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Fair value measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities |  | $ | 1,061,687 |  |  | $ | — |  |  | $ | 1,047,611 |  |  | $ | 14,076 |  |  | $ | 1,061,687 |
Held-to-maturity investment securities |  | 1,179,182 |  |  | — |  |  | 1,058,691 |  |  | — |  |  | 1,058,691 |
Loans, net |  | 5,977,249 |  |  | — |  |  | 13,899 |  |  | 5,494,566 |  |  | 5,508,465 |
Mortgage servicing rights |  | 7,906 |  |  | — |  |  | — |  |  | 17,862 |  |  | 17,862 |
Derivative assets |  | 41,122 |  |  | 5 |  |  | 1,817 |  |  | — |  |  | 1,822 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Deposit liabilities - time certificates |  | 1,048,825 |  |  | — |  |  | 1,037,878 |  |  | — |  |  | 1,037,878 |
Other bank borrowings |  | 520,000 |  |  | — |  |  | 518,083 |  |  | — |  |  | 518,083 |
Long-term debt, net—other than bank |  | 2,838,224 |  |  | — |  |  | 2,124,907 |  |  | — |  |  | 2,124,907 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  | 1,934,747 |  |  | — |  |  | 1,380,338 |  |  | — |  |  | 1,380,338 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities |  | $ | 1,136,439 |  |  | $ | — |  |  | $ | 1,122,081 |  |  | $ | 14,358 |  |  | $ | 1,136,439 |
Held-to-maturity investment securities |  | 1,201,314 |  |  | — |  |  | 1,103,668 |  |  | — |  |  | 1,103,668 |
Loans, net |  | 6,121,606 |  |  | — |  |  | 15,176 |  |  | 5,723,823 |  |  | 5,738,999 |
Mortgage servicing rights |  | 8,169 |  |  | — |  |  | — |  |  | 18,722 |  |  | 18,722 |
Derivative assets |  | 16,880 |  |  | — |  |  | 1,058 |  |  | — |  |  | 1,058 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Deposit liabilities - time certificates |  | 1,063,907 |  |  | — |  |  | 1,053,101 |  |  | — |  |  | 1,053,101 |
Other bank borrowings |  | 750,000 |  |  | — |  |  | 747,508 |  |  | — |  |  | 747,508 |
Long-term debt, net—other than bank |  | 2,842,429 |  |  | — |  |  | 2,133,225 |  |  | — |  |  | 2,133,225 |
Derivative liabilities |  | 28,449 |  |  | 18 |  |  | 303 |  |  | — |  |  | 321 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  | 1,934,277 |  |  | — |  |  | 1,385,025 |  |  | — |  |  | 1,385,025 |
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, 2024 |  | December 31, 2023
|  | 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 |  | $ | — |  |  | $ | 1,005,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,077,168 |  |  | $ | — |
U.S. Treasury and federal agency obligations |  | — |  |  | 8,883 |  |  | — |  |  | — |  |  | 12,010 |  |  | — |
Corporate bonds |  | — |  |  | 32,927 |  |  | — |  |  | — |  |  | 32,903 |  |  | — |
Mortgage revenue bonds |  | — |  |  | — |  |  | 14,076 |  |  | — |  |  | — |  |  | 14,358 |
|  | $ | — |  |  | $ | 1,047,611 |  |  | $ | 14,076 |  |  | $ | — |  |  | $ | 1,122,081 |  |  | $ | 14,358 |
Derivative assets |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments (bank segment)1 |  | $ | — |  |  | $ | 89 |  |  | $ | — |  |  | $ | — |  |  | $ | 86 |  |  | $ | — |
Forward commitments (bank segment)1 |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest rate swap (Other segment)2 |  | — |  |  | 1,728 |  |  | — |  |  | — |  |  | 972 |  |  | — |
|  | $ | 5 |  |  | $ | 1,817 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,058 |  |  | $ | — |
Derivative liabilities |  |  |  |  |  |  |  |  |  |  |  |
Forward commitments (bank segment)1 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |
Interest rate swap (Other segment)2 |  | — |  |  | — |  |  | — |  |  | — |  |  | 303 |  |  | — |
|  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | 303 |  |  | $ | — |
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 |  | 2024 |  | 2023 |  | 2024 |  | 2023
(in thousands) |  |  |  |  |  |  |  |
Beginning balance |  | $ | 14,217 |  |  | $ | 14,766 |  |  | $ | 14,358 |  |  | $ | 14,902 |
Principal payments received |  | (141) |  |  | (136) |  |  | (282) |  |  | (272) |
Purchases |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gain (loss) included in other comprehensive income |  | — |  |  | — |  |  | — |  |  | — |
Ending balance |  | $ | 14,076 |  |  | $ | 14,630 |  |  | $ | 14,076 |  |  | $ | 14,630 |

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- 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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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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 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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- Definition 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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