Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2022

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)	2022		2021		2022		2021
Kalaeloa	$	83	$	49	$	143	$	86
AES Hawaii	34		36		61		66
HPOWER	19		14		38		31
Hamakua Energy	14		12		30		23
Puna Geothermal Venture	14		7		24		11
Wind IPPs	38		28		56		57
Solar IPPs	13		16		26		28
Other IPPs 1	3		1		4		3
Total IPPs	$	218	$	163	$	382	$	305

1Includes hydro power and other PPAs

Schedule of net annual incremental amounts proposed to be collected (refunded)

The net incremental amounts between the 2021 fall and 2022 spring revenue reports are to be collected (refunded) from June 1, 2022 through May 31, 2023 as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental accrued RBA balance through September 30, 2021 (and associated revenue taxes)	$	(5.7)	$	2.1	$	(4.7)	$	(8.3)
Incremental Performance Incentive Mechanisms (net)	1.9		0.4		0.4		2.7
Incremental MPIR/EPRM Revenue Adjustment	1.3		0.8		0.7		2.8
Other	(0.1)		—		—		$	(0.1)
Net incremental amount to be collected under the RBA rate tariffs	$	(2.6)	$	3.3	$	(3.6)	$	(2.9)

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Three months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	576,472	124,502	117,928	—	(29)	$	818,873
Expenses
Fuel oil	184,297		33,065	52,293	—	—	269,655
Purchased power	165,202		38,735	14,148	—	—	218,085
Other operation and maintenance	82,707		21,331	20,854	—	—	124,892
Depreciation	39,501		10,352	8,886	—	—	58,739
Taxes, other than income taxes	54,025		11,378	10,945	—	—	76,348
Total expenses	525,732		114,861	107,126	—	—	747,719
Operating income	50,740		9,641	10,802	—	(29)	71,154
Allowance for equity funds used during construction	1,946		217	307	—	—	2,470
Equity in earnings of subsidiaries	12,237		—	—	—	(12,237)	—
Retirement defined benefits credit (expense)—other than service costs	856		167	(32)	—	—	991
Interest expense and other charges, net	(13,519)		(2,642)	(2,668)	—	29	(18,800)
Allowance for borrowed funds used during construction	637		67	94	—	—	798
Income before income taxes	52,897		7,450	8,503	—	(12,237)	56,613
Income taxes	8,492		1,659	1,828	—	—	11,979
Net income	44,405		5,791	6,675	—	(12,237)	44,634
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net income attributable to Hawaiian Electric	44,405		5,658	6,579	—	(12,237)	44,405
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	44,135	5,658	6,579	—	(12,237)	$	44,135

Condensed Consolidating Statement of Income

Three months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	422,697	91,512	87,670	—	—	$	601,879
Expenses
Fuel oil	91,345		19,586	28,205	—	—	139,136
Purchased power	124,948		24,236	13,281	—	—	162,465
Other operation and maintenance	77,903		19,474	20,765	—	—	118,142
Depreciation	38,907		10,053	8,421	—	—	57,381
Taxes, other than income taxes	40,301		8,539	8,231	—	—	57,071
Total expenses	373,404		81,888	78,903	—	—	534,195
Operating income	49,293		9,624	8,767	—	—	67,684
Allowance for equity funds used during construction	1,930		140	307	—	—	2,377
Equity in earnings of subsidiaries	10,744		—	—	—	(10,744)	—
Retirement defined benefits credit (expense)—other than service costs	884		169	(33)	—	—	1,020
Interest expense and other charges, net	(12,829)		(2,573)	(2,593)	—	—	(17,995)
Allowance for borrowed funds used during construction	654		48	110	—	—	812
Income before income taxes	50,676		7,408	6,558	—	(10,744)	53,898
Income taxes	8,505		1,668	1,325	—	—	11,498
Net income	42,171		5,740	5,233	—	(10,744)	42,400
Preferred stock dividends of subsidiaries	—		133	96	—	—	229
Net income attributable to Hawaiian Electric	42,171		5,607	5,137	—	(10,744)	42,171
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	41,901	5,607	5,137	—	(10,744)	$	41,901

Condensed Consolidating Statement of Income

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,076,714	233,030	217,956	—	(35)	$	1,527,665
Expenses
Fuel oil	338,722		58,316	93,903	—	—	490,941
Purchased power	289,385		69,447	22,786	—	—	381,618
Other operation and maintenance	166,363		41,545	42,241	—	—	250,149
Depreciation	78,985		20,703	17,522	—	—	117,210
Taxes, other than income taxes	101,299		21,410	20,289	—	—	142,998
Total expenses	974,754		211,421	196,741	—	—	1,382,916
Operating income	101,960		21,609	21,215	—	(35)	144,749
Allowance for equity funds used during construction	3,936		410	533	—	—	4,879
Equity in earnings of subsidiaries	25,898		—	—	—	(25,898)	—
Retirement defined benefits credit (expense)—other than service costs	1,711		334	(64)	—	—	1,981
Interest expense and other charges, net	(26,612)		(5,251)	(5,298)	—	35	(37,126)
Allowance for borrowed funds used during construction	1,288		127	161	—	—	1,576
Income before income taxes	108,181		17,229	16,547	—	(25,898)	116,059
Income taxes	17,097		3,927	3,493	—	—	24,517
Net income	91,084		13,302	13,054	—	(25,898)	91,542
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	91,084		13,035	12,863	—	(25,898)	91,084
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	90,544	13,035	12,863	—	(25,898)	$	90,544

Condensed Consolidating Statement of Income

Six months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	823,251	176,661	166,851	—	(20)	$	1,166,743
Expenses
Fuel oil	180,073		36,071	50,419	—	—	266,563
Purchased power	233,552		45,833	25,376	—	—	304,761
Other operation and maintenance	155,238		37,386	40,088	—	—	232,712
Depreciation	77,821		20,101	16,814	—	—	114,736
Taxes, other than income taxes	78,928		16,532	15,713	—	—	111,173
Total expenses	725,612		155,923	148,410	—	—	1,029,945
Operating income	97,639		20,738	18,441	—	(20)	136,798
Allowance for equity funds used during construction	3,678		272	618	—	—	4,568
Equity in earnings of subsidiaries	23,254		—	—	—	(23,254)	—
Retirement defined benefits credit (expense)—other than service costs	1,770		337	(66)	—	—	2,041
Interest expense and other charges, net	(25,661)		(5,154)	(5,183)	—	20	(35,978)
Allowance for borrowed funds used during construction	1,245		92	222	—	—	1,559
Income before income taxes	101,925		16,285	14,032	—	(23,254)	108,988
Income taxes	16,126		3,719	2,886	—	—	22,731
Net income	85,799		12,566	11,146	—	(23,254)	86,257
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	85,799		12,299	10,955	—	(23,254)	85,799
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	85,259	12,299	10,955	—	(23,254)	$	85,259

Statements of Income and Comprehensive Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2022		2021		2022		2021
Interest and dividend income
Interest and fees on loans	$	48,129	$	51,026	$	94,134	$	100,973
Interest and dividends on investment securities	14,693		11,040		28,677		19,713
Total interest and dividend income	62,822		62,066		122,811		120,686
Interest expense
Interest on deposit liabilities	921		1,281		1,868		2,743
Interest on other borrowings	139		23		144		50
Total interest expense	1,060		1,304		2,012		2,793
Net interest income	61,762		60,762		120,799		117,893
Provision for credit losses	2,757		(12,207)		(506)		(20,642)
Net interest income after provision for credit losses	59,005		72,969		121,305		138,535
Noninterest income
Fees from other financial services	4,716		5,464		10,303		10,537
Fee income on deposit liabilities	4,552		3,904		9,243		7,767
Fee income on other financial products	2,529		2,201		5,247		4,643
Bank-owned life insurance	(142)		1,624		539		4,185
Mortgage banking income	372		1,925		1,449		6,225
Gain on sale of real estate	—		—		1,002		—
Gain on sale of investment securities, net	—		—		—		528
Other income, net	475		76		847		348
Total noninterest income	12,502		15,194		28,630		34,233
Noninterest expense
Compensation and employee benefits	27,666		27,670		54,881		55,707
Occupancy	5,467		5,100		11,419		10,069
Data processing	4,484		4,533		8,635		8,884
Services	2,522		2,475		4,961		5,337
Equipment	2,402		2,394		4,731		4,616
Office supplies, printing and postage	1,073		978		2,133		2,022
Marketing	934		665		1,952		1,313
FDIC insurance	891		788		1,699		1,604
Other expense	3,959		3,568		7,200		6,122
Total noninterest expense	49,398		48,171		97,611		95,674
Income before income taxes	22,109		39,992		52,324		77,094
Income taxes	4,643		9,708		10,988		17,254
Net income	17,466		30,284		41,336		59,840
Other comprehensive income (loss), net of taxes	(88,835)		16,999		(211,276)		(28,755)
Comprehensive income (loss)	$	(71,369)	$	47,283	$	(169,940)	$	31,085

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

	Three months ended June 30				Six months ended June 30
(in thousands)	2022		2021		2022		2021
Interest and dividend income	$	62,822	$	62,066	$	122,811	$	120,686
Noninterest income	12,502		15,194		28,630		34,233
Less: Gain on sale of real estate	—		—		1,002		—
Less: Gain on sale of investment securities, net	—		—		—		528
*Revenues-Bank	75,324		77,260		150,439		154,391
Total interest expense	1,060		1,304		2,012		2,793
Provision for credit losses	2,757		(12,207)		(506)		(20,642)
Noninterest expense	49,398		48,171		97,611		95,674
Less: Gain on sale of real estate	—		—		1,002		—
Less: Retirement defined benefits credit—other than service costs	(186)		(186)		(371)		(1,464)
*Expenses-Bank	53,401		37,454		98,486		79,289
*Operating income-Bank	21,923		39,806		51,953		75,102
Add back: Retirement defined benefits credit—other than service costs	(186)		(186)		(371)		(1,464)
Add back: Gain on sale of investment securities, net	—		—		—		528
Income before income taxes	$	22,109	$	39,992	$	52,324	$	77,094

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	44,135	5,658	6,579	—	(12,237)	$	44,135
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	(5)		(72)	603	—	(531)	(5)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	56		74	(602)	—	528	56
Other comprehensive income, net of taxes	51		2	1	—	(3)	51
Comprehensive income attributable to common shareholder	$	44,186	5,660	6,580	—	(12,240)	$	44,186

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	41,901	5,607	5,137	—	(10,744)	$	41,901
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	5,846		834	761	—	(1,595)	5,846
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,811)		(834)	(761)	—	1,595	(5,811)
Other comprehensive income, net of taxes	35		—	—	—	—	35
Comprehensive income attributable to common shareholder	$	41,936	5,607	5,137	—	(10,744)	$	41,936

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	90,544	13,035	12,863	—	(25,898)	$	90,544
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	4,371		598	1,206	—	(1,804)	4,371
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,269)		(596)	(1,205)	—	1,801	(4,269)
Other comprehensive income, net of taxes	102		2	1	—	(3)	102
Comprehensive income attributable to common shareholder	$	90,646	13,037	12,864	—	(25,901)	$	90,646

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	85,259	12,299	10,955	—	(23,254)	$	85,259
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	11,691		1,669	1,522	—	(3,191)	11,691
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(11,622)		(1,668)	(1,522)	—	3,190	(11,622)
Other comprehensive income, net of taxes	69		1	—	—	(1)	69
Comprehensive income attributable to common shareholder	$	85,328	12,300	10,955	—	(23,255)	$	85,328

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

June 30, 2022

(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	5,606	3,594	—	—	$	52,060
Plant and equipment	5,178,903		1,399,002	1,262,710	—	—	7,840,615
Less accumulated depreciation	(1,816,724)		(633,559)	(576,012)	—	—	(3,026,295)
Construction in progress	173,970		20,725	31,984	—	—	226,679
Utility property, plant and equipment, net	3,579,009		791,774	722,276	—	—	5,093,059
Nonutility property, plant and equipment, less accumulated depreciation	5,300		115	1,532	—	—	6,947
Total property, plant and equipment, net	3,584,309		791,889	723,808	—	—	5,100,006
Investment in wholly owned subsidiaries, at equity	686,338		—	—	—	(686,338)	—
Current assets
Cash and cash equivalents	6,578		5,754	3,094	77	—	15,503
Restricted cash	1,129		—	—	—	—	1,129
Advances to affiliates	3,000		—	10,000	—	(13,000)	—
Customer accounts receivable, net	176,838		37,631	32,801	—	—	247,270
Accrued unbilled revenues, net	128,083		26,245	24,548	—	—	178,876
Other accounts receivable, net	20,525		3,063	3,320	—	(16,520)	10,388
Fuel oil stock, at average cost	178,911		17,254	27,622	—	—	223,787
Materials and supplies, at average cost	43,836		10,001	20,744	—	—	74,581
Prepayments and other	27,424		4,911	3,593	—	612	36,540
Regulatory assets	64,999		4,452	4,127	—	—	73,578
Total current assets	651,323		109,311	129,849	77	(28,908)	861,652
Other long-term assets
Operating lease right-of-use assets	49,326		36,743	13,621	—	—	99,690
Regulatory assets	309,077		76,660	71,585	—	—	457,322
Other	129,402		19,163	20,280	—	(519)	168,326
Total other long-term assets	487,805		132,566	105,486	—	(519)	725,338
Total assets	$	5,409,775	1,033,766	959,143	77	(715,765)	$	6,686,996
Capitalization and liabilities
Capitalization
Common stock equity	$	2,289,595	337,737	348,524	77	(686,338)	$	2,289,595
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,176,691		244,393	263,436	—	—	1,684,520
Total capitalization	3,488,579		589,130	616,960	77	(686,338)	4,008,408
Current liabilities
Current portion of operating lease liabilities	18,985		6,441	2,550	—	—	27,976
Current portion of long-term debt	39,991		11,997	—	—	—	51,988
Short-term borrowings from non-affiliates	54,987		—	—	—	—	54,987
Short-term borrowings from affiliate	10,000		3,000	—	—	(13,000)	—
Accounts payable	156,222		22,524	20,410	—	—	199,156
Interest and preferred dividends payable	12,779		2,677	2,350	—	(10)	17,796
Taxes accrued, including revenue taxes	145,594		34,157	31,636	—	612	211,999
Regulatory liabilities	14,614		3,532	4,487	—	—	22,633
Other	61,438		17,749	18,105	—	(16,668)	80,624
Total current liabilities	514,610		102,077	79,538	—	(29,066)	667,159
Deferred credits and other liabilities
Operating lease liabilities	44,498		30,428	11,185	—	—	86,111
Deferred income taxes	285,438		51,403	63,269	—	—	400,110
Regulatory liabilities	709,954		182,303	93,185	—	—	985,442
Unamortized tax credits	73,441		13,643	13,028	—	—	100,112
Defined benefit pension and other postretirement benefit plans liability	216,789		47,783	51,264	—	(361)	315,475
Other	76,466		16,999	30,714	—	—	124,179
Total deferred credits and other liabilities	1,406,586		342,559	262,645	—	(361)	2,011,429
Total capitalization and liabilities	$	5,409,775	1,033,766	959,143	77	(715,765)	$	6,686,996

Condensed Consolidating Balance Sheet

December 31, 2021

(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	$	42,737	5,606	3,594	—	—	$	51,937
Plant and equipment	5,097,033		1,390,361	1,248,589	—	—	7,735,983
Less accumulated depreciation	(1,757,096)		(619,991)	(563,430)	—	—	(2,940,517)
Construction in progress	159,854		17,129	27,586	—	—	204,569
Utility property, plant and equipment, net	3,542,528		793,105	716,339	—	—	5,051,972
Nonutility property, plant and equipment, less accumulated depreciation	5,302		115	1,532	—	—	6,949
Total property, plant and equipment, net	3,547,830		793,220	717,871	—	—	5,058,921
Investment in wholly owned subsidiaries, at equity	676,237		—	—	—	(676,237)	—
Current assets
Cash and cash equivalents	23,344		5,326	23,422	77	—	52,169
Restricted cash	3,089		—	—	—	—	3,089
Advances to affiliates	1,000		—	—	—	(1,000)	—
Customer accounts receivable, net	135,949		28,469	22,441	—	—	186,859
Accrued unbilled revenues, net	92,469		19,529	17,157	—	—	129,155
Other accounts receivable, net	18,624		3,347	3,031	—	(17,735)	7,267
Fuel oil stock, at average cost	71,184		12,814	20,080	—	—	104,078
Materials and supplies, at average cost	42,006		9,727	20,144	—	—	71,877
Prepayments and other	32,140		6,052	7,114	—	725	46,031
Regulatory assets	58,695		3,051	4,918	—	—	66,664
Total current assets	478,500		88,315	118,307	77	(18,010)	667,189
Other long-term assets
Operating lease right-of-use assets	78,710		22,442	318	—	—	101,470
Regulatory assets	337,903		81,645	79,331	—	—	498,879
Other	130,546		17,124	18,510	—	(1,014)	165,166
Total other long-term assets	547,159		121,211	98,159	—	(1,014)	765,515
Total assets	$	5,249,726	1,002,746	934,337	77	(695,261)	$	6,491,625
Capitalization and liabilities
Capitalization
Common stock equity	$	2,261,899	332,900	343,260	77	(676,237)	$	2,261,899
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,136,620		234,390	253,417	—	—	1,624,427
Total capitalization	3,420,812		574,290	601,677	77	(676,237)	3,920,619
Current liabilities
Current portion of operating lease liabilities	45,955		3,378	35	—	—	49,368
Current portion of long-term debt	39,981		11,994	—	—	—	51,975
Short-term borrowings-affiliate	—		1,000	—	—	(1,000)	—
Accounts payable	111,024		26,139	22,844	—	—	160,007
Interest and preferred dividends payable	12,442		2,617	2,269	—	(3)	17,325
Taxes accrued, including revenue taxes	143,723		33,153	30,679	—	725	208,280
Regulatory liabilities	22,240		3,247	4,273	—	—	29,760
Other	56,752		14,158	18,540	—	(17,881)	71,569
Total current liabilities	432,117		95,686	78,640	—	(18,159)	588,284
Deferred credits and other liabilities
Operating lease liabilities	46,426		19,063	291	—	—	65,780
Deferred income taxes	291,027		53,298	64,309	—	—	408,634
Regulatory liabilities	695,152		179,267	92,589	—	—	967,008
Unamortized tax credits	76,201		14,212	13,532	—	—	103,945
Defined benefit pension and other postretirement benefit plans liability	220,480		48,900	53,257	—	(857)	321,780
Other	67,511		18,030	30,042	—	(8)	115,575
Total deferred credits and other liabilities	1,396,797		332,770	254,020	—	(865)	1,982,722
Total capitalization and liabilities	$	5,249,726	1,002,746	934,337	77	(695,261)	$	6,491,625

Balance Sheets Data

(in thousands)	June 30, 2022				December 31, 2021
Assets
Cash and due from banks			$	128,971			$	100,051
Interest-bearing deposits			12,054				151,189
Cash and cash equivalents			141,025				251,240
Investment securities
Available-for-sale, at fair value			2,444,267				2,574,618
Held-to-maturity, at amortized cost (fair value of $440,023 and $510,474, respectively)			513,767				522,270
Stock in Federal Home Loan Bank, at cost			13,200				10,000
Loans held for investment			5,426,995				5,211,114
Allowance for credit losses			(69,456)				(71,130)
Net loans			5,357,539				5,139,984
Loans held for sale, at lower of cost or fair value			3,738				10,404
Other			659,139				590,897
Goodwill			82,190				82,190
Total assets			$	9,214,865			$	9,181,603
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,993,900			$	2,976,632
Deposit liabilities—interest-bearing			5,259,636				5,195,580
Other borrowings			241,610				88,305
Other			187,770				193,268
Total liabilities			8,682,916				8,453,785
Common stock			1				1
Additional paid-in capital			354,966				353,895
Retained earnings			426,040				411,704
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(241,301)			$	(32,037)
Retirement benefit plans	(7,757)		(249,058)		(5,745)		(37,782)
Total shareholder’s equity			531,949				727,818
Total liabilities and shareholder’s equity			$	9,214,865			$	9,181,603
Other assets
Bank-owned life insurance			$	181,166			$	177,566
Premises and equipment, net			199,429				202,299
Accrued interest receivable			21,335				20,854
Mortgage-servicing rights			9,696				9,950
Low-income housing investments			104,592				110,989
Real estate acquired in settlement of loans, net			271				—
Real estate held for sale			3,030				—
Deferred tax asset			84,814				7,699
Other			54,806				61,540
			$	659,139			$	590,897
Other liabilities
Accrued expenses			$	83,915			$	87,905
Federal and state income taxes payable			—				—
Cashier’s checks			33,747				33,675
Advance payments by borrowers			9,980				9,994
Other			60,128				61,694
			$	187,770			$	193,268

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	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	90,544		13,035	12,863	—	(25,898)	90,544
Other comprehensive income, net of taxes	102		2	1	—	(3)	102
Common stock dividends	(62,950)		(8,200)	(7,600)	—	15,800	(62,950)
Balance, June 30, 2022	$	2,289,595	337,737	348,524	77	(686,338)	$	2,289,595

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2020	$	2,141,918	317,451	309,363	77	(626,891)	$	2,141,918
Net income for common stock	85,259		12,299	10,955	—	(23,254)	85,259
Other comprehensive income, net of taxes	69		1	—	—	(1)	69
Common stock dividends	(55,850)		(7,300)	(7,550)	—	14,850	(55,850)
Balance, June 30, 2021	$	2,171,396	322,451	312,768	77	(635,296)	$	2,171,396

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	25,367	19,742	14,841	—	(15,800)	$	44,150
Cash flows from investing activities
Capital expenditures	(87,892)		(23,638)	(28,715)	—	—	(140,245)
Advances to affiliates	(2,000)		—	(10,000)	—	12,000	—
Other	4,471		834	1,380	—	—	6,685
Net cash used in investing activities	(85,421)		(22,804)	(37,335)	—	12,000	(133,560)
Cash flows from financing activities
Common stock dividends	(62,950)		(8,200)	(7,600)	—	15,800	(62,950)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540)		(267)	(191)	—	—	(998)
Proceeds from issuance of long-term debt	40,000		10,000	10,000	—	—	60,000
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	64,987		2,000	—	—	(12,000)	54,987
Other	(169)		(43)	(43)	—	—	(255)
Net cash provided by financing activities	41,328		3,490	2,166	—	3,800	50,784
Net increase (decrease) in cash, cash equivalents and restricted cash	(18,726)		428	(20,328)	—	—	(38,626)
Cash, cash equivalents and restricted cash, beginning of period	26,433		5,326	23,422	77	—	55,258
Cash, cash equivalents and restricted cash, end of period	7,707		5,754	3,094	77	—	16,632
Less: Restricted cash	(1,129)		—	—	—	—	(1,129)
Cash and cash equivalents, end of period	$	6,578	5,754	3,094	77	—	$	15,503

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	43,623	15,315	13,365	—	(14,850)	$	57,453
Cash flows from investing activities
Capital expenditures	(92,352)		(22,135)	(23,538)	—	—	(138,025)
Advances from affiliates	22,900		—	—	—	(22,900)	—
Other	3,087		911	672	—	—	4,670
Net cash used in investing activities	(66,365)		(21,224)	(22,866)	—	(22,900)	(133,355)
Cash flows from financing activities
Common stock dividends	(55,850)		(7,300)	(7,550)	—	14,850	(55,850)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540)		(267)	(191)	—	—	(998)
Repayment of short-term debt	(50,000)		—	—	—	—	(50,000)
Proceeds from issuance of long-term debt	60,000		30,000	25,000	—	—	115,000
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	37,999		(15,700)	(7,200)	—	22,900	37,999
Other	(703)		(116)	(122)	—	—	(941)
Net cash provided by (used in) financing activities	(9,094)		6,617	9,937	—	37,750	45,210
Net increase (decrease) in cash, cash equivalents and restricted cash	(31,836)		708	436	—	—	(30,692)
Cash, cash equivalents and restricted cash, beginning of period	58,171		3,046	2,032	77	—	63,326
Cash, cash equivalents and restricted cash, end of period	26,335		3,754	2,468	77	—	32,634
Less: Restricted cash	(8,968)		—	—	—	—	(8,968)
Cash and cash equivalents, end of period	$	17,367	3,754	2,468	77	—	$	23,666