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View Annual Report 2017 ANNUAL REPORT NAVIGATING TOMORROW CONTENTS 1 Chairman’s Message 3 2017 Financial Summary 4 Year in Review 8 Our Community 12 Our Employees 14 Client Profiles 22 2017 Financial Report 24 Relative Stock Prices 25 Bank of Hawaii Locations 26 Managing Committee 28 Board of Directors 29 Shareholder Information NaVIGATING TOMORROW The story of Bank of Hawaii began on Dec. 27, 1897, when Bank of Hawaii became the first chartered and incorporated bank to do business in the Republic of Hawaii. For more than 120 years, we have been helping generations of families, individuals, community organizations and businesses achieve their dreams. The cover image was taken at Bank of Hawaii’s Main Branch grand re-opening in August 2017, when a new Branch of Tomorrow concept was unveiled for its flagship location in downtown Honolulu. Designed with modern technology, digital conveniences and private spaces for personal interactions, the branch features elements of the Hawaiian voyaging canoe, which has always had special meaning for Bank of Hawaii. The Bank of Hawaii canoe, Ulu o ka lā, was commissioned in 2015 and continues to serve as a symbol for the bank. The unique circular overlay pays tribute to the original iron gate at Main Branch. Bank of Hawaii marked 120 years of doing business in 2017, and continues to help its customers explore new possibilities and navigate toward their financial and life goals. View Bank of Hawaii’s 2017 digital summary annual report, featuring videos of our ©2017, Bank of Hawaii Corporation. Bank of Hawaii®, Bankoh® and the Bank of Hawaii logo are Chairman, clients, registered trademarks of Bank of Hawaii. Bankoh Investment Services, Inc. is a non-banking subsidiary of Bank of Hawaii, member FINRA and SIPC. Cardless Cash is a trademark of FIS. community and Visa is a registered trademark of Visa International Service Association and used pursuant to employees at license from Visa U.S.A Inc. All other trademarks and service marks appearing in this report are the property of their respective owners and no claim of ownership is made by their use. www.boh.com. DEAR FELLOW SHAREHOLDERS In December 2017, Bank of Hawaii turned 120 years old as an organization. We ended the year in strong financial standing, and our ongoing success has allowed us to drive value back to our shareholders, customers, employees and the community. Successfully catering to generation after generation of families and businesses in our core island markets could not be achieved without the commitment of our 2,100-plus employees. Once again, we have been recognized nationally and locally among our peers in the industry. The readers of the Honolulu Star-Advertiser and Honolulu magazine named us Hawaii's "Best Bank" while Forbes continued to rank Bank of Hawaii as one of "America's Best Banks." In 2017, we continued to invest in the Our visitor industry achieved record We continued our Branch of Tomorrow future by investing in our employees. arrival and spending results for the sixth renovations in 2017 by modernizing four Bank of Hawaii began wage progression consecutive year. Spending increased branches across Oahu and Maui, in the state of Hawaii as a result of the 6.2 percent in 2017 to $16.7 billion. including Hawaii Kai, Kihei, Main and tax reform bill signed into law in Arrivals increased 5 percent to 9.3 Manoa, and kicked off 2018 with our December. We increased our minimum million visitors. sixth renovated branch in Pearlridge. At hourly wage to $15 from $12, which the heart of our branch transformation The Hawaii real estate market set positively impacted 565 of our full- and concept is making connections— records in 2017. The market enjoyed its part-time employees throughout our whether it be by enhancing digital fifth consecutive year of record median geographic footprint. options for banking on-the-go, or by sale prices for Oahu homes. The median creating opportunities for face-to-face sales price for single-family homes on Continued Financial Strength engagement for more complex Oahu for 2017 was $755,000, a 2.7 Diluted earnings per share reached a transactions. percent increase from 2016, and record high of $4.33 for 2017, up 2.4 $405,000 for condominiums, a 3.8 As our transformation continues percent compared to 2016. We percent increase compared to 2016. externally, we simultaneously pay close continued to show strong growth in Sales volume of single-family Oahu attention to how we can modernize our total loans and leases in 2017, up 9.5 homes increased 6.3 percent and sales processes behind the scenes. In an percent, to $9.8 billion, from $8.9 billion of Oahu condominiums increased 6.9 effort to further reduce paper in 2016. Commercial loans were up 4.1 percent in 2017. At the end of 2017, the consumption, our Charitable Foundation percent from $3.6 billion in 2016 to $3.8 median days on the market for single- Services Group upgraded software in billion in 2017, and consumer loans family homes was 16 days, and 17 days 2017 to allow nonprofits to apply online increased 13.1 percent to $6 billion from for condominiums. The median sales for grants from our foundation. This is $5.3 billion in 2016. Our deposits price and sales volume for single family not only an achievement in reducing expanded to $14.9 billion, an increase of homes and condominiums also paper, but another step forward in 3.9 percent from $14.3 billion in 2016. continued to trend upward on Kauai, moving to a more digital environment. Our net interest margin for 2017 grew to Maui and Hawaii island in 2017. Digitizing our environment will prove to 2.93 percent from 2.83 percent in 2016. Statewide, Hawaii's seasonally adjusted be a benefit for our business clients. In In 2017, our board of directors approved unemployment rate reached a historic 2017, our Commercial Banking Group an increase in our dividend. We also level of 2.0 percent in November 2017, created an innovation lab—the first for continued with our share repurchase the lowest on record since 1976. Bank of Hawaii—where we are able to plan. From the start of the share test products, services and equipment repurchase program in July 2001 Continuing Our Transformation before they hit the market, and through December 2017, we A commitment to transformation is ultimately address and solve customer repurchased 54.2 million shares what keeps the bank progressing problems before they arise. and returned over $2.0 billion to toward our long-term goals as we pivot shareholders, at an average cost to offer new and updated products, Our Customers of $38.29 per share. services and solutions through a variety At the same time we invest in of channels. We have made great strides technology, we still hold true to our Hawaii's Economy so far and are responding to an ongoing legacy of providing customers with Our success is reflective of Hawaii's shift to digital by keeping pace with options and empowering them with healthy economy, which is supported changing customer preferences, financial peace of mind. by our low unemployment and strong providing digital conveniences, creating We recognize that not all customers tourism and real estate industries. process efficiencies and applying new technology to our business. enjoy the same banking preferences. BANK OF HAWAII 2017 AnnUAL REPORT | 1 Chairman’ S MessaGE A top priority for Bank of Hawaii is Responsibility Leadership Award for In Conclusion paying close attention to those varying volunteerism, which speaks to the I would like to recognize Vice Chair preferences and providing exceptional, generosity of our employees to our local Derek Norris, who retired after 18 years personalized service. Nothing can nonprofits and the individuals and with Bank of Hawaii, for his many replace the human connection, and it families they serve. contributions over the years. As a is through our daily interactions with member of our Managing Committee customers that we deepen and elevate Nurturing Our Employees since 2009, we are grateful for his our relationships. We can't predict what our rapidly leadership. Derek has held many changing workforce will look like in 10 positions at the bank, including auditor, We've enhanced the customer years or how technology will influence controller, and most recently manager experience so they may enjoy how we respond to those changes, but of the Residential and Consumer personalized spaces for more in-depth we can ensure that our greatest asset— Lending Group, which includes our consultation inside our branches and our employees—are supported with the Mortgage, Direct and Indirect Lending. encounter shorter wait times through engagement, education and training Vice Chair James C. Polk has our Call Center. that will help them succeed. transitioned to managing the Residential We've also made digital improvements and Consumer Lending Group. Creating a workforce of tomorrow that are saving customers time and means investing heavily in developing In December, we announced two key bringing them more convenience. Digital and supporting our 2,100-plus promotions. Our Chief Financial Officer formats such as our easy-deposit ATMs employees. This means not only Dean Shigemura was promoted to vice and mobile deposit feature of our BOH preparing them for the changing chair from senior executive vice Mobile Banking app make up 40 landscape in banking, but preparing president, and will continue to supervise percent of our total consumer deposits. them for our future community. the bank's Treasury, Financial Reporting Additionally, Cardless Cash has been and Investor Relations departments. well-received by the public, and this One such example is our Bank of Hawaii Shigemura has been a member of Bank digital enhancement earned Bank of College Assistance Program.
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