Parent Company

12 Months Ended

Dec. 31, 2019

Parent Company Only

Parent Company

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)	2019		2018		2017
Income
Dividends from FHB	$	300,300	$	263,400	$	105,400
Other income		1,691		1,541		3,937
Total income		301,991		264,941		109,337
Noninterest expense
Salaries and employee benefits		5,241		5,940		5,949
Contracted services and professional fees		2,689		3,780		3,643
Equipment		—		31		55
Advertising and marketing		—		—		1
Other		721		732		570
Total noninterest expense		8,651		10,483		10,218
Income before benefit (provision) for income taxes and (excess distributions) equity in undistributed income of FHB		293,340		254,458		99,119
Benefit (provision) for income taxes		1,672		1,184		(642)
(Excess distributions) equity in undistributed income of FHB		(10,620)		8,752		85,205
Net income	$	284,392	$	264,394	$	183,682
Comprehensive income	$	384,838	$	248,650	$	175,310

Condensed Statements of Condition
	December 31,
(dollars in thousands)	2019		2018
Assets
Cash and cash equivalents	$	24,455	$	5,647
Investment in FHB		2,617,949		2,521,347
Other assets		24,969		19,358
Total assets	$	2,667,373	$	2,546,352
Liabilities and Stockholders' Equity
Retirement benefits payable	$	553	$	509
Other liabilities		26,562		21,004
Total liabilities		27,115		21,513
Stockholders' Equity
Stockholders' equity		2,640,258		2,524,839
Total stockholders' equity		2,640,258		2,524,839
Total liabilities and stockholders' equity	$	2,667,373	$	2,546,352

Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2019		2018		2017
Cash flows from operating activities
Net income	$	284,392	$	264,394	$	183,682
Adjustments to reconcile net income to net cash provided by operating activities:
Excess distributions (equity in undistributed income) of FHB		10,620		(8,752)		(85,205)
Deferred income taxes		85		(48)		(274)
Stock-based compensation		84		281		244
Change in assets and liabilities:
Net decrease (increase) in other assets		5,318		(9,635)		36,467
Net (decrease) increase in other liabilities		(5,439)		7,633		(2,058)
Net cash provided by operating activities		295,060		253,873		132,856
Cash flows from investing activities
Other, net		—		—		7
Net cash provided by investing activities		—		—		7
Cash flows from financing activities
Dividends paid		(138,246)		(131,036)		(122,810)
Distributions paid		—		—		(2,118)
Stock tendered for payment of withholding taxes		(1,764)		(69)		(120)
Proceeds from employee stock purchase plan		—		342		528
Common stock repurchased		(136,242)		(131,800)		—
Net cash used in financing activities		(276,252)		(262,563)		(124,520)
Net increase (decrease) in cash and cash equivalents		18,808		(8,690)		8,343
Cash and cash equivalents at beginning of year		5,647		14,337		5,994
Cash and cash equivalents at end of year	$	24,455	$	5,647	$	14,337