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Fair value measurements (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of estimated fair values of certain of the Company's financial instruments
The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments. For stock in Federal Home Loan Bank, the carrying amount is a reasonable estimate of fair value because it can only be redeemed at par.
 Estimated fair value
(in thousands)Carrying or notional amountQuoted prices in
active markets
for identical assets
(Level 1)		Significant
 other observable
 inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Total
June 30, 2020     
Financial assets     
HEI consolidated
Available-for-sale investment securities
$1,389,633  $—  $1,360,806  $28,827  $1,389,633  
Held-to-maturity investment securities
124,623  —  131,131  —  131,131  
Stock in Federal Home Loan Bank
9,880  —  9,880  —  9,880  
Loans, net5,393,653  —  37,345  5,540,050  5,577,395  
Mortgage servicing rights9,647  —  —  10,328  10,328  
Derivative assets70,190  —  2,341  —  2,341  
Financial liabilities    
HEI consolidated
Deposit liabilities657,627  —  663,296  —  663,296  
Short-term borrowings—other than bank131,180  —  131,180  —  131,180  
Other bank borrowings124,975  —  124,966  —  124,966  
Long-term debt, net—other than bank2,070,224  —  2,427,374  —  2,427,374  
   Derivative liabilities81,861  287  4,843  —  5,130  
Hawaiian Electric consolidated
Short-term borrowings49,919  —  49,919  —  49,919  
Long-term debt, net 1,574,955  —  1,895,365  —  1,895,365  
December 31, 2019     
Financial assets     
HEI consolidated
Available-for-sale investment securities
$1,232,826  $—  $1,204,229  $28,597  $1,232,826  
Held-to-maturity investment securities
139,451  —  143,467  —  143,467  
Stock in Federal Home Loan Bank
8,434  —  8,434  —  8,434  
Loans, net5,080,107  —  12,295  5,145,242  5,157,537  
Mortgage servicing rights9,101  —  —  12,379  12,379  
Derivative assets25,179  —  300  —  300  
Financial liabilities    
HEI consolidated
Deposit liabilities769,825  —  765,976  —  765,976  
Short-term borrowings—other than bank185,710  —  185,710  —  185,710  
Other bank borrowings115,110  —  115,107  —  115,107  
Long-term debt, net—other than bank1,964,365  —  2,156,927  —  2,156,927  
Derivative liabilities51,375  33  2,185  —  2,218  
Hawaiian Electric consolidated
Short-term borrowings88,987  —  88,987  —  88,987  
Long-term debt, net 1,497,667  —  1,670,189  —  1,670,189  
Schedule of assets measured at fair value on a recurring basis Assets and liabilities measured at fair value on a recurring basis were as follows:
June 30, 2020December 31, 2019
 Fair value measurements usingFair value measurements using
(in thousands)Level 1Level 2Level 3Level 1Level 2Level 3
Available-for-sale investment securities (bank segment)      
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies
$—  $1,226,985  $—  $—  $1,026,385  $—  
U.S. Treasury and federal agency obligations—  102,414  —  —  117,787  —  
Corporate bonds—  31,407  —  —  60,057  —  
Mortgage revenue bonds—  —  28,827  —  —  28,597  
 $—  $1,360,806  $28,827  $—  $1,204,229  $28,597  
Derivative assets      
Interest rate lock commitments (bank segment)1
$—  $2,341  $—  $—  $297  $—  
Forward commitments (bank segment)1
—  —  —  —  3  —  
 $—  $2,341  $—  $—  $300  $—  
Derivative liabilities
Forward commitments (bank segment)1
$287  $—  $—  $33  $12  $—  
Interest rate swap (Other segment)2
—  4,843  —  —  2,173  —  
$287  $4,843  $—  $33  $2,185  $—  
1  Derivatives are carried at fair value in other assets or other liabilities in the balance sheets with changes in value included in mortgage banking income.
2  Derivatives are included in other liabilities in the balance sheets.
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows:
Three months ended June 30Six months ended June 30
Mortgage revenue bonds2020201920202019
(in thousands)
Beginning balance$28,726  $27,970  $28,597  $23,636  
Principal payments received—  —  —  —  
Purchases101  196  230  4,530  
Unrealized gain (loss) included in other comprehensive income—  —  —  —  
Ending balance$28,827  $28,166  $28,827  $28,166  
Schedule of assets measured at fair value on a nonrecurring basis The carrying value of assets measured at fair value on a nonrecurring basis were as follows:
  Fair value measurements using
(in thousands) BalanceLevel 1Level 2Level 3
June 30, 2020
   Mortgage servicing rights$5,419  $—  $—  $5,419  
December 31, 2019
Loans25  —  —  25  
Schedule of significant unobservable inputs used in the fair value measurement
Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows:
(dollars in thousands)June 30, 2020December 31, 2019
Unpaid principal balance$1,360,920  $1,276,437  
Weighted average note rate3.87 %3.96 %
Weighted average discount rate9.3 %9.3 %
Weighted average prepayment speed16.9 %11.4 %
The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis:
Significant unobservable
 input value (1)
($ in thousands)Fair value Valuation techniqueSignificant unobservable inputRangeWeighted
Average
June 30, 2020
Mortgage servicing rights$5,419  Discounted cash flowPrepayment Speed
13.9% - 18.4%
16.6 %
Discount rate9.3 %9.3 %
December 31, 2019
Residential land$25  Fair value of property or collateral
Appraised value less 7% selling cost
N/A (2)N/A (2)
Total loans$25     
(1) Represents percent of outstanding principal balance.
(2) N/A - Not applicable. There is one asset in each fair value measurement type.