BOH

BOH is a well-run, deposit-heavy regional bank ($24.2B assets, $1.85B equity, 12.1x liabilities/equity — normal for the model) showing a genuine earnings rebound: FY2025 net income of $206M (+37%) and diluted EPS $4.63 (+34%) snapped a three-year slide from $253M (2021) → $226M → $171M → $150M. Operating cash flow rose to $218M (+28%), cash on hand swelled 24% to $947M, equity grew 11% to $1.85B, and the dividend ($113M paid, ~3.5% yield at $81.75) was easily covered by earnings. ROE 11.1% is respectable but not exceptional. Note the headline 'revenue $122M' and P/S 26.6 reflect only fee income under the contracts-with-customers tag — for a bank, net interest income (the bulk of the top line) sits elsewhere, so P/E is the more reliable lens here.

Valuation is the catch. At $81.75 the stock trades at 17.7x trailing diluted EPS and ~1.75x book ($46.60/sh) — a full multiple for an $24B-asset regional bank earning ~11% on equity, and well above the 10–13x P/E and ~1.2x P/B typical of the regional-bank cohort. The earnings recovery is real, but it is a recovery, not a breakout: 2025 EPS is still meaningfully below the 2021 peak of $253M net income.