Bank of Hawaii (BOH) vs First Merchants (FRME)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
First Merchants (FRME) has outperformed Bank of Hawaii (BOH) over the past year, gaining 3.3% versus a gain of 1.6%. Over five years, FRME leads with a -8.4% price change compared with -20.2% for BOH. Bank of Hawaii is the larger company by market cap ($2.67 billion vs $2.49 billion), about 1.1 times the size, while First Merchants is growing revenue faster (+2.5% vs -0.1%).
On valuation, First Merchants trades at a lower forward P/E (8.9x vs 10.2x for Bank of Hawaii). Bank of Hawaii offers the higher dividend yield (4.14% vs 3.66%). Bank of Hawaii converts more of its revenue into profit, with a net margin of 168.9% versus 34.1%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | BOH | FRME |
|---|---|---|
| Share price | $67.71 | $39.59 |
| Market cap | $2.67B | $2.49B |
| 1-day change | +1.97% | +0.76% |
| YTD return | -2.88% | +4.83% |
| 1-year return | +1.58% | +3.26% |
| 5-year return | -20.20% | -8.41% |
| P/E ratio (TTM) | 12.61 | 12.73 |
| Forward P/E | 10.25 | 8.86 |
| EPS (TTM) | $5.37 | $3.11 |
| Dividend yield | 4.14% | 3.66% |
| Annual dividend | $2.80 | $1.45 |
| Revenue (latest FY) | $121.92M | $662.95M |
| Revenue growth (YoY) | -0.14% | +2.51% |
| Net income (latest FY) | $205.90M | $226.00M |
| Net margin | 168.88% | 34.09% |
| 52-week high | $86.31 | $45.33 |
| 52-week low | $59.36 | $34.66 |
| Distance from 52-week high | -21.55% | -12.66% |
| Analyst consensus | hold | buy |
| Avg. price target upside | +23.32% | +18.29% |
| Average volume | 414.86K | 462.28K |
| Shares outstanding | 39.45M | 62.80M |
| Employees | 1,910 | 2,086 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Bank of Hawaii is more profitable, keeping 168.9 cents of every revenue dollar as net income versus 34.1 cents for First Merchants.
About Bank of Hawaii
BOH stock →Bank of Hawaii Corporation operates as the bank holding company for Bank of Hawaii that provides various financial products and services in Hawaii, the United States Mainland, Guam, and other Pacific Islands. It operates through three segments: Consumer Banking, Commercial Banking, and Treasury and Other.
Finance · Major Banks · 1,910 employees
About First Merchants
FRME stock →First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products.
Finance · Major Banks · 2,086 employees
BOH vs FRME FAQ
Which is bigger, Bank of Hawaii or First Merchants?
Bank of Hawaii (BOH) is larger, with a market capitalization of $2.67B compared with $2.49B for First Merchants (FRME).
Which stock has performed better over the past year, BOH or FRME?
FRME returned +3.26% over the past 12 months, compared with +1.58% for BOH (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, BOH or FRME?
BOH has the lower trailing P/E at 12.6, versus 12.7 for FRME. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Bank of Hawaii or First Merchants?
Bank of Hawaii has the higher yield at 4.14%, compared with 3.66% for First Merchants.
Are Bank of Hawaii and First Merchants in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.