Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2023

Electric Utility Subsidiary [Abstract]

Schedule of Purchases From All IPPs

Purchases from all IPPs were as follows:

	Three months ended June 30				Six months ended June 30
(in millions)	2023		2022		2023		2022
Kalaeloa	$	67	$	83	$	134	$	143
AES Hawaii 1	—		34		—		61
HPOWER	16		19		34		38
Hamakua Energy	19		14		39		30
Puna Geothermal Venture	9		14		17		24
Wind IPPs	33		38		57		56
Solar IPPs	22		13		36		26
Other IPPs 2	2		3		4		4
Total IPPs	$	168	$	218	$	321	$	382

1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations.2 Includes hydro power and other PPAs.

Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)

The net incremental amounts between the 2022 fall and 2023 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June, 1, 2023 through May 31, 2024 under the RBA rate tariffs, which were included in the 2023 spring revenue report filing.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental Performance Incentive Mechanisms (net)	$	(0.4)	$	0.1	$	0.1	$	(0.2)
Incremental EPRM/MPIR Revenue Adjustment	2.5		1.4		1.0		4.9
Other	0.4		0.1		—		0.5
Net incremental amount to be collected under the RBA rate tariffs	$	2.5	$	1.5	$	1.1	$	5.1

Note: Columns may not foot due to rounding.

Schedule of Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

Three months ended June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	570,689	112,074	111,428	—	—	$	794,191
Expenses
Fuel oil	213,471		20,471	46,215	—	—	280,157
Purchased power	119,460		37,246	11,728	—	—	168,434
Other operation and maintenance	88,967		21,666	25,727	—	—	136,360
Depreciation	40,800		10,636	9,253	—	—	60,689
Taxes, other than income taxes	54,046		10,389	10,491	—	—	74,926
Total expenses	516,744		100,408	103,414	—	—	720,566
Operating income	53,945		11,666	8,014	—	—	73,625
Allowance for equity funds used during construction	2,959		354	459	—	—	3,772
Equity in earnings of subsidiaries	11,414		—	—	—	(11,414)	—
Retirement defined benefits credit (expense)—other than service costs	905		168	(25)	—	—	1,048
Interest expense and other charges, net	(14,742)		(2,975)	(3,155)	—	—	(20,872)
Allowance for borrowed funds used during construction	1,030		113	152	—	—	1,295
Income before income taxes	55,511		9,326	5,445	—	(11,414)	58,868
Income taxes	9,942		2,118	1,010	—	—	13,070
Net income	45,569		7,208	4,435	—	(11,414)	45,798
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net income attributable to Hawaiian Electric	45,569		7,075	4,339	—	(11,414)	45,569
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	45,299	7,075	4,339	—	(11,414)	$	45,299

Condensed Consolidating Statement of Income

Three months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	576,472	124,502	117,928	—	(29)	$	818,873
Expenses
Fuel oil	184,297		33,065	52,293	—	—	269,655
Purchased power	165,202		38,735	14,148	—	—	218,085
Other operation and maintenance	82,707		21,331	20,854	—	—	124,892
Depreciation	39,501		10,352	8,886	—	—	58,739
Taxes, other than income taxes	54,025		11,378	10,945	—	—	76,348
Total expenses	525,732		114,861	107,126	—	—	747,719
Operating income	50,740		9,641	10,802	—	(29)	71,154
Allowance for equity funds used during construction	1,946		217	307	—	—	2,470
Equity in earnings of subsidiaries	12,237		—	—	—	(12,237)	—
Retirement defined benefits credit (expense)—other than service costs	856		167	(32)	—	—	991
Interest expense and other charges, net	(13,519)		(2,642)	(2,668)	—	29	(18,800)
Allowance for borrowed funds used during construction	637		67	94	—	—	798
Income before income taxes	52,897		7,450	8,503	—	(12,237)	56,613
Income taxes	8,492		1,659	1,828	—	—	11,979
Net income	44,405		5,791	6,675	—	(12,237)	44,634
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net income attributable to Hawaiian Electric	44,405		5,658	6,579	—	(12,237)	44,405
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	44,135	5,658	6,579	—	(12,237)	$	44,135

Condensed Consolidating Statement of Income

Six months ended June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,172,219	227,362	225,101	—	(130)	$	1,624,552
Expenses
Fuel oil	467,298		48,231	98,725	—	—	614,254
Purchased power	229,739		71,332	20,124	—	—	321,195
Other operation and maintenance	172,200		43,016	49,460	—	—	264,676
Depreciation	81,838		21,271	18,507	—	—	121,616
Taxes, other than income taxes	110,999		21,126	21,186	—	—	153,311
Total expenses	1,062,074		204,976	208,002	—	—	1,475,052
Operating income	110,145		22,386	17,099	—	(130)	149,500
Allowance for equity funds used during construction	5,599		638	836	—	—	7,073
Equity in earnings of subsidiaries	22,955		—	—	—	(22,955)	—
Retirement defined benefits credit (expense)—other than service costs	1,809		337	(51)	—	—	2,095
Interest expense and other charges, net	(29,299)		(5,806)	(6,143)	—	130	(41,118)
Allowance for borrowed funds used during construction	1,948		204	274	—	—	2,426
Income before income taxes	113,157		17,759	12,015	—	(22,955)	119,976
Income taxes	20,309		4,027	2,334	—	—	26,670
Net income	92,848		13,732	9,681	—	(22,955)	93,306
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	92,848		13,465	9,490	—	(22,955)	92,848
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	92,308	13,465	9,490	—	(22,955)	$	92,308

Condensed Consolidating Statement of Income

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,076,714	233,030	217,956	—	(35)	$	1,527,665
Expenses
Fuel oil	338,722		58,316	93,903	—	—	490,941
Purchased power	289,385		69,447	22,786	—	—	381,618
Other operation and maintenance	166,363		41,545	42,241	—	—	250,149
Depreciation	78,985		20,703	17,522	—	—	117,210
Taxes, other than income taxes	101,299		21,410	20,289	—	—	142,998
Total expenses	974,754		211,421	196,741	—	—	1,382,916
Operating income	101,960		21,609	21,215	—	(35)	144,749
Allowance for equity funds used during construction	3,936		410	533	—	—	4,879
Equity in earnings of subsidiaries	25,898		—	—	—	(25,898)	—
Retirement defined benefits credit (expense)—other than service costs	1,711		334	(64)	—	—	1,981
Interest expense and other charges, net	(26,612)		(5,251)	(5,298)	—	35	(37,126)
Allowance for borrowed funds used during construction	1,288		127	161	—	—	1,576
Income before income taxes	108,181		17,229	16,547	—	(25,898)	116,059
Income taxes	17,097		3,927	3,493	—	—	24,517
Net income	91,084		13,302	13,054	—	(25,898)	91,542
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	91,084		13,035	12,863	—	(25,898)	91,084
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	90,544	13,035	12,863	—	(25,898)	$	90,544

125,173 Statements of Income and Comprehensive Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2023		2022		2023		2022
Interest and dividend income
Interest and fees on loans	$	67,966	$	48,129	$	132,808	$	94,134
Interest and dividends on investment securities	13,775		14,693		28,412		28,677
Total interest and dividend income	81,741		62,822		161,220		122,811
Interest expense
Interest on deposit liabilities	9,661		921		16,498		1,868
Interest on other borrowings	8,852		139		16,573		144
Total interest expense	18,513		1,060		33,071		2,012
Net interest income	63,228		61,762		128,149		120,799
Provision for credit losses	43		2,757		1,218		(506)
Net interest income after provision for credit losses	63,185		59,005		126,931		121,305
Noninterest income
Fees from other financial services	5,009		4,716		9,688		10,303
Fee income on deposit liabilities	4,504		4,552		9,103		9,243
Fee income on other financial products	2,768		2,529		5,512		5,247
Bank-owned life insurance	1,955		(142)		3,380		539
Mortgage banking income	230		372		360		1,449
Gain on sale of real estate	495		—		495		1,002
Other income, net	678		475		1,479		847
Total noninterest income	15,639		12,502		30,017		28,630
Noninterest expense
Compensation and employee benefits	29,394		27,666		59,598		54,881
Occupancy	5,539		5,467		11,127		11,419
Data processing	5,095		4,484		10,107		8,635
Services	2,689		2,522		5,284		4,961
Equipment	2,957		2,402		5,603		4,731
Office supplies, printing and postage	1,109		1,073		2,274		2,133
Marketing	834		934		1,850		1,952
Other expense	6,152		4,850		12,343		8,899
Total noninterest expense	53,769		49,398		108,186		97,611
Income before income taxes	25,055		22,109		48,762		52,324
Income taxes	4,851		4,643		9,996		10,988
Net income	20,204		17,466		38,766		41,336
Other comprehensive income (loss), net of taxes	(7,210)		(88,835)		11,220		(211,276)
Comprehensive income (loss)	$	12,994	$	(71,369)	$	49,986	$	(169,940)

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

	Three months ended June 30				Six months ended June 30
(in thousands)	2023		2022		2023		2022
Interest and dividend income	$	81,741	$	62,822	$	161,220	$	122,811
Noninterest income	15,639		12,502		30,017		28,630
Less: Gain on sale of real estate	495		—		495		1,002
*Revenues-Bank	96,885		75,324		190,742		150,439
Total interest expense	18,513		1,060		33,071		2,012
Provision for credit losses	43		2,757		1,218		(506)
Noninterest expense	53,769		49,398		108,186		97,611
Less: Gain on sale of real estate	495		—		495		1,002
Less: Retirement defined benefits credit—other than service costs	(187)		(186)		(374)		(371)
*Expenses-Bank	72,017		53,401		142,354		98,486
*Operating income-Bank	24,868		21,923		48,388		51,953
Add back: Retirement defined benefits credit—other than service costs	(187)		(186)		(374)		(371)
Income before income taxes	$	25,055	$	22,109	$	48,762	$	52,324

Schedule of Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	45,299	7,075	4,339	—	(11,414)	$	45,299
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(470)		(55)	(66)	—	121	(470)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	426		53	57	—	(110)	426
Other comprehensive loss, net of taxes	(44)		(2)	(9)	—	11	(44)
Comprehensive income attributable to common shareholder	$	45,255	7,073	4,330	—	(11,403)	$	45,255

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	44,135	5,658	6,579	—	(12,237)	$	44,135
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)		(72)	603	—	(531)	(5)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	56		74	(602)	—	528	56
Other comprehensive income, net of taxes	51		2	1	—	(3)	51
Comprehensive income attributable to common shareholder	$	44,186	5,660	6,580	—	(12,240)	$	44,186

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	92,308	13,465	9,490	—	(22,955)	$	92,308
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(940)		(111)	(129)	—	240	(940)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	851		103	114	—	(217)	851
Other comprehensive loss, net of taxes	(89)		(8)	(15)	—	23	(89)
Comprehensive income attributable to common shareholder	$	92,219	13,457	9,475	—	(22,932)	$	92,219

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	90,544	13,035	12,863	—	(25,898)	$	90,544
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	4,371		598	1,206	—	(1,804)	4,371
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,269)		(596)	(1,205)	—	1,801	(4,269)
Other comprehensive income, net of taxes	102		2	1	—	(3)	102
Comprehensive income attributable to common shareholder	$	90,646	13,037	12,864	—	(25,901)	$	90,646

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diary	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,859	5,645	3,594	—	—	$	52,098
Plant and equipment	5,370,111		1,436,118	1,316,537	—	—	8,122,766
Right-of-use assets - finance lease	88,297		36,075	—	—	—	124,372
Less accumulated depreciation	(1,921,855)		(657,127)	(599,985)	—	—	(3,178,967)
Construction in progress	256,266		33,118	48,668	—	—	338,052
Utility property, plant and equipment, net	3,835,678		853,829	768,814	—	—	5,458,321
Nonutility property, plant and equipment, less accumulated depreciation	5,297		115	1,532	—	—	6,944
Total property, plant and equipment, net	3,840,975		853,944	770,346	—	—	5,465,265
Investment in wholly owned subsidiaries, at equity	708,465		—	—	—	(708,465)	—
Current assets
Cash and cash equivalents	70,235		35,894	37,441	77	—	143,647
Customer accounts receivable, net	147,065		32,293	29,836	—	—	209,194
Accrued unbilled revenues, net	113,069		20,474	20,812	—	—	154,355
Other accounts receivable, net	26,535		5,602	6,143	—	(20,555)	17,725
Fuel oil stock, at average cost	106,515		17,069	20,216	—	—	143,800
Materials and supplies, at average cost	53,681		12,304	25,170	—	—	91,155
Prepayments and other	32,621		5,082	4,475	—	(298)	41,880
Regulatory assets	70,932		2,789	3,516	—	—	77,237
Total current assets	620,653		131,507	147,609	77	(20,853)	878,993
Other long-term assets
Operating lease right-of-use assets	38,675		30,903	10,927	—	—	80,505
Regulatory assets	146,918		16,686	11,946	—	—	175,550
Other	114,318		33,129	30,740	—	(16,907)	161,280
Total other long-term assets	299,911		80,718	53,613	—	(16,907)	417,335
Total assets	$	5,470,004	1,066,169	971,568	77	(746,225)	$	6,761,593
Capitalization and liabilities
Capitalization
Common stock equity	$	2,371,889	349,227	359,161	77	(708,465)	$	2,371,889
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,226,714		249,370	258,446	—	—	1,734,530
Total capitalization	3,620,896		605,597	622,607	77	(708,465)	4,140,712
Current liabilities
Current portion of operating lease liabilities	8,128		6,861	2,720	—	—	17,709
Current portion of long-term debt	49,992		19,997	29,996	—	—	99,985
Accounts payable	158,400		23,919	28,313	—	—	210,632
Interest and preferred dividends payable	15,126		3,271	2,970	—	—	21,367
Taxes accrued, including revenue taxes	180,089		37,077	36,069	—	(298)	252,937
Regulatory liabilities	9,325		7,599	9,014	—	—	25,938
Other	66,765		22,001	22,084	—	(20,555)	90,295
Total current liabilities	487,825		120,725	131,166	—	(20,853)	718,863
Deferred credits and other liabilities
Operating lease liabilities	37,657		24,343	8,465	—	—	70,465
Finance lease liabilities	83,642		35,364	—	—	—	119,006
Deferred income taxes	272,556		50,433	62,361	—	—	385,350
Regulatory liabilities	758,970		196,235	106,213	—	—	1,061,418
Unamortized tax credits	66,632		12,657	12,301	—	—	91,590
Defined benefit pension liability	65,923		—	—	—	(16,907)	49,016
Other	75,903		20,815	28,455	—	—	125,173
Total deferred credits and other liabilities	1,361,283		339,847	217,795	—	(16,907)	1,902,018
Total capitalization and liabilities	$	5,470,004	1,066,169	971,568	77	(746,225)	$	6,761,593

Condensed Consolidating Balance Sheet

December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diary	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	5,260,685		1,425,442	1,293,383	—	—	7,979,510
Finance lease right-of-use assets	48,371		—	—	—	—	48,371
Less accumulated depreciation	(1,855,150)		(644,457)	(586,892)	—	—	(3,086,499)
Construction in progress	215,560		23,989	35,804	—	—	275,353
Utility property, plant and equipment, net	3,712,326		810,580	745,889	—	—	5,268,795
Nonutility property, plant and equipment, less accumulated depreciation	5,298		115	1,532	—	—	6,945
Total property, plant and equipment, net	3,717,624		810,695	747,421	—	—	5,275,740
Investment in wholly owned subsidiaries, at equity	701,833		—	—	—	(701,833)	—
Current assets
Cash and cash equivalents	27,579		5,092	6,494	77	—	39,242
Advances to affiliates	—		4,500	21,700	—	(26,200)	—
Customer accounts receivable, net	216,802		39,339	32,197	—	—	288,338
Accrued unbilled revenues, net	136,508		23,839	22,933	—	—	183,280
Other accounts receivable, net	23,746		5,519	6,686	—	(22,384)	13,567
Fuel oil stock, at average cost	153,342		16,964	21,224	—	—	191,530
Materials and supplies, at average cost	48,130		9,783	21,655	—	—	79,568
Prepayments and other	24,040		6,346	4,137	—	(1,041)	33,482
Regulatory assets	46,504		2,435	3,334	—	—	52,273
Total current assets	676,651		113,817	140,360	77	(49,625)	881,280
Other long-term assets
Operating lease right-of-use assets	42,752		34,283	12,283	—	—	89,318
Regulatory assets	154,040		21,816	14,384	—	—	190,240
Other	115,028		32,654	29,495	—	(16,288)	160,889
Total other long-term assets	311,820		88,753	56,162	—	(16,288)	440,447
Total assets	$	5,407,928	1,013,265	943,943	77	(767,746)	$	6,597,467
Capitalization and liabilities
Capitalization
Common stock equity	$	2,344,170	344,720	357,036	77	(701,833)	$	2,344,170
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,126,915		224,439	233,500	—	—	1,584,854
Total capitalization	3,493,378		576,159	595,536	77	(701,833)	3,963,317
Current liabilities
Current portion of operating lease liabilities	9,775		6,690	2,630	—	—	19,095
Current portion of long-term debt	49,981		19,992	29,989	—	—	99,962
Short-term borrowings-non-affiliate	87,967		—	—	—	—	87,967
Short-term borrowings-affiliate	26,200		—	—	—	(26,200)	—
Accounts payable	143,253		32,113	27,126	—	—	202,492
Interest and preferred dividends payable	12,398		2,576	2,282	—	(80)	17,176
Taxes accrued, including revenue taxes	207,798		42,436	40,709	—	(1,041)	289,902
Regulatory liabilities	13,145		8,553	9,777	—	—	31,475
Other	64,659		20,856	22,385	—	(22,304)	85,596
Total current liabilities	615,176		133,216	134,898	—	(49,625)	833,665
Deferred credits and other liabilities
Operating lease liabilities	41,049		27,817	9,849	—	—	78,715
Finance lease liabilities	46,048		—	—	—	—	46,048
Deferred income taxes	271,234		50,615	62,581	—	—	384,430
Regulatory liabilities	729,683		194,222	100,270	—	—	1,024,175
Unamortized tax credits	69,614		13,150	12,536	—	—	95,300
Defined benefit pension and other postretirement benefit plans liability	65,907		129	—	—	(16,288)	49,748
Other	75,839		17,957	28,273	—	—	122,069
Total deferred credits and other liabilities	1,299,374		303,890	213,509	—	(16,288)	1,800,485
Total capitalization and liabilities	$	5,407,928	1,013,265	943,943	77	(767,746)	$	6,597,467

Balance Sheets Data

(in thousands)	June 30, 2023				December 31, 2022
Assets
Cash and due from banks			$	158,170			$	153,042
Interest-bearing deposits			9,958				3,107
Cash and cash equivalents			168,128				156,149
Investment securities
Available-for-sale, at fair value			1,368,037				1,429,667
Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively)			1,224,917				1,251,747
Stock in Federal Home Loan Bank, at cost			18,000				26,560
Loans held for investment			6,138,182				5,978,906
Allowance for credit losses			(69,068)				(72,216)
Net loans			6,069,114				5,906,690
Loans held for sale, at lower of cost or fair value			6,910				824
Other			683,395				692,143
Goodwill			82,190				82,190
Total assets			$	9,620,691			$	9,545,970
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,683,725			$	2,811,077
Deposit liabilities—interest-bearing			5,479,510				5,358,619
Other borrowings			750,000				695,120
Other			212,268				212,269
Total liabilities			9,125,503				9,077,085
Common stock			1				1
Additional paid-in capital			357,123				355,806
Retained earnings			463,459				449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(315,917)			$	(328,904)
Retirement benefit plans	(9,478)		(325,395)		(7,711)		(336,615)
Total shareholder’s equity			495,188				468,885
Total liabilities and shareholder’s equity			$	9,620,691			$	9,545,970
Other assets
Bank-owned life insurance			$	183,833			$	182,986
Premises and equipment, net			192,070				195,324
Accrued interest receivable			27,136				25,077
Mortgage-servicing rights			8,495				9,047
Low-income housing investments			107,164				106,978
Deferred tax asset			112,345				116,441
Real estate acquired in settlement of loans, net			—				115
Other			52,352				56,175
			$	683,395			$	692,143
Other liabilities
Accrued expenses			$	98,664			$	97,295
Federal and state income taxes payable			187				863
Cashier’s checks			32,634				36,401
Advance payments by borrowers			10,800				9,637
Other			69,983				68,073
			$	212,268			$	212,269

Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2022	$	2,344,170	344,720	357,036	77	(701,833)	$	2,344,170
Net income for common stock	92,308		13,465	9,490	—	(22,955)	92,308
Other comprehensive loss, net of taxes	(89)		(8)	(15)	—	23	(89)
Common stock dividends	(64,500)		(8,950)	(7,350)	—	16,300	(64,500)
Balance, June 30, 2023	$	2,371,889	349,227	359,161	77	(708,465)	$	2,371,889

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	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	90,544		13,035	12,863	—	(25,898)	90,544
Other comprehensive income, net of taxes	102		2	1	—	(3)	102
Common stock dividends	(62,950)		(8,200)	(7,600)	—	15,800	(62,950)
Balance, June 30, 2022	$	2,289,595	337,737	348,524	77	(686,338)	$	2,289,595

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	274,412	43,352	34,681	—	(16,300)	$	336,145
Cash flows from investing activities
Capital expenditures	(152,823)		(33,512)	(43,814)	—	—	(230,149)
Advances to affiliates	—		4,500	21,700	—	(26,200)	—
Other	2,086		912	1,058	—	—	4,056
Net cash used in investing activities	(150,737)		(28,100)	(21,056)	—	(26,200)	(226,093)
Cash flows from financing activities
Common stock dividends	(64,500)		(8,950)	(7,350)	—	16,300	(64,500)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540)		(267)	(191)	—	—	(998)
Proceeds from issuance of long-term debt	100,000		25,000	25,000	—	—	150,000
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(114,167)		—	—	—	26,200	(87,967)
Payments of obligations under finance leases	(1,241)		(98)				(1,339)
Other	(571)		(135)	(137)	—	—	(843)
Net cash provided by (used in) financing activities	(81,019)		15,550	17,322	—	42,500	(5,647)
Net increase in cash and cash equivalents	42,656		30,802	30,947	—	—	104,405
Cash and cash equivalents, beginning of period	27,579		5,092	6,494	77	—	39,242
Cash and cash equivalents, end of period	$	70,235	35,894	37,441	77	—	$	143,647

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	25,367	19,742	14,841	—	(15,800)	$	44,150
Cash flows from investing activities
Capital expenditures	(87,892)		(23,638)	(28,715)	—	—	(140,245)
Advances to affiliates	(2,000)		—	(10,000)	—	12,000	—
Other	4,471		834	1,380	—	—	6,685
Net cash used in investing activities	(85,421)		(22,804)	(37,335)	—	12,000	(133,560)
Cash flows from financing activities
Common stock dividends	(62,950)		(8,200)	(7,600)	—	15,800	(62,950)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540)		(267)	(191)	—	—	(998)
Proceeds from issuance of long-term debt	40,000		10,000	10,000	—	—	60,000
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	64,987		2,000	—	—	(12,000)	54,987
Other	(169)		(43)	(43)	—	—	(255)
Net cash provided by financing activities	41,328		3,490	2,166	—	3,800	50,784
Net increase (decrease) in cash and cash equivalents	(18,726)		428	(20,328)	—	—	(38,626)
Cash, cash equivalents and restricted cash, beginning of period	26,433		5,326	23,422	77	—	55,258
Cash, cash equivalents and restricted cash, end of period	7,707		5,754	3,094	77	—	16,632
Less: Restricted cash	(1,129)		—	—	—	—	(1,129)
Cash and cash equivalents, end of period	$	6,578	5,754	3,094	77	—	$	15,503