Electric utility subsidiary (Tables)

6 Months Ended

Jun. 30, 2014

Regulatory projects and legal obligations

Schedule of consolidating statements of income (loss)

Selected financial information

American Savings Bank, F.S.B.

Statements of Income Data

	Three months    ended June 30					Six months    ended June 30
(in thousands)	2014		2013			2014		2013
Interest and dividend income
Interest and fees on loans	$	43,851	$	43,624		$	87,533	$	86,227
Interest and dividends on investment and mortgage-related securities	2,950		3,234			5,985		6,698
Total interest and dividend income	46,801		46,858			93,518		92,925
Interest expense
Interest on deposit liabilities	1,237		1,296			2,462		2,608
Interest on other borrowings	1,420		1,178			2,825		2,342
Total interest expense	2,657		2,474			5,287		4,950
Net interest income	44,144		44,384			88,231		87,975
Provision (credit) for loan losses	1,021		(959		)	2,016		899
Net interest income after provision (credit) for loan losses	43,123		45,343			86,215		87,076
Noninterest income
Fees from other financial services	5,217		7,996			10,345		15,639
Fee income on deposit liabilities	4,645		4,433			9,066		8,747
Fee income on other financial products	2,064		1,780			4,354		3,574
Mortgage banking income	246		2,003			874		5,349
Gain on sale of securities	—		1,226			2,847		1,226
Other income, net	1,643		1,731			3,231		3,323
Total noninterest income	13,815		19,169			30,717		37,858
Noninterest expense
Compensation and employee benefits	19,872		20,063			40,158		40,151
Occupancy	4,489		4,219			8,442		8,342
Data processing	2,971		2,827			6,031		5,814
Services	2,855		2,328			5,128		4,431
Equipment	1,609		1,870			3,254		3,644
Other expense	8,094		8,500			15,247		16,095
Total noninterest expense	39,890		39,807			78,260		78,477
Income before income taxes	17,048		24,705			38,672		46,457
Income taxes	5,372		8,786			12,457		16,383
Net income	$	11,676	$	15,919		$	26,215	$	30,074

Schedule of consolidating balance sheets

American Savings Bank, F.S.B.

Balance Sheets Data

(in thousands)	June 30, 2014						December 31, 2013
Assets
Cash and cash equivalents				$	174,950					$	156,603
Available-for-sale investment and mortgage-related securities				549,321						529,007
Investment in stock of Federal Home Loan Bank of Seattle				80,863						92,546
Loans receivable held for investment				4,287,612						4,150,229
Allowance for loan losses				(42,372		)				(40,116		)
Loans receivable held for investment, net				4,245,240						4,110,113
Loans held for sale, at lower of cost or fair value				956						5,302
Other				284,607						268,063
Goodwill				82,190						82,190
Total assets				$	5,418,127					$	5,243,824
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,301,758					$	1,214,418
Deposit liabilities—interest-bearing				3,223,102						3,158,059
Other borrowings				242,455						244,514
Other				116,953						105,679
Total liabilities				4,884,268						4,722,670
Commitments and contingencies (see “Litigation” below)
Common stock				337,262						336,054
Retained earnings				205,012						197,297
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(315	)				$	(3,663	)
Retirement benefit plans	(8,100		)	(8,415		)	(8,534		)	(12,197		)
Total shareholder’s equity				533,859						521,154
Total liabilities and shareholder’s equity				$	5,418,127					$	5,243,824
Other assets
Bank-owned life insurance				$	131,959					$	129,963
Premises and equipment, net				68,254						67,766
Prepaid expenses				3,878						3,616
Accrued interest receivable				13,354						13,133
Mortgage-servicing rights				11,605						11,687
Low-income housing equity investments				23,820						14,543
Real estate acquired in settlement of loans, net				1,045						1,205
Other				30,692						26,150
				$	284,607					$	268,063
Other liabilities
Accrued expenses				$	24,440					$	19,989
Federal and state income taxes payable				38,940						37,807
Cashier’s checks				21,286						21,110
Advance payments by borrowers				9,852						9,647
Other				22,435						17,126
				$	116,953					$	105,679

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory projects and legal obligations

Schedule of purchases from all IPPs

Power purchase agreements.  As of June 30, 2014, the Utilities had six PPAs for firm capacity and several other PPAs with variable generation independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or small power production facilities with a capacity of 100 kilowatts (kWs) or less who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. The PPAs with AES Hawaii, Inc. (AES Hawaii), Kalaeloa Partners, L.P. (Kalaeloa), Hamakua Energy Partners, L.P. (HEP) and HPOWER comprise approximately 90% of IPP contractual firm capacity available to the Utilities. Purchases from all IPPs were as follows:

	Three months ended June 30				Six months ended June 30
(in millions)	2014		2013		2014		2013
AES Hawaii	$	36	$	37	$	69	$	60
Kalaeloa	74		79		141		143
HEP	8		9		20		20
HPOWER	16		12		32		27
Other IPPs	54		41		91		82
Total IPPs	$	188	$	178	$	353	$	332

Schedule of changes in asset retirement obligation

Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:

	Six months ended June 30
(in thousands)	2014			2013
Balance, beginning of period	$	43,106		$	48,431
Accretion expense	643			363
Liabilities incurred	—			—
Liabilities settled	(6,052		)	(1,506		)
Revisions in estimated cash flows	—			(916		)
Balance, end of period	$	37,697		$	46,372

Schedule of consolidating statements of income (loss)

Consolidating Statement of Income (unaudited)

Three months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	530,991		103,544		103,916		—	(22	)	$	738,429
Expenses
Fuel oil	195,549			31,179		43,529		—	—		270,257
Purchased power	140,805			28,170		19,348		—	—		188,323
Other operation and maintenance	68,992			14,817		14,755		—	—		98,564
Depreciation	27,300			8,976		5,317		—	—		41,593
Taxes, other than income taxes	49,949			9,757		9,918		—	—		69,624
Total expenses	482,595			92,899		92,867		—	—		668,361
Operating income	48,396			10,645		11,049		—	(22	)	70,068
Allowance for equity funds used during construction	1,417			121		(151	)	—	—		1,387
Equity in earnings of subsidiaries	9,859			—		—		—	(9,859	)	—
Interest expense and other charges, net	(11,553		)	(2,852	)	(2,469	)	—	22		(16,852		)
Allowance for borrowed funds used during construction	535			47		(59	)	—	—		523
Income before income taxes	48,654			7,961		8,370		—	(9,859	)	55,126
Income taxes	14,154			2,982		3,261		—	—		20,397
Net income	34,500			4,979		5,109		—	(9,859	)	34,729
Preferred stock dividends of subsidiaries	—			133		96		—	—		229
Net income attributable to Hawaiian Electric	34,500			4,846		5,013		—	(9,859	)	34,500
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	34,230		4,846		5,013		—	(9,859	)	$	34,230

Consolidating Statement of Income (unaudited)

Six months ended June 30, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,028,634		212,373		205,026		—		(67	)	$	1,445,966
Expenses
Fuel oil	425,346			66,505		102,527		—		—		594,378
Purchased power	246,426			59,400		25,982		—		—		331,808
Other operation and maintenance	140,976			29,365		25,868		1		—		196,210
Depreciation	49,708			17,094		10,068		—		—		76,870
Taxes, other than income taxes	97,501			19,656		19,447		—		—		136,604
Total expenses	959,957			192,020		183,892		1		—		1,335,870
Operating income (loss)	68,677			20,353		21,134		(1	)	(67	)	110,096
Allowance for equity funds used during construction	2,230			330		215		—		—		2,775
Equity in earnings of subsidiaries	19,652			—		—		—		(19,652	)	—
Interest expense and other charges, net	(18,840		)	(5,646	)	(4,508	)	—		67		(28,927		)
Allowance for borrowed funds used during construction	910			135		83		—		—		1,128
Income (loss) before income taxes	72,629			15,172		16,924		(1	)	(19,652	)	85,072
Income taxes	18,967			5,605		6,380		—		—		30,952
Net income (loss)	53,662			9,567		10,544		(1	)	(19,652	)	54,120
Preferred stock dividends of subsidiaries	—			267		191		—		—		458
Net income (loss) attributable to Hawaiian Electric	53,662			9,300		10,353		(1	)	(19,652	)	53,662
Preferred stock dividends of Hawaiian Electric	540			—		—		—		—		540
Net income (loss) for common stock	$	53,122		9,300		10,353		(1	)	(19,652	)	$	53,122

Consolidating Statement of Income (unaudited)

Six months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,043,446		208,475		206,609		—	(39	)	$	1,458,491
Expenses
Fuel oil	399,096			62,679		94,782		—	—		556,557
Purchased power	264,774			57,661		30,804		—	—		353,239
Other operation and maintenance	127,507			28,864		30,799		—	—		187,170
Depreciation	54,601			17,951		10,644		—	—		83,196
Taxes, other than income taxes	98,133			19,520		19,942		—	—		137,595
Total expenses	944,111			186,675		186,971		—	—		1,317,757
Operating income	99,335			21,800		19,638		—	(39	)	140,734
Allowance for equity funds used during construction	2,889			186		(79	)	—	—		2,996
Equity in earnings of subsidiaries	18,776			—		—		—	(18,776	)	—
Interest expense and other charges, net	(22,040		)	(5,600	)	(4,974	)	—	39		(32,575		)
Allowance for borrowed funds used during construction	1,094			72		(29	)	—	—		1,137
Income before income taxes	100,054			16,458		14,556		—	(18,776	)	112,292
Income taxes	29,864			6,184		5,596		—	—		41,644
Net income	70,190			10,274		8,960		—	(18,776	)	70,648
Preferred stock dividends of subsidiaries	—			267		191		—	—		458
Net income attributable to Hawaiian Electric	70,190			10,007		8,769		—	(18,776	)	70,190
Preferred stock dividends of Hawaiian Electric	540			—		—		—	—		540
Net income for common stock	$	69,650		10,007		8,769		—	(18,776	)	$	69,650

Consolidating Statement of Income (unaudited)

Three months ended June 30, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	521,576		106,361		100,627		—		(39	)	$	728,525
Expenses
Fuel oil	203,379			33,569		52,330		—		—		289,278
Purchased power	135,271			29,278		13,895		—		—		178,444
Other operation and maintenance	68,558			14,477		11,361		1		—		94,397
Depreciation	25,001			8,547		5,042		—		—		38,590
Taxes, other than income taxes	49,357			9,965		9,519		—		—		68,841
Total expenses	481,566			95,836		92,147		1		—		669,550
Operating income (loss)	40,010			10,525		8,480		(1	)	(39	)	58,975
Allowance for equity funds used during construction	1,247			192		121		—		—		1,560
Equity in earnings of subsidiaries	8,667			—		—		—		(8,667	)	—
Interest expense and other charges, net	(9,250		)	(2,791	)	(2,406	)	—		39		(14,408		)
Allowance for borrowed funds used during construction	342			43		13		—		—		398
Income (loss) before income taxes	41,016			7,969		6,208		(1	)	(8,667	)	46,525
Income taxes	12,053			2,956		2,324		—		—		17,333
Net income (loss)	28,963			5,013		3,884		(1	)	(8,667	)	29,192
Preferred stock dividends of subsidiaries	—			133		96		—		—		229
Net income (loss) attributable to Hawaiian Electric	28,963			4,880		3,788		(1	)	(8,667	)	28,963
Preferred stock dividends of Hawaiian Electric	270			—		—		—		—		270
Net income (loss) for common stock	$	28,693		4,880		3,788		(1	)	(8,667	)	$	28,693

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income (unaudited)

Three months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	34,230		4,846		5,013		—	(9,859	)	$	34,230
Other comprehensive income, net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,588			292		292		—	(584	)	2,588
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,575		)	(292	)	(292	)	—	584		(2,575		)
Other comprehensive income, net of taxes	13			—		—		—	—		13
Comprehensive income attributable to common shareholder	$	34,243		4,846		5,013		—	(9,859	)	$	34,243

Consolidating Statement of Comprehensive Income (unaudited)

Six months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	69,650		10,007		8,769		—	(18,776	)	$	69,650
Other comprehensive income, net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	5,107			636		545		—	(1,181	)	5,107
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,085		)	(636	)	(545	)	—	1,181		(5,085		)
Other comprehensive income, net of taxes	22			—		—		—	—		22
Comprehensive income attributable to common shareholder	$	69,672		10,007		8,769		—	(18,776	)	$	69,672

Consolidating Statement of Comprehensive Income (Loss) (unaudited)

Three months ended June 30, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Net income (loss) for common stock	$	28,693		4,880		3,788		(1	)	(8,667	)	$	28,693
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	5,016			681		622		—		(1,303	)	5,016
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,999		)	(680	)	(623	)	—		1,303		(4,999		)
Other comprehensive income (loss), net of taxes	17			1		(1	)	—		—		17
Comprehensive income (loss) attributable to common shareholder	$	28,710		4,881		3,787		(1	)	(8,667	)	$	28,710

Consolidating Statement of Comprehensive Income (Loss) (unaudited)

Six months ended June 30, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Net income (loss)for common stock	$	53,122		9,300		10,353		(1	)	(19,652	)	$	53,122
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	10,347			1,440		1,279		—		(2,719	)	10,347
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(10,312		)	(1,441	)	(1,279	)	—		2,720		(10,312		)
Other comprehensive income (loss), net of taxes	35			(1	)	—		—		1		35
Comprehensive income (loss) attributable to common shareholder	$	53,157		9,299		10,353		(1	)	(19,651	)	$	53,157

Schedule of consolidating balance sheets

Consolidating Balance Sheet (unaudited)

December 31, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consoli- dating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	43,407		5,460		3,016		—	—		$	51,883
Plant and equipment	3,558,569			1,136,923		1,006,383		—	—		5,701,875
Less accumulated depreciation	(1,222,129		)	(453,721	)	(435,379	)	—	—		(2,111,229		)
Construction in progress	124,494			7,709		11,030		—	—		143,233
Utility property, plant and equipment, net	2,504,341			696,371		585,050		—	—		3,785,762
Nonutility property, plant and equipment, less accumulated depreciation	4,953			82		1,532		—	—		6,567
Total property, plant and equipment, net	2,509,294			696,453		586,582		—	—		3,792,329
Investment in wholly owned subsidiaries,at equity	523,674			—		—		—	(523,674	)	—
Current assets
Cash and cash equivalents	61,245			1,326		153		101	—		62,825
Advances to affiliates	6,839			1,000		—		—	(7,839	)	—
Customer accounts receivable, net	121,282			28,088		26,078		—	—		175,448
Accrued unbilled revenues, net	107,752			17,100		19,272		—	—		144,124
Other accounts receivable, net	16,373			4,265		2,451		—	(9,027	)	14,062
Fuel oil stock, at average cost	99,613			14,178		20,296		—	—		134,087
Materials and supplies, at average cost	37,377			6,883		14,784		—	—		59,044
Prepayments and other	29,798			8,334		16,140		—	(1,415	)	52,857
Regulatory assets	54,979			6,931		7,828		—	—		69,738
Total current assets	535,258			88,105		107,002		101	(18,281	)	712,185
Other long-term assets
Regulatory assets	381,346			64,552		60,288		—	—		506,186
Unamortized debt expense	6,051			1,580		1,372		—	—		9,003
Other	42,163			11,270		13,993		—	—		67,426
Total other long-term assets	429,560			77,402		75,653		—	—		582,615
Total assets	$	3,997,786		861,960		769,237		101	(541,955	)	$	5,087,129
Capitalization and liabilities
Capitalization
Common stock equity	$	1,593,564		274,802		248,771		101	(523,674	)	$	1,593,564
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	830,547			189,998		186,000		—	—		1,206,545
Total capitalization	2,446,404			471,800		439,771		101	(523,674	)	2,834,402
Current liabilities
Current portion of long-term debt	—			11,400		—		—	—		11,400
Short-term borrowings from affiliate	1,000			—		6,839		—	(7,839	)	—
Accounts payable	145,062			24,383		20,114		—	—		189,559
Interest and preferred dividends payable	15,190			3,885		2,585		—	(8	)	21,652
Taxes accrued	175,790			37,899		37,171		—	(1,415	)	249,445
Regulatory liabilities	1,705			—		211		—	—		1,916
Other	48,443			9,033		15,424		—	(9,019	)	63,881
Total current liabilities	387,190			86,600		82,344		—	(18,281	)	537,853
Deferred credits and other liabilities
Deferred income taxes	359,621			79,947		67,593		—	—		507,161
Regulatory liabilities	235,786			76,475		35,122		—	—		347,383
Unamortized tax credits	44,931			14,245		14,363		—	—		73,539
Defined benefit pension and other postretirement benefit plans liability	202,396			28,427		31,339		—	—		262,162
Other	63,374			14,703		13,658		—	—		91,735
Total deferred credits and other liabilities	906,108			213,797		162,075		—	—		1,281,980
Contributions in aid of construction	258,084			89,763		85,047		—	—		432,894
Total capitalization and liabilities	$	3,997,786		861,960		769,237		101	(541,955	)	$	5,087,129

Consolidating Balance Sheet (unaudited)

June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consoli- dating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	43,530		5,464		3,016		—	—		$	52,010
Plant and equipment	3,655,958			1,147,841		1,026,924		—	—		5,830,723
Less accumulated depreciation	(1,239,994		)	(465,966	)	(444,953	)	—	—		(2,150,913		)
Construction in progress	139,149			14,669		14,462		—	—		168,280
Utility property, plant and equipment, net	2,598,643			702,008		599,449		—	—		3,900,100
Nonutility property, plant and equipment, less accumulated depreciation	4,951			82		1,531		—	—		6,564
Total property, plant and equipment, net	2,603,594			702,090		600,980		—	—		3,906,664
Investment in wholly owned subsidiaries, at equity	529,461			—		—		—	(529,461	)	—
Current assets
Cash and cash equivalents	8,106			1,754		2,759		101	—		12,720
Advances to affiliates	23,600			—		—		—	(23,600	)	—
Customer accounts receivable, net	122,400			27,465		25,769		—	—		175,634
Accrued unbilled revenues, net	106,694			17,452		17,723		—	—		141,869
Other accounts receivable, net	20,095			6,415		2,052		—	(9,647	)	18,915
Fuel oil stock, at average cost	123,070			12,517		25,706		—	—		161,293
Materials and supplies, at average cost	37,606			7,129		16,144		—	—		60,879
Prepayments and other	43,057			7,185		11,900		—	(251	)	61,891
Regulatory assets	64,210			6,947		7,788		—	—		78,945
Total current assets	548,838			86,864		109,841		101	(33,498	)	712,146
Other long-term assets
Regulatory assets	380,993			64,159		58,548		—	—		503,700
Unamortized debt expense	6,020			1,532		1,353		—	—		8,905
Other	42,662			11,565		14,199		—	—		68,426
Total other long-term assets	429,675			77,256		74,100		—	—		581,031
Total assets	$	4,111,568		866,210		784,921		101	(562,959	)	$	5,199,841
Capitalization and liabilities
Capitalization
Common stock equity	$	1,618,987		278,995		250,365		101	(529,461	)	$	1,618,987
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	830,546			189,999		186,000		—	—		1,206,545
Total capitalization	2,471,826			475,994		441,365		101	(529,461	)	2,859,825
Current liabilities
Current portion of long-term debt	—			11,400		—		—	—		11,400
Short-term borrowings from non-affiliates	102,989			—		—		—	—		102,989
Short-term borrowings from affiliate	—			3,400		20,200		—	(23,600	)	—
Accounts payable	114,803			18,434		20,506		—	—		153,743
Interest and preferred dividends payable	14,827			4,177		2,755		—	(8	)	21,751
Taxes accrued	150,709			33,058		32,858		—	(251	)	216,374
Regulatory liabilities	453			—		336		—	—		789
Other	49,370			9,391		15,447		—	(9,639	)	64,569
Total current liabilities	433,151			79,860		92,102		—	(33,498	)	571,615
Deferred credits and other liabilities
Deferred income taxes	399,826			84,147		73,083		—	—		557,056
Regulatory liabilities	240,533			79,990		33,668		—	—		354,191
Unamortized tax credits	48,386			14,668		14,659		—	—		77,713
Defined benefit pension and other postretirement benefit plans liability	195,599			26,952		30,234			—		252,785
Other	57,397			13,821		13,059		—	—		84,277
Total deferred credits and other liabilities	941,741			219,578		164,703		—	—		1,326,022
Contributions in aid of construction	264,850			90,778		86,751		—	—		442,379
Total capitalization and liabilities	$	4,111,568		866,210		784,921		101	(562,959	)	$	5,199,841

Schedule of consolidating statement of changes in common stock equity

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Six months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2013	$	1,593,564		274,802		248,771		101	(523,674	)	$	1,593,564
Net income for common stock	69,650			10,007		8,769		—	(18,776	)	69,650
Other comprehensive income, net of taxes	22			—		—		—	—		22
Common stock dividends	(44,246		)	(5,813	)	(7,175	)	—	12,988		(44,246		)
Common stock issuance expenses	(3		)	(1	)	—		—	1		(3		)
Balance, June 30, 2014	$	1,618,987		278,995		250,365		101	(529,461	)	$	1,618,987

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Six months ended June 30, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2012	$	1,472,136		268,908		228,927		104		(497,939	)	$	1,472,136
Net income (loss) for common stock	53,122			9,300		10,353		(1	)	(19,652	)	53,122
Other comprehensive income (loss), net of taxes	35			(1	)	—		—		1		35
Common stock dividends	(40,789		)	(7,194	)	(7,008	)	—		14,202		(40,789		)
Balance, June 30, 2013	$	1,484,504		271,013		232,272		103		(503,388	)	$	1,484,504

Schedule of condensed consolidating statement of cash flows

Consolidating Statement of Cash Flows (unaudited)

Six months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	70,190		10,274		8,960		—	(18,776	)	$	70,648
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(18,826		)	—		—		—	18,776		(50		)
Common stock dividends received from subsidiaries	13,038			—		—		—	(12,988	)	50
Depreciation of property, plant and equipment	54,601			17,951		10,644		—	—		83,196
Other amortization	554			1,299		1,744		—	—		3,597
Increase in deferred income taxes	34,976			4,478		5,932		—	—		45,386
Change in tax credits, net	3,482			434		311		—	—		4,227
Allowance for equity funds used during construction	(2,889		)	(186	)	79		—	—		(2,996		)
Change in cash overdraft	—			—		(1,038	)	—	—		(1,038		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	(4,840		)	(1,527	)	708		—	620		(5,039		)
Decrease (increase) in accrued unbilled revenues	1,058			(352	)	1,549		—	—		2,255
Decrease (increase) in fuel oil stock	(23,457		)	1,661		(5,410	)	—	—		(27,206		)
Increase in materials and supplies	(229		)	(246	)	(1,360	)	—	—		(1,835		)
Increase in regulatory assets	(15,893		)	(1,640	)	(198	)	—	—		(17,731		)
Decrease in accounts payable	(54,777		)	(5,621	)	(2,908	)	—	—		(63,306		)
Change in prepaid and accrued income and utility revenue taxes	(33,867		)	(3,709	)	(694	)	—	—		(38,270		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(281		)	—		(217	)	—	—		(498		)
Change in other assets and liabilities	(19,897		)	(2,586	)	(3,155	)	—	(620	)	(26,258		)
Net cash provided by operating activities	2,943			20,230		14,947		—	(12,988	)	25,132
Cash flows from investing activities
Capital expenditures	(104,710		)	(20,567	)	(20,457	)	—	—		(145,734		)
Contributions in aid of construction	8,520			2,493		2,196		—	—		13,209
Advances from (to) affiliates	(16,761		)	1,000		—		—	15,761		—
Net cash used in investing activities	(112,951		)	(17,074	)	(18,261	)	—	15,761		(132,525		)
Cash flows from financing activities
Common stock dividends	(44,246		)	(5,813	)	(7,175	)	—	12,988		(44,246		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540		)	(267	)	(191	)	—	—		(998		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	101,989			3,400		13,361		—	(15,761	)	102,989
Other	(334		)	(48	)	(75	)	—	—		(457		)
Net cash provided by (used in) financing activities	56,869			(2,728	)	5,920		—	(2,773	)	57,288
Net increase (decrease) in cash and cash equivalents	(53,139		)	428		2,606		—	—		(50,105		)
Cash and cash equivalents, beginning of period	61,245			1,326		153		101	—		62,825
Cash and cash equivalents, end of period	$	8,106		1,754		2,759		101	—		$	12,720

Consolidating Statement of Cash Flows (unaudited)

Six months ended June 30, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income (loss)	$	53,662		9,567		10,544		(1	)	(19,652	)	$	54,120
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(19,702		)	—		—		—		19,652		(50		)
Common stock dividends received from subsidiaries	14,227			—		—		—		(14,202	)	25
Depreciation of property, plant and equipment	49,708			17,094		10,068		—		—		76,870
Other amortization	(160		)	716		2,328		—		—		2,884
Increase in deferred income taxes	27,560			5,584		5,636		—		—		38,780
Change in tax credits, net	2,598			70		329		—		—		2,997
Allowance for equity funds used during construction	(2,230		)	(330	)	(215	)	—		—		(2,775		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	35,431			(2,281	)	(318	)	—		(579	)	32,253
Decrease (increase) in accrued unbilled revenues	(2,095		)	(2,848	)	54		—		—		(4,889		)
Decrease (increase) in fuel oil stock	38,428			5,812		(266	)	—		—		43,974
Increase in materials and supplies	(4,069		)	(1,480	)	(1,590	)	—		—		(7,139		)
Increase in regulatory assets	(25,647		)	(4,852	)	(7,087	)	—		—		(37,586		)
Decrease in accounts payable	(36,971		)	(2,513	)	(1,750	)	—		—		(41,234		)
Change in prepaid and accrued income and utility revenue taxes	(25,831		)	(6,171	)	(6,121	)	—		—		(38,123		)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	1,163			(128	)	(46	)	—		—		989
Change in other assets and liabilities	(12,731		)	(3,171	)	5,929		—		579		(9,394		)
Net cash provided by (used in) operating activities	93,341			15,069		17,495		(1	)	(14,202	)	111,702
Cash flows from investing activities
Capital expenditures	(104,846		)	(22,367	)	(23,038	)	—		—		(150,251		)
Contributions in aid of construction	11,924			4,270		994		—		—		17,188
Other	623			—		—		—				623
Advances from (to) affiliates	(8,600		)	8,450		—		—		150		—
Net cash used in investing activities	(100,899		)	(9,647	)	(22,044	)	—		150		(132,440		)
Cash flows from financing activities
Common stock dividends	(40,789		)	(7,194	)	(7,008	)	—		14,202		(40,789		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540		)	(267	)	(191	)	—		—		(998		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	45,542			—		8,600		—		(150	)	53,992
Other	(6		)	(1	)	(2	)	—		—		(9		)
Net cash provided by (used in) financing activities	4,207			(7,462	)	1,399		—		14,052		12,196
Net decrease in cash and cash equivalents	(3,351		)	(2,040	)	(3,150	)	(1	)	—		(8,542		)
Cash and cash equivalents, beginning of period	8,265			5,441		3,349		104		—		17,159
Cash and cash equivalents, end of period	$	4,914		3,401		199		103		—		$	8,617