Exact Name of Registrant as | ||||||||||||||||||||||||||
Specified in Its Charter | Commission File Number | I.R.S. Employer Identification No. | ||||||||||||||||||||||||
HAWAIIAN ELECTRIC INDUSTRIES, INC. | 1-8503 | 99-0208097 | ||||||||||||||||||||||||
and Principal Subsidiary | ||||||||||||||||||||||||||
HAWAIIAN ELECTRIC COMPANY, INC. | 1-4955 | 99-0040500 |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||
Hawaiian Electric Industries, Inc. | Common Stock, Without Par Value | HE | New York Stock Exchange |
Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐ |
Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐ |
Hawaiian Electric Industries, Inc.: | Hawaiian Electric Company, Inc.: | ||||||||||||||||||||||||||||||||||
Large accelerated filer | |||||||||||||||||||||||||||||||||||
☒ | |||||||||||||||||||||||||||||||||||
Smaller reporting company | ☐ | Large accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||||||||||||
Accelerated filer | ☐ | Emerging growth company | ☐ | Accelerated filer | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||||||||||
Non-accelerated filer | ☐ | Non-accelerated filer | ☒ |
Hawaiian Electric Industries, Inc. | ☐ | Hawaiian Electric Company, Inc. | ☐ |
Hawaiian Electric Industries, Inc. | Yes | ☐ | No | ☒ | Hawaiian Electric Company, Inc. | Yes | ☐ | No | ☒ |
Class of Common Stock | Outstanding | |||||||||||||
Hawaiian Electric Industries, Inc. (Without Par Value) | Shares | |||||||||||||
Hawaiian Electric Company, Inc. ($6-2/3 Par Value) | Shares (not publicly traded) |
Page No. | ||||||||||||||
Terms | Definitions | |||||||
ACL | Allowance for credit losses, which is the current credit loss standard, requires recording the allowance based on the expected loss model | |||||||
AES Hawaii | AES Hawaii, Inc. | |||||||
AFS | Available for sale | |||||||
Accumulated other comprehensive income/(loss) | ||||||||
ASB | American Savings Bank, F.S.B., a wholly-owned subsidiary of ASB Hawaii, Inc. | |||||||
ASB Hawaii | ASB Hawaii, Inc. (formerly American Savings Holdings, Inc.), a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B. | |||||||
ASU | Accounting Standards Update | |||||||
Community-based renewable energy | ||||||||
Company | Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B.; | |||||||
Consumer Advocate | Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii | |||||||
Decision and order from the PUC | ||||||||
Distributed | ||||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | |||||||
DOH | Department of Health of the State of Hawaii | |||||||
DRIP | HEI Dividend Reinvestment and Stock Purchase Plan | |||||||
Energy cost | ||||||||
EIP | 2010 Equity and Incentive Plan, as amended and restated | |||||||
EPA | Environmental Protection Agency — federal | |||||||
EPS | Earnings per share | |||||||
ERP/EAM | Enterprise Resource Planning/Enterprise Asset Management | |||||||
EVE | Economic value of equity | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
federal | U.S. Government | |||||||
FHLB | Federal Home Loan Bank | |||||||
FHLMC | Federal Home Loan Mortgage Corporation | |||||||
FNMA | Federal National Mortgage Association | |||||||
FRB | Federal Reserve Board | |||||||
GAAP | Accounting principles generally accepted in the United States of America |
GNMA | ||||||||
Government National Mortgage Association | ||||||||
Hamakua Energy | Hamakua Energy, LLC, an indirect subsidiary of HEI and successor in interest to Hamakua Energy Partners, L.P., an affiliate of Arclight Capital Partners (a Boston-based private equity firm focused on energy infrastructure investments) and successor in interest to Encogen Hawaii, L.P. | |||||||
Hawaii Electric Light | Hawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc. |
Terms | Definitions | |||||||
Hawaiian Electric | Hawaiian Electric Company, Inc., an electric utility subsidiary of Hawaiian Electric Industries, Inc. and parent company of Hawaii Electric Light Company, Inc., Maui Electric Company, Limited | |||||||
Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc., | ||||||||
HEIRSP | Hawaiian Electric Industries Retirement Savings Plan | |||||||
HELOC | Home equity line of credit | |||||||
HPOWER | City and County of Honolulu with respect to a power purchase agreement for a refuse-fired plant | |||||||
IPP | Independent power producer | |||||||
Kalaeloa | Kalaeloa Partners, L.P. | |||||||
Kilowatthour/s (as applicable) | ||||||||
Long-term incentive plan | ||||||||
Maui Electric | Maui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc. | |||||||
Major Project Interim Recovery | ||||||||
Mortgage servicing right | ||||||||
MW | Megawatt/s (as applicable) | |||||||
Net interest income | ||||||||
NPBC | Net periodic benefit costs | |||||||
NPPC | Net periodic pension costs | |||||||
O&M | Other operation and maintenance | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OPEB | Postretirement benefits other than pensions | |||||||
Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Hamakua Holdings, LLC and Mauo Holdings, LLC | ||||||||
PBR | Performance-based regulation | |||||||
PGV | Puna Geothermal Venture | |||||||
PIMs | Performance incentive mechanisms | |||||||
PPA | Power purchase agreement | |||||||
PPAC | Purchased power adjustment clause | |||||||
Public Utilities Commission of the State of Hawaii | ||||||||
PV | Photovoltaic | |||||||
RAM | Rate adjustment mechanism | |||||||
RBA | Revenue balancing account | |||||||
RFP | Request for proposals | |||||||
ROACE | Return on average common equity | |||||||
RORB | Return on rate base | |||||||
RPS | Renewable portfolio standards | |||||||
SEC | Securities and Exchange Commission | |||||||
See | Means the referenced material is incorporated by reference | |||||||
TDR | Troubled debt restructuring | |||||||
Utilities | Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited | |||||||
VIE | Variable interest entity |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts) | 2017 | 2016 | 2017 | 2016 | (in thousands, except per share amounts) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric utility | $ | 598,769 | $ | 572,253 | $ | 1,674,255 | $ | 1,549,700 | Electric utility | $ | 534,215 | $ | 633,784 | $ | 1,131,657 | $ | 1,212,279 | |||||||||||||||||||||||||||||||||||||
Bank | 74,289 | 73,708 | 222,474 | 213,297 | Bank | 74,714 | 81,687 | 154,452 | 164,739 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 127 | 94 | 299 | 262 | Other | 16 | 14 | 22 | 82 | |||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 673,185 | 646,055 | 1,897,028 | 1,763,259 | Total revenues | 608,945 | 715,485 | 1,286,131 | 1,377,100 | |||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric utility | 511,693 | 482,441 | 1,483,194 | 1,333,876 | Electric utility | 466,414 | 578,090 | 1,019,898 | 1,100,025 | |||||||||||||||||||||||||||||||||||||||||||||
Bank | 47,525 | 50,981 | 146,754 | 150,752 | Bank | 66,221 | 60,435 | 126,556 | 117,365 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 4,422 | 7,191 | 13,777 | 18,883 | Other | 4,754 | 4,326 | 8,419 | 9,139 | |||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 563,640 | 540,613 | 1,643,725 | 1,503,511 | Total expenses | 537,389 | 642,851 | 1,154,873 | 1,226,529 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric utility | 87,076 | 89,812 | 191,061 | 215,824 | Electric utility | 67,801 | 55,694 | 111,759 | 112,254 | |||||||||||||||||||||||||||||||||||||||||||||
Bank | 26,764 | 22,727 | 75,720 | 62,545 | Bank | 8,493 | 21,252 | 27,896 | 47,374 | |||||||||||||||||||||||||||||||||||||||||||||
Other | (4,295 | ) | (7,097 | ) | (13,478 | ) | (18,621 | ) | Other | (4,738) | (4,312) | (8,397) | (9,057) | |||||||||||||||||||||||||||||||||||||||||
Total operating income | 109,545 | 105,442 | 253,303 | 259,748 | Total operating income | 71,556 | 72,634 | 131,258 | 150,571 | |||||||||||||||||||||||||||||||||||||||||||||
Merger termination fee | — | 90,000 | — | 90,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | Retirement defined benefits expense—other than service costs | (934) | (761) | (1,868) | (1,524) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net—other than on deposit liabilities and other bank borrowings | (19,227 | ) | (19,365 | ) | (59,235 | ) | (56,792 | ) | Interest expense, net—other than on deposit liabilities and other bank borrowings | (22,613) | (23,533) | (44,388) | (46,656) | |||||||||||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,339 | 854 | 3,371 | 2,276 | Allowance for borrowed funds used during construction | 752 | 1,179 | 1,440 | 2,257 | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 3,482 | 2,274 | 8,908 | 6,010 | Allowance for equity funds used during construction | 2,194 | 3,175 | 4,209 | 6,085 | |||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | 9,275 | — | 9,275 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 95,139 | 179,205 | 206,347 | 301,242 | Income before income taxes | 60,230 | 52,694 | 99,926 | 110,733 | |||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 34,595 | 51,592 | 72,003 | 96,203 | Income taxes | 10,870 | 9,709 | 16,673 | 21,587 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 60,544 | 127,613 | 134,344 | 205,039 | Net income | 49,360 | 42,985 | 83,253 | 89,146 | |||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 471 | 471 | 1,417 | 1,417 | Preferred stock dividends of subsidiaries | 473 | 473 | 946 | 946 | |||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | $ | 60,073 | $ | 127,142 | $ | 132,927 | $ | 203,622 | Net income for common stock | $ | 48,887 | $ | 42,512 | $ | 82,307 | $ | 88,200 | |||||||||||||||||||||||||||||||||||||
Basic earnings per common share | $ | 0.55 | $ | 1.17 | $ | 1.22 | $ | 1.89 | Basic earnings per common share | $ | 0.45 | $ | 0.39 | $ | 0.75 | $ | 0.81 | |||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.55 | $ | 1.17 | $ | 1.22 | $ | 1.88 | Diluted earnings per common share | $ | 0.45 | $ | 0.39 | $ | 0.75 | $ | 0.81 | |||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.31 | $ | 0.31 | $ | 0.93 | $ | 0.93 | ||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average number of common shares outstanding | 108,786 | 108,268 | 108,737 | 107,951 | Weighted-average number of common shares outstanding | 109,146 | 108,938 | 109,098 | 108,925 | |||||||||||||||||||||||||||||||||||||||||||||
Net effect of potentially dilutive shares | 79 | 204 | 172 | 220 | Net effect of potentially dilutive shares | 159 | 317 | 276 | 399 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares assuming dilution | 108,865 | 108,472 | 108,909 | 108,171 | Weighted-average shares assuming dilution | 109,305 | 109,255 | 109,374 | 109,324 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | $ | 60,073 | $ | 127,142 | $ | 132,927 | $ | 203,622 | Net income for common stock | $ | 48,887 | $ | 42,512 | $ | 82,307 | $ | 88,200 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of (taxes) benefits of $(137), $1,417, $(1,619) and $(5,413), respectively | 208 | (2,147 | ) | 2,452 | 8,197 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $238, respectively | — | — | — | (360 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on available-for-sale investment securities: | Net unrealized gains on available-for-sale investment securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on available-for-sale investment securities arising during the period, net of taxes of $356, $5,182, $7,476 and $8,637, respectively | Net unrealized gains on available-for-sale investment securities arising during the period, net of taxes of $356, $5,182, $7,476 and $8,637, respectively | 973 | 14,154 | 20,421 | 23,593 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for net realized gains included in net income, net of taxes of $(599), NaN, $(599) and NaN, respectively | Reclassification adjustment for net realized gains included in net income, net of taxes of $(599), NaN, $(599) and NaN, respectively | (1,638) | — | (1,638) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | Derivatives qualifying as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of foreign currency hedge net unrealized gains arising during the period, net of taxes of nil, $205, nil and $368, respectively | — | 321 | — | 578 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income, net of (taxes) benefits of nil, $(110), $289 and $(75), respectively | — | (173 | ) | 454 | (119 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized interest rate hedging losses arising during the period, net of taxes of $(69), $(380), $(688) and $(520), respectively | Unrealized interest rate hedging losses arising during the period, net of taxes of $(69), $(380), $(688) and $(520), respectively | (198) | (660) | (1,982) | (1,063) | |||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefit plans: | Retirement benefit plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,516, $2,324, $7,526 and $6,943, respectively | 3,942 | 3,641 | 11,793 | 10,877 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,290, $2,109, $6,872 and $6,327, respectively | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $1,981, $871, $3,967 and $1,741, respectively | Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $1,981, $871, $3,967 and $1,741, respectively | 5,690 | 2,503 | 11,396 | 5,006 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,789), $(797), $(3,578) and $(1,594), respectively | Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,789), $(797), $(3,578) and $(1,594), respectively | (5,159) | (2,298) | (10,317) | (4,596) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 554 | (1,669 | ) | 3,909 | 9,239 | Other comprehensive income (loss), net of taxes | (332) | 13,699 | 17,880 | 22,940 | ||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 60,627 | $ | 125,473 | $ | 136,836 | $ | 212,861 | Comprehensive income attributable to Hawaiian Electric Industries, Inc. | $ | 48,555 | $ | 56,211 | $ | 100,187 | $ | 111,140 |
(dollars in thousands) | September 30, 2017 | December 31, 2016 | (dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 202,173 | $ | 278,452 | Cash and cash equivalents | $ | 574,482 | $ | 196,813 | |||||||||||||
Restricted cash | Restricted cash | 29,376 | 30,872 | |||||||||||||||||||
Accounts receivable and unbilled revenues, net | 264,426 | 237,950 | Accounts receivable and unbilled revenues, net | 271,314 | 300,794 | |||||||||||||||||
Available-for-sale investment securities, at fair value | 1,320,110 | 1,105,182 | Available-for-sale investment securities, at fair value | 1,389,633 | 1,232,826 | |||||||||||||||||
Held-to-maturity investment securities, at amortized cost | Held-to-maturity investment securities, at amortized cost | 124,623 | 139,451 | |||||||||||||||||||
Stock in Federal Home Loan Bank, at cost | 9,706 | 11,218 | Stock in Federal Home Loan Bank, at cost | 9,880 | 8,434 | |||||||||||||||||
Loans receivable held for investment, net | 4,623,234 | 4,683,160 | ||||||||||||||||||||
Loans held for investment, net | Loans held for investment, net | 5,356,510 | 5,067,821 | |||||||||||||||||||
Loans held for sale, at lower of cost or fair value | 15,728 | 18,817 | Loans held for sale, at lower of cost or fair value | 37,143 | 12,286 | |||||||||||||||||
Property, plant and equipment, net of accumulated depreciation of $2,537,320 and $2,444,348 at September 30, 2017 and December 31, 2016, respectively | 4,813,875 | 4,603,465 | ||||||||||||||||||||
Property, plant and equipment, net of accumulated depreciation of $2,840,462 and $2,765,569 at June 30, 2020 and December 31, 2019, respectively | Property, plant and equipment, net of accumulated depreciation of $2,840,462 and $2,765,569 at June 30, 2020 and December 31, 2019, respectively | 5,181,427 | 5,109,628 | |||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 184,759 | 199,171 | |||||||||||||||||||
Regulatory assets | 936,964 | 957,451 | Regulatory assets | 682,570 | 715,080 | |||||||||||||||||
Other | 474,444 | 447,621 | Other | 556,793 | 649,885 | |||||||||||||||||
Goodwill | 82,190 | 82,190 | Goodwill | 82,190 | 82,190 | |||||||||||||||||
Total assets | $ | 12,742,850 | $ | 12,425,506 | Total assets | $ | 14,480,700 | $ | 13,745,251 | |||||||||||||
Liabilities and shareholders’ equity | Liabilities and shareholders’ equity | |||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||
Accounts payable | $ | 160,897 | $ | 143,279 | Accounts payable | $ | 142,113 | $ | 220,633 | |||||||||||||
Interest and dividends payable | 26,484 | 25,225 | Interest and dividends payable | 24,396 | 24,941 | |||||||||||||||||
Deposit liabilities | 5,752,326 | 5,548,929 | Deposit liabilities | 7,029,952 | 6,271,902 | |||||||||||||||||
Short-term borrowings—other than bank | 24,498 | — | Short-term borrowings—other than bank | 131,180 | 185,710 | |||||||||||||||||
Other bank borrowings | 153,552 | 192,618 | Other bank borrowings | 124,975 | 115,110 | |||||||||||||||||
Long-term debt, net—other than bank | 1,618,446 | 1,619,019 | Long-term debt, net—other than bank | 2,070,224 | 1,964,365 | |||||||||||||||||
Deferred income taxes | 756,814 | 728,806 | Deferred income taxes | 368,834 | 379,324 | |||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 191,058 | 199,571 | |||||||||||||||||||
Regulatory liabilities | 466,216 | 410,693 | Regulatory liabilities | 977,780 | 972,310 | |||||||||||||||||
Contributions in aid of construction | 565,118 | 543,525 | ||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 620,788 | 638,854 | Defined benefit pension and other postretirement benefit plans liability | 514,415 | 513,287 | |||||||||||||||||
Other | 460,396 | 473,512 | Other | 580,082 | 583,545 | |||||||||||||||||
Total liabilities | 10,605,535 | 10,324,460 | Total liabilities | 12,155,009 | 11,430,698 | |||||||||||||||||
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293 | 34,293 | Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293 | 34,293 | |||||||||||||||||
Commitments and contingencies (Notes 3 and 4) | Commitments and contingencies (Notes 3 and 4) | |||||||||||||||||||||
Shareholders’ equity | Shareholders’ equity | |||||||||||||||||||||
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — | — | ||||||||||||||||||||
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 108,785,978 shares and 108,583,413 shares at September 30, 2017 and December 31, 2016, respectively | 1,661,492 | 1,660,910 | ||||||||||||||||||||
Preferred stock, 0 par value, authorized 10,000,000 shares; issued: NaN | Preferred stock, 0 par value, authorized 10,000,000 shares; issued: NaN | — | — | |||||||||||||||||||
Common stock, 0 par value, authorized 200,000,000 shares; issued and outstanding: 109,181,124 shares and 108,973,328 shares at June 30, 2020 and December 31, 2019, respectively | Common stock, 0 par value, authorized 200,000,000 shares; issued and outstanding: 109,181,124 shares and 108,973,328 shares at June 30, 2020 and December 31, 2019, respectively | 1,676,616 | 1,678,257 | |||||||||||||||||||
Retained earnings | 470,750 | 438,972 | Retained earnings | 616,941 | 622,042 | |||||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | (29,220 | ) | (33,129 | ) | Accumulated other comprehensive loss, net of tax benefits | (2,159) | (20,039) | |||||||||||||||
Total shareholders’ equity | 2,103,022 | 2,066,753 | Total shareholders’ equity | 2,291,398 | 2,280,260 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 12,742,850 | $ | 12,425,506 | Total liabilities and shareholders’ equity | $ | 14,480,700 | $ | 13,745,251 |
Common stock | Retained | Accumulated other comprehensive | |||||||||||||||||
(in thousands) | Shares | Amount | Earnings | income (loss) | Total | ||||||||||||||
Balance, December 31, 2016 | 108,583 | $ | 1,660,910 | $ | 438,972 | $ | (33,129 | ) | $ | 2,066,753 | |||||||||
Net income for common stock | — | — | 132,927 | — | 132,927 | ||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 3,909 | 3,909 | ||||||||||||||
Issuance of common stock, net of expenses | 203 | 582 | — | — | 582 | ||||||||||||||
Common stock dividends | — | — | (101,149 | ) | — | (101,149 | ) | ||||||||||||
Balance, September 30, 2017 | 108,786 | $ | 1,661,492 | $ | 470,750 | $ | (29,220 | ) | $ | 2,103,022 | |||||||||
Balance, December 31, 2015 | 107,460 | $ | 1,629,136 | $ | 324,766 | $ | (26,262 | ) | $ | 1,927,640 | |||||||||
Net income for common stock | — | — | 203,622 | — | 203,622 | ||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 9,239 | 9,239 | ||||||||||||||
Issuance of common stock, net of expenses | 1,043 | 28,285 | — | — | 28,285 | ||||||||||||||
Common stock dividends | — | — | (100,398 | ) | — | (100,398 | ) | ||||||||||||
Balance, September 30, 2016 | 108,503 | $ | 1,657,421 | $ | 427,990 | $ | (17,023 | ) | $ | 2,068,388 |
Common stock | Retained | Accumulated other comprehensive | ||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | Earnings | income (loss) | Total | |||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 108,973 | $ | 1,678,257 | $ | 622,042 | $ | (20,039) | $ | 2,280,260 | |||||||||||||||||||||||||||||
Impact of adoption of ASU No. 2016-13 | — | — | (15,372) | — | (15,372) | |||||||||||||||||||||||||||||||||
Balance, January 1, 2020 after adoption of ASU No. 2016-13 | 108,973 | 1,678,257 | 606,670 | (20,039) | 2,264,888 | |||||||||||||||||||||||||||||||||
Net income for common stock | — | — | 33,420 | — | 33,420 | |||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 18,212 | 18,212 | |||||||||||||||||||||||||||||||||
Share-based expenses and other, net | 172 | (3,996) | — | — | (3,996) | |||||||||||||||||||||||||||||||||
Common stock dividends (33¢ per share) | — | — | (36,019) | — | (36,019) | |||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | 109,145 | 1,674,261 | 604,071 | (1,827) | 2,276,505 | |||||||||||||||||||||||||||||||||
Net income for common stock | — | — | 48,887 | — | 48,887 | |||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax benefits | — | — | — | (332) | (332) | |||||||||||||||||||||||||||||||||
Share-based expenses and other, net | 36 | 2,355 | — | — | 2,355 | |||||||||||||||||||||||||||||||||
Common stock dividends (33¢ per share) | — | — | (36,017) | — | (36,017) | |||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | 109,181 | $ | 1,676,616 | $ | 616,941 | $ | (2,159) | $ | 2,291,398 | |||||||||||||||||||||||||||||
Balance, December 31, 2018 | 108,879 | $ | 1,669,267 | $ | 543,623 | $ | (50,610) | $ | 2,162,280 | |||||||||||||||||||||||||||||
Net income for common stock | — | — | 45,688 | — | 45,688 | |||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 9,241 | 9,241 | |||||||||||||||||||||||||||||||||
Share-based expenses and other, net | 58 | 1,166 | — | — | 1,166 | |||||||||||||||||||||||||||||||||
Common stock dividends 32¢ per share) | — | — | (34,860) | — | (34,860) | |||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | 108,937 | 1,670,433 | 554,451 | (41,369) | 2,183,515 | |||||||||||||||||||||||||||||||||
Net income for common stock | — | — | 42,512 | — | 42,512 | |||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | 13,699 | 13,699 | |||||||||||||||||||||||||||||||||
Share-based expenses and other, net | 35 | 3,720 | — | — | 3,720 | |||||||||||||||||||||||||||||||||
Common stock dividends (32¢ per share) | — | — | (34,860) | — | (34,860) | |||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | 108,972 | $ | 1,674,153 | $ | 562,103 | $ | (27,670) | $ | 2,208,586 | |||||||||||||||||||||||||||||
Nine months ended September 30 | Six months ended June 30 | |||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | (in thousands) | 2020 | 2019 | |||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | |||||||||||||||||||||||||||
Net income | $ | 134,344 | $ | 205,039 | Net income | $ | 83,253 | $ | 89,146 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||||||
Depreciation of property, plant and equipment | 150,123 | 145,684 | Depreciation of property, plant and equipment | 119,367 | 114,863 | |||||||||||||||||||||||
Other amortization | 15,362 | 7,368 | Other amortization | 26,055 | 22,439 | |||||||||||||||||||||||
Provision for loan losses | 7,231 | 15,266 | ||||||||||||||||||||||||||
Loans receivable originated and purchased, held for sale | (105,816 | ) | (172,657 | ) | ||||||||||||||||||||||||
Proceeds from sale of loans receivable, held for sale | 119,731 | 168,490 | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 25,534 | 14,558 | |||||||||||||||||||||||||
Loans originated, held for sale | Loans originated, held for sale | (277,738) | (96,033) | |||||||||||||||||||||||||
Proceeds from sale of loans, held for sale | Proceeds from sale of loans, held for sale | 259,268 | 89,573 | |||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | (9,275) | — | |||||||||||||||||||||||||
Gain on sale of loans | Gain on sale of loans | (8,252) | (1,589) | |||||||||||||||||||||||||
Deferred income taxes | 21,397 | 30,667 | Deferred income taxes | (21,565) | (6,662) | |||||||||||||||||||||||
Share-based compensation expense | 4,383 | 3,581 | Share-based compensation expense | 4,059 | 5,883 | |||||||||||||||||||||||
Allowance for equity funds used during construction | (8,908 | ) | (6,010 | ) | Allowance for equity funds used during construction | (4,209) | (6,085) | |||||||||||||||||||||
Other | (1,350 | ) | 3,234 | Other | (3,854) | (4,929) | ||||||||||||||||||||||
Changes in assets and liabilities | Changes in assets and liabilities | |||||||||||||||||||||||||||
Increase in accounts receivable and unbilled revenues, net | (26,250 | ) | (12,104 | ) | ||||||||||||||||||||||||
Decrease in fuel oil stock | 6,177 | 6,736 | ||||||||||||||||||||||||||
Decrease (increase) in regulatory assets | 3,922 | (2,251 | ) | |||||||||||||||||||||||||
Decrease in accounts receivable and unbilled revenues, net | Decrease in accounts receivable and unbilled revenues, net | 23,458 | 12,048 | |||||||||||||||||||||||||
Decrease (increase) in fuel oil stock | Decrease (increase) in fuel oil stock | 31,583 | (40,557) | |||||||||||||||||||||||||
Decrease in regulatory assets | Decrease in regulatory assets | 9,432 | 25,392 | |||||||||||||||||||||||||
Increase (decrease) in regulatory liabilities | Increase (decrease) in regulatory liabilities | 1,717 | (3,403) | |||||||||||||||||||||||||
Increase (decrease) in accounts, interest and dividends payable | (10,390 | ) | 3,399 | Increase (decrease) in accounts, interest and dividends payable | (48,336) | 3,926 | ||||||||||||||||||||||
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | 2,828 | 52,558 | Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | (12,306) | (45,977) | |||||||||||||||||||||||
Increase in defined benefit pension and other postretirement benefit plans liability | 670 | 150 | ||||||||||||||||||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 16,312 | (1,774) | |||||||||||||||||||||||||
Change in other assets and liabilities | (22,311 | ) | (39,850 | ) | Change in other assets and liabilities | (17,120) | (37,413) | |||||||||||||||||||||
Net cash provided by operating activities | 291,143 | 409,300 | Net cash provided by operating activities | 197,383 | 133,406 | |||||||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||||||||||||
Available-for-sale investment securities purchased | (369,467 | ) | (354,165 | ) | Available-for-sale investment securities purchased | (476,582) | (4,530) | |||||||||||||||||||||
Principal repayments on available-for-sale investment securities | 155,026 | 172,829 | Principal repayments on available-for-sale investment securities | 181,451 | 123,855 | |||||||||||||||||||||||
Proceeds from sale of available-for-sale investment securities | — | 16,423 | Proceeds from sale of available-for-sale investment securities | 169,157 | — | |||||||||||||||||||||||
Principal repayments of held-to-maturity investment securities | Principal repayments of held-to-maturity investment securities | 15,093 | 4,774 | |||||||||||||||||||||||||
Purchase of stock from Federal Home Loan Bank | (2,868 | ) | (2,773 | ) | Purchase of stock from Federal Home Loan Bank | (22,966) | (53,115) | |||||||||||||||||||||
Redemption of stock from Federal Home Loan Bank | 4,380 | 2,233 | Redemption of stock from Federal Home Loan Bank | 21,520 | 54,640 | |||||||||||||||||||||||
Net decrease (increase) in loans held for investment | 13,188 | (175,303 | ) | |||||||||||||||||||||||||
Proceeds from sale of commercial loans | 31,427 | 37,946 | ||||||||||||||||||||||||||
Proceeds from sale of real estate acquired in settlement of loans | 411 | 829 | ||||||||||||||||||||||||||
Proceeds from sale of real estate held-for-sale | — | 1,764 | ||||||||||||||||||||||||||
Net increase in loans held for investment | Net increase in loans held for investment | (328,356) | (173,546) | |||||||||||||||||||||||||
Proceeds from sale of low-income housing investments | Proceeds from sale of low-income housing investments | 6,725 | — | |||||||||||||||||||||||||
Capital expenditures | (314,404 | ) | (259,207 | ) | Capital expenditures | (197,816) | (229,282) | |||||||||||||||||||||
Contributions in aid of construction | 40,603 | 23,568 | ||||||||||||||||||||||||||
Contributions to low income housing investments | Contributions to low income housing investments | (1,951) | (4,069) | |||||||||||||||||||||||||
Other | 1,345 | 112 | Other | 4,469 | 6,143 | |||||||||||||||||||||||
Net cash used in investing activities | (440,359 | ) | (535,744 | ) | Net cash used in investing activities | (629,256) | (275,130) | |||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||||||||||||
Net increase in deposit liabilities | 203,397 | 355,467 | Net increase in deposit liabilities | 758,050 | 98,531 | |||||||||||||||||||||||
Net increase (decrease) in short-term borrowings with original maturities of three months or less | 24,498 | (103,063 | ) | Net increase (decrease) in short-term borrowings with original maturities of three months or less | (119,211) | 112,901 | ||||||||||||||||||||||
Net increase (decrease) in retail repurchase agreements | 24,469 | (21,121 | ) | |||||||||||||||||||||||||
Proceeds from other bank borrowings | 59,500 | 55,835 | ||||||||||||||||||||||||||
Repayments of other bank borrowings | (123,034 | ) | (97,902 | ) | ||||||||||||||||||||||||
Net increase (decrease) in other bank borrowings with original maturities of three months or less | Net increase (decrease) in other bank borrowings with original maturities of three months or less | (20,135) | 1,445 | |||||||||||||||||||||||||
Proceeds from issuance of short-term debt | Proceeds from issuance of short-term debt | 165,000 | 25,000 | |||||||||||||||||||||||||
Repayment of short-term debt | Repayment of short-term debt | (100,000) | — | |||||||||||||||||||||||||
Proceeds from issuance of other bank borrowings | Proceeds from issuance of other bank borrowings | 30,000 | — | |||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 265,000 | 75,000 | Proceeds from issuance of long-term debt | 351,942 | 56,150 | |||||||||||||||||||||||
Repayment of long-term debt and funds transferred for redemption of special purpose revenue bonds | (265,000 | ) | (75,000 | ) | ||||||||||||||||||||||||
Repayment of long-term debt and funds transferred for repayment of long-term debt | Repayment of long-term debt and funds transferred for repayment of long-term debt | (177,245) | (52,489) | |||||||||||||||||||||||||
Withheld shares for employee taxes on vested share-based compensation | (3,796 | ) | (2,398 | ) | Withheld shares for employee taxes on vested share-based compensation | (5,700) | (996) | |||||||||||||||||||||
Net proceeds from issuance of common stock | — | 10,901 | ||||||||||||||||||||||||||
Common stock dividends | (101,149 | ) | (83,620 | ) | Common stock dividends | (72,037) | (69,720) | |||||||||||||||||||||
Preferred stock dividends of subsidiaries | (1,417 | ) | (1,417 | ) | Preferred stock dividends of subsidiaries | (946) | (946) | |||||||||||||||||||||
Other | (9,531 | ) | (2,361 | ) | Other | (1,672) | 1,189 | |||||||||||||||||||||
Net cash provided by financing activities | 72,937 | 110,321 | Net cash provided by financing activities | 808,046 | 171,065 | |||||||||||||||||||||||
Net decrease in cash and cash equivalents | (76,279 | ) | (16,123 | ) | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 278,452 | 300,478 | ||||||||||||||||||||||||||
Net increase in cash, cash equivalents and restricted cash | Net increase in cash, cash equivalents and restricted cash | 376,173 | 29,341 | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | Cash, cash equivalents and restricted cash, beginning of period | 227,685 | 169,208 | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | Cash, cash equivalents and restricted cash, end of period | 603,858 | 198,549 | |||||||||||||||||||||||||
Less: Restricted cash | Less: Restricted cash | (29,376) | — | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 202,173 | $ | 284,355 | Cash and cash equivalents, end of period | $ | 574,482 | $ | 198,549 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 598,769 | $ | 572,253 | $ | 1,674,255 | $ | 1,549,700 | Revenues | $ | 534,215 | $ | 633,784 | $ | 1,131,657 | $ | 1,212,279 | |||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel oil | 146,258 | 128,624 | 431,787 | 334,263 | Fuel oil | 112,451 | 181,620 | 285,672 | 342,229 | |||||||||||||||||||||||||||||||||||||||||||||
Purchased power | 160,347 | 157,750 | 440,538 | 412,667 | Purchased power | 136,838 | 162,854 | 276,654 | 297,299 | |||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 100,102 | 94,789 | 306,716 | 298,260 | Other operation and maintenance | 110,041 | 119,260 | 237,588 | 237,390 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 48,206 | 46,759 | 144,578 | 140,300 | Depreciation | 55,696 | 53,913 | 111,546 | 107,860 | |||||||||||||||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 56,780 | 54,519 | 159,575 | 148,386 | Taxes, other than income taxes | 51,388 | 60,443 | 108,438 | 115,247 | |||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 511,693 | 482,441 | 1,483,194 | 1,333,876 | Total expenses | 466,414 | 578,090 | 1,019,898 | 1,100,025 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 87,076 | 89,812 | 191,061 | 215,824 | Operating income | 67,801 | 55,694 | 111,759 | 112,254 | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 3,482 | 2,274 | 8,908 | 6,010 | Allowance for equity funds used during construction | 2,194 | 3,175 | 4,209 | 6,085 | |||||||||||||||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | Retirement defined benefits expense—other than service costs | (382) | (701) | (763) | (1,404) | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (16,907 | ) | (17,323 | ) | (52,625 | ) | (49,734 | ) | Interest expense and other charges, net | (17,338) | (18,530) | (33,932) | (36,516) | |||||||||||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,339 | 854 | 3,371 | 2,276 | Allowance for borrowed funds used during construction | 752 | 1,179 | 1,440 | 2,257 | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 74,990 | 75,617 | 150,715 | 174,376 | Income before income taxes | 53,027 | 40,817 | 82,713 | 82,676 | |||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 27,005 | 28,145 | 54,623 | 64,682 | Income taxes | 10,199 | 7,744 | 15,481 | 16,978 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 47,985 | 47,472 | 96,092 | 109,694 | Net income | 42,828 | 33,073 | 67,232 | 65,698 | |||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 228 | 228 | 686 | 686 | Preferred stock dividends of subsidiaries | 229 | 229 | 458 | 458 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 47,757 | 47,244 | 95,406 | 109,008 | Net income attributable to Hawaiian Electric | 42,599 | 32,844 | 66,774 | 65,240 | |||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | 270 | 810 | 810 | Preferred stock dividends of Hawaiian Electric | 270 | 270 | 540 | 540 | |||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | $ | 47,487 | $ | 46,974 | $ | 94,596 | $ | 108,198 | Net income for common stock | $ | 42,329 | $ | 32,574 | $ | 66,234 | $ | 64,700 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | $ | 47,487 | $ | 46,974 | $ | 94,596 | $ | 108,198 | Net income for common stock | $ | 42,329 | $ | 32,574 | $ | 66,234 | $ | 64,700 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective portion of foreign currency hedge net unrealized gains arising during the period, net of taxes of nil, $205, nil and $368, respectively | — | 321 | — | 578 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment to net income, net of (taxes) benefits of nil, $(110), $289 and $(110), respectively | — | (173 | ) | 454 | (173 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefit plans: | Retirement benefit plans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,306, $2,110, $6,916 and $6,331, respectively | 3,618 | 3,314 | 10,857 | 9,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,290, $2,109, $6,872 and $6,327, respectively | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $1,798, $805, $3,596 and $1,610, respectively | Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $1,798, $805, $3,596 and $1,610, respectively | 5,184 | 2,321 | 10,368 | 4,643 | |||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,789), $(797), $(3,578) and $(1,594), respectively | Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,789), $(797), $(3,578) and $(1,594), respectively | (5,159) | (2,298) | (10,317) | (4,596) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 22 | 151 | 521 | 412 | Other comprehensive income, net of taxes | 25 | 23 | 51 | 47 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to Hawaiian Electric Company, Inc. | $ | 47,509 | $ | 47,125 | $ | 95,117 | $ | 108,610 | Comprehensive income attributable to Hawaiian Electric Company, Inc. | $ | 42,354 | $ | 32,597 | $ | 66,285 | $ | 64,747 |
(dollars in thousands, except par value) | September 30, 2017 | December 31, 2016 | (dollars in thousands, except par value) | June 30, 2020 | December 31, 2019 | |||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Property, plant and equipment | Property, plant and equipment | |||||||||||||||||||||
Utility property, plant and equipment | Utility property, plant and equipment | |||||||||||||||||||||
Land | $ | 53,913 | $ | 53,153 | Land | $ | 51,607 | $ | 51,816 | |||||||||||||
Plant and equipment | 6,778,254 | 6,605,732 | Plant and equipment | 7,353,841 | 7,240,288 | |||||||||||||||||
Less accumulated depreciation | (2,460,429 | ) | (2,369,282 | ) | Less accumulated depreciation | (2,758,544) | (2,690,157) | |||||||||||||||
Construction in progress | 307,492 | 211,742 | Construction in progress | 214,487 | 193,074 | |||||||||||||||||
Utility property, plant and equipment, net | 4,679,230 | 4,501,345 | Utility property, plant and equipment, net | 4,861,391 | 4,795,021 | |||||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation of $1,233 as of September 30, 2017 and $1,232 as of December 31, 2016 | 7,409 | 7,407 | ||||||||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation of $113 and $111 as of June 30, 2020 and December 31, 2019, respectively | Nonutility property, plant and equipment, less accumulated depreciation of $113 and $111 as of June 30, 2020 and December 31, 2019, respectively | 6,955 | 6,956 | |||||||||||||||||||
Total property, plant and equipment, net | 4,686,639 | 4,508,752 | Total property, plant and equipment, net | 4,868,346 | 4,801,977 | |||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||
Cash and cash equivalents | 9,987 | 74,286 | Cash and cash equivalents | 63,995 | 11,022 | |||||||||||||||||
Restricted cash | Restricted cash | 29,376 | 30,872 | |||||||||||||||||||
Customer accounts receivable, net | 133,135 | 123,688 | Customer accounts receivable, net | 138,038 | 152,790 | |||||||||||||||||
Accrued unbilled revenues, net | 109,707 | 91,693 | Accrued unbilled revenues, net | 100,601 | 117,227 | |||||||||||||||||
Other accounts receivable, net | 4,097 | 5,233 | Other accounts receivable, net | 10,415 | 11,568 | |||||||||||||||||
Fuel oil stock, at average cost | 60,253 | 66,430 | Fuel oil stock, at average cost | 60,479 | 91,937 | |||||||||||||||||
Materials and supplies, at average cost | 55,959 | 53,679 | Materials and supplies, at average cost | 66,244 | 60,702 | |||||||||||||||||
Prepayments and other | 29,871 | 23,100 | Prepayments and other | 37,929 | 116,980 | |||||||||||||||||
Regulatory assets | 72,773 | 66,032 | Regulatory assets | 21,286 | 30,710 | |||||||||||||||||
Total current assets | 475,782 | 504,141 | Total current assets | 528,363 | 623,808 | |||||||||||||||||
Other long-term assets | Other long-term assets | |||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 161,029 | 176,809 | |||||||||||||||||||
Regulatory assets | 864,191 | 891,419 | Regulatory assets | 661,284 | 684,370 | |||||||||||||||||
Unamortized debt expense | 661 | 208 | ||||||||||||||||||||
Other | 80,228 | 70,908 | Other | 112,985 | 101,718 | |||||||||||||||||
Total other long-term assets | 945,080 | 962,535 | Total other long-term assets | 935,298 | 962,897 | |||||||||||||||||
Total assets | $ | 6,107,501 | $ | 5,975,428 | Total assets | $ | 6,332,007 | $ | 6,388,682 | |||||||||||||
Capitalization and liabilities | Capitalization and liabilities | |||||||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 16,019,785 shares at September 30, 2017 and December 31, 2016) | $ | 106,818 | $ | 106,818 | ||||||||||||||||||
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,048,783 shares at June 30, 2020 and December 31, 2019) | Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,048,783 shares at June 30, 2020 and December 31, 2019) | $ | 113,678 | $ | 113,678 | |||||||||||||||||
Premium on capital stock | 601,487 | 601,491 | Premium on capital stock | 714,824 | 714,824 | |||||||||||||||||
Retained earnings | 1,120,571 | 1,091,800 | Retained earnings | 1,232,795 | 1,220,129 | |||||||||||||||||
Accumulated other comprehensive income (loss), net of taxes | 199 | (322 | ) | |||||||||||||||||||
Accumulated other comprehensive loss, net of tax benefits-retirement benefit plans | Accumulated other comprehensive loss, net of tax benefits-retirement benefit plans | (1,228) | (1,279) | |||||||||||||||||||
Common stock equity | 1,829,075 | 1,799,787 | Common stock equity | 2,060,069 | 2,047,352 | |||||||||||||||||
Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | Cumulative preferred stock — not subject to mandatory redemption | 34,293 | 34,293 | |||||||||||||||||
Long-term debt, net | 1,318,623 | 1,319,260 | Long-term debt, net | 1,560,955 | 1,401,714 | |||||||||||||||||
Total capitalization | 3,181,991 | 3,153,340 | Total capitalization | 3,655,317 | 3,483,359 | |||||||||||||||||
Commitments and contingencies (Note 3) | Commitments and contingencies (Note 3) | |||||||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||||||
Current portion of operating lease liabilities | Current portion of operating lease liabilities | 64,534 | 63,707 | |||||||||||||||||||
Current portion of long-term debt, net | Current portion of long-term debt, net | 14,000 | 95,953 | |||||||||||||||||||
Short-term borrowings from non-affiliates | 6,000 | — | Short-term borrowings from non-affiliates | 49,919 | 88,987 | |||||||||||||||||
Accounts payable | 124,240 | 117,814 | Accounts payable | 107,078 | 187,770 | |||||||||||||||||
Interest and preferred dividends payable | 25,261 | 22,838 | Interest and preferred dividends payable | 20,659 | 20,728 | |||||||||||||||||
Taxes accrued | 183,365 | 172,730 | ||||||||||||||||||||
Taxes accrued, including revenue taxes | Taxes accrued, including revenue taxes | 193,851 | 207,992 | |||||||||||||||||||
Regulatory liabilities | 3,399 | 3,762 | Regulatory liabilities | 26,067 | 30,724 | |||||||||||||||||
Other | 59,611 | 55,221 | Other | 71,691 | 67,305 | |||||||||||||||||
Total current liabilities | 401,876 | 372,365 | Total current liabilities | 547,799 | 763,166 | |||||||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 102,570 | 113,400 | |||||||||||||||||||
Deferred income taxes | 767,611 | 733,659 | Deferred income taxes | 371,052 | 377,150 | |||||||||||||||||
Regulatory liabilities | 462,817 | 406,931 | Regulatory liabilities | 951,713 | 941,586 | |||||||||||||||||
Unamortized tax credits | 88,827 | 88,961 | Unamortized tax credits | 115,006 | 117,868 | |||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 581,713 | 599,726 | Defined benefit pension and other postretirement benefit plans liability | 479,850 | 478,763 | |||||||||||||||||
Other | 57,548 | 76,921 | Other | 108,700 | 113,390 | |||||||||||||||||
Total deferred credits and other liabilities | 1,958,516 | 1,906,198 | Total deferred credits and other liabilities | 2,128,891 | 2,142,157 | |||||||||||||||||
Contributions in aid of construction | 565,118 | 543,525 | ||||||||||||||||||||
Total capitalization and liabilities | $ | 6,107,501 | $ | 5,975,428 | Total capitalization and liabilities | $ | 6,332,007 | $ | 6,388,682 |
Common stock | Premium on capital | Retained | Accumulated other comprehensive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Shares | Amount | stock | earnings | income (loss) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | Balance, December 31, 2019 | 17,048 | $ | 113,678 | $ | 714,824 | $ | 1,220,129 | $ | (1,279) | $ | 2,047,352 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | Net income for common stock | — | — | — | 23,905 | — | 23,905 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | Other comprehensive income, net of taxes | — | — | — | — | 26 | 26 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | Common stock dividends | — | — | — | (26,784) | — | (26,784) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | Balance, March 31, 2020 | 17,048 | 113,678 | 714,824 | 1,217,250 | (1,253) | 2,044,499 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | Net income for common stock | — | — | — | 42,329 | — | 42,329 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | Other comprehensive income, net of taxes | — | — | — | — | 25 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | Common stock dividends | — | — | — | (26,784) | — | (26,784) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | Balance, June 30, 2020 | 17,048 | $ | 113,678 | $ | 714,824 | $ | 1,232,795 | $ | (1,228) | $ | 2,060,069 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | Premium on capital | Retained | Accumulated other comprehensive | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Shares | Amount | stock | earnings | income (loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | 16,020 | $ | 106,818 | $ | 601,491 | $ | 1,091,800 | $ | (322 | ) | $ | 1,799,787 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | Balance, December 31, 2018 | 16,751 | $ | 111,696 | $ | 681,305 | $ | 1,164,541 | $ | 99 | $ | 1,957,641 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | — | — | — | 94,596 | — | 94,596 | Net income for common stock | — | — | — | 32,126 | — | 32,126 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 521 | 521 | Other comprehensive income, net of taxes | — | — | — | — | 24 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (65,825 | ) | — | (65,825 | ) | Common stock dividends | — | — | — | (25,313) | — | (25,313) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance expenses | — | — | (4 | ) | — | — | (4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2017 | 16,020 | $ | 106,818 | $ | 601,487 | $ | 1,120,571 | $ | 199 | $ | 1,829,075 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | 15,805 | $ | 105,388 | $ | 578,930 | $ | 1,043,082 | $ | 925 | $ | 1,728,325 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2019 | Balance, March 31, 2019 | 16,751 | 111,696 | 681,305 | 1,171,354 | 123 | 1,964,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | — | — | — | 108,198 | — | 108,198 | Net income for common stock | — | — | — | 32,574 | — | 32,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | 412 | 412 | Other comprehensive income, net of taxes | — | — | — | — | 23 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | (70,199 | ) | — | (70,199 | ) | Common stock dividends | — | — | — | (25,313) | — | (25,313) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance expenses | — | — | (9 | ) | — | — | (9 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2016 | 15,805 | $ | 105,388 | $ | 578,921 | $ | 1,081,081 | $ | 1,337 | $ | 1,766,727 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | Balance, June 30, 2019 | 16,751 | $ | 111,696 | $ | 681,305 | $ | 1,178,615 | $ | 146 | $ | 1,971,762 |
Nine months ended September 30 | Six months ended June 30 | |||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | (in thousands) | 2020 | 2019 | |||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | |||||||||||||||||||||||||||
Net income | $ | 96,092 | $ | 109,694 | Net income | $ | 67,232 | $ | 65,698 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||||||
Depreciation of property, plant and equipment | 144,578 | 140,300 | Depreciation of property, plant and equipment | 111,546 | 107,860 | |||||||||||||||||||||||
Other amortization | 6,118 | 5,380 | Other amortization | 16,275 | 13,661 | |||||||||||||||||||||||
Deferred income taxes | 29,537 | 55,648 | Deferred income taxes | (16,237) | (6,611) | |||||||||||||||||||||||
State refundable credit | State refundable credit | (5,060) | (4,192) | |||||||||||||||||||||||||
Bad debt expense | Bad debt expense | 1,089 | 802 | |||||||||||||||||||||||||
Allowance for equity funds used during construction | (8,908 | ) | (6,010 | ) | Allowance for equity funds used during construction | (4,209) | (6,085) | |||||||||||||||||||||
Other | 526 | 3,234 | Other | 116 | 639 | |||||||||||||||||||||||
Changes in assets and liabilities | Changes in assets and liabilities | |||||||||||||||||||||||||||
Increase in accounts receivable | (8,087 | ) | (655 | ) | ||||||||||||||||||||||||
Increase in accrued unbilled revenues | (18,014 | ) | (10,658 | ) | ||||||||||||||||||||||||
Decrease in fuel oil stock | 6,177 | 6,736 | ||||||||||||||||||||||||||
Decrease in accounts receivable | Decrease in accounts receivable | 10,730 | 9,201 | |||||||||||||||||||||||||
Decrease in accrued unbilled revenues | Decrease in accrued unbilled revenues | 15,780 | 2,581 | |||||||||||||||||||||||||
Decrease (increase) in fuel oil stock | Decrease (increase) in fuel oil stock | 31,458 | (41,706) | |||||||||||||||||||||||||
Increase in materials and supplies | (2,280 | ) | (2,927 | ) | Increase in materials and supplies | (5,542) | (5,890) | |||||||||||||||||||||
Decrease (increase) in regulatory assets | 3,922 | (2,251 | ) | |||||||||||||||||||||||||
Decrease in regulatory assets | Decrease in regulatory assets | 9,432 | 25,392 | |||||||||||||||||||||||||
Increase (decrease) in regulatory liabilities | Increase (decrease) in regulatory liabilities | 1,717 | (3,403) | |||||||||||||||||||||||||
Decrease in accounts payable | (22,841 | ) | (676 | ) | Decrease in accounts payable | (48,209) | (45) | |||||||||||||||||||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 5,291 | (9,595 | ) | Change in prepaid and accrued income taxes, tax credits and revenue taxes | (14,700) | (45,785) | ||||||||||||||||||||||
Increase in defined benefit pension and other postretirement benefit plans liability | 453 | 360 | ||||||||||||||||||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 14,968 | (1,899) | |||||||||||||||||||||||||
Change in other assets and liabilities | (2,662 | ) | (13,309 | ) | Change in other assets and liabilities | (4,918) | (9,402) | |||||||||||||||||||||
Net cash provided by operating activities | 229,902 | 275,271 | Net cash provided by operating activities | 181,468 | 100,816 | |||||||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||||||||||||
Capital expenditures | (278,004 | ) | (250,704 | ) | Capital expenditures | (186,532) | (199,896) | |||||||||||||||||||||
Contributions in aid of construction | 40,603 | 23,568 | ||||||||||||||||||||||||||
Other | 8,114 | 1,100 | Other | 5,441 | 2,510 | |||||||||||||||||||||||
Net cash used in investing activities | (229,287 | ) | (226,036 | ) | Net cash used in investing activities | (181,091) | (197,386) | |||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||||||||||||
Common stock dividends | (65,825 | ) | (70,199 | ) | Common stock dividends | (53,568) | (50,626) | |||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,496 | ) | (1,496 | ) | Preferred stock dividends of Hawaiian Electric and subsidiaries | (998) | (998) | |||||||||||||||||||||
Proceeds from issuance of special purpose revenue bonds | 265,000 | — | ||||||||||||||||||||||||||
Funds transferred for redemption of special purpose revenue bonds | (265,000 | ) | — | |||||||||||||||||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 6,000 | 21,000 | ||||||||||||||||||||||||||
Proceeds from issuance of short-term debt | Proceeds from issuance of short-term debt | 100,000 | 25,000 | |||||||||||||||||||||||||
Repayment of short-term debt | Repayment of short-term debt | (100,000) | — | |||||||||||||||||||||||||
Proceeds from issuance of long-term debt | Proceeds from issuance of long-term debt | 255,000 | 50,000 | |||||||||||||||||||||||||
Repayment of long-term debt and funds transferred for repayment of long-term debt | Repayment of long-term debt and funds transferred for repayment of long-term debt | (109,000) | (51,546) | |||||||||||||||||||||||||
Increase (decrease) in short-term borrowings from non-affiliates and affiliates with original maturities of three months or less | Increase (decrease) in short-term borrowings from non-affiliates and affiliates with original maturities of three months or less | (38,987) | 111,901 | |||||||||||||||||||||||||
Other | (3,593 | ) | (12 | ) | Other | (1,347) | 323 | |||||||||||||||||||||
Net cash used in financing activities | (64,914 | ) | (50,707 | ) | ||||||||||||||||||||||||
Net decrease in cash and cash equivalents | (64,299 | ) | (1,472 | ) | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 74,286 | 24,449 | ||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 51,100 | 84,054 | |||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | 51,477 | (12,516) | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | Cash, cash equivalents and restricted cash, beginning of period | 41,894 | 35,877 | |||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | Cash, cash equivalents and restricted cash, end of period | 93,371 | 23,361 | |||||||||||||||||||||||||
Less: Restricted cash | Less: Restricted cash | (29,376) | — | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 9,987 | $ | 22,977 | Cash and cash equivalents, end of period | $ | 63,995 | $ | 23,361 |
January 1, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) | Pre-ASU No. 2016-13 adoption | Impact of ASU No. 2016-13 | As reported under ASU No. 2016-13 | |||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||
Loans held for investments, net1 | $ | 5,067,821 | $ | (19,441) | $ | 5,048,380 | ||||||||||||||||||||||||||
Total assets | $ | 13,745,251 | $ | (19,441) | $ | 13,725,810 | ||||||||||||||||||||||||||
Deferred income taxes | $ | 379,324 | $ | (5,628) | $ | 373,696 | ||||||||||||||||||||||||||
Other1 | 583,545 | 1,559 | 585,104 | |||||||||||||||||||||||||||||
Total liabilities | 11,430,698 | (4,069) | 11,426,629 | |||||||||||||||||||||||||||||
Retained earnings | 622,042 | (15,372) | 606,670 | |||||||||||||||||||||||||||||
Total shareholders’ equity | 2,280,260 | (15,372) | 2,264,888 | |||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 13,745,251 | $ | (19,441) | $ | 13,725,810 | ||||||||||||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | (in thousands) | Electric utility | Bank | Other | Total | |||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 598,756 | $ | 74,289 | $ | 140 | $ | 673,185 | Revenues from external customers | $ | 534,206 | $ | 74,714 | $ | 25 | $ | 608,945 | |||||||||||||||||||||||||
Intersegment revenues (eliminations) | 13 | — | (13 | ) | — | Intersegment revenues (eliminations) | 9 | — | (9) | — | ||||||||||||||||||||||||||||||||
Revenues | $ | 598,769 | $ | 74,289 | $ | 127 | $ | 673,185 | Revenues | $ | 534,215 | $ | 74,714 | $ | 16 | $ | 608,945 | |||||||||||||||||||||||||
Income (loss) before income taxes | $ | 74,990 | $ | 26,764 | $ | (6,615 | ) | $ | 95,139 | Income (loss) before income taxes | $ | 53,027 | $ | 17,334 | $ | (10,131) | $ | 60,230 | ||||||||||||||||||||||||
Income taxes (benefit) | 27,005 | 9,172 | (1,582 | ) | 34,595 | Income taxes (benefit) | 10,199 | 3,320 | (2,649) | 10,870 | ||||||||||||||||||||||||||||||||
Net income (loss) | 47,985 | 17,592 | (5,033 | ) | 60,544 | Net income (loss) | 42,828 | 14,014 | (7,482) | 49,360 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 498 | — | (27 | ) | 471 | Preferred stock dividends of subsidiaries | 499 | — | (26) | 473 | ||||||||||||||||||||||||||||||||
Net income (loss) for common stock | $ | 47,487 | $ | 17,592 | $ | (5,006 | ) | $ | 60,073 | Net income (loss) for common stock | $ | 42,329 | $ | 14,014 | $ | (7,456) | $ | 48,887 | ||||||||||||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,674,158 | $ | 222,474 | $ | 396 | $ | 1,897,028 | Revenues from external customers | $ | 1,131,636 | $ | 154,452 | $ | 43 | $ | 1,286,131 | |||||||||||||||||||||||||
Intersegment revenues (eliminations) | 97 | — | (97 | ) | — | Intersegment revenues (eliminations) | 21 | — | (21) | — | ||||||||||||||||||||||||||||||||
Revenues | $ | 1,674,255 | $ | 222,474 | $ | 299 | $ | 1,897,028 | Revenues | $ | 1,131,657 | $ | 154,452 | $ | 22 | $ | 1,286,131 | |||||||||||||||||||||||||
Income (loss) before income taxes | $ | 150,715 | $ | 75,720 | $ | (20,088 | ) | $ | 206,347 | Income (loss) before income taxes | $ | 82,713 | $ | 36,303 | $ | (19,090) | $ | 99,926 | ||||||||||||||||||||||||
Income taxes (benefit) | 54,623 | 25,582 | (8,202 | ) | 72,003 | Income taxes (benefit) | 15,481 | 6,528 | (5,336) | 16,673 | ||||||||||||||||||||||||||||||||
Net income (loss) | 96,092 | 50,138 | (11,886 | ) | 134,344 | Net income (loss) | 67,232 | 29,775 | (13,754) | 83,253 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 1,496 | — | (79 | ) | 1,417 | Preferred stock dividends of subsidiaries | 998 | — | (52) | 946 | ||||||||||||||||||||||||||||||||
Net income (loss) for common stock | $ | 94,596 | $ | 50,138 | $ | (11,807 | ) | $ | 132,927 | Net income (loss) for common stock | $ | 66,234 | $ | 29,775 | $ | (13,702) | $ | 82,307 | ||||||||||||||||||||||||
Total assets (at September 30, 2017) | $ | 6,107,501 | $ | 6,618,907 | $ | 16,442 | $ | 12,742,850 | ||||||||||||||||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||
Total assets (at June 30, 2020) | Total assets (at June 30, 2020) | $ | 6,332,007 | $ | 8,019,665 | $ | 129,028 | $ | 14,480,700 | |||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | Three months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 572,208 | $ | 73,708 | $ | 139 | $ | 646,055 | Revenues from external customers | $ | 633,771 | $ | 81,687 | $ | 27 | $ | 715,485 | |||||||||||||||||||||||||
Intersegment revenues (eliminations) | 45 | — | (45 | ) | — | Intersegment revenues (eliminations) | 13 | — | (13) | — | ||||||||||||||||||||||||||||||||
Revenues | $ | 572,253 | $ | 73,708 | $ | 94 | $ | 646,055 | Revenues | $ | 633,784 | $ | 81,687 | $ | 14 | $ | 715,485 | |||||||||||||||||||||||||
Income before income taxes | $ | 75,617 | $ | 22,727 | $ | 80,861 | $ | 179,205 | ||||||||||||||||||||||||||||||||||
Income taxes | 28,145 | 7,623 | 15,824 | 51,592 | ||||||||||||||||||||||||||||||||||||||
Net income | 47,472 | 15,104 | 65,037 | 127,613 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 40,817 | $ | 21,292 | $ | (9,415) | $ | 52,694 | |||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 7,744 | 4,276 | (2,311) | 9,709 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 33,073 | 17,016 | (7,104) | 42,985 | |||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 498 | — | (27 | ) | 471 | Preferred stock dividends of subsidiaries | 499 | — | (26) | 473 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 46,974 | $ | 15,104 | $ | 65,064 | $ | 127,142 | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) for common stock | Net income (loss) for common stock | $ | 32,574 | $ | 17,016 | $ | (7,078) | $ | 42,512 | |||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 1,549,602 | $ | 213,297 | $ | 360 | $ | 1,763,259 | Revenues from external customers | $ | 1,212,253 | $ | 164,739 | $ | 108 | $ | 1,377,100 | |||||||||||||||||||||||||
Intersegment revenues (eliminations) | 98 | — | (98 | ) | — | Intersegment revenues (eliminations) | 26 | — | (26) | — | ||||||||||||||||||||||||||||||||
Revenues | $ | 1,549,700 | $ | 213,297 | $ | 262 | $ | 1,763,259 | Revenues | $ | 1,212,279 | $ | 164,739 | $ | 82 | $ | 1,377,100 | |||||||||||||||||||||||||
Income before income taxes | $ | 174,376 | $ | 62,545 | $ | 64,321 | $ | 301,242 | ||||||||||||||||||||||||||||||||||
Income taxes | 64,682 | 21,483 | 10,038 | 96,203 | ||||||||||||||||||||||||||||||||||||||
Net income | 109,694 | 41,062 | 54,283 | 205,039 | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 82,676 | $ | 47,454 | $ | (19,397) | $ | 110,733 | |||||||||||||||||||||||||||||||||
Income taxes (benefit) | Income taxes (benefit) | 16,978 | 9,599 | (4,990) | 21,587 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 65,698 | 37,855 | (14,407) | 89,146 | |||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | 1,496 | — | (79 | ) | 1,417 | Preferred stock dividends of subsidiaries | 998 | — | (52) | 946 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 108,198 | $ | 41,062 | $ | 54,362 | $ | 203,622 | ||||||||||||||||||||||||||||||||||
Total assets (at December 31, 2016) | $ | 5,975,428 | $ | 6,421,357 | $ | 28,721 | $ | 12,425,506 | ||||||||||||||||||||||||||||||||||
Net income (loss) for common stock | Net income (loss) for common stock | $ | 64,700 | $ | 37,855 | $ | (14,355) | $ | 88,200 | |||||||||||||||||||||||||||||||||
Total assets (at December 31, 2019) | Total assets (at December 31, 2019) | $ | 6,388,682 | $ | 7,233,017 | $ | 123,552 | $ | 13,745,251 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | (in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Kalaeloa | $ | 48 | $ | 44 | $ | 136 | $ | 109 | Kalaeloa | $ | 34 | $ | 61 | $ | 72 | $ | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||
AES Hawaii | 39 | 38 | 103 | 112 | AES Hawaii | 32 | 32 | 63 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HPOWER | 18 | 19 | 51 | 52 | HPOWER | 17 | 19 | 34 | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Puna Geothermal Venture | 10 | 7 | 28 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HEP | 8 | 8 | 25 | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hamakua Energy | Hamakua Energy | 11 | 18 | 24 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wind IPPs | Wind IPPs | 25 | 23 | 53 | 43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Solar IPPs | Solar IPPs | 17 | 8 | 28 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other IPPs 1 | 38 | 42 | 98 | 98 | Other IPPs 1 | 1 | 1 | 3 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total IPPs | $ | 161 | $ | 158 | $ | 441 | $ | 413 | Total IPPs | $ | 137 | $ | 162 | $ | 277 | $ | 296 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Total | ||||||||||||||||||||||
2020 Annual incremental RAM adjusted revenues | $ | 20.6 | $ | 3.2 | $ | 5.7 | $ | 29.5 | ||||||||||||||||||
Annual change in accrued RBA balance as of December 31, 2019 (and associated revenue taxes) which incorporates MPIR recovery | (46.5) | (9.9) | (11.0) | (67.4) | ||||||||||||||||||||||
Incremental Performance Incentive Mechanisms (net) | 2.2 | (0.1) | (0.1) | 2.0 | ||||||||||||||||||||||
Net annual incremental amount to be collected (refunded) under the tariffs | $ | (23.7) | $ | (6.8) | $ | (5.4) | $ | (35.9) | ||||||||||||||||||
($ in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | |||||||||
2017 Annual incremental RAM adjusted revenues | $ | 12.7 | $ | 3.2 | $ | 1.6 | ||||||
Annual change in accrued earnings sharing credits | $ | — | $ | — | $ | — | ||||||
Annual change in accrued RBA balance as of December 31, 2016 (and associated revenue taxes) (refunded) | $ | (2.4 | ) | $ | (2.5 | ) | $ | (0.2 | ) | |||
Net annual incremental amount to be collected under the tariffs | $ | 10.3 | $ | 0.7 | $ | 1.4 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | (in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 429,267 | 84,334 | 85,198 | — | (30 | ) | $ | 598,769 | Revenues | $ | 380,634 | 78,505 | 75,216 | — | (140) | $ | 534,215 | ||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel oil | 103,959 | 15,754 | 26,545 | — | — | 146,258 | Fuel oil | 77,290 | 16,254 | 18,907 | — | — | 112,451 | |||||||||||||||||||||||||||||||||||||||||||||
Purchased power | 123,893 | 21,332 | 15,122 | — | — | 160,347 | Purchased power | 108,946 | 15,846 | 12,046 | — | — | 136,838 | |||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 66,221 | 16,593 | 17,288 | — | — | 100,102 | Other operation and maintenance | 74,274 | 17,581 | 18,186 | — | — | 110,041 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 32,722 | 9,685 | 5,799 | — | — | 48,206 | Depreciation | 37,860 | 9,761 | 8,075 | — | — | 55,696 | |||||||||||||||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 40,824 | 7,928 | 8,028 | — | — | 56,780 | Taxes, other than income taxes | 36,673 | 7,470 | 7,245 | — | — | 51,388 | |||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 367,619 | 71,292 | 72,782 | — | — | 511,693 | Total expenses | 335,043 | 66,912 | 64,459 | — | — | 466,414 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 61,648 | 13,042 | 12,416 | — | (30 | ) | 87,076 | Operating income | 45,591 | 11,593 | 10,757 | — | (140) | 67,801 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 3,108 | 167 | 207 | — | — | 3,482 | Allowance for equity funds used during construction | 1,807 | 193 | 194 | — | — | 2,194 | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 12,767 | — | — | — | (12,767 | ) | — | Equity in earnings of subsidiaries | 13,776 | — | — | — | (13,776) | — | ||||||||||||||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | Retirement defined benefits expense—other than service costs | (546) | 193 | (29) | — | — | (382) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (11,786 | ) | (2,899 | ) | (2,252 | ) | — | 30 | (16,907 | ) | Interest expense and other charges, net | (12,499) | (2,533) | (2,446) | — | 140 | (17,338) | |||||||||||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,173 | 72 | 94 | — | — | 1,339 | Allowance for borrowed funds used during construction | 626 | 62 | 64 | — | — | 752 | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 66,910 | 10,382 | 10,465 | — | (12,767 | ) | 74,990 | Income before income taxes | 48,755 | 9,508 | 8,540 | — | (13,776) | 53,027 | ||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 19,153 | 3,815 | 4,037 | — | — | 27,005 | Income taxes | 6,156 | 2,196 | 1,847 | 10,199 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | 47,757 | 6,567 | 6,428 | — | (12,767 | ) | 47,985 | Net income | 42,599 | 7,312 | 6,693 | — | (13,776) | 42,828 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 95 | — | — | 228 | Preferred stock dividends of subsidiaries | — | 133 | 96 | — | 229 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 47,757 | 6,434 | 6,333 | — | (12,767 | ) | 47,757 | Net income attributable to Hawaiian Electric | 42,599 | 7,179 | 6,597 | — | (13,776) | 42,599 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | |||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | $ | 47,487 | 6,434 | 6,333 | — | (12,767 | ) | $ | 47,487 | Net income for common stock | $ | 42,329 | 7,179 | 6,597 | — | (13,776) | $ | 42,329 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 47,487 | 6,434 | 6,333 | — | (12,767 | ) | $ | 47,487 | |||||||||||
Other comprehensive income (loss), 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 tax benefits | 3,618 | 476 | 404 | — | (880 | ) | 3,618 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (3,596 | ) | (476 | ) | (404 | ) | — | 880 | (3,596 | ) | ||||||||||
Other comprehensive income, net of taxes | 22 | — | — | — | — | 22 | ||||||||||||||
Comprehensive income attributable to common shareholder | $ | 47,509 | 6,434 | 6,333 | — | (12,767 | ) | $ | 47,509 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Revenues | $ | 404,352 | 83,105 | 84,831 | — | (35 | ) | $ | 572,253 | |||||||||||
Expenses | ||||||||||||||||||||
Fuel oil | 88,676 | 14,603 | 25,345 | — | — | 128,624 | ||||||||||||||
Purchased power | 118,751 | 22,728 | 16,271 | — | — | 157,750 | ||||||||||||||
Other operation and maintenance | 64,683 | 15,017 | 15,089 | — | — | 94,789 | ||||||||||||||
Depreciation | 31,520 | 9,449 | 5,790 | — | — | 46,759 | ||||||||||||||
Taxes, other than income taxes | 38,666 | 7,836 | 8,017 | — | — | 54,519 | ||||||||||||||
Total expenses | 342,296 | 69,633 | 70,512 | — | — | 482,441 | ||||||||||||||
Operating income | 62,056 | 13,472 | 14,319 | — | (35 | ) | 89,812 | |||||||||||||
Allowance for equity funds used during construction | 1,806 | 238 | 230 | — | — | 2,274 | ||||||||||||||
Equity in earnings of subsidiaries | 14,729 | — | — | — | (14,729 | ) | — | |||||||||||||
Interest expense and other charges, net | (11,903 | ) | (2,972 | ) | (2,483 | ) | — | 35 | (17,323 | ) | ||||||||||
Allowance for borrowed funds used during construction | 669 | 91 | 94 | — | — | 854 | ||||||||||||||
Income before income taxes | 67,357 | 10,829 | 12,160 | — | (14,729 | ) | 75,617 | |||||||||||||
Income taxes | 20,113 | 3,392 | 4,640 | — | — | 28,145 | ||||||||||||||
Net income | 47,244 | 7,437 | 7,520 | — | (14,729 | ) | 47,472 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 95 | — | — | 228 | ||||||||||||||
Net income attributable to Hawaiian Electric | 47,244 | 7,304 | 7,425 | — | (14,729 | ) | 47,244 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | ||||||||||||||
Net income for common stock | $ | 46,974 | 7,304 | 7,425 | — | (14,729 | ) | $ | 46,974 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 42,329 | 7,179 | 6,597 | — | (13,776) | $ | 42,329 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), 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 tax benefits | 5,184 | 751 | 650 | — | (1,401) | 5,184 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (5,159) | (748) | (653) | — | 1,401 | (5,159) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 25 | 3 | (3) | — | — | 25 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 42,354 | 7,182 | 6,594 | — | (13,776) | $ | 42,354 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 46,974 | 7,304 | 7,425 | — | (14,729 | ) | $ | 46,974 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Derivatives qualified as cash flow hedges: | ||||||||||||||||||||
Effective portion of foreign currency hedge net unrealized loss, net of tax benefits | 321 | — | — | — | — | 321 | ||||||||||||||
Reclassification adjustment to net income, net of taxes | (173 | ) | — | — | — | — | (173 | ) | ||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 3,314 | 429 | 387 | — | (816 | ) | 3,314 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (3,311 | ) | (429 | ) | (389 | ) | — | 818 | (3,311 | ) | ||||||||||
Other comprehensive income (loss), net of taxes | 151 | — | (2 | ) | — | 2 | 151 | |||||||||||||
Comprehensive income attributable to common shareholder | $ | 47,125 | 7,304 | 7,423 | — | (14,727 | ) | $ | 47,125 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Revenues | $ | 450,020 | 89,916 | 94,050 | — | (202) | $ | 633,784 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Fuel oil | 125,431 | 19,941 | 36,248 | — | — | 181,620 | ||||||||||||||||||||||||||||||||
Purchased power | 126,871 | 24,029 | 11,954 | — | — | 162,854 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 78,551 | 18,031 | 22,678 | — | — | 119,260 | ||||||||||||||||||||||||||||||||
Depreciation | 35,868 | 10,453 | 7,592 | — | — | 53,913 | ||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 42,590 | 8,706 | 9,147 | — | — | 60,443 | ||||||||||||||||||||||||||||||||
Total expenses | 409,311 | 81,160 | 87,619 | — | — | 578,090 | ||||||||||||||||||||||||||||||||
Operating income | 40,709 | 8,756 | 6,431 | — | (202) | 55,694 | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 2,614 | 218 | 343 | — | — | 3,175 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 8,086 | — | — | — | (8,086) | — | ||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | (567) | (105) | (29) | — | — | (701) | ||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (13,390) | (2,920) | (2,422) | — | 202 | (18,530) | ||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 962 | 91 | 126 | — | — | 1,179 | ||||||||||||||||||||||||||||||||
Income before income taxes | 38,414 | 6,040 | 4,449 | — | (8,086) | 40,817 | ||||||||||||||||||||||||||||||||
Income taxes | 5,570 | 1,241 | 933 | — | — | 7,744 | ||||||||||||||||||||||||||||||||
Net income | 32,844 | 4,799 | 3,516 | — | (8,086) | 33,073 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 133 | 96 | — | — | 229 | ||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 32,844 | 4,666 | 3,420 | — | (8,086) | 32,844 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 270 | — | — | — | — | 270 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 32,574 | 4,666 | 3,420 | — | (8,086) | $ | 32,574 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Revenues | $ | 1,186,524 | 245,026 | 242,756 | — | (51 | ) | $ | 1,674,255 | |||||||||||
Expenses | ||||||||||||||||||||
Fuel oil | 301,774 | 47,486 | 82,527 | — | — | 431,787 | ||||||||||||||
Purchased power | 340,498 | 63,403 | 36,637 | — | — | 440,538 | ||||||||||||||
Other operation and maintenance | 204,460 | 49,667 | 52,589 | — | — | 306,716 | ||||||||||||||
Depreciation | 98,167 | 29,056 | 17,355 | — | — | 144,578 | ||||||||||||||
Taxes, other than income taxes | 113,483 | 23,080 | 23,012 | — | — | 159,575 | ||||||||||||||
Total expenses | 1,058,382 | 212,692 | 212,120 | — | — | 1,483,194 | ||||||||||||||
Operating income | 128,142 | 32,334 | 30,636 | — | (51 | ) | 191,061 | |||||||||||||
Allowance for equity funds used during construction | 7,823 | 416 | 669 | — | — | 8,908 | ||||||||||||||
Equity in earnings of subsidiaries | 29,306 | — | — | — | (29,306 | ) | — | |||||||||||||
Interest expense and other charges, net | (36,405 | ) | (8,899 | ) | (7,372 | ) | — | 51 | (52,625 | ) | ||||||||||
Allowance for borrowed funds used during construction | 2,910 | 172 | 289 | — | — | 3,371 | ||||||||||||||
Income before income taxes | 131,776 | 24,023 | 24,222 | — | (29,306 | ) | 150,715 | |||||||||||||
Income taxes | 36,370 | 8,973 | 9,280 | — | — | 54,623 | ||||||||||||||
Net income | 95,406 | 15,050 | 14,942 | — | (29,306 | ) | 96,092 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 400 | 286 | — | — | 686 | ||||||||||||||
Net income attributable to Hawaiian Electric | 95,406 | 14,650 | 14,656 | — | (29,306 | ) | 95,406 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 810 | — | — | — | — | 810 | ||||||||||||||
Net income for common stock | $ | 94,596 | 14,650 | 14,656 | — | (29,306 | ) | $ | 94,596 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 32,574 | 4,666 | 3,420 | — | (8,086) | $ | 32,574 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), 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 tax benefits | 2,321 | 352 | 289 | — | (641) | 2,321 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (2,298) | (351) | (289) | — | 640 | (2,298) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 23 | 1 | — | — | (1) | 23 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 32,597 | 4,667 | 3,420 | — | (8,087) | $ | 32,597 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 94,596 | 14,650 | 14,656 | — | (29,306 | ) | $ | 94,596 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||||
Reclassification adjustment to net income, net of tax benefits | 454 | — | — | — | — | 454 | ||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 10,857 | 1,428 | 1,214 | — | (2,642 | ) | 10,857 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (10,790 | ) | (1,427 | ) | (1,214 | ) | — | 2,641 | (10,790 | ) | ||||||||||
Other comprehensive income, net of taxes | 521 | 1 | — | — | (1 | ) | 521 | |||||||||||||
Comprehensive income attributable to common shareholder | $ | 95,117 | 14,651 | 14,656 | — | (29,307 | ) | $ | 95,117 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | (in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 1,088,537 | 229,940 | 231,295 | — | (72 | ) | $ | 1,549,700 | Revenues | $ | 801,800 | 167,798 | 162,414 | — | (355) | $ | 1,131,657 | ||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel oil | 224,995 | 40,725 | 68,543 | — | — | 334,263 | Fuel oil | 197,825 | 38,686 | 49,161 | — | — | 285,672 | |||||||||||||||||||||||||||||||||||||||||||||
Purchased power | 313,730 | 58,885 | 40,052 | — | — | 412,667 | Purchased power | 216,897 | 35,367 | 24,390 | — | — | 276,654 | |||||||||||||||||||||||||||||||||||||||||||||
Other operation and maintenance | 202,438 | 46,574 | 49,248 | — | — | 298,260 | Other operation and maintenance | 159,911 | 36,685 | 40,992 | — | — | 237,588 | |||||||||||||||||||||||||||||||||||||||||||||
Depreciation | 94,564 | 28,347 | 17,389 | — | — | 140,300 | Depreciation | 75,871 | 19,521 | 16,154 | — | — | 111,546 | |||||||||||||||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 104,764 | 21,632 | 21,990 | — | — | 148,386 | Taxes, other than income taxes | 77,174 | 15,812 | 15,452 | — | — | 108,438 | |||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 940,491 | 196,163 | 197,222 | — | — | 1,333,876 | Total expenses | 727,678 | 146,071 | 146,149 | — | — | 1,019,898 | |||||||||||||||||||||||||||||||||||||||||||||
Operating income | 148,046 | 33,777 | 34,073 | — | (72 | ) | 215,824 | Operating income | 74,122 | 21,727 | 16,265 | — | (355) | 111,759 | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 4,771 | 571 | 668 | — | — | 6,010 | Allowance for equity funds used during construction | 3,550 | 312 | 347 | — | — | 4,209 | |||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 33,541 | — | — | — | (33,541 | ) | — | Equity in earnings of subsidiaries | 22,580 | — | — | — | (22,580) | — | ||||||||||||||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | Retirement defined benefits expense—other than service costs | (1,092) | 387 | (58) | — | — | (763) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (34,113 | ) | (8,606 | ) | (7,087 | ) | — | 72 | (49,734 | ) | Interest expense and other charges, net | (24,501) | (5,017) | (4,769) | — | 355 | (33,932) | |||||||||||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,785 | 219 | 272 | — | — | 2,276 | Allowance for borrowed funds used during construction | 1,228 | 98 | 114 | — | — | 1,440 | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 154,030 | 25,961 | 27,926 | — | (33,541 | ) | 174,376 | Income before income taxes | 75,887 | 17,507 | 11,899 | — | (22,580) | 82,713 | ||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 45,022 | 9,075 | 10,585 | — | — | 64,682 | Income taxes | 9,113 | 3,994 | 2,374 | — | — | 15,481 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | 109,008 | 16,886 | 17,341 | — | (33,541 | ) | 109,694 | Net income | 66,774 | 13,513 | 9,525 | — | (22,580) | 67,232 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 400 | 286 | — | — | 686 | Preferred stock dividends of subsidiaries | — | 267 | 191 | — | — | 458 | |||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 109,008 | 16,486 | 17,055 | — | (33,541 | ) | 109,008 | Net income attributable to Hawaiian Electric | 66,774 | 13,246 | 9,334 | — | (22,580) | 66,774 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 810 | — | — | — | — | 810 | Preferred stock dividends of Hawaiian Electric | 540 | — | — | — | — | 540 | |||||||||||||||||||||||||||||||||||||||||||||
Net income for common stock | $ | 108,198 | 16,486 | 17,055 | — | (33,541 | ) | $ | 108,198 | Net income for common stock | $ | 66,234 | 13,246 | 9,334 | — | (22,580) | $ | 66,234 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 66,234 | 13,246 | 9,334 | — | (22,580) | $ | 66,234 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), 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 tax benefits | 10,368 | 1,499 | 1,302 | — | (2,801) | 10,368 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (10,317) | (1,495) | (1,305) | — | 2,800 | (10,317) | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 51 | 4 | (3) | — | (1) | 51 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 66,285 | 13,250 | 9,331 | — | (22,581) | $ | 66,285 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Net income for common stock | $ | 108,198 | 16,486 | 17,055 | — | (33,541 | ) | $ | 108,198 | |||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||||
Effective portion of foreign currency hedge net unrealized gain, net of taxes | 578 | — | — | — | — | 578 | ||||||||||||||
Reclassification adjustment to net income, net of taxes | (173 | ) | — | — | — | — | (173 | ) | ||||||||||||
Retirement benefit plans: | ||||||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 9,941 | 1,288 | 1,162 | — | (2,450 | ) | 9,941 | |||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (9,934 | ) | (1,289 | ) | (1,166 | ) | — | 2,455 | (9,934 | ) | ||||||||||
Other comprehensive income (loss), net of taxes | 412 | (1 | ) | (4 | ) | — | 5 | 412 | ||||||||||||
Comprehensive income attributable to common shareholder | $ | 108,610 | 16,485 | 17,051 | — | (33,536 | ) | $ | 108,610 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Revenues | $ | 855,689 | 177,121 | 179,703 | — | (234) | $ | 1,212,279 | ||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Fuel oil | 234,353 | 40,783 | 67,093 | — | — | 342,229 | ||||||||||||||||||||||||||||||||
Purchased power | 232,094 | 43,206 | 21,999 | — | — | 297,299 | ||||||||||||||||||||||||||||||||
Other operation and maintenance | 159,729 | 36,767 | 40,894 | — | — | 237,390 | ||||||||||||||||||||||||||||||||
Depreciation | 71,735 | 20,906 | 15,219 | — | — | 107,860 | ||||||||||||||||||||||||||||||||
Taxes, other than income taxes | 81,221 | 16,811 | 17,215 | — | — | 115,247 | ||||||||||||||||||||||||||||||||
Total expenses | 779,132 | 158,473 | 162,420 | — | — | 1,100,025 | ||||||||||||||||||||||||||||||||
Operating income | 76,557 | 18,648 | 17,283 | — | (234) | 112,254 | ||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 5,061 | 350 | 674 | — | — | 6,085 | ||||||||||||||||||||||||||||||||
Equity in earnings of subsidiaries | 19,935 | — | — | — | (19,935) | — | ||||||||||||||||||||||||||||||||
Retirement defined benefits expense—other than service costs | (1,134) | (211) | (59) | — | — | (1,404) | ||||||||||||||||||||||||||||||||
Interest expense and other charges, net | (26,190) | (5,821) | (4,739) | — | 234 | (36,516) | ||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | 1,864 | 147 | 246 | — | — | 2,257 | ||||||||||||||||||||||||||||||||
Income before income taxes | 76,093 | 13,113 | 13,405 | — | (19,935) | 82,676 | ||||||||||||||||||||||||||||||||
Income taxes | 10,853 | 3,011 | 3,114 | — | — | 16,978 | ||||||||||||||||||||||||||||||||
Net income | 65,240 | 10,102 | 10,291 | — | (19,935) | 65,698 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of subsidiaries | — | 267 | 191 | — | — | 458 | ||||||||||||||||||||||||||||||||
Net income attributable to Hawaiian Electric | 65,240 | 9,835 | 10,100 | — | (19,935) | 65,240 | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric | 540 | — | — | — | — | 540 | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 64,700 | 9,835 | 10,100 | — | (19,935) | $ | 64,700 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net income for common stock | $ | 64,700 | 9,835 | 10,100 | — | (19,935) | $ | 64,700 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), 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 tax benefits | 4,643 | 704 | 578 | — | (1,282) | 4,643 | ||||||||||||||||||||||||||||||||
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (4,596) | (702) | (578) | — | 1,280 | (4,596) | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 47 | 2 | — | — | (2) | 47 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to common shareholder | $ | 64,747 | 9,837 | 10,100 | — | (19,937) | $ | 64,747 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | (in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsi- diaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Property, plant and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility property, plant and equipment | Utility property, plant and equipment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ | 44,706 | 6,191 | 3,016 | — | — | $ | 53,913 | Land | $ | 42,389 | 5,606 | 3,612 | — | — | $ | 51,607 | |||||||||||||||||||||||||||||||||||||||||
Plant and equipment | 4,368,428 | 1,278,884 | 1,130,942 | — | — | 6,778,254 | Plant and equipment | 4,859,373 | 1,321,091 | 1,173,377 | — | — | 7,353,841 | |||||||||||||||||||||||||||||||||||||||||||||
Less accumulated depreciation | (1,441,963 | ) | (524,759 | ) | (493,707 | ) | — | — | (2,460,429 | ) | Less accumulated depreciation | (1,636,504) | (586,351) | (535,689) | — | — | (2,758,544) | |||||||||||||||||||||||||||||||||||||||||
Construction in progress | 262,098 | 16,459 | 28,935 | — | — | 307,492 | Construction in progress | 170,655 | 20,181 | 23,651 | — | — | 214,487 | |||||||||||||||||||||||||||||||||||||||||||||
Utility property, plant and equipment, net | 3,233,269 | 776,775 | 669,186 | — | — | 4,679,230 | Utility property, plant and equipment, net | 3,435,913 | 760,527 | 664,951 | — | — | 4,861,391 | |||||||||||||||||||||||||||||||||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,762 | 115 | 1,532 | — | — | 7,409 | Nonutility property, plant and equipment, less accumulated depreciation | 5,308 | 115 | 1,532 | — | — | 6,955 | |||||||||||||||||||||||||||||||||||||||||||||
Total property, plant and equipment, net | 3,239,031 | 776,890 | 670,718 | — | — | 4,686,639 | Total property, plant and equipment, net | 3,441,221 | 760,642 | 666,483 | — | — | 4,868,346 | |||||||||||||||||||||||||||||||||||||||||||||
Investment in wholly owned subsidiaries, at equity | 559,671 | — | — | — | (559,671 | ) | — | Investment in wholly owned subsidiaries, at equity | 599,198 | — | — | — | (599,198) | — | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 3,454 | 4,714 | 1,718 | 101 | — | 9,987 | Cash and cash equivalents | 55,170 | 4,594 | 4,130 | 101 | — | 63,995 | |||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | Restricted cash | 29,376 | — | — | — | — | 29,376 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advances to affiliates | — | 6,600 | 4,000 | — | (10,600 | ) | — | Advances to affiliates | 13,500 | — | — | — | (13,500) | — | ||||||||||||||||||||||||||||||||||||||||||||
Customer accounts receivable, net | 92,961 | 20,830 | 19,344 | — | — | 133,135 | Customer accounts receivable, net | 97,615 | 21,422 | 19,001 | — | — | 138,038 | |||||||||||||||||||||||||||||||||||||||||||||
Accrued unbilled revenues, net | 80,644 | 15,145 | 13,918 | — | — | 109,707 | Accrued unbilled revenues, net | 74,086 | 12,705 | 13,810 | — | — | 100,601 | |||||||||||||||||||||||||||||||||||||||||||||
Other accounts receivable, net | 7,402 | 2,797 | 1,244 | — | (7,346 | ) | 4,097 | Other accounts receivable, net | 19,409 | 3,592 | 4,358 | — | (16,944) | 10,415 | ||||||||||||||||||||||||||||||||||||||||||||
Fuel oil stock, at average cost | 40,460 | 8,034 | 11,759 | — | — | 60,253 | Fuel oil stock, at average cost | 30,477 | 14,965 | 15,037 | — | — | 60,479 | |||||||||||||||||||||||||||||||||||||||||||||
Materials and supplies, at average cost | 28,865 | 8,960 | 18,134 | — | — | 55,959 | Materials and supplies, at average cost | 38,475 | 10,116 | 17,653 | — | — | 66,244 | |||||||||||||||||||||||||||||||||||||||||||||
Prepayments and other | 22,197 | 4,183 | 3,647 | — | (156 | ) | 29,871 | Prepayments and other | 18,005 | 17,151 | 2,773 | — | — | 37,929 | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory assets | 63,608 | 4,341 | 4,824 | — | — | 72,773 | Regulatory assets | 16,846 | 2,598 | 1,842 | — | — | 21,286 | |||||||||||||||||||||||||||||||||||||||||||||
Total current assets | 339,591 | 75,604 | 78,588 | 101 | (18,102 | ) | 475,782 | Total current assets | 392,959 | 87,143 | 78,604 | 101 | (30,444) | 528,363 | ||||||||||||||||||||||||||||||||||||||||||||
Other long-term assets | Other long-term assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 159,169 | 1,490 | 370 | — | — | 161,029 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory assets | 639,689 | 118,655 | 105,847 | — | — | 864,191 | Regulatory assets | 460,493 | 104,707 | 96,084 | — | — | 661,284 | |||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt expense | 472 | 83 | 106 | — | — | 661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 50,424 | 14,981 | 14,823 | — | — | 80,228 | Other | 76,482 | 16,915 | 19,588 | — | — | 112,985 | |||||||||||||||||||||||||||||||||||||||||||||
Total other long-term assets | 690,585 | 133,719 | 120,776 | — | — | 945,080 | Total other long-term assets | 696,144 | 123,112 | 116,042 | — | — | 935,298 | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 4,828,878 | 986,213 | 870,082 | 101 | (577,773 | ) | $ | 6,107,501 | Total assets | $ | 5,129,522 | 970,897 | 861,129 | 101 | (629,642) | $ | 6,332,007 | ||||||||||||||||||||||||||||||||||||||||
Capitalization and liabilities | Capitalization and liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization | Capitalization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock equity | $ | 1,829,075 | 294,319 | 265,251 | 101 | (559,671 | ) | $ | 1,829,075 | Common stock equity | $ | 2,060,069 | 304,088 | 295,009 | 101 | (599,198) | $ | 2,060,069 | ||||||||||||||||||||||||||||||||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net | 915,097 | 213,658 | 189,868 | — | — | 1,318,623 | Long-term debt, net | 1,116,186 | 216,400 | 228,369 | — | — | 1,560,955 | |||||||||||||||||||||||||||||||||||||||||||||
Total capitalization | 2,766,465 | 514,977 | 460,119 | 101 | (559,671 | ) | 3,181,991 | Total capitalization | 3,198,548 | 527,488 | 528,378 | 101 | (599,198) | 3,655,317 | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of operating lease liabilities | Current portion of operating lease liabilities | 64,405 | 97 | 32 | — | — | 64,534 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | — | 14,000 | — | — | — | 14,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings from non-affiliates | 6,000 | — | — | — | — | 6,000 | Short-term borrowings from non-affiliates | 49,919 | — | — | — | — | 49,919 | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings from affiliate | 10,600 | — | — | — | (10,600 | ) | — | Short-term borrowings from affiliate | — | 12,000 | 1,500 | — | (13,500) | — | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | 94,618 | 15,291 | 14,331 | — | — | 124,240 | Accounts payable | 79,071 | 14,408 | 13,599 | — | — | 107,078 | |||||||||||||||||||||||||||||||||||||||||||||
Interest and preferred dividends payable | 17,870 | 3,973 | 3,429 | — | (11 | ) | 25,261 | Interest and preferred dividends payable | 14,580 | 3,349 | 2,736 | — | (6) | 20,659 | ||||||||||||||||||||||||||||||||||||||||||||
Taxes accrued | 134,935 | 27,571 | 25,919 | — | (5,060 | ) | 183,365 | Taxes accrued | 133,321 | 32,526 | 28,004 | — | — | 193,851 | ||||||||||||||||||||||||||||||||||||||||||||
Regulatory liabilities | 576 | 1,029 | 1,794 | — | — | 3,399 | Regulatory liabilities | 11,467 | 7,401 | 7,199 | — | — | 26,067 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 45,662 | 8,173 | 13,111 | — | (7,335 | ) | 59,611 | Other | 55,378 | 17,181 | 16,070 | — | (16,938) | 71,691 | ||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 310,261 | 56,037 | 58,584 | — | (23,006 | ) | 401,876 | Total current liabilities | 408,141 | 100,962 | 69,140 | — | (30,444) | 547,799 | ||||||||||||||||||||||||||||||||||||||||||||
Deferred credits and other liabilities | Deferred credits and other liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | Operating lease liabilities | 100,833 | 1,394 | 343 | — | — | 102,570 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income taxes | 540,857 | 113,277 | 108,573 | — | 4,904 | 767,611 | Deferred income taxes | 261,044 | 52,485 | 57,523 | — | — | 371,052 | |||||||||||||||||||||||||||||||||||||||||||||
Regulatory liabilities | 328,530 | 100,973 | 33,314 | — | — | 462,817 | Regulatory liabilities | 674,621 | 178,861 | 98,231 | — | — | 951,713 | |||||||||||||||||||||||||||||||||||||||||||||
Unamortized tax credits | 57,577 | 16,048 | 15,202 | — | — | 88,827 | Unamortized tax credits | 84,885 | 15,773 | 14,348 | — | — | 115,006 | |||||||||||||||||||||||||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 431,191 | 72,366 | 78,156 | — | — | 581,713 | Defined benefit pension and other postretirement benefit plans liability | 340,672 | 69,719 | 69,459 | — | — | 479,850 | |||||||||||||||||||||||||||||||||||||||||||||
Other | 27,097 | 14,383 | 16,068 | — | — | 57,548 | Other | 60,778 | 24,215 | 23,707 | — | — | 108,700 | |||||||||||||||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities | 1,385,252 | 317,047 | 251,313 | — | 4,904 | 1,958,516 | Total deferred credits and other liabilities | 1,522,833 | 342,447 | 263,611 | — | — | 2,128,891 | |||||||||||||||||||||||||||||||||||||||||||||
Contributions in aid of construction | 366,900 | 98,152 | 100,066 | — | — | 565,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total capitalization and liabilities | $ | 4,828,878 | 986,213 | 870,082 | 101 | (577,773 | ) | $ | 6,107,501 | Total capitalization and liabilities | $ | 5,129,522 | 970,897 | 861,129 | 101 | (629,642) | $ | 6,332,007 |
(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 | $ | 42,598 | 5,606 | 3,612 | — | — | $ | 51,816 | ||||||||||||||||||||||||||||||
Plant and equipment | 4,765,362 | 1,313,727 | 1,161,199 | — | — | 7,240,288 | ||||||||||||||||||||||||||||||||
Less accumulated depreciation | (1,591,241) | (574,615) | (524,301) | — | — | (2,690,157) | ||||||||||||||||||||||||||||||||
Construction in progress | 165,137 | 9,993 | 17,944 | — | — | 193,074 | ||||||||||||||||||||||||||||||||
Utility property, plant and equipment, net | 3,381,856 | 754,711 | 658,454 | — | — | 4,795,021 | ||||||||||||||||||||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,310 | 114 | 1,532 | — | — | 6,956 | ||||||||||||||||||||||||||||||||
Total property, plant and equipment, net | 3,387,166 | 754,825 | 659,986 | — | — | 4,801,977 | ||||||||||||||||||||||||||||||||
Investment in wholly owned subsidiaries, at equity | 591,969 | — | — | — | (591,969) | — | ||||||||||||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 2,239 | 6,885 | 1,797 | 101 | — | 11,022 | ||||||||||||||||||||||||||||||||
Restricted cash | 30,749 | 123 | — | — | — | 30,872 | ||||||||||||||||||||||||||||||||
Advances to affiliates | 27,700 | 8,000 | — | — | (35,700) | — | ||||||||||||||||||||||||||||||||
Customer accounts receivable, net | 105,454 | 24,520 | 22,816 | — | — | 152,790 | ||||||||||||||||||||||||||||||||
Accrued unbilled revenues, net | 83,148 | 17,071 | 17,008 | — | — | 117,227 | ||||||||||||||||||||||||||||||||
Other accounts receivable, net | 18,396 | 1,907 | 1,960 | — | (10,695) | 11,568 | ||||||||||||||||||||||||||||||||
Fuel oil stock, at average cost | 69,003 | 8,901 | 14,033 | — | — | 91,937 | ||||||||||||||||||||||||||||||||
Materials and supplies, at average cost | 34,876 | 8,313 | 17,513 | — | — | 60,702 | ||||||||||||||||||||||||||||||||
Prepayments and other | 88,334 | 3,725 | 24,921 | — | — | 116,980 | ||||||||||||||||||||||||||||||||
Regulatory assets | 27,689 | 1,641 | 1,380 | — | — | 30,710 | ||||||||||||||||||||||||||||||||
Total current assets | 487,588 | 81,086 | 101,428 | 101 | (46,395) | 623,808 | ||||||||||||||||||||||||||||||||
Other long-term assets | ||||||||||||||||||||||||||||||||||||||
Operating lease right-of-use assets | 174,886 | 1,537 | 386 | — | — | 176,809 | ||||||||||||||||||||||||||||||||
Regulatory assets | 476,390 | 109,163 | 98,817 | — | — | 684,370 | ||||||||||||||||||||||||||||||||
Other | 69,010 | 15,493 | 17,215 | — | — | 101,718 | ||||||||||||||||||||||||||||||||
Total other long-term assets | 720,286 | 126,193 | 116,418 | — | — | 962,897 | ||||||||||||||||||||||||||||||||
Total assets | $ | 5,187,009 | 962,104 | 877,832 | 101 | (638,364) | $ | 6,388,682 | ||||||||||||||||||||||||||||||
Capitalization and liabilities | ||||||||||||||||||||||||||||||||||||||
Capitalization | ||||||||||||||||||||||||||||||||||||||
Common stock equity | $ | 2,047,352 | 298,998 | 292,870 | 101 | (591,969) | $ | 2,047,352 | ||||||||||||||||||||||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | ||||||||||||||||||||||||||||||||
Long-term debt, net | 1,006,737 | 206,416 | 188,561 | — | — | 1,401,714 | ||||||||||||||||||||||||||||||||
Total capitalization | 3,076,382 | 512,414 | 486,431 | 101 | (591,969) | 3,483,359 | ||||||||||||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||||||||||||||||
Current portion of operating lease liabilities | 63,582 | 94 | 31 | — | — | 63,707 | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | 61,958 | 13,995 | 20,000 | — | — | 95,953 | ||||||||||||||||||||||||||||||||
Short-term borrowings-non-affiliate | 88,987 | — | — | — | — | 88,987 | ||||||||||||||||||||||||||||||||
Short-term borrowings-affiliate | 8,000 | — | 27,700 | — | (35,700) | — | ||||||||||||||||||||||||||||||||
Accounts payable | 139,056 | 25,629 | 23,085 | — | — | 187,770 | ||||||||||||||||||||||||||||||||
Interest and preferred dividends payable | 14,759 | 3,115 | 2,900 | — | (46) | 20,728 | ||||||||||||||||||||||||||||||||
Taxes accrued | 143,522 | 32,541 | 31,929 | — | — | 207,992 | ||||||||||||||||||||||||||||||||
Regulatory liabilities | 13,363 | 9,454 | 7,907 | — | — | 30,724 | ||||||||||||||||||||||||||||||||
Other | 51,295 | 11,362 | 15,297 | — | (10,649) | 67,305 | ||||||||||||||||||||||||||||||||
Total current liabilities | 584,522 | 96,190 | 128,849 | — | (46,395) | 763,166 | ||||||||||||||||||||||||||||||||
Deferred credits and other liabilities | ||||||||||||||||||||||||||||||||||||||
Operating lease liabilities | 111,598 | 1,442 | 360 | — | — | 113,400 | ||||||||||||||||||||||||||||||||
Deferred income taxes | 265,864 | 53,534 | 57,752 | — | — | 377,150 | ||||||||||||||||||||||||||||||||
Regulatory liabilities | 664,894 | 178,474 | 98,218 | — | — | 941,586 | ||||||||||||||||||||||||||||||||
Unamortized tax credits | 86,852 | 16,196 | 14,820 | — | — | 117,868 | ||||||||||||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 339,471 | 69,928 | 69,364 | — | — | 478,763 | ||||||||||||||||||||||||||||||||
Other | 57,426 | 33,926 | 22,038 | — | — | 113,390 | ||||||||||||||||||||||||||||||||
Total deferred credits and other liabilities | 1,526,105 | 353,500 | 262,552 | — | — | 2,142,157 | ||||||||||||||||||||||||||||||||
Total capitalization and liabilities | $ | 5,187,009 | 962,104 | 877,832 | 101 | (638,364) | $ | 6,388,682 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consoli- dating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Assets | ||||||||||||||||||||
Property, plant and equipment | ||||||||||||||||||||
Utility property, plant and equipment | ||||||||||||||||||||
Land | $ | 43,956 | 6,181 | 3,016 | — | — | $ | 53,153 | ||||||||||||
Plant and equipment | 4,241,060 | 1,255,185 | 1,109,487 | — | — | 6,605,732 | ||||||||||||||
Less accumulated depreciation | (1,382,972 | ) | (507,666 | ) | (478,644 | ) | — | — | (2,369,282 | ) | ||||||||||
Construction in progress | 180,194 | 12,510 | 19,038 | — | — | 211,742 | ||||||||||||||
Utility property, plant and equipment, net | 3,082,238 | 766,210 | 652,897 | — | — | 4,501,345 | ||||||||||||||
Nonutility property, plant and equipment, less accumulated depreciation | 5,760 | 115 | 1,532 | — | — | 7,407 | ||||||||||||||
Total property, plant and equipment, net | 3,087,998 | 766,325 | 654,429 | — | — | 4,508,752 | ||||||||||||||
Investment in wholly owned subsidiaries, at equity | 550,946 | — | — | — | (550,946 | ) | — | |||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | 61,388 | 10,749 | 2,048 | 101 | — | 74,286 | ||||||||||||||
Advances to affiliates | — | 3,500 | 10,000 | — | (13,500 | ) | — | |||||||||||||
Customer accounts receivable, net | 86,373 | 20,055 | 17,260 | — | — | 123,688 | ||||||||||||||
Accrued unbilled revenues, net | 65,821 | 13,564 | 12,308 | — | — | 91,693 | ||||||||||||||
Other accounts receivable, net | 7,652 | 2,445 | 1,416 | — | (6,280 | ) | 5,233 | |||||||||||||
Fuel oil stock, at average cost | 47,239 | 8,229 | 10,962 | — | — | 66,430 | ||||||||||||||
Materials and supplies, at average cost | 29,928 | 7,380 | 16,371 | — | — | 53,679 | ||||||||||||||
Prepayments and other | 16,502 | 5,352 | 2,179 | — | (933 | ) | 23,100 | |||||||||||||
Regulatory assets | 60,185 | 3,483 | 2,364 | — | — | 66,032 | ||||||||||||||
Total current assets | 375,088 | 74,757 | 74,908 | 101 | (20,713 | ) | 504,141 | |||||||||||||
Other long-term assets | ||||||||||||||||||||
Regulatory assets | 662,232 | 120,863 | 108,324 | — | — | 891,419 | ||||||||||||||
Unamortized debt expense | 151 | 23 | 34 | — | — | 208 | ||||||||||||||
Other | 43,743 | 13,573 | 13,592 | — | — | 70,908 | ||||||||||||||
Total other long-term assets | 706,126 | 134,459 | 121,950 | — | — | 962,535 | ||||||||||||||
Total assets | $ | 4,720,158 | 975,541 | 851,287 | 101 | (571,659 | ) | $ | 5,975,428 | |||||||||||
Capitalization and liabilities | ||||||||||||||||||||
Capitalization | ||||||||||||||||||||
Common stock equity | $ | 1,799,787 | 291,291 | 259,554 | 101 | (550,946 | ) | $ | 1,799,787 | |||||||||||
Cumulative preferred stock—not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | ||||||||||||||
Long-term debt, net | 915,437 | 213,703 | 190,120 | — | — | 1,319,260 | ||||||||||||||
Total capitalization | 2,737,517 | 511,994 | 454,674 | 101 | (550,946 | ) | 3,153,340 | |||||||||||||
Current liabilities | ||||||||||||||||||||
Short-term borrowings from affiliate | 13,500 | — | — | — | (13,500 | ) | — | |||||||||||||
Accounts payable | 86,369 | 18,126 | 13,319 | — | — | 117,814 | ||||||||||||||
Interest and preferred dividends payable | 15,761 | 4,206 | 2,882 | — | (11 | ) | 22,838 | |||||||||||||
Taxes accrued | 120,176 | 28,100 | 25,387 | — | (933 | ) | 172,730 | |||||||||||||
Regulatory liabilities | — | 2,219 | 1,543 | — | — | 3,762 | ||||||||||||||
Other | 41,352 | 7,637 | 12,501 | — | (6,269 | ) | 55,221 | |||||||||||||
Total current liabilities | 277,158 | 60,288 | 55,632 | — | (20,713 | ) | 372,365 | |||||||||||||
Deferred credits and other liabilities | ||||||||||||||||||||
Deferred income taxes | 524,433 | 108,052 | 100,911 | — | 263 | 733,659 | ||||||||||||||
Regulatory liabilities | 281,112 | 93,974 | 31,845 | — | — | 406,931 | ||||||||||||||
Unamortized tax credits | 57,844 | 15,994 | 15,123 | — | — | 88,961 | ||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | 444,458 | 75,005 | 80,263 | — | — | 599,726 | ||||||||||||||
Other | 49,191 | 13,024 | 14,969 | — | (263 | ) | 76,921 | |||||||||||||
Total deferred credits and other liabilities | 1,357,038 | 306,049 | 243,111 | — | — | 1,906,198 | ||||||||||||||
Contributions in aid of construction | 348,445 | 97,210 | 97,870 | — | — | 543,525 | ||||||||||||||
Total capitalization and liabilities | $ | 4,720,158 | 975,541 | 851,287 | 101 | (571,659 | ) | $ | 5,975,428 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Balance, December 31, 2016 | $ | 1,799,787 | 291,291 | 259,554 | 101 | (550,946 | ) | $ | 1,799,787 | |||||||||||
Net income for common stock | 94,596 | 14,650 | 14,656 | — | (29,306 | ) | 94,596 | |||||||||||||
Other comprehensive income, net of taxes | 521 | 1 | — | — | (1 | ) | 521 | |||||||||||||
Common stock dividends | (65,825 | ) | (11,622 | ) | (8,959 | ) | — | 20,581 | (65,825 | ) | ||||||||||
Common stock issuance expenses | (4 | ) | (1 | ) | — | — | 1 | (4 | ) | |||||||||||
Balance, September 30, 2017 | $ | 1,829,075 | 294,319 | 265,251 | 101 | (559,671 | ) | $ | 1,829,075 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 2,047,352 | 298,998 | 292,870 | 101 | (591,969) | $ | 2,047,352 | ||||||||||||||||||||||||||||||
Net income for common stock | 66,234 | 13,246 | 9,334 | — | (22,580) | 66,234 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 51 | 4 | (3) | — | (1) | 51 | ||||||||||||||||||||||||||||||||
Common stock dividends | (53,568) | (8,160) | (7,192) | — | 15,352 | (53,568) | ||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 2,060,069 | 304,088 | 295,009 | 101 | (599,198) | $ | 2,060,069 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | 1,957,641 | 295,874 | 280,863 | 101 | (576,838) | $ | 1,957,641 | ||||||||||||||||||||||||||||||
Net income for common stock | 64,700 | 9,835 | 10,100 | — | (19,935) | 64,700 | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | 47 | 2 | — | — | (2) | 47 | ||||||||||||||||||||||||||||||||
Common stock dividends | (50,626) | (5,090) | (7,534) | — | 12,624 | (50,626) | ||||||||||||||||||||||||||||||||
Common stock issuance expenses | — | (2) | — | — | 2 | — | ||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | 1,971,762 | 300,619 | 283,429 | 101 | (584,149) | $ | 1,971,762 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Balance, December 31, 2015 | $ | 1,728,325 | 292,702 | 263,725 | 101 | (556,528 | ) | $ | 1,728,325 | |||||||||||
Net income for common stock | 108,198 | 16,486 | 17,055 | — | (33,541 | ) | 108,198 | |||||||||||||
Other comprehensive income (loss), net of taxes | 412 | (1 | ) | (4 | ) | — | 5 | 412 | ||||||||||||
Common stock dividends | (70,199 | ) | (9,906 | ) | (9,795 | ) | — | 19,701 | (70,199 | ) | ||||||||||
Common stock issuance expenses | (9 | ) | (5 | ) | — | — | 5 | (9 | ) | |||||||||||
Balance, September 30, 2016 | $ | 1,766,727 | 299,276 | 270,981 | 101 | (570,358 | ) | $ | 1,766,727 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 154,967 | 20,307 | 21,601 | — | (15,407) | $ | 181,468 | ||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (129,829) | (30,785) | (25,918) | — | — | (186,532) | ||||||||||||||||||||||||||||||||
Advances from affiliates | 14,200 | 8,000 | — | — | (22,200) | — | ||||||||||||||||||||||||||||||||
Other | 4,354 | 552 | 480 | — | 55 | 5,441 | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | (111,275) | (22,233) | (25,438) | — | (22,145) | (181,091) | ||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | (53,568) | (8,160) | (7,192) | — | 15,352 | (53,568) | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (540) | (267) | (191) | — | — | (998) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of short-term debt | 100,000 | — | — | — | — | 100,000 | ||||||||||||||||||||||||||||||||
Repayment of short-term debt | (100,000) | — | — | — | — | (100,000) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 205,000 | 10,000 | 40,000 | — | — | 255,000 | ||||||||||||||||||||||||||||||||
Repayment of long-term debt and funds transferred for repayment of long-term debt | (95,000) | (14,000) | — | — | — | (109,000) | ||||||||||||||||||||||||||||||||
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (46,987) | 12,000 | (26,200) | — | 22,200 | (38,987) | ||||||||||||||||||||||||||||||||
Other | (1,039) | (61) | (247) | — | — | (1,347) | ||||||||||||||||||||||||||||||||
Net cash provided by financing activities | 7,866 | (488) | 6,170 | — | 37,552 | 51,100 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 51,558 | (2,414) | 2,333 | — | — | 51,477 | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 32,988 | 7,008 | 1,797 | 101 | — | 41,894 | ||||||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | 84,546 | 4,594 | 4,130 | 101 | — | 93,371 | ||||||||||||||||||||||||||||||||
Less: Restricted cash | (29,376) | — | — | — | — | (29,376) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 55,170 | 4,594 | 4,130 | 101 | — | $ | 63,995 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||
Net income | $ | 95,406 | 15,050 | 14,942 | — | (29,306 | ) | $ | 96,092 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in earnings of subsidiaries | (29,381 | ) | — | — | — | 29,306 | (75 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 20,656 | — | — | — | (20,581 | ) | 75 | |||||||||||||
Depreciation of property, plant and equipment | 98,167 | 29,056 | 17,355 | — | — | 144,578 | ||||||||||||||
Other amortization | 2,168 | 1,718 | 2,232 | — | — | 6,118 | ||||||||||||||
Deferred income taxes | 12,166 | 5,237 | 7,493 | — | 4,641 | 29,537 | ||||||||||||||
Allowance for equity funds used during construction | (7,823 | ) | (416 | ) | (669 | ) | — | — | (8,908 | ) | ||||||||||
Other | 216 | 566 | (256 | ) | — | — | 526 | |||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Increase in accounts receivable | (6,114 | ) | (1,127 | ) | (1,912 | ) | — | 1,066 | (8,087 | ) | ||||||||||
Increase in accrued unbilled revenues | (14,823 | ) | (1,581 | ) | (1,610 | ) | — | — | (18,014 | ) | ||||||||||
Decrease (increase) in fuel oil stock | 6,779 | 195 | (797 | ) | — | — | 6,177 | |||||||||||||
Decrease (increase) in materials and supplies | 1,063 | (1,580 | ) | (1,763 | ) | — | — | (2,280 | ) | |||||||||||
Decrease (increase) in regulatory assets | 9,471 | (2,935 | ) | (2,614 | ) | — | — | 3,922 | ||||||||||||
Increase (decrease) in accounts payable | (22,224 | ) | (2,955 | ) | 2,338 | — | — | (22,841 | ) | |||||||||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 10,920 | (758 | ) | 210 | — | (5,081 | ) | 5,291 | ||||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 532 | 39 | (118 | ) | — | — | 453 | |||||||||||||
Change in other assets and liabilities | (2,709 | ) | 1,059 | 54 | — | (1,066 | ) | (2,662 | ) | |||||||||||
Net cash provided by operating activities | 174,470 | 41,568 | 34,885 | — | (21,021 | ) | 229,902 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (207,493 | ) | (36,405 | ) | (34,106 | ) | — | — | (278,004 | ) | ||||||||||
Contributions in aid of construction | 34,787 | 3,460 | 2,356 | — | — | 40,603 | ||||||||||||||
Other | 6,089 | 871 | 714 | — | 440 | 8,114 | ||||||||||||||
Advances from affiliates | — | (3,100 | ) | 6,000 | — | (2,900 | ) | — | ||||||||||||
Net cash used in investing activities | (166,617 | ) | (35,174 | ) | (25,036 | ) | — | (2,460 | ) | (229,287 | ) | |||||||||
Cash flows from financing activities | ||||||||||||||||||||
Common stock dividends | (65,825 | ) | (11,622 | ) | (8,959 | ) | — | 20,581 | (65,825 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (810 | ) | (400 | ) | (286 | ) | — | — | (1,496 | ) | ||||||||||
Proceeds from issuance of special purpose revenue bonds | 162,000 | 28,000 | 75,000 | — | 265,000 | |||||||||||||||
Funds transferred for redemption of special purpose revenue bonds | (162,000 | ) | (28,000 | ) | (75,000 | ) | — | — | (265,000 | ) | ||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 3,100 | — | — | — | 2,900 | 6,000 | ||||||||||||||
Other | (2,252 | ) | (407 | ) | (934 | ) | — | — | (3,593 | ) | ||||||||||
Net cash used in financing activities | (65,787 | ) | (12,429 | ) | (10,179 | ) | — | 23,481 | (64,914 | ) | ||||||||||
Net decrease in cash and cash equivalents | (57,934 | ) | (6,035 | ) | (330 | ) | — | — | (64,299 | ) | ||||||||||
Cash and cash equivalents, beginning of period | 61,388 | 10,749 | 2,048 | 101 | — | 74,286 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 3,454 | 4,714 | 1,718 | 101 | — | $ | 9,987 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 84,427 | 16,406 | 12,607 | — | (12,624) | $ | 100,816 | ||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||
Capital expenditures | (150,945) | (18,083) | (30,868) | — | — | (199,896) | ||||||||||||||||||||||||||||||||
Advances to affiliates | (25,300) | (5,000) | — | — | 30,300 | — | ||||||||||||||||||||||||||||||||
Other | 2,821 | (280) | (31) | — | — | 2,510 | ||||||||||||||||||||||||||||||||
Net cash used in investing activities | (173,424) | (23,363) | (30,899) | — | 30,300 | (197,386) | ||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | (50,626) | (5,090) | (7,534) | — | 12,624 | (50,626) | ||||||||||||||||||||||||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (540) | (267) | (191) | — | — | (998) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of short-term debt | 25,000 | — | — | — | — | 25,000 | ||||||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 30,000 | 10,000 | 10,000 | — | — | 50,000 | ||||||||||||||||||||||||||||||||
Repayment of long-term debt | (31,546) | (10,000) | (10,000) | — | — | (51,546) | ||||||||||||||||||||||||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 116,901 | — | 25,300 | — | (30,300) | 111,901 | ||||||||||||||||||||||||||||||||
Other | 197 | 43 | 83 | — | — | 323 | ||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 89,386 | (5,314) | 17,658 | — | (17,676) | 84,054 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 389 | (12,271) | (634) | — | — | (12,516) | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 16,732 | 15,623 | 3,421 | 101 | — | 35,877 | ||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 17,121 | 3,352 | 2,787 | 101 | — | $ | 23,361 |
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric Consolidated | ||||||||||||||
Cash flows from operating activities | �� | |||||||||||||||||||
Net income | $ | 109,008 | 16,886 | 17,341 | — | (33,541 | ) | $ | 109,694 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Equity in earnings of subsidiaries | (33,616 | ) | — | — | — | 33,541 | (75 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 19,776 | — | — | — | (19,701 | ) | 75 | |||||||||||||
Depreciation of property, plant and equipment | 94,564 | 28,347 | 17,389 | — | — | 140,300 | ||||||||||||||
Other amortization | 2,462 | 1,366 | 1,552 | — | — | 5,380 | ||||||||||||||
Deferred income taxes | 41,005 | 4,529 | 10,085 | — | 29 | 55,648 | ||||||||||||||
Allowance for equity funds used during construction | (4,771 | ) | (571 | ) | (668 | ) | — | — | (6,010 | ) | ||||||||||
Other | 2,925 | 162 | 147 | — | — | 3,234 | ||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Decrease (increase) in accounts receivable | 328 | (2,716 | ) | (1,313 | ) | — | 3,046 | (655 | ) | |||||||||||
Increase in accrued unbilled revenues | (9,673 | ) | (373 | ) | (612 | ) | — | — | (10,658 | ) | ||||||||||
Decrease in fuel oil stock | 4,157 | 1,425 | 1,154 | — | — | 6,736 | ||||||||||||||
Decrease (increase) in materials and supplies | (1,755 | ) | (1,559 | ) | 387 | — | — | (2,927 | ) | |||||||||||
Decrease (increase) in regulatory assets | (2,474 | ) | (150 | ) | 373 | — | — | (2,251 | ) | |||||||||||
Increase (decrease) in accounts payable | (2,628 | ) | 143 | 1,809 | — | — | (676 | ) | ||||||||||||
Change in prepaid and accrued income taxes, tax credits and revenue taxes | (7,324 | ) | 2,230 | (4,472 | ) | — | (29 | ) | (9,595 | ) | ||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 449 | 40 | (129 | ) | — | — | 360 | |||||||||||||
Change in other assets and liabilities | (10,548 | ) | 2,856 | (2,571 | ) | — | (3,046 | ) | (13,309 | ) | ||||||||||
Net cash provided by operating activities | 201,885 | 52,615 | 40,472 | — | (19,701 | ) | 275,271 | |||||||||||||
Cash flows from investing activities | ||||||||||||||||||||
Capital expenditures | (188,415 | ) | (37,835 | ) | (24,454 | ) | — | — | (250,704 | ) | ||||||||||
Contributions in aid of construction | 18,181 | 2,691 | 2,696 | — | — | 23,568 | ||||||||||||||
Other | 901 | 169 | 30 | — | — | 1,100 | ||||||||||||||
Advances from affiliates | — | (3,000 | ) | (8,000 | ) | — | 11,000 | — | ||||||||||||
Net cash used in investing activities | (169,333 | ) | (37,975 | ) | (29,728 | ) | — | 11,000 | (226,036 | ) | ||||||||||
Cash flows from financing activities | ||||||||||||||||||||
Common stock dividends | (70,199 | ) | (9,906 | ) | (9,795 | ) | — | 19,701 | (70,199 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (810 | ) | (400 | ) | (286 | ) | — | — | (1,496 | ) | ||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 32,000 | — | — | — | (11,000 | ) | 21,000 | |||||||||||||
Other | (3 | ) | (8 | ) | (1 | ) | — | — | (12 | ) | ||||||||||
Net cash used in financing activities | (39,012 | ) | (10,314 | ) | (10,082 | ) | — | 8,701 | (50,707 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | (6,460 | ) | 4,326 | 662 | — | — | (1,472 | ) | ||||||||||||
Cash and cash equivalents, beginning of period | 16,281 | 2,682 | 5,385 | 101 | — | 24,449 | ||||||||||||||
Cash and cash equivalents, end of period | $ | 9,821 | 7,008 | 6,047 | 101 | — | $ | 22,977 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | Interest and dividend income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 52,210 | $ | 50,444 | $ | 155,269 | $ | 148,571 | Interest and fees on loans | $ | 53,541 | $ | 58,620 | $ | 109,086 | $ | 116,480 | |||||||||||||||||||||||||||||||||||||
Interest and dividends on investment securities | 6,850 | 4,759 | 20,593 | 14,219 | Interest and dividends on investment securities | 6,288 | 7,535 | 15,718 | 18,163 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest and dividend income | 59,060 | 55,203 | 175,862 | 162,790 | Total interest and dividend income | 59,829 | 66,155 | 124,804 | 134,643 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on deposit liabilities | 2,444 | 1,871 | 6,858 | 5,154 | Interest on deposit liabilities | 3,071 | 4,287 | 6,658 | 8,539 | |||||||||||||||||||||||||||||||||||||||||||||
Interest on other borrowings | 470 | 1,464 | 2,110 | 4,416 | Interest on other borrowings | 75 | 411 | 388 | 939 | |||||||||||||||||||||||||||||||||||||||||||||
Total interest expense | 2,914 | 3,335 | 8,968 | 9,570 | Total interest expense | 3,146 | 4,698 | 7,046 | 9,478 | |||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 56,146 | 51,868 | 166,894 | 153,220 | Net interest income | 56,683 | 61,457 | 117,758 | 125,165 | |||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 490 | 5,747 | 7,231 | 15,266 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 55,656 | 46,121 | 159,663 | 137,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 15,133 | 7,688 | 25,534 | 14,558 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | Net interest income after provision for credit losses | 41,550 | 53,769 | 92,224 | 110,607 | |||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | Noninterest income | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees from other financial services | 5,635 | 5,599 | 17,055 | 16,799 | Fees from other financial services | 3,102 | 4,798 | 7,673 | 9,360 | |||||||||||||||||||||||||||||||||||||||||||||
Fee income on deposit liabilities | 5,533 | 5,627 | 16,526 | 16,045 | Fee income on deposit liabilities | 2,897 | 5,004 | 8,010 | 10,082 | |||||||||||||||||||||||||||||||||||||||||||||
Fee income on other financial products | 1,904 | 2,151 | 5,741 | 6,563 | Fee income on other financial products | 1,212 | 1,830 | 3,084 | 3,423 | |||||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 1,257 | 1,616 | 4,165 | 3,620 | Bank-owned life insurance | 1,673 | 2,390 | 2,467 | 4,649 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage banking income | 520 | 2,347 | 1,896 | 5,096 | Mortgage banking income | 6,252 | 976 | 8,252 | 1,590 | |||||||||||||||||||||||||||||||||||||||||||||
Gains on sale of investment securities, net | — | — | — | 598 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of investment securities, net | Gain on sale of investment securities, net | 9,275 | — | 9,275 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other income, net | 380 | 1,165 | 1,229 | 1,786 | Other income, net | (251) | 534 | 162 | 992 | |||||||||||||||||||||||||||||||||||||||||||||
Total noninterest income | 15,229 | 18,505 | 46,612 | 50,507 | Total noninterest income | 24,160 | 15,532 | 38,923 | 30,096 | |||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | Noninterest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 23,724 | 22,844 | 71,703 | 67,197 | Compensation and employee benefits | 25,079 | 25,750 | 50,856 | 51,262 | |||||||||||||||||||||||||||||||||||||||||||||
Occupancy | 4,284 | 3,991 | 12,623 | 12,244 | Occupancy | 5,442 | 5,479 | 10,709 | 10,149 | |||||||||||||||||||||||||||||||||||||||||||||
Data processing | 3,262 | 3,150 | 9,749 | 9,599 | Data processing | 3,849 | 3,852 | 7,686 | 7,590 | |||||||||||||||||||||||||||||||||||||||||||||
Services | 2,863 | 2,427 | 7,989 | 8,093 | Services | 2,474 | 2,606 | 5,283 | 5,032 | |||||||||||||||||||||||||||||||||||||||||||||
Equipment | 1,814 | 1,759 | 5,333 | 5,193 | Equipment | 2,290 | 2,189 | 4,629 | 4,253 | |||||||||||||||||||||||||||||||||||||||||||||
Office supplies, printing and postage | 1,444 | 1,483 | 4,506 | 4,431 | Office supplies, printing and postage | 1,049 | 1,663 | 2,390 | 3,023 | |||||||||||||||||||||||||||||||||||||||||||||
Marketing | 934 | 747 | 2,290 | 2,507 | Marketing | 379 | 1,323 | 1,181 | 2,313 | |||||||||||||||||||||||||||||||||||||||||||||
FDIC insurance | 746 | 907 | 2,296 | 2,704 | FDIC insurance | 751 | 628 | 853 | 1,254 | |||||||||||||||||||||||||||||||||||||||||||||
Other expense | 5,050 | 4,591 | 14,066 | 13,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense1 | Other expense1 | 7,063 | 4,519 | 11,257 | 8,373 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total noninterest expense | 44,121 | 41,899 | 130,555 | 125,916 | Total noninterest expense | 48,376 | 48,009 | 94,844 | 93,249 | |||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 26,764 | 22,727 | 75,720 | 62,545 | Income before income taxes | 17,334 | 21,292 | 36,303 | 47,454 | |||||||||||||||||||||||||||||||||||||||||||||
Income taxes | 9,172 | 7,623 | 25,582 | 21,483 | Income taxes | 3,320 | 4,276 | 6,528 | 9,599 | |||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 17,592 | $ | 15,104 | $ | 50,138 | $ | 41,062 | Net income | 14,014 | 17,016 | 29,775 | 37,855 | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | Other comprehensive income (loss), net of taxes | (280) | 14,275 | 19,567 | 20,527 | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | $ | 13,734 | $ | 31,291 | $ | 49,342 | $ | 58,382 |
Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Interest and dividend income | $ | 59,829 | $ | 66,155 | $ | 124,804 | $ | 134,643 | ||||||||||||||||||||||||||||||
Noninterest income | 24,160 | 15,532 | 38,923 | 30,096 | ||||||||||||||||||||||||||||||||||
Less: Gain on sale of investment securities, net | (9,275) | — | (9,275) | — | ||||||||||||||||||||||||||||||||||
*Revenues-Bank | 74,714 | 81,687 | 154,452 | 164,739 | ||||||||||||||||||||||||||||||||||
Total interest expense | 3,146 | 4,698 | 7,046 | 9,478 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 15,133 | 7,688 | 25,534 | 14,558 | ||||||||||||||||||||||||||||||||||
Noninterest expense | 48,376 | 48,009 | 94,844 | 93,249 | ||||||||||||||||||||||||||||||||||
Less: Retirement defined benefits gain (expense)—other than service costs | (434) | 40 | (868) | 80 | ||||||||||||||||||||||||||||||||||
*Expenses-Bank | 66,221 | 60,435 | 126,556 | 117,365 | ||||||||||||||||||||||||||||||||||
*Operating income-Bank | 8,493 | 21,252 | 27,896 | 47,374 | ||||||||||||||||||||||||||||||||||
Add back: Retirement defined benefits (gain) expense—other than service costs | 434 | (40) | 868 | (80) | ||||||||||||||||||||||||||||||||||
Add back: Gain on sale of investment securities, net | (9,275) | — | (9,275) | — | ||||||||||||||||||||||||||||||||||
Income before income taxes | $ | 17,334 | $ | 21,292 | $ | 36,303 | $ | 47,454 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 17,592 | $ | 15,104 | $ | 50,138 | $ | 41,062 | ||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities: | ||||||||||||||||
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of (taxes) benefits of $(137), $1,417, $(1,619) and $(5,413), respectively | 208 | (2,147 | ) | 2,452 | 8,197 | |||||||||||
Reclassification adjustment for net realized gains included in net income, net of taxes of nil, nil, nil and $238, respectively | — | — | — | (360 | ) | |||||||||||
Retirement benefit plans: | ||||||||||||||||
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $138, $144, $675 and $421, respectively | 209 | 219 | 1,023 | 638 | ||||||||||||
Other comprehensive income (loss), net of taxes | 417 | (1,928 | ) | 3,475 | 8,475 | |||||||||||
Comprehensive income | $ | 18,009 | $ | 13,176 | $ | 53,613 | $ | 49,537 |
(in thousands) | September 30, 2017 | December 31, 2016 | (in thousands) | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | $ | 120,492 | $ | 137,083 | Cash and due from banks | $ | 140,968 | $ | 129,770 | |||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | 69,223 | 52,128 | Interest-bearing deposits | 365,996 | 48,628 | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | — | 1,764 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale investment securities, at fair value | 1,320,110 | 1,105,182 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | Investment securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale, at fair value | Available-for-sale, at fair value | 1,389,633 | 1,232,826 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity, at amortized cost (fair value of $131,131 and $143,467, respectively) | Held-to-maturity, at amortized cost (fair value of $131,131 and $143,467, respectively) | 124,623 | 139,451 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock in Federal Home Loan Bank, at cost | 9,706 | 11,218 | Stock in Federal Home Loan Bank, at cost | 9,880 | 8,434 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans receivable held for investment | 4,676,281 | 4,738,693 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (53,047 | ) | (55,533 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment | 5,437,817 | 5,121,176 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | (81,307) | (53,355) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loans | 4,623,234 | 4,683,160 | Net loans | 5,356,510 | 5,067,821 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale, at lower of cost or fair value | 15,728 | 18,817 | Loans held for sale, at lower of cost or fair value | 37,143 | 12,286 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 378,224 | 329,815 | Other | 512,722 | 511,611 | |||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 82,190 | 82,190 | Goodwill | 82,190 | 82,190 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 6,618,907 | $ | 6,421,357 | Total assets | $ | 8,019,665 | $ | 7,233,017 | |||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity | Liabilities and shareholder’s equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit liabilities—noninterest-bearing | $ | 1,710,698 | $ | 1,639,051 | Deposit liabilities—noninterest-bearing | $ | 2,422,042 | $ | 1,909,682 | |||||||||||||||||||||||||||||||||||||||||||||
Deposit liabilities—interest-bearing | 4,041,628 | 3,909,878 | Deposit liabilities—interest-bearing | 4,607,910 | 4,362,220 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 153,552 | 192,618 | Other borrowings | 124,975 | 115,110 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 107,558 | 101,635 | Other | 158,344 | 146,954 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 6,013,436 | 5,843,182 | Total liabilities | 7,313,271 | 6,533,966 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 1 | 1 | Common stock | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid in capital | 344,512 | 342,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 350,826 | 349,453 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 279,956 | 257,943 | Retained earnings | 344,662 | 358,259 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized losses on securities | $ | (5,479 | ) | $ | (7,931 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss), net of taxes | Accumulated other comprehensive income (loss), net of taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net unrealized gains on securities | Net unrealized gains on securities | $ | 21,264 | $ | 2,481 | |||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefit plans | (13,519 | ) | (18,998 | ) | (14,542 | ) | (22,473 | ) | Retirement benefit plans | (10,359) | 10,905 | (11,143) | (8,662) | |||||||||||||||||||||||||||||||||||||||||
Total shareholder’s equity | 605,471 | 578,175 | Total shareholder’s equity | 706,394 | 699,051 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 6,618,907 | $ | 6,421,357 | Total liabilities and shareholder’s equity | $ | 8,019,665 | $ | 7,233,017 | |||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | $ | 147,391 | $ | 143,197 | Bank-owned life insurance | $ | 159,951 | $ | 157,465 | |||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 123,326 | 90,570 | Premises and equipment, net | 203,217 | 204,449 | |||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid expenses | 5,356 | 3,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 17,488 | 16,824 | Accrued interest receivable | 23,381 | 19,365 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-servicing rights | 9,070 | 9,373 | Mortgage-servicing rights | 9,647 | 9,101 | |||||||||||||||||||||||||||||||||||||||||||||||||
Low-income housing equity investments | 54,515 | 47,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Low-income housing investments | Low-income housing investments | 61,632 | 66,302 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate acquired in settlement of loans, net | 1,183 | 1,189 | Real estate acquired in settlement of loans, net | 43 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 19,895 | 18,233 | Other | 54,851 | 54,929 | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 378,224 | $ | 329,815 | $ | 512,722 | $ | 511,611 | |||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses | $ | 41,698 | $ | 36,754 | Accrued expenses | $ | 40,382 | $ | 45,822 | |||||||||||||||||||||||||||||||||||||||||||||
Federal and state income taxes payable | 6,829 | 4,728 | Federal and state income taxes payable | 18,021 | 14,996 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cashier’s checks | 27,448 | 24,156 | Cashier’s checks | 25,284 | 23,647 | |||||||||||||||||||||||||||||||||||||||||||||||||
Advance payments by borrowers | 4,867 | 10,335 | Advance payments by borrowers | 10,458 | 10,486 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 26,716 | 25,662 | Other | 64,199 | 52,003 | |||||||||||||||||||||||||||||||||||||||||||||||||
$ | 107,558 | $ | 101,635 | $ | 158,344 | $ | 146,954 |
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Gross unrealized losses | ||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of issues | Fair value | Amount | Number of issues | Fair value | Amount | ||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 182,535 | $ | 882 | $ | (1,299 | ) | $ | 182,118 | 15 | $ | 91,203 | $ | (1,064 | ) | 2 | $ | 13,072 | $ | (235 | ) | |||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 1,131,245 | 2,127 | (10,807 | ) | 1,122,565 | 84 | 686,186 | (7,709 | ) | 29 | 138,051 | (3,098 | ) | |||||||||||||||||||||||||
Mortgage revenue bond | 15,427 | — | — | 15,427 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 1,329,207 | $ | 3,009 | $ | (12,106 | ) | $ | 1,320,110 | 99 | $ | 777,389 | $ | (8,773 | ) | 31 | $ | 151,123 | $ | (3,333 | ) | ||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 193,515 | $ | 920 | $ | (2,154 | ) | $ | 192,281 | 18 | $ | 123,475 | $ | (2,010 | ) | 1 | $ | 3,485 | $ | (144 | ) | |||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 909,408 | 1,742 | (13,676 | ) | 897,474 | 88 | 709,655 | (12,143 | ) | 13 | 47,485 | (1,533 | ) | |||||||||||||||||||||||||
Mortgage revenue bond | 15,427 | — | — | 15,427 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
$ | 1,118,350 | $ | 2,662 | $ | (15,830 | ) | $ | 1,105,182 | 106 | $ | 833,130 | $ | (14,153 | ) | 14 | $ | 50,970 | $ | (1,677 | ) |
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | Gross unrealized losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of issues | Fair value | Amount | Number of issues | Fair value | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 100,195 | $ | 2,219 | $ | — | $ | 102,414 | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | 1,201,796 | 25,469 | (280) | 1,226,985 | 6 | 96,296 | (258) | 1 | 1,803 | (22) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 29,767 | 1,640 | — | 31,407 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage revenue bonds | 28,827 | — | — | 28,827 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,360,585 | $ | 29,328 | $ | (280) | $ | 1,389,633 | 6 | $ | 96,296 | $ | (258) | 1 | $ | 1,803 | $ | (22) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | $ | 124,623 | $ | 6,508 | $ | — | $ | 131,131 | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 124,623 | $ | 6,508 | $ | — | $ | 131,131 | — | $ | — | $ | — | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 117,255 | $ | 652 | $ | (120) | $ | 117,787 | 2 | $ | 4,110 | $ | (11) | 3 | $ | 27,637 | $ | (109) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | 1,024,892 | 6,000 | (4,507) | 1,026,385 | 19 | 152,071 | (819) | 75 | 318,020 | (3,688) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds | 58,694 | 1,363 | — | 60,057 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage revenue bonds | 28,597 | — | — | 28,597 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,229,438 | $ | 8,015 | $ | (4,627) | $ | 1,232,826 | 21 | $ | 156,181 | $ | (830) | 78 | $ | 345,657 | $ | (3,797) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities* | $ | 139,451 | $ | 4,087 | $ | (71) | $ | 143,467 | 1 | $ | 12,986 | $ | (71) | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 139,451 | $ | 4,087 | $ | (71) | $ | 143,467 | 1 | $ | 12,986 | $ | (71) | — | $ | — | $ | — |
September 30, 2017 | Amortized cost | Fair value | ||||||
(in thousands) | ||||||||
Due in one year or less | $ | 9,998 | $ | 9,999 | ||||
Due after one year through five years | 77,138 | 77,331 | ||||||
Due after five years through ten years | 81,464 | 81,170 | ||||||
Due after ten years | 29,362 | 29,045 | ||||||
197,962 | 197,545 | |||||||
Mortgage-related securities-FNMA, FHLMC and GNMA | 1,131,245 | 1,122,565 | ||||||
Total available-for-sale securities | $ | 1,329,207 | $ | 1,320,110 |
June 30, 2020 | Amortized cost | Fair value | ||||||||||||
(in thousands) | ||||||||||||||
Available-for-sale | ||||||||||||||
Due in one year or less | $ | 65,330 | $ | 65,776 | ||||||||||
Due after one year through five years | 44,570 | 46,378 | ||||||||||||
Due after five years through ten years | 33,462 | 35,067 | ||||||||||||
Due after ten years | 15,427 | 15,427 | ||||||||||||
158,789 | 162,648 | |||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 1,201,796 | 1,226,985 | ||||||||||||
Total available-for-sale securities | $ | 1,360,585 | $ | 1,389,633 | ||||||||||
Held-to-maturity | ||||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | $ | 124,623 | $ | 131,131 | ||||||||||
Total held-to-maturity securities | $ | 124,623 | $ | 131,131 |
September 30, 2017 | December 31, 2016 | June 30, 2020 | December 31, 2019 | |||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||
Real estate: | Real estate: | |||||||||||||||||
Residential 1-4 family | $ | 2,066,023 | $ | 2,048,051 | Residential 1-4 family | $ | 2,123,226 | $ | 2,178,135 | |||||||||
Commercial real estate | 745,583 | 800,395 | Commercial real estate | 855,566 | 824,830 | |||||||||||||
Home equity line of credit | 905,249 | 863,163 | Home equity line of credit | 1,065,264 | 1,092,125 | |||||||||||||
Residential land | 18,611 | 18,889 | Residential land | 13,224 | 14,704 | |||||||||||||
Commercial construction | 128,407 | 126,768 | Commercial construction | 92,904 | 70,605 | |||||||||||||
Residential construction | 13,031 | 16,080 | Residential construction | 10,759 | 11,670 | |||||||||||||
Total real estate | 3,876,904 | 3,873,346 | Total real estate | 4,160,943 | 4,192,069 | |||||||||||||
Commercial | 589,669 | 692,051 | Commercial | 1,073,829 | 670,674 | |||||||||||||
Consumer | 211,571 | 178,222 | Consumer | 216,030 | 257,921 | |||||||||||||
Total loans | 4,678,144 | 4,743,619 | Total loans | 5,450,802 | 5,120,664 | |||||||||||||
Less: Deferred fees and discounts | (1,863 | ) | (4,926 | ) | ||||||||||||||
Allowance for loan losses | (53,047 | ) | (55,533 | ) | ||||||||||||||
Deferred fees and discounts | Deferred fees and discounts | (12,985) | 512 | |||||||||||||||
Allowance for credit losses | Allowance for credit losses | (81,307) | (53,355) | |||||||||||||||
Total loans, net | $ | 4,623,234 | $ | 4,683,160 | Total loans, net | $ | 5,356,510 | $ | 5,067,821 |
(in thousands) | Residential 1-4 family | Commercial real estate | Home equity line of credit | Residential land | Commercial construction | Residential construction | Commercial loans | Consumer loans | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,476 | $ | 16,587 | $ | 6,225 | $ | 352 | $ | 3,446 | $ | 14 | $ | 12,977 | $ | 33,007 | $ | 77,084 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (7) | — | — | (343) | — | — | (699) | (6,331) | (7,380) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2 | — | — | 5 | — | — | 106 | 657 | 770 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (560) | 4,513 | (11) | 342 | 1,311 | — | 1,484 | 3,754 | 10,833 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,911 | $ | 21,100 | $ | 6,214 | $ | 356 | $ | 4,757 | $ | 14 | $ | 13,868 | $ | 31,087 | $ | 81,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,911 | $ | 14,825 | $ | 6,493 | $ | 425 | $ | 2,843 | $ | 3 | $ | 10,814 | $ | 16,983 | $ | 54,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (5) | — | (19) | (4) | — | — | (494) | (5,102) | (5,624) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 8 | — | 4 | 7 | — | — | 1,281 | 764 | 2,064 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | 101 | 986 | 403 | 109 | (797) | (1) | 1,472 | 5,415 | 7,688 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,015 | $ | 15,811 | $ | 6,881 | $ | 537 | $ | 2,046 | $ | 2 | $ | 13,073 | $ | 18,060 | $ | 58,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASU No. 2016-13 | $ | 2,380 | $ | 15,053 | $ | 6,922 | $ | 449 | $ | 2,097 | $ | 3 | $ | 10,245 | $ | 16,206 | $ | 53,355 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of adopting ASU No. 2016-13 | 2,150 | 208 | (541) | (64) | 289 | 14 | 922 | 16,463 | 19,441 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (7) | — | — | (351) | — | — | (1,068) | (12,585) | (14,011) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 55 | — | 6 | 14 | — | — | 292 | 1,421 | 1,788 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (667) | 5,839 | (173) | 308 | 2,371 | (3) | 3,477 | 9,582 | 20,734 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 3,911 | $ | 21,100 | $ | 6,214 | $ | 356 | $ | 4,757 | $ | 14 | $ | 13,868 | $ | 31,087 | $ | 81,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,976 | $ | 14,505 | $ | 6,371 | $ | 479 | $ | 2,790 | $ | 4 | $ | 9,225 | $ | 16,769 | $ | 52,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (19) | — | (19) | (4) | — | — | (1,112) | (10,661) | (11,815) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 617 | — | 9 | 14 | — | — | 1,461 | 1,462 | 3,563 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision | (559) | 1,306 | 520 | 48 | (744) | (2) | 3,499 | 10,490 | 14,558 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,015 | $ | 15,811 | $ | 6,881 | $ | 537 | $ | 2,046 | $ | 2 | $ | 13,073 | $ | 18,060 | $ | 58,425 | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 898 | $ | 2 | $ | 322 | $ | — | $ | — | $ | — | $ | 1,015 | $ | 454 | $ | 2,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,482 | $ | 15,051 | $ | 6,600 | $ | 449 | $ | 2,097 | $ | 3 | $ | 9,230 | $ | 15,752 | $ | 50,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,178,135 | $ | 824,830 | $ | 1,092,125 | $ | 14,704 | $ | 70,605 | $ | 11,670 | $ | 670,674 | $ | 257,921 | $ | 5,120,664 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 15,600 | $ | 1,048 | $ | 12,073 | $ | 3,091 | $ | — | $ | — | $ | 8,418 | $ | 507 | $ | 40,737 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,162,535 | $ | 823,782 | $ | 1,080,052 | $ | 11,613 | $ | 70,605 | $ | 11,670 | $ | 662,256 | $ | 257,414 | $ | 5,079,927 |
(in thousands) | Residential 1-4 family | Commercial real estate | Home equity line of credit | Residential land | Commercial construction | Residential construction | Commercial loans | Consumer loans | Unallo-cated | Total | ||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,130 | $ | 18,840 | $ | 5,527 | $ | 1,264 | $ | 4,706 | $ | 9 | $ | 14,552 | $ | 8,328 | $ | — | $ | 56,356 | ||||||||||||||||||||
Charge-offs | (522 | ) | — | — | — | — | — | (1,215 | ) | (3,160 | ) | — | (4,897 | ) | ||||||||||||||||||||||||||
Recoveries | 33 | — | 164 | 259 | — | — | 326 | 316 | — | 1,098 | ||||||||||||||||||||||||||||||
Provision | 347 | (2,800 | ) | (36 | ) | (141 | ) | 370 | 2 | (595 | ) | 3,343 | — | 490 | ||||||||||||||||||||||||||
Ending balance | $ | 2,988 | $ | 16,040 | $ | 5,655 | $ | 1,382 | $ | 5,076 | $ | 11 | $ | 13,068 | $ | 8,827 | $ | — | $ | 53,047 | ||||||||||||||||||||
Three months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,384 | $ | 13,561 | $ | 7,836 | $ | 1,689 | $ | 6,993 | $ | 12 | $ | 17,085 | $ | 3,771 | $ | — | $ | 55,331 | ||||||||||||||||||||
Charge-offs | (373 | ) | — | (108 | ) | — | — | — | (833 | ) | (1,879 | ) | — | (3,193 | ) | |||||||||||||||||||||||||
Recoveries | 92 | — | 15 | 187 | — | — | 347 | 211 | — | 852 | ||||||||||||||||||||||||||||||
Provision | 154 | 1,289 | (248 | ) | 23 | 179 | (2 | ) | 2,457 | 1,895 | — | 5,747 | ||||||||||||||||||||||||||||
Ending balance | $ | 4,257 | $ | 14,850 | $ | 7,495 | $ | 1,899 | $ | 7,172 | $ | 10 | $ | 19,056 | $ | 3,998 | $ | — | $ | 58,737 | ||||||||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 2,873 | $ | 16,004 | $ | 5,039 | $ | 1,738 | $ | 6,449 | $ | 12 | $ | 16,618 | $ | 6,800 | $ | — | $ | 55,533 | ||||||||||||||||||||
Charge-offs | (528 | ) | — | (14 | ) | (92 | ) | — | — | (3,477 | ) | (8,360 | ) | — | (12,471 | ) | ||||||||||||||||||||||||
Recoveries | 91 | — | 294 | 477 | — | — | 922 | 970 | — | 2,754 | ||||||||||||||||||||||||||||||
Provision | 552 | 36 | 336 | (741 | ) | (1,373 | ) | (1 | ) | (995 | ) | 9,417 | — | 7,231 | ||||||||||||||||||||||||||
Ending balance | $ | 2,988 | $ | 16,040 | $ | 5,655 | $ | 1,382 | $ | 5,076 | $ | 11 | $ | 13,068 | $ | 8,827 | $ | — | $ | 53,047 | ||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,317 | $ | 72 | $ | 409 | $ | 373 | $ | — | $ | — | $ | 667 | $ | 30 | $ | 2,868 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,671 | $ | 15,968 | $ | 5,246 | $ | 1,009 | $ | 5,076 | $ | 11 | $ | 12,401 | $ | 8,797 | $ | — | $ | 50,179 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,066,023 | $ | 745,583 | $ | 905,249 | $ | 18,611 | $ | 128,407 | $ | 13,031 | $ | 589,669 | $ | 211,571 | $ | 4,678,144 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 19,757 | $ | 1,281 | $ | 7,078 | $ | 2,385 | $ | — | $ | — | $ | 5,486 | $ | 67 | $ | 36,054 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,046,266 | $ | 744,302 | $ | 898,171 | $ | 16,226 | $ | 128,407 | $ | 13,031 | $ | 584,183 | $ | 211,504 | $ | 4,642,090 | ||||||||||||||||||||||
Nine months ended September 30, 2016 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 4,186 | $ | 11,342 | $ | 7,260 | $ | 1,671 | $ | 4,461 | $ | 13 | $ | 17,208 | $ | 3,897 | $ | — | $ | 50,038 | ||||||||||||||||||||
Charge-offs | (433 | ) | — | (108 | ) | — | — | — | (3,138 | ) | (4,977 | ) | — | (8,656 | ) | |||||||||||||||||||||||||
Recoveries | 144 | — | 46 | 306 | — | — | 907 | 686 | — | 2,089 | ||||||||||||||||||||||||||||||
Provision | 360 | 3,508 | 297 | (78 | ) | 2,711 | (3 | ) | 4,079 | 4,392 | — | 15,266 | ||||||||||||||||||||||||||||
Ending balance | $ | 4,257 | $ | 14,850 | $ | 7,495 | $ | 1,899 | $ | 7,172 | $ | 10 | $ | 19,056 | $ | 3,998 | $ | — | $ | 58,737 | ||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 1,352 | $ | 80 | $ | 215 | $ | 789 | $ | — | $ | — | $ | 1,641 | $ | 6 | $ | 4,083 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,521 | $ | 15,924 | $ | 4,824 | $ | 949 | $ | 6,449 | $ | 12 | $ | 14,977 | $ | 6,794 | $ | — | $ | 51,450 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,048,051 | $ | 800,395 | $ | 863,163 | $ | 18,889 | $ | 126,768 | $ | 16,080 | $ | 692,051 | $ | 178,222 | $ | 4,743,619 | ||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 19,854 | $ | 1,569 | $ | 6,158 | $ | 3,629 | $ | — | $ | — | $ | 20,539 | $ | 10 | $ | 51,759 | ||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 2,028,197 | $ | 798,826 | $ | 857,005 | $ | 15,260 | $ | 126,768 | $ | 16,080 | $ | 671,512 | $ | 178,212 | $ | 4,691,860 |
(in thousands) | Home equity line of credit | Commercial construction | Commercial loans | Total | |||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||
Allowance for loan commitments: | |||||||||||||||||||||||||||||
Beginning balance | $ | 300 | $ | 3,191 | $ | 309 | $ | 3,800 | |||||||||||||||||||||
Provision | — | 4,309 | (9) | 4,300 | |||||||||||||||||||||||||
Ending balance | $ | 300 | $ | 7,500 | $ | 300 | $ | 8,100 | |||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
Allowance for loan commitments: | |||||||||||||||||||||||||||||
Beginning balance, prior to adoption of ASU No. 2016-13 | $ | 392 | $ | 931 | $ | 418 | $ | 1,741 | |||||||||||||||||||||
Impact of adopting ASU No. 2016-13 | (92) | 1,745 | (94) | 1,559 | |||||||||||||||||||||||||
Provision | — | 4,824 | (24) | 4,800 | |||||||||||||||||||||||||
Ending balance | $ | 300 | $ | 7,500 | $ | 300 | $ | 8,100 |
September 30, 2017 | December 31, 2016 | Term Loans by Origination Year | Revolving Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial real estate | Commercial construction | Commercial | Commercial real estate | Commercial construction | Commercial | (in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving | Converted to term loans | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | Residential 1-4 family | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | $ | 176,536 | $ | 272,951 | $ | 165,584 | $ | 258,111 | $ | 215,920 | $ | 1,029,434 | $ | — | $ | — | $ | 2,118,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | — | — | — | — | — | 2,192 | — | — | 2,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | — | — | — | — | — | 606 | — | — | 606 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | Greater than 89 days past due | — | — | — | 353 | — | 1,539 | — | — | 1,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
176,536 | 272,951 | 165,584 | 258,464 | 215,920 | 1,033,771 | — | — | 2,123,226 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | Home equity line of credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | — | — | — | — | — | — | 1,027,589 | 33,797 | 1,061,386 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | — | — | — | — | — | — | 790 | 312 | 1,102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | — | — | — | — | — | — | 408 | 175 | 583 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | Greater than 89 days past due | — | — | — | — | — | — | 1,358 | 835 | 2,193 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | 1,030,145 | 35,119 | 1,065,264 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | Residential land | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 2,095 | 4,975 | 2,024 | 2,041 | 22 | 2,067 | — | — | 13,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | Greater than 89 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,095 | 4,975 | 2,024 | 2,041 | 22 | 2,067 | — | — | 13,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | Residential construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 2,725 | 5,034 | 974 | 2,026 | — | — | — | — | 10,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | Greater than 89 days past due | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2,725 | 5,034 | 974 | 2,026 | — | — | — | — | 10,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | Consumer | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | Current | 25,186 | 87,908 | 53,640 | 14,851 | 1,602 | 505 | 21,691 | 3,062 | 208,445 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | 30-59 days past due | 105 | 573 | 583 | 229 | 18 | — | 200 | 44 | 1,752 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | 60-89 days past due | 83 | 741 | 792 | 209 | 24 | — | 248 | 67 | 2,164 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 89 days past due | Greater than 89 days past due | 95 | 1,258 | 1,172 | 483 | 73 | — | 424 | 164 | 3,669 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25,469 | 90,480 | 56,187 | 15,772 | 1,717 | 505 | 22,563 | 3,337 | 216,030 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 647,599 | $ | 103,892 | $ | 539,336 | $ | 701,657 | $ | 102,955 | $ | 614,139 | Pass | 89,882 | 77,350 | 78,115 | 29,390 | 56,246 | 172,941 | 17,219 | — | 521,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 44,088 | 22,500 | 25,053 | 65,541 | — | 25,229 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 9,684 | 41,662 | 54,791 | 35,400 | 69,418 | 60,098 | — | — | 271,053 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 53,896 | 2,015 | 23,130 | 33,197 | 23,813 | 52,683 | Substandard | — | 488 | 1,930 | 605 | 3,669 | 56,678 | — | — | 63,370 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | 2,150 | — | — | — | Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 745,583 | $ | 128,407 | $ | 589,669 | $ | 800,395 | $ | 126,768 | $ | 692,051 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
99,566 | 119,500 | 134,836 | 65,395 | 129,333 | 289,717 | 17,219 | — | 855,566 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | Commercial construction | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 6,933 | 13,458 | 29,873 | — | 7,472 | — | 14,060 | — | 71,796 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 819 | — | — | 18,000 | — | — | — | — | 18,819 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | — | — | — | — | 2,289 | — | — | 2,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7,752 | 13,458 | 29,873 | 18,000 | 7,472 | 2,289 | 14,060 | — | 92,904 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | Commercial | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | 450,699 | 154,672 | 94,309 | 33,771 | 13,876 | 38,911 | 92,475 | 14,868 | 893,581 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | Special Mention | 6,593 | 29,695 | 4,759 | 10,578 | 38,970 | 20,813 | 44,521 | 11,222 | 167,151 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | Substandard | 165 | 4,681 | 145 | 1,637 | 1,241 | 3,139 | 607 | 1,482 | 13,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
457,457 | 189,048 | 99,213 | 45,986 | 54,087 | 62,863 | 137,603 | 27,572 | 1,073,829 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 771,600 | $ | 695,446 | $ | 488,691 | $ | 407,684 | $ | 408,551 | $ | 1,391,212 | $ | 1,221,590 | $ | 66,028 | $ | 5,450,802 |
(in thousands) | 30-59 days past due | 60-89 days past due | 90 days or more past due | Total past due | Current | Total financing receivables | Amortized cost> 90 days and accruing | |||||||||||||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,192 | $ | 606 | $ | 1,892 | $ | 4,690 | $ | 2,118,536 | $ | 2,123,226 | $ | — | ||||||||||||||||||||||||||||||
Commercial real estate | 642 | — | — | 642 | 854,924 | 855,566 | — | |||||||||||||||||||||||||||||||||||||
Home equity line of credit | 1,102 | 583 | 2,193 | 3,878 | 1,061,386 | 1,065,264 | — | |||||||||||||||||||||||||||||||||||||
Residential land | — | — | — | — | 13,224 | 13,224 | — | |||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | 2,289 | 2,289 | 90,615 | 92,904 | — | |||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 10,759 | 10,759 | — | |||||||||||||||||||||||||||||||||||||
Commercial | 461 | 575 | 452 | 1,488 | 1,072,341 | 1,073,829 | — | |||||||||||||||||||||||||||||||||||||
Consumer | 1,752 | 2,164 | 3,669 | 7,585 | 208,445 | 216,030 | — | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 6,149 | $ | 3,928 | $ | 10,495 | $ | 20,572 | $ | 5,430,230 | $ | 5,450,802 | $ | — | ||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,588 | $ | 290 | $ | 1,808 | $ | 4,686 | $ | 2,173,449 | $ | 2,178,135 | $ | — | ||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | 824,830 | 824,830 | — | |||||||||||||||||||||||||||||||||||||
Home equity line of credit | 813 | — | 2,117 | 2,930 | 1,089,195 | 1,092,125 | — | |||||||||||||||||||||||||||||||||||||
Residential land | — | — | 25 | 25 | 14,679 | 14,704 | — | |||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 70,605 | 70,605 | — | |||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 11,670 | 11,670 | — | |||||||||||||||||||||||||||||||||||||
Commercial | 1,077 | 311 | 172 | 1,560 | 669,114 | 670,674 | — | |||||||||||||||||||||||||||||||||||||
Consumer | 4,386 | 3,257 | 2,907 | 10,550 | 247,371 | 257,921 | — | |||||||||||||||||||||||||||||||||||||
Total loans | $ | 8,864 | $ | 3,858 | $ | 7,029 | $ | 19,751 | $ | 5,100,913 | $ | 5,120,664 | $ | — |
(in thousands) | 30-59 days past due | 60-89 days past due | Greater than 90 days | Total past due | Current | Total financing receivables | Recorded investment> 90 days and accruing | |||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 3,905 | $ | 1,513 | $ | 4,452 | $ | 9,870 | $ | 2,056,153 | $ | 2,066,023 | $ | — | ||||||||||||||
Commercial real estate | 5,414 | — | — | 5,414 | 740,169 | 745,583 | — | |||||||||||||||||||||
Home equity line of credit | 1,936 | 177 | 1,367 | 3,480 | 901,769 | 905,249 | — | |||||||||||||||||||||
Residential land | 498 | 984 | 497 | 1,979 | 16,632 | 18,611 | — | |||||||||||||||||||||
Commercial construction | — | — | — | — | 128,407 | 128,407 | — | |||||||||||||||||||||
Residential construction | — | — | — | — | 13,031 | 13,031 | — | |||||||||||||||||||||
Commercial | 1,095 | 218 | 648 | 1,961 | 587,708 | 589,669 | — | |||||||||||||||||||||
Consumer | 2,508 | 1,465 | 1,178 | 5,151 | 206,420 | 211,571 | — | |||||||||||||||||||||
Total loans | $ | 15,356 | $ | 4,357 | $ | 8,142 | $ | 27,855 | $ | 4,650,289 | $ | 4,678,144 | $ | — | ||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 5,467 | $ | 2,338 | $ | 3,505 | $ | 11,310 | $ | 2,036,741 | $ | 2,048,051 | $ | — | ||||||||||||||
Commercial real estate | 2,416 | — | — | 2,416 | 797,979 | 800,395 | — | |||||||||||||||||||||
Home equity line of credit | 1,263 | 381 | 1,342 | 2,986 | 860,177 | 863,163 | — | |||||||||||||||||||||
Residential land | — | — | 255 | 255 | 18,634 | 18,889 | — | |||||||||||||||||||||
Commercial construction | — | — | — | — | 126,768 | 126,768 | — | |||||||||||||||||||||
Residential construction | — | — | — | — | 16,080 | 16,080 | — | |||||||||||||||||||||
Commercial | 413 | 510 | 1,303 | 2,226 | 689,825 | 692,051 | — | |||||||||||||||||||||
Consumer | 1,945 | 1,001 | 963 | 3,909 | 174,313 | 178,222 | — | |||||||||||||||||||||
Total loans | $ | 11,504 | $ | 4,230 | $ | 7,368 | $ | 23,102 | $ | 4,720,517 | $ | 4,743,619 | $ | — |
(in thousands) | September 30, 2017 | December 31, 2016 | ||||||
Real estate: | ||||||||
Residential 1-4 family | $ | 12,853 | $ | 11,154 | ||||
Commercial real estate | — | 223 | ||||||
Home equity line of credit | 4,000 | 3,080 | ||||||
Residential land | 1,022 | 878 | ||||||
Commercial construction | — | — | ||||||
Residential construction | — | — | ||||||
Commercial | 3,691 | 6,708 | ||||||
Consumer | 1,791 | 1,282 | ||||||
Total nonaccrual loans | $ | 23,357 | $ | 23,325 | ||||
Real estate: | ||||||||
Residential 1-4 family | $ | — | $ | — | ||||
Commercial real estate | — | — | ||||||
Home equity line of credit | — | — | ||||||
Residential land | — | — | ||||||
Commercial construction | — | — | ||||||
Residential construction | — | — | ||||||
Commercial | — | — | ||||||
Consumer | — | — | ||||||
Total accruing loans 90 days or more past due | $ | — | $ | — | ||||
Real estate: | ||||||||
Residential 1-4 family | $ | 11,592 | $ | 14,450 | ||||
Commercial real estate | 1,281 | 1,346 | ||||||
Home equity line of credit | 5,250 | 4,934 | ||||||
Residential land | 1,555 | 2,751 | ||||||
Commercial construction | — | — | ||||||
Residential construction | — | — | ||||||
Commercial | 2,052 | 14,146 | ||||||
Consumer | 67 | 10 | ||||||
Total troubled debt restructured loans not included above | $ | 21,797 | $ | 37,637 |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
With a Related ACL | Without a Related ACL | Total | Total | |||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 7,584 | $ | 3,395 | $ | 10,979 | $ | 11,395 | ||||||||||||||||||||||||||||||
Commercial real estate | 16,241 | — | 16,241 | 195 | ||||||||||||||||||||||||||||||||||
Home equity line of credit | 6,249 | 1,616 | 7,865 | 6,638 | ||||||||||||||||||||||||||||||||||
Residential land | — | 413 | 413 | 448 | ||||||||||||||||||||||||||||||||||
Commercial construction | — | 2,289 | 2,289 | — | ||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | ||||||||||||||||||||||||||||||||||
Commercial | 616 | 2,939 | 3,555 | 5,947 | ||||||||||||||||||||||||||||||||||
Consumer | 5,637 | — | 5,637 | 5,113 | ||||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | 36,327 | $ | 10,652 | $ | 46,979 | $ | 29,736 | ||||||||||||||||||||||||||||||
September 30, 2017 | Three months ended September 30, 2017 | Nine months ended September 30, 2017 | ||||||||||||||||||||||||||
(in thousands) | Recorded investment | Unpaid principal balance | Related Allowance | Average recorded investment | Interest income recognized* | Average recorded investment | Interest income recognized* | |||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,987 | $ | 10,541 | $ | — | $ | 9,650 | $ | 70 | $ | 9,503 | $ | 230 | ||||||||||||||
Commercial real estate | — | — | — | — | — | 121 | 11 | |||||||||||||||||||||
Home equity line of credit | 1,565 | 1,889 | — | 1,918 | 32 | 2,108 | 97 | |||||||||||||||||||||
Residential land | 1,134 | 1,425 | — | 1,209 | 73 | 1,080 | 107 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 2,901 | 6,257 | — | 1,808 | 29 | 2,888 | 37 | |||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | |||||||||||||||||||||
$ | 15,587 | $ | 20,112 | $ | — | $ | 14,585 | $ | 204 | $ | 15,700 | $ | 482 | |||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,770 | $ | 9,972 | $ | 1,317 | $ | 9,788 | $ | 97 | $ | 9,963 | $ | 333 | ||||||||||||||
Commercial real estate | 1,281 | 1,281 | 72 | 1,284 | 13 | 1,292 | 41 | |||||||||||||||||||||
Home equity line of credit | 5,513 | 5,543 | 409 | 5,076 | 68 | 4,670 | 164 | |||||||||||||||||||||
Residential land | 1,251 | 1,251 | 373 | 1,251 | 12 | 1,620 | 73 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 2,585 | 2,595 | 667 | 2,482 | 225 | 4,104 | 694 | |||||||||||||||||||||
Consumer | 67 | 67 | 30 | 67 | 1 | 55 | 2 | |||||||||||||||||||||
$ | 20,467 | $ | 20,709 | $ | 2,868 | $ | 19,948 | $ | 416 | $ | 21,704 | $ | 1,307 | |||||||||||||||
Total | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 19,757 | $ | 20,513 | $ | 1,317 | $ | 19,438 | $ | 167 | $ | 19,466 | $ | 563 | ||||||||||||||
Commercial real estate | 1,281 | 1,281 | 72 | 1,284 | 13 | 1,413 | 52 | |||||||||||||||||||||
Home equity line of credit | 7,078 | 7,432 | 409 | 6,994 | 100 | 6,778 | 261 | |||||||||||||||||||||
Residential land | 2,385 | 2,676 | 373 | 2,460 | 85 | 2,700 | 180 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 5,486 | 8,852 | 667 | 4,290 | 254 | 6,992 | 731 | |||||||||||||||||||||
Consumer | 67 | 67 | 30 | 67 | 1 | 55 | 2 | |||||||||||||||||||||
$ | 36,054 | $ | 40,821 | $ | 2,868 | $ | 34,533 | $ | 620 | $ | 37,404 | $ | 1,789 |
(in thousands) | June 30, 2020 | December 31, 2019 | ||||||||||||
Real estate: | ||||||||||||||
Residential 1-4 family | $ | 8,667 | $ | 9,869 | ||||||||||
Commercial real estate | 1,016 | 853 | ||||||||||||
Home equity line of credit | 9,430 | 10,376 | ||||||||||||
Residential land | 2,007 | 2,644 | ||||||||||||
Commercial construction | — | — | ||||||||||||
Residential construction | — | — | ||||||||||||
Commercial | 3,203 | 2,614 | ||||||||||||
Consumer | 55 | 57 | ||||||||||||
Total troubled debt restructured loans accruing interest | $ | 24,378 | $ | 26,413 |
December 31, 2016 | Three months ended September 30, 2016 | Nine months ended September 30, 2016 | ||||||||||||||||||||||||||
(in thousands) | Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized* | Average recorded investment | Interest income recognized* | |||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,571 | $ | 10,400 | $ | — | $ | 10,069 | $ | 65 | $ | 10,378 | $ | 268 | ||||||||||||||
Commercial real estate | 223 | 228 | — | 1,206 | — | 1,177 | — | |||||||||||||||||||||
Home equity line of credit | 1,500 | 1,900 | — | 1,220 | 6 | 1,035 | 15 | |||||||||||||||||||||
Residential land | 1,218 | 1,803 | — | 1,521 | 16 | 1,532 | 47 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 6,299 | 8,869 | — | 14,352 | 141 | 9,240 | 154 | |||||||||||||||||||||
Consumer | — | — | — | 10 | — | 3 | — | |||||||||||||||||||||
$ | 18,811 | $ | 23,200 | $ | — | $ | 28,378 | $ | 228 | $ | 23,365 | $ | 484 | |||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 10,283 | $ | 10,486 | $ | 1,352 | $ | 11,800 | $ | 119 | $ | 11,933 | $ | 356 | ||||||||||||||
Commercial real estate | 1,346 | 1,346 | 80 | 2,444 | — | 1,939 | — | |||||||||||||||||||||
Home equity line of credit | 4,658 | 4,712 | 215 | 4,165 | 36 | 3,470 | 91 | |||||||||||||||||||||
Residential land | 2,411 | 2,411 | 789 | 2,915 | 44 | 3,090 | 165 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 14,240 | 14,240 | 1,641 | 11,433 | 65 | 15,075 | 275 | |||||||||||||||||||||
Consumer | 10 | 10 | 6 | 11 | — | 12 | — | |||||||||||||||||||||
$ | 32,948 | $ | 33,205 | $ | 4,083 | $ | 32,768 | $ | 264 | $ | 35,519 | $ | 887 | |||||||||||||||
Total | ||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
Residential 1-4 family | $ | 19,854 | $ | 20,886 | $ | 1,352 | $ | 21,869 | $ | 184 | $ | 22,311 | $ | 624 | ||||||||||||||
Commercial real estate | 1,569 | 1,574 | 80 | 3,650 | — | 3,116 | — | |||||||||||||||||||||
Home equity line of credit | 6,158 | 6,612 | 215 | 5,385 | 42 | 4,505 | 106 | |||||||||||||||||||||
Residential land | 3,629 | 4,214 | 789 | 4,436 | 60 | 4,622 | 212 | |||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||
Commercial | 20,539 | 23,109 | 1,641 | 25,785 | 206 | 24,315 | 429 | |||||||||||||||||||||
Consumer | 10 | 10 | 6 | 21 | — | 15 | — | |||||||||||||||||||||
$ | 51,759 | $ | 56,405 | $ | 4,083 | $ | 61,146 | $ | 492 | $ | 58,884 | $ | 1,371 |
Loans modified as a TDR | Three months ended June 30, 2020 | Six months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | $ | — | 1 | $ | 147 | $ | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | 2 | 16,430 | 4,301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 2 | 19 | 3 | 2 | 19 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | 2 | 330 | — | 2 | 330 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | — | — | — | 4 | 751 | 275 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | $ | 349 | $ | 3 | 11 | $ | 17,677 | $ | 4,586 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | Number of contracts | Outstanding recorded investment (as of period end)1 | Related allowance (as of period end) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 1 | $ | 469 | $ | 154 | 9 | $ | 1,501 | $ | 161 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 2 | 311 | 59 | 3 | 432 | 83 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | 2 | 825 | — | 2 | 825 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 2 | 1,317 | 133 | 3 | 1,507 | 150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | $ | 2,922 | $ | 346 | 17 | $ | 4,265 | $ | 394 |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | |||||||||||||||||||||||||||||
Number of contracts | Outstanding recorded investment1 | Net increase in allowance | Number of contracts | Outstanding recorded investment1 | Net increase in allowance | |||||||||||||||||||||||||
(dollars in thousands) | Pre-modification | Post-modification | (as of period end) | Pre-modification | Post-modification | (as of period end) | ||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | 83 | $ | 83 | $ | — | 7 | $ | 955 | $ | 963 | $ | 45 | ||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Home equity line of credit | 15 | 862 | 862 | 184 | 28 | 1,386 | 1,372 | 277 | ||||||||||||||||||||||
Residential land | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | 1 | 330 | 330 | 38 | 2 | 672 | 672 | 38 | ||||||||||||||||||||||
Consumer | — | — | — | — | 1 | 59 | 59 | 27 | ||||||||||||||||||||||
18 | $ | 1,275 | $ | 1,275 | $ | 222 | 38 | $ | 3,072 | $ | 3,066 | $ | 387 |
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | |||||||||||||||||||||||||||||
Number of contracts | Outstanding recorded investment1 | Net increase in allowance | Number of contracts | Outstanding recorded investment1 | Net increase in allowance | |||||||||||||||||||||||||
(dollars in thousands) | Pre-modification | Post-modification | (as of period end) | Pre-modification | Post-modification | (as of period end) | ||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||
Residential 1-4 family | 2 | $ | 251 | $ | 251 | $ | 46 | 11 | $ | 2,239 | $ | 2,351 | $ | 305 | ||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Home equity line of credit | 12 | 1,268 | 1,268 | 237 | 30 | 2,705 | 2,705 | 492 | ||||||||||||||||||||||
Residential land | — | — | — | — | 1 | 120 | 121 | — | ||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | 6 | 3,462 | 3,462 | 53 | 14 | 20,119 | 20,119 | 723 | ||||||||||||||||||||||
Consumer | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
20 | $ | 4,981 | $ | 4,981 | $ | 336 | 56 | $ | 25,183 | $ | 25,296 | $ | 1,520 |
Three months ended September 30, 2017 | Nine months ended September 30, 2017 | |||||||||||
(dollars in thousands) | Number of contracts | Recorded investment | Number of contracts | Recorded investment | ||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||
Real estate: | ||||||||||||
Residential 1-4 family | — | $ | — | 1 | $ | 222 | ||||||
Commercial real estate | — | — | — | — | ||||||||
Home equity line of credit | — | — | — | — | ||||||||
Residential land | — | — | — | — | ||||||||
Commercial construction | — | — | — | — | ||||||||
Residential construction | — | — | — | — | ||||||||
Commercial | — | — | — | — | ||||||||
Consumer | — | — | — | — | ||||||||
— | $ | — | 1 | $ | 222 |
Three months ended September 30, 2016 | Nine months ended September 30, 2016 | |||||||||||
(dollars in thousands) | Number of contracts | Recorded investment | Number of contracts | Recorded investment | ||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||
Real estate: | ||||||||||||
Residential 1-4 family | 1 | $ | 239 | 1 | $ | 239 | ||||||
Commercial real estate | — | — | — | — | ||||||||
Home equity line of credit | — | — | — | — | ||||||||
Residential land | — | — | — | — | ||||||||
Commercial construction | — | — | — | — | ||||||||
Residential construction | — | — | — | — | ||||||||
Commercial | — | — | 1 | 25 | ||||||||
Consumer | — | — | — | — | ||||||||
1 | $ | 239 | 2 | $ | 264 |
June 30, 2020 | Amortized cost | Collateral type | ||||||||||||
(in thousands) | ||||||||||||||
Real estate: | ||||||||||||||
Residential 1-4 family | $ | 1,795 | Residential real estate property | |||||||||||
Home equity line of credit | 1,387 | Residential real estate property | ||||||||||||
Commercial construction | 2,289 | Commercial real estate property | ||||||||||||
Total real estate | 5,471 | |||||||||||||
Commercial | 90 | Business assets | ||||||||||||
Total | $ | 5,561 |
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial real estate | Commercial construction | Commercial | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 756,747 | $ | 68,316 | $ | 621,657 | $ | 1,446,720 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | 4,451 | — | 29,921 | 34,372 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | 63,632 | 2,289 | 19,096 | 85,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 824,830 | $ | 70,605 | $ | 670,674 | $ | 1,566,109 |
December 31, 2019 | Three months ended June 30, 2019 | Six months ended June 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded investment | Unpaid principal balance | Related allowance | Average recorded investment | Interest income recognized* | Average recorded investment | Interest income recognized* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 6,817 | $ | 7,207 | $ | — | $ | 8,993 | $ | 87 | $ | 8,492 | $ | 247 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 195 | 200 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 1,984 | 2,135 | — | 1,940 | 54 | 2,238 | 66 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | 3,091 | 3,294 | — | 2,280 | 24 | 2,158 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 1,948 | 2,285 | — | 4,626 | — | 4,299 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 2 | 2 | — | 31 | — | 31 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 14,037 | $ | 15,123 | $ | — | $ | 17,870 | $ | 165 | $ | 17,218 | $ | 363 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 8,783 | $ | 8,835 | $ | 898 | $ | 8,440 | $ | 96 | $ | 8,417 | $ | 179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 853 | 853 | 2 | 894 | 9 | 900 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 10,089 | 10,099 | 322 | 11,665 | 152 | 11,743 | 282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | — | — | — | 79 | — | 54 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 6,470 | 6,470 | 1,015 | 10,997 | 30 | 7,874 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 505 | 505 | 454 | 288 | 1 | 173 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 26,700 | $ | 26,762 | $ | 2,691 | $ | 32,363 | $ | 288 | $ | 29,161 | $ | 538 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 15,600 | $ | 16,042 | $ | 898 | $ | 17,433 | $ | 183 | $ | 16,909 | $ | 426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 1,048 | 1,053 | 2 | 894 | 9 | 900 | 19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 12,073 | 12,234 | 322 | 13,605 | 206 | 13,981 | 348 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | 3,091 | 3,294 | — | 2,359 | 24 | 2,212 | 50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 8,418 | 8,755 | 1,015 | 15,623 | 30 | 12,173 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 507 | 507 | 454 | 319 | 1 | 204 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 40,737 | $ | 41,885 | $ | 2,691 | $ | 50,233 | $ | 453 | $ | 46,379 | $ | 901 |
(in thousands) | Gross carrying amount1 | Accumulated amortization | Valuation allowance | Net carrying amount | ||||||||||||||||||||||
June 30, 2020 | $ | 23,904 | $ | (13,993) | $ | (264) | $ | 9,647 | ||||||||||||||||||
December 31, 2019 | 21,543 | (12,442) | — | 9,101 |
(in thousands) | Gross carrying amount1 | Accumulated amortization1 | Valuation allowance | Net carrying amount | ||||||||||||
September 30, 2017 | $ | 18,463 | $ | (9,393 | ) | $ | — | $ | 9,070 | |||||||
December 31, 2016 | 17,271 | (7,898 | ) | — | 9,373 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 9,181 | $ | 9,016 | $ | 9,373 | $ | 8,884 | Beginning balance | $ | 9,120 | $ | 7,897 | $ | 9,101 | $ | 8,062 | |||||||||||||||||||||||||||||||||||||
Amount capitalized | 394 | 824 | 1,192 | 1,944 | Amount capitalized | 1,726 | 632 | 2,362 | 862 | |||||||||||||||||||||||||||||||||||||||||||||
Amortization | (505 | ) | (649 | ) | (1,495 | ) | (1,637 | ) | Amortization | (935) | (426) | (1,552) | (821) | |||||||||||||||||||||||||||||||||||||||||
Other-than-temporary impairment | — | — | — | — | Other-than-temporary impairment | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Carrying amount before valuation allowance | 9,070 | 9,191 | 9,070 | 9,191 | Carrying amount before valuation allowance | 9,911 | 8,103 | 9,911 | 8,103 | |||||||||||||||||||||||||||||||||||||||||||||
Valuation allowance for mortgage servicing rights | Valuation allowance for mortgage servicing rights | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | — | — | — | — | Beginning balance | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Provision (recovery) | — | — | — | — | Provision (recovery) | 264 | — | 264 | — | |||||||||||||||||||||||||||||||||||||||||||||
Other-than-temporary impairment | — | — | — | — | Other-than-temporary impairment | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | — | — | — | — | Ending balance | 264 | — | 264 | — | |||||||||||||||||||||||||||||||||||||||||||||
Net carrying value of mortgage servicing rights | $ | 9,070 | $ | 9,191 | $ | 9,070 | $ | 9,191 | Net carrying value of mortgage servicing rights | $ | 9,647 | $ | 8,103 | $ | 9,647 | $ | 8,103 |
(dollars in thousands) | September 30, 2017 | December 31, 2016 | (dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||||||||||
Unpaid principal balance | $ | 1,212,730 | $ | 1,188,380 | Unpaid principal balance | $ | 1,360,920 | $ | 1,276,437 | |||||||||||||
Weighted average note rate | 3.94 | % | 3.96 | % | Weighted average note rate | 3.87 | % | 3.96 | % | |||||||||||||
Weighted average discount rate | 10.0 | % | 9.4 | % | Weighted average discount rate | 9.3 | % | 9.3 | % | |||||||||||||
Weighted average prepayment speed | 9.2 | % | 8.5 | % | Weighted average prepayment speed | 16.9 | % | 11.4 | % |
(dollars in thousands) | September 30, 2017 | December 31, 2016 | (dollars in thousands) | June 30, 2020 | December 31, 2019 | |||||||||||||||||
Prepayment rate: | Prepayment rate: | |||||||||||||||||||||
25 basis points adverse rate change | $ | (878 | ) | $ | (567 | ) | 25 basis points adverse rate change | $ | (539) | $ | (950) | |||||||||||
50 basis points adverse rate change | (1,847 | ) | (1,154 | ) | 50 basis points adverse rate change | (1,062) | (1,947) | |||||||||||||||
Discount rate: | Discount rate: | |||||||||||||||||||||
25 basis points adverse rate change | (111 | ) | (128 | ) | 25 basis points adverse rate change | (64) | (102) | |||||||||||||||
50 basis points adverse rate change | (220 | ) | (254 | ) | 50 basis points adverse rate change | (128) | (202) |
(in millions) | Gross amount of recognized liabilities | Gross amount offset in the Balance Sheet | Net amount of liabilities presented in the Balance Sheet | (in millions) | Gross amount of recognized liabilities | Gross amount offset in the Balance Sheets | Net amount of liabilities presented in the Balance Sheets | |||||||||||||||||||
Repurchase agreements | Repurchase agreements | |||||||||||||||||||||||||
September 30, 2017 | $104 | $— | $104 | |||||||||||||||||||||||
December 31, 2016 | 93 | — | 93 | |||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | $ | 95 | $ | — | $ | 95 | |||||||||||||||||||
December 31, 2019 | December 31, 2019 | 115 | — | 115 |
Gross amount not offset in the Balance Sheet | ||||||||||||
(in millions) | Net amount of liabilities presented in the Balance Sheet | Financial instruments | Cash collateral pledged | |||||||||
September 30, 2017 | ||||||||||||
Financial institution | $ | — | $ | — | $ | — | ||||||
Government entities | — | — | — | |||||||||
Commercial account holders | 104 | 165 | — | |||||||||
Total | $ | 104 | $ | 165 | $ | — | ||||||
December 31, 2016 | ||||||||||||
Financial institution | $ | — | $ | — | $ | — | ||||||
Government entities | 14 | 15 | — | |||||||||
Commercial account holders | 79 | 101 | — | |||||||||
Total | $ | 93 | $ | 116 | $ | — |
Gross amount not offset in the Balance Sheets | ||||||||||||||||||||||||||||||||
(in millions) | Net amount of liabilities presented in the Balance Sheets | Financial instruments | Cash collateral pledged | |||||||||||||||||||||||||||||
Commercial account holders | ||||||||||||||||||||||||||||||||
June 30, 2020 | $ | 95 | $ | 143 | $ | — | ||||||||||||||||||||||||||
December 31, 2019 | 115 | 130 | — | |||||||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
(in thousands) | Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 70,190 | $ | 2,341 | $ | 23,171 | $ | 297 | ||||||||||||||||||||||||||||||
Forward commitments | 57,750 | (287) | 29,383 | (42) |
September 30, 2017 | December 31, 2016 | |||||||||||||||
(in thousands) | Notional amount | Fair value | Notional amount | Fair value | ||||||||||||
Interest rate lock commitments | $ | 385 | $ | 7 | $ | 25,883 | $ | 421 | ||||||||
Forward commitments | 500 | (2 | ) | 30,813 | (177 | ) |
Derivative Financial Instruments Not Designated as Hedging Instruments 1 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
(in thousands) | Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | ||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 2,341 | $ | — | $ | 297 | $ | — | ||||||||||||||||||||||||||||||
Forward commitments | — | 287 | 3 | 45 | ||||||||||||||||||||||||||||||||||
$ | 2,341 | $ | 287 | $ | 300 | $ | 45 |
Derivative Financial Instruments Not Designated as Hedging Instruments 1 | September 30, 2017 | December 31, 2016 | ||||||||||||||
(in thousands) | Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | ||||||||||||
Interest rate lock commitments | $ | 7 | $ | — | $ | 445 | $ | 24 | ||||||||
Forward commitments | — | 2 | 8 | 185 | ||||||||||||
$ | 7 | $ | 2 | $ | 453 | $ | 209 |
Derivative Financial Instruments Not Designated as Hedging Instruments | Location of net gains (losses) recognized in the Statements of Income | Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | $ | 489 | $ | 11 | $ | 2,044 | $ | 382 | |||||||||||||||||||||||||||||||||||
Forward commitments | Mortgage banking income | 298 | 46 | (245) | (72) | |||||||||||||||||||||||||||||||||||||||
$ | 787 | $ | 57 | $ | 1,799 | $ | 310 |
Derivative Financial Instruments Not Designated as Hedging Instruments | Location of net gains (losses) recognized in the Statement of Income | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Interest rate lock commitments | Mortgage banking income | $ | (119 | ) | $ | 48 | $ | (414 | ) | $ | 459 | |||||||
Forward commitments | Mortgage banking income | (90 | ) | 103 | 175 | (134 | ) | |||||||||||
$ | (209 | ) | $ | 151 | $ | (239 | ) | $ | 325 |
Series 2020A | Series 2020B | Series 2020C | ||||||||||||||||||
Aggregate principal amount | $80 million | $60 million | $20 million | |||||||||||||||||
Fixed coupon interest rate | ||||||||||||||||||||
Hawaiian Electric | 3.31% | 3.31% | 3.96% | |||||||||||||||||
Hawaii Electric Light | 3.96% | |||||||||||||||||||
Maui Electric | 3.31% | 3.96% | ||||||||||||||||||
Maturity date | ||||||||||||||||||||
Hawaiian Electric | 5/1/2030 | 5/1/2030 | 5/1/2050 | |||||||||||||||||
Hawaii Electric Light | 5/1/2050 | |||||||||||||||||||
Maui Electric | 5/1/2030 | 5/1/2050 | ||||||||||||||||||
Principal amount by company: | ||||||||||||||||||||
Hawaiian Electric | $50 million (Green Bond) | $40 million | $20 million | |||||||||||||||||
Hawaii Electric Light | $10 million | — | — | |||||||||||||||||
Maui Electric | $20 million | 20 million | — |
Refunding Series 2017A Special Purpose Revenue Bonds | Refunding Series 2017B Special Purpose Revenue Bonds | |
Aggregate principal amount | $125 million | $140 million |
Fixed coupon interest rate | 3.10% | 4.00% |
Maturity date | May 1, 2026 | March 1, 2037 |
Department loaned the proceeds to: | ||
Hawaiian Electric | $62 million | $100 million |
Hawaii Electric Light | $8 million | $20 million |
Maui Electric | $55 million | $20 million |
Refunding Series 2007B Special Purpose Revenue Bonds | Series 2007A Special Purpose Revenue Bonds | |
Aggregate principal amount | $125 million | $140 million |
Fixed coupon interest rate | 4.60% | 4.65% |
Maturity date | May 1, 2026 | March 1, 2037 |
HEI Consolidated | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Net unrealized gains (losses) on securities | Unrealized gains (losses) on derivatives | Retirement benefit plans | AOCI | AOCI-Retirement benefit plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | 2,481 | $ | (1,613) | $ | (20,907) | $ | (20,039) | $ | (1,279) | |||||||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | 18,783 | (1,982) | 1,079 | 17,880 | 51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | 21,264 | $ | (3,595) | $ | (19,828) | $ | (2,159) | $ | (1,228) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2018 | $ | (24,423) | $ | (436) | $ | (25,751) | $ | (50,610) | $ | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||
Current period other comprehensive income (loss) | 23,593 | (1,063) | 410 | 22,940 | 47 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2019 | $ | (830) | $ | (1,499) | $ | (25,341) | $ | (27,670) | $ | 146 |
HEI Consolidated | Hawaiian Electric Consolidated | ||||||||||||||||||||||||||
(in thousands) | Net unrealized gains (losses) on securities | Unrealized gains (losses) on derivatives | Retirement benefit plans | AOCI | Unrealized gains (losses) on derivatives | Retirement benefit plans | AOCI | ||||||||||||||||||||
Balance, December 31, 2016 | $ | (7,931 | ) | $ | (454 | ) | $ | (24,744 | ) | $ | (33,129 | ) | $ | (454 | ) | $ | 132 | $ | (322 | ) | |||||||
Current period other comprehensive income | 2,452 | 454 | 1,003 | 3,909 | 454 | 67 | 521 | ||||||||||||||||||||
Balance, September 30, 2017 | $ | (5,479 | ) | $ | — | $ | (23,741 | ) | $ | (29,220 | ) | $ | — | $ | 199 | $ | 199 | ||||||||||
Balance, December 31, 2015 | $ | (1,872 | ) | $ | (54 | ) | $ | (24,336 | ) | $ | (26,262 | ) | $ | — | $ | 925 | $ | 925 | |||||||||
Current period other comprehensive income | 7,837 | 459 | 943 | 9,239 | 405 | 7 | 412 | ||||||||||||||||||||
Balance, September 30, 2016 | $ | 5,965 | $ | 405 | $ | (23,393 | ) | $ | (17,023 | ) | $ | 405 | $ | 932 | $ | 1,337 |
Amount reclassified from AOCI | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30 | Six months ended June 30 | Affected line item in the | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | Statements of Income / Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gains on securities included in net income | $ | (1,638) | $ | — | $ | (1,638) | $ | — | Gain on sale of investment securities, net | |||||||||||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | 5,690 | 2,503 | 11,396 | 5,006 | See Note 8 for additional details | |||||||||||||||||||||||||||||||||||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (5,159) | (2,298) | (10,317) | (4,596) | See Note 8 for additional details | |||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications | $ | (1,107) | $ | 205 | $ | (559) | $ | 410 | ||||||||||||||||||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | $ | 5,184 | $ | 2,321 | $ | 10,368 | $ | 4,643 | See Note 8 for additional details | |||||||||||||||||||||||||||||||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (5,159) | (2,298) | (10,317) | (4,596) | See Note 8 for additional details | |||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications | $ | 25 | $ | 23 | $ | 51 | $ | 47 |
Amount reclassified from AOCI | ||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | Affected line item in the | ||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | Statements of Income / Balance Sheets | |||||||||||||
HEI consolidated | ||||||||||||||||||
Net realized gains on securities included in net income | $ | — | $ | — | $ | — | $ | (360 | ) | Revenues-bank (net gains on sales of securities) | ||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||
Window forward contracts | — | (173 | ) | 454 | (173 | ) | Property, plant and equipment-electric utilities | |||||||||||
Interest rate contracts (settled in 2011) | — | — | — | 54 | Interest expense | |||||||||||||
Retirement benefit plans: | ||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | 3,942 | 3,641 | 11,793 | 10,877 | See Note 7 for additional details | |||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | See Note 7 for additional details | |||||||||
Total reclassifications | $ | 346 | $ | 157 | $ | 1,457 | $ | 464 | ||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||
Derivatives qualifying as cash flow hedges: | ||||||||||||||||||
Window forward contracts | $ | — | $ | (173 | ) | $ | 454 | $ | (173 | ) | Construction in progress | |||||||
Retirement benefit plans: | ||||||||||||||||||
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | 3,618 | 3,314 | 10,857 | 9,941 | See Note 7 for additional details | |||||||||||||
Impact of D&Os of the PUC included in regulatory assets | (3,596 | ) | (3,311 | ) | (10,790 | ) | (9,934 | ) | See Note 7 for additional details | |||||||||
Total reclassifications | $ | 22 | $ | (170 | ) | $ | 521 | $ | (166 | ) |
Three months ended June 30, 2020 | Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | Electric utility | Bank | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - residential | $ | 187,590 | $ | — | $ | — | $ | 187,590 | $ | 377,856 | $ | — | $ | — | $ | 377,856 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - commercial | 159,874 | — | — | 159,874 | 356,979 | — | — | 356,979 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - large light and power | 176,467 | — | — | 176,467 | 392,687 | — | — | 392,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - other | 1,779 | — | — | 1,779 | 5,237 | — | — | 5,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank fees | — | 7,211 | — | 7,211 | — | 18,767 | — | 18,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 525,710 | 7,211 | — | 532,921 | 1,132,759 | 18,767 | — | 1,151,526 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from other sources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory revenue | 2,826 | — | — | 2,826 | (12,478) | — | — | (12,478) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank interest and dividend income | — | 59,829 | — | 59,829 | — | 124,804 | — | 124,804 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bank noninterest income | — | 7,674 | — | 7,674 | — | 10,881 | — | 10,881 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 5,679 | — | 16 | 5,695 | 11,376 | — | 22 | 11,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from other sources | 8,505 | 67,503 | 16 | 76,024 | (1,102) | 135,685 | 22 | 134,605 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 534,215 | $ | 74,714 | $ | 16 | $ | 608,945 | $ | 1,131,657 | $ | 154,452 | $ | 22 | $ | 1,286,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services/goods transferred at a point in time | $ | — | $ | 7,211 | $ | — | $ | 7,211 | $ | — | $ | 18,767 | $ | — | $ | 18,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services/goods transferred over time | 525,710 | — | — | 525,710 | 1,132,759 | — | — | 1,132,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 525,710 | $ | 7,211 | $ | — | $ | 532,921 | $ | 1,132,759 | $ | 18,767 | $ | — | $ | 1,151,526 |
Three months ended June 30, 2019 | Six months ended June 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | Electric utility | Bank | Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from contracts with customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - residential | $ | 195,868 | $ | — | $ | — | $ | 195,868 | $ | 371,613 | $ | — | $ | — | $ | 371,613 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - commercial | 217,278 | — | — | 217,278 | 404,686 | — | — | 404,686 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - large light and power | 231,869 | — | — | 231,869 | 430,795 | — | — | 430,795 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric energy sales - other | 3,774 | — | — | 3,774 | 7,852 | — | — | 7,852 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank fees | — | 11,632 | — | 11,632 | — | 22,865 | — | 22,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | 648,789 | 11,632 | — | 660,421 | 1,214,946 | 22,865 | — | 1,237,811 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from other sources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory revenue | (20,360) | — | — | (20,360) | (14,153) | — | — | (14,153) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank interest and dividend income | — | 66,155 | — | 66,155 | — | 134,643 | — | 134,643 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other bank noninterest income | — | 3,900 | — | 3,900 | — | 7,231 | — | 7,231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 5,355 | — | 14 | 5,369 | 11,486 | — | 82 | 11,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from other sources | (15,005) | 70,055 | 14 | 55,064 | (2,667) | 141,874 | 82 | 139,289 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 633,784 | $ | 81,687 | $ | 14 | $ | 715,485 | $ | 1,212,279 | $ | 164,739 | $ | 82 | $ | 1,377,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Timing of revenue recognition | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services/goods transferred at a point in time | $ | — | $ | 11,632 | $ | — | $ | 11,632 | $ | — | $ | 22,865 | $ | — | $ | 22,865 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Services/goods transferred over time | 648,789 | — | — | 648,789 | 1,214,946 | — | — | 1,214,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 648,789 | $ | 11,632 | $ | — | $ | 660,421 | $ | 1,214,946 | $ | 22,865 | $ | — | $ | 1,237,811 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension benefits | Other benefits | Pension benefits | Other benefits | Pension benefits | Other benefits | Pension benefits | Other benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
HEI consolidated | HEI consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 16,271 | $ | 15,126 | $ | 843 | $ | 831 | $ | 48,635 | $ | 45,430 | $ | 2,530 | $ | 2,499 | Service cost | $ | 18,362 | $ | 15,382 | $ | 631 | $ | 542 | $ | 36,725 | $ | 30,764 | $ | 1,262 | $ | 1,083 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 20,304 | 20,396 | 2,363 | 2,417 | 60,881 | 61,154 | 7,089 | 7,254 | Interest cost | 20,164 | 21,033 | 1,856 | 1,997 | 40,327 | 42,066 | 3,711 | 3,994 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (25,689 | ) | (24,640 | ) | (3,078 | ) | (3,064 | ) | (77,056 | ) | (73,920 | ) | (9,248 | ) | (9,207 | ) | Expected return on plan assets | (28,465) | (27,999) | (3,039) | (3,086) | (56,931) | (55,997) | (6,077) | (6,172) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net prior service gain | (14 | ) | (15 | ) | (448 | ) | (449 | ) | (41 | ) | (43 | ) | (1,345 | ) | (1,345 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 6,638 | 6,228 | 283 | 200 | 19,858 | 18,605 | 848 | 603 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost | 17,510 | 17,095 | (37 | ) | (65 | ) | 52,277 | 51,226 | (126 | ) | (196 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net prior period (gain)/cost | Amortization of net prior period (gain)/cost | 2 | (11) | (441) | (452) | 5 | (22) | (881) | (904) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial (gains)/losses | Amortization of net actuarial (gains)/losses | 8,058 | 3,839 | 51 | (4) | 16,115 | 7,678 | 101 | (7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (return) | Net periodic pension/benefit cost (return) | 18,121 | 12,244 | (942) | (1,003) | 36,241 | 24,489 | (1,884) | (2,006) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of PUC D&Os | (4,534 | ) | (4,653 | ) | 346 | 336 | (14,557 | ) | (13,464 | ) | 1,019 | 1,008 | Impact of PUC D&Os | 6,261 | 12,278 | 777 | 811 | 12,523 | 24,557 | 1,554 | 1,622 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 12,976 | $ | 12,442 | $ | 309 | $ | 271 | $ | 37,720 | $ | 37,762 | $ | 893 | $ | 812 | Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 24,382 | $ | 24,522 | $ | (165) | $ | (192) | $ | 48,764 | $ | 49,046 | $ | (330) | $ | (384) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawaiian Electric consolidated | Hawaiian Electric consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 15,764 | $ | 14,699 | $ | 839 | $ | 821 | $ | 47,294 | $ | 44,097 | $ | 2,515 | $ | 2,463 | Service cost | $ | 17,891 | $ | 15,001 | $ | 625 | $ | 538 | $ | 35,782 | $ | 30,002 | $ | 1,251 | $ | 1,075 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 18,659 | 18,702 | 2,279 | 2,334 | 55,974 | 56,106 | 6,837 | 7,003 | Interest cost | 18,715 | 19,414 | 1,781 | 1,918 | 37,430 | 38,828 | 3,563 | 3,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (23,973 | ) | (22,908 | ) | (3,037 | ) | (3,023 | ) | (71,919 | ) | (68,725 | ) | (9,110 | ) | (9,072 | ) | Expected return on plan assets | (26,857) | (26,164) | (2,990) | (3,036) | (53,712) | (52,328) | (5,980) | (6,071) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net prior service loss (gain) | 2 | 3 | (451 | ) | (451 | ) | 6 | 10 | (1,353 | ) | (1,353 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 6,098 | 5,674 | 275 | 198 | 18,294 | 17,020 | 826 | 595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost | 16,550 | 16,170 | (95 | ) | (121 | ) | 49,649 | 48,508 | (285 | ) | (364 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net prior period (gain)/cost | Amortization of net prior period (gain)/cost | 3 | 2 | (439) | (451) | 5 | 4 | (879) | (902) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial losses | Amortization of net actuarial losses | 7,369 | 3,576 | 51 | — | 14,737 | 7,152 | 102 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (return) | Net periodic pension/benefit cost (return) | 17,121 | 11,829 | (972) | (1,031) | 34,242 | 23,658 | (1,943) | (2,063) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of PUC D&Os | (4,534 | ) | (4,653 | ) | 346 | 336 | (14,557 | ) | (13,464 | ) | 1,019 | 1,008 | Impact of PUC D&Os | 6,261 | 12,278 | 777 | 811 | 12,523 | 24,557 | 1,554 | 1,622 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 12,016 | $ | 11,517 | $ | 251 | $ | 215 | $ | 35,092 | $ | 35,044 | $ | 734 | $ | 644 | Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 23,382 | $ | 24,107 | $ | (195) | $ | (220) | $ | 46,765 | $ | 48,215 | $ | (389) | $ | (441) |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||
(in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||
HEI consolidated | ||||||||||||||||
Share-based compensation expense 1 | $ | 1.1 | $ | 1.6 | $ | 4.4 | $ | 3.6 | ||||||||
Income tax benefit | 0.4 | 0.5 | 1.5 | 1.2 | ||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||
Share-based compensation expense 1 | 0.4 | 0.5 | 1.6 | 1.0 | ||||||||||||
Income tax benefit | 0.2 | 0.2 | 0.6 | 0.4 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||||||||
Share-based compensation expense 1 | $ | 2.4 | $ | 3.7 | $ | 4.1 | $ | 5.9 | ||||||||||||||||||||||||||||||
Income tax benefit | 0.4 | 0.7 | 0.7 | 0.9 | ||||||||||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||||||||
Share-based compensation expense 1 | 0.4 | 1.1 | 1.2 | 1.8 | ||||||||||||||||||||||||||||||||||
Income tax benefit | 0.1 | 0.2 | 0.2 | 0.3 |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares granted | — | 19,846 | 35,770 | 19,846 | Shares granted | 35,632 | 35,580 | 36,100 | 35,580 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value | $ | — | $ | 0.6 | $ | 1.2 | $ | 0.6 | Fair value | $ | 1.3 | $ | 1.5 | $ | 1.3 | $ | 1.5 | |||||||||||||||||||||||||||||||||||||
Income tax benefit | — | 0.2 | 0.5 | 0.2 | Income tax benefit | 0.3 | 0.4 | 0.3 | 0.4 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | 203,441 | $ | 40.67 | 211,225 | $ | 35.28 | 207,641 | $ | 35.36 | 200,358 | $ | 33.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | 916 | 37.90 | — | — | 78,595 | 47.99 | 94,559 | 37.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested | — | — | — | — | (77,719) | 34.19 | (76,712) | 32.61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | — | — | (2,600) | 35.56 | (4,160) | 35.81 | (9,580) | 33.82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, end of period | 204,357 | $ | 40.65 | 208,625 | $ | 35.28 | 204,357 | $ | 40.65 | 208,625 | $ | 35.28 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (in millions) | $ | — | $ | — | $ | 3.8 | $ | 3.6 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | ||||||||||||||||||||||||
Outstanding, beginning of period | 206,483 | $ | 31.50 | 225,752 | $ | 29.59 | 220,683 | $ | 29.57 | 210,634 | $ | 28.82 | |||||||||||||||||||
Granted | — | — | 766 | 30.65 | 97,873 | 33.47 | 95,048 | 29.91 | |||||||||||||||||||||||
Vested | (687 | ) | 24.48 | (4,419 | ) | 27.26 | (89,681 | ) | 28.84 | (83,583 | ) | 27.88 | |||||||||||||||||||
Forfeited | — | — | (2,352 | ) | 29.69 | (23,079 | ) | 31.50 | (2,352 | ) | 29.69 | ||||||||||||||||||||
Outstanding, end of period | 205,796 | $ | 31.53 | 219,747 | $ | 29.64 | 205,796 | $ | 31.53 | 219,747 | $ | 29.64 | |||||||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | — | $ | — | $ | 3.3 | $ | 2.8 |
(1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | 33,770 | $ | 39.51 | 83,947 | $ | 22.95 | 83,106 | $ | 22.95 | 162,500 | $ | 27.66 | Outstanding, beginning of period | 90,616 | $ | 42.08 | 98,311 | $ | 39.61 | 96,402 | $ | 39.62 | 65,578 | $ | 38.81 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted (target level) | — | — | — | — | 37,204 | 39.51 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | — | — | — | — | 24,630 | 48.62 | 34,647 | 41.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested (issued or unissued and cancelled) | — | — | — | — | (83,106 | ) | 22.95 | (78,553 | ) | 32.69 | Vested (issued or unissued and cancelled) | — | — | — | — | (29,409) | 39.51 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | — | — | (175 | ) | 22.95 | (3,434 | ) | 39.51 | (175 | ) | 22.95 | Forfeited | — | — | — | — | (1,007) | 41.72 | (1,914) | 38.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, end of period | 33,770 | $ | 39.51 | 83,772 | $ | 22.95 | 33,770 | $ | 39.51 | 83,772 | $ | 22.95 | Outstanding, end of period | 90,616 | $ | 42.08 | 98,311 | $ | 39.61 | 90,616 | $ | 42.08 | 98,311 | $ | 39.61 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | — | $ | — | $ | 1.5 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (in millions) | Total weighted-average grant-date fair value of shares granted (in millions) | $ | — | $ | — | $ | 1.2 | $ | 1.4 |
2020 | 2019 | |||||||||||||
Risk-free interest rate | 1.39 | % | 2.48 | % | ||||||||||
Expected life in years | 3 | 3 | ||||||||||||
Expected volatility | 13.1 | % | 15.8 | % | ||||||||||
Range of expected volatility for Peer Group | 13.6% to 95.4% | 15.0% to 73.2% | ||||||||||||
Grant date fair value (per share) | $48.62 | $41.07 |
Three months ended September 30 | Nine months ended September 30 | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | Shares | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of period | 135,078 | $ | 33.47 | 113,550 | $ | 25.18 | 109,816 | $ | 25.18 | 222,647 | $ | 26.02 | Outstanding, beginning of period | 336,344 | $ | 39.64 | 407,090 | $ | 35.12 | 403,768 | $ | 35.15 | 276,169 | $ | 33.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted (target level) | — | — | — | — | 148,818 | 33.47 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested (issued) | — | — | — | — | (109,816 | ) | 25.18 | (109,097 | ) | 26.89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Granted | Granted | — | — | — | — | 98,522 | 48.10 | 138,580 | 37.68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vested | Vested | — | — | — | — | (135,804) | 33.48 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase above target (cancelled) | Increase above target (cancelled) | (38,821) | 34.12 | — | — | (64,932) | 34.12 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forfeited | — | — | (699 | ) | 25.19 | (13,740 | ) | 33.48 | (699 | ) | 25.19 | Forfeited | — | — | — | — | (4,031) | 39.67 | (7,659) | 33.91 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding, end of period | 135,078 | $ | 33.47 | 112,851 | $ | 25.18 | 135,078 | $ | 33.47 | 112,851 | $ | 25.18 | Outstanding, end of period | 297,523 | $ | 40.37 | 407,090 | $ | 35.12 | 297,523 | $ | 40.37 | 407,090 | $ | 35.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) | $ | — | $ | — | $ | 5.0 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) | Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) | $ | — | $ | — | $ | 4.7 | $ | 5.2 |
Six months ended June 30 | 2020 | 2019 | ||||||||||||
(in millions) | ||||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
HEI consolidated | ||||||||||||||
Interest paid to non-affiliates, net of amounts capitalized | $ | 50 | $ | 53 | ||||||||||
Income taxes paid (including refundable credits) | — | 46 | ||||||||||||
Income taxes refunded (including refundable credits) | — | 4 | ||||||||||||
Hawaiian Electric consolidated | ||||||||||||||
Interest paid to non-affiliates | 32 | 34 | ||||||||||||
Income taxes paid (including refundable credits) | — | 46 | ||||||||||||
Income taxes refunded (including refundable credits) | — | 4 | ||||||||||||
Supplemental disclosures of noncash activities | ||||||||||||||
HEI consolidated | ||||||||||||||
Electric utility property, plant and equipment | ||||||||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 3 | 1 | ||||||||||||
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) | 34 | 30 | ||||||||||||
Reduction of long-term debt from funds previously transferred for repayment (financing) | 82 | — | ||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations (investing) | 20 | 2 | ||||||||||||
Common stock issued (gross) for director and executive/management compensation (financing)1 | 16 | 5 | ||||||||||||
Real estate transferred from property, plant and equipment to other assets held-for-sale (investing) | — | 9 | ||||||||||||
Obligations to fund low income housing investments (investing) | — | 6 | ||||||||||||
Hawaiian Electric consolidated | ||||||||||||||
Electric utility property, plant and equipment | ||||||||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 3 | 1 | ||||||||||||
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) | 30 | 27 | ||||||||||||
Reduction of long-term debt from funds previously transferred for repayment (financing) | 82 | — | ||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations (investing) | 16 | 1 |
Nine months ended September 30 | 2017 | 2016 | ||||||
(in millions) | ||||||||
Supplemental disclosures of cash flow information | ||||||||
HEI consolidated | ||||||||
Interest paid to non-affiliates | $ | 62 | $ | 61 | ||||
Income taxes paid (including refundable credits) | 32 | 19 | ||||||
Income taxes refunded (including refundable credits) | — | 45 | ||||||
Hawaiian Electric consolidated | ||||||||
Interest paid to non-affiliates | 45 | 43 | ||||||
Income taxes paid (including refundable credits) | 9 | — | ||||||
Income taxes refunded (including refundable credits) | — | 20 | ||||||
Supplemental disclosures of noncash activities | ||||||||
HEI consolidated | ||||||||
Property, plant and equipment | ||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 3 | 12 | ||||||
Unpaid invoices and accruals for capital expenditures (investing) | ||||||||
Change during the period | 31 | (6 | ) | |||||
Balance, end of period | 116 | 64 | ||||||
Common stock dividends reinvested in HEI common stock (financing)1 | — | 17 | ||||||
Loans transferred from held for investment to held for sale (investing) | 41 | 14 | ||||||
Common stock issued (gross) for director and executive/management compensation (financing)2 | 11 | 7 | ||||||
Obligations to fund low income housing investments (investing) | 10 | — | ||||||
Hawaiian Electric consolidated | ||||||||
Electric utility property, plant and equipment | ||||||||
Estimated fair value of noncash contributions in aid of construction (investing) | 3 | 12 | ||||||
Unpaid invoices and accruals for capital expenditures (investing) | ||||||||
Change during the period | 29 | (7 | ) | |||||
Balance, end of period | 113 | 63 |
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 | |||||||||||||||||||||||||||||||||||||||||||||
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, net | 5,393,653 | — | 37,345 | 5,540,050 | 5,577,395 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 9,647 | — | — | 10,328 | 10,328 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | 70,190 | — | 2,341 | — | 2,341 | |||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit liabilities | 657,627 | — | 663,296 | — | 663,296 | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings—other than bank | 131,180 | — | 131,180 | — | 131,180 | |||||||||||||||||||||||||||||||||||||||||||||
Other bank borrowings | 124,975 | — | 124,966 | — | 124,966 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net—other than bank | 2,070,224 | — | 2,427,374 | — | 2,427,374 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 81,861 | 287 | 4,843 | — | 5,130 | |||||||||||||||||||||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 49,919 | — | 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, net | 5,080,107 | — | 12,295 | 5,145,242 | 5,157,537 | |||||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | 9,101 | — | — | 12,379 | 12,379 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | 25,179 | — | 300 | — | 300 | |||||||||||||||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit liabilities | 769,825 | — | 765,976 | — | 765,976 | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings—other than bank | 185,710 | — | 185,710 | — | 185,710 | |||||||||||||||||||||||||||||||||||||||||||||
Other bank borrowings | 115,110 | — | 115,107 | — | 115,107 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net—other than bank | 1,964,365 | — | 2,156,927 | — | 2,156,927 | |||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 51,375 | 33 | 2,185 | — | 2,218 | |||||||||||||||||||||||||||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 88,987 | — | 88,987 | — | 88,987 | |||||||||||||||||||||||||||||||||||||||||||||
Long-term debt, net | 1,497,667 | — | 1,670,189 | — | 1,670,189 | |||||||||||||||||||||||||||||||||||||||||||||
Estimated fair value | ||||||||||||||||||||
Carrying or notional amount | Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | |||||||||||||||||
(in thousands) | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Available-for-sale investment securities | $ | 1,320,110 | $ | — | $ | 1,304,683 | $ | 15,427 | $ | 1,320,110 | ||||||||||
Stock in Federal Home Loan Bank | 9,706 | — | 9,706 | — | 9,706 | |||||||||||||||
Loans receivable, net | 4,638,962 | 13,260 | 2,468 | 4,791,209 | 4,806,937 | |||||||||||||||
Mortgage servicing rights | 9,070 | — | — | 12,091 | 12,091 | |||||||||||||||
Bank-owned life insurance | 147,391 | — | 147,391 | — | 147,391 | |||||||||||||||
Derivative assets | 8,399 | — | 591 | — | 591 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
Derivative assets-window forward contracts | 8,014 | — | 584 | — | 584 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Deposit liabilities | 5,752,326 | — | 5,748,858 | — | 5,748,858 | |||||||||||||||
Short-term borrowings—other than bank | 24,498 | — | 24,498 | — | 24,498 | |||||||||||||||
Other bank borrowings | 153,552 | — | 153,717 | — | 153,717 | |||||||||||||||
Long-term debt, net—other than bank | 1,618,446 | — | 1,747,972 | — | 1,747,972 | |||||||||||||||
Derivative liabilities | 500 | 2 | — | — | 2 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
Short-term borrowings | 6,000 | — | 6,000 | — | 6,000 | |||||||||||||||
Long-term debt, net | 1,318,623 | — | 1,441,855 | — | 1,441,855 | |||||||||||||||
December 31, 2016 | ||||||||||||||||||||
Financial assets | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Money market funds | $ | 13,085 | $ | — | $ | 13,085 | $ | — | $ | 13,085 | ||||||||||
Available-for-sale investment securities | 1,105,182 | — | 1,089,755 | 15,427 | 1,105,182 | |||||||||||||||
Stock in Federal Home Loan Bank | 11,218 | — | 11,218 | — | 11,218 | |||||||||||||||
Loans receivable, net | 4,701,977 | — | 13,333 | 4,839,493 | 4,852,826 | |||||||||||||||
Mortgage servicing rights | 9,373 | — | — | 13,216 | 13,216 | |||||||||||||||
Bank-owned life insurance | 143,197 | — | 143,197 | — | 143,197 | |||||||||||||||
Derivative assets | 23,578 | — | 453 | — | 453 | |||||||||||||||
Financial liabilities | ||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||
Deposit liabilities | 5,548,929 | — | 5,546,644 | — | 5,546,644 | |||||||||||||||
Other bank borrowings | 192,618 | — | 193,991 | — | 193,991 | |||||||||||||||
Long-term debt, net—other than bank | 1,619,019 | — | 1,704,717 | — | 1,704,717 | |||||||||||||||
Derivative liabilities | 53,852 | 129 | 823 | — | 952 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
Long-term debt, net | 1,319,260 | — | 1,399,490 | — | 1,399,490 | |||||||||||||||
Derivative liabilities-window forward contracts | 20,734 | — | 743 | — | 743 |
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Money market funds (“other” segment) | $ | — | $ | — | $ | — | $ | — | $ | 13,085 | $ | — | ||||||||||||
Available-for-sale investment securities (bank segment) | ||||||||||||||||||||||||
Mortgage-related securities-FNMA, FHLMC and GNMA | $ | — | $ | 1,122,565 | $ | — | $ | — | $ | 897,474 | $ | — | ||||||||||||
U.S. Treasury and federal agency obligations | — | 182,118 | — | — | 192,281 | — | ||||||||||||||||||
Mortgage revenue bond | — | — | 15,427 | — | — | 15,427 | ||||||||||||||||||
$ | — | $ | 1,304,683 | $ | 15,427 | $ | — | $ | 1,089,755 | $ | 15,427 | |||||||||||||
Derivative assets | ||||||||||||||||||||||||
Interest rate lock commitments (bank segment) 1 | $ | — | $ | 7 | $ | — | $ | — | $ | 445 | $ | — | ||||||||||||
Forward commitments (bank segment) 1 | — | — | — | — | 8 | — | ||||||||||||||||||
Window forward contracts (electric utility segment)2 | — | 584 | — | — | — | — | ||||||||||||||||||
$ | — | $ | 591 | $ | — | $ | — | $ | 453 | $ | — | |||||||||||||
Derivative liabilities | ||||||||||||||||||||||||
Interest rate lock commitments (bank segment) 1 | $ | — | $ | — | $ | — | $ | — | $ | 24 | $ | — | ||||||||||||
Forward commitments (bank segment) 1 | 2 | — | — | 129 | 56 | — | ||||||||||||||||||
Window forward contracts (electric utility segment)2 | — | — | — | — | 743 | — | ||||||||||||||||||
$ | 2 | $ | — | $ | — | $ | 129 | $ | 823 | $ | — |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | — | $ | 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 | $ | — |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||||||||||||
Mortgage revenue bond | 2017 | 2016 | 2017 | 2016 | ||||||||||||||||||||||||||||||||||||
Mortgage revenue bonds | Mortgage revenue bonds | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,427 | $ | — | $ | 15,427 | $ | — | Beginning balance | $ | 28,726 | $ | 27,970 | $ | 28,597 | $ | 23,636 | |||||||||||||||||||||||
Principal payments received | — | — | — | — | Principal payments received | — | — | — | — | |||||||||||||||||||||||||||||||
Purchases | — | — | — | — | Purchases | 101 | 196 | 230 | 4,530 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) included in other comprehensive income | — | — | — | — | Unrealized gain (loss) included in other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Ending balance | $ | 15,427 | $ | — | $ | 15,427 | $ | — | Ending balance | $ | 28,827 | $ | 28,166 | $ | 28,827 | $ | 28,166 |
Fair value measurements using | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 5,419 | $ | — | $ | — | $ | 5,419 | ||||||||||||||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||||||||||||||||
Loans | 25 | — | — | 25 | ||||||||||||||||||||||||||||||||||
Fair value measurements | ||||||||||||||||
(in thousands) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2017 | ||||||||||||||||
Loans | $ | 2,881 | $ | — | $ | — | $ | 2,881 | ||||||||
Real estate acquired in settlement of loans | 93 | — | — | 93 | ||||||||||||
December 31, 2016 | ||||||||||||||||
Loans | 2,767 | — | — | 2,767 | ||||||||||||
Real estate acquired in settlement of loans | 1,189 | — | — | 1,189 |
Significant unobservable input value (1) | ||||||||||||
($ in thousands) | Fair value | Valuation technique | Significant unobservable input | Range | Weighted Average | |||||||
September 30, 2017 | ||||||||||||
Residential loans | $ | 731 | Fair value of collateral | Appraised value less 7% selling cost | 50-91% | 69% | ||||||
Commercial loans | 2,150 | Fair value of collateral | Appraised value | 72-76% | 76% | |||||||
Total loans | $ | 2,881 | ||||||||||
Real estate acquired in settlement of loans | $ | 93 | Sales price | Sales price less 7% selling cost | N/A (2) | |||||||
December 31, 2016 | ||||||||||||
Residential loans | $ | 2,468 | Sales price | Sales price | 95-100% | 97% | ||||||
Residential loans | 287 | Fair value of property or collateral | Appraised value less 7% selling cost | 42-65% | 61% | |||||||
Home equity lines of credit | 12 | Fair value of property or collateral | Appraised value less 7% selling cost | N/A (2) | ||||||||
Total loans | $ | 2,767 | ||||||||||
Real estate acquired in settlement of loans | $ | 1,189 | Fair value of property or collateral | Appraised value less 7% selling cost | 100% | 100% |
Significant unobservable input value (1) | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair value | Valuation technique | Significant unobservable input | Range | Weighted Average | |||||||||||||||||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 5,419 | Discounted cash flow | Prepayment Speed | 13.9% - 18.4% | 16.6 | % | |||||||||||||||||||||||||||||||
Discount rate | 9.3 | % | 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 | ||||||||||||||||||||||||||||||||||||
(in thousands, except per | Three months ended September 30 | % | |||||||||||
share amounts) | 2017 | 2016 | change | Primary reason(s)* | |||||||||
Revenues | $ | 673,185 | $ | 646,055 | 4 | Increases for the electric utility and bank segments | |||||||
Operating income | 109,545 | 105,442 | 4 | Increase for the bank segment and lower losses for the “other” segment, partly offset by a decrease at the electric utility segment | |||||||||
Merger termination fee | — | 90,000 | (100 | ) | See Note 12 of the Condensed Consolidated Financial Statements | ||||||||
Net income for common stock | 60,073 | 127,142 | (53 | ) | Merger termination fee at corporate in 2016 (in the “other” segment), partly offset by higher bank net income in 2017 | ||||||||
Basic earnings per common share | $ | 0.55 | $ | 1.17 | (53 | ) | Lower net income | ||||||
Weighted-average number of common shares outstanding | 108,786 | 108,268 | — | Issuances of shares under the HEI Dividend Reinvestment and Stock Purchase Plan and other plans |
Three months ended June 30, 2020 | % | |||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | change | Primary reason(s)* | ||||||||||||||||||||||||||||
Revenues | $ | 608,945 | $ | 715,485 | (15) | Decrease for the electric utility and bank segments | ||||||||||||||||||||||||||
Operating income | 71,556 | 72,634 | (1) | Decrease for the bank segment, partly offset by increase for electric utility segment | ||||||||||||||||||||||||||||
Net income for common stock | 48,887 | 42,512 | 15 | Increase due to higher net income at electric utility segment, partly offset by lower net income at the bank segment | ||||||||||||||||||||||||||||
Six months ended June 30 | % | |||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | change | Primary reason(s)* | ||||||||||||||||||||||||||||
Revenues | $ | 1,286,131 | $ | 1,377,100 | (7) | Decrease for the electric utility and bank segments | ||||||||||||||||||||||||||
Operating income | 131,258 | 150,571 | (13) | Primarily due to decrease for the bank segment | ||||||||||||||||||||||||||||
Net income for common stock | 82,307 | 88,200 | (7) | Decrease due to lower net income at the bank segment, partly offset by higher net income at electric utility segment and lower losses at the Other segment. See below for effective tax rate explanation | ||||||||||||||||||||||||||||
(in thousands, except per | Nine months ended September 30 | % | |||||||||||
share amounts) | 2017 | 2016 | change | Primary reason(s)* | |||||||||
Revenues | $ | 1,897,028 | $ | 1,763,259 | 8 | Increases for the electric utility and bank segments | |||||||
Operating income | 253,303 | 259,748 | (2 | ) | Decrease for the electric utility segment, partly offset by an increase at the bank segment and lower losses for the “other” segment | ||||||||
Merger termination fee | — | 90,000 | (100 | ) | See Note 12 of the Condensed Consolidated Financial Statements | ||||||||
Net income for common stock | 132,927 | 203,622 | (35 | ) | Merger termination fee at corporate in 2016 (in the “other” segment) and lower net income at the electric utility segment, partly offset by higher net income at the bank segment | ||||||||
Basic earnings per common share | $ | 1.22 | $ | 1.89 | (35 | ) | Lower net income | ||||||
Weighted-average number of common shares outstanding | 108,737 | 107,951 | 1 | Issuances of shares under the HEI Dividend Reinvestment and Stock Purchase Plan and other plans |
Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | Primary reason(s) | |||||||||||||||||||||||||||||||||||||||
Revenues | $ | 16 | $ | 14 | $ | 22 | $ | 82 | ||||||||||||||||||||||||||||||||||||
Operating loss | (4,738) | (4,312) | (8,397) | (9,057) | The second quarters of 2020 and 2019 include $0.9 million and $1.2 million, respectively, of operating income from Pacific Current1. Second quarter 2020 corporate expense was comparable to the second quarter of 2019. The first six months of 2020 and 2019 include $1.8 million and $1.4 million, respectively, of operating income from Pacific Current1. The first six months of 2020 corporate expense was $0.3 million lower compared to the same period of 2019, primarily due to lower professional fees. | |||||||||||||||||||||||||||||||||||||||
Net loss | (7,456) | (7,078) | (13,702) | (14,355) | The net loss for the second quarter of 2020 was higher than the net loss for the second quarter of 2019 due to the same factors cited for the change in operating loss. The net loss for the first six month of 2020 was lower than the net loss for the first six months of 2019 due to the same factors cited for the change in operating loss. |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | Primary reason(s) | |||||||||||||
Revenues | $ | 127 | $ | 94 | $ | 299 | $ | 262 | ||||||||||
Operating loss | (4,295 | ) | (7,097 | ) | (13,478 | ) | (18,621 | ) | Third quarter and first nine months of 2016 merger and spin-off-related expenses (see below) and lower other administrative and general expenses in the third quarter and first nine months of 2017 | |||||||||
Merger termination fee | — | 90,000 | — | 90,000 | See Note 12 of the Condensed Consolidated Financial Statements | |||||||||||||
Net income (loss) | (5,006 | ) | 65,064 | (11,807 | ) | 54,362 | Third quarter of 2016 merger termination fee and $8 million of tax benefits on previously non-deductible expenses related to the previously proposed merger with NEE and spin-off of ASBH and tax benefits recognized for the Domestic Production Activities Deduction in 2016 (see Note 9 of the Condensed Consolidated Financial Statements) |
Three months ended June 30, 2020 | % | |||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | change | Primary reason(s)* | ||||||||||||||||||||||||||||
Revenues | $ | 608,945 | $ | 715,485 | (15) | Decrease for the electric utility and bank segments | ||||||||||||||||||||||||||
Operating income | 71,556 | 72,634 | (1) | Decrease for the bank segment, partly offset by increase for electric utility segment | ||||||||||||||||||||||||||||
Net income for common stock | 48,887 | 42,512 | 15 | Increase due to higher net income at electric utility segment, partly offset by lower net income at the bank segment | ||||||||||||||||||||||||||||
Six months ended June 30 | % | |||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | change | Primary reason(s)* | ||||||||||||||||||||||||||||
Revenues | $ | 1,286,131 | $ | 1,377,100 | (7) | Decrease for the electric utility and bank segments | ||||||||||||||||||||||||||
Operating income | 131,258 | 150,571 | (13) | Primarily due to decrease for the bank segment | ||||||||||||||||||||||||||||
Net income for common stock | 82,307 | 88,200 | (7) | Decrease due to lower net income at the bank segment, partly offset by higher net income at electric utility segment and lower losses at the Other segment. See below for effective tax rate explanation | ||||||||||||||||||||||||||||
(dollars in millions) | September 30, 2017 | December 31, 2016 | ||||||||||||
Short-term borrowings—other than bank | $ | 25 | — | % | $ | — | — | % | ||||||
Long-term debt, net—other than bank | 1,618 | 43 | 1,619 | 43 | ||||||||||
Preferred stock of subsidiaries | 34 | 1 | 34 | 1 | ||||||||||
Common stock equity | 2,103 | 56 | 2,067 | 56 | ||||||||||
$ | 3,780 | 100 | % | $ | 3,720 | 100 | % |
Average balance | Balance | |||||||||||
(in millions) | Nine months ended September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Short-term borrowings 1 | ||||||||||||
Commercial paper | $ | 3 | $ | 19 | $ | — | ||||||
Line of credit draws | — | — | — | |||||||||
Undrawn capacity under HEI’s line of credit facility | 150 | 150 |
Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | Primary reason(s) | |||||||||||||||||||||||||||||||||||||||
Revenues | $ | 16 | $ | 14 | $ | 22 | $ | 82 | ||||||||||||||||||||||||||||||||||||
Operating loss | (4,738) | (4,312) | (8,397) | (9,057) | The second quarters of 2020 and 2019 include $0.9 million and $1.2 million, respectively, of operating income from Pacific Current1. Second quarter 2020 corporate expense was comparable to the second quarter of 2019. The first six months of 2020 and 2019 include $1.8 million and $1.4 million, respectively, of operating income from Pacific Current1. The first six months of 2020 corporate expense was $0.3 million lower compared to the same period of 2019, primarily due to lower professional fees. | |||||||||||||||||||||||||||||||||||||||
Net loss | (7,456) | (7,078) | (13,702) | (14,355) | The net loss for the second quarter of 2020 was higher than the net loss for the second quarter of 2019 due to the same factors cited for the change in operating loss. The net loss for the first six month of 2020 was lower than the net loss for the first six months of 2019 due to the same factors cited for the change in operating loss. |
Three months ended September 30 | Increase | |||||||||||||||
2017 | 2016 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||
$ | 599 | $ | 572 | $ | 27 | Revenues. Net increase largely due to: | ||||||||||
$ | 25 | higher fuel oil prices1 | ||||||||||||||
5 | higher RAM revenues | |||||||||||||||
2 | higher purchased power energy costs2 | |||||||||||||||
(5 | ) | lower KWH generated | ||||||||||||||
146 | 129 | 17 | Fuel oil expense. Increase due to higher fuel oil prices, partially offset by lower KWH generated | |||||||||||||
160 | 158 | 2 | Purchased power expense. Increase due to higher fuel oil prices | |||||||||||||
100 | 95 | 5 | Operation and maintenance expenses. Net increase due to: | |||||||||||||
6 | higher overhaul costs due to more overhauls being performed in 2017 | |||||||||||||||
2 | ERP project costs commencing in 2017 | |||||||||||||||
(1 | ) | lower production operating and maintenance cost | ||||||||||||||
(1 | ) | PSIP consulting costs incurred in 2016 | ||||||||||||||
105 | 101 | 4 | Other expenses. Increase due to higher revenue taxes from higher revenue, coupled with higher depreciation expense for plant investments in 2016 | |||||||||||||
87 | 90 | (3 | ) | Operating income. Decrease due to higher O&M and other expenses | ||||||||||||
47 | 47 | — | Net income for common stock. Lower operating income, offset by higher AFUDC in 2017 due to larger capital projects, primarily Schofield generating station | |||||||||||||
2,340 | 2,372 | (32 | ) | Kilowatthour sales (millions)4 | ||||||||||||
$ | 66.73 | $ | 57.72 | $ | 9.01 | Average fuel oil cost per barrel1 |
Three months ended June 30, 2020 | % | |||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | change | Primary reason(s)* | ||||||||||||||||||||||||||||
Revenues | $ | 608,945 | $ | 715,485 | (15) | Decrease for the electric utility and bank segments | ||||||||||||||||||||||||||
Operating income | 71,556 | 72,634 | (1) | Decrease for the bank segment, partly offset by increase for electric utility segment | ||||||||||||||||||||||||||||
Net income for common stock | 48,887 | 42,512 | 15 | Increase due to higher net income at electric utility segment, partly offset by lower net income at the bank segment | ||||||||||||||||||||||||||||
Six months ended June 30 | % | |||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | change | Primary reason(s)* | ||||||||||||||||||||||||||||
Revenues | $ | 1,286,131 | $ | 1,377,100 | (7) | Decrease for the electric utility and bank segments | ||||||||||||||||||||||||||
Operating income | 131,258 | 150,571 | (13) | Primarily due to decrease for the bank segment | ||||||||||||||||||||||||||||
Net income for common stock | 82,307 | 88,200 | (7) | Decrease due to lower net income at the bank segment, partly offset by higher net income at electric utility segment and lower losses at the Other segment. See below for effective tax rate explanation | ||||||||||||||||||||||||||||
Nine months ended September 30 | Increase | |||||||||||||||
2017 | 2016 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||
$ | 1,674 | $ | 1,550 | $ | 124 | Revenues. Net increase largely due to: | ||||||||||
$ | 114 | higher fuel oil prices1 | ||||||||||||||
35 | higher purchased power energy costs2 | |||||||||||||||
(20 | ) | lower RAM revenues due to expiration of 2013 settlement agreement that allowed the accrual of RAM revenues on January 1 (vs. June 1) for years 2014 to 2016 at Hawaiian Electric | ||||||||||||||
(7 | ) | lower KWH generated | ||||||||||||||
432 | 334 | 98 | Fuel oil expense. Increase due to higher fuel oil prices, partially offset by lower KWH generated | |||||||||||||
441 | 413 | 28 | Purchased power expense. Increase due to higher fuel oil prices | |||||||||||||
307 | 298 | 9 | Operation and maintenance expenses. Net increase due to: | |||||||||||||
6 | higher overhaul costs due to more overhauls being performed in 2017 | |||||||||||||||
4 | ERP project costs commencing in 2017 | |||||||||||||||
2 | higher transmission and distribution operating and maintenance costs | |||||||||||||||
1 | Grid modernization consultant costs | |||||||||||||||
1 | write off of portion of deferred Geothermal RFP costs | |||||||||||||||
1 | additional reserves for environmental costs in 20173 | |||||||||||||||
(4 | ) | PSIP consulting costs incurred in 2016 | ||||||||||||||
(3 | ) | LNG consulting costs incurred in 2016 to negotiate an LNG contract that was subsequently terminated following HEI/NextEra merger termination | ||||||||||||||
304 | 289 | 15 | Other expenses. Increase due to higher revenue taxes from higher revenue, coupled with higher depreciation expense for plant investments in 2016 | |||||||||||||
191 | 216 | (25 | ) | Operating income. Decrease due to lower RAM revenues and higher O&M and other expenses | ||||||||||||
95 | 108 | (13 | ) | Net income for common stock. Decrease due to lower operating income, partially offset by resulting lower income taxes | ||||||||||||
6,528 | 6,613 | (85 | ) | Kilowatthour sales (millions)4 | ||||||||||||
$ | 67.42 | $ | 52.06 | $ | 15.36 | Average fuel oil cost per barrel1 | ||||||||||
461,408 | 459,590 | 1,818 | Customer accounts (end of period) |
The Company’s effective tax rate |
% | Rate-making Return on rate base (RORB)* | ROACE** | Rate-making ROACE*** | ||||||||||||||||||||||||
Twelve months ended September 30, 2017 | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | ||||||||||||||||||
Utility returns | 6.77 | 6.71 | 6.83 | 7.35 | 6.54 | 6.99 | 7.99 | 7.54 | 7.96 | ||||||||||||||||||
PUC-allowed returns | 8.11 | 7.80 | 7.34 | 10.00 | 9.50 | 9.00 | 10.00 | 9.50 | 9.00 | ||||||||||||||||||
Difference | (1.34 | ) | (1.09 | ) | (0.51 | ) | (2.65 | ) | (2.96 | ) | (2.01 | ) | (2.01 | ) | (1.96 | ) | (1.04 | ) |
Test year (dollars in millions) | Date (filed/ implemented) | Amount | % over rates in effect | ROACE (%) | RORB (%) | Rate base | Common equity % | Stipulated agreement reached with Consumer Advocate | ||||||||||||||||
Hawaiian Electric | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Request | 6/27/14 | |||||||||||||||||||||||
2017 | ||||||||||||||||||||||||
Request | 12/16/16 | $ | 106.4 | 6.9 | 10.60 | 8.28 | $ | 2,002 | 57.36 | |||||||||||||||
Hawaii Electric Light | ||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
Request | 9/19/16 | $ | 19.3 | 6.5 | 10.60 | 8.44 | $ | 479 | 57.12 | Yes | ||||||||||||||
Interim increase | 8/31/17 | 9.9 | 3.4 | 9.50 | 7.80 | 482 | 56.69 | |||||||||||||||||
Maui Electric | ||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Request | 12/30/14 | |||||||||||||||||||||||
2018 | ||||||||||||||||||||||||
Request | 10/12/17 | $ | 30.1 | 9.3 | 10.60 | 8.05 | $ | 473 | 56.94 |
Three months ended June 30, | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2020 | 2019 | Primary reason(s) | |||||||||||||||||||||||||||||||||||||||
Revenues | $ | 16 | $ | 14 | $ | 22 | $ | 82 | ||||||||||||||||||||||||||||||||||||
Operating loss | (4,738) | (4,312) | (8,397) | (9,057) | The second quarters of 2020 and 2019 include $0.9 million and $1.2 million, respectively, of operating income from Pacific Current1. Second quarter 2020 corporate expense was comparable to the second quarter of 2019. The first six months of 2020 and 2019 include $1.8 million and $1.4 million, respectively, of operating income from Pacific Current1. The first six months of 2020 corporate expense was $0.3 million lower compared to the same period of 2019, primarily due to lower professional fees. | |||||||||||||||||||||||||||||||||||||||
Net loss | (7,456) | (7,078) | (13,702) | (14,355) | The net loss for the second quarter of 2020 was higher than the net loss for the second quarter of 2019 due to the same factors cited for the change in operating loss. The net loss for the first six month of 2020 was lower than the net loss for the first six months of 2019 due to the same factors cited for the change in operating loss. |
(dollars in millions) | September 30, 2017 | December 31, 2016 | ||||||||||||
Short-term borrowings | $ | 6 | — | % | $ | — | — | % | ||||||
Long-term debt, net | 1,319 | 41 | 1,319 | 42 | ||||||||||
Preferred stock | 34 | 1 | 34 | 1 | ||||||||||
Common stock equity | 1,829 | 58 | 1,800 | 57 | ||||||||||
$ | 3,188 | 100 | % | $ | 3,153 | 100 | % |
Average balance | Balance | |||||||||||
(in millions) | Nine months ended September 30, 2017 | September 30, 2017 | December 31, 2016 | |||||||||
Short-term borrowings 1 | ||||||||||||
Commercial paper | $ | 6 | $ | 6 | $ | — | ||||||
Line of credit draws | — | — | — | |||||||||
Borrowings from HEI | 2 | — | — | |||||||||
Undrawn capacity under line of credit facility | 200 | 200 |
Nine months ended September 30, | |||||||||||
(in thousands) | 2017 | 2016 | Change | ||||||||
Net cash provided by operating activities | $ | 229,902 | $ | 275,271 | $ | (45,369 | ) | ||||
Net cash used in investing activities | (229,287 | ) | (226,036 | ) | (3,251 | ) | |||||
Net cash used in financing activities | (64,914 | ) | (50,707 | ) | (14,207 | ) |
Three months ended September 30 | Increase | |||||||||||||
(in millions) | 2017 | 2016 | (decrease) | Primary reason(s) | ||||||||||
Interest income | $ | 59 | $ | 55 | $ | 4 | The increase in interest income was the result of a higher average investment securities portfolio balance and an increase in yields on earning assets. ASB’s average loan portfolio balance for the three months ended September 30, 2017 decreased by $68 million compared to the same period in 2016 as increases in average consumer and home equity lines of credit balances of $54 million and $31 million, respectively, were more than offset by a decrease in commercial loan balances of $132 million. The decrease in the average commercial loan balance was primarily due to a decrease in the syndicated national credit loan portfolio and paydowns in the commercial loan portfolio. The yield on earning assets increased by 8 basis points due to the repricing of the adjustable rate loans with the increase in the interest rate environment and a shift in the mix of the loan portfolio with the growth in the consumer loan portfolio, which resulted in an increase in the loan portfolio yield of 20 basis points. The average investment securities portfolio balance increased by $378 million due to the use of excess liquidity to purchase investments. The yield on the investment securities portfolio increased by 8 basis points as new investment purchase yields were higher due to the increase in short-term interest rates. | |||||||
Noninterest income | 15 | 19 | (4 | ) | Noninterest income decreased for the three months ended September 30, 2017 compared to noninterest income for the three months ended September 30, 2016 due to lower mortgage banking income. Prior year’s noninterest income included a gain on sale of real estate with no similar sale in 2017. | |||||||||
Revenues | 74 | 74 | — | |||||||||||
Interest expense | 3 | 3 | — | Interest expense was flat for the three months ended September 30, 2017 compared to the same period in 2016 as higher interest expense from the growth in term certificates was offset by lower interest expense on other borrowings as a result of lower repurchase agreements and FHLB advances. Average deposit balances for the three months ended September 30, 2017 increased by $392 million compared to the same period in 2016 due to an increase in core deposits and term certificates of $303 million and $89 million, respectively. Other borrowings decreased by $105 million primarily due to a decrease in repurchase agreements and FHLB advances of $72 million and $33 million, respectively. The interest-bearing liability rate for the three months ended September 30, 2017 decreased by 5 basis points compared to the same period in 2016. | ||||||||||
Provision for loan losses | 1 | 6 | (5 | ) | The provision for loan losses decreased by $5.3 million for the three months ended September 30, 2017 compared to the provision for loan losses for the three months ended September 30, 2016. The provision for loan losses for 2017 was primarily due to increased loan loss reserves for the consumer loan portfolio partly offset by the release of reserves for the commercial real estate and syndicated national credit loan portfolios due to loan paydowns and sales as the Bank strategically worked to improve commercial asset quality. The provision for loan losses for 2016 was primarily due to increased reserves for growth in the loan portfolio, additional loan loss reserves for the consumer loan portfolio and loan loss reserves for commercial loans due to downgrades of specific commercial credits. Delinquency rates have increased from 0.51% at September 30, 2016 to 0.60% at September 30, 2017. The annualized net charge-off ratio for the three months ended September 30, 2017 was 0.32% compared to an annualized net charge-off ratio of 0.20% for the same period in 2016. The increase in net charge-offs were due to an increase in consumer loan portfolio charge-offs as a result of ASB’s strategic expansion of its unsecured consumer loan product offering with risk-based pricing. | |||||||||
Noninterest expense | 44 | 42 | 2 | The increase in noninterest expense for the three months ended September 30, 2017 compared to the same period in 2016 was primarily due to higher compensation and employee benefits expenses as a result of higher performance-based compensation costs and higher employee benefit costs. | ||||||||||
Expenses | 48 | 51 | (3 | ) | ||||||||||
Operating income | 26 | 23 | 3 | Higher net interest income and lower provision for loan losses was partly offset by higher noninterest expenses and lower noninterest income. | ||||||||||
Net income | 18 | 15 | 3 |
Nine months ended September 30 | Increase | |||||||||||||
(in millions) | 2017 | 2016 | (decrease) | Primary reason(s) | ||||||||||
Interest income | $ | 176 | $ | 163 | $ | 13 | The increase in interest income was the result of higher average earning asset balances and an increase in yields on earning assets. ASB’s average loan portfolio balance for the nine months ended September 30, 2017 increased by $17 million compared to the same period in 2016 as average consumer, commercial real estate and home equity lines of credit balances increased by $58 million, $48 million and $23 million, respectively. The growth in these loan portfolios was reflective of ASB’s portfolio mix target and loan growth strategy. The average commercial loan balance decreased by $103 million primarily due to a decrease in the syndicated national credit loan portfolio. The yield on earning assets increased by 7 basis points due to a shift in the mix of the loan portfolio with the growth in the commercial real estate and consumer loan portfolios and repricing of the adjustable rate loans with the increase in the interest rate environment, which resulted in an increase in loan portfolio yields of 17 basis points. The average investment securities portfolio balance increased by $358 million due to the use of excess liquidity to purchase investments. The yield on the investment securities portfolio increased by 9 basis points as new investment purchase yields were higher due to the increase in short-term interest rates. | |||||||
Noninterest income | 47 | 50 | (3 | ) | Noninterest income decreased slightly for the nine months ended September 30, 2017 compared to noninterest income for the nine months ended September 30, 2016 due to lower mortgage banking income. Prior year’s noninterest income included gains on sales of securities and a gain on sale of real estate with no similar sales in 2017. | |||||||||
Revenues | 223 | 213 | 10 | |||||||||||
Interest expense | 9 | 10 | (1 | ) | Interest expense was lower for the nine months ended September 30, 2017 compared to the same period in 2016 as higher interest expense from the growth in term certificates was more than offset by lower interest expense on other borrowings as a result of lower repurchase agreements and FHLB advances. Average deposit balances for the nine months ended September 30, 2017 increased by $471 million compared to the same period in 2016 due to an increase in core deposits and term certificates of $334 million and $137 million, respectively. Other borrowings decreased by $102 million primarily due to a decrease in repurchase agreements. The interest-bearing liability rate for the nine months ended September 30, 2017 decreased by 3 basis points compared to the same period in 2016. | |||||||||
Provision for loan losses | 7 | 15 | (8 | ) | The provision for loan losses decreased by $8.0 million for the nine months ended September 30, 2017 compared to the provision for loan losses for the nine months ended September 30, 2016. The provision for loan losses for the first nine months of 2017 was primarily due to increased loan loss reserves for the consumer loan portfolio partly offset by the release of reserves for the commercial real estate and syndicated national credit loan portfolios due to lower outstanding balances and improved credit quality. The provision for loan losses for the first nine months of 2016 was primarily due to increased reserves for growth in the loan portfolio, additional loan loss reserves for the consumer loan portfolio and loan loss reserves for commercial loans due to downgrades of specific commercial credits. Delinquency rates have increased from 0.51% at September 30, 2016 to 0.60% at September 30, 2017. The annualized net charge-off ratio for the nine months ended September 30, 2017 was 0.27% compared to an annualized net charge-off ratio of 0.19% for the same period in 2016. The increase in net charge-offs for the first nine months of 2017 was due to an increase in consumer loan portfolio charge-offs as a result of ASB’s strategic expansion of its unsecured consumer loan product offering with risk-based pricing. | |||||||||
Noninterest expense | 131 | 126 | 5 | The increase in noninterest expense for the nine months ended September 30, 2017 compared to the same period in 2016 was primarily due to higher compensation and employee benefits expenses as a result of higher performance-based compensation costs and higher employee benefit costs. Prior year’s noninterest expense included costs related to the replacement and upgrade of the electronic banking platform. | ||||||||||
Expenses | 147 | 151 | (4 | ) | ||||||||||
Operating income | 76 | 62 | 14 | Higher net interest income and lower provision for loan losses was partly offset by higher noninterest expenses and lower noninterest income. | ||||||||||
Net income | 50 | 41 | 9 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||
(percent) | 2017 | 2016 | 2017 | 2016 | ||||||||
Return on average assets | 1.07 | 0.97 | 1.02 | 0.89 | ||||||||
Return on average equity | 11.64 | 10.36 | 11.24 | 9.50 | ||||||||
Net interest margin | 3.69 | 3.57 | 3.68 | 3.59 |
Three months ended September 30 | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
(dollars in thousands) | Average balance | Interest1 income/ expense | Yield/ rate (%) | Average balance | Interest1 income/ expense | Yield/ rate (%) | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest-earning deposits | $ | 54,598 | $ | 172 | 1.23 | $ | 97,885 | $ | 124 | 0.50 | ||||||||||||
FHLB stock | 10,401 | 45 | 1.70 | 11,218 | 54 | 1.89 | ||||||||||||||||
Available-for-sale investment securities | ||||||||||||||||||||||
Taxable | 1,291,604 | 6,521 | 2.02 | 928,698 | 4,581 | 1.97 | ||||||||||||||||
Non-taxable | 15,427 | 171 | 4.33 | — | — | — | ||||||||||||||||
Total available-for-sale investment securities | 1,307,031 | 6,692 | 2.05 | 928,698 | 4,581 | 1.97 | ||||||||||||||||
Loans | ||||||||||||||||||||||
Residential 1-4 family | 2,066,648 | 21,383 | 4.14 | 2,077,135 | 22,044 | 4.24 | ||||||||||||||||
Commercial real estate | 880,304 | 9,542 | 4.26 | 888,886 | 9,113 | 4.08 | ||||||||||||||||
Home equity line of credit | 895,224 | 7,714 | 3.42 | 864,589 | 7,204 | 3.31 | ||||||||||||||||
Residential land | 16,340 | 296 | 7.26 | 18,764 | 282 | 6.00 | ||||||||||||||||
Commercial | 618,708 | 6,863 | 4.39 | 750,366 | 7,327 | 3.87 | ||||||||||||||||
Consumer | 213,619 | 6,412 | 11.91 | 159,226 | 4,474 | 11.18 | ||||||||||||||||
Total loans 2,3 | 4,690,843 | 52,210 | 4.42 | 4,758,966 | 50,444 | 4.22 | ||||||||||||||||
Total interest-earning assets 2 | 6,062,873 | 59,119 | 3.88 | 5,796,767 | 55,203 | 3.80 | ||||||||||||||||
Allowance for loan losses | (55,881 | ) | (55,480 | ) | ||||||||||||||||||
Non-interest-earning assets | 558,736 | 514,120 | ||||||||||||||||||||
Total assets | $ | 6,565,728 | $ | 6,255,407 | ||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||
Savings | $ | 2,292,341 | $ | 400 | 0.07 | $ | 2,139,863 | $ | 358 | 0.07 | ||||||||||||
Interest-bearing checking | 901,645 | 61 | 0.03 | 837,480 | 43 | 0.02 | ||||||||||||||||
Money market | 138,151 | 41 | 0.12 | 161,149 | 52 | 0.13 | ||||||||||||||||
Time certificates | 686,638 | 1,942 | 1.12 | 597,537 | 1,418 | 0.94 | ||||||||||||||||
Total interest-bearing deposits | 4,018,775 | 2,444 | 0.24 | 3,736,029 | 1,871 | 0.20 | ||||||||||||||||
Advances from Federal Home Loan Bank | 66,848 | 436 | 2.59 | 100,000 | 792 | 3.10 | ||||||||||||||||
Securities sold under agreements to repurchase | 90,011 | 34 | 0.15 | 161,652 | 672 | 1.63 | ||||||||||||||||
Total interest-bearing liabilities | 4,175,634 | 2,914 | 0.28 | 3,997,681 | 3,335 | 0.33 | ||||||||||||||||
Non-interest bearing liabilities: | ||||||||||||||||||||||
Deposits | 1,681,774 | 1,572,821 | ||||||||||||||||||||
Other | 103,695 | 101,759 | ||||||||||||||||||||
Shareholder’s equity | 604,625 | 583,146 | ||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 6,565,728 | $ | 6,255,407 | ||||||||||||||||||
Net interest income | $ | 56,205 | $ | 51,868 | ||||||||||||||||||
Net interest margin (%) 4 | 3.69 | 3.57 |
Nine months ended September 30 | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
(dollars in thousands) | Average balance | Interest1 income/ expense | Yield/ rate (%) | Average balance | Interest1 income/ expense | Yield/ rate (%) | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest-earning deposits | $ | 64,426 | $ | 479 | 0.98 | $ | 80,738 | $ | 304 | 0.50 | ||||||||||||
FHLB stock | 11,128 | 150 | 1.80 | 11,094 | 142 | 1.71 | ||||||||||||||||
Available-for-sale investment securities | ||||||||||||||||||||||
Taxable | 1,235,029 | 19,651 | 2.12 | 892,726 | 13,773 | 2.06 | ||||||||||||||||
Non-taxable | 15,427 | 481 | 4.11 | — | — | — | ||||||||||||||||
Total available-for-sale investment securities | 1,250,456 | 20,132 | 2.15 | 892,726 | 13,773 | 2.06 | ||||||||||||||||
Loans | ||||||||||||||||||||||
Residential 1-4 family | 2,070,150 | 65,172 | 4.20 | 2,076,308 | 66,565 | 4.27 | ||||||||||||||||
Commercial real estate | 902,605 | 28,676 | 4.20 | 854,977 | 25,993 | 4.04 | ||||||||||||||||
Home equity line of credit | 880,472 | 22,078 | 3.35 | 857,652 | 21,058 | 3.28 | ||||||||||||||||
Residential land | 16,816 | 791 | 6.28 | 18,577 | 843 | 6.05 | ||||||||||||||||
Commercial | 650,554 | 21,108 | 4.32 | 753,783 | 22,294 | 3.93 | ||||||||||||||||
Consumer | 201,379 | 17,444 | 11.58 | 143,514 | 11,818 | 11.00 | ||||||||||||||||
Total loans 2,3 | 4,721,976 | 155,269 | 4.38 | 4,704,811 | 148,571 | 4.21 | ||||||||||||||||
Total interest-earning assets 2 | 6,047,986 | 176,030 | 3.88 | 5,689,369 | 162,790 | 3.81 | ||||||||||||||||
Allowance for loan losses | (56,276 | ) | (52,902 | ) | ||||||||||||||||||
Non-interest-earning assets | 537,894 | 505,014 | ||||||||||||||||||||
Total assets | $ | 6,529,604 | $ | 6,141,481 | ||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||
Savings | $ | 2,271,926 | $ | 1,160 | 0.07 | $ | 2,095,975 | $ | 1,034 | 0.07 | ||||||||||||
Interest-bearing checking | 898,794 | 175 | 0.03 | 831,412 | 127 | 0.02 | ||||||||||||||||
Money market | 146,864 | 133 | 0.12 | 164,596 | 157 | 0.13 | ||||||||||||||||
Time certificates | 676,083 | 5,390 | 1.07 | 539,314 | 3,836 | 0.95 | ||||||||||||||||
Total interest-bearing deposits | 3,993,667 | 6,858 | 0.23 | 3,631,297 | 5,154 | 0.19 | ||||||||||||||||
Advances from Federal Home Loan Bank | 89,273 | 1,999 | 2.99 | 101,232 | 2,363 | 3.07 | ||||||||||||||||
Securities sold under agreements to repurchase | 93,128 | 111 | 0.16 | 182,671 | 2,053 | 1.48 | ||||||||||||||||
Total interest-bearing liabilities | 4,176,068 | 8,968 | 0.29 | 3,915,200 | 9,570 | 0.32 | ||||||||||||||||
Non-interest bearing liabilities: | ||||||||||||||||||||||
Deposits | 1,658,238 | 1,549,467 | ||||||||||||||||||||
Other | 100,499 | 100,210 | ||||||||||||||||||||
Shareholder’s equity | 594,799 | 576,604 | ||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 6,529,604 | $ | 6,141,481 | ||||||||||||||||||
Net interest income | $ | 167,062 | $ | 153,220 | ||||||||||||||||||
Net interest margin (%) 4 | 3.68 | 3.59 |
September 30, 2017 | December 31, 2016 | |||||||||||||
(dollars in thousands) | Balance | % of total | Balance | % of total | ||||||||||
Real estate: | ||||||||||||||
Residential 1-4 family | $ | 2,066,023 | 44.2 | $ | 2,048,051 | 43.2 | ||||||||
Commercial real estate | 745,583 | 15.9 | 800,395 | 16.9 | ||||||||||
Home equity line of credit | 905,249 | 19.4 | 863,163 | 18.2 | ||||||||||
Residential land | 18,611 | 0.4 | 18,889 | 0.4 | ||||||||||
Commercial construction | 128,407 | 2.7 | 126,768 | 2.7 | ||||||||||
Residential construction | 13,031 | 0.3 | 16,080 | 0.3 | ||||||||||
Total real estate | 3,876,904 | 82.9 | 3,873,346 | 81.7 | ||||||||||
Commercial | 589,669 | 12.6 | 692,051 | 14.6 | ||||||||||
Consumer | 211,571 | 4.5 | 178,222 | 3.7 | ||||||||||
4,678,144 | 100.0 | 4,743,619 | 100.0 | |||||||||||
Less: Deferred fees and discounts | (1,863 | ) | (4,926 | ) | ||||||||||
Allowance for loan losses | (53,047 | ) | (55,533 | ) | ||||||||||
Total loans, net | $ | 4,623,234 | $ | 4,683,160 |
September 30, 2017 | December 31, 2016 | |||||||
Outstanding balance of home equity loans (in thousands) | $ | 905,249 | $ | 863,163 | ||||
Percent of portfolio in first lien position | 47.2 | % | 45.1 | % | ||||
Annualized net charge-off (recovery) ratio | (0.04 | )% | 0.01 | % | ||||
Delinquency ratio | 0.38 | % | 0.35 | % |
End of draw period – interest only | Current | |||||||||||||||||||||||
September 30, 2017 | Total | Interest only | 2017-2018 | 2019-2021 | Thereafter | amortizing | ||||||||||||||||||
Outstanding balance (in thousands) | $ | 905,249 | $ | 718,843 | $ | 55,842 | $ | 97,061 | $ | 565,940 | $ | 186,406 | ||||||||||||
% of total | 100 | % | 79 | % | 6 | % | 11 | % | 62 | % | 21 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||
(dollars in thousands) | Balance | % of total | Balance | % of total | ||||||||||
U.S. Treasury and federal agency obligations | $ | 182,118 | 14 | % | $ | 192,281 | 18 | % | ||||||
Mortgage-related securities — FNMA, FHLMC and GNMA | 1,122,565 | 85 | 897,474 | 81 | ||||||||||
Mortgage revenue bond | 15,427 | 1 | 15,427 | 1 | ||||||||||
Total available-for-sale investment securities | $ | 1,320,110 | 100 | % | $ | 1,105,182 | 100 | % |
Nine months ended September 30 | Year ended December 31, | |||||||||||
(in thousands) | 2017 | 2016 | 2016 | |||||||||
Allowance for loan losses, January 1 | $ | 55,533 | $ | 50,038 | $ | 50,038 | ||||||
Provision for loan losses | 7,231 | 15,266 | 16,763 | |||||||||
Less: net charge-offs | 9,717 | 6,567 | 11,268 | |||||||||
Allowance for loan losses, end of period | $ | 53,047 | $ | 58,737 | $ | 55,533 | ||||||
Ratio of net charge-offs during the period to average loans outstanding (annualized) | 0.27 | % | 0.19 | % | 0.24 | % |
Effective dates | 1/1/2015 | 1/1/2016 | 1/1/2017 | 1/1/2018 | 1/1/2019 | ||||||||||
Capital conservation buffer | 0.625 | % | 1.25 | % | 1.875 | % | 2.50 | % | |||||||
Common equity Tier-1 ratio + conservation buffer | 4.50 | % | 5.125 | % | 5.75 | % | 6.375 | % | 7.00 | % | |||||
Tier-1 capital ratio + conservation buffer | 6.00 | % | 6.625 | % | 7.25 | % | 7.875 | % | 8.50 | % | |||||
Total capital ratio + conservation buffer | 8.00 | % | 8.625 | % | 9.25 | % | 9.875 | % | 10.50 | % | |||||
Tier-1 leverage ratio | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | 4.00 | % | |||||
Countercyclical capital buffer — not applicable to ASB | 0.625 | % | 1.25 | % | 1.875 | % | 2.50 | % |
(dollars in millions) | September 30, 2017 | December 31, 2016 | % change | ||||||||
Total assets | $ | 6,619 | $ | 6,421 | 3 | ||||||
Available-for-sale investment securities | 1,320 | 1,105 | 19 | ||||||||
Loans receivable held for investment, net | 4,623 | 4,683 | (1 | ) | |||||||
Deposit liabilities | 5,752 | 5,549 | 4 | ||||||||
Other bank borrowings | 154 | 193 | (20 | ) |
(dollars in millions) | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings—other than bank | $ | 131 | 3 | % | $ | 186 | 4 | % | ||||||||||||||||||||||||||||||
Long-term debt, net—other than bank | 2,070 | 46 | 1,964 | 44 | ||||||||||||||||||||||||||||||||||
Preferred stock of subsidiaries | 34 | 1 | 34 | 1 | ||||||||||||||||||||||||||||||||||
Common stock equity | 2,291 | 50 | 2,280 | 51 | ||||||||||||||||||||||||||||||||||
$ | 4,526 | 100 | % | $ | 4,464 | 100 | % |
Average balance | Balance | |||||||||||||||||||||||||
(in millions) | Six months ended June 30, 2020 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Commercial paper | $ | 35 | $ | 17 | $ | 97 | ||||||||||||||||||||
Line of credit draws | 13 | — | — | |||||||||||||||||||||||
Undrawn capacity under HEI’s line of credit facility | 150 | 150 |
Three months ended June 30, | Increase | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||||||||||||||||||||||||
$ | 534 | $ | 634 | $ | (100) | Revenues. Net decrease largely due to: | ||||||||||||||||||||||||||||||||
$ | (76) | lower fuel oil prices and lower kWh generated1 | ||||||||||||||||||||||||||||||||||||
(29) | lower purchased power energy prices and lower kWh purchased2 | |||||||||||||||||||||||||||||||||||||
(2) | higher cost savings from ERP system implementation to be returned to customers in future rates | |||||||||||||||||||||||||||||||||||||
5 | higher electric rates | |||||||||||||||||||||||||||||||||||||
1 | higher PIM revenue due to an adjustment made in 2019 related to 2018 reliability performance incentives | |||||||||||||||||||||||||||||||||||||
1 | higher MPIR revenue (increase for West Loch PV project and Grid Modernization project) | |||||||||||||||||||||||||||||||||||||
112 | 182 | (70) | Fuel oil expense1. Decrease largely due to lower fuel oil prices coupled with lower kWh generated | |||||||||||||||||||||||||||||||||||
137 | 163 | (26) | Purchased power expense1, 2. Decrease largely due to lower purchased power energy price coupled with lower kWh purchased | |||||||||||||||||||||||||||||||||||
110 | 119 | (9) | Operation and maintenance expenses. Net decrease largely due to: | |||||||||||||||||||||||||||||||||||
(4) | less generating unit overhauls performed in 2020 | |||||||||||||||||||||||||||||||||||||
(3) | PUC approval to defer COVID-19 related bad debt expenses recorded in the first quarter to a regulatory asset | |||||||||||||||||||||||||||||||||||||
(2) | lower labor due to lower staffing and reduction in overtime | |||||||||||||||||||||||||||||||||||||
(2) | less station maintenance work performed | |||||||||||||||||||||||||||||||||||||
1 | higher medical premium costs | |||||||||||||||||||||||||||||||||||||
1 | leased office demolition costs | |||||||||||||||||||||||||||||||||||||
107 | 114 | (7) | Other expenses. Decrease due to lower revenue taxes offset in part by higher depreciation in 2020 for plant investment in 2019 | |||||||||||||||||||||||||||||||||||
68 | 56 | 12 | Operating income. Increase due to lower operation and maintenance, coupled with higher electric rates, PIM revenue and MPIR revenue, offset in part by higher depreciation expenses | |||||||||||||||||||||||||||||||||||
53 | 41 | 12 | Income before income taxes. Increase due to lower operation and maintenance expense, higher electric rates, higher PIM revenue, higher MPIR revenue, and lower interest expense related to the hybrid securities redemption replaced with lower cost debt (in May 2019) and refinancing of revenue bonds (in July 2019) at lower rates, offset in part by higher depreciation expense and lower AFUDC | |||||||||||||||||||||||||||||||||||
42 | 33 | 9 | Net income for common stock. Increase due to lower operating expenses, coupled with higher electric rates, higher PIM revenue and higher MPIR revenue | |||||||||||||||||||||||||||||||||||
1,874 | 2,119 | (245) | Kilowatthour sales (millions)3 | |||||||||||||||||||||||||||||||||||
$ | 63.12 | $ | 88.38 | $ | (25.26) | Average fuel oil cost per barrel |
Six months ended June 30 | Increase | |||||||||||||||||||||||||||||||||||||
2020 | 2019 | (decrease) | (dollars in millions, except per barrel amounts) | |||||||||||||||||||||||||||||||||||
$ | 1,132 | $ | 1,212 | $ | (80) | Revenues. Net decrease largely due to: | ||||||||||||||||||||||||||||||||
$ | (63) | lower fuel oil prices and lower kWh generated1 | ||||||||||||||||||||||||||||||||||||
(21) | lower purchased power energy prices and lower kWh purchased2 | |||||||||||||||||||||||||||||||||||||
(4) | higher cost savings from ERP system implementation to be returned to customers in future rates | |||||||||||||||||||||||||||||||||||||
7 | higher electric rates | |||||||||||||||||||||||||||||||||||||
2 | higher MPIR revenue (increase for West Loch PV project and Grid Modernization project) | |||||||||||||||||||||||||||||||||||||
286 | 342 | (56) | Fuel oil expense1. Decrease largely due to lower fuel oil prices coupled with lower kWh generated | |||||||||||||||||||||||||||||||||||
277 | 297 | (20) | Purchased power expense1 ,2. Decrease largely due to lower purchased power energy prices coupled with lower kWh purchased | |||||||||||||||||||||||||||||||||||
237 | 237 | — | Operation and maintenance expenses. | |||||||||||||||||||||||||||||||||||
(5) | less generating unit overhauls performed in 2020 | |||||||||||||||||||||||||||||||||||||
(2) | lower labor due to lower staffing and reduction in overtime | |||||||||||||||||||||||||||||||||||||
(2) | less station maintenance work performed | |||||||||||||||||||||||||||||||||||||
1 | higher medical premium costs | |||||||||||||||||||||||||||||||||||||
1 | leased office demolition costs | |||||||||||||||||||||||||||||||||||||
2 | higher outside services for system support (Interactive Voice Response, Customer Information System, Energy Management and development of portal for CBRE) | |||||||||||||||||||||||||||||||||||||
2 | increase in vegetation management work | |||||||||||||||||||||||||||||||||||||
3 | 2019 PUC approval of deferral treatment for previously-incurred expense to modify existing generating units on Maui to run at lower loads in order to accept more renewable generation | |||||||||||||||||||||||||||||||||||||
220 | 223 | (3) | Other expenses. Decrease due to lower revenue taxes offset in part by higher depreciation expense in 2020 for plant investments in 2019 | |||||||||||||||||||||||||||||||||||
112 | 112 | — | Operating income. Higher electric rates and higher MPIR revenue offset by higher depreciation expense | |||||||||||||||||||||||||||||||||||
83 | 83 | — | Income before income taxes. Higher electric rates, higher MPIR revenue and lower interest expense due to the hybrid securities redemption replaced with lower cost debt (in May 2019) and refinancing of revenue bonds (in July 2019) at lower rates, offset by higher depreciation expense and lower AFUDC | |||||||||||||||||||||||||||||||||||
66 | 65 | 1 | Net income for common stock. Increase due to higher electric rate and MPIR revenue offset in part by higher depreciation expense. See below for effective tax rate explanation | |||||||||||||||||||||||||||||||||||
3,880 | 4,035 | (155) | Kilowatthour sales (millions)3 | |||||||||||||||||||||||||||||||||||
$ | 72.77 | $ | 84.44 | $ | (11.67) | Average fuel oil cost per barrel | ||||||||||||||||||||||||||||||||
465,953 | 464,281 | 1,672 | Customer accounts (end of period) |
% | Rate-making Return on rate base (RORB)* | ROACE** | Rate-making ROACE*** | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended June 30, 2020 | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric | Hawaii Electric Light | Maui Electric | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utility returns | 6.76 | 6.68 | 6.32 | 7.90 | 8.01 | 7.46 | 8.73 | 8.39 | 8.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PUC-allowed returns | 7.57 | 7.52 | 7.43 | 9.50 | 9.50 | 9.50 | 9.50 | 9.50 | 9.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Difference | (0.81) | (0.84) | (1.11) | (1.60) | (1.49) | (2.04) | (0.77) | (1.11) | (1.28) |
Test year (dollars in millions) | Date (filed/ implemented) | Amount | % over rates in effect | ROACE (%) | RORB (%) | Rate base | Common equity % | Stipulated agreement reached with Consumer Advocate | ||||||||||||||||||||||||||||||||||||||||||
Hawaiian Electric | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Request | 8/21/19 | $ | 77.6 | 4.1 | 10.50 | 7.97 | $ | 2,477 | 57.15 | Yes | ||||||||||||||||||||||||||||||||||||||||
Hawaii Electric Light | ||||||||||||||||||||||||||||||||||||||||||||||||||
2019 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Request | 12/14/18 | $ | 13.4 | 3.4 | 10.50 | 8.30 | $ | 537 | 56.91 | Yes | ||||||||||||||||||||||||||||||||||||||||
Interim increase | 1/1/20 | 0.0 | 0.0 | 9.50 | 7.52 | 534 | 56.83 | |||||||||||||||||||||||||||||||||||||||||||
Utilities | Number of contracts | Total photovoltaic size (MW) | BESS Size (MW/MWh) | Guaranteed commercial operation dates | Contract term (years) | Total projected annual payment (in millions) | ||||||||||||||||||||||||||||||||
Hawaiian Electric | 4 | 139.5 | 139.5/558 | 9/30/21 & 12/31/21 | 20 & 25 | $ | 30.9 | |||||||||||||||||||||||||||||||
Hawaii Electric Light | 2 | 60 | 60/240 | 7/20/21 & 6/30/22 | 25 | 14.1 | ||||||||||||||||||||||||||||||||
Maui Electric | 2 | 75 | 75/300 | 7/20/21 & 6/30/22 | 25 | 17.6 | ||||||||||||||||||||||||||||||||
Total | 8 | 274.5 | 274.5/1,098 | $ | 62.6 |
(dollars in millions) | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | 50 | 1 | % | $ | 89 | 2 | % | ||||||||||||||||||||||||||||||
Long-term debt, net | 1,575 | 42 | 1,498 | 41 | ||||||||||||||||||||||||||||||||||
Preferred stock | 34 | 1 | 34 | 1 | ||||||||||||||||||||||||||||||||||
Common stock equity | 2,060 | 56 | 2,047 | 56 | ||||||||||||||||||||||||||||||||||
$ | 3,719 | 100 | % | $ | 3,668 | 100 | % |
Average balance | Balance | |||||||||||||||||||||||||
(in millions) | Six months ended June 30, 2020 | June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Short-term borrowings 1 | ||||||||||||||||||||||||||
Commercial paper | $ | 36 | $ | — | $ | 39 | ||||||||||||||||||||
Borrowings from HEI | — | — | — | |||||||||||||||||||||||
Line of credit draws | 32 | — | — | |||||||||||||||||||||||
Undrawn capacity under line of credit facilities | — | 275 | 200 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | ||||||||
Total “up to” amounts of taxable debt authorized through 2022 | $ | 410 | $ | 150 | $ | 130 | |||||
Less: | |||||||||||
Taxable debt authorized and issued in 2018 under April 2018 Approval | 75 | 15 | 10 | ||||||||
Taxable debt issuance to refinance the 2004 QUIDS in 2019 | 30 | 10 | 10 | ||||||||
Taxable debt issuance in 2020 | 110 | 10 | 40 | ||||||||
Remaining authorized amounts | $ | 195 | $ | 115 | $ | 70 |
(in millions) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | ||||||||
Total “up to” amounts of common stock authorized to issue and sell through 2021 | $ | 150.0 | $ | 10.0 | $ | 10.0 | |||||
Supplemental increase authorized | 280.0 | 100.0 | 100.0 | ||||||||
Total “up to” amounts of common stock authorized to issue and sell through 2022 | 430.0 | 110.0 | 110.0 | ||||||||
Common stock authorized and issued in 2017, 2018 and 2019 | 120.2 | — | 11.2 | ||||||||
Remaining authorized amounts | $ | 309.8 | $ | 110.0 | $ | 98.8 |
Six months ended June 30 | |||||||||||||||||||||||
(in thousands) | 2020 | 2019 | Change | ||||||||||||||||||||
Net cash provided by operating activities | $ | 181,468 | $ | 100,816 | $ | 80,652 | |||||||||||||||||
Net cash used in investing activities | (181,091) | (197,386) | 16,295 | ||||||||||||||||||||
Net cash provided by financing activities | 51,100 | 84,054 | (32,954) |
Three months ended June 30, | Increase | |||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | (decrease) | Primary reason(s) | ||||||||||||||||||||||||||||
Interest income | $ | 60 | $ | 66 | $ | (6) | The decrease in interest income was primarily the result of lower earning asset yields partly offset by an increase in loan portfolio balances. ASB’s average loan portfolio balance for the three months ended June 30, 2020 increased by $506 million compared to the same period in 2019 due to increases in the average commercial, commercial real estate and home equity line of credit loan portfolios of $390 million, $88 million and $68 million, respectively. Included in the commercial loan portfolio growth are the PPP loans with an average balance of $268 million. The yield on the loan portfolio was 80 basis points lower than the yield on the loan portfolio in the prior year. The decrease was primarily due to the declining interest rate environment which started in the second half of 2019 and has continued this year. ASB’s average investment securities portfolio balance for the three months ended June 30, 2020 decreased by $102 million compared to the same period in 2019 as ASB used the investment portfolio repayments to fund the growth in the loan portfolio. The yield on the investment securities portfolio decreased by 22 basis points due to the lower interest rate environment. The average balance of interest-earning deposits increased by $230 million for the three months ended June 30, 2020 compared to the same period in 2019 as cash balances grew due to deposit growth, which outpaced loan growth. | |||||||||||||||||||||||||
Noninterest income | 24 | 16 | 8 | Noninterest income increased for the three months ended June 30, 2020 compared to noninterest income for the three months ended June 30, 2019 primarily due to the gain on sale of securities and an increase in mortgage banking income, partly offset by lower fee income from other financial services and deposit liabilities. In the second quarter of 2020, ASB sold all of its Visa Class B restricted shares and $160 million of investment securities for a pretax gain of $9.3 million. The sale of the investment securities reduced yield volatility and credit risk within the investment portfolio. The increase in mortgage banking income was due to the increase in residential mortgage loan sales in the secondary market as a result of higher loan production volumes. The lower fee income from other financial services and deposit liabilities was due to ASB’s decision to waive overdraft and other deposit account fees to accommodate the hardships customers are experiencing during the COVID-19 pandemic. | ||||||||||||||||||||||||||||
Less: gain on sale of investment securities, net | (9) | — | (9) | Gain on sale of investment securities, net, which is included in Noninterest income above and in the Bank’s statements of income and comprehensive income in Note 4, is classified as gain on sale of investment securities, net in the condensed consolidated statements of income, and accordingly, is reflected below following operating income as a separate line item and excluded from Revenues. | ||||||||||||||||||||||||||||
Revenues | 75 | 82 | (7) | The decrease in revenues for the three months ended June 30, 2020 compared to the same period in 2019 was primarily due to lower interest income. | ||||||||||||||||||||||||||||
Interest expense | 3 | 5 | (2) | The decrease in interest expense for the three months ended June 30, 2020 compared to the same period in 2019 was due to a decrease in term certificate balances and lower yields on costing liabilities. Average deposit balances for the three months ended June 30, 2020 increased by $638 million compared to the same period in 2019 due to an increase in core deposits of $712 million, partly offset by a decrease in average term certificate balances of $74 million. Average cost of deposits for the three months ended June 30, 2020 was 18 basis points, or 10 basis points lower than the cost of deposits for the same period in 2019. Average other borrowings for the three months ended June 30, 2020 was flat compared to the same period in 2019 and the rate was 121 basis points lower. The interest-bearing liability rate for the three months ended June 30, 2020 of 27 basis points decreased 15 basis points compared to the same period in 2019. | ||||||||||||||||||||||||||||
Provision for credit losses | 15 | 8 | 7 | The provision for credit losses increased for the three months ended June 30, 2020 compared to the provision for loan losses for the three months ended June 30, 2019. The provision for loan losses for 2020 was primarily for additional loan loss reserves for the consumer loan portfolio, reserves for increases in commercial real estate loan commitments and increased reserves in the commercial, commercial real estate and consumer loan portfolios for expected credit deterioration due to the COVID-19 pandemic. The provision for loan losses for 2019 was primarily additional loan loss reserves for the consumer loan portfolio, increased reserves for an impaired commercial loan and growth in the loan portfolio, partly offset by the release of loan loss reserves for the payoff of a commercial real estate loan and the completion of a commercial real estate construction project. Delinquency rates have decreased from 0.51% at June 30, 2019 to 0.38% at June 30, 2020, which exclude loans that were modified due to COVID-19. These loans were generally payment current at the time of the modification and qualify to not be treated as past due or as a TDR under relevant regulatory relief. The annualized net charge-off ratio for the three months ended June 30, 2020 was 0.49% compared to an annualized net charge-off ratio of 0.29% for the same period in 2019. The annualized net charge-off for 2019 benefited from recoveries in the commercial loan portfolio. |
Noninterest expense | 48 | 48 | — | Noninterest expense for the three months ended June 30, 2020 was flat compared to the same period in 2019. Higher expenses1 related to the COVID-19 pandemic, of approximately $3.7 million, were offset by lower compensation and benefits and marketing expenses. See Recent Developments-COVID-19 for a discussion of the additional expenses incurred due to the COVID-19 pandemic. | ||||||||||||||||||||||
Expenses | 66 | 61 | 5 | The increase in expenses for the three months ended June 30, 2020 compared to the same period in 2019 was due to higher provision for loan losses partly offset by lower interest expense. | ||||||||||||||||||||||
Operating income | 8 | 21 | (13) | The decrease in operating income for the three months ended June 30, 2020 compared to the same period in 2019 was primarily due to lower interest income and higher provision for credit losses, partly offset by lower interest expense. | ||||||||||||||||||||||
Gain on sale of investment securities, net | 9 | — | 9 | Increase was due to the sale of ASB’s Visa Class B restricted shares and other investment securities. | ||||||||||||||||||||||
Net income | 14 | 17 | (3) | The decrease in net income for the three months ended June 30, 2020 compared to the same period in 2019 was primarily due to lower operating income, partly offset by gain on sale of investment securities, net. |
Six months ended June 30 | Increase | |||||||||||||||||||||||||||||||
(in millions) | 2020 | 2019 | (decrease) | Primary reason(s) | ||||||||||||||||||||||||||||
Interest income | $ | 125 | $ | 135 | $ | (10) | The decrease in interest income was primarily the result of a decrease in yield on earning assets and lower investment portfolio balances, partly offset by higher loan portfolio balances. ASB’s average loan portfolio balance for the six months ended June 30, 2020 increased by $382 million compared to the same period in 2019 due to increases in the average commercial, home equity line of credit, commercial real estate and residential loan portfolios of $244 million, $88 million, $70 million and $8 million, respectively. Included in the commercial loan portfolio growth are the PPP loans with an average balance of $134 million. The yield on loans was impacted by the declining interest rate environment which started during the last half of 2019 and has continued this year, resulting in a decrease in yields from the total loan portfolio of 63 basis points. The average investment portfolio balance for the six months ended June 30, 2020 decreased $112 million compared to the same period in 2019 due to repayments in the portfolio and the lack of new investment security purchases for most of 2019 as liquidity was used to fund the loan portfolio growth. The investment portfolio yield for 2020 was 17 basis points lower than the investment portfolio yield in the prior year. The average interest-earning deposit balance for the six months ended June 30, 2020 increased by $123 million compared to the same period in 2019 as cash balances grew due to deposit growth, which outpaced loan growth. | |||||||||||||||||||||||||
Noninterest income | 39 | 30 | 9 | The increase in noninterest income for the six months ended June 30, 2020 compared to noninterest income for the six months ended June 30, 2019 was primarily due to gains on sales of investment securities and higher mortgage banking income, partly offset by lower fee income from financial services and deposit liabilities. ASB sold all of its Visa Class B restricted shares and $160 million of investment securities portfolio for a pretax gain of $9.3 million. The sale of the investment securities reduced yield volatility and credit risk within the investment portfolio. The higher mortgage banking income in 2020 was due to an increase in residential mortgage loans sold in the secondary market as a result of higher loan production volumes. The lower fee income from financial services and deposit liabilities was due to ASB’s decision to waive overdraft and other deposit account fees to accommodate the hardships customers are experiencing during the COVID-19 pandemic. | ||||||||||||||||||||||||||||
Less: gain on sale of investment securities, net | (9) | — | (9) | Gain on sale of investment securities, net, which is included in Noninterest income above and in the Bank’s statements of income and comprehensive income in Note 4, is classified as gain on sale of investment securities, net in the condensed consolidated statements of income, and accordingly, is reflected below following operating income as a separate line item and excluded from Revenues. | ||||||||||||||||||||||||||||
Revenues | 155 | 165 | (10) | The decrease in revenues for the six months ended June 30, 2020 compared to the same period in 2019 was primarily due to lower interest income. |
Interest expense | 7 | 9 | (2) | The decrease in interest expense for the six months ended June 30, 2020 compared to the same period in 2019 was primarily due to lower term certificate balances and costing liability yields. Average deposit balances for the six months ended June 30, 2020 increased by $379 million compared to the same period in 2019 due to an increase in core deposits of $447 million, partly offset by a decrease in average term certificate balances of $68 million. Average cost of deposits for the six months ended June 30, 2020 was 20 basis points, or 8 basis points lower than the cost of deposits for the same period in 2019. Average other borrowings for the six months ended June 30, 2020 decreased by $7 million compared to the same period in 2019 due to a decrease in FHLB advances of $20 million, partly offset by an increase in repurchase agreements and federal funds purchased of $13 million. The interest-bearing liability rate for the six months ended June 30, 2020 of 31 basis points decreased by 12 basis points compared to the same period in 2019. | ||||||||||||||||||||||
Provision for credit losses | 26 | 15 | 11 | The provision for credit losses increased for the six months ended June 30, 2020 compared to the provision for credit losses for the six months ended June 30, 2019. The provision for credit losses for 2020 was primarily due to additional loss reserves for the consumer loan portfolio, reserves for increases in commercial real estate commitments and increased reserves for the commercial, commercial real estate and the consumer portfolios for expected credit deterioration due to the COVID-19 pandemic. The provision for credit losses for 2019 was primarily due to additional loss reserves for the consumer loan portfolio, increased reserves for an impaired commercial loan and a commercial real estate loan that was downgraded to substandard. Delinquency rates have decreased from 0.51% at June 30, 2019 to 0.38% at June 30, 2020, which exclude loans that were modified due to COVID-19. These loans were generally payment current at the time of the modification and qualify to not be treated as past due or as a TDR under relevant regulatory relief. The annualized net charge-off ratio for the six months ended June 30, 2020 was 0.46% compared to an annualized net charge-off ratio of 0.34% for the same period in 2019. The increase was due to higher net charge-offs in the consumer loan portfolio with risk-based pricing. | ||||||||||||||||||||||
Noninterest expense | 94 | 94 | — | Noninterest expense for the six months ended June 30 2020 was flat compared to the same period in 2019. Higher expenses1 related to the COVID-19 pandemic, of approximately $3.8 million, were partly offset by lower marketing expenses and 2019 expenses included higher occupancy expenses as the bank had the costs for the new campus and properties being vacated. See Recent Developments-COVID-19 for a discussion of the additional expenses incurred due to the COVID-19 pandemic. | ||||||||||||||||||||||
Expenses | 127 | 118 | 9 | The increase in expenses for the six months ended June 30, 2020 compared to the same period in 2019 was due to higher provision for credit losses, partly offset by lower interest expense. | ||||||||||||||||||||||
Operating income | 28 | 47 | (19) | The decrease in operating income for the six months ended June 30, 2020 compared to the same period in 2019 was primarily due to lower interest income and higher provision for credit losses, partly offset by lower interest expense. | ||||||||||||||||||||||
Gain on sale of investment securities, net | 9 | — | 9 | Increase was due to the sale of ASB’s Visa Class B restricted shares and other investment securities. | ||||||||||||||||||||||
Net income | 30 | 38 | (8) | Net income for the six months ended June 30, 2020 was lower than the same period in 2019 due to lower operating income, partly offset by gain on sale of investment securities, net. |
Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||||||||||||
(%) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||||||
Return on average assets | 0.72 | 0.96 | 0.79 | 1.07 | ||||||||||||||||||||||||||||||||||
Return on average equity | 8.00 | 10.46 | 8.57 | 11.76 | ||||||||||||||||||||||||||||||||||
Net interest margin | 3.21 | 3.82 | 3.46 | 3.90 |
Three months ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average balance | Interest income/ expense | Yield/ rate (%) | Average balance | Interest income/ expense | Yield/ rate (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 239,186 | $ | 60 | 0.10 | $ | 9,212 | $ | 55 | 2.36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | 9,649 | 75 | 3.13 | 9,785 | 89 | 3.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 1,346,145 | 5,978 | 1.78 | 1,449,233 | 7,105 | 1.96 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable | 28,794 | 221 | 3.04 | 28,096 | 362 | 5.09 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | 1,374,939 | 6,199 | 1.80 | 1,477,329 | 7,467 | 2.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 2,175,756 | 21,635 | 3.98 | 2,177,030 | 22,480 | 4.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 937,990 | 8,298 | 3.52 | 850,037 | 10,113 | 4.72 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 1,090,752 | 8,473 | 3.12 | 1,022,479 | 9,841 | 3.86 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | 13,326 | 184 | 5.53 | 13,816 | 172 | 4.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 999,251 | 7,686 | 3.08 | 609,285 | 7,022 | 4.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 232,360 | 7,286 | 12.61 | 270,914 | 9,008 | 13.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans 1,2 | 5,449,435 | 53,562 | 3.94 | 4,943,561 | 58,636 | 4.74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets 3 | 7,073,209 | 59,896 | 3.39 | 6,439,887 | 66,247 | 4.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (80,083) | (55,068) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 783,826 | 683,179 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,776,952 | $ | 7,067,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 2,550,162 | $ | 619 | 0.10 | $ | 2,333,175 | $ | 486 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | 1,096,350 | 93 | 0.03 | 1,040,865 | 266 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 159,876 | 89 | 0.22 | 146,726 | 255 | 0.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time certificates | 740,297 | 2,270 | 1.23 | 814,518 | 3,280 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,546,685 | 3,071 | 0.27 | 4,335,284 | 4,287 | 0.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 24,231 | 21 | 0.36 | 33,791 | 222 | 2.63 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 87,631 | 54 | 0.25 | 77,693 | 189 | 0.98 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,658,547 | 3,146 | 0.27 | 4,446,768 | 4,698 | 0.42 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 2,273,656 | 1,847,228 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 144,256 | 123,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder’s equity | 700,493 | 650,631 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 7,776,952 | $ | 7,067,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 56,750 | $ | 61,549 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (%) 4 | 3.21 | 3.82 |
Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average balance | Interest income/ expense | Yield/ rate (%) | Average balance | Interest income/ expense | Yield/ rate (%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 132,920 | $ | 152 | 0.23 | $ | 9,782 | $ | 117 | 2.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB stock | 9,512 | 153 | 3.25 | 10,064 | 185 | 3.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxable | 1,367,306 | 14,997 | 2.19 | 1,481,400 | 17,315 | 2.34 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-taxable | 28,738 | 526 | 3.62 | 27,037 | 691 | 5.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | 1,396,044 | 15,523 | 2.22 | 1,508,437 | 18,006 | 2.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 2,177,118 | 43,557 | 4.00 | 2,168,703 | 44,730 | 4.13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 918,076 | 17,807 | 3.86 | 847,689 | 20,286 | 4.77 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 1,095,224 | 17,693 | 3.25 | 1,007,338 | 19,334 | 3.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential land | 13,688 | 381 | 5.57 | 13,311 | 355 | 5.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | 843,277 | 14,416 | 3.42 | 599,054 | 13,882 | 4.65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 241,138 | 15,275 | 12.74 | 270,569 | 17,909 | 13.35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans 1,2 | 5,288,521 | 109,129 | 4.13 | 4,906,664 | 116,496 | 4.76 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets 3 | 6,826,997 | 124,957 | 3.66 | 6,434,947 | 134,804 | 4.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | (76,292) | (53,568) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets | 753,029 | 682,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,503,734 | $ | 7,064,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 2,472,957 | $ | 1,159 | 0.09 | $ | 2,334,106 | $ | 888 | 0.08 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | 1,072,680 | 323 | 0.06 | 1,041,387 | 530 | 0.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Money market | 153,826 | 339 | 0.44 | 148,577 | 496 | 0.67 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time certificates | 755,323 | 4,837 | 1.28 | 822,875 | 6,625 | 1.62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,454,786 | 6,658 | 0.30 | 4,346,945 | 8,539 | 0.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | 23,713 | 111 | 0.94 | 43,983 | 575 | 2.64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 91,822 | 277 | 0.61 | 78,232 | 364 | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,570,321 | 7,046 | 0.31 | 4,469,160 | 9,478 | 0.43 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | 2,094,215 | 1,822,574 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 144,433 | 128,529 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder’s equity | 694,765 | 643,834 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 7,503,734 | $ | 7,064,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 117,911 | $ | 125,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (%) 4 | 3.46 | 3.90 |
June 30, 2020 | December 31, 2019 | |||||||||||||
Outstanding balance of home equity loans (in thousands) | $ | 1,065,264 | $ | 1,092,125 | ||||||||||
Percent of portfolio in first lien position | 55.4 | % | 53.7 | % | ||||||||||
Annualized net charge-off ratio | — | % | 0.01 | % | ||||||||||
Delinquency ratio | 0.36 | % | 0.27 | % |
End of draw period – interest only | Current amortizing | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2020 | Total | Interest only | 2020-2021 | 2022-2024 | Thereafter | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding balance (in thousands) | $1,065,264 | $803,363 | $29,096 | $103,873 | $670,394 | $261,901 | ||||||||||||||||||||||||||||||||||||||||||||
% of total | 100 | % | 75 | % | 2 | % | 10 | % | 63 | % | 25 | % |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | % of total | Balance | % of total | ||||||||||||||||||||||||||||||||||
U.S. Treasury and federal agency obligations | $ | 102,414 | 7 | % | $ | 117,787 | 9 | % | ||||||||||||||||||||||||||||||
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | 1,351,608 | 89 | 1,165,836 | 85 | ||||||||||||||||||||||||||||||||||
Corporate bonds | 31,407 | 2 | 60,057 | 4 | ||||||||||||||||||||||||||||||||||
Mortgage revenue bonds | 28,827 | 2 | 28,597 | 2 | ||||||||||||||||||||||||||||||||||
Total investment securities | $ | 1,514,256 | 100 | % | $ | 1,372,277 | 100 | % |
Six months ended June 30 | Year ended December 31, 2019 | |||||||||||||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||||||||||||||
Allowance for credit losses, prior to adoption of ASU No. 2016-13 | $ | 53,355 | $ | 52,119 | $ | 52,119 | ||||||||||||||||||||
Impact of adopting ASU No. 2016-13 | 19,441 | — | — | |||||||||||||||||||||||
Provision for credit losses | 20,734 | 14,558 | 23,480 | |||||||||||||||||||||||
Less: net charge-offs | 12,223 | 8,252 | 22,244 | |||||||||||||||||||||||
Allowance for credit losses, end of period | $ | 81,307 | $ | 58,425 | $ | 53,355 | ||||||||||||||||||||
Ratio of net charge-offs during the period to average loans outstanding (annualized) | 0.46 | % | 0.34 | % | 0.45 | % |
(dollars in millions) | June 30, 2020 | December 31, 2019 | % change | |||||||||||||||||
Total assets | $ | 8,020 | $ | 7,233 | 11 | |||||||||||||||
Investment securities | 1,514 | 1,372 | 10 | |||||||||||||||||
Loans held for investment, net | 5,357 | 5,068 | 6 | |||||||||||||||||
Deposit liabilities | 7,030 | 6,272 | 12 | |||||||||||||||||
Other bank borrowings | 125 | 115 | 9 |
Change in interest rates | Change in NII (gradual change in interest rates) | Change in EVE (instantaneous change in interest rates) | ||||||||||||||||||||||||||||||||||||
(basis points) | June 30, 2020 | December 31, 2019 | June 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||
+300 | 5.5 | % | 2.8 | % | 29.0 | % | 15.3 | % | ||||||||||||||||||||||||||||||
+200 | 3.8 | 2.1 | 22.6 | 12.2 | ||||||||||||||||||||||||||||||||||
+100 | 2.0 | 1.3 | 13.1 | 7.5 | ||||||||||||||||||||||||||||||||||
-100 | (1.6) | (2.0) | (23.5) | (12.7) |
Change in interest rates | Change in NII (gradual change in interest rates) | Change in EVE (instantaneous change in interest rates) | ||||||||||
(basis points) | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||
+300 | 3.4 | % | 1.9 | % | (6.0 | )% | (8.0 | )% | ||||
+200 | 2.5 | 0.8 | (2.7 | ) | (4.6 | ) | ||||||
+100 | 1.4 | — | — | (1.6 | ) | |||||||
-100 | (2.6 | ) | (0.5 | ) | (6.1 | ) | (1.6 | ) |
Period* | Total Number of Shares Purchased ** | Average Price Paid per Share ** | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | |||||
July 1 to 31, 2017 | 33,787 | $32.51 | — | NA | |||||
August 1 to 31, 2017 | 25,972 | $33.23 | — | NA | |||||
September 1 to 30, 2017 | 181,072 | $34.33 | — | NA |
Period* | Total Number of Shares Purchased ** | Average Price Paid per Share ** | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 to 30, 2020 | 24,160 | $40.91 | — | NA | ||||||||||||||||||||||
May 1 to 31, 2020 | 24,677 | $37.87 | — | NA | ||||||||||||||||||||||
June 1 to 30, 2020 | 187,389 | $39.83 | — | NA |
Nine months ended September 30 | Years ended December 31 | ||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
HEI and Subsidiaries | |||||||||||||||||||||
Excluding interest on ASB deposits | 3.92 | 5.34 | 5.05 | 3.68 | 3.80 | 3.55 | 3.30 | ||||||||||||||
Including interest on ASB deposits | 3.66 | 5.04 | 4.75 | 3.54 | 3.65 | 3.42 | 3.15 | ||||||||||||||
Hawaiian Electric and Subsidiaries | 3.58 | 4.18 | 4.11 | 3.97 | 4.04 | 3.72 | 3.37 |
HEI’s Amended and Restated Bylaws,effective June 2, 2020 (incorporated by reference to Exhibit 3.1 to HEI’s Current Report on Form 8-K dated June 2, 2020, File no. 1-8503) | ||||||||
Cooperation Agreement, dated as of February 12, 2020 by and between Hawaiian Electric Industries, Inc. and | ||||||||
Joinder to Cooperation Agreement, dated July 22, 2020, by and between Hawaiian Electric Industries, Inc., and Inclusive Capital Partners, L.P. and ValueAct Capital Management, L.P. | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Constance H. Lau (HEI Chief Executive Officer) | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Gregory C. Hazelton (HEI Chief Financial Officer) | ||||||||
HEI Certification Pursuant to 18 U.S.C. Section 1350 | ||||||||
HEI Exhibit 101.INS | XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
HEI Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
HEI Exhibit 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
HEI Exhibit 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
HEI Exhibit 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
HEI Exhibit 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
HEI Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
First Amendment dated June 9, 2020 to Supply Contract for Low Sulfur Fuel Oil, High Sulfur Fuel Oil, No. 2 Diesel, and Ultra-Low Sulfur Diesel by and between Hawaiian Electric, | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of | ||||||||
Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Tayne S. Y. Sekimura (Hawaiian Electric Chief Financial Officer) | ||||||||
Hawaiian Electric Certification Pursuant to 18 U.S.C. Section 1350 |
HAWAIIAN ELECTRIC INDUSTRIES, INC. | HAWAIIAN ELECTRIC COMPANY, INC. | |||||||||||||||||||
(Registrant) | (Registrant) | |||||||||||||||||||
By | /s/ Constance H. Lau | By | /s/ Scott W. H. Seu | |||||||||||||||||
Constance H. Lau | Scott W. H. Seu | |||||||||||||||||||
President and Chief Executive Officer | President and Chief Executive Officer | |||||||||||||||||||
(Principal Executive Officer of HEI) | (Principal Executive Officer of Hawaiian Electric) | |||||||||||||||||||
By | /s/ Gregory C. Hazelton | By | /s/ Tayne S. Y. Sekimura | |||||||||||||||||
Gregory C. Hazelton | Tayne S. Y. Sekimura | |||||||||||||||||||
Executive Vice President | Senior Vice President | |||||||||||||||||||
and Chief Financial Officer | and Chief Financial Officer | |||||||||||||||||||
(Principal Financial Officer of HEI) | (Principal Financial Officer of Hawaiian Electric) | |||||||||||||||||||
Date: August 6, 2020 | ||||||||||||||||||||