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Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Carrying or Notional Amount, Fair Value and Placement in the Fair Value Hierarchy of the Company’s Financial Instruments

The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments.

												Estimated fair value
(in thousands)						Carrying or notional amount						Quoted prices in active markets for identical assets  (Level 1)						Significant  other observable  inputs  (Level 2)						Significant unobservable inputs  (Level 3)						Total
June 30, 2023
Financial assets
HEI consolidated
Available-for-sale investment securities						$	1,368,037					$	—					$	1,353,407					$	14,630					$	1,368,037
Held-to-maturity investment securities						1,224,917						—						1,121,995						—						1,121,995
Loans, net						6,076,024						—						6,906						5,627,774						5,634,680
Mortgage servicing rights						8,495						—						—						18,127						18,127
Derivative assets						31,944						51						1,291						—						1,342
Financial liabilities
HEI consolidated
Deposit liabilities						815,538						—						799,873						—						799,873
Short-term borrowings—other than bank						46,212						—						46,212						—						46,212
Other bank borrowings						750,000						—						741,357						—						741,357
Long-term debt, net—other than bank						2,572,375						—						2,351,288						—						2,351,288
Derivative liabilities						22,949						—						540						—						540
Hawaiian Electric consolidated
Long-term debt, net						1,834,515						—						1,671,739						—						1,671,739
December 31, 2022
Financial assets
HEI consolidated
Available-for-sale investment securities						$	1,429,667					$	—					$	1,414,765					$	14,902					$	1,429,667
Held-to-maturity investment securities						1,251,747						—						1,150,971						—						1,150,971
Loans, net						5,907,514						—						821						5,453,381						5,454,202
Mortgage servicing rights						9,047						—						—						17,646						17,646
Derivative assets						16,220						18						1,330						—						1,348
Financial liabilities
HEI consolidated
Deposit liabilities						611,718						—						597,617						—						597,617
Short-term borrowings—other than bank						172,568						—						172,568						—						172,568
Other bank borrowings						695,120						—						695,095						—						695,095
Long-term debt, net—other than bank						2,384,980						—						2,122,605						—						2,122,605
Derivative liabilities						22,949						—						472						—						472
Hawaiian Electric consolidated
Short-term borrowings						87,967						—						87,967						—						87,967
Long-term debt, net						1,684,816						—						1,487,496						—						1,487,496

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis were as follows:

						June 30, 2023																		December 31, 2022
						Fair value measurements using																		Fair value measurements using
(in thousands)						Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Available-for-sale investment securities (bank segment)
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies						$	—					$	1,234,514					$	—					$	—					$	1,292,968					$	—
U.S. Treasury and federal agency obligations						—						77,747						—						—						81,063						—
Corporate bonds						—						41,146						—						—						40,734						—
Mortgage revenue bonds						—						—						14,630						—						—						14,902
						$	—					$	1,353,407					$	14,630					$	—					$	1,414,765					$	14,902
Derivative assets
Interest rate lock commitments (bank segment)1						$	—					$	88					$	—					$	—					$	9					$	—
Forward commitments (bank segment)1						51						—						—						18						—						—
Interest rate swap (Other segment)2						—						1,203						—						—						1,321						—
						$	51					$	1,291					$	—					$	18					$	1,330					$	—
Derivative liabilities
Interest rate swap (Other segment)2						$	—					$	540					$	—					$	—					$	472					$	—

1     Derivatives are carried at fair value in other assets or other liabilities in the balance sheets with changes in value included in mortgage banking income.

2     Derivatives are included in other assets and other liabilities in the balance sheets.

Schedule of Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:

						Three months ended June 30												Six months ended June 30
Mortgage revenue bonds						2023						2022						2023						2022
(in thousands)
Beginning balance						$	14,766					$	15,296					$	14,902					$	15,427
Principal payments received						(136)						(131)						(272)						(262)
Purchases						—						—						—						—
Unrealized gain (loss) included in other comprehensive income						—						—						—						—
Ending balance						$	14,630					$	15,165					$	14,630					$	15,165

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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