Earnings GrowthEarnings improvement is expected in 2025 as deposit pricing adjusts to the changing rate backdrop, driving 12% EPS growth in 2025 and another 16% in 2026.
Market PositionBOH's differentiated funding position, with #1 market share in HI, should allow for deposit pricing power with lower rates while additionally favoring the Company's low-risk credit portfolio.
ValuationShares trade at a +48% premium to the BANK vs. historical 10-year median of +64% premium, leaving room to remain constructive on valuation.