Hawaiian Electric Company, Inc. PFD C 4.25% (HAWEN) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-8503
Entity Tax Identification Number	99-0208097
Entity Incorporation, State or Country Code	HI
Entity Address, Address Line One	1001 Bishop Street, Suite 2900
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
Entity Registrant Name	HAWAIIAN ELECTRIC INDUSTRIES INC
City Area Code	808
Local Phone Number	543-5662
Title of each class	Common Stock, Without Par Value
Trading Symbol	HE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		109,181,493
Entity Central Index Key	0000354707
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Hawaiian Electric Company, Inc. and Subsidiaries
Entity Information [Line Items]
Document Type	10-Q
Entity File Number	1-4955
Entity Tax Identification Number	99-0040500
Entity Incorporation, State or Country Code	HI
Entity Address, Address Line One	1001 Bishop Street, Suite, 2500
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
Entity Registrant Name	HAWAIIAN ELECTRIC COMPANY INC
City Area Code	808
Local Phone Number	543-7771
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,324,376
Entity Central Index Key	0000046207
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Total revenues	$ 642,946	$ 677,186
Expenses
Total expenses	544,915	617,484
Operating income (loss)
Total operating income	98,031	59,702
Retirement defined benefits credit (expense)—other than service costs	2,435	(934)
Interest expense, net—other than on deposit liabilities and other bank borrowings	(23,736)	(21,775)
Allowance for borrowed funds used during construction	747	688
Allowance for equity funds used during construction	2,191	2,015
Gain on sale of investment securities, net	528	0
Income before income taxes	80,196	39,696
Income taxes	15,365	5,803
Net income	64,831	33,893
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	$ 64,358	$ 33,420
Basic earnings per common share (in dollars per share)	$ 0.59	$ 0.31
Diluted earnings per common share (in dollars per share)	$ 0.59	$ 0.31
Weighted-average number of common shares outstanding (in shares)	109,221	109,051
Net effect of potentially dilutive shares (in shares)	271	314
Weighted-average shares assuming dilution (in shares)	109,492	109,365
Electric utility
Revenues
Total revenues	$ 564,864	$ 597,442
Expenses
Total expenses	495,750	553,484
Operating income (loss)
Total operating income	69,114	43,958
Income before income taxes	55,090	29,686
Income taxes	11,233	5,282
Net income	43,857	24,404
Preferred stock dividends of subsidiaries	499	499
Net income for common stock	43,358	23,905
Bank
Revenues
Total revenues	77,131	79,738
Expenses
Total expenses	41,835	60,335
Operating income (loss)
Total operating income	35,296	19,403
Income before income taxes	37,102	18,969
Income taxes	7,546	3,208
Net income	29,556	15,761
Preferred stock dividends of subsidiaries	0	0
Net income for common stock	29,556	15,761
Other
Revenues
Total revenues	951	6
Expenses
Total expenses	7,330	3,665
Operating income (loss)
Total operating income	(6,379)	(3,659)
Income before income taxes	(11,996)	(8,959)
Income taxes	(3,414)	(2,687)
Net income	(8,582)	(6,272)
Preferred stock dividends of subsidiaries	(26)	(26)
Net income for common stock	(8,556)	(6,246)
Hawaiian Electric Company, Inc. and Subsidiaries
Revenues
Total revenues	564,864	597,442
Expenses
Fuel oil	127,427	173,221
Purchased power	142,296	139,816
Other operation and maintenance	114,570	127,547
Depreciation	57,355	55,850
Taxes, other than income taxes	54,102	57,050
Total expenses	495,750	553,484
Operating income (loss)
Total operating income	69,114	43,958
Retirement defined benefits credit (expense)—other than service costs	1,021	(381)
Interest expense and other charges, net	(17,983)	(16,594)
Allowance for borrowed funds used during construction	747	688
Allowance for equity funds used during construction	2,191	2,015
Income before income taxes	55,090	29,686
Income taxes	11,233	5,282
Net income	43,857	24,404
Preferred stock dividends of subsidiaries	229	229
Net income attributable to Hawaiian Electric	43,628	24,175
Preferred stock dividends of Hawaiian Electric	270	270
Net income for common stock	$ 43,358	$ 23,905

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income for common stock	$ 64,358	$ 33,420
Net unrealized gains on available-for-sale investment securities:
Net unrealized gains on available-for-sale investment securities arising during the period, net of taxes of $(16,616) and $7,120, respectively	(45,390)	19,448
Reclassification adjustment for net realized gains included in net income, net of taxes of $(142) and nil, respectively	(387)	0
Derivatives qualifying as cash flow hedges:
Unrealized interest rate hedging losses arising during the period, net of taxes of $542 and $(619), respectively	1,562	(1,784)
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	6,010	5,706
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,811)	(5,158)
Other comprehensive income (loss), net of taxes	(44,016)	18,212
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	20,342	51,632
Hawaiian Electric Company, Inc. and Subsidiaries
Net income for common stock	43,358	23,905
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	5,845	5,184
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,811)	(5,158)
Other comprehensive income (loss), net of taxes	34	26
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 43,392	$ 23,931

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net unrealized gains on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, tax	$ (16,616)	$ 7,120
Reclassification adjustment for net realized gains included in net income, tax	(142)	0
Derivatives qualifying as cash flow hedges:
Unrealized interest rate hedging arising during the period, tax	542	(619)
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, tax	2,084	1,986
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, tax	(2,015)	(1,789)
Hawaiian Electric Company, Inc. and Subsidiaries
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, tax	2,027	1,798
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, tax	$ (2,015)	$ (1,789)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 277,579	$ 341,421
Restricted cash	14,067	17,558
Accounts receivable and unbilled revenues, net	273,197	281,216
Available-for-sale investment securities, at fair value	2,305,257	1,970,417
Held-to-maturity investment securities, at amortized cost	295,046	226,947
Stock in Federal Home Loan Bank, at cost	10,000	8,680
Loans held for investment, net	5,218,288	5,232,642
Loans held for sale, at lower of cost or fair value	23,637	28,275
Property, plant and equipment, net of accumulated depreciation	5,283,768	5,265,735
Regulatory assets	773,426	766,708
Other	639,505	629,149
Goodwill	82,190	82,190
Utility property, plant and equipment
Total property, plant and equipment, net	5,283,768	5,265,735
Current assets
Cash and cash equivalents	277,579	341,421
Other long-term assets
Operating lease right-of-use assets	162,713	153,069
Total assets	15,358,673	15,004,007
Liabilities
Accounts payable	164,936	182,347
Interest and dividends payable	32,405	23,547
Deposit liabilities	7,745,294	7,386,957
Short-term borrowings—other than bank	100,242	129,379
Other bank borrowings	102,685	89,670
Long-term debt, net—other than bank	2,229,738	2,119,129
Deferred income taxes	380,365	395,089
Operating lease liabilities	175,334	160,432
Regulatory liabilities	956,139	959,786
Defined benefit pension and other postretirement benefit plans liability	558,191	567,438
Other	557,758	618,438
Total liabilities	13,003,087	12,632,212
Capitalization
Retained earnings	687,600	660,398
Accumulated other comprehensive loss, net of tax benefits	(45,280)	(1,264)
Total shareholders’ equity	2,321,293	2,337,502
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293	34,293
Commitments and contingencies
Current liabilities
Interest and dividends payable	32,405	23,547
Deferred credits and other liabilities
Deferred income taxes	380,365	395,089
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: 109,281,493 shares and 109,181,124 shares at March 31, 2021 and December 31, 2020, respectively	1,678,973	1,678,368
Retained earnings	687,600	660,398
Accumulated other comprehensive loss, net of tax benefits	(45,280)	(1,264)
Total shareholders’ equity	2,321,293	2,337,502
Total liabilities and shareholders’ equity	15,358,673	15,004,007
Hawaiian Electric Company, Inc. and Subsidiaries
Assets
Cash and cash equivalents	51,743	47,360
Restricted cash	11,506	15,966
Property, plant and equipment, net of accumulated depreciation	4,954,711	4,937,170
Regulatory assets	22,200
Utility property, plant and equipment
Land	51,611	51,611
Plant and equipment	7,551,879	7,509,343
Less accumulated depreciation	(2,859,719)	(2,819,079)
Construction in progress	203,988	188,342
Utility property, plant and equipment, net	4,947,759	4,930,217
Nonutility property, plant and equipment, less accumulated depreciation	6,952	6,953
Total property, plant and equipment, net	4,954,711	4,937,170
Current assets
Cash and cash equivalents	51,743	47,360
Customer accounts receivable, net	141,649	147,832
Accrued unbilled revenues, net	101,813	101,036
Other accounts receivable, net	5,073	7,673
Fuel oil stock, at average cost	74,688	58,238
Materials and supplies, at average cost	69,726	67,344
Prepayments and other	36,419	44,083
Regulatory assets	54,322	30,435
Total current assets	546,939	519,967
Other long-term assets
Operating lease right-of-use assets	138,534	127,654
Regulatory assets	719,104	736,273
Other	135,620	136,309
Total other long-term assets	993,258	1,000,236
Total assets	6,494,908	6,457,373
Liabilities
Interest and dividends payable	28,172	20,350
Deferred income taxes	396,758	397,798
Capitalization
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,324,376 shares at March 31, 2021 and December 31, 2020)	115,515	115,515
Premium on capital stock	746,987	746,987
Retained earnings	1,297,768	1,282,335
Accumulated other comprehensive loss, net of tax benefits	(2,885)	(2,919)
Total shareholders’ equity	2,157,385	2,141,918
Long-term debt, net	1,675,863	1,561,302
Total capitalization	3,867,541	3,737,513
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293	34,293
Commitments and contingencies
Current liabilities
Current portion of operating lease liabilities	66,301	64,730
Short-term borrowings from non-affiliates	0	49,979
Accounts payable	123,199	133,849
Interest and dividends payable	28,172	20,350
Taxes accrued, including revenue taxes	155,125	192,524
Regulatory liabilities	30,370	37,301
Other	70,000	74,262
Total current liabilities	473,167	572,995
Deferred credits and other liabilities
Operating lease liabilities	84,102	69,494
Deferred income taxes	396,758	397,798
Regulatory liabilities	925,769	922,485
Unamortized tax credits	110,181	111,915
Defined benefit pension and other postretirement benefit plans liability	522,286	530,532
Other	115,104	114,641
Total deferred credits and other liabilities	2,154,200	2,146,865
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none	34,293	34,293
Retained earnings	1,297,768	1,282,335
Accumulated other comprehensive loss, net of tax benefits	(2,885)	(2,919)
Total shareholders’ equity	2,157,385	2,141,918
Total liabilities and shareholders’ equity	$ 6,494,908	$ 6,457,373

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Property, plant and equipment, accumulated depreciation	$ 2,947,647	$ 2,903,144
Shareholders’ equity
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized shares (in shares)	10,000,000	10,000,000
Preferred stock, issued shares (in shares)	0	0
Common stock, no par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, issued shares (in shares)	109,281,493	109,181,124
Common stock, outstanding shares (in shares)	109,281,493	109,181,124
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Nonutility property, plant and equipment, accumulated depreciation	$ 116	$ 115
Shareholders’ equity
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)	17,324,376	17,324,376

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity and Common Stock Equity (unaudited) - USD ($) $ in Thousands	Total	Impact of adoption of ASU No. 2016-13	Balance, January 1, 2020 after adoption of ASU No. 2016-13	Hawaiian Electric Company, Inc. and Subsidiaries	Common stock	Common stockBalance, January 1, 2020 after adoption of ASU No. 2016-13	Common stockHawaiian Electric Company, Inc. and Subsidiaries	Premium on capital stockHawaiian Electric Company, Inc. and Subsidiaries	Retained Earnings	Retained EarningsImpact of adoption of ASU No. 2016-13	Retained EarningsBalance, January 1, 2020 after adoption of ASU No. 2016-13	Retained EarningsHawaiian Electric Company, Inc. and Subsidiaries	Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss)Balance, January 1, 2020 after adoption of ASU No. 2016-13	Accumulated other comprehensive income (loss)Hawaiian Electric Company, Inc. and Subsidiaries
Beginning Balance (in shares) at Dec. 31, 2019					108,973,000	108,973,000	17,048,000
Beginning Balance at Dec. 31, 2019	$ 2,280,260	$ (15,372)	$ 2,264,888	$ 2,047,352	$ 1,678,257	$ 1,678,257	$ 113,678	$ 714,824	$ 622,042	$ (15,372)	$ 606,670	$ 1,220,129	$ (20,039)	$ (20,039)	$ (1,279)
Increase (decrease) in stockholders' equity
Net income for common stock	33,420			23,905					33,420			23,905
Other comprehensive income (loss), net of tax (benefits)	18,212			26									18,212		26
Share-based expenses and other, net (in shares)					172,000
Share-based expenses and other, net	(3,996)				$ (3,996)
Common stock dividends	(36,019)			(26,784)					(36,019)			(26,784)
Ending Balance (in shares) at Mar. 31, 2020					109,145,000		17,048,000
Ending Balance at Mar. 31, 2020	$ 2,276,505			2,044,499	$ 1,674,261		$ 113,678	714,824	604,071			1,217,250	(1,827)		(1,253)
Beginning Balance (in shares) at Dec. 31, 2020	109,181,124				109,181,000		17,324,000
Beginning Balance at Dec. 31, 2020	$ 2,337,502			2,141,918	$ 1,678,368		$ 115,515	746,987	660,398			1,282,335	(1,264)		(2,919)
Increase (decrease) in stockholders' equity
Net income for common stock	64,358			43,358					64,358			43,358
Other comprehensive income (loss), net of tax (benefits)	(44,016)			34									(44,016)		34
Share-based expenses and other, net (in shares)					100,000
Share-based expenses and other, net	605				$ 605
Common stock dividends	$ (37,156)			(27,925)					(37,156)			(27,925)
Ending Balance (in shares) at Mar. 31, 2021	109,281,493				109,281,000		17,324,000
Ending Balance at Mar. 31, 2021	$ 2,321,293			$ 2,157,385	$ 1,678,973		$ 115,515	$ 746,987	$ 687,600			$ 1,297,768	$ (45,280)		$ (2,885)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Shareholders' Equity and Common Stock Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.34	$ 0.33

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 64,831	$ 33,893
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	61,427	59,614
Other amortization	10,951	11,418
Provision for credit losses	(8,435)	10,401
Loans originated, held for sale	(162,901)	(76,770)
Proceeds from sale of loans, held for sale	170,862	72,533
Gain on sale of investment securities, net	(528)	0
Gain on sale of loans	(4,300)	(2,000)
Deferred income taxes	(2,196)	(4,996)
Bad debt expense	457	2,724
Share-based compensation expense	2,602	1,704
Allowance for equity funds used during construction	(2,191)	(2,015)
Other	(3,519)	224
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net	5,664	(6,563)
Decrease (increase) in fuel oil stock	(16,400)	2,566
Decrease (increase) in regulatory assets	(14,869)	1,171
Increase (decrease) in regulatory liabilities	(4,716)	16,586
Increase in accounts, interest and dividends payable	7,677	8,935
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(25,513)	(45,205)
Decrease in defined benefit pension and other postretirement benefit plans liability	(2,621)	(490)
Change in other assets and liabilities	(34,095)	(19,713)
Net cash provided by operating activities	41,730	61,293
Cash flows from investing activities
Available-for-sale investment securities purchased	(781,992)	(159,173)
Principal repayments on available-for-sale investment securities	184,755	77,642
Proceeds from sale of available-for-sale investment securities	197,354	0
Principal repayments of held-to-maturity investment securities	20,185	4,851
Purchases of held-to-maturity investment securities	(88,262)	0
Purchase of stock from Federal Home Loan Bank	(22,296)	(20,766)
Redemption of stock from Federal Home Loan Bank	20,976	19,440
Net increase in loans held for investment	23,922	(65,544)
Proceeds from sale of low-income housing investments	0	6,725
Capital expenditures	(74,079)	(125,554)
Contributions to low income housing investments	(3,205)	(1,026)
Other	4,622	2,942
Net cash used in investing activities	(518,020)	(260,463)
Cash flows from financing activities
Net increase in deposit liabilities	358,337	111,881
Net increase (decrease) in short-term borrowings with original maturities of three months or less	35,751	(135,710)
Net increase in other bank borrowings with original maturities of three months or less	13,015	42,495
Proceeds from issuance of short-term debt	0	50,000
Repayment of short-term debt	(65,000)	0
Proceeds from issuance of long-term debt	161,800	186,925
Repayment of long-term debt	(50,699)	(909)
Withheld shares for employee taxes on vested share-based compensation	(1,997)	(5,700)
Common stock dividends	(37,156)	(36,018)
Preferred stock dividends of subsidiaries	(473)	(473)
Other	(4,621)	(4,590)
Net cash provided by financing activities	408,957	207,901
Net increase (decrease) in cash, cash equivalents and restricted cash	(67,333)	8,731
Cash, cash equivalents and restricted cash, beginning of period	358,979	227,685
Cash, cash equivalents and restricted cash, end of period	291,646	236,416
Less: Restricted cash	(14,067)	(30,902)
Cash and cash equivalents, end of period	277,579	205,514
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income	43,857	24,404
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment	57,355	55,850
Other amortization	6,577	7,704
Deferred income taxes	(4,671)	(3,762)
State refundable credit	(2,662)	(2,530)
Allowance for equity funds used during construction	(2,191)	(2,015)
Other	(1)	20
Changes in assets and liabilities
Decrease (increase) in accounts receivable	6,078	(9,020)
Decrease (increase) in accrued unbilled revenues	(427)	2,704
Decrease (increase) in fuel oil stock	(16,450)	2,410
Increase in materials and supplies	(2,382)	(496)
Decrease (increase) in regulatory assets	(14,869)	1,171
Increase (decrease) in regulatory liabilities	(4,716)	16,586
Increase (decrease) in accounts payable	6,254	(7,153)
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(24,802)	(43,919)
Decrease in defined benefit pension and other postretirement benefit plans liability	(1,434)	(1,017)
Change in other assets and liabilities	(14,012)	(4,520)
Net cash provided by operating activities	31,961	39,141
Cash flows from investing activities
Capital expenditures	(70,361)	(119,144)
Other	1,863	2,713
Net cash used in investing activities	(68,498)	(116,431)
Cash flows from financing activities
Net increase in other bank borrowings with original maturities of three months or less	0	(38,987)
Proceeds from issuance of short-term debt	0	50,000
Repayment of short-term debt	(50,000)	0
Proceeds from issuance of long-term debt	115,000	95,000
Common stock dividends	(27,925)	(26,784)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(499)	(499)
Other	(116)	(23)
Net cash provided by financing activities	36,460	78,707
Net increase (decrease) in cash, cash equivalents and restricted cash	(77)	1,417
Cash, cash equivalents and restricted cash, beginning of period	63,326	41,894
Cash, cash equivalents and restricted cash, end of period	63,249	43,311
Less: Restricted cash	(11,506)	(30,902)
Cash and cash equivalents, end of period	$ 51,743	$ 12,409

Basis of presentation

Basis of presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentationThe accompanying unaudited condensed 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 unaudited condensed consolidated 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 condensed 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, 2020.In the opinion of HEI’s and Hawaiian Electric’s management, the accompanying unaudited condensed 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, 2021 and December 31, 2020 and the results of their operations and cash flows for the three months ended March 31, 2021 and 2020. All such adjustments are of a normal recurring nature, unless otherwise disclosed below or in other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year.Recent accounting pronouncements.Income Taxes. In December 2019, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes specific exceptions to the general principles in Topic 740, improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP under certain situations. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted the ASU as of January 1, 2021 with no material impact on its consolidated financial statements and related disclosures.

Segment financial information

Segment financial information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment financial information	Segment financial information (in thousands) Electric utility Bank Other Total Three months ended March 31, 2021 Revenues from external customers $ 564,855 $ 77,131 $ 960 $ 642,946 Intersegment revenues (eliminations) 9 — (9) — Revenues $ 564,864 $ 77,131 $ 951 $ 642,946 Income (loss) before income taxes $ 55,090 $ 37,102 $ (11,996) $ 80,196 Income taxes (benefit) 11,233 7,546 (3,414) 15,365 Net income (loss) 43,857 29,556 (8,582) 64,831 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 43,358 $ 29,556 $ (8,556) $ 64,358 Total assets (at March 31, 2021) $ 6,494,908 $ 8,718,024 $ 145,741 $ 15,358,673 Three months ended March 31, 2020 Revenues from external customers $ 597,430 $ 79,738 $ 18 $ 677,186 Intersegment revenues (eliminations) 12 — (12) — Revenues $ 597,442 $ 79,738 $ 6 $ 677,186 Income (loss) before income taxes $ 29,686 $ 18,969 $ (8,959) $ 39,696 Income taxes (benefit) 5,282 3,208 (2,687) 5,803 Net income (loss) 24,404 15,761 (6,272) 33,893 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 23,905 $ 15,761 $ (6,246) $ 33,420 Total assets (at December 31, 2020) $ 6,457,373 $ 8,396,533 $ 150,101 $ 15,004,007 Intercompany electricity sales of the Utilities to ASB 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. Hamakua Energy, LLC’s (Hamakua Energy’s) sales to Hawaii Electric Light (a regulated affiliate) are eliminated in consolidation.

Electric utility segment

Electric utility segment	3 Months Ended
	Mar. 31, 2021
Electric utility subsidiary [Abstract]
Electric utility segment	Electric utility segment Unconsolidated variable interest entities. Power purchase agreements . As of March 31, 2021, the Utilities had five PPAs for firm capacity (including the Puna Geothermal Venture (PGV) PPA as PGV went offline in May 2018 due to lava flow on Hawaii Island, but returned to service with firm capacity of 13 MW in the first quarter of 2021) and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa), AES Hawaii, Inc. (AES Hawaii) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the three IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa, AES Hawaii and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the three IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa, AES Hawaii and Hamakua Energy in its condensed consolidated financial statements. Hamakua Energy is an indirect subsidiary of Pacific Current and is consolidated in HEI’s condensed consolidated financial statements. Commitments and contingencies. Contingencies . The Utilities are subject in the normal course of business to pending and threatened legal proceedings. Management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future. Power purchase agreements . Purchases from all IPPs were as follows: Three months ended March 31 (in millions) 2021 2020 Kalaeloa $ 37 $ 38 AES Hawaii 30 31 HPOWER 17 17 Hamakua Energy 11 13 Puna Geothermal Venture 4 — Wind IPPs 29 28 Solar IPPs 12 11 Other IPPs 1 2 2 Total IPPs $ 142 $ 140 1 Includes hydro power and other PPAs Kalaeloa Partners, L.P. Under a 1988 PPA, as amended, Hawaiian Electric is committed to purchase 208 MW of firm capacity from Kalaeloa. Hawaiian Electric and Kalaeloa continue negotiations to address the PPA term that ended on May 23, 2016. The PPA automatically extends on a month-to-month basis as long as the parties are still negotiating in good faith. Hawaiian Electric and Kalaeloa have agreed that neither party will terminate the PPA (which has been subject to automatic extension on a month-to-month basis) prior to May 31, 2021, to allow for a negotiated resolution. AES Hawaii, Inc. Under a PPA entered into in March 1988, as amended (through Amendment No. 2) for a period of 30 years ending September 2022, Hawaiian Electric agreed to purchase 180 MW of firm capacity from AES Hawaii. Hawaiian Electric and AES Hawaii have been in dispute over an additional 9 MW of capacity. In February 2018, Hawaiian Electric reached agreement with AES Hawaii on an amendment to the PPA. However, in June 2018, the PUC issued an order suspending review of the amendment pending a Department of Health of the State of Hawaii ( DOH) decision on AES Hawaii’s request for approval of its Emission Reduction Plan and partnership with Hawaiian Electric. If approved by the PUC, the amendment will resolve AES Hawaii’s claims related to the additional capacity. Hu Honua Bioenergy, LLC (Hu Honua). In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii. Under the terms of the PPA, the Hu Honua plant was scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in an amended and restated PPA between Hawaii Electric Light and Hu Honua dated May 9, 2017. In July 2017, the PUC approved the amended and restated PPA, which becomes effective once the PUC’s order is final and non-appealable. In August 2017, the PUC’s approval was appealed by a third party. On May 10, 2019, the Hawaii Supreme Court issued a decision remanding the matter to the PUC for further proceedings consistent with the court’s decision which must include express consideration of greenhouse gas (GHG) emissions that would result from approving the PPA, whether the cost of energy under the PPA is reasonable in light of the potential for GHG emissions, and whether the terms of the PPA are prudent and in the public interest, in light of its potential hidden and long-term consequences. On June 20, 2019, the PUC issued an order reopening the docket for further proceedings, including re-examining all of the issues in the proceedings. On September 29, 2019, the PUC issued an order setting the procedural schedule for the matter and on December 20, 2019, issued an order modifying the procedural schedule. Pre-hearing matters were completed on March 6, 2020. On July 9, 2020, the PUC issued an order denying Hawaii Electric Light’s request to waive the amended and restated PPA from the PUC’s competitive bidding requirements and therefore, dismissed the request for approval of the amended and restated PPA without prejudice to possible participation in any future competitive bidding process. On July 20, 2020, Hu Honua filed a motion for reconsideration of the PUC’s order which was denied by the PUC on September 9, 2020. On September 16, 2020, Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s order denying Hu Honua’s motion for reconsideration. Oral arguments were held before the Supreme Court on April 22, 2021. Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88 MW PV and 3 MW Battery Energy Storage System project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the United Stated District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended Complaint to include claims relating to the termination and Hawaiian Electric filed its Answer to the Amended Complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. 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 or community support 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, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income. Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) implementation project. The ERP/EAM Implementation Project went live in October 2018. Hawaii Electric Light and Hawaiian Electric began to incorporate their portion of the deferred project costs in rate base and started the amortization over a 12-year period in January 2020 and November 2020, respectively. The PUC required the benefit savings of the project to be passed on to customers. In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the new ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net O&M expense reductions and cost avoidance, and $96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. In October 2019, the PUC approved the Utilities and the Consumer Advocate’s Stipulated Performance Metrics and Tracking Mechanism. As of March 31, 2021, the Utilities’ regulatory liability was $11.2 million ($6.5 million for Hawaiian Electric, $1.9 million for Hawaii Electric Light and $2.8 million for Maui Electric) for the O&M expense savings that are being amortized or to be included in future rates. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, the regulatory liability for Hawaiian Electric will be amortized over five years, beginning in November 2020, and the O&M benefits for Hawaiian Electric will be considered flowed through to customers. As part of the PBR proceeding, the regulatory liability as of December 31, 2020 of approximately $1.6 million and $2.3 million, respectively, for Hawaii Electric Light and Maui Electric will be flowed to customers as part of the customer dividend in the annual revenue adjustment in 2021. At the PUC’s direction, the Utilities have been filing Semi-Annual Enterprise System Benefits (SAESB) reports on the achieved benefits savings. The most recent SAESB report was filed on February 26, 2021 for the period July 1 through December 31, 2020. 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. Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity. Former Molokai Electric Company generation site . In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983, but continued to operate at the Site under a lease until 1985. The federal Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the DOH and EPA, Maui Electric further investigated the Site and the Adjacent Parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.7 million as of March 31, 2021, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the Adjacent Parcel; however, final costs of remediation will depend on the cleanup approach implemented. Pearl Harbor sediment study . In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party responsible for the costs of investigation and cleanup of PCBs contamination in sediment in the area offshore of the Waiau Power Plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau Power Plant. As of March 31, 2021, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $9.8 million. The reserve balance represents the probable and reasonably estimable undiscounted cost for the onshore and offshore investigation and remediation. The final remediation costs will depend on the actual onshore and offshore cleanup costs. Regulatory proceedings Current decoupling . Decoupling is a regulatory model that is intended to provide the Utilities with financial stability and facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. The current decoupling mechanism has the following major components: (1) monthly revenue balancing account (RBA) revenues or refunds for the difference between PUC-approved target revenues and recorded adjusted revenues, which delinks revenues from kWh sales, (2) rate adjustment mechanism (RAM) revenues for escalation in certain O&M expenses and rate base changes, (3) major project interim recovery (MPIR) component, (4) performance incentive mechanisms (PIMs), and (5) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility exceeds the return on average common equity (ROACE) allowed in its most recent rate case. Performance-based regulation framework. On December 23, 2020, the PUC issued a D&O (PBR D&O) approving a new performance-based regulation framework (PBR Framework). Under the PBR Framework, the Utilities’ current decoupling will continue to be used with modifications, as described below. The existing cost recovery mechanisms will continue as currently implemented (e.g., the Energy Cost Recovery Clause (ECRC), Purchased Power Adjustment Clause (PPAC), Demand Side Management surcharge (DSM), Renewable Energy Infrastructure Program (REIP), Demand Response Adjustment Clause (DRAC), Pension and Other Post-Employment Benefits (OPEB) tracking mechanisms). In addition to annual revenues provided by the annual revenue adjustment (ARA), the Utilities may seek relief for extraordinary projects or programs through the Exceptional Project Recovery Mechanism (EPRM) (formerly known as the Major Project Interim Recovery (MPIR) adjustment mechanism) and earn financial rewards for exemplary performance as provided through a portfolio of Performance Incentive Mechanisms (PIMs) and Shared Savings Mechanisms (SSMs). The PBR Framework will incorporate a variety of other performance mechanisms, including Scorecards, Reported Metrics, and an expedited Pilot Process. The PBR Framework also contains a number of safeguards, including a symmetric Earnings Sharing Mechanism (ESM) which protects the Utilities and customers from excessive earnings or losses, as measured by the Utilities’ Return on Equity (ROE) and a Re-Opener mechanism, under which the PUC will open an examination, at its discretion, to determine if adjustments or modifications to specific PBR mechanisms are appropriate. Subsequent to the issuance of the PBR D&O, the PUC has initiated a collaborative process during which working groups consisting of the PUC, the Utilities and other parties have addressed the development of the proposed PBR implementation tariffs and the final details of the Prioritized Performance Mechanisms (i.e., Interconnection Approval PIM, Low-to-Moderate Income (LMI) Energy Efficiency PIM, Advanced Metering Infrastructure (AMI) Utilization PIM and the portfolio of Scorecards and Reported Metrics). The Utilities and other parties filed their refined proposals addressing the Prioritized Performance Mechanisms on March 16, 2021 and April 9, 2021. An order addressing the Prioritized Performance Mechanisms is expected to be issued in May 2021. Written tariffs to implement the PBR Framework have been either approved (see below) or will be submitted for PUC approval in May 2021 and expected to go into effect June 1, 2021. Rate adjustment mechanism . The existing RAM is based on the lesser of: a) an inflationary adjustment for certain O&M expenses and return on investment for certain rate base changes, or b) cumulative annual compounded increase in Gross Domestic Product Price Index applied to annualized target revenues (the RAM Cap). Annualized target revenues may be reset upon the issuance of an interim or final decision and order (D&O) in a rate case. All Utilities were limited to the RAM Cap in 2020. Under the new PBR Framework, the ARA mechanism will replace the RAM, effective on June 1, 2021. The transition to the new ARA includes the continuation of the 2020 RAM Revenue adjustment. Annual revenue adjustment mechanism . The PBR Framework established a five-year multi-year rate period during which there will be no general rate cases. Target revenues will be adjusted according to an index-driven ARA based on (i) an inflation factor, (ii) a predetermined X-factor to encompass productivity, which is set at zero, (iii) a Z-factor to account for exceptional circumstances not in the Utilities’ control and (iv) a customer dividend consisting of a negative adjustment of 0.22% compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket. As a result of an Order issued by the PUC pursuant to a motion for partial reconsideration the customer dividend for “pre-PBR” savings commitment portion to be delivered to customers will be at a rate of $6.6 million per year from 2021 to 2025, and the Enterprise Resource Planning system benefits savings of $3.9 million, to be delivered to customers in 2021. The implementation of the ARA is scheduled to occur on June 1, 2021. Earnings sharing mechanism . A symmetrical ESM for actual return on equity outside of a 300 basis points dead band above and below a target ROE of 9.5%, which is the current authorized ROE for the Utilities. There is a 50/50 sharing between customers and Utilities for the actual earnings falling within 150 basis points outside of the dead band in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms will be triggered if the Utilities credit rating outlook indicates a potential credit downgrade below investment grade status, or if its earned ROE enters the outer most tier of the ESM. Major project interim recovery . On April 27, 2017, the PUC issued an order that provided guidelines for interim recovery of revenues to support major projects placed in service between general rate cases. Projects eligible for recovery through the MPIR adjustment mechanism are major projects (i.e., projects with capital expenditures net of customer contributions in excess of $2.5 million), including, but not restricted to, renewable energy, energy efficiency, utility scale generation, grid modernization and smaller qualifying projects grouped into programs for review. The MPIR adjustment mechanism provides the opportunity to recover revenues for approved costs of eligible projects placed in service between general rate cases wherein cost recovery is limited by a revenue cap and is not provided by other effective recovery mechanisms. The request for PUC approval must include a business case, and all costs that are allowed to be recovered through the MPIR adjustment mechanism must be offset by any related benefits. The guidelines provide for accrual of revenues approved for recovery upon in-service date to be collected from customers through the annual RBA tariff. Capital projects that are not recovered through the MPIR would be included in the RAM and be subject to the RAM Cap, until the next rate case when the Utilities would request recovery in base rates. On March 31, 2021, the Utilities submitted 2021 MPIR amounts totaling $21.8 million for the Schofield Generating Station ($17.6 million), West Loch PV Project ($3.3 million), and Grid Modernization Strategy Phase 1 project ($0.9 million for all three utilities) for the accrual of revenues effective January 1, 2021, that included the 2021 return on project amount (based on approved amounts) in rate base, depreciation and incremental O&M expenses. Subject to PUC approval, as part of the transition to the PBR framework, the Utilities will begin recovery of the annualized 2021 MPIR amounts effective June 1, 2021 through the RBA rate adjustment. Exceptional project recovery mechanism . The existing MPIR adjustment mechanism was renamed EPRM to include deferred and O&M expense projects and to permit the Utilities to include the full amount of approved costs in the EPRM for recovery in the first year the project goes into service, pro-rated for the portion of the year the project is in service. Any pending application for MPIR relief submitted by the Utilities prior to the PBR D&O, will be grandfathered under the MPIR Guidelines. The Utilities may alternatively request that pending MPIR applications be reviewed under EPRM Guidelines. EPRM recovery will be in accordance with the EPRM Guidelines limited to the lesser of actual incurred project costs or PUC- approved amounts, net of savings. To date, the Utilities have requested approval of four projects with total estimated capital costs of $95 million for recovery through EPRM. Performance incentive mechanisms . The PUC has established the following PIMs: (1) Service Quality performance incentives, (2) Phase 1 Request for proposal (RFP) PIM for procurement of low-cost renewable energy, (3) Phase 2 RFP PIMs for generation and generation plus storage project, and Grid Services and standalone storage. • Service Quality performance incentives (ongoing). Service Quality performance incentives are measured on a calendar-year basis. The PIM tariff requires the performance targets, deadbands and the amount of maximum financial incentives used to determine the PIM financial incentive levels for each of the PIMs to be re-determined upon issuance of an interim or final order in a general rate case for each utility. • Service Reliability Performance measured by System Average Interruption Duration and Frequency Indexes (penalties only). Target performance is based on each utility’s historical 10-year average performance with a deadband of one standard deviation. The maximum penalty for each performance index is 20 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties of approximately $6.8 million - for both indices in total for the three utilities). • Call Center Performance measured by the percentage of calls answered within 30 seconds. Target performance is based on the annual average performance for each utility for the most recent 8 quarters with a deadband of 3% above and below the target. The maximum penalty or reward is 8 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties or rewards of approximately $1.4 million - in total for the three utilities). In December 2020, the Utilities accrued $0.9 million in estimated rewards for call center performance, net of service reliability penalties, for 2020. The net service quality performance rewards related to 2020 was reflected in the 2021 annual decoupling filing and pending PUC’s approval, will increase customer rates effective June 1, 2021. • Phase 1 RFP PIM. Procurement of low-cost variable renewable resources through the request for proposal process in 2018 is measured by comparison of the procurement price to target prices. Half of the incentive was earned upon PUC approval of the PPAs. Based on the seven PPAs approved in 2019, the Utilities recognized $1.7 million in 2019 with the remaining award to be recognized in the year following the in-service date of the projects, which is estimated to occur from 2023 to 2024. • Phase 2 RFP PIMs. The PUC order issued on October 9, 2019 establishes pricing thresholds, timelines to complete contracting, and other performance criteria for the performance incentive eligibility. The PIMs provide incentives only without penalties. The order requires contracts under the Grid Service RFP be filed for approval by May 2020 (subsequently extended to July 9, 2020), and by September 2020 under the Renewable RFPs, with a declining PIM for projects that are not filed by these deadlines. On July 9, 2020, the Utilities filed two Grid Service Purchase Agreements for the Grid Service RFP, which qualify for PIMs, however, details of the incentive metrics will be determined by PUC. On September 15, 2020, the Utilities filed eight power purchase agreements for the Phase 2 RFP. Of those eight, only one project qualified for a potential PIM incentive. On February 16, 2021, the Utilities filed one additional power purchase agreement that qualifies for the declining PIM. On December 31, 2020, the PUC approved the two Grid Services Purchase Agreements without further clarification regarding the PIM. The Utility has filed a letter to the PUC in January 2021 to seek guidance to the next step of defining the details of the incentive metrics. • The PUC established the following two new PIMs in its PBR D&O, which were approved in an order issued on March 23, 2021. The effective date for these PIM tariffs is June 1, 2021. • Renewable portfolio standard (RPS)-A PIM that provides a financial reward for accelerating the achievement of RPS goals. The Utilities may earn a reward for the amount of system generation above the interpolated statutory RPS goal at $20/MWh in 2021 and 2022, $15/MWh in 2023, and $10/MWh for the remainder of the multi-year rate period (MRP). Penalties are already prescribed in the RPS as $20/MWh for failing to meet RPS targets in 2030, 2040 and 2045. The evaluation period commenced on January 1, 2021. • Grid Services Procurement PIM that provides financial rewards for grid services acquired in 2021 and 2022. The Utilities can earn a total maximum reward of $1.5 million over 2021 and 2022. The evaluation period commenced on January 1, 2021. • The PUC also established the following three new PIMs in its PBR D&O, which are subject to PUC final design approval anticipated by June 1, 2021. • Interconnection Approval PIM that provides financial rewards and penalties for interconnection times for distributed energy resources systems <100 kW in size. The Utilities can earn a total annual maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million. The evaluation period commenced on January 1, 2021. • Low-to-Moderate Income (LMI) Energy Efficiency PIM that provides financial rewards for collaboration between the Utilities and the third-party Public Benefits Fee Administrator to deliver energy savings for low- and moderate-income customers. The rewards for the PIM metrics will be collectively capped at $2.0 million. The PIM will initially have a duration of three years and be subject to an annual review. The evaluation period will commence as of the date of the effective tariff. • Advanced Metering Infrastructure (AMI) Utilization PIM that provides financial rewards for acceleration of the number of customers with advanced meters enabled to support time-varying rates and next generation distributed energy resources programs. The Utilities can earn a total annual maximum reward of $2.0 million. The evaluation period will commence as of the date of the effective tariff. Annual decoupling filings . The Utilities filed annual decoupling filings on March 31, 2021, which are subject to PUC approval. The net annual incremental amounts proposed to be collected (refunded) from June 1, 2021 through December 31, 2021 are as follows: (in millions) Hawaiian Electric Hawaii Electric Light Maui Electric Total 2021 Annual incremental RAM adjusted revenues and ARA revenues $ (13.8) $ (2.0) $ (5.9) $ (21.7) Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes) 10.4 5.7 8.9 25.0 Incremental Performance Incentive Mechanisms (net) — 0.2 0.5 0.7 Incremental MPIR/EPRM Revenue Adjustment 12.6 0.1 0.1 12.8 Incremental Affiliate Transaction Refund/PUC Ordered Adjustment — N/A 2.0 2.0 Net annual incremental amount to be collected under the tariffs $ 9.1 $ 4.0 $ 5.6 $ 18.7 Note: Columns may not foot due to rounding. Most recent rate proceedings. Hawaiian Electric 2020 test year rate case . On October 22, 2020, the PUC issued a final D&O approving the stipulated settlement agreement filed in the proceeding. As a result, there will be no increase in base electric rates established in the 2017 test year rate case. In the final D&O, the PUC approved the capital structure that consists of a 58% total equity ratio, and a ROACE of 9.5% for the 2020 test year. The resulting return on rate base (RORB) is 7.37%. The D&O approved the agreement to implement the overall lower depreciation rates approved in the last depreciation study proceeding, effective January 1, 2020. See “Annual revenue adjustment mechanism” under “Performance-based regulation framework” above, regarding the PUC’s decision on the treatment of Hawaiian Electric’s Management Audit savings commitment. Hawaiian Electric’s proposed RBA provision tariff and ECRC tariff submitted on November 6, 2020 were approved by the PUC on December 11, 2020 and took effect on January 1, 2021. Hawaii Electric Light 2019 test year rate case . On July 28, 2020, the PUC issued a final D&O, approving the Stipulated Partial Settlement Letter in part and ordering final rates for the 2019 test year to remain at current effective rates such that there is a zero increase in rates. The PUC determined that an appropriate ROACE for the 2019 test year is 9.5%, approved a capital structure of 58% total equity and approved as fair a 7.52% RORB. In addition, the order, among others, (1) approved a 10-year amortization period for the state investment tax credit; and (2) approved a modification to Hawaii Electric Light’s ECRC to incorporate a 98%/2% risk-sharing split between customers and Hawaii Electric Light with an annual maximum exposure cap of +/- $600,000. The proposed final tariffs and PIM tariffs took effect on November 1, 2020, and the ECRC tariff took effect on January 1, 2021. Regulatory assets for COVID-19 related costs. On May 4, 2020, the PUC issued an order, authorizing all utilities, including the Utilities, to establish regulatory assets to record costs resulting from the suspension of disconnections of service during the pendency of the Governor’s Emergency Proclamation and until otherwise ordered by the PUC. In future proceedings, the PUC will consider the reasonableness of the costs, the appropriate period of recovery, any amount of carrying costs thereon, and any savings directly attributable to suspension of disconnects, and other related matters. As part of the order, the PUC prohibits the Utilities from charging late payment fees on past due payments. On June 30, 2020, the PUC issued an order approving the Utilities’ request made in April 2020 for deferral treatment of COVID-19 related costs through December 31, 2020. On March 8, 2021, the PUC approved the Utilities’ request to extend the deferral period to June 30, 2021. The Utilities are required to file quarterly reports to update the Utilities’ financial condition, report measures in place to assist their customers during the COVID-19 emergency situation, identify the planned deferred costs and details for the deferred costs, and identify funds received or benefits received that have resulted from the COVID-19 emergency period. The recovery of the regulatory assets would be determined in a subsequent proceeding and management believes the deferred costs are probable of recovery. In addition, starting in December 2020 and monthly moving forward until otherwise ordered by the PUC, the Utilities are required to file information on, among other things, number of customers, arrears balances, payment arrangements entered into, and available assistance used to assists customer bill payment. The monthly report is intended to assist the PUC in determining next steps regarding appropriate regulatory measures. As of March 31, 2021, the Utilities recorded a total of $22.2 million in regulatory assets pursuant to the orders. Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three month periods ended March 31, 2021 and 2020, and as of March 31, 2021 and December 31, 2020. Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and i

Bank segment

Bank segment	3 Months Ended
	Mar. 31, 2021
Bank Subsidiary [Abstract]
Bank segment	Bank segment Selected financial information American Savings Bank, F.S.B. Statements of Income and Comprehensive Income Data Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income Interest and fees on loans $ 49,947 $ 55,545 Interest and dividends on investment securities 8,673 9,430 Total interest and dividend income 58,620 64,975 Interest expense Interest on deposit liabilities 1,462 3,587 Interest on other borrowings 27 313 Total interest expense 1,489 3,900 Net interest income 57,131 61,075 Provision for credit losses (8,435) 10,401 Net interest income after provision for credit losses 65,566 50,674 Noninterest income Fees from other financial services 5,073 4,571 Fee income on deposit liabilities 3,863 5,113 Fee income on other financial products 2,442 1,872 Bank-owned life insurance 2,561 794 Mortgage banking income 4,300 2,000 Gain on sale of investment securities, net 528 — Other income, net 272 413 Total noninterest income 19,039 14,763 Noninterest expense Compensation and employee benefits 28,037 25,777 Occupancy 4,969 5,267 Data processing 4,351 3,837 Services 2,862 2,809 Equipment 2,222 2,339 Office supplies, printing and postage 1,044 1,341 Marketing 648 802 FDIC insurance 816 102 Other expense 2,554 4,194 Total noninterest expense 47,503 46,468 Income before income taxes 37,102 18,969 Income taxes 7,546 3,208 Net income 29,556 15,761 Other comprehensive income (loss), net of taxes (45,754) 19,847 Comprehensive income (loss) $ (16,198) $ 35,608 Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income $ 58,620 $ 64,975 Noninterest income 19,039 14,763 Less: Gain on sale of investment securities, net 528 — *Revenues-Bank 77,131 79,738 Total interest expense 1,489 3,900 Provision for credit losses (8,435) 10,401 Noninterest expense 47,503 46,468 Less: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 *Expenses-Bank 41,835 60,335 *Operating income-Bank 35,296 19,403 Add back: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 Add back: Gain on sale of investment securities, net 528 — Income before income taxes $ 37,102 $ 18,969 American Savings Bank, F.S.B. Balance Sheets Data (in thousands) March 31, 2021 December 31, 2020 Assets Cash and due from banks $ 113,698 $ 178,422 Interest-bearing deposits 110,365 114,304 Cash and cash equivalents 224,063 292,726 Investment securities Available-for-sale, at fair value 2,305,257 1,970,417 Held-to-maturity, at amortized cost (fair value of $285,599 and $229,963, respectively) 295,046 226,947 Stock in Federal Home Loan Bank, at cost 10,000 8,680 Loans held for investment 5,310,081 5,333,843 Allowance for credit losses (91,793) (101,201) Net loans 5,218,288 5,232,642 Loans held for sale, at lower of cost or fair value 23,637 28,275 Other 559,543 554,656 Goodwill 82,190 82,190 Total assets $ 8,718,024 $ 8,396,533 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 2,833,844 $ 2,598,500 Deposit liabilities—interest-bearing 4,911,450 4,788,457 Other borrowings 102,685 89,670 Other 154,418 183,731 Total liabilities 8,002,397 7,660,358 Commitments and contingencies Common stock 1 1 Additional paid-in capital 352,408 351,758 Retained earnings 394,026 369,470 Accumulated other comprehensive income (loss), net of taxes Net unrealized gains (losses) on securities $ (25,791) $ 19,986 Retirement benefit plans (5,017) (30,808) (5,040) 14,946 Total shareholder’s equity 715,627 736,175 Total liabilities and shareholder’s equity $ 8,718,024 8,396,533 Other assets Bank-owned life insurance $ 162,821 $ 163,265 Premises and equipment, net 206,247 206,134 Accrued interest receivable 24,381 24,616 Mortgage-servicing rights 10,685 10,020 Low-income housing investments 80,791 83,435 Other 74,618 67,186 $ 559,543 $ 554,656 Other liabilities Accrued expenses $ 55,073 $ 62,694 Federal and state income taxes payable 1,709 6,582 Cashier’s checks 29,363 38,011 Advance payments by borrowers 5,863 10,207 Other 62,410 66,237 $ 154,418 $ 183,731 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, federal funds purchased and advances from the Federal Home Loan Bank (FHLB) of $102.7 million, nil and nil, respectively, as of March 31, 2021 and $89.7 million, nil and nil, respectively, as of December 31, 2020. Investment securities. The major components of investment securities were as follows: Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair Gross unrealized losses Less than 12 months 12 months or longer (dollars in thousands) Number of issues Fair Amount Number of issues Fair Amount March 31, 2021 Available-for-sale U.S. Treasury and federal agency obligations $ 55,969 $ 1,719 $ (41) $ 57,647 1 $ 4,908 $ (41) — $ — $ — Mortgage-backed securities* 2,239,311 15,404 (53,363) 2,201,352 92 1,613,008 (53,344) 1 958 (19) Corporate bonds 29,781 1,050 — 30,831 — — — — — — Mortgage revenue bonds 15,427 — — 15,427 — — — — — — $ 2,340,488 $ 18,173 $ (53,404) $ 2,305,257 93 $ 1,617,916 $ (53,385) 1 $ 958 $ (19) Held-to-maturity Mortgage-backed securities* $ 295,046 $ 2,812 $ (12,259) $ 285,599 16 $ 220,908 $ (12,259) — $ — $ — $ 295,046 $ 2,812 $ (12,259) $ 285,599 16 $ 220,908 $ (12,259) — $ — $ — December 31, 2020 Available-for-sale U.S. Treasury and federal agency obligations $ 60,260 $ 2,062 $ — $ 62,322 — $ — $ — — $ — $ — Mortgage-backed securities* 1,825,893 26,817 (3,151) 1,849,559 22 373,924 (3,151) — — — Corporate bonds 29,776 1,575 — 31,351 — — — — — — Mortgage revenue bonds 27,185 — — 27,185 — — — — — — $ 1,943,114 $ 30,454 $ (3,151) $ 1,970,417 22 $ 373,924 $ (3,151) — $ — $ — Held-to-maturity Mortgage-backed securities* $ 226,947 $ 3,846 $ (830) $ 229,963 7 $ 114,152 $ (830) — $ — $ — $ 226,947 $ 3,846 $ (830) $ 229,963 7 $ 114,152 $ (830) — $ — $ — * Issued or guaranteed by U.S. Government agencies or sponsored agencies ASB does not believe that the investment securities that were in an unrealized loss position at March 31, 2021, represent a credit loss. Total gross unrealized losses were primarily attributable to change in market conditions. On a quarterly basis the investment securities are evaluated for changes in financial condition of the issuer. Based upon ASB’s evaluation, all securities held within the investment portfolio continue to be investment grade by one or more agencies. The contractual cash flows of the U.S. Treasury, federal agency obligations and agency mortgage-backed 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’s investment securities portfolio did not require an allowance for credit losses at March 31, 2021 and December 31, 2020. U.S. Treasury, federal agency obligations, corporate bonds, and mortgage revenue bonds have contractual terms to maturity. Mortgage-backed 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 investment securities were as follows: March 31, 2021 Amortized cost Fair value (in thousands) Available-for-sale Due in one year or less $ 11,996 $ 12,011 Due after one year through five years 43,530 45,180 Due after five years through ten years 30,224 31,287 Due after ten years 15,427 15,427 101,177 103,905 Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies 2,239,311 2,201,352 Total available-for-sale securities $ 2,340,488 $ 2,305,257 Held-to-maturity Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies $ 295,046 $ 285,599 Total held-to-maturity securities $ 295,046 $ 285,599 Proceeds from the sale of available-for-sale securities were $197.4 million and nil, respectively, for the three months ended March 31, 2021 and 2020. Gross realized gains and losses for the three months ended March 31, 2021 were $1.0 million and $0.5 million, respectively. Gross realized gains and losses for the three months ended March 31, 2020 were nil. Loans. The components of loans were summarized as follows: March 31, 2021 December 31, 2020 (in thousands) Real estate: Residential 1-4 family $ 2,107,537 $ 2,144,239 Commercial real estate 1,012,968 983,865 Home equity line of credit 901,462 963,578 Residential land 17,468 15,617 Commercial construction 114,455 121,424 Residential construction 13,365 11,022 Total real estate 4,167,255 4,239,745 Commercial 1,010,004 936,748 Consumer 148,511 168,733 Total loans 5,325,770 5,345,226 Deferred fees and discounts (15,689) (11,383) Allowance for credit losses (91,793) (101,201) Total loans, net $ 5,218,288 $ 5,232,642 ASB's policy is to require private mortgage insurance on all real estate loans when the loan-to-value ratio of the property exceeds 80% of the lower of the appraised value or purchase price at origination. For non-owner occupied residential property purchases, the loan-to-value ratio may not exceed 75% of the lower of the appraised value or purchase price at origination. Allowance for credit losses. The allowance for credit losses (balances and changes) by portfolio segment were as follows: (in thousands) Residential Commercial real Home Residential land Commercial construction Residential construction Commercial loans Consumer loans Total Three months ended March 31, 2021 Allowance for credit losses: Beginning balance $ 4,600 $ 35,607 $ 6,813 $ 609 $ 4,149 $ 11 $ 25,462 $ 23,950 $ 101,201 Charge-offs — — (50) — — — (771) (2,860) (3,681) Recoveries 3 — 15 10 — — 273 1,007 1,308 Provision 658 (1,262) (877) (46) (2,696) 5 (460) (2,357) (7,035) Ending balance $ 5,261 $ 34,345 $ 5,901 $ 573 $ 1,453 $ 16 $ 24,504 $ 19,740 $ 91,793 Three months ended March 31, 2020 Allowance for credit losses: Beginning balance, prior to adoption of ASU No. 2016-13 $ 2,380 $ 15,053 $ 6,922 $ 449 $ 2,097 $ 3 $ 10,245 $ 16,206 $ 53,355 Impact of adopting ASU No. 2016-13 2,150 208 (541) (64) 289 14 922 16,463 19,441 Charge-offs — — — (8) — — (369) (6,254) (6,631) Recoveries 53 — 6 9 — — 186 764 1,018 Provision (107) 1,326 (162) (34) 1,060 (3) 1,993 5,828 9,901 Ending balance $ 4,476 $ 16,587 $ 6,225 $ 352 $ 3,446 $ 14 $ 12,977 $ 33,007 $ 77,084 Allowance for loan commitments. The allowance for loan commitments by portfolio segment were as follows: (in thousands) Home equity Commercial construction Commercial loans Total Three months ended March 31, 2021 Allowance for loan commitments: Beginning balance $ 300 $ 3,000 $ 1,000 $ 4,300 Provision 100 (1,700) 200 (1,400) Ending balance $ 400 $ 1,300 $ 1,200 $ 2,900 Three months ended March 31, 2020 Allowance for loan commitments: Beginning balance, prior to adoption of ASU No. 2016-13 $ 392 $ 931 $ 418 $ 1,741 Impact of adopting ASU No. 2016-13 (92) 1,745 (94) 1,559 Provision — 515 (15) 500 Ending balance $ 300 $ 3,191 $ 309 $ 3,800 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 commercial and commercial real estate 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 probability of default 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 ASB 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. An asset classified Loss is considered uncollectible and has such little value that its continuance as a bankable asset is not warranted. The credit risk profile by vintage date based on payment activity or internally assigned grade for loans was as follows: Term Loans by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Converted to term loans Total March 31, 2021 Residential 1-4 family Current $ 150,713 $ 549,327 $ 184,339 $ 97,560 $ 179,131 $ 934,471 $ — $ — $ 2,095,541 30-59 days past due — 280 — — — 2,081 — — 2,361 60-89 days past due — — 3,018 431 — 1,954 — — 5,403 Greater than 89 days past due — — 942 — — 3,290 — — 4,232 150,713 549,607 188,299 97,991 179,131 941,796 — — 2,107,537 Home equity line of credit Current — — — — — — 861,116 36,792 897,908 30-59 days past due — — — — — — 659 473 1,132 60-89 days past due — — — — — — 261 73 334 Greater than 89 days past due — — — — — — 1,243 845 2,088 — — — — — — 863,279 38,183 901,462 Residential land Current 2,794 8,354 2,884 1,290 855 292 — — 16,469 30-59 days past due — — — — — 699 — — 699 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — 300 — — 300 2,794 8,354 2,884 1,290 855 1,291 — — 17,468 Residential construction Current 1,114 7,865 3,344 383 659 — — — 13,365 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 1,114 7,865 3,344 383 659 — — — 13,365 Consumer Current 6,658 25,307 57,781 29,734 4,219 475 16,332 3,729 144,235 30-59 days past due 125 164 577 452 90 1 106 125 1,640 60-89 days past due — 149 623 372 119 1 80 92 1,436 Greater than 89 days past due — 218 356 280 56 1 199 90 1,200 6,783 25,838 59,337 30,838 4,484 478 16,717 4,036 148,511 Commercial real estate Pass 23,091 274,952 69,384 60,627 28,174 222,617 11,000 — 689,845 Special Mention — 4,914 29,597 57,489 51,586 97,247 — — 240,833 Substandard — — 14,647 4,170 1,877 61,596 — — 82,290 Doubtful — — — — — — — — — 23,091 279,866 113,628 122,286 81,637 381,460 11,000 — 1,012,968 Commercial construction Pass — 21,414 39,513 26,990 — 2,917 20,972 — 111,806 Special Mention 245 2,404 — — — — — — 2,649 Substandard — — — — — — — — — Doubtful — — — — — — — — — 245 23,818 39,513 26,990 — 2,917 20,972 — 114,455 Commercial Pass 169,095 337,753 96,251 60,462 28,545 51,072 91,178 19,666 854,022 Special Mention 65 38,316 15,024 1,820 6,725 33,990 26,301 26 122,267 Substandard — 275 7,921 2,004 3,765 11,276 6,665 1,809 33,715 Doubtful — — — — — — — — — 169,160 376,344 119,196 64,286 39,035 96,338 124,144 21,501 1,010,004 Total loans $ 353,900 $ 1,271,692 $ 526,201 $ 344,064 $ 305,801 $ 1,424,280 $ 1,036,112 $ 63,720 $ 5,325,770 Term Loans by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Revolving Converted to term loans Total December 31, 2020 Residential 1-4 family Current $ 567,282 $ 218,988 $ 111,243 $ 203,916 $ 184,888 $ 849,788 $ — $ — $ 2,136,105 30-59 days past due — — — — — 2,629 — — 2,629 60-89 days past due — 476 — — — 2,314 — — 2,790 Greater than 89 days past due — — — 353 — 2,362 — — 2,715 567,282 219,464 111,243 204,269 184,888 857,093 — — 2,144,239 Home equity line of credit Current — — — — — — 927,106 33,228 960,334 30-59 days past due — — — — — — 552 298 850 60-89 days past due — — — — — — 267 75 342 Greater than 89 days past due — — — — — — 1,463 589 2,052 — — — — — — 929,388 34,190 963,578 Residential land Current 8,357 3,427 1,598 939 22 272 — — 14,615 30-59 days past due — — — — — 702 — — 702 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — 300 — — 300 8,357 3,427 1,598 939 22 1,274 — — 15,617 Residential construction Current 6,919 3,093 385 625 — — — — 11,022 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 6,919 3,093 385 625 — — — — 11,022 Consumer Current 28,818 67,159 37,072 7,207 293 348 18,351 3,758 163,006 30-59 days past due 406 1,085 727 155 4 — 138 90 2,605 60-89 days past due 191 549 427 165 3 — 97 59 1,491 Greater than 89 days past due 131 532 409 119 7 — 262 171 1,631 29,546 69,325 38,635 7,646 307 348 18,848 4,078 168,733 Commercial real estate Pass 270,603 63,301 62,168 28,432 55,089 155,654 11,000 — 646,247 Special Mention 10,261 36,405 57,952 33,763 68,287 48,094 — — 254,762 Substandard — 14,720 4,181 1,892 4,423 57,640 — — 82,856 Doubtful — — — — — — — — — 280,864 114,426 124,301 64,087 127,799 261,388 11,000 — 983,865 Commercial construction Pass 14,480 31,965 26,990 — 5,562 — 22,517 — 101,514 Special Mention 1,910 — — 18,000 — — — — 19,910 Substandard — — — — — — — — — Doubtful — — — — — — — — — 16,390 31,965 26,990 18,000 5,562 — 22,517 — 121,424 Commercial Pass 392,088 117,791 75,533 29,211 12,520 35,770 74,520 11,004 748,437 Special Mention 37,836 23,087 1,920 6,990 30,264 13,250 31,362 11,218 155,927 Substandard 304 7,785 2,043 4,017 7,542 3,113 5,265 1,928 31,997 Doubtful — — — — — — 387 — 387 430,228 148,663 79,496 40,218 50,326 52,133 111,534 24,150 936,748 Total loans $ 1,339,586 $ 590,363 $ 382,648 $ 335,784 $ 368,904 $ 1,172,236 $ 1,093,287 $ 62,418 $ 5,345,226 Revolving loans converted to term loans during the three months ended March 31, 2021 in the commercial, home equity line of credit and consumer portfolios was $0.5 million, $6.2 million, and $0.7 million, respectively. Revolving loans converted to term loans during the three months ended March 31, 2020 in the commercial, home equity line of credit and consumer portfolios was $2.0 million, $1.8 million and $1.0 million, respectively. The credit risk profile based on payment activity for loans was as follows: (in thousands) 30-59 60-89 Total Current Total Amortized cost> March 31, 2021 Real estate: Residential 1-4 family $ 2,361 $ 5,403 $ 4,232 $ 11,996 $ 2,095,541 $ 2,107,537 $ — Commercial real estate 1,681 — — 1,681 1,011,287 1,012,968 — Home equity line of credit 1,132 334 2,088 3,554 897,908 901,462 — Residential land 699 — 300 999 16,469 17,468 — Commercial construction — — — — 114,455 114,455 — Residential construction — — — — 13,365 13,365 — Commercial 146 47 73 266 1,009,738 1,010,004 — Consumer 1,640 1,436 1,200 4,276 144,235 148,511 — Total loans $ 7,659 $ 7,220 $ 7,893 $ 22,772 $ 5,302,998 $ 5,325,770 $ — December 31, 2020 Real estate: Residential 1-4 family $ 2,629 $ 2,790 $ 2,715 $ 8,134 $ 2,136,105 $ 2,144,239 $ — Commercial real estate — 488 — 488 983,377 983,865 — Home equity line of credit 850 342 2,052 3,244 960,334 963,578 — Residential land 702 — 300 1,002 14,615 15,617 — Commercial construction — — — — 121,424 121,424 — Residential construction — — — — 11,022 11,022 — Commercial 608 300 132 1,040 935,708 936,748 — Consumer 2,605 1,491 1,631 5,727 163,006 168,733 — Total loans $ 7,394 $ 5,411 $ 6,830 $ 19,635 $ 5,325,591 $ 5,345,226 $ — The credit risk profile based on nonaccrual loans were as follows: (in thousands) March 31, 2021 December 31, 2020 With a Related ACL Without a Related ACL Total With a Related ACL Without a Related ACL Total Real estate: Residential 1-4 family $ 16,945 $ 2,987 $ 19,932 $ 8,991 $ 2,835 $ 11,826 Commercial real estate 15,634 2,828 18,462 15,847 2,875 18,722 Home equity line of credit 5,075 1,587 6,662 5,791 1,567 7,358 Residential land 107 300 407 108 300 408 Commercial construction — — — — — — Residential construction — — — — — — Commercial 1,763 2,918 4,681 1,819 3,328 5,147 Consumer 3,192 — 3,192 3,935 — 3,935 Total $ 42,716 $ 10,620 $ 53,336 $ 36,491 $ 10,905 $ 47,396 The credit risk profile based on loans whose terms have been modified and accruing interest were as follows: (in thousands) March 31, 2021 December 31, 2020 Real estate: Residential 1-4 family $ 7,453 $ 7,932 Commercial real estate 3,254 3,281 Home equity line of credit 7,727 8,148 Residential land 1,738 1,555 Commercial construction — — Residential construction — — Commercial 5,737 6,108 Consumer 54 54 Total troubled debt restructured loans accruing interest $ 25,963 $ 27,078 ASB did not recognize interest on nonaccrual loans for the three months ended March 31, 2021 and 2020. Troubled debt restructurings. A loan modification is deemed to be a TDR when the borrower is determined to be experiencing financial difficulties and ASB grants a concession it would not otherwise consider. The allowance for credit losses on TDR loans that do not share risk characteristics are individually evaluated based on the present value of expected future cash flows discounted at the loan’s effective original contractual rate or based on the fair value of collateral less cost to sell. The financial impact of the estimated loss 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 credit losses. Loan modifications that occurred during the first three months of 2021 and 2020 were as follows: Loans modified as a TDR Three months ended March 31, 2021 (dollars in thousands) Number Outstanding recorded investment (as of period end) 1 Related allowance (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 12 $ 8,283 $ 298 Commercial real estate 1 482 — Home equity line of credit 1 170 21 Residential land 1 271 11 Commercial construction — — — Residential construction — — — Commercial 2 59 19 Consumer — — — 17 $ 9,265 $ 349 Three months ended March 31, 2020 (dollars in thousands) Number Outstanding recorded investment (as of period end) 1 Related allowance (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 1 $ 148 $ 8 Commercial real estate 2 16,584 4,281 Home equity line of credit — — — Residential land — — — Commercial construction — — — Residential construction — — — Commercial 4 756 278 Consumer — — — 7 $ 17,488 $ 4,567 1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included. There were no loans modified in TDRs that experienced a payment default of 90 days or more during the first three months of 2021 and 2020. If a loan modified in a TDR subsequently defaults, 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 nil at March 31, 2021 and December 31, 2020. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides that a financial institution may elect to suspend the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR and any related impairment for accounting purposes. In response to the COVID-19 pandemic, the Board of Governors of the FRB, the FDIC, the National Credit Union Administration, the OCC, and the Consumer Financial Protection Bureau, in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to accounting for loan modifications, past due reporting and nonaccrual status and charge-offs. Loan modifications that do not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with the FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment. Financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. Lastly, during short-term COVID-19 modifications, these loans generally should not be reported as nonaccrual or as classified. Collateral-dependent loans. A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Loans considered collateral-dependent were as follows: March 31, 2021 December 31, 2020 (in thousands) Amortized cost Amortized cost Collateral type Real estate: Residential 1-4 family $ 2,782 $ 2,541 Residential real estate property Commercial real estate 2,828 2,875 Commercial real estate property Home equity line of credit 1,587 1,567 Residential real estate property Residential land 300 300 Residential real estate property Total real estate 7,497 7,283 Commercial 889 934 Business assets Total $ 8,386 $ 8,217 ASB had $3.8 million of mortgage loans collateralized by residential real estate property that were in the process of foreclosure at March 31, 2021 and December 31, 2020. Mortgage servicing rights (MSRs) . 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 proceeds from the sale of residential mortgages of $170.9 million and $72.5 million for the three months ended March 31, 2021 and 2020, respectively, and recognized gains on such sales of $4.3 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively. There were no repurchased mortgage loans for the three months ended March 31, 2021 and 2020. The repurchase reserve was $0.1 million as of March 31, 2021 and 2020. Mortgage servicing fees, a component of other income, net, were $0.9 million and $0.8 million for the three months ended March 31, 2021 and 2020, respectively. Changes in the carrying value of MSRs were as follows: (in thousands) Gross carrying amount 1 Accumulated amortization Valuation allowance Net March 31, 2021 $ 20,830 $ (10,141) $ (4) $ 10,685 December 31, 2020 22,950 (12,670) (260) 10,020 1 Reflects impact of loans paid in full Changes related to MSRs were as follows: Three months ended March 31 (in thousands) 2021 2020 Mortgage servicing rights Beginning balance $ 10,280 $ 9,101 Amount capitalized 1,547 636 Amortization (1,138) (617) Other-than-temporary impairment — — Carrying amount before valuation allowance 10,689 9,120 Valuation allowance for mortgage servicing rights Beginning balance 260 — Provision (256) — Other-than-temporary impairment — — Ending balance 4 — Net carrying value of mortgage servicing rights $ 10,685 $ 9,120 ASB capitalizes MSRs acquired upon the sale of mortgage loans with servicing rights retained. On a monthly basis, ASB compares the net carrying value of the MSRs to its fair value to determine if there are any changes to the valuation allowance and/or other-than-temporary impairment for the MSRs. ASB uses a present value cash flow model 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 “Revenues - bank” 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 MSRs used in the impairment analysis were as follows: (dollars in thousands) March 31, 2021 December 31, 2020 Unpaid principal balance $ 1,505,963 $ 1,450,312 Weighted average note rate 3.57 % 3.68 % Weighted average discount rate 9.25 % 9.25 % Weighted average prepayment speed 12.0 % 17.7 % The sensitivity analysis of fair value of MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows: (dollars in thousands) March 31, 2021 December 31, 2020 Prepayment rate: 25 basis points adverse rate change $ (659) $ (738) 50 basis points adverse rate change (1,376) (1,445) Discount rate: 25 basis points adverse rate change (110) (68) 50 basis points adverse rate change (218) (135) 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. As of March 31, 2021 and December 31, 2020, ASB had no FHLB advances outstanding or federal funds purchased with the Federal Reserve Bank. ASB was in compliance with all Advances, Pledge and Security Agreement requirements as of March 31, 2021. 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 condensed consolidated balance sheets. 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 a 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 Gross amount Net amount of Repurchase agreements March 31, 2021 $ 103 $ — $ 103 December 31, 2020 90 — 90 Gross amount not offset in the Balance Sheets (in millions) Net amount of liabilities presented Financial Cash Commercial account holders March 31, 2021 $ 103 $ 122 $ — December 31, 2020 90 92 — 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. 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 risks 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

Credit agreements

Credit agreements	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Credit agreements	Credit agreements HEI and Hawaiian Electric each entered into a separate agreement with a syndicate of eight financial institutions (the HEI Facility and Hawaiian Electric Facility, respectively, and together, the Credit Facilities), effective July 3, 2017, to amend and restate their respective previously existing revolving unsecured credit agreements. The $150 million HEI Facility and $200 million Hawaiian Electric Facility both will terminate on June 30, 2022. Neither of the facilities are collateralized. As of March 31, 2021 and December 31, 2020, no amounts were outstanding under the Credit Facilities. The Credit Facilities will be maintained to support each company’s respective short-term commercial paper program, but may be drawn on to meet each company’s respective working capital needs and general corporate purposes. Hawaiian Electric has a $75 million 364-day revolving credit agreement with no amount outstanding at March 31, 2021. On April 19, 2021, the revolving credit agreement terminated and was not renewed.

Shareholders' equity

Shareholders' equity	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Shareholders' equity	Shareholders’ equity Accumulated other comprehensive income/(loss) . 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 AOCI-Retirement benefit plans Balance, December 31, 2020 $ 19,986 $ (3,363) $ (17,887) $ (1,264) $ (2,919) Current period other comprehensive income (loss) (45,777) 1,562 199 (44,016) 34 Balance, March 31, 2021 $ (25,791) $ (1,801) $ (17,688) $ (45,280) $ (2,885) Balance, December 31, 2019 $ 2,481 $ (1,613) $ (20,907) $ (20,039) $ (1,279) Current period other comprehensive income (loss) 19,448 (1,784) 548 18,212 26 Balance, March 31, 2020 $ 21,929 $ (3,397) $ (20,359) $ (1,827) $ (1,253) Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Three months ended March 31 2021 2020 (in thousands) HEI consolidated Net realized gains on securities included in net income $ (387) $ — Gain on sale of investment securities, net Retirement benefit plans: Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost 6,010 5,706 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets (5,811) (5,158) See Note 8 for additional details Total reclassifications $ (188) $ 548 Hawaiian Electric consolidated Retirement benefit plans: Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost $ 5,845 $ 5,184 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets (5,811) (5,158) See Note 8 for additional details Total reclassifications $ 34 $ 26

Revenues

Revenues	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Revenue from contracts with customers. The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Three months ended March 31, 2021 (in thousands) Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 181,239 $ — $ — $ 181,239 Electric energy sales - commercial 168,465 — — 168,465 Electric energy sales - large light and power 176,815 — — 176,815 Electric energy sales - other 2,479 — — 2,479 Bank fees — 11,378 — 11,378 Other sales — — 924 924 Total revenues from contracts with customers 528,998 11,378 924 541,300 Revenues from other sources Regulatory revenue $ 28,429 $ — $ — $ 28,429 Bank interest and dividend income — 58,620 — 58,620 Other bank noninterest income — 7,133 — 7,133 Other 7,437 — 27 7,464 Total revenues from other sources 35,866 65,753 27 101,646 Total revenues $ 564,864 $ 77,131 $ 951 $ 642,946 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 11,378 $ — $ 11,378 Services/goods transferred over time 528,998 — 924 529,922 Total revenues from contracts with customers $ 528,998 $ 11,378 $ 924 $ 541,300 Three months ended March 31, 2020 (in thousands) Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 190,266 $ — $ — $ 190,266 Electric energy sales - commercial 197,105 — — 197,105 Electric energy sales - large light and power 216,220 — — 216,220 Electric energy sales - other 3,458 — — 3,458 Bank fees — 11,556 — 11,556 Total revenues from contracts with customers 607,049 11,556 — 618,605 Revenues from other sources Regulatory revenue (15,304) — — (15,304) Bank interest and dividend income — 64,975 — 64,975 Other bank noninterest income — 3,207 — 3,207 Other 5,697 — 6 5,703 Total revenues from other sources (9,607) 68,182 6 58,581 Total revenues $ 597,442 $ 79,738 $ 6 $ 677,186 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 11,556 $ — $ 11,556 Services/goods transferred over time 607,049 — — 607,049 Total revenues from contracts with customers $ 607,049 $ 11,556 $ — $ 618,605 There are no material contract assets or liabilities associated with revenues from contracts with customers existing at the beginning of the period or as of March 31, 2021. Accounts receivable and unbilled revenues related to contracts with customers represent an unconditional right to consideration since all performance obligations have been satisfied. These amounts are disclosed as accounts receivable and unbilled revenues, net on HEI’s condensed consolidated balance sheets and customer accounts receivable, net and accrued unbilled revenues, net on Hawaiian Electric’s condensed consolidated balance sheets.

Retirement benefits

Retirement benefits	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Retirement benefits	Retirement benefits Defined benefit pension and other postretirement benefit plans information. For the first three months of 2021, the Company contributed $9 million ($9 million by the Utilities) to its pension and other postretirement benefit plans, compared to $17 million ($17 million by the Utilities) in the first three months of 2020. The Company’s current estimate of total contributions to its pension and other postretirement benefit plans in 2021 is $52 million ($51 million by the Utilities, $1 million by HEI and nil by ASB), compared to $71 million ($70 million by the Utilities, $1 million by HEI and nil by ASB) in 2020. In addition, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits in 2021, compared to $2 million ($1 million by the Utilities) paid in 2020. The components of net periodic pension costs (NPPC) and net periodic benefit costs (NPBC) for HEI consolidated and Hawaiian Electric consolidated were as follows: Pension benefits Other benefits Three months ended March 31 2021 2020 2021 2020 (in thousands) HEI consolidated Service cost $ 20,464 $ 18,363 $ 705 $ 631 Interest cost 18,801 20,163 1,569 1,855 Expected return on plan assets (33,067) (28,466) (3,233) (3,038) Amortization of net prior period (gain)/cost — 3 (383) (440) Amortization of net actuarial losses 1 1,556 8,057 254 50 Net periodic pension/benefit cost (return) 7,754 18,120 (1,088) (942) Impact of PUC D&Os 11,167 6,262 970 777 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 18,921 $ 24,382 $ (118) $ (165) Hawaiian Electric consolidated Service cost $ 19,994 $ 17,891 $ 699 $ 626 Interest cost 17,531 18,715 1,504 1,782 Expected return on plan assets (31,368) (26,855) (3,182) (2,990) Amortization of net prior period (gain)/cost — 2 (383) (440) Amortization of net actuarial losses 1 2,559 7,368 250 51 Net periodic pension/benefit cost (return) 8,716 17,121 (1,112) (971) Impact of PUC D&Os 11,167 6,262 970 777 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 19,883 $ 23,383 $ (142) $ (194) 1 Three months ended March 31, 2021 amounts include the one-time cumulative impact of the change in accounting principle for the plans’ fixed income securities from the calculated market-related value method to the fair value method, which was recorded in the first quarter of 2021. HEI consolidated recorded retirement benefits expense of $11 million ($12 million by the Utilities) in the first three months of 2021 and $15 million ($14 million by the Utilities) in the first three months of 2020 and charged the remaining net periodic benefit cost primarily to electric utility plant. Effective January 1, 2021, the Company adopted a change in accounting principle for the plans’ fixed income securities from the calculated market-related value method to the fair value method in the calculation of the expected return on plan assets component of NPPC and NPBC. The remaining plan assets continue to use the calculated market-related value methodology. The Company considers the fair value approach to be preferable for its fixed-income securities portfolio because it results in a current reflection of the changes in the value of plan assets in a way similar to the obligations it is intended to hedge. The Company evaluated the effect of this change in accounting principle and deemed it to be immaterial to the historical financial statements of the Company and Hawaiian Electric and, therefore, did not account for the change retrospectively and recorded the cumulative effects from the change in accounting principle in earnings for non-Utility businesses in the first quarter of 2021. Amounts related to the Utilities were reflected as adjustments to regulatory assets as appropriate, consistent with the expected regulatory treatment as described in the following paragraph. 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, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over 5 years beginning with the respective utility’s next rate case.

Share-based compensation

Share-based compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [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, 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 were added to the shares available for issuance under these programs. As of March 31, 2021, approximately 2.9 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 0.9 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. In June 2019, an additional 300,000 shares were made available for issuance under the 2011 Director Plan. As of March 31, 2021, there were 274,163 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) 2021 2020 HEI consolidated Share-based compensation expense 1 $ 2.6 $ 1.7 Income tax benefit 0.4 0.3 Hawaiian Electric consolidated Share-based compensation expense 1 1.1 0.8 Income tax benefit 0.3 0.1 1 For the three months ended March 31, 2021 and 2020, the Company has not capitalized any share-based compensation. Stock awards. HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows: Three months ended March 31 (dollars in thousands) 2021 2020 Shares granted — 468 Fair value $ — $ 23 Income tax benefit — 6 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. Restricted stock units. Information about HEI’s grants of restricted stock units was as follows: Three months ended March 31 2021 2020 Shares (1) Shares (1) Outstanding, beginning of period 193,939 $ 40.89 207,641 $ 35.36 Granted 127,598 33.98 77,679 48.11 Vested (78,988) 38.51 (77,719) 34.19 Forfeited (6,358) 42.20 (4,160) 35.81 Outstanding, end of period 236,191 $ 37.91 203,441 $ 40.67 Total weighted-average grant-date fair value of shares granted (in millions) $ 4.3 $ 3.7 (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, 2021 and 2020, total restricted stock units and related dividends that vested had a fair value of $3.0 million and $4.2 million, respectively, and the related tax benefits were $0.6 million and $0.7 million, respectively. As of March 31, 2021, there was $8.3 million of total unrecognized compensation cost related to the nonvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 2.6 years. Long-term incentive plan payable in stock. The 2019-2021, 2020-2022 and 2021-2023 long-term incentive plans (LTIP) provide for performance awards under the EIP of shares of HEI common stock based on the satisfaction of performance goals, including a market condition goal. 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 and calculated dividend equivalents. The potential payout varies from 0% to 200% of the number of target shares, depending on the achievement of the goals. The market condition goal is based on HEI’s total shareholder return (TSR) compared to the Edison Electric Institute Index over the relevant three-year period. The other performance condition goals relate to EPS growth, return on average common equity (ROACE), renewable portfolio standards, Hawaiian Electric’s net income growth, ASB’s efficiency ratio and strategic initiatives and Pacific Current’s EBITDA growth and return on average invested capital. LTIP linked to TSR . Information about HEI’s LTIP grants linked to TSR was as follows: Three months ended March 31 2021 2020 Shares (1) Shares (1) Outstanding, beginning of period 89,222 $ 42.10 96,402 $ 39.62 Granted 44,210 41.12 24,630 48.62 Vested (issued or unissued and cancelled) (32,355) 38.20 (29,409) 39.51 Forfeited (1,024) 45.89 (1,007) 41.72 Outstanding, end of period 100,053 $ 42.89 90,616 $ 42.08 Total weighted-average grant-date fair value of shares granted (in millions) $ 1.8 $ 1.2 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model. The grant date fair values of the shares were determined using a Monte Carlo simulation model utilizing actual information for the common shares of HEI and its peers for the period from the beginning of the performance period to the grant date and estimated future stock volatility and dividends of HEI and its peers over the remaining three-year performance period. The expected stock volatility assumptions for HEI and its peer group were based on the three-year historic stock volatility, and the annual dividend yield assumptions were based on dividend yields calculated on the basis of daily stock prices over the same three-year historical period. The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted: 2021 2020 Risk-free interest rate 0.19 % 1.39 % Expected life in years 3 3 Expected volatility 29.9 % 13.1 % Range of expected volatility for Peer Group 25.6% to 102.9% 13.6% to 95.4% Grant date fair value (per share) $41.12 $48.62 For the three months ended March 31, 2021 and 2020, total vested LTIP awards linked to TSR and related dividends had a fair value of $0.8 million and $2.6 million, respectively, and the related tax benefits were $0.2 million and $0.4 million, respectively. As of March 31, 2021, there was $2.6 million of total unrecognized compensation cost related to the nonvested performance awards payable in shares linked to TSR. The cost is expected to be recognized over a weighted-average period of 1.9 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 2021 2020 Shares (1) Shares (1) Outstanding, beginning of period 220,715 $ 41.03 403,768 $ 35.15 Granted 176,844 33.98 98,522 48.10 Vested (43,155) 34.12 (135,804) 33.48 Increase above target (cancelled) (14,604) 43.90 (26,111) 34.13 Forfeited (4,098) 44.36 (4,031) 39.67 Outstanding, end of period 335,702 $ 38.04 336,344 $ 39.64 Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) $ 6.0 $ 4.7 (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, 2021 and 2020, total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $1.7 million and $7.6 million, respectively, and the related tax benefits were $0.4 million and $1.2 million, respectively. As of March 31, 2021, there was $8.0 million of total unrecognized compensation cost related to the nonvested shares linked to performance conditions other than TSR. The cost is expected to be recognized over a weighted-average period of 2.0 years.

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company’s and the Utilities’ effective tax rates (combined federal and state income tax rates) were 19% and 20%, respectively, for the three months ended March 31, 2021. These rates differed from the combined statutory rates, due primarily to the Utilities’ amortization of excess deferred income taxes related to the provision in the Tax Act that lowered the federal income tax rate from 35% to 21%, the tax benefits derived from the low income housing tax credit investments and the non-taxability of the bank-owned life insurance income. The Company’s and the Utilities’ effective tax rates were 15% and 18%, respectively, for the three months ended March 31, 2020. In August 2020, the Internal Revenue Service notified the Company that its 2017 and 2018 income tax returns would be examined. The Company was previously audited every year through 2011, at which time the IRS changed their internal policies regarding audit frequency. The Company has received several initial requests for general tax return information and has responded or is in the process of responding to such requests.

Cash flows

Cash flows	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash flows	Cash flows Three months ended March 31 2021 2020 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates, net of amounts capitalized $ 15 $ 18 Income taxes paid (including refundable credits) — — Income taxes refunded (including refundable credits) — — Hawaiian Electric consolidated Interest paid to non-affiliates 9 9 Income taxes paid (including refundable credits) — — Income taxes refunded (including refundable credits) — — Supplemental disclosures of noncash activities HEI consolidated Property, plant and equipment unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 28 32 Reduction of long-term debt from funds previously transferred for repayment (financing) — 82 Right-of-use assets obtained in exchange for operating lease obligations (investing) 28 19 Common stock issued (gross) for director and executive/management compensation (financing) 1 6 14 Hawaiian Electric consolidated Electric utility property, plant and equipment unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 24 27 Reduction of long-term debt from funds previously transferred for repayment (financing) — 82 Right-of-use assets obtained in exchange for operating lease obligations (investing) 28 16 1 The amounts shown represent the market value of common stock issued for director and executive/management compensation and withheld to satisfy statutory tax liabilities.

Fair value measurements

Fair value measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair value measurements	Fair value measurements Fair value measurement and disclosure valuation methodology. The 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 of short-term borrowings approximated fair value because of the short maturity of these instruments. Investment securities . The fair value of ASB’s investment securities is determined quarterly through pricing obtained from independent third-party pricing services or from brokers not affiliated with the trade. Non-binding broker quotes are infrequent and generally occur for new securities that are settled close to the month-end pricing date. The third-party pricing vendors ASB 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 ASB’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. The fair value of the mortgage revenue bonds is estimated using a discounted cash flow model to calculate the present value of future principal and interest payments and, therefore is classified within Level 3 of the valuation hierarchy. Loans held for sale . Residential and commercial loans are carried at the lower of cost or market and are valued using market observable pricing inputs, which are derived from third party loan sales 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. Since the valuation is derived from model-based techniques, ASB includes loans held for investment within Level 3 of the valuation hierarchy. Collateral dependent loans . Collateral dependent loans have been adjusted to fair value. When a loan is identified as collateral dependent, the Company measures the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals, but in some cases, the value of the collateral may be estimated as having little or no 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. If it is determined that the value of the collateral dependent loan is less than its recorded investment, the Company recognizes this impairment and adjusts the carrying value of the loan to fair value through the allowance for credit losses. Real estate acquired in settlement of loans . Foreclosed assets are carried at fair value (less estimated costs to sell) and are 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 . MSRs 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. MSRs are evaluated for impairment at each reporting date. ASB's MSRs are 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 "Revenues - bank" 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 MSRs 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 its 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 FHLB advances of similar remaining maturities. Deposit liabilities are classified in Level 2 of the valuation hierarchy. Other borrowings . For advances and repurchase agreements, fair value is estimated using quantitative discounted cash flow models that require the use of interest rate inputs that are currently offered for advances and repurchase agreements of similar remaining maturities. The majority of market inputs are actively quoted and can be validated through external sources, including broker market transactions and third party pricing services. Long-term debt—other than bank . Fair value of fixed-rate long-term debt—other than bank 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 risks, terms, and remaining maturities. The carrying amount of floating rate long-term debt—other than bank approximated fair value because of the short-term interest reset periods. Long-term debt—other than bank is classified in Level 2 of the valuation hierarchy. Interest rate lock commitments (IRLCs) . The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. IRLCs are classified as Level 2 measurements. Forward sales commitments . To be announced (TBA) mortgage-backed securities forward commitments are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of ASB’s best efforts and mandatory delivery loan sale commitments are determined using quoted prices in the market place that are observable and are classified as Level 2 measurements. The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments. Estimated fair value (in thousands) Carrying or notional amount Quoted prices in Significant Significant Total March 31, 2021 Financial assets HEI consolidated Available-for-sale investment securities $ 2,305,257 $ — $ 2,289,830 $ 15,427 $ 2,305,257 Held-to-maturity investment securities 295,046 — 285,599 — 285,599 Loans, net 5,241,925 — 23,637 5,352,496 5,376,133 Mortgage servicing rights 10,685 — — 13,659 13,659 Derivative assets 103,077 340 745 — 1,085 Financial liabilities HEI consolidated Deposit liabilities 514,303 — 516,524 — 516,524 Short-term borrowings—other than bank 100,242 — 100,242 — 100,242 Other bank borrowings 102,685 — 102,684 — 102,684 Long-term debt, net—other than bank 2,229,738 — 2,492,539 — 2,492,539 Derivative liabilities 32,739 — 2,834 — 2,834 Hawaiian Electric consolidated Long-term debt, net 1,675,863 — 1,904,613 — 1,904,613 December 31, 2020 Financial assets HEI consolidated Available-for-sale investment securities $ 1,970,417 $ — $ 1,943,232 $ 27,185 $ 1,970,417 Held-to-maturity investment securities 226,947 — 229,963 — 229,963 Loans, net 5,260,917 — 28,354 5,410,976 5,439,330 Mortgage servicing rights 10,020 — — 10,705 10,705 Derivative assets 120,980 — 4,536 — 4,536 Financial liabilities HEI consolidated Deposit liabilities 548,830 — 552,800 — 552,800 Short-term borrowings—other than bank 129,379 — 129,379 — 129,379 Other bank borrowings 89,670 — 89,669 — 89,669 Long-term debt, net—other than bank 2,119,129 — 2,487,790 — 2,487,790 Derivative liabilities 137,500 500 4,530 — 5,030 Hawaiian Electric consolidated Short-term borrowings 49,979 — 49,979 — 49,979 Long-term debt, net 1,561,302 — 1,890,490 — 1,890,490 Fair value measurements on a recurring basis. Assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2021 December 31, 2020 Fair value measurements using Fair value measurements using (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Available-for-sale investment securities (bank segment) Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies $ — $ 2,201,352 $ — $ — $ 1,849,559 $ — U.S. Treasury and federal agency obligations — 57,647 — — 62,322 — Corporate bonds — 30,831 — — 31,351 — Mortgage revenue bonds — — 15,427 — — 27,185 $ — $ 2,289,830 $ 15,427 $ — $ 1,943,232 $ 27,185 Derivative assets Interest rate lock commitments (bank segment) 1 $ — $ 456 $ — $ — $ 4,536 $ — Forward commitments (bank segment) 1 340 — — — — — Interest rate swap (Other segment) 2 — 289 — — — — $ 340 $ 745 $ — $ — $ 4,536 $ — Derivative liabilities Interest rate lock commitments (bank segment) 1 $ — $ 18 $ — $ — $ — $ — Forward commitments (bank segment) 1 — — — 500 — — Interest rate swap (Other segment) 2 — 2,816 — — 4,530 — $ — $ 2,834 $ — $ 500 $ 4,530 $ — 1 Derivatives are carried at fair value in other assets or other liabilities in the balance sheets with changes in value included in mortgage banking income. 2 Derivatives are included in other assets and other liabilities in the balance sheets. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: Three months ended March 31 Mortgage revenue bonds 2021 2020 (in thousands) Beginning balance $ 27,185 $ 28,597 Principal payments received (11,758) — Purchases — 129 Unrealized gain (loss) included in other comprehensive income — — Ending balance $ 15,427 $ 28,726 Mortgage revenue bonds are issued by the Department of Budget and Finance of the State of Hawaii. The Company estimates the fair value by using a discounted cash flow model to calculate the present value of estimated future principal and interest payments. The unobservable input used in the fair value measurement is the weighted average discount rate. As of March 31, 2021, the weighted average discount rate was 2.07%, which was derived by incorporating a credit spread over the one month LIBOR rate. Significant increases (decreases) in the weighted average discount rate could result in a significantly lower (higher) fair value measurement. 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 using (in thousands) Balance Level 1 Level 2 Level 3 March 31, 2021 Loans $ 69 $ — $ — $ 69 Mortgage servicing rights 61 — — 61 December 31, 2020 Loans 387 — — 387 Mortgage servicing rights 3,001 — — 3,001 For the three months ended March 31, 2021 and 2020, there were no adjustments to fair value for ASB’s loans held for sale. The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis: Significant unobservable input value (1) ($ in thousands) Fair value Valuation technique Significant unobservable input Range Weighted March 31, 2021 Home equity lines of credit $ 69 Fair value of collateral Appraised value less selling cost N/A (2) N/A (2) Mortgage servicing rights 61 Discounted cash flow Prepayment speed 17% - 24% 17 % Discount rate 9.3 % December 31, 2020 Commercial loan $ 387 Fair value of collateral Appraised value less selling cost N/A (2) N/A (2) Mortgage servicing rights 3,001 Discounted cash flow Prepayment speed 15% - 22% 22 % Discount rate 9.3 % (1) Represents percent of outstanding principal balance. (2) N/A - Not applicable. There is one asset 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.

Basis of presentation (Policies

Basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	The accompanying unaudited condensed 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 unaudited condensed consolidated 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.
Recent accounting pronouncements	Recent accounting pronouncements.Income Taxes. In December 2019, Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which removes specific exceptions to the general principles in Topic 740, improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP under certain situations. ASU 2019-12 is effective for public business entities for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted the ASU as of January 1, 2021 with no material impact on its consolidated financial statements and related disclosures.
Troubled debt restructurings	Troubled debt restructurings. A loan modification is deemed to be a TDR when the borrower is determined to be experiencing financial difficulties and ASB grants a concession it would not otherwise consider. The allowance for credit losses on TDR loans that do not share risk characteristics are individually evaluated based on the present value of expected future cash flows discounted at the loan’s effective original contractual rate or based on the fair value of collateral less cost to sell. The financial impact of the estimated loss 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 credit losses.

Segment financial information (

Segment financial information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segment financial information	(in thousands) Electric utility Bank Other Total Three months ended March 31, 2021 Revenues from external customers $ 564,855 $ 77,131 $ 960 $ 642,946 Intersegment revenues (eliminations) 9 — (9) — Revenues $ 564,864 $ 77,131 $ 951 $ 642,946 Income (loss) before income taxes $ 55,090 $ 37,102 $ (11,996) $ 80,196 Income taxes (benefit) 11,233 7,546 (3,414) 15,365 Net income (loss) 43,857 29,556 (8,582) 64,831 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 43,358 $ 29,556 $ (8,556) $ 64,358 Total assets (at March 31, 2021) $ 6,494,908 $ 8,718,024 $ 145,741 $ 15,358,673 Three months ended March 31, 2020 Revenues from external customers $ 597,430 $ 79,738 $ 18 $ 677,186 Intersegment revenues (eliminations) 12 — (12) — Revenues $ 597,442 $ 79,738 $ 6 $ 677,186 Income (loss) before income taxes $ 29,686 $ 18,969 $ (8,959) $ 39,696 Income taxes (benefit) 5,282 3,208 (2,687) 5,803 Net income (loss) 24,404 15,761 (6,272) 33,893 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 23,905 $ 15,761 $ (6,246) $ 33,420 Total assets (at December 31, 2020) $ 6,457,373 $ 8,396,533 $ 150,101 $ 15,004,007

Electric utility segment (Table

Electric utility segment (Tables)	3 Months Ended
	Mar. 31, 2021
Electric utility subsidiary [Abstract]
Schedule of purchases from all IPPs	Purchases from all IPPs were as follows: Three months ended March 31 (in millions) 2021 2020 Kalaeloa $ 37 $ 38 AES Hawaii 30 31 HPOWER 17 17 Hamakua Energy 11 13 Puna Geothermal Venture 4 — Wind IPPs 29 28 Solar IPPs 12 11 Other IPPs 1 2 2 Total IPPs $ 142 $ 140
Schedule of net annual incremental amounts proposed to be collected (refunded)	The Utilities filed annual decoupling filings on March 31, 2021, which are subject to PUC approval. The net annual incremental amounts proposed to be collected (refunded) from June 1, 2021 through December 31, 2021 are as follows: (in millions) Hawaiian Electric Hawaii Electric Light Maui Electric Total 2021 Annual incremental RAM adjusted revenues and ARA revenues $ (13.8) $ (2.0) $ (5.9) $ (21.7) Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes) 10.4 5.7 8.9 25.0 Incremental Performance Incentive Mechanisms (net) — 0.2 0.5 0.7 Incremental MPIR/EPRM Revenue Adjustment 12.6 0.1 0.1 12.8 Incremental Affiliate Transaction Refund/PUC Ordered Adjustment — N/A 2.0 2.0 Net annual incremental amount to be collected under the tariffs $ 9.1 $ 4.0 $ 5.6 $ 18.7
Schedule of condensed consolidating statements of income (loss)	Condensed Consolidating Statement of Income Three months ended March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 400,554 85,149 79,181 — (20) $ 564,864 Expenses Fuel oil 88,728 16,485 22,214 — — 127,427 Purchased power 108,604 21,597 12,095 — — 142,296 Other operation and maintenance 77,335 17,912 19,323 — — 114,570 Depreciation 38,914 10,048 8,393 — — 57,355 Taxes, other than income taxes 38,627 7,993 7,482 — — 54,102 Total expenses 352,208 74,035 69,507 — — 495,750 Operating income 48,346 11,114 9,674 — (20) 69,114 Allowance for equity funds used during construction 1,748 132 311 — — 2,191 Equity in earnings of subsidiaries 12,510 — — — (12,510) — Retirement defined benefits expense—other than service costs 886 168 (33) — — 1,021 Interest expense and other charges, net (12,832) (2,581) (2,590) — 20 (17,983) Allowance for borrowed funds used during construction 591 44 112 — — 747 Income before income taxes 51,249 8,877 7,474 — (12,510) 55,090 Income taxes 7,621 2,051 1,561 — — 11,233 Net income 43,628 6,826 5,913 — (12,510) 43,857 Preferred stock dividends of subsidiaries — 134 95 — — 229 Net income attributable to Hawaiian Electric 43,628 6,692 5,818 — (12,510) 43,628 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 43,358 6,692 5,818 — (12,510) $ 43,358 Condensed Consolidating Statement of Income Three months ended March 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 421,166 89,293 87,198 — (215) $ 597,442 Expenses Fuel oil 120,535 22,432 30,254 — — 173,221 Purchased power 107,951 19,521 12,344 — — 139,816 Other operation and maintenance 85,637 19,104 22,806 — — 127,547 Depreciation 38,011 9,760 8,079 — — 55,850 Taxes, other than income taxes 40,501 8,342 8,207 — — 57,050 Total expenses 392,635 79,159 81,690 — — 553,484 Operating income 28,531 10,134 5,508 — (215) 43,958 Allowance for equity funds used during construction 1,743 119 153 — — 2,015 Equity in earnings of subsidiaries 8,804 — — — (8,804) — Retirement defined benefits expense—other than service costs (546) 194 (29) — — (381) Interest expense and other charges, net (12,002) (2,484) (2,323) — 215 (16,594) Allowance for borrowed funds used during construction 602 36 50 — — 688 Income before income taxes 27,132 7,999 3,359 — (8,804) 29,686 Income taxes 2,957 1,798 527 5,282 Net income 24,175 6,201 2,832 — (8,804) 24,404 Preferred stock dividends of subsidiaries — 134 95 — 229 Net income attributable to Hawaiian Electric 24,175 6,067 2,737 — (8,804) 24,175 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 23,905 6,067 2,737 — (8,804) $ 23,905 Statements of Income and Comprehensive Income Data Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income Interest and fees on loans $ 49,947 $ 55,545 Interest and dividends on investment securities 8,673 9,430 Total interest and dividend income 58,620 64,975 Interest expense Interest on deposit liabilities 1,462 3,587 Interest on other borrowings 27 313 Total interest expense 1,489 3,900 Net interest income 57,131 61,075 Provision for credit losses (8,435) 10,401 Net interest income after provision for credit losses 65,566 50,674 Noninterest income Fees from other financial services 5,073 4,571 Fee income on deposit liabilities 3,863 5,113 Fee income on other financial products 2,442 1,872 Bank-owned life insurance 2,561 794 Mortgage banking income 4,300 2,000 Gain on sale of investment securities, net 528 — Other income, net 272 413 Total noninterest income 19,039 14,763 Noninterest expense Compensation and employee benefits 28,037 25,777 Occupancy 4,969 5,267 Data processing 4,351 3,837 Services 2,862 2,809 Equipment 2,222 2,339 Office supplies, printing and postage 1,044 1,341 Marketing 648 802 FDIC insurance 816 102 Other expense 2,554 4,194 Total noninterest expense 47,503 46,468 Income before income taxes 37,102 18,969 Income taxes 7,546 3,208 Net income 29,556 15,761 Other comprehensive income (loss), net of taxes (45,754) 19,847 Comprehensive income (loss) $ (16,198) $ 35,608 Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income $ 58,620 $ 64,975 Noninterest income 19,039 14,763 Less: Gain on sale of investment securities, net 528 — *Revenues-Bank 77,131 79,738 Total interest expense 1,489 3,900 Provision for credit losses (8,435) 10,401 Noninterest expense 47,503 46,468 Less: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 *Expenses-Bank 41,835 60,335 *Operating income-Bank 35,296 19,403 Add back: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 Add back: Gain on sale of investment securities, net 528 — Income before income taxes $ 37,102 $ 18,969
Schedule of condensed consolidating statement of comprehensive income	Condensed Consolidating Statement of Comprehensive Income Three months ended March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Consolidated Net income for common stock $ 43,358 6,692 5,818 — (12,510) $ 43,358 Other comprehensive income (loss), net of taxes: Retirement benefit plans: Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes 5,845 835 761 — (1,596) 5,845 Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (5,811) (834) (761) — 1,595 (5,811) Other comprehensive income, net of taxes 34 1 — — (1) 34 Comprehensive income attributable to common shareholder $ 43,392 6,693 5,818 — (12,511) $ 43,392 Condensed Consolidating Statement of Comprehensive Income Three months ended March 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Consolidated Net income for common stock $ 23,905 6,067 2,737 — (8,804) $ 23,905 Other comprehensive income (loss), net of taxes: Retirement benefit plans: Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits 5,184 748 652 — (1,400) 5,184 Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (5,158) (747) (652) — 1,399 (5,158) Other comprehensive income, net of taxes 26 1 — — (1) 26 Comprehensive income attributable to common shareholder $ 23,931 6,068 2,737 — (8,805) $ 23,931
Schedule of condensed consolidating balance sheet	Condensed Consolidating Balance Sheet March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,411 5,606 3,594 — — $ 51,611 Plant and equipment 4,986,417 1,358,367 1,207,095 — — 7,551,879 Less accumulated depreciation (1,706,529) (604,021) (549,169) — — (2,859,719) Construction in progress 160,331 13,927 29,730 — — 203,988 Utility property, plant and equipment, net 3,482,630 773,879 691,250 — — 4,947,759 Nonutility property, plant and equipment, less accumulated depreciation 5,305 115 1,532 — — 6,952 Total property, plant and equipment, net 3,487,935 773,994 692,782 — — 4,954,711 Investment in wholly owned subsidiaries, at equity 631,976 — — — (631,976) — Current assets Cash and cash equivalents 29,727 7,730 14,209 77 — 51,743 Restricted cash 11,506 — — — — 11,506 Customer accounts receivable, net 101,605 21,358 18,686 — — 141,649 Accrued unbilled revenues, net 72,784 14,911 14,118 — — 101,813 Other accounts receivable, net 12,967 3,006 3,570 — (14,470) 5,073 Fuel oil stock, at average cost 51,894 9,981 12,813 — — 74,688 Materials and supplies, at average cost 40,395 9,873 19,458 — — 69,726 Prepayments and other 29,769 3,534 3,791 — (675) 36,419 Regulatory assets 42,852 2,840 8,630 — — 54,322 Total current assets 393,499 73,233 95,275 77 (15,145) 546,939 Other long-term assets Operating lease right-of-use assets 123,992 14,198 344 — — 138,534 Regulatory assets 501,393 111,700 106,011 — — 719,104 Other 102,767 18,591 20,424 — (6,162) 135,620 Total other long-term assets 728,152 144,489 126,779 — (6,162) 993,258 Total assets $ 5,241,562 991,716 914,836 77 (653,283) $ 6,494,908 Capitalization and liabilities Capitalization Common stock equity $ 2,157,385 320,494 311,405 77 (631,976) $ 2,157,385 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,176,229 246,310 253,324 — — 1,675,863 Total capitalization 3,355,907 573,804 569,729 77 (631,976) 3,867,541 Current liabilities Current portion of operating lease liabilities 64,423 1,844 34 — — 66,301 Accounts payable 87,437 16,037 19,725 — — 123,199 Interest and preferred dividends payable 20,075 3,698 4,400 — (1) 28,172 Taxes accrued, including revenue taxes 107,552 25,372 22,876 — (675) 155,125 Regulatory liabilities 17,000 5,901 7,469 — — 30,370 Other 55,478 11,951 17,189 — (14,618) 70,000 Total current liabilities 351,965 64,803 71,693 — (15,294) 473,167 Deferred credits and other liabilities Operating lease liabilities 71,431 12,353 318 — — 84,102 Deferred income taxes 282,513 53,582 60,663 — — 396,758 Regulatory liabilities 658,584 174,820 92,365 — — 925,769 Unamortized tax credits 81,297 15,126 13,758 — — 110,181 Defined benefit pension and other postretirement benefit plans liability 373,376 76,357 78,566 — (6,013) 522,286 Other 66,489 20,871 27,744 — — 115,104 Total deferred credits and other liabilities 1,533,690 353,109 273,414 — (6,013) 2,154,200 Total capitalization and liabilities $ 5,241,562 991,716 914,836 77 (653,283) $ 6,494,908 Condensed Consolidating Balance Sheet December 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,411 5,606 3,594 — — $ 51,611 Plant and equipment 4,960,470 1,352,885 1,195,988 — — 7,509,343 Less accumulated depreciation (1,677,256) (597,606) (544,217) — — (2,819,079) Construction in progress 143,616 13,043 31,683 — — 188,342 Utility property, plant and equipment, net 3,469,241 773,928 687,048 — — 4,930,217 Nonutility property, plant and equipment, less accumulated depreciation 5,306 115 1,532 — — 6,953 Total property, plant and equipment, net 3,474,547 774,043 688,580 — — 4,937,170 Investment in wholly owned subsidiaries, at equity 626,890 — — — (626,890) — Current assets Cash and cash equivalents 42,205 3,046 2,032 77 — 47,360 Restricted cash 15,966 — — — — 15,966 Advances to affiliates 26,700 — — — (26,700) — Customer accounts receivable, net 102,736 23,989 21,107 — — 147,832 Accrued unbilled revenues, net 73,628 13,631 13,777 — — 101,036 Other accounts receivable, net 17,984 3,028 2,856 — (16,195) 7,673 Fuel oil stock, at average cost 38,777 8,471 10,990 — — 58,238 Materials and supplies, at average cost 38,786 9,896 18,662 — — 67,344 Prepayments and other 34,306 5,197 4,580 — — 44,083 Regulatory assets 22,095 1,954 6,386 — — 30,435 Total current assets 413,183 69,212 80,390 77 (42,895) 519,967 Other long-term assets Operating lease right-of-use assets 125,858 1,443 353 — — 127,654 Regulatory assets 513,192 114,461 108,620 — — 736,273 Other 98,307 17,992 20,010 — — 136,309 Total other long-term assets 737,357 133,896 128,983 — — 1,000,236 Total assets $ 5,251,977 977,151 897,953 77 (669,785) $ 6,457,373 Capitalization and liabilities Capitalization Common stock equity $ 2,141,918 317,451 309,363 77 (626,891) $ 2,141,918 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,116,426 216,447 228,429 — — 1,561,302 Total capitalization 3,280,637 540,898 542,792 77 (626,891) 3,737,513 Current liabilities Current portion of operating lease liabilities 64,599 98 33 — — 64,730 Short-term borrowings-non-affiliate 49,979 — — — — 49,979 Short-term borrowings-affiliate — 18,800 7,900 — (26,700) — Accounts payable 97,102 19,570 17,177 — — 133,849 Interest and preferred dividends payable 14,480 3,138 2,790 — (58) 20,350 Taxes accrued, including revenue taxes 135,018 29,869 27,637 — — 192,524 Regulatory liabilities 20,224 8,785 8,292 — — 37,301 Other 57,926 13,851 18,621 — (16,136) 74,262 Total current liabilities 439,328 94,111 82,450 — (42,894) 572,995 Deferred credits and other liabilities Operating lease liabilities 67,824 1,344 326 — — 69,494 Deferred income taxes 282,685 54,108 61,005 — — 397,798 Regulatory liabilities 656,270 173,938 92,277 — — 922,485 Unamortized tax credits 82,563 15,363 13,989 — — 111,915 Defined benefit pension and other postretirement benefit plans liability 373,112 77,679 79,741 — — 530,532 Other 69,558 19,710 25,373 — — 114,641 Total deferred credits and other liabilities 1,532,012 342,142 272,711 — — 2,146,865 Total capitalization and liabilities $ 5,251,977 977,151 897,953 77 (669,785) $ 6,457,373 Balance Sheets Data (in thousands) March 31, 2021 December 31, 2020 Assets Cash and due from banks $ 113,698 $ 178,422 Interest-bearing deposits 110,365 114,304 Cash and cash equivalents 224,063 292,726 Investment securities Available-for-sale, at fair value 2,305,257 1,970,417 Held-to-maturity, at amortized cost (fair value of $285,599 and $229,963, respectively) 295,046 226,947 Stock in Federal Home Loan Bank, at cost 10,000 8,680 Loans held for investment 5,310,081 5,333,843 Allowance for credit losses (91,793) (101,201) Net loans 5,218,288 5,232,642 Loans held for sale, at lower of cost or fair value 23,637 28,275 Other 559,543 554,656 Goodwill 82,190 82,190 Total assets $ 8,718,024 $ 8,396,533 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 2,833,844 $ 2,598,500 Deposit liabilities—interest-bearing 4,911,450 4,788,457 Other borrowings 102,685 89,670 Other 154,418 183,731 Total liabilities 8,002,397 7,660,358 Commitments and contingencies Common stock 1 1 Additional paid-in capital 352,408 351,758 Retained earnings 394,026 369,470 Accumulated other comprehensive income (loss), net of taxes Net unrealized gains (losses) on securities $ (25,791) $ 19,986 Retirement benefit plans (5,017) (30,808) (5,040) 14,946 Total shareholder’s equity 715,627 736,175 Total liabilities and shareholder’s equity $ 8,718,024 8,396,533 Other assets Bank-owned life insurance $ 162,821 $ 163,265 Premises and equipment, net 206,247 206,134 Accrued interest receivable 24,381 24,616 Mortgage-servicing rights 10,685 10,020 Low-income housing investments 80,791 83,435 Other 74,618 67,186 $ 559,543 $ 554,656 Other liabilities Accrued expenses $ 55,073 $ 62,694 Federal and state income taxes payable 1,709 6,582 Cashier’s checks 29,363 38,011 Advance payments by borrowers 5,863 10,207 Other 62,410 66,237 $ 154,418 $ 183,731
Schedule of condensed consolidating statement of changes in common stock equity	Condensed Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Balance, December 31, 2020 $ 2,141,918 317,451 309,363 77 (626,891) $ 2,141,918 Net income for common stock 43,358 6,692 5,818 — (12,510) 43,358 Other comprehensive income, net of taxes 34 1 — — (1) 34 Common stock dividends (27,925) (3,650) (3,776) — 7,426 (27,925) Balance, March 31, 2021 $ 2,157,385 320,494 311,405 77 (631,976) $ 2,157,385 Condensed Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Balance, December 31, 2019 $ 2,047,352 298,998 292,870 101 (591,969) $ 2,047,352 Net income for common stock 23,905 6,067 2,737 — (8,804) 23,905 Other comprehensive income, net of taxes 26 1 — — (1) 26 Common stock dividends (26,784) (4,080) (3,596) — 7,676 (26,784) Common stock issuance expenses — — (1) — 1 — Balance, March 31, 2020 $ 2,044,499 300,986 292,010 101 (593,097) $ 2,044,499
Schedule of condensed consolidating statement of cash flows	Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Net cash provided by operating activities $ 18,764 9,635 10,988 — (7,426) $ 31,961 Cash flows from investing activities Capital expenditures (45,293) (12,728) (12,340) — — (70,361) Advances from affiliates 26,700 — — — (26,700) — Other 1,182 372 309 — — 1,863 Net cash used in investing activities (17,411) (12,356) (12,031) — (26,700) (68,498) Cash flows from financing activities Common stock dividends (27,925) (3,650) (3,776) — 7,426 (27,925) Preferred stock dividends of Hawaiian Electric and subsidiaries (270) (134) (95) — — (499) Repayment of short-term debt (50,000) — — — — (50,000) Proceeds from issuance of long-term debt 60,000 30,000 25,000 — — 115,000 Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less — (18,800) (7,900) — 26,700 — Other (96) (11) (9) — — (116) Net cash provided by (used in) financing activities (18,291) 7,405 13,220 — 34,126 36,460 Net increase (decrease) in cash and cash equivalents (16,938) 4,684 12,177 — — (77) Cash, cash equivalents and restricted cash, beginning of period 58,171 3,046 2,032 77 — 63,326 Cash, cash equivalents and restricted cash, end of period 41,233 7,730 14,209 77 — 63,249 Less: Restricted cash (11,506) — — — — (11,506) Cash and cash equivalents, end of period $ 29,727 7,730 14,209 77 — $ 51,743 Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Net cash provided by operating activities $ 29,004 9,478 7,931 — (7,272) $ 39,141 Cash flows from investing activities Capital expenditures (83,191) (18,181) (17,772) — — (119,144) Advances from (to) affiliates (17,000) 8,000 — — 9,000 — Other 2,752 64 301 — (404) 2,713 Net cash used in investing activities (97,439) (10,117) (17,471) — 8,596 (116,431) Cash flows from financing activities Common stock dividends (26,784) (4,080) (3,596) — 7,676 (26,784) Preferred stock dividends of Hawaiian Electric and subsidiaries (270) (134) (95) — — (499) Proceeds from issuance of short-term debt 50,000 — — — — 50,000 Proceeds from issuance of long-term debt 95,000 — — — — 95,000 Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less (46,987) 2,500 14,500 — (9,000) (38,987) Other (21) (1) (1) — — (23) Net cash provided by (used in) financing activities 70,938 (1,715) 10,808 — (1,324) 78,707 Net increase (decrease) in cash and cash equivalents 2,503 (2,354) 1,268 — — 1,417 Cash, cash equivalents and restricted cash, beginning of period 32,988 7,008 1,797 101 — 41,894 Cash, cash equivalents and restricted cash, end of period 35,491 4,654 3,065 101 — 43,311 Less: Restricted cash (30,902) — — — — (30,902) Cash and cash equivalents, end of period $ 4,589 4,654 3,065 101 — $ 12,409

Bank segment (Tables)

Bank segment (Tables)	3 Months Ended
	Mar. 31, 2021
Bank Subsidiary [Abstract]
Schedule of statements of income data	Condensed Consolidating Statement of Income Three months ended March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 400,554 85,149 79,181 — (20) $ 564,864 Expenses Fuel oil 88,728 16,485 22,214 — — 127,427 Purchased power 108,604 21,597 12,095 — — 142,296 Other operation and maintenance 77,335 17,912 19,323 — — 114,570 Depreciation 38,914 10,048 8,393 — — 57,355 Taxes, other than income taxes 38,627 7,993 7,482 — — 54,102 Total expenses 352,208 74,035 69,507 — — 495,750 Operating income 48,346 11,114 9,674 — (20) 69,114 Allowance for equity funds used during construction 1,748 132 311 — — 2,191 Equity in earnings of subsidiaries 12,510 — — — (12,510) — Retirement defined benefits expense—other than service costs 886 168 (33) — — 1,021 Interest expense and other charges, net (12,832) (2,581) (2,590) — 20 (17,983) Allowance for borrowed funds used during construction 591 44 112 — — 747 Income before income taxes 51,249 8,877 7,474 — (12,510) 55,090 Income taxes 7,621 2,051 1,561 — — 11,233 Net income 43,628 6,826 5,913 — (12,510) 43,857 Preferred stock dividends of subsidiaries — 134 95 — — 229 Net income attributable to Hawaiian Electric 43,628 6,692 5,818 — (12,510) 43,628 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 43,358 6,692 5,818 — (12,510) $ 43,358 Condensed Consolidating Statement of Income Three months ended March 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiaries Consolidating adjustments Hawaiian Electric Revenues $ 421,166 89,293 87,198 — (215) $ 597,442 Expenses Fuel oil 120,535 22,432 30,254 — — 173,221 Purchased power 107,951 19,521 12,344 — — 139,816 Other operation and maintenance 85,637 19,104 22,806 — — 127,547 Depreciation 38,011 9,760 8,079 — — 55,850 Taxes, other than income taxes 40,501 8,342 8,207 — — 57,050 Total expenses 392,635 79,159 81,690 — — 553,484 Operating income 28,531 10,134 5,508 — (215) 43,958 Allowance for equity funds used during construction 1,743 119 153 — — 2,015 Equity in earnings of subsidiaries 8,804 — — — (8,804) — Retirement defined benefits expense—other than service costs (546) 194 (29) — — (381) Interest expense and other charges, net (12,002) (2,484) (2,323) — 215 (16,594) Allowance for borrowed funds used during construction 602 36 50 — — 688 Income before income taxes 27,132 7,999 3,359 — (8,804) 29,686 Income taxes 2,957 1,798 527 5,282 Net income 24,175 6,201 2,832 — (8,804) 24,404 Preferred stock dividends of subsidiaries — 134 95 — 229 Net income attributable to Hawaiian Electric 24,175 6,067 2,737 — (8,804) 24,175 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 23,905 6,067 2,737 — (8,804) $ 23,905 Statements of Income and Comprehensive Income Data Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income Interest and fees on loans $ 49,947 $ 55,545 Interest and dividends on investment securities 8,673 9,430 Total interest and dividend income 58,620 64,975 Interest expense Interest on deposit liabilities 1,462 3,587 Interest on other borrowings 27 313 Total interest expense 1,489 3,900 Net interest income 57,131 61,075 Provision for credit losses (8,435) 10,401 Net interest income after provision for credit losses 65,566 50,674 Noninterest income Fees from other financial services 5,073 4,571 Fee income on deposit liabilities 3,863 5,113 Fee income on other financial products 2,442 1,872 Bank-owned life insurance 2,561 794 Mortgage banking income 4,300 2,000 Gain on sale of investment securities, net 528 — Other income, net 272 413 Total noninterest income 19,039 14,763 Noninterest expense Compensation and employee benefits 28,037 25,777 Occupancy 4,969 5,267 Data processing 4,351 3,837 Services 2,862 2,809 Equipment 2,222 2,339 Office supplies, printing and postage 1,044 1,341 Marketing 648 802 FDIC insurance 816 102 Other expense 2,554 4,194 Total noninterest expense 47,503 46,468 Income before income taxes 37,102 18,969 Income taxes 7,546 3,208 Net income 29,556 15,761 Other comprehensive income (loss), net of taxes (45,754) 19,847 Comprehensive income (loss) $ (16,198) $ 35,608 Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income $ 58,620 $ 64,975 Noninterest income 19,039 14,763 Less: Gain on sale of investment securities, net 528 — *Revenues-Bank 77,131 79,738 Total interest expense 1,489 3,900 Provision for credit losses (8,435) 10,401 Noninterest expense 47,503 46,468 Less: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 *Expenses-Bank 41,835 60,335 *Operating income-Bank 35,296 19,403 Add back: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 Add back: Gain on sale of investment securities, net 528 — Income before income taxes $ 37,102 $ 18,969
Schedule of statements of comprehensive income data	Statements of Income and Comprehensive Income Data Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income Interest and fees on loans $ 49,947 $ 55,545 Interest and dividends on investment securities 8,673 9,430 Total interest and dividend income 58,620 64,975 Interest expense Interest on deposit liabilities 1,462 3,587 Interest on other borrowings 27 313 Total interest expense 1,489 3,900 Net interest income 57,131 61,075 Provision for credit losses (8,435) 10,401 Net interest income after provision for credit losses 65,566 50,674 Noninterest income Fees from other financial services 5,073 4,571 Fee income on deposit liabilities 3,863 5,113 Fee income on other financial products 2,442 1,872 Bank-owned life insurance 2,561 794 Mortgage banking income 4,300 2,000 Gain on sale of investment securities, net 528 — Other income, net 272 413 Total noninterest income 19,039 14,763 Noninterest expense Compensation and employee benefits 28,037 25,777 Occupancy 4,969 5,267 Data processing 4,351 3,837 Services 2,862 2,809 Equipment 2,222 2,339 Office supplies, printing and postage 1,044 1,341 Marketing 648 802 FDIC insurance 816 102 Other expense 2,554 4,194 Total noninterest expense 47,503 46,468 Income before income taxes 37,102 18,969 Income taxes 7,546 3,208 Net income 29,556 15,761 Other comprehensive income (loss), net of taxes (45,754) 19,847 Comprehensive income (loss) $ (16,198) $ 35,608 Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended March 31 (in thousands) 2021 2020 Interest and dividend income $ 58,620 $ 64,975 Noninterest income 19,039 14,763 Less: Gain on sale of investment securities, net 528 — *Revenues-Bank 77,131 79,738 Total interest expense 1,489 3,900 Provision for credit losses (8,435) 10,401 Noninterest expense 47,503 46,468 Less: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 *Expenses-Bank 41,835 60,335 *Operating income-Bank 35,296 19,403 Add back: Retirement defined benefits expense (credit)—other than service costs (1,278) 434 Add back: Gain on sale of investment securities, net 528 — Income before income taxes $ 37,102 $ 18,969
Schedule of balance sheets data	Condensed Consolidating Balance Sheet March 31, 2021 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,411 5,606 3,594 — — $ 51,611 Plant and equipment 4,986,417 1,358,367 1,207,095 — — 7,551,879 Less accumulated depreciation (1,706,529) (604,021) (549,169) — — (2,859,719) Construction in progress 160,331 13,927 29,730 — — 203,988 Utility property, plant and equipment, net 3,482,630 773,879 691,250 — — 4,947,759 Nonutility property, plant and equipment, less accumulated depreciation 5,305 115 1,532 — — 6,952 Total property, plant and equipment, net 3,487,935 773,994 692,782 — — 4,954,711 Investment in wholly owned subsidiaries, at equity 631,976 — — — (631,976) — Current assets Cash and cash equivalents 29,727 7,730 14,209 77 — 51,743 Restricted cash 11,506 — — — — 11,506 Customer accounts receivable, net 101,605 21,358 18,686 — — 141,649 Accrued unbilled revenues, net 72,784 14,911 14,118 — — 101,813 Other accounts receivable, net 12,967 3,006 3,570 — (14,470) 5,073 Fuel oil stock, at average cost 51,894 9,981 12,813 — — 74,688 Materials and supplies, at average cost 40,395 9,873 19,458 — — 69,726 Prepayments and other 29,769 3,534 3,791 — (675) 36,419 Regulatory assets 42,852 2,840 8,630 — — 54,322 Total current assets 393,499 73,233 95,275 77 (15,145) 546,939 Other long-term assets Operating lease right-of-use assets 123,992 14,198 344 — — 138,534 Regulatory assets 501,393 111,700 106,011 — — 719,104 Other 102,767 18,591 20,424 — (6,162) 135,620 Total other long-term assets 728,152 144,489 126,779 — (6,162) 993,258 Total assets $ 5,241,562 991,716 914,836 77 (653,283) $ 6,494,908 Capitalization and liabilities Capitalization Common stock equity $ 2,157,385 320,494 311,405 77 (631,976) $ 2,157,385 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,176,229 246,310 253,324 — — 1,675,863 Total capitalization 3,355,907 573,804 569,729 77 (631,976) 3,867,541 Current liabilities Current portion of operating lease liabilities 64,423 1,844 34 — — 66,301 Accounts payable 87,437 16,037 19,725 — — 123,199 Interest and preferred dividends payable 20,075 3,698 4,400 — (1) 28,172 Taxes accrued, including revenue taxes 107,552 25,372 22,876 — (675) 155,125 Regulatory liabilities 17,000 5,901 7,469 — — 30,370 Other 55,478 11,951 17,189 — (14,618) 70,000 Total current liabilities 351,965 64,803 71,693 — (15,294) 473,167 Deferred credits and other liabilities Operating lease liabilities 71,431 12,353 318 — — 84,102 Deferred income taxes 282,513 53,582 60,663 — — 396,758 Regulatory liabilities 658,584 174,820 92,365 — — 925,769 Unamortized tax credits 81,297 15,126 13,758 — — 110,181 Defined benefit pension and other postretirement benefit plans liability 373,376 76,357 78,566 — (6,013) 522,286 Other 66,489 20,871 27,744 — — 115,104 Total deferred credits and other liabilities 1,533,690 353,109 273,414 — (6,013) 2,154,200 Total capitalization and liabilities $ 5,241,562 991,716 914,836 77 (653,283) $ 6,494,908 Condensed Consolidating Balance Sheet December 31, 2020 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,411 5,606 3,594 — — $ 51,611 Plant and equipment 4,960,470 1,352,885 1,195,988 — — 7,509,343 Less accumulated depreciation (1,677,256) (597,606) (544,217) — — (2,819,079) Construction in progress 143,616 13,043 31,683 — — 188,342 Utility property, plant and equipment, net 3,469,241 773,928 687,048 — — 4,930,217 Nonutility property, plant and equipment, less accumulated depreciation 5,306 115 1,532 — — 6,953 Total property, plant and equipment, net 3,474,547 774,043 688,580 — — 4,937,170 Investment in wholly owned subsidiaries, at equity 626,890 — — — (626,890) — Current assets Cash and cash equivalents 42,205 3,046 2,032 77 — 47,360 Restricted cash 15,966 — — — — 15,966 Advances to affiliates 26,700 — — — (26,700) — Customer accounts receivable, net 102,736 23,989 21,107 — — 147,832 Accrued unbilled revenues, net 73,628 13,631 13,777 — — 101,036 Other accounts receivable, net 17,984 3,028 2,856 — (16,195) 7,673 Fuel oil stock, at average cost 38,777 8,471 10,990 — — 58,238 Materials and supplies, at average cost 38,786 9,896 18,662 — — 67,344 Prepayments and other 34,306 5,197 4,580 — — 44,083 Regulatory assets 22,095 1,954 6,386 — — 30,435 Total current assets 413,183 69,212 80,390 77 (42,895) 519,967 Other long-term assets Operating lease right-of-use assets 125,858 1,443 353 — — 127,654 Regulatory assets 513,192 114,461 108,620 — — 736,273 Other 98,307 17,992 20,010 — — 136,309 Total other long-term assets 737,357 133,896 128,983 — — 1,000,236 Total assets $ 5,251,977 977,151 897,953 77 (669,785) $ 6,457,373 Capitalization and liabilities Capitalization Common stock equity $ 2,141,918 317,451 309,363 77 (626,891) $ 2,141,918 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,116,426 216,447 228,429 — — 1,561,302 Total capitalization 3,280,637 540,898 542,792 77 (626,891) 3,737,513 Current liabilities Current portion of operating lease liabilities 64,599 98 33 — — 64,730 Short-term borrowings-non-affiliate 49,979 — — — — 49,979 Short-term borrowings-affiliate — 18,800 7,900 — (26,700) — Accounts payable 97,102 19,570 17,177 — — 133,849 Interest and preferred dividends payable 14,480 3,138 2,790 — (58) 20,350 Taxes accrued, including revenue taxes 135,018 29,869 27,637 — — 192,524 Regulatory liabilities 20,224 8,785 8,292 — — 37,301 Other 57,926 13,851 18,621 — (16,136) 74,262 Total current liabilities 439,328 94,111 82,450 — (42,894) 572,995 Deferred credits and other liabilities Operating lease liabilities 67,824 1,344 326 — — 69,494 Deferred income taxes 282,685 54,108 61,005 — — 397,798 Regulatory liabilities 656,270 173,938 92,277 — — 922,485 Unamortized tax credits 82,563 15,363 13,989 — — 111,915 Defined benefit pension and other postretirement benefit plans liability 373,112 77,679 79,741 — — 530,532 Other 69,558 19,710 25,373 — — 114,641 Total deferred credits and other liabilities 1,532,012 342,142 272,711 — — 2,146,865 Total capitalization and liabilities $ 5,251,977 977,151 897,953 77 (669,785) $ 6,457,373 Balance Sheets Data (in thousands) March 31, 2021 December 31, 2020 Assets Cash and due from banks $ 113,698 $ 178,422 Interest-bearing deposits 110,365 114,304 Cash and cash equivalents 224,063 292,726 Investment securities Available-for-sale, at fair value 2,305,257 1,970,417 Held-to-maturity, at amortized cost (fair value of $285,599 and $229,963, respectively) 295,046 226,947 Stock in Federal Home Loan Bank, at cost 10,000 8,680 Loans held for investment 5,310,081 5,333,843 Allowance for credit losses (91,793) (101,201) Net loans 5,218,288 5,232,642 Loans held for sale, at lower of cost or fair value 23,637 28,275 Other 559,543 554,656 Goodwill 82,190 82,190 Total assets $ 8,718,024 $ 8,396,533 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 2,833,844 $ 2,598,500 Deposit liabilities—interest-bearing 4,911,450 4,788,457 Other borrowings 102,685 89,670 Other 154,418 183,731 Total liabilities 8,002,397 7,660,358 Commitments and contingencies Common stock 1 1 Additional paid-in capital 352,408 351,758 Retained earnings 394,026 369,470 Accumulated other comprehensive income (loss), net of taxes Net unrealized gains (losses) on securities $ (25,791) $ 19,986 Retirement benefit plans (5,017) (30,808) (5,040) 14,946 Total shareholder’s equity 715,627 736,175 Total liabilities and shareholder’s equity $ 8,718,024 8,396,533 Other assets Bank-owned life insurance $ 162,821 $ 163,265 Premises and equipment, net 206,247 206,134 Accrued interest receivable 24,381 24,616 Mortgage-servicing rights 10,685 10,020 Low-income housing investments 80,791 83,435 Other 74,618 67,186 $ 559,543 $ 554,656 Other liabilities Accrued expenses $ 55,073 $ 62,694 Federal and state income taxes payable 1,709 6,582 Cashier’s checks 29,363 38,011 Advance payments by borrowers 5,863 10,207 Other 62,410 66,237 $ 154,418 $ 183,731
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 Gross unrealized losses Less than 12 months 12 months or longer (dollars in thousands) Number of issues Fair Amount Number of issues Fair Amount March 31, 2021 Available-for-sale U.S. Treasury and federal agency obligations $ 55,969 $ 1,719 $ (41) $ 57,647 1 $ 4,908 $ (41) — $ — $ — Mortgage-backed securities* 2,239,311 15,404 (53,363) 2,201,352 92 1,613,008 (53,344) 1 958 (19) Corporate bonds 29,781 1,050 — 30,831 — — — — — — Mortgage revenue bonds 15,427 — — 15,427 — — — — — — $ 2,340,488 $ 18,173 $ (53,404) $ 2,305,257 93 $ 1,617,916 $ (53,385) 1 $ 958 $ (19) Held-to-maturity Mortgage-backed securities* $ 295,046 $ 2,812 $ (12,259) $ 285,599 16 $ 220,908 $ (12,259) — $ — $ — $ 295,046 $ 2,812 $ (12,259) $ 285,599 16 $ 220,908 $ (12,259) — $ — $ — December 31, 2020 Available-for-sale U.S. Treasury and federal agency obligations $ 60,260 $ 2,062 $ — $ 62,322 — $ — $ — — $ — $ — Mortgage-backed securities* 1,825,893 26,817 (3,151) 1,849,559 22 373,924 (3,151) — — — Corporate bonds 29,776 1,575 — 31,351 — — — — — — Mortgage revenue bonds 27,185 — — 27,185 — — — — — — $ 1,943,114 $ 30,454 $ (3,151) $ 1,970,417 22 $ 373,924 $ (3,151) — $ — $ — Held-to-maturity Mortgage-backed securities* $ 226,947 $ 3,846 $ (830) $ 229,963 7 $ 114,152 $ (830) — $ — $ — $ 226,947 $ 3,846 $ (830) $ 229,963 7 $ 114,152 $ (830) — $ — $ — * Issued or guaranteed by U.S. Government agencies or sponsored agencies
Schedule of contractual maturities of available-for-sale securities	The contractual maturities of investment securities were as follows: March 31, 2021 Amortized cost Fair value (in thousands) Available-for-sale Due in one year or less $ 11,996 $ 12,011 Due after one year through five years 43,530 45,180 Due after five years through ten years 30,224 31,287 Due after ten years 15,427 15,427 101,177 103,905 Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies 2,239,311 2,201,352 Total available-for-sale securities $ 2,340,488 $ 2,305,257 Held-to-maturity Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies $ 295,046 $ 285,599 Total held-to-maturity securities $ 295,046 $ 285,599
Schedule of components of loans receivable	The components of loans were summarized as follows: March 31, 2021 December 31, 2020 (in thousands) Real estate: Residential 1-4 family $ 2,107,537 $ 2,144,239 Commercial real estate 1,012,968 983,865 Home equity line of credit 901,462 963,578 Residential land 17,468 15,617 Commercial construction 114,455 121,424 Residential construction 13,365 11,022 Total real estate 4,167,255 4,239,745 Commercial 1,010,004 936,748 Consumer 148,511 168,733 Total loans 5,325,770 5,345,226 Deferred fees and discounts (15,689) (11,383) Allowance for credit losses (91,793) (101,201) Total loans, net $ 5,218,288 $ 5,232,642
Schedule of allowance for credit losses	The allowance for credit losses (balances and changes) by portfolio segment were as follows: (in thousands) Residential Commercial real Home Residential land Commercial construction Residential construction Commercial loans Consumer loans Total Three months ended March 31, 2021 Allowance for credit losses: Beginning balance $ 4,600 $ 35,607 $ 6,813 $ 609 $ 4,149 $ 11 $ 25,462 $ 23,950 $ 101,201 Charge-offs — — (50) — — — (771) (2,860) (3,681) Recoveries 3 — 15 10 — — 273 1,007 1,308 Provision 658 (1,262) (877) (46) (2,696) 5 (460) (2,357) (7,035) Ending balance $ 5,261 $ 34,345 $ 5,901 $ 573 $ 1,453 $ 16 $ 24,504 $ 19,740 $ 91,793 Three months ended March 31, 2020 Allowance for credit losses: Beginning balance, prior to adoption of ASU No. 2016-13 $ 2,380 $ 15,053 $ 6,922 $ 449 $ 2,097 $ 3 $ 10,245 $ 16,206 $ 53,355 Impact of adopting ASU No. 2016-13 2,150 208 (541) (64) 289 14 922 16,463 19,441 Charge-offs — — — (8) — — (369) (6,254) (6,631) Recoveries 53 — 6 9 — — 186 764 1,018 Provision (107) 1,326 (162) (34) 1,060 (3) 1,993 5,828 9,901 Ending balance $ 4,476 $ 16,587 $ 6,225 $ 352 $ 3,446 $ 14 $ 12,977 $ 33,007 $ 77,084
Schedule of allowance for loan commitments	Allowance for loan commitments. The allowance for loan commitments by portfolio segment were as follows: (in thousands) Home equity Commercial construction Commercial loans Total Three months ended March 31, 2021 Allowance for loan commitments: Beginning balance $ 300 $ 3,000 $ 1,000 $ 4,300 Provision 100 (1,700) 200 (1,400) Ending balance $ 400 $ 1,300 $ 1,200 $ 2,900 Three months ended March 31, 2020 Allowance for loan commitments: Beginning balance, prior to adoption of ASU No. 2016-13 $ 392 $ 931 $ 418 $ 1,741 Impact of adopting ASU No. 2016-13 (92) 1,745 (94) 1,559 Provision — 515 (15) 500 Ending balance $ 300 $ 3,191 $ 309 $ 3,800
Schedule of credit risk profile by internally assigned grade for loans	The credit risk profile by vintage date based on payment activity or internally assigned grade for loans was as follows: Term Loans by Origination Year Revolving Loans (in thousands) 2021 2020 2019 2018 2017 Prior Revolving Converted to term loans Total March 31, 2021 Residential 1-4 family Current $ 150,713 $ 549,327 $ 184,339 $ 97,560 $ 179,131 $ 934,471 $ — $ — $ 2,095,541 30-59 days past due — 280 — — — 2,081 — — 2,361 60-89 days past due — — 3,018 431 — 1,954 — — 5,403 Greater than 89 days past due — — 942 — — 3,290 — — 4,232 150,713 549,607 188,299 97,991 179,131 941,796 — — 2,107,537 Home equity line of credit Current — — — — — — 861,116 36,792 897,908 30-59 days past due — — — — — — 659 473 1,132 60-89 days past due — — — — — — 261 73 334 Greater than 89 days past due — — — — — — 1,243 845 2,088 — — — — — — 863,279 38,183 901,462 Residential land Current 2,794 8,354 2,884 1,290 855 292 — — 16,469 30-59 days past due — — — — — 699 — — 699 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — 300 — — 300 2,794 8,354 2,884 1,290 855 1,291 — — 17,468 Residential construction Current 1,114 7,865 3,344 383 659 — — — 13,365 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 1,114 7,865 3,344 383 659 — — — 13,365 Consumer Current 6,658 25,307 57,781 29,734 4,219 475 16,332 3,729 144,235 30-59 days past due 125 164 577 452 90 1 106 125 1,640 60-89 days past due — 149 623 372 119 1 80 92 1,436 Greater than 89 days past due — 218 356 280 56 1 199 90 1,200 6,783 25,838 59,337 30,838 4,484 478 16,717 4,036 148,511 Commercial real estate Pass 23,091 274,952 69,384 60,627 28,174 222,617 11,000 — 689,845 Special Mention — 4,914 29,597 57,489 51,586 97,247 — — 240,833 Substandard — — 14,647 4,170 1,877 61,596 — — 82,290 Doubtful — — — — — — — — — 23,091 279,866 113,628 122,286 81,637 381,460 11,000 — 1,012,968 Commercial construction Pass — 21,414 39,513 26,990 — 2,917 20,972 — 111,806 Special Mention 245 2,404 — — — — — — 2,649 Substandard — — — — — — — — — Doubtful — — — — — — — — — 245 23,818 39,513 26,990 — 2,917 20,972 — 114,455 Commercial Pass 169,095 337,753 96,251 60,462 28,545 51,072 91,178 19,666 854,022 Special Mention 65 38,316 15,024 1,820 6,725 33,990 26,301 26 122,267 Substandard — 275 7,921 2,004 3,765 11,276 6,665 1,809 33,715 Doubtful — — — — — — — — — 169,160 376,344 119,196 64,286 39,035 96,338 124,144 21,501 1,010,004 Total loans $ 353,900 $ 1,271,692 $ 526,201 $ 344,064 $ 305,801 $ 1,424,280 $ 1,036,112 $ 63,720 $ 5,325,770 Term Loans by Origination Year Revolving Loans (in thousands) 2020 2019 2018 2017 2016 Prior Revolving Converted to term loans Total December 31, 2020 Residential 1-4 family Current $ 567,282 $ 218,988 $ 111,243 $ 203,916 $ 184,888 $ 849,788 $ — $ — $ 2,136,105 30-59 days past due — — — — — 2,629 — — 2,629 60-89 days past due — 476 — — — 2,314 — — 2,790 Greater than 89 days past due — — — 353 — 2,362 — — 2,715 567,282 219,464 111,243 204,269 184,888 857,093 — — 2,144,239 Home equity line of credit Current — — — — — — 927,106 33,228 960,334 30-59 days past due — — — — — — 552 298 850 60-89 days past due — — — — — — 267 75 342 Greater than 89 days past due — — — — — — 1,463 589 2,052 — — — — — — 929,388 34,190 963,578 Residential land Current 8,357 3,427 1,598 939 22 272 — — 14,615 30-59 days past due — — — — — 702 — — 702 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — 300 — — 300 8,357 3,427 1,598 939 22 1,274 — — 15,617 Residential construction Current 6,919 3,093 385 625 — — — — 11,022 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 6,919 3,093 385 625 — — — — 11,022 Consumer Current 28,818 67,159 37,072 7,207 293 348 18,351 3,758 163,006 30-59 days past due 406 1,085 727 155 4 — 138 90 2,605 60-89 days past due 191 549 427 165 3 — 97 59 1,491 Greater than 89 days past due 131 532 409 119 7 — 262 171 1,631 29,546 69,325 38,635 7,646 307 348 18,848 4,078 168,733 Commercial real estate Pass 270,603 63,301 62,168 28,432 55,089 155,654 11,000 — 646,247 Special Mention 10,261 36,405 57,952 33,763 68,287 48,094 — — 254,762 Substandard — 14,720 4,181 1,892 4,423 57,640 — — 82,856 Doubtful — — — — — — — — — 280,864 114,426 124,301 64,087 127,799 261,388 11,000 — 983,865 Commercial construction Pass 14,480 31,965 26,990 — 5,562 — 22,517 — 101,514 Special Mention 1,910 — — 18,000 — — — — 19,910 Substandard — — — — — — — — — Doubtful — — — — — — — — — 16,390 31,965 26,990 18,000 5,562 — 22,517 — 121,424 Commercial Pass 392,088 117,791 75,533 29,211 12,520 35,770 74,520 11,004 748,437 Special Mention 37,836 23,087 1,920 6,990 30,264 13,250 31,362 11,218 155,927 Substandard 304 7,785 2,043 4,017 7,542 3,113 5,265 1,928 31,997 Doubtful — — — — — — 387 — 387 430,228 148,663 79,496 40,218 50,326 52,133 111,534 24,150 936,748 Total loans $ 1,339,586 $ 590,363 $ 382,648 $ 335,784 $ 368,904 $ 1,172,236 $ 1,093,287 $ 62,418 $ 5,345,226
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 60-89 Total Current Total Amortized cost> March 31, 2021 Real estate: Residential 1-4 family $ 2,361 $ 5,403 $ 4,232 $ 11,996 $ 2,095,541 $ 2,107,537 $ — Commercial real estate 1,681 — — 1,681 1,011,287 1,012,968 — Home equity line of credit 1,132 334 2,088 3,554 897,908 901,462 — Residential land 699 — 300 999 16,469 17,468 — Commercial construction — — — — 114,455 114,455 — Residential construction — — — — 13,365 13,365 — Commercial 146 47 73 266 1,009,738 1,010,004 — Consumer 1,640 1,436 1,200 4,276 144,235 148,511 — Total loans $ 7,659 $ 7,220 $ 7,893 $ 22,772 $ 5,302,998 $ 5,325,770 $ — December 31, 2020 Real estate: Residential 1-4 family $ 2,629 $ 2,790 $ 2,715 $ 8,134 $ 2,136,105 $ 2,144,239 $ — Commercial real estate — 488 — 488 983,377 983,865 — Home equity line of credit 850 342 2,052 3,244 960,334 963,578 — Residential land 702 — 300 1,002 14,615 15,617 — Commercial construction — — — — 121,424 121,424 — Residential construction — — — — 11,022 11,022 — Commercial 608 300 132 1,040 935,708 936,748 — Consumer 2,605 1,491 1,631 5,727 163,006 168,733 — Total loans $ 7,394 $ 5,411 $ 6,830 $ 19,635 $ 5,325,591 $ 5,345,226 $ —
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 were as follows: (in thousands) March 31, 2021 December 31, 2020 With a Related ACL Without a Related ACL Total With a Related ACL Without a Related ACL Total Real estate: Residential 1-4 family $ 16,945 $ 2,987 $ 19,932 $ 8,991 $ 2,835 $ 11,826 Commercial real estate 15,634 2,828 18,462 15,847 2,875 18,722 Home equity line of credit 5,075 1,587 6,662 5,791 1,567 7,358 Residential land 107 300 407 108 300 408 Commercial construction — — — — — — Residential construction — — — — — — Commercial 1,763 2,918 4,681 1,819 3,328 5,147 Consumer 3,192 — 3,192 3,935 — 3,935 Total $ 42,716 $ 10,620 $ 53,336 $ 36,491 $ 10,905 $ 47,396 The credit risk profile based on loans whose terms have been modified and accruing interest were as follows: (in thousands) March 31, 2021 December 31, 2020 Real estate: Residential 1-4 family $ 7,453 $ 7,932 Commercial real estate 3,254 3,281 Home equity line of credit 7,727 8,148 Residential land 1,738 1,555 Commercial construction — — Residential construction — — Commercial 5,737 6,108 Consumer 54 54 Total troubled debt restructured loans accruing interest $ 25,963 $ 27,078
Schedule of loan modifications	Loan modifications that occurred during the first three months of 2021 and 2020 were as follows: Loans modified as a TDR Three months ended March 31, 2021 (dollars in thousands) Number Outstanding recorded investment (as of period end) 1 Related allowance (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 12 $ 8,283 $ 298 Commercial real estate 1 482 — Home equity line of credit 1 170 21 Residential land 1 271 11 Commercial construction — — — Residential construction — — — Commercial 2 59 19 Consumer — — — 17 $ 9,265 $ 349 Three months ended March 31, 2020 (dollars in thousands) Number Outstanding recorded investment (as of period end) 1 Related allowance (as of period end) Troubled debt restructurings Real estate: Residential 1-4 family 1 $ 148 $ 8 Commercial real estate 2 16,584 4,281 Home equity line of credit — — — Residential land — — — Commercial construction — — — Residential construction — — — Commercial 4 756 278 Consumer — — — 7 $ 17,488 $ 4,567 1 The period end balances reflect all paydowns and charge-offs since the modification period. TDRs fully paid off, charged-off, or foreclosed upon by period end are not included.
Schedule of collateral-dependent loans	Loans considered collateral-dependent were as follows: March 31, 2021 December 31, 2020 (in thousands) Amortized cost Amortized cost Collateral type Real estate: Residential 1-4 family $ 2,782 $ 2,541 Residential real estate property Commercial real estate 2,828 2,875 Commercial real estate property Home equity line of credit 1,587 1,567 Residential real estate property Residential land 300 300 Residential real estate property Total real estate 7,497 7,283 Commercial 889 934 Business assets Total $ 8,386 $ 8,217
Schedule of amortized intangible assets	Changes in the carrying value of MSRs were as follows: (in thousands) Gross carrying amount 1 Accumulated amortization Valuation allowance Net March 31, 2021 $ 20,830 $ (10,141) $ (4) $ 10,685 December 31, 2020 22,950 (12,670) (260) 10,020 1 Reflects impact of loans paid in full Changes related to MSRs were as follows: Three months ended March 31 (in thousands) 2021 2020 Mortgage servicing rights Beginning balance $ 10,280 $ 9,101 Amount capitalized 1,547 636 Amortization (1,138) (617) Other-than-temporary impairment — — Carrying amount before valuation allowance 10,689 9,120 Valuation allowance for mortgage servicing rights Beginning balance 260 — Provision (256) — Other-than-temporary impairment — — Ending balance 4 — Net carrying value of mortgage servicing rights $ 10,685 $ 9,120
Schedule of key assumptions used in estimating fair value	Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows: (dollars in thousands) March 31, 2021 December 31, 2020 Unpaid principal balance $ 1,505,963 $ 1,450,312 Weighted average note rate 3.57 % 3.68 % Weighted average discount rate 9.25 % 9.25 % Weighted average prepayment speed 12.0 % 17.7 % 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 March 31, 2021 Home equity lines of credit $ 69 Fair value of collateral Appraised value less selling cost N/A (2) N/A (2) Mortgage servicing rights 61 Discounted cash flow Prepayment speed 17% - 24% 17 % Discount rate 9.3 % December 31, 2020 Commercial loan $ 387 Fair value of collateral Appraised value less selling cost N/A (2) N/A (2) Mortgage servicing rights 3,001 Discounted cash flow Prepayment speed 15% - 22% 22 % Discount rate 9.3 % (1) Represents percent of outstanding principal balance. (2) N/A - Not applicable. There is one asset 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 MSRs to hypothetical adverse changes of 25 and 50 basis points in certain key assumptions was as follows: (dollars in thousands) March 31, 2021 December 31, 2020 Prepayment rate: 25 basis points adverse rate change $ (659) $ (738) 50 basis points adverse rate change (1,376) (1,445) Discount rate: 25 basis points adverse rate change (110) (68) 50 basis points adverse rate change (218) (135)
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 Gross amount Net amount of Repurchase agreements March 31, 2021 $ 103 $ — $ 103 December 31, 2020 90 — 90 Gross amount not offset in the Balance Sheets (in millions) Net amount of liabilities presented Financial Cash Commercial account holders March 31, 2021 $ 103 $ 122 $ — December 31, 2020 90 92 —
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, 2021 December 31, 2020 (in thousands) Notional amount Fair value Notional amount Fair value Interest rate lock commitments $ 49,316 $ 438 $ 120,980 $ 4,536 Forward commitments 49,500 340 100,500 (500)
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, 2021 December 31, 2020 (in thousands) Asset derivatives Liability Asset derivatives Liability Interest rate lock commitments $ 456 $ (18) $ 4,536 $ — Forward commitments 340 — — 500 $ 796 $ (18) $ 4,536 $ 500 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 ASB’s statements of income: Derivative Financial Instruments Not Designated as Hedging Instruments Location of net gains (losses) recognized in the Statements of Income Three months ended March 31 (in thousands) 2021 2020 Interest rate lock commitments Mortgage banking income $ (4,098) $ 1,555 Forward commitments Mortgage banking income 840 (543) $ (3,258) $ 1,012

Shareholders' equity (Tables)

Shareholders' equity (Tables)	3 Months Ended
	Mar. 31, 2021
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 AOCI-Retirement benefit plans Balance, December 31, 2020 $ 19,986 $ (3,363) $ (17,887) $ (1,264) $ (2,919) Current period other comprehensive income (loss) (45,777) 1,562 199 (44,016) 34 Balance, March 31, 2021 $ (25,791) $ (1,801) $ (17,688) $ (45,280) $ (2,885) Balance, December 31, 2019 $ 2,481 $ (1,613) $ (20,907) $ (20,039) $ (1,279) Current period other comprehensive income (loss) 19,448 (1,784) 548 18,212 26 Balance, March 31, 2020 $ 21,929 $ (3,397) $ (20,359) $ (1,827) $ (1,253)
Schedule of reclassifications out of accumulated other comprehensive income/(loss)	Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Three months ended March 31 2021 2020 (in thousands) HEI consolidated Net realized gains on securities included in net income $ (387) $ — Gain on sale of investment securities, net Retirement benefit plans: Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost 6,010 5,706 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets (5,811) (5,158) See Note 8 for additional details Total reclassifications $ (188) $ 548 Hawaiian Electric consolidated Retirement benefit plans: Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost $ 5,845 $ 5,184 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets (5,811) (5,158) See Note 8 for additional details Total reclassifications $ 34 $ 26

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of revenue	The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Three months ended March 31, 2021 (in thousands) Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 181,239 $ — $ — $ 181,239 Electric energy sales - commercial 168,465 — — 168,465 Electric energy sales - large light and power 176,815 — — 176,815 Electric energy sales - other 2,479 — — 2,479 Bank fees — 11,378 — 11,378 Other sales — — 924 924 Total revenues from contracts with customers 528,998 11,378 924 541,300 Revenues from other sources Regulatory revenue $ 28,429 $ — $ — $ 28,429 Bank interest and dividend income — 58,620 — 58,620 Other bank noninterest income — 7,133 — 7,133 Other 7,437 — 27 7,464 Total revenues from other sources 35,866 65,753 27 101,646 Total revenues $ 564,864 $ 77,131 $ 951 $ 642,946 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 11,378 $ — $ 11,378 Services/goods transferred over time 528,998 — 924 529,922 Total revenues from contracts with customers $ 528,998 $ 11,378 $ 924 $ 541,300 Three months ended March 31, 2020 (in thousands) Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 190,266 $ — $ — $ 190,266 Electric energy sales - commercial 197,105 — — 197,105 Electric energy sales - large light and power 216,220 — — 216,220 Electric energy sales - other 3,458 — — 3,458 Bank fees — 11,556 — 11,556 Total revenues from contracts with customers 607,049 11,556 — 618,605 Revenues from other sources Regulatory revenue (15,304) — — (15,304) Bank interest and dividend income — 64,975 — 64,975 Other bank noninterest income — 3,207 — 3,207 Other 5,697 — 6 5,703 Total revenues from other sources (9,607) 68,182 6 58,581 Total revenues $ 597,442 $ 79,738 $ 6 $ 677,186 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 11,556 $ — $ 11,556 Services/goods transferred over time 607,049 — — 607,049 Total revenues from contracts with customers $ 607,049 $ 11,556 $ — $ 618,605

Retirement benefits (Tables)

Retirement benefits (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of components of net periodic benefit cost for consolidated HEI	The components of net periodic pension costs (NPPC) and net periodic benefit costs (NPBC) for HEI consolidated and Hawaiian Electric consolidated were as follows: Pension benefits Other benefits Three months ended March 31 2021 2020 2021 2020 (in thousands) HEI consolidated Service cost $ 20,464 $ 18,363 $ 705 $ 631 Interest cost 18,801 20,163 1,569 1,855 Expected return on plan assets (33,067) (28,466) (3,233) (3,038) Amortization of net prior period (gain)/cost — 3 (383) (440) Amortization of net actuarial losses 1 1,556 8,057 254 50 Net periodic pension/benefit cost (return) 7,754 18,120 (1,088) (942) Impact of PUC D&Os 11,167 6,262 970 777 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 18,921 $ 24,382 $ (118) $ (165) Hawaiian Electric consolidated Service cost $ 19,994 $ 17,891 $ 699 $ 626 Interest cost 17,531 18,715 1,504 1,782 Expected return on plan assets (31,368) (26,855) (3,182) (2,990) Amortization of net prior period (gain)/cost — 2 (383) (440) Amortization of net actuarial losses 1 2,559 7,368 250 51 Net periodic pension/benefit cost (return) 8,716 17,121 (1,112) (971) Impact of PUC D&Os 11,167 6,262 970 777 Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) $ 19,883 $ 23,383 $ (142) $ (194) 1 Three months ended March 31, 2021 amounts include the one-time cumulative impact of the change in accounting principle for the plans’ fixed income securities from the calculated market-related value method to the fair value method, which was recorded in the first quarter of 2021.

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [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) 2021 2020 HEI consolidated Share-based compensation expense 1 $ 2.6 $ 1.7 Income tax benefit 0.4 0.3 Hawaiian Electric consolidated Share-based compensation expense 1 1.1 0.8 Income tax benefit 0.3 0.1 1 For the three months ended March 31, 2021 and 2020, the Company has not capitalized any share-based compensation.
Schedule of common stock granted to a nonemployee director under the 2011 Director Plan	HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows: Three months ended March 31 (dollars in thousands) 2021 2020 Shares granted — 468 Fair value $ — $ 23 Income tax benefit — 6
Schedule of restricted stock units	Information about HEI’s grants of restricted stock units was as follows: Three months ended March 31 2021 2020 Shares (1) Shares (1) Outstanding, beginning of period 193,939 $ 40.89 207,641 $ 35.36 Granted 127,598 33.98 77,679 48.11 Vested (78,988) 38.51 (77,719) 34.19 Forfeited (6,358) 42.20 (4,160) 35.81 Outstanding, end of period 236,191 $ 37.91 203,441 $ 40.67 Total weighted-average grant-date fair value of shares granted (in millions) $ 4.3 $ 3.7 (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 TSR was as follows: Three months ended March 31 2021 2020 Shares (1) Shares (1) Outstanding, beginning of period 89,222 $ 42.10 96,402 $ 39.62 Granted 44,210 41.12 24,630 48.62 Vested (issued or unissued and cancelled) (32,355) 38.20 (29,409) 39.51 Forfeited (1,024) 45.89 (1,007) 41.72 Outstanding, end of period 100,053 $ 42.89 90,616 $ 42.08 Total weighted-average grant-date fair value of shares granted (in millions) $ 1.8 $ 1.2 (1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
Schedule of Long-Term Incentive Plan assumptions	The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted: 2021 2020 Risk-free interest rate 0.19 % 1.39 % Expected life in years 3 3 Expected volatility 29.9 % 13.1 % Range of expected volatility for Peer Group 25.6% to 102.9% 13.6% to 95.4% Grant date fair value (per share) $41.12 $48.62
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 2021 2020 Shares (1) Shares (1) Outstanding, beginning of period 220,715 $ 41.03 403,768 $ 35.15 Granted 176,844 33.98 98,522 48.10 Vested (43,155) 34.12 (135,804) 33.48 Increase above target (cancelled) (14,604) 43.90 (26,111) 34.13 Forfeited (4,098) 44.36 (4,031) 39.67 Outstanding, end of period 335,702 $ 38.04 336,344 $ 39.64 Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) $ 6.0 $ 4.7 (1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.

Cash flows (Tables)

Cash flows (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash and noncash activity	Three months ended March 31 2021 2020 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates, net of amounts capitalized $ 15 $ 18 Income taxes paid (including refundable credits) — — Income taxes refunded (including refundable credits) — — Hawaiian Electric consolidated Interest paid to non-affiliates 9 9 Income taxes paid (including refundable credits) — — Income taxes refunded (including refundable credits) — — Supplemental disclosures of noncash activities HEI consolidated Property, plant and equipment unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 28 32 Reduction of long-term debt from funds previously transferred for repayment (financing) — 82 Right-of-use assets obtained in exchange for operating lease obligations (investing) 28 19 Common stock issued (gross) for director and executive/management compensation (financing) 1 6 14 Hawaiian Electric consolidated Electric utility property, plant and equipment unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 24 27 Reduction of long-term debt from funds previously transferred for repayment (financing) — 82 Right-of-use assets obtained in exchange for operating lease obligations (investing) 28 16 1 The amounts shown represent the market value of common stock issued for director and executive/management compensation and withheld to satisfy statutory tax liabilities.

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of estimated fair values of certain of the Company's financial instruments	The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments. Estimated fair value (in thousands) Carrying or notional amount Quoted prices in Significant Significant Total March 31, 2021 Financial assets HEI consolidated Available-for-sale investment securities $ 2,305,257 $ — $ 2,289,830 $ 15,427 $ 2,305,257 Held-to-maturity investment securities 295,046 — 285,599 — 285,599 Loans, net 5,241,925 — 23,637 5,352,496 5,376,133 Mortgage servicing rights 10,685 — — 13,659 13,659 Derivative assets 103,077 340 745 — 1,085 Financial liabilities HEI consolidated Deposit liabilities 514,303 — 516,524 — 516,524 Short-term borrowings—other than bank 100,242 — 100,242 — 100,242 Other bank borrowings 102,685 — 102,684 — 102,684 Long-term debt, net—other than bank 2,229,738 — 2,492,539 — 2,492,539 Derivative liabilities 32,739 — 2,834 — 2,834 Hawaiian Electric consolidated Long-term debt, net 1,675,863 — 1,904,613 — 1,904,613 December 31, 2020 Financial assets HEI consolidated Available-for-sale investment securities $ 1,970,417 $ — $ 1,943,232 $ 27,185 $ 1,970,417 Held-to-maturity investment securities 226,947 — 229,963 — 229,963 Loans, net 5,260,917 — 28,354 5,410,976 5,439,330 Mortgage servicing rights 10,020 — — 10,705 10,705 Derivative assets 120,980 — 4,536 — 4,536 Financial liabilities HEI consolidated Deposit liabilities 548,830 — 552,800 — 552,800 Short-term borrowings—other than bank 129,379 — 129,379 — 129,379 Other bank borrowings 89,670 — 89,669 — 89,669 Long-term debt, net—other than bank 2,119,129 — 2,487,790 — 2,487,790 Derivative liabilities 137,500 500 4,530 — 5,030 Hawaiian Electric consolidated Short-term borrowings 49,979 — 49,979 — 49,979 Long-term debt, net 1,561,302 — 1,890,490 — 1,890,490
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, 2021 December 31, 2020 Fair value measurements using Fair value measurements using (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Available-for-sale investment securities (bank segment) Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies $ — $ 2,201,352 $ — $ — $ 1,849,559 $ — U.S. Treasury and federal agency obligations — 57,647 — — 62,322 — Corporate bonds — 30,831 — — 31,351 — Mortgage revenue bonds — — 15,427 — — 27,185 $ — $ 2,289,830 $ 15,427 $ — $ 1,943,232 $ 27,185 Derivative assets Interest rate lock commitments (bank segment) 1 $ — $ 456 $ — $ — $ 4,536 $ — Forward commitments (bank segment) 1 340 — — — — — Interest rate swap (Other segment) 2 — 289 — — — — $ 340 $ 745 $ — $ — $ 4,536 $ — Derivative liabilities Interest rate lock commitments (bank segment) 1 $ — $ 18 $ — $ — $ — $ — Forward commitments (bank segment) 1 — — — 500 — — Interest rate swap (Other segment) 2 — 2,816 — — 4,530 — $ — $ 2,834 $ — $ 500 $ 4,530 $ — 1 Derivatives are carried at fair value in other assets or other liabilities in the balance sheets with changes in value included in mortgage banking income. 2 Derivatives are included in other assets and other liabilities in the balance sheets.
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis	The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: Three months ended March 31 Mortgage revenue bonds 2021 2020 (in thousands) Beginning balance $ 27,185 $ 28,597 Principal payments received (11,758) — Purchases — 129 Unrealized gain (loss) included in other comprehensive income — — Ending balance $ 15,427 $ 28,726
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 using (in thousands) Balance Level 1 Level 2 Level 3 March 31, 2021 Loans $ 69 $ — $ — $ 69 Mortgage servicing rights 61 — — 61 December 31, 2020 Loans 387 — — 387 Mortgage servicing rights 3,001 — — 3,001
Schedule of significant unobservable inputs used in the fair value measurement	Key assumptions used in estimating the fair value of ASB’s MSRs used in the impairment analysis were as follows: (dollars in thousands) March 31, 2021 December 31, 2020 Unpaid principal balance $ 1,505,963 $ 1,450,312 Weighted average note rate 3.57 % 3.68 % Weighted average discount rate 9.25 % 9.25 % Weighted average prepayment speed 12.0 % 17.7 % 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 March 31, 2021 Home equity lines of credit $ 69 Fair value of collateral Appraised value less selling cost N/A (2) N/A (2) Mortgage servicing rights 61 Discounted cash flow Prepayment speed 17% - 24% 17 % Discount rate 9.3 % December 31, 2020 Commercial loan $ 387 Fair value of collateral Appraised value less selling cost N/A (2) N/A (2) Mortgage servicing rights 3,001 Discounted cash flow Prepayment speed 15% - 22% 22 % Discount rate 9.3 % (1) Represents percent of outstanding principal balance. (2) N/A - Not applicable. There is one asset in each fair value measurement type.

Segment financial information_2

Segment financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment financial information
Revenues	$ 642,946	$ 677,186
Income (loss) before income taxes	80,196	39,696
Income taxes (benefit)	15,365	5,803
Net income	64,831	33,893
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	64,358	33,420
Total assets	15,358,673		$ 15,004,007
Revenues from external customers
Segment financial information
Revenues	642,946	677,186
Intersegment revenues (eliminations)
Segment financial information
Revenues	0	0
Electric utility
Segment financial information
Revenues	564,864	597,442
Income (loss) before income taxes	55,090	29,686
Income taxes (benefit)	11,233	5,282
Net income	43,857	24,404
Preferred stock dividends of subsidiaries	499	499
Net income for common stock	43,358	23,905
Total assets	6,494,908		6,457,373
Electric utility | Revenues from external customers
Segment financial information
Revenues	564,855	597,430
Electric utility | Intersegment revenues (eliminations)
Segment financial information
Revenues	9	12
Bank
Segment financial information
Revenues	77,131	79,738
Income (loss) before income taxes	37,102	18,969
Income taxes (benefit)	7,546	3,208
Net income	29,556	15,761
Preferred stock dividends of subsidiaries	0	0
Net income for common stock	29,556	15,761
Total assets	8,718,024
Bank | Revenues from external customers
Segment financial information
Revenues	77,131	79,738
Bank | Intersegment revenues (eliminations)
Segment financial information
Revenues	0	0
Other
Segment financial information
Revenues	951	6
Income (loss) before income taxes	(11,996)	(8,959)
Income taxes (benefit)	(3,414)	(2,687)
Net income	(8,582)	(6,272)
Preferred stock dividends of subsidiaries	(26)	(26)
Net income for common stock	(8,556)	(6,246)
Total assets	145,741		$ 150,101
Other | Revenues from external customers
Segment financial information
Revenues	960	18
Other | Intersegment revenues (eliminations)
Segment financial information
Revenues	$ (9)	$ (12)

Electric utility segment - Unco

Electric utility segment - Unconsolidated variable interest entities (Details)	3 Months Ended
	Mar. 31, 2021entityagreementMW
Power purchase agreement
Number of IPPs (in entities) | entity	3
Puna Geothermal Venture Power Purchase Agreement
Power purchase agreement
Firm capacity volume (in megawatts) | MW	13
Hawaiian Electric Company
Power purchase agreement
Number of power purchase agreements (PPAs) (in agreements) | agreement	5

Electric utility segment - Powe

Electric utility segment - Power purchase agreements (Details) $ in Millions	1 Months Ended				3 Months Ended		12 Months Ended
	Jul. 31, 2018MW	Jun. 30, 2015MW	May 31, 2012MW	Mar. 31, 1988MW	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 1988MW
Hu Honua Bioenergy, LLC
Regulatory Projects and Legal Obligations [Line Items]
Minimum power volume required (in megawatts) | MW			21.5
Molokai New Energy Partners
Regulatory Projects and Legal Obligations [Line Items]
Total contracted PV capacity (in megawatts) | MW	4.88
Total contracted battery energy storage system capacity | MW	3
Maximum power volume to be delivered (in megawatts) | MW	2.64
AES Hawaii
Regulatory Projects and Legal Obligations [Line Items]
Purchase commitment, period (in years)				30 years
Minimum power volume required (in megawatts) | MW				180
Additional capacity requirement (in megawatts) | MW		9
Hawaiian Electric (parent only)
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					$ 142	$ 140
Hawaiian Electric (parent only) | Kalaeloa
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					37	38
Increased power purchase commitment capacity (in megawatts) | MW							208
Hawaiian Electric (parent only) | AES Hawaii
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					30	31
Hawaiian Electric (parent only) | HPOWER
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					17	17
Hawaiian Electric (parent only) | Hamakua Energy
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					11	13
Hawaiian Electric (parent only) | Puna Geothermal Venture
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					4	0
Hawaiian Electric (parent only) | Wind IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					29	28
Hawaiian Electric (parent only) | Solar IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					12	11
Hawaiian Electric (parent only) | Other IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power					$ 2	$ 2

Electric utility segment - Util

Electric utility segment - Utility projects (Details) - USD ($) $ in Millions	Jun. 10, 2019	Nov. 30, 2020	Jan. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
ERP/EAM project service period (in years)	12 years
Future O&M expense reductions	$ 150
Future cost avoidance related to capital cost and tax costs	$ 96
Hawaiian Electric (parent only) | PCB Contamination
Public Utilities, General Disclosures [Line Items]
Valuation allowances and reserves				$ 9.8
Hawaiian Electric (parent only) | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
ERP/EAM project service period (in years)		12 years
Regulatory liability for O&M expense reductions				6.5
HELCO | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
ERP/EAM project service period (in years)			12 years
Regulatory liability for O&M expense reductions				1.9
Regulatory liability to be flowed through to customers					$ 1.6
Hawaiian Electric Company, Inc. and Subsidiaries | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
Regulatory liability for O&M expense reductions				11.2
Maui Electric
Public Utilities, General Disclosures [Line Items]
Additional accrued investigation and estimated cleanup costs				2.7
Maui Electric | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
Regulatory liability for O&M expense reductions				$ 2.8
Regulatory liability, amortization period				5 years
Regulatory liability to be flowed through to customers					$ 2.3

Electric utility segment - Regu

Electric utility segment - Regulatory Proceedings (Details)

Apr. 30, 2021USD ($)project

Feb. 16, 2021agreement

Dec. 23, 2020USD ($)

Sep. 15, 2020agreement

Apr. 27, 2017USD ($)

Dec. 31, 2020USD ($)

Feb. 28, 2019USD ($)

Mar. 31, 2021USD ($)MWh

Dec. 31, 2019USD ($)agreement

Jun. 01, 2021mechanism

Mar. 23, 2021mechanism

Jul. 09, 2020entity

Regulatory Projects and Legal Obligations [Line Items]

Potential total annual maximum reward

$ 2,000,000

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

Customer dividend, negative adjustment percentage

22.00%

Savings commitment liability, annual rate

$ 6,600,000

ERP system benefits savings liability

$ 3,900,000

Earnings sharing mechanism, actual return on equity, dead band percentage above or below target

3.00%

Approved return on equity, percentage

950.00%

Earnings share mechanism, sharing between customers and utilities, percentage

0.5

Earnings share mechanism, percentage sharing for any further difference

9

Earnings sharing mechanism, actual earning, above or below dead band

1.50%

Threshold of capital expenditures in excess of customer contributions for qualification for major project interim recovery

$ 2,500,000

MPIR requested amount

$ 21,800,000

Decoupling order, service reliability performance, historical measurement period (in years)

10 years

Maximum penalty, percent of ROE

0.20%

Service reliability, pending adjusted maximum penalty amount

$ 6,800,000

Dead band percentage above or below the target

3.00%

Call center performance, maximum penalty percentage

0.08%

Call center performance, pending adjusted maximum penalty

$ 1,400,000

Call center performance, maximum penalty amount

$ 900,000

Number of power purchase agreements (PPAs) (in agreements) | agreement

1

8

7

Incentives accrued

$ 1,700,000

Number of grid service purchase agreements | entity

2

Number of power purchase agreements qualifying for potential payout | agreement

1

Number of performance incentive mechanisms | mechanism

2

Interpolated RPS rate goal, year one and two (dollars per MWh) | MWh

20

Interpolated RPS rate goal, year three (dollars per MWh) | MWh

15

Interpolated RPS rate goal, after year three (dollars per MWh) | MWh

10

Failure to meet RPS targets, penalty rate (dollars per MWh) | MWh

20

Potential total annual maximum reward

$ 1,500,000

Potential total annual maximum reward

3,000,000

Total annual maximum penalty

900,000

Performance incentive mechanism, maximum reward

$ 2,000,000

Performance incentive mechanism, term

3 years

Hawaiian Electric Company, Inc. and Subsidiaries | Forecast

Regulatory Projects and Legal Obligations [Line Items]

Number of performance incentive mechanisms | mechanism

3

Hawaiian Electric Company, Inc. and Subsidiaries | Subsequent Event

Regulatory Projects and Legal Obligations [Line Items]

Estimated capital costs

$ 95,000,000

Number of projects | project

4

Schofield Generation Station | Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

MPIR requested amount

17,600,000

West Loch PV Project | Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

MPIR requested amount

3,300,000

Grid Modernization Strategy Phase 1 Project | Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

MPIR requested amount

$ 900,000

Electric utility segment - Annu

Electric utility segment - Annual decoupling filings summary (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Regulatory Projects and Legal Obligations [Line Items]
2021 Annual incremental RAM adjusted revenues and ARA revenues	$ (21.7)
Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes)	25
Incremental Performance Incentive Mechanisms (net)	0.7
Incremental MPIR/EPRM Revenue Adjustment	12.8
Incremental Affiliate Transaction Refund/PUC Ordered Adjustment	2
Net annual incremental amount to be collected under the tariffs	18.7
Hawaiian Electric (parent only)
Regulatory Projects and Legal Obligations [Line Items]
2021 Annual incremental RAM adjusted revenues and ARA revenues	(13.8)
Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes)	10.4
Incremental Performance Incentive Mechanisms (net)	0
Incremental MPIR/EPRM Revenue Adjustment	12.6
Incremental Affiliate Transaction Refund/PUC Ordered Adjustment	0
Net annual incremental amount to be collected under the tariffs	9.1
Hawaii Electric Light
Regulatory Projects and Legal Obligations [Line Items]
2021 Annual incremental RAM adjusted revenues and ARA revenues	(2)
Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes)	5.7
Incremental Performance Incentive Mechanisms (net)	0.2
Incremental MPIR/EPRM Revenue Adjustment	0.1
Net annual incremental amount to be collected under the tariffs	4
Maui Electric
Regulatory Projects and Legal Obligations [Line Items]
2021 Annual incremental RAM adjusted revenues and ARA revenues	(5.9)
Annual change in accrued RBA balance as of December 31, 2020 (and associated revenue taxes)	8.9
Incremental Performance Incentive Mechanisms (net)	0.5
Incremental MPIR/EPRM Revenue Adjustment	0.1
Incremental Affiliate Transaction Refund/PUC Ordered Adjustment	2
Net annual incremental amount to be collected under the tariffs	$ 5.6

Electric utility segment - Most

Electric utility segment - Most recent rate proceedings (Details) - USD ($) $ in Thousands	Oct. 22, 2020	Nov. 13, 2019	Mar. 31, 2021	Dec. 31, 2020
Regulatory Projects and Legal Obligations [Line Items]
Regulatory assets			$ 773,426	$ 766,708
Hawaiian Electric (parent only)
Regulatory Projects and Legal Obligations [Line Items]
Common equity capitalization rate	58.00%
Stipulated ROACE rate	9.50%
Effective interest rate of return	7.37%
Hawaii Electric Light
Regulatory Projects and Legal Obligations [Line Items]
Common equity capitalization rate		58.00%
Stipulated ROACE rate		9.50%
Effective interest rate of return		7.52%
Amortization period for state investment tax credit		10 years
Risk sharing percentage, ratepayer		98.00%
Maximum exposure cap		$ 600
Hawaiian Electric Company, Inc. and Subsidiaries
Regulatory Projects and Legal Obligations [Line Items]
Regulatory assets			$ 22,200

Electric utility segment - Cond

Electric utility segment - Condensed consolidating statement of income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Income Statements, Captions [Line Items]
Revenues	$ 642,946	$ 677,186
Expenses
Total expenses	544,915	617,484
Total operating income	98,031	59,702
Allowance for equity funds used during construction	2,191	2,015
Retirement defined benefits credit (expense)—other than service costs	2,435	(934)
Allowance for borrowed funds used during construction	747	688
Income before income taxes	80,196	39,696
Income taxes	15,365	5,803
Net income	64,831	33,893
Preferred stock dividends of subsidiaries	473	473
Net income for common stock	64,358	33,420
Consolidating adjustments
Condensed Income Statements, Captions [Line Items]
Revenues	(20)	(215)
Expenses
Fuel oil	0	0
Purchased power	0	0
Other operation and maintenance	0	0
Depreciation	0	0
Taxes, other than income taxes	0	0
Total expenses	0	0
Total operating income	(20)	(215)
Allowance for equity funds used during construction	0	0
Equity in earnings of subsidiaries	(12,510)	(8,804)
Retirement defined benefits credit (expense)—other than service costs	0	0
Interest expense and other charges, net	20	215
Allowance for borrowed funds used during construction	0	0
Income before income taxes	(12,510)	(8,804)
Income taxes	0
Net income	(12,510)	(8,804)
Preferred stock dividends of subsidiaries	0
Net income attributable to Hawaiian Electric	(12,510)	(8,804)
Preferred stock dividends of Hawaiian Electric	0	0
Net income for common stock	(12,510)	(8,804)
Hawaiian Electric (parent only)
Expenses
Purchased power	142,000	140,000
Hawaiian Electric (parent only) | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	400,554	421,166
Expenses
Fuel oil	88,728	120,535
Purchased power	108,604	107,951
Other operation and maintenance	77,335	85,637
Depreciation	38,914	38,011
Taxes, other than income taxes	38,627	40,501
Total expenses	352,208	392,635
Total operating income	48,346	28,531
Allowance for equity funds used during construction	1,748	1,743
Equity in earnings of subsidiaries	12,510	8,804
Retirement defined benefits credit (expense)—other than service costs	886	(546)
Interest expense and other charges, net	(12,832)	(12,002)
Allowance for borrowed funds used during construction	591	602
Income before income taxes	51,249	27,132
Income taxes	7,621	2,957
Net income	43,628	24,175
Preferred stock dividends of subsidiaries	0	0
Net income attributable to Hawaiian Electric	43,628	24,175
Preferred stock dividends of Hawaiian Electric	270	270
Net income for common stock	43,358	23,905
Hawaii Electric Light | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	85,149	89,293
Expenses
Fuel oil	16,485	22,432
Purchased power	21,597	19,521
Other operation and maintenance	17,912	19,104
Depreciation	10,048	9,760
Taxes, other than income taxes	7,993	8,342
Total expenses	74,035	79,159
Total operating income	11,114	10,134
Allowance for equity funds used during construction	132	119
Equity in earnings of subsidiaries	0	0
Retirement defined benefits credit (expense)—other than service costs	168	194
Interest expense and other charges, net	(2,581)	(2,484)
Allowance for borrowed funds used during construction	44	36
Income before income taxes	8,877	7,999
Income taxes	2,051	1,798
Net income	6,826	6,201
Preferred stock dividends of subsidiaries	134	134
Net income attributable to Hawaiian Electric	6,692	6,067
Preferred stock dividends of Hawaiian Electric	0	0
Net income for common stock	6,692	6,067
Maui Electric | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	79,181	87,198
Expenses
Fuel oil	22,214	30,254
Purchased power	12,095	12,344
Other operation and maintenance	19,323	22,806
Depreciation	8,393	8,079
Taxes, other than income taxes	7,482	8,207
Total expenses	69,507	81,690
Total operating income	9,674	5,508
Allowance for equity funds used during construction	311	153
Equity in earnings of subsidiaries	0	0
Retirement defined benefits credit (expense)—other than service costs	(33)	(29)
Interest expense and other charges, net	(2,590)	(2,323)
Allowance for borrowed funds used during construction	112	50
Income before income taxes	7,474	3,359
Income taxes	1,561	527
Net income	5,913	2,832
Preferred stock dividends of subsidiaries	95	95
Net income attributable to Hawaiian Electric	5,818	2,737
Preferred stock dividends of Hawaiian Electric	0	0
Net income for common stock	5,818	2,737
Other subsidiaries | Reportable Legal Entities
Condensed Income Statements, Captions [Line Items]
Revenues	0	0
Expenses
Fuel oil	0	0
Purchased power	0	0
Other operation and maintenance	0	0
Depreciation	0	0
Taxes, other than income taxes	0	0
Total expenses	0	0
Total operating income	0	0
Allowance for equity funds used during construction	0	0
Equity in earnings of subsidiaries	0	0
Retirement defined benefits credit (expense)—other than service costs	0	0
Interest expense and other charges, net	0	0
Allowance for borrowed funds used during construction	0	0
Income before income taxes	0	0
Income taxes	0
Net income	0	0
Preferred stock dividends of subsidiaries	0	0
Net income attributable to Hawaiian Electric	0	0
Preferred stock dividends of Hawaiian Electric	0	0
Net income for common stock	0	0
Hawaiian Electric Consolidated
Condensed Income Statements, Captions [Line Items]
Revenues	564,864	597,442
Expenses
Fuel oil	127,427	173,221
Purchased power	142,296	139,816
Other operation and maintenance	114,570	127,547
Depreciation	57,355	55,850
Taxes, other than income taxes	54,102	57,050
Total expenses	495,750	553,484
Total operating income	69,114	43,958
Allowance for equity funds used during construction	2,191	2,015
Equity in earnings of subsidiaries	0	0
Retirement defined benefits credit (expense)—other than service costs	1,021	(381)
Interest expense and other charges, net	(17,983)	(16,594)
Allowance for borrowed funds used during construction	747	688
Income before income taxes	55,090	29,686
Income taxes	11,233	5,282
Net income	43,857	24,404
Preferred stock dividends of subsidiaries	229	229
Net income attributable to Hawaiian Electric	43,628	24,175
Preferred stock dividends of Hawaiian Electric	270	270
Net income for common stock	$ 43,358	$ 23,905

Electric utility segment - Co_2

Electric utility segment - Condensed consolidating statement of comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Statement of Income Captions [Line Items]
Net income for common stock	$ 64,358	$ 33,420
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	6,010	5,706
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,811)	(5,158)
Other comprehensive income (loss), net of taxes	(44,016)	18,212
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	20,342	51,632
Consolidating adjustments
Condensed Statement of Income Captions [Line Items]
Net income for common stock	(12,510)	(8,804)
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	(1,596)	(1,400)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	1,595	1,399
Other comprehensive income (loss), net of taxes	(1)	(1)
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	(12,511)	(8,805)
Hawaiian Electric (parent only) | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
Net income for common stock	43,358	23,905
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	5,845	5,184
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,811)	(5,158)
Other comprehensive income (loss), net of taxes	34	26
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	43,392	23,931
Hawaii Electric Light | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
Net income for common stock	6,692	6,067
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	835	748
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(834)	(747)
Other comprehensive income (loss), net of taxes	1	1
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	6,693	6,068
Maui Electric | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
Net income for common stock	5,818	2,737
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	761	652
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(761)	(652)
Other comprehensive income (loss), net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	5,818	2,737
Other subsidiaries | Reportable Legal Entities
Condensed Statement of Income Captions [Line Items]
Net income for common stock	0	0
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	0	0
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	0	0
Other comprehensive income (loss), net of taxes	0	0
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	0	0
Hawaiian Electric Consolidated
Condensed Statement of Income Captions [Line Items]
Net income for common stock	43,358	23,905
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	5,845	5,184
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,811)	(5,158)
Other comprehensive income (loss), net of taxes	34	26
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	$ 43,392	$ 23,931

Electric utility segment - Co_3

Electric utility segment - Condensed consolidating balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Utility property, plant and equipment
Total property, plant and equipment, net	$ 5,283,768	$ 5,265,735
Current assets
Cash and cash equivalents	277,579	341,421	$ 205,514
Restricted cash	14,067	17,558	30,902
Other long-term assets
Operating lease right-of-use assets	162,713	153,069
Total assets	15,358,673	15,004,007
Capitalization
Common stock equity	2,321,293	2,337,502	2,276,505	$ 2,280,260
Cumulative preferred stock—not subject to mandatory redemption	0	0
Current liabilities
Interest and preferred dividends payable	32,405	23,547
Deferred credits and other liabilities
Deferred income taxes	380,365	395,089
Total liabilities and shareholders’ equity	15,358,673	15,004,007
Consolidating adjustments
Utility property, plant and equipment
Land	0	0
Plant and equipment	0	0
Less accumulated depreciation	0	0
Construction in progress	0	0
Utility property, plant and equipment, net	0	0
Nonutility property, plant and equipment, less accumulated depreciation	0	0
Total property, plant and equipment, net	0	0
Investment in wholly owned subsidiaries, at equity	(631,976)	(626,890)
Current assets
Cash and cash equivalents	0	0	0
Restricted cash	0	0	0
Advances to affiliates		(26,700)
Customer accounts receivable, net	0	0
Accrued unbilled revenues, net	0	0
Other accounts receivable, net	(14,470)	(16,195)
Fuel oil stock, at average cost	0	0
Materials and supplies, at average cost	0	0
Prepayments and other	(675)	0
Regulatory assets	0	0
Total current assets	(15,145)	(42,895)
Other long-term assets
Operating lease right-of-use assets	0	0
Regulatory assets	0	0
Other	(6,162)	0
Total other long-term assets	(6,162)	0
Total assets	(653,283)	(669,785)
Capitalization
Common stock equity	(631,976)	(626,891)	(593,097)	(591,969)
Cumulative preferred stock—not subject to mandatory redemption	0	0
Long-term debt, net	0	0
Total capitalization	(631,976)	(626,891)
Current liabilities
Current portion of operating lease liabilities	0	0
Short-term borrowings from non-affiliates		0
Short-term borrowings from affiliate		(26,700)
Accounts payable	0	0
Interest and preferred dividends payable	(1)	(58)
Taxes accrued, including revenue taxes	(675)	0
Regulatory liabilities	0	0
Other	(14,618)	(16,136)
Total current liabilities	(15,294)	(42,894)
Deferred credits and other liabilities
Operating lease liabilities	0	0
Deferred income taxes	0	0
Regulatory liabilities	0	0
Unamortized tax credits	0	0
Defined benefit pension and other postretirement benefit plans liability	(6,013)	0
Other	0	0
Total deferred credits and other liabilities	(6,013)	0
Total liabilities and shareholders’ equity	(653,283)	(669,785)
Hawaiian Electric (parent only) | Reportable Legal Entities
Utility property, plant and equipment
Land	42,411	42,411
Plant and equipment	4,986,417	4,960,470
Less accumulated depreciation	(1,706,529)	(1,677,256)
Construction in progress	160,331	143,616
Utility property, plant and equipment, net	3,482,630	3,469,241
Nonutility property, plant and equipment, less accumulated depreciation	5,305	5,306
Total property, plant and equipment, net	3,487,935	3,474,547
Investment in wholly owned subsidiaries, at equity	631,976	626,890
Current assets
Cash and cash equivalents	29,727	42,205	4,589
Restricted cash	11,506	15,966	30,902
Advances to affiliates		26,700
Customer accounts receivable, net	101,605	102,736
Accrued unbilled revenues, net	72,784	73,628
Other accounts receivable, net	12,967	17,984
Fuel oil stock, at average cost	51,894	38,777
Materials and supplies, at average cost	40,395	38,786
Prepayments and other	29,769	34,306
Regulatory assets	42,852	22,095
Total current assets	393,499	413,183
Other long-term assets
Operating lease right-of-use assets	123,992	125,858
Regulatory assets	501,393	513,192
Other	102,767	98,307
Total other long-term assets	728,152	737,357
Total assets	5,241,562	5,251,977
Capitalization
Common stock equity	2,157,385	2,141,918	2,044,499	2,047,352
Cumulative preferred stock—not subject to mandatory redemption	22,293	22,293
Long-term debt, net	1,176,229	1,116,426
Total capitalization	3,355,907	3,280,637
Current liabilities
Current portion of operating lease liabilities	64,423	64,599
Short-term borrowings from non-affiliates		49,979
Short-term borrowings from affiliate		0
Accounts payable	87,437	97,102
Interest and preferred dividends payable	20,075	14,480
Taxes accrued, including revenue taxes	107,552	135,018
Regulatory liabilities	17,000	20,224
Other	55,478	57,926
Total current liabilities	351,965	439,328
Deferred credits and other liabilities
Operating lease liabilities	71,431	67,824
Deferred income taxes	282,513	282,685
Regulatory liabilities	658,584	656,270
Unamortized tax credits	81,297	82,563
Defined benefit pension and other postretirement benefit plans liability	373,376	373,112
Other	66,489	69,558
Total deferred credits and other liabilities	1,533,690	1,532,012
Total liabilities and shareholders’ equity	5,241,562	5,251,977
Hawaii Electric Light | Reportable Legal Entities
Utility property, plant and equipment
Land	5,606	5,606
Plant and equipment	1,358,367	1,352,885
Less accumulated depreciation	(604,021)	(597,606)
Construction in progress	13,927	13,043
Utility property, plant and equipment, net	773,879	773,928
Nonutility property, plant and equipment, less accumulated depreciation	115	115
Total property, plant and equipment, net	773,994	774,043
Investment in wholly owned subsidiaries, at equity	0	0
Current assets
Cash and cash equivalents	7,730	3,046	4,654
Restricted cash	0	0	0
Advances to affiliates		0
Customer accounts receivable, net	21,358	23,989
Accrued unbilled revenues, net	14,911	13,631
Other accounts receivable, net	3,006	3,028
Fuel oil stock, at average cost	9,981	8,471
Materials and supplies, at average cost	9,873	9,896
Prepayments and other	3,534	5,197
Regulatory assets	2,840	1,954
Total current assets	73,233	69,212
Other long-term assets
Operating lease right-of-use assets	14,198	1,443
Regulatory assets	111,700	114,461
Other	18,591	17,992
Total other long-term assets	144,489	133,896
Total assets	991,716	977,151
Capitalization
Common stock equity	320,494	317,451	300,986	298,998
Cumulative preferred stock—not subject to mandatory redemption	7,000	7,000
Long-term debt, net	246,310	216,447
Total capitalization	573,804	540,898
Current liabilities
Current portion of operating lease liabilities	1,844	98
Short-term borrowings from non-affiliates		0
Short-term borrowings from affiliate		18,800
Accounts payable	16,037	19,570
Interest and preferred dividends payable	3,698	3,138
Taxes accrued, including revenue taxes	25,372	29,869
Regulatory liabilities	5,901	8,785
Other	11,951	13,851
Total current liabilities	64,803	94,111
Deferred credits and other liabilities
Operating lease liabilities	12,353	1,344
Deferred income taxes	53,582	54,108
Regulatory liabilities	174,820	173,938
Unamortized tax credits	15,126	15,363
Defined benefit pension and other postretirement benefit plans liability	76,357	77,679
Other	20,871	19,710
Total deferred credits and other liabilities	353,109	342,142
Total liabilities and shareholders’ equity	991,716	977,151
Maui Electric | Reportable Legal Entities
Utility property, plant and equipment
Land	3,594	3,594
Plant and equipment	1,207,095	1,195,988
Less accumulated depreciation	(549,169)	(544,217)
Construction in progress	29,730	31,683
Utility property, plant and equipment, net	691,250	687,048
Nonutility property, plant and equipment, less accumulated depreciation	1,532	1,532
Total property, plant and equipment, net	692,782	688,580
Investment in wholly owned subsidiaries, at equity	0	0
Current assets
Cash and cash equivalents	14,209	2,032	3,065
Restricted cash	0	0	0
Advances to affiliates		0
Customer accounts receivable, net	18,686	21,107
Accrued unbilled revenues, net	14,118	13,777
Other accounts receivable, net	3,570	2,856
Fuel oil stock, at average cost	12,813	10,990
Materials and supplies, at average cost	19,458	18,662
Prepayments and other	3,791	4,580
Regulatory assets	8,630	6,386
Total current assets	95,275	80,390
Other long-term assets
Operating lease right-of-use assets	344	353
Regulatory assets	106,011	108,620
Other	20,424	20,010
Total other long-term assets	126,779	128,983
Total assets	914,836	897,953
Capitalization
Common stock equity	311,405	309,363	292,010	292,870
Cumulative preferred stock—not subject to mandatory redemption	5,000	5,000
Long-term debt, net	253,324	228,429
Total capitalization	569,729	542,792
Current liabilities
Current portion of operating lease liabilities	34	33
Short-term borrowings from non-affiliates		0
Short-term borrowings from affiliate		7,900
Accounts payable	19,725	17,177
Interest and preferred dividends payable	4,400	2,790
Taxes accrued, including revenue taxes	22,876	27,637
Regulatory liabilities	7,469	8,292
Other	17,189	18,621
Total current liabilities	71,693	82,450
Deferred credits and other liabilities
Operating lease liabilities	318	326
Deferred income taxes	60,663	61,005
Regulatory liabilities	92,365	92,277
Unamortized tax credits	13,758	13,989
Defined benefit pension and other postretirement benefit plans liability	78,566	79,741
Other	27,744	25,373
Total deferred credits and other liabilities	273,414	272,711
Total liabilities and shareholders’ equity	914,836	897,953
Other subsidiaries | Reportable Legal Entities
Utility property, plant and equipment
Land	0	0
Plant and equipment	0	0
Less accumulated depreciation	0	0
Construction in progress	0	0
Utility property, plant and equipment, net	0	0
Nonutility property, plant and equipment, less accumulated depreciation	0	0
Total property, plant and equipment, net	0	0
Investment in wholly owned subsidiaries, at equity	0	0
Current assets
Cash and cash equivalents	77	77	101
Restricted cash	0	0	0
Advances to affiliates		0
Customer accounts receivable, net	0	0
Accrued unbilled revenues, net	0	0
Other accounts receivable, net	0	0
Fuel oil stock, at average cost	0	0
Materials and supplies, at average cost	0	0
Prepayments and other	0	0
Regulatory assets	0	0
Total current assets	77	77
Other long-term assets
Operating lease right-of-use assets	0	0
Regulatory assets	0	0
Other	0	0
Total other long-term assets	0	0
Total assets	77	77
Capitalization
Common stock equity	77	77	101	101
Cumulative preferred stock—not subject to mandatory redemption	0	0
Long-term debt, net	0	0
Total capitalization	77	77
Current liabilities
Current portion of operating lease liabilities	0	0
Short-term borrowings from non-affiliates		0
Short-term borrowings from affiliate		0
Accounts payable	0	0
Interest and preferred dividends payable	0	0
Taxes accrued, including revenue taxes	0	0
Regulatory liabilities	0	0
Other	0	0
Total current liabilities	0	0
Deferred credits and other liabilities
Operating lease liabilities	0	0
Deferred income taxes	0	0
Regulatory liabilities	0	0
Unamortized tax credits	0	0
Defined benefit pension and other postretirement benefit plans liability	0	0
Other	0	0
Total deferred credits and other liabilities	0	0
Total liabilities and shareholders’ equity	77	77
Hawaiian Electric Consolidated
Utility property, plant and equipment
Land	51,611	51,611
Plant and equipment	7,551,879	7,509,343
Less accumulated depreciation	(2,859,719)	(2,819,079)
Construction in progress	203,988	188,342
Utility property, plant and equipment, net	4,947,759	4,930,217
Nonutility property, plant and equipment, less accumulated depreciation	6,952	6,953
Total property, plant and equipment, net	4,954,711	4,937,170
Investment in wholly owned subsidiaries, at equity	0	0
Current assets
Cash and cash equivalents	51,743	47,360	12,409
Restricted cash	11,506	15,966	30,902
Advances to affiliates		0
Customer accounts receivable, net	141,649	147,832
Accrued unbilled revenues, net	101,813	101,036
Other accounts receivable, net	5,073	7,673
Fuel oil stock, at average cost	74,688	58,238
Materials and supplies, at average cost	69,726	67,344
Prepayments and other	36,419	44,083
Regulatory assets	54,322	30,435
Total current assets	546,939	519,967
Other long-term assets
Operating lease right-of-use assets	138,534	127,654
Regulatory assets	719,104	736,273
Other	135,620	136,309
Total other long-term assets	993,258	1,000,236
Total assets	6,494,908	6,457,373
Capitalization
Common stock equity	2,157,385	2,141,918	$ 2,044,499	$ 2,047,352
Cumulative preferred stock—not subject to mandatory redemption	34,293	34,293
Long-term debt, net	1,675,863	1,561,302
Total capitalization	3,867,541	3,737,513
Current liabilities
Current portion of operating lease liabilities	66,301	64,730
Short-term borrowings from non-affiliates	0	49,979
Short-term borrowings from affiliate		0
Accounts payable	123,199	133,849
Interest and preferred dividends payable	28,172	20,350
Taxes accrued, including revenue taxes	155,125	192,524
Regulatory liabilities	30,370	37,301
Other	70,000	74,262
Total current liabilities	473,167	572,995
Deferred credits and other liabilities
Operating lease liabilities	84,102	69,494
Deferred income taxes	396,758	397,798
Regulatory liabilities	925,769	922,485
Unamortized tax credits	110,181	111,915
Defined benefit pension and other postretirement benefit plans liability	522,286	530,532
Other	115,104	114,641
Total deferred credits and other liabilities	2,154,200	2,146,865
Total liabilities and shareholders’ equity	$ 6,494,908	$ 6,457,373

Electric utility segment - Co_4

Electric utility segment - Condensed consolidating statement of changes in common stock equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (decrease) in stockholders' equity
Beginning Balance	$ 2,337,502	$ 2,280,260
Net income for common stock	64,358	33,420
Other comprehensive income, net of taxes	(44,016)	18,212
Common stock dividends	(37,156)	(36,019)
Ending Balance	2,321,293	2,276,505
Consolidating adjustments
Increase (decrease) in stockholders' equity
Beginning Balance	(626,891)	(591,969)
Net income for common stock	(12,510)	(8,804)
Other comprehensive income, net of taxes	(1)	(1)
Common stock dividends	7,426	7,676
Common stock issuance expenses		1
Ending Balance	(631,976)	(593,097)
Hawaiian Electric (parent only) | Reportable Legal Entities
Increase (decrease) in stockholders' equity
Beginning Balance	2,141,918	2,047,352
Net income for common stock	43,358	23,905
Other comprehensive income, net of taxes	34	26
Common stock dividends	(27,925)	(26,784)
Ending Balance	2,157,385	2,044,499
Hawaii Electric Light | Reportable Legal Entities
Increase (decrease) in stockholders' equity
Beginning Balance	317,451	298,998
Net income for common stock	6,692	6,067
Other comprehensive income, net of taxes	1	1
Common stock dividends	(3,650)	(4,080)
Ending Balance	320,494	300,986
Maui Electric | Reportable Legal Entities
Increase (decrease) in stockholders' equity
Beginning Balance	309,363	292,870
Net income for common stock	5,818	2,737
Other comprehensive income, net of taxes	0	0
Common stock dividends	(3,776)	(3,596)
Common stock issuance expenses		(1)
Ending Balance	311,405	292,010
Other subsidiaries | Reportable Legal Entities
Increase (decrease) in stockholders' equity
Beginning Balance	77	101
Net income for common stock	0	0
Other comprehensive income, net of taxes	0	0
Ending Balance	77	101
Hawaiian Electric Consolidated
Increase (decrease) in stockholders' equity
Beginning Balance	2,141,918	2,047,352
Net income for common stock	43,358	23,905
Other comprehensive income, net of taxes	34	26
Common stock dividends	(27,925)	(26,784)
Common stock issuance expenses		0
Ending Balance	$ 2,157,385	$ 2,044,499

Electric utility segment - Co_5

Electric utility segment - Condensed consolidating statement of cash flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities
Net cash provided by operating activities	$ 41,730	$ 61,293
Cash flows from investing activities
Capital expenditures	(74,079)	(125,554)
Other	4,622	2,942
Net cash used in investing activities	(518,020)	(260,463)
Cash flows from financing activities
Common stock dividends	(37,156)	(36,018)
Proceeds from issuance of short-term debt	0	50,000
Repayment of short-term debt	(65,000)	0
Proceeds from issuance of long-term debt	161,800	186,925
Net increase in other bank borrowings with original maturities of three months or less	13,015	42,495
Other	(4,621)	(4,590)
Net cash provided by financing activities	408,957	207,901
Net increase (decrease) in cash, cash equivalents and restricted cash	(67,333)	8,731
Cash, cash equivalents and restricted cash, beginning of period	358,979	227,685
Cash, cash equivalents and restricted cash, end of period	291,646	236,416
Less: Restricted cash	(14,067)	(30,902)	$ (17,558)
Cash and cash equivalents, end of period	277,579	205,514	341,421
Consolidating adjustments
Cash flows from operating activities
Net cash provided by operating activities	(7,426)	(7,272)
Cash flows from investing activities
Capital expenditures	0	0
Advances from affiliates	(26,700)	9,000
Other	0	(404)
Net cash used in investing activities	(26,700)	8,596
Cash flows from financing activities
Common stock dividends	7,426	7,676
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	0
Proceeds from issuance of short-term debt		0
Repayment of short-term debt	0
Proceeds from issuance of long-term debt	0	0
Net increase in other bank borrowings with original maturities of three months or less	26,700	(9,000)
Other	0	0
Net cash provided by financing activities	34,126	(1,324)
Net increase (decrease) in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	0	0
Cash, cash equivalents and restricted cash, end of period	0	0
Less: Restricted cash	0	0	0
Cash and cash equivalents, end of period	0	0	0
Hawaiian Electric (parent only) | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by operating activities	18,764	29,004
Cash flows from investing activities
Capital expenditures	(45,293)	(83,191)
Advances from affiliates	26,700	(17,000)
Other	1,182	2,752
Net cash used in investing activities	(17,411)	(97,439)
Cash flows from financing activities
Common stock dividends	(27,925)	(26,784)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)	(270)
Proceeds from issuance of short-term debt		50,000
Repayment of short-term debt	(50,000)
Proceeds from issuance of long-term debt	60,000	95,000
Net increase in other bank borrowings with original maturities of three months or less	0	(46,987)
Other	(96)	(21)
Net cash provided by financing activities	(18,291)	70,938
Net increase (decrease) in cash, cash equivalents and restricted cash	(16,938)	2,503
Cash, cash equivalents and restricted cash, beginning of period	58,171	32,988
Cash, cash equivalents and restricted cash, end of period	41,233	35,491
Less: Restricted cash	(11,506)	(30,902)	(15,966)
Cash and cash equivalents, end of period	29,727	4,589	42,205
Hawaii Electric Light | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by operating activities	9,635	9,478
Cash flows from investing activities
Capital expenditures	(12,728)	(18,181)
Advances from affiliates	0	8,000
Other	372	64
Net cash used in investing activities	(12,356)	(10,117)
Cash flows from financing activities
Common stock dividends	(3,650)	(4,080)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(134)	(134)
Proceeds from issuance of short-term debt		0
Repayment of short-term debt	0
Proceeds from issuance of long-term debt	30,000	0
Net increase in other bank borrowings with original maturities of three months or less	(18,800)	2,500
Other	(11)	(1)
Net cash provided by financing activities	7,405	(1,715)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,684	(2,354)
Cash, cash equivalents and restricted cash, beginning of period	3,046	7,008
Cash, cash equivalents and restricted cash, end of period	7,730	4,654
Less: Restricted cash	0	0	0
Cash and cash equivalents, end of period	7,730	4,654	3,046
Maui Electric | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by operating activities	10,988	7,931
Cash flows from investing activities
Capital expenditures	(12,340)	(17,772)
Advances from affiliates	0	0
Other	309	301
Net cash used in investing activities	(12,031)	(17,471)
Cash flows from financing activities
Common stock dividends	(3,776)	(3,596)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(95)	(95)
Proceeds from issuance of short-term debt		0
Repayment of short-term debt	0
Proceeds from issuance of long-term debt	25,000	0
Net increase in other bank borrowings with original maturities of three months or less	(7,900)	14,500
Other	(9)	(1)
Net cash provided by financing activities	13,220	10,808
Net increase (decrease) in cash, cash equivalents and restricted cash	12,177	1,268
Cash, cash equivalents and restricted cash, beginning of period	2,032	1,797
Cash, cash equivalents and restricted cash, end of period	14,209	3,065
Less: Restricted cash	0	0	0
Cash and cash equivalents, end of period	14,209	3,065	2,032
Other subsidiaries | Reportable Legal Entities
Cash flows from operating activities
Net cash provided by operating activities	0	0
Cash flows from investing activities
Capital expenditures	0	0
Advances from affiliates	0	0
Other	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities
Common stock dividends	0	0
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	0
Proceeds from issuance of short-term debt		0
Repayment of short-term debt	0
Proceeds from issuance of long-term debt	0	0
Net increase in other bank borrowings with original maturities of three months or less	0	0
Other	0	0
Net cash provided by financing activities	0	0
Net increase (decrease) in cash, cash equivalents and restricted cash	0	0
Cash, cash equivalents and restricted cash, beginning of period	77	101
Cash, cash equivalents and restricted cash, end of period	77	101
Less: Restricted cash	0	0	0
Cash and cash equivalents, end of period	77	101	77
Hawaiian Electric Consolidated
Cash flows from operating activities
Net cash provided by operating activities	31,961	39,141
Cash flows from investing activities
Capital expenditures	(70,361)	(119,144)
Advances from affiliates	0	0
Other	1,863	2,713
Net cash used in investing activities	(68,498)	(116,431)
Cash flows from financing activities
Common stock dividends	(27,925)	(26,784)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(499)	(499)
Proceeds from issuance of short-term debt	0	50,000
Repayment of short-term debt	(50,000)	0
Proceeds from issuance of long-term debt	115,000	95,000
Net increase in other bank borrowings with original maturities of three months or less	0	(38,987)
Other	(116)	(23)
Net cash provided by financing activities	36,460	78,707
Net increase (decrease) in cash, cash equivalents and restricted cash	(77)	1,417
Cash, cash equivalents and restricted cash, beginning of period	63,326	41,894
Cash, cash equivalents and restricted cash, end of period	63,249	43,311
Less: Restricted cash	(11,506)	(30,902)	(15,966)
Cash and cash equivalents, end of period	$ 51,743	$ 12,409	$ 47,360

Bank segment - Income statement

Bank segment - Income statement data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest expense
Provision for credit losses	$ (8,435)	$ 10,401
Noninterest income
Noninterest income	541,300	618,605
Noninterest expense
Income before income taxes	80,196	39,696
Income taxes	15,365	5,803
Other comprehensive income (loss), net of tax (benefits)	(44,016)	18,212
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	20,342	51,632
American Savings Bank (ASB)
Interest and dividend income
Interest and fees on loans	49,947	55,545
Interest and dividends on investment securities	8,673	9,430
Total interest and dividend income	58,620	64,975
Interest expense
Interest on deposit liabilities	1,462	3,587
Interest on other borrowings	27	313
Total interest expense	1,489	3,900
Net interest income	57,131	61,075
Provision for credit losses	(8,435)	10,401
Net interest income after provision for credit losses	65,566	50,674
Noninterest income
Total noninterest income	19,039	14,763
Noninterest expense
Compensation and employee benefits	28,037	25,777
Occupancy	4,969	5,267
Data processing	4,351	3,837
Services	2,862	2,809
Equipment	2,222	2,339
Office supplies, printing and postage	1,044	1,341
Marketing	648	802
FDIC insurance	816	102
Other expense	2,554	4,194
Total noninterest expense	47,503	46,468
Income before income taxes	37,102	18,969
Income taxes	7,546	3,208
Net income attributable to Hawaiian Electric	29,556	15,761
Other comprehensive income (loss), net of tax (benefits)	(45,754)	19,847
Comprehensive income attributable to Hawaiian Electric Industries, Inc.	(16,198)	35,608
American Savings Bank (ASB) | Fees from other financial services
Noninterest income
Noninterest income	5,073	4,571
American Savings Bank (ASB) | Fee income on deposit liabilities
Noninterest income
Noninterest income	3,863	5,113
American Savings Bank (ASB) | Fee income on other financial products
Noninterest income
Noninterest income	2,442	1,872
American Savings Bank (ASB) | Bank-owned life insurance
Noninterest income
Noninterest income	2,561	794
American Savings Bank (ASB) | Mortgage banking income
Noninterest income
Noninterest income	4,300	2,000
American Savings Bank (ASB) | Gain on sale of investment securities, net
Noninterest income
Noninterest income	528	0
American Savings Bank (ASB) | Other income, net
Noninterest income
Noninterest income	$ 272	$ 413

Bank segment - Reconciliation o

Bank segment - Reconciliation of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Condensed Income Statements, Captions [Line Items]
Gain on sale of investment securities, net	$ 528	$ 0
Revenues	642,946	677,186
Provision for credit losses	(8,435)	10,401
Less: Retirement defined benefits expense (credit)—other than service costs	(2,435)	934
Total expenses	544,915	617,484
Operating income - Bank	98,031	59,702
Income before income taxes	80,196	39,696
American Savings Bank (ASB)
Condensed Income Statements, Captions [Line Items]
Interest and dividend income	58,620	64,975
Total noninterest income	19,039	14,763
Gain on sale of investment securities, net	528	0
Revenues	77,131	79,738
Total interest expense	1,489	3,900
Provision for credit losses	(8,435)	10,401
Noninterest expense	47,503	46,468
Less: Retirement defined benefits expense (credit)—other than service costs	(1,278)	434
Total expenses	41,835	60,335
Operating income - Bank	35,296	19,403
Income before income taxes	$ 37,102	$ 18,969

Bank segment - Balance sheet da

Bank segment - Balance sheet data (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 277,579	$ 341,421	$ 205,514
Investment securities
Available-for-sale investment securities, at fair value	2,305,257	1,970,417
Held-to-maturity investment securities, at amortized cost	295,046	226,947
Stock in Federal Home Loan Bank, at cost	10,000	8,680
Collateral-dependent loans, amortized cost	5,325,770	5,345,226
Allowance for credit losses	(91,793)	(101,201)	(77,084)	$ (53,355)
Total loans, net	5,218,288	5,232,642
Loans held for sale, at lower of cost or fair value	23,637	28,275
Other	639,505	629,149
Goodwill	82,190	82,190
Total assets	15,358,673	15,004,007
Liabilities and shareholder’s equity
Other	557,758	618,438
Total liabilities	13,003,087	12,632,212
Commitments and contingencies
Retained earnings	687,600	660,398
Accumulated other comprehensive income (loss), net of taxes
Accumulated other comprehensive loss, net of tax benefits	(45,280)	(1,264)
Total shareholders’ equity	2,321,293	2,337,502	$ 2,276,505	$ 2,280,260
Total liabilities and shareholders’ equity	15,358,673	15,004,007
Other assets
Premises and equipment, net	5,283,768	5,265,735
Other	639,505	629,149
Other liabilities
Total other liabilities	557,758	618,438
Balance Sheet related disclosures
Securities sold under agreements to repurchase	103,000	90,000
Federal funds purchased	0	0
Held-to-maturity investment securities	285,599	229,963
American Savings Bank (ASB)
Assets
Cash and due from banks	113,698	178,422
Interest-bearing deposits	110,365	114,304
Cash and cash equivalents	224,063	292,726
Investment securities
Available-for-sale investment securities, at fair value	2,305,257	1,970,417
Held-to-maturity investment securities, at amortized cost	295,046	226,947
Stock in Federal Home Loan Bank, at cost	10,000	8,680
Collateral-dependent loans, amortized cost	5,310,081	5,333,843
Allowance for credit losses	(91,793)	(101,201)
Total loans, net	5,218,288	5,232,642
Loans held for sale, at lower of cost or fair value	23,637	28,275
Other	559,543	554,656
Goodwill	82,190	82,190
Total assets	8,718,024	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing	2,833,844	2,598,500
Deposit liabilities—interest-bearing	4,911,450	4,788,457
Other borrowings	102,685	89,670
Other	154,418	183,731
Total liabilities	8,002,397	7,660,358
Commitments and contingencies
Common stock	1	1
Additional paid-in capital	352,408	351,758
Retained earnings	394,026	369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities	(25,791)	19,986
Retirement benefit plans	(5,017)	(5,040)
Accumulated other comprehensive loss, net of tax benefits	(30,808)	14,946
Total shareholders’ equity	715,627	736,175
Total liabilities and shareholders’ equity	8,718,024	8,396,533
Other assets
Bank-owned life insurance	162,821	163,265
Premises and equipment, net	206,247	206,134
Accrued interest receivable	24,381	24,616
Mortgage-servicing rights	10,685	10,020
Low-income housing investments	80,791	83,435
Other	74,618	67,186
Other	559,543	554,656
Other liabilities
Accrued expenses	55,073	62,694
Federal and state income taxes payable	1,709	6,582
Cashier’s checks	29,363	38,011
Advance payments by borrowers	5,863	10,207
Other	62,410	66,237
Total other liabilities	154,418	183,731
Balance Sheet related disclosures
Securities sold under agreements to repurchase	102,700	89,700
Advances from the Federal Home Loan Bank	0	0
Held-to-maturity investment securities	$ 285,599	$ 229,963

Bank segment - Narrative (Detai

Bank segment - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Allowance for credit losses
Securities sold under agreements to repurchase	$ 103,000,000		$ 90,000,000
Federal funds purchased	0		0
Proceeds from sale of available-for-sale investment securities	197,354,000	$ 0
Gross realized gains on available-for-sale securities	1,000,000	0
Gross realized losses on available-for-sale securities	500,000	0
American Savings Bank (ASB)
Allowance for credit losses
Securities sold under agreements to repurchase	102,700,000		89,700,000
Advances from the Federal Home Loan Bank	$ 0		$ 0
Minimum benchmark percentage of loan to appraisal ratio which mortgage insurance is required	80.00%
Minimum benchmark percentage of loan to appraisal ratio on non-owner occupied residential property	75.00%
Home equity line of credit
Allowance for credit losses
Conversion of debt	$ 6,200,000	1,800,000
Commercial
Allowance for credit losses
Conversion of debt	500,000	2,000,000
Consumer
Allowance for credit losses
Conversion of debt	$ 700,000	$ 1,000,000

Bank segment - Components of in

Bank segment - Components of investment securities (Details) $ in Thousands	Mar. 31, 2021USD ($)issue	Dec. 31, 2020USD ($)issue
Debt Securities, Available-for-sale [Abstract]
Amortized cost	$ 2,340,488
Estimated fair value	2,305,257
Debt Securities, Held-to-maturity [Abstract]
Amortized cost	295,046	$ 226,947
Held-to-maturity investment securities	285,599	229,963
American Savings Bank (ASB)
Debt Securities, Available-for-sale [Abstract]
Amortized cost	2,340,488	1,943,114
Gross unrealized gains	18,173	30,454
Gross unrealized losses	(53,404)	(3,151)
Estimated fair value	$ 2,305,257	$ 1,970,417
Gross unrealized losses, Less than 12 months, Number of issues | issue	93	22
Gross unrealized losses, Less than 12 months, Fair value	$ 1,617,916	$ 373,924
Gross unrealized losses, Less than 12 months, Amount	$ (53,385)	$ (3,151)
Gross unrealized losses, 12 months or longer, Number of issues | issue	1	0
Gross unrealized losses, 12 months or longer, Fair value	$ 958	$ 0
Gross unrealized losses, 12 months or more, amount	(19)	0
Debt Securities, Held-to-maturity [Abstract]
Amortized cost	295,046	226,947
Gross unrealized gains	2,812	3,846
Gross unrealized losses	(12,259)	(830)
Held-to-maturity investment securities	$ 285,599	$ 229,963
Less than 12 months: Number of issues | issue	16	7
Less than 12 Months: Fair value	$ 220,908	$ 114,152
Less than 12 Months: Amount	$ (12,259)	$ (830)
12 months or longer: Number of issues | issue	0	0
12 months or longer: Fair value	$ 0	$ 0
12 months or longer: Amount	0	0
U.S. Treasury and federal agency obligations | American Savings Bank (ASB)
Debt Securities, Available-for-sale [Abstract]
Amortized cost	55,969	60,260
Gross unrealized gains	1,719	2,062
Gross unrealized losses	(41)	0
Estimated fair value	$ 57,647	$ 62,322
Gross unrealized losses, Less than 12 months, Number of issues | issue	1	0
Gross unrealized losses, Less than 12 months, Fair value	$ 4,908	$ 0
Gross unrealized losses, Less than 12 months, Amount	$ (41)	$ 0
Gross unrealized losses, 12 months or longer, Number of issues | issue	0	0
Gross unrealized losses, 12 months or longer, Fair value	$ 0	$ 0
Gross unrealized losses, 12 months or more, amount	0	0
Mortgage-backed securities* | American Savings Bank (ASB)
Debt Securities, Available-for-sale [Abstract]
Amortized cost	2,239,311	1,825,893
Gross unrealized gains	15,404	26,817
Gross unrealized losses	(53,363)	(3,151)
Estimated fair value	$ 2,201,352	$ 1,849,559
Gross unrealized losses, Less than 12 months, Number of issues | issue	92	22
Gross unrealized losses, Less than 12 months, Fair value	$ 1,613,008	$ 373,924
Gross unrealized losses, Less than 12 months, Amount	$ (53,344)	$ (3,151)
Gross unrealized losses, 12 months or longer, Number of issues | issue	1	0
Gross unrealized losses, 12 months or longer, Fair value	$ 958	$ 0
Gross unrealized losses, 12 months or more, amount	(19)	0
Debt Securities, Held-to-maturity [Abstract]
Amortized cost	295,046	226,947
Gross unrealized gains	2,812	3,846
Gross unrealized losses	(12,259)	(830)
Held-to-maturity investment securities	$ 285,599	$ 229,963
Less than 12 months: Number of issues | issue	16	7
Less than 12 Months: Fair value	$ 220,908	$ 114,152
Less than 12 Months: Amount	$ (12,259)	$ (830)
12 months or longer: Number of issues | issue	0	0
12 months or longer: Fair value	$ 0	$ 0
12 months or longer: Amount	0	0
Corporate bonds | American Savings Bank (ASB)
Debt Securities, Available-for-sale [Abstract]
Amortized cost	29,781	29,776
Gross unrealized gains	1,050	1,575
Gross unrealized losses	0	0
Estimated fair value	$ 30,831	$ 31,351
Gross unrealized losses, Less than 12 months, Number of issues | issue	0	0
Gross unrealized losses, Less than 12 months, Fair value	$ 0	$ 0
Gross unrealized losses, Less than 12 months, Amount	$ 0	$ 0
Gross unrealized losses, 12 months or longer, Number of issues | issue	0	0
Gross unrealized losses, 12 months or longer, Fair value	$ 0	$ 0
Gross unrealized losses, 12 months or more, amount	0	0
Mortgage revenue bonds | American Savings Bank (ASB)
Debt Securities, Available-for-sale [Abstract]
Amortized cost	15,427	27,185
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Estimated fair value	$ 15,427	$ 27,185
Gross unrealized losses, Less than 12 months, Number of issues | issue	0	0
Gross unrealized losses, Less than 12 months, Fair value	$ 0	$ 0
Gross unrealized losses, Less than 12 months, Amount	$ 0	$ 0
Gross unrealized losses, 12 months or longer, Number of issues | issue	0	0
Gross unrealized losses, 12 months or longer, Fair value	$ 0	$ 0
Gross unrealized losses, 12 months or more, amount	$ 0	$ 0

Bank segment - Contractual matu

Bank segment - Contractual maturities of investment securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Available-for-sale
Total amortized cost	$ 101,177
Amortized cost	2,340,488
Held-to-maturity
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	295,046
Amortized cost	295,046	$ 226,947
Available-for-sale
Total fair value	103,905
Total available-for-sale securities	2,305,257
Held-to-maturity
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	285,599
Total held-to-maturity securities	285,599	229,963
American Savings Bank (ASB)
Available-for-sale
Due in one year or less	11,996
Due after one year through five years	43,530
Due after five years through ten years	30,224
Due after ten years	15,427
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	2,239,311
Amortized cost	2,340,488	1,943,114
Held-to-maturity
Amortized cost	295,046	226,947
Available-for-sale
Due in one year or less	12,011
Due after one year through five years	45,180
Due after five years through ten years	31,287
Due after ten years	15,427
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	2,201,352
Total available-for-sale securities	2,305,257	1,970,417
Held-to-maturity
Total held-to-maturity securities	$ 285,599	$ 229,963

Bank segment - Loans receivable

Bank segment - Loans receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	$ 5,325,770	$ 5,345,226
Deferred fees and discounts	(15,689)	(11,383)
Allowance for credit losses	(91,793)	(101,201)	$ (77,084)	$ (53,355)
Total loans, net	5,218,288	5,232,642
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	4,167,255	4,239,745
Real estate | Residential 1-4 family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	2,107,537	2,144,239
Allowance for credit losses	(5,261)	(4,600)	(4,476)	(2,380)
Real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	1,012,968	983,865
Allowance for credit losses	(34,345)	(35,607)	(16,587)	(15,053)
Real estate | Home equity line of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	901,462	963,578
Allowance for credit losses	(5,901)	(6,813)	(6,225)	(6,922)
Real estate | Residential land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	17,468	15,617
Allowance for credit losses	(573)	(609)	(352)	(449)
Real estate | Commercial construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	114,455	121,424
Allowance for credit losses	(1,453)	(4,149)	(3,446)	(2,097)
Real estate | Residential construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	13,365	11,022
Allowance for credit losses	(16)	(11)	(14)	(3)
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	1,010,004	936,748
Allowance for credit losses	(24,504)	(25,462)	(12,977)	(10,245)
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans, gross	148,511	168,733
Allowance for credit losses	$ (19,740)	$ (23,950)	$ (33,007)	$ (16,206)

Bank segment - Allowance for cr

Bank segment - Allowance for credit losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Allowance for credit losses:
Beginning balance	$ 101,201	$ 53,355
Charge-offs	(3,681)	(6,631)
Recoveries	1,308	1,018
Provision	(7,035)	9,901
Ending balance	91,793	77,084
Real estate | Residential 1-4 family
Allowance for credit losses:
Beginning balance	4,600	2,380
Charge-offs	0	0
Recoveries	3	53
Provision	658	(107)
Ending balance	5,261	4,476
Real estate | Commercial real estate
Allowance for credit losses:
Beginning balance	35,607	15,053
Charge-offs	0	0
Recoveries	0	0
Provision	(1,262)	1,326
Ending balance	34,345	16,587
Real estate | Home equity line of credit
Allowance for credit losses:
Beginning balance	6,813	6,922
Charge-offs	(50)	0
Recoveries	15	6
Provision	(877)	(162)
Ending balance	5,901	6,225
Real estate | Residential land
Allowance for credit losses:
Beginning balance	609	449
Charge-offs	0	(8)
Recoveries	10	9
Provision	(46)	(34)
Ending balance	573	352
Real estate | Commercial construction
Allowance for credit losses:
Beginning balance	4,149	2,097
Charge-offs	0	0
Recoveries	0	0
Provision	(2,696)	1,060
Ending balance	1,453	3,446
Real estate | Residential construction
Allowance for credit losses:
Beginning balance	11	3
Charge-offs	0	0
Recoveries	0	0
Provision	5	(3)
Ending balance	16	14
Commercial
Allowance for credit losses:
Beginning balance	25,462	10,245
Charge-offs	(771)	(369)
Recoveries	273	186
Provision	(460)	1,993
Ending balance	24,504	12,977
Consumer
Allowance for credit losses:
Beginning balance	23,950	16,206
Charge-offs	(2,860)	(6,254)
Recoveries	1,007	764
Provision	(2,357)	5,828
Ending balance	$ 19,740	33,007
Impact of adoption of ASU No. 2016-13
Allowance for credit losses:
Beginning balance		19,441
Impact of adoption of ASU No. 2016-13 | Real estate | Residential 1-4 family
Allowance for credit losses:
Beginning balance		2,150
Impact of adoption of ASU No. 2016-13 | Real estate | Commercial real estate
Allowance for credit losses:
Beginning balance		208
Impact of adoption of ASU No. 2016-13 | Real estate | Home equity line of credit
Allowance for credit losses:
Beginning balance		(541)
Impact of adoption of ASU No. 2016-13 | Real estate | Residential land
Allowance for credit losses:
Beginning balance		(64)
Impact of adoption of ASU No. 2016-13 | Real estate | Commercial construction
Allowance for credit losses:
Beginning balance		289
Impact of adoption of ASU No. 2016-13 | Real estate | Residential construction
Allowance for credit losses:
Beginning balance		14
Impact of adoption of ASU No. 2016-13 | Commercial
Allowance for credit losses:
Beginning balance		922
Impact of adoption of ASU No. 2016-13 | Consumer
Allowance for credit losses:
Beginning balance		$ 16,463

Bank segment - Allowance for lo

Bank segment - Allowance for loan commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Allowance for loan commitments:
Beginning balance	$ 4,300	$ 1,741	$ 1,741
Provision	(1,400)	500
Ending balance	2,900	3,800		$ 1,741
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member	us-gaap:AccountingStandardsUpdate201613Member
Real estate | Home equity line of credit
Allowance for loan commitments:
Beginning balance	300	392	$ 392
Provision	100	0
Ending balance	400	300		$ 392
Real estate | Commercial construction
Allowance for loan commitments:
Beginning balance	3,000	931	931
Provision	(1,700)	515
Ending balance	1,300	3,191		931
Commercial
Allowance for loan commitments:
Beginning balance	1,000	418	418
Provision	200	(15)
Ending balance	$ 1,200	309		418
Impact of adoption of ASU No. 2016-13
Allowance for loan commitments:
Beginning balance		1,559	1,559
Ending balance				1,559
Impact of adoption of ASU No. 2016-13 | Real estate | Home equity line of credit
Allowance for loan commitments:
Beginning balance		(92)	(92)
Ending balance				(92)
Impact of adoption of ASU No. 2016-13 | Real estate | Commercial construction
Allowance for loan commitments:
Beginning balance		1,745	1,745
Ending balance				1,745
Impact of adoption of ASU No. 2016-13 | Commercial
Allowance for loan commitments:
Beginning balance		$ (94)	$ (94)
Ending balance				$ (94)

Bank segment - Credit risk prof

Bank segment - Credit risk profile - payment activity and assigned grades (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Credit risk profile by internally assigned grade for loans
2021	$ 353,900	$ 1,339,586
2020	1,271,692	590,363
2019	526,201	382,648
2018	344,064	335,784
2017	305,801	368,904
Prior	1,424,280	1,172,236
Revolving	1,036,112	1,093,287
Converted to term loans	63,720	62,418
Total	5,325,770	5,345,226
Real estate
Credit risk profile by internally assigned grade for loans
Total	4,167,255	4,239,745
Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
2021	150,713	567,282
2020	549,607	219,464
2019	188,299	111,243
2018	97,991	204,269
2017	179,131	184,888
Prior	941,796	857,093
Revolving	0	0
Converted to term loans	0	0
Total	2,107,537	2,144,239
Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	863,279	929,388
Converted to term loans	38,183	34,190
Total	901,462	963,578
Real estate | Residential land
Credit risk profile by internally assigned grade for loans
2021	2,794	8,357
2020	8,354	3,427
2019	2,884	1,598
2018	1,290	939
2017	855	22
Prior	1,291	1,274
Revolving	0	0
Converted to term loans	0	0
Total	17,468	15,617
Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
2021	1,114	6,919
2020	7,865	3,093
2019	3,344	385
2018	383	625
2017	659	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	13,365	11,022
Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
2021	23,091	280,864
2020	279,866	114,426
2019	113,628	124,301
2018	122,286	64,087
2017	81,637	127,799
Prior	381,460	261,388
Revolving	11,000	11,000
Converted to term loans	0	0
Total	1,012,968	983,865
Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
2021	245	16,390
2020	23,818	31,965
2019	39,513	26,990
2018	26,990	18,000
2017	0	5,562
Prior	2,917	0
Revolving	20,972	22,517
Converted to term loans	0	0
Total	114,455	121,424
Consumer
Credit risk profile by internally assigned grade for loans
2021	6,783	29,546
2020	25,838	69,325
2019	59,337	38,635
2018	30,838	7,646
2017	4,484	307
Prior	478	348
Revolving	16,717	18,848
Converted to term loans	4,036	4,078
Total	148,511	168,733
Commercial
Credit risk profile by internally assigned grade for loans
2021	169,160	430,228
2020	376,344	148,663
2019	119,196	79,496
2018	64,286	40,218
2017	39,035	50,326
Prior	96,338	52,133
Revolving	124,144	111,534
Converted to term loans	21,501	24,150
Total	1,010,004	936,748
Pass | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
2021	23,091	270,603
2020	274,952	63,301
2019	69,384	62,168
2018	60,627	28,432
2017	28,174	55,089
Prior	222,617	155,654
Revolving	11,000	11,000
Converted to term loans	0	0
Total	689,845	646,247
Pass | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
2021	0	14,480
2020	21,414	31,965
2019	39,513	26,990
2018	26,990	0
2017	0	5,562
Prior	2,917	0
Revolving	20,972	22,517
Converted to term loans	0	0
Total	111,806	101,514
Pass | Commercial
Credit risk profile by internally assigned grade for loans
2021	169,095	392,088
2020	337,753	117,791
2019	96,251	75,533
2018	60,462	29,211
2017	28,545	12,520
Prior	51,072	35,770
Revolving	91,178	74,520
Converted to term loans	19,666	11,004
Total	854,022	748,437
Special Mention | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
2021	0	10,261
2020	4,914	36,405
2019	29,597	57,952
2018	57,489	33,763
2017	51,586	68,287
Prior	97,247	48,094
Revolving	0	0
Converted to term loans	0	0
Total	240,833	254,762
Special Mention | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
2021	245	1,910
2020	2,404	0
2019	0	0
2018	0	18,000
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	2,649	19,910
Special Mention | Commercial
Credit risk profile by internally assigned grade for loans
2021	65	37,836
2020	38,316	23,087
2019	15,024	1,920
2018	1,820	6,990
2017	6,725	30,264
Prior	33,990	13,250
Revolving	26,301	31,362
Converted to term loans	26	11,218
Total	122,267	155,927
Substandard | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	14,720
2019	14,647	4,181
2018	4,170	1,892
2017	1,877	4,423
Prior	61,596	57,640
Revolving	0	0
Converted to term loans	0	0
Total	82,290	82,856
Substandard | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
Substandard | Commercial
Credit risk profile by internally assigned grade for loans
2021	0	304
2020	275	7,785
2019	7,921	2,043
2018	2,004	4,017
2017	3,765	7,542
Prior	11,276	3,113
Revolving	6,665	5,265
Converted to term loans	1,809	1,928
Total	33,715	31,997
Doubtful | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
Doubtful | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
Doubtful | Commercial
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	387
Converted to term loans	0	0
Total	0	387
Current | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
2021	150,713	567,282
2020	549,327	218,988
2019	184,339	111,243
2018	97,560	203,916
2017	179,131	184,888
Prior	934,471	849,788
Revolving	0	0
Converted to term loans	0	0
Total	2,095,541	2,136,105
Current | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	861,116	927,106
Converted to term loans	36,792	33,228
Total	897,908	960,334
Current | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
2021	2,794	8,357
2020	8,354	3,427
2019	2,884	1,598
2018	1,290	939
2017	855	22
Prior	292	272
Revolving	0	0
Converted to term loans	0	0
Total	16,469	14,615
Current | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
2021	1,114	6,919
2020	7,865	3,093
2019	3,344	385
2018	383	625
2017	659	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	13,365	11,022
Current | Consumer
Credit risk profile by internally assigned grade for loans
2021	6,658	28,818
2020	25,307	67,159
2019	57,781	37,072
2018	29,734	7,207
2017	4,219	293
Prior	475	348
Revolving	16,332	18,351
Converted to term loans	3,729	3,758
Total	144,235	163,006
30-59 days past due | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	280	0
2019	0	0
2018	0	0
2017	0	0
Prior	2,081	2,629
Revolving	0	0
Converted to term loans	0	0
Total	2,361	2,629
30-59 days past due | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	659	552
Converted to term loans	473	298
Total	1,132	850
30-59 days past due | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	699	702
Revolving	0	0
Converted to term loans	0	0
Total	699	702
30-59 days past due | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
30-59 days past due | Consumer
Credit risk profile by internally assigned grade for loans
2021	125	406
2020	164	1,085
2019	577	727
2018	452	155
2017	90	4
Prior	1	0
Revolving	106	138
Converted to term loans	125	90
Total	1,640	2,605
60-89 days past due | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	476
2019	3,018	0
2018	431	0
2017	0	0
Prior	1,954	2,314
Revolving	0	0
Converted to term loans	0	0
Total	5,403	2,790
60-89 days past due | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	261	267
Converted to term loans	73	75
Total	334	342
60-89 days past due | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
60-89 days past due | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
60-89 days past due | Consumer
Credit risk profile by internally assigned grade for loans
2021	0	191
2020	149	549
2019	623	427
2018	372	165
2017	119	3
Prior	1	0
Revolving	80	97
Converted to term loans	92	59
Total	1,436	1,491
Greater than 89 days past due | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	942	0
2018	0	353
2017	0	0
Prior	3,290	2,362
Revolving	0	0
Converted to term loans	0	0
Total	4,232	2,715
Greater than 89 days past due | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	1,243	1,463
Converted to term loans	845	589
Total	2,088	2,052
Greater than 89 days past due | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	300	300
Revolving	0	0
Converted to term loans	0	0
Total	300	300
Greater than 89 days past due | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
2021	0	0
2020	0	0
2019	0	0
2018	0	0
2017	0	0
Prior	0	0
Revolving	0	0
Converted to term loans	0	0
Total	0	0
Greater than 89 days past due | Consumer
Credit risk profile by internally assigned grade for loans
2021	0	131
2020	218	532
2019	356	409
2018	280	119
2017	56	7
Prior	1	0
Revolving	199	262
Converted to term loans	90	171
Total	$ 1,200	$ 1,631

Bank segment - Credit risk pr_2

Bank segment - Credit risk profile - payment activity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Credit risk profile based on payment activity for loans
Financing receivable, past due	$ 22,772	$ 19,635
Financing receivable, current	5,302,998	5,325,591
Total	5,325,770	5,345,226
Recorded Investment greater than 90 days and accruing	0	0
Real estate
Credit risk profile based on payment activity for loans
Total	4,167,255	4,239,745
Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Financing receivable, past due	11,996	8,134
Financing receivable, current	2,095,541	2,136,105
Total	2,107,537	2,144,239
Recorded Investment greater than 90 days and accruing	0	0
Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Financing receivable, past due	1,681	488
Financing receivable, current	1,011,287	983,377
Total	1,012,968	983,865
Recorded Investment greater than 90 days and accruing	0	0
Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Financing receivable, past due	3,554	3,244
Financing receivable, current	897,908	960,334
Total	901,462	963,578
Recorded Investment greater than 90 days and accruing	0	0
Real estate | Residential land
Credit risk profile based on payment activity for loans
Financing receivable, past due	999	1,002
Financing receivable, current	16,469	14,615
Total	17,468	15,617
Recorded Investment greater than 90 days and accruing	0	0
Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Financing receivable, current	114,455	121,424
Total	114,455	121,424
Recorded Investment greater than 90 days and accruing	0	0
Real estate | Residential construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Financing receivable, current	13,365	11,022
Total	13,365	11,022
Recorded Investment greater than 90 days and accruing	0	0
Commercial
Credit risk profile based on payment activity for loans
Financing receivable, past due	266	1,040
Financing receivable, current	1,009,738	935,708
Total	1,010,004	936,748
Recorded Investment greater than 90 days and accruing	0	0
Consumer
Credit risk profile based on payment activity for loans
Financing receivable, past due	4,276	5,727
Financing receivable, current	144,235	163,006
Total	148,511	168,733
Recorded Investment greater than 90 days and accruing	0	0
30-59 days past due
Credit risk profile based on payment activity for loans
Financing receivable, past due	7,659	7,394
30-59 days past due | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Financing receivable, past due	2,361	2,629
Total	2,361	2,629
30-59 days past due | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Financing receivable, past due	1,681	0
30-59 days past due | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Financing receivable, past due	1,132	850
Total	1,132	850
30-59 days past due | Real estate | Residential land
Credit risk profile based on payment activity for loans
Financing receivable, past due	699	702
Total	699	702
30-59 days past due | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
30-59 days past due | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Total	0	0
30-59 days past due | Commercial
Credit risk profile based on payment activity for loans
Financing receivable, past due	146	608
30-59 days past due | Consumer
Credit risk profile based on payment activity for loans
Financing receivable, past due	1,640	2,605
Total	1,640	2,605
60-89 days past due
Credit risk profile based on payment activity for loans
Financing receivable, past due	7,220	5,411
60-89 days past due | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Financing receivable, past due	5,403	2,790
Total	5,403	2,790
60-89 days past due | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	488
60-89 days past due | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Financing receivable, past due	334	342
Total	334	342
60-89 days past due | Real estate | Residential land
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Total	0	0
60-89 days past due | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
60-89 days past due | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Total	0	0
60-89 days past due | Commercial
Credit risk profile based on payment activity for loans
Financing receivable, past due	47	300
60-89 days past due | Consumer
Credit risk profile based on payment activity for loans
Financing receivable, past due	1,436	1,491
Total	1,436	1,491
Greater than 90 days
Credit risk profile based on payment activity for loans
Financing receivable, past due	7,893	6,830
Greater than 90 days | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Financing receivable, past due	4,232	2,715
Total	4,232	2,715
Greater than 90 days | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Greater than 90 days | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Financing receivable, past due	2,088	2,052
Total	2,088	2,052
Greater than 90 days | Real estate | Residential land
Credit risk profile based on payment activity for loans
Financing receivable, past due	300	300
Total	300	300
Greater than 90 days | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Greater than 90 days | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Financing receivable, past due	0	0
Total	0	0
Greater than 90 days | Commercial
Credit risk profile based on payment activity for loans
Financing receivable, past due	73	132
Greater than 90 days | Consumer
Credit risk profile based on payment activity for loans
Financing receivable, past due	1,200	1,631
Total	$ 1,200	$ 1,631

Bank segment - Credit risk pr_3

Bank segment - Credit risk profile - nonaccrual loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Credit risk profile based on nonaccrual loans
With a Related ACL	$ 42,716	$ 36,491
Without a Related ACL	10,620	10,905
Total	53,336	47,396
Total troubled debt restructuring loans not included above	25,963	27,078
Real estate | Residential 1-4 family
Credit risk profile based on nonaccrual loans
With a Related ACL	16,945	8,991
Without a Related ACL	2,987	2,835
Total	19,932	11,826
Total troubled debt restructuring loans not included above	7,453	7,932
Real estate | Commercial real estate
Credit risk profile based on nonaccrual loans
With a Related ACL	15,634	15,847
Without a Related ACL	2,828	2,875
Total	18,462	18,722
Total troubled debt restructuring loans not included above	3,254	3,281
Real estate | Home equity line of credit
Credit risk profile based on nonaccrual loans
With a Related ACL	5,075	5,791
Without a Related ACL	1,587	1,567
Total	6,662	7,358
Total troubled debt restructuring loans not included above	7,727	8,148
Real estate | Residential land
Credit risk profile based on nonaccrual loans
With a Related ACL	107	108
Without a Related ACL	300	300
Total	407	408
Total troubled debt restructuring loans not included above	1,738	1,555
Real estate | Commercial construction
Credit risk profile based on nonaccrual loans
With a Related ACL	0	0
Without a Related ACL	0	0
Total	0	0
Total troubled debt restructuring loans not included above	0	0
Real estate | Residential construction
Credit risk profile based on nonaccrual loans
With a Related ACL	0	0
Without a Related ACL	0	0
Total	0	0
Total troubled debt restructuring loans not included above	0	0
Commercial
Credit risk profile based on nonaccrual loans
With a Related ACL	1,763	1,819
Without a Related ACL	2,918	3,328
Total	4,681	5,147
Total troubled debt restructuring loans not included above	5,737	6,108
Consumer
Credit risk profile based on nonaccrual loans
With a Related ACL	3,192	3,935
Without a Related ACL	0	0
Total	3,192	3,935
Total troubled debt restructuring loans not included above	$ 54	$ 54

Bank segment - Troubled debt re

Bank segment - Troubled debt restructuring - narrative (Details) - Troubled debt restructurings real estate loans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Troubled debt restructurings
Financing receivable modifications minimum, period of payment default of loans determined to be TDRs (in days)	90 days	90 days
Commitments to lend additional funds to borrows with impaired or modified loans	$ 0		$ 0
Consumer mortgage loans collateralized by residential real estate property in foreclosure process	$ 3.8		$ 3.8

Bank segment - Loan modificatio

Bank segment - Loan modifications (Details) - Troubled debt restructurings real estate loans $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)contract	Mar. 31, 2020USD ($)contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	17	7
Outstanding recorded investment	$ 9,265	$ 17,488
Related allowance	$ 349	$ 4,567
Real estate | Residential 1-4 family
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	12	1
Outstanding recorded investment	$ 8,283	$ 148
Related allowance	$ 298	$ 8
Real estate | Commercial real estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	1	2
Outstanding recorded investment	$ 482	$ 16,584
Related allowance	$ 0	$ 4,281
Real estate | Home equity line of credit
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	1	0
Outstanding recorded investment	$ 170	$ 0
Related allowance	$ 21	$ 0
Real estate | Residential land
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	1	0
Outstanding recorded investment	$ 271	$ 0
Related allowance	$ 11	$ 0
Real estate | Commercial construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	0	0
Outstanding recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Real estate | Residential construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	0	0
Outstanding recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	2	4
Outstanding recorded investment	$ 59	$ 756
Related allowance	$ 19	$ 278
Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number  of contracts | contract	0	0
Outstanding recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0

Bank segment - Collateral-depen

Bank segment - Collateral-dependent loans (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	$ 5,325,770	$ 5,345,226
Real estate
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	4,167,255	4,239,745
Real estate | Residential 1-4 family
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	2,107,537	2,144,239
Real estate | Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	1,012,968	983,865
Real estate | Home equity line of credit
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	901,462	963,578
Real estate | Residential land
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	17,468	15,617
Commercial
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	1,010,004	936,748
Residential real estate property | Real estate | Residential 1-4 family
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	2,782	2,541
Residential real estate property | Real estate | Home equity line of credit
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	1,587	1,567
Residential real estate property | Real estate | Residential land
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	300	300
Commercial real estate | Real estate | Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	2,828	2,875
Collateral Pledged
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	8,386	8,217
Collateral Pledged | Real estate
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	7,497	7,283
Business Assets | Commercial
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	$ 889	$ 934

Bank segment - Mortgage servici

Bank segment - Mortgage servicing rights (Details) - American Savings Bank (ASB) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)
Servicing Asset at Amortized Cost [Line Items]
Repurchase reserve			$ 100		$ 100
Mortgage service fees	$ 900	$ 800
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Servicing asset - beginning balance	10,020
Servicing asset - ending balance	10,685
Residential loan
Servicing Asset at Amortized Cost [Line Items]
Proceeds from sale of mortgage loans	170,900	72,500
Gain on sale of mortgage loans	4,300	2,000
Servicing contracts
Changes in Carrying Value of MSRs
Gross carrying amount			20,830	$ 22,950
Accumulated amortization			(10,141)	(12,670)
Valuation allowance	(260)	0	(4)	(260)	0
Net carrying amount			10,685	10,020	$ 9,120
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Servicing asset - beginning balance	10,280	9,101
Amount capitalized	1,547	636
Amortization	(1,138)	(617)
Other-than-temporary impairment	0	0
Servicing asset - ending balance	10,689	9,120
Valuation Allowance [Roll Forward]
Valuation allowance, beginning balance	260	0
Provision (recovery)	(256)	0
Other-than-temporary impairment	0	0
Valuation allowance, ending balance	$ 4	$ 0
Unpaid principal balance			1,505,963	1,450,312
Prepayment rate:
25 basis points adverse rate change			(659)	(738)
50 basis points adverse rate change			(1,376)	(1,445)
Discount rate:
25 basis points adverse rate change			(110)	(68)
50 basis points adverse rate change			$ (218)	$ (135)
Servicing contracts | Note rate
Valuation Allowance [Roll Forward]
Weighted average measurement input			0.0357	0.0368
Servicing contracts | Discount rate
Valuation Allowance [Roll Forward]
Weighted average measurement input			0.0925	0.0925
Servicing contracts | Prepayment speed
Valuation Allowance [Roll Forward]
Weighted average measurement input			0.120	0.177

Bank segment - Other borrowings

Bank segment - Other borrowings (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Offsetting Liabilities [Line Items]
Gross amount  of recognized  liabilities	$ 103	$ 90
Gross amount  offset in the  Balance Sheets	0	0
Securities sold under agreements to repurchase	103	90
Commercial account holders
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	103	90
Financial instruments	122	92
Cash collateral pledged	0	0
American Savings Bank (ASB)
Offsetting Liabilities [Line Items]
Securities sold under agreements to repurchase	$ 102.7	$ 89.7

Bank segment - Derivatives (Det

Bank segment - Derivatives (Details) - Not designated as a hedging instrument - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative instrument
Asset derivatives	$ 796		$ 4,536
Liability derivatives	(18)		500
Net gains (losses) recognized in the Statement of Income	(3,258)	$ 1,012
Interest rate lock commitments
Derivative instrument
Notional amount	49,316		120,980
Fair value	438		4,536
Asset derivatives	456		4,536
Liability derivatives	(18)		0
Interest rate lock commitments | Mortgage banking income
Derivative instrument
Net gains (losses) recognized in the Statement of Income	(4,098)	1,555
Forward commitments
Derivative instrument
Notional amount	49,500		100,500
Fair value	340		(500)
Asset derivatives	340		0
Liability derivatives	0		$ 500
Forward commitments | Mortgage banking income
Derivative instrument
Net gains (losses) recognized in the Statement of Income	$ 840	$ (543)

Bank segment - Contingencies (D

Bank segment - Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
American Savings Bank (ASB)
Loss Contingencies [Line Items]
Unfunded commitments to fund the company's LIHTC	$ 37.8	$ 41

Credit agreements - Narrative (

Credit agreements - Narrative (Details)	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jul. 03, 2017institution
Hawaiian Electric Company, Inc. and Subsidiaries | Credit Facilities Effective April 2021
Credit agreement
Number of financial institutions | institution			8
Line of credit outstanding	$ 0	$ 0
Hawaiian Electric Company, Inc. and Subsidiaries | HEI Facility
Credit agreement
Credit agreement	150,000,000
Hawaiian Electric | Hawaiian Electric Facility
Credit agreement
Credit agreement	200,000,000
Hawaiian Electric (parent only) | 364-Day Revolver | Revolving Credit Facility
Credit agreement
Credit agreement	75,000,000
Line of credit outstanding	$ 0

Shareholders' equity - Accumula

Shareholders' equity - Accumulated other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	$ 2,337,502	$ 2,280,260
Current period other comprehensive income (loss)	(44,016)	18,212
Ending Balance	2,321,293	2,276,505
AOCI
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	(1,264)	(20,039)
Current period other comprehensive income (loss)	(44,016)	18,212
Ending Balance	(45,280)	(1,827)
Net unrealized gains (losses) on securities
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	19,986	2,481
Current period other comprehensive income (loss)	(45,777)	19,448
Ending Balance	(25,791)	21,929
Unrealized gains (losses) on derivatives
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	(3,363)	(1,613)
Current period other comprehensive income (loss)	1,562	(1,784)
Ending Balance	(1,801)	(3,397)
Retirement benefit plans
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	(17,887)	(20,907)
Current period other comprehensive income (loss)	199	548
Ending Balance	(17,688)	(20,359)
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	2,141,918	2,047,352
Current period other comprehensive income (loss)	34	26
Ending Balance	2,157,385	2,044,499
Hawaiian Electric Company, Inc. and Subsidiaries | AOCI
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	(2,919)	(1,279)
Current period other comprehensive income (loss)	34	26
Ending Balance	(2,885)	(1,253)
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax [Abstract]
Beginning Balance	(2,919)	(1,279)
Current period other comprehensive income (loss)	34	26
Ending Balance	$ (2,885)	$ (1,253)

Shareholders' equity - Reclassi

Shareholders' equity - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	$ (642,946)	$ (677,186)
Total reclassifications	(188)	548
Bank
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	(77,131)	(79,738)
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	(564,864)	(597,442)
Total reclassifications	34	26
Net realized gains on securities included in net income | Reclassification out of Accumulated Other Comprehensive Income | Bank
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	(387)	0
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	6,010	5,706
Amortization of prior service credit and net losses recognized during the period in net periodic benefit cost | Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	5,845	5,184
Impact of D&Os of the PUC included in regulatory assets
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	(5,811)	(5,158)
Impact of D&Os of the PUC included in regulatory assets | Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	$ (5,811)	$ (5,158)

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 541,300	$ 618,605
Revenues	642,946	677,186
Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,378	11,556
Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	529,922	607,049
Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	181,239	190,266
Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	168,465	197,105
Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	176,815	216,220
Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,479	3,458
Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,378	11,556
Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	924
Revenues from Other Sources
Disaggregation of Revenue [Line Items]
Revenues	101,646	58,581
Regulatory revenue
Disaggregation of Revenue [Line Items]
Revenues	28,429	(15,304)
Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Revenues	58,620	64,975
Other bank noninterest income
Disaggregation of Revenue [Line Items]
Revenues	7,133	3,207
Other
Disaggregation of Revenue [Line Items]
Revenues	7,464	5,703
Electric utility
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	528,998	607,049
Revenues	564,864	597,442
Electric utility | Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Electric utility | Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	528,998	607,049
Electric utility | Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	181,239	190,266
Electric utility | Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	168,465	197,105
Electric utility | Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	176,815	216,220
Electric utility | Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	2,479	3,458
Electric utility | Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Electric utility | Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Electric utility | Revenues from Other Sources
Disaggregation of Revenue [Line Items]
Revenues	35,866	(9,607)
Electric utility | Regulatory revenue
Disaggregation of Revenue [Line Items]
Revenues	28,429	(15,304)
Electric utility | Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Revenues	0	0
Electric utility | Other bank noninterest income
Disaggregation of Revenue [Line Items]
Revenues	0	0
Electric utility | Other
Disaggregation of Revenue [Line Items]
Revenues	7,437	5,697
Bank
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,378	11,556
Revenues	77,131	79,738
Bank | Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,378	11,556
Bank | Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Bank | Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Bank | Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Bank | Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Bank | Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Bank | Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	11,378	11,556
Bank | Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0
Bank | Revenues from Other Sources
Disaggregation of Revenue [Line Items]
Revenues	65,753	68,182
Bank | Regulatory revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0
Bank | Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Revenues	58,620	64,975
Bank | Other bank noninterest income
Disaggregation of Revenue [Line Items]
Revenues	7,133	3,207
Bank | Other
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	924	0
Revenues	951	6
Other | Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other | Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	924	0
Other | Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other | Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other | Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other | Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other | Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0
Other | Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	924
Other | Revenues from Other Sources
Disaggregation of Revenue [Line Items]
Revenues	27	6
Other | Regulatory revenue
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Other bank noninterest income
Disaggregation of Revenue [Line Items]
Revenues	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 27	$ 6

Retirement benefits (Details)

Retirement benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Defined Benefit Plan
Contributions made to defined benefit plans	$ 9,000	$ 17,000
Contributions expected to be paid in current year	52,000		$ 71,000
Expected payments for remainder of fiscal year	3,000		2,000
Retirement benefits expense	$ 11,000	15,000
Number of years for which regulatory asset/liability for each utility will be amortized, beginning with respective utility's next rate case (in years)	5 years
Defined contribution plan, expenses recognized	$ 1,700	1,800
Cash contributions by the employer to defined contribution plan	1,800	3,200
Defined Contribution Plan Disclosure [Line Items]
Cash contributions by the employer to defined contribution plan	1,800	3,200
American Savings Bank (ASB)
Defined Benefit Plan
Contributions expected to be paid in current year	0		0
Hawaiian Electric Industries, Inc.
Defined Benefit Plan
Contributions expected to be paid in current year	1,000		1,000
Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan
Contributions made to defined benefit plans	9,000	17,000
Contributions expected to be paid in current year	51,000		70,000
Expected payments for remainder of fiscal year	1,000		$ 1,000
Retirement benefits expense	12,000	14,000
Defined contribution plan, expenses recognized	800	700
Cash contributions by the employer to defined contribution plan	800	700
Defined Contribution Plan Disclosure [Line Items]
Cash contributions by the employer to defined contribution plan	800	700
Pension benefits
Defined Benefit Plan
Service cost	20,464	18,363
Interest cost	18,801	20,163
Expected return on plan assets	(33,067)	(28,466)
Amortization of net prior period (gain)/cost	0	3
Amortization of net actuarial losses1	1,556	8,057
Net periodic pension/benefit cost (return)	7,754	18,120
Impact of PUC D&Os	11,167	6,262
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	18,921	24,382
Pension benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan
Service cost	19,994	17,891
Interest cost	17,531	18,715
Expected return on plan assets	(31,368)	(26,855)
Amortization of net prior period (gain)/cost	0	2
Amortization of net actuarial losses1	2,559	7,368
Net periodic pension/benefit cost (return)	8,716	17,121
Impact of PUC D&Os	11,167	6,262
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	19,883	23,383
Other benefits
Defined Benefit Plan
Service cost	705	631
Interest cost	1,569	1,855
Expected return on plan assets	(3,233)	(3,038)
Amortization of net prior period (gain)/cost	(383)	(440)
Amortization of net actuarial losses1	254	50
Net periodic pension/benefit cost (return)	(1,088)	(942)
Impact of PUC D&Os	970	777
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	(118)	(165)
Other benefits | Hawaiian Electric Company, Inc. and Subsidiaries
Defined Benefit Plan
Service cost	699	626
Interest cost	1,504	1,782
Expected return on plan assets	(3,182)	(2,990)
Amortization of net prior period (gain)/cost	(383)	(440)
Amortization of net actuarial losses1	250	51
Net periodic pension/benefit cost (return)	(1,112)	(971)
Impact of PUC D&Os	970	777
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$ (142)	$ (194)

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($) $ in Millions	Mar. 01, 2014	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation
Income tax benefit from compensation expense			$ 0.4	$ 0.3
Restricted stock units
Share-based compensation
Fair value of vested stock			3	4.2
Income tax benefit from compensation expense			0.6	0.7
Unrecognized share based compensation			$ 8.3
Weighted average period for recognition of unrecognized compensation cost (in years)			2 years 7 months 6 days
Long-term Incentive Plan
Share-based compensation
Payment award, low end of range			0.00%
Payment award, high end of range			200.00%
Measurement period for total return to shareholders (in years)			3 years
Award performance period (in years)			3 years
LTIP linked to TRS
Share-based compensation
Fair value of vested stock			$ 0.8	2.6
Income tax benefit from compensation expense			0.2	0.4
Unrecognized share based compensation			$ 2.6
Weighted average period for recognition of unrecognized compensation cost (in years)			1 year 10 months 24 days
LTIP awards linked to other performance conditions
Share-based compensation
Fair value of vested stock			$ 1.7	7.6
Income tax benefit from compensation expense			0.4	$ 1.2
Unrecognized share based compensation			$ 8
Weighted average period for recognition of unrecognized compensation cost (in years)			2 years
Equity and Incentive Plan
Share-based compensation
Number of additional shares authorized (in shares)	1,500,000
Shares available for future issuance (in shares)			2,900,000
Number of share issuable upon vesting and achievement of performance goals (in shares)			900,000
Nonemployee Director Stock Plan
Share-based compensation
Number of additional shares authorized (in shares)		300,000
Shares available for future grant (in shares)			274,163

Share-based compensation - Summ

Share-based compensation - Summary of income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation
Share-based compensation expense	$ 2.6	$ 1.7
Income tax benefit	0.4	0.3
Hawaiian Electric Company, Inc. and Subsidiaries
Share-based compensation
Share-based compensation expense	1.1	0.8
Income tax benefit	$ 0.3	$ 0.1

Share-based compensation - 2011

Share-based compensation - 2011 Director Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation
Income tax benefit	$ 400	$ 300
Common stock
Share-based compensation
Shares granted (in shares)	0	468
Fair value	$ 0	$ 23
Income tax benefit	$ 0	$ 6

Share-based compensation - Su_2

Share-based compensation - Summary of changes in share based compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restricted stock units
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	193,939	207,641
Granted (in shares)	127,598	77,679
Vested (in shares)	(78,988)	(77,719)
Forfeited (in shares)	(6,358)	(4,160)
Outstanding, end of period (in shares)	236,191	203,441
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 40.89	$ 35.36
Granted (in dollars per share)	33.98	48.11
Vested (in dollars per share)	38.51	34.19
Forfeited (in dollars per share)	42.20	35.81
Outstanding, end of period (in dollars per share)	$ 37.91	$ 40.67
Total weighted-average grant-date fair value	$ 4.3	$ 3.7
LTIP linked to TRS
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	89,222	96,402
Granted (in shares)	44,210	24,630
Vested (in shares)	(32,355)	(29,409)
Forfeited (in shares)	(1,024)	(1,007)
Outstanding, end of period (in shares)	100,053	90,616
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 42.10	$ 39.62
Granted (in dollars per share)	41.12	48.62
Vested (in dollars per share)	38.20	39.51
Forfeited (in dollars per share)	45.89	41.72
Outstanding, end of period (in dollars per share)	$ 42.89	$ 42.08
Total weighted-average grant-date fair value	$ 1.8	$ 1.2
LTIP awards linked to other performance conditions
Restricted stock awards and restricted stock units
Outstanding, beginning of period (in shares)	220,715	403,768
Granted (in shares)	176,844	98,522
Vested (in shares)	(43,155)	(135,804)
Increase above target (cancelled) (in shares)	(14,604)	(26,111)
Forfeited (in shares)	(4,098)	(4,031)
Outstanding, end of period (in shares)	335,702	336,344
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 41.03	$ 35.15
Granted (in dollars per share)	33.98	48.10
Vested (in dollars per share)	34.12	33.48
Increase above target (in dollars per share)	43.90	34.13
Forfeited (in dollars per share)	44.36	39.67
Outstanding, end of period (in dollars per share)	$ 38.04	$ 39.64
Total weighted-average grant-date fair value	$ 6	$ 4.7

Share-based compensation - Fair

Share-based compensation - Fair value assumptions (Details) - LTIP linked to TRS - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate		1.39%
Expected life (in years)		3 years
Expected volatility		13.10%
Range of expected volatility for Peer Group, minimum rate		13.60%
Range of expected volatility for Peer Group, maximum rate		95.40%
Grant date fair value (in dollars per share)		$ 48.62
Forecast
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	0.19%
Expected life (in years)	3 years
Expected volatility	29.90%
Range of expected volatility for Peer Group, minimum rate	25.60%
Range of expected volatility for Peer Group, maximum rate	102.90%
Grant date fair value (in dollars per share)	$ 41.12

Income taxes (Details)

Income taxes (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019
Income Tax Contingency [Line Items]
Effective income tax, percent	19.00%	15.00%
Federal income tax rate	21.00%		35.00%
Hawaiian Electric Company, Inc. and Subsidiaries
Income Tax Contingency [Line Items]
Effective income tax, percent	20.00%	18.00%

Cash flows (Details)

Cash flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	$ 15	$ 18
Income taxes paid (including refundable credits)	0	0
Income taxes refunded (including refundable credits)	0	0
Supplemental disclosures of noncash activities
Property, plant and equipment unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	28	32
Reduction of long-term debt from funds previously transferred for repayment (financing)	0	82
Right-of-use assets obtained in exchange for operating lease obligations (investing)	28	19
Common stock issued (gross) for director and executive/management compensation (financing)	6	14
Hawaiian Electric Company, Inc. and Subsidiaries
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	9	9
Income taxes paid (including refundable credits)	0	0
Income taxes refunded (including refundable credits)	0	0
Supplemental disclosures of noncash activities
Property, plant and equipment unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	24	27
Reduction of long-term debt from funds previously transferred for repayment (financing)	0	82
Right-of-use assets obtained in exchange for operating lease obligations (investing)	$ 28	$ 16

Fair value measurements - Summa

Fair value measurements - Summary of financial assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Available-for-sale investment securities	$ 2,305,257
Held-to-maturity investment securities	285,599	$ 229,963
Financial liabilities
Short-term borrowings—other than bank	100,242	129,379
Other bank borrowings	102,685	89,670
Carrying or notional amount
Financial assets
Available-for-sale investment securities	2,305,257	1,970,417
Held-to-maturity investment securities	295,046	226,947
Loans, net	5,241,925	5,260,917
Mortgage-servicing rights	10,685	10,020
Derivative assets	103,077	120,980
Financial liabilities
Deposit liabilities	514,303	548,830
Short-term borrowings—other than bank	100,242	129,379
Other bank borrowings	102,685	89,670
Long-term debt, net	2,229,738	2,119,129
Derivative liabilities	32,739	137,500
Carrying or notional amount | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Long-term debt, net	1,675,863	1,561,302
Short-term borrowings		49,979
Estimated fair value
Financial assets
Available-for-sale investment securities	2,305,257	1,970,417
Held-to-maturity investment securities	285,599	229,963
Loans, net	5,376,133	5,439,330
Mortgage-servicing rights	13,659	10,705
Derivative assets	1,085	4,536
Financial liabilities
Deposit liabilities	516,524	552,800
Short-term borrowings—other than bank	100,242	129,379
Other bank borrowings	102,684	89,669
Long-term debt, net	2,492,539	2,487,790
Derivative liabilities	2,834	5,030
Estimated fair value | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Long-term debt, net	1,904,613	1,890,490
Short-term borrowings		49,979
Estimated fair value | Level 1
Financial assets
Available-for-sale investment securities	0	0
Held-to-maturity investment securities	0	0
Loans, net	0	0
Mortgage-servicing rights	0	0
Derivative assets	340	0
Financial liabilities
Deposit liabilities	0	0
Short-term borrowings—other than bank	0	0
Other bank borrowings	0	0
Long-term debt, net	0	0
Derivative liabilities	0	500
Estimated fair value | Level 1 | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Long-term debt, net	0	0
Short-term borrowings		0
Estimated fair value | Level 2
Financial assets
Available-for-sale investment securities	2,289,830	1,943,232
Held-to-maturity investment securities	285,599	229,963
Loans, net	23,637	28,354
Mortgage-servicing rights	0	0
Derivative assets	745	4,536
Financial liabilities
Deposit liabilities	516,524	552,800
Short-term borrowings—other than bank	100,242	129,379
Other bank borrowings	102,684	89,669
Long-term debt, net	2,492,539	2,487,790
Derivative liabilities	2,834	4,530
Estimated fair value | Level 2 | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Long-term debt, net	1,904,613	1,890,490
Short-term borrowings		49,979
Estimated fair value | Level 3
Financial assets
Available-for-sale investment securities	15,427	27,185
Held-to-maturity investment securities	0	0
Loans, net	5,352,496	5,410,976
Mortgage-servicing rights	13,659	10,705
Derivative assets	0	0
Financial liabilities
Deposit liabilities	0	0
Short-term borrowings—other than bank	0	0
Other bank borrowings	0	0
Long-term debt, net	0	0
Derivative liabilities	0	0
Estimated fair value | Level 3 | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Long-term debt, net	$ 0	0
Short-term borrowings		$ 0

Fair value measurements - Asset

Fair value measurements - Assets and liabilities measured on a recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative assets
Available-for-sale investment securities	$ 2,305,257
Fair value measurements on a recurring basis | Level 1
Derivative liabilities
Derivative liabilities	0	$ 500
Fair value measurements on a recurring basis | Level 1 | Bank
Derivative assets
Available-for-sale investment securities	0	0
Derivative assets	340	0
Fair value measurements on a recurring basis | Level 1 | Bank | Interest rate lock commitments
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 1 | Bank | Forward commitments
Derivative assets
Derivative assets	340	0
Derivative liabilities
Derivative liabilities	0	500
Fair value measurements on a recurring basis | Level 1 | Other | Interest rate swap
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 1 | Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 1 | U.S. Treasury and federal agency obligations | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 1 | Corporate bonds | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 1 | Mortgage revenue bonds | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 2
Derivative liabilities
Derivative liabilities	2,834	4,530
Fair value measurements on a recurring basis | Level 2 | Bank
Derivative assets
Available-for-sale investment securities	2,289,830	1,943,232
Derivative assets	745	4,536
Fair value measurements on a recurring basis | Level 2 | Bank | Interest rate lock commitments
Derivative assets
Derivative assets	456	4,536
Derivative liabilities
Derivative liabilities	18	0
Fair value measurements on a recurring basis | Level 2 | Bank | Forward commitments
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 2 | Other | Interest rate swap
Derivative assets
Derivative assets	289	0
Derivative liabilities
Derivative liabilities	2,816	4,530
Fair value measurements on a recurring basis | Level 2 | Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | Bank
Derivative assets
Available-for-sale investment securities	2,201,352	1,849,559
Fair value measurements on a recurring basis | Level 2 | U.S. Treasury and federal agency obligations | Bank
Derivative assets
Available-for-sale investment securities	57,647	62,322
Fair value measurements on a recurring basis | Level 2 | Corporate bonds | Bank
Derivative assets
Available-for-sale investment securities	30,831	31,351
Fair value measurements on a recurring basis | Level 2 | Mortgage revenue bonds | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 3
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 3 | Bank
Derivative assets
Available-for-sale investment securities	15,427	27,185
Derivative assets	0	0
Fair value measurements on a recurring basis | Level 3 | Bank | Interest rate lock commitments
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 3 | Bank | Forward commitments
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 3 | Other | Interest rate swap
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Level 3 | Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 3 | U.S. Treasury and federal agency obligations | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 3 | Corporate bonds | Bank
Derivative assets
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Level 3 | Mortgage revenue bonds | Bank
Derivative assets
Available-for-sale investment securities	$ 15,427	$ 27,185

Fair value measurements - Chang

Fair value measurements - Changes in level 3 assets and liabilities (Details) - Mortgage revenue bonds - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 27,185	$ 28,597
Principal payments received	(11,758)	0
Purchases	0	129
Unrealized gain (loss) included in other comprehensive income	0	0
Ending balance	$ 15,427	$ 28,726

Fair value measurements - Narra

Fair value measurements - Narrative (Details)	Mar. 31, 2021
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage revenue bonds, measurement input	0.0207

Fair value measurements - Ass_2

Fair value measurements - Assets Measured on a Nonrecurring Basis (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Estimated fair value
Fair value measurements on a recurring basis
Loans, net	$ 5,376,133,000		$ 5,439,330,000
Estimated fair value | Level 1
Fair value measurements on a recurring basis
Loans, net	0		0
Estimated fair value | Level 2
Fair value measurements on a recurring basis
Loans, net	23,637,000		28,354,000
Estimated fair value | Level 3
Fair value measurements on a recurring basis
Loans, net	5,352,496,000		5,410,976,000
Fair value measurements on a nonrecurring basis | American Savings Bank (ASB)
Fair value measurements on a recurring basis
Adjustments to fair value of loans held for sale	0	$ 0
Fair value measurements on a nonrecurring basis | Level 1
Fair value measurements on a recurring basis
Loans, net	0		0
Mortgage servicing rights	0		0
Fair value measurements on a nonrecurring basis | Level 2
Fair value measurements on a recurring basis
Loans, net	0		0
Mortgage servicing rights	0		0
Fair value measurements on a nonrecurring basis | Level 3
Fair value measurements on a recurring basis
Loans, net	69,000		387,000
Mortgage servicing rights	61,000		3,001,000
Fair value measurements on a nonrecurring basis | Estimated fair value
Fair value measurements on a recurring basis
Loans, net	69,000		387,000
Mortgage servicing rights	$ 61,000		$ 3,001,000

Fair value measurements - Sum_2

Fair value measurements - Summary of Level 3 financial instruments (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair value measurements
Discount rate	9.30%	9.30%
Minimum
Fair value measurements
Prepayment speed percentage	17.00%	15.00%
Maximum
Fair value measurements
Prepayment speed percentage	24.00%	22.00%
Weighted Average
Fair value measurements
Prepayment speed percentage	17.00%	22.00%
Discounted cash flow
Fair value measurements
Mortgage servicing rights	$ 61	$ 3,001
Home equity line of credit | Fair value of property or collateral
Fair value measurements
Fair value	$ 69
Commercial loans | Fair value of property or collateral
Fair value measurements
Fair value		$ 387