Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 148

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 1B
Chunk 148
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 any power to sign documents for or otherwise bind the entity. In addition, the general partner or managing member may only be removed by the limited partner(s) or managing member(s) in the event of a failure to comply with the terms of the agreement or negligence in performing its duties.The general partner or managing member of each entity has both the power to direct the activities which most significantly affect the performance of each entity and the obligation to absorb losses or the right to receive benefits that could be significant to the entities. Therefore, the Company has determined that it is not the primary beneficiary of any LIHTC entity. The Company uses the effective yield method to account for its pre-2015 investments in these entities. Beginning January 1, 2015, any new investments that meet the requirements of the proportional amortization method are recognized using the proportional amortization method. The Company’s net affordable housing tax credit investments and related unfunded commitments were $233.2 million and $208.9 million as of December 31, 2024 and 2023, respectively, and are included in other assets in the consolidated statements of condition.Unfunded CommitmentsAs of December 31, 2024, the expected payments for unfunded affordable housing commitments were as follows: 

        (dollars in thousands)
         
        Amount

        2025
         
        $
        47,000

        2026

        55,801

        2027

        1,782

        2028

        256

        2029

        222

        Thereafter

        13,907

        Total Unfunded Commitments
         
        $
        118,968

101

The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the years ended December 31, 2024, 2023 and 2022. 

        (dollars in thousands)
         
        2024

        2023

        2022

        Effective Yield Method

        Tax Credits and Other Tax Benefits Recognized
         
        $
        4,548

        $
        5,830

        $
        6,116

        Amortization Expense in Provision for Income Taxes

        4,477

        5,331

        5,185

        Proportional Amortization Method

        Tax Credits and Other Tax Benefits Recognized
         
        $