2024-07-25 00:08:32 ET
Summary
- Shares of Bank of Hawaii have done okay since my last update in March, with the broader regional bank rally powering a circa 15% total return in that time.
- Q2 saw the bank finally post an uptick in both net interest income and margin, marking the first quarter since late 2022 that both metrics have increased.
- While this should put the bank back on a positive trajectory with respect to earnings growth, these shares still look expensive at over 2x tangible book value.
I wasn't thrilled with Bank of Hawaii's ( BOH ) valuation when I last covered the stock back in March, with a then-valuation of around 2x tangible book value looking quite rich relative to the bank's low double-digit return on tangible common equity....
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Bank Of Hawaii: NIM Expansion Welcome, But Shares Look Pricey