Hawaiian Electric Company, Inc. PFD C 4.25% (HAWEN) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
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, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		107,890,279
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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, 2016
Amendment Flag	false
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	2,016
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, 2016	Mar. 31, 2015
Revenues
Total revenues	$ 550,960	$ 637,862
Expenses
Total expenses	482,109	568,356
Operating income (loss)
Total operating income	68,851	69,506
Interest expense, net—other than on deposit liabilities and other bank borrowings	(20,126)	(19,100)
Allowance for borrowed funds used during construction	662	499
Allowance for equity funds used during construction	1,739	1,413
Income before income taxes	51,126	52,318
Income taxes	18,301	19,979
Net income	32,825	32,339
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	$ 32,352	$ 31,866
Basic earnings per common share (in dollars per share)	$ 0.30	$ 0.31
Diluted earnings per common share (in dollars per share)	0.30	0.31
Dividends per common share (in dollars per share)	$ 0.31	$ 0.31
Weighted-average number of common shares outstanding (in shares)	107,620	103,281
Net effect of potentially dilutive shares (in shares)	161	286
Adjusted weighted-average shares (in shares)	107,781	103,567
Electric utility
Revenues
Total revenues	$ 482,052	$ 573,442
Expenses
Total expenses	426,726	515,806
Operating income (loss)
Total operating income	55,326	57,636
Income before income taxes	40,419	43,223
Income taxes	14,553	15,850
Net income	25,866	27,373
Preferred stock dividends of subsidiaries	499	499
Net income for common stock	25,367	26,874
Bank
Revenues
Total revenues	68,840	64,348
Expenses
Total expenses	49,246	43,717
Operating income (loss)
Total operating income	19,594	20,631
Income before income taxes	19,594	20,631
Income taxes	6,921	7,156
Net income	12,673	13,475
Net income for common stock	12,673	13,475
Other
Revenues
Total revenues	68	72
Expenses
Total expenses	6,137	8,833
Operating income (loss)
Total operating income	(6,069)	(8,761)
Income before income taxes	(8,887)	(11,536)
Income taxes	(3,173)	(3,027)
Net income	(5,714)	(8,509)
Preferred stock dividends of subsidiaries	(26)	(26)
Net income for common stock	$ (5,688)	$ (8,483)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income for common stock	$ 32,352	$ 31,866
Net unrealized gains on available-for-sale investment securities:
Net unrealized gains on available-for-sale investment securities arising during the period, net of tax benefits of $4,905 and 2,278 for the respective periods	7,428	3,451
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	1,002	0
Less: reclassification adjustment to net income, net of tax benefits of $35 and $37 for the respective periods	54	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 $2,257 and $3,486 for the respective periods	3,538	5,459
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Other comprehensive income, net of taxes	8,800	4,058
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 41,152	$ 35,924

Consolidated Statements of Com4

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on securities arising during the period, taxes	$ 4,905	$ 2,278
Effective portion of foreign currency hedge net unrealized gain, taxes	638	0
Less: reclassification adjustment to net income, net of tax benefits	35	37
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,257	3,486
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, taxes	$ 2,052	$ 3,127

Consolidated Balance Sheets (un

Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 334,743	$ 300,478
Accounts receivable and unbilled revenues, net	210,280	242,766
Available-for-sale investment securities, at fair value	906,295	820,648
Stock in Federal Home Loan Bank, at cost	11,218	10,678
Loans receivable held for investment, net	4,589,950	4,565,781
Loans held for sale, at lower of cost or fair value	7,900	4,631
Property, plant and equipment, net of accumulated depreciation of $2,355,984 and $2,339,319 at the respective dates	4,423,567	4,377,658
Regulatory assets	888,408	896,731
Other	415,955	480,457
Goodwill	82,190	82,190
Total assets	11,870,506	11,782,018
Liabilities
Accounts payable	119,288	138,523
Interest and dividends payable	27,890	26,042
Deposit liabilities	5,139,932	5,025,254
Short-term borrowings—other than bank	95,485	103,063
Other bank borrowings	329,081	328,582
Long-term debt, net—other than bank	1,578,618	1,578,368
Deferred income taxes	700,782	680,877
Regulatory liabilities	383,793	371,543
Contributions in aid of construction	513,520	506,087
Defined benefit pension and other postretirement benefit plans liability	584,490	589,918
Other	421,155	471,828
Total liabilities	9,894,034	9,820,085
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: 107,875,779 shares and 107,460,406 shares at the respective dates	1,635,890	1,629,136
Retained earnings	323,751	324,766
Accumulated other comprehensive loss, net of tax benefits	(17,462)	(26,262)
Total shareholders’ equity	1,942,179	1,927,640
Total liabilities and shareholders’ equity	$ 11,870,506	$ 11,782,018

Consolidated Balance Sheets (u6

Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation	$ 2,355,984	$ 2,339,319
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock, issued shares (in shares)	0	0
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, issued shares (in shares)	107,875,779	107,460,406
Common stock, outstanding shares (in shares)	107,875,779	107,460,406

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)
Beginning Balance at Dec. 31, 2014	$ 1,790,573	$ 1,521,297	$ 296,654	$ (27,378)
Balance (in shares) at Dec. 31, 2014		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	(31,840)		(31,840)
Ending Balance at Mar. 31, 2015	1,897,909	$ 1,624,549	296,680	(23,320)
Balance (in shares) at Mar. 31, 2015		107,418,000
Beginning Balance at Dec. 31, 2015	$ 1,927,640	$ 1,629,136	324,766	(26,262)
Balance (in shares) at Dec. 31, 2015	107,460,406	107,460,000
Increase (decrease) in stockholders' equity
Net income for common stock	$ 32,352		32,352
Other comprehensive income, net of taxes	8,800			8,800
Issuance of common stock, net	6,754	$ 6,754
Issuance of common stock, net (in shares)		416,000
Common stock dividends	(33,367)		(33,367)
Ending Balance at Mar. 31, 2016	$ 1,942,179	$ 1,635,890	$ 323,751	$ (17,462)
Balance (in shares) at Mar. 31, 2016	107,875,779	107,876,000

Consolidated Statements of Cha8

Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 32,825	$ 32,339
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	48,594	45,865
Other amortization	1,928	2,371
Provision for loan losses	4,766	614
Loans receivable originated and purchased, held for sale	(42,719)	(79,070)
Proceeds from sale of loans receivable, held for sale	40,363	78,332
Increase in deferred income taxes	13,008	3,828
Share-based compensation expense	1,013	1,754
Excess tax benefits from share-based payment arrangements	(380)	(968)
Allowance for equity funds used during construction	(1,739)	(1,413)
Changes in assets and liabilities
Decrease in accounts receivable and unbilled revenues, net	28,108	58,331
Decrease in fuel oil stock	22,812	20,731
Decrease (increase) in regulatory assets	1,585	(10,827)
Increase in accounts, interest and dividends payable	30,135	22,053
Change in prepaid and accrued income taxes and utility revenue taxes	(14,343)	(9,461)
Increase in defined benefit pension and other postretirement benefit plans liability	137	123
Change in other assets and liabilities	4,499	(25,992)
Net cash provided by operating activities	170,592	138,610
Cash flows from investing activities
Available-for-sale investment securities purchased	(122,387)	(63,370)
Principal repayments on available-for-sale investment securities	48,819	28,486
Purchase of stock from Federal Home Loan Bank	(1,373)	0
Redemption of stock from Federal Home Loan Bank	833	5,590
Net increase in loans held for investment	(28,137)	(12,524)
Proceeds from sale of real estate acquired in settlement of loans	232	606
Capital expenditures	(127,818)	(123,527)
Contributions in aid of construction	13,761	9,145
Other	819	3,549
Net cash used in investing activities	(215,251)	(152,045)
Cash flows from financing activities
Net increase in deposit liabilities	114,678	127,913
Net decrease in short-term borrowings with original maturities of three months or less	(7,578)	(88,472)
Net increase in retail repurchase agreements	19,041	21,451
Proceeds from other bank borrowings	20,835	0
Repayments of other bank borrowings	(39,369)	0
Proceeds from issuance of long-term debt	75,000	0
Repayment of long-term debt	(75,000)	0
Excess tax benefits from share-based payment arrangements	380	968
Net proceeds from issuance of common stock	3,022	104,468
Common stock dividends	(27,716)	(31,829)
Preferred stock dividends of subsidiaries	(473)	(473)
Other	(3,896)	(3,965)
Net cash provided by financing activities	78,924	130,061
Net increase in cash and cash equivalents	34,265	116,626
Cash and cash equivalents, beginning of period	300,478	175,542
Cash and cash equivalents, end of period	$ 334,743	$ 292,168

Consolidated Statements of In10

Consolidated Statements of Income (unaudited) - HECO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total revenues	$ 550,960	$ 637,862
Operating expenses
Purchased power	116,000	136,000
Total expenses	482,109	568,356
Total operating income	68,851	69,506
Allowance for equity funds used during construction	1,739	1,413
Allowance for borrowed funds used during construction	662	499
Income taxes	18,301	19,979
Net income	32,825	32,339
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	32,352	31,866
Hawaiian Electric Company, Inc. and Subsidiaries
Total revenues	482,052	573,442
Operating expenses
Fuel oil	113,740	176,806
Purchased power	115,859	136,007
Other operation and maintenance	103,908	104,002
Depreciation	46,781	44,243
Taxes, other than income taxes	46,438	54,748
Total expenses	426,726	515,806
Total operating income	55,326	57,636
Allowance for equity funds used during construction	1,739	1,413
Interest expense and other charges, net	(17,308)	(16,325)
Allowance for borrowed funds used during construction	662	499
Income before income taxes	40,419	43,223
Income taxes	14,553	15,850
Net income	25,866	27,373
Preferred stock dividends of subsidiaries	229	229
Net income attributable to Hawaiian Electric	25,637	27,144
Preferred stock dividends of Hawaiian Electric	270	270
Net income for common stock	$ 25,367	$ 26,874

Consolidated Statements of Co11

Consolidated Statements of Comprehensive Income (unaudited) - HECO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income for common stock	$ 32,352	$ 31,866
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	1,002	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 $2,061 and $3,141 for the respective periods	3,538	5,459
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Other comprehensive income, net of taxes	8,800	4,058
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	41,152	35,924
Hawaiian Electric Company, Inc. and Subsidiaries
Net income for common stock	25,367	26,874
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	1,002	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 $2,061 and $3,141 for the respective periods	3,236	4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Other comprehensive income, net of taxes	1,016	22
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 26,383	$ 26,896

Consolidated Statements of Co12

Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - HECO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective portion of foreign currency hedge net unrealized gain, taxes	$ 638	$ 0
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,257	3,486
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, taxes	(2,052)	(3,127)
Hawaiian Electric Company, Inc. and Subsidiaries
Effective portion of foreign currency hedge net unrealized gain, taxes	638	0
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,061	3,141
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, taxes	$ 2,052	$ 3,127

Consolidated Balance Sheets (13

Consolidated Balance Sheets (unaudited) - HECO - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Utility property, plant and equipment
Total property, plant and equipment, net	$ 4,423,567	$ 4,377,658
Other long-term assets
Total assets	11,870,506	11,782,018
Capitalization
Retained earnings	323,751	324,766
Total shareholders’ equity	1,942,179	1,927,640
Cumulative preferred stock — not subject to mandatory redemption	$ 0	$ 0
Commitments and contingencies
Current liabilities
Interest and preferred dividends payable	$ 27,890	$ 26,042
Deferred credits and other liabilities
Deferred income taxes	700,782	680,877
Contributions in aid of construction	513,520	506,087
Total liabilities and shareholders’ equity	11,870,506	11,782,018
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	53,207	52,792
Plant and equipment	6,356,006	6,315,698
Less accumulated depreciation	(2,284,928)	(2,266,004)
Construction in progress	198,004	175,309
Utility property, plant and equipment, net	4,322,289	4,277,795
Nonutility property, plant and equipment, less accumulated depreciation of $1,230 and $1,229 at respective dates	7,375	7,272
Total property, plant and equipment, net	4,329,664	4,285,067
Current assets
Cash and cash equivalents	49,042	24,449
Customer accounts receivable, net	103,739	132,778
Accrued unbilled revenues, net	85,367	84,509
Other accounts receivable, net	6,773	10,408
Fuel oil stock, at average cost	48,404	71,216
Materials and supplies, at average cost	54,256	54,429
Prepayments and other	21,803	36,640
Regulatory assets	89,192	72,231
Total current assets	458,576	486,660
Other long-term assets
Regulatory assets	799,216	824,500
Unamortized debt expense	420	497
Other	74,495	75,486
Total other long-term assets	874,131	900,483
Total assets	5,662,371	5,672,210
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	578,926	578,930
Retained earnings	1,045,049	1,043,082
Accumulated other comprehensive income, net of income taxes	1,941	925
Total shareholders’ equity	1,731,304	1,728,325
Cumulative preferred stock — not subject to mandatory redemption	34,293	34,293
Long-term debt, net	1,278,916	1,278,702
Total capitalization	$ 3,044,513	$ 3,041,320
Commitments and contingencies
Current liabilities
Short-term borrowings from non-affiliates	$ 12,998	$ 0
Accounts payable	95,090	114,846
Interest and preferred dividends payable	27,015	23,111
Taxes accrued	129,239	191,084
Regulatory liabilities	5,416	2,204
Other	75,006	54,079
Total current liabilities	344,764	385,324
Deferred credits and other liabilities
Deferred income taxes	670,126	654,806
Regulatory liabilities	378,377	369,339
Unamortized tax credits	85,902	84,214
Defined benefit pension and other postretirement benefit plans liability	547,517	552,974
Other	77,652	78,146
Total deferred credits and other liabilities	1,759,574	1,739,479
Contributions in aid of construction	513,520	506,087
Total liabilities and shareholders’ equity	$ 5,662,371	$ 5,672,210

Consolidated Balance Sheets (14

Consolidated Balance Sheets (unaudited) (Parenthetical) - HECO - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, outstanding shares (in shares)	107,875,779	107,460,406
Hawaiian Electric Company, Inc. and Subsidiaries
Nonutility property, plant and equipment, accumulated depreciation	$ 1,230	$ 1,229
Common stock, par value (in dollars per share)	$ 6.67	$ 6.67
Common stock, authorized shares (in shares)	50,000,000	50,000,000
Common stock, outstanding shares (in 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	Retained earnings	Accumulated other comprehensive income (loss)	Hawaiian Electric Company, Inc. and Subsidiaries	Hawaiian Electric Company, Inc. and SubsidiariesCommon stock	Hawaiian Electric Company, Inc. and SubsidiariesPremium on capital stock	Hawaiian Electric Company, Inc. and SubsidiariesRetained earnings	Hawaiian Electric Company, Inc. and SubsidiariesAccumulated other comprehensive income (loss)
Beginning Balance at Dec. 31, 2014	$ 1,790,573	$ 296,654	$ (27,378)	$ 1,682,144	$ 105,388	$ 578,938	$ 997,773	$ 45
Balance (in shares) at Dec. 31, 2014					15,805,000
Increase (decrease) in stockholders' equity
Net income for common stock	31,866	31,866		26,874			26,874
Other comprehensive income, net of taxes	4,058		4,058	22				22
Common stock dividends	(31,840)	(31,840)		(22,601)			(22,601)
Common stock issuance expenses				(5)		(5)
Ending Balance at Mar. 31, 2015	1,897,909	296,680	(23,320)	1,686,434	$ 105,388	578,933	1,002,046	67
Balance (in shares) at Mar. 31, 2015					15,805,000
Beginning Balance at Dec. 31, 2015	$ 1,927,640	324,766	(26,262)	1,728,325	$ 105,388	578,930	1,043,082	925
Balance (in shares) at Dec. 31, 2015	107,460,406				15,805,000
Increase (decrease) in stockholders' equity
Net income for common stock	$ 32,352	32,352		25,367			25,367
Other comprehensive income, net of taxes	8,800		8,800	1,016				1,016
Common stock dividends	(33,367)	(33,367)		(23,400)			(23,400)
Common stock issuance expenses				(4)		(4)
Ending Balance at Mar. 31, 2016	$ 1,942,179	$ 323,751	$ (17,462)	$ 1,731,304	$ 105,388	$ 578,926	$ 1,045,049	$ 1,941
Balance (in shares) at Mar. 31, 2016	107,875,779				15,805,000

Consolidated Statements of Ca16

Consolidated Statements of Cash Flows (unaudited) - HECO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 32,825	$ 32,339
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	48,594	45,865
Other amortization	1,928	2,371
Increase in deferred income taxes	13,008	3,828
Allowance for equity funds used during construction	(1,739)	(1,413)
Changes in assets and liabilities
Decrease in fuel oil stock	22,812	20,731
Decrease (increase) in regulatory assets	1,585	(10,827)
Change in prepaid and accrued income taxes and revenue taxes	(14,343)	(9,461)
Increase in defined benefit pension and other postretirement benefit plans liability	137	123
Change in other assets and liabilities	4,499	(25,992)
Net cash provided by operating activities	170,592	138,610
Cash flows from investing activities
Capital expenditures	(127,818)	(123,527)
Contributions in aid of construction	13,761	9,145
Other	819	3,549
Net cash used in investing activities	(215,251)	(152,045)
Cash flows from financing activities
Common stock dividends	(27,716)	(31,829)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(7,578)	(88,472)
Other	(3,896)	(3,965)
Net cash provided by financing activities	78,924	130,061
Net increase in cash and cash equivalents	34,265	116,626
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income	25,866	27,373
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	46,781	44,243
Other amortization	1,774	1,698
Increase in deferred income taxes	13,558	15,132
Change in tax credits, net	1,702	2,576
Allowance for equity funds used during construction	(1,739)	(1,413)
Changes in assets and liabilities
Decrease in accounts receivable	28,297	29,104
Decrease (increase) in accrued unbilled revenues	(858)	27,880
Decrease in fuel oil stock	22,812	20,731
Decrease (increase) in materials and supplies	173	(1,357)
Decrease (increase) in regulatory assets	1,585	(10,827)
Increase in accounts payable	27,766	15,380
Change in prepaid and accrued income taxes and revenue taxes	(42,018)	(63,696)
Increase in defined benefit pension and other postretirement benefit plans liability	205	110
Change in other assets and liabilities	20,967	(9,774)
Net cash provided by operating activities	146,871	97,160
Cash flows from investing activities
Capital expenditures	(125,183)	(118,874)
Contributions in aid of construction	13,761	9,145
Other	45	243
Net cash used in investing activities	(111,377)	(109,486)
Cash flows from financing activities
Common stock dividends	(23,400)	(22,601)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(499)	(499)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	12,998	30,000
Other	0	(216)
Net cash provided by financing activities	(10,901)	6,684
Net increase in cash and cash equivalents	24,593	(5,642)
Cash and cash equivalents, beginning of period	24,449	13,762
Cash and cash equivalents, end of period	$ 49,042	$ 8,120

Basis of presentation

Basis of presentation	3 Months Ended
	Mar. 31, 2016
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 for the year ended December 31, 2015 . 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, 2016 and December 31, 2015 , the results of their operations and their cash flows for the three months ended March 31, 2016 and 2015 . All such adjustments are of a normal recurring nature, unless otherwise disclosed below or other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year.

Proposed Merger

Proposed Merger	3 Months Ended
	Mar. 31, 2016
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 to 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 price 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, Inc. (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). Some, but not all, of these conditions have been satisfied and certain of these conditions will only be satisfied shortly before closing. The Merger Agreement contains customary representations, warranties and covenants of HEI and NEE. 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 June 3, 2016, and further provides that upon termination of the Merger Agreement under specified circumstances NEE would be required to pay HEI a termination fee of $ 90 million and reimburse HEI for up to $ 5 million of its documented out-of-pocket expenses incurred in connection with the Merger Agreement. On January 29, 2015, HEI submitted its application to the FERC requesting all necessary authorizations 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 the FRB advising the FRB of its intent to seek deregistration as a Savings & Loan Holding Company (SLHC) to be effective upon the contemplated Spin-off of ASB Hawaii. 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. On March 30, 2015, ASB Hawaii filed its Form 10 and, on April 1, 2016, filed Amendment No. 1 thereto. This is the registration statement for the ASB Hawaii shares expected to be distributed in the Spin-Off. HEI Shareholders approved the proposed merger agreement with NEE on June 10, 2015. On August 7, 2015, each of HEI and NEE filed their respective notifications pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the HSR Act), with the U.S. Department of Justice and Federal Trade Commission. On September 8, 2015, the mandatory, pre-merger waiting period under the HSR Act expired. PUC application . In January 2015, NEE and Hawaiian Electric filed an application with the PUC requesting approval of the proposed Merger (under which Hawaiian Electric would become a wholly-owned indirect subsidiary of NEE). 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 reduce the RAM, which amounts to approximately $ 60 million in cumulative savings for customers, over the four -year base rate moratorium, subject to certain exceptions and conditions, including that the following remain in effect: the revenue balancing account (RBA) and RAM tariff provisions, the Renewable Energy Infrastructure Program, and Renewable Energy Infrastructure Surcharge, the integrated resource planning/DSM Recovery tariff provisions, the ECAC tariff provisions, the PPAC tariff provision and the Pension and OPEB tracker mechanism. Various governmental, environmental and commercial interests groups have been allowed to intervene in the proceeding. Twenty-eight interveners filed direct testimonies in the docket in July 2015. Eleven interveners recommended the merger not be approved, eleven recommended approval only with conditions, and six did not specifically make a recommendation either way. The Consumer Advocate filed its direct testimonies on August 10, 2015, stating that the Applicants have not justified that the proposed transaction is in the public interest but that if the Consumer Advocate’s recommended conditions were adopted, the results would reflect substantial net benefits that would support a finding that the proposed transaction is in the public interest. Among its recommended conditions was a rate plan to permanently reduce the Utilities’ rates by approximately $62 million annually. On August 31, 2015, the Applicants filed their responsive testimonies, offering a number of additional commitments, including: • subject to PUC approval, completing full smart meter deployment to all customers by December 31, 2019 • reflecting 100% of all net non-fuel O&M savings achieved by the Utilities and limiting non-fuel O&M expenses to levels no higher than the non-fuel O&M expenses in 2014, adjusted for inflation, in the revenue requirements in the first rate case following the four -year rate case moratorium • establishing a funding mechanism of $2.5 million per year during the four -year rate case moratorium to be used for purposes in the public interest at the PUC’s discretion and direction • committing to corporate giving of at least $2.2 million for a minimum of 10 years post-closing • committing to not selling the Utilities or their holding company for at least 10 years post-closing On October 7, 2015, the other parties filed rebuttal testimonies, and on October 16, 2015, the Applicants filed their surrebuttal testimonies. Discovery was conducted over a six month period and concluded on October 14, 2015 with the filing of final information request (IR) responses. On November 27, 2015, pursuant to entering into an agreement with the Department of the Navy on behalf of the Department of Defense (DOD), the Applicants filed a motion to admit revised stipulated commitments into evidence, which revised Applicants’ commitments to include the following 3 main changes: • committing to undertake good faith efforts to achieve a consolidated renewable portfolio standard of thirty-five percent of net electricity sales by December 31, 2020, and fifty percent of net electricity sales by December 31, 2030; • committing to and specifying in detail how $60 million in total rate credits will be provided over the four-year base rate moratorium period; and • committing to (i) establish a new intermediate holding company, Hawaiian Electric Utility Holdings, which will have a voting board of directors and a majority of the members of the board of directors who will be residents of Hawaii, (ii) implement a suite of additional ring fencing commitments, and (iii) develop employees from within the Companies to fill executive vacancies. In connection with the agreement, on November 27, 2015, the DOD filed a motion to withdraw from the proceeding. Prior to this date, three other parties had withdrawn from the proceeding. On January 4, 2016, the PUC issued an order granting the Applicants’ motion to admit revised stipulated commitments into evidence and permitting additional discovery and testimony by the other parties regarding the revised stipulated commitments, and denying the DOD’s motion to withdraw. Evidentiary hearings were held over 22 days in November 2015 through March 2016. Post-evidentiary hearing opening briefs were filed in March 2016 and reply briefs were filed in May 2016. A PUC decision is pending. 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. On January 23, 2015, the Cohn State Action was voluntarily dismissed. On January 27, 2015, Cohn filed a purported class action captioned Cohn v. Hawaiian Electric Industries, Inc., et al., Civil No. 15-00029-JMS-RLP 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 Cohn Federal Action). On February 13, 2015, the state court orally granted the plaintiffs’ motions to consolidate the seven state court actions and appoint co-lead counsel and entered a written order granting the motions on March 6, 2015. On March 10, 2015, plaintiffs filed a first consolidated complaint in state court that added as a defendant J.P. Morgan Securities, LLC (JP Morgan), the financial advisor to HEI for the Merger, and deleted Hawaiian Electric Company, Inc. as a defendant and concurrently served a first request for production of documents on HEI and the individual directors. On March 17, 2015, plaintiffs filed a motion for limited expedited discovery in the consolidated state action and thereafter on March 25, 2015 withdrew their request for limited discovery and first request for production of documents as a result of the parties’ agreement to conduct certain specified limited discovery which included a stipulated confidentiality agreement and protective order protecting the confidentiality of certain information exchanged between the parties in connection with discovery in the consolidated action that was filed on April 6, 2015. On April 15 and 17, 2015, a deposition of a representative of HEI and a representative of JP Morgan were taken, respectively. On April 21, 2015, plaintiffs confirmed the cancellation of the preliminary injunction hearing that had been scheduled for May 5, 2015 in the consolidated action and on April 23, 2015, the state court entered a stipulation and order to extend indefinitely the time to answer or otherwise respond to the first amended consolidated complaint. On April 30, 2015, the state court entered a consolidated case management order confirming the consolidated treatment of the state actions for purposes of case management, pretrial discovery, procedural and other matters. On May 27, 2015, the federal court entered a stipulation and order approving the stipulation of the parties to stay the Cohn Federal Action pending the resolution of the state court consolidated action and administratively closing the Cohn Federal Action without prejudice to any party. On May 29, 2015, the state court entered a stipulated order amending the consolidated caption to read IN RE Consolidated HEI Shareholder Cases, Master File No. Civil No. 1CC15-1-HEI, to add JP Morgan as a named defendant in each individual action, add the caption for the Grieco Action, and remove Hawaiian Electric Company, Inc. from the caption in the Brown Action. In October 2015, several depositions of HEI representatives were taken in the state consolidated action. On February 9, 2016, plaintiffs filed an ex parte motion for second extension of time to file the pretrial statement in the state consolidated action from February 15, 2016 to August 15, 2016. The actions allege, among other things, that members of HEI's Board of Directors (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 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 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 in the complaints are without merit and intend to defend these lawsuits vigorously.

Segment financial information

Segment financial information	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment financial information	Segment financial information (in thousands) Electric utility Bank Other Total Three months ended March 31, 2016 Revenues from external customers $ 482,045 $ 68,840 $ 75 $ 550,960 Intersegment revenues (eliminations) 7 — (7 ) — Revenues 482,052 68,840 68 550,960 Income (loss) before income taxes 40,419 19,594 (8,887 ) 51,126 Income taxes (benefit) 14,553 6,921 (3,173 ) 18,301 Net income (loss) 25,866 12,673 (5,714 ) 32,825 Preferred stock dividends of subsidiaries 499 — (26 ) 473 Net income (loss) for common stock 25,367 12,673 (5,688 ) 32,352 Total assets (at March 31, 2016) 5,662,371 6,140,514 67,621 11,870,506 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 Total assets (at December 31, 2015)* 5,672,210 6,014,755 95,053 11,782,018 * See Note 11 for the impact to prior period financial information of the adoption of Accounting Standards Update (ASU) No. 2015-03. 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 and the profit on such sales is nominal. 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 and the profit on such fees is nominal.

Electric utility segment

Electric utility segment	3 Months Ended
	Mar. 31, 2016
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, 2016 and 2015 approximately $43 million and $51 million , respectively, of revenue taxes in “revenues” and in “taxes, other than income taxes” expense. Recent tax developments. On December 18, 2015, Congress passed, and President Obama signed into law, the “Protecting Americans from Tax Hikes (PATH) Act of 2015” and the “Consolidating Appropriations Act, 2016,” providing government funding and a number of significant tax changes. The provision with the greatest impact on the Company is the extension of bonus depreciation. The PATH Act retroactively extended 50% bonus depreciation for qualified property acquired and placed in service in 2015 and continues 50% bonus depreciation through 2017. The bonus depreciation percentage decreases to 40% in 2018 and 30% in 2019 and terminates thereafter. The extension of bonus depreciation is expected to result in an increase in 2015 tax depreciation of approximately $117 million , primarily attributable to the Utilities. The PATH Act also made the research credit permanent, providing a 20% credit on the amount that the cost of qualified research expenditures for the tax year exceeds an amount based on prior expenditures. Additionally, the “Consolidating Appropriations Act, 2016” extended a variety of energy-related credits that were expired or soon to expire. These credits include the production credit for wind facilities and the 30% investment credit for qualified solar energy property, with various phase-out dates through 2021. 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, 2016 and December 31, 2015 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, 2016 and 2015 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, 2016 , the Utilities had five 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 or less who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. Purchases from all IPPs were as follows: Three months ended March 31 (in millions) 2016 2015 AES Hawaii $ 38 $ 34 Kalaeloa 29 44 HEP 11 11 Hpower 16 16 Puna Geothermal Venture 7 7 Hawaiian Commercial & Sugar (HC&S) — 2 Other IPPs 15 22 Total IPPs $ 116 $ 136 In October 2015 the amended PPA between Maui Electric and HC&S became effective following PUC approval in September 2015. The amended PPA amends the pricing structure and rates for energy sold to Maui Electric, eliminates the capacity payment to HC&S, eliminates Maui Electric’s minimum purchase obligation, provides that Maui Electric may request up to 4 MW of scheduled energy during certain months, and be provided up to 16 MW of emergency power, and extends the term of the PPA from 2014 to 2017. In 2016 HC&S requested to terminate the PPA in January of 2017, approximately 1 year early due to HC&S ceasing sugar operations. 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 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 2015, 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. Hawaiian Electric and Kalaeloa are in negotiations to address the upcoming end of the PPA term ending on May 23, 2016. The PPA will automatically extend on a month-to-month basis as long as the parties are still negotiating in good faith. The month-to-month term extensions shall end 60 days after either party notifies the other in writing that negotiations have terminated. 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. The energy payments paid by Hawaiian Electric will fluctuate as fuel prices change, however, 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, 2016 , Hawaiian Electric’s accounts payable to Kalaeloa amounted to $8 million . AES Hawaii, Inc. In March 1988, Hawaiian Electric entered into a PPA with AES Barbers Point, Inc. (now known as AES Hawaii, Inc.), which, as amended (through Amendment No. 2) and approved by the PUC, provided that Hawaiian Electric would purchase 180 MW of firm capacity for a period of 30 years beginning in September 1992. In November 2015, Hawaiian Electric entered into an Amendment No. 3, for which PUC approval has been requested. If approved by the PUC, Amendment No. 3 would increase the firm capacity from 180 MW to a maximum of 189 MW. The payments that Hawaiian Electric makes to AES Hawaii for energy associated with the first 180 MW of firm capacity include a fuel component, a variable O&M component and a fixed O&M component, all of which are subject to adjustment based on changes in the Gross National Product Implicit Price Deflator. If Amendment No. 3 is approved by the PUC, payments for energy associated with firm capacity in excess of 180 MW will not include any O&M component or be subject to adjustment based on changes in the Gross National Product Implicit Price Delflator. The capacity payments that Hawaiian Electric makes to AES Hawaii are fixed in accordance with the PPA and, if approved by the PUC, Amendment No. 3. Pursuant to the current accounting standards for VIEs, Hawaiian Electric is deemed to have a variable interest in AES Hawaii by reason of the provisions of Hawaiian Electric’s PPA with AES Hawaii. However, management has concluded that Hawaiian Electric is not the primary beneficiary of AES Hawaii because Hawaiian Electric does not have the power to control the most significant activities of AES Hawaii that impact AES Hawaii’s economic performance, including operations and maintenance of AES Hawaii’s facility. Thus, Hawaiian Electric has not consolidated AES Hawaii in its consolidated financial statements. As of March 31, 2016 , Hawaiian Electric’s accounts payable to AES Hawaii 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. Hawaiian Electric and Chevron Products Company (Chevron), a division of Chevron USA, Inc., are parties to the Low Sulfur Fuel Oil Supply Contract (LSFO Contract) for the purchase/sale of low sulfur fuel oil (LSFO), which terminates on December 31, 2016 and may automatically renew for annual terms thereafter unless earlier terminated by either party. The PUC approved the recovery of costs incurred under this contract on April 30, 2013. On August 27, 2014, Chevron and Hawaiian Electric entered into a first amendment of the LSFO Contract. 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 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. In March 2015, the amendment was approved by the PUC. The Utilities are also 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, but have been extended through December 31, 2016. Both agreements may be automatically renewed for annual terms thereafter unless earlier terminated by either of the respective parties. In August 2014, Chevron and the Utilities entered into a third amendment to the Inter-Island Industrial Fuel Oil and Diesel Fuel Supply Contract (Inter-island 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. In June 2015, the Utilities issued Requests for Proposals (RFP) for most of their fuel needs with supplies beginning in 2017 after the expiration of Chevron LSFO and Chevron/HIE Interisland contracts on December 31, 2016. Proposals were received in July 2015. On February 18, 2016, Hawaiian Electric and Chevron entered into a fuel supply contract for LSFO, diesel and fuel to meet MATS requirements (2016 LSFO Contract) for the island of Oahu which terminates on December 31, 2019 and may automatically renew for annual terms thereafter unless earlier terminated by either party. Also on February 18, 2016, the Utilities and Chevron entered into a supply contract for industrial fuel oil, diesel and ultra-low sulfur diesel (Petroleum Fuels Contract) for the islands of Oahu, Maui, Molokai and the island of Hawaii , which terminates on December 31, 2019 and may automatically renew for annual terms thereafter unless earlier terminated by either party. Finally, on February 18, 2016, Hawaii Electric Light and Chevron entered into a fuels terminalling agreement which terminates on December 31, 2019 for the island of Hawaii and may automatically renew for annual terms thereafter unless earlier terminated by either party. Currently, terminalling services are provided for under the Inter-island Fuel Supply Contract with Chevron that expires on December 31, 2016. Each of these contracts are for a term of three years and become effective upon PUC approval, which approval has been requested by an application filed in February 2016, and each contract can be terminated if PUC approval is not received by October 1, 2016. Additionally, Chevron is required to comply with the agreed upon fuel specifications as set forth in the 2016 LSFO Contract and the Petroleum Fuels Contract. The energy charge for energy purchased from Kalaeloa Partners, L.P. (Kalaeloa) under Hawaiian Electric’s PPA with Kalaeloa is based, in part, on the price Kalaeloa pays HIE for LSFO under a Facility Fuel Supply Contract (fuel contract) between them (assigned to HIE upon its purchase of the assets of Tesoro Hawaii Corp. as described above). The term of the fuel contract between Kalaeloa and HIE ends May 31, 2016 and may be extended for terms thereafter unless terminated by one of the parties. The costs incurred under the Utilities’ fuel contracts are included in their respective ECACs, to the extent such costs are not recovered through the Utilities’ base rates. AES Hawaii, Inc . Under a PPA entered into in March 1988, as amended, for a period of 30 years beginning September 1992, Hawaiian Electric agreed to purchase 180 MW of firm capacity from AES Hawaii. In August 2012, Hawaiian Electric filed an application with the PUC seeking an exemption from the PUC’s Competitive Bidding Framework to negotiate an amendment to the PPA to purchase 186 MW of firm capacity, and amend the energy pricing formula in the PPA. The PUC approved the exemption in April 2013, but Hawaiian Electric and AES Hawaii were not able to reach agreement on an amendment. In June 2015, AES Hawaii filed an arbitration demand regarding a dispute about whether Hawaiian Electric was obligated to buy up to 9 MW of additional capacity based on a 1992 letter. Hawaiian Electric responded to the arbitration demand and, in October 2015, AES Hawaii and Hawaiian Electric entered into a Settlement Agreement to stay the arbitration proceeding. The Settlement Agreement includes certain conditions precedent which, if satisfied, will release the parties from the claims under the arbitration proceeding. Among the conditions precedent is the successful negotiation of an amendment to the existing purchase power agreement and PUC approval of such amendment. On November 13, 2015, Hawaiian Electric entered into Amendment No. 3 to the AES Hawaii PPA, subject to PUC approval. Amendment No. 3 provides more favorable pricing for the additional 9 MW than the existing pricing, the benefit of which will be passed on to customers, and among other things, provides (1) for an increase in firm capacity of up to 9 MW (the Additional Capacity) above the 180 MW capacity of the AES Hawaii facility, subject to a demonstration of such increased available capacity, (2) for the payment for the Additional Capacity to include a Priority Peak Capacity Charge, a Non-Peak Capacity Charge, a Priority Peak Energy Charge and a Non-Peak Energy Charge and (3) that AES will make certain operational commitments to improve reliability, and Hawaiian Electric will pay a reliability bonus according to a schedule for reduced Full Plant Trips. On January 22, 2016, Amendment No. 3 was filed with the PUC for approval. If such approval is obtained, the final condition to the Settlement Agreement’s release of the parties from the arbitration claims will be satisfied. The arbitration proceeding has been stayed to allow the PUC approval proceeding to proceed. Liquefied natural gas . On May 31, 2015, the previous August 2014 agreement with FortisBC Energy Inc. (Fortis) for liquefaction capacity for liquefied natural gas (LNG) was superseded with a liquefaction Heads of Agreement by and between FortisBC Holdings Inc. and Hawaiian Electric. The agreement, which is subject to PUC approval, other regulatory approvals and permits and other conditions precedent before it becomes effective, provides for LNG liquefaction capacity purchases of 700,000 tonnes per year for the first five years, 600,000 tonnes per year for the next five years and 500,000 tonnes per year for the last ten 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’ 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. Utility projects . Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income. Renewable energy project matters. In February 2012, the PUC granted Hawaiian Electric’s request for deferred accounting treatment for the inter-island project support costs. The amount of the deferred costs was limited to $5.89 million . Through December 31, 2013, Hawaiian Electric deferred $3.1 million related to outside contractor service costs incurred with the Oahu 200 MW RFP, and began amortizing such costs over 3 years beginning in July 2014. In May 2012, the PUC instituted a proceeding for a competitive bidding process for up to 50 MW of firm renewable geothermal dispatchable energy (Geothermal RFP) on the island of Hawaii, and in July 2012, Hawaii Electric Light filed an application to defer 2012 costs related to the Geothermal RFP. In November 2015, the PUC approved the deferral of $2.1 million of costs related to the Geothermal RFP, and will review the prudency and reasonableness of the deferred costs in the next Hawaii Electric Light rate case. In February 2013, Hawaii Electric Light issued the Final Geothermal RFP. Six bids were received, but Hawaii Electric Light notified bidders that none of the submitted bids sufficiently met both the low-cost and technical requirements of the Geothermal RFP. In October 2014, Hawaii Electric Light issued Addendum No. 1 (Best and Final Offer) and Attachment A (Best and Final Offer Bidder's Response Package) directly to five eligible bidders. The submittals received in January 2015 were considered for final selection of one project to proceed with PPA negotiations. In February 2015, Ormat Technologies, Inc. was selected for an award and began PPA negotiations with Hawaii Electric Light. In February 2016, Hawaii Electric Light provided the PUC with a status update notifying the PUC that the selected bidder had determined the proposed project not to be economically and financially viable, resulting in conclusion of PPA negotiations. On March 8, 2016, the Independent Observer issued a report on the results of the negotiation phase of the Geothermal RFP. Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) Implementation Project. The Utilities submitted its Enterprise Information System Roadmap to the PUC in June 2014 and refiled an application for an ERP/EAM implementation project in July 2014 with an estimated cost of $82.4 million . The refiled application addressed the concerns raised by the PUC, about the initial application, regarding the benefits to customers of completing this project. The estimated cost of the project included the cost of ERP software that had been purchased and recorded as a deferred cost. To address the Consumer Advocate’s position that the proceeding should be stayed to determine if the project as proposed in the application is reasonable and necessary for future operations as an indirect NEE subsidiary, in May 2015, the Utilities filed a report describing the impact the pending merger with NEE would have on the scope, costs and benefits of the ERP/EAM project. The report indicated that the two viable courses of action for replacing its current system are Option A (to proceed with the project as initially scoped in the Application), and Option B (to move the Utilities to NEE’s existing ERP/EAM solutions). Option B is estimated to cost approximately $20.8 million less than Option A, but can only be pursued if the merger is approved. The Utilities requested the PUC to approve the commencement of work on Option B if the merger is approved; and in the alternative, Option A if the merger is not approved. In October 2015, the PUC issued a D&O (1) finding that there is a need to replace the existing ERP/EAM system, (2) denying the Utilities request to defer the costs for the ERP software purchased in 2012 and (3) deferring any ruling on whether it is reasonable and in the public interest for the Utilities to commence with the project under Options B or A. As a result, the Utilities expensed the ERP software costs of $4.8 million in the third quarter of 2015, and pursuant to the remaining procedural schedule in the docket, in April 2015: (1) the Utilities filed additional information on the cost and benefits of the project, (2) the Consumer Advocate filed comments on that additional information and (3) the Utilities filed a reply to the Consumer Advocate’s comments. There are no steps remaining in the procedural schedule, and the Utilities are awaiting the issuance of a final D&O. Schofield Generating Station Project. In August 2012, the PUC approved a waiver from the competitive bidding framework to allow Hawaiian Electric to negotiate with the U.S. Army for the construction of a 50 MW utility owned and operated firm, renewable and dispatchable generation facility at Schofield Barracks. In September 2015, the PUC approved Hawaiian Electric’s application to expend $167 million for the project. In approving the project, the PUC placed a cost cap of $167 million for the project, stated 90% of the cap is allowed for cost recovery through cost recovery mechanisms other than base rates, and stated the $167 million cap will be adjusted downward due to any reduction in the cost of the engine contract due to a reduction in the foreign exchange rate. Hawaiian Electric was required to take all necessary steps to lock in the lowest possible exchange rate. On January 5, 2016, Hawaiian Electric executed a window forward agreement which lowered the cost of the engine contract by $9.7 million , resulting in a revised project cost cap of $157.3 million . The generating station is now expected to be placed in service in the first quarter of 2018. 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. Clean Water Act Section 316(b). On August 14, 2014, the 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 each 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 State of Hawaii Department of Health (DOH) can determine what entrainment or impingement controls, if any, might be necessary at the affected facilities to comply with the new 316(b) rule. Mercury Air Toxics Standards. On February 16, 2012, EPA published the final rule establishing the National Emission Standards for Hazardous Air Pollutants for fossil-fuel fired steam electrical generating units (EGUs) in the Federal Register. 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. Hawaiian Electric received a one -year extension to comply by April 16, 2016. Hawaiian Electric initially selected a MATS compliance strategy based on switching to lower emission fuels, but has since continued developing and refining its emission control strategy. Hawaiian Electric’s liquid oil-fired steam generating units that are subject to the MATS limits may be able to comply with the new standards without a significant fuel switch in combination with a suite of operational changes. On April 16, 2012, Hawaiian Electric submitted to the EPA a Petition for Reconsideration and Stay (Petition) that asked the EPA to revise an emissions standard for non-continental oil-fired EGUs on the grounds that the promulgated standard was incorrectly derived. On April 21, 2015, the EPA denied Hawaiian Electric's Petition and Hawaiian Electric subsequently filed a lawsuit on June 29, 2015 appealing EPA’s denial. On April 4, 2016, the D.C. Circuit Court of Appeals granted Hawaiian Electric’s uncontested motion to dismiss the case. Hawaiian Electric believes it can comply with the MATS standards due to the operational changes it has made to reduce emissions. 1-Hour Sulfur Dioxide National Ambient Air Quality Standard. On August 1, 2015, the EPA published the Data Requirements Rule for the 2010 1-Hour Sulfur Dioxide (SO 2) Primary National Ambient Air Quality Standard (NAAQS). Hawaiian Electric is working with the DOH to gather data EPA requires through the installation and operation of two new 1-hour SO 2 air quality monitoring stations on the island of Oahu. This data will be integrated into the DOH’s statewide monitoring network and will assist the State’s development of its strategy to maintain the NAAQS and comply with the new 1-Hour SO 2 Rule in its State Implementation Plan. Recent Settlements . Hawaiian Electric resolved outstanding claims raised by the U.S. Fish and Wildlife Service (USFWS) and the Hawaii Department of Land and Natural Resources, Division of Forestry and Wildlife (DOFAW) in March 2016. The USFWS and DOFAW had alleged that Hawaiian Electric violated the Endangered Species Act of 1973 in April of 2011, by clearing vegetation and impacting the habitat for Achatinella mustelina, an endangered Hawaiian tree snail, while servicing its facilities on Mt. Kaala on Oahu. In the respective final settlements resolving the governments’ claims, Hawaiian Electric did not admit any liability, but paid a penalty of $250 to the U.S. Fish and Wildlife Service, and provided $200,000 to the Division of Forestry and Wildlife to rebuild an aging predator-proof snail enclosure in the Pahole Natural Area Reserve. Potential Clean Air Act Enforcement. On July 1, 2013, Hawaii Electric Light and Maui Electric (the Utilities) received a letter from the U.S. Department

Bank segment

Bank segment	3 Months Ended
	Mar. 31, 2016
Bank subsidiary
Bank segment	Bank segment Selected financial information American Savings Bank, F.S.B. Statements of Income Data Three months ended March 31 (in thousands) 2016 2015 Interest and dividend income Interest and fees on loans $ 48,437 $ 45,198 Interest and dividends on investment securities 5,017 3,051 Total interest and dividend income 53,454 48,249 Interest expense Interest on deposit liabilities 1,592 1,260 Interest on other borrowings 1,485 1,466 Total interest expense 3,077 2,726 Net interest income 50,377 45,523 Provision for loan losses 4,766 614 Net interest income after provision for loan losses 45,611 44,909 Noninterest income Fees from other financial services 5,499 5,355 Fee income on deposit liabilities 5,156 5,315 Fee income on other financial products 2,205 1,889 Bank-owned life insurance 998 983 Mortgage banking income 1,195 1,822 Other income, net 333 735 Total noninterest income 15,386 16,099 Noninterest expense Compensation and employee benefits 22,434 21,766 Occupancy 4,138 4,113 Data processing 3,172 3,116 Services 2,911 2,341 Equipment 1,663 1,701 Office supplies, printing and postage 1,365 1,483 Marketing 861 841 FDIC insurance 884 811 Other expense 3,975 4,205 Total noninterest expense 41,403 40,377 Income before income taxes 19,594 20,631 Income taxes 6,921 7,156 Net income $ 12,673 $ 13,475 American Savings Bank, F.S.B. Statements of Comprehensive Income Data Three months ended March 31 (in thousands) 2016 2015 Net income $ 12,673 $ 13,475 Other comprehensive income, net of taxes: Net unrealized gains on available-for-sale investment securities: Net unrealized gains on available-for-sale investment securities arising during the period, net of tax benefits of $4,905 and $2,278 for the respective periods 7,429 3,451 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 $137 and $259 for the respective periods 208 392 Other comprehensive income, net of taxes 7,637 3,843 Comprehensive income $ 20,310 $ 17,318 American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2016 December 31, 2015 Assets Cash and due from banks $ 110,200 $ 127,201 Interest-bearing deposits 120,428 93,680 Available-for-sale investment securities, at fair value 906,295 820,648 Stock in Federal Home Loan Bank, at cost 11,218 10,678 Loans receivable held for investment 4,642,276 4,615,819 Allowance for loan losses (52,326 ) (50,038 ) Net loans 4,589,950 4,565,781 Loans held for sale, at lower of cost or fair value 7,900 4,631 Other 312,333 309,946 Goodwill 82,190 82,190 Total assets $ 6,140,514 $ 6,014,755 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 1,541,402 $ 1,520,374 Deposit liabilities—interest-bearing 3,598,530 3,504,880 Other borrowings 329,081 328,582 Other 99,605 101,029 Total liabilities 5,568,618 5,454,865 Commitments and contingencies Common stock 1 1 Additional paid in capital 341,192 340,496 Retained earnings 240,337 236,664 Accumulated other comprehensive loss, net of tax benefits Net unrealized gains (losses) on securities $ 5,556 $ (1,872 ) Retirement benefit plans (15,190 ) (9,634 ) (15,399 ) (17,271 ) Total shareholder’s equity 571,896 559,890 Total liabilities and shareholder’s equity $ 6,140,514 $ 6,014,755 Other assets Bank-owned life insurance $ 138,732 $ 138,139 Premises and equipment, net 89,525 88,077 Prepaid expenses 5,329 3,550 Accrued interest receivable 15,723 15,192 Mortgage-servicing rights 8,857 8,884 Low-income housing equity investments 36,450 37,793 Real estate acquired in settlement of loans, net 797 1,030 Other 16,920 17,281 $ 312,333 $ 309,946 Other liabilities Accrued expenses $ 26,055 $ 30,705 Federal and state income taxes payable 22,324 13,448 Cashier’s checks 21,542 21,768 Advance payments by borrowers 6,403 10,311 Other 23,281 24,797 $ 99,605 $ 101,029 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 $229 million and $100 million , respectively, as of March 31, 2016 and $229 million and $100 million , respectively, as of December 31, 2015 . 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 (dollars in thousands) Number of issues Fair value Amount Number of issues Fair value Amount March 31, 2016 Available-for-sale U.S. Treasury and federal agency obligations $ 215,716 $ 3,078 $ (97 ) $ 218,697 — $ — $ — 2 $ 9,511 $ (97 ) Mortgage-related securities- FNMA, FHLMC and GNMA 681,354 7,852 (1,608 ) 687,598 9 67,217 (256 ) 21 100,991 (1,352 ) $ 897,070 $ 10,930 $ (1,705 ) $ 906,295 9 $ 67,217 $ (256 ) 23 $ 110,502 $ (1,449 ) December 31, 2015 Available-for-sale U.S. Treasury and federal agency obligations $ 213,234 $ 1,025 $ (1,300 ) $ 212,959 13 $ 83,053 $ (866 ) 3 $ 17,378 $ (434 ) Mortgage-related securities- FNMA, FHLMC and GNMA 610,522 3,564 (6,397 ) 607,689 38 305,785 (2,866 ) 25 125,817 (3,531 ) $ 823,756 $ 4,589 $ (7,697 ) $ 820,648 51 $ 388,838 $ (3,732 ) 28 $ 143,195 $ (3,965 ) ASB does not believe that the investment securities that were in an unrealized loss position at March 31, 2016, represent an other-than-temporary impairment. Total gross unrealized losses were primarily attributable to rising interest rates relative to when the investment securities were purchased and not due to the credit quality of the investment securities. The contractual cash flows of the investment securities are backed by the full faith and credit guaranty of the United States government or an agency of the government. ASB does not intend to sell the securities before the recovery of its amortized cost basis and there have been no adverse changes in the timing of the contractual cash flows for the securities. ASB did not recognize OTTI for the quarters ended March 31, 2016 and 2015. 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, 2016 Amortized cost Fair value (in thousands) Due in one year or less $ — $ — Due after one year through five years 111,299 112,991 Due after five years through ten years 66,398 67,413 Due after ten years 38,019 38,293 215,716 218,697 Mortgage-related securities-FNMA,FHLMC and GNMA 681,354 687,598 Total available-for-sale securities $ 897,070 $ 906,295 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 March 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 11,342 $ 7,260 $ 1,671 $ 4,461 $ 13 $ 17,208 $ 3,897 $ — $ 50,038 Charge-offs (45 ) — — — — — (1,343 ) (1,570 ) — (2,958 ) Recoveries 17 — 15 103 — — 135 210 — 480 Provision 435 464 (103 ) (34 ) 1,703 (1 ) 991 1,311 — 4,766 Ending balance $ 4,593 $ 11,806 $ 7,172 $ 1,740 $ 6,164 $ 12 $ 16,991 $ 3,848 $ — $ 52,326 March 31, 2016 Ending balance: individually evaluated for impairment $ 1,653 $ 50 $ 629 $ 841 $ — $ — $ 3,643 $ 7 $ 6,823 Ending balance: collectively evaluated for impairment $ 2,940 $ 11,756 $ 6,543 $ 899 $ 6,164 $ 12 $ 13,348 $ 3,841 $ — $ 45,503 Financing Receivables: Ending balance $ 2,055,020 $ 703,661 $ 846,467 $ 18,940 $ 130,487 $ 16,241 $ 740,596 $ 136,244 $ 4,647,656 Ending balance: individually evaluated for impairment $ 22,585 $ 3,727 $ 3,820 $ 4,477 $ — $ — $ 26,099 $ 13 $ 60,721 Ending balance: collectively evaluated for impairment $ 2,032,435 $ 699,934 $ 842,647 $ 14,463 $ 130,487 $ 16,241 $ 714,497 $ 136,231 $ 4,586,935 Three months ended March 31, 2015 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 December 31, 2015 Ending balance: individually evaluated for impairment $ 1,453 $ — $ 442 $ 891 $ — $ — $ 3,527 $ 7 $ 6,320 Ending balance: collectively evaluated for impairment $ 2,733 $ 11,342 $ 6,818 $ 780 $ 4,461 $ 13 $ 13,681 $ 3,890 $ — $ 43,718 Financing Receivables: Ending balance $ 2,069,665 $ 690,561 $ 846,294 $ 18,229 $ 100,796 $ 14,089 $ 758,659 $ 123,775 $ 4,622,068 Ending balance: individually evaluated for impairment $ 22,457 $ 1,188 $ 3,225 $ 5,683 $ — $ — $ 21,119 $ 13 $ 53,685 Ending balance: collectively evaluated for impairment $ 2,047,208 $ 689,373 $ 843,069 $ 12,546 $ 100,796 $ 14,089 $ 737,540 $ 123,762 $ 4,568,383 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 loss given default 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, 2016 December 31, 2015 (in thousands) Commercial real estate Commercial construction Commercial Commercial real estate Commercial construction Commercial Grade: Pass $ 655,307 $ 110,744 $ 679,370 $ 642,410 $ 86,991 $ 703,208 Special mention 16,096 — 12,662 7,710 13,805 7,029 Substandard 32,258 19,743 48,302 40,441 — 47,975 Doubtful — — 262 — — 447 Loss — — — — — — Total $ 703,661 $ 130,487 $ 740,596 $ 690,561 $ 100,796 $ 758,659 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, 2016 Real estate: Residential 1-4 family $ 5,537 $ 2,215 $ 10,626 $ 18,378 $ 2,036,642 $ 2,055,020 $ — Commercial real estate — — — — 703,661 703,661 — Home equity line of credit 1,218 508 340 2,066 844,401 846,467 — Residential land — — 148 148 18,792 18,940 — Commercial construction — — — — 130,487 130,487 — Residential construction — — — — 16,241 16,241 — Commercial 391 984 308 1,683 738,913 740,596 — Consumer 1,249 579 446 2,274 133,970 136,244 — Total loans $ 8,395 $ 4,286 $ 11,868 $ 24,549 $ 4,623,107 $ 4,647,656 $ — December 31, 2015 Real estate: Residential 1-4 family $ 4,967 $ 3,289 $ 11,503 $ 19,759 $ 2,049,906 $ 2,069,665 $ — Commercial real estate — — — — 690,561 690,561 — Home equity line of credit 896 706 477 2,079 844,215 846,294 — Residential land — — 415 415 17,814 18,229 — Commercial construction — — — — 100,796 100,796 — Residential construction — — — — 14,089 14,089 — Commercial 125 223 878 1,226 757,433 758,659 — Consumer 1,383 593 644 2,620 121,155 123,775 — Total loans $ 7,371 $ 4,811 $ 13,917 $ 26,099 $ 4,595,969 $ 4,622,068 $ — 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, 2016 December 31, 2015 Real estate: Residential 1-4 family $ 21,028 $ 20,554 Commercial real estate 3,727 1,188 Home equity line of credit 2,801 2,254 Residential land 698 970 Commercial construction — — Residential construction — — Commercial 17,862 20,174 Consumer 797 895 Total nonaccrual loans $ 46,913 $ 46,035 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 $ 13,803 $ 13,962 Commercial real estate — — Home equity line of credit 2,643 2,467 Residential land 3,779 4,713 Commercial construction — — Residential construction — — Commercial 8,400 1,104 Consumer — — Total troubled debt restructured loans not included above $ 28,625 $ 22,246 The total carrying amount and the total unpaid principal balance of impaired loans were as follows: March 31, 2016 Three months ended March 31, 2016 (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 $ 10,502 $ 11,606 $ — $ 10,392 $ 51 Commercial real estate 1,166 1,429 — 1,173 — Home equity line of credit 913 1,159 — 849 — Residential land 1,489 2,185 — 1,590 16 Commercial construction — — — — — Residential construction — — — — — Commercial 5,079 5,831 — 4,999 6 Consumer — — — — — $ 19,149 $ 22,210 $ — $ 19,003 $ 73 With an allowance recorded Real estate: Residential 1-4 family $ 12,083 $ 12,286 $ 1,653 $ 12,018 $ 122 Commercial real estate 2,561 2,570 50 854 — Home equity line of credit 2,907 2,977 629 2,944 27 Residential land 2,988 2,988 841 3,378 67 Commercial construction — — — — — Residential construction — — — — — Commercial 21,020 21,714 3,643 16,970 30 Consumer 13 13 7 13 — $ 41,572 $ 42,548 $ 6,823 $ 36,177 $ 246 Total Real estate: Residential 1-4 family $ 22,585 $ 23,892 $ 1,653 $ 22,410 $ 173 Commercial real estate 3,727 3,999 50 2,027 — Home equity line of credit 3,820 4,136 629 3,793 27 Residential land 4,477 5,173 841 4,968 83 Commercial construction — — — — — Residential construction — — — — — Commercial 26,099 27,545 3,643 21,969 36 Consumer 13 13 7 13 — $ 60,721 $ 64,758 $ 6,823 $ 55,180 $ 319 December 31, 2015 Three months ended March 31, 2015 (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 $ 10,596 $ 11,805 $ — $ 11,552 $ 89 Commercial real estate 1,188 1,436 — 555 — Home equity line of credit 707 948 — 400 1 Residential land 1,644 2,412 — 2,637 52 Commercial construction — — — — — Residential construction — — — — — Commercial 5,671 6,333 — 7,295 2 Consumer — — — — — $ 19,806 $ 22,934 $ — $ 22,439 $ 144 With an allowance recorded Real estate: Residential 1-4 family $ 11,861 $ 11,914 $ 1,453 $ 11,510 $ 126 Commercial real estate — — — 4,482 — Home equity line of credit 2,518 2,579 442 626 6 Residential land 4,039 4,117 891 5,189 83 Commercial construction — — — — — Residential construction — — — — — Commercial 15,448 16,073 3,527 4,982 50 Consumer 13 13 7 15 — $ 33,879 $ 34,696 $ 6,320 $ 26,804 $ 265 Total Real estate: Residential 1-4 family $ 22,457 $ 23,719 $ 1,453 $ 23,062 $ 215 Commercial real estate 1,188 1,436 — 5,037 — Home equity line of credit 3,225 3,527 442 1,026 7 Residential land 5,683 6,529 891 7,826 135 Commercial construction — — — — — Residential construction — — — — — Commercial 21,119 22,406 3,527 12,277 52 Consumer 13 13 7 15 — $ 53,685 $ 57,630 $ 6,320 $ 49,243 $ 409 * 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 or reduction 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 and the impact on the allowance for loan losses were as follows: Three months ended March 31, 2016 Number of contracts Outstanding recorded investment 1 Net increase in allowance (dollars in thousands) Pre-modification Post-modification (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 4 $ 1,097 $ 1,215 $ 161 Commercial real estate — — — — Home equity line of credit 10 669 669 74 Residential land — — — — Commercial construction — — — — Residential construction — — — — Commercial 3 16,200 16,200 525 Consumer — — — — 17 $ 17,966 $ 18,084 $ 760 Three months ended March 31, 2015 Number of contracts Outstanding recorded 1 Net increase in allowance (dollars in thousands) 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 1 The reported balances include loans that became TDR during the period, and were fully paid-off, charged-off, or sold prior to period end. Loans modified in TDRs that experienced a payment default of 90 days or more during the three months ended March 31, 2016 and 2015, and for which the payment of default occurred within one year of the modification, were as follows: Three months ended March 31 2016 2015 (dollars in thousands) Number of contracts Recorded investment Number of contracts Recorded investment Troubled debt restructurings that subsequently defaulted Real estate: Residential 1-4 family 1 $ 488 — $ — Commercial real estate — — — — Home equity line of credit — — — — Residential land — — — — Commercial construction — — — — Residential construction — — — — Commercial — — — — Consumer — — — — 1 $ 488 — $ — 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. Commitments to lend additional funds to borrowers whose loan terms have been modified in a TDR totaled $2.3 million at March 31, 2016 . 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 loans other than the servicing rights of certain loans sold. ASB received $40.4 million and $78.3 million of proceeds from the sale of residential mortgages for the quarters ended March 31, 2016 and 2015, respectively, and recognized gains on such sales of $1.2 million and $1.8 million for the quarters ended March 31, 2016 and 2015, respectively. Repurchased mortgage loans for the quarters ended March 31, 2016 and 2015 were nil and nil , respectively. The repurchase reserve was $0.1 million and nil for the quarters ended March 31, 2016 and 2015, respectively. Mortgage servicing fees, a component of other income, net, were $0.7 million and $0.9 million for the three months ended March 31, 2016 and 2015, respectively. Changes in the carrying value of mortgage servicing rights were as follows: (in thousands) Gross 1 Accumulated amortization 1 Valuation allowance Net March 31, 2016 $ 14,986 $ (6,129 ) $ — $ 8,857 December 31, 2015 14,531 (5,647 ) — 8,884 1 Reflects the impact of loans paid in full. Changes related to mortgage servicing rights were as follows: (in thousands) 2016 2015 Mortgage servicing rights Balance, January 1 $ 8,884 $ 11,749 Amount capitalized 455 906 Amortization (482 ) (647 ) Other-than-temporary impairment — (2 ) Carrying amount before valuation allowance, March 31 8,857 12,006 Valuation allowance for mortgage servicing rights Balance, January 1 — 209 Provision (recovery) — (166 ) Other-than-temporary impairment — (2 ) Balance, March 31 — 41 Net carrying value of mortgage servicing rights $ 8,857 $ 11,965 ASB capitalizes mortgage servicing rights acquired through either the purchase or origination of mortgage loans for sale with servicing rights retained. On a monthly basis, ASB compares the net carrying value of the mortgage servicing rights to its fair value to determine if there are any changes to the valuation allowance and/or other-than-temporary impairment for the mortgage servicing rights. ASB’s MSRs are stratified based on predominant risk characteristics of the underlying loans including loan type such as fixed-rate 15 and 30 year mortgages and note rate in bands of 50 to 100 basis points. For each stratum, fair value is calculated by discounting expected net income streams using discount rates that reflect industry pricing for similar assets. 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. 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. ASB uses a present value cash flow model using techniques described above to estimate the fair value of MSRs. 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. Key assumptions used in estimating the fair value of ASB’s mortgage servicing rights used in the impairment analysis were as follows: (dollars in thousands) March 31, 2016 December 31, 2015 Unpaid principal balance $ 1,114,800 $ 1,097,314 Weighted average note rate 4.04 % 4.05 % Weighted average discount rate 9.6 % 9.6 % Weighted average prepayment speed 10.8 % 9.3 % The sensitivity analysis of fair value of MSR to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows: (dollars in thousands) March 31, 2016 December 31, 2015 Prepayment rate: 25 basis points adverse rate change $ (537 ) $ (561 ) 50 basis points adverse rate change (1,008 ) (1,104 ) Discount rate: 25 basis points adverse rate change (99 ) (111 ) 50 basis points adverse rate change (196 ) (220 ) 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. ASB pledges investment securities as collateral for securities sold under agreements to repurchase. 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, 2016 $229 $— $229 December 31, 2015 229 — 229 Gross amount not offset in the Balance Sheet (in millions) Liabilities presented in the Balance Sheet Financial instruments Cash collateral pledged March 31, 2016 Financial institution $ 50 $ 57 $ — Government entities 37 44 — Commercial account holders 142 161 — Total $ 229 $ 262 $ — December 31, 2015 Financial institution $ 50 $ 56 $ — Government entities 56 61 — Commercial account holders 123 144 — Total $ 229 $ 261 $ — The securities underlying the agreements to repurchase are book-entry securities and were delivered by appropriate entry into the counterparties’ accounts or into segregated tri-party custodial accounts at the FHLB. 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 consolidated balance sheets. The securities underlying the agreements to repurchase continue to be reflected in ASB’s asset accounts. 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, 2016 December 31, 2015 (in thousands) Notional amount Fair value Notional amount Fair value Interest rate lock commitments $ 32,135 $ 655 $ 22,241 $ 384 Forward commitments 30,516 (192 ) 23,644 (29 ) 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, 2016 December 31, 2015 (in thousands) Asset derivatives Liability derivatives Asset derivatives Liability Interest rate lock commitments $ 655 $ — $ 384 $ — Forward commitments — 192 1 30 $ 655 $ 192 $ 385 $ 30 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 ended March 31 (in thousands) 2016 2015 Interest rate lock commitments Mortgage banking income $ 271 $ 445 Forward commitments Mortgage banking income (163 ) (159 ) $ 108 $ 286 Low-Income Housing Tax Credit (LIHTC). ASB’s unfunded commitments to fund its LIHTC investment partnerships were $7.6 million and $10.1 million at March 31, 2016 and December 31, 2015 , respectively. These unfunded commitments were unconditional and legally binding and are recorded in other liabilities with a corresponding increase in other assets. Cash contributions and payments made on commitments to LIHTC investment partnerships are classified as operating activities in the Company’s

Retirement benefits

Retirement benefits	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Retirement benefits	Retirement benefits Defined benefit pension and other postretirement benefit plans information. For the first three months of 2016 , the Company contributed $16 million ($ 16 million by the Utilities) to its pension and other postretirement benefit plans, compared to $21 million ( $21 million by the Utilities) in the first three months of 2015 . The Company’s current estimate of contributions to its pension and other postretirement benefit plans in 2016 is $65 million ( $64 million by the Utilities, $ 1 million by HEI and nil by ASB), compared to $88 million ($ 86 million by the Utilities, $2 million by HEI and nil by ASB) in 2015 . In addition, the Company expects to pay directly $2 million ( $1 million by the Utilities) of benefits in 2016 , compared to $1 million ($ 0.4 million by the Utilities) paid in 2015 . 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) 2016 2015 2016 2015 HEI consolidated Service cost $ 15,391 $ 16,466 $ 836 $ 869 Interest cost 20,277 19,139 2,474 2,235 Expected return on plan assets (24,664 ) (22,151 ) (3,052 ) (2,907 ) Amortization of net prior service loss (gain) (14 ) 1 (448 ) (448 ) Amortization of net actuarial loss 5,969 8,962 287 430 Net periodic benefit cost 16,959 22,417 97 179 Impact of PUC D&Os (4,046 ) (9,513 ) 189 98 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 12,913 $ 12,904 $ 286 $ 277 Hawaiian Electric consolidated Service cost $ 14,933 $ 15,983 $ 822 $ 855 Interest cost 18,603 17,516 2,389 2,159 Expected return on plan assets (22,932 ) (20,632 ) (3,003 ) (2,859 ) Amortization of net prior service loss (gain) 4 10 (451 ) (451 ) Amortization of net actuarial loss 5,461 8,094 284 422 Net periodic benefit cost 16,069 20,971 41 126 Impact of PUC D&Os (4,046 ) (9,513 ) 189 98 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 12,023 $ 11,458 $ 230 $ 224 HEI consolidated recorded retirement benefits expense of $9 million ($ 8 million by the Utilities) and $9 million ( $8 million by the Utilities) in the first three months of 2016 and 2015 , 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 2016 and 2015 , 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 $1.4 million , respectively, and cash contributions were $2.7 million and $2.5 million , respectively. For the first three months of 2016 and 2015 , the Utilities’ expense for its defined contribution pension plan under the HEIRSP was $ 0.4 million and $0.4 million , respectively, and cash contributions were $ 0.4 million and $0.4 million , respectively.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2016
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, 2016 , approximately 3.4 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 0.4 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, 2016 , there were 141,044 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) 2016 2015 HEI consolidated Share-based compensation expense 1 $ 1.0 $ 1.8 Income tax benefit 0.3 0.6 Hawaiian Electric consolidated Share-based compensation expense 1 0.3 0.5 Income tax benefit 0.1 0.2 1 For the three months ended March 31, 2016, the Company has not capitalized any share-based compensation. $0.04 million of this share-based compensation expense was capitalized in the three months ended March 31, 2015 . 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 March 31, 2016 and December 31, 2015 , there were no remaining SARs outstanding. SARs activity and statistics were as follows: Three months ended (dollars in thousands, except prices) March 31, 2015 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 2016 2015 Shares (1) Shares (1) Outstanding, beginning of period 210,634 $ 28.82 261,235 $ 25.77 Granted 94,282 29.90 84,294 33.74 Vested (78,379 ) 27.92 (79,219 ) 25.77 Forfeited — — (4,619 ) 25.83 Outstanding, end of period 226,537 $ 29.59 261,691 $ 28.33 Total weighted-average grant-date fair value of shares granted ($ millions) $ 2.8 $ 2.8 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. As of March 31, 2016 , there was $6.1 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 3.0 years . For the first three months of 2016 and 2015 , total restricted stock units that vested and related dividends had a fair value of $2.5 million and $3.0 million , respectively, and the related tax benefits were $0.9 million and $1.0 million , respectively. Long-term incentive plan payable in stock. The 2014-2016 long-term incentive plan (LTIP) provides 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 period includes 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 three -year period. In addition, the 2014-2016 LTIP has performance goals related to levels of HEI consolidated return on average common equity (ROACE), Hawaiian Electric consolidated ROACE and ASB net income — all based on the three -year averages, and ASB return on assets relative to performance peers. The 2015-2017 and the 2016-2018 LTIP provide for performance awards payable in cash, and thus, are 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 2016 2015 Shares (1) Shares (1) Outstanding, beginning of period 162,500 $ 27.66 257,956 $ 28.45 Granted (target level) — — — — Vested (issued or unissued and cancelled) (78,553 ) 32.69 (75,915 ) 30.71 Forfeited — — (13,264 ) 26.00 Outstanding, end of period 83,947 $ 22.95 168,777 $ 27.63 (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. For the three months ended March 31, 2016 and 2015 , there were no vested LTIP awards linked to TRS. For the three months ended March 31, 2016 , all of the shares vested (which were granted at target level based on the satisfaction of TRS performance) for the 2013-2015 LTIP lapsed. As of March 31, 2016 , there was $0.4 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 0.8 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 2016 2015 Shares (1) Shares (1) Outstanding, beginning of period 222,647 $ 26.02 364,731 $ 26.01 Granted (target level) — — — — Vested (issued) (109,097 ) 26.89 (121,249 ) 26.05 Forfeited — — (13,263 ) 25.72 Outstanding, end of period 113,550 $ 25.18 230,219 $ 26.00 (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, 2016 and 2015 , total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $3.6 million and $4.7 million and the related tax benefits were $1.4 million and $1.8 million , respectively. As of March 31, 2016 , there was $0.7 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 0.8 years .

Shareholders' equity

Shareholders' equity	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Shareholders' equity	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 used 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 gains (losses) on derivatives Retirement benefit plans AOCI Unrealized gains on derivatives Retirement benefit plans AOCI Balance, December 31, 2015 $ (1,872 ) $ (54 ) $ (24,336 ) $ (26,262 ) $ — $ 925 $ 925 Current period other comprehensive income 7,428 1,056 316 8,800 1,002 14 1,016 Balance, March 31, 2016 $ 5,556 $ 1,002 $ (24,020 ) $ (17,462 ) $ 1,002 $ 939 $ 1,941 Balance, December 31, 2014 $ 462 $ (289 ) $ (27,551 ) $ (27,378 ) $ — $ 45 $ 45 Current period other comprehensive income 3,451 59 548 4,058 — 22 22 Balance, March 31, 2015 $ 3,913 $ (230 ) $ (27,003 ) $ (23,320 ) $ — $ 67 $ 67 Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Three months ended March 31 Affected line item in the (in thousands) 2016 2015 Statement of Income HEI consolidated Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) $ 54 $ 59 Interest expense Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost 3,537 5,459 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (3,222 ) (4,911 ) See Note 6 for additional details Total reclassifications $ 369 $ 607 Hawaiian Electric consolidated Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost $ 3,236 $ 4,933 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (3,222 ) (4,911 ) See Note 6 for additional details Total reclassifications $ 14 $ 22

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2016
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. 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 fixed-rate 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, including broker market transactions and third party pricing services. 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. Window forward contract . The estimated fair value was obtained from a third-party financial services provider based on the effective exchange rate offered for the foreign currency denominated transaction. Window forward contracts 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, the carrying amount is a reasonable estimate of fair value because it can only be redeemed at par. For bank-owned life insurance, the carrying amount is the cash surrender value of the insurance policies, which 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 or notional amount Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) Total March 31, 2016 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 906,295 — 906,295 — 906,295 Stock in Federal Home Loan Bank 11,218 — 11,218 — 11,218 Loans receivable, net 4,597,850 — 7,938 4,837,177 4,845,115 Mortgage servicing rights 8,857 — — 11,231 11,231 Bank-owned life insurance 138,732 — 138,732 — 138,732 Derivative assets 63,470 — 2,295 — 2,295 The Utilities’ derivative assets (included in amount above) 31,335 — 1,640 — 1,640 Financial liabilities Deposit liabilities 5,139,932 — 5,144,128 — 5,144,128 Short-term borrowings—other than bank 95,485 — 95,485 — 95,485 The Utilities’ short-term borrowings (included in amount above) 12,998 — 12,998 — 12,998 Other bank borrowings 329,081 — 333,743 — 333,743 Long-term debt, net—other than bank 1,578,618 — 1,704,567 — 1,704,567 The Utilities’ long-term debt, net (included in amount above) 1,278,916 — 1,397,598 — 1,397,598 Derivative liabilities 30,516 139 53 — 192 December 31, 2015 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 820,648 — 820,648 — 820,648 Stock in Federal Home Loan Bank 10,678 — 10,678 — 10,678 Loans receivable, net 4,570,412 — 4,639 4,744,886 4,749,525 Mortgage servicing rights 8,884 — — 11,790 11,790 Bank-owned life insurance 138,139 — 138,139 — 138,139 Derivative assets 22,616 — 385 — 385 Financial liabilities Deposit liabilities 5,025,254 — 5,024,500 — 5,024,500 Short-term borrowings—other than bank 103,063 — 103,063 — 103,063 Other bank borrowings 328,582 — 333,392 — 333,392 Long-term debt, net—other than bank* 1,578,368 — 1,669,087 — 1,669,087 The Utilities’ long-term debt, net (included in amount above)* 1,278,702 — 1,363,766 — 1,363,766 Derivative liabilities 23,269 15 15 — 30 * See Note 11 for the impact to prior period financial information of the adoption of ASU No. 2015-03. Fair value measurements on a recurring basis. Assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2016 December 31, 2015 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 $ — $ 687,598 $ — $ — $ 607,689 $ — U.S. Treasury and federal agency obligations — 218,697 — — 212,959 — $ — $ 906,295 $ — $ — $ 820,648 $ — Derivative assets Interest rate lock commitments 1 $ — $ 655 $ — $ — $ 384 $ — Forward commitments 1 — — — — 1 — Window forward contract 2 — 1,640 — — — — $ — $ 2,295 $ — $ — $ 385 $ — Derivative liabilities 1 Interest rate lock commitments $ — $ — $ — $ — $ — $ — Forward commitments 139 53 — 15 15 — $ 139 $ 53 $ — $ 15 $ 15 $ — 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. 2 Asset derivatives are included in other current assets in the balance sheets. 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, 2016. 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. The carrying value of 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, 2016 Loans $ 82 $ — $ — $ 82 Real estate acquired in settlement of loans 797 — — 797 December 31, 2015 Loans 178 — — 178 Real estate acquired in settlement of loans 1,030 — — 1,030 At March 31, 2016 and 2015 , there were no adjustments to fair value for ASB’s loans held for sale which were carried at the lower of cost or fair value. 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, 2016 Residential loans $ 82 Fair value of property or collateral Appraised value less 7% selling costs 42-66% 54% Real estate acquired in settlement of loans $ 797 Fair value of property or collateral Appraised value less 7% selling costs 100% 100% December 31, 2015 Residential loans $ 50 Fair value of property or collateral Appraised value less 7% selling costs N/A (2) Home equity lines of credit 128 Fair value of property or collateral Appraised value less 7% selling costs N/A (2) Total loans $ 178 Real estate acquired in settlement of loans $ 1,030 Fair value of property or collateral Appraised value less 7% selling cost 100% 100% (1) Represent percent of outstanding principal balance. (2) N/A - Not applicable. There is one loan in each fair value measurement type. 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, 2016
Supplemental Cash Flow Elements [Abstract]
Cash flows	Cash flows Three months ended March 31 2016 2015 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates $ 20 $ 21 Income taxes paid 1 1 Income taxes refunded 45 47 Hawaiian Electric consolidated Interest paid to non-affiliates 12 13 Income taxes refunded 20 6 Supplemental disclosures of noncash activities HEI consolidated Common stock dividends reinvested in HEI common stock 1 6 — Real estate transferred from property, plant and equipment to other assets held-for-sale (investing) — 5 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing) (48 ) (41 ) 1 The amounts shown represent common stock dividends reinvested in HEI common stock under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP) in noncash transactions. From January 6, 2016, HEI satisfied the share purchase requirements of the DRIP through new issuances of its common stock. In 2015, HEI satisfied such requirements with cash through open market purchases of its common stock.

Recent accounting pronouncement

Recent accounting pronouncements	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent accounting pronouncements	Recent accounting pronouncements 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 (and the clarifying guidance in ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”) in the first quarter of 2018, 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. 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 retrospectively adopted ASU No. 2015-03 in the first quarter 2016 and the adoption did not have a material impact on the Company’s financial condition and had no impact on the Company’s results of operations or liquidity. The table below summarizes the impact to the prior period financial statements of the adoption of ASU No. 2015-03: (in thousands) As previously filed Adjustment from adoption of ASU No. 2015-03 As currently reported December 31, 2015 HEI Consolidated Balance Sheet and Note 3 - Segment financial information (Total assets) Other assets $ 488,635 $ (8,178 ) $ 480,457 Total assets and Total liabilities and shareholders’ equity 11,790,196 (8,178 ) 11,782,018 Long-term debt, net-other than bank 1,586,546 (8,178 ) 1,578,368 Total liabilities 9,828,263 (8,178 ) 9,820,085 Hawaiian Electric Consolidated Balance Sheet and Note 3 - Segment financial information (Total assets) Unamortized debt expense 8,341 (7,844 ) 497 Total other long-term assets 908,327 (7,844 ) 900,483 Total assets and Total capitalization and liabilities 5,680,054 (7,844 ) 5,672,210 Long-term debt, net 1,286,546 (7,844 ) 1,278,702 Total capitalization 3,049,164 (7,844 ) 3,041,320 Note 4 - Hawaiian Electric Consolidating Balance Sheet Hawaiian Electric (parent only) Unamortized debt expense 5,742 (5,383 ) 359 Total other long-term assets 662,430 (5,383 ) 657,047 Total assets and Total capitalization and liabilities 4,481,558 (5,383 ) 4,476,175 Long-term debt, net 880,546 (5,383 ) 875,163 Total capitalization 2,631,164 (5,383 ) 2,625,781 Hawaii Electric Light Unamortized debt expense 1,494 (1,420 ) 74 Total other long-term assets 130,749 (1,420 ) 129,329 Total assets and Total capitalization and liabilities 955,935 (1,420 ) 954,515 Long-term debt, net 215,000 (1,420 ) 213,580 Total capitalization 514,702 (1,420 ) 513,282 Maui Electric Unamortized debt expense 1,105 (1,041 ) 64 Total other long-term assets 115,148 (1,041 ) 114,107 Total assets and Total capitalization and liabilities 831,201 (1,041 ) 830,160 Long-term debt, net 191,000 (1,041 ) 189,959 Total capitalization 459,725 (1,041 ) 458,684 Investments in certain entities that calculate net asset value per share. In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and limits certain disclosures to those investments. The Company retrospectively adopted ASU No. 2015-07 in the first quarter 2016; thus, the fair value disclosures for retirement benefit plan assets will be revised in the SEC Form 10-K for the year ended December 31, 2016. Financial instruments. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which, among other things: • Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. • Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). • Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The Company plans to adopt ASU No. 2016-01 in the first quarter of 2018 and has not yet determined the impact of adoption. Leases . In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires that lessees recognize a liability to make lease payments (the lease liability) and a right-of-use asset, representing its right to use the underlying asset for the lease term, for all leases (except short-term leases) at the commencement date. The Company plans to adopt ASU 2016-02 in the first quarter of 2019 (using a modified retrospective transition approach for leases existing at, or entered into after, January 1, 2017) and has not yet determined the impact of adoption. Stock compensation. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment transactions. For example, all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement; excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows; an entity can make an accounting policy election to account for forfeitures when they occur; the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions; and the cash payments made to taxing authorities on the employees’ behalf for withheld shares should be classified as financing activities on the statement of cash flows. The Company plans to adopt ASU 2016-09 in the first quarter of 2017 and has not yet determined the impact of adoption. Provisions requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. Provisions related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements and forfeitures will be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of January 1, 2017. Provisions related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively. Provisions related to the presentation of excess tax benefits on the statement of cash flows will be applied either using a prospective transition method or a retrospective transition method.

Credit agreements and long-term

Credit agreements and long-term debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Credit agreements 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 17% as of March 31, 2016 , as calculated under the agreement) or if HEI no longer owns Hawaiian Electric. HEI currently intends to terminate the HEI Facility if, and when, the proposed Merger closes. 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 42% for Hawaii Electric Light and 41% for Maui Electric as of March 31, 2016 , 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, 2016 , 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 NEE. 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 NEE. 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. HEI . On March 21, 2016, HEI entered into a $75 million term loan agreement with Bank of America, N.A., which matures on March 23, 2018 and includes substantially the same financial covenant and customary conditions as the HEI credit agreement described above. On March 23, 2016, HEI drew an initial $75 million Eurodollar term loan at an initial interest rate of 1.18% for an initial one month interest period (and a subsequent interest rate of 1.19% for a one month interest period). The proceeds from the term loan were used to pay-off HEI’s $75 million 4.41% senior note at maturity on March 24, 2016.

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related party transactions	Related party transactions For general management and administrative services in the first quarters of 2016 and 2015, HEI charged the Utilities $2.1 million and $1.7 million , respectively, and HEI charged ASB $0.8 million and $0.3 million , respectively. The amounts charged by HEI to its subsidiaries for services provided by HEI employees are allocated primarily on the basis of time expended in providing such services. Mr. Timothy Johns, a member of the Hawaiian Electric Board of Directors, is an executive officer of Hawaii Medical Service Association (HMSA). Ms. Susan Li, an executive of Hawaiian Electric, is the Vice Chairperson of the Hawaii Dental Service (HDS) Board of Directors. The Company’s HMSA costs and expense (for health insurance premiums, claims plus administration expense and stop-loss insurance coverages) and HDS costs and expense (for dental insurance premiums) and the Utilities’ HMSA costs and expense (for health insurance premiums) and HDS costs and expense (for dental insurance premiums) were as follows: Three months ended March 31 (in millions) 2016 2015 HEI consolidated HMSA costs $ 7 $ 7 HMSA expense* 5 5 HDS costs 1 1 HDS expense* 1 1 Hawaiian Electric consolidated HMSA costs 6 6 HMSA expense* 3 4 HDS costs 1 1 HDS expense* — — * Charged the remaining costs primarily to electric utility plant. The costs and expense in the table above are gross amounts (i.e., not net of employee contributions to employee benefits).

Basis of presentation (Policies

Basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent accounting pronouncements	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 (and the clarifying guidance in ASU No. 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”) in the first quarter of 2018, 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. 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 retrospectively adopted ASU No. 2015-03 in the first quarter 2016 and the adoption did not have a material impact on the Company’s financial condition and had no impact on the Company’s results of operations or liquidity. The table below summarizes the impact to the prior period financial statements of the adoption of ASU No. 2015-03: (in thousands) As previously filed Adjustment from adoption of ASU No. 2015-03 As currently reported December 31, 2015 HEI Consolidated Balance Sheet and Note 3 - Segment financial information (Total assets) Other assets $ 488,635 $ (8,178 ) $ 480,457 Total assets and Total liabilities and shareholders’ equity 11,790,196 (8,178 ) 11,782,018 Long-term debt, net-other than bank 1,586,546 (8,178 ) 1,578,368 Total liabilities 9,828,263 (8,178 ) 9,820,085 Hawaiian Electric Consolidated Balance Sheet and Note 3 - Segment financial information (Total assets) Unamortized debt expense 8,341 (7,844 ) 497 Total other long-term assets 908,327 (7,844 ) 900,483 Total assets and Total capitalization and liabilities 5,680,054 (7,844 ) 5,672,210 Long-term debt, net 1,286,546 (7,844 ) 1,278,702 Total capitalization 3,049,164 (7,844 ) 3,041,320 Note 4 - Hawaiian Electric Consolidating Balance Sheet Hawaiian Electric (parent only) Unamortized debt expense 5,742 (5,383 ) 359 Total other long-term assets 662,430 (5,383 ) 657,047 Total assets and Total capitalization and liabilities 4,481,558 (5,383 ) 4,476,175 Long-term debt, net 880,546 (5,383 ) 875,163 Total capitalization 2,631,164 (5,383 ) 2,625,781 Hawaii Electric Light Unamortized debt expense 1,494 (1,420 ) 74 Total other long-term assets 130,749 (1,420 ) 129,329 Total assets and Total capitalization and liabilities 955,935 (1,420 ) 954,515 Long-term debt, net 215,000 (1,420 ) 213,580 Total capitalization 514,702 (1,420 ) 513,282 Maui Electric Unamortized debt expense 1,105 (1,041 ) 64 Total other long-term assets 115,148 (1,041 ) 114,107 Total assets and Total capitalization and liabilities 831,201 (1,041 ) 830,160 Long-term debt, net 191,000 (1,041 ) 189,959 Total capitalization 459,725 (1,041 ) 458,684 Investments in certain entities that calculate net asset value per share. In May 2015, the FASB issued ASU No. 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient and limits certain disclosures to those investments. The Company retrospectively adopted ASU No. 2015-07 in the first quarter 2016; thus, the fair value disclosures for retirement benefit plan assets will be revised in the SEC Form 10-K for the year ended December 31, 2016. Financial instruments. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,” which, among other things: • Requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. • Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. • Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables). • Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The Company plans to adopt ASU No. 2016-01 in the first quarter of 2018 and has not yet determined the impact of adoption. Leases . In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires that lessees recognize a liability to make lease payments (the lease liability) and a right-of-use asset, representing its right to use the underlying asset for the lease term, for all leases (except short-term leases) at the commencement date. The Company plans to adopt ASU 2016-02 in the first quarter of 2019 (using a modified retrospective transition approach for leases existing at, or entered into after, January 1, 2017) and has not yet determined the impact of adoption. Stock compensation. In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment transactions. For example, all excess tax benefits and tax deficiencies should be recognized as income tax expense or benefit in the income statement; excess tax benefits should be classified along with other income tax cash flows as an operating activity on the statement of cash flows; an entity can make an accounting policy election to account for forfeitures when they occur; the threshold to qualify for equity classification permits withholding up to the maximum statutory tax rates in the applicable jurisdictions; and the cash payments made to taxing authorities on the employees’ behalf for withheld shares should be classified as financing activities on the statement of cash flows. The Company plans to adopt ASU 2016-09 in the first quarter of 2017 and has not yet determined the impact of adoption. Provisions requiring recognition of excess tax benefits and tax deficiencies in the income statement will be applied prospectively. Provisions related to the timing of when excess tax benefits are recognized, minimum statutory withholding requirements and forfeitures will be applied using a modified retrospective transition method by means of a cumulative-effect adjustment to equity as of January 1, 2017. Provisions related to the presentation of employee taxes paid on the statement of cash flows when an employer withholds shares to meet the minimum statutory withholding requirement will be applied retrospectively. Provisions related to the presentation of excess tax benefits on the statement of cash flows will be applied either using a prospective transition method or a retrospective transition method.

Segment financial information (

Segment financial information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of segment financial information	(in thousands) Electric utility Bank Other Total Three months ended March 31, 2016 Revenues from external customers $ 482,045 $ 68,840 $ 75 $ 550,960 Intersegment revenues (eliminations) 7 — (7 ) — Revenues 482,052 68,840 68 550,960 Income (loss) before income taxes 40,419 19,594 (8,887 ) 51,126 Income taxes (benefit) 14,553 6,921 (3,173 ) 18,301 Net income (loss) 25,866 12,673 (5,714 ) 32,825 Preferred stock dividends of subsidiaries 499 — (26 ) 473 Net income (loss) for common stock 25,367 12,673 (5,688 ) 32,352 Total assets (at March 31, 2016) 5,662,371 6,140,514 67,621 11,870,506 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 Total assets (at December 31, 2015)* 5,672,210 6,014,755 95,053 11,782,018 * See Note 11 for the impact to prior period financial information of the adoption of Accounting Standards Update (ASU) No. 2015-03.

Electric utility segment (Table

Electric utility segment (Tables)	3 Months Ended
	Mar. 31, 2016
Regulatory projects and legal obligations
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, 2016 December 31, 2015 (in thousands) Asset derivatives Liability derivatives Asset derivatives Liability Interest rate lock commitments $ 655 $ — $ 384 $ — Forward commitments — 192 1 30 $ 655 $ 192 $ 385 $ 30 1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.
Schedule of consolidating statements of income (loss)	American Savings Bank, F.S.B. Statements of Income Data Three months ended March 31 (in thousands) 2016 2015 Interest and dividend income Interest and fees on loans $ 48,437 $ 45,198 Interest and dividends on investment securities 5,017 3,051 Total interest and dividend income 53,454 48,249 Interest expense Interest on deposit liabilities 1,592 1,260 Interest on other borrowings 1,485 1,466 Total interest expense 3,077 2,726 Net interest income 50,377 45,523 Provision for loan losses 4,766 614 Net interest income after provision for loan losses 45,611 44,909 Noninterest income Fees from other financial services 5,499 5,355 Fee income on deposit liabilities 5,156 5,315 Fee income on other financial products 2,205 1,889 Bank-owned life insurance 998 983 Mortgage banking income 1,195 1,822 Other income, net 333 735 Total noninterest income 15,386 16,099 Noninterest expense Compensation and employee benefits 22,434 21,766 Occupancy 4,138 4,113 Data processing 3,172 3,116 Services 2,911 2,341 Equipment 1,663 1,701 Office supplies, printing and postage 1,365 1,483 Marketing 861 841 FDIC insurance 884 811 Other expense 3,975 4,205 Total noninterest expense 41,403 40,377 Income before income taxes 19,594 20,631 Income taxes 6,921 7,156 Net income $ 12,673 $ 13,475
Schedule of consolidating balance sheets	American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2016 December 31, 2015 Assets Cash and due from banks $ 110,200 $ 127,201 Interest-bearing deposits 120,428 93,680 Available-for-sale investment securities, at fair value 906,295 820,648 Stock in Federal Home Loan Bank, at cost 11,218 10,678 Loans receivable held for investment 4,642,276 4,615,819 Allowance for loan losses (52,326 ) (50,038 ) Net loans 4,589,950 4,565,781 Loans held for sale, at lower of cost or fair value 7,900 4,631 Other 312,333 309,946 Goodwill 82,190 82,190 Total assets $ 6,140,514 $ 6,014,755 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 1,541,402 $ 1,520,374 Deposit liabilities—interest-bearing 3,598,530 3,504,880 Other borrowings 329,081 328,582 Other 99,605 101,029 Total liabilities 5,568,618 5,454,865 Commitments and contingencies Common stock 1 1 Additional paid in capital 341,192 340,496 Retained earnings 240,337 236,664 Accumulated other comprehensive loss, net of tax benefits Net unrealized gains (losses) on securities $ 5,556 $ (1,872 ) Retirement benefit plans (15,190 ) (9,634 ) (15,399 ) (17,271 ) Total shareholder’s equity 571,896 559,890 Total liabilities and shareholder’s equity $ 6,140,514 $ 6,014,755 Other assets Bank-owned life insurance $ 138,732 $ 138,139 Premises and equipment, net 89,525 88,077 Prepaid expenses 5,329 3,550 Accrued interest receivable 15,723 15,192 Mortgage-servicing rights 8,857 8,884 Low-income housing equity investments 36,450 37,793 Real estate acquired in settlement of loans, net 797 1,030 Other 16,920 17,281 $ 312,333 $ 309,946 Other liabilities Accrued expenses $ 26,055 $ 30,705 Federal and state income taxes payable 22,324 13,448 Cashier’s checks 21,542 21,768 Advance payments by borrowers 6,403 10,311 Other 23,281 24,797 $ 99,605 $ 101,029
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) 2016 2015 AES Hawaii $ 38 $ 34 Kalaeloa 29 44 HEP 11 11 Hpower 16 16 Puna Geothermal Venture 7 7 Hawaiian Commercial & Sugar (HC&S) — 2 Other IPPs 15 22 Total IPPs $ 116 $ 136
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) 2016 2015 Balance, beginning of period $ 26,848 $ 29,419 Accretion expense 3 6 Liabilities incurred — — Liabilities settled (138 ) (1,614 ) Revisions in estimated cash flows — — Balance, end of period $ 26,713 $ 27,811
Schedule of annual decoupling filings	The net annual incremental amounts to be collected (refunded) were comprised as follows: ($ in millions) Hawaiian Electric Hawaii Electric Light Maui Electric 2016 Annual incremental RAM adjusted revenues $ 11.0 $ 2.9 $ 2.4 Annual change in accrued earnings sharing credits $ — $ — $ 0.5 Annual change in accrued RBA balance as of December 31, 2015 (and associated revenue taxes) (refunded) $ (13.6 ) $ (2.5 ) $ (4.3 ) Net annual incremental amount to be collected (refunded) under the tariffs $ (2.6 ) $ 0.4 $ (1.4 ) Impact on typical residential customer monthly bill (in dollars) * $ 0.01 $ 0.41 $ (0.95 ) * Based on a 500 kilowatthour (KWH) bill for Hawaiian Electric, Maui Electric and Hawaii Electric Light. The bill impact for Lanai and Molokai customers is a decrease of $0.76 , based on a 400 KWH bill. Although Hawaiian Electric’s net annual incremental amount is a refund, the typical residential customer monthly bill will increase $0.01 due to lower anticipated KWH sales.
Schedule of derivative financial instruments	March 31, 2016 December 31, 2015 (dollars in thousands) Notional amount Fair value Notional amount Fair value Window forward contract $ 31,335 $ 1,640 $ — $ —
Schedule of consolidating statements of income (loss)	Consolidating Statement of Income Three months ended March 31, 2016 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 337,175 73,183 71,706 — (12 ) $ 482,052 Expenses Fuel oil 74,085 14,374 25,281 — — 113,740 Purchased power 91,917 16,797 7,145 — — 115,859 Other operation and maintenance 69,558 16,441 17,909 — — 103,908 Depreciation 31,522 9,449 5,810 — — 46,781 Taxes, other than income taxes 32,684 6,891 6,863 — — 46,438 Total expenses 299,766 63,952 63,008 — — 426,726 Operating income 37,409 9,231 8,698 — (12 ) 55,326 Allowance for equity funds used during construction 1,406 127 206 — — 1,739 Equity in earnings of subsidiaries 7,929 — — — (7,929 ) — Interest expense and other charges, net (11,865 ) (2,965 ) (2,490 ) — 12 (17,308 ) Allowance for borrowed funds used during construction 529 49 84 — — 662 Income before income taxes 35,408 6,442 6,498 — (7,929 ) 40,419 Income taxes 9,771 2,346 2,436 — — 14,553 Net income 25,637 4,096 4,062 — (7,929 ) 25,866 Preferred stock dividends of subsidiaries — 134 95 — — 229 Net income attributable to Hawaiian Electric 25,637 3,962 3,967 — (7,929 ) 25,637 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 25,367 3,962 3,967 — (7,929 ) $ 25,367 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, 2016 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Net income for common stock $ 25,367 3,962 3,967 — (7,929 ) $ 25,367 Other comprehensive income, net of taxes: Derivatives qualified as cash flow hedges: Effective portion of foreign currency hedge net unrealized gain, net of taxes 1,002 — — — — 1,002 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 3,236 458 418 — (876 ) 3,236 Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (3,222 ) (458 ) (418 ) — 876 (3,222 ) Other comprehensive income, net of taxes 1,016 — — — — 1,016 Comprehensive income attributable to common shareholder $ 26,383 3,962 3,967 — (7,929 ) $ 26,383 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
Schedule of consolidating balance sheets	Consolidating Balance Sheet March 31, 2016 (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 $ 43,972 6,219 3,016 — — $ 53,207 Plant and equipment 4,059,986 1,213,924 1,082,096 — — 6,356,006 Less accumulated depreciation (1,325,559 ) (490,883 ) (468,486 ) — — (2,284,928 ) Construction in progress 163,196 16,648 18,160 — — 198,004 Utility property, plant and equipment, net 2,941,595 745,908 634,786 — — 4,322,289 Nonutility property, plant and equipment, less accumulated depreciation 5,762 82 1,531 — — 7,375 Total property, plant and equipment, net 2,947,357 745,990 636,317 — — 4,329,664 Investment in wholly owned subsidiaries, at equity 557,885 — — — (557,885 ) — Current assets Cash and cash equivalents 29,307 12,070 7,564 101 — 49,042 Advances to affiliates — 12,500 7,000 — (19,500 ) — Customer accounts receivable, net 69,744 18,399 15,596 — — 103,739 Accrued unbilled revenues, net 60,022 12,857 12,488 — — 85,367 Other accounts receivable, net 13,180 1,271 1,269 — (8,947 ) 6,773 Fuel oil stock, at average cost 34,553 5,688 8,163 — — 48,404 Materials and supplies, at average cost 30,543 6,892 16,821 — — 54,256 Prepayments and other 18,430 2,223 2,436 — (1,286 ) 21,803 Regulatory assets 80,918 5,563 2,711 — — 89,192 Total current assets 336,697 77,463 74,048 101 (29,733 ) 458,576 Other long-term assets Regulatory assets 586,873 112,052 100,291 — — 799,216 Unamortized debt expense 304 60 56 — — 420 Other 47,516 14,129 12,850 — — 74,495 Total other long-term assets 634,693 126,241 113,197 — — 874,131 Total assets $ 4,476,632 949,694 823,562 101 (587,618 ) $ 5,662,371 Capitalization and liabilities Capitalization Common stock equity $ 1,731,304 293,358 264,426 101 (557,885 ) $ 1,731,304 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 875,308 213,608 190,000 — — 1,278,916 Total capitalization 2,628,905 513,966 459,426 101 (557,885 ) 3,044,513 Current liabilities Short-term borrowings from non-affiliates 12,998 — — — — 12,998 Short-term borrowings from affiliate 19,500 — — — (19,500 ) — Accounts payable 73,021 12,391 9,678 — — 95,090 Interest and preferred dividends payable 18,543 4,173 4,301 — (2 ) 27,015 Taxes accrued 87,303 22,787 20,435 — (1,286 ) 129,239 Regulatory liabilities — 4,063 1,353 — — 5,416 Other 62,307 9,019 12,625 — (8,945 ) 75,006 Total current liabilities 273,672 52,433 48,392 — (29,733 ) 344,764 Deferred credits and other liabilities Deferred income taxes 477,446 102,039 90,353 — 288 670,126 Regulatory liabilities 259,907 87,514 30,956 — — 378,377 Unamortized tax credits 55,446 15,555 14,901 — — 85,902 Defined benefit pension and other postretirement benefit plans liability 405,024 69,103 73,390 — — 547,517 Other 49,944 13,625 14,371 — (288 ) 77,652 Total deferred credits and other liabilities 1,247,767 287,836 223,971 — — 1,759,574 Contributions in aid of construction 326,288 95,459 91,773 — — 513,520 Total capitalization and liabilities $ 4,476,632 949,694 823,562 101 (587,618 ) $ 5,662,371 Consolidating Balance Sheet December 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 $ 43,557 6,219 3,016 — — $ 52,792 Plant and equipment 4,026,079 1,212,195 1,077,424 — — 6,315,698 Less accumulated depreciation (1,316,467 ) (486,028 ) (463,509 ) — — (2,266,004 ) Construction in progress 147,979 11,455 15,875 — — 175,309 Utility property, plant and equipment, net 2,901,148 743,841 632,806 — — 4,277,795 Nonutility property, plant and equipment, less accumulated depreciation 5,659 82 1,531 — — 7,272 Total property, plant and equipment, net 2,906,807 743,923 634,337 — — 4,285,067 Investment in wholly owned subsidiaries, at equity 556,528 — — — (556,528 ) — Current assets Cash and cash equivalents 16,281 2,682 5,385 101 — 24,449 Advances to affiliates — 15,500 7,500 — (23,000 ) — Customer accounts receivable, net 93,515 20,508 18,755 — — 132,778 Accrued unbilled revenues, net 60,080 12,531 11,898 — — 84,509 Other accounts receivable, net 16,421 1,275 1,674 — (8,962 ) 10,408 Fuel oil stock, at average cost 49,455 8,310 13,451 — — 71,216 Materials and supplies, at average cost 30,921 6,865 16,643 — — 54,429 Prepayments and other 25,505 9,091 2,295 — (251 ) 36,640 Regulatory assets 63,615 4,501 4,115 — — 72,231 Total current assets 355,793 81,263 81,716 101 (32,213 ) 486,660 Other long-term assets Regulatory assets 608,957 114,562 100,981 — — 824,500 Unamortized debt expense 359 74 64 — — 497 Other 47,731 14,693 13,062 — — 75,486 Total other long-term assets 657,047 129,329 114,107 — — 900,483 Total assets $ 4,476,175 954,515 830,160 101 (588,741 ) $ 5,672,210 Capitalization and liabilities Capitalization Common stock equity $ 1,728,325 292,702 263,725 101 (556,528 ) $ 1,728,325 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 875,163 213,580 189,959 — — 1,278,702 Total capitalization 2,625,781 513,282 458,684 101 (556,528 ) 3,041,320 Current liabilities Short-term borrowings from affiliate 23,000 — — — (23,000 ) — Accounts payable 84,631 17,702 12,513 — — 114,846 Interest and preferred dividends payable 15,747 4,255 3,113 — (4 ) 23,111 Taxes accrued 131,668 30,342 29,325 — (251 ) 191,084 Regulatory liabilities — 1,030 1,174 — — 2,204 Other 41,083 8,760 13,194 — (8,958 ) 54,079 Total current liabilities 296,129 62,089 59,319 — (32,213 ) 385,324 Deferred credits and other liabilities Deferred income taxes 466,133 100,681 87,706 — 286 654,806 Regulatory liabilities 254,033 84,623 30,683 — — 369,339 Unamortized tax credits 54,078 15,406 14,730 — — 84,214 Defined benefit pension and other postretirement benefit plans liability 409,021 69,893 74,060 — — 552,974 Other 51,273 13,243 13,916 — (286 ) 78,146 Total deferred credits and other liabilities 1,234,538 283,846 221,095 — — 1,739,479 Contributions in aid of construction 319,727 95,298 91,062 — — 506,087 Total capitalization and liabilities $ 4,476,175 954,515 830,160 101 (588,741 ) $ 5,672,210
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 Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2016 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Balance, December 31, 2015 $ 1,728,325 292,702 263,725 101 (556,528 ) $ 1,728,325 Net income for common stock 25,367 3,962 3,967 — (7,929 ) 25,367 Other comprehensive income, net of taxes 1,016 — — — — 1,016 Common stock dividends (23,400 ) (3,302 ) (3,265 ) — 6,567 (23,400 ) Common stock issuance expenses (4 ) (4 ) (1 ) — 5 (4 ) Balance, March 31, 2016 $ 1,731,304 293,358 264,426 101 (557,885 ) $ 1,731,304
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 Consolidating Hawaiian Electric 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 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 ) 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 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 (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 (92,242 ) (14,902 ) (11,730 ) — — (118,874 ) Contributions in aid of construction 8,121 758 266 — — 9,145 Other 175 26 42 — — 243 Advances from (to) 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 Consolidating Statement of Cash Flows Three months ended March 31, 2016 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Cash flows from operating activities Net income $ 25,637 4,096 4,062 — (7,929 ) $ 25,866 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiaries (7,954 ) — — — 7,929 (25 ) Common stock dividends received from subsidiaries 6,592 — — — (6,567 ) 25 Depreciation of property, plant and equipment 31,522 9,449 5,810 — — 46,781 Other amortization 1,045 268 461 — — 1,774 Increase in deferred income taxes 9,764 1,277 2,517 — — 13,558 Change in tax credits, net 1,386 154 162 — — 1,702 Allowance for equity funds used during construction (1,406 ) (127 ) (206 ) — — (1,739 ) Changes in assets and liabilities: Decrease in accounts receivable 22,606 2,113 3,563 — 15 28,297 Decrease (increase) in accrued unbilled revenues 58 (326 ) (590 ) — — (858 ) Decrease in fuel oil stock 14,902 2,622 5,288 — — 22,812 Decrease (increase) in materials and supplies 378 (27 ) (178 ) — — 173 Decrease in regulatory assets 79 397 1,109 — — 1,585 Increase in accounts payable 24,827 1,652 1,287 — — 27,766 Change in prepaid and accrued income and utility revenue taxes (31,916 ) (1,634 ) (8,466 ) — (2 ) (42,018 ) Increase in defined benefit pension and other postretirement benefit plans liability 177 13 15 — — 205 Change in other assets and liabilities 15,249 5,562 169 — (13 ) 20,967 Net cash provided by operating activities 112,946 25,489 15,003 — (6,567 ) 146,871 Cash flows from investing activities Capital expenditures (97,363 ) (16,649 ) (11,171 ) — — (125,183 ) Contributions in aid of construction 11,585 969 1,207 — — 13,761 Other 22 23 — — — 45 Advances from affiliates — 3,000 500 — (3,500 ) — Net cash used in investing activities (85,756 ) (12,657 ) (9,464 ) — (3,500 ) (111,377 ) Cash flows from financing activities Common stock dividends (23,400 ) (3,302 ) (3,265 ) — 6,567 (23,400 ) 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 9,498 — — — 3,500 12,998 Other 8 (8 ) — — — — Net cash used in financing activities (14,164 ) (3,444 ) (3,360 ) — 10,067 (10,901 ) Net increase in cash and cash equivalents 13,026 9,388 2,179 — — 24,593 Cash and cash equivalents, beginning of period 16,281 2,682 5,385 101 — 24,449 Cash and cash equivalents, end of period $ 29,307 12,070 7,564 101 — $ 49,042

Bank segment (Tables)

Bank segment (Tables)	3 Months Ended
	Mar. 31, 2016
Bank subsidiary
Schedule of statements of income data	American Savings Bank, F.S.B. Statements of Income Data Three months ended March 31 (in thousands) 2016 2015 Interest and dividend income Interest and fees on loans $ 48,437 $ 45,198 Interest and dividends on investment securities 5,017 3,051 Total interest and dividend income 53,454 48,249 Interest expense Interest on deposit liabilities 1,592 1,260 Interest on other borrowings 1,485 1,466 Total interest expense 3,077 2,726 Net interest income 50,377 45,523 Provision for loan losses 4,766 614 Net interest income after provision for loan losses 45,611 44,909 Noninterest income Fees from other financial services 5,499 5,355 Fee income on deposit liabilities 5,156 5,315 Fee income on other financial products 2,205 1,889 Bank-owned life insurance 998 983 Mortgage banking income 1,195 1,822 Other income, net 333 735 Total noninterest income 15,386 16,099 Noninterest expense Compensation and employee benefits 22,434 21,766 Occupancy 4,138 4,113 Data processing 3,172 3,116 Services 2,911 2,341 Equipment 1,663 1,701 Office supplies, printing and postage 1,365 1,483 Marketing 861 841 FDIC insurance 884 811 Other expense 3,975 4,205 Total noninterest expense 41,403 40,377 Income before income taxes 19,594 20,631 Income taxes 6,921 7,156 Net income $ 12,673 $ 13,475
Schedule of statements of comprehensive income data	American Savings Bank, F.S.B. Statements of Comprehensive Income Data Three months ended March 31 (in thousands) 2016 2015 Net income $ 12,673 $ 13,475 Other comprehensive income, net of taxes: Net unrealized gains on available-for-sale investment securities: Net unrealized gains on available-for-sale investment securities arising during the period, net of tax benefits of $4,905 and $2,278 for the respective periods 7,429 3,451 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 $137 and $259 for the respective periods 208 392 Other comprehensive income, net of taxes 7,637 3,843 Comprehensive income $ 20,310 $ 17,318
Schedule of balance sheets data	American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2016 December 31, 2015 Assets Cash and due from banks $ 110,200 $ 127,201 Interest-bearing deposits 120,428 93,680 Available-for-sale investment securities, at fair value 906,295 820,648 Stock in Federal Home Loan Bank, at cost 11,218 10,678 Loans receivable held for investment 4,642,276 4,615,819 Allowance for loan losses (52,326 ) (50,038 ) Net loans 4,589,950 4,565,781 Loans held for sale, at lower of cost or fair value 7,900 4,631 Other 312,333 309,946 Goodwill 82,190 82,190 Total assets $ 6,140,514 $ 6,014,755 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 1,541,402 $ 1,520,374 Deposit liabilities—interest-bearing 3,598,530 3,504,880 Other borrowings 329,081 328,582 Other 99,605 101,029 Total liabilities 5,568,618 5,454,865 Commitments and contingencies Common stock 1 1 Additional paid in capital 341,192 340,496 Retained earnings 240,337 236,664 Accumulated other comprehensive loss, net of tax benefits Net unrealized gains (losses) on securities $ 5,556 $ (1,872 ) Retirement benefit plans (15,190 ) (9,634 ) (15,399 ) (17,271 ) Total shareholder’s equity 571,896 559,890 Total liabilities and shareholder’s equity $ 6,140,514 $ 6,014,755 Other assets Bank-owned life insurance $ 138,732 $ 138,139 Premises and equipment, net 89,525 88,077 Prepaid expenses 5,329 3,550 Accrued interest receivable 15,723 15,192 Mortgage-servicing rights 8,857 8,884 Low-income housing equity investments 36,450 37,793 Real estate acquired in settlement of loans, net 797 1,030 Other 16,920 17,281 $ 312,333 $ 309,946 Other liabilities Accrued expenses $ 26,055 $ 30,705 Federal and state income taxes payable 22,324 13,448 Cashier’s checks 21,542 21,768 Advance payments by borrowers 6,403 10,311 Other 23,281 24,797 $ 99,605 $ 101,029
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 (dollars in thousands) Number of issues Fair value Amount Number of issues Fair value Amount March 31, 2016 Available-for-sale U.S. Treasury and federal agency obligations $ 215,716 $ 3,078 $ (97 ) $ 218,697 — $ — $ — 2 $ 9,511 $ (97 ) Mortgage-related securities- FNMA, FHLMC and GNMA 681,354 7,852 (1,608 ) 687,598 9 67,217 (256 ) 21 100,991 (1,352 ) $ 897,070 $ 10,930 $ (1,705 ) $ 906,295 9 $ 67,217 $ (256 ) 23 $ 110,502 $ (1,449 ) December 31, 2015 Available-for-sale U.S. Treasury and federal agency obligations $ 213,234 $ 1,025 $ (1,300 ) $ 212,959 13 $ 83,053 $ (866 ) 3 $ 17,378 $ (434 ) Mortgage-related securities- FNMA, FHLMC and GNMA 610,522 3,564 (6,397 ) 607,689 38 305,785 (2,866 ) 25 125,817 (3,531 ) $ 823,756 $ 4,589 $ (7,697 ) $ 820,648 51 $ 388,838 $ (3,732 ) 28 $ 143,195 $ (3,965 )
Schedule of contractual maturities of available-for-sale securities	The contractual maturities of available-for-sale investment securities were as follows: March 31, 2016 Amortized cost Fair value (in thousands) Due in one year or less $ — $ — Due after one year through five years 111,299 112,991 Due after five years through ten years 66,398 67,413 Due after ten years 38,019 38,293 215,716 218,697 Mortgage-related securities-FNMA,FHLMC and GNMA 681,354 687,598 Total available-for-sale securities $ 897,070 $ 906,295
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 March 31, 2016 Allowance for loan losses: Beginning balance $ 4,186 $ 11,342 $ 7,260 $ 1,671 $ 4,461 $ 13 $ 17,208 $ 3,897 $ — $ 50,038 Charge-offs (45 ) — — — — — (1,343 ) (1,570 ) — (2,958 ) Recoveries 17 — 15 103 — — 135 210 — 480 Provision 435 464 (103 ) (34 ) 1,703 (1 ) 991 1,311 — 4,766 Ending balance $ 4,593 $ 11,806 $ 7,172 $ 1,740 $ 6,164 $ 12 $ 16,991 $ 3,848 $ — $ 52,326 March 31, 2016 Ending balance: individually evaluated for impairment $ 1,653 $ 50 $ 629 $ 841 $ — $ — $ 3,643 $ 7 $ 6,823 Ending balance: collectively evaluated for impairment $ 2,940 $ 11,756 $ 6,543 $ 899 $ 6,164 $ 12 $ 13,348 $ 3,841 $ — $ 45,503 Financing Receivables: Ending balance $ 2,055,020 $ 703,661 $ 846,467 $ 18,940 $ 130,487 $ 16,241 $ 740,596 $ 136,244 $ 4,647,656 Ending balance: individually evaluated for impairment $ 22,585 $ 3,727 $ 3,820 $ 4,477 $ — $ — $ 26,099 $ 13 $ 60,721 Ending balance: collectively evaluated for impairment $ 2,032,435 $ 699,934 $ 842,647 $ 14,463 $ 130,487 $ 16,241 $ 714,497 $ 136,231 $ 4,586,935 Three months ended March 31, 2015 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 December 31, 2015 Ending balance: individually evaluated for impairment $ 1,453 $ — $ 442 $ 891 $ — $ — $ 3,527 $ 7 $ 6,320 Ending balance: collectively evaluated for impairment $ 2,733 $ 11,342 $ 6,818 $ 780 $ 4,461 $ 13 $ 13,681 $ 3,890 $ — $ 43,718 Financing Receivables: Ending balance $ 2,069,665 $ 690,561 $ 846,294 $ 18,229 $ 100,796 $ 14,089 $ 758,659 $ 123,775 $ 4,622,068 Ending balance: individually evaluated for impairment $ 22,457 $ 1,188 $ 3,225 $ 5,683 $ — $ — $ 21,119 $ 13 $ 53,685 Ending balance: collectively evaluated for impairment $ 2,047,208 $ 689,373 $ 843,069 $ 12,546 $ 100,796 $ 14,089 $ 737,540 $ 123,762 $ 4,568,383
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, 2016 December 31, 2015 (in thousands) Commercial real estate Commercial construction Commercial Commercial real estate Commercial construction Commercial Grade: Pass $ 655,307 $ 110,744 $ 679,370 $ 642,410 $ 86,991 $ 703,208 Special mention 16,096 — 12,662 7,710 13,805 7,029 Substandard 32,258 19,743 48,302 40,441 — 47,975 Doubtful — — 262 — — 447 Loss — — — — — — Total $ 703,661 $ 130,487 $ 740,596 $ 690,561 $ 100,796 $ 758,659
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, 2016 Real estate: Residential 1-4 family $ 5,537 $ 2,215 $ 10,626 $ 18,378 $ 2,036,642 $ 2,055,020 $ — Commercial real estate — — — — 703,661 703,661 — Home equity line of credit 1,218 508 340 2,066 844,401 846,467 — Residential land — — 148 148 18,792 18,940 — Commercial construction — — — — 130,487 130,487 — Residential construction — — — — 16,241 16,241 — Commercial 391 984 308 1,683 738,913 740,596 — Consumer 1,249 579 446 2,274 133,970 136,244 — Total loans $ 8,395 $ 4,286 $ 11,868 $ 24,549 $ 4,623,107 $ 4,647,656 $ — December 31, 2015 Real estate: Residential 1-4 family $ 4,967 $ 3,289 $ 11,503 $ 19,759 $ 2,049,906 $ 2,069,665 $ — Commercial real estate — — — — 690,561 690,561 — Home equity line of credit 896 706 477 2,079 844,215 846,294 — Residential land — — 415 415 17,814 18,229 — Commercial construction — — — — 100,796 100,796 — Residential construction — — — — 14,089 14,089 — Commercial 125 223 878 1,226 757,433 758,659 — Consumer 1,383 593 644 2,620 121,155 123,775 — Total loans $ 7,371 $ 4,811 $ 13,917 $ 26,099 $ 4,595,969 $ 4,622,068 $ —
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, 2016 December 31, 2015 Real estate: Residential 1-4 family $ 21,028 $ 20,554 Commercial real estate 3,727 1,188 Home equity line of credit 2,801 2,254 Residential land 698 970 Commercial construction — — Residential construction — — Commercial 17,862 20,174 Consumer 797 895 Total nonaccrual loans $ 46,913 $ 46,035 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 $ 13,803 $ 13,962 Commercial real estate — — Home equity line of credit 2,643 2,467 Residential land 3,779 4,713 Commercial construction — — Residential construction — — Commercial 8,400 1,104 Consumer — — Total troubled debt restructured loans not included above $ 28,625 $ 22,246
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, 2016 Three months ended March 31, 2016 (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 $ 10,502 $ 11,606 $ — $ 10,392 $ 51 Commercial real estate 1,166 1,429 — 1,173 — Home equity line of credit 913 1,159 — 849 — Residential land 1,489 2,185 — 1,590 16 Commercial construction — — — — — Residential construction — — — — — Commercial 5,079 5,831 — 4,999 6 Consumer — — — — — $ 19,149 $ 22,210 $ — $ 19,003 $ 73 With an allowance recorded Real estate: Residential 1-4 family $ 12,083 $ 12,286 $ 1,653 $ 12,018 $ 122 Commercial real estate 2,561 2,570 50 854 — Home equity line of credit 2,907 2,977 629 2,944 27 Residential land 2,988 2,988 841 3,378 67 Commercial construction — — — — — Residential construction — — — — — Commercial 21,020 21,714 3,643 16,970 30 Consumer 13 13 7 13 — $ 41,572 $ 42,548 $ 6,823 $ 36,177 $ 246 Total Real estate: Residential 1-4 family $ 22,585 $ 23,892 $ 1,653 $ 22,410 $ 173 Commercial real estate 3,727 3,999 50 2,027 — Home equity line of credit 3,820 4,136 629 3,793 27 Residential land 4,477 5,173 841 4,968 83 Commercial construction — — — — — Residential construction — — — — — Commercial 26,099 27,545 3,643 21,969 36 Consumer 13 13 7 13 — $ 60,721 $ 64,758 $ 6,823 $ 55,180 $ 319 December 31, 2015 Three months ended March 31, 2015 (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 $ 10,596 $ 11,805 $ — $ 11,552 $ 89 Commercial real estate 1,188 1,436 — 555 — Home equity line of credit 707 948 — 400 1 Residential land 1,644 2,412 — 2,637 52 Commercial construction — — — — — Residential construction — — — — — Commercial 5,671 6,333 — 7,295 2 Consumer — — — — — $ 19,806 $ 22,934 $ — $ 22,439 $ 144 With an allowance recorded Real estate: Residential 1-4 family $ 11,861 $ 11,914 $ 1,453 $ 11,510 $ 126 Commercial real estate — — — 4,482 — Home equity line of credit 2,518 2,579 442 626 6 Residential land 4,039 4,117 891 5,189 83 Commercial construction — — — — — Residential construction — — — — — Commercial 15,448 16,073 3,527 4,982 50 Consumer 13 13 7 15 — $ 33,879 $ 34,696 $ 6,320 $ 26,804 $ 265 Total Real estate: Residential 1-4 family $ 22,457 $ 23,719 $ 1,453 $ 23,062 $ 215 Commercial real estate 1,188 1,436 — 5,037 — Home equity line of credit 3,225 3,527 442 1,026 7 Residential land 5,683 6,529 891 7,826 135 Commercial construction — — — — — Residential construction — — — — — Commercial 21,119 22,406 3,527 12,277 52 Consumer 13 13 7 15 — $ 53,685 $ 57,630 $ 6,320 $ 49,243 $ 409 * Since loan was classified as impaired.
Schedule of loan modifications	Loan modifications that occurred and the impact on the allowance for loan losses were as follows: Three months ended March 31, 2016 Number of contracts Outstanding recorded investment 1 Net increase in allowance (dollars in thousands) Pre-modification Post-modification (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 4 $ 1,097 $ 1,215 $ 161 Commercial real estate — — — — Home equity line of credit 10 669 669 74 Residential land — — — — Commercial construction — — — — Residential construction — — — — Commercial 3 16,200 16,200 525 Consumer — — — — 17 $ 17,966 $ 18,084 $ 760 Three months ended March 31, 2015 Number of contracts Outstanding recorded 1 Net increase in allowance (dollars in thousands) 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 1 The reported balances include loans that became TDR during the period, and were fully paid-off, charged-off, or sold prior to period end.
Schedule of troubled debt restructuring on financing receivables that experienced default	Loans modified in TDRs that experienced a payment default of 90 days or more during the three months ended March 31, 2016 and 2015, and for which the payment of default occurred within one year of the modification, were as follows: Three months ended March 31 2016 2015 (dollars in thousands) Number of contracts Recorded investment Number of contracts Recorded investment Troubled debt restructurings that subsequently defaulted Real estate: Residential 1-4 family 1 $ 488 — $ — Commercial real estate — — — — Home equity line of credit — — — — Residential land — — — — Commercial construction — — — — Residential construction — — — — Commercial — — — — Consumer — — — — 1 $ 488 — $ —
Schedule of amortized intangible assets	Changes in the carrying value of mortgage servicing rights were as follows: (in thousands) Gross 1 Accumulated amortization 1 Valuation allowance Net March 31, 2016 $ 14,986 $ (6,129 ) $ — $ 8,857 December 31, 2015 14,531 (5,647 ) — 8,884 1 Reflects the impact of loans paid in full. Changes related to mortgage servicing rights were as follows: (in thousands) 2016 2015 Mortgage servicing rights Balance, January 1 $ 8,884 $ 11,749 Amount capitalized 455 906 Amortization (482 ) (647 ) Other-than-temporary impairment — (2 ) Carrying amount before valuation allowance, March 31 8,857 12,006 Valuation allowance for mortgage servicing rights Balance, January 1 — 209 Provision (recovery) — (166 ) Other-than-temporary impairment — (2 ) Balance, March 31 — 41 Net carrying value of mortgage servicing rights $ 8,857 $ 11,965
Schedule of key assumptions used in estimating fair value	Key assumptions used in estimating the fair value of ASB’s mortgage servicing rights used in the impairment analysis were as follows: (dollars in thousands) March 31, 2016 December 31, 2015 Unpaid principal balance $ 1,114,800 $ 1,097,314 Weighted average note rate 4.04 % 4.05 % Weighted average discount rate 9.6 % 9.6 % Weighted average prepayment speed 10.8 % 9.3 % 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, 2016 Residential loans $ 82 Fair value of property or collateral Appraised value less 7% selling costs 42-66% 54% Real estate acquired in settlement of loans $ 797 Fair value of property or collateral Appraised value less 7% selling costs 100% 100% December 31, 2015 Residential loans $ 50 Fair value of property or collateral Appraised value less 7% selling costs N/A (2) Home equity lines of credit 128 Fair value of property or collateral Appraised value less 7% selling costs N/A (2) Total loans $ 178 Real estate acquired in settlement of loans $ 1,030 Fair value of property or collateral Appraised value less 7% selling cost 100% 100% (1) Represent percent of outstanding principal balance. (2) N/A - Not applicable. There is one loan in each fair value measurement type.
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 was as follows: (dollars in thousands) March 31, 2016 December 31, 2015 Prepayment rate: 25 basis points adverse rate change $ (537 ) $ (561 ) 50 basis points adverse rate change (1,008 ) (1,104 ) Discount rate: 25 basis points adverse rate change (99 ) (111 ) 50 basis points adverse rate change (196 ) (220 )
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, 2016 $229 $— $229 December 31, 2015 229 — 229 Gross amount not offset in the Balance Sheet (in millions) Liabilities presented in the Balance Sheet Financial instruments Cash collateral pledged March 31, 2016 Financial institution $ 50 $ 57 $ — Government entities 37 44 — Commercial account holders 142 161 — Total $ 229 $ 262 $ — December 31, 2015 Financial institution $ 50 $ 56 $ — Government entities 56 61 — Commercial account holders 123 144 — Total $ 229 $ 261 $ —
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, 2016 December 31, 2015 (in thousands) Notional amount Fair value Notional amount Fair value Interest rate lock commitments $ 32,135 $ 655 $ 22,241 $ 384 Forward commitments 30,516 (192 ) 23,644 (29 )
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, 2016 December 31, 2015 (in thousands) Asset derivatives Liability derivatives Asset derivatives Liability Interest rate lock commitments $ 655 $ — $ 384 $ — Forward commitments — 192 1 30 $ 655 $ 192 $ 385 $ 30 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 ended March 31 (in thousands) 2016 2015 Interest rate lock commitments Mortgage banking income $ 271 $ 445 Forward commitments Mortgage banking income (163 ) (159 ) $ 108 $ 286

Retirement benefits (Tables)

Retirement benefits (Tables)	3 Months Ended
	Mar. 31, 2016
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) 2016 2015 2016 2015 HEI consolidated Service cost $ 15,391 $ 16,466 $ 836 $ 869 Interest cost 20,277 19,139 2,474 2,235 Expected return on plan assets (24,664 ) (22,151 ) (3,052 ) (2,907 ) Amortization of net prior service loss (gain) (14 ) 1 (448 ) (448 ) Amortization of net actuarial loss 5,969 8,962 287 430 Net periodic benefit cost 16,959 22,417 97 179 Impact of PUC D&Os (4,046 ) (9,513 ) 189 98 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 12,913 $ 12,904 $ 286 $ 277 Hawaiian Electric consolidated Service cost $ 14,933 $ 15,983 $ 822 $ 855 Interest cost 18,603 17,516 2,389 2,159 Expected return on plan assets (22,932 ) (20,632 ) (3,003 ) (2,859 ) Amortization of net prior service loss (gain) 4 10 (451 ) (451 ) Amortization of net actuarial loss 5,461 8,094 284 422 Net periodic benefit cost 16,069 20,971 41 126 Impact of PUC D&Os (4,046 ) (9,513 ) 189 98 Net periodic benefit cost (adjusted for impact of PUC D&Os) $ 12,023 $ 11,458 $ 230 $ 224

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2016
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) 2016 2015 HEI consolidated Share-based compensation expense 1 $ 1.0 $ 1.8 Income tax benefit 0.3 0.6 Hawaiian Electric consolidated Share-based compensation expense 1 0.3 0.5 Income tax benefit 0.1 0.2 1 For the three months ended March 31, 2016, the Company has not capitalized any share-based compensation. $0.04 million of this share-based compensation expense was capitalized in the three months ended March 31, 2015 .
Schedule of stock appreciation rights by grant year	SARs activity and statistics were as follows: Three months ended (dollars in thousands, except prices) March 31, 2015 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 2016 2015 Shares (1) Shares (1) Outstanding, beginning of period 210,634 $ 28.82 261,235 $ 25.77 Granted 94,282 29.90 84,294 33.74 Vested (78,379 ) 27.92 (79,219 ) 25.77 Forfeited — — (4,619 ) 25.83 Outstanding, end of period 226,537 $ 29.59 261,691 $ 28.33 Total weighted-average grant-date fair value of shares granted ($ millions) $ 2.8 $ 2.8 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
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 2016 2015 Shares (1) Shares (1) Outstanding, beginning of period 162,500 $ 27.66 257,956 $ 28.45 Granted (target level) — — — — Vested (issued or unissued and cancelled) (78,553 ) 32.69 (75,915 ) 30.71 Forfeited — — (13,264 ) 26.00 Outstanding, end of period 83,947 $ 22.95 168,777 $ 27.63 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
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 2016 2015 Shares (1) Shares (1) Outstanding, beginning of period 222,647 $ 26.02 364,731 $ 26.01 Granted (target level) — — — — Vested (issued) (109,097 ) 26.89 (121,249 ) 26.05 Forfeited — — (13,263 ) 25.72 Outstanding, end of period 113,550 $ 25.18 230,219 $ 26.00 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.

Shareholders' equity (Tables)

Shareholders' equity (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
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 gains (losses) on derivatives Retirement benefit plans AOCI Unrealized gains on derivatives Retirement benefit plans AOCI Balance, December 31, 2015 $ (1,872 ) $ (54 ) $ (24,336 ) $ (26,262 ) $ — $ 925 $ 925 Current period other comprehensive income 7,428 1,056 316 8,800 1,002 14 1,016 Balance, March 31, 2016 $ 5,556 $ 1,002 $ (24,020 ) $ (17,462 ) $ 1,002 $ 939 $ 1,941 Balance, December 31, 2014 $ 462 $ (289 ) $ (27,551 ) $ (27,378 ) $ — $ 45 $ 45 Current period other comprehensive income 3,451 59 548 4,058 — 22 22 Balance, March 31, 2015 $ 3,913 $ (230 ) $ (27,003 ) $ (23,320 ) $ — $ 67 $ 67
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 Affected line item in the (in thousands) 2016 2015 Statement of Income HEI consolidated Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) $ 54 $ 59 Interest expense Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost 3,537 5,459 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (3,222 ) (4,911 ) See Note 6 for additional details Total reclassifications $ 369 $ 607 Hawaiian Electric consolidated Retirement benefit plan items Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost $ 3,236 $ 4,933 See Note 6 for additional details Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets (3,222 ) (4,911 ) See Note 6 for additional details Total reclassifications $ 14 $ 22

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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, the carrying amount is a reasonable estimate of fair value because it can only be redeemed at par. For bank-owned life insurance, the carrying amount is the cash surrender value of the insurance policies, which 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 or notional amount Quoted prices in active markets for identical assets Significant other observable inputs Significant unobservable inputs (in thousands) (Level 1) (Level 2) (Level 3) Total March 31, 2016 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 906,295 — 906,295 — 906,295 Stock in Federal Home Loan Bank 11,218 — 11,218 — 11,218 Loans receivable, net 4,597,850 — 7,938 4,837,177 4,845,115 Mortgage servicing rights 8,857 — — 11,231 11,231 Bank-owned life insurance 138,732 — 138,732 — 138,732 Derivative assets 63,470 — 2,295 — 2,295 The Utilities’ derivative assets (included in amount above) 31,335 — 1,640 — 1,640 Financial liabilities Deposit liabilities 5,139,932 — 5,144,128 — 5,144,128 Short-term borrowings—other than bank 95,485 — 95,485 — 95,485 The Utilities’ short-term borrowings (included in amount above) 12,998 — 12,998 — 12,998 Other bank borrowings 329,081 — 333,743 — 333,743 Long-term debt, net—other than bank 1,578,618 — 1,704,567 — 1,704,567 The Utilities’ long-term debt, net (included in amount above) 1,278,916 — 1,397,598 — 1,397,598 Derivative liabilities 30,516 139 53 — 192 December 31, 2015 Financial assets Money market funds $ 10 $ — $ 10 $ — $ 10 Available-for-sale investment securities 820,648 — 820,648 — 820,648 Stock in Federal Home Loan Bank 10,678 — 10,678 — 10,678 Loans receivable, net 4,570,412 — 4,639 4,744,886 4,749,525 Mortgage servicing rights 8,884 — — 11,790 11,790 Bank-owned life insurance 138,139 — 138,139 — 138,139 Derivative assets 22,616 — 385 — 385 Financial liabilities Deposit liabilities 5,025,254 — 5,024,500 — 5,024,500 Short-term borrowings—other than bank 103,063 — 103,063 — 103,063 Other bank borrowings 328,582 — 333,392 — 333,392 Long-term debt, net—other than bank* 1,578,368 — 1,669,087 — 1,669,087 The Utilities’ long-term debt, net (included in amount above)* 1,278,702 — 1,363,766 — 1,363,766 Derivative liabilities 23,269 15 15 — 30 * See Note 11 for the impact to prior period financial information of the adoption of ASU No. 2015-03.
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, 2016 December 31, 2015 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 $ — $ 687,598 $ — $ — $ 607,689 $ — U.S. Treasury and federal agency obligations — 218,697 — — 212,959 — $ — $ 906,295 $ — $ — $ 820,648 $ — Derivative assets Interest rate lock commitments 1 $ — $ 655 $ — $ — $ 384 $ — Forward commitments 1 — — — — 1 — Window forward contract 2 — 1,640 — — — — $ — $ 2,295 $ — $ — $ 385 $ — Derivative liabilities 1 Interest rate lock commitments $ — $ — $ — $ — $ — $ — Forward commitments 139 53 — 15 15 — $ 139 $ 53 $ — $ 15 $ 15 $ — 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. 2 Asset derivatives are included in other current assets in the balance sheets.
Schedule of assets measured at fair value on a nonrecurring basis	The carrying value of assets measured at fair value on a nonrecurring basis were as follows: Fair value measurements (in thousands) Balance Level 1 Level 2 Level 3 March 31, 2016 Loans $ 82 $ — $ — $ 82 Real estate acquired in settlement of loans 797 — — 797 December 31, 2015 Loans 178 — — 178 Real estate acquired in settlement of loans 1,030 — — 1,030
Schedule of significant unobservable inputs used in the fair value measurement	Key assumptions used in estimating the fair value of ASB’s mortgage servicing rights used in the impairment analysis were as follows: (dollars in thousands) March 31, 2016 December 31, 2015 Unpaid principal balance $ 1,114,800 $ 1,097,314 Weighted average note rate 4.04 % 4.05 % Weighted average discount rate 9.6 % 9.6 % Weighted average prepayment speed 10.8 % 9.3 % 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, 2016 Residential loans $ 82 Fair value of property or collateral Appraised value less 7% selling costs 42-66% 54% Real estate acquired in settlement of loans $ 797 Fair value of property or collateral Appraised value less 7% selling costs 100% 100% December 31, 2015 Residential loans $ 50 Fair value of property or collateral Appraised value less 7% selling costs N/A (2) Home equity lines of credit 128 Fair value of property or collateral Appraised value less 7% selling costs N/A (2) Total loans $ 178 Real estate acquired in settlement of loans $ 1,030 Fair value of property or collateral Appraised value less 7% selling cost 100% 100% (1) Represent percent of outstanding principal balance. (2) N/A - Not applicable. There is one loan in each fair value measurement type.

Cash flows (Tables)

Cash flows (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash and noncash activity	Three months ended March 31 2016 2015 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates $ 20 $ 21 Income taxes paid 1 1 Income taxes refunded 45 47 Hawaiian Electric consolidated Interest paid to non-affiliates 12 13 Income taxes refunded 20 6 Supplemental disclosures of noncash activities HEI consolidated Common stock dividends reinvested in HEI common stock 1 6 — Real estate transferred from property, plant and equipment to other assets held-for-sale (investing) — 5 HEI consolidated and Hawaiian Electric consolidated Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing) (48 ) (41 ) 1 The amounts shown represent common stock dividends reinvested in HEI common stock under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP) in noncash transactions. From January 6, 2016, HEI satisfied the share purchase requirements of the DRIP through new issuances of its common stock. In 2015, HEI satisfied such requirements with cash through open market purchases of its common stock.

Recent Accounting Pronounceme39

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of new accounting pronouncements and changes in accounting principles	The table below summarizes the impact to the prior period financial statements of the adoption of ASU No. 2015-03: (in thousands) As previously filed Adjustment from adoption of ASU No. 2015-03 As currently reported December 31, 2015 HEI Consolidated Balance Sheet and Note 3 - Segment financial information (Total assets) Other assets $ 488,635 $ (8,178 ) $ 480,457 Total assets and Total liabilities and shareholders’ equity 11,790,196 (8,178 ) 11,782,018 Long-term debt, net-other than bank 1,586,546 (8,178 ) 1,578,368 Total liabilities 9,828,263 (8,178 ) 9,820,085 Hawaiian Electric Consolidated Balance Sheet and Note 3 - Segment financial information (Total assets) Unamortized debt expense 8,341 (7,844 ) 497 Total other long-term assets 908,327 (7,844 ) 900,483 Total assets and Total capitalization and liabilities 5,680,054 (7,844 ) 5,672,210 Long-term debt, net 1,286,546 (7,844 ) 1,278,702 Total capitalization 3,049,164 (7,844 ) 3,041,320 Note 4 - Hawaiian Electric Consolidating Balance Sheet Hawaiian Electric (parent only) Unamortized debt expense 5,742 (5,383 ) 359 Total other long-term assets 662,430 (5,383 ) 657,047 Total assets and Total capitalization and liabilities 4,481,558 (5,383 ) 4,476,175 Long-term debt, net 880,546 (5,383 ) 875,163 Total capitalization 2,631,164 (5,383 ) 2,625,781 Hawaii Electric Light Unamortized debt expense 1,494 (1,420 ) 74 Total other long-term assets 130,749 (1,420 ) 129,329 Total assets and Total capitalization and liabilities 955,935 (1,420 ) 954,515 Long-term debt, net 215,000 (1,420 ) 213,580 Total capitalization 514,702 (1,420 ) 513,282 Maui Electric Unamortized debt expense 1,105 (1,041 ) 64 Total other long-term assets 115,148 (1,041 ) 114,107 Total assets and Total capitalization and liabilities 831,201 (1,041 ) 830,160 Long-term debt, net 191,000 (1,041 ) 189,959 Total capitalization 459,725 (1,041 ) 458,684

Related party transactions (Tab

Related party transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Mr. Timothy Johns, a member of the Hawaiian Electric Board of Directors, is an executive officer of Hawaii Medical Service Association (HMSA). Ms. Susan Li, an executive of Hawaiian Electric, is the Vice Chairperson of the Hawaii Dental Service (HDS) Board of Directors. The Company’s HMSA costs and expense (for health insurance premiums, claims plus administration expense and stop-loss insurance coverages) and HDS costs and expense (for dental insurance premiums) and the Utilities’ HMSA costs and expense (for health insurance premiums) and HDS costs and expense (for dental insurance premiums) were as follows: Three months ended March 31 (in millions) 2016 2015 HEI consolidated HMSA costs $ 7 $ 7 HMSA expense* 5 5 HDS costs 1 1 HDS expense* 1 1 Hawaiian Electric consolidated HMSA costs 6 6 HMSA expense* 3 4 HDS costs 1 1 HDS expense* — — * Charged the remaining costs primarily to electric utility plant.

Proposed Merger (Details)

Proposed Merger (Details)	Nov. 27, 2015USD ($)entity	Oct. 14, 2015	Aug. 31, 2015USD ($)	Aug. 10, 2015USD ($)	Dec. 03, 2014USD ($)$ / sharesshares	Jul. 31, 2015intervener	Jan. 31, 2015USD ($)	Jan. 21, 2015complaint	Dec. 31, 2045	Dec. 31, 2030	Dec. 31, 2020
Business Acquisition [Line Items]
Number of purported class action complaints filed | complaint								8
Scenario, Forecast
Business Acquisition [Line Items]
Expected portfolio standard									100.00%
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 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
Number of interveners | intervener						28
Number of interveners who opposed | intervener						11
Number of interveners opposed who approved conditionally | intervener						11
Number of interveners who made no recommendation | intervener						6
Consumer advocate recommendation, permanent reduction in annual utility rate, amount	$ 60,000,000			$ 62,000,000
Non-fuel O&M savings requirements			100.00%
Fund for public interest			$ 2,500,000
Corporate giving minimum			$ 2,200,000
Years post-closing for corporate giving minimum			10 years
Years post-closing for commitment not to sell utilities or holding company			10 years
Discovery period		6 months
Number of additional entities withdrawing from the agreement | entity	3
NextEra Energy, Inc Merger | Scenario, Forecast
Business Acquisition [Line Items]
Expected portfolio standard										35.00%	50.00%
NextEra Energy, Inc Merger | Hawaiian Electric Company, Inc. and Subsidiaries
Business Acquisition [Line Items]
Special dividend | $ / shares					$ 0.50

Segment financial information42

Segment financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment financial information
Total revenues	$ 550,960	$ 637,862
Income (loss) before income taxes	51,126	52,318
Income taxes (benefit)	18,301	19,979
Net income	32,825	32,339
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	32,352	31,866
Total assets	11,870,506		$ 11,782,018
Electric utility
Segment financial information
Total revenues	482,052	573,442
Income (loss) before income taxes	40,419	43,223
Income taxes (benefit)	14,553	15,850
Net income	25,866	27,373
Preferred stock dividends of subsidiaries	499	499
Net income for common stock	25,367	26,874
Total assets	5,662,371		5,672,210
Bank
Segment financial information
Total revenues	68,840	64,348
Income (loss) before income taxes	19,594	20,631
Income taxes (benefit)	6,921	7,156
Net income	12,673	13,475
Net income for common stock	12,673	13,475
Total assets	6,140,514		6,014,755
Other
Segment financial information
Total revenues	68	72
Income (loss) before income taxes	(8,887)	(11,536)
Income taxes (benefit)	(3,173)	(3,027)
Net income	(5,714)	(8,509)
Preferred stock dividends of subsidiaries	(26)	(26)
Net income for common stock	(5,688)	(8,483)
Total assets	67,621		$ 95,053
Revenues from external customers
Segment financial information
Total revenues	550,960	637,862
Revenues from external customers | Electric utility
Segment financial information
Total revenues	482,045	573,431
Revenues from external customers | Bank
Segment financial information
Total revenues	68,840	64,348
Revenues from external customers | Other
Segment financial information
Total revenues	75	83
Intersegment revenues (eliminations) | Electric utility
Segment financial information
Total revenues	7	11
Intersegment revenues (eliminations) | Other
Segment financial information
Total revenues	$ (7)	$ (11)

Electric utility segment - Taxe

Electric utility segment - Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenue taxes
Expected increase in income tax depreciation expense			$ 117
Hawaiian Electric Company, Inc. and Subsidiaries
Revenue taxes
Revenue taxes included in operating revenues and in taxes other than income taxes expense	$ 43	$ 51

Electric utility segment - Unco

Electric utility segment - Unconsolidated variable interest entities (Details)	1 Months Ended						3 Months Ended
	Nov. 30, 2015MW	Oct. 31, 2015MW	Oct. 31, 2004MW	Mar. 31, 2004USD ($)security	Oct. 31, 1988MW	Mar. 31, 1988MW	Mar. 31, 2016USD ($)agreemententityMW	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Power purchase agreement
Purchases from IPPs							$ 116,000,000	$ 136,000,000
Termination period							60 days
Accounts payable							$ 119,288,000		$ 138,523,000
Hawaiian Electric Company
Power purchase agreement
Number of power purchase agreements (PPAs) | agreement							5
Maximum capacity of small power production facilities (in kilowatts) | MW							0.1
Number of entities currently not required to be consolidated as VIEs | entity							0
Purchases from IPPs							$ 91,917,000	103,250,000
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							$ 38,000,000	34,000,000
Power purchase capacity that Increases from initial capacity (in megawatts) | MW	189					180
Number of years entity entered under power purchase agreement						30 years
Accounts payable							13,000,000
Hawaiian Electric Company | Kalaeloa Partners, L.P. (Kalaeloa)
Power purchase agreement
Purchases from IPPs							29,000,000	44,000,000
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							8,000,000
Hawaiian Electric Company | Hamakua Energy Partners, L.P. (HEP)
Power purchase agreement
Purchases from IPPs							11,000,000	11,000,000
Hawaiian Electric Company | HPOWER
Power purchase agreement
Purchases from IPPs							16,000,000	16,000,000
Hawaiian Electric Company | Puna Geothermal Venture
Power purchase agreement
Purchases from IPPs							7,000,000	7,000,000
Hawaiian Electric Company | Hawaiian Commercial & Sugar (HC&S)
Power purchase agreement
Purchases from IPPs							0	2,000,000
Hawaiian Electric Company | Other IPPs
Power purchase agreement
Purchases from IPPs							15,000,000	22,000,000
Hawaii Electric Light Company, Inc. (HELCO)
Power purchase agreement
Purchases from IPPs							16,797,000	21,893,000
Maui Electric
Power purchase agreement
Purchases from IPPs							7,145,000	10,864,000
Maximum scheduled energy during certain month (in megawatts) | MW		4
Maximum potential emergency power | MW		16
HECO Capital Trust III
Unconsolidated variable interest entities
Investment in 2004 Debentures							51,500,000		51,500,000
Interest income							$ 800,000	800,000
HECO Capital Trust III | Hawaiian Electric Company
Unconsolidated variable interest entities
Principal amount of 2004 Debentures				$ 31,500,000
Percent of ownership in Trust III							100.00%
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				$ 50,000,000
Balance of Trust Securities							$ 50,000,000		50,000,000
Dividend distributions on Trust Preferred Securities							800,000	800,000
HECO Capital Trust III | Hawaiian Electric Company | Trust Common Securities
Unconsolidated variable interest entities
Aggregate Liquidation preference				1,500,000
Balance of Trust Securities							1,500,000		$ 1,500,000
Common dividend							$ 25,000	$ 25,000
HECO Capital Trust III | Hawaii Electric Light Company, Inc. (HELCO)
Unconsolidated variable interest entities
Principal amount of 2004 Debentures				10,000,000
HECO Capital Trust III | Maui Electric
Unconsolidated variable interest entities
Principal amount of 2004 Debentures				$ 10,000,000

Electric utility segment - Comm

Electric utility segment - Commitments and contingencies (Details)

Jan. 05, 2016USD ($)

Nov. 13, 2015MW

Oct. 30, 2015USD ($)

Oct. 26, 2015USD ($)

Aug. 03, 2015state

May. 28, 2015USD ($)kWh

May. 31, 2013

Feb. 16, 2012generation_unit

Nov. 30, 2015USD ($)

Sep. 30, 2015USD ($)

Jun. 30, 2015MW

May. 31, 2015USD ($)

Oct. 31, 2014bidder

Aug. 31, 2014

Jul. 31, 2014USD ($)

Apr. 30, 2014order

Feb. 28, 2013bid

Aug. 31, 2012MW

May. 31, 2012MW

Feb. 28, 2012USD ($)MW

Mar. 31, 1988MW

Mar. 31, 2016USD ($)

Sep. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Mar. 31, 2016USD ($)

Dec. 31, 2013USD ($)

Dec. 31, 2045

Dec. 31, 2015USD ($)

Jun. 20, 2014

Mar. 01, 2014

Feb. 07, 2014

Regulatory projects and legal obligations

Purchase commitment, period

30 years

Minimum power volume required | MW

186

180

Additional capacity requirement | MW

9

9

Enterprise resource management system project, estimated costs

$ 82,400,000

Enterprise resource management system project, difference between Option A and B

$ 20,800,000

SAP software costs

$ 4,800,000

Schofield generating station facility capacity | MW

50

Schofield generating station project, budgetary cap

$ 157,300,000

$ 167,000,000

Percent of costs recoverable through recovery mechanisms other than base rates

90.00%

Decrease in project costs

$ 9,700,000

Environmental regulation

Number of EGUs impacted by proposed rules of MATS | generation_unit

14

Environmental remediation expense

$ 200,000

States included in interim state-wide emission limits | state

48

Public Utilities, Phase-in Plans [Abstract]

Revenue requirement associated with plant additions

$ 40,300,000

$ 35,700,000

Impact on typical residential customer monthly bill

$ 0.01

Number of orders from regulatory agency | order

4

Percent of energy production from renewable energy sources

65.00%

Derivative measurement range

30 days

Designated as Hedging Instrument | Window forward contract | Cash Flow Hedging

Public Utilities, Phase-in Plans [Abstract]

Notional amount

31,335,000

31,335,000

$ 0

Fair value

1,640,000

1,640,000

$ 0

Scenario, Forecast

Public Utilities, Phase-in Plans [Abstract]

Expected portfolio standard

100.00%

PCB Contamination

Environmental regulation

Valuation allowances and reserves

4,300,000

4,300,000

US Fish and Wildlife Service

Environmental regulation

Environmental penalty expense

250

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory projects and legal obligations

Maximum deferred costs, inter-island projects

$ 5,890,000

Maximum deferred cost recovery, contractor service costs

$ 3,100,000

Integration from renewable energy sources (in megawatts) | MW

200

Maximum deferred cost recovery, contractor service costs, amortization period

3 years

Capacity integration from dispatchable renewable geothermal sources | MW

50

Deferred cost recovery of geothermal dispatchable energy costs

$ 2,100,000

Number of bids received | bid

6

Number of eligible bidders | bidder

5

Environmental regulation

Percentage of reduction in GHG emissions by 2020

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

26,848,000

$ 29,419,000

Accretion expense

3,000

6,000

Liabilities incurred

0

0

Liabilities settled

(138,000)

(1,614,000)

Revisions in estimated cash flows

0

0

Balance, end of period

26,713,000

$ 27,811,000

26,713,000

Decoupling implementation experience, period

3 years

Proposed rate base adjustment, percent of previous rate base adjustment

90.00%

Effective interest rate, revenue balancing account

6.00%

Public Utilities, Phase-in Plans [Abstract]

Period to file required plan

120 days

Hawaiian Electric Company, Inc. and Subsidiaries | Minimum

Changes in the asset retirement obligation liability

Proposed effective interest rate, revenue balancing account

1.25%

Hawaiian Electric Company, Inc. and Subsidiaries | Maximum

Changes in the asset retirement obligation liability

Proposed effective interest rate, revenue balancing account

3.25%

Hawaiian Electric Company

Environmental regulation

Period of extension resulting in MATS compliance date

1 year

Public Utilities, Phase-in Plans [Abstract]

2016 Annual incremental RAM adjusted revenues

11,000,000

Annual change in accrued earnings sharing credits

0

Annual change in accrued RBA balance as of December 31, 2015 (and associated revenue taxes) (refunded)

(13,600,000)

Net annual incremental amount to be collected (refunded) under the tariffs

(2,600,000)

Impact on typical residential customer monthly bill

$ 10,000

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

500

Hawaii Electric Light Company, Inc. (HELCO)

Public Utilities, Phase-in Plans [Abstract]

2016 Annual incremental RAM adjusted revenues

$ 2,900,000

Annual change in accrued earnings sharing credits

0

Annual change in accrued RBA balance as of December 31, 2015 (and associated revenue taxes) (refunded)

(2,500,000)

Net annual incremental amount to be collected (refunded) under the tariffs

400,000

Impact on typical residential customer monthly bill

$ 410,000

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

500

Maui Electric

Environmental regulation

Additional accrued investigation and estimated cleanup costs

$ 3,600,000

$ 3,600,000

Public Utilities, Phase-in Plans [Abstract]

Revenue requirement associated with plant additions

$ 4,300,000

2016 Annual incremental RAM adjusted revenues

$ 2,400,000

Annual change in accrued earnings sharing credits

500,000

Annual change in accrued RBA balance as of December 31, 2015 (and associated revenue taxes) (refunded)

(4,300,000)

Net annual incremental amount to be collected (refunded) under the tariffs

(1,400,000)

Impact on typical residential customer monthly bill

(950,000)

Lanai and Molokai

Public Utilities, Phase-in Plans [Abstract]

Impact on typical residential customer monthly bill

$ (0.76)

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

400

Electric utility segment - Liqu

Electric utility segment - Liquefied natural gas (Details)	May. 31, 2015t
Electric utility subsidiary [Abstract]
Annual capacity purchases, tranche one	700,000
Purchase agreement, period of first tranche	5 years
Annual capacity purchases, tranche two	600,000
Purchase agreement, period of second tranche	5 years
Annual capacity purchases, tranche three	500,000
Purchase agreement, period of third tranche	10 years
Liquefaction capacity purchases, year two	700,000
Liquefaction capacity purchases, year three	700,000
Liquefaction capacity purchases, year four	700,000
Liquefaction capacity purchases, year five	700,000
Liquefaction capacity purchases, year seven	600,000
Liquefaction capacity purchases, year eight	600,000
Liquefaction capacity purchases, year nine	600,000
Liquefaction capacity purchases, year ten	600,000
Liquefaction capacity purchases, year twelve	500,000
Liquefaction capacity purchases, year thirteen	500,000
Liquefaction capacity purchases, year fourteen	500,000
Liquefaction capacity purchases, year fifteen	500,000
Liquefaction capacity purchases, year sixteen	500,000
Liquefaction capacity purchases, year seventeen	500,000
Liquefaction capacity purchases, year eighteen	500,000
Liquefaction capacity purchases, year nineteen	500,000
Liquefaction capacity purchases, year twenty	500,000

Electric utility segment - Cons

Electric utility segment - Consolidating statement of income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating expenses
Purchased power	$ 116,000	$ 136,000
Total expenses	482,109	568,356
Total operating income	68,851	69,506
Other income
Allowance for equity funds used during construction	1,739	1,413
Interest and other charges
Allowance for borrowed funds used during construction	662	499
Income taxes	18,301	19,979
Net income	32,825	32,339
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	32,352	31,866
Hawaiian Electric Company
Condensed Income Statements, Captions [Line Items]
Revenues	337,175	399,741
Operating expenses
Fuel oil	74,085	118,403
Purchased power	91,917	103,250
Other operation and maintenance	69,558	70,084
Depreciation	31,522	29,389
Taxes, other than income taxes	32,684	38,201
Total expenses	299,766	359,327
Total operating income	37,409	40,414
Other income
Allowance for equity funds used during construction	1,406	1,123
Equity in earnings of subsidiaries	7,929	7,692
Interest and other charges
Interest expense and other charges, net	(11,865)	(11,238)
Allowance for borrowed funds used during construction	529	388
Income before income taxes	35,408	38,379
Income taxes	9,771	11,235
Net income	25,637	27,144
Net income attributable to Hawaiian Electric	25,637	27,144
Preferred stock dividends of Hawaiian Electric	270	270
Net income for common stock	25,367	26,874
HELCO
Condensed Income Statements, Captions [Line Items]
Revenues	73,183	88,055
Operating expenses
Fuel oil	14,374	23,385
Purchased power	16,797	21,893
Other operation and maintenance	16,441	16,399
Depreciation	9,449	9,313
Taxes, other than income taxes	6,891	8,384
Total expenses	63,952	79,374
Total operating income	9,231	8,681
Other income
Allowance for equity funds used during construction	127	145
Interest and other charges
Interest expense and other charges, net	(2,965)	(2,680)
Allowance for borrowed funds used during construction	49	53
Income before income taxes	6,442	6,199
Income taxes	2,346	2,277
Net income	4,096	3,922
Preferred stock dividends of subsidiaries	134	134
Net income attributable to Hawaiian Electric	3,962	3,788
Net income for common stock	3,962	3,788
Maui Electric
Condensed Income Statements, Captions [Line Items]
Revenues	71,706	85,674
Operating expenses
Fuel oil	25,281	35,018
Purchased power	7,145	10,864
Other operation and maintenance	17,909	17,519
Depreciation	5,810	5,541
Taxes, other than income taxes	6,863	8,163
Total expenses	63,008	77,105
Total operating income	8,698	8,569
Other income
Allowance for equity funds used during construction	206	145
Interest and other charges
Interest expense and other charges, net	(2,490)	(2,435)
Allowance for borrowed funds used during construction	84	58
Income before income taxes	6,498	6,337
Income taxes	2,436	2,338
Net income	4,062	3,999
Preferred stock dividends of subsidiaries	95	95
Net income attributable to Hawaiian Electric	3,967	3,904
Net income for common stock	3,967	3,904
Other subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues	0	0
Operating expenses
Other operation and maintenance	0	0
Total expenses	0	0
Total 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	(12)	(28)
Operating expenses
Total operating income	(12)	(28)
Other income
Equity in earnings of subsidiaries	(7,929)	(7,692)
Interest and other charges
Interest expense and other charges, net	12	28
Income before income taxes	(7,929)	(7,692)
Income taxes	0	0
Net income	(7,929)	(7,692)
Net income attributable to Hawaiian Electric	(7,929)	(7,692)
Net income for common stock	(7,929)	(7,692)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Income Statements, Captions [Line Items]
Revenues	482,052	573,442
Operating expenses
Fuel oil	113,740	176,806
Purchased power	115,859	136,007
Other operation and maintenance	103,908	104,002
Depreciation	46,781	44,243
Taxes, other than income taxes	46,438	54,748
Total expenses	426,726	515,806
Total operating income	55,326	57,636
Other income
Allowance for equity funds used during construction	1,739	1,413
Interest and other charges
Interest expense and other charges, net	(17,308)	(16,325)
Allowance for borrowed funds used during construction	662	499
Income before income taxes	40,419	43,223
Income taxes	14,553	15,850
Net income	25,866	27,373
Preferred stock dividends of subsidiaries	229	229
Net income attributable to Hawaiian Electric	25,637	27,144
Preferred stock dividends of Hawaiian Electric	270	270
Net income for common stock	$ 25,367	$ 26,874

Electric utility segment - Co48

Electric utility segment - Consolidating statement of comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Statement of Income Captions [Line Items]
Net income for common stock	$ 32,352	$ 31,866
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	1,002	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 $2,061 and $3,141 for the respective periods	3,538	5,459
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Other comprehensive income, net of taxes	8,800	4,058
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	41,152	35,924
Hawaiian Electric Company
Condensed Statement of Income Captions [Line Items]
Net income for common stock	25,367	26,874
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	1,002
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 $2,061 and $3,141 for the respective periods	3,236	4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Other comprehensive income, net of taxes	1,016	22
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	26,383	26,896
HELCO
Condensed Statement of Income Captions [Line Items]
Net income for common stock	3,962	3,788
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	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 $2,061 and $3,141 for the respective periods	458	651
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(458)	(651)
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	3,962	3,788
Maui Electric
Condensed Statement of Income Captions [Line Items]
Net income for common stock	3,967	3,904
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	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 $2,061 and $3,141 for the respective periods	418	600
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(418)	(600)
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	3,967	3,904
Other subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income for common stock	0	0
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	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 $2,061 and $3,141 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 $2,052 and $3,127 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	(7,929)	(7,692)
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	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 $2,061 and $3,141 for the respective periods	(876)	(1,251)
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	876	1,251
Other comprehensive income, net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	(7,929)	(7,692)
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income for common stock	25,367	26,874
Other comprehensive income, net of taxes:
Effective portion of foreign currency hedge net unrealized gain, net of taxes of $638 and nil for the respective periods	1,002	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 $2,061 and $3,141 for the respective periods	3,236	4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Other comprehensive income, net of taxes	1,016	22
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 26,383	$ 26,896

Electric utility segment - Co49

Electric utility segment - Consolidating balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Utility property, plant and equipment
Total property, plant and equipment, net	$ 4,423,567	$ 4,377,658
Other long-term assets
Total assets	11,870,506	11,782,018
Capitalization
Common stock equity	1,942,179	1,927,640	$ 1,897,909	$ 1,790,573
Cumulative preferred stock — not subject to mandatory redemption	0	0
Current liabilities
Interest and preferred dividends payable	27,890	26,042
Deferred credits and other liabilities
Deferred income taxes	700,782	680,877
Contributions in aid of construction	513,520	506,087
Total liabilities and shareholders’ equity	11,870,506	11,782,018
Hawaiian Electric Company
Utility property, plant and equipment
Land	43,972	43,557
Plant and equipment	4,059,986	4,026,079
Less accumulated depreciation	(1,325,559)	(1,316,467)
Construction in progress	163,196	147,979
Utility property, plant and equipment, net	2,941,595	2,901,148
Nonutility property, plant and equipment, less accumulated depreciation	5,762	5,659
Total property, plant and equipment, net	2,947,357	2,906,807
Investment in wholly owned subsidiaries, at equity	557,885	556,528
Current assets
Cash and cash equivalents	29,307	16,281	5,484	12,416
Advances to affiliates	0	0
Customer accounts receivable, net	69,744	93,515
Accrued unbilled revenues, net	60,022	60,080
Other accounts receivable, net	13,180	16,421
Fuel oil stock, at average cost	34,553	49,455
Materials and supplies, at average cost	30,543	30,921
Prepayments and other	18,430	25,505
Regulatory assets	80,918	63,615
Total current assets	336,697	355,793
Other long-term assets
Regulatory assets	586,873	608,957
Unamortized debt expense	304	359
Other	47,516	47,731
Total other long-term assets	634,693	657,047
Total assets	4,476,632	4,476,175
Capitalization
Common stock equity	1,731,304	1,728,325	1,686,434	1,682,144
Cumulative preferred stock — not subject to mandatory redemption	22,293	22,293
Long-term debt, net	875,308	875,163
Total capitalization	2,628,905	2,625,781
Current liabilities
Short-term borrowings from non-affiliates	12,998
Short-term borrowings from affiliate	19,500	23,000
Accounts payable	73,021	84,631
Interest and preferred dividends payable	18,543	15,747
Taxes accrued	87,303	131,668
Regulatory liabilities	0	0
Other	62,307	41,083
Total current liabilities	273,672	296,129
Deferred credits and other liabilities
Deferred income taxes	477,446	466,133
Regulatory liabilities	259,907	254,033
Unamortized tax credits	55,446	54,078
Defined benefit pension and other postretirement benefit plans liability	405,024	409,021
Other	49,944	51,273
Total deferred credits and other liabilities	1,247,767	1,234,538
Contributions in aid of construction	326,288	319,727
Total liabilities and shareholders’ equity	4,476,632	4,476,175
HELCO
Utility property, plant and equipment
Land	6,219	6,219
Plant and equipment	1,213,924	1,212,195
Less accumulated depreciation	(490,883)	(486,028)
Construction in progress	16,648	11,455
Utility property, plant and equipment, net	745,908	743,841
Nonutility property, plant and equipment, less accumulated depreciation	82	82
Total property, plant and equipment, net	745,990	743,923
Current assets
Cash and cash equivalents	12,070	2,682	1,654	612
Advances to affiliates	12,500	15,500
Customer accounts receivable, net	18,399	20,508
Accrued unbilled revenues, net	12,857	12,531
Other accounts receivable, net	1,271	1,275
Fuel oil stock, at average cost	5,688	8,310
Materials and supplies, at average cost	6,892	6,865
Prepayments and other	2,223	9,091
Regulatory assets	5,563	4,501
Total current assets	77,463	81,263
Other long-term assets
Regulatory assets	112,052	114,562
Unamortized debt expense	60	74
Other	14,129	14,693
Total other long-term assets	126,241	129,329
Total assets	949,694	954,515
Capitalization
Common stock equity	293,358	292,702	283,129	281,846
Cumulative preferred stock — not subject to mandatory redemption	7,000	7,000
Long-term debt, net	213,608	213,580
Total capitalization	513,966	513,282
Current liabilities
Short-term borrowings from affiliate	0	0
Accounts payable	12,391	17,702
Interest and preferred dividends payable	4,173	4,255
Taxes accrued	22,787	30,342
Regulatory liabilities	4,063	1,030
Other	9,019	8,760
Total current liabilities	52,433	62,089
Deferred credits and other liabilities
Deferred income taxes	102,039	100,681
Regulatory liabilities	87,514	84,623
Unamortized tax credits	15,555	15,406
Defined benefit pension and other postretirement benefit plans liability	69,103	69,893
Other	13,625	13,243
Total deferred credits and other liabilities	287,836	283,846
Contributions in aid of construction	95,459	95,298
Total liabilities and shareholders’ equity	949,694	954,515
Maui Electric
Utility property, plant and equipment
Land	3,016	3,016
Plant and equipment	1,082,096	1,077,424
Less accumulated depreciation	(468,486)	(463,509)
Construction in progress	18,160	15,875
Utility property, plant and equipment, net	634,786	632,806
Nonutility property, plant and equipment, less accumulated depreciation	1,531	1,531
Total property, plant and equipment, net	636,317	634,337
Current assets
Cash and cash equivalents	7,564	5,385	881	633
Advances to affiliates	7,000	7,500
Customer accounts receivable, net	15,596	18,755
Accrued unbilled revenues, net	12,488	11,898
Other accounts receivable, net	1,269	1,674
Fuel oil stock, at average cost	8,163	13,451
Materials and supplies, at average cost	16,821	16,643
Prepayments and other	2,436	2,295
Regulatory assets	2,711	4,115
Total current assets	74,048	81,716
Other long-term assets
Regulatory assets	100,291	100,981
Unamortized debt expense	56	64
Other	12,850	13,062
Total other long-term assets	113,197	114,107
Total assets	823,562	830,160
Capitalization
Common stock equity	264,426	263,725	256,802	256,692
Cumulative preferred stock — not subject to mandatory redemption	5,000	5,000
Long-term debt, net	190,000	189,959
Total capitalization	459,426	458,684
Current liabilities
Short-term borrowings from affiliate	0	0
Accounts payable	9,678	12,513
Interest and preferred dividends payable	4,301	3,113
Taxes accrued	20,435	29,325
Regulatory liabilities	1,353	1,174
Other	12,625	13,194
Total current liabilities	48,392	59,319
Deferred credits and other liabilities
Deferred income taxes	90,353	87,706
Regulatory liabilities	30,956	30,683
Unamortized tax credits	14,901	14,730
Defined benefit pension and other postretirement benefit plans liability	73,390	74,060
Other	14,371	13,916
Total deferred credits and other liabilities	223,971	221,095
Contributions in aid of construction	91,773	91,062
Total liabilities and shareholders’ equity	823,562	830,160
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 property, plant and equipment
Investment in wholly owned subsidiaries, at equity	(557,885)	(556,528)
Current assets
Cash and cash equivalents	0	0	0	0
Advances to affiliates	(19,500)	(23,000)
Other accounts receivable, net	(8,947)	(8,962)
Prepayments and other	(1,286)	(251)
Total current assets	(29,733)	(32,213)
Other long-term assets
Regulatory assets	0	0
Total other long-term assets	0	0
Total assets	(587,618)	(588,741)
Capitalization
Common stock equity	(557,885)	(556,528)	(540,032)	(538,639)
Total capitalization	(557,885)	(556,528)
Current liabilities
Short-term borrowings from affiliate	(19,500)	(23,000)
Interest and preferred dividends payable	(2)	(4)
Taxes accrued	(1,286)	(251)
Regulatory liabilities	0	0
Other	(8,945)	(8,958)
Total current liabilities	(29,733)	(32,213)
Deferred credits and other liabilities
Deferred income taxes	288	286
Regulatory liabilities	0	0
Defined benefit pension and other postretirement benefit plans liability	0
Other	(288)	(286)
Total deferred credits and other liabilities	0	0
Total liabilities and shareholders’ equity	(587,618)	(588,741)
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	53,207	52,792
Plant and equipment	6,356,006	6,315,698
Less accumulated depreciation	(2,284,928)	(2,266,004)
Construction in progress	198,004	175,309
Utility property, plant and equipment, net	4,322,289	4,277,795
Nonutility property, plant and equipment, less accumulated depreciation	7,375	7,272
Total property, plant and equipment, net	4,329,664	4,285,067
Current assets
Cash and cash equivalents	49,042	24,449	8,120	13,762
Advances to affiliates	0
Customer accounts receivable, net	103,739	132,778
Accrued unbilled revenues, net	85,367	84,509
Other accounts receivable, net	6,773	10,408
Fuel oil stock, at average cost	48,404	71,216
Materials and supplies, at average cost	54,256	54,429
Prepayments and other	21,803	36,640
Regulatory assets	89,192	72,231
Total current assets	458,576	486,660
Other long-term assets
Regulatory assets	799,216	824,500
Unamortized debt expense	420	497
Other	74,495	75,486
Total other long-term assets	874,131	900,483
Total assets	5,662,371	5,672,210
Capitalization
Common stock equity	1,731,304	1,728,325	$ 1,686,434	$ 1,682,144
Cumulative preferred stock — not subject to mandatory redemption	34,293	34,293
Long-term debt, net	1,278,916	1,278,702
Total capitalization	3,044,513	3,041,320
Current liabilities
Short-term borrowings from non-affiliates	12,998	0
Accounts payable	95,090	114,846
Interest and preferred dividends payable	27,015	23,111
Taxes accrued	129,239	191,084
Regulatory liabilities	5,416	2,204
Other	75,006	54,079
Total current liabilities	344,764	385,324
Deferred credits and other liabilities
Deferred income taxes	670,126	654,806
Regulatory liabilities	378,377	369,339
Unamortized tax credits	85,902	84,214
Defined benefit pension and other postretirement benefit plans liability	547,517	552,974
Other	77,652	78,146
Total deferred credits and other liabilities	1,759,574	1,739,479
Contributions in aid of construction	513,520	506,087
Total liabilities and shareholders’ equity	$ 5,662,371	$ 5,672,210

Electric utility segment - Co50

Electric utility segment - Consolidating statement of changes in common stock equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Beginning Balance	$ 1,927,640	$ 1,790,573
Net income for common stock	32,352	31,866
Other comprehensive income, net of taxes	8,800	4,058
Common stock dividends	(33,367)	(31,840)
Ending Balance	1,942,179	1,897,909
Hawaiian Electric Company
Beginning Balance	1,728,325	1,682,144
Net income for common stock	25,367	26,874
Other comprehensive income, net of taxes	1,016	22
Common stock dividends	(23,400)	(22,601)
Common stock issuance expenses	(4)	(5)
Ending Balance	1,731,304	1,686,434
HELCO
Beginning Balance	292,702	281,846
Net income for common stock	3,962	3,788
Other comprehensive income, net of taxes	0	0
Common stock dividends	(3,302)	(2,505)
Common stock issuance expenses	(4)	0
Ending Balance	293,358	283,129
Maui Electric
Beginning Balance	263,725	256,692
Net income for common stock	3,967	3,904
Other comprehensive income, net of taxes	0	0
Common stock dividends	(3,265)	(3,794)
Common stock issuance expenses	(1)	0
Ending Balance	264,426	256,802
Other subsidiaries
Beginning Balance	101	101
Net income for common stock	0	0
Other comprehensive income, net of taxes	0	0
Ending Balance	101	101
Consolidating adjustments
Beginning Balance	(556,528)	(538,639)
Net income for common stock	(7,929)	(7,692)
Other comprehensive income, net of taxes	0	0
Common stock dividends	6,567	6,299
Common stock issuance expenses	5	0
Ending Balance	(557,885)	(540,032)
Hawaiian Electric Company, Inc. and Subsidiaries
Beginning Balance	1,728,325	1,682,144
Net income for common stock	25,367	26,874
Other comprehensive income, net of taxes	1,016	22
Common stock dividends	(23,400)	(22,601)
Common stock issuance expenses	(4)	(5)
Ending Balance	$ 1,731,304	$ 1,686,434

Electric utility segment - Co51

Electric utility segment - Consolidating statement of cash flows (unaudited) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income	$ 32,825	$ 32,339
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	48,594	45,865
Other amortization	1,928	2,371
Increase in deferred income taxes	13,008	3,828
Allowance for equity funds used during construction	(1,739)	(1,413)
Changes in assets and liabilities
Decrease in fuel oil stock	22,812	20,731
Decrease (increase) in regulatory assets	1,585	(10,827)
Change in prepaid and accrued income and utility revenue taxes	(14,343)	(9,461)
Increase in defined benefit pension and other postretirement benefit plans liability	137	123
Net cash provided by operating activities	170,592	138,610
Cash flows from investing activities
Capital expenditures	(127,818)	(123,527)
Contributions in aid of construction	13,761	9,145
Other	819	3,549
Net cash used in investing activities	(215,251)	(152,045)
Cash flows from financing activities
Common stock dividends	(27,716)	(31,829)
Net decrease in short-term borrowings with original maturities of three months or less	(7,578)	(88,472)
Other	(3,896)	(3,965)
Net cash provided by financing activities	78,924	130,061
Net increase in cash and cash equivalents	34,265	116,626
Hawaiian Electric Company
Cash flows from operating activities
Net income	25,637	27,144
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(7,954)	(7,717)
Common stock dividends received from subsidiaries	6,592	6,324
Depreciation of property, plant and equipment	31,522	29,389
Other amortization	1,045	590
Increase in deferred income taxes	9,764	12,048
Change in tax credits, net	1,386	2,246
Allowance for equity funds used during construction	(1,406)	(1,123)
Changes in assets and liabilities
Decrease in accounts receivable	22,606	21,703
Decrease (increase) in accrued unbilled revenues	58	21,726
Decrease in fuel oil stock	14,902	8,654
Decrease (increase) in materials and supplies	378	(1,115)
Decrease (increase) in regulatory assets	79	(8,903)
Increase in accounts payable	24,827	16,520
Change in prepaid and accrued income and utility revenue taxes	(31,916)	(52,273)
Increase in defined benefit pension and other postretirement benefit plans liability	177	0
Change in other assets and liabilities	15,249	(8,614)
Net cash provided by operating activities	112,946	66,599
Cash flows from investing activities
Capital expenditures	(97,363)	(92,242)
Contributions in aid of construction	11,585	8,121
Other	22	175
Advances from affiliates	0	3,500
Net cash used in investing activities	(85,756)	(80,446)
Cash flows from financing activities
Common stock dividends	(23,400)	(22,601)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)	(270)
Net decrease in short-term borrowings with original maturities of three months or less	9,498	30,000
Other	8	(214)
Net cash provided by financing activities	(14,164)	6,915
Net increase in cash and cash equivalents	13,026	(6,932)
Cash and cash equivalents, beginning of period	16,281	12,416
Cash and cash equivalents, end of period	29,307	5,484
HELCO
Cash flows from operating activities
Net income	4,096	3,922
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	9,449	9,313
Other amortization	268	500
Increase in deferred income taxes	1,277	719
Change in tax credits, net	154	200
Allowance for equity funds used during construction	(127)	(145)
Changes in assets and liabilities
Decrease in accounts receivable	2,113	2,147
Decrease (increase) in accrued unbilled revenues	(326)	1,426
Decrease in fuel oil stock	2,622	5,817
Decrease (increase) in materials and supplies	(27)	75
Decrease (increase) in regulatory assets	397	(1,522)
Increase in accounts payable	1,652	(2,548)
Change in prepaid and accrued income and utility revenue taxes	(1,634)	(1,807)
Increase in defined benefit pension and other postretirement benefit plans liability	13	0
Change in other assets and liabilities	5,562	203
Net cash provided by operating activities	25,489	18,300
Cash flows from investing activities
Capital expenditures	(16,649)	(14,902)
Contributions in aid of construction	969	758
Other	23	26
Advances from affiliates	3,000	0
Net cash used in investing activities	(12,657)	(14,118)
Cash flows from financing activities
Common stock dividends	(3,302)	(2,505)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(134)	(134)
Net decrease in short-term borrowings with original maturities of three months or less	0	(500)
Other	(8)	(1)
Net cash provided by financing activities	(3,444)	(3,140)
Net increase in cash and cash equivalents	9,388	1,042
Cash and cash equivalents, beginning of period	2,682	612
Cash and cash equivalents, end of period	12,070	1,654
Maui Electric
Cash flows from operating activities
Net income	4,062	3,999
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	5,810	5,541
Other amortization	461	608
Increase in deferred income taxes	2,517	2,365
Change in tax credits, net	162	130
Allowance for equity funds used during construction	(206)	(145)
Changes in assets and liabilities
Decrease in accounts receivable	3,563	4,408
Decrease (increase) in accrued unbilled revenues	(590)	4,728
Decrease in fuel oil stock	5,288	6,260
Decrease (increase) in materials and supplies	(178)	(317)
Decrease (increase) in regulatory assets	1,109	(402)
Increase in accounts payable	1,287	1,408
Change in prepaid and accrued income and utility revenue taxes	(8,466)	(9,616)
Increase in defined benefit pension and other postretirement benefit plans liability	15	110
Change in other assets and liabilities	169	(517)
Net cash provided by operating activities	15,003	18,560
Cash flows from investing activities
Capital expenditures	(11,171)	(11,730)
Contributions in aid of construction	1,207	266
Other	0	42
Advances from affiliates	500	0
Net cash used in investing activities	(9,464)	(11,422)
Cash flows from financing activities
Common stock dividends	(3,265)	(3,794)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(95)	(95)
Net decrease in short-term borrowings with original maturities of three months or less	0	(3,000)
Other	0	(1)
Net cash provided by financing activities	(3,360)	(6,890)
Net increase in cash and cash equivalents	2,179	248
Cash and cash equivalents, beginning of period	5,385	633
Cash and cash equivalents, end of period	7,564	881
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 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	(7,929)	(7,692)
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	7,929	7,692
Common stock dividends received from subsidiaries	(6,567)	(6,299)
Increase in deferred income taxes	0
Changes in assets and liabilities
Decrease in accounts receivable	15	846
Change in prepaid and accrued income and utility revenue taxes	(2)
Change in other assets and liabilities	(13)	(846)
Net cash provided by operating activities	(6,567)	(6,299)
Cash flows from investing activities
Capital expenditures	0	0
Contributions in aid of construction	0	0
Advances from affiliates	(3,500)	(3,500)
Net cash used in investing activities	(3,500)	(3,500)
Cash flows from financing activities
Common stock dividends	6,567	6,299
Net decrease in short-term borrowings with original maturities of three months or less	3,500	3,500
Net cash provided by financing activities	10,067	9,799
Net increase 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
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income	25,866	27,373
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	46,781	44,243
Other amortization	1,774	1,698
Increase in deferred income taxes	13,558	15,132
Change in tax credits, net	1,702	2,576
Allowance for equity funds used during construction	(1,739)	(1,413)
Changes in assets and liabilities
Decrease in accounts receivable	28,297	29,104
Decrease (increase) in accrued unbilled revenues	(858)	27,880
Decrease in fuel oil stock	22,812	20,731
Decrease (increase) in materials and supplies	173	(1,357)
Decrease (increase) in regulatory assets	1,585	(10,827)
Increase in accounts payable	27,766	15,380
Change in prepaid and accrued income and utility revenue taxes	(42,018)	(63,696)
Increase in defined benefit pension and other postretirement benefit plans liability	205	110
Change in other assets and liabilities	20,967	(9,774)
Net cash provided by operating activities	146,871	97,160
Cash flows from investing activities
Capital expenditures	(125,183)	(118,874)
Contributions in aid of construction	13,761	9,145
Other	45	243
Advances from affiliates	0	0
Net cash used in investing activities	(111,377)	(109,486)
Cash flows from financing activities
Common stock dividends	(23,400)	(22,601)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(499)	(499)
Net decrease in short-term borrowings with original maturities of three months or less	12,998	30,000
Other	0	(216)
Net cash provided by financing activities	(10,901)	6,684
Net increase in cash and cash equivalents	24,593	(5,642)
Cash and cash equivalents, beginning of period	24,449	13,762
Cash and cash equivalents, end of period	$ 49,042	$ 8,120

Bank segment - Income statemen

Bank segment - Income statement data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Noninterest expense
Income before income taxes	$ 51,126	$ 52,318
Income taxes	18,301	19,979
Net income	32,825	32,339
American Savings Bank (ASB)
Interest and dividend income
Interest and fees on loans	48,437	45,198
Interest and dividends on investment securities	5,017	3,051
Total interest and dividend income	53,454	48,249
Interest expense
Interest on deposit liabilities	1,592	1,260
Interest on other borrowings	1,485	1,466
Total interest expense	3,077	2,726
Net interest income	50,377	45,523
Provision for loan losses	4,766	614
Net interest income after provision for loan losses	45,611	44,909
Noninterest income
Fees from other financial services	5,499	5,355
Fee income on deposit liabilities	5,156	5,315
Fee income on other financial products	2,205	1,889
Bank-owned life insurance	998	983
Mortgage banking income	1,195	1,822
Other income, net	333	735
Total noninterest income	15,386	16,099
Noninterest expense
Compensation and employee benefits	22,434	21,766
Occupancy	4,138	4,113
Data processing	3,172	3,116
Services	2,911	2,341
Equipment	1,663	1,701
Office supplies, printing and postage	1,365	1,483
Marketing	861	841
FDIC insurance	884	811
Other expense	3,975	4,205
Total noninterest expense	41,403	40,377
Income before income taxes	19,594	20,631
Income taxes	6,921	7,156
Net income	$ 12,673	$ 13,475

Bank segment - Comprehensive i

Bank segment - Comprehensive income data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Statement of Income Captions [Line Items]
Net income	$ 32,825	$ 32,339
Net unrealized gains (losses) on securities:
Net unrealized gains on available-for-sale investment securities arising during the period, net of tax benefits of $4,905 and $2,278 for the respective periods	7,428	3,451
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 $137 and $259 for the respective periods	3,538	5,459
Other comprehensive income, net of taxes	8,800	4,058
Comprehensive income	41,152	35,924
Net unrealized gains (losses) on securities arising during the period, taxes	4,905	2,278
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,257	3,486
American Savings Bank (ASB)
Condensed Statement of Income Captions [Line Items]
Net income	12,673	13,475
Net unrealized gains (losses) on securities:
Net unrealized gains on available-for-sale investment securities arising during the period, net of tax benefits of $4,905 and $2,278 for the respective periods	7,429	3,451
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 $137 and $259 for the respective periods	208	392
Other comprehensive income, net of taxes	7,637	3,843
Comprehensive income	20,310	17,318
Net unrealized gains (losses) on securities arising during the period, taxes	(4,905)	(2,278)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	$ 137	$ 259

Bank segment - Balance sheet d

Bank segment - Balance sheet data (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Available-for-sale investment securities, at fair value	$ 906,295	$ 820,648
Stock in Federal Home Loan Bank, at cost	11,218	10,678
Net loans	4,589,950	4,565,781
Loans held for sale, at lower of cost or fair value	7,900	4,631
Other	415,955	480,457
Goodwill	82,190	82,190
Total assets	11,870,506	11,782,018
Liabilities
Other	421,155	471,828
Total liabilities	$ 9,894,034	$ 9,820,085
Commitments and contingencies
Equity [Abstract]
Retained earnings	$ 323,751	$ 324,766
Accumulated other comprehensive income (loss), net of taxes:
Accumulated other comprehensive loss, net of tax benefits	(17,462)	(26,262)	$ (23,320)	$ (27,378)
Total shareholders’ equity	1,942,179	1,927,640	$ 1,897,909	$ 1,790,573
Total liabilities and shareholders’ equity	11,870,506	11,782,018
Other assets
Premises and equipment, net	4,423,567	4,377,658
Total Other Assets	415,955	480,457
Other liabilities
Total other liabilities	421,155	471,828
Balance Sheet related disclosures
Securities sold under agreements to repurchase	229,000	229,000
American Savings Bank (ASB)
Assets
Cash and due from banks	110,200	127,201
Interest-bearing deposits	120,428	93,680
Available-for-sale investment securities, at fair value	906,295	820,648
Stock in Federal Home Loan Bank, at cost	11,218	10,678
Loans receivable held for investment	4,642,276	4,615,819
Allowance for loan losses	(52,326)	(50,038)
Net loans	4,589,950	4,565,781
Loans held for sale, at lower of cost or fair value	7,900	4,631
Other	312,333	309,946
Goodwill	82,190	82,190
Total assets	6,140,514	6,014,755
Liabilities
Deposit liabilities—noninterest-bearing	1,541,402	1,520,374
Deposit liabilities—interest-bearing	3,598,530	3,504,880
Other borrowings	329,081	328,582
Other	99,605	101,029
Total liabilities	$ 5,568,618	$ 5,454,865
Commitments and contingencies
Equity [Abstract]
Common stock	$ 1	$ 1
Additional paid in capital	341,192	340,496
Retained earnings	240,337	236,664
Accumulated other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on securities	5,556	(1,872)
Retirement benefit plans	(15,190)	(15,399)
Accumulated other comprehensive loss, net of tax benefits	(9,634)	(17,271)
Total shareholders’ equity	571,896	559,890
Total liabilities and shareholders’ equity	6,140,514	6,014,755
Other assets
Bank-owned life insurance	138,732	138,139
Premises and equipment, net	89,525	88,077
Prepaid expenses	5,329	3,550
Accrued interest receivable	15,723	15,192
Mortgage-servicing rights	8,857	8,884
Low-income housing equity investments	36,450	37,793
Real estate acquired in settlement of loans, net	797	1,030
Other	16,920	17,281
Total Other Assets	312,333	309,946
Other liabilities
Accrued expenses	26,055	30,705
Federal and state income taxes payable	22,324	13,448
Cashier’s checks	21,542	21,768
Advance payments by borrowers	6,403	10,311
Other	23,281	24,797
Total other liabilities	99,605	101,029
Balance Sheet related disclosures
Securities sold under agreements to repurchase	229,000	229,000
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, 2016USD ($)issue	Dec. 31, 2015USD ($)issue
Available-for-sale securities
Total available-for-sale securities, Amortized cost	$ 897,070	$ 823,756
Gross unrealized gains	10,930	4,589
Gross unrealized losses	(1,705)	(7,697)
Available-for-sale securities	$ 906,295	$ 820,648
Available-for-sale, securities, less than 12 months, number of issues | issue	9	51
Available-for-sale Securities, Continuous Unrealized Loss Position
Fair value, less than 12 months	$ 67,217	$ 388,838
Gross unrealized losses, less than 12 months	$ (256)	$ (3,732)
Available-for-sale, securities, greater than 12 months, number of issues | issue	23	28
Fair value, 12 months or longer	$ 110,502	$ 143,195
Gross unrealized losses, 12 months or longer	(1,449)	(3,965)
U.S. Treasury and federal agency obligations
Available-for-sale securities
Total available-for-sale securities, Amortized cost	215,716	213,234
Gross unrealized gains	3,078	1,025
Gross unrealized losses	(97)	(1,300)
Available-for-sale securities	$ 218,697	$ 212,959
Available-for-sale, securities, less than 12 months, number of issues | issue	0	13
Available-for-sale Securities, Continuous Unrealized Loss Position
Fair value, less than 12 months	$ 0	$ 83,053
Gross unrealized losses, less than 12 months	$ 0	$ (866)
Available-for-sale, securities, greater than 12 months, number of issues | issue	2	3
Fair value, 12 months or longer	$ 9,511	$ 17,378
Gross unrealized losses, 12 months or longer	(97)	(434)
Mortgage-related securities- FNMA, FHLMC and GNMA
Available-for-sale securities
Total available-for-sale securities, Amortized cost	681,354	610,522
Gross unrealized gains	7,852	3,564
Gross unrealized losses	(1,608)	(6,397)
Available-for-sale securities	$ 687,598	$ 607,689
Available-for-sale, securities, less than 12 months, number of issues | issue	9	38
Available-for-sale Securities, Continuous Unrealized Loss Position
Fair value, less than 12 months	$ 67,217	$ 305,785
Gross unrealized losses, less than 12 months	$ (256)	$ (2,866)
Available-for-sale, securities, greater than 12 months, number of issues | issue	21	25
Fair value, 12 months or longer	$ 100,991	$ 125,817
Gross unrealized losses, 12 months or longer	$ (1,352)	$ (3,531)

Bank segment - Contractual mat

Bank segment - Contractual maturities of securities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Amortized Cost
Due in one year or less	$ 0
Due after one year through five years	111,299
Due after five years through ten years	66,398
Due after ten years	38,019
Total amortized cost	215,716
Mortgage-related securities-FNMA, FHLMC and GNMA - amortized cost	681,354
Total available-for-sale securities, Amortized cost	897,070	$ 823,756
Fair value
Due in one year or less	0
Due after one year through five years	112,991
Due after five years through ten years	67,413
Due after ten years	38,293
Total fair value	218,697
Mortgage-related securities-FNMA, FHLMC and GNMA - fair value	687,598
Available-for-sale securities	$ 906,295	$ 820,648

Bank segment - Allowance for l

Bank segment - Allowance for loan losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	$ 50,038	$ 45,618
Charge-offs	(2,958)	(1,147)
Recoveries	480	710
Provision	4,766	614
Valuation allowance, balance at the end of the period	52,326	45,795
Ending balance: individually evaluated for impairment	6,823		$ 6,320
Ending balance: collectively evaluated for impairment	45,503		43,718
Financing Receivables:
Total financing receivables	4,647,656		4,622,068
Ending balance: individually evaluated for impairment	60,721		53,685
Ending balance: collectively evaluated for impairment	4,586,935		4,568,383
Residential 1-4 family
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	4,186	4,662
Charge-offs	(45)	(156)
Recoveries	17	12
Provision	435	403
Valuation allowance, balance at the end of the period	4,593	4,921
Ending balance: individually evaluated for impairment	1,653		1,453
Ending balance: collectively evaluated for impairment	2,940		2,733
Financing Receivables:
Total financing receivables	2,055,020		2,069,665
Ending balance: individually evaluated for impairment	22,585		22,457
Ending balance: collectively evaluated for impairment	2,032,435		2,047,208
Commercial real estate
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	11,342	8,954
Provision	464	2,274
Valuation allowance, balance at the end of the period	11,806	11,228
Ending balance: individually evaluated for impairment	50		0
Ending balance: collectively evaluated for impairment	11,756		11,342
Financing Receivables:
Total financing receivables	703,661		690,561
Ending balance: individually evaluated for impairment	3,727		1,188
Ending balance: collectively evaluated for impairment	699,934		689,373
Home equity line of credit
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	7,260	6,982
Charge-offs	0	(3)
Recoveries	15	31
Provision	(103)	(487)
Valuation allowance, balance at the end of the period	7,172	6,523
Ending balance: individually evaluated for impairment	629		442
Ending balance: collectively evaluated for impairment	6,543		6,818
Financing Receivables:
Total financing receivables	846,467		846,294
Ending balance: individually evaluated for impairment	3,820		3,225
Ending balance: collectively evaluated for impairment	842,647		843,069
Residential land
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	1,671	1,875
Charge-offs	0	0
Recoveries	103	49
Provision	(34)	362
Valuation allowance, balance at the end of the period	1,740	2,286
Ending balance: individually evaluated for impairment	841		891
Ending balance: collectively evaluated for impairment	899		780
Financing Receivables:
Total financing receivables	18,940		18,229
Ending balance: individually evaluated for impairment	4,477		5,683
Ending balance: collectively evaluated for impairment	14,463		12,546
Commercial construction
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	4,461	5,471
Provision	1,703	(2,634)
Valuation allowance, balance at the end of the period	6,164	2,837
Ending balance: collectively evaluated for impairment	6,164		4,461
Financing Receivables:
Total financing receivables	130,487		100,796
Ending balance: collectively evaluated for impairment	130,487		100,796
Residential construction
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	13	28
Provision	(1)	(7)
Valuation allowance, balance at the end of the period	12	21
Ending balance: collectively evaluated for impairment	12		13
Financing Receivables:
Total financing receivables	16,241		14,089
Ending balance: collectively evaluated for impairment	16,241		14,089
Commercial loans
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	17,208	14,017
Charge-offs	(1,343)	(46)
Recoveries	135	341
Provision	991	268
Valuation allowance, balance at the end of the period	16,991	14,580
Ending balance: individually evaluated for impairment	3,643		3,527
Ending balance: collectively evaluated for impairment	13,348		13,681
Financing Receivables:
Total financing receivables	740,596		758,659
Ending balance: individually evaluated for impairment	26,099		21,119
Ending balance: collectively evaluated for impairment	714,497		737,540
Consumer loans
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	3,897	3,629
Charge-offs	(1,570)	(942)
Recoveries	210	277
Provision	1,311	435
Valuation allowance, balance at the end of the period	3,848	3,399
Ending balance: individually evaluated for impairment	7		7
Ending balance: collectively evaluated for impairment	3,841		3,890
Financing Receivables:
Total financing receivables	136,244		123,775
Ending balance: individually evaluated for impairment	13		13
Ending balance: collectively evaluated for impairment	136,231		123,762
Unallocated
Allowance for loan losses:
Valuation allowance, balance at the beginning of the period	0	0
Provision	0	0
Valuation allowance, balance at the end of the period	0	$ 0
Ending balance: collectively evaluated for impairment	$ 0		$ 0

Bank segment - Credit risk pro

Bank segment - Credit risk profile - assigned grades (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Commercial real estate
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	$ 703,661	$ 690,561
Commercial real estate | Pass
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	655,307	642,410
Commercial real estate | Special mention
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	16,096	7,710
Commercial real estate | Substandard
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	32,258	40,441
Commercial construction
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	130,487	100,796
Commercial construction | Pass
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	110,744	86,991
Commercial construction | Special mention
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	0	13,805
Commercial construction | Substandard
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	19,743	0
Commercial loans
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	740,596	758,659
Commercial loans | Pass
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	679,370	703,208
Commercial loans | Special mention
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	12,662	7,029
Commercial loans | Substandard
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	48,302	47,975
Commercial loans | Doubtful
Credit risk profile by internally assigned grade for loans
Loans and leases receivable before fees, gross	$ 262	$ 447

Bank segment - Credit risk p59

Bank segment - Credit risk profile - payment activity (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Credit risk profile based on payment activity for loans
Total past due	$ 24,549	$ 26,099
Current	4,623,107	4,595,969
Total financing receivables	4,647,656	4,622,068
Recorded Investment greater than 90 days and accruing	0	0
Residential 1-4 family
Credit risk profile based on payment activity for loans
Total past due	18,378	19,759
Current	2,036,642	2,049,906
Total financing receivables	2,055,020	2,069,665
Commercial real estate
Credit risk profile based on payment activity for loans
Current	703,661	690,561
Total financing receivables	703,661	690,561
Home equity line of credit
Credit risk profile based on payment activity for loans
Total past due	2,066	2,079
Current	844,401	844,215
Total financing receivables	846,467	846,294
Residential land
Credit risk profile based on payment activity for loans
Total past due	148	415
Current	18,792	17,814
Total financing receivables	18,940	18,229
Commercial construction
Credit risk profile based on payment activity for loans
Current	130,487	100,796
Total financing receivables	130,487	100,796
Residential construction
Credit risk profile based on payment activity for loans
Current	16,241	14,089
Total financing receivables	16,241	14,089
Commercial loans
Credit risk profile based on payment activity for loans
Total past due	1,683	1,226
Current	738,913	757,433
Total financing receivables	740,596	758,659
Consumer loans
Credit risk profile based on payment activity for loans
Total past due	2,274	2,620
Current	133,970	121,155
Total financing receivables	136,244	123,775
Financing Receivables, 30 to 59 Days Past Due [Member]
Credit risk profile based on payment activity for loans
Total past due	8,395	7,371
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total past due	5,537	4,967
Financing Receivables, 30 to 59 Days Past Due [Member] | Home equity line of credit
Credit risk profile based on payment activity for loans
Total past due	1,218	896
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential land
Credit risk profile based on payment activity for loans
Total past due	0
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial loans
Credit risk profile based on payment activity for loans
Total past due	391	125
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer loans
Credit risk profile based on payment activity for loans
Total past due	1,249	1,383
Financing Receivables, 60 to 89 Days Past Due [Member]
Credit risk profile based on payment activity for loans
Total past due	4,286	4,811
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total past due	2,215	3,289
Financing Receivables, 60 to 89 Days Past Due [Member] | Home equity line of credit
Credit risk profile based on payment activity for loans
Total past due	508	706
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential land
Credit risk profile based on payment activity for loans
Total past due	0
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial loans
Credit risk profile based on payment activity for loans
Total past due	984	223
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer loans
Credit risk profile based on payment activity for loans
Total past due	579	593
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Credit risk profile based on payment activity for loans
Total past due	11,868	13,917
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total past due	10,626	11,503
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Home equity line of credit
Credit risk profile based on payment activity for loans
Total past due	340	477
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential land
Credit risk profile based on payment activity for loans
Total past due	148	415
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial loans
Credit risk profile based on payment activity for loans
Total past due	308	878
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer loans
Credit risk profile based on payment activity for loans
Total past due	$ 446	$ 644

Bank segment - Credit risk p60

Bank segment - Credit risk profile - summary (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Credit risk profile based on nonaccrual loans
Nonaccrual loans	$ 46,913	$ 46,035
Accruing loans 90 days or more past due	0	0
Financing Receivable, Modifications, Post-Modification Recorded Investment	28,625	22,246
Residential 1-4 family
Credit risk profile based on nonaccrual loans
Nonaccrual loans	21,028	20,554
Financing Receivable, Modifications, Post-Modification Recorded Investment	13,803	13,962
Commercial real estate
Credit risk profile based on nonaccrual loans
Nonaccrual loans	3,727	1,188
Financing Receivable, Modifications, Post-Modification Recorded Investment	0	0
Home equity line of credit
Credit risk profile based on nonaccrual loans
Nonaccrual loans	2,801	2,254
Financing Receivable, Modifications, Post-Modification Recorded Investment	2,643	2,467
Residential land
Credit risk profile based on nonaccrual loans
Nonaccrual loans	698	970
Financing Receivable, Modifications, Post-Modification Recorded Investment	3,779	4,713
Commercial construction
Credit risk profile based on nonaccrual loans
Nonaccrual loans	0	0
Financing Receivable, Modifications, Post-Modification Recorded Investment	0	0
Residential construction
Credit risk profile based on nonaccrual loans
Nonaccrual loans	0	0
Financing Receivable, Modifications, Post-Modification Recorded Investment	0	0
Commercial loans
Credit risk profile based on nonaccrual loans
Nonaccrual loans	17,862	20,174
Financing Receivable, Modifications, Post-Modification Recorded Investment	8,400	1,104
Consumer loans
Credit risk profile based on nonaccrual loans
Nonaccrual loans	797	895
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, 2016	Dec. 31, 2015
Recorded investment:
With no related allowance recorded	$ 19,149	$ 19,806
With an allowance recorded	41,572	33,879
Recorded investment	60,721	53,685
Unpaid principal balance:
With no related allowance recorded	22,210	22,934
With an allowance recorded	42,548	34,696
Unpaid principal balance	64,758	57,630
Related Allowance	6,823	6,320
Average recorded investment:
With no related allowance recorded	19,003	22,439
With an allowance recorded	36,177	26,804
Average recorded investment	55,180	49,243
Interest income recognized:
With no related allowance recorded	73	144
With an allowance recorded	246	265
Interest income recognized	319	409
Residential 1-4 family
Recorded investment:
With no related allowance recorded	10,502	10,596
With an allowance recorded	12,083	11,861
Recorded investment	22,585	22,457
Unpaid principal balance:
With no related allowance recorded	11,606	11,805
With an allowance recorded	12,286	11,914
Unpaid principal balance	23,892	23,719
Related Allowance	1,653	1,453
Average recorded investment:
With no related allowance recorded	10,392	11,552
With an allowance recorded	12,018	11,510
Average recorded investment	22,410	23,062
Interest income recognized:
With no related allowance recorded	51	89
With an allowance recorded	122	126
Interest income recognized	173	215
Commercial real estate
Recorded investment:
With no related allowance recorded	1,166	1,188
With an allowance recorded	2,561	0
Recorded investment	3,727	1,188
Unpaid principal balance:
With no related allowance recorded	1,429	1,436
With an allowance recorded	2,570	0
Unpaid principal balance	3,999	1,436
Related Allowance	50	0
Average recorded investment:
With no related allowance recorded	1,173	555
With an allowance recorded	854	4,482
Average recorded investment	2,027	5,037
Interest income recognized:
With no related allowance recorded	0	0
With an allowance recorded	0	0
Interest income recognized	0	0
Home equity line of credit
Recorded investment:
With no related allowance recorded	913	707
With an allowance recorded	2,907	2,518
Recorded investment	3,820	3,225
Unpaid principal balance:
With no related allowance recorded	1,159	948
With an allowance recorded	2,977	2,579
Unpaid principal balance	4,136	3,527
Related Allowance	629	442
Average recorded investment:
With no related allowance recorded	849	400
With an allowance recorded	2,944	626
Average recorded investment	3,793	1,026
Interest income recognized:
With no related allowance recorded	0	1
With an allowance recorded	27	6
Interest income recognized	27	7
Residential land
Recorded investment:
With no related allowance recorded	1,489	1,644
With an allowance recorded	2,988	4,039
Recorded investment	4,477	5,683
Unpaid principal balance:
With no related allowance recorded	2,185	2,412
With an allowance recorded	2,988	4,117
Unpaid principal balance	5,173	6,529
Related Allowance	841	891
Average recorded investment:
With no related allowance recorded	1,590	2,637
With an allowance recorded	3,378	5,189
Average recorded investment	4,968	7,826
Interest income recognized:
With no related allowance recorded	16	52
With an allowance recorded	67	83
Interest income recognized	83	135
Commercial loans
Recorded investment:
With no related allowance recorded	5,079	5,671
With an allowance recorded	21,020	15,448
Recorded investment	26,099	21,119
Unpaid principal balance:
With no related allowance recorded	5,831	6,333
With an allowance recorded	21,714	16,073
Unpaid principal balance	27,545	22,406
Related Allowance	3,643	3,527
Average recorded investment:
With no related allowance recorded	4,999	7,295
With an allowance recorded	16,970	4,982
Average recorded investment	21,969	12,277
Interest income recognized:
With no related allowance recorded	6	2
With an allowance recorded	30	50
Interest income recognized	36	52
Consumer loans
Recorded investment:
With no related allowance recorded		0
With an allowance recorded	13	13
Recorded investment	13	13
Unpaid principal balance:
With no related allowance recorded		0
With an allowance recorded	13	13
Unpaid principal balance	13	13
Related Allowance	7	7
Average recorded investment:
With no related allowance recorded		0
With an allowance recorded	13	15
Average recorded investment	13	15
Interest income recognized:
With an allowance recorded	$ 0	$ 0

Bank segment - Troubled debt r

Bank segment - Troubled debt restructuring - narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Troubled debt restructurings real estate loans
Troubled debt restructurings
Financing receivable modifications minimum, period of payment default of loans determined to be TDRs	90 days
Commitments to lend additional funds to borrows with impaired or modified loans	$ 2.3
Land loans
Troubled debt restructurings
Period of interest-only monthly payment term loan	3 years
Land loans | 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, 2016USD ($)contract	Mar. 31, 2015USD ($)contract
Financing Receivable, Modifications [Line Items]
Number of contracts | contract	17	15
Pre-modification outstanding recorded investment	$ 17,966	$ 1,398
Post-modification outstanding recorded investment	18,084	1,416
Net increases in ALL	$ 760	$ 102
Residential 1-4 family
Financing Receivable, Modifications [Line Items]
Number of contracts | contract	4	5
Pre-modification outstanding recorded investment	$ 1,097	$ 877
Post-modification outstanding recorded investment	1,215	895
Net increases in ALL	$ 161	$ 47
Home equity line of credit
Financing Receivable, Modifications [Line Items]
Number of contracts | contract	10	9
Pre-modification outstanding recorded investment	$ 669	$ 429
Post-modification outstanding recorded investment	669	429
Net increases in ALL	$ 74	$ 55
Residential land
Financing Receivable, Modifications [Line Items]
Number of contracts | contract		0
Pre-modification outstanding recorded investment		$ 0
Post-modification outstanding recorded investment		0
Net increases in ALL		$ 0
Commercial loans
Financing Receivable, Modifications [Line Items]
Number of contracts | contract	3	1
Pre-modification outstanding recorded investment	$ 16,200	$ 92
Post-modification outstanding recorded investment	16,200	92
Net increases in ALL	$ 525	$ 0

Bank segment - Troubled debt re

Bank segment - Troubled debt restructuring that subsequently defaulted (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)contract
Financing Receivable, Modifications [Line Items]
Number of contracts | contract	1
Recorded investment | $	$ 488
Home equity line of credit
Financing Receivable, Modifications [Line Items]
Number of contracts | contract	1
Recorded investment | $	$ 488

Bank segment - Mortgage servic

Bank segment - Mortgage servicing rights (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Servicing Asset at Amortized Cost [Line Items]
Repurchase reserve				$ 100,000		$ 0
American Savings Bank (ASB)
Servicing Asset at Amortized Cost [Line Items]
Mortgage service fees	$ 700,000	$ 900,000
Movement in Mortgage Loans on Real Estate [Roll Forward]
Servicing asset - beginning balance	8,884,000
Servicing asset - ending balance	8,857,000		$ 8,884,000
American Savings Bank (ASB) | Residential loan
Servicing Asset at Amortized Cost [Line Items]
Proceeds from sale of mortgage loans	40,400,000	78,300,000
Gain on sale of mortgage loans	1,200,000	1,800,000
Repurchased mortgage loans	0	0
American Savings Bank (ASB) | Mortgage Servicing Rights (MSR)
Servicing Asset at Amortized Cost [Line Items]
Gross carrying amount				14,986,000	$ 14,531,000
Accumulated amortization				(6,129,000)	(5,647,000)
Valuation allowance	0	(209,000)	(209,000)	0	0	(41,000)
Net carrying amount				8,857,000	8,884,000	$ 11,965,000
Movement in Mortgage Loans on Real Estate [Roll Forward]
Servicing asset - beginning balance	8,884,000	11,749,000	11,749,000
Amount capitalized	455,000	906,000
Amortization	(482,000)	(647,000)
Other-than-temporary impairment	0	(2,000)
Servicing asset - ending balance	8,857,000	12,006,000	8,884,000
Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	0	209,000	209,000
Provision (recovery)	0	(166,000)
Other-than-temporary impairment	0	(2,000)
Valuation allowance, ending balance	$ 0	$ 41,000	$ 0
Unpaid principal balance				1,114,800,000	1,097,314,000
Weighted average note-rate	4.04%		4.05%
Weighted average discount rate	9.60%		9.60%
Weighted average prepayment speed	10.80%		9.30%
Prepayment rate - 25 points adverse rate change				(537,000)	(561,000)
Prepayment rate - 50 points adverse rate change				(1,008,000)	(1,104,000)
Discount rate - 25 points adverse rate change				(99,000)	(111,000)
Discount rate - 50 points adverse rate change				$ (196,000)	$ (220,000)
American Savings Bank (ASB) | Measurement Band A
Valuation Allowance [Roll Forward]
Measurement band percent for risk categorization	0.50%
American Savings Bank (ASB) | Measurement Band B
Valuation Allowance [Roll Forward]
Measurement band percent for risk categorization	1.00%

Bank segment - Repurchase Agre

Bank segment - Repurchase Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Gross amount of recognized liabilities	$ 229	$ 229
Securities sold under agreements to repurchase	229	229
Securities sold under agreements to repurchase collateral, financial instruments	262	261
Financial Institution
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	50	50
Securities sold under agreements to repurchase collateral, financial instruments	57	56
Government Entities
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	37	56
Securities sold under agreements to repurchase collateral, financial instruments	44	61
Commercial account holders
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	142	123
Securities sold under agreements to repurchase collateral, financial instruments	$ 161	$ 144

Bank segment - Derivatives (De

Bank segment - Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Derivative instrument
Net gains (losses) recognized in the Statement of Income	$ 108	$ 286
Not designated as a hedging instrument
Derivative instrument
Asset derivative	655		$ 385
Liability derivative	192		30
Interest rate lock commitments
Derivative instrument
Notional amount	32,135		22,241
Fair value	655		384
Interest rate lock commitments | Not designated as a hedging instrument
Derivative instrument
Asset derivative	655		384
Liability derivative	0		0
Interest rate lock commitments | Not designated as a hedging instrument | Mortgage banking income
Derivative instrument
Net gains (losses) recognized in the Statement of Income	271	445
Forward sale contracts
Derivative instrument
Notional amount	30,516		23,644
Fair value	(192)		(29)
Forward sale contracts | Not designated as a hedging instrument
Derivative instrument
Asset derivative	0		1
Liability derivative	192		$ 30
Forward sale contracts | Not designated as a hedging instrument | Mortgage banking income
Derivative instrument
Net gains (losses) recognized in the Statement of Income	$ (163)	$ (159)

Bank segment - Contingencies (D

Bank segment - Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
American Savings Bank (ASB)
Loss Contingencies [Line Items]
Unfunded commitments to fund the company's LIHTC	$ 7.6	$ 10.1

Retirement benefits (Details)

Retirement benefits (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Defined benefit plans
Expected payments for remainder of fiscal year	$ 2,000,000
Payments for benefits			$ 1,000,000
Retirement benefits expense	$ 9,000,000	$ 9,000,000
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	1,400,000
Cash contributions by the employer to defined contribution plan	2,700,000	2,500,000
Pension benefits
Defined benefit plans
Contributions made to defined benefit plans	16,000,000	21,000,000
Service cost	15,391,000	16,466,000
Interest cost	20,277,000	19,139,000
Expected return on plan assets	(24,664,000)	(22,151,000)
Amortization of net prior service loss (gain)	(14,000)	1,000
Amortization of net actuarial loss	5,969,000	8,962,000
Net periodic benefit cost	16,959,000	22,417,000
Impact of PUC D&Os	(4,046,000)	(9,513,000)
Net periodic benefit cost (adjusted for impact of PUC D&Os)	12,913,000	12,904,000
Other benefits
Defined benefit plans
Contributions expected to be paid in current year	65,000,000		88,000,000
Service cost	836,000	869,000
Interest cost	2,474,000	2,235,000
Expected return on plan assets	(3,052,000)	(2,907,000)
Amortization of net prior service loss (gain)	(448,000)	(448,000)
Amortization of net actuarial loss	287,000	430,000
Net periodic benefit cost	97,000	179,000
Impact of PUC D&Os	189,000	98,000
Net periodic benefit cost (adjusted for impact of PUC D&Os)	286,000	277,000
Other benefits | American Savings Bank (ASB)
Defined benefit plans
Contributions expected to be paid in current year	0		0
Hawaiian Electric Company, Inc. and Subsidiaries
Defined benefit plans
Expected payments for remainder of fiscal year	1,000,000
Payments for benefits			400,000
Retirement benefits expense	8,000,000	8,000,000
Defined contribution plan, expenses recognized	400,000	400,000
Cash contributions by the employer to defined contribution plan	400,000	400,000
Hawaiian Electric Company, Inc. and Subsidiaries | Pension benefits
Defined benefit plans
Contributions made to defined benefit plans	16,000,000	21,000,000
Service cost	14,933,000	15,983,000
Interest cost	18,603,000	17,516,000
Expected return on plan assets	(22,932,000)	(20,632,000)
Amortization of net prior service loss (gain)	4,000	10,000
Amortization of net actuarial loss	5,461,000	8,094,000
Net periodic benefit cost	16,069,000	20,971,000
Impact of PUC D&Os	(4,046,000)	(9,513,000)
Net periodic benefit cost (adjusted for impact of PUC D&Os)	12,023,000	11,458,000
Hawaiian Electric Company, Inc. and Subsidiaries | Other benefits
Defined benefit plans
Contributions expected to be paid in current year	64,000,000		86,000,000
Service cost	822,000	855,000
Interest cost	2,389,000	2,159,000
Expected return on plan assets	(3,003,000)	(2,859,000)
Amortization of net prior service loss (gain)	(451,000)	(451,000)
Amortization of net actuarial loss	284,000	422,000
Net periodic benefit cost	41,000	126,000
Impact of PUC D&Os	189,000	98,000
Net periodic benefit cost (adjusted for impact of PUC D&Os)	230,000	$ 224,000
Hawaiian Electric Industries, Inc. | Other benefits
Defined benefit plans
Contributions expected to be paid in current year	$ 1,000,000		$ 2,000,000

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 01, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share-based compensation
Capitalized share-based compensation expense			$ 40
Income tax benefit from compensation expense		$ 300	$ 600
Stock appreciation rights (SARs)
Share-based compensation
Options outstanding		0		0
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		$ 6,100
Weighted average period for recognition of unrecognized compensation cost		3 years
Fair value measurement of vested units and related dividends		$ 2,500	3,000
Income tax benefit from compensation expense		$ 900	1,000
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		$ 400
Weighted average period for recognition of unrecognized compensation cost		9 months 18 days
Measurement period for total return to shareholders		3 years
Stock volatility measurement period		3 years
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		$ 700
Weighted average period for recognition of unrecognized compensation cost		9 months 18 days
Fair value measurement of vested units and related dividends		$ 3,600	4,700
Income tax benefit from compensation expense		$ 1,400	$ 1,800
Equity and Incentive Plan
Share-based compensation
Number of additional shares authorized	1,500,000
Shares available for future issuance		3,400,000
Number of share issuable upon vesting and achievement of performance goals		400,000
Nonemployee Director Stock Plan
Share-based compensation
Shares available for future grant		141,044

Share-based compensation - Summ

Share-based compensation - Summary of income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based compensation
Share-based compensation expense (in dollars)	$ 1	$ 1.8
Income tax benefit (in dollars)	0.3	0.6
Hawaiian Electric Company, Inc. and Subsidiaries
Share-based compensation
Share-based compensation expense (in dollars)	0.3	0.5
Income tax benefit (in dollars)	$ 0.1	$ 0.2

Share-based compensation - Su72

Share-based compensation - Summary of changes in share based compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted stock units
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	210,634	261,235
Granted (in shares)	94,282	84,294
Vested (in shares)	(78,379)	(79,219)
Forfeited (in shares)	0	(4,619)
Outstanding, end of period (in shares)	226,537	261,691
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 28.82	$ 25.77
Granted (in dollars per share)	29.90	33.74
Vested (in dollars per share)	27.92	25.77
Forfeited (in dollars per share)	0	25.83
Outstanding, end of period (in dollars per share)	$ 29.59	$ 28.33
Total weighted-average grant-date fair value	$ 2.8	$ 2.8
LTIP linked to TRS
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	162,500	257,956
Granted (in shares)	0	0
Vested (in shares)	(78,553)	(75,915)
Forfeited (in shares)	0	(13,264)
Outstanding, end of period (in shares)	83,947	168,777
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 27.66	$ 28.45
Granted (in dollars per share)	0	0
Vested (in dollars per share)	32.69	30.71
Forfeited (in dollars per share)	0	26
Outstanding, end of period (in dollars per share)	$ 22.95	$ 27.63
LTIP awards linked to other performance conditions
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	222,647	364,731
Granted (in shares)	0	0
Vested (in shares)	(109,097)	(121,249)
Forfeited (in shares)	0	(13,263)
Outstanding, end of period (in shares)	113,550	230,219
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 26.02	$ 26.01
Granted (in dollars per share)	0	0
Vested (in dollars per share)	26.89	26.05
Forfeited (in dollars per share)	0	25.72
Outstanding, end of period (in dollars per share)	$ 25.18	$ 26

Shareholders' equity - Narrativ

Shareholders' equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 20, 2015	Jul. 14, 2014	Dec. 19, 2013	Mar. 20, 2013	Mar. 19, 2013
Equity forward transaction
Public offering related to equity forward transaction (in shares)					6.1
Sale of common stock related to equity forward transaction (in dollars per share)					$ 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)				0.9
Shares borrowed by forward counterparty from third party					7
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	4.7	1	1.3
Delivery of cash on settlement	$ 104.5	$ 23.9	$ 32.1
Underwriting discount	$ 4.7	$ 1	$ 1.3

Shareholders' equity - Accumula

Shareholders' equity - Accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	$ (26,262)	$ (27,378)
Current period other comprehensive income	8,800	4,058
Ending balance	(17,462)	(23,320)
Net unrealized gains (losses) on securities
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	(1,872)	462
Current period other comprehensive income	7,428	3,451
Ending balance	5,556	3,913
Unrealized gains (losses) on derivatives
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	(54)	(289)
Current period other comprehensive income	1,056	59
Ending balance	1,002	(230)
Retirement benefit plans
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	(24,336)	(27,551)
Current period other comprehensive income	316	548
Ending balance	(24,020)	(27,003)
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	925	45
Current period other comprehensive income	1,016	22
Ending balance	1,941	67
Hawaiian Electric Company, Inc. and Subsidiaries | Unrealized gains (losses) on derivatives
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	0	0
Current period other comprehensive income	1,002	0
Ending balance	1,002	0
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning balance	925	45
Current period other comprehensive income	14	22
Ending balance	$ 939	$ 67

Shareholders' equity - Reclassi

Shareholders' equity - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reclassifications out of accumulated other comprehensive income/(loss)
Interest expense	$ 20,126	$ 19,100
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,257 and $3,486 for the respective periods	3,538	5,459
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,257 and $3,486 for the respective periods	3,236	4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Amount reclassified from AOCI
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	369	607
Amount reclassified from AOCI | Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) | Interest rate contracts
Reclassifications out of accumulated other comprehensive income/(loss)
Interest expense	54	59
Amount reclassified from AOCI | Retirement benefit plans
Reclassifications out of accumulated other comprehensive income/(loss)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,257 and $3,486 for the respective periods	3,537	5,459
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	(3,222)	(4,911)
Amount reclassified from AOCI | Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	14	22
Amount reclassified from AOCI | Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans
Reclassifications out of accumulated other comprehensive income/(loss)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $2,257 and $3,486 for the respective periods	3,236	4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $2,052 and $3,127 for the respective periods	$ (3,222)	$ (4,911)

Fair value measurements - Summa

Fair value measurements - Summary of financial assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets
Available-for-sale investment securities, at fair value	$ 906,295	$ 820,648
Financial liabilities
Short-term borrowings—other than bank	95,485	103,063
Other bank borrowings	329,081	328,582
Carrying or notional amount
Financial assets
Money market funds	10	10
Available-for-sale investment securities, at fair value	906,295	820,648
Stock in Federal Home Loan Bank	11,218	10,678
Loans receivable, net	4,597,850	4,570,412
Mortgage-servicing rights	8,857	8,884
Bank-owned life insurance	138,732	138,139
Derivative assets	63,470	22,616
Financial liabilities
Deposit liabilities	5,139,932	5,025,254
Short-term borrowings—other than bank	95,485	103,063
Other bank borrowings	329,081	328,582
Long-term debt, net—other than bank	1,578,618	1,578,368
Derivative liabilities	30,516	23,269
Carrying or notional amount | Hawaiian Electric Company, Inc. and Subsidiaries
Financial assets
Derivative assets	31,335
Financial liabilities
The Utilities’ short-term borrowings (included in amount above)	12,998
Long-term debt, net—other than bank	1,278,916	1,278,702
Estimated fair value
Financial assets
Money market funds	10	10
Available-for-sale investment securities, at fair value	906,295	820,648
Stock in Federal Home Loan Bank	11,218	10,678
Loans receivable, net	4,845,115	4,749,525
Mortgage-servicing rights	11,231	11,790
Bank-owned life insurance	138,732	138,139
Derivative assets	2,295	385
Financial liabilities
Deposit liabilities	5,144,128	5,024,500
Short-term borrowings—other than bank	95,485	103,063
Other bank borrowings	333,743	333,392
Long-term debt, net—other than bank	1,704,567	1,669,087
Derivative liabilities	192	30
Estimated fair value | Hawaiian Electric Company, Inc. and Subsidiaries
Financial assets
Derivative assets	1,640
Financial liabilities
The Utilities’ short-term borrowings (included in amount above)	12,998
Long-term debt, net—other than bank	1,397,598	1,363,766
Estimated fair value | Level 1
Financial assets
Derivative assets	0	0
Financial liabilities
Derivative liabilities	139	15
Estimated fair value | Level 2
Financial assets
Money market funds	10	10
Available-for-sale investment securities, at fair value	906,295	820,648
Stock in Federal Home Loan Bank	11,218	10,678
Loans receivable, net	7,938	4,639
Bank-owned life insurance	138,732	138,139
Derivative assets	2,295	385
Financial liabilities
Deposit liabilities	5,144,128	5,024,500
Short-term borrowings—other than bank	95,485	103,063
Other bank borrowings	333,743	333,392
Long-term debt, net—other than bank	1,704,567	1,669,087
Derivative liabilities	53	15
Estimated fair value | Level 2 | Hawaiian Electric Company, Inc. and Subsidiaries
Financial assets
Derivative assets	1,640
Financial liabilities
The Utilities’ short-term borrowings (included in amount above)	12,998
Long-term debt, net—other than bank	1,397,598	1,363,766
Estimated fair value | Level 3
Financial assets
Loans receivable, net	4,837,177	4,744,886
Mortgage-servicing rights	$ 11,231	$ 11,790

Fair value measurements - Asset

Fair value measurements - Assets and liabilities measured on a recurring basis (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair value measurements on a recurring basis
Available-for-sale securities	$ 906,295,000	$ 820,648,000
Estimated fair value
Fair value measurements on a recurring basis
Money market funds	10,000	10,000
Available-for-sale securities	906,295,000	820,648,000
Derivative assets
Derivative assets	2,295,000	385,000
Derivative liabilities
Derivative liabilities	192,000	30,000
Loans	4,845,115,000	4,749,525,000
Level 1 | Interest rate lock commitments
Derivative liabilities
Derivative liabilities	0	0
Level 1 | Estimated fair value
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	139,000	15,000
Level 2 | Estimated fair value
Fair value measurements on a recurring basis
Money market funds	10,000	10,000
Available-for-sale securities	906,295,000	820,648,000
Derivative assets
Derivative assets	2,295,000	385,000
Derivative liabilities
Derivative liabilities	53,000	15,000
Loans	7,938,000	4,639,000
Level 3 | Estimated fair value
Derivative liabilities
Loans	4,837,177,000	4,744,886,000
Fair value measurements on a recurring basis | Level 1
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	139,000	15,000
Fair value measurements on a recurring basis | Level 1 | Forward sale contracts
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	139,000	15,000
Fair value measurements on a recurring basis | Level 1 | Window forward contract
Derivative assets
Derivative assets	0	0
Fair value measurements on a recurring basis | Level 2
Derivative assets
Derivative assets	2,295,000	385,000
Derivative liabilities
Derivative liabilities	53,000	15,000
Fair value measurements on a recurring basis | Level 2 | Interest rate lock commitments
Derivative assets
Derivative assets	655,000	384,000
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 2 | Forward sale contracts
Derivative assets
Derivative assets	0	1,000
Derivative liabilities
Derivative liabilities	53,000	15,000
Fair value measurements on a recurring basis | Level 2 | Window forward contract
Derivative assets
Derivative assets	1,640,000	0
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 | Bank
Fair value measurements on a recurring basis
Available-for-sale securities	906,295,000	820,648,000
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	687,598,000	607,689,000
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	218,697,000	212,959,000
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 | Estimated fair value
Derivative liabilities
Loans	82,000	178,000
Real estate acquired in settlement of loans	797,000	1,030,000
Fair value measurements on a nonrecurring basis | Level 3
Derivative liabilities
Loans	82,000	178,000
Real estate acquired in settlement of loans	$ 797,000	$ 1,030,000

Fair value measurements - Sum78

Fair value measurements - Summary of Level 3 financial instruments (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair value measurements
Fair value		$ 178
Fair value of property or collateral | Residential loan
Fair value measurements
Fair value	$ 82	$ 50
Appraised value, selling cost	7.00%	7.00%
Appraised value, weighted average rate (as a percent)	54.00%
Fair value of property or collateral | Residential loan | Minimum
Fair value measurements
Appraised value (as a percent)	42.00%
Fair value of property or collateral | Residential loan | Maximum
Fair value measurements
Appraised value (as a percent)	66.00%
Fair value of property or collateral | Home equity line of credit
Fair value measurements
Fair value		$ 128
Appraised value, selling cost	7.00%	7.00%
Fair value of property or collateral | Real estate acquired in settlement of loans
Fair value measurements
Fair value	$ 797	$ 1,030
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, 2016	Mar. 31, 2015
Supplemental disclosures of cash flow information
Interest paid to non-affiliates	$ 20	$ 21
Income taxes paid	1	1
Income taxes refunded	45	47
Supplemental disclosures of noncash activities
Common stock dividends reinvested in HEI common stock	6	0
Real estate transferred from property, plant and equipment to other assets held-for-sale (investing)	0	5
Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing)	(48)	(41)
Hawaiian Electric Company, Inc. and Subsidiaries
Supplemental disclosures of cash flow information
Interest paid to non-affiliates	12	13
Income taxes refunded	$ 20	$ 6

Recent Accounting Pronounceme80

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other	$ 415,955	$ 480,457
Total assets	11,870,506	11,782,018
Liabilities and Equity	11,870,506	11,782,018
Long-term debt, net—other than bank	1,578,618	1,578,368
Liabilities	9,894,034	9,820,085
Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	5,662,371	5,672,210
Liabilities and Equity	5,662,371	5,672,210
Unamortized debt expense	420	497
Total other long-term assets	874,131	900,483
Long-term debt, net	1,278,916	1,278,702
Total capitalization	3,044,513	3,041,320
Hawaiian Electric Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	4,476,632	4,476,175
Liabilities and Equity	4,476,632	4,476,175
Unamortized debt expense	304	359
Total other long-term assets	634,693	657,047
Long-term debt, net	875,308	875,163
Total capitalization	2,628,905	2,625,781
HELCO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	949,694	954,515
Liabilities and Equity	949,694	954,515
Unamortized debt expense	60	74
Total other long-term assets	126,241	129,329
Long-term debt, net	213,608	213,580
Total capitalization	513,966	513,282
Maui Electric
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets	823,562	830,160
Liabilities and Equity	823,562	830,160
Unamortized debt expense	56	64
Total other long-term assets	113,197	114,107
Long-term debt, net	190,000	189,959
Total capitalization	$ 459,426	458,684
Scenario, Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other		488,635
Total assets		11,790,196
Liabilities and Equity		11,790,196
Long-term debt, net—other than bank		1,586,546
Liabilities		9,828,263
Scenario, Previously Reported | Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		5,680,054
Liabilities and Equity		5,680,054
Unamortized debt expense		8,341
Total other long-term assets		908,327
Long-term debt, net		1,286,546
Total capitalization		3,049,164
Scenario, Previously Reported | Hawaiian Electric Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		4,481,558
Liabilities and Equity		4,481,558
Unamortized debt expense		5,742
Total other long-term assets		662,430
Long-term debt, net		880,546
Total capitalization		2,631,164
Scenario, Previously Reported | HELCO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		955,935
Liabilities and Equity		955,935
Unamortized debt expense		1,494
Total other long-term assets		130,749
Long-term debt, net		215,000
Total capitalization		514,702
Scenario, Previously Reported | Maui Electric
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		831,201
Liabilities and Equity		831,201
Unamortized debt expense		1,105
Total other long-term assets		115,148
Long-term debt, net		191,000
Total capitalization		459,725
Restatement Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities and Equity		(8,178)
Restatement Adjustment | Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities and Equity		(7,844)
Restatement Adjustment | Hawaiian Electric Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities and Equity		(5,383)
Restatement Adjustment | HELCO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities and Equity		(1,420)
Restatement Adjustment | Maui Electric
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liabilities and Equity		(1,041)
Restatement Adjustment | Accounting Standards Update 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other		(8,178)
Total assets		(8,178)
Long-term debt, net—other than bank		(8,178)
Liabilities		(8,178)
Restatement Adjustment | Accounting Standards Update 2015-03 | Hawaiian Electric Company, Inc. and Subsidiaries
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		(7,844)
Unamortized debt expense		(7,844)
Total other long-term assets		(7,844)
Long-term debt, net		(7,844)
Total capitalization		(7,844)
Restatement Adjustment | Accounting Standards Update 2015-03 | Hawaiian Electric Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		(5,383)
Unamortized debt expense		(5,383)
Total other long-term assets		(5,383)
Long-term debt, net		(5,383)
Total capitalization		(5,383)
Restatement Adjustment | Accounting Standards Update 2015-03 | HELCO
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		(1,420)
Unamortized debt expense		(1,420)
Total other long-term assets		(1,420)
Long-term debt, net		(1,420)
Total capitalization		(1,420)
Restatement Adjustment | Accounting Standards Update 2015-03 | Maui Electric
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total assets		(1,041)
Unamortized debt expense		(1,041)
Total other long-term assets		(1,041)
Long-term debt, net		(1,041)
Total capitalization		$ (1,041)

Credit agreements and long-te81

Credit agreements and long-term debt (Details)	Mar. 23, 2016USD ($)	Apr. 02, 2014USD ($)Institution	Jan. 31, 2015	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 24, 2016USD ($)	Mar. 21, 2016USD ($)	Apr. 01, 2014USD ($)
Credit agreement
Number of financial institutions | Institution		9
Actual capitalization ratio (as a percent)				17.00%
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%
Changes in long-term debt
Proceeds from issuance of long-term debt				$ 75,000,000	$ 0
HELCO
Credit agreement
Actual ratio of consolidated subsidiary debt to total consolidated capitalization (as a percent)				42.00%
Maui Electric
Credit agreement
Actual ratio of consolidated subsidiary debt to total consolidated capitalization (as a percent)				41.00%
Maximum
Credit agreement
Capitalization ratio required to be maintained as per the debt covenant (as a percent)		50.00%
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 | Bank Of American Term Loan Expiring March 23, 2018
Changes in long-term debt
Debt instrument, face amount							$ 75,000,000
Line of credit facility | Eurodollar term loan
Changes in long-term debt
Proceeds from issuance of long-term debt	$ 75,000,000
Initial interest rate	1.18%
Subsequent interest rate	1.19%
Interest rate term	1 month
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%
Line of credit facility | Adjusted LIBOR Rate
Credit agreement
Basis spread on variable rate		1.375%
Line of credit facility | Adjusted LIBOR Rate | Hawaiian Electric Company
Credit agreement
Basis spread on variable rate			1.25%
Senior Notes | Senior Notes, 4.41%
Changes in long-term debt
Debt instrument, face amount						$ 75,000,000
Debt instrument, stated interest rate (as a percent)						4.41%

Related party transactions (Det

Related party transactions (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Hawaiian Electric Company, Inc. and Subsidiaries
Related Party Transaction [Line Items]
General management and administrative services from related parties	$ 2.1	$ 1.7
American Savings Bank (ASB)
Related Party Transaction [Line Items]
General management and administrative services from related parties	0.8	0.3
Hawaii Medical Service Association (HMSA) | HMSA costs
Related Party Transaction [Line Items]
Expenses from transactions with related party	7	7
Hawaii Medical Service Association (HMSA) | HMSA costs | Hawaiian Electric Company, Inc. and Subsidiaries
Related Party Transaction [Line Items]
Expenses from transactions with related party	6	6
Hawaii Medical Service Association (HMSA) | HMSA expense
Related Party Transaction [Line Items]
Expenses from transactions with related party	5	5
Hawaii Medical Service Association (HMSA) | HMSA expense | Hawaiian Electric Company, Inc. and Subsidiaries
Related Party Transaction [Line Items]
Expenses from transactions with related party	3	4
Hawaii Dental Service (HDS) | HDS costs
Related Party Transaction [Line Items]
Expenses from transactions with related party	1	1
Hawaii Dental Service (HDS) | HDS costs | Hawaiian Electric Company, Inc. and Subsidiaries
Related Party Transaction [Line Items]
Expenses from transactions with related party	1	1
Hawaii Dental Service (HDS) | HDS expense
Related Party Transaction [Line Items]
Expenses from transactions with related party	1	1
Hawaii Dental Service (HDS) | HDS expense | Hawaiian Electric Company, Inc. and Subsidiaries
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 0	$ 0