Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Kalaeloa	$	74	$	77	$	219	$	211
HPOWER	20		17		53		51
Puna Geothermal Venture	15		7		42		24
Hamakua Energy	9		13		25		52
Kapolei Energy Storage	6		—		18		—
Wind IPPs	37		42		104		99
Solar IPPs	26		21		62		57
Other IPPs 1	2		1		7		5
Total IPPs	$	189	$	178	$	530	$	499

1 Includes hydro power and other PPAs.

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

The filing reflected ARA revenues for 2025 to be collected from January 1 through December 31, 2025, as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2025 ARA revenues	$	15.4	$	3.8	$	3.7	$	22.9
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Net 2025 ARA revenues	$	10.8	$	2.8	$	2.7	$	16.3

The proposed net incremental amounts between the 2024 spring and 2024 fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1, 2025 through December 31, 2025 under the RBA rate tariffs, which were proposed in the 2024 fall revenue report filing and subject to PUC approval.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2025 ARA revenues	$	15.4	$	3.8	$	3.7	$	22.9
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes)	(7.0)		(1.3)		6.4		(1.9)
Incremental PIMs (net)	(0.1)		0.1		—		—
Net incremental amount to be collected under the RBA rate tariffs	$	8.3	$	2.6	$	10.1	$	21.0

Schedule of Condensed Consolidating Statements of Income

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	592,784	123,238	113,840	2,402	(2,647)	$	829,617
Expenses
Fuel oil	207,498		31,464	40,076	—	—	279,038
Purchased power	135,645		35,291	18,229	—	—	189,165
Other operation and maintenance	105,977		25,614	32,769	484	(2,647)	162,197
Wildfire tort-related claims (Note 2)	130,400		16,300	16,300	—	—	163,000
Depreciation	42,004		10,964	9,844	—	—	62,812
Taxes, other than income taxes	55,787		11,511	10,671	—	—	77,969
Total expenses	677,311		131,144	127,889	484	(2,647)	934,181
Operating income (loss)	(84,527)		(7,906)	(14,049)	1,918	—	(104,564)
Allowance for equity funds used during construction	2,628		256	416	—	—	3,300
Equity in earnings of subsidiaries	(18,558)		—	—	—	18,558	—
Retirement defined benefits credit (expense)—other than service costs	826		162	(29)	—	—	959
Interest expense and other charges, net	(14,870)		(2,760)	(4,324)	—	1,731	(20,223)
Allowance for borrowed funds used during construction	1,055		75	201	—	—	1,331
Interest Income	2,971		324	107	—	(1,731)	1,671
Income (loss) before income taxes	(110,475)		(9,849)	(17,678)	1,918	18,558	(117,526)
Income tax expense (benefit)	(28,160)		(2,807)	(4,966)	494	—	(35,439)
Net income (loss)	(82,315)		(7,042)	(12,712)	1,424	18,558	(82,087)
Preferred stock dividends of subsidiaries	—		133	95	—	—	228
Net income (loss) attributable to Hawaiian Electric	(82,315)		(7,175)	(12,807)	1,424	18,558	(82,315)
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income (loss) for common stock	$	(82,585)	(7,175)	(12,807)	1,424	18,558	$	(82,585)

(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 tax expense (benefit)	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

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,721,592	358,510	330,669	2,402	(2,647)	$	2,410,526
Expenses
Fuel oil	605,083		91,590	125,313	—	—	821,986
Purchased power	390,302		98,415	41,593	—	—	530,310
Other operation and maintenance	290,578		74,748	90,485	484	(2,647)	453,648
Wildfire tort-related claims (Note 2)	1,500,000		187,500	187,500	—	—	1,875,000
Depreciation	126,011		32,892	29,533	—	—	188,436
Taxes, other than income taxes	162,410		33,411	30,974	—	—	226,795
Total expenses	3,074,384		518,556	505,398	484	(2,647)	4,096,175
Operating income (loss)	(1,352,792)		(160,046)	(174,729)	1,918	—	(1,685,649)
Allowance for equity funds used during construction	8,027		893	1,356	—	—	10,276
Equity in earnings of subsidiaries	(258,633)		—	—	—	258,633	—
Retirement defined benefits credit (expense)—other than service costs	2,681		498	(76)	—	—	3,103
Interest expense and other charges, net	(44,879)		(8,648)	(13,114)	—	5,016	(61,625)
Allowance for borrowed funds used during construction	3,168		267	626	—	—	4,061
Interest Income	8,606		720	245	—	(5,016)	4,555
Income (loss) before income taxes	(1,633,822)		(166,316)	(185,692)	1,918	258,633	(1,725,279)
Income tax expense (benefit)	(361,874)		(43,636)	(49,001)	494	—	(454,017)
Net income (loss)	(1,271,948)		(122,680)	(136,691)	1,424	258,633	(1,271,262)
Preferred stock dividends of subsidiaries	—		400	286	—	—	686
Net income (loss) attributable to Hawaiian Electric	(1,271,948)		(123,080)	(136,977)	1,424	258,633	(1,271,948)
Preferred stock dividends of Hawaiian Electric	810		—	—	—	—	810
Net income (loss) for common stock	$	(1,272,758)	(123,080)	(136,977)	1,424	258,633	$	(1,272,758)

(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

Statements of Income and Comprehensive Income Data

	Three months ended September 30				Nine months ended September 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income
Interest and fees on loans	$	73,654	$	71,540	$	219,585	$	204,348
Interest and dividends on investment securities	14,001		14,096		42,183		42,508
Total interest and dividend income	87,655		85,636		261,768		246,856
Interest expense
Interest on deposit liabilities	19,018		14,446		54,465		30,944
Interest on other borrowings	6,403		8,598		21,036		25,171
Total interest expense	25,421		23,044		75,501		56,115
Net interest income	62,234		62,592		186,267		190,741
Provision for credit losses	248		8,835		(3,821)		10,053
Net interest income after provision for credit losses	61,986		53,757		190,088		180,688
Noninterest income
Fees from other financial services	5,188		4,703		15,195		14,391
Fee income on deposit liabilities	5,156		4,924		14,684		14,027
Fee income on other financial products	3,131		2,440		8,834		7,952
Bank-owned life insurance	2,993		2,303		8,832		5,683
Mortgage banking income	363		341		1,151		701
Gain on sale of real estate	—		—		—		495
Other income, net	658		627		1,767		2,106
Total noninterest income	17,489		15,338		50,463		45,355
Noninterest expense
Compensation and employee benefits	31,485		29,902		93,746		89,500
Occupancy	5,630		5,154		15,913		16,281
Data processing	4,974		5,133		14,780		15,240
Services	3,816		3,627		12,217		8,911
Equipment	2,436		3,125		7,562		8,728
Office supplies, printing and postage	1,014		1,022		3,038		3,296
Marketing	885		984		2,408		2,834
Goodwill impairment	—		—		82,190		—
Other expense	5,806		7,399		16,561		19,742
Total noninterest expense	56,046		56,346		248,415		164,532
Income (loss) before income taxes	23,429		12,749		(7,864)		61,511
Income tax (benefit)	4,651		1,384		(1,789)		11,380
Net income (loss)	18,778		11,365		(6,075)		50,131
Other comprehensive income (loss), net of taxes	40,204		(34,231)		32,069		(23,011)
Comprehensive income (loss)	$	58,982	$	(22,866)	$	25,994	$	27,120

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

	Three months ended September 30				Nine months ended September 30
(in thousands)	2024		2023		2024		2023
Interest and dividend income	$	87,655	$	85,636	$	261,768	$	246,856
Noninterest income	17,489		15,338		50,463		45,355
Less: Gain on sale of real estate	—		—		—		495
*Revenues-Bank	105,144		100,974		312,231		291,716
Total interest expense	25,421		23,044		75,501		56,115
Provision for credit losses	248		8,835		(3,821)		10,053
Noninterest expense	56,046		56,346		248,415		164,532
Less: Gain on sale of real estate	—		—		—		495
Less: Retirement defined benefits credit—other than service costs	(257)		(190)		(818)		(564)
*Expenses-Bank	81,972		88,415		320,913		230,769
*Operating income (loss)-Bank	23,172		12,559		(8,682)		60,947
Add back: Retirement defined benefits credit—other than service costs	(257)		(190)		(818)		(564)
Income (loss) before income taxes	$	23,429	$	12,749	$	(7,864)	$	61,511

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 income (loss) for common stock	$	(82,585)	(7,175)	(12,807)	1,424	18,558	$	(82,585)
Other comprehensive income (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	(1,331)		(40)	(71)	—	111	(1,331)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	1,333		42	64	—	(106)	1,333
Other comprehensive income (loss), net of taxes	2		2	(7)	—	5	2
Comprehensive income (loss) attributable to common shareholder	$	(82,583)	(7,173)	(12,814)	1,424	18,563	$	(82,583)

(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

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income (loss) for common stock	$	(1,272,758)	(123,080)	(136,977)	1,424	258,633	$	(1,272,758)
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	(2,344)		(117)	(187)	—	304	(2,344)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	2,251		112	163	—	(275)	2,251
Other comprehensive loss, net of taxes	(93)		(5)	(24)	—	29	(93)
Comprehensive income (loss) attributable to common shareholder	$	(1,272,851)	(123,085)	(137,001)	1,424	258,662	$	(1,272,851)

(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

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	5,503,512		1,494,982	1,414,657	—	—	8,413,151
Right-of-use assets - finance lease	362,741		36,074	50,757	—	—	449,572
Less accumulated depreciation	(2,028,302)		(685,469)	(609,419)	—	—	(3,323,190)
Construction in progress	276,525		27,878	42,270	—	—	346,673
Utility property, plant and equipment, net	4,157,336		879,110	901,779	—	—	5,938,225
Nonutility property, plant and equipment, less accumulated depreciation	5,292		115	1,532	—	—	6,939
Total property, plant and equipment, net	4,162,628		879,225	903,311	—	—	5,945,164
Investment in wholly owned subsidiaries, at equity	669,450		—	—	—	(669,450)	—
Current assets
Cash and cash equivalents	99,392		25,734	11,833	10,665	—	147,624
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	46,200		—	—	—	(46,200)	—
Customer accounts receivable, net	32,405		7,594	9,774	158,180	—	207,953
Accrued unbilled revenues, net	23,595		5,568	3,560	166,934	—	199,657
Other accounts receivable, net	193,771		61,265	54,397	—	(223,945)	85,488
Fuel oil stock, at average cost	79,736		10,657	18,650	—	—	109,043
Materials and supplies, at average cost	66,289		14,736	33,029	—	—	114,054
Prepayments and other	70,526		7,456	18,559	—	(1,718)	94,823
Regulatory assets	46,579		4,761	8,496	—	—	59,836
Total current assets	660,493		137,771	158,298	335,779	(271,863)	1,020,478
Other long-term assets
Operating lease right-of-use assets	31,134		22,422	7,451	—	—	61,007
Regulatory assets	207,572		16,091	30,748	—	—	254,411
Other	250,162		37,716	34,850	—	(40,584)	282,144
Total other long-term assets	488,868		76,229	73,049	—	(40,584)	597,562
Total assets	$	5,981,439	1,093,225	1,134,658	335,779	(981,897)	$	7,563,204

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

September 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	$	1,110,259	237,105	280,629	151,716	(669,450)	$	1,110,259
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,387,029		244,437	256,537	—	—	1,888,003
Total capitalization	2,519,581		488,542	542,166	151,716	(669,450)	3,032,555
Current liabilities
Current portion of operating lease liabilities	5,183		7,302	2,926	—	—	15,411
Current portion of long-term debt	39,980		4,998	1,999	—	—	46,977
Short-term borrowings from affiliate	—		—	46,200	—	(46,200)	—
Accounts payable	141,147		24,484	36,796	—	—	202,427
Interest and preferred dividends payable	22,194		3,652	4,508	—	(537)	29,817
Taxes accrued, including revenue taxes	187,756		40,137	34,984	494	(1,718)	261,653
Regulatory liabilities	10,887		9,782	5,015	—	—	25,684
Wildfire tort-related claims (Note 2)	383,000		47,875	47,875	—	—	478,750
Other	91,572		28,782	33,180	183,569	(223,408)	113,695
Total current liabilities	881,719		167,012	213,483	184,063	(271,863)	1,174,414
Deferred credits and other liabilities
Operating lease liabilities	30,785		15,480	4,831	—	—	51,096
Finance lease liabilities	346,344		34,543	50,036	—	—	430,923
Deferred income taxes	—		3,024	22,534	—	(25,558)	—
Regulatory liabilities	839,392		208,022	118,001	—	—	1,165,415
Unamortized tax credits	56,219		10,887	11,100	—	—	78,206
Defined benefit pension and other postretirement benefit plans liability	75,907		—	—	—	(15,026)	60,881
Wildfire tort-related claims (Note 2)	1,149,000		143,625	143,625	—	—	1,436,250
Other	82,492		22,090	28,882	—	—	133,464
Total deferred credits and other liabilities	2,580,139		437,671	379,009	—	(40,584)	3,356,235
Total capitalization and liabilities	$	5,981,439	1,093,225	1,134,658	335,779	(981,897)	$	7,563,204

(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)	September 30, 2024				December 31, 2023
Assets
Cash and due from banks			$	155,869			$	184,383
Interest-bearing deposits			176,784				251,072
Cash and cash equivalents			332,653				435,455
Investment securities
Available-for-sale, at fair value			1,084,083				1,136,439
Held-to-maturity, at amortized cost (fair value of $1,086,205 and $1,103,668, at September 30, 2024 and December 31, 2023, respectively)			1,159,229				1,201,314
Stock in Federal Home Loan Bank, at cost			29,204				14,728
Loans held for investment			6,037,410				6,180,810
Allowance for credit losses			(64,796)				(74,372)
Net loans			5,972,614				6,106,438
Loans held for sale, at lower of cost or fair value			2,704				15,168
Other			687,359				681,460
Goodwill			—				82,190
Total assets			$	9,267,846			$	9,673,192
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,486,717			$	2,599,762
Deposit liabilities—interest-bearing			5,512,493				5,546,016
Other borrowings			520,000				750,000
Other			191,512				247,563
Total liabilities			8,710,722				9,143,341
Common stock			1				1
Additional paid-in capital			359,346				358,067
Retained earnings			457,980				464,055
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(251,703)			$	(282,963)
Retirement benefit plans	(8,500)		(260,203)		(9,309)		(292,272)
Total shareholder’s equity			557,124				529,851
Total liabilities and shareholder’s equity			$	9,267,846			$	9,673,192
Other assets
Bank-owned life insurance			$	199,741			$	187,857
Premises and equipment, net			180,073				187,042
Accrued interest receivable			28,764				28,472
Mortgage-servicing rights			7,722				8,169
Low-income housing investments			100,499				112,234
Deferred tax asset			108,338				104,292
Other			62,222				53,394
Total other assets			$	687,359			$	681,460
Other liabilities
Accrued expenses			$	80,788			$	115,231
Cashier’s checks			35,625				40,479
Advance payments by borrowers			4,373				10,107
Other			70,726				81,746
Total other liabilities			$	191,512			$	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 income (loss) for common stock	(1,272,758)		(123,080)	(136,977)	1,424	258,633	(1,272,758)
Other comprehensive loss, net of taxes	(93)		(5)	(24)	—	29	(93)
Common stock dividends	(26,000)		—	—	—	—	(26,000)
Additional paid-in capital	—		400	286	—	(686)	—
Issuance of common stock, net of expenses	—		—	55,000	150,215	(205,215)	—
Balance, September 30, 2024	$	1,110,259	237,105	280,629	151,716	(669,450)	$	1,110,259

(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

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 (used in) operating activities	$	237,155	54,936	41,851	(9,212)	(2,082)	$	322,648
Cash flows from investing activities
Capital expenditures	(141,000)		(39,405)	(63,895)	—	—	(244,300)
Advances to affiliates	(30,700)		—	—	—	30,700	—
Other	(18,696)		523	(1,012)	—	21,882	2,697
Net cash used in investing activities	(190,396)		(38,882)	(64,907)	—	52,582	(241,603)
Cash flows from financing activities
Common stock dividends	(26,000)		—	—	—	—	(26,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,496)		—	—	—	—	(1,496)
Proceeds from issuance of common stock	—		—	—	19,800	(19,800)	—
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	—		—	30,700	—	(30,700)	—
Payments of obligations under finance leases	(5,233)		(470)	(173)	—	—	(5,876)
Other	(4,393)		(508)	(1,225)	—	—	(6,126)
Net cash provided by (used in) financing activities	(37,122)		(978)	29,302	19,800	(50,500)	(39,498)
Net increase in cash, cash equivalents and restricted cash	9,637		15,076	6,246	10,588	—	41,547
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	101,392		25,734	11,833	10,665	—	149,624
Less: Restricted cash	(2,000)		—	—	—	—	(2,000)
Cash and cash equivalents, end of period	$	99,392	25,734	11,833	10,665	—	$	147,624

(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 to 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 and cash equivalents, 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