Hawaiian Electric Company, Inc. PFD K 4.65% (HAWLL) 10-Q/A 16 Nov 15 2015 Q1 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Entity Information [Line Items]
Entity Registrant Name	HAWAIIAN ELECTRIC INDUSTRIES INC
Entity Central Index Key	354,707
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		107,417,644
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1
Amendment Description	HEI and Hawaiian Electric are filing this Amendment No. 1 on Form 10-Q/A (the Amended Filing) to amend certain parts of their Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, originally filed with the Securities and Exchange Commission (SEC) on May 6, 2015 (the Original Filing).
Hawaiian Electric Company, Inc. and Subsidiaries
Entity Information [Line Items]
Entity Registrant Name	HAWAIIAN ELECTRIC COMPANY INC
Entity Central Index Key	46,207
Document Type	10-Q
Document Period End Date	Mar. 31, 2015
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		15,805,327
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q1

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Revenues
Total revenues		$ 637,862	$ 783,749
Expenses
Total expenses		568,356	694,535
Operating income (loss)
Total operating income		69,506	89,214
Interest expense, net—other than on deposit liabilities and other bank borrowings		(19,100)	(19,456)
Allowance for borrowed funds used during construction		499	614
Allowance for equity funds used during construction	[1]	1,413	1,609
Income before income taxes		52,318	71,981
Income taxes		19,979	25,721
Net income	[1]	32,339	46,260
Preferred stock dividends of subsidiaries		473	473
Net income for common stock		$ 31,866	$ 45,787
Basic earnings per common share (in dollars per share)		$ 0.31	$ 0.45
Diluted earnings per common share (in dollars per share)		0.31	0.45
Dividends per common share (in dollars per share)		$ 0.31	$ 0.31
Weighted-average number of common shares outstanding (in shares)		103,281	101,382
Net effect of potentially dilutive shares (in shares)		286	783
Adjusted weighted-average shares (in shares)		103,567	102,165
Electric utility
Revenues
Total revenues		$ 573,442	$ 720,062
Expenses
Total expenses		515,806	649,396
Operating income (loss)
Total operating income		57,636	70,666
Income before income taxes		43,223	57,166
Income taxes		15,850	21,247
Net income		27,373	35,919
Preferred stock dividends of subsidiaries		499	499
Net income for common stock		26,874	35,420
Bank
Revenues
Total revenues		64,348	63,619
Expenses
Total expenses		43,717	41,088
Operating income (loss)
Total operating income		20,631	22,531
Income before income taxes		20,631	22,532
Income taxes		7,156	8,133
Net income		13,475	14,399
Net income for common stock		13,475	14,399
Other
Revenues
Total revenues		72	68
Expenses
Total expenses		8,833	4,051
Operating income (loss)
Total operating income		(8,761)	(3,983)
Income before income taxes		(11,536)	(7,717)
Income taxes		(3,027)	(3,659)
Net income		(8,509)	(4,058)
Preferred stock dividends of subsidiaries		(26)	(26)
Net income for common stock		$ (8,483)	$ (4,032)
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income for common stock	$ 31,866	$ 45,787
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains on available-for-sale investment securities arising during the period, net of tax benefits of $2,278 and $1,664 for the respective periods	3,451	2,520
Less: reclassification adjustment for net realized gains included in net income, net of taxes of nil and $1,132 for the respective periods	0	(1,715)
Derivatives qualified as cash flow hedges:
Less: reclassification adjustment to net income, net of tax benefits of $37 for both periods	59	59
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,486 and $1,796 for the respective periods	5,459	2,813
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(4,911)	(2,510)
Other comprehensive income, net of taxes	4,058	1,167
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 35,924	$ 46,954

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of tax benefits	$ 2,278	$ 1,664
Less: reclassification adjustment for net realized gains included in net income, net of tax benefits	0	1,132
Less: reclassification adjustment to net income, net of tax benefits	(37)	(37)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	(3,486)	(1,796)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits	$ (3,127)	$ (1,598)

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands		Mar. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	[1]	$ 292,168	$ 175,542
Accounts receivable and unbilled revenues, net		255,365	313,696
Available-for-sale investment securities, at fair value		590,648	550,394
Stock in Federal Home Loan Bank of Seattle, at cost		63,711	69,302
Loans receivable held for investment, net		4,401,504	4,389,033
Loans held for sale, at lower of cost or fair value		9,906	8,424
Property, plant and equipment, net of accumulated depreciation of $2,258,065 and $2,250,950 at the respective dates		4,190,835	4,148,774
Regulatory assets		905,589	905,264
Other		481,531	542,523
Goodwill		82,190	82,190
Total assets		11,273,447	11,185,142
Liabilities
Accounts payable		167,784	186,425
Interest and dividends payable		25,225	25,336
Deposit liabilities		4,751,328	4,623,415
Short-term borrowings—other than bank		30,500	118,972
Other bank borrowings		312,094	290,656
Long-term debt, net—other than bank		1,506,546	1,506,546
Deferred income taxes		640,778	633,570
Regulatory liabilities		351,712	344,849
Contributions in aid of construction		474,385	466,432
Defined benefit pension and other postretirement benefit plans liability		624,555	632,845
Other		456,338	531,230
Total liabilities		9,341,245	9,360,276
Preferred stock of subsidiaries - not subject to mandatory redemption		$ 34,293	$ 34,293
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none		$ 0	$ 0
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 107,417,644 shares and 102,565,266 shares at the respective dates		1,624,549	1,521,297
Retained earnings		296,680	296,654
Accumulated other comprehensive loss, net of tax benefits		(23,320)	(27,378)
Total shareholders’ equity		1,897,909	1,790,573
Total liabilities and shareholders’ equity		$ 11,273,447	$ 11,185,142
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Consolidated Balance Sheets (u6

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 2,258,065	$ 2,250,950
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Common stock, authorized shares	200,000,000	200,000,000
Common stock, issued shares	107,417,644	102,565,266
Common stock, outstanding shares	107,417,644	102,565,266

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common stock	Retained Earnings	Accumulated other comprehensive income (loss)
Balance at Dec. 31, 2013	$ 1,726,406	$ 1,488,126	$ 255,030	$ (16,750)
Balance (in shares) at Dec. 31, 2013		101,260,000
Increase (decrease) in stockholders' equity
Net income for common stock	45,787		45,787
Other comprehensive income, net of taxes	1,167			1,167
Issuance of common stock, net	3,212	$ 3,212
Issuance of common stock, net (in shares)		218,000
Common stock dividends ($0.31 per share)	(31,448)		(31,448)
Balance at Mar. 31, 2014	1,745,124	$ 1,491,338	269,369	(15,583)
Balance (in shares) at Mar. 31, 2014		101,478,000
Balance at Dec. 31, 2014	$ 1,790,573	$ 1,521,297	296,654	(27,378)
Balance (in shares) at Dec. 31, 2014	102,565,266	102,565,000
Increase (decrease) in stockholders' equity
Net income for common stock	$ 31,866		31,866
Other comprehensive income, net of taxes	4,058			4,058
Issuance of common stock, net	103,252	$ 103,252
Issuance of common stock, net (in shares)		4,853,000
Common stock dividends ($0.31 per share)	(31,840)		(31,840)
Balance at Mar. 31, 2015	$ 1,897,909	$ 1,624,549	$ 296,680	$ (23,320)
Balance (in shares) at Mar. 31, 2015	107,417,644	107,418,000

Consolidated Statements of Cha8

Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.31	$ 0.31

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income	[1]	$ 32,339	$ 46,260
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	[1]	45,865	43,181
Other amortization	[1]	2,371	1,609
Provision for loan losses	[1]	614	995
Loans receivable originated and purchased, held for sale	[1]	(79,070)	(46,998)
Proceeds from sale of loans receivable, held for sale	[1]	78,332	48,720
Increase in deferred income taxes	[1]	3,828	6,457
Share-based compensation expense	[1]	1,754	2,361
Excess tax benefits from share-based payment arrangements	[1]	(968)	(164)
Allowance for equity funds used during construction	[1]	(1,413)	(1,609)
Change in cash overdraft	[1]	0	(1,038)
Changes in assets and liabilities
Decrease in accounts receivable and unbilled revenues, net	[1]	58,331	22,352
Decrease (increase) in fuel oil stock	[1]	20,731	(34,260)
Increase in regulatory assets	[1]	(10,827)	(9,258)
Increase in accounts, interest and dividends payable	[1]	22,053	15,306
Change in prepaid and accrued income taxes and utility revenue taxes	[1]	(9,461)	(19,474)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	[1]	123	(818)
Change in other assets and liabilities	[1]	(25,992)	(29,931)
Net cash provided by operating activities	[1]	138,610	43,691
Cash flows from investing activities
Available-for-sale investment securities purchased	[1]	(63,370)	(79,912)
Principal repayments on available-for-sale investment securities	[1]	28,486	15,597
Proceeds from sale of available-for-sale investment securities	[1]	0	79,564
Redemption of stock from Federal Home Loan Bank	[1]	5,590	5,848
Net increase in loans held for investment	[1]	(12,524)	(37,887)
Proceeds from sale of real estate acquired in settlement of loans	[1]	606	1,429
Capital expenditures	[1]	(123,527)	(90,442)
Contributions in aid of construction	[1]	9,145	6,958
Other	[1]	3,549	343
Net cash used in investing activities	[1]	(152,045)	(98,502)
Cash flows from financing activities
Net increase in deposit liabilities	[1]	127,913	105,510
Net increase (decrease) in short-term borrowings with original maturities of three months or less	[1]	(88,472)	30,887
Net increase in retail repurchase agreements	[1]	21,451	141
Excess tax benefits from share-based payment arrangements	[1]	968	164
Net proceeds from issuance of common stock	[1]	104,468	3,054
Common stock dividends	[1]	(31,829)	(31,435)
Preferred stock dividends of subsidiaries	[1]	(473)	(473)
Other	[1]	(3,965)	(3,953)
Net cash provided by financing activities	[1]	130,061	103,895
Net increase in cash and cash equivalents	[1]	116,626	49,084
Cash and cash equivalents, beginning of period	[1]	175,542	220,036
Cash and cash equivalents, end of period	[1]	$ 292,168	$ 269,120
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Consolidated Statements of In10

Consolidated Statements of Income (unaudited) - HECO - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Total revenues		$ 637,862	$ 783,749
Operating expenses
Purchased power		136,000	165,000
Total expenses		568,356	694,535
Operating income		69,506	89,214
Allowance for equity funds used during construction	[1]	1,413	1,609
Allowance for borrowed funds used during construction		499	614
Income taxes		19,979	25,721
Net income	[1]	32,339	46,260
Preferred stock dividends of subsidiaries		473	473
Net income for common stock		31,866	45,787
Hawaiian Electric Company, Inc. and Subsidiaries
Total revenues		573,442	720,062
Operating expenses
Fuel oil		176,806	286,300
Purchased power		136,007	164,916
Other operation and maintenance		104,002	88,606
Depreciation		44,243	41,603
Taxes, other than income taxes		54,748	67,971
Total expenses		515,806	649,396
Operating income		57,636	70,666
Allowance for equity funds used during construction	[1]	1,413	1,609
Interest expense and other charges, net		(16,325)	(15,723)
Allowance for borrowed funds used during construction		499	614
Income before income taxes		43,223	57,166
Income taxes		15,850	21,247
Net income	[1]	27,373	35,919
Preferred stock dividends of subsidiaries		229	229
Net income attributable to Hawaiian Electric		27,144	35,690
Preferred stock dividends of Hawaiian Electric		270	270
Net income for common stock		$ 26,874	$ 35,420
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Consolidated Statements of Co11

Consolidated Statements of Comprehensive Income (unaudited) - HECO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net income for common stock	$ 31,866	$ 45,787
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	5,459	2,813
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(4,911)	(2,510)
Other comprehensive income, net of taxes	4,058	1,167
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	35,924	46,954
Hawaiian Electric Company, Inc. and Subsidiaries
Net income for common stock	26,874	35,420
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	4,933	2,519
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(4,911)	(2,510)
Other comprehensive income, net of taxes	22	9
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 26,896	$ 35,429

Consolidated Statements of Co12

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - HECO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, tax benefits	$ (3,486)	$ (1,796)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, taxes	(3,127)	(1,598)
Hawaiian Electric Company, Inc. and Subsidiaries
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, tax benefits	(3,141)	(1,605)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, taxes	$ 3,127	$ 1,598

Consolidated Balance Sheets (13

Consolidated Balance Sheets (unaudited) - HECO - USD ($) $ in Thousands		Mar. 31, 2015	Dec. 31, 2014
Utility plant, at cost
Total property, plant and equipment, net		$ 4,190,835	$ 4,148,774
Other long-term assets
Total assets		11,273,447	11,185,142
Capitalization
Retained earnings		296,680	296,654
Total shareholders’ equity		1,897,909	1,790,573
Cumulative preferred stock — not subject to mandatory redemption		$ 0	$ 0
Commitments and contingencies
Current liabilities
Interest and preferred dividends payable		$ 25,225	$ 25,336
Deferred credits and other liabilities
Deferred income taxes		640,778	633,570
Contributions in aid of construction		474,385	466,432
Total liabilities and shareholders’ equity		11,273,447	11,185,142
Hawaiian Electric Company, Inc. and Subsidiaries
Utility plant, at cost
Land		52,022	52,299
Plant and equipment		6,066,523	6,009,482
Less accumulated depreciation		(2,189,090)	(2,175,510)
Construction in progress		164,851	158,616
Utility property, plant and equipment, net		4,094,306	4,044,887
Nonutility property, plant and equipment, less accumulated depreciation of $1,228 and $1,227 at respective dates		6,562	6,563
Total property, plant and equipment, net		4,100,868	4,051,450
Current assets
Cash and cash equivalents	[1]	8,120	13,762
Customer accounts receivable, net		124,995	158,484
Accrued unbilled revenues, net		109,494	137,374
Other accounts receivable, net		8,668	4,283
Fuel oil stock, at average cost		85,315	106,046
Materials and supplies, at average cost		58,607	57,250
Prepayments and other		43,355	66,383
Regulatory assets		102,745	71,421
Total current assets		541,299	615,003
Other long-term assets
Regulatory assets		802,844	833,843
Unamortized debt expense		8,216	8,323
Other		82,273	81,838
Total other long-term assets		893,333	924,004
Total assets		5,535,500	5,590,457
Capitalization
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 15,805,327 shares)		105,388	105,388
Premium on capital stock		578,933	578,938
Retained earnings		1,002,046	997,773
Accumulated other comprehensive income, net of income taxes-retirement benefit plans		67	45
Total shareholders’ equity		1,686,434	1,682,144
Cumulative preferred stock — not subject to mandatory redemption		34,293	34,293
Long-term debt, net		1,206,546	1,206,546
Total capitalization		$ 2,927,273	$ 2,922,983
Commitments and contingencies
Current liabilities
Short-term borrowings from non-affiliates		$ 30,000	$ 0
Accounts payable		138,509	163,934
Interest and preferred dividends payable		24,257	22,316
Taxes accrued		182,872	250,402
Regulatory liabilities		1,174	632
Other		65,989	65,146
Total current liabilities		442,801	502,430
Deferred credits and other liabilities
Deferred income taxes		596,984	602,872
Regulatory liabilities		350,538	344,217
Unamortized tax credits		82,037	79,492
Defined benefit pension and other postretirement benefit plans liability		587,165	595,395
Other		74,317	76,636
Total deferred credits and other liabilities		1,691,041	1,698,612
Contributions in aid of construction		474,385	466,432
Total liabilities and shareholders’ equity		$ 5,535,500	$ 5,590,457
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Consolidated Balance Sheets (14

Consolidated Balance Sheets (unaudited) (Parenthetical) - HECO - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Common stock, authorized shares	200,000,000	200,000,000
Common stock, outstanding shares	107,417,644	102,565,266
Hawaiian Electric Company, Inc. and Subsidiaries
Nonutility property, plant and equipment, accumulated depreciation	$ 1,228	$ 1,227
Common stock, par value (in dollars per share)	$ 6.67	$ 6.67
Common stock, authorized shares	50,000,000	50,000,000
Common stock, outstanding shares	15,805,327	15,805,327

Consolidated Statements of Ch15

Consolidated Statements of Changes in Common Stock Equity (unaudited) - HECO - USD ($) $ in Thousands	Total	Hawaiian Electric Company, Inc. and Subsidiaries	Common stockHawaiian Electric Company, Inc. and Subsidiaries	Premium on capital stockHawaiian Electric Company, Inc. and Subsidiaries	Retained EarningsHawaiian Electric Company, Inc. and Subsidiaries	Accumulated other comprehensive income (loss)Hawaiian Electric Company, Inc. and Subsidiaries
Balance at Dec. 31, 2013	$ 1,726,406	$ 1,593,564	$ 102,880	$ 541,452	$ 948,624	$ 608
Balance (in shares) at Dec. 31, 2013			15,429,000
Increase (decrease) in stockholders' equity
Net income for common stock	45,787	35,420			35,420
Other comprehensive income, net of taxes	1,167	9				9
Common stock dividends	(31,448)	(22,707)			(22,707)
Common stock issuance expenses		(3)		(3)
Balance at Mar. 31, 2014	1,745,124	1,606,283	$ 102,880	541,449	961,337	617
Balance (in shares) at Mar. 31, 2014			15,429,000
Balance at Dec. 31, 2014	$ 1,790,573	1,682,144	$ 105,388	578,938	997,773	45
Balance (in shares) at Dec. 31, 2014	102,565,266		15,805,000
Increase (decrease) in stockholders' equity
Net income for common stock	$ 31,866	26,874			26,874
Other comprehensive income, net of taxes	4,058	22				22
Common stock dividends	(31,840)	(22,601)			(22,601)
Common stock issuance expenses		(5)		(5)
Balance at Mar. 31, 2015	$ 1,897,909	$ 1,686,434	$ 105,388	$ 578,933	$ 1,002,046	$ 67
Balance (in shares) at Mar. 31, 2015	107,417,644		15,805,000

Consolidated Statements of Ca16

Consolidated Statements of Cash Flows (unaudited) - HECO - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income	[1]	$ 32,339	$ 46,260
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	[1]	45,865	43,181
Other amortization	[1]	2,371	1,609
Increase in deferred income taxes	[1]	3,828	6,457
Allowance for equity funds used during construction	[1]	(1,413)	(1,609)
Change in cash overdraft	[1]	0	(1,038)
Changes in assets and liabilities
Decrease (increase) in fuel oil stock	[1]	20,731	(34,260)
Increase in regulatory assets	[1]	(10,827)	(9,258)
Change in prepaid and accrued income taxes and revenue taxes	[1]	(9,461)	(19,474)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	[1]	123	(818)
Change in other assets and liabilities	[1]	(25,992)	(29,931)
Net cash provided by operating activities	[1]	138,610	43,691
Cash flows from investing activities
Capital expenditures	[1]	(123,527)	(90,442)
Contributions in aid of construction	[1]	9,145	6,958
Other	[1]	(3,549)	(343)
Net cash used in investing activities	[1]	(152,045)	(98,502)
Cash flows from financing activities
Common stock dividends	[1]	(31,829)	(31,435)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	[1]	(88,472)	30,887
Other	[1]	(3,965)	(3,953)
Net cash provided by financing activities	[1]	130,061	103,895
Net increase in cash and cash equivalents	[1]	116,626	49,084
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income	[1]	27,373	35,919
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	[1]	44,243	41,603
Other amortization	[1]	1,698	1,621
Increase in deferred income taxes	[1]	15,132	20,344
Change in tax credits, net	[1]	2,576	2,032
Allowance for equity funds used during construction	[1]	(1,413)	(1,609)
Change in cash overdraft	[1]	0	(1,038)
Changes in assets and liabilities
Decrease in accounts receivable	[1]	29,104	8,804
Decrease in accrued unbilled revenues	[1]	27,880	12,260
Decrease (increase) in fuel oil stock	[1]	20,731	(34,260)
Increase in materials and supplies	[1]	(1,357)	(1,045)
Increase in regulatory assets	[1]	(10,827)	(9,258)
Increase in accounts payable	[1]	15,380	8,589
Change in prepaid and accrued income taxes and revenue taxes	[1]	(63,696)	(47,526)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	[1]	110	(205)
Change in other assets and liabilities	[1]	(9,774)	(11,324)
Net cash provided by operating activities	[1]	97,160	24,907
Cash flows from investing activities
Capital expenditures	[1]	(118,874)	(89,075)
Contributions in aid of construction	[1]	9,145	6,958
Other		(243)	(343)
Net cash used in investing activities	[1]	(109,486)	(81,774)
Cash flows from financing activities
Common stock dividends	[1]	(22,601)	(22,707)
Preferred stock dividends of Hawaiian Electric and subsidiaries	[1]	(499)	(499)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	[1]	30,000	34,996
Other	[1]	(216)	(389)
Net cash provided by financing activities	[1]	6,684	11,401
Net increase in cash and cash equivalents	[1]	(5,642)	(45,466)
Cash and cash equivalents, beginning of period	[1]	13,762	62,825
Cash and cash equivalents, end of period	[1]	$ 8,120	$ 17,359
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Basis of presentation

Basis of presentation	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, the instructions to SEC Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in HEI’s and Hawaiian Electric’s Form 10-K, as amended by Amendment No. 1 on Form 10-K/A, for the year ended December 31, 2014 . In the opinion of HEI’s and Hawaiian Electric’s management, the accompanying unaudited consolidated financial statements contain all material adjustments required by GAAP to fairly state consolidated HEI’s and Hawaiian Electric’s financial positions as of March 31, 2015 and December 31, 2014 , the results of their operations and their cash flows for the three months ended March 31, 2015 and 2014 . All such adjustments are of a normal recurring nature, unless otherwise disclosed below or elsewhere in this Form 10-Q (see “Restatement of previously issued financial statements” below) or other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year. Prior period financial statements reflect the retrospective application of Accounting Standards Update (ASU) No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which was adopted as of January 1, 2015 and did not have a material impact on the Company’s financial condition or results of operations. See “Investments in qualified affordable housing projects” in Note 11 . Restatement of previously issued financial statements. Management discovered that the Utilities’ capital expenditures on HEI’s and Hawaiian Electric’s Consolidated Statements of Cash Flows did not correctly account for the beginning of period unpaid invoices and accruals (that were paid in cash during the period) and is restating its previously filed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014 to correct for such misstatement by adjusting cash used for “Capital expenditures” (investing activity) and change in accounts payable (operating activity). Management also discovered that the eliminating journal entry to offset the Hawaiian Electric consolidated net operating loss deferred tax asset did not properly reflect the adjustment on the components of income taxes (current and deferred federal income taxes) and is restating its previously filed Consolidated Statements of Cash Flows for the three months ended March 31, 2015 to correct for such misstatement by adjusting “Increase in deferred income taxes,” “Change in prepaid and accrued income taxes and utility revenue taxes” and “Change in other assets and liabilities” (operating activities). Management determined it needed to correct the presentation for share-based compensation expense on the Company’s Consolidated Statement of Cash Flows, resulting in a corresponding change in the “Change in other assets and liabilities” amount. This restatement to correct for such misstatements and other immaterial items does not impact HEI’s and Hawaiian Electric’s previously reported overall net change in cash and cash equivalents in their Consolidated Statements of Cash Flows for any period presented. Additionally, this restatement does not impact HEI’s and Hawaiian Electric’s Consolidated Balance Sheets or Consolidated Statements of Income for any period presented. The table below illustrates the effects of the restatement on the previously filed financial statements: Three months ended March 31, 2015 Three months ended March 31, 2014 As As previously As previously As (in thousands) filed restated Difference filed restated Difference Consolidated Statements of Cash Flows HEI consolidated Cash flows from operating activities Other amortization $ 1,362 $ 2,371 $ 1,009 N/A N/A N/A Increase in deferred income taxes (1) 15,265 3,828 (11,437 ) N/A N/A N/A Share-based compensation expense — 1,754 1,754 $ — $ 2,361 $ 2,361 Increase/(decrease) in accounts, interest and dividends payable (42,463 ) 22,053 64,516 (9,307 ) 15,306 24,613 Change in prepaid and accrued income taxes and utility revenue taxes (61,397 ) (9,461 ) 51,936 N/A N/A N/A Change in other assets and liabilities (1) 19,826 (25,992 ) (45,818 ) (27,227 ) (29,931 ) (2,704 ) Net cash provided by operating activities 76,650 138,610 61,960 19,421 43,691 24,270 Cash flows from investing activities Capital expenditures (59,011 ) (123,527 ) (64,516 ) (65,829 ) (90,442 ) (24,613 ) Cash flows from investing activities-Other 3,281 3,549 268 — 343 343 Net cash used in investing activities (87,797 ) (152,045 ) (64,248 ) (74,232 ) (98,502 ) (24,270 ) Cash flows from financing activities Cash flows from financing activities-Other (6,253 ) (3,965 ) 2,288 N/A N/A N/A Net cash provided by financing activities 127,773 130,061 2,288 N/A N/A N/A Hawaiian Electric consolidated Cash flows from operating activities Other amortization 689 1,698 1,009 N/A N/A N/A Increase/(decrease) in accounts payable (49,136 ) 15,380 64,516 (16,024 ) 8,589 24,613 Change in other assets and liabilities (8,522 ) (9,774 ) (1,252 ) (10,981 ) (11,324 ) (343 ) Net cash provided by operating activities 32,887 97,160 64,273 637 24,907 24,270 Cash flows from investing activities Capital expenditures (54,358 ) (118,874 ) (64,516 ) (64,462 ) (89,075 ) (24,613 ) Cash flows from investing activities-Other — 243 243 — 343 343 Net cash used in investing activities (45,213 ) (109,486 ) (64,273 ) (57,504 ) (81,774 ) (24,270 ) Note 10 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing) (in millions) 24 (41 ) (65 ) 9 (16 ) (25 ) (1) As previously filed and adjusted by ASU No. 2014-01 (see Note 11). N/A - Not applicable.

Segment financial information

Segment financial information	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment financial information	Segment financial information (in thousands) Electric utility Bank Other Total Three months ended March 31, 2015 Revenues from external customers $ 573,431 $ 64,348 $ 83 $ 637,862 Intersegment revenues (eliminations) 11 — (11 ) — Revenues 573,442 64,348 72 637,862 Income (loss) before income taxes 43,223 20,631 (11,536 ) 52,318 Income taxes (benefit) 15,850 7,156 (3,027 ) 19,979 Net income (loss) 27,373 13,475 (8,509 ) 32,339 Preferred stock dividends of subsidiaries 499 — (26 ) 473 Net income (loss) for common stock 26,874 13,475 (8,483 ) 31,866 Assets (at March 31, 2015) 5,535,500 5,724,877 13,070 11,273,447 Three months ended March 31, 2014 Revenues from external customers $ 720,056 $ 63,619 $ 74 $ 783,749 Intersegment revenues (eliminations) 6 — (6 ) — Revenues 720,062 63,619 68 783,749 Income (loss) before income taxes 57,166 22,532 (7,717 ) 71,981 Income taxes (benefit) 21,247 8,133 (3,659 ) 25,721 Net income (loss) 35,919 14,399 (4,058 ) 46,260 Preferred stock dividends of subsidiaries 499 — (26 ) 473 Net income (loss) for common stock 35,420 14,399 (4,032 ) 45,787 Assets (at December 31, 2014) 5,590,457 5,566,222 28,463 11,185,142 Intercompany electricity sales of the Utilities to the bank and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by the Utilities, the profit on such sales is nominal and the elimination of electric sales revenues and expenses could distort segment operating income and net income for common stock. Bank fees that ASB charges the Utilities and “other” segments are not eliminated because those segments would pay fees to another financial institution if they were to bank with another institution, the profit on such fees is nominal and the elimination of bank fee income and expenses could distort segment operating income and net income for common stock.

Proposed Merger

Proposed Merger	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Proposed Merger	Proposed Merger On December 3, 2014, HEI, NextEra Energy, Inc., a Florida corporation (NEE), NEE Acquisition Sub I, LLC, a Delaware limited liability company and a wholly owned subsidiary of NEE (Merger Sub II) and NEE Acquisition Sub II, Inc., a Delaware corporation and a wholly owned subsidiary of NEE (Merger Sub I), entered into an Agreement and Plan of Merger (the Merger Agreement). The Merger Agreement provides for Merger Sub I to merge with and into HEI (the Initial Merger), with HEI surviving, and then for HEI to merge with and into Merger Sub II, with Merger Sub II surviving as a wholly owned subsidiary of NEE (the Merger). The Merger is intended to qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended, and be tax-free to HEI shareholders. Pursuant to the Merger Agreement, upon the closing of the Merger, each issued and outstanding share of HEI common stock will automatically be converted into the right to receive 0.2413 shares of common stock of NEE (the Exchange Ratio). No adjustment to the Exchange Ratio is made in the Merger Agreement for any changes in the market prices of either HEI or NEE common stock between December 3, 2014 and the closing of the Merger. The Merger Agreement contemplates that, immediately prior to the closing of the Merger, HEI will distribute to its shareholders all of the issued and outstanding shares of common stock of ASB Hawaii, the direct parent company of ASB (such distribution referred to as the Spin-Off), with ASB Hawaii becoming a new public company. In addition, the Merger Agreement contemplates that, immediately prior to the closing of the Merger, HEI will pay its shareholders a special dividend of $ 0.50 per share. The closing of the Merger is subject to various conditions, including, among others, (i) the approval of holders of 75% % of the outstanding shares of HEI common stock, (ii) effectiveness of the registration statement for the NEE common stock to be issued in the Initial Merger and the listing of such shares on the New York Stock Exchange, (iii) expiration or termination of the applicable Hart-Scott-Rodino Act waiting period, (iv) receipt of all required regulatory approvals from, among others, the Federal Energy Regulatory Commission (FERC), the Federal Communications Commission and the Hawaii Public Utilities Commission, (v) the absence of any law or judgment in effect or pending in which a governmental entity has imposed or is seeking to impose a legal restraint that would prevent or make illegal the closing of the Merger, (vi) the absence of any material adverse effect with respect to either HEI or NEE, (vii) subject to certain exceptions, the accuracy of the representations and warranties of, and compliance with covenants by, each of the parties to the Merger Agreement, (viii) receipt by each of HEI and NEE of a tax opinion of its counsel regarding the tax treatment of the transactions contemplated by the Merger Agreement, (ix) effectiveness of the ASB Hawaii registration statement necessary to consummate the Spin-Off, and (x) the determination by each of HEI and NEE that, upon completion of the Spin-Off, HEI will no longer be a savings and loan holding company or be deemed to control ASB for purposes of the Home Owners' Loan Act. The Spin-Off will be subject to various conditions, including, among others, the approval of the Federal Reserve Board (FRB). The Merger Agreement contains customary representations, warranties and covenants of HEI and NEE. HEI is also subject to a “no shop” restriction that limits its ability to solicit alternative acquisition proposals, provide information or engage in discussion with third parties, except under limited circumstances to permit HEI’s board of directors to comply with its fiduciary duties. The Merger Agreement contains certain termination rights for both HEI and NEE, including the right of either party to terminate the Merger Agreement if the Merger has not been consummated by December 3, 2015 (subject to a 6 -month extension if required to obtain necessary regulatory approvals), and further provides that upon termination of the Merger Agreement under specified circumstances, HEI or NEE, as the case may be, would be required to pay the other party a termination fee of $ 90 million and reimburse the other party for up to $ 5 million of its documented out-of-pocket expenses incurred in connection with the Merger Agreement. On March 26, 2015, NEE’s Form S-4, which registers NEE common stock expected to be issued in the Initial Merger, was declared effective. Also on March 26, 2015, HEI filed its special meeting proxy statement for the vote on the merger proposal and related matters, which meeting is scheduled for May 12, 2015. On March 30, 2015, ASB Hawaii filed its Form 10, the registration statement for ASB Hawaii shares expected to be distributed in the Spin-Off. PUC application . In January 2015, NEE and Hawaiian Electric filed an application with the PUC requesting approval of the proposed Merger of Hawaiian Electric. The application also requests modification of certain conditions agreed to by HEI and the PUC in 1982 for the merger and corporate restructuring of Hawaiian Electric, and confirmation that with approval of the Merger Agreement, the recommendations in the 1995 Dennis Thomas Report (resulting from a proceeding to review the relationship between HEI and Hawaiian Electric and any impact of HEI’s then diversified activities on the Utilities) will no longer be applicable. The application includes a commitment that, for at least four years following the completion of the transaction, Hawaiian Electric will not submit any applications seeking a general base rate increase and will forego recovery of the incremental operations and maintenance rate adjustment under decoupling during that period, which amounts to approximately $ 60 million in cumulative savings for customers, subject to certain exceptions and conditions, including that the following remain in effect: the RBA tariff provisions, the Rate Base RAM, the Renewable Energy Infrastructure Program, and Renewable Energy Infrastructure Surcharge, the IRP/DSM Recovery tariff provisions, the ECAC tariff provisions, the PPA tariff provision and the Pension and OPEB tracker mechanism. Various parties, including governmental, environmental and commercial interests, have been allowed to intervene in the proceeding. The PUC issued an initial procedural schedule governing the pre-filing of testimonies by the parties in the proceeding and the discovery on the pre-filed testimonies, and indicated the PUC will issue a further order concerning hearing dates and related matters after the Utilities and NEE file response testimonies on August 31, 2015. Other requests . On January 29, 2015, HEI submitted its application to the FERC requesting all necessary authorization to consummate the transactions contemplated by the Merger Agreement. The FERC issued its order authorizing the proposed merger on March 27, 2015. On February 1, 2015, HEI submitted a letter to FRB requesting deregistration as a Savings & Loan Holding Company (SLHC). Pending litigation and other matters. Litigation . HEI and its subsidiaries are subject to various legal proceedings that arise from time to time. Some of these proceedings may seek relief or damages in amounts that may be substantial. Because these proceedings are complex, many years may pass before they are resolved, and it is not feasible to predict their outcomes. Some of these proceedings involve claims HEI and Hawaiian Electric believe may be covered by insurance, and HEI and Hawaiian Electric have advised their insurance carriers accordingly. Since the D ecember 3, 2014 announcement of the merger agreement, eight purported class action complaints were filed in the Circuit Court of the First Circuit for the State of Hawaii by alleged stockholders of HEI against HEI, Hawaiian Electric (in one complaint), the individual directors of HEI, NEE and NEE's acquisition subsidiaries. The lawsuits are captioned as follows: Miller v. Hawaiian Electric Industries, Inc., et al ., Case No. 14-1-2531-12 KTN (December 15, 2014) (the Miller Action); Walsh v. Hawaiian Electric Industries, Inc., et al ., Case No. 14-1-2541-12 JHC (December 15, 2014) (the Walsh Action); Stein v. Hawaiian Electric Industries, Inc., et al ., Case No. 14-1-2555-12 KTN (December 17, 2014) (the Stein Action); Brown v. Hawaiian Electric Industries, Inc., et al. , Case No. 14-1-2643-12 RAN (December 30, 2014) (the Brown Action); Cohn v. Hawaiian Electric Industries, Inc., et al. , Case No. 14-1-2642-12 KTN (December 30, 2014) (the Cohn State Action); Guenther v. Watanabe, et al. , Case No. 15-1-003-01 ECN (January 2, 2015) (the Guenther Action); Hudson v. Hawaiian Electric Industries, Inc., et al. , Case No. 15-1-0013-01 JHC (January 5, 2015) (the Hudson Action); Grieco v. Hawaiian Electric Industries, Inc., et al. , Case No. 15-1-0094-01 KKS (January 21, 2015) (the Grieco Action). On January 12, 2015, plaintiffs in the Miller Action, the Walsh Action, the Stein Action, the Brown Action, the Guenther Action, and the Hudson Action filed a motion to consolidate their actions and to appoint co-lead counsel. The Court held a hearing on this motion on February 13, 2015 and granted consolidation and appointment of co-lead counsel on March 6, 2015. On March 10, 2015, plaintiffs in the consolidated state action filed an amended complaint, and added J.P. Morgan Securities, LLC (JP Morgan), which was HEI’s financial advisor for the Merger, as a defendant. On March 17, 2015, plaintiffs in the consolidated state action moved for limited expedited discovery. After limited discovery, the parties in the consolidated state action stipulated and the Court ordered that the deadline for defendants to respond to the amended complaint is extended indefinitely. On April 30, 2015, the Court consolidated the seven state actions under the caption, In re Consolidated HEI Shareholder Cases . On January 23, 2015, the Cohn State Action was voluntarily dismissed. Thereafter, the same alleged stockholder plaintiff filed a purported class action complaint in the United States District Court for the District of Hawaii against HEI, the individual directors of HEI, NEE and NEE's acquisition subsidiaries. The lawsuit is captioned as Cohn v. Hawaiian Electric Industries, Inc. et al. , 15-cv-00029-JMS-KSC (January 27, 2015) (the Cohn Federal Action). The actions allege, among other things, that members of HEI's Board breached their fiduciary duties in connection with the proposed transaction, and that the Merger Agreement involves an unfair price, was the product of an inadequate sales process, and contains unreasonable deal protection devices that purportedly preclude competing offers. The complaints further allege that HEI, NEE and/or its acquisition subsidiaries aided and abetted the purported breaches of fiduciary duty. The plaintiffs in these lawsuits seek, among other things, (i) a declaration that the Merger Agreement was entered into in breach of HEI's directors' fiduciary duties, (ii) an injunction enjoining the HEI Board from consummating the Merger, (iii) an order directing the HEI Board to exercise their duties to obtain a transaction which is in the best interests of HEI's stockholders, (iv) a rescission of the Merger to the extent that it is consummated, and/or (v) damages suffered as a result of the defendants' alleged actions. Plaintiffs in the consolidated state action also allege that JP Morgan had a conflict of interest in advising HEI because JP Morgan and its affiliates had business ties to and investments in NEE. The consolidated state action also alleges that the HEI board of directors violated its fiduciary duties by omitting material facts from the Registration Statement on Form S-4. In addition, the Cohn Federal Action alleges that the HEI board of directors violated its fiduciary duties and federal securities laws by omitting material facts from the Registration Statement on Form S-4. HEI and Hawaiian Electric believe the allegations of the complaints are without merit and intend to defend these lawsuits vigorously. Other matters . In January 2015, various clean energy and environmental groups filed a motion and applications with the PUC to delay consideration of the Company’s proposed Merger pending its decision on the Power Supply Improvement Plans, Distributed Generation Interconnection Plan, Integrated Demand Response Portfolio Plan, decoupling, and issues regarding customer-based distributed energy resources. The PUC issued its order on March 2, 2015, dismissing the motion and applications.

Electric utility subsidiary

Electric utility subsidiary	3 Months Ended
	Mar. 31, 2015
Electric utility subsidiary [Abstract]
Electric utility segment	Electric utility segment Revenue taxes. The Utilities’ revenues include amounts for the recovery of various Hawaii state revenue taxes. Revenue taxes are generally recorded as an expense in the period the related revenues are recognized. However, the Utilities’ revenue tax payments to the taxing authorities in the period are based on the prior year’s billed revenues (in the case of public service company taxes and PUC fees) or on the current year’s cash collections from electric sales (in the case of franchise taxes). The Utilities included in the three months ended March 31, 2015 and 2014 approximately $51 million and $65 million , respectively, of revenue taxes in “revenues” and in “taxes, other than income taxes” expense. Recent tax developments. The Utilities adopted the safe harbor guidelines with respect to network assets in 2011 and, in June 2013, the IRS released a revenue procedure relating to deductions for repairs of generation property, which provides some guidance (that is elective) for taxpayers that own steam or electric generation property. This guidance defines the relevant components of generation property to be used in determining whether such component expenditures should be deducted as repairs or capitalized and depreciated by taxpayers. The revenue procedure also provides an extrapolation methodology that could be used by taxpayers in determining deductions for prior years’ repairs without going back to the specific documentation of those years. The guidance does not provide specific methods for determining the repairs amount. Management intends to adopt a method consistent with this guidance in its 2014 tax return. Unconsolidated variable interest entities. HECO Capital Trust III . HECO Capital Trust III (Trust III) was created and exists for the exclusive purposes of (i) issuing in March 2004 2,000,000 6.50% Cumulative Quarterly Income Preferred Securities, Series 2004 (2004 Trust Preferred Securities) ( $50 million aggregate liquidation preference) to the public and trust common securities ( $1.5 million aggregate liquidation preference) to Hawaiian Electric, (ii) investing the proceeds of these trust securities in 2004 Debentures issued by Hawaiian Electric in the principal amount of $31.5 million and issued by Hawaii Electric Light and Maui Electric each in the principal amount of $10 million , (iii) making distributions on these trust securities and (iv) engaging in only those other activities necessary or incidental thereto. The 2004 Trust Preferred Securities are mandatorily redeemable at the maturity of the underlying debt on March 18, 2034, which maturity may be extended to no later than March 18, 2053; and are currently redeemable at the issuer’s option without premium. The 2004 Debentures, together with the obligations of the Utilities under an expense agreement and Hawaiian Electric’s obligations under its trust guarantee and its guarantee of the obligations of Hawaii Electric Light and Maui Electric under their respective debentures, are the sole assets of Trust III. Taken together, Hawaiian Electric’s obligations under the Hawaiian Electric debentures, the Hawaiian Electric indenture, the subsidiary guarantees, the trust agreement, the expense agreement and trust guarantee provide, in the aggregate, a full, irrevocable and unconditional guarantee of payments of amounts due on the Trust Preferred Securities. Trust III has at all times been an unconsolidated subsidiary of Hawaiian Electric. Since Hawaiian Electric, as the holder of 100% of the trust common securities, does not absorb the majority of the variability of Trust III, Hawaiian Electric is not the primary beneficiary and does not consolidate Trust III in accordance with accounting rules on the consolidation of VIEs. Trust III’s balance sheets as of March 31, 2015 and December 31, 2014 each consisted of $51.5 million of 2004 Debentures; $50.0 million of 2004 Trust Preferred Securities; and $1.5 million of trust common securities. Trust III’s income statements for the three months ended March 31, 2015 and 2014 each consisted of $0.8 million of interest income received from the 2004 Debentures; $0.8 million of distributions to holders of the Trust Preferred Securities; and $25,000 of common dividends on the trust common securities to Hawaiian Electric. As long as the 2004 Trust Preferred Securities are outstanding, Hawaiian Electric is not entitled to receive any funds from Trust III other than pro-rata distributions, subject to certain subordination provisions, on the trust common securities. In the event of a default by Hawaiian Electric in the performance of its obligations under the 2004 Debentures or under its Guarantees, or in the event any of the Utilities elect to defer payment of interest on any of their respective 2004 Debentures, then Hawaiian Electric will be subject to a number of restrictions, including a prohibition on the payment of dividends on its common stock. Power purchase agreements . As of March 31, 2015 , the Utilities had six purchase power agreements (PPAs) for firm capacity and other PPAs with smaller IPPs and Schedule Q providers (i.e., customers with cogeneration and/or small power production facilities with a capacity of 100 kilowatts (kWs) or less who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. Approximately 90% of the firm capacity is purchased from AES Hawaii, Inc. (AES Hawaii), Kalaeloa Partners, L.P. (Kalaeloa), Hamakua Energy Partners, L.P. (HEP) and HPOWER. Purchases from all IPPs were as follows: Three months ended March 31 (in millions) 2015 2014 AES Hawaii $ 34 $ 33 Kalaeloa 44 67 HEP 11 12 HPOWER 16 16 Other IPPs 31 37 Total IPPs $ 136 $ 165 Some of the IPPs provided sufficient information for Hawaiian Electric to determine that the IPP was not a VIE, or was either a “business” or “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. Other IPPs, including the three largest, declined to provide the information necessary for Hawaiian Electric to determine the applicability of accounting standards for VIEs. Since 2004, Hawaiian Electric has continued its efforts to obtain from the IPPs the information necessary to make the determinations required under accounting standards for VIEs. In each year from 2005 to 2014, the Utilities sent letters to the identified IPPs requesting the required information. All of these IPPs declined to provide the necessary information, except that Kalaeloa later agreed to provide the information pursuant to the amendments to its PPA (see below) and an entity owning a wind farm provided information as required under its PPA. Management has concluded that the consolidation of two entities owning wind farms was not required as Hawaii Electric Light and Maui Electric do not have variable interests in the entities because the PPAs do not require them to absorb any variability of the entities. If the requested information is ultimately received from the remaining IPPs, a possible outcome of future analyses of such information is the consolidation of one or more of such IPPs in the Consolidated Financial Statements. The consolidation of any significant IPP could have a material effect on the Consolidated Financial Statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs. Kalaeloa Partners, L.P. In October 1988, Hawaiian Electric entered into a PPA with Kalaeloa, subsequently approved by the PUC, which provided that Hawaiian Electric would purchase 180 megawatts (MW) of firm capacity for a period of 25 years beginning in May 1991. In October 2004, Hawaiian Electric and Kalaeloa entered into amendments to the PPA, subsequently approved by the PUC, which together effectively increased the firm capacity from 180 MW to 208 MW. The energy payments that Hawaiian Electric makes to Kalaeloa include: (1) a fuel component, with a fuel price adjustment based on the cost of low sulfur fuel oil, (2) a fuel additives cost component, and (3) a non-fuel component, with an adjustment based on changes in the Gross National Product Implicit Price Deflator. The capacity payments that Hawaiian Electric makes to Kalaeloa are fixed in accordance with the PPA. Kalaeloa also has a steam delivery cogeneration contract with another customer, the term of which coincides with the PPA. The facility has been certified by the Federal Energy Regulatory Commission as a Qualifying Facility under the Public Utility Regulatory Policies Act of 1978. Pursuant to the current accounting standards for VIEs, Hawaiian Electric is deemed to have a variable interest in Kalaeloa by reason of the provisions of Hawaiian Electric’s PPA with Kalaeloa. However, management has concluded that Hawaiian Electric is not the primary beneficiary of Kalaeloa because Hawaiian Electric does not have the power to direct the activities that most significantly impact Kalaeloa’s economic performance nor the obligation to absorb Kalaeloa’s expected losses, if any, that could potentially be significant to Kalaeloa. Thus, Hawaiian Electric has not consolidated Kalaeloa in its consolidated financial statements. A significant factor affecting the level of expected losses Hawaiian Electric could potentially absorb is the fact that Hawaiian Electric’s exposure to fuel price variability is limited to the remaining term of the PPA as compared to the facility’s remaining useful life. Although Hawaiian Electric absorbs fuel price variability for the remaining term of the PPA, the PPA does not currently expose Hawaiian Electric to losses as the fuel and fuel related energy payments under the PPA have been approved by the PUC for recovery from customers through base electric rates and through Hawaiian Electric’s ECAC to the extent the fuel and fuel related energy payments are not included in base energy rates. As of March 31, 2015 , Hawaiian Electric’s accounts payable to Kalaeloa amounted to $13 million . Commitments and contingencies. Fuel contracts . The Utilities have contractual agreements to purchase minimum quantities of fuel oil, diesel fuel and biodiesel for multi-year periods, some through October 2017. Fossil fuel prices are tied to the market prices of crude oil and petroleum products in the Far East and U.S. West Coast and the biodiesel price is tied to the market prices of animal fat feedstocks in the U.S. West Coast and U.S. Midwest. Updates. On August 27, 2014, Chevron Products Company (Chevron) and Hawaiian Electric entered into a first amendment of their Low Sulfur Fuel Oil Supply Contract, which was approved by the PUC in March 2015. The Amendment reduces the price of fuel above certain volumes, allows for increases in the volume of fuel, and modifies the specification of certain petroleum products supplied under the contract. In addition, Chevron agreed to supply a blend of low sulfur fuel oil (LSFO) and diesel as soon as January 2016 (for supply through the end of the contract term, December 31, 2016) to help Hawaiian Electric meet more stringent EPA air emission requirements known as Mercury and Air Toxics Standards. The Utilities are parties to amended contracts for the supply of industrial fuel oil and diesel fuels with Chevron and Hawaii Independent Energy, LLC (HIE), respectively, which were scheduled to end December 31, 2015. In August 2014, Chevron and the Utilities entered into a third amendment to the Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract, which amendment extended the term of the contract through December 31, 2016 and provided for automatic renewal for annual terms thereafter unless earlier terminated by either party. In February 2015, Hawaiian Electric executed a similar extension, through December 31, 2016, of the corresponding Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract with HIE. Liquefied natural gas . In August 2014, Hawaiian Electric entered into a 15 -year agreement with Fortis BC Energy Inc. (Fortis) for liquefaction capacity for liquefied natural gas (LNG) under tariffed rates approved by the British Columbia Utilities Commission. The agreement, which is subject to Hawaii PUC approval, other regulatory approvals and permits, and other conditions precedent before it becomes effective, provides for LNG liquefaction capacity purchases of 800,000 tonnes per year for the first five years, 700,000 tonnes per year for the next five years, and 600,000 tonnes per year for the last five years. Fortis must also obtain regulatory and other approvals for the agreement to become effective. The Fortis agreement is assignable and can be assigned to the selected bidder in the Utilities’ request for proposal (RFP) for the supply of containerized LNG and will help ensure that liquefaction capacity is available at pricing that management believes will lower customer bills. Environmental regulation . The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances. In recent years, legislative, regulatory and governmental activities related to the environment, including proposals and rulemaking under the Clean Air Act and Clean Water Act (CWA), have increased significantly and management anticipates that such activity will continue. On August 14, 2014, the Environmental Protection Agency (EPA) published in the Federal Register the final regulations required by section 316(b) of the CWA designed to protect aquatic organisms from adverse impacts associated with existing power plant cooling water intake structures. The regulations were effective October 14, 2014 and apply to the cooling water systems for the steam generating units at Hawaiian Electric’s power plants on the island of Oahu. The regulations prescribe a process, including a number of required site-specific studies, for states to develop facility-specific entrainment and impingement controls to be incorporated in the facility’s National Pollutant Discharge Elimination System permit. In the case of Hawaiian Electric’s power plants, there are a number of studies that have yet to be completed before Hawaiian Electric and the Department of Health of the State of Hawaii (DOH) can determine what entrainment or impingement controls, if any, might be appropriate. On February 16, 2012, the Federal Register published the EPA’s final rule establishing the EPA’s National Emission Standards for Hazardous Air Pollutants for fossil-fuel fired steam electrical generating units (EGUs). The final rule, known as the Mercury and Air Toxics Standards (MATS), applies to the 14 EGUs at Hawaiian Electric’s power plants. MATS establishes the Maximum Achievable Control Technology standards for the control of hazardous air pollutants emissions from new and existing EGUs. Based on a review of the final rule and the benefits and costs of alternative compliance strategies, Hawaiian Electric has selected a MATS compliance strategy based on switching to lower emission fuels. The use of lower emission fuels will provide for MATS compliance at lower overall costs and avoid the reduction in operational flexibility imposed by emissions control equipment. Hawaiian Electric requested and received a one -year extension, resulting in a MATS compliance date of April 16, 2016. Hawaiian Electric submitted to the EPA a Petition for Reconsideration and Stay dated April 16, 2012, and a Request for Expedited Consideration dated August 14, 2013. The submittals asked the EPA to revise an emissions standard for non-continental oil-fired EGUs on the grounds that the promulgated standard was incorrectly derived. The Petition and Request submittals to the EPA included additional data to demonstrate that the existing standard is erroneous. On April 21, 2015, the EPA issued a notice denying Hawaiian Electric's MATS Petition for Reconsideration along with all other pending MATS petitions. The EPA also issued a report dated March 2015 which presents the detailed rationale for the EPA’s denial of the petitions. Hawaiian Electric is currently reviewing the notice and report. On February 6, 2013, the EPA issued a guidance document titled “Next Steps for Area Designations and Implementation of the Sulfur Dioxide National Ambient Air Quality Standard,” which outlines a process that will provide the states additional flexibility and time for their development of one-hour sulfur dioxide (SO 2 ) National Ambient Air Quality Standard (NAAQS) implementation plans. In May 2014, the EPA published a proposed data requirements rule for states to characterize their air quality in relation to the one-hour SO 2 NAAQS. Under the proposed rule, the EPA expects to designate areas as attaining, or not attaining, the one-hour SO 2 NAAQS in December 2017 or December 2020, depending on whether the area was characterized through modeling or monitoring. Hawaiian Electric will work with the DOH in implementing the one-hour SO 2 NAAQS and in developing cost-effective strategies for NAAQS compliance, if needed. Depending upon the specific measures required for compliance with the CWA 316(b) regulations and MATS, and the rules and guidance developed for compliance with the more stringent NAAQS, the Utilities may be required to incur material capital expenditures and other compliance costs, but such amounts and their timing are not determinable at this time. Additionally, the combined effects of these regulatory initiatives may result in a decision to retire or deactivate certain generating units earlier than anticipated. Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases into the environment associated with current or previous operations and report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material adverse effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity. Potential Clean Air Act Enforcement. On July 1, 2013, Hawaii Electric Light and Maui Electric received a letter from the U.S. Department of Justice (DOJ) asserting potential violations of the Prevention of Significant Deterioration (PSD) and Title V requirements of the Clean Air Act involving the Hill and Kahului Power Plants. The EPA referred the matter to the DOJ for enforcement based on Hawaii Electric Light’s and Maui Electric’s responses to information requests in 2010 and 2012. The letter expresses an interest in resolving the matter without the issuance of a notice of violation. The parties had preliminary discussions in February 2014, and are continuing to negotiate toward a resolution of the DOJ’s claims. As part of the ongoing negotiations, the DOJ proposed in November 2014 entering into a consent decree pursuant to which the Utilities would install certain pollution controls and pay a penalty. The Utilities are currently reviewing the proposal, but are unable to estimate the amount or effect of a consent decree, if any, at this time. Former Molokai Electric Company generation site . In 1989, Maui Electric acquired by merger Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983, but continued to operate at the Site under a lease until 1985. The EPA has since performed Brownfield assessments of the Site that identified environmental impacts in the subsurface. Although Maui Electric never operated at the Site and operations there had stopped four years before the merger, in discussions with the EPA and the DOH, Maui Electric agreed to undertake additional investigations at the Site and an adjacent parcel that Molokai Electric Company had used for equipment storage (the Adjacent Parcel) to determine the extent of impacts of subsurface contaminants. A 2011 assessment by a Maui Electric contractor of the Adjacent Parcel identified environmental impacts, including elevated polychlorinated biphenyls (PCBs) in the subsurface soils. In cooperation with the DOH and EPA, Maui Electric is further investigating the Site and the Adjacent Parcel to determine the extent of impacts of PCBs, residual fuel oils, and other subsurface contaminants. In March 2012, Maui Electric accrued an additional $3.1 million (reserve balance of $3.6 million as of March 31, 2015 ) for the additional investigation and estimated cleanup costs at the Site and the Adjacent Parcel; however, final costs of remediation will depend on the results of continued investigation. Maui Electric received the DOH’s and EPA’s comments on a draft site investigation plan for site characterization in the fourth quarter of 2013. Management concluded that these comments did not require a change to the reserve balance. The site investigation plan was revised to address the EPA’s and DOH’s comments. The final site investigation plan was submitted to the DOH and EPA in December 2014 for their review and approval. Pearl Harbor sediment study . The U.S. Navy is conducting a feasibility study for the remediation of contaminated sediment in Pearl Harbor. In the course of its study, the Navy identified elevated levels of PCBs in the sediment offshore from the Waiau Power Plant. The results of the Navy’s study to date, including sampling data and possible remediation approaches, are undergoing further federal review. Hawaiian Electric submitted comments on the Navy’s study, including the further investigation and analyses that are necessary to identify appropriate remedial options and actions. In July 2014, the Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is responsible for cleanup of the area offshore of the Waiau Power Plant. The Navy has also requested that Hawaiian Electric reimburse the costs incurred by the Navy to date to investigate the area, and is asking Hawaiian Electric to engage in negotiations regarding the financing and undertaking of future response actions. The extent of the contamination, the appropriate remedial measures to address it, and Hawaiian Electric’s potential responsibility for any associated costs have not yet been determined. In December 2014, Hawaiian Electric recorded a reserve of $0.8 million for additional investigation of the PCBs in the sediment offshore from the Waiau Power Plant; however, final costs of remediation will depend on the results of the additional investigation. On March 23, 2015, Hawaiian Electric received from the EPA a letter requesting that Hawaiian Electric submit within 45 days a work plan to assess potential sources and extent of PCB contamination onshore at the Waiau Power Plant. The extent of the onshore contamination, the appropriate remedial measures to address it, and any associated costs have not yet been determined. Global climate change and greenhouse gas emissions reduction. National and international concern about climate change and the contribution of greenhouse gas (GHG) emissions (including carbon dioxide emissions from the combustion of fossil fuels) to climate change have led to action by the State and to federal legislative and regulatory proposals to reduce GHG emissions. In July 2007, Act 234, which requires a statewide reduction of GHG emissions by January 1, 2020 to levels at or below the statewide GHG emission levels in 1990, became law in Hawaii. On June 20, 2014, the Governor signed the final regulations required to implement Act 234 and the regulations went into effect on June 30, 2014. In general, the regulations will require affected sources that have the potential to emit GHGs in excess of established thresholds to reduce GHG emissions by 16% below 2010 emission levels by 2020. The regulations will also assess affected sources an annual fee based on tons per year of GHG emissions commencing on the effective date of the regulations, estimated to be approximately $0.5 million annually for the Utilities. The DOH GHG regulations also track the federal “Prevention of Significant Deterioration and Title V Greenhouse Gas Tailoring Rule” (GHG Tailoring Rule, see below) and would create new thresholds for GHG emissions from new and existing stationary source facilities. Several approaches (e.g., “cap and trade”) to GHG emission reduction have been either introduced or discussed in the U.S. Congress; however, no federal legislation has yet been enacted. On September 22, 2009, the EPA issued its Final Mandatory Reporting of Greenhouse Gases Rule, which requires that sources emitting GHGs above certain threshold levels monitor and report GHG emissions. The Utilities have submitted the required reports for 2010 through 2013 to the EPA. In December 2009, the EPA made the finding that motor vehicle GHG emissions endanger public health or welfare. Since then, the EPA has also issued rules that begin to address GHG emissions from stationary sources, like the Utilities’ EGUs. In June 2010, the EPA issued its GHG Tailoring Rule covering the permitting of new or modified stationary sources that have the potential to emit GHGs in greater quantities than the thresholds set forth in the rule, under the Prevention of Significant Deterioration program. On June 23, 2014, the U.S. Supreme Court issued a decision that invalidated the GHG Tailoring Rule, to the extent it regulated sources based solely on their GHG emissions. It also invalidated the GHG emissions threshold for regulation. On December 19, 2014, the EPA released two memoranda outlining the Agency’s plan for addressing the U.S. Supreme Court’s decision. Hawaiian Electric, Hawaii Electric Light and Maui Electric are evaluating the potential impacts of the Agency’s plan on utility operations and permitting. On January 8, 2014, the EPA published in the Federal Register its new proposal for New Source Performance Standards for GHG from new generating units. The proposed rule on GHG from new EGUs does not apply to oil- fired combustion turbines or diesel engine generators, and is not otherwise expected to have significant impacts on the Utilities. On June 18, 2014, the EPA published in the Federal Register its proposed rule for GHG emissions from existing power plants. The rule sets interim and final state-wide, state-specific emission performance goals, expressed as lb CO 2 /MWh, that would apply to the state’s affected sources. The interim goal would apply as an average over the period 2020 through 2029, with the final goal to be met by 2030. On the same date, the EPA also published a separate rule for modified and reconstructed power plants. The EPA’s plan is to issue the final rules by mid-summer 2015. Hawaiian Electric is still evaluating the proposed rules for GHG emissions from existing, modified, and reconstructed sources, and how they might relate to the recently issued State GHG rules. Hawaiian Electric will participate in the federal GHG rulemaking process, and in the implementation of the State GHG rules, to try to reconcile federal GHG regulation, state GHG regulation, and any action the EPA may take as a result of the recent U.S. Supreme Court opinion, to facilitate clear and cost-effective compliance. The Utilities will continue to evaluate the impact of proposed GHG rules and regulations as they develop. Final regulations may impose significant compliance costs, and may require reductions in fossil fuel use and the addition of renewable energy resources in excess of the requirements of the RPS law. The Utilities have taken, and continue to identify opportunities to take, direct action to reduce GHG emissions from their operations, including, but not limited to, supporting DSM programs that foster energy efficiency, using renewable resources for energy production and purchasing power from IPPs generated by renewable resources, burning renewable biodiesel in Hawaiian Electric’s Campbell Industrial Park combustion turbine No. 1 (CIP CT-1), using biodiesel for startup and shutdown of selected Maui Electric generating units, and testing biofuel blends in other Hawaiian Electric and Maui Electric generating units. The Utilities are also working with the State of Hawaii and other entities to pursue the use of liquefied natural gas as a cleaner and lower cost fuel to replace, at least in part, the petroleum oil that would otherwise be used. Management is unable to evaluate the ultimate impact on the Utilities’ operations of eventual comprehensive GHG regulation. However, management believes that the various initiatives it is undertaking will provide a sound basis for managing the Utilities’ carbon footprint and meeting GHG reduction goals that will ultimately emerge. While the timing, extent and ultimate effects of climate change cannot be determined with any certainty, climate change is predicted to result in sea level rise, which could potentially impact coastal and other low-lying areas (where much of the Utilities’ electric infrastructure is sited), and could cause erosion of beaches, saltwater intrusion into aquifers and surface ecosystems, higher water tables and increased flooding and storm damage due to heavy rainfall. The effects of climate change on the weather (for example, floods or hurricanes), sea levels, and water availability and quality have the potential to materially adversely affect the results of operations, financial condition and liquidity of the Utilities. For example, severe weather could cause significant harm to the Utilities’ physical facilities. Asset retirement obligations . Asset retirement obligations (AROs) represent legal obligations associated with the retirement of certain tangible long-lived assets, are measured as the present value of the projected costs for the future retirement of specific assets and are recognized in the period in which the liability is incurred if a reasonable estimate of fair value can be made. The Utilities’ recognition of AROs have no impact on their earnings. The cost of the AROs is recovered over the life of the asset through depreciation. AROs recognized by the Utilities relate to obligations to retire plant and equipment, including removal of asbestos and other hazardous materials. Hawaiian Electric has recorded estimated AROs related to removing retired generating units at its Honolulu and Waiau power plants. These removal projects are ongoing, with significant activity and expenditures occurring in 2014 in partial settlement of these liabilities. Both removal projects are expected to continue through 2015. Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows: Three months ended March 31 (in thousands) 2015 2014 Balance, beginning of period $ 29,419 $ 43,106 Accretion expense 6 370 Liabilities incurred — — Liabilities settled (1,614 ) (2,240 ) Revisions in estimated cash flows — — Balance, end of period $ 27,811 $ 41,236 Decoupling . In 2010, the PUC issued an order approving decoupling, which was implemented by Hawaiian Electric on March 1, 2011, by Hawaii Electric Light on April 9, 2012 and by Maui Electric on May 4, 2012. Decoupling is a regulatory model that is intended to facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. The decoupling model implemented in Hawaii delinks revenues from sales and includes annual rate adjustments for certain other operation and maintenance (O&M) expenses and rate base changes. The decoupling mechanism has three components: (1) a sales decoupling component via a revenue balancing account (RBA), (2) a revenue escalation component via a RAM and (3) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility exceeds the return on average common equity (ROACE) allowed in its most recent rate case. Decoupling provides for more timely cost recovery and earning on investments. The implementation of decoupling has resulted in an improvement in the Utilities’ under-earning situation that has existed over the last several years. On May 31, 2013, as provided for in its original order issued in 2010 approving decoupling and citing three years of implement

Bank segment

Bank segment	3 Months Ended
	Mar. 31, 2015
Bank subsidiary
Bank segment	Bank segment Selected financial information American Savings Bank, F.S.B. Statements of Income Data Three months (in thousands) 2015 2014 Interest and dividend income Interest and fees on loans $ 45,198 $ 43,682 Interest and dividends on investment securities 3,051 3,035 Total interest and dividend income 48,249 46,717 Interest expense Interest on deposit liabilities 1,260 1,225 Interest on other borrowings 1,466 1,405 Total interest expense 2,726 2,630 Net interest income 45,523 44,087 Provision for loan losses 614 995 Net interest income after provision for loan losses 44,909 43,092 Noninterest income Fees from other financial services 5,355 5,128 Fee income on deposit liabilities 5,315 4,421 Fee income on other financial products 1,889 2,290 Bank-owned life insurance 983 963 Mortgage banking income 1,822 628 Gains on sale of investment securities — 2,847 Other income, net 735 625 Total noninterest income 16,099 16,902 Noninterest expense Compensation and employee benefits 21,766 20,286 Occupancy 4,113 3,953 Data processing 3,116 3,060 Services 2,341 2,273 Equipment 1,701 1,645 Office supplies, printing and postage 1,483 1,616 Marketing 841 711 FDIC insurance 811 796 Other expense 4,205 3,122 Total noninterest expense 40,377 37,462 Income before income taxes 20,631 22,532 Income taxes 7,156 8,133 Net income $ 13,475 $ 14,399 American Savings Bank, F.S.B. Statements of Comprehensive Income Data Three months (in thousands) 2015 2014 Net income $ 13,475 $ 14,399 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 tax benefits of $2,278 and $1,664 for the respective periods 3,451 2,520 Less: reclassification adjustment for net realized gains included in net income, net of taxes of nil and $1,132 for the respective periods — (1,715 ) Retirement benefit plans: Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $259 and $144 for the respective periods 392 219 Other comprehensive income, net of taxes 3,843 1,024 Comprehensive income $ 17,318 $ 15,423 American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2015 December 31, 2014 Assets Cash and due from banks $ 98,484 $ 107,233 Interest-bearing deposits 172,517 54,230 Available-for-sale investment securities, at fair value 590,648 550,394 Stock in Federal Home Loan Bank of Seattle, at cost 63,711 69,302 Loans receivable held for investment 4,447,299 4,434,651 Allowance for loan losses (45,795 ) (45,618 ) Net loans 4,401,504 4,389,033 Loans held for sale, at lower of cost or fair value 9,906 8,424 Other 305,917 305,416 Goodwill 82,190 82,190 Total assets $ 5,724,877 $ 5,566,222 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 1,420,085 $ 1,342,794 Deposit liabilities—interest-bearing 3,331,243 3,280,621 Other borrowings 312,094 290,656 Other 117,849 118,363 Total liabilities 5,181,271 5,032,434 Commitments and contingencies Common stock 1 1 Additional paid in capital 338,411 338,411 Retained earnings 217,909 211,934 Accumulated other comprehensive loss, net of tax benefits Net unrealized gains on securities $ 3,913 $ 462 Retirement benefit plans (16,628 ) (12,715 ) (17,020 ) (16,558 ) Total shareholder’s equity 543,606 533,788 Total liabilities and shareholder’s equity $ 5,724,877 $ 5,566,222 Other assets Bank-owned life insurance $ 135,141 $ 134,115 Premises and equipment, net 85,174 92,407 Prepaid expenses 4,892 3,196 Accrued interest receivable 13,720 13,632 Mortgage-servicing rights 11,965 11,540 Low-income housing equity investments 32,140 33,438 Real estate acquired in settlement of loans, net 665 891 Other 22,220 16,197 $ 305,917 $ 305,416 Other liabilities Accrued expenses $ 29,670 $ 37,880 Federal and state income taxes payable 36,010 28,642 Cashier’s checks 24,686 20,509 Advance payments by borrowers 5,904 9,652 Other 21,579 21,680 $ 117,849 $ 118,363 Bank-owned life insurance is life insurance purchased by ASB on the lives of certain key employees, with ASB as the beneficiary. The insurance is used to fund employee benefits through tax-free income from increases in the cash value of the policies and insurance proceeds paid to ASB upon an insured’s death. Other borrowings consisted of securities sold under agreements to repurchase and advances from the Federal Home Loan Bank (FHLB) of Seattle of $212 million and $100 million , respectively, as of March 31, 2015 and $191 million and $100 million , respectively, as of December 31, 2014 . Available-for-sale investment securities. The major components of investment securities were as follows: Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Gross unrealized losses Less than 12 months 12 months or longer (dollar in thousands) Number of issues Fair value Amount Number of issues Fair value Amount March 31, 2015 Available-for-sale U.S. Treasury and federal agency obligations $ 138,593 $ 2,029 $ (395 ) $ 140,227 1 $ 9,973 $ (2 ) 3 $ 19,198 $ (393 ) Mortgage-related securities- FNMA, FHLMC and GNMA 445,559 7,149 (2,287 ) 450,421 6 40,889 (89 ) 26 147,722 (2,198 ) $ 584,152 $ 9,178 $ (2,682 ) $ 590,648 7 $ 50,862 $ (91 ) 29 $ 166,920 $ (2,591 ) December 31, 2014 Available-for-sale U.S. Treasury and federal agency obligations $ 119,507 $ 1,092 $ (1,039 ) $ 119,560 6 $ 41,970 $ (361 ) 5 $ 29,168 $ (678 ) Mortgage-related securities- FNMA, FHLMC and GNMA 430,120 5,653 (4,939 ) 430,834 6 47,029 (164 ) 29 172,623 (4,775 ) $ 549,627 $ 6,745 $ (5,978 ) $ 550,394 12 $ 88,999 $ (525 ) 34 $ 201,791 $ (5,453 ) The unrealized losses on ASB’s investments in mortgage-related securities and obligations issued by federal agencies were caused by interest rate movements. Because ASB does not intend to sell the securities and has determined it is more likely than not that it will not be required to sell the investments before recovery of their amortized cost basis, which may be at maturity, ASB did not consider these investments to be other-than-temporarily impaired at March 31, 2015 . The fair values of ASB’s investment securities could decline if interest rates rise or spreads widen. U.S. Treasury and federal agency obligations have contractual terms to maturity. Mortgage-related securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities will differ from contractual maturities because borrowers have the right to prepay the underlying mortgages. The contractual maturities of available-for-sale investment securities were as follows: March 31, 2015 Amortized cost Fair value (in thousands) Due in one year or less $ — $ — Due after one year through five years 29,958 30,296 Due after five years through ten years 71,811 73,188 Due after ten years 36,824 36,743 138,593 140,227 Mortgage-related securities-FNMA,FHLMC and GNMA 445,559 450,421 Total available-for-sale securities $ 584,152 $ 590,648 Allowance for loan losses. The allowance for loan losses (balances and changes) and financing receivables were as follows: (in thousands) Residential 1-4 family Commercial real estate Home Residential land Commercial construction Residential construction Commercial loans Consumer loans Unallocated Total Three months ended Allowance for loan losses: Beginning balance $ 4,662 $ 8,954 $ 6,982 $ 1,875 $ 5,471 $ 28 $ 14,017 $ 3,629 $ — $ 45,618 Charge-offs (156 ) — (3 ) — — — (46 ) (942 ) — (1,147 ) Recoveries 12 — 31 49 — — 341 277 — 710 Provision 403 2,274 (487 ) 362 (2,634 ) (7 ) 268 435 — 614 Ending balance $ 4,921 $ 11,228 $ 6,523 $ 2,286 $ 2,837 $ 21 $ 14,580 $ 3,399 $ — $ 45,795 Ending balance: individually evaluated for impairment $ 1,429 $ 1,785 $ 144 $ 1,085 $ — $ — $ 1,096 $ 9 $ 5,548 Ending balance: collectively evaluated for impairment $ 3,492 $ 9,443 $ 6,379 $ 1,201 $ 2,837 $ 21 $ 13,484 $ 3,390 $ — $ 40,247 Financing Receivables: Ending balance $ 2,039,099 $ 561,189 $ 814,265 $ 18,155 $ 77,164 $ 20,804 $ 803,545 $ 119,310 $ 4,453,531 Ending balance: individually evaluated for impairment $ 23,089 $ 4,998 $ 1,183 $ 7,819 $ — $ — $ 11,879 $ 15 $ 48,983 Ending balance: collectively evaluated for impairment $ 2,016,010 $ 556,191 $ 813,082 $ 10,336 $ 77,164 $ 20,804 $ 791,666 $ 119,295 $ 4,404,548 Three months ended Allowance for loan losses: Beginning balance $ 5,534 $ 5,059 $ 5,229 $ 1,817 $ 2,397 $ 19 $ 15,803 $ 2,367 $ 1,891 $ 40,116 Charge-offs (266 ) — — (6 ) — — (124 ) (561 ) — (957 ) Recoveries 341 — 11 86 — — 100 231 — 769 Provision (134 ) 656 729 (322 ) 666 5 (187 ) 279 (697 ) 995 Ending balance $ 5,475 $ 5,715 $ 5,969 $ 1,575 $ 3,063 $ 24 $ 15,592 $ 2,316 $ 1,194 $ 40,923 Ending balance: individually evaluated for impairment $ 906 $ 1,544 $ — $ 1,102 $ — $ — $ 2,133 $ — $ 5,685 Ending balance: collectively evaluated for impairment $ 4,569 $ 4,171 $ 5,969 $ 473 $ 3,063 $ 24 $ 13,459 $ 2,316 $ 1,194 $ 35,238 Financing Receivables: Ending balance $ 1,985,812 $ 452,303 $ 764,483 $ 15,906 $ 66,578 $ 16,474 $ 786,611 $ 108,202 $ 4,196,369 Ending balance: individually evaluated for impairment $ 20,141 $ 4,558 $ 1,164 $ 10,351 $ — $ — $ 19,399 $ 18 $ 55,631 Ending balance: collectively evaluated for impairment $ 1,965,671 $ 447,745 $ 763,319 $ 5,555 $ 66,578 $ 16,474 $ 767,212 $ 108,184 $ 4,140,738 Credit quality . ASB performs an internal loan review and grading on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of its lending policies and procedures. The objectives of the loan review and grading procedures are to identify, in a timely manner, existing or emerging credit trends so that appropriate steps can be initiated to manage risk and avoid or minimize future losses. Loans subject to grading include commercial, commercial real estate and commercial construction loans. Each loan is assigned an Asset Quality Rating (AQR) reflecting the likelihood of repayment or orderly liquidation of that loan transaction pursuant to regulatory credit classifications: Pass, Special Mention, Substandard, Doubtful, and Loss. The AQR is a function of the PD Model rating, the LGD, and possible non-model factors which impact the ultimate collectability of the loan such as character of the business owner/guarantor, interim period performance, litigation, tax liens, and major changes in business and economic conditions. Pass exposures generally are well protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral. Special Mention loans have potential weaknesses that, if left uncorrected, could jeopardize the liquidation of the debt. Substandard loans have well-defined weaknesses that jeopardize the liquidation of the debt and are characterized by the distinct possibility that the Bank may sustain some loss. An asset classified Doubtful has the weaknesses of those classified Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The credit risk profile by internally assigned grade for loans was as follows: March 31, 2015 December 31, 2014 (in thousands) Commercial real estate Commercial construction Commercial Commercial real estate Commercial construction Commercial Grade: Pass $ 507,993 $ 77,164 $ 739,721 $ 493,105 $ 79,312 $ 743,334 Special mention 5,203 — 31,863 5,209 — 16,095 Substandard 47,993 — 31,335 33,603 17,126 31,665 Doubtful — — 626 — — 663 Loss — — — — — — Total $ 561,189 $ 77,164 $ 803,545 $ 531,917 $ 96,438 $ 791,757 The credit risk profile based on payment activity for loans was as follows: (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 March 31, 2015 Real estate: Residential 1-4 family $ 6,074 $ 2,718 $ 12,231 $ 21,023 $ 2,018,076 $ 2,039,099 $ — Commercial real estate — — — — 561,189 561,189 — Home equity line of credit 1,041 807 629 2,477 811,788 814,265 — Residential land 422 — — 422 17,733 18,155 Commercial construction — — — — 77,164 77,164 — Residential construction — — — — 20,804 20,804 — Commercial 680 238 532 1,450 802,095 803,545 — Consumer 895 270 266 1,431 117,879 119,310 — Total loans $ 9,112 $ 4,033 $ 13,658 $ 26,803 $ 4,426,728 $ 4,453,531 $ — December 31, 2014 Real estate: Residential 1-4 family $ 6,124 $ 1,732 $ 12,632 $ 20,488 $ 2,023,717 $ 2,044,205 $ — Commercial real estate — — — — 531,917 531,917 — Home equity line of credit 1,341 501 194 2,036 816,779 818,815 — Residential land — — — — 16,240 16,240 — Commercial construction — — — — 96,438 96,438 — Residential construction — — — — 18,961 18,961 — Commercial 699 145 569 1,413 790,344 791,757 — Consumer 829 333 403 1,565 121,091 122,656 — Total loans $ 8,993 $ 2,711 $ 13,798 $ 25,502 $ 4,415,487 $ 4,440,989 $ — The credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due and TDR loans was as follows: (in thousands) March 31, 2015 December 31, 2014 Real estate: Residential 1-4 family $ 18,205 $ 19,253 Commercial real estate 4,998 5,112 Home equity line of credit 1,701 1,087 Residential land 717 720 Commercial construction — — Residential construction — — Commercial 9,018 10,053 Consumer 542 661 Total nonaccrual loans $ 35,181 $ 36,886 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 $ 14,334 $ 13,525 Commercial real estate — — Home equity line of credit 750 480 Residential land 7,102 7,130 Commercial construction — — Residential construction — — Commercial 2,720 2,972 Consumer — — Total troubled debt restructured loans not included above $ 24,906 $ 24,107 The total carrying amount and the total unpaid principal balance of impaired loans were as follows: March 31, 2015 Three months ended (in thousands) Recorded investment Unpaid principal balance Related Allowance Average recorded investment Interest income recognized* With no related allowance recorded Real estate: Residential 1-4 family $ 11,168 $ 12,460 $ — $ 11,552 $ 89 Commercial real estate 547 609 — 555 — Home equity line of credit 339 544 — 400 1 Residential land 3,265 4,121 — 2,637 52 Commercial construction — — — — — Residential construction — — — — — Commercial 6,289 8,089 — 7,295 2 Consumer — — — — — $ 21,608 $ 25,823 $ — $ 22,439 $ 144 With an allowance recorded Real estate: Residential 1-4 family $ 11,921 $ 11,974 $ 1,429 $ 11,510 $ 126 Commercial real estate 4,451 4,511 1,785 4,482 — Home equity line of credit 844 900 144 626 6 Residential land 4,554 4,632 1,085 5,189 83 Commercial construction — — — — — Residential construction — — — — — Commercial 5,590 7,549 1,096 4,982 50 Consumer 15 15 9 15 — $ 27,375 $ 29,581 $ 5,548 $ 26,804 $ 265 Total Real estate: Residential 1-4 family $ 23,089 $ 24,434 $ 1,429 $ 23,062 $ 215 Commercial real estate 4,998 5,120 1,785 5,037 — Home equity line of credit 1,183 1,444 144 1,026 7 Residential land 7,819 8,753 1,085 7,826 135 Commercial construction — — — — — Residential construction — — — — — Commercial 11,879 15,638 1,096 12,277 52 Consumer 15 15 9 15 — $ 48,983 $ 55,404 $ 5,548 $ 49,243 $ 409 December 31, 2014 Year ended December 31, 2014 (in thousands) Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized* With no related allowance recorded Real estate: Residential 1-4 family $ 11,654 $ 12,987 $ — $ 9,056 $ 227 Commercial real estate 571 626 — 194 — Home equity line of credit 363 606 — 402 5 Residential land 2,344 3,200 — 2,728 172 Commercial construction — — — — — Residential construction — — — — — Commercial 8,235 11,471 — 5,204 38 Consumer — — — 8 — $ 23,167 $ 28,890 $ — $ 17,592 $ 442 With an allowance recorded Real estate: Residential 1-4 family $ 11,327 $ 11,347 $ 951 $ 8,822 $ 419 Commercial real estate 4,541 4,541 1,845 3,415 478 Home equity line of credit 416 420 46 132 6 Residential land 5,506 5,584 1,057 6,415 484 Commercial construction — — — — — Residential construction — — — — — Commercial 4,873 5,211 760 12,089 438 Consumer 16 16 6 9 — $ 26,679 $ 27,119 $ 4,665 $ 30,882 $ 1,825 Total Real estate: Residential 1-4 family $ 22,981 $ 24,334 $ 951 $ 17,878 $ 646 Commercial real estate 5,112 5,167 1,845 3,609 478 Home equity line of credit 779 1,026 46 534 11 Residential land 7,850 8,784 1,057 9,143 656 Commercial construction — — — — — Residential construction — — — — — Commercial 13,108 16,682 760 17,293 476 Consumer 16 16 6 17 — $ 49,846 $ 56,009 $ 4,665 $ 48,474 $ 2,267 * Since loan was classified as impaired. Troubled debt restructurings. A loan modification is deemed to be a troubled debt restructuring (TDR) when ASB grants a concession it would not otherwise consider were it not for the borrower’s financial difficulty. When a borrower experiencing financial difficulty fails to make a required payment on a loan or is in imminent default, ASB takes a number of steps to improve the collectability of the loan and maximize the likelihood of full repayment. At times, ASB may modify or restructure a loan to help a distressed borrower improve its financial position to eventually be able to fully repay the loan, provided the borrower has demonstrated both the willingness and the ability to fulfill the modified terms. TDR loans are considered an alternative to foreclosure or liquidation with the goal of minimizing losses to ASB and maximizing recovery. ASB may consider various types of concessions in granting a TDR including maturity date extensions, extended amortization of principal, temporary deferral of principal payments, and temporary interest rate reductions. ASB rarely grants principal forgiveness in its TDR modifications. Residential loan modifications generally involve interest rate reduction, extending the amortization period, or capitalizing certain delinquent amounts owed not to exceed the original loan balance. Land loans at origination are typically structured as a three -year term, interest-only monthly payment with a balloon payment due at maturity. Land loan TDR modifications typically involve extending the maturity date up to five years and converting the payments from interest-only to principal and interest monthly, at the same or higher interest rate. Commercial loan modifications generally involve extensions of maturity dates, extending the amortization period, and temporary deferral of principal payments. ASB generally does not reduce the interest rate on commercial loan TDR modifications. Occasionally, additional collateral and/or guaranties are obtained. All TDR loans are classified as impaired and are segregated and reviewed separately when assessing the adequacy of the allowance for loan losses based on the appropriate method of measuring impairment: (1) present value of expected future cash flows discounted at the loan’s effective original contractual rate, (2) fair value of collateral less cost to sell, or (3) observable market price. The financial impact of the calculated impairment amount is an increase to the allowance associated with the modified loan. When available information confirms that specific loans or portions thereof are uncollectible (confirmed losses), these amounts are charged off against the allowance for loan losses. Loan modifications that occurred were as follows: Three months ended March 31, 2015 Number of Outstanding recorded investment Net increase in ALL (dollars in thousands) contracts Pre-modification Post-modification (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 5 $ 877 $ 895 $ 47 Commercial real estate — — — — Home equity line of credit 9 429 429 55 Residential land — — — — Commercial construction — — — — Residential construction — — — — Commercial 1 92 92 — Consumer — — — — 15 $ 1,398 $ 1,416 $ 102 Three months ended March 31, 2014 Number of Outstanding recorded investment Net increase in ALL (dollars in thousands) contracts Pre-modification Post-modification (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 5 $ 921 $ 935 $ 44 Commercial real estate — — — — Home equity line of credit — — — — Residential land 7 1,133 1,133 175 Commercial construction — — — — Residential construction — — — — Commercial 3 473 473 14 Consumer — — — — 15 $ 2,527 $ 2,541 $ 233 There were no loans modified in TDRs that experienced a payment default of 90 days or more in the first quarter of 2015 and 2014, and for which the payment of default occurred within one year of the modification. If loans modified in a TDR subsequently default, ASB evaluates the loan for further impairment. Based on its evaluation, adjustments may be made in the allocation of the allowance or partial charge-offs may be taken to further write-down the carrying value of the loan. There were no commitments to lend additional funds to borrowers whose loan terms have been impaired or modified in TDRs as of March 31, 2015 . Mortgage servicing rights . In its mortgage banking business, ASB sells residential mortgage loans to government-sponsored entities and other parties, who may issue securities backed by pools of such loans. ASB retains no beneficial interests in these sales, but may retain the servicing rights of the loans sold. Mortgage servicing fees, a component of other income, net, were $0.9 million for the three months ended March 31, 2015 and 2014. The carrying values of mortgage servicing assets were as follows: (in thousands) Gross Accumulated amortization Valuation allowance Net March 31, 2015 $ 28,090 $ (16,084 ) $ (41 ) $ 11,965 March 31, 2014 26,097 (14,138 ) (202 ) 11,757 Changes related to mortgage servicing rights were as follows: (in thousands) 2015 2014 Mortgage servicing rights Balance, January 1 $ 11,749 $ 11,938 Amount capitalized 906 467 Amortization (647 ) (432 ) Other-than-temporary impairment (2 ) (14 ) Carrying amount before valuation allowance, March 31 12,006 11,959 Valuation allowance for mortgage servicing rights Balance, January 1 209 251 Provision (recovery) (166 ) (35 ) Other-than-temporary impairment (2 ) (14 ) Balance, March 31 41 202 Net carrying value of mortgage servicing rights $ 11,965 $ 11,757 ASB capitalizes mortgage servicing rights acquired through either the purchase or origination of mortgage loans for sale with servicing rights retained. Changes in mortgage interest rates impact the value of ASB’s mortgage servicing rights. Rising interest rates typically result in slower prepayment speeds in the loans being serviced for others, which increases the value of mortgage servicing rights, whereas declining interest rates typically result in faster prepayment speeds which decrease the value of mortgage servicing rights and increase the amortization of the mortgage servicing rights. Key assumptions used in estimating the fair value of the bank’s mortgage servicing rights were as follows: (dollars in thousands) March 31, 2015 December 31, 2014 Unpaid principal balance $ 1,414,990 $ 1,391,030 Weighted average note rate 4.06 % 4.07 % Weighted average discount rate 9.6 % 9.6 % Weighted average prepayment speed 10.6 % 9.5 % The sensitivity analysis of fair value of MSR to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions is as follows: (dollars in thousands) March 31, 2015 December 31, 2014 Prepayment rate: 25 basis points adverse rate change $ (750 ) $ (757 ) 50 basis points adverse change (1,408 ) (1,524 ) Discount rate: 25 basis points adverse change (129 ) (140 ) 50 basis points adverse rate change (256 ) (278 ) The effect of a variation in certain assumptions on fair value is calculated without changing any other assumptions. This analysis typically cannot be extrapolated because the relationship of a change in one key assumption to the changes in the fair value of MSRs typically is not linear. Other borrowings. Securities sold under agreements to repurchase are accounted for as financing transactions and the obligations to repurchase these securities are recorded as liabilities in the balance sheet. All such agreements are subject to master netting arrangements, which provide for conditional right of set-off in case of default by either party; however, ASB presents securities sold under agreements to repurchase on a gross basis in the balance sheet. The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties: (in millions) Gross amount of recognized liabilities Gross amount offset in the Balance Sheet Net amount of liabilities presented in the Balance Sheet Repurchase agreements March 31, 2015 $212 $— $212 December 31, 2014 191 — 191 Gross amount not offset in the Balance Sheet (in millions) Net amount of liabilities presented in the Balance Sheet Financial instruments Cash collateral pledged Net amount March 31, 2015 Financial institution $ 50 $ 50 $ — $ — Government entities 56 56 — — Commercial account holders 106 106 — — Total $ 212 $ 212 $ — $ — December 31, 2014 Financial institution $ 50 $ 50 $ — $ — Government entities 56 56 — — Commercial account holders 85 85 — — Total $ 191 $ 191 $ — $ — Derivative financial instruments. ASB enters into interest rate lock commitments (IRLCs) with borrowers, and forward commitments to sell loans or to-be-announced mortgage-backed securities to investors to hedge against the inherent interest rate and pricing risk associated with selling loans. ASB enters into IRLCs for residential mortgage loans, which commit ASB to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose ASB to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in mortgage banking income. ASB enters into forward commitments to hedge the interest rate risk for rate locked mortgage applications in process and closed mortgage loans held for sale. These commitments are primarily forward sales of to-be-announced mortgage backed securities. Generally, when mortgage loans are closed, the forward commitment is liquidated and replaced with a mandatory delivery forward sale of the mortgage to a secondary market investor. In some cases, a best-efforts forward sale agreement is utilized as the forward commitment. These commitments are free-standing derivatives which are carried at fair value with changes recorded in mortgage banking income. Changes in the fair value of IRLCs and forward commitments subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time. The notional amount and fair value of ASB’s derivative financial instruments were as follows: March 31, 2015 December 31, 2014 (in thousands) Notional amount Fair value Notional amount Fair value Interest rate lock commitments $ 50,301 $ 835 $ 29,330 $ 390 Forward commitments 46,489 (265 ) 32,833 (106 ) ASB’s derivative financial instruments, their fair values, and balance sheet location were as follows: Derivative Financial Instruments Not Designated as Hedging Instruments 1 March 31, 2015 December 31, 2014 (in thousands) Asset derivatives Liability derivatives Asset derivatives Liability Interest rate lock commitments $ 836 $ 1 $ 393 $ 3 Forward commitments 15 280 5 111 $ 851 $ 281 $ 398 $ 114 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets. The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in the statements of income: Derivative Financial Instruments Not Designated as Hedging Instruments Location of net gains (losses) recognized in the Statement of Income Three months (in thousands) 2015 2014 Interest rate lock commitments Mortgage banking income $ 445 $ (270 ) Forward commitments Mortgage banking income (159 ) (106 ) $ 286 $ (376 ) Commitments to fund Low-Income Housing Tax Credit (LIHTC). ASB’s unfunded commitments to fund its LIHTC investment partnerships were $12.5 million and $14.8 million at March 31, 2015 and December 31, 2014, respectively. These unfunded commitments were unconditional and legally binding and are recorded in other liabilities with a corresponding increase in other assets. As of March 31, 2015, ASB did not have any impairment losses resulting from forfeiture or ineligibility of tax credits or other circumstances related to its LIHTC investment partnerships. Contingencies. In March 2011, a purported class action lawsuit was filed in the First Circuit Court of the state of Hawaii by a customer who claimed that ASB had improperly charged overdraft fees on debit card transactions. ASB filed a motion to dismiss the lawsuit on the basis that ASB’s overdraft practices are governed by federal regulations established for federal savings banks which preempt the customer’s state law claims. In July 2011, the Circuit Court denied ASB's motion without prejudice and ASB appealed that decision. ASB's appeal is pending before the Hawaii Supreme Court. However, in December 2014, through a voluntary mediation process, ASB reached a tentative settlement of the claims. The tentative settlement, which remains subject to final court approval, provides for a payment of $ 2.0 million into a class settlement fund, the proceeds of which will be used to refund class members and pay attorneys’ fees and administrative and other costs, in exchange for a complete release of all claims asserted against ASB. As of March 2015, the $ 2.0 million tentative settlement amount was fully reserved by ASB.

Retirement benefits

Retirement benefits	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement benefits	Retirement benefits Defined benefit pension and other postretirement benefit plans information. For the first three months of 2015 , the Company contributed $21 million ($ 21 million by the Utilities) to its pension and other postretirement benefit plans, compared to $15 million ( $14 million by the Utilities) in the first three months of 2014 . The Company’s current estimate of contributions to its pension and other postretirement benefit plans in 2015 is $86 million ( $84 million by the Utilities, $ 2 million by HEI and nil by ASB), compared to $60 million ($ 59 million by the Utilities, $1 million by HEI and nil by ASB) in 2014 . In addition, the Company expects to pay directly $2 million ( $1 million by the Utilities) of benefits in 2015 , compared to $2 million ($ 1 million by the Utilities) paid in 2014 . On Aug ust 8, 2014 and July 6, 2012, President Obama signed the Highway and Transportation Funding Act of 2014 (HATFA) and the Moving Ahead for Progress in the 21st Century Act (MAP-21), respectively, which included provisions related to the funding and administration of pension plans with no impact to the Company’s or the Utilities' accounting for pension benefits; therefore, the net periodic benefit costs disclosed for the plans were not affected. The Company elected to apply HATFA for 2014, which improved the plans’ Adjusted Funding Target Attainment Percentage for funding and benefit distribution purposes and thereby reduced the 2014 minimum funding requirement. HATFA caused the minimum required funding under the Employee Retirement Income Security Act of 1974, as amended (ERISA) to be less than the net periodic cost for 2014; therefore, to satisfy the requirements of the Utilities pension and OPEB tracking mechanisms, the Utilities contributed the net periodic cost in 2014 and expect to contribute the net periodic cost in 2015. The Pension Protection Act provides that if a pension plan’s funded status falls below certain levels, more conservative assumptions must be used to value obligations under the pension plan. The HEI Retirement Plan met the threshold requirements in each of 2013 and 2014 so that the more conservative assumptions did not apply for either the 2014 or 2015 valuation of plan liabilities for purposes of calculating the minimum required contribution. Other factors could cause changes to the required contribution levels. The components of net periodic benefit cost for HEI consolidated and Hawaiian Electric consolidated were as follows: Three months ended March 31 Pension benefits Other benefits (in thousands) 2015 2014 2015 2014 HEI consolidated Service cost $ 16,466 $ 12,127 $ 869 $ 883 Interest cost 19,139 18,001 2,235 2,160 Expected return on plan assets (22,151 ) (20,347 ) (2,907 ) (2,708 ) Amortization of net prior service loss (gain) 1 22 (448 ) (448 ) Amortization of net actuarial loss (gain) 8,962 5,038 430 (3 ) Net periodic benefit cost (credit) 22,417 14,841 179 (116 ) Impact of PUC D&Os (9,513 ) (3,011 ) 98 445 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 12,904 $ 11,830 $ 277 $ 329 Hawaiian Electric consolidated Service cost $ 15,983 $ 11,697 $ 855 $ 856 Interest cost 17,516 16,436 2,159 2,079 Expected return on plan assets (20,632 ) (18,171 ) (2,859 ) (2,663 ) Amortization of net prior service loss (gain) 10 15 (451 ) (451 ) Amortization of net actuarial loss 8,094 4,560 422 — Net periodic benefit cost (credit) 20,971 14,537 126 (179 ) Impact of PUC D&Os (9,513 ) (3,011 ) 98 445 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 11,458 $ 11,526 $ 224 $ 266 HEI consolidated recorded retirement benefits expense of $9 million ($ 8 million by the Utilities) and $8 million ( $8 million by the Utilities) in the first three months of 2015 and 2014 , respectively, and charged the remaining net periodic benefit cost primarily to electric utility plant. The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, these retirement benefit costs that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will be amortized over 5 years beginning with the issuance of the PUC’s D&O in the respective utility’s next rate case. Defined contribution plans information. For the first three months of 2015 and 2014 , the Company’s expense for its defined contribution pension plans under the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and the ASB 401(k) Plan was $1.4 million and $1.1 million , respectively, and cash contributions were $2.5 million and $2.8 million , respectively. For the first three months of 2015 and 2014 , the Utilities’ expense for its defined contribution pension plan under the HEIRSP was $ 0.4 million and $0.2 million , respectively, and cash contributions were $ 0.4 million and $0.2 million , respectively.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	Share-based compensation Under the 2010 Equity and Incentive Plan, as amended, HEI can issue shares of common stock as incentive compensation to selected employees in the form of stock options, stock appreciation rights (SARs), restricted shares, restricted stock units, performance shares and other share-based and cash-based awards. The 2010 Equity and Incentive Plan (original EIP) was amended and restated effective March 1, 2014 (EIP) and an additional 1.5 million shares was added to the shares available for issuance under these programs. As of March 31, 2015 , approximately 3.5 million shares remained available for future issuance under the terms of the EIP, (assuming recycling of shares withheld to satisfy minimum statutory tax liabilities relating to EIP awards), including an estimated 0.8 million shares that could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals for awards outstanding under long-term incentive plans (assuming that such performance goals are achieved at maximum levels). Under the 2011 Nonemployee Director Stock Plan (2011 Director Plan), HEI can issue shares of common stock as compensation to nonemployee directors of HEI, Hawaiian Electric and ASB. As of March 31, 2015 , there were 169,290 shares remaining available for future issuance under the 2011 Director Plan. Share-based compensation expense and the related income tax benefit were as follows: Three months ended March 31 (in millions) 2015 2014 HEI consolidated Share-based compensation expense 1 $ 1.8 $ 2.4 Income tax benefit 0.6 0.8 Hawaiian Electric consolidated Share-based compensation expense 1 0.5 0.7 Income tax benefit 0.2 0.3 1 $0.04 million and $0.04 million of this share-based compensation expense was capitalized in the three months ended March 31, 2015 and 2014 , respectively. Stock awards. In the second quarter of each year, HEI grants shares to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan. The number of shares issued to each nonemployee director of HEI, Hawaiian Electric and ASB is determined based on the closing price of HEI Common Stock on the grant date. Stock appreciation rights. As of December 31, 2014 , the shares underlying SARs outstanding totaled 80,000 , with a weighted-average exercise price of $26.18 . As of March 31, 2015 , there were no remaining SARs outstanding. SARs activity and statistics were as follows: Three months ended March 31 (dollars in thousands, except prices) 2015 2014 Shares underlying SARS exercised 80,000 - Weighted-average price of shares exercised $ 26.18 - Intrinsic value of shares exercised 1 502 - Tax benefit realized for the deduction of exercises 162 - 1 Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalent rights exceeds the exercise price of the right. Restricted stock units. Information about HEI’s grants of restricted stock units was as follows: Three months ended March 31 2015 2014 Shares (1) Shares (1) Outstanding, beginning of period 261,235 $ 25.77 288,151 $ 25.17 Granted 84,294 33.74 115,036 25.19 Vested (79,219 ) 25.77 (71,029 ) 25.79 Forfeited (4,619 ) 25.83 — — Outstanding, end of period 261,691 $ 28.33 332,158 $ 25.04 Total weighted-average grant-date fair value of shares granted ($ millions) $ 2.8 $ 2.9 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. As of March 31, 2015 , there was $6.5 million of total unrecognized compensation cost related to the nonvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 2.9 years . For the first three months of 2015 and 2014 , total restricted stock units that vested and related dividends had a fair value of $3.0 million and $2.0 million , respectively, and the related tax benefits were $1.0 million and $0.7 million , respectively. Long-term incentive plan payable in stock. The 2013-2015 long-term incentive plan (LTIP) and 2014-2016 LTIP provide for performance awards under the original EIP of shares of HEI common stock based on the satisfaction of performance goals considered to be a market condition and service conditions. The number of shares of HEI common stock that may be awarded is fixed on the date the grants are made subject to the achievement of specified performance levels. The potential payout varies from 0% to 200% of the number of target shares depending on achievement of the goals. The LTIP performance goals for the LTIP periods include awards with a market goal based on total return to shareholders (TRS) of HEI stock as a percentile to the Edison Electric Institute Index over the applicable three -year period. In addition, the 2013-2015 LTIP and 2014-2016 LTIP have performance goals related to levels of HEI consolidated net income, HEI consolidated return on average common equity (ROACE), Hawaiian Electric consolidated net income, Hawaiian Electric consolidated ROACE and ASB net income — all based on the applicable three -year averages, and ASB return on assets relative to performance peers. The 2015-2017 LTIP provides for performance awards payable in cash, and thus, is not included in the tables below. LTIP linked to TRS . Information about HEI’s LTIP grants linked to TRS was as follows: Three months ended March 31 2015 2014 Shares (1) Shares (1) Outstanding, beginning of period 257,956 $ 28.45 232,127 $ 32.88 Granted (target level) — — 96,793 22.95 Vested (issued or unissued and cancelled) (75,915 ) 30.71 (70,189 ) 35.46 Forfeited (13,264 ) 26.00 (488 ) 32.13 Outstanding, end of period 168,777 $ 27.63 258,243 $ 28.46 Total weighted-average grant-date fair value of shares granted ($ millions) $ — $ 2.2 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model. The grant date fair values of the shares were determined using a Monte Carlo simulation model utilizing actual information for the common shares of HEI and its peers for the period from the beginning of the performance period to the grant date and estimated future stock volatility and dividends of HEI and its peers over the remaining three-year performance period. The expected stock volatility assumptions for HEI and its peer group were based on the three-year historic stock volatility, and the annual dividend yield assumptions were based on dividend yields calculated on the basis of daily stock prices over the same three-year historical period. The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted: 2014 Risk-free interest rate 0.66 % Expected life in years 3 Expected volatility 17.8 % Range of expected volatility for Peer Group 12.4% to 23.3% Grant date fair value (per share) $ 22.95 For the three months ended March 31, 2015 and 2014 , there were no vested LTIP awards linked to TRS. For the three months ended March 31, 2015 , all of the shares vested (which were granted at target level based on the satisfaction of TRS performance) for the 2012-2014 LTIP lapsed. As of March 31, 2015 , there was $1.6 million of total unrecognized compensation cost related to the nonvested performance awards payable in shares linked to TRS. The cost is expected to be recognized over a weighted-average period of 1.3 years . LTIP awards linked to other performance conditions . Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows: Three months ended March 31 2015 2014 Shares (1) Shares (1) Outstanding, beginning of period 364,731 $ 26.01 296,843 $ 26.14 Granted (target level) — — 128,873 25.19 Vested (issued) (121,249 ) 26.05 (65,089 ) 24.95 Forfeited (13,263 ) 25.72 (557 ) 26.55 Outstanding, end of period 230,219 $ 26.00 360,070 $ 26.01 Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) $ — $ 3.2 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. For the three months ended March 31, 2015 and 2014 , total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $4.7 million and $1.9 million and the related tax benefits were $1.8 million and $0.8 million , respectively. As of March 31, 2015 , there was $2.4 million of total unrecognized compensation cost related to the nonvested shares linked to performance conditions other than TRS. The cost is expected to be recognized over a weighted-average period of 1.3 years .

Earnings per share and sharehol

Earnings per share and shareholders' equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Earnings per share and shareholders' equity	Earnings per share and shareholders’ equity Earnings per share. Under the two-class method of computing earnings per share (EPS), EPS was comprised as follows for both participating securities (i.e., restricted shares that became fully vested in the fourth quarter of 2014) and unrestricted common stock: Three months ended March 31, 2014 Basic and diluted Distributed earnings $ 0.31 Undistributed earnings 0.14 $ 0.45 As of March 31, 2015 , there were no remaining share awards that could have been potentially antidilutive. As of March 31, 2014 , the antidilutive effect of SARs on 102,000 shares of HEI common stock (for which the exercise prices were greater than the closing market prices of HEI’s common stock on such dates), was not included in the computation of diluted EPS. Shareholders’ equity. Equity forward transaction . On March 19, 2013, HEI entered into an equity forward transaction in connection with a public offering on that date of 6.1 million shares of HEI common stock at $26.75 per share. On March 19, 2013, HEI common stock closed at $27.01 per share. On March 20, 2013, the underwriters exercised their over-allotment option in full and HEI entered into an equity forward transaction in connection with the resulting additional 0.9 million shares of HEI common stock. The use of an equity forward transaction substantially eliminates future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating immediate share dilution resulting from the offering by postponing the actual issuance of common stock until funds are needed in accordance with the Company’s capital investment plans. Pursuant to the terms of these transactions, a forward counterparty borrowed 7 million shares of HEI’s common stock from third parties and sold them to a group of underwriters for $26.75 per share, less an underwriting discount equal to $1.00312 per share. Under the terms of the equity forward transactions, HEI was required to issue and deliver shares of HEI common stock to the forward counterparty at the then applicable forward sale price. The forward sale price was initially determined to be $25.74688 per share at the time the equity forward transactions were entered into, and the amount of cash to be received by HEI upon physical settlement of the equity forward was subject to certain adjustments in accordance with the terms of the equity forward transactions. The equity forward transactions had no initial fair value since they were entered into at the then market price of the common stock. HEI concluded that the equity forward transactions were equity instruments based on the accounting guidance in Accounting Standards Codification (ASC) Topic 480, “Distinguishing Liabilities from Equity,” and ASC Topic 815, “Derivatives and Hedging,” and that they qualified for an exception from derivative accounting under ASC Topic 815 because the forward sale transactions were indexed to its own stock. On December 19, 2013 and July 14, 2014, HEI settled 1.3 million and 1.0 million shares under the equity forward for proceeds of $32.1 million (net of the underwriting discount of $1.3 million ) and $23.9 million (net of underwriting discount of $ 1.0 million ), respectively, which funds were ultimately used to purchase Hawaiian Electric shares . On March 20, 2015, HEI settled the remaining 4.7 million shares under the equity forward for proceeds of $104.5 million (net of the underwriting discount of $4.7 million ), which funds were were used to purchase Hawaiian Electric shares, for the reduction of debt and for general corporate purposes. The proceeds were recorded in equity at the time of settlement. Prior to their settlement, the shares remaining under the equity forward transactions were reflected in HEI’s diluted EPS calculations using the treasury stock method. Accumulated other comprehensive income . Changes in the balances of each component of accumulated other comprehensive income/(loss) (AOCI) were as follows: HEI Consolidated Hawaiian Electric Consolidated (in thousands) Net unrealized gains (losses) on securities Unrealized losses on derivatives Retirement benefit plans AOCI AOCI -retirement benefit plans Balance, December 31, 2014 $ 462 $ (289 ) $ (27,551 ) $ (27,378 ) $ 45 Current period other comprehensive income 3,451 59 548 4,058 22 Balance, March 31, 2015 $ 3,913 $ (230 ) $ (27,003 ) $ (23,320 ) $ 67 Balance, December 31, 2013 $ (3,663 ) $ (525 ) $ (12,562 ) $ (16,750 ) $ 608 Current period other comprehensive income 805 59 303 1,167 9 Balance, March 31, 2014 $ (2,858 ) $ (466 ) $ (12,259 ) $ (15,583 ) $ 617 Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Three months ended March 31 (in thousands) 2015 2014 Affected line item in the Statement of Income HEI consolidated Net realized gains on securities $ 3,451 $ (1,715 ) Revenues-bank (net gains on sales of securities) Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) 59 59 Interest expense Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost 5,459 2,813 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (4,911 ) (2,510 ) See Note 6 for additional details Total reclassifications $ 4,058 $ (1,353 ) Hawaiian Electric consolidated Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost $ 4,933 $ 2,519 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (4,911 ) (2,510 ) See Note 6 for additional details Total reclassifications $ 22 $ 9

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements Fair value estimates are estimates of the price that would be received to sell an asset, or paid upon the transfer of a liability, in an orderly transaction between market participants at the measurement date. The fair value estimates are generally determined based on assumptions that market participants would use in pricing the asset or liability and are based on market data obtained from independent sources. However, in certain cases, the Company and the Utilities use their own assumptions about market participant assumptions based on the best information available in the circumstances. These valuations are estimates at a specific point in time, based on relevant market information, information about the financial instrument and judgments regarding future expected loss experience, economic conditions, risk characteristics of various financial instruments and other factors. These estimates do not reflect any premium or discount that could result if the Company or the Utilities were to sell its entire holdings of a particular financial instrument at one time. Because no active trading market exists for a portion of the Company’s and the Utilities’ financial instruments, fair value estimates cannot be determined with precision. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates. In addition, the tax ramifications related to the realization of the unrealized gains and losses could have a significant effect on fair value estimates, but have not been considered in making such estimates. The Company and the Utilities group their financial assets measured at fair value in three levels outlined as follows: Level 1: Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Classification in the hierarchy is based upon the lowest level input that is significant to the fair value measurement of the asset or liability. For instruments classified in Level 1 and 2 where inputs are primarily based upon observable market data, there is less judgment applied in arriving at the fair value. For instruments classified in Level 3, management judgment is more significant due to the lack of observable market data. Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. Examples of nonrecurring uses of fair value include mortgage servicing rights accounted for by the amortization method, loan impairments for certain loans, goodwill and AROs. The fair value of Hawaiian Electric’s ARO (Level 3) was determined by discounting the expected future cash flows using market-observable risk-free rates as adjusted by Hawaiian Electric’s credit spread (also see Note 4 ). Fair value measurement and disclosure valuation methodology. Following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value: Short-term borrowings—other than bank . The carrying amount approximated fair value because of the short maturity of these instruments. Investment securities . The fair value of ASB’s investment securities is determined quarterly through pricing obtained from independent third-party pricing services or from brokers not affiliated with the trade. Non-binding broker quotes are infrequent and generally occur for new securities that are settled close to the month-end pricing date. The third-party pricing vendors the Company uses for pricing its securities are reputable firms that provide pricing services on a global basis and have processes in place to ensure quality and control. The third-party pricing services use a variety of methods to determine the fair value of securities that fall under Level 2 of the Company’s fair value measurement hierarchy. Among the considerations are quoted prices for similar securities in an active market, yield spreads for similar trades, adjustments for liquidity, size, collateral characteristics, historic and generic prepayment speeds, and other observable market factors. To enhance the robustness of the pricing process, ASB will on a quarterly basis compare its standard third-party vendor’s price with that of another third-party vendor. If the prices are within an acceptable tolerance range, the price of the standard vendor will be accepted. If the variance is beyond the tolerance range, an evaluation will be conducted by ASB and a challenge to the price may be made. Fair value in such cases will be based on the value that best reflects the data and observable characteristics of the security. In all cases, the fair value used will have been independently determined by a third-party pricing vendor or non-affiliated broker and not by ASB. Loans held for sale . Residential mortgage loans carried at the lower of cost or market are valued using market observable pricing inputs, which are derived from third party loan sales and securitizations and, therefore, are classified within Level 2 of the valuation hierarchy. Loans held for investment . Fair value of loans held for investment is derived using a discounted cash flow approach which includes an evaluation of the underlying loan characteristics. The valuation model uses loan characteristics which includes product type, maturity dates, and the underlying interest rate of the portfolio. This information is input into the valuation models along with various forecast valuation assumptions including prepayment forecasts, to determine the discount rate. These assumptions are derived from internal and third party sources. Noting the valuation is derived from model-based techniques, ASB includes loans held for investment within Level 3 of the valuation hierarchy. Impaired loans . At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Fair value is determined primarily by using an income, cost, or market approach and is normally provided through appraisals. Impaired loans carried at fair value generally receive specific allocations within the allowance for loan losses. For collateral-dependent loans, fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Generally, impaired loans are evaluated quarterly for additional impairment and adjusted accordingly. Other real estate owned . Foreclosed assets are carried at fair value (less estimated costs to sell) and is generally based upon appraisals or independent market prices that are periodically updated subsequent to classification as real estate owned. Such adjustments typically result in a Level 3 classification of the inputs for determining fair value. ASB estimates the fair value of collateral-dependent loans and real estate owned using the sales comparison approach. Mortgage servicing rights . Mortgage servicing rights (MSR) are capitalized at fair value based on market data at the time of sale and accounted for in subsequent periods at the lower of amortized cost or fair value. Mortgage servicing rights are evaluated for impairment at each reporting date. ASB's MSR is stratified based on predominant risk characteristics of the underlying loans including loan type and note rate. For each stratum, fair value is calculated by discounting expected net income streams using discount rates that reflect industry pricing for similar assets. Expected net income streams are estimated based on industry assumptions regarding prepayment expectations and income and expenses associated with servicing residential mortgage loans for others. Impairment is recognized through a valuation allowance for each stratum when the carrying amount exceeds fair value, with any associated provision recorded as a component of loan servicing fees included in "Other income, net" in the consolidated statements of income. A direct write-down is recorded when the recoverability of the valuation allowance is deemed to be unrecoverable. ASB compares the fair value of MSR to an estimated value calculated by an independent third-party. The third-party relies on both published and unpublished sources of market related assumptions and their own experience and expertise to arrive at a value. ASB uses the third-party value only to assess the reasonableness of its own estimate. Time deposits . The fair value of fixed-maturity certificates of deposit was estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. Other borrowings . For advances and repurchase agreements, fair value is estimated using quantitative discounted cash flow models that require the use of interest rate inputs that are currently offered for advances and repurchase agreements of similar remaining maturities. The majority of market inputs are actively quoted and can be validated through external sources. Long-term debt . Fair value was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar remaining maturities. Interest rate lock commitments (IRLCs) . The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. IRLCs are classified as Level 2 measurements. Forward sales commitments . To be announced (TBA) mortgage-backed securities forward commitments are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of ASB’s best efforts and mandatory delivery loan sale commitments are determined using quoted prices in the market place that are observable and are classified as Level 2 measurements. The following table presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments. For stock in Federal Home Loan Bank of Seattle, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. Estimated fair value Carrying 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 March 31, 2015 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 590,648 — 590,648 — 590,648 Stock in Federal Home Loan Bank of Seattle 63,711 — 63,711 — 63,711 Loans receivable, net 4,411,410 — — 4,616,814 4,616,814 Derivative assets 851 — 851 — 851 Financial liabilities Deposit liabilities 4,751,328 — 4,752,331 — 4,752,331 Short-term borrowings—other than bank 30,500 — 30,500 — 30,500 The Utilities’ short-term borrowings (included in amount above) 30,000 — 30,000 — 30,000 Other bank borrowings 312,094 — 320,329 — 320,329 Long-term debt, net—other than bank 1,506,546 — 1,645,545 — 1,645,545 The Utilities’ long-term debt, net (included in amount above) 1,206,546 — 1,336,267 — 1,336,267 Derivative liabilities 281 249 32 — 281 December 31, 2014 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 550,394 — 550,394 — 550,394 Stock in Federal Home Loan Bank of Seattle 69,302 — 69,302 — 69,302 Loans receivable, net 4,397,457 — — 4,578,822 4,578,822 Derivative assets 398 — 398 — 398 Financial liabilities Deposit liabilities 4,623,415 — 4,623,773 — 4,623,773 Short-term borrowings—other than bank 118,972 — 118,972 — 118,972 Other bank borrowings 290,656 — 298,837 — 298,837 Long-term debt, net—other than bank 1,506,546 — 1,622,736 — 1,622,736 The Utilities’ long-term debt, net (included in amount above) 1,206,546 — 1,313,893 — 1,313,893 Derivative liabilities 114 71 43 — 114 As of March 31, 2015 and December 31, 2014 , loans serviced by ASB for others had notional amounts of $1.5 billion and $1.4 billion , and the estimated fair value of the mortgage servicing rights for such loans was $14.6 million and $14.5 million , respectively. Fair value measurements on a recurring basis. Assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2015 December 31, 2014 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) $ — $ 10 $ — $ — $ 10 $ — Available-for-sale investment securities (bank segment) Mortgage-related securities-FNMA, FHLMC and GNMA $ — $ 450,421 $ — $ — $ 430,834 $ — U.S. Treasury and federal agency obligations — 140,227 — — 119,560 — $ — $ 590,648 $ — $ — $ 550,394 $ — Derivative assets 1 Interest rate lock commitments $ — $ 836 $ — $ — $ 393 $ — Forward commitments — 15 — — 5 — $ — $ 851 $ — $ — $ 398 $ — Derivative liabilities 1 Interest rate lock commitments $ — $ 1 $ — $ — $ 3 $ — Forward commitments 249 31 — 71 40 — $ 249 $ 32 $ — $ 71 $ 43 $ — 1 Derivatives are carried at fair value with changes in value reflected in the balance sheet in other assets or other liabilities and included in mortgage banking income. There were no transfers of financial assets and liabilities between Level 1 and Level 2 of the fair value hierarchy during the quarter ended March 31, 2015. Fair value measurements on a nonrecurring basis. Certain assets and liabilities are measured at fair value on a nonrecurring basis and therefore are not included in the tables above. These measurements primarily result from assets carried at the lower of cost or fair value or from impairment of individual assets. Assets measured at fair value on a nonrecurring basis were as follows: Fair value measurements (in thousands) Balance Level 1 Level 2 Level 3 March 31, 2015 Loans $ 2,494 $ — $ — $ 2,494 Real estate acquired in settlement of loans 665 — — 665 December 31, 2014 Loans 2,445 — — 2,445 Real estate acquired in settlement of loans 288 — — 288 At March 31, 2015 and 2014 , there were no adjustments to fair value for ASB’s loans held for sale. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis: Significant unobservable input value 1 ($ in thousands) Fair value Valuation technique Significant unobservable input Range Weighted Average March 31, 2015 Residential loans $ 2,377 Fair value of property or collateral Appraised value less 7% selling costs 39-99% 78% Home equity lines of credit 3 Fair value of property or collateral Appraised value less 7% selling costs 7% Commercial loans 114 Fair value of property or collateral Fair value of business assets 88% Total loans $ 2,494 Real estate acquired in settlement of loans $ 665 Fair value of property or collateral Appraised value less 7% selling costs 100% 100% December 31, 2014 Residential loans $ 2,297 Fair value of property or collateral Appraised value less 7% selling costs 39-99% 83% Home equity lines of credit 3 Fair value of property or collateral Appraised value less 7% selling costs 7% Commercial loans 145 Fair value of property or collateral Fair value of business assets 91% Total loans $ 2,445 Real estate acquired in settlement of loans $ 288 Fair value of property or collateral Appraised value less 7% selling cost 100% 100% 1 Represent percent of outstanding principal balance. Significant increases (decreases) in any of those inputs in isolation would result in significantly higher (lower) fair value measurements.

Cash flows

Cash flows	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Cash flows	Cash flows Three months ended March 31 2015 2014 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates $ 21 $ 20 Income taxes paid 1 1 Income taxes refunded 47 19 Hawaiian Electric consolidated Interest paid to non-affiliates 13 13 Income taxes refunded 6 8 Supplemental disclosures of noncash activities HEI consolidated Real estate acquired in settlement of loans — 1 Real estate transferred from property, plant and equipment to other assets held-for-sale 5 — Obligations to fund low income housing investments — 10 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices (41 ) (16 ) (1) As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Recent accounting pronouncement

Recent accounting pronouncements	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements Investments in Qualified Affordable Housing Projects. In January 2014, the FASB issued ASU No. 2014-01, “Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects,” which permits entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met and investment amortization, net of tax credits, may be recognized in the income statement as a component of income taxes attributable to continuing operations. The amendments also require additional disclosures. The Company retrospectively adopted ASU No. 2014-01 in the first quarter of 2015. For prior periods, pursuant to ASU No. 2014-01, (a) amortization expense related to ASB’s qualifying investments in low income housing tax credits was reclassified from noninterest expense to income taxes; and (b) additional amortization, net of associated tax benefits was recognized in income taxes as a result of the adoption. The cumulative effect to retained earnings as of January 1, 2014 of adopting this guidance was a reduction of $0.7 million . Amounts in the financial statements as of December 31, 2014 and 2013 and for the three months ended March 31, 2014, have been updated to reflect the retrospective application. For the quarter ended March 31, 2015, ASB recognized $1.3 million of amortization, $1.4 million of tax credits and $0.5 million of other tax benefits associated with the low income housing tax credits within income taxes. The table below summarizes the impact to prior period financial statements of the adoption of ASU No. 2014-01: HEI Consolidated ASB (in thousands) As previously filed Adjustment from adoption of ASU No. 2014-01 Restatement As currently reported As previously filed Adjustment from adoption of ASU No. 2014-01 As currently reported HEI Consolidated Income Statement/ASB Statement of Income Data Three months ended March 31, 2014 Bank expenses/Noninterest expense $ 41,996 $ (908 ) $ 41,088 $ 38,370 $ (908 ) $ 37,462 Bank operating income/Income before income taxes $ 21,623 $ 908 $ 22,531 $ 21,624 $ 908 $ 22,532 Income taxes $ 24,673 $ 1,048 $ 25,721 $ 7,085 $ 1,048 $ 8,133 Net income for common stock/Net income $ 45,927 $ (140 ) $ 45,787 $ 14,539 $ (140 ) $ 14,399 HEI Consolidated Balance Sheet/ASB Balance Sheet Data December 31, 2014 Other assets $ 541,542 $ 981 $ 542,523 $ 304,435 $ 981 $ 305,416 Total assets and Total liabilities and shareholders’ equity $ 11,184,161 $ 981 $ 11,185,142 $ 5,565,241 $ 981 $ 5,566,222 Deferred income taxes/Other liabilities $ 631,734 $ 1,836 $ 633,570 $ 116,527 $ 1,836 $ 118,363 Total liabilities $ 9,358,440 $ 1,836 $ 9,360,276 $ 5,030,598 $ 1,836 $ 5,032,434 Retained earnings $ 297,509 $ (855 ) $ 296,654 $ 212,789 $ (855 ) $ 211,934 Total shareholders’ equity $ 1,791,428 $ (855 ) $ 1,790,573 $ 534,643 $ (855 ) $ 533,788 HEI Consolidated Statement of Changes in Stockholders’ Equity December 31, 2013 Retained earnings $ 255,694 $ (664 ) $ 255,030 Total shareholders’ equity $ 1,727,070 $ (664 ) $ 1,726,406 HEI Consolidated Statement of Cash Flows Three months ended March 31, 2014 Net income $ 46,400 $ (140 ) $ 46,260 Increase in deferred income taxes $ 6,298 $ 159 $ 6,457 Change in other assets and liabilities $ (27,208 ) $ (19 ) $ (2,704 ) $ (29,931 ) Reclassification of loans upon foreclosure . In January 2014, the FASB issued ASU No. 2014-04, “Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which clarifies when an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer loan. A creditor is considered to have received physical possession of residential real estate property collateralizing a consumer loan upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through a deed in lieu of foreclosure or through a similar legal agreement. The amendment also requires additional disclosures. The Company adopted ASU No. 2014-04 in the first quarter of 2015 and the adoption did not have a material impact on the Company’s results of operations, financial condition or liquidity. Revenues from contracts. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers: (Topic 606).” The core principle of the guidance in ASU No. 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract/s with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, the entity satisfies a performance obligation. The Company plans to adopt ASU No. 2014-09 in the first quarter of 2017, but has not determined the method of adoption (full or modified retrospective application) nor the impact of adoption on its results of operations, financial condition or liquidity. Repurchase agreements. In June 2014, the FASB issued ASU No. 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosure, ” which changes the accounting for repurchase-to-maturity transactions and repurchase financing arrangements. It also requires additional disclosures about repurchase agreements and other similar transactions. The ASU requires a new disclosure for transactions economically similar to repurchase agreements in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The ASU also requires expanded disclosures about the nature of collateral pledged in repurchase agreements and similar transactions accounted for as secured borrowings. The Company adopted ASU No. 2014-11 in the first quarter of 2015 and the adoption did not have a material impact on the Company’s results of operations, financial condition or liquidity. Debt issuance costs. In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The Company plans to retrospectively adopt ASU No. 2015-03 in the first quarter 2016 and does not expect the adoption to have a material impact on the Company’s results of operations, financial condition or liquidity.

Credit agreement and long-term

Credit agreement and long-term debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Credit agreement and long-term debt	Credit agreements and long-term debt Credit agreements. HEI . On April 2, 2014, HEI and a syndicate of nine financial institutions entered into an amended and restated revolving non-collateralized credit agreement (HEI Facility). The HEI Facility increased HEI’s line of credit to $150 million from $125 million , extended the term of the facility to April 2, 2019, and provided improved pricing compared to HEI’s prior facility. Under the HEI Facility, draws would generally bear interest, based on HEI’s current long-term credit ratings, at the “Adjusted LIBO Rate,” as defined in the agreement, plus 137.5 basis points and annual fees on undrawn commitments of 20 basis points. The HEI Facility contains updated provisions for pricing adjustments in the event of a long-term ratings change based on the HEI Facility’s ratings-based pricing grid. Certain modifications were made to incorporate some updated terms and conditions customary for facilities of this type. In addition, the HEI Consolidated Net Worth covenant, as defined in the original facility, was removed from the HEI Facility, leaving only one financial covenant (relating to HEI’s ratio of funded debt to total capitalization, each on a non-consolidated basis). Under the credit agreement, it is an event of default if HEI fails to maintain an unconsolidated “Capitalization Ratio” (funded debt) of 50% or less (actual ratio of 14% as of March 31, 2015 , as calculated under the agreement) or if HEI no longer owns Hawaiian Electric. The HEI Facility does not contain clauses that would affect access to the facility by reason of a ratings downgrade, nor does it have broad “material adverse change” clauses, but it continues to contain customary conditions which must be met in order to draw on it, including compliance with covenants (such as covenants preventing HEI’s subsidiaries from entering into agreements that restrict the ability of the subsidiaries to pay dividends to, or to repay borrowings from, HEI). The facility will be maintained to support the issuance of commercial paper, but also may be drawn to repay HEI’s short-term and long-term indebtedness, to make investments in or loans to subsidiaries and for HEI’s working capital and general corporate purposes. Hawaiian Electric . On April 2, 2014, Hawaiian Electric and a syndicate of nine financial institutions entered into an amended and restated revolving non-collateralized credit agreement (Hawaiian Electric Facility). The Hawaiian Electric Facility increased Hawaiian Electric’s line of credit to $200 million from $175 million . In January 2015, the PUC approved Hawaiian Electric’s request to extend the term of the credit facility to April 2, 2019. The Hawaiian Electric Facility provided improved pricing compared to its prior facility. Under the Hawaiian Electric Facility, draws would generally bear interest, based on Hawaiian Electric’s current long-term credit ratings, at the “Adjusted LIBO Rate,” as defined in the agreement, plus 125 basis points and annual fees on undrawn commitments of 17.5 basis points. The Hawaiian Electric Facility contains updated provisions for pricing adjustments in the event of a long-term ratings change based on the Hawaiian Electric Facility’s ratings-based pricing grid. Certain modifications were made to incorporate some updated terms and conditions customary for facilities of this type. The Hawaiian Electric Facility does not contain clauses that would affect access to the facility by reason of a ratings downgrade, nor does it have broad “material adverse change” clauses, but it continues to contain customary conditions which must be met in order to draw on it, including compliance with several covenants (such as covenants preventing its subsidiaries from entering into agreements that restrict the ability of the subsidiaries to pay dividends to, or to repay borrowings from, Hawaiian Electric, and restricting its ability as well as the ability of any of its subsidiaries to guarantee additional indebtedness of the subsidiaries if such additional debt would cause the subsidiary’s “Consolidated Subsidiary Funded Debt to Capitalization Ratio” to exceed 65% (ratio of 41% for Hawaii Electric Light and 42% for Maui Electric as of March 31, 2015 , as calculated under the agreement)). In addition to customary defaults, Hawaiian Electric’s failure to maintain its financial ratios, as defined in its credit agreement, or meet other requirements may result in an event of default. For example, under the credit agreement, it is an event of default if Hawaiian Electric fails to maintain a “Consolidated Capitalization Ratio” (equity) of at least 35% (ratio of 57% as of March 31, 2015 , as calculated under the credit agreement), or if Hawaiian Electric is no longer owned by HEI. Under the proposed Merger Agreement, Hawaiian Electric will become a wholly-owned subsidiary of NextEra. The terms of the Hawaiian Electric Facility are such that the proposed Merger would constitute a “Change in Control.” Hawaiian Electric has requested, and the financial institutions providing the Hawaiian Electric Facility have consented and agreed, that the proposed Merger shall not constitute a “Change in Control,” as defined in the credit agreement, provided that (i) the Merger is consummated and (ii) Hawaiian Electric becomes and remains a wholly-owned subsidiary of NextEra. The credit facility will be maintained to support the issuance of commercial paper, but also may be drawn to repay Hawaiian Electric’s short-term indebtedness, to make loans to subsidiaries and for Hawaiian Electric’s capital expenditures, working capital and general corporate purposes. Changes in long-term debt. May 2014 loan . On May 2, 2014, HEI entered into a loan agreement with The Bank of Tokyo-Mitsubishi UFJ, Ltd., Royal Bank of Canada and U.S. Bank, National Association, which agreement includes substantially the same financial covenant and customary conditions as the HEI credit agreement described above. On May 2, 2014, HEI drew a $125 million Eurodollar term loan for a term of two years and at a resetting interest rate ranging from 1.12% to 1.15% through March 31, 2015. The proceeds from the term loan were used to pay off $100 million of 6.51% medium term notes at maturity on May 5, 2014, pay down maturing commercial paper and for general corporate purposes.

Basis of presentation (Tables)

Basis of presentation (Tables)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of new accounting pronouncements and changes in accounting principles	The table below illustrates the effects of the restatement on the previously filed financial statements: Three months ended March 31, 2015 Three months ended March 31, 2014 As As previously As previously As (in thousands) filed restated Difference filed restated Difference Consolidated Statements of Cash Flows HEI consolidated Cash flows from operating activities Other amortization $ 1,362 $ 2,371 $ 1,009 N/A N/A N/A Increase in deferred income taxes (1) 15,265 3,828 (11,437 ) N/A N/A N/A Share-based compensation expense — 1,754 1,754 $ — $ 2,361 $ 2,361 Increase/(decrease) in accounts, interest and dividends payable (42,463 ) 22,053 64,516 (9,307 ) 15,306 24,613 Change in prepaid and accrued income taxes and utility revenue taxes (61,397 ) (9,461 ) 51,936 N/A N/A N/A Change in other assets and liabilities (1) 19,826 (25,992 ) (45,818 ) (27,227 ) (29,931 ) (2,704 ) Net cash provided by operating activities 76,650 138,610 61,960 19,421 43,691 24,270 Cash flows from investing activities Capital expenditures (59,011 ) (123,527 ) (64,516 ) (65,829 ) (90,442 ) (24,613 ) Cash flows from investing activities-Other 3,281 3,549 268 — 343 343 Net cash used in investing activities (87,797 ) (152,045 ) (64,248 ) (74,232 ) (98,502 ) (24,270 ) Cash flows from financing activities Cash flows from financing activities-Other (6,253 ) (3,965 ) 2,288 N/A N/A N/A Net cash provided by financing activities 127,773 130,061 2,288 N/A N/A N/A Hawaiian Electric consolidated Cash flows from operating activities Other amortization 689 1,698 1,009 N/A N/A N/A Increase/(decrease) in accounts payable (49,136 ) 15,380 64,516 (16,024 ) 8,589 24,613 Change in other assets and liabilities (8,522 ) (9,774 ) (1,252 ) (10,981 ) (11,324 ) (343 ) Net cash provided by operating activities 32,887 97,160 64,273 637 24,907 24,270 Cash flows from investing activities Capital expenditures (54,358 ) (118,874 ) (64,516 ) (64,462 ) (89,075 ) (24,613 ) Cash flows from investing activities-Other — 243 243 — 343 343 Net cash used in investing activities (45,213 ) (109,486 ) (64,273 ) (57,504 ) (81,774 ) (24,270 ) Note 10 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing) (in millions) 24 (41 ) (65 ) 9 (16 ) (25 ) (1) As previously filed and adjusted by ASU No. 2014-01 (see Note 11). N/A - Not applicable. The table below summarizes the impact to prior period financial statements of the adoption of ASU No. 2014-01: HEI Consolidated ASB (in thousands) As previously filed Adjustment from adoption of ASU No. 2014-01 Restatement As currently reported As previously filed Adjustment from adoption of ASU No. 2014-01 As currently reported HEI Consolidated Income Statement/ASB Statement of Income Data Three months ended March 31, 2014 Bank expenses/Noninterest expense $ 41,996 $ (908 ) $ 41,088 $ 38,370 $ (908 ) $ 37,462 Bank operating income/Income before income taxes $ 21,623 $ 908 $ 22,531 $ 21,624 $ 908 $ 22,532 Income taxes $ 24,673 $ 1,048 $ 25,721 $ 7,085 $ 1,048 $ 8,133 Net income for common stock/Net income $ 45,927 $ (140 ) $ 45,787 $ 14,539 $ (140 ) $ 14,399 HEI Consolidated Balance Sheet/ASB Balance Sheet Data December 31, 2014 Other assets $ 541,542 $ 981 $ 542,523 $ 304,435 $ 981 $ 305,416 Total assets and Total liabilities and shareholders’ equity $ 11,184,161 $ 981 $ 11,185,142 $ 5,565,241 $ 981 $ 5,566,222 Deferred income taxes/Other liabilities $ 631,734 $ 1,836 $ 633,570 $ 116,527 $ 1,836 $ 118,363 Total liabilities $ 9,358,440 $ 1,836 $ 9,360,276 $ 5,030,598 $ 1,836 $ 5,032,434 Retained earnings $ 297,509 $ (855 ) $ 296,654 $ 212,789 $ (855 ) $ 211,934 Total shareholders’ equity $ 1,791,428 $ (855 ) $ 1,790,573 $ 534,643 $ (855 ) $ 533,788 HEI Consolidated Statement of Changes in Stockholders’ Equity December 31, 2013 Retained earnings $ 255,694 $ (664 ) $ 255,030 Total shareholders’ equity $ 1,727,070 $ (664 ) $ 1,726,406 HEI Consolidated Statement of Cash Flows Three months ended March 31, 2014 Net income $ 46,400 $ (140 ) $ 46,260 Increase in deferred income taxes $ 6,298 $ 159 $ 6,457 Change in other assets and liabilities $ (27,208 ) $ (19 ) $ (2,704 ) $ (29,931 )

Segment financial information (

Segment financial information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of segment financial information	(in thousands) Electric utility Bank Other Total Three months ended March 31, 2015 Revenues from external customers $ 573,431 $ 64,348 $ 83 $ 637,862 Intersegment revenues (eliminations) 11 — (11 ) — Revenues 573,442 64,348 72 637,862 Income (loss) before income taxes 43,223 20,631 (11,536 ) 52,318 Income taxes (benefit) 15,850 7,156 (3,027 ) 19,979 Net income (loss) 27,373 13,475 (8,509 ) 32,339 Preferred stock dividends of subsidiaries 499 — (26 ) 473 Net income (loss) for common stock 26,874 13,475 (8,483 ) 31,866 Assets (at March 31, 2015) 5,535,500 5,724,877 13,070 11,273,447 Three months ended March 31, 2014 Revenues from external customers $ 720,056 $ 63,619 $ 74 $ 783,749 Intersegment revenues (eliminations) 6 — (6 ) — Revenues 720,062 63,619 68 783,749 Income (loss) before income taxes 57,166 22,532 (7,717 ) 71,981 Income taxes (benefit) 21,247 8,133 (3,659 ) 25,721 Net income (loss) 35,919 14,399 (4,058 ) 46,260 Preferred stock dividends of subsidiaries 499 — (26 ) 473 Net income (loss) for common stock 35,420 14,399 (4,032 ) 45,787 Assets (at December 31, 2014) 5,590,457 5,566,222 28,463 11,185,142

Electric utility subsidiary (Ta

Electric utility subsidiary (Tables)	3 Months Ended
	Mar. 31, 2015
Regulatory projects and legal obligations
Schedule of consolidating statements of income (loss)	Selected financial information American Savings Bank, F.S.B. Statements of Income Data Three months (in thousands) 2015 2014 Interest and dividend income Interest and fees on loans $ 45,198 $ 43,682 Interest and dividends on investment securities 3,051 3,035 Total interest and dividend income 48,249 46,717 Interest expense Interest on deposit liabilities 1,260 1,225 Interest on other borrowings 1,466 1,405 Total interest expense 2,726 2,630 Net interest income 45,523 44,087 Provision for loan losses 614 995 Net interest income after provision for loan losses 44,909 43,092 Noninterest income Fees from other financial services 5,355 5,128 Fee income on deposit liabilities 5,315 4,421 Fee income on other financial products 1,889 2,290 Bank-owned life insurance 983 963 Mortgage banking income 1,822 628 Gains on sale of investment securities — 2,847 Other income, net 735 625 Total noninterest income 16,099 16,902 Noninterest expense Compensation and employee benefits 21,766 20,286 Occupancy 4,113 3,953 Data processing 3,116 3,060 Services 2,341 2,273 Equipment 1,701 1,645 Office supplies, printing and postage 1,483 1,616 Marketing 841 711 FDIC insurance 811 796 Other expense 4,205 3,122 Total noninterest expense 40,377 37,462 Income before income taxes 20,631 22,532 Income taxes 7,156 8,133 Net income $ 13,475 $ 14,399
Schedule of consolidating balance sheets	American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2015 December 31, 2014 Assets Cash and due from banks $ 98,484 $ 107,233 Interest-bearing deposits 172,517 54,230 Available-for-sale investment securities, at fair value 590,648 550,394 Stock in Federal Home Loan Bank of Seattle, at cost 63,711 69,302 Loans receivable held for investment 4,447,299 4,434,651 Allowance for loan losses (45,795 ) (45,618 ) Net loans 4,401,504 4,389,033 Loans held for sale, at lower of cost or fair value 9,906 8,424 Other 305,917 305,416 Goodwill 82,190 82,190 Total assets $ 5,724,877 $ 5,566,222 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 1,420,085 $ 1,342,794 Deposit liabilities—interest-bearing 3,331,243 3,280,621 Other borrowings 312,094 290,656 Other 117,849 118,363 Total liabilities 5,181,271 5,032,434 Commitments and contingencies Common stock 1 1 Additional paid in capital 338,411 338,411 Retained earnings 217,909 211,934 Accumulated other comprehensive loss, net of tax benefits Net unrealized gains on securities $ 3,913 $ 462 Retirement benefit plans (16,628 ) (12,715 ) (17,020 ) (16,558 ) Total shareholder’s equity 543,606 533,788 Total liabilities and shareholder’s equity $ 5,724,877 $ 5,566,222 Other assets Bank-owned life insurance $ 135,141 $ 134,115 Premises and equipment, net 85,174 92,407 Prepaid expenses 4,892 3,196 Accrued interest receivable 13,720 13,632 Mortgage-servicing rights 11,965 11,540 Low-income housing equity investments 32,140 33,438 Real estate acquired in settlement of loans, net 665 891 Other 22,220 16,197 $ 305,917 $ 305,416 Other liabilities Accrued expenses $ 29,670 $ 37,880 Federal and state income taxes payable 36,010 28,642 Cashier’s checks 24,686 20,509 Advance payments by borrowers 5,904 9,652 Other 21,579 21,680 $ 117,849 $ 118,363
Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory projects and legal obligations
Schedule of purchases from all IPPs	Purchases from all IPPs were as follows: Three months ended March 31 (in millions) 2015 2014 AES Hawaii $ 34 $ 33 Kalaeloa 44 67 HEP 11 12 HPOWER 16 16 Other IPPs 31 37 Total IPPs $ 136 $ 165
Schedule of changes in asset retirement obligation	Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows: Three months ended March 31 (in thousands) 2015 2014 Balance, beginning of period $ 29,419 $ 43,106 Accretion expense 6 370 Liabilities incurred — — Liabilities settled (1,614 ) (2,240 ) Revisions in estimated cash flows — — Balance, end of period $ 27,811 $ 41,236
Schedule of annual decoupling filings	(in millions) Hawaiian Electric Hawaii Electric Light Maui Electric Annual incremental RAM adjusted revenues $ 20.3 $ 2.4 $ 3.4 Annual change in accrued earnings sharing credits to be refunded $ — $ — $ (0.1 ) Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected $ (9.2 ) $ 0.1 $ (2.2 ) Net annual incremental amount to be collected under the tariffs $ 11.1 $ 2.5 $ 1.1 Impact on typical residential customer monthly bill (in dollars) * $ 0.56 $ 1.10 $ 0.60 * Based on 600 KWH bill for Hawaiian Electric and Maui Electric and 500 KWH bill for Hawaii Electric Light.
Schedule of consolidating statements of income (loss)	Consolidating Statement of Income Three months ended March 31, 2014 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 512,455 104,931 102,693 — (17 ) $ 720,062 Expenses Fuel oil 203,547 31,500 51,253 — — 286,300 Purchased power 123,969 29,491 11,456 — — 164,916 Other operation and maintenance 58,515 14,047 16,044 — — 88,606 Depreciation 27,301 8,975 5,327 — — 41,603 Taxes, other than income taxes 48,184 9,763 10,024 — — 67,971 Total expenses 461,516 93,776 94,104 — — 649,396 Operating income 50,939 11,155 8,589 — (17 ) 70,666 Allowance for equity funds used during construction 1,472 65 72 — — 1,609 Equity in earnings of subsidiaries 8,917 — — — (8,917 ) — Interest expense and other charges, net (10,487 ) (2,748 ) (2,505 ) — 17 (15,723 ) Allowance for borrowed funds used during construction 559 25 30 — — 614 Income before income taxes 51,400 8,497 6,186 — (8,917 ) 57,166 Income taxes 15,710 3,202 2,335 — — 21,247 Net income 35,690 5,295 3,851 — (8,917 ) 35,919 Preferred stock dividends of subsidiaries — 134 95 — — 229 Net income attributable to Hawaiian Electric 35,690 5,161 3,756 — (8,917 ) 35,690 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 35,420 5,161 3,756 — (8,917 ) $ 35,420 Consolidating Statement of Income Three months ended March 31, 2015 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 399,741 88,055 85,674 — (28 ) $ 573,442 Expenses Fuel oil 118,403 23,385 35,018 — — 176,806 Purchased power 103,250 21,893 10,864 — — 136,007 Other operation and maintenance 70,084 16,399 17,519 — — 104,002 Depreciation 29,389 9,313 5,541 — — 44,243 Taxes, other than income taxes 38,201 8,384 8,163 — — 54,748 Total expenses 359,327 79,374 77,105 — — 515,806 Operating income 40,414 8,681 8,569 — (28 ) 57,636 Allowance for equity funds used during construction 1,123 145 145 — — 1,413 Equity in earnings of subsidiaries 7,692 — — — (7,692 ) — Interest expense and other charges, net (11,238 ) (2,680 ) (2,435 ) — 28 (16,325 ) Allowance for borrowed funds used during construction 388 53 58 — — 499 Income before income taxes 38,379 6,199 6,337 — (7,692 ) 43,223 Income taxes 11,235 2,277 2,338 — — 15,850 Net income 27,144 3,922 3,999 — (7,692 ) 27,373 Preferred stock dividends of subsidiaries — 134 95 — — 229 Net income attributable to Hawaiian Electric 27,144 3,788 3,904 — (7,692 ) 27,144 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 26,874 3,788 3,904 — (7,692 ) $ 26,874
Schedule of consolidating statement of comprehensive income (loss)	Consolidating Statement of Comprehensive Income Three months ended March 31, 2015 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Net income for common stock $ 26,874 3,788 3,904 — (7,692 ) $ 26,874 Other comprehensive income, net of taxes: Retirement benefit plans: Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits 4,933 651 600 — (1,251 ) 4,933 Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (4,911 ) (651 ) (600 ) — 1,251 (4,911 ) Other comprehensive income, net of taxes 22 — — — — 22 Comprehensive income attributable to common shareholder $ 26,896 3,788 3,904 — (7,692 ) $ 26,896 Consolidating Statement of Comprehensive Income Three months ended March 31, 2014 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Net income for common stock $ 35,420 5,161 3,756 — (8,917 ) $ 35,420 Other comprehensive income, net of taxes: Retirement benefit plans: Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits 2,519 344 253 — (597 ) 2,519 Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (2,510 ) (344 ) (253 ) — 597 (2,510 ) Other comprehensive income, net of taxes 9 — — — — 9 Comprehensive income attributable to common shareholder $ 35,429 5,161 3,756 — (8,917 ) $ 35,429
Schedule of consolidating balance sheets	Consolidating Balance Sheet March 31, 2015 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consoli- dating adjustments Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 43,542 5,464 3,016 — — $ 52,022 Plant and equipment 3,826,826 1,182,567 1,057,130 — — 6,066,523 Less accumulated depreciation (1,256,950 ) (478,692 ) (453,448 ) — — (2,189,090 ) Construction in progress 135,984 14,947 13,920 — — 164,851 Utility property, plant and equipment, net 2,749,402 724,286 620,618 — — 4,094,306 Nonutility property, plant and equipment, less accumulated depreciation 4,949 82 1,531 — — 6,562 Total property, plant and equipment, net 2,754,351 724,368 622,149 — — 4,100,868 Investment in wholly owned subsidiaries, at equity 540,032 — — — (540,032 ) — Current assets Cash and cash equivalents 5,484 1,654 881 101 — 8,120 Advances to affiliates 12,600 — — — (12,600 ) — Customer accounts receivable, net 86,157 21,485 17,353 — — 124,995 Accrued unbilled revenues, net 81,346 14,500 13,648 — — 109,494 Other accounts receivable, net 13,582 1,571 3,285 — (9,770 ) 8,668 Fuel oil stock, at average cost 65,861 7,983 11,471 — — 85,315 Materials and supplies, at average cost 34,269 6,589 17,749 — — 58,607 Prepayments and other 31,970 230 12,534 — (1,379 ) 43,355 Regulatory assets 85,353 9,359 8,033 — — 102,745 Total current assets 416,622 63,371 84,954 101 (23,749 ) 541,299 Other long-term assets Regulatory assets 598,535 104,663 99,749 — (103 ) 802,844 Unamortized debt expense 5,621 1,396 1,199 — — 8,216 Other 53,370 15,689 13,214 — — 82,273 Total other long-term assets 657,526 121,748 114,162 — (103 ) 893,333 Total assets $ 4,368,531 909,487 821,265 101 (563,884 ) $ 5,535,500 Capitalization and liabilities Capitalization Common stock equity $ 1,686,434 283,129 256,802 101 (540,032 ) $ 1,686,434 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 830,546 190,000 186,000 — — 1,206,546 Total capitalization 2,539,273 480,129 447,802 101 (540,032 ) 2,927,273 Current liabilities Current portion of long-term debt — — — — — — Short-term borrowings from non-affiliates 30,000 — — — — 30,000 Short-term borrowings from affiliate — 10,000 2,600 — (12,600 ) — Accounts payable 106,975 14,988 16,546 — — 138,509 Interest and preferred dividends payable 16,678 3,560 4,029 — (10 ) 24,257 Taxes accrued 126,742 30,060 27,449 — (1,379 ) 182,872 Regulatory liabilities 681 — 493 — — 1,174 Other 49,389 10,126 16,234 — (9,760 ) 65,989 Total current liabilities 330,465 68,734 67,351 — (23,749 ) 442,801 Deferred credits and other liabilities Deferred income taxes 423,151 89,923 83,910 — — 596,984 Regulatory liabilities 240,749 79,504 30,388 — (103 ) 350,538 Unamortized tax credits 52,093 15,096 14,848 — — 82,037 Defined benefit pension and other postretirement benefit plans liability 443,249 68,989 74,927 — 587,165 Other 48,044 12,664 13,609 — — 74,317 Total deferred credits and other liabilities 1,207,286 266,176 217,682 — (103 ) 1,691,041 Contributions in aid of construction 291,507 94,448 88,430 — — 474,385 Total capitalization and liabilities $ 4,368,531 909,487 821,265 101 (563,884 ) $ 5,535,500 Consolidating Balance Sheet December 31, 2014 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consoli- dating adjustments Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 43,819 5,464 3,016 — — $ 52,299 Plant and equipment 3,782,438 1,179,032 1,048,012 — — 6,009,482 Less accumulated depreciation (1,253,866 ) (473,933 ) (447,711 ) — — (2,175,510 ) Construction in progress 134,376 12,421 11,819 — — 158,616 Utility property, plant and equipment, net 2,706,767 722,984 615,136 — — 4,044,887 Nonutility property, plant and equipment, less accumulated depreciation 4,950 82 1,531 — — 6,563 Total property, plant and equipment, net 2,711,717 723,066 616,667 — — 4,051,450 Investment in wholly owned subsidiaries, at equity 538,639 — — — (538,639 ) — Current assets Cash and cash equivalents 12,416 612 633 101 — 13,762 Advances to affiliates 16,100 — — — (16,100 ) — Customer accounts receivable, net 111,462 24,222 22,800 — — 158,484 Accrued unbilled revenues, net 103,072 15,926 18,376 — — 137,374 Other accounts receivable, net 9,980 981 2,246 — (8,924 ) 4,283 Fuel oil stock, at average cost 74,515 13,800 17,731 — — 106,046 Materials and supplies, at average cost 33,154 6,664 17,432 — — 57,250 Prepayments and other 44,680 8,611 13,567 — (475 ) 66,383 Regulatory assets 58,550 6,745 6,126 — — 71,421 Total current assets 463,929 77,561 98,911 101 (25,499 ) 615,003 Other long-term assets Regulatory assets 623,784 107,454 102,788 — (183 ) 833,843 Unamortized debt expense 5,640 1,438 1,245 — — 8,323 Other 53,106 15,366 13,366 — — 81,838 Total other long-term assets 682,530 124,258 117,399 — (183 ) 924,004 Total assets $ 4,396,815 924,885 832,977 101 (564,321 ) $ 5,590,457 Capitalization and liabilities Capitalization Common stock equity $ 1,682,144 281,846 256,692 101 (538,639 ) $ 1,682,144 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 830,546 190,000 186,000 — — 1,206,546 Total capitalization 2,534,983 478,846 447,692 101 (538,639 ) 2,922,983 Current liabilities Short-term borrowings from affiliate — 10,500 5,600 — (16,100 ) — Accounts payable 122,433 23,728 17,773 — — 163,934 Interest and preferred dividends payable 15,407 3,989 2,931 — (11 ) 22,316 Taxes accrued 176,339 37,548 36,807 — (292 ) 250,402 Regulatory liabilities 191 — 441 — — 632 Other 48,282 9,866 16,094 — (9,096 ) 65,146 Total current liabilities 362,652 85,631 79,646 — (25,499 ) 502,430 Deferred credits and other liabilities Deferred income taxes 429,515 90,119 83,238 — — 602,872 Regulatory liabilities 236,727 77,707 29,966 — (183 ) 344,217 Unamortized tax credits 49,865 14,902 14,725 — — 79,492 Defined benefit pension and other postretirement benefit plans liability 446,888 72,547 75,960 — — 595,395 Other 52,446 10,658 13,532 — — 76,636 Total deferred credits and other liabilities 1,215,441 265,933 217,421 — (183 ) 1,698,612 Contributions in aid of construction 283,739 94,475 88,218 — — 466,432 Total capitalization and liabilities $ 4,396,815 924,885 832,977 101 (564,321 ) $ 5,590,457
Schedule of consolidating statement of changes in common stock equity	Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2015 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Balance, December 31, 2014 $ 1,682,144 281,846 256,692 101 (538,639 ) $ 1,682,144 Net income for common stock 26,874 3,788 3,904 — (7,692 ) 26,874 Other comprehensive income, net of taxes 22 — — — — 22 Common stock dividends (22,601 ) (2,505 ) (3,794 ) — 6,299 (22,601 ) Common stock issuance expenses (5 ) — — — — (5 ) Balance, March 31, 2015 $ 1,686,434 283,129 256,802 101 (540,032 ) $ 1,686,434 Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2014 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Balance, December 31, 2013 $ 1,593,564 274,802 248,771 101 (523,674 ) $ 1,593,564 Net income for common stock 35,420 5,161 3,756 — (8,917 ) 35,420 Other comprehensive income, net of taxes 9 — — — — 9 Common stock dividends (22,707 ) (2,941 ) (3,629 ) — 6,570 (22,707 ) Common stock issuance expenses (3 ) — (1 ) — 1 (3 ) Balance, March 31, 2014 $ 1,606,283 277,022 248,897 101 (526,020 ) $ 1,606,283
Schedule of condensed consolidating statement of cash flows	Consolidating Statement of Cash Flows Three months ended March 31, 2015 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric As restated As restated As restated As restated Cash flows from operating activities Net income $ 27,144 3,922 3,999 — (7,692 ) $ 27,373 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (7,717 ) — — — 7,692 (25 ) Common stock dividends received from subsidiaries 6,324 — — — (6,299 ) 25 Depreciation of property, plant and equipment 29,389 9,313 5,541 — — 44,243 Other amortization (1) 590 500 608 — — 1,698 Increase in deferred income taxes 12,048 719 2,365 — — 15,132 Change in tax credits, net 2,246 200 130 — — 2,576 Allowance for equity funds used during construction (1,123 ) (145 ) (145 ) — — (1,413 ) Change in cash overdraft — — — — — — Changes in assets and liabilities: Decrease in accounts receivable 21,703 2,147 4,408 — 846 29,104 Decrease in accrued unbilled revenues 21,726 1,426 4,728 — — 27,880 Decrease in fuel oil stock 8,654 5,817 6,260 — — 20,731 Decrease (increase) in materials and supplies (1,115 ) 75 (317 ) — — (1,357 ) Increase in regulatory assets (8,903 ) (1,522 ) (402 ) — — (10,827 ) Increase (decrease) in accounts payable (2) 16,520 (2,548 ) 1,408 — — 15,380 Change in prepaid and accrued income and utility revenue taxes (52,273 ) (1,807 ) (9,616 ) — — (63,696 ) Increase in defined benefit pension and other postretirement benefit plans liability — — 110 — — 110 Change in other assets and liabilities (3) (8,614 ) 203 (517 ) — (846 ) (9,774 ) Net cash provided by operating activities 66,599 18,300 18,560 — (6,299 ) 97,160 Cash flows from investing activities Capital expenditures (4) (92,242 ) (14,902 ) (11,730 ) — — (118,874 ) Contributions in aid of construction 8,121 758 266 — — 9,145 Other (5) 175 26 42 — — 243 Advances from affiliates 3,500 — — — (3,500 ) — Net cash used in investing activities (80,446 ) (14,118 ) (11,422 ) — (3,500 ) (109,486 ) Cash flows from financing activities Common stock dividends (22,601 ) (2,505 ) (3,794 ) — 6,299 (22,601 ) Preferred stock dividends of Hawaiian Electric and subsidiaries (270 ) (134 ) (95 ) — — (499 ) Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less 30,000 (500 ) (3,000 ) — 3,500 30,000 Other (214 ) (1 ) (1 ) — — (216 ) Net cash provided by (used in) financing activities 6,915 (3,140 ) (6,890 ) — 9,799 6,684 Net increase (decrease) in cash and cash equivalents (6,932 ) 1,042 248 — — (5,642 ) Cash and cash equivalents, beginning of period 12,416 612 633 101 — 13,762 Cash and cash equivalents, end of period $ 5,484 1,654 881 101 — $ 8,120 (1) Prior to restatement, other amortization for Maui Electric and Hawaiian Electric Consolidated were $(401) and $689 , respectively. (2) Prior to restatement, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(35,128) , $(9,892) , $(4,116) and $(49,136) , respectively. (3) Prior to restatement, changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(8,439) , $229 , $534 , $(846) and $(8,522) , respectively. (4) Prior to restatement, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(40,594) , $(7,558) , $(6,206) and $(54,358) , respectively. Consolidating Statement of Cash Flows Three months ended March 31, 2014 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric As restated As restated As restated As restated Cash flows from operating activities Net income $ 35,690 5,295 3,851 — (8,917 ) $ 35,919 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (8,942 ) — — — 8,917 (25 ) Common stock dividends received from subsidiaries 6,595 — — — (6,570 ) 25 Depreciation of property, plant and equipment 27,301 8,975 5,327 — — 41,603 Other amortization 235 501 885 — — 1,621 Increase in deferred income taxes 17,123 862 2,359 — — 20,344 Change in tax credits, net 1,741 217 74 — — 2,032 Allowance for equity funds used during construction (1,472 ) (65 ) (72 ) — — (1,609 ) Change in cash overdraft — — (1,038 ) — — (1,038 ) Changes in assets and liabilities: Decrease in accounts receivable 4,131 2,029 2,194 — 450 8,804 Decrease (increase) in accrued unbilled revenues 11,031 (230 ) 1,459 — — 12,260 Decrease (increase) in fuel oil stock (35,060 ) 1,166 (366 ) — — (34,260 ) Increase in materials and supplies (330 ) (387 ) (328 ) — — (1,045 ) Increase in regulatory assets (8,188 ) (881 ) (189 ) — — (9,258 ) Increase (decrease) in accounts payable (1) 17,395 (4,679 ) (4,127 ) — — 8,589 Change in prepaid and accrued income and utility revenue taxes (39,581 ) (2,791 ) (5,154 ) — — (47,526 ) Decrease in defined benefit pension and other postretirement benefit plans liability (103 ) — (102 ) — — (205 ) Change in other assets and liabilities (2) (11,181 ) 1,012 (705 ) — (450 ) (11,324 ) Net cash provided by operating activities 16,385 11,024 4,068 — (6,570 ) 24,907 Cash flows from investing activities Capital expenditures (3) (67,664 ) (8,883 ) (12,528 ) — — (89,075 ) Contributions in aid of construction 4,541 1,121 1,296 — — 6,958 Other (4) 307 29 7 — — 343 Advances from (to) affiliates (12,661 ) 900 — — 11,761 — Net cash used in investing activities (75,477 ) (6,833 ) (11,225 ) — 11,761 (81,774 ) Cash flows from financing activities Common stock dividends (22,707 ) (2,941 ) (3,629 ) — 6,570 (22,707 ) Preferred stock dividends of Hawaiian Electric and subsidiaries (270 ) (134 ) (95 ) — — (499 ) Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less 34,096 — 12,661 — (11,761 ) 34,996 Other (320 ) — (69 ) — — (389 ) Net cash provided by (used in) financing activities 10,799 (3,075 ) 8,868 — (5,191 ) 11,401 Net increase (decrease) in cash and cash equivalents (48,293 ) 1,116 1,711 — — (45,466 ) Cash and cash equivalents, beginning of period 61,245 1,326 153 101 — 62,825 Cash and cash equivalents, end of period $ 12,952 2,442 1,864 101 — $ 17,359 (1) Prior to restatement, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated were $(837) , $(6,032) , $(9,155) and $(16,024) , respectively. (2) Prior to restatement, changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(10,874) , $1,041 $(698) , $(450) and $(10,981) , respectively. (3) Prior to restatement, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated were $(49,432) , $(7,530) , $(7,500) and $(64,462) , respectively. (4) Prior to restatement, cash flows from investing activities-other for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were nil .

Bank segment (Tables)

Bank segment (Tables)	3 Months Ended
	Mar. 31, 2015
Bank subsidiary
Schedule of statements of income data	Selected financial information American Savings Bank, F.S.B. Statements of Income Data Three months (in thousands) 2015 2014 Interest and dividend income Interest and fees on loans $ 45,198 $ 43,682 Interest and dividends on investment securities 3,051 3,035 Total interest and dividend income 48,249 46,717 Interest expense Interest on deposit liabilities 1,260 1,225 Interest on other borrowings 1,466 1,405 Total interest expense 2,726 2,630 Net interest income 45,523 44,087 Provision for loan losses 614 995 Net interest income after provision for loan losses 44,909 43,092 Noninterest income Fees from other financial services 5,355 5,128 Fee income on deposit liabilities 5,315 4,421 Fee income on other financial products 1,889 2,290 Bank-owned life insurance 983 963 Mortgage banking income 1,822 628 Gains on sale of investment securities — 2,847 Other income, net 735 625 Total noninterest income 16,099 16,902 Noninterest expense Compensation and employee benefits 21,766 20,286 Occupancy 4,113 3,953 Data processing 3,116 3,060 Services 2,341 2,273 Equipment 1,701 1,645 Office supplies, printing and postage 1,483 1,616 Marketing 841 711 FDIC insurance 811 796 Other expense 4,205 3,122 Total noninterest expense 40,377 37,462 Income before income taxes 20,631 22,532 Income taxes 7,156 8,133 Net income $ 13,475 $ 14,399
Schedule of statements of comprehensive income data	American Savings Bank, F.S.B. Statements of Comprehensive Income Data Three months (in thousands) 2015 2014 Net income $ 13,475 $ 14,399 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 tax benefits of $2,278 and $1,664 for the respective periods 3,451 2,520 Less: reclassification adjustment for net realized gains included in net income, net of taxes of nil and $1,132 for the respective periods — (1,715 ) Retirement benefit plans: Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $259 and $144 for the respective periods 392 219 Other comprehensive income, net of taxes 3,843 1,024 Comprehensive income $ 17,318 $ 15,423
Schedule of balance sheets data	American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2015 December 31, 2014 Assets Cash and due from banks $ 98,484 $ 107,233 Interest-bearing deposits 172,517 54,230 Available-for-sale investment securities, at fair value 590,648 550,394 Stock in Federal Home Loan Bank of Seattle, at cost 63,711 69,302 Loans receivable held for investment 4,447,299 4,434,651 Allowance for loan losses (45,795 ) (45,618 ) Net loans 4,401,504 4,389,033 Loans held for sale, at lower of cost or fair value 9,906 8,424 Other 305,917 305,416 Goodwill 82,190 82,190 Total assets $ 5,724,877 $ 5,566,222 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 1,420,085 $ 1,342,794 Deposit liabilities—interest-bearing 3,331,243 3,280,621 Other borrowings 312,094 290,656 Other 117,849 118,363 Total liabilities 5,181,271 5,032,434 Commitments and contingencies Common stock 1 1 Additional paid in capital 338,411 338,411 Retained earnings 217,909 211,934 Accumulated other comprehensive loss, net of tax benefits Net unrealized gains on securities $ 3,913 $ 462 Retirement benefit plans (16,628 ) (12,715 ) (17,020 ) (16,558 ) Total shareholder’s equity 543,606 533,788 Total liabilities and shareholder’s equity $ 5,724,877 $ 5,566,222 Other assets Bank-owned life insurance $ 135,141 $ 134,115 Premises and equipment, net 85,174 92,407 Prepaid expenses 4,892 3,196 Accrued interest receivable 13,720 13,632 Mortgage-servicing rights 11,965 11,540 Low-income housing equity investments 32,140 33,438 Real estate acquired in settlement of loans, net 665 891 Other 22,220 16,197 $ 305,917 $ 305,416 Other liabilities Accrued expenses $ 29,670 $ 37,880 Federal and state income taxes payable 36,010 28,642 Cashier’s checks 24,686 20,509 Advance payments by borrowers 5,904 9,652 Other 21,579 21,680 $ 117,849 $ 118,363
Schedule of the book value and aggregate fair value by major security type	The major components of investment securities were as follows: Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Gross unrealized losses Less than 12 months 12 months or longer (dollar in thousands) Number of issues Fair value Amount Number of issues Fair value Amount March 31, 2015 Available-for-sale U.S. Treasury and federal agency obligations $ 138,593 $ 2,029 $ (395 ) $ 140,227 1 $ 9,973 $ (2 ) 3 $ 19,198 $ (393 ) Mortgage-related securities- FNMA, FHLMC and GNMA 445,559 7,149 (2,287 ) 450,421 6 40,889 (89 ) 26 147,722 (2,198 ) $ 584,152 $ 9,178 $ (2,682 ) $ 590,648 7 $ 50,862 $ (91 ) 29 $ 166,920 $ (2,591 ) December 31, 2014 Available-for-sale U.S. Treasury and federal agency obligations $ 119,507 $ 1,092 $ (1,039 ) $ 119,560 6 $ 41,970 $ (361 ) 5 $ 29,168 $ (678 ) Mortgage-related securities- FNMA, FHLMC and GNMA 430,120 5,653 (4,939 ) 430,834 6 47,029 (164 ) 29 172,623 (4,775 ) $ 549,627 $ 6,745 $ (5,978 ) $ 550,394 12 $ 88,999 $ (525 ) 34 $ 201,791 $ (5,453 )
Schedule of contractual maturities of available-for-sale securities	The contractual maturities of available-for-sale investment securities were as follows: March 31, 2015 Amortized cost Fair value (in thousands) Due in one year or less $ — $ — Due after one year through five years 29,958 30,296 Due after five years through ten years 71,811 73,188 Due after ten years 36,824 36,743 138,593 140,227 Mortgage-related securities-FNMA,FHLMC and GNMA 445,559 450,421 Total available-for-sale securities $ 584,152 $ 590,648
Schedule of allowance for loan losses	The allowance for loan losses (balances and changes) and financing receivables were as follows: (in thousands) Residential 1-4 family Commercial real estate Home Residential land Commercial construction Residential construction Commercial loans Consumer loans Unallocated Total Three months ended Allowance for loan losses: Beginning balance $ 4,662 $ 8,954 $ 6,982 $ 1,875 $ 5,471 $ 28 $ 14,017 $ 3,629 $ — $ 45,618 Charge-offs (156 ) — (3 ) — — — (46 ) (942 ) — (1,147 ) Recoveries 12 — 31 49 — — 341 277 — 710 Provision 403 2,274 (487 ) 362 (2,634 ) (7 ) 268 435 — 614 Ending balance $ 4,921 $ 11,228 $ 6,523 $ 2,286 $ 2,837 $ 21 $ 14,580 $ 3,399 $ — $ 45,795 Ending balance: individually evaluated for impairment $ 1,429 $ 1,785 $ 144 $ 1,085 $ — $ — $ 1,096 $ 9 $ 5,548 Ending balance: collectively evaluated for impairment $ 3,492 $ 9,443 $ 6,379 $ 1,201 $ 2,837 $ 21 $ 13,484 $ 3,390 $ — $ 40,247 Financing Receivables: Ending balance $ 2,039,099 $ 561,189 $ 814,265 $ 18,155 $ 77,164 $ 20,804 $ 803,545 $ 119,310 $ 4,453,531 Ending balance: individually evaluated for impairment $ 23,089 $ 4,998 $ 1,183 $ 7,819 $ — $ — $ 11,879 $ 15 $ 48,983 Ending balance: collectively evaluated for impairment $ 2,016,010 $ 556,191 $ 813,082 $ 10,336 $ 77,164 $ 20,804 $ 791,666 $ 119,295 $ 4,404,548 Three months ended Allowance for loan losses: Beginning balance $ 5,534 $ 5,059 $ 5,229 $ 1,817 $ 2,397 $ 19 $ 15,803 $ 2,367 $ 1,891 $ 40,116 Charge-offs (266 ) — — (6 ) — — (124 ) (561 ) — (957 ) Recoveries 341 — 11 86 — — 100 231 — 769 Provision (134 ) 656 729 (322 ) 666 5 (187 ) 279 (697 ) 995 Ending balance $ 5,475 $ 5,715 $ 5,969 $ 1,575 $ 3,063 $ 24 $ 15,592 $ 2,316 $ 1,194 $ 40,923 Ending balance: individually evaluated for impairment $ 906 $ 1,544 $ — $ 1,102 $ — $ — $ 2,133 $ — $ 5,685 Ending balance: collectively evaluated for impairment $ 4,569 $ 4,171 $ 5,969 $ 473 $ 3,063 $ 24 $ 13,459 $ 2,316 $ 1,194 $ 35,238 Financing Receivables: Ending balance $ 1,985,812 $ 452,303 $ 764,483 $ 15,906 $ 66,578 $ 16,474 $ 786,611 $ 108,202 $ 4,196,369 Ending balance: individually evaluated for impairment $ 20,141 $ 4,558 $ 1,164 $ 10,351 $ — $ — $ 19,399 $ 18 $ 55,631 Ending balance: collectively evaluated for impairment $ 1,965,671 $ 447,745 $ 763,319 $ 5,555 $ 66,578 $ 16,474 $ 767,212 $ 108,184 $ 4,140,738
Schedule of credit risk profile by internally assigned grade for loans	The credit risk profile by internally assigned grade for loans was as follows: March 31, 2015 December 31, 2014 (in thousands) Commercial real estate Commercial construction Commercial Commercial real estate Commercial construction Commercial Grade: Pass $ 507,993 $ 77,164 $ 739,721 $ 493,105 $ 79,312 $ 743,334 Special mention 5,203 — 31,863 5,209 — 16,095 Substandard 47,993 — 31,335 33,603 17,126 31,665 Doubtful — — 626 — — 663 Loss — — — — — — Total $ 561,189 $ 77,164 $ 803,545 $ 531,917 $ 96,438 $ 791,757
Schedule of credit risk profile based on payment activity for loans	The credit risk profile based on payment activity for loans was as follows: (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 March 31, 2015 Real estate: Residential 1-4 family $ 6,074 $ 2,718 $ 12,231 $ 21,023 $ 2,018,076 $ 2,039,099 $ — Commercial real estate — — — — 561,189 561,189 — Home equity line of credit 1,041 807 629 2,477 811,788 814,265 — Residential land 422 — — 422 17,733 18,155 Commercial construction — — — — 77,164 77,164 — Residential construction — — — — 20,804 20,804 — Commercial 680 238 532 1,450 802,095 803,545 — Consumer 895 270 266 1,431 117,879 119,310 — Total loans $ 9,112 $ 4,033 $ 13,658 $ 26,803 $ 4,426,728 $ 4,453,531 $ — December 31, 2014 Real estate: Residential 1-4 family $ 6,124 $ 1,732 $ 12,632 $ 20,488 $ 2,023,717 $ 2,044,205 $ — Commercial real estate — — — — 531,917 531,917 — Home equity line of credit 1,341 501 194 2,036 816,779 818,815 — Residential land — — — — 16,240 16,240 — Commercial construction — — — — 96,438 96,438 — Residential construction — — — — 18,961 18,961 — Commercial 699 145 569 1,413 790,344 791,757 — Consumer 829 333 403 1,565 121,091 122,656 — Total loans $ 8,993 $ 2,711 $ 13,798 $ 25,502 $ 4,415,487 $ 4,440,989 $ —
Schedule of credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due	The credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due and TDR loans was as follows: (in thousands) March 31, 2015 December 31, 2014 Real estate: Residential 1-4 family $ 18,205 $ 19,253 Commercial real estate 4,998 5,112 Home equity line of credit 1,701 1,087 Residential land 717 720 Commercial construction — — Residential construction — — Commercial 9,018 10,053 Consumer 542 661 Total nonaccrual loans $ 35,181 $ 36,886 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 $ 14,334 $ 13,525 Commercial real estate — — Home equity line of credit 750 480 Residential land 7,102 7,130 Commercial construction — — Residential construction — — Commercial 2,720 2,972 Consumer — — Total troubled debt restructured loans not included above $ 24,906 $ 24,107
Schedule of the carrying amount and the total unpaid principal balance of impaired loans, with and without recorded allowance for loans losses	The total carrying amount and the total unpaid principal balance of impaired loans were as follows: March 31, 2015 Three months ended (in thousands) Recorded investment Unpaid principal balance Related Allowance Average recorded investment Interest income recognized* With no related allowance recorded Real estate: Residential 1-4 family $ 11,168 $ 12,460 $ — $ 11,552 $ 89 Commercial real estate 547 609 — 555 — Home equity line of credit 339 544 — 400 1 Residential land 3,265 4,121 — 2,637 52 Commercial construction — — — — — Residential construction — — — — — Commercial 6,289 8,089 — 7,295 2 Consumer — — — — — $ 21,608 $ 25,823 $ — $ 22,439 $ 144 With an allowance recorded Real estate: Residential 1-4 family $ 11,921 $ 11,974 $ 1,429 $ 11,510 $ 126 Commercial real estate 4,451 4,511 1,785 4,482 — Home equity line of credit 844 900 144 626 6 Residential land 4,554 4,632 1,085 5,189 83 Commercial construction — — — — — Residential construction — — — — — Commercial 5,590 7,549 1,096 4,982 50 Consumer 15 15 9 15 — $ 27,375 $ 29,581 $ 5,548 $ 26,804 $ 265 Total Real estate: Residential 1-4 family $ 23,089 $ 24,434 $ 1,429 $ 23,062 $ 215 Commercial real estate 4,998 5,120 1,785 5,037 — Home equity line of credit 1,183 1,444 144 1,026 7 Residential land 7,819 8,753 1,085 7,826 135 Commercial construction — — — — — Residential construction — — — — — Commercial 11,879 15,638 1,096 12,277 52 Consumer 15 15 9 15 — $ 48,983 $ 55,404 $ 5,548 $ 49,243 $ 409 December 31, 2014 Year ended December 31, 2014 (in thousands) Recorded investment Unpaid principal balance Related allowance Average recorded investment Interest income recognized* With no related allowance recorded Real estate: Residential 1-4 family $ 11,654 $ 12,987 $ — $ 9,056 $ 227 Commercial real estate 571 626 — 194 — Home equity line of credit 363 606 — 402 5 Residential land 2,344 3,200 — 2,728 172 Commercial construction — — — — — Residential construction — — — — — Commercial 8,235 11,471 — 5,204 38 Consumer — — — 8 — $ 23,167 $ 28,890 $ — $ 17,592 $ 442 With an allowance recorded Real estate: Residential 1-4 family $ 11,327 $ 11,347 $ 951 $ 8,822 $ 419 Commercial real estate 4,541 4,541 1,845 3,415 478 Home equity line of credit 416 420 46 132 6 Residential land 5,506 5,584 1,057 6,415 484 Commercial construction — — — — — Residential construction — — — — — Commercial 4,873 5,211 760 12,089 438 Consumer 16 16 6 9 — $ 26,679 $ 27,119 $ 4,665 $ 30,882 $ 1,825 Total Real estate: Residential 1-4 family $ 22,981 $ 24,334 $ 951 $ 17,878 $ 646 Commercial real estate 5,112 5,167 1,845 3,609 478 Home equity line of credit 779 1,026 46 534 11 Residential land 7,850 8,784 1,057 9,143 656 Commercial construction — — — — — Residential construction — — — — — Commercial 13,108 16,682 760 17,293 476 Consumer 16 16 6 17 — $ 49,846 $ 56,009 $ 4,665 $ 48,474 $ 2,267 * Since loan was classified as impaired.
Schedule of loan modifications	Loan modifications that occurred were as follows: Three months ended March 31, 2015 Number of Outstanding recorded investment Net increase in ALL (dollars in thousands) contracts Pre-modification Post-modification (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 5 $ 877 $ 895 $ 47 Commercial real estate — — — — Home equity line of credit 9 429 429 55 Residential land — — — — Commercial construction — — — — Residential construction — — — — Commercial 1 92 92 — Consumer — — — — 15 $ 1,398 $ 1,416 $ 102 Three months ended March 31, 2014 Number of Outstanding recorded investment Net increase in ALL (dollars in thousands) contracts Pre-modification Post-modification (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 5 $ 921 $ 935 $ 44 Commercial real estate — — — — Home equity line of credit — — — — Residential land 7 1,133 1,133 175 Commercial construction — — — — Residential construction — — — — Commercial 3 473 473 14 Consumer — — — — 15 $ 2,527 $ 2,541 $ 233
Schedule of amortized intangible assets	The carrying values of mortgage servicing assets were as follows: (in thousands) Gross Accumulated amortization Valuation allowance Net March 31, 2015 $ 28,090 $ (16,084 ) $ (41 ) $ 11,965 March 31, 2014 26,097 (14,138 ) (202 ) 11,757 Changes related to mortgage servicing rights were as follows: (in thousands) 2015 2014 Mortgage servicing rights Balance, January 1 $ 11,749 $ 11,938 Amount capitalized 906 467 Amortization (647 ) (432 ) Other-than-temporary impairment (2 ) (14 ) Carrying amount before valuation allowance, March 31 12,006 11,959 Valuation allowance for mortgage servicing rights Balance, January 1 209 251 Provision (recovery) (166 ) (35 ) Other-than-temporary impairment (2 ) (14 ) Balance, March 31 41 202 Net carrying value of mortgage servicing rights $ 11,965 $ 11,757
Schedule of key assumptions used in estimating fair value	Key assumptions used in estimating the fair value of the bank’s mortgage servicing rights were as follows: (dollars in thousands) March 31, 2015 December 31, 2014 Unpaid principal balance $ 1,414,990 $ 1,391,030 Weighted average note rate 4.06 % 4.07 % Weighted average discount rate 9.6 % 9.6 % Weighted average prepayment speed 10.6 % 9.5 % The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis: Significant unobservable input value 1 ($ in thousands) Fair value Valuation technique Significant unobservable input Range Weighted Average March 31, 2015 Residential loans $ 2,377 Fair value of property or collateral Appraised value less 7% selling costs 39-99% 78% Home equity lines of credit 3 Fair value of property or collateral Appraised value less 7% selling costs 7% Commercial loans 114 Fair value of property or collateral Fair value of business assets 88% Total loans $ 2,494 Real estate acquired in settlement of loans $ 665 Fair value of property or collateral Appraised value less 7% selling costs 100% 100% December 31, 2014 Residential loans $ 2,297 Fair value of property or collateral Appraised value less 7% selling costs 39-99% 83% Home equity lines of credit 3 Fair value of property or collateral Appraised value less 7% selling costs 7% Commercial loans 145 Fair value of property or collateral Fair value of business assets 91% Total loans $ 2,445 Real estate acquired in settlement of loans $ 288 Fair value of property or collateral Appraised value less 7% selling cost 100% 100% 1 Represent percent of outstanding principal balance.
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets	The sensitivity analysis of fair value of MSR to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions is as follows: (dollars in thousands) March 31, 2015 December 31, 2014 Prepayment rate: 25 basis points adverse rate change $ (750 ) $ (757 ) 50 basis points adverse change (1,408 ) (1,524 ) Discount rate: 25 basis points adverse change (129 ) (140 ) 50 basis points adverse rate change (256 ) (278 )
Schedule of securities sold under agreements to repurchase	The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties: (in millions) Gross amount of recognized liabilities Gross amount offset in the Balance Sheet Net amount of liabilities presented in the Balance Sheet Repurchase agreements March 31, 2015 $212 $— $212 December 31, 2014 191 — 191 Gross amount not offset in the Balance Sheet (in millions) Net amount of liabilities presented in the Balance Sheet Financial instruments Cash collateral pledged Net amount March 31, 2015 Financial institution $ 50 $ 50 $ — $ — Government entities 56 56 — — Commercial account holders 106 106 — — Total $ 212 $ 212 $ — $ — December 31, 2014 Financial institution $ 50 $ 50 $ — $ — Government entities 56 56 — — Commercial account holders 85 85 — — Total $ 191 $ 191 $ — $ —
Schedule of notional and fair value of derivatives	The notional amount and fair value of ASB’s derivative financial instruments were as follows: March 31, 2015 December 31, 2014 (in thousands) Notional amount Fair value Notional amount Fair value Interest rate lock commitments $ 50,301 $ 835 $ 29,330 $ 390 Forward commitments 46,489 (265 ) 32,833 (106 )
Schedule of derivative financial instruments	ASB’s derivative financial instruments, their fair values, and balance sheet location were as follows: Derivative Financial Instruments Not Designated as Hedging Instruments 1 March 31, 2015 December 31, 2014 (in thousands) Asset derivatives Liability derivatives Asset derivatives Liability Interest rate lock commitments $ 836 $ 1 $ 393 $ 3 Forward commitments 15 280 5 111 $ 851 $ 281 $ 398 $ 114 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.
Schedule of derivative financial instruments and net gain or loss	The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in the statements of income: Derivative Financial Instruments Not Designated as Hedging Instruments Location of net gains (losses) recognized in the Statement of Income Three months (in thousands) 2015 2014 Interest rate lock commitments Mortgage banking income $ 445 $ (270 ) Forward commitments Mortgage banking income (159 ) (106 ) $ 286 $ (376 )

Retirement benefits (Tables)

Retirement benefits (Tables)	3 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic benefit cost for consolidated HEI	The components of net periodic benefit cost for HEI consolidated and Hawaiian Electric consolidated were as follows: Three months ended March 31 Pension benefits Other benefits (in thousands) 2015 2014 2015 2014 HEI consolidated Service cost $ 16,466 $ 12,127 $ 869 $ 883 Interest cost 19,139 18,001 2,235 2,160 Expected return on plan assets (22,151 ) (20,347 ) (2,907 ) (2,708 ) Amortization of net prior service loss (gain) 1 22 (448 ) (448 ) Amortization of net actuarial loss (gain) 8,962 5,038 430 (3 ) Net periodic benefit cost (credit) 22,417 14,841 179 (116 ) Impact of PUC D&Os (9,513 ) (3,011 ) 98 445 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 12,904 $ 11,830 $ 277 $ 329 Hawaiian Electric consolidated Service cost $ 15,983 $ 11,697 $ 855 $ 856 Interest cost 17,516 16,436 2,159 2,079 Expected return on plan assets (20,632 ) (18,171 ) (2,859 ) (2,663 ) Amortization of net prior service loss (gain) 10 15 (451 ) (451 ) Amortization of net actuarial loss 8,094 4,560 422 — Net periodic benefit cost (credit) 20,971 14,537 126 (179 ) Impact of PUC D&Os (9,513 ) (3,011 ) 98 445 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 11,458 $ 11,526 $ 224 $ 266

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation expense and related income tax benefit	Share-based compensation expense and the related income tax benefit were as follows: Three months ended March 31 (in millions) 2015 2014 HEI consolidated Share-based compensation expense 1 $ 1.8 $ 2.4 Income tax benefit 0.6 0.8 Hawaiian Electric consolidated Share-based compensation expense 1 0.5 0.7 Income tax benefit 0.2 0.3 1 $0.04 million and $0.04 million of this share-based compensation expense was capitalized in the three months ended March 31, 2015 and 2014 , respectively.
Schedule of stock appreciation rights by grant year	SARs activity and statistics were as follows: Three months ended March 31 (dollars in thousands, except prices) 2015 2014 Shares underlying SARS exercised 80,000 - Weighted-average price of shares exercised $ 26.18 - Intrinsic value of shares exercised 1 502 - Tax benefit realized for the deduction of exercises 162 - 1 Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalent rights exceeds the exercise price of the right.
Schedule of restricted stock units	Information about HEI’s grants of restricted stock units was as follows: Three months ended March 31 2015 2014 Shares (1) Shares (1) Outstanding, beginning of period 261,235 $ 25.77 288,151 $ 25.17 Granted 84,294 33.74 115,036 25.19 Vested (79,219 ) 25.77 (71,029 ) 25.79 Forfeited (4,619 ) 25.83 — — Outstanding, end of period 261,691 $ 28.33 332,158 $ 25.04 Total weighted-average grant-date fair value of shares granted ($ millions) $ 2.8 $ 2.9 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
Schedule of Long-Term Incentive Plan (LTIP) linked to total return to shareholders	Information about HEI’s LTIP grants linked to TRS was as follows: Three months ended March 31 2015 2014 Shares (1) Shares (1) Outstanding, beginning of period 257,956 $ 28.45 232,127 $ 32.88 Granted (target level) — — 96,793 22.95 Vested (issued or unissued and cancelled) (75,915 ) 30.71 (70,189 ) 35.46 Forfeited (13,264 ) 26.00 (488 ) 32.13 Outstanding, end of period 168,777 $ 27.63 258,243 $ 28.46 Total weighted-average grant-date fair value of shares granted ($ millions) $ — $ 2.2 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of assumptions used to determine the fair value of Long-Term Incentive Plan (LTIP) linked to total return to shareholders (TRS)	The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted: 2014 Risk-free interest rate 0.66 % Expected life in years 3 Expected volatility 17.8 % Range of expected volatility for Peer Group 12.4% to 23.3% Grant date fair value (per share) $ 22.95
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions	Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows: Three months ended March 31 2015 2014 Shares (1) Shares (1) Outstanding, beginning of period 364,731 $ 26.01 296,843 $ 26.14 Granted (target level) — — 128,873 25.19 Vested (issued) (121,249 ) 26.05 (65,089 ) 24.95 Forfeited (13,263 ) 25.72 (557 ) 26.55 Outstanding, end of period 230,219 $ 26.00 360,070 $ 26.01 Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) $ — $ 3.2 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.

Earnings per share and shareh35

Earnings per share and shareholders' equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule of earnings per share	Under the two-class method of computing earnings per share (EPS), EPS was comprised as follows for both participating securities (i.e., restricted shares that became fully vested in the fourth quarter of 2014) and unrestricted common stock: Three months ended March 31, 2014 Basic and diluted Distributed earnings $ 0.31 Undistributed earnings 0.14 $ 0.45
Schedule of accumulated other comprehensive income	Changes in the balances of each component of accumulated other comprehensive income/(loss) (AOCI) were as follows: HEI Consolidated Hawaiian Electric Consolidated (in thousands) Net unrealized gains (losses) on securities Unrealized losses on derivatives Retirement benefit plans AOCI AOCI -retirement benefit plans Balance, December 31, 2014 $ 462 $ (289 ) $ (27,551 ) $ (27,378 ) $ 45 Current period other comprehensive income 3,451 59 548 4,058 22 Balance, March 31, 2015 $ 3,913 $ (230 ) $ (27,003 ) $ (23,320 ) $ 67 Balance, December 31, 2013 $ (3,663 ) $ (525 ) $ (12,562 ) $ (16,750 ) $ 608 Current period other comprehensive income 805 59 303 1,167 9 Balance, March 31, 2014 $ (2,858 ) $ (466 ) $ (12,259 ) $ (15,583 ) $ 617
Schedule of reclassifications out of accumulated other comprehensive income/(loss)	Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Three months ended March 31 (in thousands) 2015 2014 Affected line item in the Statement of Income HEI consolidated Net realized gains on securities $ 3,451 $ (1,715 ) Revenues-bank (net gains on sales of securities) Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) 59 59 Interest expense Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost 5,459 2,813 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (4,911 ) (2,510 ) See Note 6 for additional details Total reclassifications $ 4,058 $ (1,353 ) Hawaiian Electric consolidated Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost $ 4,933 $ 2,519 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (4,911 ) (2,510 ) See Note 6 for additional details Total reclassifications $ 22 $ 9

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of estimated fair values of certain of the Company's financial instruments	The following table presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments. For stock in Federal Home Loan Bank of Seattle, the carrying amount is a reasonable estimate of fair value. For financial liabilities such as noninterest-bearing demand, interest-bearing demand, and savings and money market deposits, the carrying amount is a reasonable estimate of fair value as these liabilities have no stated maturity. Estimated fair value Carrying 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 March 31, 2015 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 590,648 — 590,648 — 590,648 Stock in Federal Home Loan Bank of Seattle 63,711 — 63,711 — 63,711 Loans receivable, net 4,411,410 — — 4,616,814 4,616,814 Derivative assets 851 — 851 — 851 Financial liabilities Deposit liabilities 4,751,328 — 4,752,331 — 4,752,331 Short-term borrowings—other than bank 30,500 — 30,500 — 30,500 The Utilities’ short-term borrowings (included in amount above) 30,000 — 30,000 — 30,000 Other bank borrowings 312,094 — 320,329 — 320,329 Long-term debt, net—other than bank 1,506,546 — 1,645,545 — 1,645,545 The Utilities’ long-term debt, net (included in amount above) 1,206,546 — 1,336,267 — 1,336,267 Derivative liabilities 281 249 32 — 281 December 31, 2014 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 550,394 — 550,394 — 550,394 Stock in Federal Home Loan Bank of Seattle 69,302 — 69,302 — 69,302 Loans receivable, net 4,397,457 — — 4,578,822 4,578,822 Derivative assets 398 — 398 — 398 Financial liabilities Deposit liabilities 4,623,415 — 4,623,773 — 4,623,773 Short-term borrowings—other than bank 118,972 — 118,972 — 118,972 Other bank borrowings 290,656 — 298,837 — 298,837 Long-term debt, net—other than bank 1,506,546 — 1,622,736 — 1,622,736 The Utilities’ long-term debt, net (included in amount above) 1,206,546 — 1,313,893 — 1,313,893 Derivative liabilities 114 71 43 — 114
Schedule of assets measured at fair value on a recurring basis	Assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2015 December 31, 2014 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) $ — $ 10 $ — $ — $ 10 $ — Available-for-sale investment securities (bank segment) Mortgage-related securities-FNMA, FHLMC and GNMA $ — $ 450,421 $ — $ — $ 430,834 $ — U.S. Treasury and federal agency obligations — 140,227 — — 119,560 — $ — $ 590,648 $ — $ — $ 550,394 $ — Derivative assets 1 Interest rate lock commitments $ — $ 836 $ — $ — $ 393 $ — Forward commitments — 15 — — 5 — $ — $ 851 $ — $ — $ 398 $ — Derivative liabilities 1 Interest rate lock commitments $ — $ 1 $ — $ — $ 3 $ — Forward commitments 249 31 — 71 40 — $ 249 $ 32 $ — $ 71 $ 43 $ — 1 Derivatives are carried at fair value with changes in value reflected in the balance sheet in other assets or other liabilities and included in mortgage banking income.
Schedule of assets measured at fair value on a nonrecurring basis	Assets measured at fair value on a nonrecurring basis were as follows: Fair value measurements (in thousands) Balance Level 1 Level 2 Level 3 March 31, 2015 Loans $ 2,494 $ — $ — $ 2,494 Real estate acquired in settlement of loans 665 — — 665 December 31, 2014 Loans 2,445 — — 2,445 Real estate acquired in settlement of loans 288 — — 288
Schedule of significant unobservable inputs used in the fair value measurement	Key assumptions used in estimating the fair value of the bank’s mortgage servicing rights were as follows: (dollars in thousands) March 31, 2015 December 31, 2014 Unpaid principal balance $ 1,414,990 $ 1,391,030 Weighted average note rate 4.06 % 4.07 % Weighted average discount rate 9.6 % 9.6 % Weighted average prepayment speed 10.6 % 9.5 % The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis: Significant unobservable input value 1 ($ in thousands) Fair value Valuation technique Significant unobservable input Range Weighted Average March 31, 2015 Residential loans $ 2,377 Fair value of property or collateral Appraised value less 7% selling costs 39-99% 78% Home equity lines of credit 3 Fair value of property or collateral Appraised value less 7% selling costs 7% Commercial loans 114 Fair value of property or collateral Fair value of business assets 88% Total loans $ 2,494 Real estate acquired in settlement of loans $ 665 Fair value of property or collateral Appraised value less 7% selling costs 100% 100% December 31, 2014 Residential loans $ 2,297 Fair value of property or collateral Appraised value less 7% selling costs 39-99% 83% Home equity lines of credit 3 Fair value of property or collateral Appraised value less 7% selling costs 7% Commercial loans 145 Fair value of property or collateral Fair value of business assets 91% Total loans $ 2,445 Real estate acquired in settlement of loans $ 288 Fair value of property or collateral Appraised value less 7% selling cost 100% 100% 1 Represent percent of outstanding principal balance.

Cash flows (Tables)

Cash flows (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash and noncash activity	Three months ended March 31 2015 2014 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates $ 21 $ 20 Income taxes paid 1 1 Income taxes refunded 47 19 Hawaiian Electric consolidated Interest paid to non-affiliates 13 13 Income taxes refunded 6 8 Supplemental disclosures of noncash activities HEI consolidated Real estate acquired in settlement of loans — 1 Real estate transferred from property, plant and equipment to other assets held-for-sale 5 — Obligations to fund low income housing investments — 10 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices (41 ) (16 ) (1) As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Recent Accounting Pronounceme38

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of new accounting pronouncements and changes in accounting principles	The table below illustrates the effects of the restatement on the previously filed financial statements: Three months ended March 31, 2015 Three months ended March 31, 2014 As As previously As previously As (in thousands) filed restated Difference filed restated Difference Consolidated Statements of Cash Flows HEI consolidated Cash flows from operating activities Other amortization $ 1,362 $ 2,371 $ 1,009 N/A N/A N/A Increase in deferred income taxes (1) 15,265 3,828 (11,437 ) N/A N/A N/A Share-based compensation expense — 1,754 1,754 $ — $ 2,361 $ 2,361 Increase/(decrease) in accounts, interest and dividends payable (42,463 ) 22,053 64,516 (9,307 ) 15,306 24,613 Change in prepaid and accrued income taxes and utility revenue taxes (61,397 ) (9,461 ) 51,936 N/A N/A N/A Change in other assets and liabilities (1) 19,826 (25,992 ) (45,818 ) (27,227 ) (29,931 ) (2,704 ) Net cash provided by operating activities 76,650 138,610 61,960 19,421 43,691 24,270 Cash flows from investing activities Capital expenditures (59,011 ) (123,527 ) (64,516 ) (65,829 ) (90,442 ) (24,613 ) Cash flows from investing activities-Other 3,281 3,549 268 — 343 343 Net cash used in investing activities (87,797 ) (152,045 ) (64,248 ) (74,232 ) (98,502 ) (24,270 ) Cash flows from financing activities Cash flows from financing activities-Other (6,253 ) (3,965 ) 2,288 N/A N/A N/A Net cash provided by financing activities 127,773 130,061 2,288 N/A N/A N/A Hawaiian Electric consolidated Cash flows from operating activities Other amortization 689 1,698 1,009 N/A N/A N/A Increase/(decrease) in accounts payable (49,136 ) 15,380 64,516 (16,024 ) 8,589 24,613 Change in other assets and liabilities (8,522 ) (9,774 ) (1,252 ) (10,981 ) (11,324 ) (343 ) Net cash provided by operating activities 32,887 97,160 64,273 637 24,907 24,270 Cash flows from investing activities Capital expenditures (54,358 ) (118,874 ) (64,516 ) (64,462 ) (89,075 ) (24,613 ) Cash flows from investing activities-Other — 243 243 — 343 343 Net cash used in investing activities (45,213 ) (109,486 ) (64,273 ) (57,504 ) (81,774 ) (24,270 ) Note 10 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing) (in millions) 24 (41 ) (65 ) 9 (16 ) (25 ) (1) As previously filed and adjusted by ASU No. 2014-01 (see Note 11). N/A - Not applicable. The table below summarizes the impact to prior period financial statements of the adoption of ASU No. 2014-01: HEI Consolidated ASB (in thousands) As previously filed Adjustment from adoption of ASU No. 2014-01 Restatement As currently reported As previously filed Adjustment from adoption of ASU No. 2014-01 As currently reported HEI Consolidated Income Statement/ASB Statement of Income Data Three months ended March 31, 2014 Bank expenses/Noninterest expense $ 41,996 $ (908 ) $ 41,088 $ 38,370 $ (908 ) $ 37,462 Bank operating income/Income before income taxes $ 21,623 $ 908 $ 22,531 $ 21,624 $ 908 $ 22,532 Income taxes $ 24,673 $ 1,048 $ 25,721 $ 7,085 $ 1,048 $ 8,133 Net income for common stock/Net income $ 45,927 $ (140 ) $ 45,787 $ 14,539 $ (140 ) $ 14,399 HEI Consolidated Balance Sheet/ASB Balance Sheet Data December 31, 2014 Other assets $ 541,542 $ 981 $ 542,523 $ 304,435 $ 981 $ 305,416 Total assets and Total liabilities and shareholders’ equity $ 11,184,161 $ 981 $ 11,185,142 $ 5,565,241 $ 981 $ 5,566,222 Deferred income taxes/Other liabilities $ 631,734 $ 1,836 $ 633,570 $ 116,527 $ 1,836 $ 118,363 Total liabilities $ 9,358,440 $ 1,836 $ 9,360,276 $ 5,030,598 $ 1,836 $ 5,032,434 Retained earnings $ 297,509 $ (855 ) $ 296,654 $ 212,789 $ (855 ) $ 211,934 Total shareholders’ equity $ 1,791,428 $ (855 ) $ 1,790,573 $ 534,643 $ (855 ) $ 533,788 HEI Consolidated Statement of Changes in Stockholders’ Equity December 31, 2013 Retained earnings $ 255,694 $ (664 ) $ 255,030 Total shareholders’ equity $ 1,727,070 $ (664 ) $ 1,726,406 HEI Consolidated Statement of Cash Flows Three months ended March 31, 2014 Net income $ 46,400 $ (140 ) $ 46,260 Increase in deferred income taxes $ 6,298 $ 159 $ 6,457 Change in other assets and liabilities $ (27,208 ) $ (19 ) $ (2,704 ) $ (29,931 )

Basis of presentation - Restate

Basis of presentation - Restatement and revision of previously filed financial statements (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other amortization	[1]	$ 2,371	$ 1,609
Increase in deferred income taxes	[1]	3,828	6,457
Share-based compensation expense	[1]	1,754	2,361
Increase in accounts, interest and dividends payable	[1]	22,053	15,306
Change in prepaid and accrued income taxes and utility revenue taxes	[1]	(9,461)	(19,474)
Change in other assets and liabilities	[1]	(25,992)	(29,931)
Net cash provided by operating activities	[1]	138,610	43,691
Capital expenditures	[1]	(123,527)	(90,442)
Cash flows from investing activities-Other	[1]	3,549	343
Net cash used in investing activities	[1]	(152,045)	(98,502)
Cash flows from financing activities-Other	[1]	(3,965)	(3,953)
Net cash provided by financing activities	[1]	130,061	103,895
Additions to electric utility property, plant and equipment - unpaid invoices and other (investing)/______________________________ (in millions)		(41,000)	(16,000)
Accounting Standards Update 2014-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in deferred income taxes			6,457
Change in other assets and liabilities			(29,931)
Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other amortization	[1]	1,698	1,621
Increase in accounts payable	[1]	15,380	8,589
Increase in deferred income taxes	[1]	15,132	20,344
Change in prepaid and accrued income taxes and utility revenue taxes	[1]	(63,696)	(47,526)
Change in other assets and liabilities	[1]	(9,774)	(11,324)
Net cash provided by operating activities	[1]	97,160	24,907
Capital expenditures	[1]	(118,874)	(89,075)
Cash flows from investing activities-Other		243	343
Net cash used in investing activities	[1]	(109,486)	(81,774)
Cash flows from financing activities-Other	[1]	(216)	(389)
Net cash provided by financing activities	[1]	6,684	11,401
Additions to electric utility property, plant and equipment - unpaid invoices and other (investing)/______________________________ (in millions)		(41,000)	(16,000)
Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other amortization		1,362
Increase in deferred income taxes		15,265	6,298
Share-based compensation expense		0
Increase in accounts, interest and dividends payable		(42,463)	(9,307)
Change in prepaid and accrued income taxes and utility revenue taxes		(61,397)
Change in other assets and liabilities		19,826	(27,208)
Net cash provided by operating activities		76,650	19,421
Capital expenditures		(59,011)	(65,829)
Cash flows from investing activities-Other		3,281	0
Net cash used in investing activities		(87,797)	(74,232)
Cash flows from financing activities-Other		(6,253)
Net cash provided by financing activities		127,773
Additions to electric utility property, plant and equipment - unpaid invoices and other (investing)/______________________________ (in millions)		24,000	9,000
Scenario, Previously Reported | Accounting Standards Update 2014-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Share-based compensation expense			0
Change in other assets and liabilities			(27,227)
Scenario, Previously Reported | Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other amortization		689
Increase in accounts payable		(49,136)	(16,024)
Change in other assets and liabilities		(8,522)	(10,981)
Net cash provided by operating activities		32,887	637
Capital expenditures		(54,358)	(64,462)
Cash flows from investing activities-Other		0	0
Net cash used in investing activities		(45,213)	(57,504)
Additions to electric utility property, plant and equipment - unpaid invoices and other (investing)/______________________________ (in millions)		24,000	9,000
Difference
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other amortization		1,009
Increase in deferred income taxes		(11,437)
Share-based compensation expense		1,754	2,361
Increase in accounts, interest and dividends payable		64,516	24,613
Change in prepaid and accrued income taxes and utility revenue taxes		51,936
Change in other assets and liabilities		(45,818)	(2,704)
Net cash provided by operating activities		61,960	24,270
Capital expenditures		(64,516)	(24,613)
Cash flows from investing activities-Other		268	343
Net cash used in investing activities		(64,248)	(24,270)
Cash flows from financing activities-Other		2,288
Net cash provided by financing activities		2,288
Additions to electric utility property, plant and equipment - unpaid invoices and other (investing)/______________________________ (in millions)		(65,000)	(25,000)
Difference | Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other amortization		1,009
Increase in accounts payable		64,516	24,613
Change in other assets and liabilities		(1,252)	(343)
Net cash provided by operating activities		64,273	24,270
Capital expenditures		(64,516)	(24,613)
Cash flows from investing activities-Other		243	343
Net cash used in investing activities		(64,273)	(24,270)
Additions to electric utility property, plant and equipment - unpaid invoices and other (investing)/______________________________ (in millions)		$ (65,000)	$ (25,000)
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Segment financial information40

Segment financial information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment financial information
Total revenues		$ 637,862	$ 783,749
Income (loss) before income taxes		52,318	71,981
Income taxes (benefit)		19,979	25,721
Net income	[1]	32,339	46,260
Preferred stock dividends of subsidiaries		473	473
Net income for common stock		31,866	45,787
Assets		11,273,447		$ 11,185,142
Electric utility
Segment financial information
Total revenues		573,442	720,062
Income (loss) before income taxes		43,223	57,166
Income taxes (benefit)		15,850	21,247
Net income		27,373	35,919
Preferred stock dividends of subsidiaries		499	499
Net income for common stock		26,874	35,420
Assets		5,535,500		5,590,457
Bank
Segment financial information
Total revenues		64,348	63,619
Income (loss) before income taxes		20,631	22,532
Income taxes (benefit)		7,156	8,133
Net income		13,475	14,399
Net income for common stock		13,475	14,399
Assets		5,724,877		5,566,222
Other
Segment financial information
Total revenues		72	68
Income (loss) before income taxes		(11,536)	(7,717)
Income taxes (benefit)		(3,027)	(3,659)
Net income		(8,509)	(4,058)
Preferred stock dividends of subsidiaries		(26)	(26)
Net income for common stock		(8,483)	(4,032)
Assets		13,070		$ 28,463
Revenues from external customers
Segment financial information
Total revenues		637,862	783,749
Revenues from external customers | Electric utility
Segment financial information
Total revenues		573,431	720,056
Revenues from external customers | Bank
Segment financial information
Total revenues		64,348	63,619
Revenues from external customers | Other
Segment financial information
Total revenues		83	74
Intersegment revenues (eliminations) | Electric utility
Segment financial information
Total revenues		11	6
Intersegment revenues (eliminations) | Other
Segment financial information
Total revenues		$ (11)	$ (6)
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Proposed Merger (Details)

Proposed Merger (Details)	Dec. 03, 2014USD ($)$ / sharesshares	Jan. 31, 2015USD ($)	Mar. 31, 2015complaint	Apr. 30, 2015action
Business Acquisition [Line Items]
Number of purported class action complaints filed | complaint			8
NextEra Energy, Inc Merger
Business Acquisition [Line Items]
Merger share conversion ratio | shares	0.2413
Minimum percentage of shares from which holders approval needed for merger	75.00%
Merger agreement contract extension	6 months
Merger contract termination fee	$ 90,000,000
Maximum expenses paid to party for cancellation of merger	$ 5,000,000
Minimum period that entity agrees not to submit applications for general base rate increase		4 years
Approximate amount of cumulative savings for customers due to forgone recoveries		$ 60,000,000
Hawaiian Electric Company, Inc. and Subsidiaries | NextEra Energy, Inc Merger
Business Acquisition [Line Items]
Special dividend | $ / shares	$ 0.50
In re Consolidated HEI Shareholder Cases | Subsequent Event
Business Acquisition [Line Items]
Consolidated number of state actions | action				7

Electric utility subsidiary - T

Electric utility subsidiary - Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Hawaiian Electric Company, Inc. and Subsidiaries
Revenue taxes
Electric Utility Revenue Taxes Included in Operating Revenues and in Taxes Other than Income Taxes Expense	$ 51	$ 65

Electric utility subsidiary - U

Electric utility subsidiary - Unconsolidated variable interest entities (Details) $ in Thousands	1 Months Ended				3 Months Ended
	Oct. 31, 2004MW	Mar. 31, 2004USD ($)security	May. 31, 1991MW	Oct. 31, 1988	Mar. 31, 2015USD ($)agreemententitykW	Mar. 31, 2014USD ($)	Dec. 31, 2014USD ($)
Power purchase agreement
Purchases from IPPs					$ 136,000	$ 165,000
Accounts payable					$ 167,784		$ 186,425
Hawaiian Electric Company
Power purchase agreement
Number of power purchase agreements (PPAs) | agreement					6
Maximum capacity of small power production facilities (in kilowatts) | kW					100
Number of entities currently not required to be consolidated as VIEs | entity					0
Percentage of power purchase from AES Hawaii, Inc. (AES Hawaii), Kalaeloa Partners, L.P. (Kalaeloa), Hamakua Energy Partners, L.P. (HEP) and HPOWER					90.00%
Variable Interest Entity, Unavailability of Information, Number of Entities | entity					3
Purchases from IPPs					$ 103,250	123,969
Number of firm capacity producers declining to provide financial information to determine primary beneficiary status | entity					2
Minimum potential number of IPP entities consolidated into company in the future | entity					1
Hawaiian Electric Company | AES Hawaii, Inc. (AES Hawaii)
Power purchase agreement
Purchases from IPPs					$ 34,000	33,000
Hawaiian Electric Company | Kalaeloa Partners, L.P. (Kalaeloa)
Power purchase agreement
Purchases from IPPs					44,000	67,000
Power purchase capacity that Increases from initial capacity (in megawatts) | MW			180
Number of years entity entered under power purchase agreement				25 years
Power purchase capacity that Increases from initial capacity (in megawatts) | MW	208
Accounts payable					13,000
Hawaiian Electric Company | Hamakua Energy Partners, L.P. (HEP)
Power purchase agreement
Purchases from IPPs					11,000	12,000
Hawaiian Electric Company | HPOWER
Power purchase agreement
Purchases from IPPs					16,000	16,000
Hawaiian Electric Company | Other IPPs
Power purchase agreement
Purchases from IPPs					31,000	37,000
Hawaii Electric Light Company, Inc. (HELCO)
Power purchase agreement
Purchases from IPPs					21,893	29,491
Maui Electric
Power purchase agreement
Purchases from IPPs					10,864	11,456
HECO Capital Trust III
Unconsolidated variable interest entities
Investment in 2004 Debentures					51,500		51,500
Interest income					800	800
HECO Capital Trust III | Hawaiian Electric Company
Unconsolidated variable interest entities
Principal amount of 2004 Debentures		$ 31,500
HECO Capital Trust III | Hawaiian Electric Company | 2004 Trust Preferred Securities
Unconsolidated variable interest entities
Number of 2004 Trust Preferred Securities issued | security		2,000,000
Dividend rate on 2004 Trust Preferred Securities (as a percent)		6.50%
Aggregate Liquidation preference		$ 50,000
Balance of Trust Securities					50,000		50,000
Dividend distributions on Trust Preferred Securities					800	800
HECO Capital Trust III | Hawaiian Electric Company | Trust Common Securities
Unconsolidated variable interest entities
Aggregate Liquidation preference		1,500
Balance of Trust Securities					1,500		$ 1,500
Common dividend					$ 25	$ 25
HECO Capital Trust III | Hawaii Electric Light Company, Inc. (HELCO)
Unconsolidated variable interest entities
Principal amount of 2004 Debentures		10,000
HECO Capital Trust III | Maui Electric
Unconsolidated variable interest entities
Principal amount of 2004 Debentures		$ 10,000

Electric utility subsidiary - C

Electric utility subsidiary - Commitments and contingencies (Details)

Apr. 15, 2015USD ($)kWh

Mar. 31, 2015USD ($)

Mar. 23, 2015

Jan. 20, 2015

Feb. 16, 2012generation_unit

Aug. 31, 2014

Apr. 30, 2014USD ($)order

Oct. 31, 1988

Mar. 31, 2015USD ($)

Mar. 31, 2014USD ($)

Dec. 31, 2014USD ($)

Mar. 01, 2014

Feb. 07, 2014

Mar. 31, 2012USD ($)

Environmental regulation

Number of EGUs impacted by proposed rules of MATS | generation_unit

14

Period for which operations was stopped prior to merger

4 years

Changes in the asset retirement obligation liability

Number of orders from regulatory agency | order

4

Percent of energy production from renewable energy sources

65.00%

Requested approval period for motion

60 days

Public Utilities, Phase-in Plans [Abstract]

Annual incremental RAM adjusted revenues

$ 31,600,000

Hawaiian Electric Company

Environmental regulation

Period of extension resulting in MATS compliance date

1 year

Maui Electric

Environmental regulation

Additional accrued investigation and estimated cleanup costs

$ 3,600,000

$ 3,600,000

$ 3,100,000

Hawaiian Electric Company, Inc. and Subsidiaries

Environmental regulation

Percentage of reduction in GHG emissions by 2020

16.00%

16.00%

Estimated annual fee for greenhouse gas emissions

$ 500,000

Impact on earnings from recognition of AROs

0

Changes in the asset retirement obligation liability

Balance, beginning of period

$ 41,236,000

29,419,000

$ 43,106,000

Accretion expense

6,000

370,000

Liabilities settled

(1,614,000)

(2,240,000)

Revisions in estimated cash flows

0

0

Balance, end of period

$ 27,811,000

$ 27,811,000

$ 41,236,000

Proposed rate base adjustment, percent of previous rate base adjustment

90.00%

Effective interest rate, revenue balancing account

6.00%

Period to file required plan

120 days

Period to file implementation plan

60 days

Period for full implementation of plan

180 days

Period to file action plan

30 days

Proposal to file implementation proposal

120 days

Period to file demand response portfolio plan

90 days

Minimum | Hawaiian Electric Company, Inc. and Subsidiaries

Changes in the asset retirement obligation liability

Proposed effective interest rate, revenue balancing account

1.25%

Maximum | Hawaiian Electric Company, Inc. and Subsidiaries

Changes in the asset retirement obligation liability

Proposed effective interest rate, revenue balancing account

3.25%

Reserve for Environmental Costs

Environmental regulation

Additional reserve for investigation

$ 800,000

Subsequent Event

Changes in the asset retirement obligation liability

Regulatory filing period for initial briefing

60 days

Regulatory filing period for reply briefing

75 days

Public Utilities, Phase-in Plans [Abstract]

Annual incremental RAM adjusted revenues

$ 26,200,000

Net annual incremental amount to be collected under the tariffs

14,700,000

Subsequent Event | Hawaiian Electric Company

Public Utilities, Phase-in Plans [Abstract]

Annual incremental RAM adjusted revenues

20,300,000

Annual change in accrued earnings sharing credits to be refunded

0

Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected

(9,200,000)

Net annual incremental amount to be collected under the tariffs

11,100,000

Impact on typical residential customer monthly bill

$ 560,000

Monthly utility usage assumption (in kilowatts per hour) | kWh

600

Subsequent Event | Hawaii Electric Light Company, Inc. (HELCO)

Public Utilities, Phase-in Plans [Abstract]

Annual incremental RAM adjusted revenues

$ 2,400,000

Annual change in accrued earnings sharing credits to be refunded

0

Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected

100,000

Net annual incremental amount to be collected under the tariffs

2,500,000

Impact on typical residential customer monthly bill

$ 1,100,000

Monthly utility usage assumption (in kilowatts per hour) | kWh

500

Subsequent Event | Maui Electric

Public Utilities, Phase-in Plans [Abstract]

Annual incremental RAM adjusted revenues

$ 3,400,000

Annual change in accrued earnings sharing credits to be refunded

(100,000)

Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected

(2,200,000)

Net annual incremental amount to be collected under the tariffs

1,100,000

Impact on typical residential customer monthly bill

$ 600,000

Monthly utility usage assumption (in kilowatts per hour) | kWh

600

PCB Contamination | Waiau Power Plant

Environmental regulation

Period For Submission Of Plan To EPA

45 days

Electric utility subsidiary - L

Electric utility subsidiary - Liquefied natural gas (Details) - t	Aug. 08, 2014	Mar. 31, 2015	Aug. 31, 2014
Electric utility subsidiary [Abstract]
Term of agreement	15 years
Liquefaction capacity purchases, year one			800,000
Purchase agreement, period of first tranche		5 years
Purchase agreement, period of second tranche		5 years
Purchase agreement, period of third tranche		5 years
Liquefaction capacity purchases, year two			800,000
Liquefaction capacity purchases, year three			800,000
Liquefaction capacity purchases, year four			800,000
Liquefaction capacity purchases, year five			800,000
Liquefaction capacity purchases, year six			700,000
Liquefaction capacity purchases, year seven			700,000
Liquefaction capacity purchases, year eight			700,000
Liquefaction capacity purchases, year nine			700,000
Liquefaction capacity purchases, year ten			700,000
Liquefaction capacity purchases, year eleven			600,000
Liquefaction capacity purchases, year twelve			600,000
Liquefaction capacity purchases, year thirteen			600,000
Liquefaction capacity purchases, year fourteen			600,000
Liquefaction capacity purchases, year fifteen			600,000

Electric utility subsidiary -46

Electric utility subsidiary - Consolidating statement of income (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Operating expenses
Purchased power		$ 136,000	$ 165,000
Total expenses		568,356	694,535
Operating income		69,506	89,214
Other income (loss)
Allowance for equity funds used during construction	[1]	1,413	1,609
Interest and other charges
Allowance for borrowed funds used during construction		499	614
Income taxes		19,979	25,721
Net income	[1]	32,339	46,260
Preferred stock dividends of subsidiaries		473	473
Net income for common stock		31,866	45,787
Hawaiian Electric Company
Condensed Income Statements, Captions [Line Items]
Revenues		399,741	512,455
Operating expenses
Fuel oil		118,403	203,547
Purchased power		103,250	123,969
Other operation and maintenance		70,084	58,515
Depreciation		29,389	27,301
Taxes, other than income taxes		38,201	48,184
Total expenses		359,327	461,516
Operating income		40,414	50,939
Other income (loss)
Allowance for equity funds used during construction		1,123	1,472
Equity in earnings of subsidiaries		7,692	8,917
Interest expense and other charges, net		(11,238)	(10,487)
Interest and other charges
Allowance for borrowed funds used during construction		388	559
Income before income taxes		38,379	51,400
Income taxes		11,235	15,710
Net income		27,144	35,690
Net income attributable to Hawaiian Electric		27,144	35,690
Preferred stock dividends of Hawaiian Electric		270	270
Net income for common stock		26,874	35,420
HELCO
Condensed Income Statements, Captions [Line Items]
Revenues		88,055	104,931
Operating expenses
Fuel oil		23,385	31,500
Purchased power		21,893	29,491
Other operation and maintenance		16,399	14,047
Depreciation		9,313	8,975
Taxes, other than income taxes		8,384	9,763
Total expenses		79,374	93,776
Operating income		8,681	11,155
Other income (loss)
Allowance for equity funds used during construction		145	65
Interest expense and other charges, net		(2,680)	(2,748)
Interest and other charges
Allowance for borrowed funds used during construction		53	25
Income before income taxes		6,199	8,497
Income taxes		2,277	3,202
Net income		3,922	5,295
Preferred stock dividends of subsidiaries		134	134
Net income attributable to Hawaiian Electric		3,788	5,161
Net income for common stock		3,788	5,161
Maui Electric
Condensed Income Statements, Captions [Line Items]
Revenues		85,674	102,693
Operating expenses
Fuel oil		35,018	51,253
Purchased power		10,864	11,456
Other operation and maintenance		17,519	16,044
Depreciation		5,541	5,327
Taxes, other than income taxes		8,163	10,024
Total expenses		77,105	94,104
Operating income		8,569	8,589
Other income (loss)
Allowance for equity funds used during construction		145	72
Interest expense and other charges, net		(2,435)	(2,505)
Interest and other charges
Allowance for borrowed funds used during construction		58	30
Income before income taxes		6,337	6,186
Income taxes		2,338	2,335
Net income		3,999	3,851
Preferred stock dividends of subsidiaries		95	95
Net income attributable to Hawaiian Electric		3,904	3,756
Net income for common stock		3,904	3,756
Other subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues		0	0
Operating expenses
Other operation and maintenance		0	0
Total expenses		0	0
Operating income		0	0
Interest and other charges
Income before income taxes		0	0
Income taxes		0	0
Net income		0	0
Net income attributable to Hawaiian Electric		0	0
Net income for common stock		0	0
Consolidating adjustments
Condensed Income Statements, Captions [Line Items]
Revenues		(28)	(17)
Operating expenses
Operating income		(28)	(17)
Other income (loss)
Equity in earnings of subsidiaries		(7,692)	(8,917)
Interest expense and other charges, net		28	17
Interest and other charges
Income before income taxes		(7,692)	(8,917)
Income taxes		0	0
Net income		(7,692)	(8,917)
Net income attributable to Hawaiian Electric		(7,692)	(8,917)
Net income for common stock		(7,692)	(8,917)
HECO Consolidated
Condensed Income Statements, Captions [Line Items]
Revenues		573,442	720,062
Operating expenses
Fuel oil		176,806	286,300
Purchased power		136,007	164,916
Other operation and maintenance		104,002	88,606
Depreciation		44,243	41,603
Taxes, other than income taxes		54,748	67,971
Total expenses		515,806	649,396
Operating income		57,636	70,666
Other income (loss)
Allowance for equity funds used during construction	[1]	1,413	1,609
Interest expense and other charges, net		(16,325)	(15,723)
Interest and other charges
Allowance for borrowed funds used during construction		499	614
Income before income taxes		43,223	57,166
Income taxes		15,850	21,247
Net income	[1]	27,373	35,919
Preferred stock dividends of subsidiaries		229	229
Net income attributable to Hawaiian Electric		27,144	35,690
Preferred stock dividends of Hawaiian Electric		270	270
Net income for common stock		$ 26,874	$ 35,420
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Electric utility subsidiary -47

Electric utility subsidiary - Consolidating statement of comprehensive income (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Condensed Statement of Income Captions [Line Items]
Net income for common stock	$ 31,866	$ 45,787
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	5,459	2,813
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(4,911)	(2,510)
Other comprehensive income, net of taxes	4,058	1,167
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	35,924	46,954
Hawaiian Electric Company
Condensed Statement of Income Captions [Line Items]
Net income for common stock	26,874	35,420
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	4,933	2,519
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(4,911)	(2,510)
Other comprehensive income, net of taxes	22	9
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	26,896	35,429
HELCO
Condensed Statement of Income Captions [Line Items]
Net income for common stock	3,788	5,161
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	651	344
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(651)	(344)
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	3,788	5,161
Maui Electric
Condensed Statement of Income Captions [Line Items]
Net income for common stock	3,904	3,756
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	600	253
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(600)	(253)
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	3,904	3,756
Other subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income for common stock	0	0
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	0	0
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	0	0
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	0	0
Consolidating adjustments
Condensed Statement of Income Captions [Line Items]
Net income for common stock	(7,692)	(8,917)
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	(1,251)	(597)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	1,251	597
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	(7,692)	(8,917)
HECO Consolidated
Condensed Statement of Income Captions [Line Items]
Net income for common stock	26,874	35,420
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $3,141 and $1,605 for the respective periods	4,933	2,519
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $3,127 and $1,598 for the respective periods	(4,911)	(2,510)
Other comprehensive income, net of taxes	22	9
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 26,896	$ 35,429

Electric utility subsidiary -48

Electric utility subsidiary - Consolidating balance sheet (Details 3) - USD ($) $ in Thousands		Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Utility plant, at cost
Total property, plant and equipment, net		$ 4,190,835	$ 4,148,774
Other long-term assets
Total assets		11,273,447	11,185,142
Capitalization
Common stock equity		1,897,909	1,790,573	$ 1,745,124	$ 1,726,406
Cumulative preferred stock — not subject to mandatory redemption		0	0
Current liabilities
Interest and preferred dividends payable		25,225	25,336
Deferred credits and other liabilities
Deferred income taxes		640,778	633,570
Contributions in aid of construction		474,385	466,432
Total liabilities and shareholders’ equity		11,273,447	11,185,142
Hawaiian Electric Company
Utility plant, at cost
Land		43,542	43,819
Plant and equipment		3,826,826	3,782,438
Less accumulated depreciation		(1,256,950)	(1,253,866)
Construction in progress		135,984	134,376
Utility property, plant and equipment, net		2,749,402	2,706,767
Nonutility property, plant and equipment, less accumulated depreciation		4,949	4,950
Total property, plant and equipment, net		2,754,351	2,711,717
Investment in wholly owned subsidiaries, at equity		540,032	538,639
Current assets
Cash and cash equivalents		5,484	12,416	12,952	61,245
Advances to affiliates		12,600	16,100
Customer accounts receivable, net		86,157	111,462
Accrued unbilled revenues, net		81,346	103,072
Other accounts receivable, net		13,582	9,980
Fuel oil stock, at average cost		65,861	74,515
Materials and supplies, at average cost		34,269	33,154
Prepayments and other		31,970	44,680
Regulatory assets		85,353	58,550
Total current assets		416,622	463,929
Other long-term assets
Regulatory assets		598,535	623,784
Unamortized debt expense		5,621	5,640
Other		53,370	53,106
Total other long-term assets		657,526	682,530
Total assets		4,368,531	4,396,815
Capitalization
Common stock equity		1,686,434	1,682,144	1,606,283	1,593,564
Cumulative preferred stock — not subject to mandatory redemption		22,293	22,293
Long-term debt, net		830,546	830,546
Total capitalization		2,539,273	2,534,983
Current liabilities
Short-term borrowings from non-affiliates		30,000
Short-term borrowings from affiliate		0	0
Accounts payable		106,975	122,433
Interest and preferred dividends payable		16,678	15,407
Taxes accrued		126,742	176,339
Regulatory liabilities		681	191
Other		49,389	48,282
Total current liabilities		330,465	362,652
Deferred credits and other liabilities
Deferred income taxes		423,151	429,515
Regulatory liabilities		240,749	236,727
Unamortized tax credits		52,093	49,865
Defined benefit pension and other postretirement benefit plans liability		443,249	446,888
Other		48,044	52,446
Total deferred credits and other liabilities		1,207,286	1,215,441
Contributions in aid of construction		291,507	283,739
Total liabilities and shareholders’ equity		4,368,531	4,396,815
HELCO
Utility plant, at cost
Land		5,464	5,464
Plant and equipment		1,182,567	1,179,032
Less accumulated depreciation		(478,692)	(473,933)
Construction in progress		14,947	12,421
Utility property, plant and equipment, net		724,286	722,984
Nonutility property, plant and equipment, less accumulated depreciation		82	82
Total property, plant and equipment, net		724,368	723,066
Current assets
Cash and cash equivalents		1,654	612	2,442	1,326
Advances to affiliates		0	0
Customer accounts receivable, net		21,485	24,222
Accrued unbilled revenues, net		14,500	15,926
Other accounts receivable, net		1,571	981
Fuel oil stock, at average cost		7,983	13,800
Materials and supplies, at average cost		6,589	6,664
Prepayments and other		230	8,611
Regulatory assets		9,359	6,745
Total current assets		63,371	77,561
Other long-term assets
Regulatory assets		104,663	107,454
Unamortized debt expense		1,396	1,438
Other		15,689	15,366
Total other long-term assets		121,748	124,258
Total assets		909,487	924,885
Capitalization
Common stock equity		283,129	281,846	277,022	274,802
Cumulative preferred stock — not subject to mandatory redemption		7,000	7,000
Long-term debt, net		190,000	190,000
Total capitalization		480,129	478,846
Current liabilities
Current portion of long-term debt		0
Short-term borrowings from affiliate		10,000	10,500
Accounts payable		14,988	23,728
Interest and preferred dividends payable		3,560	3,989
Taxes accrued		30,060	37,548
Regulatory liabilities		0	0
Other		10,126	9,866
Total current liabilities		68,734	85,631
Deferred credits and other liabilities
Deferred income taxes		89,923	90,119
Regulatory liabilities		79,504	77,707
Unamortized tax credits		15,096	14,902
Defined benefit pension and other postretirement benefit plans liability		68,989	72,547
Other		12,664	10,658
Total deferred credits and other liabilities		266,176	265,933
Contributions in aid of construction		94,448	94,475
Total liabilities and shareholders’ equity		909,487	924,885
Maui Electric
Utility plant, at cost
Land		3,016	3,016
Plant and equipment		1,057,130	1,048,012
Less accumulated depreciation		(453,448)	(447,711)
Construction in progress		13,920	11,819
Utility property, plant and equipment, net		620,618	615,136
Nonutility property, plant and equipment, less accumulated depreciation		1,531	1,531
Total property, plant and equipment, net		622,149	616,667
Current assets
Cash and cash equivalents		881	633	1,864	153
Customer accounts receivable, net		17,353	22,800
Accrued unbilled revenues, net		13,648	18,376
Other accounts receivable, net		3,285	2,246
Fuel oil stock, at average cost		11,471	17,731
Materials and supplies, at average cost		17,749	17,432
Prepayments and other		12,534	13,567
Regulatory assets		8,033	6,126
Total current assets		84,954	98,911
Other long-term assets
Regulatory assets		99,749	102,788
Unamortized debt expense		1,199	1,245
Other		13,214	13,366
Total other long-term assets		114,162	117,399
Total assets		821,265	832,977
Capitalization
Common stock equity		256,802	256,692	248,897	248,771
Cumulative preferred stock — not subject to mandatory redemption		5,000	5,000
Long-term debt, net		186,000	186,000
Total capitalization		447,802	447,692
Current liabilities
Short-term borrowings from affiliate		2,600	5,600
Accounts payable		16,546	17,773
Interest and preferred dividends payable		4,029	2,931
Taxes accrued		27,449	36,807
Regulatory liabilities		493	441
Other		16,234	16,094
Total current liabilities		67,351	79,646
Deferred credits and other liabilities
Deferred income taxes		83,910	83,238
Regulatory liabilities		30,388	29,966
Unamortized tax credits		14,848	14,725
Defined benefit pension and other postretirement benefit plans liability		74,927	75,960
Other		13,609	13,532
Total deferred credits and other liabilities		217,682	217,421
Contributions in aid of construction		88,430	88,218
Total liabilities and shareholders’ equity		821,265	832,977
Other subsidiaries
Current assets
Cash and cash equivalents		101	101	101	101
Total current assets		101	101
Other long-term assets
Total assets		101	101
Capitalization
Common stock equity		101	101	101	101
Total capitalization		101	101
Deferred credits and other liabilities
Total liabilities and shareholders’ equity		101	101
Consolidating adjustments
Utility plant, at cost
Investment in wholly owned subsidiaries, at equity		(540,032)	(538,639)
Current assets
Cash and cash equivalents		0	0	0	0
Advances to affiliates		(12,600)	(16,100)
Other accounts receivable, net		(9,770)	(8,924)
Prepayments and other		(1,379)	(475)
Total current assets		(23,749)	(25,499)
Other long-term assets
Regulatory assets		(103)	(183)
Total other long-term assets		(103)	(183)
Total assets		(563,884)	(564,321)
Capitalization
Common stock equity		(540,032)	(538,639)	(526,020)	(523,674)
Total capitalization		(540,032)	(538,639)
Current liabilities
Short-term borrowings from affiliate		(12,600)	(16,100)
Interest and preferred dividends payable		(10)	(11)
Taxes accrued		(1,379)	(292)
Regulatory liabilities		0	0
Other		(9,760)	(9,096)
Total current liabilities		(23,749)	(25,499)
Deferred credits and other liabilities
Regulatory liabilities		(103)	(183)
Total deferred credits and other liabilities			(183)
Total liabilities and shareholders’ equity		(563,884)	(564,321)
HECO Consolidated
Utility plant, at cost
Land		52,022	52,299
Plant and equipment		6,066,523	6,009,482
Less accumulated depreciation		(2,189,090)	(2,175,510)
Construction in progress		164,851	158,616
Utility property, plant and equipment, net		4,094,306	4,044,887
Nonutility property, plant and equipment, less accumulated depreciation		6,562	6,563
Total property, plant and equipment, net		4,100,868	4,051,450
Current assets
Cash and cash equivalents	[1]	8,120	13,762	17,359	62,825
Customer accounts receivable, net		124,995	158,484
Accrued unbilled revenues, net		109,494	137,374
Other accounts receivable, net		8,668	4,283
Fuel oil stock, at average cost		85,315	106,046
Materials and supplies, at average cost		58,607	57,250
Prepayments and other		43,355	66,383
Regulatory assets		102,745	71,421
Total current assets		541,299	615,003
Other long-term assets
Regulatory assets		802,844	833,843
Unamortized debt expense		8,216	8,323
Other		82,273	81,838
Total other long-term assets		893,333	924,004
Total assets		5,535,500	5,590,457
Capitalization
Common stock equity		1,686,434	1,682,144	$ 1,606,283	$ 1,593,564
Cumulative preferred stock — not subject to mandatory redemption		34,293	34,293
Long-term debt, net		1,206,546	1,206,546
Total capitalization		2,927,273	2,922,983
Current liabilities
Current portion of long-term debt		0
Short-term borrowings from non-affiliates		30,000	0
Accounts payable		138,509	163,934
Interest and preferred dividends payable		24,257	22,316
Taxes accrued		182,872	250,402
Regulatory liabilities		1,174	632
Other		65,989	65,146
Total current liabilities		442,801	502,430
Deferred credits and other liabilities
Deferred income taxes		596,984	602,872
Regulatory liabilities		350,538	344,217
Unamortized tax credits		82,037	79,492
Defined benefit pension and other postretirement benefit plans liability		587,165	595,395
Other		74,317	76,636
Total deferred credits and other liabilities		1,691,041	1,698,612
Contributions in aid of construction		474,385	466,432
Total liabilities and shareholders’ equity		$ 5,535,500	$ 5,590,457
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Electric utility subsidiary -49

Electric utility subsidiary - Consolidating statement of changes in common stock equity (Details 4) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Balance	$ 1,790,573	$ 1,726,406
Net income for common stock	31,866	45,787
Other comprehensive income, net of taxes	4,058	1,167
Common stock dividends	(31,840)	(31,448)
Balance	1,897,909	1,745,124
Hawaiian Electric Company
Balance	1,682,144	1,593,564
Net income for common stock	26,874	35,420
Other comprehensive income, net of taxes	22	9
Common stock dividends	(22,601)	(22,707)
Common stock issuance expenses	(5)	(3)
Balance	1,686,434	1,606,283
HELCO
Balance	281,846	274,802
Net income for common stock	3,788	5,161
Other comprehensive income, net of taxes	0	0
Common stock dividends	(2,505)	(2,941)
Common stock issuance expenses	0	0
Balance	283,129	277,022
Maui Electric
Balance	256,692	248,771
Net income for common stock	3,904	3,756
Other comprehensive income, net of taxes	0	0
Common stock dividends	(3,794)	(3,629)
Common stock issuance expenses	0	(1)
Balance	256,802	248,897
Other subsidiaries
Balance	101	101
Net income for common stock	0	0
Other comprehensive income, net of taxes	0	0
Balance	101	101
Consolidating adjustments
Balance	(538,639)	(523,674)
Net income for common stock	(7,692)	(8,917)
Other comprehensive income, net of taxes	0	0
Common stock dividends	6,299	6,570
Common stock issuance expenses	0	1
Balance	(540,032)	(526,020)
HECO Consolidated
Balance	1,682,144	1,593,564
Net income for common stock	26,874	35,420
Other comprehensive income, net of taxes	22	9
Common stock dividends	(22,601)	(22,707)
Common stock issuance expenses	(5)	(3)
Balance	$ 1,686,434	$ 1,606,283

Electric utility subsidiary -50

Electric utility subsidiary - Consolidating statement of cash flows (Details 5) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net income	[1]	$ 32,339	$ 46,260
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	[1]	45,865	43,181
Other amortization	[1]	2,371	1,609
Increase in deferred income taxes	[1]	3,828	6,457
Allowance for equity funds used during construction	[1]	(1,413)	(1,609)
Change in cash overdraft	[1]	0	(1,038)
Changes in assets and liabilities
Decrease in fuel oil stock	[1]	20,731	(34,260)
Increase in regulatory assets	[1]	(10,827)	(9,258)
Change in prepaid and accrued income taxes and utility revenue taxes	[1]	(9,461)	(19,474)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	[1]	123	(818)
Net cash provided by operating activities	[1]	138,610	43,691
Cash flows from investing activities
Capital expenditures	[1]	(123,527)	(90,442)
Contributions in aid of construction	[1]	9,145	6,958
Cash flows from investing activities-Other	[1]	3,549	343
Net cash used in investing activities	[1]	(152,045)	(98,502)
Cash flows from financing activities
Common stock dividends	[1]	(31,829)	(31,435)
Net increase (decrease) in short-term borrowings with original maturities of three months or less	[1]	(88,472)	30,887
Other	[1]	(3,965)	(3,953)
Net cash provided by financing activities	[1]	130,061	103,895
Net increase (decrease) in cash and cash equivalents	[1]	116,626	49,084
Scenario, Previously Reported
Cash flows from operating activities
Net income			46,400
Adjustments to reconcile net income to net cash provided by operating activities
Other amortization		1,362
Increase in deferred income taxes		15,265	6,298
Changes in assets and liabilities
Change in prepaid and accrued income taxes and utility revenue taxes		(61,397)
Net cash provided by operating activities		76,650	19,421
Cash flows from investing activities
Capital expenditures		(59,011)	(65,829)
Cash flows from investing activities-Other		3,281	0
Net cash used in investing activities		(87,797)	(74,232)
Cash flows from financing activities
Other		(6,253)
Net cash provided by financing activities		127,773
Hawaiian Electric Company
Cash flows from operating activities
Net income		27,144	35,690
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries		(7,717)	(8,942)
Common stock dividends received from subsidiaries		6,324	6,595
Depreciation of property, plant and equipment		29,389	27,301
Other amortization		590	235
Increase in deferred income taxes		12,048	17,123
Change in tax credits, net		2,246	1,741
Allowance for equity funds used during construction		(1,123)	(1,472)
Changes in assets and liabilities
Decrease in accounts receivable		21,703	4,131
Decrease in accrued unbilled revenues		21,726	11,031
Decrease in fuel oil stock		8,654	(35,060)
Increase in materials and supplies		(1,115)	(330)
Increase in regulatory assets		(8,903)	(8,188)
Increase in accounts payable		16,520	17,395
Change in prepaid and accrued income taxes and utility revenue taxes		(52,273)	(39,581)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability		0	(103)
Change in other assets and liabilities (3)		(8,614)	(11,181)
Net cash provided by operating activities		66,599	16,385
Cash flows from investing activities
Capital expenditures		(92,242)	(67,664)
Contributions in aid of construction		8,121	4,541
Cash flows from investing activities-Other		175	307
Advances from affiliates		3,500	(12,661)
Net cash used in investing activities		(80,446)	(75,477)
Cash flows from financing activities
Common stock dividends		(22,601)	(22,707)
Preferred stock dividends of Hawaiian Electric and subsidiaries		(270)	(270)
Net increase (decrease) in short-term borrowings with original maturities of three months or less		30,000	34,096
Other		(214)	(320)
Net cash provided by financing activities		6,915	10,799
Net increase (decrease) in cash and cash equivalents		(6,932)	(48,293)
Cash and cash equivalents, beginning of period		12,416	61,245
Cash and cash equivalents, end of period		5,484	12,952
Hawaiian Electric Company | Scenario, Previously Reported
Changes in assets and liabilities
Increase in accounts payable		(35,128)	(837)
Change in other assets and liabilities (3)		(8,439)	(10,874)
Cash flows from investing activities
Capital expenditures		(40,594)	(49,432)
Cash flows from investing activities-Other		0	0
HELCO
Cash flows from operating activities
Net income		3,922	5,295
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment		9,313	8,975
Other amortization		500	501
Increase in deferred income taxes		719	862
Change in tax credits, net		200	217
Allowance for equity funds used during construction		(145)	(65)
Changes in assets and liabilities
Decrease in accounts receivable		2,147	2,029
Decrease in accrued unbilled revenues		1,426	(230)
Decrease in fuel oil stock		5,817	1,166
Increase in materials and supplies		75	(387)
Increase in regulatory assets		(1,522)	(881)
Increase in accounts payable		(2,548)	(4,679)
Change in prepaid and accrued income taxes and utility revenue taxes		(1,807)	(2,791)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability		0	0
Change in other assets and liabilities (3)		203	1,012
Net cash provided by operating activities		18,300	11,024
Cash flows from investing activities
Capital expenditures		(14,902)	(8,883)
Contributions in aid of construction		758	1,121
Cash flows from investing activities-Other		26	29
Advances from affiliates		0	900
Net cash used in investing activities		(14,118)	(6,833)
Cash flows from financing activities
Common stock dividends		(2,505)	(2,941)
Preferred stock dividends of Hawaiian Electric and subsidiaries		(134)	(134)
Net increase (decrease) in short-term borrowings with original maturities of three months or less		(500)	0
Other		(1)	0
Net cash provided by financing activities		(3,140)	(3,075)
Net increase (decrease) in cash and cash equivalents		1,042	1,116
Cash and cash equivalents, beginning of period		612	1,326
Cash and cash equivalents, end of period		1,654	2,442
HELCO | Scenario, Previously Reported
Changes in assets and liabilities
Increase in accounts payable		(9,892)	(6,032)
Change in other assets and liabilities (3)		229	1,041
Cash flows from investing activities
Capital expenditures		(7,558)	(7,530)
Cash flows from investing activities-Other		0	0
Maui Electric
Cash flows from operating activities
Net income		3,999	3,851
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment		5,541	5,327
Other amortization		608	885
Increase in deferred income taxes		2,365	2,359
Change in tax credits, net		130	74
Allowance for equity funds used during construction		(145)	(72)
Change in cash overdraft		0	(1,038)
Changes in assets and liabilities
Decrease in accounts receivable		4,408	2,194
Decrease in accrued unbilled revenues		4,728	1,459
Decrease in fuel oil stock		6,260	(366)
Increase in materials and supplies		(317)	(328)
Increase in regulatory assets		(402)	(189)
Increase in accounts payable		1,408	(4,127)
Change in prepaid and accrued income taxes and utility revenue taxes		(9,616)	(5,154)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability		110	(102)
Change in other assets and liabilities (3)		(517)	(705)
Net cash provided by operating activities		18,560	4,068
Cash flows from investing activities
Capital expenditures		(11,730)	(12,528)
Contributions in aid of construction		266	1,296
Cash flows from investing activities-Other		42	7
Advances from affiliates		0	0
Net cash used in investing activities		(11,422)	(11,225)
Cash flows from financing activities
Common stock dividends		(3,794)	(3,629)
Preferred stock dividends of Hawaiian Electric and subsidiaries		(95)	(95)
Net increase (decrease) in short-term borrowings with original maturities of three months or less		(3,000)	12,661
Other		(1)	(69)
Net cash provided by financing activities		(6,890)	8,868
Net increase (decrease) in cash and cash equivalents		248	1,711
Cash and cash equivalents, beginning of period		633	153
Cash and cash equivalents, end of period		881	1,864
Maui Electric | Scenario, Previously Reported
Adjustments to reconcile net income to net cash provided by operating activities
Other amortization		(401)
Changes in assets and liabilities
Increase in accounts payable		(4,116)	(9,155)
Change in other assets and liabilities (3)		534	(698)
Cash flows from investing activities
Capital expenditures		(6,206)	(7,500)
Cash flows from investing activities-Other		0	0
Other subsidiaries
Cash flows from operating activities
Net income		0	0
Changes in assets and liabilities
Net cash provided by operating activities		0	0
Cash flows from investing activities
Capital expenditures		0	0
Contributions in aid of construction		0	0
Advances from affiliates		0	0
Net cash used in investing activities		0	0
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		101	101
Cash and cash equivalents, end of period		101	101
Consolidating adjustments
Cash flows from operating activities
Net income		(7,692)	(8,917)
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries		7,692	8,917
Common stock dividends received from subsidiaries		(6,299)	(6,570)
Changes in assets and liabilities
Decrease in accounts receivable		846	450
Change in other assets and liabilities (3)		(846)	(450)
Net cash provided by operating activities		(6,299)	(6,570)
Cash flows from investing activities
Capital expenditures		0	0
Contributions in aid of construction		0	0
Advances from affiliates		(3,500)	11,761
Net cash used in investing activities		(3,500)	11,761
Cash flows from financing activities
Common stock dividends		6,299	6,570
Net increase (decrease) in short-term borrowings with original maturities of three months or less		3,500	(11,761)
Net cash provided by financing activities		9,799	(5,191)
Net increase (decrease) in cash and cash equivalents		0	0
Cash and cash equivalents, beginning of period		0	0
Cash and cash equivalents, end of period		0	0
Consolidating adjustments | Scenario, Previously Reported
Changes in assets and liabilities
Change in other assets and liabilities (3)		(846)	(450)
HECO Consolidated
Cash flows from operating activities
Net income	[1]	27,373	35,919
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries		(25)	(25)
Common stock dividends received from subsidiaries		25	25
Depreciation of property, plant and equipment	[1]	44,243	41,603
Other amortization	[1]	1,698	1,621
Increase in deferred income taxes	[1]	15,132	20,344
Change in tax credits, net	[1]	2,576	2,032
Allowance for equity funds used during construction	[1]	(1,413)	(1,609)
Change in cash overdraft	[1]	0	(1,038)
Changes in assets and liabilities
Decrease in accounts receivable	[1]	29,104	8,804
Decrease in accrued unbilled revenues	[1]	27,880	12,260
Decrease in fuel oil stock	[1]	20,731	(34,260)
Increase in materials and supplies	[1]	(1,357)	(1,045)
Increase in regulatory assets	[1]	(10,827)	(9,258)
Increase in accounts payable	[1]	15,380	8,589
Change in prepaid and accrued income taxes and utility revenue taxes	[1]	(63,696)	(47,526)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	[1]	110	(205)
Change in other assets and liabilities (3)		(9,774)	(11,324)
Net cash provided by operating activities	[1]	97,160	24,907
Cash flows from investing activities
Capital expenditures	[1]	(118,874)	(89,075)
Contributions in aid of construction	[1]	9,145	6,958
Cash flows from investing activities-Other		243	343
Advances from affiliates		0	0
Net cash used in investing activities	[1]	(109,486)	(81,774)
Cash flows from financing activities
Common stock dividends	[1]	(22,601)	(22,707)
Preferred stock dividends of Hawaiian Electric and subsidiaries	[1]	(499)	(499)
Net increase (decrease) in short-term borrowings with original maturities of three months or less	[1]	30,000	34,996
Other	[1]	(216)	(389)
Net cash provided by financing activities	[1]	6,684	11,401
Net increase (decrease) in cash and cash equivalents	[1]	(5,642)	(45,466)
Cash and cash equivalents, beginning of period	[1]	13,762	62,825
Cash and cash equivalents, end of period	[1]	8,120	17,359
HECO Consolidated | Scenario, Previously Reported
Adjustments to reconcile net income to net cash provided by operating activities
Other amortization		689
Changes in assets and liabilities
Increase in accounts payable		(49,136)	(16,024)
Change in other assets and liabilities (3)		(8,522)	(10,981)
Net cash provided by operating activities		32,887	637
Cash flows from investing activities
Capital expenditures		(54,358)	(64,462)
Cash flows from investing activities-Other		0	0
Net cash used in investing activities		$ (45,213)	$ (57,504)
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Bank segment - Income statemen

Bank segment - Income statement data (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Noninterest expense
Income before income taxes		$ 52,318	$ 71,981
Income taxes		19,979	25,721
Net income	[1]	32,339	46,260
American Savings Bank (ASB)
Interest and dividend income
Interest and fees on loans		45,198	43,682
Interest and dividend on investment and mortgage-related securities		3,051	3,035
Total interest and dividend income		48,249	46,717
Interest expense
Interest on deposit liabilities		1,260	1,225
Interest on other borrowings		1,466	1,405
Total interest expense		2,726	2,630
Net interest income		45,523	44,087
Provision for loan losses		614	995
Net interest income after provision for loan losses		44,909	43,092
Noninterest income
Fees from other financial services		5,355	5,128
Fee income on deposit liabilities		5,315	4,421
Fee income on other financial products		1,889	2,290
Bank-owned life insurance		983	963
Mortgage banking income		1,822	628
Gains on sale of securities		0	2,847
Other income		735	625
Total noninterest income		16,099	16,902
Noninterest expense
Compensation and employee benefits		21,766	20,286
Occupancy		4,113	3,953
Data processing		3,116	3,060
Services		2,341	2,273
Equipment		1,701	1,645
Office supplies, printing and postage		1,483	1,616
Marketing		841	711
Federal Deposit Insurance Corporation Premium Expense		811	796
Other expense		4,205	3,122
Total noninterest expense		40,377	37,462
Income before income taxes		20,631	22,532
Income taxes		7,156	8,133
Net income		$ 13,475	$ 14,399
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Bank segment - Comprehensive i

Bank segment - Comprehensive income data (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014
Condensed Statement of Income Captions [Line Items]
Net income	[1]	$ 32,339	$ 46,260
Net unrealized gains (losses) on securities:
Net unrealized gains losses on available-for-sale investment securities arising during the period, net of tax benefits of $2,278 and $1,664 for the respective periods		3,451	2,520
Less: reclassification adjustment for net realized gains included in net income, net of taxes of nil and $1,132 for the respective periods		0	(1,715)
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $259 and $144 for the respective periods		5,459	2,813
Other comprehensive income, net of taxes		4,058	1,167
Comprehensive income		35,924	46,954
Net unrealized gains (losses) on securities arising during the period, taxes		(2,278)	(1,664)
Less: reclassification adjustment for net realized gains included in net income, taxes		0	(1,132)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		(3,486)	(1,796)
American Savings Bank (ASB)
Condensed Statement of Income Captions [Line Items]
Net income		13,475	14,399
Net unrealized gains (losses) on securities:
Net unrealized gains losses on available-for-sale investment securities arising during the period, net of tax benefits of $2,278 and $1,664 for the respective periods		3,451	2,520
Less: reclassification adjustment for net realized gains included in net income, net of taxes of nil and $1,132 for the respective periods		0	(1,715)
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $259 and $144 for the respective periods		392	219
Other comprehensive income, net of taxes		3,843	1,024
Comprehensive income		17,318	15,423
Net unrealized gains (losses) on securities arising during the period, taxes		2,278	1,664
Less: reclassification adjustment for net realized gains included in net income, taxes		0	1,132
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		$ 259	$ (144)
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Bank segment - Balance sheet d

Bank segment - Balance sheet data (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Assets
Available-for-sale investment securities, at fair value	$ 590,648	$ 550,394
Stock in Federal Home Loan Bank of Seattle, at cost	63,711	69,302
Loans receivable held for investment, net	4,401,504	4,389,033
Loans held for sale, at lower of cost or fair value	9,906	8,424
Other	481,531	542,523
Goodwill	82,190	82,190
Total assets	11,273,447	11,185,142
Liabilities
Other	456,338	531,230
Total liabilities	$ 9,341,245	$ 9,360,276
Commitments and contingencies
Equity [Abstract]
Retained earnings	$ 296,680	$ 296,654
Accumulated other comprehensive income (loss), net of taxes:
Accumulated other comprehensive loss, net of tax benefits	(23,320)	(27,378)	$ (15,583)	$ (16,750)
Total shareholders’ equity	1,897,909	1,790,573	$ 1,745,124	$ 1,726,406
Total liabilities and shareholders’ equity	11,273,447	11,185,142
Other assets
Property, plant and equipment, net of accumulated depreciation	4,190,835	4,148,774
Total Other Assets	481,531	542,523
Other liabilities
Total other liabilities	456,338	531,230
Balance Sheet related disclosures
Securities sold under agreements to repurchase	212,000	191,000
American Savings Bank (ASB)
Assets
Cash and due from banks	98,484	107,233
Interest-bearing deposits	172,517	54,230
Available-for-sale investment securities, at fair value	590,648	550,394
Stock in Federal Home Loan Bank of Seattle, at cost	63,711	69,302
Loans receivable held for investment	4,447,299	4,434,651
Allowance for loan losses	(45,795)	(45,618)
Loans receivable held for investment, net	4,401,504	4,389,033
Loans held for sale, at lower of cost or fair value	9,906	8,424
Other	305,917	305,416
Goodwill	82,190	82,190
Total assets	5,724,877	5,566,222
Liabilities
Deposit liabilities-noninterest-bearing	1,420,085	1,342,794
Deposit liabilities-interest-bearing	3,331,243	3,280,621
Other borrowings	312,094	290,656
Other	117,849	118,363
Total liabilities	$ 5,181,271	$ 5,032,434
Commitments and contingencies
Equity [Abstract]
Common stock	$ 1	$ 1
Additional paid in capital	338,411	338,411
Retained earnings	217,909	211,934
Accumulated other comprehensive income (loss), net of taxes:
Net unrealized losses on securities	3,913	462
Accumulated other comprehensive loss, net of tax benefits	(16,628)	(17,020)
Accumulated other comprehensive loss, net of tax benefits	(12,715)	(16,558)
Total shareholders’ equity	543,606	533,788
Other assets
Bank-owned life insurance	135,141	134,115
Property, plant and equipment, net of accumulated depreciation	85,174	92,407
Prepaid expenses	4,892	3,196
Accrued interest receivable	13,720	13,632
Mortgage-servicing rights	11,965	11,540
Low-income housing equity investments	32,140	33,438
Real estate acquired in settlement of loans, net	665	891
Other	22,220	16,197
Total Other Assets	305,917	305,416
Other liabilities
Accrued expenses	29,670	37,880
Federal and state income taxes payable	36,010	28,642
Cashier's checks	24,686	20,509
Advance payments by borrowers	5,904	9,652
Other	21,579	21,680
Total other liabilities	117,849	118,363
Balance Sheet related disclosures
Securities sold under agreements to repurchase	212,000	191,000
Advances from Federal Home Loan Bank	$ 100,000	$ 100,000

Bank segment - Components of i

Bank segment - Components of investment securities (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)issue	Dec. 31, 2014USD ($)issue
Available-for-sale securities
Total available-for-sale securities, Amortized cost	$ 584,152	$ 549,627
Gross unrealized gains	9,178	6,745
Gross unrealized losses	(2,682)	(5,978)
Available-for-sale securities	$ 590,648	$ 550,394
Available-for-Sale, Securities, Less Than 12 Months, Number of Issues | issue	7	12
Available-for-sale Securities, Continuous Unrealized Loss Position
Fair value, less than 12 months	$ 50,862	$ 88,999
Gross unrealized losses, less than 12 months	$ (91)	$ (525)
Available for Sale, Securities, More Than 12 Months, Number of Issues | issue	29	34
Fair value, 12 months or longer	$ 166,920	$ 201,791
Gross unrealized losses, 12 months or longer	(2,591)	(5,453)
U.S. Treasury and federal agency obligations
Available-for-sale securities
Total available-for-sale securities, Amortized cost	138,593	119,507
Gross unrealized gains	2,029	1,092
Gross unrealized losses	(395)	(1,039)
Available-for-sale securities	$ 140,227	$ 119,560
Available-for-Sale, Securities, Less Than 12 Months, Number of Issues | issue	1	6
Available-for-sale Securities, Continuous Unrealized Loss Position
Fair value, less than 12 months	$ 9,973	$ 41,970
Gross unrealized losses, less than 12 months	$ (2)	$ (361)
Available for Sale, Securities, More Than 12 Months, Number of Issues | issue	3	5
Fair value, 12 months or longer	$ 19,198	$ 29,168
Gross unrealized losses, 12 months or longer	(393)	(678)
Mortgage-related securities- FNMA, FHLMC and GNMA
Available-for-sale securities
Total available-for-sale securities, Amortized cost	445,559	430,120
Gross unrealized gains	7,149	5,653
Gross unrealized losses	(2,287)	(4,939)
Available-for-sale securities	$ 450,421	$ 430,834
Available-for-Sale, Securities, Less Than 12 Months, Number of Issues | issue	6	6
Available-for-sale Securities, Continuous Unrealized Loss Position
Fair value, less than 12 months	$ 40,889	$ 47,029
Gross unrealized losses, less than 12 months	$ (89)	$ (164)
Available for Sale, Securities, More Than 12 Months, Number of Issues | issue	26	29
Fair value, 12 months or longer	$ 147,722	$ 172,623
Gross unrealized losses, 12 months or longer	$ (2,198)	$ (4,775)

Bank segment - Contractual mat

Bank segment - Contractual maturities of securities (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	29,958
Due after five years through ten years	71,811
Due after ten years	36,824
Total amortized cost	138,593
Mortgage-related securities-FNMA, FHLMC and GNMA - amortized cost	445,559
Total available-for-sale securities, Amortized cost	584,152	$ 549,627
Fair value
Due in one year or less	0
Due after one year through five years	30,296
Due after five years through ten years	73,188
Due after ten years	36,743
Total fair value	140,227
Mortgage-related securities-FNMA, FHLMC and GNMA - fair value	450,421
Available-for-sale securities	$ 590,648	$ 550,394

Bank segment - Allowance for l

Bank segment - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	$ 45,618	$ 40,116
Charge-offs	(1,147)	(957)
Recoveries	710	769
Provision	614	995
Valuation allowance, balance at the end of the period	45,795	40,923
Ending balance: individually evaluated for impairment	5,548	5,685
Ending balance: collectively evaluated for impairment	40,247	35,238
Financing Receivables:
Total financing receivables	4,453,531	4,196,369	$ 4,440,989
Ending balance: individually evaluated for impairment	48,983	55,631
Ending balance: collectively evaluated for impairment	4,404,548	4,140,738
Residential 1-4 family
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	4,662	5,534
Charge-offs	(156)	(266)
Recoveries	12	341
Provision	403	(134)
Valuation allowance, balance at the end of the period	4,921	5,475
Ending balance: individually evaluated for impairment	1,429	906
Ending balance: collectively evaluated for impairment	3,492	4,569
Financing Receivables:
Total financing receivables	2,039,099	1,985,812	2,044,205
Ending balance: individually evaluated for impairment	23,089	20,141
Ending balance: collectively evaluated for impairment	2,016,010	1,965,671
Commercial real estate
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	8,954	5,059
Provision	2,274	656
Valuation allowance, balance at the end of the period	11,228	5,715
Ending balance: individually evaluated for impairment	1,785	1,544
Ending balance: collectively evaluated for impairment	9,443	4,171
Financing Receivables:
Total financing receivables	561,189	452,303	531,917
Ending balance: individually evaluated for impairment	4,998	4,558
Ending balance: collectively evaluated for impairment	556,191	447,745
Home equity line of credit
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	6,982	5,229
Charge-offs	(3)	0
Recoveries	31	11
Provision	(487)	729
Valuation allowance, balance at the end of the period	6,523	5,969
Ending balance: individually evaluated for impairment	144	0
Ending balance: collectively evaluated for impairment	6,379	5,969
Financing Receivables:
Total financing receivables	814,265	764,483	818,815
Ending balance: individually evaluated for impairment	1,183	1,164
Ending balance: collectively evaluated for impairment	813,082	763,319
Residential land
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	1,875	1,817
Charge-offs	0	(6)
Recoveries	49	86
Provision	362	(322)
Valuation allowance, balance at the end of the period	2,286	1,575
Ending balance: individually evaluated for impairment	1,085	1,102
Ending balance: collectively evaluated for impairment	1,201	473
Financing Receivables:
Total financing receivables	18,155	15,906	16,240
Ending balance: individually evaluated for impairment	7,819	10,351
Ending balance: collectively evaluated for impairment	10,336	5,555
Commercial construction
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	5,471	2,397
Provision	(2,634)	666
Valuation allowance, balance at the end of the period	2,837	3,063
Ending balance: collectively evaluated for impairment	2,837	3,063
Financing Receivables:
Total financing receivables	77,164	66,578	96,438
Ending balance: collectively evaluated for impairment	77,164	66,578
Residential construction
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	28	19
Provision	(7)	5
Valuation allowance, balance at the end of the period	21	24
Ending balance: collectively evaluated for impairment	21	24
Financing Receivables:
Total financing receivables	20,804	16,474	18,961
Ending balance: collectively evaluated for impairment	20,804	16,474
Commercial loans
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	14,017	15,803
Charge-offs	(46)	(124)
Recoveries	341	100
Provision	268	(187)
Valuation allowance, balance at the end of the period	14,580	15,592
Ending balance: individually evaluated for impairment	1,096	2,133
Ending balance: collectively evaluated for impairment	13,484	13,459
Financing Receivables:
Total financing receivables	803,545	786,611	791,757
Ending balance: individually evaluated for impairment	11,879	19,399
Ending balance: collectively evaluated for impairment	791,666	767,212
Consumer loans
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	3,629	2,367
Charge-offs	(942)	(561)
Recoveries	277	231
Provision	435	279
Valuation allowance, balance at the end of the period	3,399	2,316
Ending balance: individually evaluated for impairment	9
Ending balance: collectively evaluated for impairment	3,390	2,316
Financing Receivables:
Total financing receivables	119,310	108,202	$ 122,656
Ending balance: individually evaluated for impairment	15	18
Ending balance: collectively evaluated for impairment	119,295	108,184
Unallocated
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	0	1,891
Provision	0	(697)
Valuation allowance, balance at the end of the period	0	1,194
Ending balance: collectively evaluated for impairment	$ 0	$ 1,194

Bank segment - Credit risk pro

Bank segment - Credit risk profile - assigned grades (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Credit risk profile by internally assigned grade for loans
Commercial real estate	$ 561,189	$ 531,917
Commercial construction	77,164	96,438
Commercial	803,545	791,757
Pass
Credit risk profile by internally assigned grade for loans
Commercial real estate	507,993	493,105
Commercial construction	77,164	79,312
Commercial	739,721	743,334
Special mention
Credit risk profile by internally assigned grade for loans
Commercial real estate	5,203	5,209
Commercial construction	0	0
Commercial	31,863	16,095
Substandard
Credit risk profile by internally assigned grade for loans
Commercial real estate	47,993	33,603
Commercial construction	0	17,126
Commercial	31,335	31,665
Doubtful
Credit risk profile by internally assigned grade for loans
Commercial real estate	0	0
Commercial	$ 626	$ 663

Bank segment - Credit risk p58

Bank segment - Credit risk profile - payment activity (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Credit risk profile based on payment activity for loans
30-59 days past due	$ 9,112	$ 8,993
60-89 days past due	4,033	2,711
Greater than 90 days	13,658	13,798
Total past due	26,803	25,502
Current	4,426,728	4,415,487
Total financing receivables	4,453,531	4,440,989	$ 4,196,369
Recorded Investment greater than 90 days and accruing	0	0
Residential 1-4 family
Credit risk profile based on payment activity for loans
30-59 days past due	6,074	6,124
60-89 days past due	2,718	1,732
Greater than 90 days	12,231	12,632
Total past due	21,023	20,488
Current	2,018,076	2,023,717
Total financing receivables	2,039,099	2,044,205	1,985,812
Commercial real estate
Credit risk profile based on payment activity for loans
30-59 days past due	0	0
Greater than 90 days	0	0
Total past due	0	0
Current	561,189	531,917
Total financing receivables	561,189	531,917	452,303
Home equity line of credit
Credit risk profile based on payment activity for loans
30-59 days past due	1,041	1,341
60-89 days past due	807	501
Greater than 90 days	629	194
Total past due	2,477	2,036
Current	811,788	816,779
Total financing receivables	814,265	818,815	764,483
Residential land
Credit risk profile based on payment activity for loans
30-59 days past due	422	0
60-89 days past due	0	0
Greater than 90 days	0	0
Total past due	422	0
Current	17,733	16,240
Total financing receivables	$ 18,155	16,240	15,906
Recorded Investment greater than 90 days and accruing
Commercial construction
Credit risk profile based on payment activity for loans
Current	$ 77,164	96,438
Total financing receivables	77,164	96,438	66,578
Residential construction
Credit risk profile based on payment activity for loans
Current	20,804	18,961
Total financing receivables	20,804	18,961	16,474
Commercial loans
Credit risk profile based on payment activity for loans
30-59 days past due	680	699
60-89 days past due	238	145
Greater than 90 days	532	569
Total past due	1,450	1,413
Current	802,095	790,344
Total financing receivables	803,545	791,757	786,611
Recorded Investment greater than 90 days and accruing		0
Consumer loans
Credit risk profile based on payment activity for loans
30-59 days past due	895	829
60-89 days past due	270	333
Greater than 90 days	266	403
Total past due	1,431	1,565
Current	117,879	121,091
Total financing receivables	$ 119,310	122,656	$ 108,202
Recorded Investment greater than 90 days and accruing		$ 0

Bank segment - Credit risk p59

Bank segment - Credit risk profile - summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Credit risk profile based on nonaccrual loans
Nonaccrual loans	$ 35,181	$ 36,886
Accruing loans 90 days or more past due	0	0
Financing Receivable, Modifications, Post-Modification Recorded Investment	24,906	24,107
Residential 1-4 family
Credit risk profile based on nonaccrual loans
Nonaccrual loans	18,205	19,253
Financing Receivable, Modifications, Post-Modification Recorded Investment	14,334	13,525
Commercial real estate
Credit risk profile based on nonaccrual loans
Nonaccrual loans	4,998	5,112
Financing Receivable, Modifications, Post-Modification Recorded Investment	0	0
Home equity line of credit
Credit risk profile based on nonaccrual loans
Nonaccrual loans	1,701	1,087
Financing Receivable, Modifications, Post-Modification Recorded Investment	750	480
Residential land
Credit risk profile based on nonaccrual loans
Nonaccrual loans	$ 717	720
Accruing loans 90 days or more past due
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 7,102	7,130
Commercial construction
Credit risk profile based on nonaccrual loans
Financing Receivable, Modifications, Post-Modification Recorded Investment	0	0
Residential construction
Credit risk profile based on nonaccrual loans
Financing Receivable, Modifications, Post-Modification Recorded Investment	0	0
Commercial loans
Credit risk profile based on nonaccrual loans
Nonaccrual loans	9,018	10,053
Accruing loans 90 days or more past due		0
Financing Receivable, Modifications, Post-Modification Recorded Investment	2,720	2,972
Consumer loans
Credit risk profile based on nonaccrual loans
Nonaccrual loans	542	661
Accruing loans 90 days or more past due		0
Financing Receivable, Modifications, Post-Modification Recorded Investment	$ 0	$ 0

Bank segment - Principal balan

Bank segment - Principal balance of impaired loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Recorded investment:
With no related allowance recorded	$ 21,608	$ 23,167
With an allowance recorded	27,375	26,679
Recorded investment	48,983	49,846
Unpaid principal balance:
With no related allowance recorded	25,823	28,890
With an allowance recorded	29,581	27,119
Unpaid principal balance	55,404	56,009
Related Allowance	5,548	4,665
Average recorded investment:
With no related allowance recorded	22,439	17,592
With an allowance recorded	26,804	30,882
Average recorded investment	49,243	48,474
Interest income recognized:
With no related allowance recorded	144	442
With an allowance recorded	265	1,825
Interest income recognized	409	2,267
Residential 1-4 family
Recorded investment:
With no related allowance recorded	11,168	11,654
With an allowance recorded	11,921	11,327
Recorded investment	23,089	22,981
Unpaid principal balance:
With no related allowance recorded	12,460	12,987
With an allowance recorded	11,974	11,347
Unpaid principal balance	24,434	24,334
Related Allowance	1,429	951
Average recorded investment:
With no related allowance recorded	11,552	9,056
With an allowance recorded	11,510	8,822
Average recorded investment	23,062	17,878
Interest income recognized:
With no related allowance recorded	89	227
With an allowance recorded	126	419
Interest income recognized	215	646
Commercial real estate
Recorded investment:
With no related allowance recorded	547	571
With an allowance recorded	4,451	4,541
Recorded investment	4,998	5,112
Unpaid principal balance:
With no related allowance recorded	609	626
With an allowance recorded	4,511	4,541
Unpaid principal balance	5,120	5,167
Related Allowance	1,785	1,845
Average recorded investment:
With no related allowance recorded	555	194
With an allowance recorded	4,482	3,415
Average recorded investment	5,037	3,609
Interest income recognized:
With no related allowance recorded		0
With an allowance recorded	0	478
Interest income recognized	0	478
Home equity line of credit
Recorded investment:
With no related allowance recorded	339	363
With an allowance recorded	844	416
Recorded investment	1,183	779
Unpaid principal balance:
With no related allowance recorded	544	606
With an allowance recorded	900	420
Unpaid principal balance	1,444	1,026
Related Allowance	144	46
Average recorded investment:
With no related allowance recorded	400	402
With an allowance recorded	626	132
Average recorded investment	1,026	534
Interest income recognized:
With no related allowance recorded	1	5
With an allowance recorded	6	6
Interest income recognized	7	11
Residential land
Recorded investment:
With no related allowance recorded	3,265	2,344
With an allowance recorded	4,554	5,506
Recorded investment	7,819	7,850
Unpaid principal balance:
With no related allowance recorded	4,121	3,200
With an allowance recorded	4,632	5,584
Unpaid principal balance	8,753	8,784
Related Allowance	1,085	1,057
Average recorded investment:
With no related allowance recorded	2,637	2,728
With an allowance recorded	5,189	6,415
Average recorded investment	7,826	9,143
Interest income recognized:
With no related allowance recorded	52	172
With an allowance recorded	83	484
Interest income recognized	135	656
Commercial loans
Recorded investment:
With no related allowance recorded	6,289	8,235
With an allowance recorded	5,590	4,873
Recorded investment	11,879	13,108
Unpaid principal balance:
With no related allowance recorded	8,089	11,471
With an allowance recorded	7,549	5,211
Unpaid principal balance	15,638	16,682
Related Allowance	1,096	760
Average recorded investment:
With no related allowance recorded	7,295	5,204
With an allowance recorded	4,982	12,089
Average recorded investment	12,277	17,293
Interest income recognized:
With no related allowance recorded	2	38
With an allowance recorded	50	438
Interest income recognized	52	476
Consumer loans
Recorded investment:
With no related allowance recorded	0	0
With an allowance recorded	15	16
Recorded investment	15	16
Unpaid principal balance:
With no related allowance recorded	0	0
With an allowance recorded	15	16
Unpaid principal balance	15	16
Related Allowance	9	6
Average recorded investment:
With no related allowance recorded	0	8
With an allowance recorded	15	9
Average recorded investment	15	17
Interest income recognized:
With an allowance recorded	$ 0	$ 0

Bank segment - Troubled debt r

Bank segment - Troubled debt restructuring - narrative (Details) - Land loans	3 Months Ended
	Mar. 31, 2015
Troubled debt restructurings
Period of interest-only monthly payment term loan	3 years
Maximum
Troubled debt restructurings
Extension of maturity date	5 years

Bank segment - Loan modificati

Bank segment - Loan modifications (Details) - Troubled debt restructurings real estate loans $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)contract	Mar. 31, 2014USD ($)contract
Loan modifications determined to be troubled debt restructurings
Number of contracts | contract	15	15
Pre-modification outstanding recorded investment	$ 1,398	$ 2,527
Post-modification outstanding recorded investment	1,416	2,541
Net increases in ALL	$ 102	$ 233
Residential 1-4 family
Loan modifications determined to be troubled debt restructurings
Number of contracts | contract	5	5
Pre-modification outstanding recorded investment	$ 877	$ 921
Post-modification outstanding recorded investment	895	935
Net increases in ALL	$ 47	$ 44
Home equity line of credit
Loan modifications determined to be troubled debt restructurings
Number of contracts | contract	9	0
Pre-modification outstanding recorded investment	$ 429	$ 0
Post-modification outstanding recorded investment	429	0
Net increases in ALL	$ 55	$ 0
Residential land
Loan modifications determined to be troubled debt restructurings
Number of contracts | contract	0	7
Pre-modification outstanding recorded investment	$ 0	$ 1,133
Post-modification outstanding recorded investment	0	1,133
Net increases in ALL	$ 0	$ 175
Commercial loans
Loan modifications determined to be troubled debt restructurings
Number of contracts | contract	1	3
Pre-modification outstanding recorded investment	$ 92	$ 473
Post-modification outstanding recorded investment	92	473
Net increases in ALL	$ 0	$ 14

Bank segment - Mortgage servic

Bank segment - Mortgage servicing rights (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
American Savings Bank (ASB)
Servicing Asset at Amortized Cost [Line Items]
Mortgage service fees	$ 900	$ 900
Movement in Mortgage Loans on Real Estate [Roll Forward]
Servicing Asset at Amortized Cost	11,540
Servicing Asset at Amortized Cost	11,965
American Savings Bank (ASB) | Mortgage Servicing Rights (MSR)
Servicing Asset at Amortized Cost [Line Items]
Gross carrying amount			$ 28,090	$ 26,097
Accumulated amortization			(16,084)	(14,138)
Valuation allowance	(209)	(251)	(41)	(202)
Net carrying amount			11,965	11,757
Movement in Mortgage Loans on Real Estate [Roll Forward]
Servicing Asset at Amortized Cost	11,749	11,938
Servicing Asset at Amortized Value, Amount Capitalized	906	467
Servicing Asset at Amortized Cost, Amortization	(647)	(432)
Other-than-temporary impairment	(2)	(14)
Servicing Asset at Amortized Cost	12,006	11,959
Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	209	251
Provision (recovery)	(166)	(35)
Other-than-temporary impairment	(2)	(14)
Valuation allowance, ending balance	$ 41	$ 202
Unpaid principal balance			1,414,990	1,391,030
Weighted average note-rate	4.06%	4.07%
Weighted average discount rate	9.60%	9.60%
Weighted average prepayment speed	10.60%	9.50%
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 25 Basis Point Adverse Change in Prepayment Speed			(750)	(757)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 50 Basis Point Adverse Change in Prepayment Speed			(1,408)	(1,524)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 25 Basis Points Adverse Change in Discount Rate			(129)	(140)
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 50 Basis Points Adverse Change in Discount Rate			$ (256)	$ (278)
Troubled debt restructurings real estate loans
Servicing Asset at Amortized Cost [Line Items]
Financing Receivable Modifications Minimum, Period of Payment Default of Loans Determined to be Troubled Debt Restructurings	90 days

Bank segment - Repurchase Agre

Bank segment - Repurchase Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2015	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Gross amount of recognized liabilities	$ 212	$ 191
Securities sold under agreements to repurchase	212	191
Securities sold under agreements to repurchase collateral, financial instruments	212	191
Financial Institution
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	50	50
Securities sold under agreements to repurchase collateral, financial instruments	50	50
Government Entities
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	56	56
Securities sold under agreements to repurchase collateral, financial instruments	56	56
Commercial account holders
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	106	85
Securities sold under agreements to repurchase collateral, financial instruments	$ 106	$ 85

Bank segment - Derivatives (De

Bank segment - Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Derivative instrument
Net gains (losses) recognized in the Statement of Income	$ 286	$ (376)
Not designated as a hedging instrument
Derivative instrument
Asset derivative	851		$ 398
Liability derivative	281		114
Interest rate lock commitments
Derivative instrument
Notional amount	50,301		29,330
Fair value	835		390
Interest rate lock commitments | Not designated as a hedging instrument
Derivative instrument
Asset derivative	836		393
Liability derivative	1		3
Interest rate lock commitments | Not designated as a hedging instrument | Mortgage banking income
Derivative instrument
Net gains (losses) recognized in the Statement of Income	445	(270)
Forward sale contracts
Derivative instrument
Notional amount	46,489		32,833
Fair value	(265)		(106)
Forward sale contracts | Not designated as a hedging instrument
Derivative instrument
Asset derivative	15		5
Liability derivative	280		$ 111
Forward sale contracts | Not designated as a hedging instrument | Mortgage banking income
Derivative instrument
Net gains (losses) recognized in the Statement of Income	$ (159)	$ (106)

Bank segment - Contingencies (D

Bank segment - Contingencies (Details) - USD ($) $ in Millions	1 Months Ended
	Dec. 31, 2014	Mar. 31, 2015
March 2011 Class Action Lawsuit
Loss Contingencies [Line Items]
Litigation Settlement, Amount	$ (2)
Loss Contingency Accrual		$ 2
American Savings Bank (ASB)
Loss Contingencies [Line Items]
Unfunded commitments to fund the company's LIHTC	$ 14.8	$ 12.5

Retirement benefits (Details)

Retirement benefits (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Defined benefit plans
Expected payments in 2014	$ 2,000,000
Payments for benefits			$ 2,000,000
Retirement benefits expense	$ 9,000,000	$ 8,000,000
Number of years for which regulatory asset/liability for each utility will be amortized, beginning with respective utility's next rate case	5 years
Defined contribution plan, expenses recognized	$ 1,400,000	1,100,000
Cash contributions by the employer to defined contribution plan	2,500,000	2,800,000
Pension benefits
Defined benefit plans
Contributions made to defined benefit plans	21,000,000	15,000,000
Service cost	16,466,000	12,127,000
Interest cost	19,139,000	18,001,000
Expected return on plan assets	(22,151,000)	(20,347,000)
Amortization of prior service gain	1,000	22,000
Amortization of net actuarial loss	8,962,000	5,038,000
Net periodic benefit cost	22,417,000	14,841,000
Impact of PUC D&Os	(9,513,000)	(3,011,000)
Net periodic benefit cost (adjusted for impact of PUC D&Os)	12,904,000	11,830,000
Other benefits
Defined benefit plans
Contributions expected to be paid in current year	86,000,000		60,000,000
Service cost	869,000	883,000
Interest cost	2,235,000	2,160,000
Expected return on plan assets	(2,907,000)	(2,708,000)
Amortization of prior service gain	(448,000)	(448,000)
Amortization of net actuarial loss	430,000	(3,000)
Net periodic benefit cost	179,000	(116,000)
Impact of PUC D&Os	98,000	445,000
Net periodic benefit cost (adjusted for impact of PUC D&Os)	277,000	329,000
American Savings Bank (ASB) | Other benefits
Defined benefit plans
Contributions expected to be paid in current year	0		0
Hawaiian Electric Industries, Inc. | Other benefits
Defined benefit plans
Contributions expected to be paid in current year	2,000,000		1,000,000
HECO Consolidated
Defined benefit plans
Expected payments in 2014	1,000,000
Payments for benefits			1,000,000
Retirement benefits expense	8,000,000	8,000,000
Defined contribution plan, expenses recognized	400,000	200,000
Cash contributions by the employer to defined contribution plan	400,000	200,000
HECO Consolidated | Pension benefits
Defined benefit plans
Contributions made to defined benefit plans	21,000,000	14,000,000
Service cost	15,983,000	11,697,000
Interest cost	17,516,000	16,436,000
Expected return on plan assets	(20,632,000)	(18,171,000)
Amortization of prior service gain	10,000	15,000
Amortization of net actuarial loss	8,094,000	4,560,000
Net periodic benefit cost	20,971,000	14,537,000
Impact of PUC D&Os	(9,513,000)	(3,011,000)
Net periodic benefit cost (adjusted for impact of PUC D&Os)	11,458,000	11,526,000
HECO Consolidated | Other benefits
Defined benefit plans
Contributions expected to be paid in current year	84,000,000		$ 59,000,000
Service cost	855,000	856,000
Interest cost	2,159,000	2,079,000
Expected return on plan assets	(2,859,000)	(2,663,000)
Amortization of prior service gain	(451,000)	(451,000)
Amortization of net actuarial loss	422,000	0
Net periodic benefit cost	126,000	(179,000)
Impact of PUC D&Os	98,000	445,000
Net periodic benefit cost (adjusted for impact of PUC D&Os)	$ 224,000	$ 266,000

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Share-based compensation
Capitalized share-based compensation expense		$ 40	$ 40
Income tax benefit from compensation expense		$ 600	800
Equity and Incentive Plan
Share-based compensation
Number of additional shares authorized	1,500,000
Shares available for future issuance		3,500,000
Number of share issuable upon vesting and achievement of performance goals		800,000
Nonemployee Director Stock Plan
Share-based compensation
Shares available for future grant		169,290
Long-term Incentive 2012 to 2014 Plan Linked to Total Return to Shareholders
Share-based compensation
Award requisite service period		3 years
Stock appreciation rights (SARs)
Share-based compensation
Options outstanding		0		80,000
Weighted average exercise price of options outstanding				$ 26.18
Shares underlying SARS exercised		80,000
Weighted-average price of shares exercised		$ 26.18
Aggregate intrinsic value of options outstanding		$ 502
Tax benefit realized for the deduction of exercises		162
Restricted stock units
Share-based compensation
Unrecognized share based compensation		$ 6,500
Weighted average period for recognition of unrecognized compensation cost		2 years 10 months 24 days
Fair value measurement of vested units and related dividends		$ 3,000	2,000
Income tax benefit from compensation expense		$ 1,000	$ 700
Nonvested equity instruments other than options outstanding		261,691	332,158	261,235	288,151
Nonvested equity instruments other than options, weighted average grant date fair value		$ 28.33	$ 25.04	$ 25.77	$ 25.17
Long-term Incentive Plan
Share-based compensation
Payment award, low end of range		0.00%
Payment award, high end of range		200.00%
LTIP linked to TRS
Share-based compensation
Unrecognized share based compensation		$ 1,600
Weighted average period for recognition of unrecognized compensation cost		1 year 3 months 18 days
Measurement period for total return to shareholders		3 years
Nonvested equity instruments other than options outstanding		168,777	258,243	257,956	232,127
Nonvested equity instruments other than options, weighted average grant date fair value		$ 27.63	$ 28.46	$ 28.45	$ 32.88
Long-term Incentive 2014 to 2016 Plan Linked to Total Return to Shareholders
Share-based compensation
Award requisite service period		3 years
LTIP awards linked to other performance conditions
Share-based compensation
Unrecognized share based compensation		$ 2,400
Weighted average period for recognition of unrecognized compensation cost		1 year 3 months 18 days
Fair value measurement of vested units and related dividends		$ 4,700	$ 1,900
Income tax benefit from compensation expense		$ 1,800	$ 800
Nonvested equity instruments other than options outstanding		230,219	360,070	364,731	296,843
Nonvested equity instruments other than options, weighted average grant date fair value		$ 26	$ 26.01	$ 26.01	$ 26.14
Long-term Incentive 2013 to 2015 Plan Linked to Total Return to Shareholders
Share-based compensation
Award requisite service period		3 years

Share-based compensation (Det69

Share-based compensation (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based compensation
Share-based compensation expense (in dollars)	$ 1.8	$ 2.4
Income tax benefit (in dollars)	0.6	0.8
Hawaiian Electric Company, Inc. and Subsidiaries
Share-based compensation
Share-based compensation expense (in dollars)	0.5	0.7
Income tax benefit (in dollars)	$ 0.2	$ 0.3

Share-based compensation (Det70

Share-based compensation (Details 3) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Restricted stock units
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	261,235	288,151
Granted (in shares)	84,294	115,036
Vested (in shares)	(79,219)	(71,029)
Forfeited (in shares)	(4,619)	0
Outstanding, end of period (in shares)	261,691	332,158
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 25.77	$ 25.17
Granted (in dollars per share)	33.74	25.19
Vested (in dollars per share)	25.77	25.79
Forfeited (in dollars per share)	25.83	0
Outstanding, end of period (in dollars per share)	$ 28.33	$ 25.04
Total weighted-average grant-date fair value	$ 2.8	$ 2.9
LTIP linked to TRS
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	257,956	232,127
Granted (in shares)	0	96,793
Vested (in shares)	(75,915)	(70,189)
Forfeited (in shares)	(13,264)	(488)
Outstanding, end of period (in shares)	168,777	258,243
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 28.45	$ 32.88
Granted (in dollars per share)	0	22.95
Vested (in dollars per share)	30.71	35.46
Forfeited (in dollars per share)	26	32.13
Outstanding, end of period (in dollars per share)	$ 27.63	$ 28.46
Total weighted-average grant-date fair value	$ 0	$ 2.2
LTIP awards linked to other performance conditions
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	364,731	296,843
Granted (in shares)	0	128,873
Vested (in shares)	(121,249)	(65,089)
Forfeited (in shares)	(13,263)	(557)
Outstanding, end of period (in shares)	230,219	360,070
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 26.01	$ 26.14
Granted (in dollars per share)	0	25.19
Vested (in dollars per share)	26.05	24.95
Forfeited (in dollars per share)	25.72	26.55
Outstanding, end of period (in dollars per share)	$ 26	$ 26.01
Total weighted-average grant-date fair value	$ 0	$ 3.2

Share-based compensation (Det71

Share-based compensation (Details 4) - LTIP linked to TRS	3 Months Ended
	Mar. 31, 2015$ / shares
Share-based compensation
Risk-free interest rate (as a percent)	0.66%
Expected life	3 years
Expected volatility (as a percent)	17.80%
Range of expected volatility for Peer Group, minimum (as a percent)	12.40%
Range of expected volatility for Peer Group, maximum (as a percent)	23.30%
Grant date fair value (in dollars per share)	$ 22.95

Earnings per share and shareh72

Earnings per share and shareholders' equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 20, 2015	Jul. 14, 2014	Dec. 19, 2013	Mar. 20, 2013	Mar. 19, 2013
Earnings per share, basic and diluted
Distributed earnings, Basic (dollars per share)		$ 0.31
Undistributed earnings, Basic (dollars per share)		0.14
Earnings per share, Basic (in dollars per share)	$ 0.31	$ 0.45
Equity forward transaction
Public offering related to equity forward transaction (in shares)							6,100,000
Sale of common stock related to equity forward transaction (in dollars per share)	$ 26.75						$ 26.75
Closing price of common stock (in dollar per share)							27.01
Offering related to underwriters exercising their over-allotment option under equity forward transaction (in shares)						900,000
Shares borrowed by forward counterparty from third party	7,000,000
Underwriting discount (in dollars per share)	$ 1.00312
Forward sale price (in dollars per share)							$ 25.74688
Initial fair value (in dollars per share)	$ 0
Delivery of net shares on settlement			4,700,000	1,000,000	1,300,000
Delivery of cash on settlement			$ 104.5	$ 23.9	$ 32.1
Underwriting discount			$ 4.7	$ 1	$ 1.3
Stock appreciation rights (SARs) | Common stock
Antidilutive effect of HEI common stock
Antidilutive effects of SARs shares that were not included in the computation of diluted EPS (in shares)	0	102,000

Earnings per share and shareh73

Earnings per share and shareholders' equity (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	$ (27,378)	$ (16,750)
Current period other comprehensive income	4,058	1,167
Ending balance	(23,320)	(15,583)
Net unrealized gains (losses) on securities
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	462	(3,663)
Current period other comprehensive income	3,451	805
Ending balance	3,913	(2,858)
Unrealized losses on derivatives
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	(289)	(525)
Current period other comprehensive income	59	59
Ending balance	(230)	(466)
Retirement benefit plans
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	(27,551)	(12,562)
Current period other comprehensive income	548	303
Ending balance	(27,003)	(12,259)
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	45	608
Current period other comprehensive income	22	9
Ending balance	$ 67	$ 617

Earnings per share and shareh74

Earnings per share and shareholders' equity (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reclassifications out of accumulated other comprehensive income/(loss)
Interest expense	$ 19,100	$ 19,456
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost	(5,459)	(2,813)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets	4,911	2,510
Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	4,058	(1,353)
Net unrealized gains (losses) on securities | Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues-bank (net gains on sales of securities)	3,451	(1,715)
Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) | Interest rate contracts | Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Interest expense	59	59
Retirement benefit plans | Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost	5,459	2,813
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets	(4,911)	(2,510)
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost	(4,933)	(2,519)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets	4,911	2,510
Hawaiian Electric Company, Inc. and Subsidiaries | Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	22	9
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans | Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost	4,933	2,519
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets	$ (4,911)	$ (2,510)

Fair value measurements (Detail

Fair value measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2015	Dec. 31, 2014
Financial assets
Available-for-sale investment securities, at fair value	$ 590,648	$ 550,394
Financial liabilities
Short-term borrowings—other than bank	30,500	118,972
Other bank borrowings	312,094	290,656
Carrying or notional amount
Financial assets
Money market funds	10	10
Available-for-sale investment securities, at fair value	590,648	550,394
Stock in Federal Home Loan Bank of Seattle	63,711	69,302
Loans receivable, net	4,411,410	4,397,457
Derivative assets	851	398
Financial liabilities
Deposit liabilities	4,751,328	4,623,415
Short-term borrowings—other than bank	30,500	118,972
Other bank borrowings	312,094	290,656
Long-term debt, net-other than bank	1,506,546	1,506,546
Derivative liabilities	281	114
Carrying or notional amount | American Savings Bank (ASB)
Financial liabilities
Notional amount of loans serviced	1,500,000	1,400,000
Estimated fair value
Financial assets
Money market funds	10	10
Available-for-sale investment securities, at fair value	590,648	550,394
Stock in Federal Home Loan Bank of Seattle	63,711	69,302
Loans receivable, net	4,616,814	4,578,822
Derivative assets	851	398
Financial liabilities
Deposit liabilities	4,752,331	4,623,773
Short-term borrowings—other than bank	30,500	118,972
Other bank borrowings	320,329	298,837
Long-term debt, net-other than bank	1,645,545	1,622,736
Derivative liabilities	281	114
Estimated fair value | Level 1
Financial assets
Derivative assets	0	0
Financial liabilities
Derivative liabilities	249	71
Estimated fair value | Level 2
Financial assets
Money market funds	10	10
Available-for-sale investment securities, at fair value	590,648	550,394
Stock in Federal Home Loan Bank of Seattle	63,711	69,302
Derivative assets	851	398
Financial liabilities
Deposit liabilities	4,752,331	4,623,773
Short-term borrowings—other than bank	30,500	118,972
Other bank borrowings	320,329	298,837
Long-term debt, net-other than bank	1,645,545	1,622,736
Derivative liabilities	32	43
Estimated fair value | Level 3
Financial assets
Loans receivable, net	4,616,814	4,578,822
Estimated fair value | American Savings Bank (ASB)
Financial liabilities
Servicing rights on loans	14,600	14,500
Hawaiian Electric Company | Carrying or notional amount
Financial liabilities
Short-term Debt, Fair Value	30,000
Long-term debt, net-other than bank	1,206,546	1,206,546
Hawaiian Electric Company | Estimated fair value
Financial liabilities
Short-term Debt, Fair Value	30,000
Long-term debt, net-other than bank	1,336,267	1,313,893
Hawaiian Electric Company | Estimated fair value | Level 2
Financial liabilities
Short-term Debt, Fair Value	30,000
Long-term debt, net-other than bank	$ 1,336,267	$ 1,313,893

Fair value measurements (Deta76

Fair value measurements (Details 2) - USD ($)	Mar. 31, 2015	Dec. 31, 2014
Fair value measurements on a recurring basis
Available-for-sale securities	$ 590,648,000	$ 550,394,000
Level 1 | Forward sale contracts
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 1
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	249,000	71,000
Fair value measurements on a recurring basis | Level 1 | Forward sale contracts
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	249,000	71,000
Fair value measurements on a recurring basis | Level 2
Derivative assets
Derivative assets	851,000	398,000
Derivative liabilities
Derivative liabilities	32,000	43,000
Fair value measurements on a recurring basis | Level 2 | Interest rate lock commitments
Derivative assets
Derivative assets	836,000	393,000
Derivative liabilities
Derivative liabilities	1,000	3,000
Fair value measurements on a recurring basis | Level 2 | Forward sale contracts
Derivative assets
Derivative assets	15,000	5,000
Derivative liabilities
Derivative liabilities	31,000	40,000
Fair value measurements on a recurring basis | Level 2 | Bank
Fair value measurements on a recurring basis
Available-for-sale securities	590,648,000	550,394,000
Fair value measurements on a recurring basis | Level 2 | Other
Fair value measurements on a recurring basis
Money market funds	10,000	10,000
Fair value measurements on a recurring basis | Level 2 | Mortgage-related securities - FNMA, FHLMC and GNMA | Bank
Fair value measurements on a recurring basis
Available-for-sale securities	450,421,000	430,834,000
Fair value measurements on a recurring basis | Level 2 | U.S. Treasury federal agency obligations | Bank
Fair value measurements on a recurring basis
Available-for-sale securities	140,227,000	119,560,000
Fair value measurements on a nonrecurring basis | American Savings Bank (ASB)
Derivative liabilities
Adjustments to fair value of loans held for sale	0	0
Fair value measurements on a nonrecurring basis | Level 3
Derivative liabilities
Loans	2,494,000	2,445,000
Real estate acquired in settlement of loans	665,000	288,000
Estimated fair value
Fair value measurements on a recurring basis
Money market funds	10,000	10,000
Available-for-sale securities	590,648,000	550,394,000
Derivative assets
Derivative assets	851,000	398,000
Derivative liabilities
Derivative liabilities	281,000	114,000
Loans	4,616,814,000	4,578,822,000
Estimated fair value | Level 1
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	249,000	71,000
Estimated fair value | Level 2
Fair value measurements on a recurring basis
Money market funds	10,000	10,000
Available-for-sale securities	590,648,000	550,394,000
Derivative assets
Derivative assets	851,000	398,000
Derivative liabilities
Derivative liabilities	32,000	43,000
Estimated fair value | Level 3
Derivative liabilities
Loans	4,616,814,000	4,578,822,000
Estimated fair value | Fair value measurements on a nonrecurring basis
Derivative liabilities
Loans	2,494,000	2,445,000
Real estate acquired in settlement of loans	$ 665,000	$ 288,000

Fair value measurements (Deta77

Fair value measurements (Details 3) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Fair value measurements
Fair value	$ 2,494	$ 2,445
Residential loan | Fair value of property or collateral
Fair value measurements
Fair value	$ 2,377	$ 2,297
Appraised value, selling cost	7.00%	7.00%
Appraised value, weighted average rate (as a percent)	78.00%	83.00%
Residential loan | Fair value of property or collateral | Minimum
Fair value measurements
Appraised value (as a percent)	39.00%	39.00%
Residential loan | Fair value of property or collateral | Maximum
Fair value measurements
Appraised value (as a percent)	99.00%	99.00%
Home equity line of credit | Fair value of property or collateral
Fair value measurements
Fair value	$ 3	$ 3
Appraised value, selling cost	7.00%	7.00%
Appraised value, weighted average rate (as a percent)	7.00%	7.00%
Commercial loans | Fair value of property or collateral
Fair value measurements
Fair value	$ 114	$ 145
Fair value, weighted average rate (as a percent)	88.00%	91.00%
Real estate acquired in settlement of loans | Fair value of property or collateral
Fair value measurements
Fair value	$ 665	$ 288
Appraised value, selling cost	7.00%	7.00%
Appraised value (as a percent)	100.00%	100.00%
Appraised value, weighted average rate (as a percent)	100.00%	100.00%

Cash flows (Details)

Cash flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental disclosures of cash flow information
Interest paid	$ 21	$ 20
Income taxes paid	1	1
Income taxes refunded	47	19
Supplemental disclosures of noncash activities
Real estate acquired in settlement of loans	0	1
Real estate transferred from property, plant and equipment to other assets held-for-sale	5	0
Obligations to fund low income housing investments	0	10
Additions to electric utility property, plant and equipment - unpaid invoices and other	(41)	(16)
Hawaiian Electric Company, Inc. and Subsidiaries
Supplemental disclosures of cash flow information
Interest paid	13	13
Income taxes refunded	6	8
Supplemental disclosures of noncash activities
Additions to electric utility property, plant and equipment - unpaid invoices and other	$ (41)	$ (16)

Recent Accounting Pronounceme79

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jan. 01, 2014	Dec. 31, 2013
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses		$ 568,356	$ 694,535
Operating income		69,506	89,214
Income taxes		19,979	25,721
Net income for common stock		31,866	45,787
Other		481,531		$ 542,523
Liabilities and Equity		11,273,447		11,185,142
Liabilities		9,341,245		9,360,276
Retained earnings		296,680		296,654
Common stock equity		1,897,909	1,745,124	1,790,573		$ 1,726,406
Net income	[1]	32,339	46,260
Increase in deferred income taxes	[1]	3,828	6,457
Change in other assets and liabilities	[1]	(25,992)	(29,931)
American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption					$ 700
Amortization Method Qualified Affordable Housing Project Investments, Amortization		1,300
Affordable Housing Tax Credit, Amount		1,400
Affordable Housing Tax Credit, Other Tax Benefits, Amount		500
Income taxes		7,156	8,133
Other		305,917		305,416
Liabilities		5,181,271		5,032,434
Retained earnings		217,909		211,934
Common stock equity		543,606		533,788
Net income		13,475	14,399
Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			24,673
Net income for common stock			45,927
Other				541,542
Liabilities and Equity				11,184,161
Deferred Income Tax Liabilities And Other Liabilities				631,734
Liabilities				9,358,440
Retained earnings				297,509		255,694
Common stock equity				1,791,428		1,727,070
Net income			46,400
Increase in deferred income taxes		15,265	6,298
Change in other assets and liabilities		19,826	(27,208)
Scenario, Previously Reported | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			7,085
Net income for common stock			14,539
Other				304,435
Liabilities and Equity				5,565,241
Deferred Income Tax Liabilities And Other Liabilities				116,527
Liabilities				5,030,598
Retained earnings				212,789
Common stock equity				534,643
Restatement Adjustment | Capital Expenditure Accruals
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in other assets and liabilities			(2,704)
Accounting Standards Update 2014-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			25,721
Net income for common stock			45,787
Other				542,523
Liabilities and Equity				11,185,142
Deferred Income Tax Liabilities And Other Liabilities				633,570
Liabilities				9,360,276
Retained earnings				296,654		255,030
Common stock equity				1,790,573		1,726,406
Net income			46,260
Increase in deferred income taxes			6,457
Change in other assets and liabilities			(29,931)
Accounting Standards Update 2014-01 | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			8,133
Net income for common stock			14,399
Other				305,416
Liabilities and Equity				5,566,222
Deferred Income Tax Liabilities And Other Liabilities				118,363
Liabilities				5,032,434
Retained earnings				211,934
Common stock equity				533,788
Accounting Standards Update 2014-01 | Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in other assets and liabilities			(27,227)
Accounting Standards Update 2014-01 | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			1,048
Net income for common stock			(140)
Other				981
Liabilities and Equity				981
Deferred Income Tax Liabilities And Other Liabilities				1,836
Liabilities				1,836
Retained earnings				(855)		(664)
Common stock equity				(855)		$ (664)
Net income			(140)
Increase in deferred income taxes			159
Change in other assets and liabilities			(19)
Accounting Standards Update 2014-01 | Restatement Adjustment | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income taxes			1,048
Net income for common stock			(140)
Other				981
Liabilities and Equity				981
Deferred Income Tax Liabilities And Other Liabilities				1,836
Liabilities				1,836
Retained earnings				(855)
Common stock equity				(855)
Bank
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses		43,717	41,088
Operating income		20,631	22,531
Income taxes		7,156	8,133
Net income for common stock		13,475	14,399
Net income		13,475	14,399
Bank | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities and Equity		$ 5,724,877		$ 5,566,222
Bank | Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses			41,996
Operating income			21,623
Bank | Scenario, Previously Reported | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses			38,370
Operating income			21,624
Bank | Accounting Standards Update 2014-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses			41,088
Operating income			22,531
Bank | Accounting Standards Update 2014-01 | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses			37,462
Operating income			22,532
Bank | Accounting Standards Update 2014-01 | Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses			(908)
Operating income			908
Bank | Accounting Standards Update 2014-01 | Restatement Adjustment | American Savings Bank (ASB)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total expenses			(908)
Operating income			$ 908
[1]	As restated - See Note 1, “Basis of presentation - Restatement of previously issued financial statements.”

Credit agreement and long-ter80

Credit agreement and long-term debt (Details)	May. 05, 2014USD ($)	May. 02, 2014USD ($)	Apr. 02, 2014USD ($)Institution	Mar. 31, 2015	Mar. 31, 2014USD ($)
Credit agreement
Number of financial institutions | Institution			9
Actual capitalization ratio (as a percent)				14.00%
Ratio of consolidated subsidiary debt to total consolidated capitalization required to be maintained as per the debt covenant (as a percent)			65.00%
Ratio of consolidated capitalization required to be maintained as per the debt covenant (as a percent)			35.00%
Actual ratio of consolidated debt to total consolidated capitalization (as a percent)				57.00%
Maximum
Credit agreement
Capitalization ratio required to be maintained as per the debt covenant (as a percent)			50.00%
HELCO
Credit agreement
Actual ratio of consolidated subsidiary debt to total consolidated capitalization (as a percent)				41.00%
Maui Electric
Credit agreement
Actual ratio of consolidated subsidiary debt to total consolidated capitalization (as a percent)				42.00%
Line of credit facility
Credit agreement
Revolving noncollateralized credit facility with a letter of credit sub-facility			$ 150,000,000		$ 125,000,000
Unused capacity commitment fee			0.20%
Line of credit facility | Hawaiian Electric Company
Credit agreement
Revolving noncollateralized credit facility with a letter of credit sub-facility			$ 200,000,000		$ 175,000,000
Unused capacity commitment fee			0.175%
Eurodollar term loan | Loans payable
Changes in long-term debt
Long-term debt		$ 125,000,000
Term of loan		2 years
Eurodollar term loan | Loans payable | Minimum
Changes in long-term debt
Initial interest rate for initial period		1.12%
Eurodollar term loan | Loans payable | Maximum
Changes in long-term debt
Initial interest rate for initial period		1.15%
Medium-term Notes 6.51 Percent Due 2014 | Medium-term note
Changes in long-term debt
Repayments of debt	$ 100,000,000
Debt instrument, stated interest rate (as a percent)	6.51%
Adjusted LIBOR Rate | Line of credit facility
Credit agreement
Basis spread on variable rate			1.375%
Adjusted LIBOR Rate | Line of credit facility | Hawaiian Electric Company
Credit agreement
Basis spread on variable rate			1.25%