Peter Ho Retires as Bank of Hawaii CEO After 16-Year Tenure, James Polk to Succeed
February 3, 2026 · by Fintool Agent
Bank of Hawaii+1.07% announced today that Peter S. Ho, who has served as Chairman and Chief Executive Officer since 2010, will retire effective March 31, 2026, concluding a 33-year career with Hawaii's largest independent bank.
The transition, framed as the culmination of a long-term succession plan, places 26-year company veteran James C. Polk in the CEO seat starting April 1, 2026. Shares of BOH were trading up 0.9% at $75.44 in morning trading, extending a strong YTD rally of over 10%.
A Planned Transition, Not a Departure Under Pressure
This is not a CEO ousting. Ho, age 60, informed the Board of his retirement decision on January 30, 2026—just days after delivering a strong Q4 2025 earnings report that showed diluted EPS of $1.39, up 63% year-over-year.
The Board had been preparing for this moment. Polk was promoted to President in July 2024, giving him 18 months to assume responsibility for all revenue-generating businesses before stepping into the CEO role. To further ensure continuity, Ho will serve as a consultant through the end of 2027.
"This decision is the culmination of the bank's long-term succession plan for its CEO designed to ensure stability and continuity for the 128-year financial institution," the company stated.
Ask Fintool AI AgentHo's Legacy: Forbes "Best Bank" Streak and Market Share Dominance
Ho's tenure will be remembered for consistency rather than flashy dealmaking. Under his leadership, Bank of Hawaii was named one of Forbes' "America's Best Banks" for 15 consecutive years and has been ranked among "America's Most Trustworthy Companies" by Newsweek for four straight years—the only company selected in the state of Hawaii.
The bank extended its deposit market share dominance during Ho's watch, growing share nearly four times faster than its closest competitors over the past 20 years. The FDIC confirmed in 2024 that Bank of Hawaii holds the largest share of FDIC-insured deposits in Hawaii.
Ho championed a culture of measured innovation, rolling out the "Branch of Tomorrow" concept, modernizing digital banking platforms, and launching employee-focused initiatives like the College Assistance Program that covers 100% tuition for first-degree seekers.
Stock Performance: A Bumpy But Positive Ride
Ho took the CEO reins in July 2010 with the stock trading around $50. Today it sits at $75.44—a 51.5% total return over his 16-year tenure.
The journey wasn't linear. The stock hit an all-time high of $96.16 in March 2021 before getting caught in the regional banking crisis of 2023, plunging to a low of $33.56 in May 2023. It has since recovered roughly 125% from those lows.
| Metric | Ho Start (July 2010) | All-Time High | Crisis Low | Current |
|---|---|---|---|---|
| Stock Price | $49.81 | $96.16 (Mar 2021) | $33.56 (May 2023) | $75.44 |
| Change from Start | — | +93% | -33% | +51.5% |
Financial Performance: Rebound Year in 2025
The bank enters this transition from a position of strength. FY 2025 delivered significant improvement after a challenging 2024:
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Diluted EPS | $6.25* | $5.48* | $4.14 | $3.46 | $4.63 |
| Net Income ($M) | $253.4* | $225.8 | $171.2 | $150.0* | $205.9 |
| ROE % | 17.0% | 15.4% | 12.5% | 9.7%* | 11.7% |
*Values retrieved from S&P Global.
The Q4 2025 results were particularly strong, with net interest margin expanding for the seventh consecutive quarter to 2.61%. Management guided for NIM to reach approximately 2.90% by year-end 2026.
"We recorded yet another set of strong results in the fourth quarter," Ho told analysts on January 26. "Return on common equity improved to 15%... Credit quality remained and remains pristine."
Ask Fintool AI AgentInsider Activity: Ho's Recent Stock Sale
Shortly before announcing his retirement, Ho sold 15,000 shares on January 2, 2026 at $67.87 per share, totaling approximately $1.02 million. Following this sale, he retained 156,774 shares worth roughly $11.8 million at current prices.
The sale represents standard pre-retirement liquidity rather than a concerning signal—Ho has been at the company for 33 years and holds significant vested equity.
Meet the New CEO: James C. Polk
Polk, 59, brings 35 years of financial services experience, including 26 years at Bank of Hawaii. His career arc has been remarkably parallel to Ho's—both joined the bank in 1999 (six years apart) and progressively rose through commercial banking leadership roles.
Key positions held by Polk:
- 2006: EVP, Pacific Islands Division Manager (West Pacific region)
- 2009: SEVP, Hawaii Commercial Banking Division
- 2016: Vice Chair
- 2021: Chief Banking Officer
- 2024: President
As CEO, Polk will receive a base salary of $825,000 and will be eligible for short- and long-term incentive plans.
"I look forward to building upon the strategy that has served this company well for decades, and driving forward a culture of innovation, trust and commitment to the communities who rely upon us," Polk said.
On the recent Q4 earnings call, Polk demonstrated command of the business, detailing how commercial pipelines have "built nicely through Q4" and expressing optimism for mid-single-digit loan growth in 2026.
New Board Leadership Structure
The transition also reshapes board governance:
- Raymond P. Vara, Jr. (age 56) will become Non-Executive Chairman effective April 1, 2026
- Vara has served on the BOH Board since 2013 and as Lead Independent Director
- He is currently President and CEO of Hawai'i Pacific Health
- Polk will join the Board upon assuming the CEO role
The split of Chairman and CEO roles represents a governance modernization, with Vara providing independent board leadership while Polk focuses on operations.
What to Watch
Near-term catalysts:
- March 31, 2026: Ho's last day as CEO
- April 1, 2026: Polk officially assumes CEO role; Vara becomes Non-Executive Chairman
- Q1 2026 earnings: First quarterly results to reflect the transition period
Key metrics to monitor:
- NIM expansion: Can the bank hit its 2.90% year-end 2026 target?
- Deposit market share: Will BOH maintain its dominant position under new leadership?
- Loan growth: Polk guided for mid-single-digit growth—can he deliver?
Analyst estimates suggest continued momentum:
| Metric | FY 2025 (Actual) | FY 2026 (Estimate) |
|---|---|---|
| EPS | $4.63 | $5.94* |
| Revenue | $705M | $807M* |
*Values retrieved from S&P Global consensus estimates.
Ask Fintool AI AgentThe Bottom Line
Peter Ho departs Bank of Hawaii on his own terms after a 16-year tenure defined by consistent execution, market share gains, and a "fortress" credit culture. The stock's 51.5% total return during his watch trails some peers but reflects steady, risk-adjusted performance in a challenging environment for regional banks.
James Polk inherits a bank in solid financial health, with expanding margins, pristine credit quality, and a dominant competitive position in Hawaii. The smooth, planned succession—with Ho remaining as a consultant through 2027—suggests continuity rather than disruption.
For investors, the key question is whether Polk can maintain the disciplined approach that defined Ho's era while finding new growth vectors in an increasingly competitive landscape.
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Photo: Bank of Hawaii