Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2024

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)	2024		2023		2024		2023
Kalaeloa	$	79	$	67	$	145	$	134
HPOWER	16		16		33		34
Puna Geothermal Venture	14		9		27		17
Hamakua Energy	5		19		16		39
Kapolei Energy Storage	6		—		12		—
Wind IPPs	37		33		67		57
Solar IPPs	21		22		36		36
Other IPPs 1	3		2		5		4
Total IPPs	$	181	$	168	$	341	$	321

1 Includes hydro power and other PPAs.

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

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Recovery of COVID-19 related costs	$	2.2	$	0.5	$	0.5	$	3.2
Return of ERP benefit liability	—		(1.3)		(1.9)		(3.2)
Net 2024 ARA revenues	$	2.2	$	(0.8)	$	(1.4)	$	—

The net incremental amounts between the 2023 fall and 2024 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2024 through May 31, 2025 under the RBA rate tariffs, which were included in the 2024 spring revenue report filing.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental ARA revenues	$	2.2	$	(0.8)	$	(1.4)	$	—
Incremental PIMs (net)	(1.3)		(1.1)		(0.2)		(2.6)
Incremental MPIR/EPRM revenue adjustment	3.0		0.7		1.2		4.9
Incremental Pilot Process cost recovery	1.9		0.3		0.5		2.7
Net incremental amount to be collected (refunded) under the RBA rate tariffs	$	5.8	$	(0.9)	$	0.1	$	5.0

Schedule of Condensed Consolidating Statements of Income

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	564,628	117,663	110,040	—	—	$	792,331
Expenses
Fuel oil	187,386		28,941	42,325	—	—	258,652
Purchased power	137,139		31,068	13,121	—	—	181,328
Other operation and maintenance	93,717		24,544	29,300	—	—	147,561
Wildfire tort-related claims (Note 2)	1,369,600		171,200	171,200	—	—	1,712,000
Depreciation	42,003		10,964	9,845	—	—	62,812
Taxes, other than income taxes	53,214		10,943	10,261	—	—	74,418
Total expenses	1,883,059		277,660	276,052	—	—	2,436,771
Operating loss	(1,318,431)		(159,997)	(166,012)	—	—	(1,644,440)
Allowance for equity funds used during construction	2,578		288	470	—	—	3,336
Equity in earnings of subsidiaries	(246,099)		—	—	—	246,099	—
Retirement defined benefits credit (expense)—other than service costs	928		168	(24)	—	—	1,072
Interest expense and other charges, net	(15,717)		(2,974)	(4,559)	—	1,833	(21,417)
Allowance for borrowed funds used during construction	1,034		85	225	—	—	1,344
Interest Income	2,972		241	72	—	(1,833)	1,452
Loss before income taxes	(1,572,735)		(162,189)	(169,828)	—	246,099	(1,658,653)
Income tax benefit	(343,611)		(42,027)	(44,120)	—	—	(429,758)
Net loss	(1,229,124)		(120,162)	(125,708)	—	246,099	(1,228,895)
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net loss attributable to Hawaiian Electric	(1,229,124)		(120,295)	(125,804)	—	246,099	(1,229,124)
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net loss for common stock	$	(1,229,394)	(120,295)	(125,804)	—	246,099	$	(1,229,394)

(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

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,128,808	235,272	216,829	—	—	$	1,580,909
Expenses
Fuel oil	397,585		60,126	85,237	—	—	542,948
Purchased power	254,657		63,124	23,364	—	—	341,145
Other operation and maintenance	184,601		49,134	57,716	—	—	291,451
Wildfire tort-related claims (Note 2)	1,369,600		171,200	171,200	—	—	1,712,000
Depreciation	84,007		21,928	19,689	—	—	125,624
Taxes, other than income taxes	106,623		21,900	20,303	—	—	148,826
Total expenses	2,397,073		387,412	377,509	—	—	3,161,994
Operating loss	(1,268,265)		(152,140)	(160,680)	—	—	(1,581,085)
Allowance for equity funds used during construction	5,399		637	940	—	—	6,976
Equity in earnings of subsidiaries	(240,075)		—	—	—	240,075	—
Retirement defined benefits credit (expense)—other than service costs	1,855		336	(47)	—	—	2,144
Interest expense and other charges, net	(30,009)		(5,888)	(8,790)	—	3,285	(41,402)
Allowance for borrowed funds used during construction	2,113		192	425	—	—	2,730
Interest Income	5,635		396	138	—	(3,285)	2,884
Loss before income taxes	(1,523,347)		(156,467)	(168,014)	—	240,075	(1,607,753)
Income tax benefit	(333,714)		(40,829)	(44,035)	—	—	(418,578)
Net loss	(1,189,633)		(115,638)	(123,979)	—	240,075	(1,189,175)
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net loss attributable to Hawaiian Electric	(1,189,633)		(115,905)	(124,170)	—	240,075	(1,189,633)
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net loss for common stock	$	(1,190,173)	(115,905)	(124,170)	—	240,075	$	(1,190,173)

(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

Statements of Income and Comprehensive Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income
Interest and fees on loans	$	72,960	$	67,966	$	145,931	$	132,808
Interest and dividends on investment securities	13,218		13,775		28,182		28,412
Total interest and dividend income	86,178		81,741		174,113		161,220
Interest expense
Interest on deposit liabilities	18,015		9,661		35,447		16,498
Interest on other borrowings	6,479		8,852		14,633		16,573
Total interest expense	24,494		18,513		50,080		33,071
Net interest income	61,684		63,228		124,033		128,149
Provision for credit losses	(1,910)		43		(4,069)		1,218
Net interest income after provision for credit losses	63,594		63,185		128,102		126,931
Noninterest income
Fees from other financial services	5,133		5,009		10,007		9,688
Fee income on deposit liabilities	4,630		4,504		9,528		9,103
Fee income on other financial products	2,960		2,768		5,703		5,512
Bank-owned life insurance	2,255		1,955		5,839		3,380
Mortgage banking income	364		230		788		360
Gain on sale of real estate	—		495		—		495
Other income, net	423		678		1,109		1,479
Total noninterest income	15,765		15,639		32,974		30,017
Noninterest expense
Compensation and employee benefits	29,802		29,394		62,261		59,598
Occupancy	5,220		5,539		10,283		11,127
Data processing	4,960		5,095		9,806		10,107
Services	4,250		2,689		8,401		5,284
Equipment	2,477		2,957		5,126		5,603
Office supplies, printing and postage	1,006		1,109		2,024		2,274
Marketing	747		834		1,523		1,850
Goodwill impairment	82,190		—		82,190		—
Other expense	5,813		6,152		10,755		12,343
Total noninterest expense	136,465		53,769		192,369		108,186
Income (loss) before income taxes	(57,106)		25,055		(31,293)		48,762
Income tax (benefit)	(11,319)		4,851		(6,440)		9,996
Net income (loss)	(45,787)		20,204		(24,853)		38,766
Other comprehensive income (loss), net of taxes	1,633		(7,210)		(8,135)		11,220
Comprehensive income (loss)	$	(44,154)	$	12,994	$	(32,988)	$	49,986

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

	Three months ended June 30				Six months ended June 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income	$	86,178	$	81,741	$	174,113	$	161,220
Noninterest income	15,765		15,639		32,974		30,017
Less: Gain on sale of real estate	—		495		—		495
*Revenues-Bank	101,943		96,885		207,087		190,742
Total interest expense	24,494		18,513		50,080		33,071
Provision for credit losses	(1,910)		43		(4,069)		1,218
Noninterest expense	136,465		53,769		192,369		108,186
Less: Gain on sale of real estate	—		495		—		495
Less: Retirement defined benefits credit—other than service costs	(280)		(187)		(561)		(374)
*Expenses-Bank	159,329		72,017		238,941		142,354
*Operating income (loss)-Bank	(57,386)		24,868		(31,854)		48,388
Add back: Retirement defined benefits credit—other than service costs	(280)		(187)		(561)		(374)
Income (loss) before income taxes	$	(57,106)	$	25,055	$	(31,293)	$	48,762

Schedule of Condensed Consolidating Statement of Comprehensive Income

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net loss for common stock	$	(1,229,394)	(120,295)	(125,804)	—	246,099	$	(1,229,394)
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(505)		(39)	(57)	—	96	(505)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	459		35	50	—	(85)	459
Other comprehensive loss, net of taxes	(46)		(4)	(7)	—	11	(46)
Comprehensive loss attributable to common shareholder	$	(1,229,440)	(120,299)	(125,811)	—	246,110	$	(1,229,440)

(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

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net loss for common stock	$	(1,190,173)	(115,905)	(124,170)	—	240,075	$	(1,190,173)
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(1,013)		(77)	(116)	—	193	(1,013)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	918		70	99	—	(169)	918
Other comprehensive loss, net of taxes	(95)		(7)	(17)	—	24	(95)
Comprehensive loss attributable to common shareholder	$	(1,190,268)	(115,912)	(124,187)	—	240,099	$	(1,190,268)

(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

Schedule of Condensed Consolidating Balance Sheet

(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	5,645	3,514	—	—	$	52,019
Plant and equipment	5,471,342		1,483,570	1,396,982	—	—	8,351,894
Right-of-use assets - finance lease	362,741		36,074	50,757	—	—	449,572
Less accumulated depreciation	(2,001,115)		(676,745)	(608,860)	—	—	(3,286,720)
Construction in progress	264,823		27,641	43,739	—	—	336,203
Utility property, plant and equipment, net	4,140,651		876,185	886,132	—	—	5,902,968
Nonutility property, plant and equipment, less accumulated depreciation	5,293		115	1,532	—	—	6,940
Total property, plant and equipment, net	4,145,944		876,300	887,664	—	—	5,909,908
Investment in wholly owned subsidiaries, at equity	482,112		—	—	—	(482,112)	—
Current assets
Cash and cash equivalents	58,819		18,864	10,860	77	—	88,620
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	110,000		—	—	—	(110,000)	—
Customer accounts receivable, net	143,860		33,223	34,232	—	—	211,315
Accrued unbilled revenues, net	131,246		25,080	22,220	—	—	178,546
Other accounts receivable, net	59,341		12,802	24,179	—	(38,430)	57,892
Fuel oil stock, at average cost	112,116		13,843	20,132	—	—	146,091
Materials and supplies, at average cost	65,354		14,154	33,496	—	—	113,004
Prepayments and other	50,896		5,784	14,203	—	(4,287)	66,596
Regulatory assets	65,372		4,872	9,026	—	—	79,270
Total current assets	799,004		128,622	168,348	77	(152,717)	943,334
Other long-term assets
Operating lease right-of-use assets	32,387		24,197	8,156	—	—	64,740
Regulatory assets	200,662		15,123	27,354	—	—	243,139
Other	212,914		37,056	35,144	—	(47,337)	237,777
Total other long-term assets	445,963		76,376	70,654	—	(47,337)	545,656
Total assets	$	5,873,023	1,081,298	1,126,666	77	(682,166)	$	7,398,898

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

June 30, 2024

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,192,842	243,878	238,157	77	(482,112)	$	1,192,842
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,386,884		244,409	256,500	—	—	1,887,793
Total capitalization	2,602,019		495,287	499,657	77	(482,112)	3,114,928
Current liabilities
Current portion of operating lease liabilities	5,804		7,216	2,882	—	—	15,902
Current portion of long-term debt	39,961		4,995	1,998	—	—	46,954
Short-term borrowings from affiliate	—		—	110,000	—	(110,000)	—
Accounts payable	146,724		23,805	24,005	—	—	194,534
Interest and preferred dividends payable	17,001		3,228	3,394	—	(631)	22,992
Taxes accrued, including revenue taxes	180,419		40,640	32,687	—	(4,287)	249,459
Regulatory liabilities	10,442		8,284	5,380	—	—	24,106
Wildfire tort-related claims (Note 2)	1,369,600		171,200	171,200	—	—	1,712,000
Other	83,336		28,351	38,149	—	(37,799)	112,037
Total current liabilities	1,853,287		287,719	389,695	—	(152,717)	2,377,984
Deferred credits and other liabilities
Operating lease liabilities	31,854		17,342	5,583	—	—	54,779
Finance lease liabilities	348,341		34,712	50,178	—	—	433,231
Deferred income taxes	—		7,019	25,521	—	(32,540)	—
Regulatory liabilities	830,156		205,042	116,305	—	—	1,151,503
Unamortized tax credits	57,247		11,052	10,932	—	—	79,231
Defined benefit pension and other postretirement benefit plans liability	75,433		—	—	—	(14,797)	60,636
Other	74,686		23,125	28,795	—	—	126,606
Total deferred credits and other liabilities	1,417,717		298,292	237,314	—	(47,337)	1,905,986
Total capitalization and liabilities	$	5,873,023	1,081,298	1,126,666	77	(682,166)	$	7,398,898

(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	5,398,281		1,459,639	1,374,890	—	—	8,232,810
Finance lease right-of-use assets	306,099		36,075	—	—	—	342,174
Less accumulated depreciation	(1,925,660)		(666,581)	(605,273)	—	—	(3,197,514)
Construction in progress	247,836		33,488	38,899	—	—	320,223
Utility property, plant and equipment, net	4,069,415		868,266	812,110	—	—	5,749,791
Nonutility property, plant and equipment, less accumulated depreciation	5,295		115	1,532	—	—	6,942
Total property, plant and equipment, net	4,074,710		868,381	813,642	—	—	5,756,733
Investment in wholly owned subsidiaries, at equity	722,211		—	—	—	(722,211)	—
Current assets
Cash and cash equivalents	89,755		10,658	5,587	77	—	106,077
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	70,500		—	—	—	(70,500)	—
Customer accounts receivable, net	172,747		38,216	33,346	—	—	244,309
Accrued unbilled revenues, net	136,367		25,102	24,175	—	—	185,644
Other accounts receivable, net	143,160		13,318	32,521	—	(77,480)	111,519
Fuel oil stock, at average cost	108,228		17,968	22,041	—	—	148,237
Materials and supplies, at average cost	64,334		14,397	35,702	—	—	114,433
Prepayments and other	40,767		7,724	11,638	—	(1,638)	58,491
Regulatory assets	58,920		5,771	3,762	—	—	68,453
Total current assets	886,778		133,154	168,772	77	(149,618)	1,039,163
Other long-term assets
Operating lease right-of-use assets	34,856		27,470	9,551	—	—	71,877
Regulatory assets	189,417		13,575	23,359	—	—	226,351
Other	134,033		36,439	33,129	—	(14,171)	189,430
Total other long-term assets	358,306		77,484	66,039	—	(14,171)	487,658
Total assets	$	6,042,005	1,079,019	1,048,453	77	(886,000)	$	7,283,554

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

December 31, 2023

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diary	Consoli- dating adjustments	Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	2,409,110	359,790	362,344	77	(722,211)	$	2,409,110
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,426,516		249,339	258,422	—	—	1,934,277
Total capitalization	3,857,919		616,129	625,766	77	(722,211)	4,377,680
Current liabilities
Current portion of operating lease liabilities	6,788		7,025	2,804	—	—	16,617
Short-term borrowings-affiliate	—		—	70,500	—	(70,500)	—
Accounts payable	136,102		29,418	25,520	—	—	191,040
Interest and preferred dividends payable	17,085		3,098	3,074	—	(375)	22,882
Taxes accrued, including revenue taxes	211,840		43,932	37,808	—	(1,638)	291,942
Regulatory liabilities	20,013		8,508	8,038	—	—	36,559
Wildfire tort-related claims	75,000		—	—	—	—	75,000
Other	90,131		33,240	50,170	—	(77,105)	96,436
Total current liabilities	556,959		125,221	197,914	—	(149,618)	730,476
Deferred credits and other liabilities
Operating lease liabilities	34,262		20,792	7,044	—	—	62,098
Finance lease liabilities	295,935		35,043	—	—	—	330,978
Deferred income taxes	280,029		51,661	67,311	—	—	399,001
Regulatory liabilities	803,404		199,173	111,554	—	—	1,114,131
Unamortized tax credits	61,130		11,650	11,532	—	—	84,312
Defined benefit pension and other postretirement benefit plans liability	74,842		—	—	—	(14,171)	60,671
Other	77,525		19,350	27,332		—	124,207
Total deferred credits and other liabilities	1,627,127		337,669	224,773	—	(14,171)	2,175,398
Total capitalization and liabilities	$	6,042,005	1,079,019	1,048,453	77	(886,000)	$	7,283,554

Balance Sheets Data

(in thousands)	June 30, 2024				December 31, 2023
Assets
Cash and due from banks			$	139,114			$	184,383
Interest-bearing deposits			195,721				251,072
Cash and cash equivalents			334,835				435,455
Investment securities
Available-for-sale, at fair value			1,061,687				1,136,439
Held-to-maturity, at amortized cost (fair value of $1,058,691 and $1,103,668, at June 30, 2024 and December 31, 2023, respectively)			1,179,182				1,201,314
Stock in Federal Home Loan Bank, at cost			29,204				14,728
Loans held for investment			6,030,158				6,180,810
Allowance for credit losses			(66,813)				(74,372)
Net loans			5,963,345				6,106,438
Loans held for sale, at lower of cost or fair value			13,904				15,168
Other			698,648				681,460
Goodwill			—				82,190
Total assets			$	9,280,805			$	9,673,192
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,515,062			$	2,599,762
Deposit liabilities—interest-bearing			5,521,411				5,546,016
Other borrowings			520,000				750,000
Other			226,488				247,563
Total liabilities			8,782,961				9,143,341
Common stock			1				1
Additional paid-in capital			359,048				358,067
Retained earnings			439,202				464,055
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(291,864)			$	(282,963)
Retirement benefit plans	(8,543)		(300,407)		(9,309)		(292,272)
Total shareholder’s equity			497,844				529,851
Total liabilities and shareholder’s equity			$	9,280,805			$	9,673,192
Other assets
Bank-owned life insurance			$	197,714			$	187,857
Premises and equipment, net			181,855				187,042
Accrued interest receivable			29,003				28,472
Mortgage-servicing rights			7,906				8,169
Low-income housing investments			104,394				112,234
Deferred tax asset			122,927				104,292
Other			54,849				53,394
Total other assets			$	698,648			$	681,460
Other liabilities
Accrued expenses			$	110,173			$	115,231
Cashier’s checks			37,372				40,479
Advance payments by borrowers			11,477				10,107
Other			67,466				81,746
Total other liabilities			$	226,488			$	247,563

Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2023	$	2,409,110	359,790	362,344	77	(722,211)	$	2,409,110
Net loss for common stock	(1,190,173)		(115,905)	(124,170)	—	240,075	(1,190,173)
Other comprehensive loss, net of taxes	(95)		(7)	(17)	—	24	(95)
Common stock dividends	(26,000)		—	—	—	—	(26,000)
Balance, June 30, 2024	$	1,192,842	243,878	238,157	77	(482,112)	$	1,192,842

(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

Schedule of Condensed Consolidating Statement of Cash Flows

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	137,811	36,712	12,800	—	(1,850)	$	185,473
Cash flows from investing activities
Capital expenditures	(95,431)		(27,981)	(44,788)	—	—	(168,200)
Advances to affiliates	(39,500)		—	—	—	39,500	—
Other	535		245	(1,087)	—	1,850	1,543
Net cash used in investing activities	(134,396)		(27,736)	(45,875)	—	41,350	(166,657)
Cash flows from financing activities
Common stock dividends	(26,000)		—	—	—	—	(26,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(998)		—	—	—	—	(998)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	—		—	39,500	—	(39,500)	—
Payments of obligations under finance leases	(3,382)		(311)	(44)			(3,737)
Other	(3,971)		(459)	(1,108)	—	—	(5,538)
Net cash provided by (used in) financing activities	(34,351)		(770)	38,348	—	(39,500)	(36,273)
Net increase (decrease) in cash, cash equivalents and restricted cash	(30,936)		8,206	5,273	—	—	(17,457)
Cash, cash equivalents and restricted cash, beginning of period	91,755		10,658	5,587	77	—	108,077
Cash, cash equivalents and restricted cash, end of period	60,819		18,864	10,860	77	—	90,620
Less: Restricted cash	(2,000)		—	—	—	—	(2,000)
Cash and cash equivalents, end of period	$	58,819	18,864	10,860	77	—	$	88,620

(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