Bank of Hawai‘i Corporation Financial Statements

12 Months Ended

Dec. 31, 2024

Note 24. Bank of Hawaii Corporation Financial Statements

Condensed financial statements of the Parent were as follows:

Condensed Statements of Comprehensive Income (Loss)


	Year Ended December 31,
(dollars in thousands)	2024			2023			2022
Income
Dividends from Bank of Hawai'i	$	128,000		$	137,000		$	182,000
Investment Securities Losses, Net		(1,507	)		(1,394	)		(1,195	)
Other Income and Interest on Investment		3			6			6
Total Income		126,496			135,612			180,811
Noninterest Expense
Intercompany Salaries and Services		1,140			1,140			1,121
Other Expenses		1,882			2,409			2,240
Total Noninterest Expense		3,022			3,549			3,361
Income Before Income Tax Benefit and Equity in Undistributed Income of Subsidiaries		123,474			132,063			177,450
Income Tax Benefit		2,787			1,882			2,036
Equity in Undistributed Income of Subsidiaries		23,733			37,257			46,318
Net Income	$	149,994		$	171,202		$	225,804
Comprehensive Income (Loss)	$	203,293		$	209,172		$	(142,472	)

Condensed Statements of Condition


(dollars in thousands)	December 31, 2024		December 31, 2023
Assets
Cash with Bank of Hawai'i	$	107,174	$	25,310
Investment Securities Held-to-Maturity		2,500		2,500
Goodwill		14,129		14,129
Other Assets		17,308		14,619
Equity in Net Assets of Subsidiaries		1,540,432		1,369,732
Total Assets	$	1,681,543	$	1,426,290

Liabilities
Other Liabilities	$	13,769	$	12,048
Total Liabilities		13,769		12,048
Shareholders' Equity		1,667,774		1,414,242
Total Liabilities and Shareholders' Equity	$	1,681,543	$	1,426,290

Condensed Statements of Cash Flows


	Year Ended December 31,
(dollars in thousands)	2024			2023			2022
Operating Activities
Net Income	$	149,994		$	171,202		$	225,804
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Share-Based Compensation		779			887			847
Net Losses on Sales of Investment Securities		1,507			1,394			1,195
Equity in Undistributed Income of Subsidiaries		(23,733	)		(37,257	)		(46,318	)
Net Change in Other Assets and Other Liabilities		(969	)		(585	)		1,138
Net Cash Provided by Operating Activities		127,578			135,641			182,666

Investing Activities
Capital Contributions to the Bank of Hawai'i		(80,000	)		—			—
Expenses related to Sales of Investment Securities		(1,507	)		(1,394	)		(1,195	)
Net Cash Used in Investing Activities		(81,507	)		(1,394	)		(1,195	)

Financing Activities
Proceeds from Issuance of Preferred Stock		160,614			—			—
Proceeds from Issuance of Common Stock		5,438			5,878			6,797
Repurchase of Common Stock		(5,302	)		(14,290	)		(55,063	)
Cash Dividends Paid Common Stock		(112,313	)		(111,795	)		(112,557	)
Cash Dividends Paid Preferred Stock		(12,644	)		(7,877	)		(7,877	)
Net Cash Provided by (Used in) Financing Activities		35,793			(128,084	)		(168,700	)

Net Change in Cash and Cash Equivalents		81,864			6,163			12,771
Cash and Cash Equivalents at Beginning of Period		25,310			19,147			6,376
Cash and Cash Equivalents at End of Period	$	107,174		$	25,310		$	19,147