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Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2021

Electric Utility Subsidiary [Abstract]

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

												Three months ended June 30												Six months ended June 30
(in millions)																		2021						2020						2021						2020
Kalaeloa																		$	49					$	34					$	86					$	72
AES Hawaii																		36						32						66						63
HPOWER																		14						17						31						34
Hamakua Energy																		12						11						23						24
Puna Geothermal Venture																		7						—						11						—
Wind IPPs																		28						25						57						53
Solar IPPs																		16						17						28						28
Other IPPs 1																		1						1						3						3
Total IPPs																		$	163					$	137					$	305					$	277

1Includes hydro power and other PPAs

Schedule of net annual incremental amounts proposed to be collected (refunded)

The filing reflected ARA revenues for 2021 to be collected from June 1 through December 31, 2021, as follows:

(in millions)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Total
2021 ARA revenues						$	6.9					$	1.7					$	1.7					$	10.3
Management Audit savings commitment						(4.6)						(1.0)						(1.0)						(6.6)
Net incremental revenues						$	2.3					$	0.7					$	0.7					$	3.7

The net incremental amounts to be collected (refunded) from June 1, 2021 through December 31, 2021 under the RBA rate tariffs are as follows:

(in millions)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Total
Incremental RAM revenues and ARA revenues						$	(14.7)					$	(2.2)					$	(6.1)					$	(23.0)
Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes)						10.4						5.7						8.9						25.0
Incremental Performance Incentive Mechanisms (net)						—						0.2						0.5						0.7
Incremental MPIR/EPRM Revenue Adjustment						12.6						0.1						0.1						12.8
Incremental Affiliate Transaction Refund/PUC Ordered Adjustment						—						N/A						2.0						2.0
Net incremental amount to be collected under the RBA rate tariffs						$	8.3					$	3.8					$	5.3					$	17.4

Note: Columns may not foot due to rounding.

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Three months ended June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	422,697					91,512						87,670						—						—						$	601,879
Expenses
Fuel oil						91,345						19,586						28,205						—						—						139,136
Purchased power						124,948						24,236						13,281						—						—						162,465
Other operation and maintenance						77,903						19,474						20,765						—						—						118,142
Depreciation						38,907						10,053						8,421						—						—						57,381
Taxes, other than income taxes						40,301						8,539						8,231						—						—						57,071
Total expenses						373,404						81,888						78,903						—						—						534,195
Operating income						49,293						9,624						8,767						—						—						67,684
Allowance for equity funds used during construction						1,930						140						307						—						—						2,377
Equity in earnings of subsidiaries						10,744						—						—						—						(10,744)						—
Retirement defined benefits expense—other than service costs						884						169						(33)						—						—						1,020
Interest expense and other charges, net						(12,829)						(2,573)						(2,593)						—						—						(17,995)
Allowance for borrowed funds used during construction						654						48						110						—						—						812
Income before income taxes						50,676						7,408						6,558						—						(10,744)						53,898
Income taxes						8,505						1,668						1,325																		11,498
Net income						42,171						5,740						5,233						—						(10,744)						42,400
Preferred stock dividends of subsidiaries						—						133						96						—												229
Net income attributable to Hawaiian Electric						42,171						5,607						5,137						—						(10,744)						42,171
Preferred stock dividends of Hawaiian Electric						270						—						—						—						—						270
Net income for common stock						$	41,901					5,607						5,137						—						(10,744)						$	41,901

Condensed Consolidating Statement of Income

Three months ended June 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	380,634					78,505						75,216						—						(140)						$	534,215
Expenses
Fuel oil						77,290						16,254						18,907						—						—						112,451
Purchased power						108,946						15,846						12,046						—						—						136,838
Other operation and maintenance						74,274						17,581						18,186						—						—						110,041
Depreciation						37,860						9,761						8,075						—						—						55,696
Taxes, other than income taxes						36,673						7,470						7,245						—						—						51,388
Total expenses						335,043						66,912						64,459						—						—						466,414
Operating income						45,591						11,593						10,757						—						(140)						67,801
Allowance for equity funds used during construction						1,807						193						194						—						—						2,194
Equity in earnings of subsidiaries						13,776						—						—						—						(13,776)						—
Retirement defined benefits expense—other than service costs						(546)						193						(29)						—						—						(382)
Interest expense and other charges, net						(12,499)						(2,533)						(2,446)						—						140						(17,338)
Allowance for borrowed funds used during construction						626						62						64						—						—						752
Income before income taxes						48,755						9,508						8,540						—						(13,776)						53,027
Income taxes						6,156						2,196						1,847																		10,199
Net income						42,599						7,312						6,693						—						(13,776)						42,828
Preferred stock dividends of subsidiaries						—						133						96						—												229
Net income attributable to Hawaiian Electric						42,599						7,179						6,597						—						(13,776)						42,599
Preferred stock dividends of Hawaiian Electric						270						—						—						—						—						270
Net income for common stock						$	42,329					7,179						6,597						—						(13,776)						$	42,329

Condensed Consolidating Statement of Income

Six months ended June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	823,251					176,661						166,851						—						(20)						$	1,166,743
Expenses
Fuel oil						180,073						36,071						50,419						—						—						266,563
Purchased power						233,552						45,833						25,376						—						—						304,761
Other operation and maintenance						155,238						37,386						40,088						—						—						232,712
Depreciation						77,821						20,101						16,814						—						—						114,736
Taxes, other than income taxes						78,928						16,532						15,713						—						—						111,173
Total expenses						725,612						155,923						148,410						—						—						1,029,945
Operating income						97,639						20,738						18,441						—						(20)						136,798
Allowance for equity funds used during construction						3,678						272						618						—						—						4,568
Equity in earnings of subsidiaries						23,254						—						—						—						(23,254)						—
Retirement defined benefits expense—other than service costs						1,770						337						(66)						—						—						2,041
Interest expense and other charges, net						(25,661)						(5,154)						(5,183)						—						20						(35,978)
Allowance for borrowed funds used during construction						1,245						92						222						—						—						1,559
Income before income taxes						101,925						16,285						14,032						—						(23,254)						108,988
Income taxes						16,126						3,719						2,886						—						—						22,731
Net income						85,799						12,566						11,146						—						(23,254)						86,257
Preferred stock dividends of subsidiaries						—						267						191						—						—						458
Net income attributable to Hawaiian Electric						85,799						12,299						10,955						—						(23,254)						85,799
Preferred stock dividends of Hawaiian Electric						540						—						—						—						—						540
Net income for common stock						$	85,259					12,299						10,955						—						(23,254)						$	85,259

Condensed Consolidating Statement of Income

Six months ended June 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	801,800					167,798						162,414						—						(355)						$	1,131,657
Expenses
Fuel oil						197,825						38,686						49,161						—						—						285,672
Purchased power						216,897						35,367						24,390						—						—						276,654
Other operation and maintenance						159,911						36,685						40,992						—						—						237,588
Depreciation						75,871						19,521						16,154						—						—						111,546
Taxes, other than income taxes						77,174						15,812						15,452						—						—						108,438
Total expenses						727,678						146,071						146,149						—						—						1,019,898
Operating income						74,122						21,727						16,265						—						(355)						111,759
Allowance for equity funds used during construction						3,550						312						347						—						—						4,209
Equity in earnings of subsidiaries						22,580						—						—						—						(22,580)						—
Retirement defined benefits expense—other than service costs						(1,092)						387						(58)						—						—						(763)
Interest expense and other charges, net						(24,501)						(5,017)						(4,769)						—						355						(33,932)
Allowance for borrowed funds used during construction						1,228						98						114						—						—						1,440
Income before income taxes						75,887						17,507						11,899						—						(22,580)						82,713
Income taxes						9,113						3,994						2,374						—						—						15,481
Net income						66,774						13,513						9,525						—						(22,580)						67,232
Preferred stock dividends of subsidiaries						—						267						191						—						—						458
Net income attributable to Hawaiian Electric						66,774						13,246						9,334						—						(22,580)						66,774
Preferred stock dividends of Hawaiian Electric						540						—						—						—						—						540
Net income for common stock						$	66,234					13,246						9,334						—						(22,580)						$	66,234

Statements of Income and Comprehensive Income Data

						Three months ended June 30												Six months ended June 30
(in thousands)						2021						2020						2021						2020
Interest and dividend income
Interest and fees on loans						$	51,026					$	53,541					$	100,973					$	109,086
Interest and dividends on investment securities						11,040						6,288						19,713						15,718
Total interest and dividend income						62,066						59,829						120,686						124,804
Interest expense
Interest on deposit liabilities						1,281						3,071						2,743						6,658
Interest on other borrowings						23						75						50						388
Total interest expense						1,304						3,146						2,793						7,046
Net interest income						60,762						56,683						117,893						117,758
Provision for credit losses						(12,207)						15,133						(20,642)						25,534
Net interest income after provision for credit losses						72,969						41,550						138,535						92,224
Noninterest income
Fees from other financial services						5,464						3,102						10,537						7,673
Fee income on deposit liabilities						3,904						2,897						7,767						8,010
Fee income on other financial products						2,201						1,212						4,643						3,084
Bank-owned life insurance						1,624						1,673						4,185						2,467
Mortgage banking income						1,925						6,252						6,225						8,252
Gain on sale of investment securities, net						—						9,275						528						9,275
Other income, net						76						(251)						348						162
Total noninterest income						15,194						24,160						34,233						38,923
Noninterest expense
Compensation and employee benefits						27,670						25,079						55,707						50,856
Occupancy						5,100						5,442						10,069						10,709
Data processing						4,533						3,849						8,884						7,686
Services						2,475						2,474						5,337						5,283
Equipment						2,394						2,290						4,616						4,629
Office supplies, printing and postage						978						1,049						2,022						2,390
Marketing						665						379						1,313						1,181
FDIC insurance						788						751						1,604						853
Other expense1						3,568						7,063						6,122						11,257
Total noninterest expense						48,171						48,376						95,674						94,844
Income before income taxes						39,992						17,334						77,094						36,303
Income taxes						9,708						3,320						17,254						6,528
Net income						30,284						14,014						59,840						29,775
Other comprehensive income (loss), net of taxes						16,999						(280)						(28,755)						19,567
Comprehensive income						$	47,283					$	13,734					$	31,085					$	49,342

1 The three- and six-month periods ended June 30, 2021 include approximately $0.1 million and $0.4 million, respectively, of certain direct and incremental COVID-19 related costs. The three- and six-month periods ended June 30, 2020 include approximately $3.7 million and $3.8 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first six months of 2020, which have been recorded in Other expense, include $2.3 million of compensation expense and $1.1 million of enhanced cleaning and sanitation costs.

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:

						Three months ended June 30,												Six months ended June 30
(in thousands)						2021						2020						2021						2020
Interest and dividend income						$	62,066					$	59,829					$	120,686					$	124,804
Noninterest income						15,194						24,160						34,233						38,923
Less: Gain on sale of investment securities, net						—						9,275						528						9,275
*Revenues-Bank						77,260						74,714						154,391						154,452
Total interest expense						1,304						3,146						2,793						7,046
Provision for credit losses						(12,207)						15,133						(20,642)						25,534
Noninterest expense						48,171						48,376						95,674						94,844
Less: Retirement defined benefits expense (credit)—other than service costs						(186)						434						(1,464)						868
*Expenses-Bank						37,454						66,221						79,289						126,556
*Operating income-Bank						39,806						8,493						75,102						27,896
Add back: Retirement defined benefits expense (credit)—other than service costs						(186)						434						(1,464)						868
Add back: Gain on sale of investment securities, net						—						9,275						528						9,275
Income before income taxes						$	39,992					$	17,334					$	77,094					$	36,303

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	41,901					5,607						5,137						—						(10,744)						$	41,901
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits						5,846						834						761						—						(1,595)						5,846
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(5,811)						(834)						(761)						—						1,595						(5,811)
Other comprehensive income, net of taxes						35						—						—						—						—						35
Comprehensive income attributable to common shareholder						$	41,936					5,607						5,137						—						(10,744)						$	41,936

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	42,329					7,179						6,597						—						(13,776)						$	42,329
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits						5,184						751						650						—						(1,401)						5,184
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(5,159)						(748)						(653)						—						1,401						(5,159)
Other comprehensive income (loss), net of taxes						25						3						(3)						—						—						25
Comprehensive income attributable to common shareholder						$	42,354					7,182						6,594						—						(13,776)						$	42,354

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	85,259					12,299						10,955						—						(23,254)						$	85,259
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes						11,691						1,669						1,522						—						(3,191)						11,691
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(11,622)						(1,668)						(1,522)						—						3,190						(11,622)
Other comprehensive income, net of taxes						69						1						—						—						(1)						69
Comprehensive income attributable to common shareholder						$	85,328					12,300						10,955						—						(23,255)						$	85,328

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	66,234					13,246						9,334						—						(22,580)						$	66,234
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits						10,368						1,499						1,302						—						(2,801)						10,368
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(10,317)						(1,495)						(1,305)						—						2,800						(10,317)
Other comprehensive income (loss), net of taxes						51						4						(3)						—						(1)						51
Comprehensive income attributable to common shareholder						$	66,285					13,250						9,331						—						(22,581)						$	66,285

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsi- diaries						Consoli- dating adjustments						Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land						$	42,412					5,606						3,594						—						—						$	51,612
Plant and equipment						5,030,706						1,368,603						1,220,577						—						—						7,619,886
Less accumulated depreciation						(1,735,717)						(612,065)						(555,639)						—						—						(2,903,421)
Construction in progress						159,300						12,961						29,541						—						—						201,802
Utility property, plant and equipment, net						3,496,701						775,105						698,073						—						—						4,969,879
Nonutility property, plant and equipment, less accumulated depreciation						5,304						115						1,532						—						—						6,951
Total property, plant and equipment, net						3,502,005						775,220						699,605						—						—						4,976,830
Investment in wholly owned subsidiaries, at equity						635,296						—						—						—						(635,296)						—
Current assets
Cash and cash equivalents						17,367						3,754						2,468						77						—						23,666
Restricted cash						8,968						—						—						—						—						8,968
Advances to affiliates						3,800						—						—						—						(3,800)						—
Customer accounts receivable, net						104,190						25,316						22,886						—						—						152,392
Accrued unbilled revenues, net						98,422						17,169						17,387						—						—						132,978
Other accounts receivable, net						13,370						4,036						4,661						—						(16,899)						5,168
Fuel oil stock, at average cost						74,673						11,193						16,200						—						—						102,066
Materials and supplies, at average cost						42,641						10,326						19,992						—						—						72,959
Prepayments and other						25,319						4,510						2,084						—						—						31,913
Regulatory assets						47,934						3,911						8,060						—						—						59,905
Total current assets						436,684						80,215						93,738						77						(20,699)						590,015
Other long-term assets
Operating lease right-of-use assets						107,191						24,095						336						—						—						131,622
Regulatory assets						494,195						109,656						104,100						—						—						707,951
Other						110,278						18,970						18,290						—						(5,982)						141,556
Total other long-term assets						711,664						152,721						122,726						—						(5,982)						981,129
Total assets						$	5,285,649					1,008,156						916,069						77						(661,977)						$	6,547,974
Capitalization and liabilities
Capitalization
Common stock equity						$	2,171,396					322,451						312,768						77						(635,296)						$	2,171,396
Cumulative preferred stock—not subject to mandatory redemption						22,293						7,000						5,000						—						—						34,293
Long-term debt, net						1,176,353						246,335						253,355						—						—						1,676,043
Total capitalization						3,370,042						575,786						571,123						77						(635,296)						3,881,732
Current liabilities
Current portion of operating lease liabilities						64,725						3,331						34						—						—						68,090
Short-term borrowings from non-affiliates						37,999						—						—						—						—						37,999
Short-term borrowings from affiliate						—						3,100						700						—						(3,800)						—
Accounts payable						90,840						18,624						22,169						—						—						131,633
Interest and preferred dividends payable						12,801						2,694						2,333						—						(1)						17,827
Taxes accrued, including revenue taxes						122,268						27,743						25,803						—						—						175,814
Regulatory liabilities						18,306						5,653						7,754						—						—						31,713
Other						50,487						11,508						16,004						—						(17,048)						60,951
Total current liabilities						397,426						72,653						74,797						—						(20,849)						524,027
Deferred credits and other liabilities
Operating lease liabilities						54,992						20,764						310						—						—						76,066
Deferred income taxes						280,920						53,115						59,240						—						—						393,275
Regulatory liabilities						666,554						175,771						92,439						—						—						934,764
Unamortized tax credits						79,867						14,890						13,529						—						—						108,286
Defined benefit pension and other postretirement benefit plans liability						367,530						75,010						77,367						—						(5,832)						514,075
Other						68,318						20,167						27,264						—						—						115,749
Total deferred credits and other liabilities						1,518,181						359,717						270,149						—						(5,832)						2,142,215
Total capitalization and liabilities						$	5,285,649					1,008,156						916,069						77						(661,977)						$	6,547,974

Condensed Consolidating Balance Sheet

December 31, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsi-diaries						Consoli- dating adjustments						Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land						$	42,411					5,606						3,594						—						—						$	51,611
Plant and equipment						4,960,470						1,352,885						1,195,988						—						—						7,509,343
Less accumulated depreciation						(1,677,256)						(597,606)						(544,217)						—						—						(2,819,079)
Construction in progress						143,616						13,043						31,683						—						—						188,342
Utility property, plant and equipment, net						3,469,241						773,928						687,048						—						—						4,930,217
Nonutility property, plant and equipment, less accumulated depreciation						5,306						115						1,532						—						—						6,953
Total property, plant and equipment, net						3,474,547						774,043						688,580						—						—						4,937,170
Investment in wholly owned subsidiaries, at equity						626,890						—						—						—						(626,890)						—
Current assets
Cash and cash equivalents						42,205						3,046						2,032						77						—						47,360
Restricted cash						15,966						—						—						—						—						15,966
Advances to affiliates						26,700						—						—						—						(26,700)						—
Customer accounts receivable, net						102,736						23,989						21,107						—						—						147,832
Accrued unbilled revenues, net						73,628						13,631						13,777						—						—						101,036
Other accounts receivable, net						17,984						3,028						2,856						—						(16,195)						7,673
Fuel oil stock, at average cost						38,777						8,471						10,990						—						—						58,238
Materials and supplies, at average cost						38,786						9,896						18,662						—						—						67,344
Prepayments and other						34,306						5,197						4,580						—						—						44,083
Regulatory assets						22,095						1,954						6,386						—						—						30,435
Total current assets						413,183						69,212						80,390						77						(42,895)						519,967
Other long-term assets
Operating lease right-of-use assets						125,858						1,443						353						—						—						127,654
Regulatory assets						513,192						114,461						108,620						—						—						736,273
Other						98,307						17,992						20,010						—						—						136,309
Total other long-term assets						737,357						133,896						128,983						—						—						1,000,236
Total assets						$	5,251,977					977,151						897,953						77						(669,785)						$	6,457,373
Capitalization and liabilities
Capitalization
Common stock equity						$	2,141,918					317,451						309,363						77						(626,891)						$	2,141,918
Cumulative preferred stock—not subject to mandatory redemption						22,293						7,000						5,000						—						—						34,293
Long-term debt, net						1,116,426						216,447						228,429						—						—						1,561,302
Total capitalization						3,280,637						540,898						542,792						77						(626,891)						3,737,513
Current liabilities
Current portion of operating lease liabilities						64,599						98						33						—						—						64,730
Short-term borrowings-non-affiliate						49,979						—						—						—						—						49,979
Short-term borrowings-affiliate						—						18,800						7,900						—						(26,700)						—
Accounts payable						97,102						19,570						17,177						—						—						133,849
Interest and preferred dividends payable						14,480						3,138						2,790						—						(58)						20,350
Taxes accrued, including revenue taxes						135,018						29,869						27,637						—						—						192,524
Regulatory liabilities						20,224						8,785						8,292						—						—						37,301
Other						57,926						13,851						18,621						—						(16,136)						74,262
Total current liabilities						439,328						94,111						82,450						—						(42,894)						572,995
Deferred credits and other liabilities
Operating lease liabilities						67,824						1,344						326						—						—						69,494
Deferred income taxes						282,685						54,108						61,005						—						—						397,798
Regulatory liabilities						656,270						173,938						92,277						—						—						922,485
Unamortized tax credits						82,563						15,363						13,989						—						—						111,915
Defined benefit pension and other postretirement benefit plans liability						373,112						77,679						79,741						—						—						530,532
Other						69,558						19,710						25,373						—						—						114,641
Total deferred credits and other liabilities						1,532,012						342,142						272,711						—						—						2,146,865
Total capitalization and liabilities						$	5,251,977					977,151						897,953						77						(669,785)						$	6,457,373

Balance Sheets Data

(in thousands)						June 30, 2021												December 31, 2020
Assets
Cash and due from banks												$	115,567											$	178,422
Interest-bearing deposits												105,800												114,304
Cash and cash equivalents												221,367												292,726
Investment securities
Available-for-sale, at fair value												2,509,906												1,970,417
Held-to-maturity, at amortized cost (fair value of $374,141 and $229,963, respectively)												375,655												226,947
Stock in Federal Home Loan Bank, at cost												10,000												8,680
Loans held for investment												5,184,459												5,333,843
Allowance for credit losses												(78,252)												(101,201)
Net loans												5,106,207												5,232,642
Loans held for sale, at lower of cost or fair value												50,877												28,275
Other												553,702												554,656
Goodwill												82,190												82,190
Total assets												$	8,909,904											$	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing												$	2,868,770											$	2,598,500
Deposit liabilities—interest-bearing												5,004,660												4,788,457
Other borrowings												129,665												89,670
Other												166,419												183,731
Total liabilities												8,169,514												7,660,358
Commitments and contingencies
Common stock												1												1
Additional paid-in capital												352,888												351,758
Retained earnings												401,310												369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities						$	(8,815)											$	19,986
Retirement benefit plans						(4,994)						(13,809)						(5,040)						14,946
Total shareholder’s equity												740,390												736,175
Total liabilities and shareholder’s equity												$	8,909,904											$	8,396,533
Other assets
Bank-owned life insurance												$	164,453											$	163,265
Premises and equipment, net												205,917												206,134
Accrued interest receivable												23,064												24,616
Mortgage-servicing rights												10,754												10,020
Low-income housing investments												87,371												83,435
Other												62,143												67,186
												$	553,702											$	554,656
Other liabilities
Accrued expenses												$	61,156											$	62,694
Federal and state income taxes payable												1,508												6,582
Cashier’s checks												30,818												38,011
Advance payments by borrowers												10,374												10,207
Other												62,563												66,237
												$	166,419											$	183,731

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Balance, December 31, 2020						$	2,141,918					317,451						309,363						77						(626,891)						$	2,141,918
Net income for common stock						85,259						12,299						10,955						—						(23,254)						85,259
Other comprehensive income, net of taxes						69						1						—						—						(1)						69
Common stock dividends						(55,850)						(7,300)						(7,550)						—						14,850						(55,850)
Balance, June 30, 2021						$	2,171,396					322,451						312,768						77						(635,296)						$	2,171,396

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Balance, December 31, 2019						$	2,047,352					298,998						292,870						101						(591,969)						$	2,047,352
Net income for common stock						66,234						13,246						9,334						—						(22,580)						66,234
Other comprehensive income (loss), net of taxes						51						4						(3)						—						(1)						51
Common stock dividends						(53,568)						(8,160)						(7,192)						—						15,352						(53,568)
Balance, June 30, 2020						$	2,060,069					304,088						295,009						101						(599,198)						$	2,060,069

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net cash provided by operating activities						$	43,623					15,315						13,365						—						(14,850)						$	57,453
Cash flows from investing activities
Capital expenditures						(92,352)						(22,135)						(23,538)						—						—						(138,025)
Advances from affiliates						22,900						—						—						—						(22,900)						—
Other						3,087						911						672						—						—						4,670
Net cash used in investing activities						(66,365)						(21,224)						(22,866)						—						(22,900)						(133,355)
Cash flows from financing activities
Common stock dividends						(55,850)						(7,300)						(7,550)						—						14,850						(55,850)
Preferred stock dividends of Hawaiian Electric and subsidiaries						(540)						(267)						(191)						—						—						(998)
Repayment of short-term debt						(50,000)						—						—						—						—						(50,000)
Proceeds from issuance of long-term debt						60,000						30,000						25,000						—						—						115,000
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less						37,999						(15,700)						(7,200)						—						22,900						37,999
Other						(703)						(116)						(122)						—						—						(941)
Net cash provided by (used in) financing activities						(9,094)						6,617						9,937						—						37,750						45,210
Net increase (decrease) in cash and cash equivalents						(31,836)						708						436						—						—						(30,692)
Cash, cash equivalents and restricted cash, beginning of period						58,171						3,046						2,032						77						—						63,326
Cash, cash equivalents and restricted cash, end of period						26,335						3,754						2,468						77						—						32,634
Less: Restricted cash						(8,968)						—						—						—						—						(8,968)
Cash and cash equivalents, end of period						$	17,367					3,754						2,468						77						—						$	23,666

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net cash provided by operating activities						$	154,967					20,307						21,601						—						(15,407)						$	181,468
Cash flows from investing activities
Capital expenditures						(129,829)						(30,785)						(25,918)						—						—						(186,532)
Advances from affiliates						14,200						8,000						—						—						(22,200)						—
Other						4,354						552						480						—						55						5,441
Net cash used in investing activities						(111,275)						(22,233)						(25,438)						—						(22,145)						(181,091)
Cash flows from financing activities
Common stock dividends						(53,568)						(8,160)						(7,192)						—						15,352						(53,568)
Preferred stock dividends of Hawaiian Electric and subsidiaries						(540)						(267)						(191)						—						—						(998)
Proceeds from issuance of short-term debt						100,000						—						—						—						—						100,000
Repayment of short-term debt						(100,000)						—						—						—						—						(100,000)
Proceeds from issuance of long-term debt						205,000						10,000						40,000						—						—						255,000
Repayment of long-term debt and funds transferred for repayment of long-term debt						(95,000)						(14,000)						—						—						—						(109,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less						(46,987)						12,000						(26,200)						—						22,200						(38,987)
Other						(1,039)						(61)						(247)						—						—						(1,347)
Net cash provided by (used in) financing activities						7,866						(488)						6,170						—						37,552						51,100
Net increase (decrease) in cash and cash equivalents						51,558						(2,414)						2,333						—						—						51,477
Cash, cash equivalents and restricted cash, beginning of period						32,988						7,008						1,797						101						—						41,894
Cash, cash equivalents and restricted cash, end of period						84,546						4,594						4,130						101						—						93,371
Less: Restricted cash						(29,376)						—						—						—						—						(29,376)
Cash and cash equivalents, end of period						$	55,170					4,594						4,130						101						—						$	63,995

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