Bank of Hawaii: Time To Initiate A Long Position In The High Yielding Preferred Stock

Bank of Hawaii delivers robust Q3 results, with net interest income rising to $156M and low loan loss provisions supporting profitability. BOH's Series A preferred shares offer a compelling 7.8% stripped yield, with strong dividend coverage and little incentive for the bank to call them. Common share buybacks continue at a premium to tangible book value, but tangible book value per share remains flat to slightly down.