Parent Company

12 Months Ended

Dec. 31, 2022

Parent Company

Parent Company

23. Parent Company

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

Condensed Statements of Comprehensive Income
	Year Ended December 31,
(dollars in thousands)	2022		2021		2020
Income
Dividends from FHB	$	157,000	$	213,500	$	142,000
Other income		—		—		1,169
Total income		157,000		213,500		143,169
Noninterest expense
Salaries and employee benefits		4,098		3,732		3,660
Contracted services and professional fees		6,200		2,731		2,544
Equipment		78		—		31
Other		1,447		1,314		1,439
Total noninterest expense		11,823		7,777		7,674
Income before benefit for income taxes and equity in undistributed income of FHB		145,177		205,723		135,495
Benefit for income taxes		2,707		1,877		679
Equity in undistributed income of FHB		117,801		58,135		49,580
Net income	$	265,685	$	265,735	$	185,754
Comprehensive (loss) income	$	(251,876)	$	112,438	$	249,107

Condensed Statements of Condition
	December 31,
(dollars in thousands)	2022		2021
Assets
Cash and cash equivalents	$	18,024	$	14,792
Investment in FHB		2,251,841		2,642,929
Other assets		27,638		26,869
Total assets	$	2,297,503	$	2,684,590
Liabilities and Stockholders' Equity
Retirement benefits payable	$	560	$	582
Other liabilities		27,938		27,096
Total liabilities		28,498		27,678
Total stockholders' equity		2,269,005		2,656,912
Total liabilities and stockholders' equity	$	2,297,503	$	2,684,590

Condensed Statements of Cash Flows
	Year Ended December 31,
(dollars in thousands)	2022		2021		2020
Cash flows from operating activities
Net income	$	265,685	$	265,735	$	185,754
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of FHB		(117,801)		(58,135)		(49,580)
Deferred income taxes		22		36		5
Stock-based compensation		554		492		713
Change in assets and liabilities:
Net (increase) decrease in other assets		(4)		242		(1,451)
Net increase (decrease) in other liabilities		18		50		(294)
Net cash provided by operating activities		148,474		208,420		135,147
Cash flows from financing activities
Dividends paid		(132,588)		(134,133)		(135,099)
Stock tendered for payment of withholding taxes		(3,555)		(3,108)		(1,749)
Proceeds from employee stock purchase plan		379		547		312
Common stock repurchased		(9,478)		(75,000)		(5,000)
Net cash used in financing activities		(145,242)		(211,694)		(141,536)
Net increase (decrease) in cash and cash equivalents		3,232		(3,274)		(6,389)
Cash and cash equivalents at beginning of year		14,792		18,066		24,455
Cash and cash equivalents at end of year	$	18,024	$	14,792	$	18,066