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Bank of Hawaii Corporation Financial Statements
12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
Bank of Hawaii Corporation Financial Statements
Bank of Hawaii Corporation Financial Statements

Condensed financial statements of the Parent were as follows:

Condensed Statements of Comprehensive Income
 
Year Ended December 31,
(dollars in thousands)
2018

 
2017

 
2016

Income
 
 
 
 
 
Dividends from Bank of Hawaii
$
185,000

 
$
130,000

 
$
120,000

Investment Securities Gains (Losses), Net
(819
)
 
12,027

 
(340
)
Other Income
198

 
204

 
279

Total Income
184,379

 
142,231

 
119,939

Noninterest Expense
 
 
 
 
 
Intercompany Salaries and Services
734

 
720

 
705

Other Expenses
1,701

 
1,401

 
1,392

Total Noninterest Expense
2,435

 
2,121

 
2,097

Income Before Income Tax Benefit and Equity in Undistributed Income of Subsidiaries
181,944

 
140,110

 
117,842

Income Tax Benefit (Expense)
2,229

 
(3,557
)
 
2,137

Equity in Undistributed Income of Subsidiaries
35,429

 
48,119

 
61,482

Net Income
$
219,602

 
$
184,672

 
$
181,461

Comprehensive Income
$
210,751

 
$
183,863

 
$
171,112



Condensed Statements of Condition
(dollars in thousands)
 
December 31, 2018

 
December 31, 2017

Assets
 
 
 
 
Cash with Bank of Hawaii
 
$
52,731

 
$
49,669

Investment Securities Held-to-Maturity
 
4,999

 
4,986

Goodwill
 
14,129

 
14,129

Income Taxes Receivable and Deferred Tax Assets
 
1,520

 
2,567

Other Assets
 
8,468

 
8,233

Equity in Net Assets of Subsidiaries
 
1,195,132

 
1,161,037

Total Assets
 
$
1,276,979


$
1,240,621

 
 
 
 
 
Liabilities
 
 
 
 
Income Taxes Payable
 
$
60

 
$
517

Other Liabilities
 
8,719

 
8,236

Total Liabilities
 
8,779

 
8,753

Shareholders' Equity
 
1,268,200

 
1,231,868

Total Liabilities and Shareholders' Equity
 
$
1,276,979

 
$
1,240,621



Condensed Statements of Cash Flows
 
Year Ended December 31,
(dollars in thousands)
2018

 
2017

 
2016

Operating Activities
 
 
 
 
 
Net Income
$
219,602

 
$
184,672

 
$
181,461

Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
 
 

 

Share-Based Compensation
630

 
573

 
558

Net (Gains) Losses on Sales of Investment Securities
819

 
(12,027
)
 
340

Equity in Undistributed Income of Subsidiaries
(35,429
)
 
(48,119
)
 
(61,482
)
Net Change in Other Assets and Other Liabilities
870

 
(6,477
)
 
1,508

Net Cash Provided by Operating Activities
186,492

 
118,622

 
122,385

 
 
 
 
 
 
Investing Activities
 
 
 
 
 
Capital Distribution from BOHC Investment Fund LLC

 
613

 

Capital Contributions to the Bank

 
(12,467
)
 

Proceeds from (Expenses related to) Sales of Investment Securities
(819
)
 
12,027

 
(340
)
Net Cash Provided by (Used in) Investing Activities
(819
)
 
173

 
(340
)
 
 
 
 
 
 
Financing Activities
 
 
 
 
 
Proceeds from Issuance of Common Stock
7,873

 
13,101

 
9,079

Repurchase of Common Stock
(91,988
)
 
(47,076
)
 
(61,807
)
Cash Dividends Paid
(98,496
)
 
(87,066
)
 
(81,157
)
Net Cash Used in Financing Activities
(182,611
)
 
(121,041
)
 
(133,885
)
 
 
 
 
 
 
Net Change in Cash and Cash Equivalents
3,062

 
(2,246
)
 
(11,840
)
Cash and Cash Equivalents at Beginning of Period
49,669

 
51,915

 
63,755

Cash and Cash Equivalents at End of Period
$
52,731

 
$
49,669

 
$
51,915