Company: BOH
Filing Date: 2025-03-04
Form Type: 10-K
Source: 0000950170-25-031193
Chunk: 271

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-04
Form: 10-K
Item: Item 8
Chunk 271
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4,015

        Gross Increases, Related to Tax Positions Taken in a Prior Period

        1,276

        54

        1

        Gross Decreases, Related to Tax Positions Taken in a Prior Period

        —

        —

        (26
        )

        Gross Increases, Related to Current Period Tax Positions

        540

        27

        226

        Lapse of Statute of Limitations

        (213
        )

        (40
        )

        (520
        )

        Unrecognized Tax Benefits at End of Year
         
        $
        5,340

        $
        3,737

        $
        3,696

       As of December 31, 2024 and 2023, $5.3 million and $3.7 million, respectively, in liabilities for UTBs were related to UTBs that if reversed would have an impact on the Company’s effective tax rate. The Company classifies interest and penalties, if any, related to the liability for UTBs as a component of the provision for income taxes. The recorded net tax expense for interest and penalties was $0.3 million for the year ended December 31, 2024. The recorded net tax benefit for interest and penalties was less than $0.1 million for the years ended December 31, 2023 and 2022. As of December 31, 2024 and 2023, the balance of the accrual for possible interest and penalties was $1.4 million and $1.1 million, respectively. The federal tax returns for 2021 through 2023 remain subject to examination. The Company's State of Hawaiʻi income tax returns for 2017 and 2021 through 2023 remain subject to examination by the taxing authorities. The following table presents cash paid for federal and state income taxes for the years ended December 31, 2024, 2023 and 2022. 

        (dollars in thousands)
         
        2024

        2023

        2022

        Cash Paid for Federal Income Taxes
         
        $
        21,650

        $
        42,500

        $
        42,700

        Cash Paid for State Income Taxes

        9,590

        9,746

        10,325

        Total Cash Paid for Income Taxes
         
        $
        31