XML 89 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 2011
Fair value measurements  
Schedule of estimated fair values of certain of the Company's financial instruments

 

 

December 31

 

2011

 

2010

 

(in thousands)

 

Carrying or
notional
amount

 

Estimated
fair value

 

Carrying or
notional
amount

 

Estimated
fair value

 

 

 

 

 

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding money market funds

 

$

270,255

 

$

270,255

 

$

329,553

 

$

329,553

 

Money market funds

 

10

 

10

 

1,098

 

1,098

 

Available-for-sale investment and mortgage-related securities

 

624,331

 

624,331

 

678,152

 

678,152

 

Investment in stock of Federal Home Loan Bank of Seattle

 

97,764

 

97,764

 

97,764

 

97,764

 

Loans receivable, net

 

3,652,419

 

3,888,558

 

3,497,729

 

3,639,983

 

Financial liabilities

 

 

 

 

 

 

 

 

 

Deposit liabilities

 

4,070,032

 

3,991,717

 

3,975,372

 

3,979,027

 

Short-term borrowings—other than bank

 

68,821

 

68,821

 

24,923

 

24,923

 

Other bank borrowings

 

233,229

 

250,486

 

237,319

 

251,822

 

Long-term debt, net—other than bank

 

1,340,070

 

1,400,241

 

1,364,942

 

1,345,770

 

Forward starting swaps

 

–

 

–

 

2,762

 

2,762

 

Off-balance sheet items

 

 

 

 

 

 

 

 

 

HECO-obligated preferred securities of trust subsidiary

 

50,000

 

50,000

 

50,000

 

52,500

 
Schedule of assets and liabilities measured at fair value on a recurring basis

 

 

 

 

Fair value measurements using

 

(in thousands)

 

Quoted prices in
active markets
for identical
assets (Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

December 31, 2011

 

 

 

 

 

 

 

 

 

Money market funds (“other” segment)

 

$–

 

 

$         10

 

$–

 

 

Available-for-sale securities (bank segment)

 

 

 

 

 

 

 

 

 

Mortgage-related securities-FNMA, FHLMC and GNMA

 

$–

 

 

$344,865

 

$–

 

 

Federal agency obligations

 

–

 

 

220,727

 

–

 

 

Municipal bonds

 

–

 

 

58,739

 

–

 

 

 

 

$–

 

 

$624,331

 

$–

 

 

December 31, 2010

 

 

 

 

 

 

 

 

 

Money market funds (“other” segment)

 

$–

 

 

$   1,098

 

$–

 

 

Available-for-sale securities (bank segment)

 

 

 

 

 

 

 

 

 

Mortgage-related securities-FNMA, FHLMC and GNMA

 

$–

 

 

$319,970

 

$–

 

 

Federal agency obligations

 

–

 

 

315,896

 

–

 

 

Municipal bonds

 

–

 

 

42,286

 

–

 

 

 

 

$–

 

 

$678,152

 

$–

 

 

Forward starting swaps (“other” segment)

 

$–

 

 

$(2,762)

 

$–

 

 
Schedule of assets measured at fair value on a nonrecurring basis

 

 

Assets measured at fair value on a nonrecurring basis were as follows:

 

 

 

 

 

Fair value measurements using

 

 

 

 

 

Quoted prices in active

 

Significant other

 

Significant

 

 

 

 

 

markets for identical

 

Observable inputs

 

Unobservable inputs

 

(in millions) 

 

Balance

 

assets (Level 1)

 

(Level 2)

 

(Level 3)

 

Loans

 

 

 

 

 

 

 

 

 

December 31, 2011

 

$34

 

$–

 

$25

 

$9

 

December 31, 2010

 

35

 

–

 

26

 

9

 
Schedule of assets held in various trusts are measured at fair value on a recurring basis

 

 

Pension benefits

Other benefits

 

 

 

Fair value measurements using

 

Fair value measurements using

 

(in millions) 

December 31

Quoted prices
in active
markets for
identical
assets
(Level 1)

Significant
other
observable
inputs
(Level 2)

Significant
unobserv-
able
inputs
(Level 3)

December 31

Quoted prices
in active
markets for
identical
assets
(Level 1)

Significant
other
observable
inputs
(Level 2)

Significant
unobserv-
able
inputs
(Level 3)

 

2011

 

 

 

 

 

 

 

 

 

Equity securities

$425

$425

$–

$–

$73

$73

$–

$–

 

Equity index funds

82

82

–

–

15

15

–

–

 

Fixed income securities

283

98

185

–

43

37

6

–

 

Pooled and mutual funds

87

1

86

–

13

–

13

–

 

Total

877

$606

$271

$–

144

$125

$19

$–

 

Receivables and payables, net

(37)

 

 

 

(1)

 

 

 

 

Fair value of plan assets

$840

 

 

 

$143

 

 

 

 

2010

 

 

 

 

 

 

 

 

 

Equity securities

$453

$453

$–

$–

$80

$80

$–

$–

 

Equity index funds

80

80

–

–

14

14

–

–

 

Fixed income securities

238

55

183

–

8

2

6

–

 

Pooled and mutual funds

78

9

69

–

49

39

10

–

 

Total

849

$597

$252

$–

151

$135

$16

$–

 

Receivables and payables, net

(17)

 

 

 

–

 

 

 

 

Fair value of plan assets

$832

 

 

 

$151

 

 

 

 
Schedule of changes in Level 3 assets

 

 

 

2011

 

2010

 

(in thousands)

 

Pension
benefits

 

Other
benefits

 

Pension
benefits

 

Other
benefits

 

Balance, January 1

 

$141

 

$ 5

 

$ 67,420

 

$ 13,703

 

Realized and unrealized gains

 

92

 

3

 

6,650

 

1,445

 

Purchases and settlements, net

 

(16

)

(1

)

(317

)

(3,854

)

Transfer in or out of Level 3

 

–

 

–

 

(73,612

)

(11,289

)

Balance, December 31

 

 $217

 

$ 7

 

$      141

 

$          5