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 |
|
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