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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 46,161 $ 40,720
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 57,435 53,091
Other amortization 9,792 8,745
Provision for loan losses 6,870 3,541
Loans originated and purchased, held for sale (30,934) (36,409)
Proceeds from sale of loans, held for sale 24,900 33,114
Deferred income taxes (3,171) (2,889)
Share-based compensation expense 2,162 1,657
Allowance for equity funds used during construction (2,910) (3,294)
Other (3,482) 2,150
Changes in assets and liabilities    
Decrease (increase) in accounts receivable and unbilled revenues, net 57,949 (7,829)
Increase in fuel oil stock (37,574) (1,704)
Increase in regulatory assets (5,040) (16,900)
Increase in accounts, interest and dividends payable 10,413 22,808
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (33,136) (29,842)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability 3,220 (390)
Change in other assets and liabilities (25,486) (31,892)
Net cash provided by operating activities 77,169 34,677
Cash flows from investing activities    
Available-for-sale investment securities purchased (4,334) (88,403)
Principal repayments on available-for-sale investment securities 57,074 51,895
Principal repayments of held-to-maturity investment securities 1,681 1,032
Purchase of stock from Federal Home Loan Bank (26,036) (2,853)
Redemption of stock from Federal Home Loan Bank 26,560 2,400
Net increase in loans held for investment (19,804) (75,006)
Proceeds from sale of commercial loans 0 7,149
Proceeds from sale of real estate acquired in settlement of loans 402 589
Capital expenditures (120,424) (129,022)
Contributions to low income housing investments (1,627) (1,425)
Other 3,530 2,593
Net cash used in investing activities (82,978) (231,051)
Cash flows from financing activities    
Net increase in deposit liabilities 46,807 86,095
Net increase in short-term borrowings with original maturities of three months or less 11,407 120,485
Proceeds from issuance of short-term debt 25,000 0
Net increase (decrease) in retail repurchase agreements (170) 11,946
Proceeds from other bank borrowings 644,000 60,000
Repayments of other bank borrowings (664,000) (60,000)
Proceeds from issuance of long-term debt 550 0
Withheld shares for employee taxes on vested share-based compensation (996) (991)
Common stock dividends (34,860) (33,741)
Preferred stock dividends of subsidiaries (473) (473)
Other (4,257) (4,043)
Net cash provided by financing activities 23,008 179,278
Net increase (decrease) in cash and cash equivalents 17,199 (17,096)
Cash and cash equivalents, beginning of period 169,208 261,881
Cash and cash equivalents, end of period 186,407 244,785
Hawaiian Electric Company, Inc. and Subsidiaries    
Cash flows from operating activities    
Net income 32,625 27,974
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 53,947 50,466
Other amortization 6,714 5,344
Deferred income taxes (3,127) (1,580)
Allowance for equity funds used during construction (2,910) (3,294)
Other (1,817) 2,681
Changes in assets and liabilities    
Decrease (increase) in accounts receivable 37,163 (15,037)
Decrease in accrued unbilled revenues 25,833 7,419
Increase in fuel oil stock (36,564) (1,850)
Increase in materials and supplies (1,381) (1,295)
Increase in regulatory assets (5,040) (16,900)
Increase (decrease) in accounts payable (927) 5,143
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (34,668) (32,866)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability 2,991 (938)
Change in other assets and liabilities (3,423) 4,513
Net cash provided by operating activities 69,416 29,780
Cash flows from investing activities    
Capital expenditures (102,891) (110,127)
Other 794 603
Net cash used in investing activities (102,097) (109,524)
Cash flows from financing activities    
Net increase in short-term borrowings with original maturities of three months or less 5,999 116,984
Proceeds from other bank borrowings 25,000 0
Common stock dividends (25,313) (25,826)
Preferred stock dividends of Hawaiian Electric and subsidiaries (499) (499)
Other (2) (33)
Net cash provided by financing activities 5,185 90,626
Net increase (decrease) in cash and cash equivalents (27,496) 10,882
Cash and cash equivalents, beginning of period 35,877 12,517
Cash and cash equivalents, end of period $ 8,381 $ 23,399