Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2022

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.

			Estimated fair value
(in thousands)	Carrying or notional amount		Quoted prices in active markets for identical assets  (Level 1)		Significant  other observable  inputs  (Level 2)		Significant unobservable inputs  (Level 3)		Total
September 30, 2022
Financial assets
HEI consolidated
Available-for-sale investment securities	$	2,232,336	$	—	$	2,217,303	$	15,033	$	2,232,336
Held-to-maturity investment securities	510,879		—		411,191		—		411,191
Loans, net	5,620,085		—		3,071		5,146,554		5,149,625
Mortgage servicing rights	9,351		—		—		17,244		17,244
Derivative assets	42,988		172		2,077		—		2,249
Financial liabilities
HEI consolidated
Deposit liabilities	499,797		—		485,755		—		485,755
Short-term borrowings—other than bank	171,125		—		171,125		—		171,125
Other bank borrowings	409,040		—		409,033		—		409,033
Long-term debt, net—other than bank	2,430,326		—		2,147,438		—		2,147,438
Derivative liabilities	4,897		—		88		—		88
Hawaiian Electric consolidated
Short-term borrowings	97,450		—		97,450		—		97,450
Long-term debt, net	1,736,694		—		1,510,725		—		1,510,725
December 31, 2021
Financial assets
HEI consolidated
Available-for-sale investment securities	$	2,574,618	$	—	$	2,559,191	$	15,427	$	2,574,618
Held-to-maturity investment securities	522,270		—		510,474		—		510,474
Loans, net	5,150,388		—		10,403		5,218,121		5,228,524
Mortgage servicing rights	9,950		—		—		14,480		14,480
Derivative assets	57,377		—		909		—		909
Financial liabilities
HEI consolidated
Deposit liabilities	423,976		—		442,361		—		442,361
Short-term borrowings—other than bank	53,998		—		53,998		—		53,998
Other bank borrowings	88,305		—		88,304		—		88,304
Long-term debt, net—other than bank	2,321,937		—		2,624,130		—		2,624,130
Derivative liabilities	57,000		11		5,271		—		5,282
Hawaiian Electric consolidated
Long-term debt, net	1,676,402		—		1,955,710		—		1,955,710

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:

	September 30, 2022						December 31, 2021
	Fair value measurements using						Fair value measurements using
(in thousands)	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Available-for-sale investment securities (bank segment)
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	$	—	$	2,080,955	$	—	$	—	$	2,437,923	$	—
U.S. Treasury and federal agency obligations	—		96,413		—		—		90,090		—
Corporate bonds	—		39,935		—		—		31,178		—
Mortgage revenue bonds	—		—		15,033		—		—		15,427
	$	—	$	2,217,303	$	15,033	$	—	$	2,559,191	$	15,427
Derivative assets
Interest rate lock commitments (bank segment)1	$	—	$	3	$	—	$	—	$	638	$	—
Forward commitments (bank segment)1	172		—		—		—		—		—
Interest rate swap (Other segment)2	—		2,074		—		—		271		—
	$	172	$	2,077	$	—	$	—	$	909	$	—
Derivative liabilities
Interest rate lock commitments (bank segment)1	$	—	$	88	$	—	$	—	$	—	$	—
Forward commitments (bank segment)1	—		—		—		11		—		—
Interest rate swap (Other segment)2	—		—		—		—		5,271		—
	$	—	$	88	$	—	$	11	$	5,271	$	—

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 assets and 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 September 30				Nine months ended September 30
Mortgage revenue bonds	2022		2021		2022		2021
(in thousands)
Beginning balance	$	15,165	$	15,427	$	15,427	$	27,185
Principal payments received	(132)		—		(394)		(11,758)
Purchases	—		—		—		—
Unrealized gain (loss) included in other comprehensive income	—		—		—		—
Ending balance	$	15,033	$	15,427	$	15,033	$	15,427