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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues      
Total revenues $ 3,741,985 $ 2,850,379 $ 2,579,775
Expenses      
Total expenses 3,360,912 2,464,313 2,268,282
Operating income (loss)      
Operating income 381,073 386,066 311,493
Retirement defined benefits credit (expense)—other than service costs 4,411 5,848 (3,210)
Interest expense, net – other than on deposit liabilities and other bank borrowings (103,402) (94,363) (88,694)
Allowance for borrowed funds used during construction 3,416 3,250 2,992
Allowance for equity funds used during construction 10,574 9,534 8,768
Gain on sales of investment securities, net and equity-method investment 8,123 528 9,275
Income before income taxes 304,195 310,863 240,624
Income taxes 61,167 62,807 40,910
Net income 243,028 248,056 199,714
Preferred stock dividends of Hawaiian Electric 1,890 1,890 1,890
Net income for common stock $ 241,138 $ 246,166 $ 197,824
Basic earnings per common share (in dollars per share) $ 2.20 $ 2.25 $ 1.81
Diluted earnings per common share (in dollars per share) $ 2.20 $ 2.25 $ 1.81
Weighted-average number of common shares outstanding (in shares) 109,434 109,282 109,140
Net effect of potentially dilutive shares (share-based compensation programs) (in shares) 344 298 216
Weighted-average shares assuming dilution (in shares) 109,778 109,580 109,356
Electric utility      
Revenues      
Total revenues $ 3,408,587 $ 2,539,636 $ 2,265,320
Expenses      
Total expenses 3,109,396 2,260,078 1,996,770
Operating income (loss)      
Operating income 299,191 279,558 268,550
Income before income taxes 240,600 223,785 211,753
Income taxes 49,676 44,148 40,418
Net income 190,924 179,637 171,335
Preferred stock dividends of Hawaiian Electric 1,995 1,995 1,995
Net income for common stock 188,929 177,642 169,340
Bank      
Revenues      
Total revenues 321,068 306,398 313,511
Expenses      
Total expenses 219,550 178,195 251,702
Operating income (loss)      
Operating income 101,518 128,203 61,809
Income before income taxes 102,241 130,559 69,271
Income taxes 22,252 29,325 11,688
Net income 79,989 101,234 57,583
Preferred stock dividends of Hawaiian Electric 0 0 0
Net income for common stock 79,989 101,234 57,583
Other      
Revenues      
Total revenues 12,330 4,345 944
Expenses      
Total expenses 31,966 26,040 19,810
Operating income (loss)      
Operating income (19,636) (21,695) (18,866)
Income before income taxes (38,646) (43,481) (40,400)
Income taxes (10,761) (10,666) (11,196)
Net income (27,885) (32,815) (29,204)
Preferred stock dividends of Hawaiian Electric (105) (105) (105)
Net income for common stock $ (27,780) $ (32,710) $ (29,099)