Other

1,293

1,245

1,085

Total Interest Income

222,207

227,294

214,286

Interest Expense

Deposits

64,886

75,477

81,692

Securities Sold Under Agreements to Repurchase

486

496

744

Other Debt

5,845

5,947

6,043

Total Interest Expense

71,217

81,920

88,479

Net Interest Income

150,990

145,374

125,807

Provision for Credit Losses

1,750

2,500

3,250

Net Interest Income After Provision for Credit Losses

149,240

142,874

122,557

Noninterest Income

Trust and Asset Management

12,445

12,883

11,741

Fees, Exchange, and Other Service Charges

10,928

12,298

14,437

Service Charges on Deposit Accounts

8,440

8,694

8,259

Bank-Owned Life Insurance

4,147

3,758

3,611

Annuity and Insurance

1,469

1,124

1,555

Mortgage Banking

876

917

988

Investment Securities Losses, Net

(1,272

)

(18,717

)

(1,607

)

Other

4,299

23,314

5,074

Total Noninterest Income

41,332

44,271

44,058

Noninterest Expense

Salaries and Benefits

68,457

61,675

62,884

Net Occupancy

10,782

10,029

10,559

Net Equipment

10,611

10,047

10,192

Data Processing

5,581

5,659

5,267

Professional Fees

4,226

3,682

4,264

FDIC Insurance

2,719

2,378

1,642

Other

13,695

16,048

15,651

Total Noninterest Expense

116,071

109,518

110,459

Income Before Provision for Income Taxes

74,501

77,627

56,156

Provision for Income Taxes

17,069

16,692

12,171

Net Income

$

57,432

$

60,935

$

43,985

Preferred Stock Dividends

5,269

5,269

5,269

Net Income Available to Common Shareholders

$

52,163

$

55,666

$

38,716

Basic Earnings Per Common Share

$

1.32

$

1.40

$

0.98

Diluted Earnings Per Common Share

$

1.30

$

1.39

$

0.97

Dividends Declared Per Common Share

$

0.70

$

0.70

$

0.70

Basic Weighted Average Common Shares

39,568,000

39,641,382

39,554,834

Diluted Weighted Average Common Shares

39,981,356

40,003,635

39,876,406

  Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Comprehensive Income

Table 4

Three Months Ended

(dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Net Income

$

57,432

$

60,935

$

43,985

Other Comprehensive Income (Loss), Net of Tax:

Net Change in Unrealized Gains (Losses) on Investment Securities

(3,001

)

29,367

24,760

Net Change in Defined Benefit Plans

222

2,446

232

Other Comprehensive Income (Loss)

(2,779

)

31,813

24,992

Comprehensive Income

$

54,653

$

92,748

$

68,977

  Bank of Hawai‘i Corporation and Subsidiaries

Consolidated Statements of Condition

Table 5

(dollars in thousands, except per share amounts)

March 31, 2026

December 31, 2025

March 31, 2025

Assets

Cash and Cash Equivalents

$

425,080

$

946,520

$

935,200

Investment Securities

Available-for-Sale

3,722,405

3,510,652

2,887,019

Held-to-Maturity (Fair Value of $3,549,687; $3,651,966; and $3,823,655)

4,163,261

4,245,681

4,535,108

Loans Held for Sale

3,609

4,369

2,640

Loans and Leases

14,192,811

14,082,050

14,115,323

Allowance for Credit Losses

(146,962

)

(146,766

)

(147,707

)

Net Loans and Leases

14,045,849

13,935,284

13,967,616

Premises and Equipment, Net

215,859

199,747

187,858

Operating Lease Right-of-Use Assets

82,244

83,424

83,577

Accrued Interest Receivable

70,555

69,899

67,706

Mortgage Servicing Rights

17,036

17,455

18,770

Goodwill

31,517

31,517

31,517

Bank-Owned Life Insurance

499,681

499,795

481,260

Other Assets

632,837

632,021

686,785

Total Assets

$

23,909,933

$

24,176,364

$

23,885,056

Liabilities

Deposits

Noninterest-Bearing Demand

$

5,653,265

$

5,755,371

$

5,493,232

Interest-Bearing Demand

3,884,305

3,910,952

3,775,948

Savings

8,683,875

8,741,090

8,700,143

Time

2,736,485

2,781,082

3,038,894

Total Deposits

20,957,930

21,188,495

21,008,217

Securities Sold Under Agreements to Repurchase

50,000

50,000

50,000

Other Debt

558,150

558,176

558,250

Operating Lease Liabilities

91,213

92,402

92,267

Retirement Benefits Payable

25,686

20,139

23,640

Accrued Interest Payable

19,757

22,370

23,261

Other Liabilities

352,634

393,570

424,486

Total Liabilities

22,055,370

22,325,152

22,180,121

Shareholders’ Equity

Preferred Stock (Series A, $.01 par value; authorized 180,000 shares issued and outstanding)

180,000

180,000

180,000

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

165,000

165,000

165,000

Common Stock ($.01 par value; authorized 500,000,000 shares; issued / outstanding: March 31, 2026 - 59,000,929 / 39,620,563; December 31, 2025 - 58,780,253 / 39,725,698; and March 31, 2025 - 58,765,864 / 39,734,304)

590

587

586

Capital Surplus

672,584

664,781

651,374

Accumulated Other Comprehensive Loss

(247,217

)

(244,438

)

(318,397

)

Retained Earnings

2,229,539

2,205,707

2,144,326

Treasury Stock, at Cost (Shares: March 31, 2026 - 19,380,366; December 31, 2025 - 19,054,555; and March 31, 2025 - 19,031,560)

(1,145,933

)

(1,120,425

)

(1,117,954

)

Total Shareholders’ Equity

1,854,563

1,851,212

1,704,935

Total Liabilities and Shareholders’ Equity

$

23,909,933

$

24,176,364

$

23,885,056

  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, 2025

180,000

$

180,000

165,000

$

165,000

39,725,698

$

587

$

664,781

$

(244,438

)

$

2,205,707

$

(1,120,425

)

$

1,851,212

Net Income

–

–

–

–

–

–

–

–

57,432

–

57,432

Other Comprehensive Loss

–

–

–

–

–

–

–

(2,779

)

–

–

(2,779

)

Share-Based Compensation

–

–

–

–

–

–

7,459

–

–

–

7,459

Common Stock Issued Under Purchase and Equity Compensation Plans

–

–

–

–

237,399

3

344

–

–

881

1,228

Common Stock Repurchased Under Share Repurchase Program

–

–

–

–

(194,096

)

–

–

–

–

(15,109

)

(15,109

)

Equity Compensation Plan Common Stock Repurchases

–

–

–

–

(148,438

)

–

–

–

–

(11,280

)

(11,280

)

Cash Dividends Declared Common Stock ($0.70 per share)

–

–

–

–

–

–

–

–

(28,331

)

–

(28,331

)

Cash Dividends Declared Preferred Stock

–

–

–

–

–

–

–

–

(5,269

)

–

(5,269

)

Balance as of March 31, 2026

180,000

$

180,000

165,000

$

165,000

39,620,563

$

590

$

672,584

$

(247,217

)

$

2,229,539

$

(1,145,933

)

$

1,854,563

Balance as of December 31, 2024

180,000

$

180,000

165,000

$

165,000

39,762,255

$

585

$

647,403

$

(343,389

)

$

2,133,838

$

(1,115,663

)

$

1,667,774

Net Income

–

–

–

–

–

–

–

–

43,985

–

43,985

Other Comprehensive Income

–

–

–

–

–

–

–

24,992

–

–

24,992

Share-Based Compensation

–

–

–

–

–

–

3,680

–

–

–

3,680

Common Stock Issued Under Purchase and Equity Compensation Plans

–

–

–

–

19,477

1

291

–

–

1,023

1,315

Equity Compensation Plan Common Stock Repurchases

–

–

–

–

(47,428

)

–

–

–

–

(3,314

)

(3,314

)

Cash Dividends Declared Common Stock ($0.70 per share)

–

–

–

–

–

–

–

–

(28,228

)

–

(28,228

)

Cash Dividends Declared Preferred Stock

–

–

–

–

–

–

–

–

(5,269

)

–

(5,269

)

Balance as of March 31, 2025

180,000

$

180,000

165,000

$

165,000

39,734,304

$

586

$

651,374

$

(318,397

)

$

2,144,326

$

(1,117,954

)

$

1,704,935

  Bank of Hawai‘i Corporation and Subsidiaries

Average Balances and Interest Rates - Taxable-Equivalent Basis 1

Table 7

Three Months Ended March 31, 2026

Three Months Ended December 31, 2025

Three Months Ended March 31, 2025

(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

$

372.5

$

3.3

3.58

%

$

604.5

$

6.0

3.84

%

$

500.0

$

5.5

4.37

%

Investment Securities

Available-for-Sale

Taxable

3,598.1

34.2

3.82

3,363.4

32.5

3.86

2,790.3

24.1

3.47

Non-Taxable

32.1

0.4

5.07

32.0

0.5

5.80

21.3

0.3

5.68

Held-to-Maturity

Taxable

4,175.4

18.4

1.76

4,265.7

18.8

1.76

4,548.6

20.2

1.77

Non-Taxable

33.5

0.2

2.10

33.7

0.2

2.10

34.1

0.2

2.09

Total Investment Securities

7,839.1

53.2

2.72

7,694.8

52.0

2.70

7,394.3

44.8

2.43

Loans Held for Sale

3.6

0.1

5.22

2.4

0.0

5.51

2.3

0.0

6.06

Loans and Leases 3

Commercial Mortgage

4,220.6

54.1

5.19

4,124.5

55.2

5.31

4,015.2

52.5

5.30

Commercial and Industrial

1,583.4

18.7

4.79

1,590.0

19.6

4.90

1,703.7

21.3

5.06

Construction

215.7

3.4

6.46

265.5

4.6

6.89

338.5

6.0

7.22

Commercial Lease Financing

86.9

0.9

4.29

89.7

0.9

4.19

91.1

0.9

3.83

Residential Mortgage

4,781.9

47.8

4.00

4,719.8

47.5

4.03

4,616.7

44.8

3.88

Home Equity

2,103.1

23.6

4.55

2,122.1

24.3

4.54

2,154.4

22.5

4.23

Automobile

684.6

9.4

5.57

692.7

9.6

5.49

752.6

9.3

5.02

Other

407.7

7.8

7.76

409.2

7.9

7.64

390.0

7.1

7.41

Total Loans and Leases

14,083.9

165.7

4.75

14,013.5

169.6

4.81

14,062.2

164.4

4.72

Other

81.9

1.3

6.31

82.2

1.2

6.06

65.1

1.1

6.67

Total Earning Assets

22,381.0

223.6

4.03

22,397.4

228.8

4.07

22,023.9

215.8

3.95

Non-Earning Assets

1,534.3

1,561.0

1,614.2

Total Assets

$

23,915.3

$

23,958.4

$

23,638.1

Interest-Bearing Liabilities

Interest-Bearing Deposits

Demand

$

3,839.0

$

6.6

0.69

%

$

3,697.9

$

7.3

0.78

%

$

3,773.4

$

7.1

0.76

%

Savings

8,668.4

38.7

1.81

8,738.2

44.3

2.01

8,544.5

47.1

2.23

Time

2,753.6

19.6

2.89

2,974.0

23.9

3.18

3,037.3

27.5

3.67

Total Interest-Bearing Deposits

15,261.0

64.9

1.72

15,410.1

75.5

1.94

15,355.2

81.7

2.16

Securities Sold Under Agreements to Repurchase

50.0

0.5

3.89

50.0

0.5

3.89

76.7

0.7

3.88

Other Debt

560.9

5.8

4.23

558.2

5.9

4.23

578.2

6.1

4.24

Total Interest-Bearing Liabilities

15,871.9

71.2

1.82

16,018.3

81.9

2.03

16,010.1

88.5

2.24

Net Interest Income

$

152.4

$

146.9

$

127.3

Interest Rate Spread

2.21

%

2.04

%

1.71

%

Net Interest Margin

2.74

%

2.61

%

2.32

%

Noninterest-Bearing Demand Deposits

5,654.4

5,570.1

5,314.3

Other Liabilities

521.8

556.0

638.1

Shareholders' Equity

1,867.2

1,814.0

1,675.6

Total Liabilities and Shareholders' Equity

$

23,915.3

$

23,958.4

$

23,638.1

1 Due to rounding, the amounts presented in this table may not tie to other amounts presented elsewhere in this report.
2 Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $1.4 million, $1.6 million, and $1.5 million for the three months ended March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
3 Non-performing loans and leases are included in the respective average loan and lease balances.

  Bank of Hawai‘i Corporation and Subsidiaries

Analysis of Change in Net Interest Income - Taxable-Equivalent Basis

Table 8a

Three Months Ended March 31, 2026

Compared to December 31, 2025

(dollars in millions)

Volume 1

Rate 1

Total

Change in Interest Income:

Cash and Cash Equivalents

$

(2.2

)

$

(0.4

)

$

(2.6

)

Investment Securities

Available-for-Sale

Taxable

2.1

(0.4

)

1.7

Non-Taxable

—

(0.1

)

(0.1

)

Held-to-Maturity

Taxable

(0.4

)

0.0

(0.4

)

Non-Taxable

0.0

—

0.0

Total Investment Securities

1.7

(0.5

)

1.2

Loans Held for Sale

0.0

0.0

0.0

Loans and Leases

Commercial Mortgage

0.6

(1.8

)

(1.2

)

Commercial and Industrial

(0.1

)

(0.8

)

(0.9

)

Construction

(0.9

)

(0.3

)

(1.2

)

Commercial Lease Financing

0.0

0.0

0.0

Residential Mortgage

0.6

(0.3

)

0.3

Home Equity

(0.5

)

(0.1

)

(0.6

)

Automobile

(0.2

)

0.0

(0.2

)

Other

(0.1

)

0.0

(0.1

)

Total Loans and Leases

(0.6

)

(3.3

)

(3.9

)

Other

0.0

0.0

0.0

Total Change in Interest Income

(1.1

)

(4.2

)

(5.3

)

Change in Interest Expense:

Interest-Bearing Deposits

Demand

0.2

(0.9

)

(0.7

)

Savings

(0.4

)

(5.2

)

(5.6

)

Time

(1.9

)

(2.4

)

(4.3

)

Total Interest-Bearing Deposits

(2.1

)

(8.5

)

(10.6

)

Securities Sold Under Agreements to Repurchase

—

0.0

0.0

Other Debt

(0.1

)

0.0

(0.1

)

Total Change in Interest Expense

(2.2

)

(8.5

)

(10.7

)

Change in Net Interest Income

$

1.1

$

4.3

$

5.4

1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Bank of Hawai‘i Corporation and Subsidiaries

Analysis of Change in Net Interest Income - Taxable-Equivalent Basis

Table 8b

Three Months Ended March 31, 2026

Compared to March 31, 2025

(dollars in millions)

Volume 1

Rate 1

Total

Change in Interest Income:

Cash and Cash Equivalents

$

(1.2

)

$

(0.9

)

$

(2.1

)

Investment Securities

Available-for-Sale

Taxable

7.5

2.6

10.1

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

6.0

2.5

8.5

Loans Held for Sale

0.0

0.0

0.0

Loans and Leases

Commercial Mortgage

2.7

(1.2

)

1.5

Commercial and Industrial

(1.5

)

(1.1

)

(2.6

)

Construction

(2.0

)

(0.6

)

(2.6

)

Commercial Lease Financing

0.0

0.1

0.1

Residential Mortgage

1.6

1.4

3.0

Home Equity

(0.5

)

1.6

1.1

Automobile

(0.9

)

1.0

0.1

Other

0.3

0.4

0.7

Total Loans and Leases

(0.3

)

1.6

1.3

Other

0.4

(0.3

)

0.1

Total Change in Interest Income

4.9

2.9

7.8

Change in Interest Expense:

Interest-Bearing Deposits

Demand

0.2

(0.7

)

(0.5

)

Savings

0.6

(9.0

)

(8.4

)

Time

(2.4

)

(5.5

)

(7.9

)

Total Interest-Bearing Deposits

(1.6

)

(15.2

)

(16.8

)

Securities Sold Under Agreements to Repurchase

(0.3

)

0.0

(0.3

)

Other Debt

(0.2

)

0.0

(0.2

)

Total Change in Interest Expense

(2.1

)

(15.2

)

(17.3

)

Change in Net Interest Income

$

7.0

$

18.1

$

25.1

1 The change in interest income and expense due to both volume and rate has been allocated between the factors in proportion to the relationship of the absolute dollar amounts of the change in each.

Bank of Hawai‘i Corporation and Subsidiaries

Salaries and Benefits

Table 9

Three Months Ended

(dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Salaries

$

38,990

$

39,915

$

38,242

Share-Based Compensation

7,282

4,379

3,501

Incentive Compensation

6,083

4,535

5,573

Payroll Taxes

5,321

2,740

4,766

Retirement and Other Benefits

4,597

4,378

5,061

Medical, Dental, and Life Insurance

4,222

3,916

4,537

Commission Expense

1,213

1,670

1,123

Separation Expense

749

142

81

Total Salaries and Benefits

$

68,457

$

61,675

$

62,884

  Bank of Hawai‘i Corporation and Subsidiaries

Loan and Lease Portfolio Balances

Table 10

(dollars in thousands)

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Commercial

Commercial Mortgage

$

4,341,448

$

4,205,791

$

4,040,711

$

4,038,956

$

4,038,287

Commercial and Industrial

1,575,207

1,584,245

1,581,232

1,597,560

1,703,290

Construction

204,993

208,584

380,944

374,768

363,716

Lease Financing

84,651

88,303

92,213

92,842

92,456

Total Commercial

6,206,299

6,086,923

6,095,100

6,104,126

6,197,749

Consumer

Residential Mortgage

4,800,256

4,775,502

4,685,214

4,637,014

4,630,876

Home Equity

2,095,521

2,114,809

2,129,599

2,139,025

2,144,955

Automobile

680,570

690,376

699,244

715,688

740,390

Other

410,165

414,440

412,422

406,325

401,353

Total Consumer

7,986,512

7,995,127

7,926,479

7,898,052

7,917,574

Total Loans and Leases

$

14,192,811

$

14,082,050

$

14,021,579

$

14,002,178

$

14,115,323

  Deposits

(dollars in thousands)

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Consumer

$

10,530,223

$

10,466,617

$

10,393,932

$

10,429,271

$

10,522,627

Commercial

8,340,279

8,597,265

8,348,396

8,243,898

8,411,838

Public and Other

2,087,428

2,124,613

2,338,341

2,125,745

2,073,752

Total Deposits

$

20,957,930

$

21,188,495

$

21,080,669

$

20,798,914

$

21,008,217

  Average Deposits

Three Months Ended

(dollars in thousands)

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Consumer

$

10,461,004

$

10,373,200

$

10,387,715

$

10,435,867

$

10,408,747

Commercial

8,431,519

8,478,592

8,504,078

8,316,893

8,318,182

Public and Other

2,022,920

2,128,407

2,176,493

1,946,933

1,942,610

Total Deposits

$

20,915,443

$

20,980,199

$

21,068,286

$

20,699,693

$

20,669,539

  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)

March 31,
2026

December 31,
2025

September 30,
2025

June 30,
2025

March 31,
2025

Non-Performing Assets

Non-Accrual Loans and Leases

Commercial

Commercial Mortgage

$

-

$

2,085

$

2,498

$

2,566

$

2,195

Commercial and Industrial

1,860

1,940

3,506

3,744

3,451

Total Commercial

1,860

4,025

6,004

6,310

5,646

Consumer

Residential Mortgage

5,410

5,382

5,628

5,842

4,686

Home Equity

4,525

4,469

5,107

5,387

5,759

Total Consumer

9,935

9,851

10,735

11,229

10,445

Total Non-Accrual Loans and Leases

11,795

13,876

16,739

17,539

16,091

Foreclosed Real Estate

295

295

125

342

1,360

Total Non-Performing Assets

$

12,090

$

14,171

$

16,864

$

17,881

$

17,451

Accruing Loans and Leases Past Due 90 Days or More

Consumer

Residential Mortgage

$

10,733

$

8,834

$

7,456

$

9,070

$

3,895

Home Equity

1,556

2,152

2,765

1,867

2,228

Automobile

672

520

525

680

486

Other

764

753

578

630

943

Total Consumer

13,725

12,259

11,324

12,247

7,552

Total Accruing Loans and Leases Past Due 90 Days or More

$

13,725

$

12,259

$

11,324

$

12,247

$

7,552

Total Loans and Leases

$

14,192,811

$

14,082,050

$

14,021,579

$

14,002,178

$

14,115,323

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases

0.08

%

0.10

%

0.12

%

0.13

%

0.11

%

Ratio of Non-Performing Assets to Total Loans and Leases and Foreclosed Real Estate

0.09

%

0.10

%

0.12

%

0.13

%

0.12

%

Ratio of Non-Performing Assets to Total Assets

0.05

%

0.06

%

0.07

%

0.08

%

0.07

%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans and Leases and Commercial Foreclosed Real Estate

0.03

%

0.07

%

0.10

%

0.10

%

0.09

%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans and Leases and Consumer Foreclosed Real Estate

0.13

%

0.13

%

0.14

%

0.15

%

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

0.18

%

0.19

%

0.20

%

0.22

%

0.18

%

Quarter to Quarter Changes in Non-Performing Assets Balance at Beginning of Quarter

$

14,171

$

16,864

$

17,881

$

17,451

$

19,300

Additions 1

1,010

2,608

959

3,522

2,209

Reductions

Payments

(2,744

)

(2,631

)

(804

)

(1,424

)

(1,212

)

Return to Accrual Status

(341

)

(1,217

)

(321

)

(574

)

(244

)

Sales of Foreclosed Real Estate

-

(120

)

(216

)

(1,040

)

(1,492

)

Charge-offs / Write-downs 1

(6

)

(1,333

)

(635

)

(54

)

(1,110

)

Total Reductions

(3,091

)

(5,301

)

(1,976

)

(3,092

)

(4,058

)

Balance at End of Quarter

$

12,090

$

14,171

$

16,864

$

17,881

$

17,451

1 Excludes loans that are fully charged-off and placed on non-accrual status during the same period.

  Bank of Hawai‘i Corporation and Subsidiaries

Reserve for Credit Losses

Table 12

Three Months Ended

(dollars in thousands)

March 31, 2026

December 31, 2025

March 31, 2025

Balance at Beginning of Period

$

148,403

$

150,051

$

150,649

Loans and Leases Charged-Off

Commercial

Commercial and Industrial

(230

)

(1,331

)

(1,399

)

Consumer

Residential Mortgage

(15

)

—

—

Home Equity

(6

)

(165

)

(75

)

Automobile

(1,417

)

(1,654

)

(1,751

)

Other

(2,394

)

(2,192

)

(2,484

)

Total Loans and Leases Charged-Off

(4,062

)

(5,342

)

(5,709

)

Recoveries on Loans and Leases Previously Charged-Off

Commercial

Commercial Mortgage

1,617

—

—

Commercial and Industrial

53

92

77

Consumer

Residential Mortgage

11

11

11

Home Equity

137

88

128

Automobile

579

517

633

Other

590

486

457

Total Recoveries on Loans and Leases

2,987

1,194

1,306

Net Charged-Off - Loans and Leases

(1,075

)

(4,148

)

(4,403

)

Provision for Credit Losses:

Loans and Leases

1,271

2,136

3,582

Unfunded Commitments

479

364

(332

)

Total Provision for Credit Losses

1,750

2,500

3,250

Balance at End of Period

$

149,078

$

148,403

$

149,496

Components

Allowance for Credit Losses - Loans and Leases

$

146,962

$

146,766

$

147,707

Reserve for Unfunded Commitments

2,116

1,637

1,789

Total Reserve for Credit Losses

$

149,078

$

148,403

$

149,496

Average Loans and Leases Outstanding

$

14,083,875

$

14,013,532

$

14,062,173

Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding (annualized)

0.03

%

0.12

%

0.13

%

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

1.04

%

1.04

%

1.05

%

1 The numerator comprises the Allowance for Credit Losses - Loans and Leases.

  Bank of Hawai‘i Corporation and Subsidiaries

Selected Quarterly Financial Data

Table 13

Three Months Ended

(dollars in thousands, except per share amounts)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Quarterly Operating Results

Interest Income

Interest and Fees on Loans and Leases

$

164,469

$

168,234

$

169,411

$

166,779

$

163,082

Income on Investment Securities

Available-for-Sale

34,575

32,950

29,702

27,007

24,368

Held-to-Maturity

18,541

18,929

19,332

19,835

20,291

Cash and Cash Equivalents

3,329

5,936

8,195

3,817

5,460

Other

1,293

1,245

1,068

1,097

1,085

Total Interest Income

222,207

227,294

227,708

218,535

214,286

Interest Expense

Deposits

64,886

75,477

84,590

82,476

81,692

Securities Sold Under Agreements to Repurchase

486

496

496

491

744

Other Debt

5,845

5,947

5,947

5,885

6,043

Total Interest Expense

71,217

81,920

91,033

88,852

88,479

Net Interest Income

150,990

145,374

136,675

129,683

125,807

Provision for Credit Losses

1,750

2,500

2,500

3,250

3,250

Net Interest Income After Provision for Credit Losses

149,240

142,874

134,175

126,433

122,557

Noninterest Income

Trust and Asset Management

12,445

12,883

12,598

12,097

11,741

Fees, Exchange, and Other Service Charges

10,928

12,298

15,219

14,383

14,437

Service Charges on Deposit Accounts

8,440

8,694

8,510

8,119

8,259

Bank-Owned Life Insurance

4,147

3,758

3,681

3,714

3,611

Annuity and Insurance

1,469

1,124

1,095

1,437

1,555

Mortgage Banking

876

917

906

849

988

Investment Securities Losses, Net

(1,272

)

(18,717

)

(1,945

)

(1,126

)

(1,607

)

Other

4,299

23,314

5,902

5,322

5,074

Total Noninterest Income

41,332

44,271

45,966

44,795

44,058

Noninterest Expense

Salaries and Benefits

68,457

61,675

62,905

61,308

62,884

Net Occupancy

10,782

10,029

10,932

10,499

10,559

Net Equipment

10,611

10,047

10,285

9,977

10,192

Data Processing

5,581

5,659

5,603

5,456

5,267

Professional Fees

4,226

3,682

4,022

4,263

4,264

FDIC Insurance

2,719

2,378

3,508

3,640

1,642

Other

13,695

16,048

15,132

15,640

15,651

Total Noninterest Expense

116,071

109,518

112,387

110,783

110,459

Income Before Provision for Income Taxes

74,501

77,627

67,754

60,445

56,156

Provision for Income Taxes

17,069

16,692

14,409

12,808

12,171

Net Income

$

57,432

$

60,935

$

53,345

$

47,637

$

43,985

Preferred Stock Dividends

5,269

5,269

5,269

5,269

5,269

Net Income Available to Common Shareholders

$

52,163

$

55,666

$

48,076

$

42,368

$

38,716

Basic Earnings Per Common Share

$

1.32

$

1.40

$

1.21

$

1.07

$

0.98

Diluted Earnings Per Common Share

$

1.30

$

1.39

$

1.20

$

1.06

$

0.97

Balance Sheet Totals

Loans and Leases

$

14,192,811

$

14,082,050

$

14,021,579

$

14,002,178

$

14,115,323

Total Assets

23,909,933

24,176,364

24,014,609

23,709,752

23,885,056

Total Deposits

20,957,930

21,188,495

21,080,669

20,798,914

21,008,217

Total Shareholders' Equity

1,854,563

1,851,212

1,791,183

1,743,107

1,704,935

Performance Ratios

Return on Average Assets

0.97

%

1.01

%

0.88

%

0.81

%

0.75

%

Return on Average Shareholders' Equity

12.47

13.33

12.10

11.21

10.65

Return on Average Common Equity

13.90

15.03

13.59

12.50

11.80

Efficiency Ratio 1

60.35

57.75

61.53

63.49

65.03

Net Interest Margin 2

2.74

2.61

2.46

2.39

2.32

1 Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
2 Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

Bank of Hawai‘i Corporation and Subsidiaries

Hawaii Economic Trends

Table 14

Year Ended

(dollars in millions, jobs in thousands, 1-year percentage change)

December 31, 2025

December 31, 2024

Hawaii Economic Trends

General Excise and Use Tax Revenue 1

889.1

4.1

%

4,773.4

6.2

%

4,495.0

0.5

%

Jobs 2

672.7

672.9

669.0

January 31,

December 31,

2026

2025

2024

Unemployment, seasonally adjusted 2

Statewide

2.6

%

2.6

%

3.0

%

Honolulu County

2.6

2.5

2.9

Hawaii County

2.9

3.1

3.5

Maui County

2.9

2.9

3.6

Kauai County

2.0

2.7

3.0

February 28,

December 31,

(1-year percentage change, except months of inventory)

2026

2025

2024

2023

Housing Trends (Single Family Oahu) 3

Median Home Price

0.9

%

3.5

%

4.8

%

(5.0

)%

Home Sales Volume (units)

2.2

%

3.5

%

9.1

%

(26.3

)%

Months of Inventory

2.8

2.6

2.9

2.8

  (in thousands, except percentage change)

Monthly Visitor Arrivals,
Not Seasonally Adjusted

Percentage Change
from Previous Year

Tourism 4

February 28, 2026

760.8

2.9

%

January 31, 2026

858.7

11.1

December 31, 2025

850.3

(4.4

)

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

889.6

5.0

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

1 Source: Hawaii Department of Business, Economic Development & Tourism. Based on the latest complete available data for February 2026.
2 Source: U.S. Bureau of Labor Statistics. Based on the latest complete available data for January 2026. Prior period numbers most recently reported may differ from previously reported figures.
3 Source: Honolulu Board of Realtors.
4 Source: Hawaii Tourism Authority. Prior period numbers most recently reported may differ from previously reported figures.