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Third Quarter 2026 Earnings Supplement
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3Q26 Earnings Disclaimer and Statement on Use of Non-GAAP Financial Measures 2 Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended). These statements reflect our current views with respect to, among other things, future operating results and financial position, our business strategy and plans and market growth.. These statements are often, but not always, made through the use of words or phrases such as “may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan” or words or phrases of similar meaning, such as “will be positioned to.” These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. The forward-looking statements in this presentation are only predictions and are based largely on our current expectations and projections about future events and trends that we believe may affect our business financial condition and results of operations. These forward-looking statements speak only as of the date of this presentation and are subject to a number of known and unknown risks, uncertainties and assumptions. Moreover, we operate in a competitive and changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. For further information on some of these risk factors and important factors that could affect our future results and financial condition, see our filings with U.S. Office of the Comptroller of the Currency (“OCC”) including, but not limited to, our registration statement on Form S-1 that was declared effective by the OCC on September 15, 2026, relating to our initial public offering. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely upon these forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this presentation, except as required by law. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), such as Adjusted Noninterest Income, Adjusted Noninterest Expense, Adjusted Net Income, Adjusted Diluted Earnings per Share, Pre-tax, Pre-provision Income, Adjusted Revenue, Efficiency Ratio, Adjusted Efficiency Ratio, Adjusted Return on Average Assets, Return on Average Tangible Common Equity, Adjusted Return on Average Tangible Common Equity and Tangible Common Equity to Tangible Assets. We believe that these non-GAAP financial measures provide users of our financial information, including management, investors and others, with useful supplemental information that enables a better comparison of our performance across periods. These non-GAAP measures are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. These non-GAAP financial measures are not universally consistent calculations, limiting their usefulness as comparative measures. Other companies may calculate similarly titled financial measures differently than we do or may not calculate them at all. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measure can be found in the Appendix to this presentation.
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Third Quarter 2026 Financial Snapshot¹ $8.9B Total Assets $29.0M Net Income $6.2B Total Loans $8.1B Total Deposits 3.61% Net Interest Margin² 1.29% Return on Average Assets² 16.68% Return on Average Tangible Common Equity²,³ 0.68% Cost of Deposits² 0.91% 0.51% 1.27% 1.21% 1.29% 1.19% 1.21% 1.28% 1.25% 1.32% 0.0 0.5 1.0 1.5 3Q25 4Q25 1Q26 2Q26 3Q26 Reported Adjusted³ 3.46% 3.55% 3.55% 3.57% 3.61% 0.0 1.0 2.0 3.0 4.0 3Q25 4Q25 1Q26 2Q26 3Q26 Return on Average TCE (%)²,³ Net Interest Margin (%)² 12.62% 6.86% 16.91% 15.87% 16.68% 16.52% 16.26% 17.05% 16.36% 17.04% 0 5 10 15 20 3Q25 4Q25 1Q26 2Q26 3Q26 Reported Adjusted³ Return on Average Assets (%)² 3Q26 Earnings 3 1. Headline financial data as of or for the three months ended September 30, 2026. Charts show periods indicated. 2. Ratios shown on an annualized basis. 3. Non-GAAP financial metric. See appendix for a reconciliation of non-GAAP financial metrics. $0.45 Diluted EPS 3Q26 3Q26 3Q26 $10.64 Tangible Book Value per Share
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Hawaii Economic Backdrop 3Q26 Earnings 4 1. Source: Hawaii DBEDT. Year-to-date through August 2026 vs. same period in 2025. 2. Source: Hawaii DBEDT. For September 2026 and June 2026. Unemployment rates are seasonally adjusted. 3. Source: Hawaii Realtors statewide statistics. Year-to-date through September 30, 2026 vs. same period in 2025. Unemployment² 2.8% September unemployment rate for Hawaii • Up from 2.6% in June and 2.1% a year ago • U.S. rate was 4.2% in September • Labor force was +0.6% since June, to 694,900 Tourism¹ YTD through August +1.8% +4.1% Visitor arrivals Visitor spending • 6.69M visitors arrived YTD through August and spent $15.21B • MTD August arrivals and spending down 5.6% and 9.7%, respectively Statewide Housing³ YTD through September +2.45% –1.65% Single-family median sales price Condominium median sales price • Single-family: o Median sales price: $1,037,000 o Transactions up 0.9% • Condominium: o Median sales price: $537,000 o Transactions down 1.1%
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Operating Results (Dollars in thousands, except per share and ratios) 3Q25 2Q26 3Q26 Net Income $19,961 $27,175 $28,989 Diluted Earnings Per Share¹ $0.31 $0.42 $0.45 Return on Average Assets² 0.91% 1.21% 1.29% Return on Average Tangible Common Equity²,³ 12.62% 15.87% 16.68% Net Interest Margin² 3.46% 3.57% 3.61% Efficiency Ratio3 78.3% 61.7% 60.6% Effective Tax Rate 16.5% 21.6% 23.0% Stockholders’ Equity $645,141 $692,496 $691,743 Tangible Book Value Per Share¹ $9.93 $10.65 $10.64 3Q26 Earnings Net Income • Net income up 6.7% QoQ and 45.2% YoY • NIM up 4 bps QoQ to 3.61% • Net interest income up $1.2M • YoY net income growth reflects the 3Q25 consumer loan sale impact $29.0M 5 1. Per-share amounts for 3Q25 and 2Q26 are shown on a split-adjusted basis. 2. Ratios shown on an annualized basis. 3. Non-GAAP financial metric. See appendix for a reconciliation of non-GAAP financial metrics. $0.45 Diluted EPS
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Net Interest Income and Funding Costs Net Interest Income and Margin¹ $71.7 $75.2 $76.4 3.46% 3.57% 3.61% 0.0% 1.5% 3.0% 4.5% $0 $50 $100 3Q25 2Q26 3Q26 NII ($M) NIM (%) 3.61% Loan and Securities Runoff and Production (3Q26) 54.9 130.8 73.763.3 97.7 60.8 4.85% 6.18% 3.26% 6.14% 6.29% 5.07% 0% 2% 4% 6% 8% 0 100 200 300 Cost of Deposits¹ 0.77% 0.69% 0.68% 3Q25 2Q26 3Q26 3Q26 Earnings NII Growth Drivers • Higher avg. loan balances and earning- asset yields, partially offset by lower avg. securities and interest-earning deposits • Deposit cost down 1 bp to 0.68% • Earning-asset yield up 4 bps to 4.28% • $185.7 million loan runoff at a yield of 5.79% compared to $161.0 million of production at 6.23% Net Interest Margin¹ +4 bps QoQ 6 Volume ($M) Yield (%)¹ ● Runoff ● Production / purchases Residential Loans² Other loan types 1. Net interest margin, cost of deposits and yields are annualized. 2. Residential includes residential mortgage and residential land loans. Investment Securities
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Noninterest Income and Expense Noninterest Income ($M) 2.4 23.8 21.0 3Q25 2Q26 3Q26 Noninterest Expense ($M) 58.0 61.1 59.0 3Q25 2Q26 3Q26 $21.0M $59.0M 3Q26 Earnings Decrease primarily driven by $4.1M lower bank-owned life insurance fair market value (“FMV”) adjustment, partially offset by higher deposit service charges, investment services income and other income. Decrease primarily driven by $4.1M lower deferred- compensation liability FMV adjustment, partially offset by higher performance-based incentives. −$2.8M QoQ −$2.1M QoQ 7 +$18.6M YoY +$1.0M YoY Increase primarily reflects the $19.9M loss on sale of consumer loans recorded in 3Q25. Increase primarily due to higher other expense, including IPO costs, partially offset by lower occupancy and FDIC insurance costs.
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Balance Sheet (Dollars in thousands) 3Q25 2Q26 3Q26 Investment Securities $1,790,496 $1,941,761 $1,909,888 Loans held for investment $6,090,536 $6,238,473 $6,214,714 Total Assets $8,794,992 $9,049,160 $8,936,932 Core Deposits $7,232,285 $7,574,692 $7,482,553 Time Certificates $713,847 $616,796 $571,372 Total Deposits $7,946,132 $8,191,488 $8,053,925 3Q26 Earnings $6.2B QoQ decrease driven by lower C&I and CRE loans, partially offset by commercial construction growth. −$23.8M QoQ / +$124.2M YoY $8.1B −$137.6M QoQ / +$107.8M YoY QoQ decrease in deposits primarily reflects normal commercial customer activity and continued run-off in time certificates. Total Loans¹ Total Deposits 8
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Capital 7.34 7.46 7.54 7.65 7.74 3Q25 4Q25 1Q26 2Q26 3Q26 8.93 9.00 9.03 9.10 9.24 3Q25 4Q25 1Q26 2Q26 3Q26 13.17 13.46 13.49 13.49 13.69 3Q25 4Q25 1Q26 2Q26 3Q26 14.19 14.52 14.55 14.59 14.76 3Q25 4Q25 1Q26 2Q26 3Q26 Total Capital Ratio (%)Tier 1 Capital Ratio (%) Tier 1 Leverage Ratio (%)TCE / Tangible Assets (%)¹ 3Q26 Earnings Dividend Payout Ratio² 60.0% $0.27 per common share Quarterly Dividend Record Date: November 9, 2026 Payable Date: November 20, 2026 9 1. Non-GAAP financial metric. 2. Dividend payout ratio represents quarterly dividends per common share divided by diluted earnings per share for the quarter.
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Credit Quality 0.07% 0.02% 0.02% <0.01% 0.11% 3Q25 4Q25 1Q26 2Q26 3Q26 0.92% 0.95% 0.95% 0.99% 0.97% 3Q25 4Q25 1Q26 2Q26 3Q26 1.80% 1.26% 0.98% 2.40% 2.48% 3Q25 4Q25 1Q26 2Q26 3Q26 0.19% 0.47% 0.20% 0.19% 0.29% 3Q25 4Q25 1Q26 2Q26 3Q26 3Q26 Earnings Annualized NCOs / Average Loans Criticized Loans / Loans Nonperforming Loans / Loans Allowance / Loans 0.11% 2.48%0.97% 0.29% 10
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3Q26 Earnings 11 Questions & Answers
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3Q26 Earnings Appendix 12
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Non-GAAP Financial Measures 3Q26 Earnings Adjusted noninterest income is defined as noninterest income excluding loss on sale of investment securities and loss on sale of consumer loans. These adjustments resulted from certain balance sheet repositioning activities during the periods presented that we consider to be outside of the ordinary course of business. We believe this measure allows investors to assess our noninterest income, exclusive of activities unrelated to our ordinary course business activities. A reconciliation of Adjusted noninterest income to the most directly comparable financial measure, Noninterest income, is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Noninterest income 21,046 23,827 20,103 22,836 2,442 Loss on sale of consumer loans — — — — 19,918 Adjusted noninterest income 21,046 23,827 20,103 22,836 22,360 13 Adjusted Noninterest Income
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Non-GAAP Financial Measures 3Q26 Earnings Adjusted noninterest expense is defined as noninterest expense excluding pension plan settlement and IPO professional services and other related expense. The pension plan settlement is related to the termination of the ASB Retirement Plan in the fourth quarter of 2025. We believe this measure allows investors to assess our noninterest expense, exclusive of activities unrelated to our ordinary course business activities. A reconciliation of Adjusted noninterest expense to the most directly comparable financial measure, Noninterest expense, is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Noninterest expense 59,008 61,083 56,879 81,040 58,049 Pension plan settlement — — 717 (21,275) — IPO professional services and other related expense (870) (1,138) (1,037) — — Adjusted noninterest expense 58,138 59,945 56,559 59,765 58,04914 Adjusted Noninterest Expense
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Non-GAAP Financial Measures 3Q26 Earnings Adjusted net income is defined as net income, excluding loss on sale of investment securities, loss on sale of consumer loans, pension plan settlement and IPO professional services and other related expense, net of taxes. These adjustments resulted from certain strategic activities during the periods presented that we consider to be outside of the ordinary course of business. A reconciliation of Adjusted net income and Adjusted diluted earnings per share to the most directly comparable financial measure, Net income (loss), is below. Numbers in thousands, except per share data; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Net income (loss) 28,989 27,175 28,553 11,353 19,961 Loss on sale of consumer loans — — — — 19,918 IPO professional services and other related expense 870 1,138 1,037 — — Pension plan settlement — — (717) 21,275 — Release of allowance for credit losses – sale of consumer loans — — — — (11,500) Non-GAAP pre-tax adjustments 870 1,138 320 21,275 8,418 Tax effect of Non-GAAP adjustments (233) (305) (86) (5,702) (2,256) Adjusted net income 29,626 28,008 28,787 26,926 26,123 Diluted earnings per share $0.45 $0.42 $0.44 $0.17 $0.31 Per share impact of Non-GAAP adjustments (after-tax) 0.01 0.01 — 0.24 0.09 Adjusted diluted earnings per share $0.46 $0.43 $0.44 $0.41 $0.40 Diluted weighted-average common stock outstanding 65,006 64,998 64,998 64,998 64,998 15 Adjusted Net Income and Adjusted Diluted Earnings Per Share
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Non-GAAP Financial Measures 3Q26 Earnings Pre-tax, pre-provision income is defined as net income, excluding income tax expense (benefit) and provision (benefit) for credit losses. We believe this measure provides investors with useful and comparative information to assess trends in the Bank's core operations reflected in the quarter's results. A reconciliation of Pre-tax, pre-provision income to the most directly comparable financial measure, Net income (loss), is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Net income (loss) 28,989 27,175 28,553 11,353 19,961 Income tax expense (benefit) 8,680 7,488 7,866 2,560 3,958 Provision (benefit) for credit losses 739 3,298 1,049 1,903 (7,816) Pre-tax, pre-provision income 38,408 37,961 37,468 15,816 16,103 16 Pre-tax, Pre-provision Income
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Non-GAAP Financial Measures 3Q26 Earnings Revenue is defined as Net interest income plus Noninterest income. We believe this measure allows investors to monitor our ability to generate capital from operations. Adjusted revenue is defined as Net interest income plus Adjusted noninterest income. We believe this measure allows investors to monitor our ability to generate capital from operations, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Revenue and Adjusted Revenue is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Net interest income 76,370 75,217 74,244 74,020 71,710 Noninterest income 21,046 23,827 20,103 22,836 2,442 Total revenue 97,416 99,044 94,347 96,856 74,152 Loss on sale of consumer loans — — — — 19,918 Adjusted total revenue 97,416 99,044 94,347 96,856 94,070 17 Revenue and Adjusted Revenue
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Non-GAAP Financial Measures 3Q26 Earnings Efficiency ratio is defined as the ratio of Noninterest expense to Revenue. We believe this ratio allows investors to measure our operational efficiency. Adjusted efficiency ratio is defined as the Adjusted noninterest expense to Adjusted revenue. We believe this measure allows investors to measure our efficiency, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Efficiency ratio and Adjusted efficiency ratio is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Noninterest expense 59,008 61,083 56,879 81,040 58,049 Total revenue 97,416 99,044 94,347 96,856 74,152 Efficiency ratio 60.6% 61.7% 60.3% 83.7% 78.3% Adjusted noninterest expense 58,138 59,945 56,559 59,765 58,049 Adjusted total revenue 97,416 99,044 94,347 96,856 94,070 Adjusted efficiency ratio 59.7% 60.5% 60.0% 61.7% 61.7% 18 Efficiency Ratio and Adjusted Efficiency Ratio
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Non-GAAP Financial Measures 3Q26 Earnings Return on average total assets is defined as the ratio of annualized net income divided by average assets for the respective period. We believe this ratio measures our ability to generate profits from our assets. Adjusted return on average total assets is defined as the ratio of adjusted net income divided by average assets. We believe this ratio measures our ability to generate profits from our assets, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Return on average assets and Adjusted return on average assets is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Net income (loss) 28,989 27,175 28,553 11,353 19,961 Adjusted net income 29,626 28,008 28,787 26,926 26,123 Average assets 8,988,897 8,995,938 8,969,324 8,879,842 8,795,986 Return on average assets 1.29% 1.21% 1.27% 0.51% 0.91% Adjusted return on average assets 1.32% 1.25% 1.28% 1.21% 1.19% 19 Return on Average Assets and Adjusted Return on Average Assets
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Non-GAAP Financial Measures 3Q26 Earnings Return on average tangible common equity is defined as the ratio of annualized net income divided by average tangible common equity for the respective period. We believe this ratio measures our ability to generate profits from our tangible common equity. Adjusted return on average tangible common equity is defined as the ratio of adjusted net income divided by average tangible common equity. We believe this ratio measures our ability to generate profits from our tangible common equity, exclusive of the impact of activities unrelated to our ordinary course business activities. A recalculation of Return on average tangible common equity and Adjusted return on average tangible common equity is below. Tangible common equity is calculated as total stockholders' equity less intangible assets and preferred stock. The Bank had no intangible assets and an immaterial amount of preferred stock, therefore tangible common equity is substantially the same as stockholders’ equity. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Net income (loss) 28,989 27,175 28,553 11,353 19,961 Adjusted net income 29,626 28,008 28,787 26,926 26,123 Average tangible common equity 695,347 684,813 675,483 662,337 632,435 Return on average tangible common equity 16.68% 15.87% 16.91% 6.86% 12.62% Adjusted return on average tangible common equity 17.04% 16.36% 17.05% 16.26% 16.52% 20 Return on Average Tangible Common Equity
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Non-GAAP Financial Measures 3Q26 Earnings Tangible common equity (“TCE”) to tangible assets is defined as the ratio of TCE to tangible assets. TCE to tangible assets is commonly used by investors to evaluate a banking organizations’ capital adequacy and balance sheet leverage on a tangible common equity basis. TCE is calculated as total stockholders' equity less intangible assets and preferred stock. Tangible assets is calculated as total assets less intangibles. The Bank has no intangible assets and an immaterial amount of preferred stock. TCE to tangible assets is therefore substantially the same as stockholders’ equity stockholders’ equity to total assets. A recalculation of TCE to tangible assets is below. Dollars in thousands; unaudited 3Q26 2Q26 1Q26 4Q25 3Q25 Stockholders’ equity less preferred stock 691,738 692,491 681,465 669,871 645,141 Tangible assets 8,936,932 9,049,160 9,042,709 8,979,486 8,794,992 TCE to tangible assets 7.74% 7.65% 7.54% 7.46% 7.34% 21 Tangible Common Equity to Tangible Assets