Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2022

Electric Utility Subsidiary [Abstract]

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

	Three months ended September 30				Nine months ended September 30
(in millions)	2022		2021		2022		2021
Kalaeloa	$	101	$	56	$	244	$	142
AES Hawaii	21		32		82		98
HPOWER	18		20		56		51
Hamakua Energy	16		15		46		38
Puna Geothermal Venture	13		9		37		20
Wind IPPs	37		38		93		95
Solar IPPs	18		12		44		40
Other IPPs 1	1		4		5		7
Total IPPs	$	225	$	186	$	607	$	491

1Includes hydro power and other PPAs

Schedule of net annual incremental amounts proposed to be collected (refunded)

The Utilities fall revenue report was filed on October 31, 2022, which is subject to PUC approval. The filing reflected ARA revenues for 2023 to be collected from January 1 through December 31, 2023, as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2023 ARA revenues	$	27.0	$	6.6	$	6.5	$	40.1
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Net 2023 ARA revenues	$	22.4	$	5.6	$	5.5	$	33.5

The proposed net incremental amounts between the 2022 spring and fall revenue reports are as follows. The amounts are to be collected (refunded) from January 1 through December 31, 2023 under the RBA rate tariffs, which was proposed in the 2022 fall revenue report filing and is subject to PUC approval.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental RAM revenues and ARA revenues	$	27.0	$	6.6	$	6.5	$	40.1
Annual change in accrued RBA balance through September 30, 2022 (and associated revenue taxes)	$	(3.6)	$	(6.7)	$	(3.2)	$	(13.5)
Incremental Performance Incentive Mechanisms (net)	0.3		0.1		—		0.4
Incremental MPIR/EPRM Revenue Adjustment	0.3		—		—		0.3
Net incremental amount to be collected under the RBA rate tariffs	$	24.0	$	—	$	3.3	$	27.3

Schedule of condensed consolidating statements of income

Condensed Consolidating Statement of Income

Three months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	693,281	130,858	131,910	—	(78)	$	955,971
Expenses
Fuel oil	280,447		40,540	62,615	—	—	383,602
Purchased power	171,470		37,263	16,476	—	—	225,209
Other operation and maintenance	77,115		21,882	22,113	—	—	121,110
Depreciation	39,474		10,350	8,887	—	—	58,711
Taxes, other than income taxes	64,051		12,026	12,213	—	—	88,290
Total expenses	632,557		122,061	122,304	—	—	876,922
Operating income	60,724		8,797	9,606	—	(78)	79,049
Allowance for equity funds used during construction	2,063		206	283	—	—	2,552
Equity in earnings of subsidiaries	10,577		—	—	—	(10,577)	—
Retirement defined benefits credit (expense)—other than service costs	760		166	(31)	—	—	895
Interest expense and other charges, net	(14,221)		(2,716)	(2,750)	—	78	(19,609)
Allowance for borrowed funds used during construction	674		63	88	—	—	825
Income before income taxes	60,577		6,516	7,196	—	(10,577)	63,712
Income taxes	10,543		1,424	1,483	—	—	13,450
Net income	50,034		5,092	5,713	—	(10,577)	50,262
Preferred stock dividends of subsidiaries	—		133	95	—	—	228
Net income attributable to Hawaiian Electric	50,034		4,959	5,618	—	(10,577)	50,034
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	49,764	4,959	5,618	—	(10,577)	$	49,764

Condensed Consolidating Statement of Income

Three months ended September 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	478,046	100,313	101,141	—	(1)	$	679,499
Expenses
Fuel oil	126,909		21,104	32,669	—	—	180,682
Purchased power	136,688		31,159	17,912	—	—	185,759
Other operation and maintenance	75,191		19,964	21,313	—	—	116,468
Depreciation	38,912		10,050	8,424	—	—	57,386
Taxes, other than income taxes	45,239		9,333	9,440	—	—	64,012
Total expenses	422,939		91,610	89,758	—	—	604,307
Operating income	55,107		8,703	11,383	—	(1)	75,192
Allowance for equity funds used during construction	1,999		131	297	—	—	2,427
Equity in earnings of subsidiaries	12,028		—	—	—	(12,028)	—
Retirement defined benefits credit (expense)—other than service costs	741		166	(30)	—	—	877
Interest expense and other charges, net	(12,943)		(2,590)	(2,616)	—	1	(18,148)
Allowance for borrowed funds used during construction	676		44	107	—	—	827
Income before income taxes	57,608		6,454	9,141	—	(12,028)	61,175
Income taxes	6,996		1,433	1,906	—	—	10,335
Net income	50,612		5,021	7,235	—	(12,028)	50,840
Preferred stock dividends of subsidiaries	—		133	95	—	—	228
Net income attributable to Hawaiian Electric	50,612		4,888	7,140	—	(12,028)	50,612
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	50,342	4,888	7,140	—	(12,028)	$	50,342

Condensed Consolidating Statement of Income

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,769,995	363,888	349,866	—	(113)	$	2,483,636
Expenses
Fuel oil	619,169		98,856	156,518	—	—	874,543
Purchased power	460,855		106,710	39,262	—	—	606,827
Other operation and maintenance	243,478		63,427	64,354	—	—	371,259
Depreciation	118,459		31,053	26,409	—	—	175,921
Taxes, other than income taxes	165,350		33,436	32,502	—	—	231,288
Total expenses	1,607,311		333,482	319,045	—	—	2,259,838
Operating income	162,684		30,406	30,821	—	(113)	223,798
Allowance for equity funds used during construction	5,999		616	816	—	—	7,431
Equity in earnings of subsidiaries	36,475		—	—	—	(36,475)	—
Retirement defined benefits credit (expense)—other than service costs	2,471		500	(95)	—	—	2,876
Interest expense and other charges, net	(40,833)		(7,967)	(8,048)	—	113	(56,735)
Allowance for borrowed funds used during construction	1,962		190	249	—	—	2,401
Income before income taxes	168,758		23,745	23,743	—	(36,475)	179,771
Income taxes	27,640		5,351	4,976	—	—	37,967
Net income	141,118		18,394	18,767	—	(36,475)	141,804
Preferred stock dividends of subsidiaries	—		400	286	—	—	686
Net income attributable to Hawaiian Electric	141,118		17,994	18,481	—	(36,475)	141,118
Preferred stock dividends of Hawaiian Electric	810		—	—	—	—	810
Net income for common stock	$	140,308	17,994	18,481	—	(36,475)	$	140,308

Condensed Consolidating Statement of Income

Nine months ended September 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,301,297	276,974	267,992	—	(21)	$	1,846,242
Expenses
Fuel oil	306,982		57,175	83,088	—	—	447,245
Purchased power	370,240		76,992	43,288	—	—	490,520
Other operation and maintenance	230,429		57,350	61,401	—	—	349,180
Depreciation	116,733		30,151	25,238	—	—	172,122
Taxes, other than income taxes	124,167		25,865	25,153	—	—	175,185
Total expenses	1,148,551		247,533	238,168	—	—	1,634,252
Operating income	152,746		29,441	29,824	—	(21)	211,990
Allowance for equity funds used during construction	5,677		403	915	—	—	6,995
Equity in earnings of subsidiaries	35,282		—	—	—	(35,282)	—
Retirement defined benefits credit (expense)—other than service costs	2,511		503	(96)	—	—	2,918
Interest expense and other charges, net	(38,604)		(7,744)	(7,799)	—	21	(54,126)
Allowance for borrowed funds used during construction	1,921		136	329	—	—	2,386
Income before income taxes	159,533		22,739	23,173	—	(35,282)	170,163
Income taxes	23,122		5,152	4,792	—	—	33,066
Net income	136,411		17,587	18,381	—	(35,282)	137,097
Preferred stock dividends of subsidiaries	—		400	286	—	—	686
Net income attributable to Hawaiian Electric	136,411		17,187	18,095	—	(35,282)	136,411
Preferred stock dividends of Hawaiian Electric	810		—	—	—	—	810
Net income for common stock	$	135,601	17,187	18,095	—	(35,282)	$	135,601

Statements of Income and Comprehensive Income Data

	Three months ended September 30				Nine months ended September 30
(in thousands)	2022		2021		2022		2021
Interest and dividend income
Interest and fees on loans	$	53,365	$	49,445	$	147,499	$	150,418
Interest and dividends on investment securities	15,052		11,996		43,729		31,709
Total interest and dividend income	68,417		61,441		191,228		182,127
Interest expense
Interest on deposit liabilities	1,704		1,176		3,572		3,919
Interest on other borrowings	1,055		5		1,199		55
Total interest expense	2,759		1,181		4,771		3,974
Net interest income	65,658		60,260		186,457		178,153
Provision for credit losses	(186)		(1,725)		(692)		(22,367)
Net interest income after provision for credit losses	65,844		61,985		187,149		200,520
Noninterest income
Fees from other financial services	4,763		4,800		15,066		15,337
Fee income on deposit liabilities	4,879		4,262		14,122		12,029
Fee income on other financial products	2,416		2,124		7,663		6,767
Bank-owned life insurance	122		2,026		661		6,211
Mortgage banking income	181		1,272		1,630		7,497
Gain on sale of real estate	—		—		1,002		—
Gain on sale of investment securities, net	—		—		—		528
Other income, net	633		283		1,480		631
Total noninterest income	12,994		14,767		41,624		49,000
Noninterest expense
Compensation and employee benefits	28,597		30,888		83,478		86,595
Occupancy	5,577		5,157		16,996		15,226
Data processing	4,509		4,278		13,144		13,162
Services	2,751		2,272		7,712		7,609
Equipment	2,432		2,373		7,163		6,989
Office supplies, printing and postage	1,123		1,072		3,256		3,094
Marketing	925		995		2,877		2,308
FDIC insurance	914		808		2,613		2,412
Other expense	4,729		3,668		11,929		9,790
Total noninterest expense	51,557		51,511		149,168		147,185
Income before income taxes	27,281		25,241		79,605		102,335
Income taxes	6,525		5,976		17,513		23,230
Net income	20,756		19,265		62,092		79,105
Other comprehensive loss, net of taxes	(98,942)		(11,684)		(310,218)		(40,439)
Comprehensive income (loss)	$	(78,186)	$	7,581	$	(248,126)	$	38,666

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:

	Three months ended September 30				Nine months ended September 30
(in thousands)	2022		2021		2022		2021
Interest and dividend income	$	68,417	$	61,441	$	191,228	$	182,127
Noninterest income	12,994		14,767		41,624		49,000
Less: Gain on sale of real estate	—		—		1,002		—
Less: Gain on sale of investment securities, net	—		—		—		528
*Revenues-Bank	81,411		76,208		231,850		230,599
Total interest expense	2,759		1,181		4,771		3,974
Provision for credit losses	(186)		(1,725)		(692)		(22,367)
Noninterest expense	51,557		51,511		149,168		147,185
Less: Gain on sale of real estate	—		—		1,002		—
Less: Retirement defined benefits credit—other than service costs	(181)		(184)		(552)		(1,648)
*Expenses-Bank	54,311		51,151		152,797		130,440
*Operating income-Bank	27,100		25,057		79,053		100,159
Add back: Retirement defined benefits credit—other than service costs	(181)		(184)		(552)		(1,648)
Add back: Gain on sale of investment securities, net	—		—		—		528
Income before income taxes	$	27,281	$	25,241	$	79,605	$	102,335

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	49,764	4,959	5,618	—	(10,577)	$	49,764
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	5,411		768	732	—	(1,500)	5,411
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,303)		(766)	(733)	—	1,499	(5,303)
Other comprehensive income, net of taxes	108		2	(1)	—	(1)	108
Comprehensive income attributable to common shareholder	$	49,872	4,961	5,617	—	(10,578)	$	49,872

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	50,342	4,888	7,140	—	(12,028)	$	50,342
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	2,905		393	393	—	(786)	2,905
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,799)		(391)	(393)	—	784	(2,799)
Other comprehensive income, net of taxes	106		2	—	—	(2)	106
Comprehensive income attributable to common shareholder	$	50,448	4,890	7,140	—	(12,030)	$	50,448

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	140,308	17,994	18,481	—	(36,475)	$	140,308
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	9,782		1,366	1,938		(3,304)	9,782
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(9,572)		(1,362)	(1,938)		3,300	(9,572)
Other comprehensive income, net of taxes	210		4	—	—	(4)	210
Comprehensive income attributable to common shareholder	$	140,518	17,998	18,481	—	(36,479)	$	140,518

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	135,601	17,187	18,095	—	(35,282)	$	135,601
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	14,596		2,062	1,915	—	(3,977)	14,596
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(14,421)		(2,059)	(1,915)	—	3,974	(14,421)
Other comprehensive income, net of taxes	175		3	—	—	(3)	175
Comprehensive income attributable to common shareholder	$	135,776	17,190	18,095	—	(35,285)	$	135,776

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,606	3,594	—	—	$	52,060
Plant and equipment	5,218,701		1,403,784	1,268,441	—	—	7,890,926
Right-of-use assets - finance lease	48,371		—	—	—	—	48,371
Less accumulated depreciation	(1,845,767)		(640,257)	(581,618)	—	—	(3,067,642)
Construction in progress	197,033		25,671	34,878	—	—	257,582
Utility property, plant and equipment, net	3,661,198		794,804	725,295	—	—	5,181,297
Nonutility property, plant and equipment, less accumulated depreciation	5,300		114	1,532	—	—	6,946
Total property, plant and equipment, net	3,666,498		794,918	726,827	—	—	5,188,243
Investment in wholly owned subsidiaries, at equity	689,016		—	—	—	(689,016)	—
Current assets
Cash and cash equivalents	13,295		5,154	2,778	77	—	21,304
Advances to affiliates	—		1,500	16,000	—	(17,500)	—
Customer accounts receivable, net	181,813		40,566	36,593	—	—	258,972
Accrued unbilled revenues, net	167,037		26,508	26,875	—	—	220,420
Other accounts receivable, net	26,795		4,615	4,691	—	(20,609)	15,492
Fuel oil stock, at average cost	184,981		20,817	23,927	—	—	229,725
Materials and supplies, at average cost	45,405		10,621	21,553	—	—	77,579
Prepayments and other	33,628		6,731	6,611	—	(1,172)	45,798
Regulatory assets	50,074		2,397	3,435	—	—	55,906
Total current assets	703,028		118,909	142,463	77	(39,281)	925,196
Other long-term assets
Operating lease right-of-use assets	44,802		35,953	12,954	—	—	93,709
Regulatory assets	298,759		73,845	68,678	—	—	441,282
Other	119,348		18,831	20,233	—	(296)	158,116
Total other long-term assets	462,909		128,629	101,865	—	(296)	693,107
Total assets	$	5,521,451	1,042,456	971,155	77	(728,593)	$	6,806,546
Capitalization and liabilities
Capitalization
Common stock equity	$	2,307,992	338,598	350,341	77	(689,016)	$	2,307,992
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,176,814		244,417	263,468	—	—	1,684,699
Total capitalization	3,507,099		590,015	618,809	77	(689,016)	4,026,984
Current liabilities
Current portion of operating lease liabilities	9,371		6,611	2,590	—	—	18,572
Current portion of long-term debt	39,996		11,999	—	—	—	51,995
Short-term borrowings from non-affiliates	97,450		—	—	—	—	97,450
Short-term borrowings from affiliate	17,500		—	—	—	(17,500)	—
Accounts payable	117,259		26,043	22,159	—	—	165,461
Interest and preferred dividends payable	20,800		3,822	4,583	—	(41)	29,164
Taxes accrued, including revenue taxes	181,935		39,023	36,557	—	(1,172)	256,343
Regulatory liabilities	15,349		6,451	7,518	—	—	29,318
Other	62,303		18,022	20,188	—	(20,725)	79,788
Total current liabilities	561,963		111,971	93,595	—	(39,438)	728,091
Deferred credits and other liabilities
Operating lease liabilities	43,275		29,517	10,519	—	—	83,311
Finance lease liabilities	46,468		—	—	—	—	46,468
Deferred income taxes	278,230		50,774	63,172	—	—	392,176
Regulatory liabilities	725,346		183,073	92,639	—	—	1,001,058
Unamortized tax credits	71,916		13,354	12,731	—	—	98,001
Defined benefit pension and other postretirement benefit plans liability	211,560		46,584	50,128	—	(139)	308,133
Other	75,594		17,168	29,562		—	122,324
Total deferred credits and other liabilities	1,452,389		340,470	258,751	—	(139)	2,051,471
Total capitalization and liabilities	$	5,521,451	1,042,456	971,155	77	(728,593)	$	6,806,546

Condensed Consolidating Balance Sheet

December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,737	5,606	3,594	—	—	$	51,937
Plant and equipment	5,097,033		1,390,361	1,248,589	—	—	7,735,983
Less accumulated depreciation	(1,757,096)		(619,991)	(563,430)	—	—	(2,940,517)
Construction in progress	159,854		17,129	27,586	—	—	204,569
Utility property, plant and equipment, net	3,542,528		793,105	716,339	—	—	5,051,972
Nonutility property, plant and equipment, less accumulated depreciation	5,302		115	1,532	—	—	6,949
Total property, plant and equipment, net	3,547,830		793,220	717,871	—	—	5,058,921
Investment in wholly owned subsidiaries, at equity	676,237		—	—	—	(676,237)	—
Current assets
Cash and cash equivalents	23,344		5,326	23,422	77	—	52,169
Restricted cash	3,089		—	—	—	—	3,089
Advances to affiliates	1,000		—	—	—	(1,000)	—
Customer accounts receivable, net	135,949		28,469	22,441	—	—	186,859
Accrued unbilled revenues, net	92,469		19,529	17,157	—	—	129,155
Other accounts receivable, net	18,624		3,347	3,031	—	(17,735)	7,267
Fuel oil stock, at average cost	71,184		12,814	20,080	—	—	104,078
Materials and supplies, at average cost	42,006		9,727	20,144	—	—	71,877
Prepayments and other	32,140		6,052	7,114	—	725	46,031
Regulatory assets	58,695		3,051	4,918	—	—	66,664
Total current assets	478,500		88,315	118,307	77	(18,010)	667,189
Other long-term assets
Operating lease right-of-use assets	78,710		22,442	318	—	—	101,470
Regulatory assets	337,903		81,645	79,331	—	—	498,879
Other	130,546		17,124	18,510	—	(1,014)	165,166
Total other long-term assets	547,159		121,211	98,159	—	(1,014)	765,515
Total assets	$	5,249,726	1,002,746	934,337	77	(695,261)	$	6,491,625
Capitalization and liabilities
Capitalization
Common stock equity	$	2,261,899	332,900	343,260	77	(676,237)	$	2,261,899
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,136,620		234,390	253,417	—	—	1,624,427
Total capitalization	3,420,812		574,290	601,677	77	(676,237)	3,920,619
Current liabilities
Current portion of operating lease liabilities	45,955		3,378	35	—	—	49,368
Current portion of long-term debt	39,981		11,994	—	—	—	51,975
Short-term borrowings-affiliate	—		1,000	—	—	(1,000)	—
Accounts payable	111,024		26,139	22,844	—	—	160,007
Interest and preferred dividends payable	12,442		2,617	2,269	—	(3)	17,325
Taxes accrued, including revenue taxes	143,723		33,153	30,679	—	725	208,280
Regulatory liabilities	22,240		3,247	4,273	—	—	29,760
Other	56,752		14,158	18,540	—	(17,881)	71,569
Total current liabilities	432,117		95,686	78,640	—	(18,159)	588,284
Deferred credits and other liabilities
Operating lease liabilities	46,426		19,063	291	—	—	65,780
Deferred income taxes	291,027		53,298	64,309	—	—	408,634
Regulatory liabilities	695,152		179,267	92,589	—	—	967,008
Unamortized tax credits	76,201		14,212	13,532	—	—	103,945
Defined benefit pension and other postretirement benefit plans liability	220,480		48,900	53,257	—	(857)	321,780
Other	67,511		18,030	30,042	—	(8)	115,575
Total deferred credits and other liabilities	1,396,797		332,770	254,020	—	(865)	1,982,722
Total capitalization and liabilities	$	5,249,726	1,002,746	934,337	77	(695,261)	$	6,491,625

Balance Sheets Data

(in thousands)	September 30, 2022				December 31, 2021
Assets
Cash and due from banks			$	143,618			$	100,051
Interest-bearing deposits			6,179				151,189
Cash and cash equivalents			149,797				251,240
Investment securities
Available-for-sale, at fair value			2,232,336				2,574,618
Held-to-maturity, at amortized cost (fair value of $411,191 and $510,474, respectively)			510,879				522,270
Stock in Federal Home Loan Bank, at cost			15,000				10,000
Loans held for investment			5,687,390				5,211,114
Allowance for credit losses			(70,406)				(71,130)
Net loans			5,616,984				5,139,984
Loans held for sale, at lower of cost or fair value			3,101				10,404
Other			705,324				590,897
Goodwill			82,190				82,190
Total assets			$	9,315,611			$	9,181,603
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,921,857			$	2,976,632
Deposit liabilities—interest-bearing			5,337,028				5,195,580
Other borrowings			409,040				88,305
Other			198,596				193,268
Total liabilities			8,866,521				8,453,785
Common stock			1				1
Additional paid-in capital			355,293				353,895
Retained earnings			441,796				411,704
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(340,266)			$	(32,037)
Retirement benefit plans	(7,734)		(348,000)		(5,745)		(37,782)
Total shareholder’s equity			449,090				727,818
Total liabilities and shareholder’s equity			$	9,315,611			$	9,181,603
Other assets
Bank-owned life insurance			$	181,107			$	177,566
Premises and equipment, net			196,035				202,299
Accrued interest receivable			23,140				20,854
Mortgage-servicing rights			9,351				9,950
Low-income housing investments			110,700				110,989
Real estate acquired in settlement of loans, net			271				—
Real estate held for sale			3,030				—
Deferred tax asset			120,442				7,699
Other			61,248				61,540
			$	705,324			$	590,897
Other liabilities
Accrued expenses			$	94,782			$	87,905
Cashier’s checks			36,393				33,675
Advance payments by borrowers			4,488				9,994
Other			62,933				61,694
			$	198,596			$	193,268

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2021	$	2,261,899	332,900	343,260	77	(676,237)	$	2,261,899
Net income for common stock	140,308		17,994	18,481	—	(36,475)	140,308
Other comprehensive income, net of taxes	210		4	—	—	(4)	210
Common stock dividends	(94,425)		(12,300)	(11,400)	—	23,700	(94,425)
Balance, September 30, 2022	$	2,307,992	338,598	350,341	77	(689,016)	$	2,307,992

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2020	$	2,141,918	317,451	309,363	77	(626,891)	$	2,141,918
Net income for common stock	135,601		17,187	18,095	—	(35,282)	135,601
Other comprehensive income, net of taxes	175		3	—	—	(3)	175
Common stock dividends	(83,775)		(10,950)	(11,326)	—	22,276	(83,775)
Balance, September 30, 2021	$	2,193,919	323,691	316,132	77	(639,900)	$	2,193,919

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	74,053	38,302	35,512	—	(23,700)	$	124,167
Cash flows from investing activities
Capital expenditures	(152,015)		(34,055)	(39,806)	—	—	(225,876)
Advances to affiliates	1,000		(1,500)	(16,000)	—	16,500	—
Other	4,545		825	1,380	—	—	6,750
Net cash used in investing activities	(146,470)		(34,730)	(54,426)	—	16,500	(219,126)
Cash flows from financing activities
Common stock dividends	(94,425)		(12,300)	(11,400)	—	23,700	(94,425)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(810)		(400)	(286)	—	—	(1,496)
Proceeds from issuance of long-term debt	40,000		10,000	10,000	—	—	60,000
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	114,950		(1,000)	—	—	(16,500)	97,450
Payments of obligations under finance leases	(266)		—	—	—	—	(266)
Other	(170)		(44)	(44)	—	—	(258)
Net cash provided by financing activities	59,279		(3,744)	(1,730)	—	7,200	61,005
Net decrease in cash and cash equivalents	(13,138)		(172)	(20,644)	—	—	(33,954)
Cash and cash equivalents, beginning of period	26,433		5,326	23,422	77	—	55,258
Cash and cash equivalents, end of period	$	13,295	5,154	2,778	77	—	$	21,304

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	157,191	32,698	30,643	—	(22,276)	$	198,256
Cash flows from investing activities
Capital expenditures	(137,916)		(33,511)	(32,319)	—	—	(203,746)
Advances from affiliates	26,000		—	—	—	(26,000)	—
Other	4,136		1,121	900	—	—	6,157
Net cash used in investing activities	(107,780)		(32,390)	(31,419)	—	(26,000)	(197,589)
Cash flows from financing activities
Common stock dividends	(83,775)		(10,950)	(11,326)	—	22,276	(83,775)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(810)		(400)	(286)	—	—	(1,496)
Repayment of short-term debt	(50,000)		—	—	—	—	(50,000)
Proceeds from issuance of long-term debt	60,000		30,000	25,000	—	—	115,000
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	—		(18,100)	(7,900)	—	26,000	—
Other	(703)		(116)	(123)	—	—	(942)
Net cash provided by (used in) financing activities	(75,288)		434	5,365	—	48,276	(21,213)
Net increase (decrease) in cash, cash equivalents and restricted cash	(25,877)		742	4,589	—	—	(20,546)
Cash, cash equivalents and restricted cash, beginning of period	58,171		3,046	2,032	77	—	63,326
Cash, cash equivalents and restricted cash, end of period	32,294		3,788	6,621	77	—	42,780
Less: Restricted cash	(6,313)		—	—	—	—	(6,313)
Cash and cash equivalents, end of period	$	25,981	3,788	6,621	77	—	$	36,467