21. Parent Company

The condensed financial statements summarized below, include the assets, liabilities, results of operations and cash flows of BancWest that relate to FHB, including its investment in its wholly‑owned subsidiary, FHB. On April 1, 2016, the Reorganization Transactions discussed in Note 1 were consummated and BancWest amended its certificate of incorporation to change its name to First Hawaiian, Inc., and became the parent of FHB.

Parent Company — Condensed Statements of Comprehensive Income

	Year Ended December 31,
(dollars in thousands)	2015		2014
Income
Dividends from FHB	$	175,600	$	197,800
Total income		175,600		197,800
Noninterest expense
Salaries and employee benefits		10,930		3,890
Contracted services and professional fees		5,791		2,997
Other		2,076		1,829
Total noninterest expense		18,797		8,716
Income before income tax benefit and equity in undistributed income of FHB		156,803		189,084
Income tax benefit		7,425		3,443
Equity in undistributed income of FHB		49,552		24,145
Net income	$	213,780	$	216,672
Comprehensive income	$	213,978	$	210,980

Parent Company — Condensed Balance Sheets

	December 31,
(dollars in thousands)	2015		2014
Assets
Cash and cash equivalents	$	10,000	$	10,000
Investment in FHB		2,726,941		2,665,040
Total assets	$	2,736,941	$	2,675,040
Stockholder’s Equity
Stockholder’s equity	$	2,736,941	$	2,675,040
Total stockholder’s equity	$	2,736,941	$	2,675,040

Parent Company — Condensed Statements of Cash Flows

	Year Ended December 31,
(dollars in thousands)	2015		2014
Cash flows from operating activities
Net income	$	213,780	$	216,672
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of FHB		(49,552)		(24,145)
Net cash provided by operating activities		164,228		192,527
Cash flows from financing activities
Distributions		(164,228)		(192,527)
Net cash used in financing activities		(164,228)		(192,527)
Net change in cash and cash equivalents		—		—
Cash and cash equivalents at beginning of year		10,000		10,000
Cash and cash equivalents at end of year	$	10,000	$	10,000