Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Kalaeloa	$	77	$	101	$	211	$	244
AES Hawaii 1	—		21		—		82
HPOWER	17		18		51		56
Hamakua Energy	13		16		52		46
Puna Geothermal Venture	7		13		24		37
Wind IPPs	42		37		99		93
Solar IPPs	21		18		57		44
Other IPPs 2	1		1		5		5
Total IPPs	$	178	$	225	$	499	$	607

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 filing reflected ARA revenues for 2023 to be collected from January 1 through December 31, 2024, as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2024 ARA revenues	$	16.6	$	4.1	$	4.0	$	24.7
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Enterprise Resource Planning system benefits savings	—		(1.3)		(1.9)		(3.2)
COVID-19 related cost recovery	2.6		0.2		0.6		3.4
Net 2024 ARA revenues	$	14.6	$	2.0	$	1.7	$	18.3

Note: Columns may not foot due to rounding.

The proposed net incremental amounts between the 2023 spring and fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1 through December 31, 2024 under the RBA rate tariffs, which were proposed in the 2023 fall revenue report filing and are subject to PUC approval.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental RAM revenues and ARA revenues	$	19.2	$	3.0	$	2.7	$	24.9
Annual change in accrued RBA balance through September 30, 2023 (and associated revenue taxes)	3.6		(0.3)		0.1		3.4
Incremental Performance Incentive Mechanisms (net)	0.1		—		—		0.1
Net incremental amount to be collected under the RBA rate tariffs	$	22.9	$	2.7	$	2.8	$	28.4

Note: Columns may not foot due to rounding.

Schedule of Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

Three months ended September 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	570,323	116,192	108,472	—	—	$	794,987
Expenses
Fuel oil	196,223		30,956	40,259	—	—	267,438
Purchased power	132,536		30,265	14,994	—	—	177,795
Other operation and maintenance	83,528		21,351	37,629	—	—	142,508
Depreciation	41,276		10,635	9,254	—	—	61,165
Taxes, other than income taxes	53,511		10,857	10,355	—	—	74,723
Total expenses	507,074		104,064	112,491	—	—	723,629
Operating income (loss)	63,249		12,128	(4,019)	—	—	71,358
Allowance for equity funds used during construction	3,005		366	629	—	—	4,000
Equity in earnings of subsidiaries	3,005		—	—	—	(3,005)	—
Retirement defined benefits credit (expense)—other than service costs	992		163	(23)	—	—	1,132
Interest expense and other charges, net	(16,295)		(2,988)	(3,164)	—	—	(22,447)
Allowance for borrowed funds used during construction	1,047		117	208	—	—	1,372
Income (loss) before income taxes	55,003		9,786	(6,369)	—	(3,005)	55,415
Income taxes	11,272		2,234	(2,050)	—	—	11,456
Net income (loss)	43,731		7,552	(4,319)	—	(3,005)	43,959
Preferred stock dividends of subsidiaries	—		133	95	—	—	228
Net income (loss) attributable to Hawaiian Electric	43,731		7,419	(4,414)	—	(3,005)	43,731
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income (loss) for common stock	$	43,461	7,419	(4,414)	—	(3,005)	$	43,461

Condensed Consolidating Statement of Income

Three months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	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

Nine months ended September 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,742,542	343,554	333,573	—	(130)	$	2,419,539
Expenses
Fuel oil	663,521		79,187	138,984	—	—	881,692
Purchased power	362,275		101,597	35,118	—	—	498,990
Other operation and maintenance	255,728		64,367	87,089	—	—	407,184
Depreciation	123,114		31,906	27,761	—	—	182,781
Taxes, other than income taxes	164,510		31,983	31,541	—	—	228,034
Total expenses	1,569,148		309,040	320,493	—	—	2,198,681
Operating income	173,394		34,514	13,080	—	(130)	220,858
Allowance for equity funds used during construction	8,604		1,004	1,465	—	—	11,073
Equity in earnings of subsidiaries	25,960		—	—	—	(25,960)	—
Retirement defined benefits credit (expense)—other than service costs	2,801		500	(74)	—	—	3,227
Interest expense and other charges, net	(45,594)		(8,794)	(9,307)	—	130	(63,565)
Allowance for borrowed funds used during construction	2,995		321	482	—	—	3,798
Income before income taxes	168,160		27,545	5,646	—	(25,960)	175,391
Income taxes	31,581		6,261	284	—	—	38,126
Net income	136,579		21,284	5,362	—	(25,960)	137,265
Preferred stock dividends of subsidiaries	—		400	286	—	—	686
Net income attributable to Hawaiian Electric	136,579		20,884	5,076	—	(25,960)	136,579
Preferred stock dividends of Hawaiian Electric	810		—	—	—	—	810
Net income for common stock	$	135,769	20,884	5,076	—	(25,960)	$	135,769

Condensed Consolidating Statement of Income

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	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

Statements of Income and Comprehensive Income Data

	Three months ended September 30				Nine months ended September 30
(in thousands)	2023		2022		2023		2022
Interest and dividend income
Interest and fees on loans	$	71,540	$	53,365	$	204,348	$	147,499
Interest and dividends on investment securities	14,096		15,052		42,508		43,729
Total interest and dividend income	85,636		68,417		246,856		191,228
Interest expense
Interest on deposit liabilities	14,446		1,704		30,944		3,572
Interest on other borrowings	8,598		1,055		25,171		1,199
Total interest expense	23,044		2,759		56,115		4,771
Net interest income	62,592		65,658		190,741		186,457
Provision for credit losses	8,835		(186)		10,053		(692)
Net interest income after provision for credit losses	53,757		65,844		180,688		187,149
Noninterest income
Fees from other financial services	4,703		4,763		14,391		15,066
Fee income on deposit liabilities	4,924		4,879		14,027		14,122
Fee income on other financial products	2,440		2,416		7,952		7,663
Bank-owned life insurance	2,303		122		5,683		661
Mortgage banking income	341		181		701		1,630
Gain on sale of real estate	—		—		495		1,002
Other income, net	627		633		2,106		1,480
Total noninterest income	15,338		12,994		45,355		41,624
Noninterest expense
Compensation and employee benefits	29,902		28,597		89,500		83,478
Occupancy	5,154		5,577		16,281		16,996
Data processing	5,133		4,509		15,240		13,144
Services	3,627		2,751		8,911		7,712
Equipment	3,125		2,432		8,728		7,163
Office supplies, printing and postage	1,022		1,123		3,296		3,256
Marketing	984		925		2,834		2,877
Other expense	7,399		5,643		19,742		14,542
Total noninterest expense	56,346		51,557		164,532		149,168
Income before income taxes	12,749		27,281		61,511		79,605
Income taxes	1,384		6,525		11,380		17,513
Net income	11,365		20,756		50,131		62,092
Other comprehensive income (loss), net of taxes	(34,231)		(98,942)		(23,011)		(310,218)
Comprehensive income (loss)	$	(22,866)	$	(78,186)	$	27,120	$	(248,126)

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

	Three months ended September 30				Nine months ended September 30
(in thousands)	2023		2022		2023		2022
Interest and dividend income	$	85,636	$	68,417	$	246,856	$	191,228
Noninterest income	15,338		12,994		45,355		41,624
Less: Gain on sale of real estate	—		—		495		1,002
*Revenues-Bank	100,974		81,411		291,716		231,850
Total interest expense	23,044		2,759		56,115		4,771
Provision for credit losses	8,835		(186)		10,053		(692)
Noninterest expense	56,346		51,557		164,532		149,168
Less: Gain on sale of real estate	—		—		495		1,002
Less: Retirement defined benefits credit—other than service costs	(190)		(181)		(564)		(552)
*Expenses-Bank	88,415		54,311		230,769		152,797
*Operating income-Bank	12,559		27,100		60,947		79,053
Add back: Retirement defined benefits credit—other than service costs	(190)		(181)		(564)		(552)
Income before income taxes	$	12,749	$	27,281	$	61,511	$	79,605

Schedule of Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income (loss) for common stock	$	43,461	7,419	(4,414)	—	(3,005)	$	43,461
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	(547)		(55)	(71)	—	126	(547)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	470		54	63	—	(117)	470
Other comprehensive loss, net of taxes	(77)		(1)	(8)	—	9	(77)
Comprehensive income (loss) attributable to common shareholder	$	43,384	7,418	(4,422)	—	(2,996)	$	43,384

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	49,764	4,959	5,618	—	(10,577)	$	49,764
Other comprehensive income (loss), 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 (loss), 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

Nine months ended September 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	135,769	20,884	5,076	—	(25,960)	$	135,769
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	(1,487)		(166)	(200)	—	366	(1,487)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	1,321		157	177	—	(334)	1,321
Other comprehensive loss, net of taxes	(166)		(9)	(23)	—	32	(166)
Comprehensive income attributable to common shareholder	$	135,603	20,875	5,053	—	(25,928)	$	135,603

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	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

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

September 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	5,422,393		1,448,183	1,329,252	—	—	8,199,828
Right-of-use assets - finance lease	88,297		36,075	—	—	—	124,372
Less accumulated depreciation	(1,953,609)		(663,303)	(605,118)	—	—	(3,222,030)
Construction in progress	258,204		35,281	63,804	—	—	357,289
Utility property, plant and equipment, net	3,858,144		861,881	791,532	—	—	5,511,557
Nonutility property, plant and equipment, less accumulated depreciation	5,295		115	1,532	—	—	6,942
Total property, plant and equipment, net	3,863,439		861,996	793,064	—	—	5,518,499
Investment in wholly owned subsidiaries, at equity	703,311		—	—	—	(703,311)	—
Current assets
Cash and cash equivalents	233,518		32,716	8,543	77	—	274,854
Restricted cash	2,000		—	—	—	—	2,000
Customer accounts receivable, net	172,730		34,550	34,482	—	—	241,762
Accrued unbilled revenues, net	132,552		22,062	24,713	—	—	179,327
Other accounts receivable, net	115,498		7,124	11,778	—	(44,577)	89,823
Fuel oil stock, at average cost	112,468		14,400	25,900	—	—	152,768
Materials and supplies, at average cost	58,834		13,077	27,615	—	—	99,526
Prepayments and other	41,304		5,468	7,766	—	—	54,538
Regulatory assets	49,489		5,110	3,322	—	—	57,921
Total current assets	918,393		134,507	144,119	77	(44,577)	1,152,519
Other long-term assets
Operating lease right-of-use assets	36,627		29,193	10,241	—	—	76,061
Regulatory assets	146,735		14,583	11,958	—	—	173,276
Other	112,601		33,011	29,468	—	(16,988)	158,092
Total other long-term assets	295,963		76,787	51,667	—	(16,988)	407,429
Total assets	$	5,781,106	1,073,290	988,850	77	(764,876)	$	7,078,447
Capitalization and liabilities
Capitalization
Common stock equity	$	2,383,023	352,170	351,064	77	(703,311)	$	2,383,023
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,426,353		249,308	258,383	—	—	1,934,044
Total capitalization	3,831,669		608,478	614,447	77	(703,311)	4,351,360
Current liabilities
Current portion of operating lease liabilities	7,308		6,942	2,762	—	—	17,012
Current portion of long-term debt	49,998		19,999	29,999	—	—	99,996
Accounts payable	141,738		25,436	34,525	—	—	201,699
Interest and preferred dividends payable	21,304		3,924	4,830	—	—	30,058
Taxes accrued, including revenue taxes	196,037		40,706	37,529	—	—	274,272
Regulatory liabilities	9,999		6,842	9,484	—	—	26,325
Other	148,400		23,182	36,302	—	(44,577)	163,307
Total current liabilities	574,784		127,031	155,431	—	(44,577)	812,669
Deferred credits and other liabilities
Operating lease liabilities	35,967		22,575	7,757	—	—	66,299
Finance lease liabilities	82,935		35,205	—	—	—	118,140
Deferred income taxes	274,577		50,405	60,693	—	—	385,675
Regulatory liabilities	770,268		197,045	108,136	—	—	1,075,449
Unamortized tax credits	65,153		12,410	12,184	—	—	89,747
Defined benefit pension liability	65,872		—	—	—	(16,988)	48,884
Other	79,881		20,141	30,202	—	—	130,224
Total deferred credits and other liabilities	1,374,653		337,781	218,972	—	(16,988)	1,914,418
Total capitalization and liabilities	$	5,781,106	1,073,290	988,850	77	(764,876)	$	7,078,447

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)	September 30, 2023				December 31, 2022
Assets
Cash and due from banks			$	139,059			$	153,042
Interest-bearing deposits			124,531				3,107
Cash and cash equivalents			263,590				156,149
Investment securities
Available-for-sale, at fair value			1,266,412				1,429,667
Held-to-maturity, at amortized cost (fair value of $1,052,221 and $1,150,971, respectively)			1,212,005				1,251,747
Stock in Federal Home Loan Bank, at cost			18,000				26,560
Loans held for investment			6,191,006				5,978,906
Allowance for credit losses			(76,366)				(72,216)
Net loans			6,114,640				5,906,690
Loans held for sale, at lower of cost or fair value			2,171				824
Other			698,420				692,143
Goodwill			82,190				82,190
Total assets			$	9,657,428			$	9,545,970
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,573,010			$	2,811,077
Deposit liabilities—interest-bearing			5,651,341				5,358,619
Other borrowings			750,000				695,120
Other			224,136				212,269
Total liabilities			9,198,487				9,077,085
Common stock			1				1
Additional paid-in capital			357,742				355,806
Retained earnings			460,824				449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(350,234)			$	(328,904)
Retirement benefit plans	(9,392)		(359,626)		(7,711)		(336,615)
Total shareholder’s equity			458,941				468,885
Total liabilities and shareholder’s equity			$	9,657,428			$	9,545,970
Other assets
Bank-owned life insurance			$	186,143			$	182,986
Premises and equipment, net			189,950				195,324
Accrued interest receivable			29,361				25,077
Mortgage-servicing rights			8,376				9,047
Low-income housing investments			103,580				106,978
Deferred tax asset			127,735				116,441
Real estate acquired in settlement of loans, net			—				115
Other			53,275				56,175
			$	698,420			$	692,143
Other liabilities
Accrued expenses			$	102,540			$	97,295
Federal and state income taxes payable			845				863
Cashier’s checks			38,483				36,401
Advance payments by borrowers			4,289				9,637
Other			77,979				68,073
			$	224,136			$	212,269

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, 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	135,769		20,884	5,076	—	(25,960)	135,769
Other comprehensive loss, net of taxes	(166)		(9)	(23)	—	32	(166)
Common stock dividends	(96,750)		(13,425)	(11,025)	—	24,450	(96,750)
Balance, September 30, 2023	$	2,383,023	352,170	351,064	77	(703,311)	$	2,383,023

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 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	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

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	336,248	59,029	35,284	—	(24,450)	$	406,111
Cash flows from investing activities
Capital expenditures	(217,276)		(47,609)	(69,612)	—	—	(334,497)
Advances from affiliates	—		4,500	21,700	—	(26,200)	—
Other	3,179		912	1,125	—	—	5,216
Net cash used in investing activities	(214,097)		(42,197)	(46,787)	—	(26,200)	(329,281)
Cash flows from financing activities
Common stock dividends	(96,750)		(13,425)	(11,025)	—	24,450	(96,750)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(810)		(400)	(286)	—	—	(1,496)
Proceeds from issuance of long-term debt	300,000		25,000	25,000	—	—	350,000
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	(1,914)		(248)	—			(2,162)
Other	(571)		(135)	(137)	—	—	(843)
Net cash provided by financing activities	85,788		10,792	13,552	—	50,650	160,782
Net increase in cash, cash equivalents and restricted cash	207,939		27,624	2,049	—	—	237,612
Cash, cash equivalents and restricted cash, beginning of period	27,579		5,092	6,494	77	—	39,242
Cash, cash equivalents and restricted cash, end of period	235,518		32,716	8,543	77	—	276,854
Less: Restricted cash	(2,000)		—	—	—	—	(2,000)
Cash and cash equivalents, end of period	$	233,518	32,716	8,543	77	—	$	274,854

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	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 from (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 (used in) 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