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Segment financial information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment financial information Segment financial information
Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries (ASB Hawaii, GLST1, and Pacific Current and its subsidiaries) which are not reportable segments are grouped and reported as an “All Other” non-reportable segment.
(in thousands) Electric utility
All other
Total
Three months ended March 31, 2025   
Revenues$738,366 $5,704 $744,070 
Income (loss) from continuing operations before income taxes
61,519 (27,980)33,539 
Income taxes (benefit)13,204 (6,809)6,395 
Net income (loss) from continuing operations
48,315 (21,171)27,144 
Preferred stock dividends of subsidiaries499 (26)473 
Net income (loss) from continuing operations for common stock
47,816 (21,145)26,671 
Total assets (at March 31, 2025)
$7,864,144 $902,037 $8,766,181 
Three months ended March 31, 2024   
Revenues$788,578 $3,436 $792,014 
Income (loss) from continuing operations before income taxes
50,900 (22,444)28,456 
Income taxes (benefit)11,180 (4,385)6,795 
Net income (loss) from continuing operations
39,720 (18,059)21,661 
Preferred stock dividends of subsidiaries499 (26)473 
Net income (loss) from continuing operations for common stock
39,221 (18,033)21,188 
Total assets (at December 31, 2024)
$7,613,604 $1,317,812 $8,931,416 
 
Sales from Hamakua Energy, LLC (Hamakua Energy) to Hawaii Electric Light (a regulated affiliate), up until the close of its sale on March 10, 2025, are eliminated in consolidation.
Sale of ASB. As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB, amounting to $405.5 million, to various investors including certain ASB officers and directors of ASB, while retaining a 9.9% noncontrolling investment in ASB amounting to $44.6 million. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The proceeds from the sale was used to pay down HEI’s long-term debt in April 2025 (see “changes in long-term debt” in Note 5). The Company’s 9.9% noncontrolling ownership interest in ASB is included in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets.
The sale of ASB met the accounting requirements to be disclosed as discontinued operations. Accordingly, the results of ASB are presented as discontinued operations in the 2024 consolidated statements of income and cash flows, and have been excluded from both continuing operations and segment results for the 2024 period presented.
The following table summarizes the income from discontinued operations included in the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2024:
(in thousands)
Three months ended March 31, 2024
Interest and dividend income 
Interest and fees on loans$72,971 
Interest and dividends on investment securities14,964 
Total interest and dividend income87,935 
Interest expense
Interest on deposit liabilities17,432 
Interest on other borrowings8,154 
Total interest expense25,586 
Net interest income62,349 
Provision for credit losses(2,159)
Net interest income after provision for credit losses64,508 
Noninterest income
Fees from other financial services4,874 
Fee income on deposit liabilities4,898 
Fee income on other financial products2,743 
Bank-owned life insurance3,584 
Mortgage banking income424 
Other income, net686 
Total noninterest income17,209 
Noninterest expense
Compensation and employee benefits32,459 
Occupancy5,063 
Data processing4,846 
Services4,151 
Equipment2,649 
Office supplies, printing and postage1,018 
Marketing776 
Other expense4,942 
Total noninterest expense55,904 
Income before income taxes from discontinued operations
25,813 
Income taxes4,879 
Income from discontinued operations
$20,934 
Sale of Hamakua Holdings, LLC. As part of HEI’s comprehensive review of strategic options for certain assets of Pacific Current, on February 7, 2025, Pacific Current entered into a Securities Purchase Agreement to sell all the membership interests in Hamakua Holdings, LLC (Hamakua Holdings), a wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration to be determined under the provisions of the agreement. Hamakua Holdings has two wholly owned subsidiaries: Hamakua Energy, which owned a 60-MW combined cycle power plant that sells power to Hawaii Electric Light under an existing power purchase agreement, and HAESP, LLC (created in connection with the current on-going Stage 3 RFP process). The sale transaction closed on March 10, 2025 and as a result, both Hamakua Energy and HAESP, LLC, as wholly owned subsidiaries of Hamakua Holdings, are no longer owned by Pacific Current as of such closing. The Company recorded a loss on the sale amounting to $13.2 million as of March 31, 2025.
GLST1. Effective March 31, 2025, 60% of the membership interests of GLST1 was assigned to Hawaiian Electric by HEI. The Utilities are deemed to have a variable interest in GLST1 but concluded that the Utilities are not the primary beneficiary of GLST1. As a result, the Utilities accounted for the membership interests under the equity method of accounting as the Utilities have the ability to exercise significant influence. As of March 31, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheet.