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Bank of Hawai‘i Corporation Financial Statements (Tables)
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Statements of Income (Loss)

Condensed Statements of Comprehensive Income (Loss)

 

 

 

Year Ended December 31,

 

(dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

Income

 

 

 

 

 

 

 

 

 

Dividends from Bank of Hawai‘i

 

$

137,000

 

 

$

182,000

 

 

$

62,000

 

Investment Securities Losses, Net

 

 

(1,394

)

 

 

(1,195

)

 

 

(948

)

Other Income and Interest on Investment

 

 

6

 

 

 

6

 

 

 

6

 

Total Income

 

 

135,612

 

 

 

180,811

 

 

 

61,058

 

Noninterest Expense

 

 

 

 

 

 

 

 

 

Intercompany Salaries and Services

 

 

1,140

 

 

 

1,121

 

 

 

764

 

Other Expenses

 

 

2,409

 

 

 

2,240

 

 

 

1,787

 

Total Noninterest Expense

 

 

3,549

 

 

 

3,361

 

 

 

2,551

 

Income Before Income Tax Benefit and Equity in Undistributed Income
   of Subsidiaries

 

 

132,063

 

 

 

177,450

 

 

 

58,507

 

Income Tax Benefit

 

 

1,882

 

 

 

2,036

 

 

 

2,131

 

Equity in Undistributed Income of Subsidiaries

 

 

37,257

 

 

 

46,318

 

 

 

192,734

 

Net Income

 

$

171,202

 

 

$

225,804

 

 

$

253,372

 

Comprehensive Income (Loss)

 

$

209,172

 

 

$

(142,472

)

 

$

179,168

 

Schedule of Condensed Statements of Condition

Condensed Statements of Condition

 

(dollars in thousands)

 

December 31, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Cash with Bank of Hawai‘i

 

$

25,310

 

 

$

19,147

 

Investment Securities Held-to-Maturity

 

 

2,500

 

 

 

2,500

 

Goodwill

 

 

14,129

 

 

 

14,129

 

Other Assets

 

 

14,619

 

 

 

11,596

 

Equity in Net Assets of Subsidiaries

 

 

1,369,732

 

 

 

1,279,736

 

Total Assets

 

$

1,426,290

 

 

$

1,327,108

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Income Taxes Payable

 

$

 

 

$

349

 

Other Liabilities

 

 

12,048

 

 

 

9,764

 

Total Liabilities

 

 

12,048

 

 

 

10,113

 

Shareholders' Equity

 

 

1,414,242

 

 

 

1,316,995

 

Total Liabilities and Shareholders' Equity

 

$

1,426,290

 

 

$

1,327,108

 

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

 

 

 

Year Ended December 31,

 

(dollars in thousands)

 

2023

 

 

2022

 

 

2021

 

Operating Activities

 

 

 

 

 

 

 

 

 

Net Income

 

$

171,202

 

 

$

225,804

 

 

$

253,372

 

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

 

 

 

 

 

 

 

 

 

Share-Based Compensation

 

 

887

 

 

 

847

 

 

 

779

 

Net Losses on Sales of Investment Securities

 

 

1,394

 

 

 

1,195

 

 

 

948

 

Equity in Undistributed Income of Subsidiaries

 

 

(37,257

)

 

 

(46,318

)

 

 

(192,734

)

Net Change in Other Assets and Other Liabilities

 

 

(585

)

 

 

1,138

 

 

 

(977

)

Net Cash Provided by Operating Activities

 

 

135,641

 

 

 

182,666

 

 

 

61,388

 

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

 

Capital Contributions to the Bank of Hawai‘i

 

 

 

 

 

 

 

 

(165,000

)

Expenses related to Sales of Investment Securities

 

 

(1,394

)

 

 

(1,195

)

 

 

(948

)

Net Cash Used in Investing Activities

 

 

(1,394

)

 

 

(1,195

)

 

 

(165,948

)

 

 

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

 

 

Proceeds from Issuance of Common Stock

 

 

5,878

 

 

 

6,797

 

 

 

13,611

 

Proceeds from Issuance of Preferred Stock

 

 

 

 

 

 

 

 

175,487

 

Repurchase of Common Stock

 

 

(14,290

)

 

 

(55,063

)

 

 

(31,258

)

Cash Dividends Paid Common Stock

 

 

(111,795

)

 

 

(112,557

)

 

 

(110,633

)

Cash Dividends Paid Preferred Stock

 

 

(7,877

)

 

 

(7,877

)

 

 

(2,975

)

Net Cash (Used in) Provided by Financing Activities

 

 

(128,084

)

 

 

(168,700

)

 

 

44,232

 

 

 

 

 

 

 

 

 

 

 

Net Change in Cash and Cash Equivalents

 

 

6,163

 

 

 

12,771

 

 

 

(60,328

)

Cash and Cash Equivalents at Beginning of Period

 

 

19,147

 

 

 

6,376

 

 

 

66,704

 

Cash and Cash Equivalents at End of Period

 

$

25,310

 

 

$

19,147

 

 

$

6,376