Parent Company

12 Months Ended

Dec. 31, 2020

Parent Company

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)	2020		2019		2018
Income
Dividends from FHB	$	142,000	$	300,300	$	263,400
Other income		1,169		1,691		1,541
Total income		143,169		301,991		264,941
Noninterest expense
Salaries and employee benefits		3,660		5,241		5,940
Contracted services and professional fees		2,544		2,689		3,780
Equipment		31		—		31
Other		1,439		721		732
Total noninterest expense		7,674		8,651		10,483
Income before benefit for income taxes and equity in undistributed income (excess distributions) of FHB		135,495		293,340		254,458
Benefit for income taxes		679		1,672		1,184
Equity in undistributed income (excess distributions) of FHB		49,580		(10,620)		8,752
Net income	$	185,754	$	284,392	$	264,394
Comprehensive income	$	249,107	$	384,838	$	248,650

Condensed Statements of Condition
	December 31,
(dollars in thousands)	2020		2019
Assets
Cash and cash equivalents	$	18,066	$	24,455
Investment in FHB		2,726,497		2,617,949
Other assets		26,138		24,969
Total assets	$	2,770,701	$	2,667,373
Liabilities and Stockholders' Equity
Retirement benefits payable	$	580	$	553
Other liabilities		26,017		26,562
Total liabilities		26,597		27,115
Total stockholders' equity		2,744,104		2,640,258
Total liabilities and stockholders' equity	$	2,770,701	$	2,667,373

Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2020		2019		2018
Cash flows from operating activities
Net income	$	185,754	$	284,392	$	264,394
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in undistributed income) excess distributions of FHB		(49,580)		10,620		(8,752)
Deferred income taxes		5		85		(48)
Stock-based compensation		713		84		281
Change in assets and liabilities:
Net (increase) decrease in other assets		(1,451)		5,318		(9,635)
Net (decrease) increase in other liabilities		(294)		(5,439)		7,633
Net cash provided by operating activities		135,147		295,060		253,873
Cash flows from financing activities
Dividends paid		(135,099)		(138,246)		(131,036)
Stock tendered for payment of withholding taxes		(1,749)		(1,764)		(69)
Proceeds from employee stock purchase plan		312		—		342
Common stock repurchased		(5,000)		(136,242)		(131,800)
Net cash used in financing activities		(141,536)		(276,252)		(262,563)
Net (decrease) increase in cash and cash equivalents		(6,389)		18,808		(8,690)
Cash and cash equivalents at beginning of year		24,455		5,647		14,337
Cash and cash equivalents at end of year	$	18,066	$	24,455	$	5,647