24. Parent Company

The following tables present Parent Company-only condensed financial statements:


Condensed Statements of Comprehensive Income
	Year Ended December 31,
(dollars in thousands)	2018		2017		2016
Income
Dividends from FHB	$	263,400	$	105,400	$	479,692
Other income		1,541		3,937		368
Total income		264,941		109,337		480,060
Noninterest expense
Salaries and employee benefits		5,940		5,949		6,820
Contracted services and professional fees		3,780		3,643		5,424
Equipment		31		55		—
Advertising and marketing		—		1		4
Other		732		570		999
Total noninterest expense		10,483		10,218		13,247
Income before benefit (provision) for income taxes and equity in undistributed income (excess distributions) of FHB		254,458		99,119		466,813
Benefit (provision) for income taxes		1,184		(642)		3,175
Equity in undistributed income (excess distributions) of FHB		8,752		85,205		(239,810)
Net income	$	264,394	$	183,682	$	230,178
Comprehensive income	$	248,650	$	175,310	$	193,426


Condensed Statements of Condition
	December 31,
(dollars in thousands)	2018		2017
Assets
Cash and cash equivalents	$	5,647	$	14,337
Investment in FHB		2,521,347		2,522,624
Other assets		19,358		23,912
Total assets	$	2,546,352	$	2,560,873
Liabilities and Stockholders' Equity
Retirement benefits payable	$	509	$	780
Other liabilities		21,004		27,542
Total liabilities		21,513		28,322
Stockholders' Equity
Stockholders' equity		2,524,839		2,532,551
Total stockholders' equity		2,524,839		2,532,551
Total liabilities and stockholders' equity	$	2,546,352	$	2,560,873


Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2018		2017		2016
Cash flows from operating activities
Net income	$	264,394	$	183,682	$	230,178
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in undistributed income) excess distributions of FHB		(8,752)		(85,205)		239,810
Deferred income taxes		(48)		(274)		191
Stock-based compensation		281		244		55
Change in assets and liabilities:
Net (increase) decrease in other assets		(9,635)		36,467		(18,729)
Net increase (decrease) in other liabilities		7,633		(2,058)		(8,368)
Net cash provided by operating activities		253,873		132,856		443,137

Cash flows from investing activities
Other, net		—		7		—
Net cash provided by investing activities		—		7		—

Cash flows from financing activities
Dividends paid		(131,036)		(122,810)		(85,797)
Distributions paid		—		(2,118)		(361,200)
Stock tendered for payment of withholding taxes		(69)		(120)		(146)
Proceeds from employee stock purchase plan		342		528		—
Common stock repurchased		(131,800)		—		—
Net cash used in financing activities		(262,563)		(124,520)		(447,143)
Net (decrease) increase in cash and cash equivalents		(8,690)		8,343		(4,006)
Cash and cash equivalents at beginning of year		14,337		5,994		10,000
Cash and cash equivalents at end of year	$	5,647	$	14,337	$	5,994