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Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2021

Electric Utility Subsidiary [Abstract]

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

												Three months ended September 30												Nine months ended September 30
(in millions)																		2021						2020						2021						2020
Kalaeloa																		$	56					$	39					$	142					$	111
AES Hawaii																		32						33						98						96
HPOWER																		20						18						51						52
Hamakua Energy																		15						12						38						36
Puna Geothermal Venture																		9						—						20						—
Wind IPPs																		38						30						95						83
Solar IPPs																		12						17						40						45
Other IPPs 1																		4						—						7						3
Total IPPs																		$	186					$	149					$	491					$	426

1Includes hydro power and other PPAs

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

The filing reflected ARA revenues for 2022 to be collected from January 1 through December 31, 2022, as follows:

(in millions)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Total
2022 ARA revenues						$	19.8					$	4.9					$	4.8					$	29.5
Management Audit savings commitment						(4.6)						(1.0)						(1.0)						(6.6)
Net 2022 ARA revenues						$	15.2					$	3.9					$	3.8					$	22.9

The proposed net incremental amounts between the 2021 spring and fall revenue reports are as follows. The amounts are to be collected (refunded) from January 1 through December 31, 2022 under the RBA rate tariffs, which was proposed in the 2021 fall revenue report filing and is subject to PUC approval.

(in millions)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Total
Incremental RAM revenues and ARA revenues						$	41.7					$	8.9					$	10.9					$	61.5
Incremental accrued RBA balance through September 30, 2021 (and associated revenue taxes)						21.9						2.5						(0.1)						24.3
Incremental Performance Incentive Mechanisms (net)						—						—						0.1						0.1
Incremental MPIR/EPRM Revenue Adjustment						9.8						0.3						0.3						10.4
Net incremental amount to be collected under the RBA rate tariffs						$	73.4					$	11.7					$	11.1					$	96.2

Note: Columns may not foot due to rounding.

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Three months ended September 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	478,046					100,313						101,141						—						(1)						$	679,499
Expenses
Fuel oil						126,909						21,104						32,669						—						—						180,682
Purchased power						136,688						31,159						17,912						—						—						185,759
Other operation and maintenance						75,191						19,964						21,313						—						—						116,468
Depreciation						38,912						10,050						8,424						—						—						57,386
Taxes, other than income taxes						45,239						9,333						9,440						—						—						64,012
Total expenses						422,939						91,610						89,758						—						—						604,307
Operating income						55,107						8,703						11,383						—						(1)						75,192
Allowance for equity funds used during construction						1,999						131						297						—						—						2,427
Equity in earnings of subsidiaries						12,028						—						—						—						(12,028)						—
Retirement defined benefits expense—other than service costs						741						166						(30)						—						—						877
Interest expense and other charges, net						(12,943)						(2,590)						(2,616)						—						1						(18,148)
Allowance for borrowed funds used during construction						676						44						107						—						—						827
Income before income taxes						57,608						6,454						9,141						—						(12,028)						61,175
Income taxes						6,996						1,433						1,906						—						—						10,335
Net income						50,612						5,021						7,235						—						(12,028)						50,840
Preferred stock dividends of subsidiaries						—						133						95						—						—						228
Net income attributable to Hawaiian Electric						50,612						4,888						7,140						—						(12,028)						50,612
Preferred stock dividends of Hawaiian Electric						270						—						—						—						—						270
Net income for common stock						$	50,342					4,888						7,140						—						(12,028)						$	50,342

Condensed Consolidating Statement of Income

Three months ended September 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	398,877					82,172						81,629						—						(110)						$	562,568
Expenses
Fuel oil						70,557						17,047						17,438						—						—						105,042
Purchased power						116,249						17,665						15,111						—						—						149,025
Other operation and maintenance						71,179						17,565						22,499						—						—						111,243
Depreciation						37,853						9,760						8,076						—						—						55,689
Taxes, other than income taxes						38,005						7,512						7,534						—						—						53,051
Total expenses						333,843						69,549						70,658						—						—						474,050
Operating income						65,034						12,623						10,971						—						(110)						88,518
Allowance for equity funds used during construction						1,902						208						237						—						—						2,347
Equity in earnings of subsidiaries						14,912						—						—						—						(14,912)						—
Retirement defined benefits expense—other than service costs						(591)						194						(35)						—						—						(432)
Interest expense and other charges, net						(11,970)						(2,519)						(2,457)						—						110						(16,836)
Allowance for borrowed funds used during construction						659						65						77						—						—						801
Income before income taxes						69,946						10,571						8,793						—						(14,912)						74,398
Income taxes						9,611						2,378						1,846																		13,835
Net income						60,335						8,193						6,947						—						(14,912)						60,563
Preferred stock dividends of subsidiaries						—						133						95						—												228
Net income attributable to Hawaiian Electric						60,335						8,060						6,852						—						(14,912)						60,335
Preferred stock dividends of Hawaiian Electric						270						—						—						—						—						270
Net income for common stock						$	60,065					8,060						6,852						—						(14,912)						$	60,065

Condensed Consolidating Statement of Income

Nine months ended September 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	1,301,297					276,974						267,992						—						(21)						$	1,846,242
Expenses
Fuel oil						306,982						57,175						83,088						—						—						447,245
Purchased power						370,240						76,992						43,288						—						—						490,520
Other operation and maintenance						230,429						57,350						61,401						—						—						349,180
Depreciation						116,733						30,151						25,238						—						—						172,122
Taxes, other than income taxes						124,167						25,865						25,153						—						—						175,185
Total expenses						1,148,551						247,533						238,168						—						—						1,634,252
Operating income						152,746						29,441						29,824						—						(21)						211,990
Allowance for equity funds used during construction						5,677						403						915						—						—						6,995
Equity in earnings of subsidiaries						35,282						—						—						—						(35,282)						—
Retirement defined benefits expense—other than service costs						2,511						503						(96)						—						—						2,918
Interest expense and other charges, net						(38,604)						(7,744)						(7,799)						—						21						(54,126)
Allowance for borrowed funds used during construction						1,921						136						329						—						—						2,386
Income before income taxes						159,533						22,739						23,173						—						(35,282)						170,163
Income taxes						23,122						5,152						4,792						—						—						33,066
Net income						136,411						17,587						18,381						—						(35,282)						137,097
Preferred stock dividends of subsidiaries						—						400						286						—						—						686
Net income attributable to Hawaiian Electric						136,411						17,187						18,095						—						(35,282)						136,411
Preferred stock dividends of Hawaiian Electric						810						—						—						—						—						810
Net income for common stock						$	135,601					17,187						18,095						—						(35,282)						$	135,601

Condensed Consolidating Statement of Income

Nine months ended September 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Revenues						$	1,200,677					249,970						244,043						—						(465)						$	1,694,225
Expenses
Fuel oil						268,382						55,733						66,599						—						—						390,714
Purchased power						333,146						53,032						39,501						—						—						425,679
Other operation and maintenance						231,090						54,250						63,491						—						—						348,831
Depreciation						113,724						29,281						24,230						—						—						167,235
Taxes, other than income taxes						115,179						23,324						22,986						—						—						161,489
Total expenses						1,061,521						215,620						216,807						—						—						1,493,948
Operating income						139,156						34,350						27,236						—						(465)						200,277
Allowance for equity funds used during construction						5,452						520						584						—						—						6,556
Equity in earnings of subsidiaries						37,492						—						—						—						(37,492)						—
Retirement defined benefits expense—other than service costs						(1,683)						581						(93)						—						—						(1,195)
Interest expense and other charges, net						(36,471)						(7,536)						(7,226)						—						465						(50,768)
Allowance for borrowed funds used during construction						1,887						163						191						—						—						2,241
Income before income taxes						145,833						28,078						20,692						—						(37,492)						157,111
Income taxes						18,724						6,372						4,220						—						—						29,316
Net income						127,109						21,706						16,472						—						(37,492)						127,795
Preferred stock dividends of subsidiaries						—						400						286						—						—						686
Net income attributable to Hawaiian Electric						127,109						21,306						16,186						—						(37,492)						127,109
Preferred stock dividends of Hawaiian Electric						810						—						—						—						—						810
Net income for common stock						$	126,299					21,306						16,186						—						(37,492)						$	126,299

Statements of Income and Comprehensive Income Data

						Three months ended September 30												Nine months ended September 30
(in thousands)						2021						2020						2021						2020
Interest and dividend income
Interest and fees on loans						$	49,445					$	52,419					$	150,418					$	161,505
Interest and dividends on investment securities						11,996						7,221						31,709						22,939
Total interest and dividend income						61,441						59,640						182,127						184,444
Interest expense
Interest on deposit liabilities						1,176						2,287						3,919						8,945
Interest on other borrowings						5						61						55						449
Total interest expense						1,181						2,348						3,974						9,394
Net interest income						60,260						57,292						178,153						175,050
Provision for credit losses						(1,725)						13,970						(22,367)						39,504
Net interest income after provision for credit losses						61,985						43,322						200,520						135,546
Noninterest income
Fees from other financial services						4,800						4,233						15,337						11,906
Fee income on deposit liabilities						4,262						3,832						12,029						11,842
Fee income on other financial products						2,124						1,524						6,767						4,608
Bank-owned life insurance						2,026						1,965						6,211						4,432
Mortgage banking income						1,272						7,681						7,497						15,933
Gain on sale of investment securities, net						—						—						528						9,275
Other income, net						283						(231)						631						(69)
Total noninterest income						14,767						19,004						49,000						57,927
Noninterest expense
Compensation and employee benefits						30,888						26,431						86,595						77,287
Occupancy						5,157						5,693						15,226						16,402
Data processing						4,278						3,366						13,162						11,052
Services						2,272						2,624						7,609						7,907
Equipment						2,373						2,001						6,989						6,630
Office supplies, printing and postage						1,072						1,187						3,094						3,577
Marketing						995						727						2,308						1,908
FDIC insurance						808						714						2,412						1,567
Other expense1						3,668						4,556						9,790						15,813
Total noninterest expense						51,511						47,299						147,185						142,143
Income before income taxes						25,241						15,027						102,335						51,330
Income taxes						5,976						2,877						23,230						9,405
Net income						19,265						12,150						79,105						41,925
Other comprehensive income (loss), net of taxes						(11,684)						1,393						(40,439)						20,960
Comprehensive income						$	7,581					$	13,543					$	38,666					$	62,885

1 The three- and nine-month periods ended September 30, 2021 include approximately $0.1 million and $0.5 million, respectively, of certain direct and incremental COVID-19 related costs. The three and nine-month periods ended September 30, 2020 include approximately $0.7 million and $4.5 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs for the first nine months of 2020, which have been recorded in Other expense, include $2.4 million of compensation expense and $1.7 million of enhanced cleaning and sanitation costs.

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

						Three months ended September 30,												Nine months ended September 30
(in thousands)						2021						2020						2021						2020
Interest and dividend income						$	61,441					$	59,640					$	182,127					$	184,444
Noninterest income						14,767						19,004						49,000						57,927
Less: Gain on sale of investment securities, net						—						—						528						9,275
*Revenues-Bank						76,208						78,644						230,599						233,096
Total interest expense						1,181						2,348						3,974						9,394
Provision for credit losses						(1,725)						13,970						(22,367)						39,504
Noninterest expense						51,511						47,299						147,185						142,143
Less: Retirement defined benefits expense (credit)—other than service costs						(184)						473						(1,648)						1,341
*Expenses-Bank						51,151						63,144						130,440						189,700
*Operating income-Bank						25,057						15,500						100,159						43,396
Add back: Retirement defined benefits expense (credit)—other than service costs						(184)						473						(1,648)						1,341
Add back: Gain on sale of investment securities, net						—						—						528						9,275
Income before income taxes						$	25,241					$	15,027					$	102,335					$	51,330

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	50,342					4,888						7,140						—						(12,028)						$	50,342
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						2,905						393						393						—						(786)						2,905
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(2,799)						(391)						(393)						—						784						(2,799)
Other comprehensive income, net of taxes						106						2						—						—						(2)						106
Comprehensive income attributable to common shareholder						$	50,448					4,890						7,140						—						(12,030)						$	50,448

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	60,065					8,060						6,852						—						(14,912)						$	60,065
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						5,769						885						770						—						(1,655)						5,769
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(5,721)						(887)						(767)						—						1,654						(5,721)
Other comprehensive income (loss), net of taxes						48						(2)						3						—						(1)						48
Comprehensive income attributable to common shareholder						$	60,113					8,058						6,855						—						(14,913)						$	60,113

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	135,601					17,187						18,095						—						(35,282)						$	135,601
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						14,596						2,062						1,915						—						(3,977)						14,596
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(14,421)						(2,059)						(1,915)						—						3,974						(14,421)
Other comprehensive income, net of taxes						175						3						—						—						(3)						175
Comprehensive income attributable to common shareholder						$	135,776					17,190						18,095						—						(35,285)						$	135,776

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net income for common stock						$	126,299					21,306						16,186						—						(37,492)						$	126,299
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						16,137						2,384						2,072						—						(4,456)						16,137
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes						(16,038)						(2,382)						(2,072)						—						4,454						(16,038)
Other comprehensive income, net of taxes						99						2						—						—						(2)						99
Comprehensive income attributable to common shareholder						$	126,398					21,308						16,186						—						(37,494)						$	126,398

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

September 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						$	42,410					5,606						3,594						—						—						$	51,610
Plant and equipment						5,063,487						1,375,782						1,230,451						—						—						7,669,720
Less accumulated depreciation						(1,766,707)						(619,003)						(562,005)						—						—						(2,947,715)
Construction in progress						172,417						17,966						31,135						—						—						221,518
Utility property, plant and equipment, net						3,511,607						780,351						703,175						—						—						4,995,133
Nonutility property, plant and equipment, less accumulated depreciation						5,303						115						1,532						—						—						6,950
Total property, plant and equipment, net						3,516,910						780,466						704,707						—						—						5,002,083
Investment in wholly owned subsidiaries, at equity						639,900						—						—						—						(639,900)						—
Current assets
Cash and cash equivalents						25,981						3,788						6,621						77						—						36,467
Restricted cash						6,313						—						—						—						—						6,313
Advances to affiliates						700						—						—						—						(700)						—
Customer accounts receivable, net						118,776						29,371						26,090						—						—						174,237
Accrued unbilled revenues, net						93,949						17,660						17,470						—						—						129,079
Other accounts receivable, net						20,732						3,843						3,616						—						(22,075)						6,116
Fuel oil stock, at average cost						71,072						13,079						16,650						—						—						100,801
Materials and supplies, at average cost						43,094						10,107						19,796						—						—						72,997
Prepayments and other						41,706						5,232						7,023						—						—						53,961
Regulatory assets						47,004						2,966						6,254						—						—						56,224
Total current assets						469,327						86,046						103,520						77						(22,775)						636,195
Other long-term assets
Operating lease right-of-use assets						96,026						23,271						327						—						—						119,624
Regulatory assets						489,746						108,093						103,141						—						—						700,980
Other						112,298						19,008						18,448						—						(5,728)						144,026
Total other long-term assets						698,070						150,372						121,916						—						(5,728)						964,630
Total assets						$	5,324,207					1,016,884						930,143						77						(668,403)						$	6,602,908
Capitalization and liabilities
Capitalization
Common stock equity						$	2,193,919					323,691						316,132						77						(639,900)						$	2,193,919
Cumulative preferred stock—not subject to mandatory redemption						22,293						7,000						5,000						—						—						34,293
Long-term debt, net						1,176,477						246,360						253,386						—						—						1,676,223
Total capitalization						3,392,689						577,051						574,518						77						(639,900)						3,904,435
Current liabilities
Current portion of operating lease liabilities						61,505						3,354						35						—						—						64,894
Short-term borrowings from affiliate						—						700						—						—						(700)						—
Accounts payable						101,685						24,640						20,550						—						—						146,875
Interest and preferred dividends payable						20,390						3,750						4,471						—						(1)						28,610
Taxes accrued, including revenue taxes						136,016						31,338						29,014						—						—						196,368
Regulatory liabilities						21,257						4,164						6,840						—						—						32,261
Other						71,738						14,488						20,503						—						(22,223)						84,506
Total current liabilities						412,591						82,434						81,413						—						(22,924)						553,514
Deferred credits and other liabilities
Operating lease liabilities						47,585						19,917						300						—						—						67,802
Deferred income taxes						284,245						51,822						60,486						—						—						396,553
Regulatory liabilities						672,712						177,877						92,662						—						—						943,251
Unamortized tax credits						78,215						14,577						13,586						—						—						106,378
Defined benefit pension and other postretirement benefit plans liability						364,749						74,183						76,619						—						(5,579)						509,972
Other						71,421						19,023						30,559						—						—						121,003
Total deferred credits and other liabilities						1,518,927						357,399						274,212						—						(5,579)						2,144,959
Total capitalization and liabilities						$	5,324,207					1,016,884						930,143						77						(668,403)						$	6,602,908

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)						September 30, 2021												December 31, 2020
Assets
Cash and due from banks												$	109,942											$	178,422
Interest-bearing deposits												80,007												114,304
Cash and cash equivalents												189,949												292,726
Investment securities
Available-for-sale, at fair value												2,580,830												1,970,417
Held-to-maturity, at amortized cost (fair value of $484,654 and $229,963, respectively)												491,871												226,947
Stock in Federal Home Loan Bank, at cost												10,000												8,680
Loans held for investment												5,122,124												5,333,843
Allowance for credit losses												(75,944)												(101,201)
Net loans												5,046,180												5,232,642
Loans held for sale, at lower of cost or fair value												53,998												28,275
Other												555,401												554,656
Goodwill												82,190												82,190
Total assets												$	9,010,419											$	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing												$	2,931,394											$	2,598,500
Deposit liabilities—interest-bearing												5,045,144												4,788,457
Other borrowings												129,305												89,670
Other												168,064												183,731
Total liabilities												8,273,907												7,660,358
Common stock												1												1
Additional paid-in capital												353,429												351,758
Retained earnings												408,575												369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities						$	(20,322)											$	19,986
Retirement benefit plans						(5,171)						(25,493)						(5,040)						14,946
Total shareholder’s equity												736,512												736,175
Total liabilities and shareholder’s equity												$	9,010,419											$	8,396,533
Other assets
Bank-owned life insurance												$	166,486											$	163,265
Premises and equipment, net												205,624												206,134
Accrued interest receivable												22,036												24,616
Mortgage-servicing rights												10,272												10,020
Low-income housing investments												84,728												83,435
Other												66,255												67,186
												$	555,401											$	554,656
Other liabilities
Accrued expenses												$	59,270											$	62,694
Federal and state income taxes payable												—												6,582
Cashier’s checks												37,451												38,011
Advance payments by borrowers												5,129												10,207
Other												66,214												66,237
												$	168,064											$	183,731

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 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						135,601						17,187						18,095						—						(35,282)						135,601
Other comprehensive income, net of taxes						175						3						—						—						(3)						175
Common stock dividends						(83,775)						(10,950)						(11,326)						—						22,276						(83,775)
Balance, September 30, 2021						$	2,193,919					323,691						316,132						77						(639,900)						$	2,193,919

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 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						126,299						21,306						16,186						—						(37,492)						126,299
Other comprehensive income, net of taxes						99						2						—						—						(2)						99
Common stock dividends						(80,352)						(12,240)						(10,788)						—						23,028						(80,352)
Dissolution of subsidiary						—						—						—						(24)						24						—
Balance, September 30, 2020						$	2,093,398					308,066						298,268						77						(606,411)						$	2,093,398

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2021

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net cash provided by operating activities						$	157,191					32,698						30,643						—						(22,276)						$	198,256
Cash flows from investing activities
Capital expenditures						(137,916)						(33,511)						(32,319)						—						—						(203,746)
Advances from affiliates						26,000						—						—						—						(26,000)						—
Other						4,136						1,121						900						—						—						6,157
Net cash used in investing activities						(107,780)						(32,390)						(31,419)						—						(26,000)						(197,589)
Cash flows from financing activities
Common stock dividends						(83,775)						(10,950)						(11,326)						—						22,276						(83,775)
Preferred stock dividends of Hawaiian Electric and subsidiaries						(810)						(400)						(286)						—						—						(1,496)
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 decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less						—						(18,100)						(7,900)						—						26,000						—
Other						(703)						(116)						(123)						—						—						(942)
Net cash provided by (used in) financing activities						(75,288)						434						5,365						—						48,276						(21,213)
Net increase (decrease) in cash and cash equivalents						(25,877)						742						4,589						—						—						(20,546)
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						32,294						3,788						6,621						77						—						42,780
Less: Restricted cash						(6,313)						—						—						—						—						(6,313)
Cash and cash equivalents, end of period						$	25,981					3,788						6,621						77						—						$	36,467

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2020

(in thousands)						Hawaiian Electric						Hawaii Electric Light						Maui Electric						Other subsidiaries						Consolidating adjustments						Hawaiian Electric Consolidated
Net cash provided by operating activities						$	205,645					27,256						34,678						—						(22,624)						$	244,955
Cash flows from investing activities
Capital expenditures						(180,088)						(48,750)						(38,644)						—						—						(267,482)
Advances from (to) affiliates						(800)						8,000						—						—						(7,200)						—
Other						5,636						1,056						1,031						(24)						(404)						7,295
Net cash used in investing activities						(175,252)						(39,694)						(37,613)						(24)						(7,604)						(260,187)
Cash flows from financing activities
Common stock dividends						(80,352)						(12,240)						(10,788)						—						23,028						(80,352)
Preferred stock dividends of Hawaiian Electric and subsidiaries						(810)						(400)						(286)						—						—						(1,496)
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						(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)						26,500						(25,700)						—						7,200						(38,987)
Other						(1,249)						(67)						(253)						—						—						(1,569)
Net cash provided by (used in) financing activities						(19,398)						9,793						2,973						—						30,228						23,596
Net increase (decrease) in cash and cash equivalents						10,995						(2,645)						38						(24)						—						8,364
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						43,983						4,363						1,835						77						—						50,258
Less: Restricted cash						(20,458)						—						—						—						—						(20,458)
Cash and cash equivalents, end of period						$	23,525					4,363						1,835						77						—						$	29,800

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