Company: BOH
Filing Date: 2025-07-28
Form Type: 10-Q
Source: 0001628280-25-036240
Chunk: 139

Company: BANK OF HAWAII CORP
Filing Date: 2025-07-28
Form: 10-Q
Item: Part I, Item 8
Chunk 139
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 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 including the related unfunded commitments were $224.4 million and $233.2 million as of June 30, 2025 and December 31, 2024, respectively, and are included in Other Assets in the unaudited consolidated statements of condition.Unfunded CommitmentsAs of June 30, 2025, the expected payments for unfunded affordable housing commitments were as follows:(dollars in thousands)Amount2025$35,076 202661,293 20271,871 2028269 2029235 Thereafter15,070 Total Unfunded Commitments$113,814 The following table presents tax credits and other tax benefits recognized and amortization expense related to affordable housing for the three and six months ended June 30, 2025 and 2024.Three Months Ended June 30,Six Months Ended June 30,(dollars in thousands)2025202420252024Effective Yield MethodTax Credits and Other Tax Benefits Recognized$533 $1,137 $1,066 $2,274 Amortization Expense in Provision for Income Taxes557 1,119 1,114 2,239 Proportional Amortization MethodTax Credits and Other Tax Benefits Recognized$8,844 $6,210 $17,688 $12,420 Amortization Expense in Provision for Income Taxes7,491 5,348 14,982 10,695 There were no impairment losses related to LIHTC investments during the six months ended June 30, 2025 and 2024.

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Note 6.  Securities Sold Under Agreements to Repurchase

The