Hawaiian Electric Company, Inc. PFD C 4.25% (HAWEN) 10-Q 7 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 18, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity Registrant Name	HAWAIIAN ELECTRIC INDUSTRIES, INC.
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
Entity Address, Address Line Two	Suite 2900
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
City Area Code	808
Local Phone Number	543-5662
Title of 12(b) Security	Common Stock, Without Par Value
Trading Symbol(s)	HE
Name of each exchange on which registered	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		109,611,599
Entity Central Index Key	0000354707
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Hawaiian Electric Company, Inc. and Subsidiaries
Entity Information [Line Items]
Document Type	10-Q
Entity Registrant Name	HAWAIIAN ELECTRIC COMPANY, INC.
Entity File Number	1-4955
Entity Tax Identification Number	99-0040500
Entity Incorporation, State or Country Code	HI
Entity Address, Address Line One	1099 Alakea Street
Entity Address, Address Line Two	Suite 2200
Entity Address, City or Town	Honolulu
Entity Address, State or Province	HI
Entity Address, Postal Zip Code	96813
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		17,854,278
Entity Central Index Key	0000046207
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 895,685	$ 895,607	$ 1,823,922	$ 1,680,675
Expenses
Total expenses	802,706	808,939	1,637,425	1,494,731
Operating income (loss)
Total operating income	92,979	86,668	186,497	185,944
Retirement defined benefits credit—other than service costs	1,153	1,246	2,305	2,489
Interest expense, net—other than on deposit liabilities and other bank borrowings	(29,832)	(24,965)	(58,630)	(49,314)
Allowance for borrowed funds used during construction	1,295	798	2,426	1,576
Allowance for equity funds used during construction	3,772	2,470	7,073	4,879
Gain on sales of equity-method investment	0	0	0	8,123
Income before income taxes	69,367	66,217	139,671	153,697
Income taxes	14,284	13,203	29,394	31,043
Net income attributable to Hawaiian Electric	55,083	53,014	110,277	122,654
Preferred stock dividends of subsidiaries	473	473	946	946
Net income for common stock	$ 54,610	$ 52,541	$ 109,331	$ 121,708
Basic earnings per common share (in dollars per share)	$ 0.50	$ 0.48	$ 1	$ 1.11
Diluted earnings per common share (in dollars per share)	$ 0.50	$ 0.48	$ 1	$ 1.11
Weighted-average number of common shares outstanding (in shares)	109,573	109,432	109,544	109,397
Net effect of potentially dilutive shares (share-based compensation programs) (in shares)	207	230	326	317
Weighted-average shares assuming dilution (in shares)	109,780	109,662	109,870	109,714
Electric utility
Revenues
Revenues	$ 794,191	$ 818,873	$ 1,624,552	$ 1,527,665
Expenses
Total expenses	720,566	747,719	1,475,052	1,382,916
Operating income (loss)
Total operating income	73,625	71,154	149,500	144,749
Income before income taxes	58,868	56,613	119,976	116,059
Income taxes	13,070	11,979	26,670	24,517
Net income attributable to Hawaiian Electric	45,798	44,634	93,306	91,542
Preferred stock dividends of subsidiaries	499	499	998	998
Net income for common stock	45,299	44,135	92,308	90,544
Bank
Revenues
Revenues	96,885	75,324	190,742	150,439
Expenses
Total expenses	72,017	53,401	142,354	98,486
Operating income (loss)
Total operating income	24,868	21,923	48,388	51,953
Income before income taxes	25,055	22,109	48,762	52,324
Income taxes	4,851	4,643	9,996	10,988
Net income attributable to Hawaiian Electric	20,204	17,466	38,766	41,336
Preferred stock dividends of subsidiaries	0	0	0	0
Net income for common stock	20,204	17,466	38,766	41,336
Other
Revenues
Revenues	4,609	1,410	8,628	2,571
Expenses
Total expenses	10,123	7,819	20,019	13,329
Operating income (loss)
Total operating income	(5,514)	(6,409)	(11,391)	(10,758)
Income before income taxes	(14,556)	(12,505)	(29,067)	(14,686)
Income taxes	(3,637)	(3,419)	(7,272)	(4,462)
Net income attributable to Hawaiian Electric	(10,919)	(9,086)	(21,795)	(10,224)
Preferred stock dividends of subsidiaries	(26)	(26)	(52)	(52)
Net income for common stock	$ (10,893)	$ (9,060)	$ (21,743)	$ (10,172)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income for common stock	$ 54,610	$ 52,541	$ 109,331	$ 121,708
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes of $(4,021), $(32,529), $2,058 and $(76,608), respectively	(10,984)	(88,857)	5,621	(209,264)
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes of $1,350, nil, $2,696 and nil, respectively	3,689	0	7,366	0
Derivatives qualifying as cash flow hedges:
Unrealized interest rate hedging gains (losses) arising during the period, net of taxes of $(117), $273, $(52) and $1,319, respectively	(335)	786	(149)	3,803
Reclassification adjustment to net income, net of taxes of $(16), $18, $(33) and $37, respectively	(48)	53	(96)	108
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes of $(122), $44, $(244) and $1,606, respectively	(357)	122	(714)	4,623
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $148, $19, $295 and $(1,481), respectively	426	56	851	(4,269)
Other comprehensive income (loss), net of taxes	(7,609)	(87,840)	12,879	(204,999)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	$ 47,001	$ (35,299)	$ 122,210	$ (83,291)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, tax	$ (4,021)	$ (32,529)	$ 2,058	$ (76,608)
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes	1,350	0	2,696	0
Derivatives qualifying as cash flow hedges:
Unrealized interest rate hedging arising during the period, tax	(117)	273	(52)	1,319
Reclassification adjustment for net unrealized losses included in net income, tax	(16)	18	(33)	37
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, tax	(122)	44	(244)	1,606
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, tax	$ 148	$ 19	$ 295	$ (1,481)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 314,284	$ 199,877
Restricted cash	5,104	5,050
Accounts receivable and unbilled revenues, net	409,314	511,903
Available-for-sale investment securities, at fair value	1,368,037	1,429,667
Held-to-maturity investment securities, at amortized cost	1,224,917	1,251,747
Stock in Federal Home Loan Bank, at cost	18,000	26,560
Loans held for investment, net	6,069,114	5,906,690
Loans held for sale, at lower of cost or fair value	6,910	824
Property, plant and equipment, net of accumulated depreciation of $3,292,930 and $3,192,545 at June 30, 2023 and December 31, 2022, respectively	5,868,408	5,687,003
Operating lease right-of-use assets	105,030	115,684
Regulatory assets	252,787	242,513
Other	795,214	824,536
Goodwill	82,190	82,190
Total assets	16,519,309	16,284,244
Liabilities
Accounts payable	253,954	251,460
Interest and dividends payable	33,294	21,333
Deposit liabilities	8,163,235	8,169,696
Short-term borrowings—other than bank	46,212	172,568
Other bank borrowings	750,000	695,120
Long-term debt, net—other than bank	2,572,375	2,384,980
Deferred income taxes	272,988	262,462
Operating lease liabilities	114,827	126,604
Finance lease liabilities	123,240	48,709
Regulatory liabilities	1,087,356	1,055,650
Defined benefit pension and other postretirement benefit plans liability	70,979	71,813
Other	747,179	787,057
Total liabilities	14,235,639	14,047,452
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293	34,293
Commitments and contingencies (Notes 3 and 4)
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: 109,611,599 shares and 109,470,795 shares at June 30, 2023 and December 31, 2022, respectively	1,696,258	1,692,697
Retained earnings	876,268	845,830
Accumulated other comprehensive loss, net of tax benefits	(323,149)	(336,028)
Common stock equity	2,249,377	2,202,499
Total liabilities and shareholders’ equity	$ 16,519,309	$ 16,284,244

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Property, plant and equipment, accumulated depreciation	$ 3,292,930	$ 3,192,545
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, shares issued (in shares)	109,611,599	109,470,795
Common stock, shares outstanding (in shares)	109,611,599	109,470,795

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common stock	Retained earnings	Accumulated other comprehensive income (loss)
Beginning balance (in shares) at Dec. 31, 2021		109,312,000
Beginning balance at Dec. 31, 2021	$ 2,390,884	$ 1,685,496	$ 757,921	$ (52,533)
Increase (decrease) in stockholders' equity
Net income for common stock	69,167		69,167
Other comprehensive (loss) income, net of tax benefits	(117,159)			(117,159)
Share-based expenses and other, net (in shares)		119,000
Share-based expenses and other, net	(949)	$ (949)
Common stock dividends	(38,301)		(38,301)
Ending balance (in shares) at Mar. 31, 2022		109,431,000
Ending balance at Mar. 31, 2022	2,303,642	$ 1,684,547	788,787	(169,692)
Beginning balance (in shares) at Dec. 31, 2021		109,312,000
Beginning balance at Dec. 31, 2021	2,390,884	$ 1,685,496	757,921	(52,533)
Increase (decrease) in stockholders' equity
Net income for common stock	121,708
Other comprehensive (loss) income, net of tax benefits	(204,999)
Ending balance (in shares) at Jun. 30, 2022		109,467,000
Ending balance at Jun. 30, 2022	2,233,504	$ 1,688,009	803,027	(257,532)
Beginning balance (in shares) at Mar. 31, 2022		109,431,000
Beginning balance at Mar. 31, 2022	2,303,642	$ 1,684,547	788,787	(169,692)
Increase (decrease) in stockholders' equity
Net income for common stock	52,541		52,541
Other comprehensive (loss) income, net of tax benefits	(87,840)			(87,840)
Share-based expenses and other, net (in shares)		36,000
Share-based expenses and other, net	3,462	$ 3,462
Common stock dividends	(38,301)		(38,301)
Ending balance (in shares) at Jun. 30, 2022		109,467,000
Ending balance at Jun. 30, 2022	$ 2,233,504	$ 1,688,009	803,027	(257,532)
Beginning balance (in shares) at Dec. 31, 2022	109,470,795	109,471,000
Beginning balance at Dec. 31, 2022	$ 2,202,499	$ 1,692,697	845,830	(336,028)
Increase (decrease) in stockholders' equity
Net income for common stock	54,721		54,721
Other comprehensive (loss) income, net of tax benefits	20,488			20,488
Share-based expenses and other, net (in shares)		101,000
Share-based expenses and other, net	(307)	$ (307)
Common stock dividends	(39,446)		(39,446)
Ending balance (in shares) at Mar. 31, 2023		109,572,000
Ending balance at Mar. 31, 2023	$ 2,237,955	$ 1,692,390	861,105	(315,540)
Beginning balance (in shares) at Dec. 31, 2022	109,470,795	109,471,000
Beginning balance at Dec. 31, 2022	$ 2,202,499	$ 1,692,697	845,830	(336,028)
Increase (decrease) in stockholders' equity
Net income for common stock	109,331
Other comprehensive (loss) income, net of tax benefits	$ 12,879
Ending balance (in shares) at Jun. 30, 2023	109,611,599	109,612,000
Ending balance at Jun. 30, 2023	$ 2,249,377	$ 1,696,258	876,268	(323,149)
Beginning balance (in shares) at Mar. 31, 2023		109,572,000
Beginning balance at Mar. 31, 2023	2,237,955	$ 1,692,390	861,105	(315,540)
Increase (decrease) in stockholders' equity
Net income for common stock	54,610		54,610
Other comprehensive (loss) income, net of tax benefits	(7,609)			(7,609)
Share-based expenses and other, net (in shares)		40,000
Share-based expenses and other, net	3,868	$ 3,868
Common stock dividends	$ (39,447)		(39,447)
Ending balance (in shares) at Jun. 30, 2023	109,611,599	109,612,000
Ending balance at Jun. 30, 2023	$ 2,249,377	$ 1,696,258	$ 876,268	$ (323,149)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 0.36	$ 0.36	$ 0.35	$ 0.35

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net income	$ 110,277	$ 122,654
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	133,232	126,112
Other amortization	21,609	19,134
Provision for credit losses	1,218	(506)
Loans originated, held for sale	(14,912)	(108,695)
Proceeds from sale of loans, held for sale	14,596	114,299
Gain on sales of investment securities, net and equity-method investment	0	(8,123)
Gain on sale of loans, net	(360)	(1,449)
Deferred income taxes	(1,309)	(14,683)
Share-based compensation expense	5,919	5,593
Allowance for equity funds used during construction	(7,073)	(4,879)
Other	(3,710)	(3,858)
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net	103,695	(101,641)
Decrease (increase) in fuel oil stock	47,963	(119,890)
Decrease (increase) in regulatory assets	(10,620)	12,956
Increase in regulatory liabilities	22,782	11,288
Increase in accounts, interest and dividends payable	34,946	62,115
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(45,171)	22,173
Decrease in defined benefit pension and other postretirement benefit plans liability	(4,304)	(2,698)
Change in other assets and liabilities	(37,161)	(55,260)
Net cash provided by operating activities	371,617	74,642
Cash flows from investing activities
Available-for-sale investment securities purchased	0	(366,177)
Principal repayments on available-for-sale investment securities	68,279	209,094
Proceeds from repayments or maturities of held-to-maturity investment securities	35,604	7,932
Purchase of stock from Federal Home Loan Bank	(62,400)	(18,720)
Redemption of stock from Federal Home Loan Bank	70,960	15,520
Net increase in loans held for investment	(208,042)	(212,744)
Proceeds from sale of commercial loans	66,655	0
Purchase of loans held for investment	(26,195)	0
Capital expenditures	(235,875)	(147,749)
Other	8,160	15,813
Net cash used in investing activities	(282,854)	(497,031)
Cash flows from financing activities
Net increase (decrease) in deposit liabilities	(104,771)	81,324
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(91,438)	70,019
Net increase (decrease) in other bank borrowings with original maturities of three months or less	(596,810)	153,305
Proceeds from issuance of short-term debt	65,000	0
Repayment of short-term debt	(100,000)	0
Proceeds from issuance of other bank borrowings	1,000,000	0
Repayment of other bank borrowings	(250,000)	0
Proceeds from issuance of long-term debt	250,000	67,312
Repayment of long-term debt	(62,426)	(15,030)
Withheld shares for employee taxes on vested share-based compensation	(2,356)	(3,079)
Common stock dividends	(78,893)	(76,602)
Preferred stock dividends of subsidiaries	(946)	(946)
Other	(1,662)	(318)
Net cash provided by (used in) financing activities	25,698	275,985
Net increase (decrease) in cash, cash equivalents and restricted cash	114,461	(146,404)
Cash, cash equivalents and restricted cash, beginning of period	204,927	311,462
Cash, cash equivalents and restricted cash, end of period	319,388	165,058
Less: Restricted cash	(5,104)	(5,386)
Cash and cash equivalents	$ 314,284	$ 159,672

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Income (unaudited) - HECO - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Revenues	$ 895,685		$ 895,607		$ 1,823,922	$ 1,680,675
Expenses
Total expenses	802,706		808,939		1,637,425	1,494,731
Total operating income	92,979		86,668		186,497	185,944
Allowance for equity funds used during construction	3,772		2,470		7,073	4,879
Retirement defined benefits credit—other than service costs	1,153		1,246		2,305	2,489
Allowance for borrowed funds used during construction	1,295		798		2,426	1,576
Income before income taxes	69,367		66,217		139,671	153,697
Income taxes	14,284		13,203		29,394	31,043
Net income attributable to Hawaiian Electric	55,083		53,014		110,277	122,654
Preferred stock dividends of Hawaiian Electric	473		473		946	946
Net income for common stock	54,610	$ 54,721	52,541	$ 69,167	109,331	121,708
Hawaiian Electric Company, Inc. and Subsidiaries
Revenues
Revenues	794,191		818,873		1,624,552	1,527,665
Expenses
Fuel oil	280,157		269,655		614,254	490,941
Purchased power	168,434		218,085		321,195	381,618
Other operation and maintenance	136,360		124,892		264,676	250,149
Depreciation	60,689		58,739		121,616	117,210
Taxes, other than income taxes	74,926		76,348		153,311	142,998
Total expenses	720,566		747,719		1,475,052	1,382,916
Total operating income	73,625		71,154		149,500	144,749
Allowance for equity funds used during construction	3,772		2,470		7,073	4,879
Retirement defined benefits credit—other than service costs	1,048		991		2,095	1,981
Interest expense and other charges, net	(20,872)		(18,800)		(41,118)	(37,126)
Allowance for borrowed funds used during construction	1,295		798		2,426	1,576
Income before income taxes	58,868		56,613		119,976	116,059
Income taxes	13,070		11,979		26,670	24,517
Net income	45,798		44,634		93,306	91,542
Preferred stock dividends of subsidiaries	229		229		458	458
Net income attributable to Hawaiian Electric	45,569		44,405		92,848	91,084
Preferred stock dividends of Hawaiian Electric	270		270		540	540
Net income for common stock	$ 45,299	$ 47,009	$ 44,135	$ 46,409	$ 92,308	$ 90,544

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Comprehensive Income (unaudited) - HECO - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income for common stock	$ 54,610	$ 54,721	$ 52,541	$ 69,167	$ 109,331	$ 121,708
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes of $(163), $(2), $(326) and $1,516, respectively	(357)		122		(714)	4,623
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $148, $19, $295 and $(1,481), respectively	426		56		851	(4,269)
Other comprehensive income (loss), net of taxes	(7,609)	20,488	(87,840)	(117,159)	12,879	(204,999)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	47,001		(35,299)		122,210	(83,291)
Hawaiian Electric Company, Inc. and Subsidiaries
Net income for common stock	45,299	47,009	44,135	46,409	92,308	90,544
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes of $(163), $(2), $(326) and $1,516, respectively	(470)		(5)		(940)	4,371
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $148, $19, $295 and $(1,481), respectively	426		56		851	(4,269)
Other comprehensive income (loss), net of taxes	(44)	$ (45)	51	$ 51	(89)	102
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	$ 45,255		$ 44,186		$ 92,219	$ 90,646

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Comprehensive Income (unaudited) - HECO (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, tax	$ (122)	$ 44	$ (244)	$ 1,606
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, tax	148	19	295	(1,481)
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	(163)	(2)	(326)	1,516
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, tax	$ 148	$ 19	$ 295	$ (1,481)

Condensed Consolidated Balanc_3

Condensed Consolidated Balance Sheets (unaudited) - HECO - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Utility property, plant and equipment
Total property, plant and equipment, net	$ 5,868,408	$ 5,687,003
Current assets
Cash and cash equivalents	314,284	199,877
Other long-term assets
Operating lease right-of-use assets	105,030	115,684
Total assets	16,519,309	16,284,244
Capitalization
Retained earnings	876,268	845,830
Accumulated other comprehensive income, net of taxes-retirement benefit plans	(323,149)	(336,028)
Common stock equity	2,249,377	2,202,499
Cumulative preferred stock — not subject to mandatory redemption	34,293	34,293
Commitments and contingencies (Note 3)
Current liabilities
Short-term borrowings	46,212	172,568
Interest and preferred dividends payable	33,294	21,333
Deferred credits and other liabilities
Deferred income taxes	272,988	262,462
Total liabilities and shareholders’ equity	16,519,309	16,284,244
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Land	52,098	52,060
Plant and equipment	8,122,766	7,979,510
Right-of-use assets - finance lease	124,372	48,371
Less accumulated depreciation	(3,178,967)	(3,086,499)
Construction in progress	338,052	275,353
Utility property, plant and equipment, net	5,458,321	5,268,795
Nonutility property, plant and equipment, less accumulated depreciation of $65 and $63 as of June 30, 2023 and December 31, 2022, respectively	6,944	6,945
Total property, plant and equipment, net	5,465,265	5,275,740
Current assets
Cash and cash equivalents	143,647	39,242
Customer accounts receivable, net	209,194	288,338
Accrued unbilled revenues, net	154,355	183,280
Other accounts receivable, net	17,725	13,567
Fuel oil stock, at average cost	143,800	191,530
Materials and supplies, at average cost	91,155	79,568
Prepayments and other	41,880	33,482
Regulatory assets	77,237	52,273
Total current assets	878,993	881,280
Other long-term assets
Operating lease right-of-use assets	80,505	89,318
Regulatory assets	175,550	190,240
Other	161,280	160,889
Total other long-term assets	417,335	440,447
Total assets	6,761,593	6,597,467
Capitalization
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,854,278 shares at June 30, 2023 and December 31, 2022)	119,048	119,048
Premium on capital stock	810,955	810,955
Retained earnings	1,439,114	1,411,306
Accumulated other comprehensive income, net of taxes-retirement benefit plans	2,772	2,861
Common stock equity	2,371,889	2,344,170
Cumulative preferred stock — not subject to mandatory redemption	34,293	34,293
Long-term debt, net	1,734,530	1,584,854
Total capitalization	4,140,712	3,963,317
Commitments and contingencies (Note 3)
Current liabilities
Current portion of operating lease liabilities	17,709	19,095
Current portion of long-term debt, net	99,985	99,962
Accounts payable	210,632	202,492
Interest and preferred dividends payable	21,367	17,176
Taxes accrued, including revenue taxes	252,937	289,902
Regulatory liabilities	25,938	31,475
Other	90,295	85,596
Total current liabilities	718,863	833,665
Deferred credits and other liabilities
Operating lease liabilities	70,465	78,715
Finance lease liabilities	119,006	46,048
Deferred income taxes	385,350	384,430
Regulatory liabilities	1,061,418	1,024,175
Unamortized tax credits	91,590	95,300
Defined benefit pension liability	49,016	49,748
Other	125,173	122,069
Total deferred credits and other liabilities	1,902,018	1,800,485
Total liabilities and shareholders’ equity	6,761,593	6,597,467
Hawaiian Electric Company, Inc. and Subsidiaries | Nonrelated Party
Current liabilities
Short-term borrowings	$ 0	$ 87,967

Condensed Consolidated Balanc_4

Condensed Consolidated Balance Sheets (unaudited) - HECO (parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Shareholders’ equity
Common stock, authorized shares (in shares)	200,000,000	200,000,000
Common stock, shares outstanding (in shares)	109,611,599	109,470,795
Hawaiian Electric Company, Inc. and Subsidiaries
Utility property, plant and equipment
Accumulated depreciation on other property, plant and equipment	$ 65	$ 63
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, shares outstanding (in shares)	17,854,278	17,854,278

Condensed Consolidated State_10

Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited) - HECO - USD ($) $ in Thousands	Total	Hawaiian Electric Company, Inc. and Subsidiaries	Common stock	Common stock Hawaiian Electric Company, Inc. and Subsidiaries	Premium on capital stock Hawaiian Electric Company, Inc. and Subsidiaries	Retained earnings	Retained earnings Hawaiian Electric Company, Inc. and Subsidiaries	Accumulated other comprehensive income (loss)	Accumulated other comprehensive income (loss) Hawaiian Electric Company, Inc. and Subsidiaries
Beginning balance (in shares) at Dec. 31, 2021			109,312,000	17,753,000
Beginning balance at Dec. 31, 2021	$ 2,390,884	$ 2,261,899	$ 1,685,496	$ 118,376	$ 798,526	$ 757,921	$ 1,348,277	$ (52,533)	$ (3,280)
Increase (decrease) in stockholders' equity
Net income for common stock	69,167	46,409				69,167	46,409
Other comprehensive (loss) income, net of tax benefits	(117,159)	51						(117,159)	51
Common stock dividends	(38,301)	(31,475)				(38,301)	(31,475)
Ending balance (in shares) at Mar. 31, 2022			109,431,000	17,753,000
Ending balance at Mar. 31, 2022	2,303,642	2,276,884	$ 1,684,547	$ 118,376	798,526	788,787	1,363,211	(169,692)	(3,229)
Beginning balance (in shares) at Dec. 31, 2021			109,312,000	17,753,000
Beginning balance at Dec. 31, 2021	2,390,884	2,261,899	$ 1,685,496	$ 118,376	798,526	757,921	1,348,277	(52,533)	(3,280)
Increase (decrease) in stockholders' equity
Net income for common stock	121,708	90,544
Other comprehensive (loss) income, net of tax benefits	(204,999)	102
Common stock dividends		(62,950)
Ending balance (in shares) at Jun. 30, 2022			109,467,000	17,753,000
Ending balance at Jun. 30, 2022	2,233,504	2,289,595	$ 1,688,009	$ 118,376	798,526	803,027	1,375,871	(257,532)	(3,178)
Beginning balance (in shares) at Mar. 31, 2022			109,431,000	17,753,000
Beginning balance at Mar. 31, 2022	2,303,642	2,276,884	$ 1,684,547	$ 118,376	798,526	788,787	1,363,211	(169,692)	(3,229)
Increase (decrease) in stockholders' equity
Net income for common stock	52,541	44,135				52,541	44,135
Other comprehensive (loss) income, net of tax benefits	(87,840)	51						(87,840)	51
Common stock dividends	(38,301)	(31,475)				(38,301)	(31,475)
Ending balance (in shares) at Jun. 30, 2022			109,467,000	17,753,000
Ending balance at Jun. 30, 2022	$ 2,233,504	2,289,595	$ 1,688,009	$ 118,376	798,526	803,027	1,375,871	(257,532)	(3,178)
Beginning balance (in shares) at Dec. 31, 2022	109,470,795		109,471,000	17,854,000
Beginning balance at Dec. 31, 2022	$ 2,202,499	2,344,170	$ 1,692,697	$ 119,048	810,955	845,830	1,411,306	(336,028)	2,861
Increase (decrease) in stockholders' equity
Net income for common stock	54,721	47,009				54,721	47,009
Other comprehensive (loss) income, net of tax benefits	20,488	(45)						20,488	(45)
Common stock dividends	(39,446)	(32,250)				(39,446)	(32,250)
Ending balance (in shares) at Mar. 31, 2023			109,572,000	17,854,000
Ending balance at Mar. 31, 2023	$ 2,237,955	2,358,884	$ 1,692,390	$ 119,048	810,955	861,105	1,426,065	(315,540)	2,816
Beginning balance (in shares) at Dec. 31, 2022	109,470,795		109,471,000	17,854,000
Beginning balance at Dec. 31, 2022	$ 2,202,499	2,344,170	$ 1,692,697	$ 119,048	810,955	845,830	1,411,306	(336,028)	2,861
Increase (decrease) in stockholders' equity
Net income for common stock	109,331	92,308
Other comprehensive (loss) income, net of tax benefits	$ 12,879	(89)
Common stock dividends		(64,500)
Ending balance (in shares) at Jun. 30, 2023	109,611,599		109,612,000	17,854,000
Ending balance at Jun. 30, 2023	$ 2,249,377	2,371,889	$ 1,696,258	$ 119,048	810,955	876,268	1,439,114	(323,149)	2,772
Beginning balance (in shares) at Mar. 31, 2023			109,572,000	17,854,000
Beginning balance at Mar. 31, 2023	2,237,955	2,358,884	$ 1,692,390	$ 119,048	810,955	861,105	1,426,065	(315,540)	2,816
Increase (decrease) in stockholders' equity
Net income for common stock	54,610	45,299				54,610	45,299
Other comprehensive (loss) income, net of tax benefits	(7,609)	(44)						(7,609)	(44)
Common stock dividends	$ (39,447)	(32,250)				(39,447)	(32,250)
Ending balance (in shares) at Jun. 30, 2023	109,611,599		109,612,000	17,854,000
Ending balance at Jun. 30, 2023	$ 2,249,377	$ 2,371,889	$ 1,696,258	$ 119,048	$ 810,955	$ 876,268	$ 1,439,114	$ (323,149)	$ 2,772

Condensed Consolidated State_11

Condensed Consolidated Statements of Cash Flows (unaudited) - HECO - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	$ 133,232	$ 126,112
Other amortization	21,609	19,134
Deferred income taxes	(1,309)	(14,683)
Allowance for equity funds used during construction	(7,073)	(4,879)
Other	(3,710)	(3,858)
Changes in assets and liabilities
Decrease (increase) in fuel oil stock	47,963	(119,890)
Decrease (increase) in regulatory assets	(10,620)	12,956
Increase in regulatory liabilities	22,782	11,288
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(45,171)	22,173
Decrease in defined benefit pension and other postretirement benefit plans liability	(4,304)	(2,698)
Change in other assets and liabilities	(37,161)	(55,260)
Net cash provided by operating activities	371,617	74,642
Cash flows from investing activities
Capital expenditures	(235,875)	(147,749)
Other	8,160	15,813
Net cash used in investing activities	(282,854)	(497,031)
Cash flows from financing activities
Common stock dividends	(78,893)	(76,602)
Proceeds from issuance of long-term debt	250,000	67,312
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(91,438)	70,019
Other	(1,662)	(318)
Net cash provided by (used in) financing activities	25,698	275,985
Net increase (decrease) in cash, cash equivalents and restricted cash	114,461	(146,404)
Cash, cash equivalents and restricted cash, beginning of period	204,927	311,462
Cash, cash equivalents and restricted cash, end of period	319,388	165,058
Less: Restricted cash	(5,104)	(5,386)
Cash and cash equivalents	314,284	159,672
Hawaiian Electric Company, Inc. and Subsidiaries
Cash flows from operating activities
Net income	93,306	91,542
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property, plant and equipment	121,616	117,210
Other amortization	13,017	12,703
Deferred income taxes	(6,164)	(15,964)
State refundable credit	(5,750)	(5,517)
Bad debt expense	2,813	3,128
Allowance for equity funds used during construction	(7,073)	(4,879)
Other	381	(4)
Changes in assets and liabilities
Decrease (increase) in accounts receivable	76,219	(51,927)
Decrease (increase) in accrued unbilled revenues	28,797	(49,711)
Decrease (increase) in fuel oil stock	47,730	(119,709)
Increase in materials and supplies	(11,587)	(2,704)
Decrease (increase) in regulatory assets	(10,620)	12,956
Increase in regulatory liabilities	22,782	11,288
Increase in accounts payable	26,984	59,850
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(44,941)	10,016
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,926)	(2,515)
Change in other assets and liabilities	(7,439)	(21,613)
Net cash provided by operating activities	336,145	44,150
Cash flows from investing activities
Capital expenditures	(230,149)	(140,245)
Other	4,056	6,685
Net cash used in investing activities	(226,093)	(133,560)
Cash flows from financing activities
Common stock dividends	(64,500)	(62,950)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(998)	(998)
Proceeds from issuance of long-term debt	150,000	60,000
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(87,967)	54,987
Payments of obligations under finance leases	(1,339)	0
Other	(843)	(255)
Net cash provided by (used in) financing activities	(5,647)	50,784
Net increase (decrease) in cash, cash equivalents and restricted cash	104,405	(38,626)
Cash, cash equivalents and restricted cash, beginning of period	39,242	55,258
Cash, cash equivalents and restricted cash, end of period	143,647	16,632
Less: Restricted cash	0	(1,129)
Cash and cash equivalents	$ 143,647	$ 15,503

Basis of presentation

Basis of presentation	6 Months Ended
	Jun. 30, 2023
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, 2022.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 June 30, 2023 and December 31, 2022 and the results of their operations for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. 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. Credit Losses. In March 2022, Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. The amendments in this update also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost.” Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 325-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit-quality indicator and class of financing receivable by year of origination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. ASB updated the accounting for certain loan refinancings and restructurings, and included the required disclosures in the Notes herein in accordance with ASU No. 2022-02.

Segment financial information

Segment financial information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment financial information	Segment financial information (in thousands) Electric utility Bank Other Total Three months ended June 30, 2023 Revenues $ 794,191 $ 96,885 $ 4,609 $ 895,685 Income (loss) before income taxes $ 58,868 $ 25,055 $ (14,556) $ 69,367 Income taxes (benefit) 13,070 4,851 (3,637) 14,284 Net income (loss) 45,798 20,204 (10,919) 55,083 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 45,299 $ 20,204 $ (10,893) $ 54,610 Six months ended June 30, 2023 Revenues $ 1,624,552 $ 190,742 $ 8,628 $ 1,823,922 Income (loss) before income taxes $ 119,976 $ 48,762 $ (29,067) $ 139,671 Income taxes (benefit) 26,670 9,996 (7,272) 29,394 Net income (loss) 93,306 38,766 (21,795) 110,277 Preferred stock dividends of subsidiaries 998 — (52) 946 Net income (loss) for common stock $ 92,308 $ 38,766 $ (21,743) $ 109,331 Total assets (at June 30, 2023) $ 6,761,593 $ 9,620,691 $ 137,025 $ 16,519,309 Three months ended June 30, 2022 Revenues $ 818,873 $ 75,324 $ 1,410 $ 895,607 Income (loss) before income taxes $ 56,613 $ 22,109 $ (12,505) $ 66,217 Income taxes (benefit) 11,979 4,643 (3,419) 13,203 Net income (loss) 44,634 17,466 (9,086) 53,014 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 44,135 $ 17,466 $ (9,060) $ 52,541 Six months ended June 30, 2022 Revenues from external customers and other sources $ 1,527,661 $ 150,439 $ 2,575 $ 1,680,675 Intersegment revenues (eliminations) 4 — (4) — Revenues $ 1,527,665 $ 150,439 $ 2,571 $ 1,680,675 Income (loss) before income taxes $ 116,059 $ 52,324 $ (14,686) $ 153,697 Income taxes (benefit) 24,517 10,988 (4,462) 31,043 Net income (loss) 91,542 41,336 (10,224) 122,654 Preferred stock dividends of subsidiaries 998 — (52) 946 Net income (loss) for common stock $ 90,544 $ 41,336 $ (10,172) $ 121,708 Total assets (at December 31, 2022) $ 6,597,467 $ 9,545,970 $ 140,807 $ 16,284,244 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	6 Months Ended
	Jun. 30, 2023
Electric Utility Subsidiary [Abstract]
Electric utility segment	Electric utility segment Unconsolidated variable interest entities. Power purchase agreements . As of June 30, 2023, the Utilities had four power purchase agreements (PPAs) for firm capacity 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) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two 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 and Hamakua Energy in its condensed consolidated financial statements. However, 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 legal, regulatory and environmental 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. The Utilities record loss contingencies when the outcome of such proceedings is probable and when the amount of the loss is reasonably estimable. The Utilities also evaluate, on a continuous basis, whether developments in such proceedings could cause these assessments or estimates to change. Assessment regarding future events is required when evaluating whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: (i) the damages sought are indeterminate or the basis for the damages claimed is not clear; (ii) proceedings are in early stages; (iii) discovery is not complete; (iv) the matters involve novel or unsettled legal theories; (v) significant facts are in dispute; (vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); (vii) a lower court or administrative agency’s decision or ruling has been appealed; and/or (vii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact. Power purchase agreements . Purchases from all IPPs were as follows: Three months ended June 30 Six months ended June 30 (in millions) 2023 2022 2023 2022 Kalaeloa $ 67 $ 83 $ 134 $ 143 AES Hawaii 1 — 34 — 61 HPOWER 16 19 34 38 Hamakua Energy 19 14 39 30 Puna Geothermal Venture 9 14 17 24 Wind IPPs 33 38 57 56 Solar IPPs 22 13 36 26 Other IPPs 2 2 3 4 4 Total IPPs $ 168 $ 218 $ 321 $ 382 1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations. 2 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. In October 2021, Hawaiian Electric and Kalaeloa signed the Amended and Restated Power Purchase Agreement for Firm Dispatchable Capacity and Energy (Amended and Restated PPA) to extend the PPA for an additional term of 10 years. The Amended and Restated PPA was approved by the PUC on November 23, 2022. The new pricing provisions in the Amended and Restated PPA took effect on January 1, 2023. Stage 1 Renewable PPAs. In February 2018, the Utilities issued their Stage 1 renewable request for proposals and have procured eight renewable PPAs with a total of 274.5 MW capacity. The total annual payments to be made by the Utilities under the eight renewable PPAs are estimated at $70.8 million. The Utilities have received PUC approvals to recover the total projected annual payments under the eight renewable PPAs through the purchased power adjustment clause (PPAC) to the extent such costs are not included in base rates. The Utilities have accounted for the battery portion of three PPAs that were placed in service, including the AES Waikoloa Solar project that began commercial operation on April 21, 2023, which has a capacity of 30 MW with 120 MWh batteries, as finance leases and recorded lease liabilities with corresponding right-of-use assets of $124 million. The timing of the Utilities’ recognition of the expense conforms to ratemaking treatment for the Utilities’ recovery of the cost of electricity and is included in purchased power for the interest and amortization of financing leases related to PPAs. Any material differences between expense recognition and timing of payments are deferred as a regulatory asset or liability in order to match what is being recovered for ratemaking purposes. 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 the termination of the original PPA. Following the termination, Hu Honua filed a lawsuit in the U.S. District Court for the District of Hawaii. The parties reached a settlement that provided that they would execute an amended and restated PPA dated May 9, 2017, provided that the amended and restated PPA was still subject to PUC approval. On May 23, 2022, the PUC issued a decision and order denying the amended and restated PPA, based on, among other things, findings that: (1) the project will result in significant greenhouse gas (GHG) emissions, (2) Hu Honua’s proposed carbon commitment to sequester more GHG emissions than produced by the project are speculative and unsupported, (3) the amended and restated PPA is likely to result in high costs to customers through its relatively high cost of electricity and through potential displacement of other, lower cost, renewable resources, and (4) based on the foregoing, approving the amended and restated PPA is not prudent or in the public interest. On June 2, 2022, Hawaii Electric Light and Hu Honua filed their separate motions for reconsideration, which were denied by the PUC on June 24, 2022. On June 29, 2022, Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s May 23, 2022 decision and order denying the amended and restated PPA. On March 13, 2023, the Hawaii Supreme Court affirmed the PUC’s decision denying the amended and restated PPA between Hu Honua and Hawaii Electric Light and entered its judgment on appeal on April 12, 2023. On June 7, 2023, Hu Honua filed a status report with the U.S. District Court for the District of Hawaii, stating, among other things, that because settlement of the underlying federal lawsuit was contingent on timely, non-appealable, final approval of the amended and restated PPA by the PUC, that the Hawaii Supreme Court’s opinion made fulfillment of the condition impossible, and therefore the settlement agreement between the Hawaiian Electric defendants (HEI, Hawaiian Electric, and Hawaii Electric Light) and Hu Honua is null and void and of no further effect. Furthermore, Hu Honua indicated that it intends to reassert its federal antitrust and other claims against the Hawaiian Electric defendants. Hu Honua also stated that to take into account the numerous relevant events which have occurred since its filing of its second amended complaint on January 29, 2018, Hu Honua intends to move for leave to file an amended and supplemental complaint. Hu Honua has yet to file a motion for leave. 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 a 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. Currently, the discovery phase is ongoing. 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 a minimum of $246 million ERP/EAM project-related benefit to be delivered to customers over the system’s 12-year service life. 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 other operation and maintenance (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 June 30, 2023, the Utilities’ regulatory liability was $11.5 million ($3.3 million for Hawaiian Electric, $3.3 million for Hawaii Electric Light and $4.9 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 was considered flowed through to customers. At the PUC’s direction, the Utilities have been filing Annual Enterprise System Benefits (AESB) report on the achieved benefits savings. The most recent AESB report was filed on February 14, 2023 for the period January 1 through December 31, 2022. Waena Switchyard/Synchronous Condenser Project. In October 2020, to support efforts to increase renewable energy generation and reduce fossil fuel consumption by deactivating current generating units, Maui Electric filed a PUC application to construct a switchyard, which includes the extension of two 69 kV transmission lines and the relocation of another 69 kV transmission line; and the conversion of two generating units to synchronous condensers at Kahului Power Plant in central Maui. In November 2021, the PUC approved Maui Electric’s request to commit funds estimated at $38.8 million for the project, and to recover capital expenditures for the project under Exceptional Project Recovery Mechanism (EPRM) not to exceed $38.8 million, which shall be further reduced to reflect the total project cost exclusive of overhead costs not directly attributable to the project. The Waena Switchyard project is expected to be placed in service in the fourth quarter of 2023, while the conversion of the two generating units will be performed after the retirement of Kahului Power Plant Units 3 and 4. In approving the project, the PUC recognized that the project will facilitate the ability to accommodate increased renewable energy, as contemplated under the EPRM guidelines. As of June 30, 2023, $21.2 million has been incurred for the project. 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 and left the property in 1987. The federal Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the Department of Health of State of Hawaii 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 $2.6 million as of June 30, 2023, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the adjacent parcel based on presently available information; however, final costs of remediation will depend on the cleanup approach implemented. Additionally, on November 24, 2021, the current landowners of the Site, Misaki’s, Inc., filed a lawsuit against Hawaiian Electric (as alleged successor in interest to Molokai Electric, the prior owner of the Site) in the Circuit Court of the Second Circuit of the State of Hawaii (removed to the U.S. District Court for the District of Hawaii). The complaint, which was subsequently amended to include Maui Electric, alleges that Hawaiian Electric is responsible for remediation of the Site based on the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), and the Hawaii Environmental Response Law under Hawaii Revised Statutes Chapter 128D, as well as being liable on contractual claims related to a short leaseback period during the transition of ownership from Molokai Electric. The amended complaint was dismissed and a new complaint may be filed subject to the parties attempt to enter into settlement negotiations, but the Utilities intend to vigorously defend the action if necessary. At this time, the Utilities are unable to determine the ultimate outcome of the lawsuit or the amount of any possible loss. As of June 30, 2023, the reserve balance recorded by the Utilities to address the lawsuit was not material. 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 under CERCLA responsible for the costs of investigation and cleanup of PCB 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 June 30, 2023, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $9.7 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. Kapolei pipeline . James Campbell Company (JCC) through its wholly owned subsidiary, Aina Nui Corporation discovered petroleum contamination in ground water during construction of a project in Kapolei in late 2022 and incurred approximately $0.8 million in remediation costs. JCC made a joint demand for these costs in June 2023 to the two companies, including Hawaiian Electric, that have pipelines in the area of the contamination. Based on the nature of the contamination, it is not clear whether it is consistent with what was in the Utilities’ pipelines or is wholly or partially the responsibility of the other pipeline owner. At this time, the Utilities are unable to determine the ultimate outcome or the amount of any possible loss. Regulatory proceedings. 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. Decoupling delinks the utility’s revenues from the utility’s sales, removing the disincentive to promote energy efficiency and accept more renewable energy. Decoupling continues under the PBR Framework. Performance-based regulation framework. On December 23, 2020, the PUC issued a decision and order (PBR D&O) establishing the PBR Framework to govern the Utilities. The PBR Framework incorporates an annual revenue adjustment (ARA) and a suite of new regulatory mechanisms in addition to previously established regulatory mechanisms. Under the PBR Framework, the decoupling mechanism (i.e., the Revenue Balancing Account (RBA)) established by the previous regulatory framework will continue. The existing cost recovery mechanisms will continue as currently implemented (e.g., the Energy Cost Recovery Clause, PPAC, Demand Side Management surcharge, Renewable Energy Infrastructure Program, Demand Response Adjustment Clause, Pension and Other Post-Employment Benefits (OPEB) tracking mechanisms). In addition to annual revenues provided by the 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 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 incorporates a variety of additional 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’ achieved rate-making ROACE 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. The PBR Framework became fully effective on June 1, 2021. On June 17, 2022, the PUC issued a decision and order (June 2022 D&O) establishing additional PIMs under the PBR Framework for the Utilities. The June 2022 D&O approved two new PIMs, a new SSM, and extended the timeframe for an existing PIM. Specifically, the PUC approved (1) a new (penalty-only) generation-caused interruption reliability PIM, (2) a new (penalty/reward) interconnection requirements study (IRS) PIM, (3) a new (reward-only) Collective Shared Savings Mechanism (CSSM), and (4) a modification and extension of the existing Interim Grid Services PIM (reward-only). On November 23, 2022, the PUC approved the Utilities’ proposed tariffs to implement the aforementioned PIMs with an effective date of January 1, 2023. In addition, the June 2022 D&O instructed the Utilities to prepare and submit: a detailed fossil fuel retirement report (FF Retirement Report) outlining necessary steps to safely and reliably retire certain existing fossil fuel power plants during the first multi-year rate period (MRP); and a functional integration plan (FIP) for distributed energy resources (DER) to increase transparency into the Utilities’ plans and progress for utilizing cost-effective grid services from DERs and ensure that the necessary functionalities and requisite technologies are in place to do so. The PUC also instructed the PBR Working Group to continue its ongoing collaborative efforts to consider other potential new incentive mechanisms and to address other issues raised during the proceeding. On March 30, 2023, the PUC held a PBR Working Group coordination meeting to initiate subgroups on the Long-Term Grid Services PIM, modification/evaluation of existing PIMs, and comprehensive PBR Framework review priority topics. In accordance with the June 2022 D&O, the Utilities filed their FIP on September 30, 2022, FF Retirement Report on April 17, 2023, and Long-Term Grid Services PIM proposal on July 3, 2023. Revenue adjustment mechanism . Prior to the implementation of the PBR Framework, the revenue adjustment mechanism (RAM) was a major component of the previously established regulatory framework. The RAM was 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). Under the PBR Framework, the ARA mechanism replaced the RAM, and became effective on June 1, 2021. RAM revenue adjustments approved by the PUC in 2020 will continue to be included in the RBA provision’s target revenue and RBA rate adjustment unless modified with PUC approval. Annual revenue adjustment mechanism . The PBR Framework established a five-year MRP 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% of adjusted revenue requirements compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket at a rate of $6.6 million per year from 2021 to 2025. The implementation of the ARA occurred on June 1, 2021. Earnings sharing mechanism . The PBR Framework established a symmetrical ESM for achieved rate-making ROACE outside of a 300 basis points dead band above or below the current authorized ROACE of 9.5% for each of the Utilities. There is a 50/50 sharing between customers and Utilities for the achieved rate-making ROACE 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 achieved rate-making ROACE enters the outer most tier of the ESM. Exceptional project recovery mechanism . Prior to the implementation of the PBR Framework, the PUC established the Major Project Interim Recovery (MPIR) adjustment mechanism and MPIR Guidelines. The MPIR mechanism provides the opportunity to recover revenues for net costs of approved eligible projects placed in service between general rate cases. In establishing the PBR Framework, the MPIR Guidelines were terminated and replaced with the EPRM Guidelines. Although the MPIR Guidelines were terminated and replaced by the EPRM Guidelines, the MPIR mechanism will continue within the PBR Framework to provide recovery of project costs previously approved for recovery under the MPIR. The established EPRM Guidelines 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. Deferred and O&M expense projects are also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs will be limited to the lesser of actual incurred project costs or PUC‑approved amounts, net of savings. As of June 30, 2023, the Utilities annualized MPIR and EPRM revenue amounts totaled $26.2 million, including revenue taxes, for the Schofield Generating Station ($16.5 million), West Loch PV project ($3.5 million), Grid Modernization Strategy (GMS) Phase 1 project ($6.1 million for all three utilities) and Waiawa UFLS project ($0.1 million) that included the 2022 return on project amount (based on approved amounts) in rate base, depreciation and incremental O&M expenses. The PUC approved the Utilities’ recovery of the annualized 2022 MPIR amounts for the Schofield Generating Station, West Loch PV, and GMS Phase 1 projects effective June 1, 2022 through the RBA rate adjustment. Recovery of the incremental change to the West Loch PV project and Waiawa UFLS project were approved on December 7, 2022 and December 5, 2022, respectively. As of June 30, 2023, the PUC approved two EPRM applications for projects totaling $41 million to the extent that the project costs are not included in rates. Currently, the Utilities are seeking EPRM recovery for five projects with total project costs up to $488 million, subject to PUC approval. Pilot process . As part of the PBR Framework, the PUC approved a Pilot Process to foster innovation by establishing an expedited implementation process for pilots that tests new technologies, programs, business models, and other arrangements. Under the Pilot Process, the Utilities submit specific pilot proposals (Pilot Notices) that are within the scope of the approved Workplan to the PUC for their expedited review. The PUC will strive to issue an order addressing a proposed pilot within 45 days of the filing date of a Pilot Notice. If the PUC does not take affirmative action on a Pilot Notice by the end of the 45-day period, the Pilot Notice shall be considered approved as submitted. The PUC may modify the pilot as originally proposed, and the Utilities shall have 15 days to notify the PUC whether the Utilities accept the modification, propose further modification, or withdraw the Pilot Notice. The PUC may also, where necessary, suspend the Pilot Notice for further investigation. The approved Pilot Process includes a cost recovery process that generally allows the Utilities to defer and recover total annual expenditures of approved pilot projects net of revenues, subject to an annual cap of $10 million, over 12 months beginning June 1 of the year following pilot implementation through the RBA rate adjustment, although the PUC may determine on a case-by-case basis that a particular project’s deferred costs should be amortized over a period greater than 12 months. On February 28, 2023, the Utilities filed their annual Pilot Update report covering pilot projects that were active during 2022, including reporting on pilot projects that were initiated prior to the commencement of the Pilot Process. The Pilot Update reported on approximately $0.4 million of 2022 recorded pilot project costs including revenue taxes for the Utilities. The 2022 recorded pilot project costs were included in the Utilities’ proposed adjustments to target revenue in the 2023 spring revenue report filed on March 28, 2023. On February 2, 2023, the Utilities filed a Pilot Notice to commence an EV Telematics Pilot project in April 2023. On March 22, 2023, the PUC issued an order approving the Utilities’ EV Telematics Pilot project. The order also temporarily suspended the filing of Pilot Notices, pending a stakeholder meeting which was convened on June 15, 2023, to discuss potential improvements to the Pilot Process. On July 28, 2023, the PUC issued an order providing additional guidance on the Pilot Process, specifying expectations for future Pilot Notices submitted pursuant to the Pilot Process. The order lifts the temporary suspension on submitting Pilot Notices and the Utilities may file Pilot Notices consistent with the approved Workplan. Performance incentive mechanisms . The PUC has established the following PIMs and SSMs: (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, (4) new PIMs established in the PBR D&O and (5) new PIMs and a SSM established in the June 2022 D&O. • 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 remain constant in interim periods, unless otherwise amended by order of the PUC. • Service Reliability Performance measured by Transmission and Distribution-caused 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). For the 2022 evaluation period, the Utilities incurred $0.1 million in penalties. • 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 eight 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). • Phase 1 RFP PIM. Procurement of low-cost variable renewable resources through the RFP process in 2018 is measured by comparison of the procurement price to target prices. The first portion 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 2025. • 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. On July 9, 2020, the Utilities filed two Grid Services Purchase Agreements (GSPA) for the Grid Service RFP that potentially qualify for a demand response PIM; however, details of the incentive metrics will be determined by the PUC. On September 15, 2020, the Utilities filed one PPA that qualified for a PIM

Bank segment

Bank segment	6 Months Ended
	Jun. 30, 2023
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 June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income Interest and fees on loans $ 67,966 $ 48,129 $ 132,808 $ 94,134 Interest and dividends on investment securities 13,775 14,693 28,412 28,677 Total interest and dividend income 81,741 62,822 161,220 122,811 Interest expense Interest on deposit liabilities 9,661 921 16,498 1,868 Interest on other borrowings 8,852 139 16,573 144 Total interest expense 18,513 1,060 33,071 2,012 Net interest income 63,228 61,762 128,149 120,799 Provision for credit losses 43 2,757 1,218 (506) Net interest income after provision for credit losses 63,185 59,005 126,931 121,305 Noninterest income Fees from other financial services 5,009 4,716 9,688 10,303 Fee income on deposit liabilities 4,504 4,552 9,103 9,243 Fee income on other financial products 2,768 2,529 5,512 5,247 Bank-owned life insurance 1,955 (142) 3,380 539 Mortgage banking income 230 372 360 1,449 Gain on sale of real estate 495 — 495 1,002 Other income, net 678 475 1,479 847 Total noninterest income 15,639 12,502 30,017 28,630 Noninterest expense Compensation and employee benefits 29,394 27,666 59,598 54,881 Occupancy 5,539 5,467 11,127 11,419 Data processing 5,095 4,484 10,107 8,635 Services 2,689 2,522 5,284 4,961 Equipment 2,957 2,402 5,603 4,731 Office supplies, printing and postage 1,109 1,073 2,274 2,133 Marketing 834 934 1,850 1,952 Other expense 6,152 4,850 12,343 8,899 Total noninterest expense 53,769 49,398 108,186 97,611 Income before income taxes 25,055 22,109 48,762 52,324 Income taxes 4,851 4,643 9,996 10,988 Net income 20,204 17,466 38,766 41,336 Other comprehensive income (loss), net of taxes (7,210) (88,835) 11,220 (211,276) Comprehensive income (loss) $ 12,994 $ (71,369) $ 49,986 $ (169,940) Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income $ 81,741 $ 62,822 $ 161,220 $ 122,811 Noninterest income 15,639 12,502 30,017 28,630 Less: Gain on sale of real estate 495 — 495 1,002 *Revenues-Bank 96,885 75,324 190,742 150,439 Total interest expense 18,513 1,060 33,071 2,012 Provision for credit losses 43 2,757 1,218 (506) Noninterest expense 53,769 49,398 108,186 97,611 Less: Gain on sale of real estate 495 — 495 1,002 Less: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) *Expenses-Bank 72,017 53,401 142,354 98,486 *Operating income-Bank 24,868 21,923 48,388 51,953 Add back: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) Income before income taxes $ 25,055 $ 22,109 $ 48,762 $ 52,324 American Savings Bank, F.S.B. Balance Sheets Data (in thousands) June 30, 2023 December 31, 2022 Assets Cash and due from banks $ 158,170 $ 153,042 Interest-bearing deposits 9,958 3,107 Cash and cash equivalents 168,128 156,149 Investment securities Available-for-sale, at fair value 1,368,037 1,429,667 Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively) 1,224,917 1,251,747 Stock in Federal Home Loan Bank, at cost 18,000 26,560 Loans held for investment 6,138,182 5,978,906 Allowance for credit losses (69,068) (72,216) Net loans 6,069,114 5,906,690 Loans held for sale, at lower of cost or fair value 6,910 824 Other 683,395 692,143 Goodwill 82,190 82,190 Total assets $ 9,620,691 $ 9,545,970 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 2,683,725 $ 2,811,077 Deposit liabilities—interest-bearing 5,479,510 5,358,619 Other borrowings 750,000 695,120 Other 212,268 212,269 Total liabilities 9,125,503 9,077,085 Common stock 1 1 Additional paid-in capital 357,123 355,806 Retained earnings 463,459 449,693 Accumulated other comprehensive loss, net of tax benefits Net unrealized losses on securities $ (315,917) $ (328,904) Retirement benefit plans (9,478) (325,395) (7,711) (336,615) Total shareholder’s equity 495,188 468,885 Total liabilities and shareholder’s equity $ 9,620,691 $ 9,545,970 Other assets Bank-owned life insurance $ 183,833 $ 182,986 Premises and equipment, net 192,070 195,324 Accrued interest receivable 27,136 25,077 Mortgage-servicing rights 8,495 9,047 Low-income housing investments 107,164 106,978 Deferred tax asset 112,345 116,441 Real estate acquired in settlement of loans, net — 115 Other 52,352 56,175 $ 683,395 $ 692,143 Other liabilities Accrued expenses $ 98,664 $ 97,295 Federal and state income taxes payable 187 863 Cashier’s checks 32,634 36,401 Advance payments by borrowers 10,800 9,637 Other 69,983 68,073 $ 212,268 $ 212,269 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 FHLB advances and borrowings from the Federal Reserve Bank. 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 June 30, 2023 Available-for-sale U.S. Treasury and federal agency obligations $ 84,728 $ — $ (6,981) $ 77,747 — $ — $ — 14 $ 77,747 $ (6,981) Mortgage-backed securities* 1,465,232 — (230,718) 1,234,514 8 36,332 (3,863) 175 1,198,182 (226,855) Corporate bonds 44,307 — (3,161) 41,146 — — — 5 41,146 (3,161) Mortgage revenue bonds 14,630 — — 14,630 — — — — — — $ 1,608,897 $ — $ (240,860) $ 1,368,037 8 $ 36,332 $ (3,863) 194 $ 1,317,075 $ (236,997) Held-to-maturity U.S. Treasury and federal agency obligations $ 59,906 $ — $ (8,207) $ 51,699 — $ — $ — 3 $ 51,699 $ (8,207) Mortgage-backed securities* 1,165,011 2,449 (97,164) 1,070,296 33 322,971 (6,521) 40 403,177 (90,643) $ 1,224,917 $ 2,449 $ (105,371) $ 1,121,995 33 $ 322,971 $ (6,521) 43 $ 454,876 $ (98,850) December 31, 2022 Available-for-sale U.S. Treasury and federal agency obligations $ 88,344 $ — $ (7,281) $ 81,063 12 $ 41,201 $ (2,120) 4 $ 39,862 $ (5,161) Mortgage-backed securities* 1,530,582 — (237,614) 1,292,968 113 455,836 (56,999) 70 837,132 (180,615) Corporate bonds 44,377 — (3,643) 40,734 4 29,644 (2,028) 1 11,090 (1,615) Mortgage revenue bonds 14,902 — — 14,902 — — — — — — $ 1,678,205 $ — $ (248,538) $ 1,429,667 129 $ 526,681 $ (61,147) 75 $ 888,084 $ (187,391) Held-to-maturity U.S. Treasury and federal agency obligations $ 59,894 $ — $ (8,478) $ 51,416 1 $ 16,874 $ (3,222) 2 $ 34,542 $ (5,256) Mortgage-backed securities* 1,191,853 2,670 (94,968) 1,099,555 22 183,629 (10,593) 51 567,250 (84,375) $ 1,251,747 $ 2,670 $ (103,446) $ 1,150,971 23 $ 200,503 $ (13,815) 53 $ 601,792 $ (89,631) * 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 June 30, 2023 and December 31, 2022, 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 rated 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 June 30, 2023 and December 31, 2022. 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: June 30, 2023 Amortized Fair value (in thousands) Available-for-sale Due in one year or less $ 2,213 $ 2,177 Due after one year through five years 126,822 116,716 Due after five years through ten years 14,630 14,630 Due after ten years — — 143,665 133,523 Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies 1,465,232 1,234,514 Total available-for-sale securities $ 1,608,897 $ 1,368,037 Held-to-maturity Due in one year or less $ — $ — Due after one year through five years 19,966 17,403 Due after five years through ten years 39,940 34,296 Due after ten years — — 59,906 51,699 Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies 1,165,011 1,070,296 Total held-to-maturity securities $ 1,224,917 $ 1,121,995 There were no sales of available-for-sale securities for the three months and six months ended June 30, 2023 and 2022. The components of loans were summarized as follows: June 30, 2023 December 31, 2022 (in thousands) Real estate: Residential 1-4 family $ 2,548,160 $ 2,479,637 Commercial real estate 1,382,376 1,358,123 Home equity line of credit 1,035,099 1,002,905 Residential land 21,226 20,679 Commercial construction 128,748 88,489 Residential construction 14,536 20,788 Total real estate 5,130,145 4,970,621 Commercial 747,343 779,691 Consumer 290,918 254,709 Total loans 6,168,406 6,005,021 Less: Deferred fees and discounts (30,224) (26,115) Allowance for credit losses (69,068) (72,216) Total loans, net $ 6,069,114 $ 5,906,690 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 June 30, 2023 Allowance for credit losses: Beginning balance $ 4,612 $ 22,701 $ 6,053 $ 620 $ 735 $ 28 $ 11,936 $ 24,611 $ 71,296 Charge-offs (181) — (297) — — — (157) (2,568) (3,203) Recoveries 2 — 17 3 — — 206 904 1,132 Provision 275 (2,423) 1,366 30 1,814 (2) (627) (590) (157) Ending balance $ 4,708 $ 20,278 $ 7,139 $ 653 $ 2,549 $ 26 $ 11,358 $ 22,357 $ 69,068 Three months ended June 30, 2022 Allowance for credit losses: Beginning balance $ 7,874 $ 20,176 $ 5,650 $ 697 $ 2,340 $ 31 $ 14,314 $ 16,129 $ 67,211 Charge-offs — — — — — — (148) (1,369) (1,517) Recoveries 3 — 31 96 — — 399 976 1,505 Provision 643 724 415 (116) 294 15 (2,152) 2,434 2,257 Ending balance $ 8,520 $ 20,900 $ 6,096 $ 677 $ 2,634 $ 46 $ 12,413 $ 18,170 $ 69,456 Six months ended June 30, 2023 Allowance for credit losses: Beginning balance $ 6,270 $ 21,898 $ 6,125 $ 717 $ 1,195 $ 46 $ 12,426 $ 23,539 $ 72,216 Charge-offs (990) — (360) — — — (384) (4,891) (6,625) Recoveries 6 — 34 3 — — 604 1,812 2,459 Provision (578) (1,620) 1,340 (67) 1,354 (20) (1,288) 1,897 1,018 Ending balance $ 4,708 $ 20,278 $ 7,139 $ 653 $ 2,549 $ 26 $ 11,358 $ 22,357 $ 69,068 Six months ended June 30, 2022 Allowance for credit losses: Beginning balance $ 6,545 $ 24,696 $ 5,657 $ 646 $ 2,186 $ 18 $ 15,798 $ 15,584 $ 71,130 Charge-offs — — — — — — (224) (2,851) (3,075) Recoveries 11 — 42 101 — — 752 2,001 2,907 Provision 1,964 (3,796) 397 (70) 448 28 (3,913) 3,436 (1,506) Ending balance $ 8,520 $ 20,900 $ 6,096 $ 677 $ 2,634 $ 46 $ 12,413 $ 18,170 $ 69,456 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 June 30, 2023 Allowance for loan commitments: Beginning balance $ 400 $ 2,600 $ 1,400 $ 4,400 Provision 200 1,200 (1,200) 200 Ending balance $ 600 $ 3,800 $ 200 $ 4,600 Three months ended June 30, 2022 Allowance for loan commitments: Beginning balance $ 400 $ 3,600 $ 1,400 $ 5,400 Provision — 500 — 500 Ending balance $ 400 $ 4,100 $ 1,400 $ 5,900 Six months ended June 30, 2023 Allowance for loan commitments: Beginning balance $ 400 $ 2,600 $ 1,400 $ 4,400 Provision 200 1,200 (1,200) 200 Ending balance $ 600 $ 3,800 $ 200 $ 4,600 Six months ended June 30, 2022 Allowance for loan commitments: Beginning balance $ 400 $ 3,700 $ 800 $ 4,900 Provision — 400 600 1,000 Ending balance $ 400 $ 4,100 $ 1,400 $ 5,900 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) 2023 2022 2021 2020 2019 Prior Revolving Converted to term loans Total June 30, 2023 Residential 1-4 family Current $ 145,486 $ 418,635 $ 748,251 $ 413,204 $ 109,756 $ 710,451 $ — $ — $ 2,545,783 30-59 days past due — — — — — 223 — — 223 60-89 days past due — — — — — 236 — — 236 Greater than 89 days past due — — — — — 1,918 — — 1,918 145,486 418,635 748,251 413,204 109,756 712,828 — — 2,548,160 Current YTD period Gross charge-offs — — — — — 990 — — 990 Home equity line of credit Current — — — — — — 981,266 51,857 1,033,123 30-59 days past due — — — — — — 773 — 773 60-89 days past due — — — — — — 485 120 605 Greater than 89 days past due — — — — — — 342 256 598 — — — — — — 982,866 52,233 1,035,099 Current YTD period Gross charge-offs — — — — — — 77 283 360 Residential land Current 3,073 5,231 8,270 3,664 — 988 — — 21,226 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 3,073 5,231 8,270 3,664 — 988 — — 21,226 Current YTD period Gross charge-offs — — — — — — — — — Residential construction Current 1,370 9,967 3,199 — — — — — 14,536 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 1,370 9,967 3,199 — — — — — 14,536 Current YTD period Gross charge-offs — — — — — — — — — Consumer Current 75,489 175,654 14,671 3,209 2,207 256 10,274 4,069 285,829 30-59 days past due 249 1,577 244 67 72 1 58 69 2,337 60-89 days past due 74 922 85 40 65 1 88 57 1,332 Greater than 89 days past due 40 908 69 31 79 5 96 192 1,420 75,852 179,061 15,069 3,347 2,423 263 10,516 4,387 290,918 Current YTD period Gross charge-offs 460 2,976 643 106 283 35 142 246 4,891 Commercial real estate Pass 50,165 391,965 177,687 276,039 51,699 335,469 8,358 — 1,291,382 Special Mention — — 11,250 3,403 29,784 21,069 — — 65,506 Substandard 5,421 — — — 11,354 8,713 — — 25,488 Doubtful — — — — — — — — — 55,586 391,965 188,937 279,442 92,837 365,251 8,358 — 1,382,376 Term Loans by Origination Year Revolving Loans (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Converted to term loans Total Current YTD period Gross charge-offs — — — — — — — — — Commercial construction Pass 1,980 14,970 60,602 65 — — 51,131 — 128,748 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — 1,980 14,970 60,602 65 — — 51,131 — 128,748 Current YTD period Gross charge-offs — — — — — — — — — Commercial Pass 60,151 223,817 131,123 84,694 46,411 85,210 76,926 13,197 721,529 Special Mention — — 989 — 2,434 — 9,784 — 13,207 Substandard — 3,144 1,128 329 1,248 4,635 928 1,195 12,607 Doubtful — — — — — — — — — 60,151 226,961 133,240 85,023 50,093 89,845 87,638 14,392 747,343 Current YTD period Gross charge-offs — — 51 — — — 124 209 384 Total loans $ 343,498 $ 1,246,790 $ 1,157,568 $ 784,745 $ 255,109 $ 1,169,175 $ 1,140,509 $ 71,012 $ 6,168,406 Term Loans by Origination Year Revolving Loans (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Converted to term loans Total December 31, 2022 Residential 1-4 family Current $ 432,707 $ 755,056 $ 423,455 $ 113,096 $ 51,860 $ 698,354 $ — $ — $ 2,474,528 30-59 days past due — — — — 448 1,098 — — 1,546 60-89 days past due — — 268 — — 90 — — 358 Greater than 89 days past due — — — — 809 2,396 — — 3,205 432,707 755,056 423,723 113,096 53,117 701,938 — — 2,479,637 Home equity line of credit Current — — — — — — 959,131 40,814 999,945 30-59 days past due — — — — — — 1,103 209 1,312 60-89 days past due — — — — — — 209 226 435 Greater than 89 days past due — — — — — — 587 626 1,213 — — — — — — 961,030 41,875 1,002,905 Residential land Current 5,245 9,010 5,222 203 522 477 — — 20,679 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 5,245 9,010 5,222 203 522 477 — — 20,679 Residential construction Current 7,986 11,624 1,178 — — — — — 20,788 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 7,986 11,624 1,178 — — — — — 20,788 Consumer Current 199,574 21,330 5,543 7,580 527 140 10,810 4,782 250,286 30-59 days past due 1,110 287 65 239 30 — 81 167 1,979 60-89 days past due 756 163 88 137 19 — 45 107 1,315 Greater than 89 days past due 621 105 37 176 28 — 20 142 1,129 202,061 21,885 5,733 8,132 604 140 10,956 5,198 254,709 Commercial real estate Pass 390,206 177,130 283,321 51,542 63,084 278,280 8,235 — 1,251,798 Special Mention — 11,250 3,446 40,423 — 24,466 — — 79,585 Substandard — — 665 11,357 — 14,718 — — 26,740 Doubtful — — — — — — — — — 390,206 188,380 287,432 103,322 63,084 317,464 8,235 — 1,358,123 Commercial construction Pass 15,094 47,478 44 — — — 25,873 — 88,489 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — 15,094 47,478 44 — — — 25,873 — 88,489 Commercial Pass 239,852 185,013 85,220 68,161 46,142 53,192 60,871 13,964 752,415 Special Mention — — — 2,374 — 645 9,005 8 12,032 Substandard 3,322 2,305 401 1,304 1,346 3,849 1,664 1,053 15,244 Doubtful — — — — — — — — — 243,174 187,318 85,621 71,839 47,488 57,686 71,540 15,025 779,691 Total loans $ 1,296,473 $ 1,220,751 $ 808,953 $ 296,592 $ 164,815 $ 1,077,705 $ 1,077,634 $ 62,098 $ 6,005,021 Revolving loans converted to term loans during the six months ended June 30, 2023 in the commercial, home equity line of credit and consumer portfolios were $2.0 million, $14.9 million and $0.9 million, respectively. Revolving loans converted to term loans during the six months ended June 30, 2022 in the commercial, home equity line of credit and consumer portfolios were $1.0 million, $10.0 million and $1.7 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> June 30, 2023 Real estate: Residential 1-4 family $ 223 $ 236 $ 1,918 $ 2,377 $ 2,545,783 $ 2,548,160 $ — Commercial real estate 472 — — 472 1,381,904 1,382,376 — Home equity line of credit 773 605 598 1,976 1,033,123 1,035,099 — Residential land — — — — 21,226 21,226 — Commercial construction — — — — 128,748 128,748 — Residential construction — — — — 14,536 14,536 — Commercial 45 351 380 776 746,567 747,343 — Consumer 2,337 1,332 1,420 5,089 285,829 290,918 — Total loans $ 3,850 $ 2,524 $ 4,316 $ 10,690 $ 6,157,716 $ 6,168,406 $ — December 31, 2022 Real estate: Residential 1-4 family $ 1,546 $ 358 $ 3,205 $ 5,109 $ 2,474,528 $ 2,479,637 $ — Commercial real estate 508 217 — 725 1,357,398 1,358,123 — Home equity line of credit 1,312 435 1,213 2,960 999,945 1,002,905 — Residential land — — — — 20,679 20,679 — Commercial construction — — — — 88,489 88,489 — Residential construction — — — — 20,788 20,788 — Commercial 614 18 77 709 778,982 779,691 — Consumer 1,979 1,315 1,129 4,423 250,286 254,709 — Total loans $ 5,959 $ 2,343 $ 5,624 $ 13,926 $ 5,991,095 $ 6,005,021 $ — The credit risk profile based on nonaccrual loans were as follows: (in thousands) June 30, 2023 December 31, 2022 With a Related ACL Without a Related ACL Total With a Related ACL Without a Related ACL Total Real estate: Residential 1-4 family $ 2,016 $ 2,550 $ 4,566 $ 4,198 $ 2,981 $ 7,179 Commercial real estate — — — — — — Home equity line of credit 4,528 740 5,268 3,654 1,442 5,096 Residential land 107 — 107 420 — 420 Commercial construction — — — — — — Residential construction — — — — — — Commercial 1,241 — 1,241 2,183 — 2,183 Consumer 2,086 — 2,086 1,588 — 1,588 Total $ 9,978 $ 3,290 $ 13,268 $ 12,043 $ 4,423 $ 16,466 ASB did not recognize interest on nonaccrual loans for the six months ended June 30, 2023 and 2022. Modifications Made to Borrowers Experiencing Financial Difficulty. The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon origination. The starting point for the estimate of the allowance for credit losses is historical loan information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. ASB uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made at the time of the modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not recorded upon modification. Modifications may include interest rate reductions, interest only payments for an extended period of time, protracted terms such as amortization and maturity beyond the customary length of time found in the normal marketplace, and other actions intended to minimize economic loss and to provide alternatives to foreclosure or repossession of collateral. During the first half of 2023, no loans received a material modification based on borrower financial difficulty. Troubled debt restructurings. Prior to January 1, 2023, a loan modification was 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. With the adoption of ASU No. 2022-02, accounting guidance for TDRs by creditors is eliminated. Loan refinancing and restructuring guidance is applied to determine whether a modification results in a new loan or a continuation of an existing loan. ASB will continue TDR disclosures for years prior to the adoption of ASU No. 2022-02. The credit risk profile based on loans whose terms have been modified and accruing interest were as follows: (in thousands) December 31, 2022 Real estate: Residential 1-4 family $ 8,821 Commercial real estate 9,477 Home equity line of credit 4,404 Residential land 782 Commercial construction — Residential construction — Commercial 6,596 Consumer 50 Total troubled debt restructured loans accruing interest $ 30,130 Loans modified as a TDR. Loan modifications that occurred during the three and six months ended June 30, 2022. Three months ended June 30, 2022 Six months ended June 30, 2022 (dollars in thousands) Number Outstanding recorded investment (as of period end) 1 Related allowance (as of period end) 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 $ 381 $ 135 1 $ 381 $ 135 Commercial real estate — — — — — — Home equity line of credit — — — — — — Residential land — — — — — — Commercial construction — — — — — — Residential construction — — — — — — Commercial — — — — — — Consumer — — — — — — 1 $ 381 $ 135 1 $ 381 $ 135 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 second quarter and first six months of 2022. 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 December 31, 2022. 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: Amortized cost (in thousands) June 30, 2023 December 31, 2022 Collateral type Real estate: Residential 1-4 family $ 2,712 $ 3,959 Residential real estate property Home equity line of credit 740 1,425 Residential real estate property Total real estate 3,452 5,384 Commercial 380 — Business assets Total $ 3,832 $ 5,384 ASB had $3.3 million and $4.2 million of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure at June 30, 2023 and December 31, 2022, respectively. 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 $8.9 million and $38.7 million for the three months ended June 30, 2023 and 2022, respectively, and recognized gains on such sales of $0.3 million for the three months ended June 30, 2023 and 2022. ASB received proceeds from the sale of residential mortgages of $14.6 million and $114.3 million for the six months ended June 30, 2023 and 2022, respectively, and recognized gains on such sales of $0.4 million and $1.4 million for the six months ended June 30, 2023 and 2022, respectively. There were no repurchased mortgage loans for the six months ended June 30, 2023 and 2022. Mortgage servicing fees, a component of other income, net, were $0.9 million for the three months ended June 30, 2023 and 2022 and $1.8 million for the six months ended June 30, 2023 and 2022. Changes in the carrying value of MSRs were as follows: (in thousands) Gross Accumulated amortization Valuation allowance Net June 30, 2023 $ 17,953 $ (9,458) $ — $ 8,495 December 31, 2022 19,544 (10,497) — 9,047 Changes related to MSRs were as follows: Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Mortgage servicing rights Beginning balance $ 8,745 $ 10,024 $ 9,047 $ 9,950 Amount capitalized 84 204 135 923 Amortization (334) (532) (687) (1,177) Other-than-temporary impairment — — — — Carrying amount before valuation allowance 8,495 9,696 8,495 9,696 Valuation allowance for mortgage servicing rights Beginning balance — — — — Provision — — — — Other-than-temporary impairment — — — — Ending balance — — — — Net carrying value of mortgage servicing rights $ 8,495 $ 9,696 $ 8,495 $ 9,696 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 condensed 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) June 30, 2023 December 31, 2022 Unpaid principal balance $ 1,414,845 $ 1,451,322 Weighted average note rate 3.40 % 3.38 % Weighted average discount rate 10.00 % 10.00 % Weighted average prepayment speed 6.28 % 6.56 % 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) June 30, 2023 December 31, 2022 Prepayment rate: 25 basis points adverse rate change $ (72) $ (92) 50 basis points adverse rate change (169) (214) Discount rate: 25 basis points adverse rate change (191) (182) 50 basis points adverse rate change (378) (361) 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 June 30, 2023 and December 31, 2022, ASB had $200.0 million and $414.0 million of FHLB advances outstanding, respectively, and borrowings with the Federal Reserve Bank of $550.0 million and nil, respectively. As of June 30, 2023, ASB was in compliance with all FHLB Advances, Pledge and Security Agreement requirements and all requirements to borrow at the Federal Reserve Discount Window Primary Credit Facility under 12 CFR 201.4(a) guidelines. 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

Credit agreement and changes in

Credit agreement and changes in debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Credit agreement and changes in debt	Credit agreements and changes in debt On May 14, 2021, HEI and Hawaiian Electric each entered into a separate agreement with a syndicate of nine financial institutions (the HEI Facility and Hawaiian Electric Facility, respectively, and together, the Credit Facilities) to amend and restate their respective previously existing revolving unsecured credit agreements. The $175 million HEI Facility’s initial termination date was May 14, 2026. The $200 million Hawaiian Electric Facility’s initial termination date was May 13, 2022, but on February 18, 2022, the PUC approved Hawaiian Electric’s request to extend the term of the $200 million Hawaiian Electric Facility to May 14, 2026. In addition to extending the term, Hawaiian Electric also received PUC approval to exercise its options of two one-year extensions of the commitment termination date and to increase its aggregate revolving commitment amount from $200 million to $275 million, should there be a need. On April 21, 2023, HEI and Hawaiian Electric executed Amendment No. 1 to the Credit Facilities (Amendment). The Amendment was executed to reflect the transition from the London Inter-Bank Offered Rate (LIBOR) to the Term Secured Overnight Financing Rate (SOFR) as the benchmark interest rate for non-Alternate Base Rate (ABR) Loans under the Credit Facilities. On May 14, 2023, HEI and Hawaiian Electric exercised their first of two, one-year extensions to the commitment termination date with eight financial institutions to extend the Credit Facilities to May 14, 2027. The committed capacities under the HEI Facility and Hawaiian Electric Facility are $175 million and $200 million, respectively, through May 14, 2026, and step down to approximately $157 million and $180 million, respectively, through May 14, 2027. None of the facilities are collateralized. As of June 30, 2023 and December 31, 2022, 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. Changes in debt. HEI private placement . On March 16, 2023, HEI entered into a note purchase agreement (HEI NPA) under which HEI has authorized the issue and sale of $100 million of unsecured senior notes that were drawn on May 30, 2023. The proceeds of the notes were used to repay the $100 million term loan facility on May 31, 2023. The terms of the notes are as follows: HEI Series 2023A HEI Series 2023B Aggregate principal amount $39 million $61 million Fixed coupon interest rate 6.04% 6.10% Maturity date 6/15/2028 6/15/2033 Interest on the notes is paid semiannually on June 15th and December 15th. The HEI NPA contains certain restrictive financial covenants that are substantially the same as the financial covenants contained in HEI’s revolving unsecured credit facility, as amended. The HEI notes may be prepaid in whole or in part at any time at the prepayment price of the principal amount, together with interest accrued to the date of prepayment plus a “Make-Whole Amount,” as defined in the agreements. HEI term loan . On October 20, 2022, HEI entered into a term loan facility in the aggregate principal amount of $100 million. On December 28, 2022, HEI drew $35 million on the term loan, and on March 31, 2023, HEI drew the remaining $65 million at an initial interest rate of 5.81% for an initial one month interest period. On May 31, 2023, HEI fully repaid the term loan facility at which time it was terminated. Borrowings under the facility bore interest at Term Secured Overnight Financing Rate (SOFR), as defined in the agreement, plus an applicable margin and a SOFR spread adjustment. The term loan facility contained certain restrictive financial covenants that were substantially the same as the financial covenants contained in the HEI Facility. Utilities private placement . On January 10, 2023, the Utilities executed through a private placement pursuant to separate Note Purchase Agreements (the NPAs), the following unsecured senior notes bearing taxable interest (2023 Notes). The 2023 Notes had a delayed draw feature and the Utilities drew down all the proceeds on February 9, 2023. Series 2023A Series 2023B Series 2023C Aggregate principal amount $90 million $40 million $20 million Fixed coupon interest rate Hawaiian Electric 6.11% 6.25% 6.70% Hawaii Electric Light 6.25% — — Maui Electric 6.25% — — Maturity date Hawaiian Electric 2/9/2030 2/9/2033 2/9/2053 Hawaii Electric Light 2/9/2033 — — Maui Electric 2/9/2033 — — Principal amount by company Hawaiian Electric $40 million $40 million $20 million Hawaii Electric Light $25 million — — Maui Electric $25 million — — The 2023 Notes include substantially the same financial covenants and customary conditions as Hawaiian Electric’s credit agreement. Hawaiian Electric is also a party as guarantor under the NPAs entered into by Hawaii Electric Light and Maui Electric. The Utilities did not obtain any of the proceeds at execution and instead drew down all the proceeds on February 9, 2023. The proceeds were used to finance their respective capital expenditures, repay short-term debt used to finance or refinance capital expenditures and/or reimburse funds used for the payment of capital expenditures. The 2023 Notes may be prepaid in whole or in part at any time at the prepayment price of the principal amount plus a “Make-Whole Amount” as defined in the NPAs.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Jun. 30, 2023
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, 2022 $ (328,904) $ 1,991 $ (9,115) $ (336,028) $ 2,861 Current period other comprehensive income (loss) 12,987 (245) 137 12,879 (89) Balance, June 30, 2023 $ (315,917) $ 1,746 $ (8,978) $ (323,149) $ 2,772 Balance, December 31, 2021 $ (32,037) $ (3,638) $ (16,858) $ (52,533) $ (3,280) Current period other comprehensive income (loss) (209,264) 3,911 354 (204,999) 102 Balance, June 30, 2022 $ (241,301) $ 273 $ (16,504) $ (257,532) $ (3,178) Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 HEI consolidated Net unrealized gains (losses) on available-for sale investment securities - amortization of unrealized holding losses on held-to-maturity securities $ 3,689 $ — $ 7,366 $ — Bank revenues Net realized losses (gains) on derivatives qualifying as cash flow hedges (48) 53 (96) 108 Interest expense Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost (357) 122 (714) 4,623 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets 426 56 851 (4,269) See Note 8 for additional details Total reclassifications $ 3,710 $ 231 $ 7,407 $ 462 Hawaiian Electric consolidated Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost $ (470) $ (5) $ (940) $ 4,371 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets 426 56 851 (4,269) See Note 8 for additional details Total reclassifications $ (44) $ 51 $ (89) $ 102

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Six months ended June 30, 2023 (in thousands) Electric utility Bank Other Total Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 239,867 $ — $ — $ 239,867 $ 495,417 $ — $ — $ 495,417 Electric energy sales - commercial 250,108 — — 250,108 504,578 — — 504,578 Electric energy sales - large light and power 279,811 — — 279,811 570,789 — — 570,789 Electric energy sales - other 4,483 — — 4,483 9,940 — — 9,940 Bank fees — 12,281 — 12,281 — 24,303 — 24,303 Other sales — — 4,438 4,438 — — 8,345 8,345 Total revenues from contracts with customers 774,269 12,281 4,438 790,988 1,580,724 24,303 8,345 1,613,372 Revenues from other sources Regulatory revenue 9,039 — — 9,039 24,643 — — 24,643 Bank interest and dividend income — 81,741 — 81,741 — 161,220 — 161,220 Other bank noninterest income — 2,863 — 2,863 — 5,219 — 5,219 Other 10,883 — 171 11,054 19,185 — 283 19,468 Total revenues from other sources 19,922 84,604 171 104,697 43,828 166,439 283 210,550 Total revenues $ 794,191 $ 96,885 $ 4,609 $ 895,685 $ 1,624,552 $ 190,742 $ 8,628 $ 1,823,922 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 12,281 $ — $ 12,281 $ — $ 24,303 $ — $ 24,303 Services/goods transferred over time 774,269 — 4,438 778,707 1,580,724 — 8,345 1,589,069 Total revenues from contracts with customers $ 774,269 $ 12,281 $ 4,438 $ 790,988 $ 1,580,724 $ 24,303 $ 8,345 $ 1,613,372 Three months ended June 30, 2022 Six months ended June 30, 2022 (in thousands) Electric utility Bank Other Total Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 259,433 $ — $ — $ 259,433 $ 484,007 $ — $ — $ 484,007 Electric energy sales - commercial 264,701 — — 264,701 484,298 — — 484,298 Electric energy sales - large light and power 293,847 — — 293,847 534,970 — — 534,970 Electric energy sales - other 4,873 — — 4,873 6,299 — — 6,299 Bank fees — 11,797 — 11,797 — 24,793 — 24,793 Other sales — — 1,333 1,333 — — 2,448 2,448 Total revenues from contracts with customers 822,854 11,797 1,333 835,984 1,509,574 24,793 2,448 1,536,815 Revenues from other sources Regulatory revenue (11,428) — — (11,428) 1,458 — — 1,458 Bank interest and dividend income — 62,822 — 62,822 — 122,811 — 122,811 Other bank noninterest income — 705 — 705 — 2,835 — 2,835 Other 7,447 — 77 7,524 16,633 — 123 16,756 Total revenues from other sources (3,981) 63,527 77 59,623 18,091 125,646 123 143,860 Total revenues $ 818,873 $ 75,324 $ 1,410 $ 895,607 $ 1,527,665 $ 150,439 $ 2,571 $ 1,680,675 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 11,797 $ — $ 11,797 $ — $ 24,793 $ — $ 24,793 Services/goods transferred over time 822,854 — 1,333 824,187 1,509,574 — 2,448 1,512,022 Total revenues from contracts with customers $ 822,854 $ 11,797 $ 1,333 $ 835,984 $ 1,509,574 $ 24,793 $ 2,448 $ 1,536,815 There are no material contract assets or liabilities associated with revenues from contracts with customers existing at December 31, 2022 or as of June 30, 2023. 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. As of June 30, 2023, the Company had no material remaining performance obligations due to the nature of the Company’s contracts with its customers. For the Utilities, performance obligations are fulfilled as electricity is delivered to customers. For ASB, fees are recognized when a transaction is completed.

Retirement benefits

Retirement benefits	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Retirement benefits	Retirement benefits Defined benefit pension and other postretirement benefit plans information. For the first six months of 2023, the Company contributed $4 million ($4 million by the Utilities) to its pension and other postretirement benefit plans, compared to $21 million ($20 million by the Utilities) in the first six months of 2022. The Company’s current estimate of total contributions to its pension and other postretirement benefit plans in 2023 is $8 million ($8 million by the Utilities), compared to $43 million ($42 million by the Utilities) in 2022. In addition, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits in 2023, compared to $2 million ($1 million by the Utilities) paid in 2022. The components of net periodic pension costs (NPPC) and net periodic benefit costs (NPBC) for HEI consolidated and Hawaiian Electric consolidated were as follows: Three months ended June 30 Six months ended June 30 Pension benefits Other benefits Pension benefits Other benefits (in thousands) 2023 2022 2023 2022 2023 2022 2023 2022 HEI consolidated Service cost $ 11,396 $ 19,823 $ 343 $ 657 $ 22,792 $ 39,647 $ 687 $ 1,313 Interest cost 25,622 19,810 2,157 1,638 51,243 39,621 4,314 3,275 Expected return on plan assets (35,197) (35,331) (3,405) (3,398) (70,392) (70,664) (6,810) (6,795) Amortization of net prior period gain — — (219) (232) — — (438) (464) Amortization of net actuarial (gain)/losses 189 6,297 (449) (3) 377 12,594 (898) (6) Net periodic pension/benefit cost (return) 2,010 10,599 (1,573) (1,338) 4,020 21,198 (3,145) (2,677) Impact of PUC D&Os 18,133 9,552 1,424 1,217 36,266 19,103 2,849 2,436 Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) $ 20,143 $ 20,151 $ (149) $ (121) $ 40,286 $ 40,301 $ (296) $ (241) Hawaiian Electric consolidated Service cost $ 11,018 $ 19,317 $ 340 $ 649 $ 22,037 $ 38,635 $ 680 $ 1,298 Interest cost 23,699 18,461 2,063 1,572 47,397 36,923 4,126 3,145 Expected return on plan assets (32,971) (33,545) (3,354) (3,345) (65,943) (67,091) (6,707) (6,692) Amortization of net prior period gain — — (218) (231) — — (436) (462) Amortization of net actuarial (gain)/losses 18 6,125 (433) — 37 12,250 (867) — Net periodic pension/benefit cost (return) 1,764 10,358 (1,602) (1,355) 3,528 20,717 (3,204) (2,711) Impact of PUC D&Os 18,133 9,552 1,424 1,217 36,266 19,103 2,849 2,436 Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) $ 19,897 $ 19,910 $ (178) $ (138) $ 39,794 $ 39,820 $ (355) $ (275) HEI consolidated recorded retirement benefits expense of $22 million ($22 million by the Utilities) in the first six months of 2023 and $24 million ($23 million by the Utilities) in the first six months of 2022 and charged the remaining net periodic benefit cost primarily to electric utility plant. The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, 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 five years beginning with the respective utility’s next rate case. Defined contribution plans information. For the first six months of 2023 and 2022, the Company’s expenses for its defined contribution plans under the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and the ASB 401(k) Plan were $4.2 million and $4.1 million, respectively, and cash contributions were $5.0 million and $3.5 million, respectively. For the first six months of 2023 and 2022, the Utilities’ expenses and cash contributions for its defined contribution plan under the HEIRSP were $2.6 million and $1.8 million, respectively.

Share-based compensation

Share-based compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation Under the 2010 Equity and Incentive Plan, as amended and restated effective March 1, 2014 (EIP), 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 original 2010 Equity and Incentive Plan was amended and restated effective March 1, 2014 and an additional 1.5 million shares were added to the shares available for issuance under these programs. As of June 30, 2023, approximately 2.7 million shares remained available for future issuance under the terms of the EIP, assuming recycling of shares withheld to satisfy statutory tax liabilities relating to EIP awards, including an estimated 0.7 million shares that could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals for awards outstanding under long-term incentive plans (assuming that such performance goals are achieved at maximum levels). Under the 2011 Nonemployee Director Stock Plan (2011 Director Plan), HEI can issue shares of common stock as compensation to nonemployee directors of HEI, Hawaiian Electric and ASB. As of June 30, 2023, there were 168,177 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 June 30 Six months ended June 30 (in millions) 2023 2022 2023 2022 HEI consolidated Share-based compensation expense 1 $ 3.9 $ 3.5 $ 5.9 $ 5.6 Income tax benefit 0.8 0.8 1.1 1.1 Hawaiian Electric consolidated Share-based compensation expense 1 1.1 1.0 1.7 1.6 Income tax benefit 0.2 0.3 0.4 0.4 1 For the three and six months ended June 30, 2023 and 2022, 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 June 30 Six months ended June 30 (dollars in millions) 2023 2022 2023 2022 Shares granted 38,941 34,755 40,450 34,755 Fair value $ 1.4 $ 1.4 $ 1.5 $ 1.4 Income tax benefit 0.4 0.4 0.4 0.4 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 June 30 Six months ended June 30 2023 2022 2023 2022 Shares (1) Shares (1) Shares (1) Shares (1) Outstanding, beginning of period 202,133 $ 41.25 208,345 $ 39.71 182,528 $ 39.75 233,448 $ 38.10 Granted — — 2,008 42.15 100,088 42.41 98,463 41.31 Vested (1,035) 44.31 (1,034) 44.31 (81,112) 39.37 (91,414) 37.65 Forfeited (1,968) 42.49 (366) 38.07 (2,374) 41.79 (31,544) 38.77 Outstanding, end of period 199,130 $ 41.22 208,953 $ 39.71 199,130 $ 41.22 208,953 $ 39.71 Total weighted-average grant-date fair value of shares granted (in millions) $ — $ 0.1 $ 4.2 $ 4.1 (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 six months ended June 30, 2023 and 2022, total restricted stock units and related dividends that vested had a fair value of $3.7 million and $4.0 million, respectively, and the related tax benefits were $0.8 million and $0.6 million, respectively. As of June 30, 2023, there was $6.5 million of total unrecognized compensation cost related to the nonvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 2.0 years. Long-term incentive plan payable in stock. The 2021-23, 2022-24 and 2023-25 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 Peer Group (Edison Electric Institute Index (EEI Index) for the 2021-23 and 2022-24 performance periods, and compared to the Company's compensation peer group consisting of companies in the EEI Index and approved by the Company's Compensation and Human Capital Management Committee for the 2023-25 performance period), in each case over the relevant three-year period. The other performance condition goals relate to EPS growth, cumulative EPS, return on average common equity (ROACE), renewable portfolio standards, carbon emissions reduction, 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 June 30 Six months ended June 30 2023 2022 2023 2022 Shares (1) Shares (1) Shares (1) Shares (1) Outstanding, beginning of period 80,006 $ 50.27 76,340 $ 47.70 71,574 $ 47.67 90,974 $ 42.86 Granted — — 390 54.92 27,123 55.98 26,469 54.92 Vested (issued or unissued and cancelled) — — — — (18,691) 48.62 (29,042) 41.07 Forfeited (722) 48.92 — — (722) 48.92 (11,671) 42.60 Outstanding, end of period 79,284 $ 50.28 76,730 $ 47.74 79,284 $ 50.28 76,730 $ 47.74 Total weighted-average grant-date fair value of shares granted (in millions) $ — $ — $ 1.5 $ 1.5 (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 the Peer Group for the period from the beginning of the performance period to the grant date and estimated future stock volatility of HEI and the Peer Group over the remaining three-year performance period. The expected stock volatility assumptions for HEI and the Peer Group were based on the three-year historic stock volatility. A dividend assumption is not required for the Monte Carlo simulation because the grant payout includes dividend equivalents and projected returns include the value of reinvested dividends. 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: 2023 2022 Risk-free interest rate 4.19 % 1.71 % Expected life in years 3 3 Expected volatility 33.1 % 31.0 % Range of expected volatility for Peer Group 28.7% to 38.8% 25.4% to 76.7% Grant date fair value (per share) $55.98 $54.92 There were no share-based LTIP awards linked to TSR with a vesting date in 2023. For the six months ended June 30, 2022, total vested LTIP awards linked to TSR and related dividends had a fair value of $0.8 million and the related tax benefits were $0.1 million. As of June 30, 2023, there was $2.1 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 1.5 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 June 30 Six months ended June 30 2023 2022 2023 2022 Shares (1) Shares (1) Shares (1) Shares (1) Outstanding, beginning of period 355,310 $ 38.87 292,151 $ 39.89 309,589 $ 39.50 306,342 $ 38.42 Granted — — 1,560 42.37 108,499 42.41 105,860 41.31 Vested — — — — (62,778) 48.07 (71,807) 37.68 Increase above target 6,001 36.08 — — 6,001 36.08 — — Forfeited (3,834) 43.53 — — (3,834) 43.53 (46,684) 36.77 Outstanding, end of period 357,477 $ 38.78 293,711 $ 39.91 357,477 $ 38.78 293,711 $ 39.91 Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) $ — $ 0.1 $ 4.6 $ 4.4 (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 six months ended June 30, 2023 and 2022, total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $2.9 million and $3.2 million, respectively, and the related tax benefits were $0.6 million and $0.4 million, respectively. As of June 30, 2023, there was $6.5 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 1.4 years.

Income taxes

Income taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxes The Company’s and the Utilities’ effective tax rates (combined federal and state income tax rates) for the six months ended June 30, 2023 were 21% and 22%, respectively. 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 2017 Tax Cuts and Jobs Act that lowered the federal income tax rate from 35% to 21% and the tax benefits derived from the low income housing tax credit investments. 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 audit is still in progress. The Company has not been notified of any material audit adjustments to date. The Inflation Reduction Act of 2022 (IRA) was signed by President Biden on August 16, 2022. Key provisions under the IRA include a 15% corporate alternative minimum tax (CAMT) imposed on certain large corporations and a 1% excise tax on stock repurchases after December 31, 2022. Based on current interpretation of the law and current guidance available we do not believe HEI will be impacted by the CAMT or stock repurchase excise tax provisions.

Cash flows

Cash flows	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash flows	Cash flows Six months ended June 30 2023 2022 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates, net of amounts capitalized $ 75 $ 47 Income taxes paid (including refundable credits) 28 14 Income taxes refunded (including refundable credits) 1 2 Hawaiian Electric consolidated Interest paid to non-affiliates 33 34 Income taxes paid (including refundable credits) 38 27 Income taxes refunded (including refundable credits) 2 — Supplemental disclosures of noncash activities HEI consolidated Property, plant and equipment Estimated fair value of noncash contributions in aid of construction (investing) 6 1 Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 50 25 Increase related to an acquisition (investing) — 15 Right-of-use assets obtained in exchange for finance lease obligations (financing) 76 — Right-of-use assets obtained in exchange for operating lease obligations (investing) 1 40 Common stock issued (gross) for director and executive/management compensation (financing) 1 8 9 Obligations to fund low income housing investments (investing) 7 — Loans transferred from held for investment to held for sale (investing) 72 — Transfer of retail repurchase agreements to deposit liabilities (financing) 98 — Hawaiian Electric consolidated Electric utility property, plant and equipment Estimated fair value of noncash contributions in aid of construction (investing) 6 1 Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 49 22 Increase related to an acquisition (investing) — 15 Right-of-use assets obtained in exchange for finance lease obligations (financing) 76 — Right-of-use assets obtained in exchange for operating lease obligations (investing) — 37 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	6 Months Ended
	Jun. 30, 2023
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 initially measured at fair value (less estimated costs to sell) and subsequently measured at the lower of the carrying value or fair value less selling costs. Fair values 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. ASB includes MSRs within Level 3 of the valuation hierarchy. 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. Interest rate swaps . The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair values of the Company's interest rate swaps are classified as a 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 June 30, 2023 Financial assets HEI consolidated Available-for-sale investment securities $ 1,368,037 $ — $ 1,353,407 $ 14,630 $ 1,368,037 Held-to-maturity investment securities 1,224,917 — 1,121,995 — 1,121,995 Loans, net 6,076,024 — 6,906 5,627,774 5,634,680 Mortgage servicing rights 8,495 — — 18,127 18,127 Derivative assets 31,944 51 1,291 — 1,342 Financial liabilities HEI consolidated Deposit liabilities 815,538 — 799,873 — 799,873 Short-term borrowings—other than bank 46,212 — 46,212 — 46,212 Other bank borrowings 750,000 — 741,357 — 741,357 Long-term debt, net—other than bank 2,572,375 — 2,351,288 — 2,351,288 Derivative liabilities 22,949 — 540 — 540 Hawaiian Electric consolidated Long-term debt, net 1,834,515 — 1,671,739 — 1,671,739 December 31, 2022 Financial assets HEI consolidated Available-for-sale investment securities $ 1,429,667 $ — $ 1,414,765 $ 14,902 $ 1,429,667 Held-to-maturity investment securities 1,251,747 — 1,150,971 — 1,150,971 Loans, net 5,907,514 — 821 5,453,381 5,454,202 Mortgage servicing rights 9,047 — — 17,646 17,646 Derivative assets 16,220 18 1,330 — 1,348 Financial liabilities HEI consolidated Deposit liabilities 611,718 — 597,617 — 597,617 Short-term borrowings—other than bank 172,568 — 172,568 — 172,568 Other bank borrowings 695,120 — 695,095 — 695,095 Long-term debt, net—other than bank 2,384,980 — 2,122,605 — 2,122,605 Derivative liabilities 22,949 — 472 — 472 Hawaiian Electric consolidated Short-term borrowings 87,967 — 87,967 — 87,967 Long-term debt, net 1,684,816 — 1,487,496 — 1,487,496 Fair value measurements on a recurring basis. Assets and liabilities measured at fair value on a recurring basis were as follows: June 30, 2023 December 31, 2022 Fair value measurements using Fair value measurements using (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Available-for-sale investment securities (bank segment) Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies $ — $ 1,234,514 $ — $ — $ 1,292,968 $ — U.S. Treasury and federal agency obligations — 77,747 — — 81,063 — Corporate bonds — 41,146 — — 40,734 — Mortgage revenue bonds — — 14,630 — — 14,902 $ — $ 1,353,407 $ 14,630 $ — $ 1,414,765 $ 14,902 Derivative assets Interest rate lock commitments (bank segment) 1 $ — $ 88 $ — $ — $ 9 $ — Forward commitments (bank segment) 1 51 — — 18 — — Interest rate swap (Other segment) 2 — 1,203 — — 1,321 — $ 51 $ 1,291 $ — $ 18 $ 1,330 $ — Derivative liabilities Interest rate swap (Other segment) 2 $ — $ 540 $ — $ — $ 472 $ — 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. There were no transfers of financial assets and liabilities between Level 1 and Level 2 of the fair value hierarchy during the six months ended June 30, 2023 and 2022. The changes in Level 3 assets and liabilities measured at fair value on a recurring basis were as follows: Three months ended June 30 Six months ended June 30 Mortgage revenue bonds 2023 2022 2023 2022 (in thousands) Beginning balance $ 14,766 $ 15,296 $ 14,902 $ 15,427 Principal payments received (136) (131) (272) (262) Purchases — — — — Unrealized gain (loss) included in other comprehensive income — — — — Ending balance $ 14,630 $ 15,165 $ 14,630 $ 15,165 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 June 30, 2023, the weighted average discount rate was 5.48%, which was derived by incorporating a credit spread over the one month London Inter-Bank Offered Rate (LIBOR). 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. As of June 30, 2023 and December 31, 2022, there were no financial instruments measured at fair value on a nonrecurring basis.

Basis of presentation (Policies

Basis of presentation (Policies)	6 Months Ended
	Jun. 30, 2023
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. Credit Losses. In March 2022, Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2022-02, “Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures,” which eliminates the accounting guidance for Troubled Debt Restructurings (TDRs) by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. The amendments in this update also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, “Financial Instruments-Credit Losses-Measured at Amortized Cost.” Gross write-off information must be included in the vintage disclosures required for public business entities in accordance with paragraph 325-20-50-6, which requires that an entity disclose the amortized cost basis of financing receivables by credit-quality indicator and class of financing receivable by year of origination. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. ASB updated the accounting for certain loan refinancings and restructurings, and included the required disclosures in the Notes herein in accordance with ASU No. 2022-02.
Fair value measurements	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 initially measured at fair value (less estimated costs to sell) and subsequently measured at the lower of the carrying value or fair value less selling costs. Fair values 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. ASB includes MSRs within Level 3 of the valuation hierarchy. 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. Interest rate swaps . The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair values of the Company's interest rate swaps are classified as a Level 2 measurements.

Segment financial information (

Segment financial information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Financial Information	(in thousands) Electric utility Bank Other Total Three months ended June 30, 2023 Revenues $ 794,191 $ 96,885 $ 4,609 $ 895,685 Income (loss) before income taxes $ 58,868 $ 25,055 $ (14,556) $ 69,367 Income taxes (benefit) 13,070 4,851 (3,637) 14,284 Net income (loss) 45,798 20,204 (10,919) 55,083 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 45,299 $ 20,204 $ (10,893) $ 54,610 Six months ended June 30, 2023 Revenues $ 1,624,552 $ 190,742 $ 8,628 $ 1,823,922 Income (loss) before income taxes $ 119,976 $ 48,762 $ (29,067) $ 139,671 Income taxes (benefit) 26,670 9,996 (7,272) 29,394 Net income (loss) 93,306 38,766 (21,795) 110,277 Preferred stock dividends of subsidiaries 998 — (52) 946 Net income (loss) for common stock $ 92,308 $ 38,766 $ (21,743) $ 109,331 Total assets (at June 30, 2023) $ 6,761,593 $ 9,620,691 $ 137,025 $ 16,519,309 Three months ended June 30, 2022 Revenues $ 818,873 $ 75,324 $ 1,410 $ 895,607 Income (loss) before income taxes $ 56,613 $ 22,109 $ (12,505) $ 66,217 Income taxes (benefit) 11,979 4,643 (3,419) 13,203 Net income (loss) 44,634 17,466 (9,086) 53,014 Preferred stock dividends of subsidiaries 499 — (26) 473 Net income (loss) for common stock $ 44,135 $ 17,466 $ (9,060) $ 52,541 Six months ended June 30, 2022 Revenues from external customers and other sources $ 1,527,661 $ 150,439 $ 2,575 $ 1,680,675 Intersegment revenues (eliminations) 4 — (4) — Revenues $ 1,527,665 $ 150,439 $ 2,571 $ 1,680,675 Income (loss) before income taxes $ 116,059 $ 52,324 $ (14,686) $ 153,697 Income taxes (benefit) 24,517 10,988 (4,462) 31,043 Net income (loss) 91,542 41,336 (10,224) 122,654 Preferred stock dividends of subsidiaries 998 — (52) 946 Net income (loss) for common stock $ 90,544 $ 41,336 $ (10,172) $ 121,708 Total assets (at December 31, 2022) $ 6,597,467 $ 9,545,970 $ 140,807 $ 16,284,244

Electric utility segment (Table

Electric utility segment (Tables)	6 Months Ended
	Jun. 30, 2023
Electric Utility Subsidiary [Abstract]
Schedule of Purchases From All IPPs	Purchases from all IPPs were as follows: Three months ended June 30 Six months ended June 30 (in millions) 2023 2022 2023 2022 Kalaeloa $ 67 $ 83 $ 134 $ 143 AES Hawaii 1 — 34 — 61 HPOWER 16 19 34 38 Hamakua Energy 19 14 39 30 Puna Geothermal Venture 9 14 17 24 Wind IPPs 33 38 57 56 Solar IPPs 22 13 36 26 Other IPPs 2 2 3 4 4 Total IPPs $ 168 $ 218 $ 321 $ 382 1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations. 2 Includes hydro power and other PPAs.
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)	The net incremental amounts between the 2022 fall and 2023 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June, 1, 2023 through May 31, 2024 under the RBA rate tariffs, which were included in the 2023 spring revenue report filing. (in millions) Hawaiian Electric Hawaii Electric Light Maui Electric Total Incremental Performance Incentive Mechanisms (net) $ (0.4) $ 0.1 $ 0.1 $ (0.2) Incremental EPRM/MPIR Revenue Adjustment 2.5 1.4 1.0 4.9 Other 0.4 0.1 — 0.5 Net incremental amount to be collected under the RBA rate tariffs $ 2.5 $ 1.5 $ 1.1 $ 5.1 Note: Columns may not foot due to rounding.
Schedule of Condensed Consolidating Statements of Income	Condensed Consolidating Statement of Income Three months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 570,689 112,074 111,428 — — $ 794,191 Expenses Fuel oil 213,471 20,471 46,215 — — 280,157 Purchased power 119,460 37,246 11,728 — — 168,434 Other operation and maintenance 88,967 21,666 25,727 — — 136,360 Depreciation 40,800 10,636 9,253 — — 60,689 Taxes, other than income taxes 54,046 10,389 10,491 — — 74,926 Total expenses 516,744 100,408 103,414 — — 720,566 Operating income 53,945 11,666 8,014 — — 73,625 Allowance for equity funds used during construction 2,959 354 459 — — 3,772 Equity in earnings of subsidiaries 11,414 — — — (11,414) — Retirement defined benefits credit (expense)—other than service costs 905 168 (25) — — 1,048 Interest expense and other charges, net (14,742) (2,975) (3,155) — — (20,872) Allowance for borrowed funds used during construction 1,030 113 152 — — 1,295 Income before income taxes 55,511 9,326 5,445 — (11,414) 58,868 Income taxes 9,942 2,118 1,010 — — 13,070 Net income 45,569 7,208 4,435 — (11,414) 45,798 Preferred stock dividends of subsidiaries — 133 96 — — 229 Net income attributable to Hawaiian Electric 45,569 7,075 4,339 — (11,414) 45,569 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 45,299 7,075 4,339 — (11,414) $ 45,299 Condensed Consolidating Statement of Income Three months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 576,472 124,502 117,928 — (29) $ 818,873 Expenses Fuel oil 184,297 33,065 52,293 — — 269,655 Purchased power 165,202 38,735 14,148 — — 218,085 Other operation and maintenance 82,707 21,331 20,854 — — 124,892 Depreciation 39,501 10,352 8,886 — — 58,739 Taxes, other than income taxes 54,025 11,378 10,945 — — 76,348 Total expenses 525,732 114,861 107,126 — — 747,719 Operating income 50,740 9,641 10,802 — (29) 71,154 Allowance for equity funds used during construction 1,946 217 307 — — 2,470 Equity in earnings of subsidiaries 12,237 — — — (12,237) — Retirement defined benefits credit (expense)—other than service costs 856 167 (32) — — 991 Interest expense and other charges, net (13,519) (2,642) (2,668) — 29 (18,800) Allowance for borrowed funds used during construction 637 67 94 — — 798 Income before income taxes 52,897 7,450 8,503 — (12,237) 56,613 Income taxes 8,492 1,659 1,828 — — 11,979 Net income 44,405 5,791 6,675 — (12,237) 44,634 Preferred stock dividends of subsidiaries — 133 96 — — 229 Net income attributable to Hawaiian Electric 44,405 5,658 6,579 — (12,237) 44,405 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 44,135 5,658 6,579 — (12,237) $ 44,135 Condensed Consolidating Statement of Income Six months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Revenues $ 1,172,219 227,362 225,101 — (130) $ 1,624,552 Expenses Fuel oil 467,298 48,231 98,725 — — 614,254 Purchased power 229,739 71,332 20,124 — — 321,195 Other operation and maintenance 172,200 43,016 49,460 — — 264,676 Depreciation 81,838 21,271 18,507 — — 121,616 Taxes, other than income taxes 110,999 21,126 21,186 — — 153,311 Total expenses 1,062,074 204,976 208,002 — — 1,475,052 Operating income 110,145 22,386 17,099 — (130) 149,500 Allowance for equity funds used during construction 5,599 638 836 — — 7,073 Equity in earnings of subsidiaries 22,955 — — — (22,955) — Retirement defined benefits credit (expense)—other than service costs 1,809 337 (51) — — 2,095 Interest expense and other charges, net (29,299) (5,806) (6,143) — 130 (41,118) Allowance for borrowed funds used during construction 1,948 204 274 — — 2,426 Income before income taxes 113,157 17,759 12,015 — (22,955) 119,976 Income taxes 20,309 4,027 2,334 — — 26,670 Net income 92,848 13,732 9,681 — (22,955) 93,306 Preferred stock dividends of subsidiaries — 267 191 — — 458 Net income attributable to Hawaiian Electric 92,848 13,465 9,490 — (22,955) 92,848 Preferred stock dividends of Hawaiian Electric 540 — — — — 540 Net income for common stock $ 92,308 13,465 9,490 — (22,955) $ 92,308 Condensed Consolidating Statement of Income Six months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Revenues $ 1,076,714 233,030 217,956 — (35) $ 1,527,665 Expenses Fuel oil 338,722 58,316 93,903 — — 490,941 Purchased power 289,385 69,447 22,786 — — 381,618 Other operation and maintenance 166,363 41,545 42,241 — — 250,149 Depreciation 78,985 20,703 17,522 — — 117,210 Taxes, other than income taxes 101,299 21,410 20,289 — — 142,998 Total expenses 974,754 211,421 196,741 — — 1,382,916 Operating income 101,960 21,609 21,215 — (35) 144,749 Allowance for equity funds used during construction 3,936 410 533 — — 4,879 Equity in earnings of subsidiaries 25,898 — — — (25,898) — Retirement defined benefits credit (expense)—other than service costs 1,711 334 (64) — — 1,981 Interest expense and other charges, net (26,612) (5,251) (5,298) — 35 (37,126) Allowance for borrowed funds used during construction 1,288 127 161 — — 1,576 Income before income taxes 108,181 17,229 16,547 — (25,898) 116,059 Income taxes 17,097 3,927 3,493 — — 24,517 Net income 91,084 13,302 13,054 — (25,898) 91,542 Preferred stock dividends of subsidiaries — 267 191 — — 458 Net income attributable to Hawaiian Electric 91,084 13,035 12,863 — (25,898) 91,084 Preferred stock dividends of Hawaiian Electric 540 — — — — 540 Net income for common stock $ 90,544 13,035 12,863 — (25,898) $ 90,544 Statements of Income and Comprehensive Income Data Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income Interest and fees on loans $ 67,966 $ 48,129 $ 132,808 $ 94,134 Interest and dividends on investment securities 13,775 14,693 28,412 28,677 Total interest and dividend income 81,741 62,822 161,220 122,811 Interest expense Interest on deposit liabilities 9,661 921 16,498 1,868 Interest on other borrowings 8,852 139 16,573 144 Total interest expense 18,513 1,060 33,071 2,012 Net interest income 63,228 61,762 128,149 120,799 Provision for credit losses 43 2,757 1,218 (506) Net interest income after provision for credit losses 63,185 59,005 126,931 121,305 Noninterest income Fees from other financial services 5,009 4,716 9,688 10,303 Fee income on deposit liabilities 4,504 4,552 9,103 9,243 Fee income on other financial products 2,768 2,529 5,512 5,247 Bank-owned life insurance 1,955 (142) 3,380 539 Mortgage banking income 230 372 360 1,449 Gain on sale of real estate 495 — 495 1,002 Other income, net 678 475 1,479 847 Total noninterest income 15,639 12,502 30,017 28,630 Noninterest expense Compensation and employee benefits 29,394 27,666 59,598 54,881 Occupancy 5,539 5,467 11,127 11,419 Data processing 5,095 4,484 10,107 8,635 Services 2,689 2,522 5,284 4,961 Equipment 2,957 2,402 5,603 4,731 Office supplies, printing and postage 1,109 1,073 2,274 2,133 Marketing 834 934 1,850 1,952 Other expense 6,152 4,850 12,343 8,899 Total noninterest expense 53,769 49,398 108,186 97,611 Income before income taxes 25,055 22,109 48,762 52,324 Income taxes 4,851 4,643 9,996 10,988 Net income 20,204 17,466 38,766 41,336 Other comprehensive income (loss), net of taxes (7,210) (88,835) 11,220 (211,276) Comprehensive income (loss) $ 12,994 $ (71,369) $ 49,986 $ (169,940) Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income $ 81,741 $ 62,822 $ 161,220 $ 122,811 Noninterest income 15,639 12,502 30,017 28,630 Less: Gain on sale of real estate 495 — 495 1,002 *Revenues-Bank 96,885 75,324 190,742 150,439 Total interest expense 18,513 1,060 33,071 2,012 Provision for credit losses 43 2,757 1,218 (506) Noninterest expense 53,769 49,398 108,186 97,611 Less: Gain on sale of real estate 495 — 495 1,002 Less: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) *Expenses-Bank 72,017 53,401 142,354 98,486 *Operating income-Bank 24,868 21,923 48,388 51,953 Add back: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) Income before income taxes $ 25,055 $ 22,109 $ 48,762 $ 52,324
Schedule of Condensed Consolidating Statement of Comprehensive Income	Condensed Consolidating Statement of Comprehensive Income Three months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Net income for common stock $ 45,299 7,075 4,339 — (11,414) $ 45,299 Other comprehensive loss, net of taxes: Retirement benefit plans: Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes (470) (55) (66) — 121 (470) Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes 426 53 57 — (110) 426 Other comprehensive loss, net of taxes (44) (2) (9) — 11 (44) Comprehensive income attributable to common shareholder $ 45,255 7,073 4,330 — (11,403) $ 45,255 Condensed Consolidating Statement of Comprehensive Income Three months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Net income for common stock $ 44,135 5,658 6,579 — (12,237) $ 44,135 Other comprehensive income, 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) (72) 603 — (531) (5) Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes 56 74 (602) — 528 56 Other comprehensive income, net of taxes 51 2 1 — (3) 51 Comprehensive income attributable to common shareholder $ 44,186 5,660 6,580 — (12,240) $ 44,186 Condensed Consolidating Statement of Comprehensive Income Six months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Consolidated Net income for common stock $ 92,308 13,465 9,490 — (22,955) $ 92,308 Other comprehensive loss, net of taxes: Retirement benefit plans: Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes (940) (111) (129) — 240 (940) Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes 851 103 114 — (217) 851 Other comprehensive loss, net of taxes (89) (8) (15) — 23 (89) Comprehensive income attributable to common shareholder $ 92,219 13,457 9,475 — (22,932) $ 92,219 Condensed Consolidating Statement of Comprehensive Income Six months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Consolidated Net income for common stock $ 90,544 13,035 12,863 — (25,898) $ 90,544 Other comprehensive income, 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 4,371 598 1,206 — (1,804) 4,371 Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (4,269) (596) (1,205) — 1,801 (4,269) Other comprehensive income, net of taxes 102 2 1 — (3) 102 Comprehensive income attributable to common shareholder $ 90,646 13,037 12,864 — (25,901) $ 90,646
Schedule of Condensed Consolidating Balance Sheet	Condensed Consolidating Balance Sheet June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,859 5,645 3,594 — — $ 52,098 Plant and equipment 5,370,111 1,436,118 1,316,537 — — 8,122,766 Right-of-use assets - finance lease 88,297 36,075 — — — 124,372 Less accumulated depreciation (1,921,855) (657,127) (599,985) — — (3,178,967) Construction in progress 256,266 33,118 48,668 — — 338,052 Utility property, plant and equipment, net 3,835,678 853,829 768,814 — — 5,458,321 Nonutility property, plant and equipment, less accumulated depreciation 5,297 115 1,532 — — 6,944 Total property, plant and equipment, net 3,840,975 853,944 770,346 — — 5,465,265 Investment in wholly owned subsidiaries, at equity 708,465 — — — (708,465) — Current assets Cash and cash equivalents 70,235 35,894 37,441 77 — 143,647 Customer accounts receivable, net 147,065 32,293 29,836 — — 209,194 Accrued unbilled revenues, net 113,069 20,474 20,812 — — 154,355 Other accounts receivable, net 26,535 5,602 6,143 — (20,555) 17,725 Fuel oil stock, at average cost 106,515 17,069 20,216 — — 143,800 Materials and supplies, at average cost 53,681 12,304 25,170 — — 91,155 Prepayments and other 32,621 5,082 4,475 — (298) 41,880 Regulatory assets 70,932 2,789 3,516 — — 77,237 Total current assets 620,653 131,507 147,609 77 (20,853) 878,993 Other long-term assets Operating lease right-of-use assets 38,675 30,903 10,927 — — 80,505 Regulatory assets 146,918 16,686 11,946 — — 175,550 Other 114,318 33,129 30,740 — (16,907) 161,280 Total other long-term assets 299,911 80,718 53,613 — (16,907) 417,335 Total assets $ 5,470,004 1,066,169 971,568 77 (746,225) $ 6,761,593 Capitalization and liabilities Capitalization Common stock equity $ 2,371,889 349,227 359,161 77 (708,465) $ 2,371,889 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,226,714 249,370 258,446 — — 1,734,530 Total capitalization 3,620,896 605,597 622,607 77 (708,465) 4,140,712 Current liabilities Current portion of operating lease liabilities 8,128 6,861 2,720 — — 17,709 Current portion of long-term debt 49,992 19,997 29,996 — — 99,985 Accounts payable 158,400 23,919 28,313 — — 210,632 Interest and preferred dividends payable 15,126 3,271 2,970 — — 21,367 Taxes accrued, including revenue taxes 180,089 37,077 36,069 — (298) 252,937 Regulatory liabilities 9,325 7,599 9,014 — — 25,938 Other 66,765 22,001 22,084 — (20,555) 90,295 Total current liabilities 487,825 120,725 131,166 — (20,853) 718,863 Deferred credits and other liabilities Operating lease liabilities 37,657 24,343 8,465 — — 70,465 Finance lease liabilities 83,642 35,364 — — — 119,006 Deferred income taxes 272,556 50,433 62,361 — — 385,350 Regulatory liabilities 758,970 196,235 106,213 — — 1,061,418 Unamortized tax credits 66,632 12,657 12,301 — — 91,590 Defined benefit pension liability 65,923 — — — (16,907) 49,016 Other 75,903 20,815 28,455 — — 125,173 Total deferred credits and other liabilities 1,361,283 339,847 217,795 — (16,907) 1,902,018 Total capitalization and liabilities $ 5,470,004 1,066,169 971,568 77 (746,225) $ 6,761,593 Condensed Consolidating Balance Sheet December 31, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,860 5,606 3,594 — — $ 52,060 Plant and equipment 5,260,685 1,425,442 1,293,383 — — 7,979,510 Finance lease right-of-use assets 48,371 — — — — 48,371 Less accumulated depreciation (1,855,150) (644,457) (586,892) — — (3,086,499) Construction in progress 215,560 23,989 35,804 — — 275,353 Utility property, plant and equipment, net 3,712,326 810,580 745,889 — — 5,268,795 Nonutility property, plant and equipment, less accumulated depreciation 5,298 115 1,532 — — 6,945 Total property, plant and equipment, net 3,717,624 810,695 747,421 — — 5,275,740 Investment in wholly owned subsidiaries, at equity 701,833 — — — (701,833) — Current assets Cash and cash equivalents 27,579 5,092 6,494 77 — 39,242 Advances to affiliates — 4,500 21,700 — (26,200) — Customer accounts receivable, net 216,802 39,339 32,197 — — 288,338 Accrued unbilled revenues, net 136,508 23,839 22,933 — — 183,280 Other accounts receivable, net 23,746 5,519 6,686 — (22,384) 13,567 Fuel oil stock, at average cost 153,342 16,964 21,224 — — 191,530 Materials and supplies, at average cost 48,130 9,783 21,655 — — 79,568 Prepayments and other 24,040 6,346 4,137 — (1,041) 33,482 Regulatory assets 46,504 2,435 3,334 — — 52,273 Total current assets 676,651 113,817 140,360 77 (49,625) 881,280 Other long-term assets Operating lease right-of-use assets 42,752 34,283 12,283 — — 89,318 Regulatory assets 154,040 21,816 14,384 — — 190,240 Other 115,028 32,654 29,495 — (16,288) 160,889 Total other long-term assets 311,820 88,753 56,162 — (16,288) 440,447 Total assets $ 5,407,928 1,013,265 943,943 77 (767,746) $ 6,597,467 Capitalization and liabilities Capitalization Common stock equity $ 2,344,170 344,720 357,036 77 (701,833) $ 2,344,170 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,126,915 224,439 233,500 — — 1,584,854 Total capitalization 3,493,378 576,159 595,536 77 (701,833) 3,963,317 Current liabilities Current portion of operating lease liabilities 9,775 6,690 2,630 — — 19,095 Current portion of long-term debt 49,981 19,992 29,989 — — 99,962 Short-term borrowings-non-affiliate 87,967 — — — — 87,967 Short-term borrowings-affiliate 26,200 — — — (26,200) — Accounts payable 143,253 32,113 27,126 — — 202,492 Interest and preferred dividends payable 12,398 2,576 2,282 — (80) 17,176 Taxes accrued, including revenue taxes 207,798 42,436 40,709 — (1,041) 289,902 Regulatory liabilities 13,145 8,553 9,777 — — 31,475 Other 64,659 20,856 22,385 — (22,304) 85,596 Total current liabilities 615,176 133,216 134,898 — (49,625) 833,665 Deferred credits and other liabilities Operating lease liabilities 41,049 27,817 9,849 — — 78,715 Finance lease liabilities 46,048 — — — — 46,048 Deferred income taxes 271,234 50,615 62,581 — — 384,430 Regulatory liabilities 729,683 194,222 100,270 — — 1,024,175 Unamortized tax credits 69,614 13,150 12,536 — — 95,300 Defined benefit pension and other postretirement benefit plans liability 65,907 129 — — (16,288) 49,748 Other 75,839 17,957 28,273 — — 122,069 Total deferred credits and other liabilities 1,299,374 303,890 213,509 — (16,288) 1,800,485 Total capitalization and liabilities $ 5,407,928 1,013,265 943,943 77 (767,746) $ 6,597,467 Balance Sheets Data (in thousands) June 30, 2023 December 31, 2022 Assets Cash and due from banks $ 158,170 $ 153,042 Interest-bearing deposits 9,958 3,107 Cash and cash equivalents 168,128 156,149 Investment securities Available-for-sale, at fair value 1,368,037 1,429,667 Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively) 1,224,917 1,251,747 Stock in Federal Home Loan Bank, at cost 18,000 26,560 Loans held for investment 6,138,182 5,978,906 Allowance for credit losses (69,068) (72,216) Net loans 6,069,114 5,906,690 Loans held for sale, at lower of cost or fair value 6,910 824 Other 683,395 692,143 Goodwill 82,190 82,190 Total assets $ 9,620,691 $ 9,545,970 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 2,683,725 $ 2,811,077 Deposit liabilities—interest-bearing 5,479,510 5,358,619 Other borrowings 750,000 695,120 Other 212,268 212,269 Total liabilities 9,125,503 9,077,085 Common stock 1 1 Additional paid-in capital 357,123 355,806 Retained earnings 463,459 449,693 Accumulated other comprehensive loss, net of tax benefits Net unrealized losses on securities $ (315,917) $ (328,904) Retirement benefit plans (9,478) (325,395) (7,711) (336,615) Total shareholder’s equity 495,188 468,885 Total liabilities and shareholder’s equity $ 9,620,691 $ 9,545,970 Other assets Bank-owned life insurance $ 183,833 $ 182,986 Premises and equipment, net 192,070 195,324 Accrued interest receivable 27,136 25,077 Mortgage-servicing rights 8,495 9,047 Low-income housing investments 107,164 106,978 Deferred tax asset 112,345 116,441 Real estate acquired in settlement of loans, net — 115 Other 52,352 56,175 $ 683,395 $ 692,143 Other liabilities Accrued expenses $ 98,664 $ 97,295 Federal and state income taxes payable 187 863 Cashier’s checks 32,634 36,401 Advance payments by borrowers 10,800 9,637 Other 69,983 68,073 $ 212,268 $ 212,269
Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity	Condensed Consolidating Statement of Changes in Common Stock Equity Six months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Balance, December 31, 2022 $ 2,344,170 344,720 357,036 77 (701,833) $ 2,344,170 Net income for common stock 92,308 13,465 9,490 — (22,955) 92,308 Other comprehensive loss, net of taxes (89) (8) (15) — 23 (89) Common stock dividends (64,500) (8,950) (7,350) — 16,300 (64,500) Balance, June 30, 2023 $ 2,371,889 349,227 359,161 77 (708,465) $ 2,371,889 Condensed Consolidating Statement of Changes in Common Stock Equity Six months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Balance, December 31, 2021 $ 2,261,899 332,900 343,260 77 (676,237) $ 2,261,899 Net income for common stock 90,544 13,035 12,863 — (25,898) 90,544 Other comprehensive income, net of taxes 102 2 1 — (3) 102 Common stock dividends (62,950) (8,200) (7,600) — 15,800 (62,950) Balance, June 30, 2022 $ 2,289,595 337,737 348,524 77 (686,338) $ 2,289,595
Schedule of Condensed Consolidating Statement of Cash Flows	Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Net cash provided by operating activities $ 274,412 43,352 34,681 — (16,300) $ 336,145 Cash flows from investing activities Capital expenditures (152,823) (33,512) (43,814) — — (230,149) Advances to affiliates — 4,500 21,700 — (26,200) — Other 2,086 912 1,058 — — 4,056 Net cash used in investing activities (150,737) (28,100) (21,056) — (26,200) (226,093) Cash flows from financing activities Common stock dividends (64,500) (8,950) (7,350) — 16,300 (64,500) Preferred stock dividends of Hawaiian Electric and subsidiaries (540) (267) (191) — — (998) Proceeds from issuance of long-term debt 100,000 25,000 25,000 — — 150,000 Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less (114,167) — — — 26,200 (87,967) Payments of obligations under finance leases (1,241) (98) (1,339) Other (571) (135) (137) — — (843) Net cash provided by (used in) financing activities (81,019) 15,550 17,322 — 42,500 (5,647) Net increase in cash and cash equivalents 42,656 30,802 30,947 — — 104,405 Cash and cash equivalents, beginning of period 27,579 5,092 6,494 77 — 39,242 Cash and cash equivalents, end of period $ 70,235 35,894 37,441 77 — $ 143,647 Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consolidating Hawaiian Electric Net cash provided by operating activities $ 25,367 19,742 14,841 — (15,800) $ 44,150 Cash flows from investing activities Capital expenditures (87,892) (23,638) (28,715) — — (140,245) Advances to affiliates (2,000) — (10,000) — 12,000 — Other 4,471 834 1,380 — — 6,685 Net cash used in investing activities (85,421) (22,804) (37,335) — 12,000 (133,560) Cash flows from financing activities Common stock dividends (62,950) (8,200) (7,600) — 15,800 (62,950) Preferred stock dividends of Hawaiian Electric and subsidiaries (540) (267) (191) — — (998) Proceeds from issuance of long-term debt 40,000 10,000 10,000 — — 60,000 Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less 64,987 2,000 — — (12,000) 54,987 Other (169) (43) (43) — — (255) Net cash provided by financing activities 41,328 3,490 2,166 — 3,800 50,784 Net increase (decrease) in cash and cash equivalents (18,726) 428 (20,328) — — (38,626) Cash, cash equivalents and restricted cash, beginning of period 26,433 5,326 23,422 77 — 55,258 Cash, cash equivalents and restricted cash, end of period 7,707 5,754 3,094 77 — 16,632 Less: Restricted cash (1,129) — — — — (1,129) Cash and cash equivalents, end of period $ 6,578 5,754 3,094 77 — $ 15,503

Bank segment (Tables)

Bank segment (Tables)	6 Months Ended
	Jun. 30, 2023
Bank Subsidiary [Abstract]
Schedule of Statements of Income Data	Condensed Consolidating Statement of Income Three months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 570,689 112,074 111,428 — — $ 794,191 Expenses Fuel oil 213,471 20,471 46,215 — — 280,157 Purchased power 119,460 37,246 11,728 — — 168,434 Other operation and maintenance 88,967 21,666 25,727 — — 136,360 Depreciation 40,800 10,636 9,253 — — 60,689 Taxes, other than income taxes 54,046 10,389 10,491 — — 74,926 Total expenses 516,744 100,408 103,414 — — 720,566 Operating income 53,945 11,666 8,014 — — 73,625 Allowance for equity funds used during construction 2,959 354 459 — — 3,772 Equity in earnings of subsidiaries 11,414 — — — (11,414) — Retirement defined benefits credit (expense)—other than service costs 905 168 (25) — — 1,048 Interest expense and other charges, net (14,742) (2,975) (3,155) — — (20,872) Allowance for borrowed funds used during construction 1,030 113 152 — — 1,295 Income before income taxes 55,511 9,326 5,445 — (11,414) 58,868 Income taxes 9,942 2,118 1,010 — — 13,070 Net income 45,569 7,208 4,435 — (11,414) 45,798 Preferred stock dividends of subsidiaries — 133 96 — — 229 Net income attributable to Hawaiian Electric 45,569 7,075 4,339 — (11,414) 45,569 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 45,299 7,075 4,339 — (11,414) $ 45,299 Condensed Consolidating Statement of Income Three months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Consolidated Revenues $ 576,472 124,502 117,928 — (29) $ 818,873 Expenses Fuel oil 184,297 33,065 52,293 — — 269,655 Purchased power 165,202 38,735 14,148 — — 218,085 Other operation and maintenance 82,707 21,331 20,854 — — 124,892 Depreciation 39,501 10,352 8,886 — — 58,739 Taxes, other than income taxes 54,025 11,378 10,945 — — 76,348 Total expenses 525,732 114,861 107,126 — — 747,719 Operating income 50,740 9,641 10,802 — (29) 71,154 Allowance for equity funds used during construction 1,946 217 307 — — 2,470 Equity in earnings of subsidiaries 12,237 — — — (12,237) — Retirement defined benefits credit (expense)—other than service costs 856 167 (32) — — 991 Interest expense and other charges, net (13,519) (2,642) (2,668) — 29 (18,800) Allowance for borrowed funds used during construction 637 67 94 — — 798 Income before income taxes 52,897 7,450 8,503 — (12,237) 56,613 Income taxes 8,492 1,659 1,828 — — 11,979 Net income 44,405 5,791 6,675 — (12,237) 44,634 Preferred stock dividends of subsidiaries — 133 96 — — 229 Net income attributable to Hawaiian Electric 44,405 5,658 6,579 — (12,237) 44,405 Preferred stock dividends of Hawaiian Electric 270 — — — — 270 Net income for common stock $ 44,135 5,658 6,579 — (12,237) $ 44,135 Condensed Consolidating Statement of Income Six months ended June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Revenues $ 1,172,219 227,362 225,101 — (130) $ 1,624,552 Expenses Fuel oil 467,298 48,231 98,725 — — 614,254 Purchased power 229,739 71,332 20,124 — — 321,195 Other operation and maintenance 172,200 43,016 49,460 — — 264,676 Depreciation 81,838 21,271 18,507 — — 121,616 Taxes, other than income taxes 110,999 21,126 21,186 — — 153,311 Total expenses 1,062,074 204,976 208,002 — — 1,475,052 Operating income 110,145 22,386 17,099 — (130) 149,500 Allowance for equity funds used during construction 5,599 638 836 — — 7,073 Equity in earnings of subsidiaries 22,955 — — — (22,955) — Retirement defined benefits credit (expense)—other than service costs 1,809 337 (51) — — 2,095 Interest expense and other charges, net (29,299) (5,806) (6,143) — 130 (41,118) Allowance for borrowed funds used during construction 1,948 204 274 — — 2,426 Income before income taxes 113,157 17,759 12,015 — (22,955) 119,976 Income taxes 20,309 4,027 2,334 — — 26,670 Net income 92,848 13,732 9,681 — (22,955) 93,306 Preferred stock dividends of subsidiaries — 267 191 — — 458 Net income attributable to Hawaiian Electric 92,848 13,465 9,490 — (22,955) 92,848 Preferred stock dividends of Hawaiian Electric 540 — — — — 540 Net income for common stock $ 92,308 13,465 9,490 — (22,955) $ 92,308 Condensed Consolidating Statement of Income Six months ended June 30, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other subsidiary Consolidating adjustments Hawaiian Electric Revenues $ 1,076,714 233,030 217,956 — (35) $ 1,527,665 Expenses Fuel oil 338,722 58,316 93,903 — — 490,941 Purchased power 289,385 69,447 22,786 — — 381,618 Other operation and maintenance 166,363 41,545 42,241 — — 250,149 Depreciation 78,985 20,703 17,522 — — 117,210 Taxes, other than income taxes 101,299 21,410 20,289 — — 142,998 Total expenses 974,754 211,421 196,741 — — 1,382,916 Operating income 101,960 21,609 21,215 — (35) 144,749 Allowance for equity funds used during construction 3,936 410 533 — — 4,879 Equity in earnings of subsidiaries 25,898 — — — (25,898) — Retirement defined benefits credit (expense)—other than service costs 1,711 334 (64) — — 1,981 Interest expense and other charges, net (26,612) (5,251) (5,298) — 35 (37,126) Allowance for borrowed funds used during construction 1,288 127 161 — — 1,576 Income before income taxes 108,181 17,229 16,547 — (25,898) 116,059 Income taxes 17,097 3,927 3,493 — — 24,517 Net income 91,084 13,302 13,054 — (25,898) 91,542 Preferred stock dividends of subsidiaries — 267 191 — — 458 Net income attributable to Hawaiian Electric 91,084 13,035 12,863 — (25,898) 91,084 Preferred stock dividends of Hawaiian Electric 540 — — — — 540 Net income for common stock $ 90,544 13,035 12,863 — (25,898) $ 90,544 Statements of Income and Comprehensive Income Data Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income Interest and fees on loans $ 67,966 $ 48,129 $ 132,808 $ 94,134 Interest and dividends on investment securities 13,775 14,693 28,412 28,677 Total interest and dividend income 81,741 62,822 161,220 122,811 Interest expense Interest on deposit liabilities 9,661 921 16,498 1,868 Interest on other borrowings 8,852 139 16,573 144 Total interest expense 18,513 1,060 33,071 2,012 Net interest income 63,228 61,762 128,149 120,799 Provision for credit losses 43 2,757 1,218 (506) Net interest income after provision for credit losses 63,185 59,005 126,931 121,305 Noninterest income Fees from other financial services 5,009 4,716 9,688 10,303 Fee income on deposit liabilities 4,504 4,552 9,103 9,243 Fee income on other financial products 2,768 2,529 5,512 5,247 Bank-owned life insurance 1,955 (142) 3,380 539 Mortgage banking income 230 372 360 1,449 Gain on sale of real estate 495 — 495 1,002 Other income, net 678 475 1,479 847 Total noninterest income 15,639 12,502 30,017 28,630 Noninterest expense Compensation and employee benefits 29,394 27,666 59,598 54,881 Occupancy 5,539 5,467 11,127 11,419 Data processing 5,095 4,484 10,107 8,635 Services 2,689 2,522 5,284 4,961 Equipment 2,957 2,402 5,603 4,731 Office supplies, printing and postage 1,109 1,073 2,274 2,133 Marketing 834 934 1,850 1,952 Other expense 6,152 4,850 12,343 8,899 Total noninterest expense 53,769 49,398 108,186 97,611 Income before income taxes 25,055 22,109 48,762 52,324 Income taxes 4,851 4,643 9,996 10,988 Net income 20,204 17,466 38,766 41,336 Other comprehensive income (loss), net of taxes (7,210) (88,835) 11,220 (211,276) Comprehensive income (loss) $ 12,994 $ (71,369) $ 49,986 $ (169,940) Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income $ 81,741 $ 62,822 $ 161,220 $ 122,811 Noninterest income 15,639 12,502 30,017 28,630 Less: Gain on sale of real estate 495 — 495 1,002 *Revenues-Bank 96,885 75,324 190,742 150,439 Total interest expense 18,513 1,060 33,071 2,012 Provision for credit losses 43 2,757 1,218 (506) Noninterest expense 53,769 49,398 108,186 97,611 Less: Gain on sale of real estate 495 — 495 1,002 Less: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) *Expenses-Bank 72,017 53,401 142,354 98,486 *Operating income-Bank 24,868 21,923 48,388 51,953 Add back: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) Income before income taxes $ 25,055 $ 22,109 $ 48,762 $ 52,324
Schedule of Statements of Comprehensive Income Data	Statements of Income and Comprehensive Income Data Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income Interest and fees on loans $ 67,966 $ 48,129 $ 132,808 $ 94,134 Interest and dividends on investment securities 13,775 14,693 28,412 28,677 Total interest and dividend income 81,741 62,822 161,220 122,811 Interest expense Interest on deposit liabilities 9,661 921 16,498 1,868 Interest on other borrowings 8,852 139 16,573 144 Total interest expense 18,513 1,060 33,071 2,012 Net interest income 63,228 61,762 128,149 120,799 Provision for credit losses 43 2,757 1,218 (506) Net interest income after provision for credit losses 63,185 59,005 126,931 121,305 Noninterest income Fees from other financial services 5,009 4,716 9,688 10,303 Fee income on deposit liabilities 4,504 4,552 9,103 9,243 Fee income on other financial products 2,768 2,529 5,512 5,247 Bank-owned life insurance 1,955 (142) 3,380 539 Mortgage banking income 230 372 360 1,449 Gain on sale of real estate 495 — 495 1,002 Other income, net 678 475 1,479 847 Total noninterest income 15,639 12,502 30,017 28,630 Noninterest expense Compensation and employee benefits 29,394 27,666 59,598 54,881 Occupancy 5,539 5,467 11,127 11,419 Data processing 5,095 4,484 10,107 8,635 Services 2,689 2,522 5,284 4,961 Equipment 2,957 2,402 5,603 4,731 Office supplies, printing and postage 1,109 1,073 2,274 2,133 Marketing 834 934 1,850 1,952 Other expense 6,152 4,850 12,343 8,899 Total noninterest expense 53,769 49,398 108,186 97,611 Income before income taxes 25,055 22,109 48,762 52,324 Income taxes 4,851 4,643 9,996 10,988 Net income 20,204 17,466 38,766 41,336 Other comprehensive income (loss), net of taxes (7,210) (88,835) 11,220 (211,276) Comprehensive income (loss) $ 12,994 $ (71,369) $ 49,986 $ (169,940) Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*: Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest and dividend income $ 81,741 $ 62,822 $ 161,220 $ 122,811 Noninterest income 15,639 12,502 30,017 28,630 Less: Gain on sale of real estate 495 — 495 1,002 *Revenues-Bank 96,885 75,324 190,742 150,439 Total interest expense 18,513 1,060 33,071 2,012 Provision for credit losses 43 2,757 1,218 (506) Noninterest expense 53,769 49,398 108,186 97,611 Less: Gain on sale of real estate 495 — 495 1,002 Less: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) *Expenses-Bank 72,017 53,401 142,354 98,486 *Operating income-Bank 24,868 21,923 48,388 51,953 Add back: Retirement defined benefits credit—other than service costs (187) (186) (374) (371) Income before income taxes $ 25,055 $ 22,109 $ 48,762 $ 52,324
Schedule of Balance Sheets Data	Condensed Consolidating Balance Sheet June 30, 2023 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,859 5,645 3,594 — — $ 52,098 Plant and equipment 5,370,111 1,436,118 1,316,537 — — 8,122,766 Right-of-use assets - finance lease 88,297 36,075 — — — 124,372 Less accumulated depreciation (1,921,855) (657,127) (599,985) — — (3,178,967) Construction in progress 256,266 33,118 48,668 — — 338,052 Utility property, plant and equipment, net 3,835,678 853,829 768,814 — — 5,458,321 Nonutility property, plant and equipment, less accumulated depreciation 5,297 115 1,532 — — 6,944 Total property, plant and equipment, net 3,840,975 853,944 770,346 — — 5,465,265 Investment in wholly owned subsidiaries, at equity 708,465 — — — (708,465) — Current assets Cash and cash equivalents 70,235 35,894 37,441 77 — 143,647 Customer accounts receivable, net 147,065 32,293 29,836 — — 209,194 Accrued unbilled revenues, net 113,069 20,474 20,812 — — 154,355 Other accounts receivable, net 26,535 5,602 6,143 — (20,555) 17,725 Fuel oil stock, at average cost 106,515 17,069 20,216 — — 143,800 Materials and supplies, at average cost 53,681 12,304 25,170 — — 91,155 Prepayments and other 32,621 5,082 4,475 — (298) 41,880 Regulatory assets 70,932 2,789 3,516 — — 77,237 Total current assets 620,653 131,507 147,609 77 (20,853) 878,993 Other long-term assets Operating lease right-of-use assets 38,675 30,903 10,927 — — 80,505 Regulatory assets 146,918 16,686 11,946 — — 175,550 Other 114,318 33,129 30,740 — (16,907) 161,280 Total other long-term assets 299,911 80,718 53,613 — (16,907) 417,335 Total assets $ 5,470,004 1,066,169 971,568 77 (746,225) $ 6,761,593 Capitalization and liabilities Capitalization Common stock equity $ 2,371,889 349,227 359,161 77 (708,465) $ 2,371,889 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,226,714 249,370 258,446 — — 1,734,530 Total capitalization 3,620,896 605,597 622,607 77 (708,465) 4,140,712 Current liabilities Current portion of operating lease liabilities 8,128 6,861 2,720 — — 17,709 Current portion of long-term debt 49,992 19,997 29,996 — — 99,985 Accounts payable 158,400 23,919 28,313 — — 210,632 Interest and preferred dividends payable 15,126 3,271 2,970 — — 21,367 Taxes accrued, including revenue taxes 180,089 37,077 36,069 — (298) 252,937 Regulatory liabilities 9,325 7,599 9,014 — — 25,938 Other 66,765 22,001 22,084 — (20,555) 90,295 Total current liabilities 487,825 120,725 131,166 — (20,853) 718,863 Deferred credits and other liabilities Operating lease liabilities 37,657 24,343 8,465 — — 70,465 Finance lease liabilities 83,642 35,364 — — — 119,006 Deferred income taxes 272,556 50,433 62,361 — — 385,350 Regulatory liabilities 758,970 196,235 106,213 — — 1,061,418 Unamortized tax credits 66,632 12,657 12,301 — — 91,590 Defined benefit pension liability 65,923 — — — (16,907) 49,016 Other 75,903 20,815 28,455 — — 125,173 Total deferred credits and other liabilities 1,361,283 339,847 217,795 — (16,907) 1,902,018 Total capitalization and liabilities $ 5,470,004 1,066,169 971,568 77 (746,225) $ 6,761,593 Condensed Consolidating Balance Sheet December 31, 2022 (in thousands) Hawaiian Electric Hawaii Electric Light Maui Electric Other Consoli- Hawaiian Electric Assets Property, plant and equipment Utility property, plant and equipment Land $ 42,860 5,606 3,594 — — $ 52,060 Plant and equipment 5,260,685 1,425,442 1,293,383 — — 7,979,510 Finance lease right-of-use assets 48,371 — — — — 48,371 Less accumulated depreciation (1,855,150) (644,457) (586,892) — — (3,086,499) Construction in progress 215,560 23,989 35,804 — — 275,353 Utility property, plant and equipment, net 3,712,326 810,580 745,889 — — 5,268,795 Nonutility property, plant and equipment, less accumulated depreciation 5,298 115 1,532 — — 6,945 Total property, plant and equipment, net 3,717,624 810,695 747,421 — — 5,275,740 Investment in wholly owned subsidiaries, at equity 701,833 — — — (701,833) — Current assets Cash and cash equivalents 27,579 5,092 6,494 77 — 39,242 Advances to affiliates — 4,500 21,700 — (26,200) — Customer accounts receivable, net 216,802 39,339 32,197 — — 288,338 Accrued unbilled revenues, net 136,508 23,839 22,933 — — 183,280 Other accounts receivable, net 23,746 5,519 6,686 — (22,384) 13,567 Fuel oil stock, at average cost 153,342 16,964 21,224 — — 191,530 Materials and supplies, at average cost 48,130 9,783 21,655 — — 79,568 Prepayments and other 24,040 6,346 4,137 — (1,041) 33,482 Regulatory assets 46,504 2,435 3,334 — — 52,273 Total current assets 676,651 113,817 140,360 77 (49,625) 881,280 Other long-term assets Operating lease right-of-use assets 42,752 34,283 12,283 — — 89,318 Regulatory assets 154,040 21,816 14,384 — — 190,240 Other 115,028 32,654 29,495 — (16,288) 160,889 Total other long-term assets 311,820 88,753 56,162 — (16,288) 440,447 Total assets $ 5,407,928 1,013,265 943,943 77 (767,746) $ 6,597,467 Capitalization and liabilities Capitalization Common stock equity $ 2,344,170 344,720 357,036 77 (701,833) $ 2,344,170 Cumulative preferred stock—not subject to mandatory redemption 22,293 7,000 5,000 — — 34,293 Long-term debt, net 1,126,915 224,439 233,500 — — 1,584,854 Total capitalization 3,493,378 576,159 595,536 77 (701,833) 3,963,317 Current liabilities Current portion of operating lease liabilities 9,775 6,690 2,630 — — 19,095 Current portion of long-term debt 49,981 19,992 29,989 — — 99,962 Short-term borrowings-non-affiliate 87,967 — — — — 87,967 Short-term borrowings-affiliate 26,200 — — — (26,200) — Accounts payable 143,253 32,113 27,126 — — 202,492 Interest and preferred dividends payable 12,398 2,576 2,282 — (80) 17,176 Taxes accrued, including revenue taxes 207,798 42,436 40,709 — (1,041) 289,902 Regulatory liabilities 13,145 8,553 9,777 — — 31,475 Other 64,659 20,856 22,385 — (22,304) 85,596 Total current liabilities 615,176 133,216 134,898 — (49,625) 833,665 Deferred credits and other liabilities Operating lease liabilities 41,049 27,817 9,849 — — 78,715 Finance lease liabilities 46,048 — — — — 46,048 Deferred income taxes 271,234 50,615 62,581 — — 384,430 Regulatory liabilities 729,683 194,222 100,270 — — 1,024,175 Unamortized tax credits 69,614 13,150 12,536 — — 95,300 Defined benefit pension and other postretirement benefit plans liability 65,907 129 — — (16,288) 49,748 Other 75,839 17,957 28,273 — — 122,069 Total deferred credits and other liabilities 1,299,374 303,890 213,509 — (16,288) 1,800,485 Total capitalization and liabilities $ 5,407,928 1,013,265 943,943 77 (767,746) $ 6,597,467 Balance Sheets Data (in thousands) June 30, 2023 December 31, 2022 Assets Cash and due from banks $ 158,170 $ 153,042 Interest-bearing deposits 9,958 3,107 Cash and cash equivalents 168,128 156,149 Investment securities Available-for-sale, at fair value 1,368,037 1,429,667 Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively) 1,224,917 1,251,747 Stock in Federal Home Loan Bank, at cost 18,000 26,560 Loans held for investment 6,138,182 5,978,906 Allowance for credit losses (69,068) (72,216) Net loans 6,069,114 5,906,690 Loans held for sale, at lower of cost or fair value 6,910 824 Other 683,395 692,143 Goodwill 82,190 82,190 Total assets $ 9,620,691 $ 9,545,970 Liabilities and shareholder’s equity Deposit liabilities—noninterest-bearing $ 2,683,725 $ 2,811,077 Deposit liabilities—interest-bearing 5,479,510 5,358,619 Other borrowings 750,000 695,120 Other 212,268 212,269 Total liabilities 9,125,503 9,077,085 Common stock 1 1 Additional paid-in capital 357,123 355,806 Retained earnings 463,459 449,693 Accumulated other comprehensive loss, net of tax benefits Net unrealized losses on securities $ (315,917) $ (328,904) Retirement benefit plans (9,478) (325,395) (7,711) (336,615) Total shareholder’s equity 495,188 468,885 Total liabilities and shareholder’s equity $ 9,620,691 $ 9,545,970 Other assets Bank-owned life insurance $ 183,833 $ 182,986 Premises and equipment, net 192,070 195,324 Accrued interest receivable 27,136 25,077 Mortgage-servicing rights 8,495 9,047 Low-income housing investments 107,164 106,978 Deferred tax asset 112,345 116,441 Real estate acquired in settlement of loans, net — 115 Other 52,352 56,175 $ 683,395 $ 692,143 Other liabilities Accrued expenses $ 98,664 $ 97,295 Federal and state income taxes payable 187 863 Cashier’s checks 32,634 36,401 Advance payments by borrowers 10,800 9,637 Other 69,983 68,073 $ 212,268 $ 212,269
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 June 30, 2023 Available-for-sale U.S. Treasury and federal agency obligations $ 84,728 $ — $ (6,981) $ 77,747 — $ — $ — 14 $ 77,747 $ (6,981) Mortgage-backed securities* 1,465,232 — (230,718) 1,234,514 8 36,332 (3,863) 175 1,198,182 (226,855) Corporate bonds 44,307 — (3,161) 41,146 — — — 5 41,146 (3,161) Mortgage revenue bonds 14,630 — — 14,630 — — — — — — $ 1,608,897 $ — $ (240,860) $ 1,368,037 8 $ 36,332 $ (3,863) 194 $ 1,317,075 $ (236,997) Held-to-maturity U.S. Treasury and federal agency obligations $ 59,906 $ — $ (8,207) $ 51,699 — $ — $ — 3 $ 51,699 $ (8,207) Mortgage-backed securities* 1,165,011 2,449 (97,164) 1,070,296 33 322,971 (6,521) 40 403,177 (90,643) $ 1,224,917 $ 2,449 $ (105,371) $ 1,121,995 33 $ 322,971 $ (6,521) 43 $ 454,876 $ (98,850) December 31, 2022 Available-for-sale U.S. Treasury and federal agency obligations $ 88,344 $ — $ (7,281) $ 81,063 12 $ 41,201 $ (2,120) 4 $ 39,862 $ (5,161) Mortgage-backed securities* 1,530,582 — (237,614) 1,292,968 113 455,836 (56,999) 70 837,132 (180,615) Corporate bonds 44,377 — (3,643) 40,734 4 29,644 (2,028) 1 11,090 (1,615) Mortgage revenue bonds 14,902 — — 14,902 — — — — — — $ 1,678,205 $ — $ (248,538) $ 1,429,667 129 $ 526,681 $ (61,147) 75 $ 888,084 $ (187,391) Held-to-maturity U.S. Treasury and federal agency obligations $ 59,894 $ — $ (8,478) $ 51,416 1 $ 16,874 $ (3,222) 2 $ 34,542 $ (5,256) Mortgage-backed securities* 1,191,853 2,670 (94,968) 1,099,555 22 183,629 (10,593) 51 567,250 (84,375) $ 1,251,747 $ 2,670 $ (103,446) $ 1,150,971 23 $ 200,503 $ (13,815) 53 $ 601,792 $ (89,631) * 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: June 30, 2023 Amortized Fair value (in thousands) Available-for-sale Due in one year or less $ 2,213 $ 2,177 Due after one year through five years 126,822 116,716 Due after five years through ten years 14,630 14,630 Due after ten years — — 143,665 133,523 Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies 1,465,232 1,234,514 Total available-for-sale securities $ 1,608,897 $ 1,368,037 Held-to-maturity Due in one year or less $ — $ — Due after one year through five years 19,966 17,403 Due after five years through ten years 39,940 34,296 Due after ten years — — 59,906 51,699 Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies 1,165,011 1,070,296 Total held-to-maturity securities $ 1,224,917 $ 1,121,995
Schedule of Components of Loans Receivable	The components of loans were summarized as follows: June 30, 2023 December 31, 2022 (in thousands) Real estate: Residential 1-4 family $ 2,548,160 $ 2,479,637 Commercial real estate 1,382,376 1,358,123 Home equity line of credit 1,035,099 1,002,905 Residential land 21,226 20,679 Commercial construction 128,748 88,489 Residential construction 14,536 20,788 Total real estate 5,130,145 4,970,621 Commercial 747,343 779,691 Consumer 290,918 254,709 Total loans 6,168,406 6,005,021 Less: Deferred fees and discounts (30,224) (26,115) Allowance for credit losses (69,068) (72,216) Total loans, net $ 6,069,114 $ 5,906,690
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 June 30, 2023 Allowance for credit losses: Beginning balance $ 4,612 $ 22,701 $ 6,053 $ 620 $ 735 $ 28 $ 11,936 $ 24,611 $ 71,296 Charge-offs (181) — (297) — — — (157) (2,568) (3,203) Recoveries 2 — 17 3 — — 206 904 1,132 Provision 275 (2,423) 1,366 30 1,814 (2) (627) (590) (157) Ending balance $ 4,708 $ 20,278 $ 7,139 $ 653 $ 2,549 $ 26 $ 11,358 $ 22,357 $ 69,068 Three months ended June 30, 2022 Allowance for credit losses: Beginning balance $ 7,874 $ 20,176 $ 5,650 $ 697 $ 2,340 $ 31 $ 14,314 $ 16,129 $ 67,211 Charge-offs — — — — — — (148) (1,369) (1,517) Recoveries 3 — 31 96 — — 399 976 1,505 Provision 643 724 415 (116) 294 15 (2,152) 2,434 2,257 Ending balance $ 8,520 $ 20,900 $ 6,096 $ 677 $ 2,634 $ 46 $ 12,413 $ 18,170 $ 69,456 Six months ended June 30, 2023 Allowance for credit losses: Beginning balance $ 6,270 $ 21,898 $ 6,125 $ 717 $ 1,195 $ 46 $ 12,426 $ 23,539 $ 72,216 Charge-offs (990) — (360) — — — (384) (4,891) (6,625) Recoveries 6 — 34 3 — — 604 1,812 2,459 Provision (578) (1,620) 1,340 (67) 1,354 (20) (1,288) 1,897 1,018 Ending balance $ 4,708 $ 20,278 $ 7,139 $ 653 $ 2,549 $ 26 $ 11,358 $ 22,357 $ 69,068 Six months ended June 30, 2022 Allowance for credit losses: Beginning balance $ 6,545 $ 24,696 $ 5,657 $ 646 $ 2,186 $ 18 $ 15,798 $ 15,584 $ 71,130 Charge-offs — — — — — — (224) (2,851) (3,075) Recoveries 11 — 42 101 — — 752 2,001 2,907 Provision 1,964 (3,796) 397 (70) 448 28 (3,913) 3,436 (1,506) Ending balance $ 8,520 $ 20,900 $ 6,096 $ 677 $ 2,634 $ 46 $ 12,413 $ 18,170 $ 69,456
Schedule of 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 June 30, 2023 Allowance for loan commitments: Beginning balance $ 400 $ 2,600 $ 1,400 $ 4,400 Provision 200 1,200 (1,200) 200 Ending balance $ 600 $ 3,800 $ 200 $ 4,600 Three months ended June 30, 2022 Allowance for loan commitments: Beginning balance $ 400 $ 3,600 $ 1,400 $ 5,400 Provision — 500 — 500 Ending balance $ 400 $ 4,100 $ 1,400 $ 5,900 Six months ended June 30, 2023 Allowance for loan commitments: Beginning balance $ 400 $ 2,600 $ 1,400 $ 4,400 Provision 200 1,200 (1,200) 200 Ending balance $ 600 $ 3,800 $ 200 $ 4,600 Six months ended June 30, 2022 Allowance for loan commitments: Beginning balance $ 400 $ 3,700 $ 800 $ 4,900 Provision — 400 600 1,000 Ending balance $ 400 $ 4,100 $ 1,400 $ 5,900
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) 2023 2022 2021 2020 2019 Prior Revolving Converted to term loans Total June 30, 2023 Residential 1-4 family Current $ 145,486 $ 418,635 $ 748,251 $ 413,204 $ 109,756 $ 710,451 $ — $ — $ 2,545,783 30-59 days past due — — — — — 223 — — 223 60-89 days past due — — — — — 236 — — 236 Greater than 89 days past due — — — — — 1,918 — — 1,918 145,486 418,635 748,251 413,204 109,756 712,828 — — 2,548,160 Current YTD period Gross charge-offs — — — — — 990 — — 990 Home equity line of credit Current — — — — — — 981,266 51,857 1,033,123 30-59 days past due — — — — — — 773 — 773 60-89 days past due — — — — — — 485 120 605 Greater than 89 days past due — — — — — — 342 256 598 — — — — — — 982,866 52,233 1,035,099 Current YTD period Gross charge-offs — — — — — — 77 283 360 Residential land Current 3,073 5,231 8,270 3,664 — 988 — — 21,226 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 3,073 5,231 8,270 3,664 — 988 — — 21,226 Current YTD period Gross charge-offs — — — — — — — — — Residential construction Current 1,370 9,967 3,199 — — — — — 14,536 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 1,370 9,967 3,199 — — — — — 14,536 Current YTD period Gross charge-offs — — — — — — — — — Consumer Current 75,489 175,654 14,671 3,209 2,207 256 10,274 4,069 285,829 30-59 days past due 249 1,577 244 67 72 1 58 69 2,337 60-89 days past due 74 922 85 40 65 1 88 57 1,332 Greater than 89 days past due 40 908 69 31 79 5 96 192 1,420 75,852 179,061 15,069 3,347 2,423 263 10,516 4,387 290,918 Current YTD period Gross charge-offs 460 2,976 643 106 283 35 142 246 4,891 Commercial real estate Pass 50,165 391,965 177,687 276,039 51,699 335,469 8,358 — 1,291,382 Special Mention — — 11,250 3,403 29,784 21,069 — — 65,506 Substandard 5,421 — — — 11,354 8,713 — — 25,488 Doubtful — — — — — — — — — 55,586 391,965 188,937 279,442 92,837 365,251 8,358 — 1,382,376 Term Loans by Origination Year Revolving Loans (in thousands) 2023 2022 2021 2020 2019 Prior Revolving Converted to term loans Total Current YTD period Gross charge-offs — — — — — — — — — Commercial construction Pass 1,980 14,970 60,602 65 — — 51,131 — 128,748 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — 1,980 14,970 60,602 65 — — 51,131 — 128,748 Current YTD period Gross charge-offs — — — — — — — — — Commercial Pass 60,151 223,817 131,123 84,694 46,411 85,210 76,926 13,197 721,529 Special Mention — — 989 — 2,434 — 9,784 — 13,207 Substandard — 3,144 1,128 329 1,248 4,635 928 1,195 12,607 Doubtful — — — — — — — — — 60,151 226,961 133,240 85,023 50,093 89,845 87,638 14,392 747,343 Current YTD period Gross charge-offs — — 51 — — — 124 209 384 Total loans $ 343,498 $ 1,246,790 $ 1,157,568 $ 784,745 $ 255,109 $ 1,169,175 $ 1,140,509 $ 71,012 $ 6,168,406 Term Loans by Origination Year Revolving Loans (in thousands) 2022 2021 2020 2019 2018 Prior Revolving Converted to term loans Total December 31, 2022 Residential 1-4 family Current $ 432,707 $ 755,056 $ 423,455 $ 113,096 $ 51,860 $ 698,354 $ — $ — $ 2,474,528 30-59 days past due — — — — 448 1,098 — — 1,546 60-89 days past due — — 268 — — 90 — — 358 Greater than 89 days past due — — — — 809 2,396 — — 3,205 432,707 755,056 423,723 113,096 53,117 701,938 — — 2,479,637 Home equity line of credit Current — — — — — — 959,131 40,814 999,945 30-59 days past due — — — — — — 1,103 209 1,312 60-89 days past due — — — — — — 209 226 435 Greater than 89 days past due — — — — — — 587 626 1,213 — — — — — — 961,030 41,875 1,002,905 Residential land Current 5,245 9,010 5,222 203 522 477 — — 20,679 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 5,245 9,010 5,222 203 522 477 — — 20,679 Residential construction Current 7,986 11,624 1,178 — — — — — 20,788 30-59 days past due — — — — — — — — — 60-89 days past due — — — — — — — — — Greater than 89 days past due — — — — — — — — — 7,986 11,624 1,178 — — — — — 20,788 Consumer Current 199,574 21,330 5,543 7,580 527 140 10,810 4,782 250,286 30-59 days past due 1,110 287 65 239 30 — 81 167 1,979 60-89 days past due 756 163 88 137 19 — 45 107 1,315 Greater than 89 days past due 621 105 37 176 28 — 20 142 1,129 202,061 21,885 5,733 8,132 604 140 10,956 5,198 254,709 Commercial real estate Pass 390,206 177,130 283,321 51,542 63,084 278,280 8,235 — 1,251,798 Special Mention — 11,250 3,446 40,423 — 24,466 — — 79,585 Substandard — — 665 11,357 — 14,718 — — 26,740 Doubtful — — — — — — — — — 390,206 188,380 287,432 103,322 63,084 317,464 8,235 — 1,358,123 Commercial construction Pass 15,094 47,478 44 — — — 25,873 — 88,489 Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — 15,094 47,478 44 — — — 25,873 — 88,489 Commercial Pass 239,852 185,013 85,220 68,161 46,142 53,192 60,871 13,964 752,415 Special Mention — — — 2,374 — 645 9,005 8 12,032 Substandard 3,322 2,305 401 1,304 1,346 3,849 1,664 1,053 15,244 Doubtful — — — — — — — — — 243,174 187,318 85,621 71,839 47,488 57,686 71,540 15,025 779,691 Total loans $ 1,296,473 $ 1,220,751 $ 808,953 $ 296,592 $ 164,815 $ 1,077,705 $ 1,077,634 $ 62,098 $ 6,005,021
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> June 30, 2023 Real estate: Residential 1-4 family $ 223 $ 236 $ 1,918 $ 2,377 $ 2,545,783 $ 2,548,160 $ — Commercial real estate 472 — — 472 1,381,904 1,382,376 — Home equity line of credit 773 605 598 1,976 1,033,123 1,035,099 — Residential land — — — — 21,226 21,226 — Commercial construction — — — — 128,748 128,748 — Residential construction — — — — 14,536 14,536 — Commercial 45 351 380 776 746,567 747,343 — Consumer 2,337 1,332 1,420 5,089 285,829 290,918 — Total loans $ 3,850 $ 2,524 $ 4,316 $ 10,690 $ 6,157,716 $ 6,168,406 $ — December 31, 2022 Real estate: Residential 1-4 family $ 1,546 $ 358 $ 3,205 $ 5,109 $ 2,474,528 $ 2,479,637 $ — Commercial real estate 508 217 — 725 1,357,398 1,358,123 — Home equity line of credit 1,312 435 1,213 2,960 999,945 1,002,905 — Residential land — — — — 20,679 20,679 — Commercial construction — — — — 88,489 88,489 — Residential construction — — — — 20,788 20,788 — Commercial 614 18 77 709 778,982 779,691 — Consumer 1,979 1,315 1,129 4,423 250,286 254,709 — Total loans $ 5,959 $ 2,343 $ 5,624 $ 13,926 $ 5,991,095 $ 6,005,021 $ —
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) June 30, 2023 December 31, 2022 With a Related ACL Without a Related ACL Total With a Related ACL Without a Related ACL Total Real estate: Residential 1-4 family $ 2,016 $ 2,550 $ 4,566 $ 4,198 $ 2,981 $ 7,179 Commercial real estate — — — — — — Home equity line of credit 4,528 740 5,268 3,654 1,442 5,096 Residential land 107 — 107 420 — 420 Commercial construction — — — — — — Residential construction — — — — — — Commercial 1,241 — 1,241 2,183 — 2,183 Consumer 2,086 — 2,086 1,588 — 1,588 Total $ 9,978 $ 3,290 $ 13,268 $ 12,043 $ 4,423 $ 16,466
Schedule of Loan Modifications	The credit risk profile based on loans whose terms have been modified and accruing interest were as follows: (in thousands) December 31, 2022 Real estate: Residential 1-4 family $ 8,821 Commercial real estate 9,477 Home equity line of credit 4,404 Residential land 782 Commercial construction — Residential construction — Commercial 6,596 Consumer 50 Total troubled debt restructured loans accruing interest $ 30,130 Three months ended June 30, 2022 Six months ended June 30, 2022 (dollars in thousands) Number Outstanding recorded investment (as of period end) 1 Related allowance (as of period end) 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 $ 381 $ 135 1 $ 381 $ 135 Commercial real estate — — — — — — Home equity line of credit — — — — — — Residential land — — — — — — Commercial construction — — — — — — Residential construction — — — — — — Commercial — — — — — — Consumer — — — — — — 1 $ 381 $ 135 1 $ 381 $ 135 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: Amortized cost (in thousands) June 30, 2023 December 31, 2022 Collateral type Real estate: Residential 1-4 family $ 2,712 $ 3,959 Residential real estate property Home equity line of credit 740 1,425 Residential real estate property Total real estate 3,452 5,384 Commercial 380 — Business assets Total $ 3,832 $ 5,384
Schedule of Amortized Intangible Assets	Changes in the carrying value of MSRs were as follows: (in thousands) Gross Accumulated amortization Valuation allowance Net June 30, 2023 $ 17,953 $ (9,458) $ — $ 8,495 December 31, 2022 19,544 (10,497) — 9,047 Changes related to MSRs were as follows: Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Mortgage servicing rights Beginning balance $ 8,745 $ 10,024 $ 9,047 $ 9,950 Amount capitalized 84 204 135 923 Amortization (334) (532) (687) (1,177) Other-than-temporary impairment — — — — Carrying amount before valuation allowance 8,495 9,696 8,495 9,696 Valuation allowance for mortgage servicing rights Beginning balance — — — — Provision — — — — Other-than-temporary impairment — — — — Ending balance — — — — Net carrying value of mortgage servicing rights $ 8,495 $ 9,696 $ 8,495 $ 9,696
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) June 30, 2023 December 31, 2022 Unpaid principal balance $ 1,414,845 $ 1,451,322 Weighted average note rate 3.40 % 3.38 % Weighted average discount rate 10.00 % 10.00 % Weighted average prepayment speed 6.28 % 6.56 %
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) June 30, 2023 December 31, 2022 Prepayment rate: 25 basis points adverse rate change $ (72) $ (92) 50 basis points adverse rate change (169) (214) Discount rate: 25 basis points adverse rate change (191) (182) 50 basis points adverse rate change (378) (361)
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 June 30, 2023 $ — $ — $ — December 31, 2022 281 — 281 Gross amount not offset in the Balance Sheets (in millions) Net amount of liabilities presented Financial Cash Commercial account holders June 30, 2023 $ — $ — $ — December 31, 2022 281 327 —
Schedule of Notional and Fair Value of Derivatives	The notional amount and fair value of ASB’s derivative financial instruments were as follows: June 30, 2023 December 31, 2022 (in thousands) Notional amount Fair value Notional amount Fair value Interest rate lock commitments $ 11,810 $ 88 $ 1,720 $ 9 Forward commitments 9,500 51 1,500 18
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 June 30, 2023 December 31, 2022 (in thousands) Asset derivatives Liability Asset derivatives Liability Interest rate lock commitments $ 88 $ — $ 9 $ — Forward commitments 51 — 18 — $ 139 $ — $ 27 $ — 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 June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 Interest rate lock commitments Mortgage banking income $ 62 $ 62 $ 79 $ (593) Forward commitments Mortgage banking income 46 (141) 33 37 $ 108 $ (79) $ 112 $ (556)

Credit agreement and changes _2

Credit agreement and changes in debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Notes	HEI Series 2023A HEI Series 2023B Aggregate principal amount $39 million $61 million Fixed coupon interest rate 6.04% 6.10% Maturity date 6/15/2028 6/15/2033 Series 2023A Series 2023B Series 2023C Aggregate principal amount $90 million $40 million $20 million Fixed coupon interest rate Hawaiian Electric 6.11% 6.25% 6.70% Hawaii Electric Light 6.25% — — Maui Electric 6.25% — — Maturity date Hawaiian Electric 2/9/2030 2/9/2033 2/9/2053 Hawaii Electric Light 2/9/2033 — — Maui Electric 2/9/2033 — — Principal amount by company Hawaiian Electric $40 million $40 million $20 million Hawaii Electric Light $25 million — — Maui Electric $25 million — —

Shareholders' equity (Tables)

Shareholders' equity (Tables)	6 Months Ended
	Jun. 30, 2023
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, 2022 $ (328,904) $ 1,991 $ (9,115) $ (336,028) $ 2,861 Current period other comprehensive income (loss) 12,987 (245) 137 12,879 (89) Balance, June 30, 2023 $ (315,917) $ 1,746 $ (8,978) $ (323,149) $ 2,772 Balance, December 31, 2021 $ (32,037) $ (3,638) $ (16,858) $ (52,533) $ (3,280) Current period other comprehensive income (loss) (209,264) 3,911 354 (204,999) 102 Balance, June 30, 2022 $ (241,301) $ 273 $ (16,504) $ (257,532) $ (3,178)
Schedule of Reclassification out of AOCI	Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Three months ended June 30 Six months ended June 30 (in thousands) 2023 2022 2023 2022 HEI consolidated Net unrealized gains (losses) on available-for sale investment securities - amortization of unrealized holding losses on held-to-maturity securities $ 3,689 $ — $ 7,366 $ — Bank revenues Net realized losses (gains) on derivatives qualifying as cash flow hedges (48) 53 (96) 108 Interest expense Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost (357) 122 (714) 4,623 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets 426 56 851 (4,269) See Note 8 for additional details Total reclassifications $ 3,710 $ 231 $ 7,407 $ 462 Hawaiian Electric consolidated Retirement benefit plans: Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost $ (470) $ (5) $ (940) $ 4,371 See Note 8 for additional details Impact of D&Os of the PUC included in regulatory assets 426 56 851 (4,269) See Note 8 for additional details Total reclassifications $ (44) $ 51 $ (89) $ 102

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Three months ended June 30, 2023 Six months ended June 30, 2023 (in thousands) Electric utility Bank Other Total Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 239,867 $ — $ — $ 239,867 $ 495,417 $ — $ — $ 495,417 Electric energy sales - commercial 250,108 — — 250,108 504,578 — — 504,578 Electric energy sales - large light and power 279,811 — — 279,811 570,789 — — 570,789 Electric energy sales - other 4,483 — — 4,483 9,940 — — 9,940 Bank fees — 12,281 — 12,281 — 24,303 — 24,303 Other sales — — 4,438 4,438 — — 8,345 8,345 Total revenues from contracts with customers 774,269 12,281 4,438 790,988 1,580,724 24,303 8,345 1,613,372 Revenues from other sources Regulatory revenue 9,039 — — 9,039 24,643 — — 24,643 Bank interest and dividend income — 81,741 — 81,741 — 161,220 — 161,220 Other bank noninterest income — 2,863 — 2,863 — 5,219 — 5,219 Other 10,883 — 171 11,054 19,185 — 283 19,468 Total revenues from other sources 19,922 84,604 171 104,697 43,828 166,439 283 210,550 Total revenues $ 794,191 $ 96,885 $ 4,609 $ 895,685 $ 1,624,552 $ 190,742 $ 8,628 $ 1,823,922 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 12,281 $ — $ 12,281 $ — $ 24,303 $ — $ 24,303 Services/goods transferred over time 774,269 — 4,438 778,707 1,580,724 — 8,345 1,589,069 Total revenues from contracts with customers $ 774,269 $ 12,281 $ 4,438 $ 790,988 $ 1,580,724 $ 24,303 $ 8,345 $ 1,613,372 Three months ended June 30, 2022 Six months ended June 30, 2022 (in thousands) Electric utility Bank Other Total Electric utility Bank Other Total Revenues from contracts with customers Electric energy sales - residential $ 259,433 $ — $ — $ 259,433 $ 484,007 $ — $ — $ 484,007 Electric energy sales - commercial 264,701 — — 264,701 484,298 — — 484,298 Electric energy sales - large light and power 293,847 — — 293,847 534,970 — — 534,970 Electric energy sales - other 4,873 — — 4,873 6,299 — — 6,299 Bank fees — 11,797 — 11,797 — 24,793 — 24,793 Other sales — — 1,333 1,333 — — 2,448 2,448 Total revenues from contracts with customers 822,854 11,797 1,333 835,984 1,509,574 24,793 2,448 1,536,815 Revenues from other sources Regulatory revenue (11,428) — — (11,428) 1,458 — — 1,458 Bank interest and dividend income — 62,822 — 62,822 — 122,811 — 122,811 Other bank noninterest income — 705 — 705 — 2,835 — 2,835 Other 7,447 — 77 7,524 16,633 — 123 16,756 Total revenues from other sources (3,981) 63,527 77 59,623 18,091 125,646 123 143,860 Total revenues $ 818,873 $ 75,324 $ 1,410 $ 895,607 $ 1,527,665 $ 150,439 $ 2,571 $ 1,680,675 Timing of revenue recognition Services/goods transferred at a point in time $ — $ 11,797 $ — $ 11,797 $ — $ 24,793 $ — $ 24,793 Services/goods transferred over time 822,854 — 1,333 824,187 1,509,574 — 2,448 1,512,022 Total revenues from contracts with customers $ 822,854 $ 11,797 $ 1,333 $ 835,984 $ 1,509,574 $ 24,793 $ 2,448 $ 1,536,815

Retirement benefits (Tables)

Retirement benefits (Tables)	6 Months Ended
	Jun. 30, 2023
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: Three months ended June 30 Six months ended June 30 Pension benefits Other benefits Pension benefits Other benefits (in thousands) 2023 2022 2023 2022 2023 2022 2023 2022 HEI consolidated Service cost $ 11,396 $ 19,823 $ 343 $ 657 $ 22,792 $ 39,647 $ 687 $ 1,313 Interest cost 25,622 19,810 2,157 1,638 51,243 39,621 4,314 3,275 Expected return on plan assets (35,197) (35,331) (3,405) (3,398) (70,392) (70,664) (6,810) (6,795) Amortization of net prior period gain — — (219) (232) — — (438) (464) Amortization of net actuarial (gain)/losses 189 6,297 (449) (3) 377 12,594 (898) (6) Net periodic pension/benefit cost (return) 2,010 10,599 (1,573) (1,338) 4,020 21,198 (3,145) (2,677) Impact of PUC D&Os 18,133 9,552 1,424 1,217 36,266 19,103 2,849 2,436 Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) $ 20,143 $ 20,151 $ (149) $ (121) $ 40,286 $ 40,301 $ (296) $ (241) Hawaiian Electric consolidated Service cost $ 11,018 $ 19,317 $ 340 $ 649 $ 22,037 $ 38,635 $ 680 $ 1,298 Interest cost 23,699 18,461 2,063 1,572 47,397 36,923 4,126 3,145 Expected return on plan assets (32,971) (33,545) (3,354) (3,345) (65,943) (67,091) (6,707) (6,692) Amortization of net prior period gain — — (218) (231) — — (436) (462) Amortization of net actuarial (gain)/losses 18 6,125 (433) — 37 12,250 (867) — Net periodic pension/benefit cost (return) 1,764 10,358 (1,602) (1,355) 3,528 20,717 (3,204) (2,711) Impact of PUC D&Os 18,133 9,552 1,424 1,217 36,266 19,103 2,849 2,436 Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) $ 19,897 $ 19,910 $ (178) $ (138) $ 39,794 $ 39,820 $ (355) $ (275)

Share-based compensation (Table

Share-based compensation (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30 Six months ended June 30 (in millions) 2023 2022 2023 2022 HEI consolidated Share-based compensation expense 1 $ 3.9 $ 3.5 $ 5.9 $ 5.6 Income tax benefit 0.8 0.8 1.1 1.1 Hawaiian Electric consolidated Share-based compensation expense 1 1.1 1.0 1.7 1.6 Income tax benefit 0.2 0.3 0.4 0.4 1 For the three and six months ended June 30, 2023 and 2022, the Company has not capitalized any share-based compensation.
Schedule of Common Stock Granted to Nonemployee Directors	HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows: Three months ended June 30 Six months ended June 30 (dollars in millions) 2023 2022 2023 2022 Shares granted 38,941 34,755 40,450 34,755 Fair value $ 1.4 $ 1.4 $ 1.5 $ 1.4 Income tax benefit 0.4 0.4 0.4 0.4
Schedule of Restricted Stock Units	Information about HEI’s grants of restricted stock units was as follows: Three months ended June 30 Six months ended June 30 2023 2022 2023 2022 Shares (1) Shares (1) Shares (1) Shares (1) Outstanding, beginning of period 202,133 $ 41.25 208,345 $ 39.71 182,528 $ 39.75 233,448 $ 38.10 Granted — — 2,008 42.15 100,088 42.41 98,463 41.31 Vested (1,035) 44.31 (1,034) 44.31 (81,112) 39.37 (91,414) 37.65 Forfeited (1,968) 42.49 (366) 38.07 (2,374) 41.79 (31,544) 38.77 Outstanding, end of period 199,130 $ 41.22 208,953 $ 39.71 199,130 $ 41.22 208,953 $ 39.71 Total weighted-average grant-date fair value of shares granted (in millions) $ — $ 0.1 $ 4.2 $ 4.1
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 June 30 Six months ended June 30 2023 2022 2023 2022 Shares (1) Shares (1) Shares (1) Shares (1) Outstanding, beginning of period 80,006 $ 50.27 76,340 $ 47.70 71,574 $ 47.67 90,974 $ 42.86 Granted — — 390 54.92 27,123 55.98 26,469 54.92 Vested (issued or unissued and cancelled) — — — — (18,691) 48.62 (29,042) 41.07 Forfeited (722) 48.92 — — (722) 48.92 (11,671) 42.60 Outstanding, end of period 79,284 $ 50.28 76,730 $ 47.74 79,284 $ 50.28 76,730 $ 47.74 Total weighted-average grant-date fair value of shares granted (in millions) $ — $ — $ 1.5 $ 1.5
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: 2023 2022 Risk-free interest rate 4.19 % 1.71 % Expected life in years 3 3 Expected volatility 33.1 % 31.0 % Range of expected volatility for Peer Group 28.7% to 38.8% 25.4% to 76.7% Grant date fair value (per share) $55.98 $54.92
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 June 30 Six months ended June 30 2023 2022 2023 2022 Shares (1) Shares (1) Shares (1) Shares (1) Outstanding, beginning of period 355,310 $ 38.87 292,151 $ 39.89 309,589 $ 39.50 306,342 $ 38.42 Granted — — 1,560 42.37 108,499 42.41 105,860 41.31 Vested — — — — (62,778) 48.07 (71,807) 37.68 Increase above target 6,001 36.08 — — 6,001 36.08 — — Forfeited (3,834) 43.53 — — (3,834) 43.53 (46,684) 36.77 Outstanding, end of period 357,477 $ 38.78 293,711 $ 39.91 357,477 $ 38.78 293,711 $ 39.91 Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) $ — $ 0.1 $ 4.6 $ 4.4

Cash flows (Tables)

Cash flows (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures of Cash and Noncash Activity	Six months ended June 30 2023 2022 (in millions) Supplemental disclosures of cash flow information HEI consolidated Interest paid to non-affiliates, net of amounts capitalized $ 75 $ 47 Income taxes paid (including refundable credits) 28 14 Income taxes refunded (including refundable credits) 1 2 Hawaiian Electric consolidated Interest paid to non-affiliates 33 34 Income taxes paid (including refundable credits) 38 27 Income taxes refunded (including refundable credits) 2 — Supplemental disclosures of noncash activities HEI consolidated Property, plant and equipment Estimated fair value of noncash contributions in aid of construction (investing) 6 1 Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 50 25 Increase related to an acquisition (investing) — 15 Right-of-use assets obtained in exchange for finance lease obligations (financing) 76 — Right-of-use assets obtained in exchange for operating lease obligations (investing) 1 40 Common stock issued (gross) for director and executive/management compensation (financing) 1 8 9 Obligations to fund low income housing investments (investing) 7 — Loans transferred from held for investment to held for sale (investing) 72 — Transfer of retail repurchase agreements to deposit liabilities (financing) 98 — Hawaiian Electric consolidated Electric utility property, plant and equipment Estimated fair value of noncash contributions in aid of construction (investing) 6 1 Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) 49 22 Increase related to an acquisition (investing) — 15 Right-of-use assets obtained in exchange for finance lease obligations (financing) 76 — Right-of-use assets obtained in exchange for operating lease obligations (investing) — 37 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)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying or Notional Amount, Fair Value and Placement in the Fair Value Hierarchy 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 June 30, 2023 Financial assets HEI consolidated Available-for-sale investment securities $ 1,368,037 $ — $ 1,353,407 $ 14,630 $ 1,368,037 Held-to-maturity investment securities 1,224,917 — 1,121,995 — 1,121,995 Loans, net 6,076,024 — 6,906 5,627,774 5,634,680 Mortgage servicing rights 8,495 — — 18,127 18,127 Derivative assets 31,944 51 1,291 — 1,342 Financial liabilities HEI consolidated Deposit liabilities 815,538 — 799,873 — 799,873 Short-term borrowings—other than bank 46,212 — 46,212 — 46,212 Other bank borrowings 750,000 — 741,357 — 741,357 Long-term debt, net—other than bank 2,572,375 — 2,351,288 — 2,351,288 Derivative liabilities 22,949 — 540 — 540 Hawaiian Electric consolidated Long-term debt, net 1,834,515 — 1,671,739 — 1,671,739 December 31, 2022 Financial assets HEI consolidated Available-for-sale investment securities $ 1,429,667 $ — $ 1,414,765 $ 14,902 $ 1,429,667 Held-to-maturity investment securities 1,251,747 — 1,150,971 — 1,150,971 Loans, net 5,907,514 — 821 5,453,381 5,454,202 Mortgage servicing rights 9,047 — — 17,646 17,646 Derivative assets 16,220 18 1,330 — 1,348 Financial liabilities HEI consolidated Deposit liabilities 611,718 — 597,617 — 597,617 Short-term borrowings—other than bank 172,568 — 172,568 — 172,568 Other bank borrowings 695,120 — 695,095 — 695,095 Long-term debt, net—other than bank 2,384,980 — 2,122,605 — 2,122,605 Derivative liabilities 22,949 — 472 — 472 Hawaiian Electric consolidated Short-term borrowings 87,967 — 87,967 — 87,967 Long-term debt, net 1,684,816 — 1,487,496 — 1,487,496
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: June 30, 2023 December 31, 2022 Fair value measurements using Fair value measurements using (in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Available-for-sale investment securities (bank segment) Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies $ — $ 1,234,514 $ — $ — $ 1,292,968 $ — U.S. Treasury and federal agency obligations — 77,747 — — 81,063 — Corporate bonds — 41,146 — — 40,734 — Mortgage revenue bonds — — 14,630 — — 14,902 $ — $ 1,353,407 $ 14,630 $ — $ 1,414,765 $ 14,902 Derivative assets Interest rate lock commitments (bank segment) 1 $ — $ 88 $ — $ — $ 9 $ — Forward commitments (bank segment) 1 51 — — 18 — — Interest rate swap (Other segment) 2 — 1,203 — — 1,321 — $ 51 $ 1,291 $ — $ 18 $ 1,330 $ — Derivative liabilities Interest rate swap (Other segment) 2 $ — $ 540 $ — $ — $ 472 $ — 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 June 30 Six months ended June 30 Mortgage revenue bonds 2023 2022 2023 2022 (in thousands) Beginning balance $ 14,766 $ 15,296 $ 14,902 $ 15,427 Principal payments received (136) (131) (272) (262) Purchases — — — — Unrealized gain (loss) included in other comprehensive income — — — — Ending balance $ 14,630 $ 15,165 $ 14,630 $ 15,165

Segment financial information -

Segment financial information - Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment financial information
Revenues	$ 895,685		$ 895,607		$ 1,823,922	$ 1,680,675
Income (loss) before income taxes	69,367		66,217		139,671	153,697
Income taxes (benefit)	14,284		13,203		29,394	31,043
Net income attributable to Hawaiian Electric	55,083		53,014		110,277	122,654
Preferred stock dividends of Hawaiian Electric	473		473		946	946
Net income for common stock	54,610	$ 54,721	52,541	$ 69,167	109,331	121,708
Total assets	16,519,309				16,519,309		$ 16,284,244
Revenues from external customers and other sources
Segment financial information
Revenues						1,680,675
Intersegment revenues (eliminations)
Segment financial information
Revenues						0
Electric utility
Segment financial information
Revenues	794,191		818,873		1,624,552	1,527,665
Income (loss) before income taxes	58,868		56,613		119,976	116,059
Income taxes (benefit)	13,070		11,979		26,670	24,517
Net income attributable to Hawaiian Electric	45,798		44,634		93,306	91,542
Preferred stock dividends of Hawaiian Electric	499		499		998	998
Net income for common stock	45,299		44,135		92,308	90,544
Total assets	6,761,593				6,761,593		6,597,467
Electric utility | Revenues from external customers and other sources
Segment financial information
Revenues						1,527,661
Electric utility | Intersegment revenues (eliminations)
Segment financial information
Revenues						4
Bank
Segment financial information
Revenues	96,885		75,324		190,742	150,439
Income (loss) before income taxes	25,055		22,109		48,762	52,324
Income taxes (benefit)	4,851		4,643		9,996	10,988
Net income attributable to Hawaiian Electric	20,204		17,466		38,766	41,336
Preferred stock dividends of Hawaiian Electric	0		0		0	0
Net income for common stock	20,204		17,466		38,766	41,336
Total assets	9,620,691				9,620,691		9,545,970
Bank | Revenues from external customers and other sources
Segment financial information
Revenues						150,439
Bank | Intersegment revenues (eliminations)
Segment financial information
Revenues						0
Other
Segment financial information
Revenues	4,609		1,410		8,628	2,571
Income (loss) before income taxes	(14,556)		(12,505)		(29,067)	(14,686)
Income taxes (benefit)	(3,637)		(3,419)		(7,272)	(4,462)
Net income attributable to Hawaiian Electric	(10,919)		(9,086)		(21,795)	(10,224)
Preferred stock dividends of Hawaiian Electric	(26)		(26)		(52)	(52)
Net income for common stock	(10,893)		$ (9,060)		(21,743)	(10,172)
Total assets	$ 137,025				$ 137,025		$ 140,807
Other | Revenues from external customers and other sources
Segment financial information
Revenues						2,575
Other | Intersegment revenues (eliminations)
Segment financial information
Revenues						$ (4)

Electric utility segment - Unco

Electric utility segment - Unconsolidated Variable Interest Entities (Details)	6 Months Ended
	Jun. 30, 2023 entity agreement
Power purchase agreement
Number of IPPs (in entities) | entity	2
Hawaiian Electric Company
Power purchase agreement
Number of power purchase agreements (PPAs) (in agreements) | agreement	4

Electric utility segment - Powe

Electric utility segment - Power Purchase Agreements (Details) $ in Thousands		1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 21, 2023 MW	Oct. 31, 2021	Jul. 31, 2018 MW	Feb. 28, 2018 USD ($) agreement MW	May 31, 2012 MW	Jun. 30, 2023 USD ($) project	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) project	Jun. 30, 2022 USD ($)	Dec. 31, 1988 MW	Dec. 31, 2022 USD ($)
Regulatory Projects and Legal Obligations [Line Items]
Finance lease liabilities						$ 123,240		$ 123,240			$ 48,709
Kalaeloa
Regulatory Projects and Legal Obligations [Line Items]
Purchase commitment, extension period		10 years
Stage 1 Renewable PPAs
Regulatory Projects and Legal Obligations [Line Items]
Number of power purchase agreements (PPAs) (in agreements) | agreement				8
Minimum power volume required (in megawatts) | MW	30			274.5
Estimated annual cost				$ 70,800
Long term purchase commitments, number of projects | project						3		3
Total contracted PV capacity (in megawatts) | MW	120
Finance lease liabilities						$ 124,000		$ 124,000
Financing lease right-of-use assets						124,000		124,000
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
Hawaiian Electric, Parent
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						168,000	$ 218,000	321,000	$ 382,000
Hawaiian Electric, Parent | Kalaeloa
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						67,000	83,000	134,000	143,000
Increased power purchase commitment capacity (in megawatts) | MW										208
Hawaiian Electric, Parent | AES Hawaii
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						0	34,000	0	61,000
Hawaiian Electric, Parent | HPOWER
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						16,000	19,000	34,000	38,000
Hawaiian Electric, Parent | Hamakua Energy
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						19,000	14,000	39,000	30,000
Hawaiian Electric, Parent | Puna Geothermal Venture
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						9,000	14,000	17,000	24,000
Hawaiian Electric, Parent | Wind IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						33,000	38,000	57,000	56,000
Hawaiian Electric, Parent | Solar IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						22,000	13,000	36,000	26,000
Hawaiian Electric, Parent | Other IPPs
Regulatory Projects and Legal Obligations [Line Items]
Purchased power						$ 2,000	$ 3,000	$ 4,000	$ 4,000

Electric utility segment - Util

Electric utility segment - Utility Projects (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)	Nov. 30, 2021 USD ($)	Oct. 31, 2020 generationUnit transmission_line kV	Jun. 10, 2019 USD ($)	Oct. 31, 2018 USD ($)
Public Utilities, General Disclosures [Line Items]
Environmental loss contingency, statement of financial position, not disclosed	reserve account balance
Hawaiian Electric Company, Inc. and Subsidiaries | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
ERP/EAM project service period (in years)	12 years
ERP/EAM project service, savings over 12 years					$ 246
Future O&M expense reductions				$ 150
Future cost avoidance related to capital cost and tax costs				$ 96
Regulatory liability for O&M expense reductions	$ 11.5
Hawaiian Electric Company, Inc. and Subsidiaries | Waena Switchyard/Synchronous Condenser Project
Public Utilities, General Disclosures [Line Items]
Number of extended transmission lines | transmission_line			2
Number of kilovolts | kV			69
Number of generating units converting to synchronous condensers | generationUnit			2
Renewable energy generation project, approved funds		$ 38.8
Renewable energy generation project, incurred cost	21.2
Hawaiian Electric, Parent | PCB Contamination
Public Utilities, General Disclosures [Line Items]
Valuation allowances and reserves	9.7
Hawaiian Electric, Parent | Kapolei Petroleum Contamination | James Campbell Company
Public Utilities, General Disclosures [Line Items]
Environmental remediation expense	0.8
Hawaiian Electric, Parent | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
Regulatory liability for O&M expense reductions	3.3
Hawaii Electric Light Company, Inc | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
Regulatory liability for O&M expense reductions	3.3
Maui Electric
Public Utilities, General Disclosures [Line Items]
Additional accrued investigation and estimated cleanup costs	2.6
Maui Electric | ERP/EAM Implementation Project
Public Utilities, General Disclosures [Line Items]
Regulatory liability for O&M expense reductions	$ 4.9
Regulatory liability, amortization period	5 years

Electric utility segment - Regu

Electric utility segment - Regulatory Proceedings (Details) $ in Thousands

3 Months Ended

4 Months Ended

6 Months Ended

12 Months Ended

Feb. 16, 2021 agreement

Dec. 23, 2020 USD ($)

Sep. 15, 2020 agreement

Nov. 30, 2021 agreement

Nov. 30, 2021 entity

Mar. 31, 2023 agreement

Jun. 30, 2023 USD ($) MWh project contract

Dec. 31, 2022 USD ($)

Dec. 31, 2019 USD ($) agreement

Feb. 28, 2023 USD ($)

Jun. 30, 2022 USD ($)

Jun. 17, 2022 mechanism

Dec. 31, 2021 USD ($)

Jun. 01, 2021 mechanism

Mar. 23, 2021 mechanism

Dec. 31, 2020 entity

Jul. 09, 2020 agreement

Regulatory Projects and Legal Obligations [Line Items]

PUC proposal period

45 days

Public utilities, modified pilot process proposal period

15 days

Propose pilots annual cap

$ 10,000

Potential total annual maximum reward

$ 2,000

Advanced metering infrastructure term

3 years

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

Number of performance incentive mechanisms | mechanism

2

3

2

Multi-year rate period

5 years

Customer dividend, negative adjustment percentage

0.22%

Savings commitment liability, annual rate

$ 6,600

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

3%

Approved return on equity, percentage

9.50%

Percentage sharing between customers and utilities

50

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

1.50%

Percentage sharing for any further difference

90

MPIR and EPRM requested amount

$ 26,200

EPRM approved projects | contract

2

EPRM approved projects, capital costs

$ 41,000

Number of projects | project

5

Estimated capital costs

$ 488,000

2022 deferred cost recovery approved

$ 400

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

Service reliability, estimated penalties

$ 100

Dead band percentage above or below the target

3%

Call center performance, maximum penalty percentage

0.08%

Call center performance, pending adjusted maximum penalty

$ 1,400

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

1

1

7

Incentives accrued

$ 1,700

$ 100

Number of grid service purchase agreements | agreement

2

Number of PPAs approved

2

2

Number of GSPAs approved | entity

2

Number of power purchase agreements terminated | agreement

2

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

20

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

15

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

10

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

20

Potential total annual maximum reward

$ 1,500

Public utilities, grid services procurement performance incentive mechanism, accrued estimated rewards

40

Potential total annual maximum reward

3,000

Total annual maximum penalty

900

Interconnection approval PIM, accrued estimated rewards

3,000

Performance incentive mechanism, maximum reward

$ 2,000

Performance incentive mechanism, term

3 years

Performance incentive mechanism, accrued estimated rewards

$ 500

Target performance historical measurement period

10 years

Percent of return on equity

0.03%

Pending adjusted amount

$ 1,000

Target performance period

10 months

Target deadband period

2 months

Accrued earned rewards, net of penalties

3,400

Hawaiian Electric, Parent

Regulatory Projects and Legal Obligations [Line Items]

Public utilities retained percentage

20%

Accrued earned rewards, net of penalties

2,500

Hawaii Electric Light Company, Inc

Regulatory Projects and Legal Obligations [Line Items]

Accrued earned rewards, net of penalties

400

Maui Electric

Regulatory Projects and Legal Obligations [Line Items]

Accrued earned rewards, net of penalties

$ 500

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

Regulatory Projects and Legal Obligations [Line Items]

MPIR requested amount

$ 16,500

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

Regulatory Projects and Legal Obligations [Line Items]

MPIR requested amount

3,500

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

Regulatory Projects and Legal Obligations [Line Items]

MPIR requested amount

6,100

Waiawa UFLS Project | Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

EPRM requested amount

$ 100

Electric utility segment - Annu

Electric utility segment - Annual Decoupling Filings Summary (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Regulatory Projects and Legal Obligations [Line Items]
Incremental Performance Incentive Mechanisms (net)	$ (0.2)
Incremental EPRM/MPIR Revenue Adjustment	4.9
Other	0.5
Net incremental amount to be collected under the RBA rate tariffs	5.1
Hawaiian Electric, Parent
Regulatory Projects and Legal Obligations [Line Items]
Incremental Performance Incentive Mechanisms (net)	(0.4)
Incremental EPRM/MPIR Revenue Adjustment	2.5
Other	0.4
Net incremental amount to be collected under the RBA rate tariffs	2.5
Hawaii Electric Light
Regulatory Projects and Legal Obligations [Line Items]
Incremental Performance Incentive Mechanisms (net)	0.1
Incremental EPRM/MPIR Revenue Adjustment	1.4
Other	0.1
Net incremental amount to be collected under the RBA rate tariffs	1.5
Maui Electric
Regulatory Projects and Legal Obligations [Line Items]
Incremental Performance Incentive Mechanisms (net)	0.1
Incremental EPRM/MPIR Revenue Adjustment	1
Other	0
Net incremental amount to be collected under the RBA rate tariffs	$ 1.1

Electric utility segment - Re_2

Electric utility segment - Regulatory Assets for COVID-19 Related Costs (Details) - Hawaiian Electric Company, Inc. and Subsidiaries - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	Jun. 09, 2022	Dec. 31, 2021	Jun. 30, 2023
Regulatory Projects and Legal Obligations [Line Items]
Recovery of deferral costs	$ 27.8
Recovery of deferral costs period	3 years
COVID-19
Regulatory Projects and Legal Obligations [Line Items]
Customer bill forgiveness		$ 2
Public utilities in regulatory assets			$ 9.1

Electric utility segment - Army

Electric utility segment - Army Privatization (Details) - Hawaiian Electric Company, Inc. and Subsidiaries $ in Millions	Mar. 01, 2022 USD ($)	Oct. 30, 2020 USD ($) installation
Regulatory Projects and Legal Obligations [Line Items]
Public utilities, electric distribution system, contract period	50 years	50 years
Number of U.S. army installations being serviced | installation		12
Purchase price	$ 14.5
price of acquisition, expected		$ 4
Transition period	1 year
Capital upgrade over the period	6 years

Electric utility segment - Cond

Electric utility segment - Condensed Consolidating Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Income Statements, Captions [Line Items]
Revenues	$ 895,685		$ 895,607		$ 1,823,922	$ 1,680,675
Expenses
Total expenses	802,706		808,939		1,637,425	1,494,731
Operating income - bank	92,979		86,668		186,497	185,944
Allowance for equity funds used during construction	3,772		2,470		7,073	4,879
Retirement defined benefits credit (expense)—other than service costs	1,153		1,246		2,305	2,489
Allowance for borrowed funds used during construction	1,295		798		2,426	1,576
Income before income taxes	69,367		66,217		139,671	153,697
Income taxes	14,284		13,203		29,394	31,043
Net income attributable to Hawaiian Electric	55,083		53,014		110,277	122,654
Preferred stock dividends of Hawaiian Electric	473		473		946	946
Net income for common stock	54,610	$ 54,721	52,541	$ 69,167	109,331	121,708
Hawaiian Electric Consolidated
Condensed Income Statements, Captions [Line Items]
Revenues	794,191		818,873		1,624,552	1,527,665
Expenses
Fuel oil	280,157		269,655		614,254	490,941
Purchased power	168,434		218,085		321,195	381,618
Other operation and maintenance	136,360		124,892		264,676	250,149
Depreciation	60,689		58,739		121,616	117,210
Taxes, other than income taxes	74,926		76,348		153,311	142,998
Total expenses	720,566		747,719		1,475,052	1,382,916
Operating income - bank	73,625		71,154		149,500	144,749
Allowance for equity funds used during construction	3,772		2,470		7,073	4,879
Equity in earnings of subsidiaries	0		0		0	0
Retirement defined benefits credit (expense)—other than service costs	1,048		991		2,095	1,981
Interest expense and other charges, net	(20,872)		(18,800)		(41,118)	(37,126)
Allowance for borrowed funds used during construction	1,295		798		2,426	1,576
Income before income taxes	58,868		56,613		119,976	116,059
Income taxes	13,070		11,979		26,670	24,517
Net income	45,798		44,634		93,306	91,542
Preferred stock dividends of subsidiaries	229		229		458	458
Net income attributable to Hawaiian Electric	45,569		44,405		92,848	91,084
Preferred stock dividends of Hawaiian Electric	270		270		540	540
Net income for common stock	45,299	$ 47,009	44,135	$ 46,409	92,308	90,544
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric
Condensed Income Statements, Captions [Line Items]
Revenues	570,689		576,472		1,172,219	1,076,714
Expenses
Fuel oil	213,471		184,297		467,298	338,722
Purchased power	119,460		165,202		229,739	289,385
Other operation and maintenance	88,967		82,707		172,200	166,363
Depreciation	40,800		39,501		81,838	78,985
Taxes, other than income taxes	54,046		54,025		110,999	101,299
Total expenses	516,744		525,732		1,062,074	974,754
Operating income - bank	53,945		50,740		110,145	101,960
Allowance for equity funds used during construction	2,959		1,946		5,599	3,936
Equity in earnings of subsidiaries	11,414		12,237		22,955	25,898
Retirement defined benefits credit (expense)—other than service costs	905		856		1,809	1,711
Interest expense and other charges, net	(14,742)		(13,519)		(29,299)	(26,612)
Allowance for borrowed funds used during construction	1,030		637		1,948	1,288
Income before income taxes	55,511		52,897		113,157	108,181
Income taxes	9,942		8,492		20,309	17,097
Net income	45,569		44,405		92,848	91,084
Preferred stock dividends of subsidiaries	0		0		0	0
Net income attributable to Hawaiian Electric	45,569		44,405		92,848	91,084
Preferred stock dividends of Hawaiian Electric	270		270		540	540
Net income for common stock	45,299		44,135		92,308	90,544
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light
Condensed Income Statements, Captions [Line Items]
Revenues	112,074		124,502		227,362	233,030
Expenses
Fuel oil	20,471		33,065		48,231	58,316
Purchased power	37,246		38,735		71,332	69,447
Other operation and maintenance	21,666		21,331		43,016	41,545
Depreciation	10,636		10,352		21,271	20,703
Taxes, other than income taxes	10,389		11,378		21,126	21,410
Total expenses	100,408		114,861		204,976	211,421
Operating income - bank	11,666		9,641		22,386	21,609
Allowance for equity funds used during construction	354		217		638	410
Equity in earnings of subsidiaries	0		0		0	0
Retirement defined benefits credit (expense)—other than service costs	168		167		337	334
Interest expense and other charges, net	(2,975)		(2,642)		(5,806)	(5,251)
Allowance for borrowed funds used during construction	113		67		204	127
Income before income taxes	9,326		7,450		17,759	17,229
Income taxes	2,118		1,659		4,027	3,927
Net income	7,208		5,791		13,732	13,302
Preferred stock dividends of subsidiaries	133		133		267	267
Net income attributable to Hawaiian Electric	7,075		5,658		13,465	13,035
Preferred stock dividends of Hawaiian Electric	0		0		0	0
Net income for common stock	7,075		5,658		13,465	13,035
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric
Condensed Income Statements, Captions [Line Items]
Revenues	111,428		117,928		225,101	217,956
Expenses
Fuel oil	46,215		52,293		98,725	93,903
Purchased power	11,728		14,148		20,124	22,786
Other operation and maintenance	25,727		20,854		49,460	42,241
Depreciation	9,253		8,886		18,507	17,522
Taxes, other than income taxes	10,491		10,945		21,186	20,289
Total expenses	103,414		107,126		208,002	196,741
Operating income - bank	8,014		10,802		17,099	21,215
Allowance for equity funds used during construction	459		307		836	533
Equity in earnings of subsidiaries	0		0		0	0
Retirement defined benefits credit (expense)—other than service costs	(25)		(32)		(51)	(64)
Interest expense and other charges, net	(3,155)		(2,668)		(6,143)	(5,298)
Allowance for borrowed funds used during construction	152		94		274	161
Income before income taxes	5,445		8,503		12,015	16,547
Income taxes	1,010		1,828		2,334	3,493
Net income	4,435		6,675		9,681	13,054
Preferred stock dividends of subsidiaries	96		96		191	191
Net income attributable to Hawaiian Electric	4,339		6,579		9,490	12,863
Preferred stock dividends of Hawaiian Electric	0		0		0	0
Net income for common stock	4,339		6,579		9,490	12,863
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary
Condensed Income Statements, Captions [Line Items]
Revenues	0		0		0	0
Expenses
Fuel oil	0		0		0	0
Purchased power	0		0		0	0
Other operation and maintenance	0		0		0	0
Depreciation	0		0		0	0
Taxes, other than income taxes	0		0		0	0
Total expenses	0		0		0	0
Operating income - bank	0		0		0	0
Allowance for equity funds used during construction	0		0		0	0
Equity in earnings of subsidiaries	0		0		0	0
Retirement defined benefits credit (expense)—other than service costs	0		0		0	0
Interest expense and other charges, net	0		0		0	0
Allowance for borrowed funds used during construction	0		0		0	0
Income before income taxes	0		0		0	0
Income taxes	0		0		0	0
Net income	0		0		0	0
Preferred stock dividends of subsidiaries	0		0		0	0
Net income attributable to Hawaiian Electric	0		0		0	0
Preferred stock dividends of Hawaiian Electric	0		0		0	0
Net income for common stock	0		0		0	0
Hawaiian Electric Consolidated | Consolidating adjustments
Condensed Income Statements, Captions [Line Items]
Revenues	0		(29)		(130)	(35)
Expenses
Fuel oil	0		0		0	0
Purchased power	0		0		0	0
Other operation and maintenance	0		0		0	0
Depreciation	0		0		0	0
Taxes, other than income taxes	0		0		0	0
Total expenses	0		0		0	0
Operating income - bank	0		(29)		(130)	(35)
Allowance for equity funds used during construction	0		0		0	0
Equity in earnings of subsidiaries	(11,414)		(12,237)		(22,955)	(25,898)
Retirement defined benefits credit (expense)—other than service costs	0		0		0	0
Interest expense and other charges, net	0		29		130	35
Allowance for borrowed funds used during construction	0		0		0	0
Income before income taxes	(11,414)		(12,237)		(22,955)	(25,898)
Income taxes	0		0		0	0
Net income	(11,414)		(12,237)		(22,955)	(25,898)
Preferred stock dividends of subsidiaries	0		0		0	0
Net income attributable to Hawaiian Electric	(11,414)		(12,237)		(22,955)	(25,898)
Preferred stock dividends of Hawaiian Electric	0		0		0	0
Net income for common stock	$ (11,414)		$ (12,237)		$ (22,955)	$ (25,898)

Electric utility segment - Co_2

Electric utility segment - Condensed Consolidating Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Statement of Income Captions [Line Items]
Net income for common stock	$ 54,610	$ 54,721	$ 52,541	$ 69,167	$ 109,331	$ 121,708
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(357)		122		(714)	4,623
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	426		56		851	(4,269)
Other comprehensive income (loss), net of taxes	(7,609)	20,488	(87,840)	(117,159)	12,879	(204,999)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	47,001		(35,299)		122,210	(83,291)
Hawaiian Electric Consolidated
Condensed Statement of Income Captions [Line Items]
Net income for common stock	45,299	47,009	44,135	46,409	92,308	90,544
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(470)		(5)		(940)	4,371
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	426		56		851	(4,269)
Other comprehensive income (loss), net of taxes	(44)	$ (45)	51	$ 51	(89)	102
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	45,255		44,186		92,219	90,646
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric
Condensed Statement of Income Captions [Line Items]
Net income for common stock	45,299		44,135		92,308	90,544
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(470)		(5)		(940)	4,371
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	426		56		851	(4,269)
Other comprehensive income (loss), net of taxes	(44)		51		(89)	102
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	45,255		44,186		92,219	90,646
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light
Condensed Statement of Income Captions [Line Items]
Net income for common stock	7,075		5,658		13,465	13,035
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(55)		(72)		(111)	598
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	53		74		103	(596)
Other comprehensive income (loss), net of taxes	(2)		2		(8)	2
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	7,073		5,660		13,457	13,037
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric
Condensed Statement of Income Captions [Line Items]
Net income for common stock	4,339		6,579		9,490	12,863
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(66)		603		(129)	1,206
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	57		(602)		114	(1,205)
Other comprehensive income (loss), net of taxes	(9)		1		(15)	1
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	4,330		6,580		9,475	12,864
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary
Condensed Statement of Income Captions [Line Items]
Net income for common stock	0		0		0	0
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	0		0		0	0
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	0		0		0	0
Other comprehensive income (loss), net of taxes	0		0		0	0
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	0		0		0	0
Hawaiian Electric Consolidated | Consolidating adjustments
Condensed Statement of Income Captions [Line Items]
Net income for common stock	(11,414)		(12,237)		(22,955)	(25,898)
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	121		(531)		240	(1,804)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(110)		528		(217)	1,801
Other comprehensive income (loss), net of taxes	11		(3)		23	(3)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	$ (11,403)		$ (12,240)		$ (22,932)	$ (25,901)

Electric utility segment - Co_3

Electric utility segment - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Utility property, plant and equipment
Total property, plant and equipment, net	$ 5,868,408		$ 5,687,003
Current assets
Cash and cash equivalents	314,284		199,877	$ 159,672
Other long-term assets
Operating lease right-of-use assets	105,030		115,684
Total assets	16,519,309		16,284,244
Capitalization
Common stock equity	2,249,377	$ 2,237,955	2,202,499	2,233,504	$ 2,303,642	$ 2,390,884
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293		34,293
Current liabilities
Short-term borrowings	46,212		172,568
Interest and dividends payable	33,294		21,333
Deferred credits and other liabilities
Deferred income taxes	272,988		262,462
Total liabilities and shareholders’ equity	16,519,309		16,284,244
Hawaiian Electric Consolidated
Utility property, plant and equipment
Land	52,098		52,060
Plant and equipment	8,122,766		7,979,510
Financing lease right-of-use assets	124,372		48,371
Less accumulated depreciation	(3,178,967)		(3,086,499)
Construction in progress	338,052		275,353
Utility property, plant and equipment, net	5,458,321		5,268,795
Nonutility property, plant and equipment, less accumulated depreciation	6,944		6,945
Total property, plant and equipment, net	5,465,265		5,275,740
Investment in wholly owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	143,647		39,242	15,503
Advances to affiliates			0
Customer accounts receivable, net	209,194		288,338
Accrued unbilled revenues, net	154,355		183,280
Other accounts receivable, net	17,725		13,567
Fuel oil stock, at average cost	143,800		191,530
Materials and supplies, at average cost	91,155		79,568
Prepayments and other	41,880		33,482
Regulatory assets	77,237		52,273
Total current assets	878,993		881,280
Other long-term assets
Operating lease right-of-use assets	80,505		89,318
Regulatory assets	175,550		190,240
Other	161,280		160,889
Total other long-term assets	417,335		440,447
Total assets	6,761,593		6,597,467
Capitalization
Common stock equity	2,371,889	$ 2,358,884	2,344,170	2,289,595	$ 2,276,884	2,261,899
Preferred stock of subsidiaries - not subject to mandatory redemption	34,293		34,293
Long-term debt, net	1,734,530		1,584,854
Total capitalization	4,140,712		3,963,317
Current liabilities
Current portion of operating lease liabilities	17,709		19,095
Current portion of long-term debt	99,985		99,962
Accounts payable	210,632		202,492
Interest and dividends payable	21,367		17,176
Taxes accrued, including revenue taxes	252,937		289,902
Regulatory liabilities	25,938		31,475
Other	90,295		85,596
Total current liabilities	718,863		833,665
Deferred credits and other liabilities
Operating lease liabilities	70,465		78,715
Finance lease liabilities	119,006		46,048
Deferred income taxes	385,350		384,430
Regulatory liabilities	1,061,418		1,024,175
Unamortized tax credits	91,590		95,300
Defined benefit pension liability	49,016		49,748
Other	125,173		122,069
Total deferred credits and other liabilities	1,902,018		1,800,485
Total liabilities and shareholders’ equity	6,761,593		6,597,467
Hawaiian Electric Consolidated | Nonrelated Party
Current liabilities
Short-term borrowings	0		87,967
Hawaiian Electric Consolidated | Affiliated Entity
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric
Utility property, plant and equipment
Land	42,859		42,860
Plant and equipment	5,370,111		5,260,685
Financing lease right-of-use assets	88,297		48,371
Less accumulated depreciation	(1,921,855)		(1,855,150)
Construction in progress	256,266		215,560
Utility property, plant and equipment, net	3,835,678		3,712,326
Nonutility property, plant and equipment, less accumulated depreciation	5,297		5,298
Total property, plant and equipment, net	3,840,975		3,717,624
Investment in wholly owned subsidiaries, at equity	708,465		701,833
Current assets
Cash and cash equivalents	70,235		27,579	6,578
Advances to affiliates			0
Customer accounts receivable, net	147,065		216,802
Accrued unbilled revenues, net	113,069		136,508
Other accounts receivable, net	26,535		23,746
Fuel oil stock, at average cost	106,515		153,342
Materials and supplies, at average cost	53,681		48,130
Prepayments and other	32,621		24,040
Regulatory assets	70,932		46,504
Total current assets	620,653		676,651
Other long-term assets
Operating lease right-of-use assets	38,675		42,752
Regulatory assets	146,918		154,040
Other	114,318		115,028
Total other long-term assets	299,911		311,820
Total assets	5,470,004		5,407,928
Capitalization
Common stock equity	2,371,889		2,344,170	2,289,595		2,261,899
Preferred stock of subsidiaries - not subject to mandatory redemption	22,293		22,293
Long-term debt, net	1,226,714		1,126,915
Total capitalization	3,620,896		3,493,378
Current liabilities
Current portion of operating lease liabilities	8,128		9,775
Current portion of long-term debt	49,992		49,981
Accounts payable	158,400		143,253
Interest and dividends payable	15,126		12,398
Taxes accrued, including revenue taxes	180,089		207,798
Regulatory liabilities	9,325		13,145
Other	66,765		64,659
Total current liabilities	487,825		615,176
Deferred credits and other liabilities
Operating lease liabilities	37,657		41,049
Finance lease liabilities	83,642		46,048
Deferred income taxes	272,556		271,234
Regulatory liabilities	758,970		729,683
Unamortized tax credits	66,632		69,614
Defined benefit pension liability	65,923		65,907
Other	75,903		75,839
Total deferred credits and other liabilities	1,361,283		1,299,374
Total liabilities and shareholders’ equity	5,470,004		5,407,928
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric | Nonrelated Party
Current liabilities
Short-term borrowings			87,967
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric | Affiliated Entity
Current liabilities
Short-term borrowings			26,200
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light
Utility property, plant and equipment
Land	5,645		5,606
Plant and equipment	1,436,118		1,425,442
Financing lease right-of-use assets	36,075		0
Less accumulated depreciation	(657,127)		(644,457)
Construction in progress	33,118		23,989
Utility property, plant and equipment, net	853,829		810,580
Nonutility property, plant and equipment, less accumulated depreciation	115		115
Total property, plant and equipment, net	853,944		810,695
Investment in wholly owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	35,894		5,092	5,754
Advances to affiliates			4,500
Customer accounts receivable, net	32,293		39,339
Accrued unbilled revenues, net	20,474		23,839
Other accounts receivable, net	5,602		5,519
Fuel oil stock, at average cost	17,069		16,964
Materials and supplies, at average cost	12,304		9,783
Prepayments and other	5,082		6,346
Regulatory assets	2,789		2,435
Total current assets	131,507		113,817
Other long-term assets
Operating lease right-of-use assets	30,903		34,283
Regulatory assets	16,686		21,816
Other	33,129		32,654
Total other long-term assets	80,718		88,753
Total assets	1,066,169		1,013,265
Capitalization
Common stock equity	349,227		344,720	337,737		332,900
Preferred stock of subsidiaries - not subject to mandatory redemption	7,000		7,000
Long-term debt, net	249,370		224,439
Total capitalization	605,597		576,159
Current liabilities
Current portion of operating lease liabilities	6,861		6,690
Current portion of long-term debt	19,997		19,992
Accounts payable	23,919		32,113
Interest and dividends payable	3,271		2,576
Taxes accrued, including revenue taxes	37,077		42,436
Regulatory liabilities	7,599		8,553
Other	22,001		20,856
Total current liabilities	120,725		133,216
Deferred credits and other liabilities
Operating lease liabilities	24,343		27,817
Finance lease liabilities	35,364		0
Deferred income taxes	50,433		50,615
Regulatory liabilities	196,235		194,222
Unamortized tax credits	12,657		13,150
Defined benefit pension liability	0		129
Other	20,815		17,957
Total deferred credits and other liabilities	339,847		303,890
Total liabilities and shareholders’ equity	1,066,169		1,013,265
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light | Nonrelated Party
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light | Affiliated Entity
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric
Utility property, plant and equipment
Land	3,594		3,594
Plant and equipment	1,316,537		1,293,383
Financing lease right-of-use assets	0		0
Less accumulated depreciation	(599,985)		(586,892)
Construction in progress	48,668		35,804
Utility property, plant and equipment, net	768,814		745,889
Nonutility property, plant and equipment, less accumulated depreciation	1,532		1,532
Total property, plant and equipment, net	770,346		747,421
Investment in wholly owned subsidiaries, at equity	0		0
Current assets
Cash and cash equivalents	37,441		6,494	3,094
Advances to affiliates			21,700
Customer accounts receivable, net	29,836		32,197
Accrued unbilled revenues, net	20,812		22,933
Other accounts receivable, net	6,143		6,686
Fuel oil stock, at average cost	20,216		21,224
Materials and supplies, at average cost	25,170		21,655
Prepayments and other	4,475		4,137
Regulatory assets	3,516		3,334
Total current assets	147,609		140,360
Other long-term assets
Operating lease right-of-use assets	10,927		12,283
Regulatory assets	11,946		14,384
Other	30,740		29,495
Total other long-term assets	53,613		56,162
Total assets	971,568		943,943
Capitalization
Common stock equity	359,161		357,036	348,524		343,260
Preferred stock of subsidiaries - not subject to mandatory redemption	5,000		5,000
Long-term debt, net	258,446		233,500
Total capitalization	622,607		595,536
Current liabilities
Current portion of operating lease liabilities	2,720		2,630
Current portion of long-term debt	29,996		29,989
Accounts payable	28,313		27,126
Interest and dividends payable	2,970		2,282
Taxes accrued, including revenue taxes	36,069		40,709
Regulatory liabilities	9,014		9,777
Other	22,084		22,385
Total current liabilities	131,166		134,898
Deferred credits and other liabilities
Operating lease liabilities	8,465		9,849
Finance lease liabilities	0		0
Deferred income taxes	62,361		62,581
Regulatory liabilities	106,213		100,270
Unamortized tax credits	12,301		12,536
Defined benefit pension liability	0		0
Other	28,455		28,273
Total deferred credits and other liabilities	217,795		213,509
Total liabilities and shareholders’ equity	971,568		943,943
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric | Nonrelated Party
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric | Affiliated Entity
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary
Utility property, plant and equipment
Land	0		0
Plant and equipment	0		0
Financing lease right-of-use assets	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	77
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	77		77
Preferred stock of subsidiaries - 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
Current portion of long-term debt	0		0
Accounts payable	0		0
Interest and 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
Finance lease liabilities	0		0
Deferred income taxes	0		0
Regulatory liabilities	0		0
Unamortized tax credits	0		0
Defined benefit pension liability	0		0
Other	0		0
Total deferred credits and other liabilities	0		0
Total liabilities and shareholders’ equity	77		77
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary | Nonrelated Party
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary | Affiliated Entity
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Consolidating adjustments
Utility property, plant and equipment
Land	0		0
Plant and equipment	0		0
Financing lease right-of-use assets	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	(708,465)		(701,833)
Current assets
Cash and cash equivalents	0		0	0
Advances to affiliates			(26,200)
Customer accounts receivable, net	0		0
Accrued unbilled revenues, net	0		0
Other accounts receivable, net	(20,555)		(22,384)
Fuel oil stock, at average cost	0		0
Materials and supplies, at average cost	0		0
Prepayments and other	(298)		(1,041)
Regulatory assets	0		0
Total current assets	(20,853)		(49,625)
Other long-term assets
Operating lease right-of-use assets	0		0
Regulatory assets	0		0
Other	(16,907)		(16,288)
Total other long-term assets	(16,907)		(16,288)
Total assets	(746,225)		(767,746)
Capitalization
Common stock equity	(708,465)		(701,833)	$ (686,338)		$ (676,237)
Preferred stock of subsidiaries - not subject to mandatory redemption	0		0
Long-term debt, net	0		0
Total capitalization	(708,465)		(701,833)
Current liabilities
Current portion of operating lease liabilities	0		0
Current portion of long-term debt	0		0
Accounts payable	0		0
Interest and dividends payable	0		(80)
Taxes accrued, including revenue taxes	(298)		(1,041)
Regulatory liabilities	0		0
Other	(20,555)		(22,304)
Total current liabilities	(20,853)		(49,625)
Deferred credits and other liabilities
Operating lease liabilities	0		0
Finance lease liabilities	0		0
Deferred income taxes	0		0
Regulatory liabilities	0		0
Unamortized tax credits	0		0
Defined benefit pension liability	(16,907)		(16,288)
Other	0		0
Total deferred credits and other liabilities	(16,907)		(16,288)
Total liabilities and shareholders’ equity	$ (746,225)		(767,746)
Hawaiian Electric Consolidated | Consolidating adjustments | Nonrelated Party
Current liabilities
Short-term borrowings			0
Hawaiian Electric Consolidated | Consolidating adjustments | Affiliated Entity
Current liabilities
Short-term borrowings			$ (26,200)

Electric utility segment - Co_4

Electric utility segment - Condensed Consolidating Statement of Changes in Common Stock Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (decrease) in stockholders' equity
Beginning balance	$ 2,237,955	$ 2,202,499	$ 2,303,642	$ 2,390,884	$ 2,202,499	$ 2,390,884
Net income for common stock	54,610	54,721	52,541	69,167	109,331	121,708
Other comprehensive loss, net of taxes	(7,609)	20,488	(87,840)	(117,159)	12,879	(204,999)
Common stock dividends	(39,447)	(39,446)	(38,301)	(38,301)
Ending balance	2,249,377	2,237,955	2,233,504	2,303,642	2,249,377	2,233,504
Hawaiian Electric Consolidated
Increase (decrease) in stockholders' equity
Beginning balance	2,358,884	2,344,170	2,276,884	2,261,899	2,344,170	2,261,899
Net income for common stock	45,299	47,009	44,135	46,409	92,308	90,544
Other comprehensive loss, net of taxes	(44)	(45)	51	51	(89)	102
Common stock dividends	(32,250)	(32,250)	(31,475)	(31,475)	(64,500)	(62,950)
Ending balance	2,371,889	2,358,884	2,289,595	2,276,884	2,371,889	2,289,595
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric
Increase (decrease) in stockholders' equity
Beginning balance		2,344,170		2,261,899	2,344,170	2,261,899
Net income for common stock	45,299		44,135		92,308	90,544
Other comprehensive loss, net of taxes	(44)		51		(89)	102
Common stock dividends					(64,500)	(62,950)
Ending balance	2,371,889		2,289,595		2,371,889	2,289,595
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light
Increase (decrease) in stockholders' equity
Beginning balance		344,720		332,900	344,720	332,900
Net income for common stock	7,075		5,658		13,465	13,035
Other comprehensive loss, net of taxes	(2)		2		(8)	2
Common stock dividends					(8,950)	(8,200)
Ending balance	349,227		337,737		349,227	337,737
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric
Increase (decrease) in stockholders' equity
Beginning balance		357,036		343,260	357,036	343,260
Net income for common stock	4,339		6,579		9,490	12,863
Other comprehensive loss, net of taxes	(9)		1		(15)	1
Common stock dividends					(7,350)	(7,600)
Ending balance	359,161		348,524		359,161	348,524
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary
Increase (decrease) in stockholders' equity
Beginning balance		77		77	77	77
Net income for common stock	0		0		0	0
Other comprehensive loss, net of taxes	0		0		0	0
Ending balance	77		77		77	77
Hawaiian Electric Consolidated | Consolidating adjustments
Increase (decrease) in stockholders' equity
Beginning balance		$ (701,833)		$ (676,237)	(701,833)	(676,237)
Net income for common stock	(11,414)		(12,237)		(22,955)	(25,898)
Other comprehensive loss, net of taxes	11		(3)		23	(3)
Common stock dividends					16,300	15,800
Ending balance	$ (708,465)		$ (686,338)		$ (708,465)	$ (686,338)

Electric utility segment - Co_5

Electric utility segment - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net cash provided by operating activities	$ 371,617	$ 74,642
Cash flows from investing activities
Capital expenditures	(235,875)	(147,749)
Other	8,160	15,813
Net cash used in investing activities	(282,854)	(497,031)
Cash flows from financing activities
Common stock dividends	(78,893)	(76,602)
Proceeds from issuance of long-term debt	250,000	67,312
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(91,438)	70,019
Other	(1,662)	(318)
Net cash provided by (used in) financing activities	25,698	275,985
Net increase (decrease) in cash, cash equivalents and restricted cash	114,461	(146,404)
Cash, cash equivalents and restricted cash, beginning of period	204,927	311,462
Cash, cash equivalents and restricted cash, end of period	319,388	165,058
Less: Restricted cash	(5,104)	(5,386)	$ (5,050)
Cash and cash equivalents	314,284	159,672	199,877
Hawaiian Electric Consolidated
Cash flows from operating activities
Net cash provided by operating activities	336,145	44,150
Cash flows from investing activities
Capital expenditures	(230,149)	(140,245)
Advances to affiliates	0	0
Other	4,056	6,685
Net cash used in investing activities	(226,093)	(133,560)
Cash flows from financing activities
Common stock dividends	(64,500)	(62,950)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(998)	(998)
Proceeds from issuance of long-term debt	150,000	60,000
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(87,967)	54,987
Payments of obligations under finance leases	(1,339)	0
Other	(843)	(255)
Net cash provided by (used in) financing activities	(5,647)	50,784
Net increase (decrease) in cash, cash equivalents and restricted cash	104,405	(38,626)
Cash, cash equivalents and restricted cash, beginning of period	39,242	55,258
Cash, cash equivalents and restricted cash, end of period	143,647	16,632
Less: Restricted cash	0	(1,129)
Cash and cash equivalents	143,647	15,503	39,242
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaiian Electric
Cash flows from operating activities
Net cash provided by operating activities	274,412	25,367
Cash flows from investing activities
Capital expenditures	(152,823)	(87,892)
Advances to affiliates	0	(2,000)
Other	2,086	4,471
Net cash used in investing activities	(150,737)	(85,421)
Cash flows from financing activities
Common stock dividends	(64,500)	(62,950)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540)	(540)
Proceeds from issuance of long-term debt	100,000	40,000
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(114,167)	64,987
Payments of obligations under finance leases	(1,241)
Other	(571)	(169)
Net cash provided by (used in) financing activities	(81,019)	41,328
Net increase (decrease) in cash, cash equivalents and restricted cash	42,656	(18,726)
Cash, cash equivalents and restricted cash, beginning of period	27,579	26,433
Cash, cash equivalents and restricted cash, end of period	70,235	7,707
Less: Restricted cash		(1,129)
Cash and cash equivalents	70,235	6,578	27,579
Hawaiian Electric Consolidated | Reportable Legal Entities | Hawaii Electric Light
Cash flows from operating activities
Net cash provided by operating activities	43,352	19,742
Cash flows from investing activities
Capital expenditures	(33,512)	(23,638)
Advances to affiliates	4,500	0
Other	912	834
Net cash used in investing activities	(28,100)	(22,804)
Cash flows from financing activities
Common stock dividends	(8,950)	(8,200)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(267)	(267)
Proceeds from issuance of long-term debt	25,000	10,000
Net increase (decrease) in short-term borrowings with original maturities of three months or less	0	2,000
Payments of obligations under finance leases	(98)
Other	(135)	(43)
Net cash provided by (used in) financing activities	15,550	3,490
Net increase (decrease) in cash, cash equivalents and restricted cash	30,802	428
Cash, cash equivalents and restricted cash, beginning of period	5,092	5,326
Cash, cash equivalents and restricted cash, end of period	35,894	5,754
Less: Restricted cash		0
Cash and cash equivalents	35,894	5,754	5,092
Hawaiian Electric Consolidated | Reportable Legal Entities | Maui Electric
Cash flows from operating activities
Net cash provided by operating activities	34,681	14,841
Cash flows from investing activities
Capital expenditures	(43,814)	(28,715)
Advances to affiliates	21,700	(10,000)
Other	1,058	1,380
Net cash used in investing activities	(21,056)	(37,335)
Cash flows from financing activities
Common stock dividends	(7,350)	(7,600)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(191)	(191)
Proceeds from issuance of long-term debt	25,000	10,000
Net increase (decrease) in short-term borrowings with original maturities of three months or less	0	0
Payments of obligations under finance leases
Other	(137)	(43)
Net cash provided by (used in) financing activities	17,322	2,166
Net increase (decrease) in cash, cash equivalents and restricted cash	30,947	(20,328)
Cash, cash equivalents and restricted cash, beginning of period	6,494	23,422
Cash, cash equivalents and restricted cash, end of period	37,441	3,094
Less: Restricted cash		0
Cash and cash equivalents	37,441	3,094	6,494
Hawaiian Electric Consolidated | Reportable Legal Entities | Other subsidiary
Cash flows from operating activities
Net cash provided by operating activities	0	0
Cash flows from investing activities
Capital expenditures	0	0
Advances to 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 long-term debt	0	0
Net increase (decrease) in short-term borrowings with original maturities of three months or less	0	0
Payments of obligations under finance leases
Other	0	0
Net cash provided by (used in) 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	77
Cash, cash equivalents and restricted cash, end of period	77	77
Less: Restricted cash		0
Cash and cash equivalents	77	77	77
Hawaiian Electric Consolidated | Consolidating adjustments
Cash flows from operating activities
Net cash provided by operating activities	(16,300)	(15,800)
Cash flows from investing activities
Capital expenditures	0	0
Advances to affiliates	(26,200)	12,000
Other	0	0
Net cash used in investing activities	(26,200)	12,000
Cash flows from financing activities
Common stock dividends	16,300	15,800
Preferred stock dividends of Hawaiian Electric and subsidiaries	0	0
Proceeds from issuance of long-term debt	0	0
Net increase (decrease) in short-term borrowings with original maturities of three months or less	26,200	(12,000)
Payments of obligations under finance leases
Other	0	0
Net cash provided by (used in) financing activities	42,500	3,800
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
Cash and cash equivalents	$ 0	$ 0	$ 0

Bank segment - Income statement

Bank segment - Income statement data (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Noninterest income
Noninterest income	$ 790,988		$ 835,984		$ 1,613,372	$ 1,536,815
Noninterest expense
Income before income taxes	69,367		66,217		139,671	153,697
Income taxes	14,284		13,203		29,394	31,043
Net income attributable to Hawaiian Electric	55,083		53,014		110,277	122,654
Other comprehensive (loss) income, net of tax benefits	(7,609)	$ 20,488	(87,840)	$ (117,159)	12,879	(204,999)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	47,001		(35,299)		122,210	(83,291)
American Savings Bank (ASB)
Interest and dividend income
Interest and fees on loans	67,966		48,129		132,808	94,134
Interest and dividends on investment securities	13,775		14,693		28,412	28,677
Interest and dividend income	81,741		62,822		161,220	122,811
Interest expense
Interest on deposit liabilities	9,661		921		16,498	1,868
Interest on other borrowings	8,852		139		16,573	144
Total interest expense	18,513		1,060		33,071	2,012
Net interest income	63,228		61,762		128,149	120,799
Provision for credit losses	43		2,757		1,218	(506)
Net interest income after provision for credit losses	63,185		59,005		126,931	121,305
Noninterest income
Gain on sale of real estate	495		0		495	1,002
Total noninterest income	15,639		12,502		30,017	28,630
Noninterest expense
Compensation and employee benefits	29,394		27,666		59,598	54,881
Occupancy	5,539		5,467		11,127	11,419
Data processing	5,095		4,484		10,107	8,635
Services	2,689		2,522		5,284	4,961
Equipment	2,957		2,402		5,603	4,731
Office supplies, printing and postage	1,109		1,073		2,274	2,133
Marketing	834		934		1,850	1,952
Other expense	6,152		4,850		12,343	8,899
Noninterest expense	53,769		49,398		108,186	97,611
Income before income taxes	25,055		22,109		48,762	52,324
Income taxes	4,851		4,643		9,996	10,988
Net income attributable to Hawaiian Electric	20,204		17,466		38,766	41,336
Other comprehensive (loss) income, net of tax benefits	(7,210)		(88,835)		11,220	(211,276)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	12,994		(71,369)		49,986	(169,940)
American Savings Bank (ASB) | Fees from other financial services
Noninterest income
Noninterest income	5,009		4,716		9,688	10,303
American Savings Bank (ASB) | Fee income on deposit liabilities
Noninterest income
Noninterest income	4,504		4,552		9,103	9,243
American Savings Bank (ASB) | Fee income on other financial products
Noninterest income
Noninterest income	2,768		2,529		5,512	5,247
American Savings Bank (ASB) | Bank-owned life insurance
Noninterest income
Noninterest income	1,955		(142)		3,380	539
American Savings Bank (ASB) | Mortgage banking income
Noninterest income
Noninterest income	230		372		360	1,449
American Savings Bank (ASB) | Other income, net
Noninterest income
Noninterest income	$ 678		$ 475		$ 1,479	$ 847

Bank segment - Reconciliation o

Bank segment - Reconciliation of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Condensed Income Statements, Captions [Line Items]
Revenues	$ 895,685	$ 895,607	$ 1,823,922	$ 1,680,675
Less: Retirement defined benefits credit—other than service costs	(1,153)	(1,246)	(2,305)	(2,489)
Total expenses	802,706	808,939	1,637,425	1,494,731
Operating income - bank	92,979	86,668	186,497	185,944
Income before income taxes	69,367	66,217	139,671	153,697
American Savings Bank (ASB)
Condensed Income Statements, Captions [Line Items]
Interest and dividend income	81,741	62,822	161,220	122,811
Noninterest income	15,639	12,502	30,017	28,630
Less: Gain on sale of real estate	495	0	495	1,002
Revenues	96,885	75,324	190,742	150,439
Total interest expense	18,513	1,060	33,071	2,012
Provision for credit losses	43	2,757	1,218	(506)
Noninterest expense	53,769	49,398	108,186	97,611
Less: Retirement defined benefits credit—other than service costs	(187)	(186)	(374)	(371)
Total expenses	72,017	53,401	142,354	98,486
Operating income - bank	24,868	21,923	48,388	51,953
Income before income taxes	$ 25,055	$ 22,109	$ 48,762	$ 52,324

Bank segment - Balance Sheets D

Bank segment - Balance Sheets Data (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 314,284		$ 199,877	$ 159,672
Investment securities
Available-for-sale investment securities, at fair value	1,368,037		1,429,667
Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively)	1,224,917		1,251,747
Held-to-maturity investment securities	1,121,995
Stock in Federal Home Loan Bank, at cost	18,000		26,560
Allowance for credit losses	(69,068)	$ (71,296)	(72,216)	(69,456)	$ (67,211)	$ (71,130)
Loans held for investment, net	6,069,114		5,906,690
Loans held for sale, at lower of cost or fair value	6,910		824
Other assets	795,214		824,536
Goodwill	82,190		82,190
Total assets	16,519,309		16,284,244
Liabilities and shareholder’s equity
Other	747,179		787,057
Total liabilities	14,235,639		14,047,452
Retained earnings	876,268		845,830
Accumulated other comprehensive loss, net of tax benefits
Accumulated other comprehensive loss, net of tax benefits	(323,149)		(336,028)
Common stock equity	2,249,377	$ 2,237,955	2,202,499	$ 2,233,504	$ 2,303,642	$ 2,390,884
Total liabilities and shareholders’ equity	16,519,309		16,284,244
Other assets
Premises and equipment, net	5,868,408		5,687,003
Other assets	795,214		824,536
Other liabilities
Other liabilities	747,179		787,057
American Savings Bank (ASB)
Assets
Cash and due from banks	158,170		153,042
Interest-bearing deposits	9,958		3,107
Cash and cash equivalents	168,128		156,149
Investment securities
Available-for-sale investment securities, at fair value	1,368,037		1,429,667
Held-to-maturity, at amortized cost (fair value of $1,121,995 and $1,150,971, respectively)	1,224,917		1,251,747
Held-to-maturity investment securities	1,121,995		1,150,971
Stock in Federal Home Loan Bank, at cost	18,000		26,560
Loans held for investment	6,138,182		5,978,906
Allowance for credit losses	(69,068)		(72,216)
Loans held for investment, net	6,069,114		5,906,690
Loans held for sale, at lower of cost or fair value	6,910		824
Other assets	683,395		692,143
Goodwill	82,190		82,190
Total assets	9,620,691		9,545,970
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing	2,683,725		2,811,077
Deposit liabilities—interest-bearing	5,479,510		5,358,619
Other borrowings	750,000		695,120
Other	212,268		212,269
Total liabilities	9,125,503		9,077,085
Common stock	1		1
Additional paid-in capital	357,123		355,806
Retained earnings	463,459		449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	(315,917)		(328,904)
Retirement benefit plans	(9,478)		(7,711)
Accumulated other comprehensive loss, net of tax benefits	(325,395)		(336,615)
Common stock equity	495,188		468,885
Total liabilities and shareholders’ equity	9,620,691		9,545,970
Other assets
Bank-owned life insurance	183,833		182,986
Premises and equipment, net	192,070		195,324
Accrued interest receivable	27,136		25,077
Mortgage-servicing rights	8,495		9,047
Low-income housing investments	107,164		106,978
Deferred tax asset	112,345		116,441
Real estate acquired in settlement of loans, net	0		115
Other	52,352		56,175
Other assets	683,395		692,143
Other liabilities
Accrued expenses	98,664		97,295
Federal and state income taxes payable	187		863
Cashier’s checks	32,634		36,401
Advance payments by borrowers	10,800		9,637
Other	69,983		68,073
Other liabilities	$ 212,268		$ 212,269

Bank segment - Components of In

Bank segment - Components of Investment Securities (Details) $ in Thousands	Jun. 30, 2023 USD ($) issue	Dec. 31, 2022 USD ($) issue
Available-for-sale
Amortized cost	$ 1,608,897
Available-for-sale investment securities, at fair value	1,368,037	$ 1,429,667
Held-to-maturity
Held-to-maturity investment securities, at amortized cost	1,224,917	1,251,747
Held-to-maturity investment securities	1,121,995
American Savings Bank (ASB)
Available-for-sale
Amortized cost	1,608,897	1,678,205
Gross unrealized gains	0	0
Gross unrealized losses	(240,860)	(248,538)
Available-for-sale investment securities, at fair value	$ 1,368,037	$ 1,429,667
Gross unrealized losses, less than 12 months, number of issues | issue	8	129
Gross unrealized losses, less than 12 months, fair value	$ 36,332	$ 526,681
Gross unrealized losses, less than 12 months, amount	$ (3,863)	$ (61,147)
Gross unrealized losses, 12 months or longer, number of issues | issue	194	75
Gross unrealized losses, 12 months or longer, fair value	$ 1,317,075	$ 888,084
Gross unrealized losses, 12 months or more, amount	(236,997)	(187,391)
Held-to-maturity
Held-to-maturity investment securities, at amortized cost	1,224,917	1,251,747
Gross unrealized gains	2,449	2,670
Gross unrealized losses	(105,371)	(103,446)
Held-to-maturity investment securities	$ 1,121,995	$ 1,150,971
Less than 12 months, number of issues | issue	33	23
Less than 12 months, fair value	$ 322,971	$ 200,503
Less than 12 months, amount	$ (6,521)	$ (13,815)
12 months or longer, number of issues | issue	43	53
12 months or longer: fair value	$ 454,876	$ 601,792
12 months or longer, amount	(98,850)	(89,631)
U.S. Treasury and federal agency obligations | American Savings Bank (ASB)
Available-for-sale
Amortized cost	84,728	88,344
Gross unrealized gains	0	0
Gross unrealized losses	(6,981)	(7,281)
Available-for-sale investment securities, at fair value	$ 77,747	$ 81,063
Gross unrealized losses, less than 12 months, number of issues | issue	0	12
Gross unrealized losses, less than 12 months, fair value	$ 0	$ 41,201
Gross unrealized losses, less than 12 months, amount	$ 0	$ (2,120)
Gross unrealized losses, 12 months or longer, number of issues | issue	14	4
Gross unrealized losses, 12 months or longer, fair value	$ 77,747	$ 39,862
Gross unrealized losses, 12 months or more, amount	(6,981)	(5,161)
Held-to-maturity
Held-to-maturity investment securities, at amortized cost	59,906	59,894
Gross unrealized gains	0	0
Gross unrealized losses	(8,207)	(8,478)
Held-to-maturity investment securities	$ 51,699	$ 51,416
Less than 12 months, number of issues | issue	0	1
Less than 12 months, fair value	$ 0	$ 16,874
Less than 12 months, amount	$ 0	$ (3,222)
12 months or longer, number of issues | issue	3	2
12 months or longer: fair value	$ 51,699	$ 34,542
12 months or longer, amount	(8,207)	(5,256)
Mortgage-backed securities | American Savings Bank (ASB)
Available-for-sale
Amortized cost	1,465,232	1,530,582
Gross unrealized gains	0	0
Gross unrealized losses	(230,718)	(237,614)
Available-for-sale investment securities, at fair value	$ 1,234,514	$ 1,292,968
Gross unrealized losses, less than 12 months, number of issues | issue	8	113
Gross unrealized losses, less than 12 months, fair value	$ 36,332	$ 455,836
Gross unrealized losses, less than 12 months, amount	$ (3,863)	$ (56,999)
Gross unrealized losses, 12 months or longer, number of issues | issue	175	70
Gross unrealized losses, 12 months or longer, fair value	$ 1,198,182	$ 837,132
Gross unrealized losses, 12 months or more, amount	(226,855)	(180,615)
Held-to-maturity
Held-to-maturity investment securities, at amortized cost	1,165,011	1,191,853
Gross unrealized gains	2,449	2,670
Gross unrealized losses	(97,164)	(94,968)
Held-to-maturity investment securities	$ 1,070,296	$ 1,099,555
Less than 12 months, number of issues | issue	33	22
Less than 12 months, fair value	$ 322,971	$ 183,629
Less than 12 months, amount	$ (6,521)	$ (10,593)
12 months or longer, number of issues | issue	40	51
12 months or longer: fair value	$ 403,177	$ 567,250
12 months or longer, amount	(90,643)	(84,375)
Corporate bonds | American Savings Bank (ASB)
Available-for-sale
Amortized cost	44,307	44,377
Gross unrealized gains	0	0
Gross unrealized losses	(3,161)	(3,643)
Available-for-sale investment securities, at fair value	$ 41,146	$ 40,734
Gross unrealized losses, less than 12 months, number of issues | issue	0	4
Gross unrealized losses, less than 12 months, fair value	$ 0	$ 29,644
Gross unrealized losses, less than 12 months, amount	$ 0	$ (2,028)
Gross unrealized losses, 12 months or longer, number of issues | issue	5	1
Gross unrealized losses, 12 months or longer, fair value	$ 41,146	$ 11,090
Gross unrealized losses, 12 months or more, amount	(3,161)	(1,615)
Mortgage revenue bonds | American Savings Bank (ASB)
Available-for-sale
Amortized cost	14,630	14,902
Gross unrealized gains	0	0
Gross unrealized losses	0	0
Available-for-sale investment securities, at fair value	$ 14,630	$ 14,902
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	Jun. 30, 2023	Dec. 31, 2022
Available-for-sale
Due in one year or less	$ 2,213
Due after one year through five years	126,822
Due after five years through ten years	14,630
Due after ten years	0
Total amortized cost	143,665
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,465,232
Amortized cost	1,608,897
Held-to-maturity
Due in one year or less	0
Due after one year through five years	19,966
Due after five years through ten years	39,940
Due after ten years	0
Total amortized cost	59,906
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,165,011
Held-to-maturity investment securities, at amortized cost	1,224,917	$ 1,251,747
Available-for-sale
Due in one year or less	2,177
Due after one year through five years	116,716
Due after five years through ten years	14,630
Due after ten years	0
Total fair value	133,523
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,234,514
Available-for-sale investment securities, at fair value	1,368,037	$ 1,429,667
Held-to-maturity
Due in one year or less	0
Due after one year through five years	17,403
Due after five years through ten years	34,296
Due after ten years	0
Total fair value	51,699
Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies	1,070,296
Held-to-maturity investment securities	$ 1,121,995

Bank segment - Loans Receivable

Bank segment - Loans Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 6,168,406		$ 6,005,021
Less: Deferred fees and discounts	(30,224)		(26,115)
Allowance for credit losses	(69,068)	$ (71,296)	(72,216)	$ (69,456)	$ (67,211)	$ (71,130)
Loans held for investment, net	6,069,114		5,906,690
Real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	5,130,145		4,970,621
Real estate | Residential 1-4 family
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	2,548,160		2,479,637
Allowance for credit losses	(4,708)	(4,612)	(6,270)	(8,520)	(7,874)	(6,545)
Real estate | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,382,376		1,358,123
Allowance for credit losses	(20,278)	(22,701)	(21,898)	(20,900)	(20,176)	(24,696)
Real estate | Home equity line of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,035,099		1,002,905
Allowance for credit losses	(7,139)	(6,053)	(6,125)	(6,096)	(5,650)	(5,657)
Real estate | Residential land
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	21,226		20,679
Allowance for credit losses	(653)	(620)	(717)	(677)	(697)	(646)
Real estate | Commercial construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	128,748		88,489
Allowance for credit losses	(2,549)	(735)	(1,195)	(2,634)	(2,340)	(2,186)
Real estate | Residential construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	14,536		20,788
Allowance for credit losses	(26)	(28)	(46)	(46)	(31)	(18)
Commercial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	747,343		779,691
Allowance for credit losses	(11,358)	(11,936)	(12,426)	(12,413)	(14,314)	(15,798)
Consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	290,918		254,709
Allowance for credit losses	$ (22,357)	$ (24,611)	$ (23,539)	$ (18,170)	$ (16,129)	$ (15,584)

Bank segment - Narrative (Detai

Bank segment - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Allowance for credit losses
Other bank borrowings	$ 750,000		$ 695,120
American Savings Bank (ASB)
Allowance for credit losses
Minimum benchmark percentage of loan to appraisal ratio which mortgage insurance is required	80%
Minimum benchmark percentage of loan to appraisal ratio on non-owner occupied residential property	75%
Advances from the FHLB	$ 200,000		414,000
American Savings Bank (ASB) | Federal Reserve Bank Advances
Allowance for credit losses
Other bank borrowings	550,000		$ 0
Home equity line of credit
Allowance for credit losses
Conversion of debt	14,900	$ 10,000
Commercial
Allowance for credit losses
Conversion of debt	2,000	1,000
Consumer
Allowance for credit losses
Conversion of debt	$ 900	$ 1,700

Bank segment - Allowance for Cr

Bank segment - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for credit losses:
Beginning balance	$ 71,296	$ 67,211	$ 72,216	$ 71,130
Charge-offs	(3,203)	(1,517)	(6,625)	(3,075)
Recoveries	1,132	1,505	2,459	2,907
Provision for credit losses	(157)	2,257	1,018	(1,506)
Ending balance	69,068	69,456	69,068	69,456
Real estate | Residential 1-4 family
Allowance for credit losses:
Beginning balance	4,612	7,874	6,270	6,545
Charge-offs	(181)	0	(990)	0
Recoveries	2	3	6	11
Provision for credit losses	275	643	(578)	1,964
Ending balance	4,708	8,520	4,708	8,520
Real estate | Commercial real estate
Allowance for credit losses:
Beginning balance	22,701	20,176	21,898	24,696
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for credit losses	(2,423)	724	(1,620)	(3,796)
Ending balance	20,278	20,900	20,278	20,900
Real estate | Home equity line of credit
Allowance for credit losses:
Beginning balance	6,053	5,650	6,125	5,657
Charge-offs	(297)	0	(360)	0
Recoveries	17	31	34	42
Provision for credit losses	1,366	415	1,340	397
Ending balance	7,139	6,096	7,139	6,096
Real estate | Residential land
Allowance for credit losses:
Beginning balance	620	697	717	646
Charge-offs	0	0	0	0
Recoveries	3	96	3	101
Provision for credit losses	30	(116)	(67)	(70)
Ending balance	653	677	653	677
Real estate | Commercial construction
Allowance for credit losses:
Beginning balance	735	2,340	1,195	2,186
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for credit losses	1,814	294	1,354	448
Ending balance	2,549	2,634	2,549	2,634
Real estate | Residential construction
Allowance for credit losses:
Beginning balance	28	31	46	18
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for credit losses	(2)	15	(20)	28
Ending balance	26	46	26	46
Commercial
Allowance for credit losses:
Beginning balance	11,936	14,314	12,426	15,798
Charge-offs	(157)	(148)	(384)	(224)
Recoveries	206	399	604	752
Provision for credit losses	(627)	(2,152)	(1,288)	(3,913)
Ending balance	11,358	12,413	11,358	12,413
Consumer
Allowance for credit losses:
Beginning balance	24,611	16,129	23,539	15,584
Charge-offs	(2,568)	(1,369)	(4,891)	(2,851)
Recoveries	904	976	1,812	2,001
Provision for credit losses	(590)	2,434	1,897	3,436
Ending balance	$ 22,357	$ 18,170	$ 22,357	$ 18,170

Bank segment - Allowance for Lo

Bank segment - Allowance for Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for loan commitments:
Beginning balance	$ 4,400	$ 5,400	$ 4,400	$ 4,900
Provision	200	500	200	1,000
Ending balance	4,600	5,900	4,600	5,900
Real estate | Home equity line of credit
Allowance for loan commitments:
Beginning balance	400	400	400	400
Provision	200	0	200	0
Ending balance	600	400	600	400
Real estate | Commercial construction
Allowance for loan commitments:
Beginning balance	2,600	3,600	2,600	3,700
Provision	1,200	500	1,200	400
Ending balance	3,800	4,100	3,800	4,100
Commercial
Allowance for loan commitments:
Beginning balance	1,400	1,400	1,400	800
Provision	(1,200)	0	(1,200)	600
Ending balance	$ 200	$ 1,400	$ 200	$ 1,400

Bank segment - Credit Risk Prof

Bank segment - Credit Risk Profile - Payment Activity and Assigned Grades (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Credit risk profile by internally assigned grade for loans
Current year	$ 343,498		$ 343,498		$ 1,296,473
One year before current year	1,246,790		1,246,790		1,220,751
Two years before current year	1,157,568		1,157,568		808,953
Three years before current year	784,745		784,745		296,592
Four years before current year	255,109		255,109		164,815
Prior	1,169,175		1,169,175		1,077,705
Revolving	1,140,509		1,140,509		1,077,634
Converted to term loans	71,012		71,012		62,098
Total	6,168,406		6,168,406		6,005,021
Gross charge-offs	3,203	$ 1,517	6,625	$ 3,075
Real estate
Credit risk profile by internally assigned grade for loans
Total	5,130,145		5,130,145		4,970,621
Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
Current year	145,486		145,486		432,707
One year before current year	418,635		418,635		755,056
Two years before current year	748,251		748,251		423,723
Three years before current year	413,204		413,204		113,096
Four years before current year	109,756		109,756		53,117
Prior	712,828		712,828		701,938
Revolving	0		0		0
Converted to term loans	0		0		0
Total	2,548,160		2,548,160		2,479,637
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			0
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			990
Charge offs revolving loans			0
Charge offs converted to term loans			0
Gross charge-offs	181	0	990	0
Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	982,866		982,866		961,030
Converted to term loans	52,233		52,233		41,875
Total	1,035,099		1,035,099		1,002,905
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			0
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			0
Charge offs revolving loans			77
Charge offs converted to term loans			283
Gross charge-offs	297	0	360	0
Real estate | Residential land
Credit risk profile by internally assigned grade for loans
Current year	3,073		3,073		5,245
One year before current year	5,231		5,231		9,010
Two years before current year	8,270		8,270		5,222
Three years before current year	3,664		3,664		203
Four years before current year	0		0		522
Prior	988		988		477
Revolving	0		0		0
Converted to term loans	0		0		0
Total	21,226		21,226		20,679
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			0
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			0
Charge offs revolving loans			0
Charge offs converted to term loans			0
Gross charge-offs	0	0	0	0
Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
Current year	1,370		1,370		7,986
One year before current year	9,967		9,967		11,624
Two years before current year	3,199		3,199		1,178
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	14,536		14,536		20,788
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			0
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			0
Charge offs revolving loans			0
Charge offs converted to term loans			0
Gross charge-offs	0	0	0	0
Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Current year	55,586		55,586		390,206
One year before current year	391,965		391,965		188,380
Two years before current year	188,937		188,937		287,432
Three years before current year	279,442		279,442		103,322
Four years before current year	92,837		92,837		63,084
Prior	365,251		365,251		317,464
Revolving	8,358		8,358		8,235
Converted to term loans	0		0		0
Total	1,382,376		1,382,376		1,358,123
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			0
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			0
Charge offs revolving loans			0
Charge offs converted to term loans			0
Gross charge-offs	0	0	0	0
Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Current year	1,980		1,980		15,094
One year before current year	14,970		14,970		47,478
Two years before current year	60,602		60,602		44
Three years before current year	65		65		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	51,131		51,131		25,873
Converted to term loans	0		0		0
Total	128,748		128,748		88,489
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			0
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			0
Charge offs revolving loans			0
Charge offs converted to term loans			0
Gross charge-offs	0	0	0	0
Consumer
Credit risk profile by internally assigned grade for loans
Current year	75,852		75,852		202,061
One year before current year	179,061		179,061		21,885
Two years before current year	15,069		15,069		5,733
Three years before current year	3,347		3,347		8,132
Four years before current year	2,423		2,423		604
Prior	263		263		140
Revolving	10,516		10,516		10,956
Converted to term loans	4,387		4,387		5,198
Total	290,918		290,918		254,709
Charge offs current year			460
Charge offs one year prior of origination year			2,976
Charge offs two years prior of origination year			643
Charge offs three years prior of origination year			106
Charge offs four years prior of origination year			283
Charge offs more than five years prior of origination year			35
Charge offs revolving loans			142
Charge offs converted to term loans			246
Gross charge-offs	2,568	1,369	4,891	2,851
Commercial
Credit risk profile by internally assigned grade for loans
Current year	60,151		60,151		243,174
One year before current year	226,961		226,961		187,318
Two years before current year	133,240		133,240		85,621
Three years before current year	85,023		85,023		71,839
Four years before current year	50,093		50,093		47,488
Prior	89,845		89,845		57,686
Revolving	87,638		87,638		71,540
Converted to term loans	14,392		14,392		15,025
Total	747,343		747,343		779,691
Charge offs current year			0
Charge offs one year prior of origination year			0
Charge offs two years prior of origination year			51
Charge offs three years prior of origination year			0
Charge offs four years prior of origination year			0
Charge offs more than five years prior of origination year			0
Charge offs revolving loans			124
Charge offs converted to term loans			209
Gross charge-offs	157	$ 148	384	$ 224
Pass | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Current year	50,165		50,165		390,206
One year before current year	391,965		391,965		177,130
Two years before current year	177,687		177,687		283,321
Three years before current year	276,039		276,039		51,542
Four years before current year	51,699		51,699		63,084
Prior	335,469		335,469		278,280
Revolving	8,358		8,358		8,235
Converted to term loans	0		0		0
Total	1,291,382		1,291,382		1,251,798
Pass | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Current year	1,980		1,980		15,094
One year before current year	14,970		14,970		47,478
Two years before current year	60,602		60,602		44
Three years before current year	65		65		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	51,131		51,131		25,873
Converted to term loans	0		0		0
Total	128,748		128,748		88,489
Pass | Commercial
Credit risk profile by internally assigned grade for loans
Current year	60,151		60,151		239,852
One year before current year	223,817		223,817		185,013
Two years before current year	131,123		131,123		85,220
Three years before current year	84,694		84,694		68,161
Four years before current year	46,411		46,411		46,142
Prior	85,210		85,210		53,192
Revolving	76,926		76,926		60,871
Converted to term loans	13,197		13,197		13,964
Total	721,529		721,529		752,415
Special Mention | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		11,250
Two years before current year	11,250		11,250		3,446
Three years before current year	3,403		3,403		40,423
Four years before current year	29,784		29,784		0
Prior	21,069		21,069		24,466
Revolving	0		0		0
Converted to term loans	0		0		0
Total	65,506		65,506		79,585
Special Mention | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Special Mention | Commercial
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	989		989		0
Three years before current year	0		0		2,374
Four years before current year	2,434		2,434		0
Prior	0		0		645
Revolving	9,784		9,784		9,005
Converted to term loans	0		0		8
Total	13,207		13,207		12,032
Substandard | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Current year	5,421		5,421		0
One year before current year	0		0		0
Two years before current year	0		0		665
Three years before current year	0		0		11,357
Four years before current year	11,354		11,354		0
Prior	8,713		8,713		14,718
Revolving	0		0		0
Converted to term loans	0		0		0
Total	25,488		25,488		26,740
Substandard | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Substandard | Commercial
Credit risk profile by internally assigned grade for loans
Current year	0		0		3,322
One year before current year	3,144		3,144		2,305
Two years before current year	1,128		1,128		401
Three years before current year	329		329		1,304
Four years before current year	1,248		1,248		1,346
Prior	4,635		4,635		3,849
Revolving	928		928		1,664
Converted to term loans	1,195		1,195		1,053
Total	12,607		12,607		15,244
Doubtful | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Doubtful | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Doubtful | Commercial
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Current | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
Current year	145,486		145,486		432,707
One year before current year	418,635		418,635		755,056
Two years before current year	748,251		748,251		423,455
Three years before current year	413,204		413,204		113,096
Four years before current year	109,756		109,756		51,860
Prior	710,451		710,451		698,354
Revolving	0		0		0
Converted to term loans	0		0		0
Total	2,545,783		2,545,783		2,474,528
Current | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	981,266		981,266		959,131
Converted to term loans	51,857		51,857		40,814
Total	1,033,123		1,033,123		999,945
Current | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
Current year	3,073		3,073		5,245
One year before current year	5,231		5,231		9,010
Two years before current year	8,270		8,270		5,222
Three years before current year	3,664		3,664		203
Four years before current year	0		0		522
Prior	988		988		477
Revolving	0		0		0
Converted to term loans	0		0		0
Total	21,226		21,226		20,679
Current | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
Current year	1,370		1,370		7,986
One year before current year	9,967		9,967		11,624
Two years before current year	3,199		3,199		1,178
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	14,536		14,536		20,788
Current | Consumer
Credit risk profile by internally assigned grade for loans
Current year	75,489		75,489		199,574
One year before current year	175,654		175,654		21,330
Two years before current year	14,671		14,671		5,543
Three years before current year	3,209		3,209		7,580
Four years before current year	2,207		2,207		527
Prior	256		256		140
Revolving	10,274		10,274		10,810
Converted to term loans	4,069		4,069		4,782
Total	285,829		285,829		250,286
30-59 days past due
Credit risk profile by internally assigned grade for loans
Total	3,850		3,850		5,959
30-59 days past due | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		448
Prior	223		223		1,098
Revolving	0		0		0
Converted to term loans	0		0		0
Total	223		223		1,546
30-59 days past due | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	773		773		1,103
Converted to term loans	0		0		209
Total	773		773		1,312
30-59 days past due | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
30-59 days past due | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
30-59 days past due | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Total	472		472		508
30-59 days past due | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Total	0		0		0
30-59 days past due | Consumer
Credit risk profile by internally assigned grade for loans
Current year	249		249		1,110
One year before current year	1,577		1,577		287
Two years before current year	244		244		65
Three years before current year	67		67		239
Four years before current year	72		72		30
Prior	1		1		0
Revolving	58		58		81
Converted to term loans	69		69		167
Total	2,337		2,337		1,979
30-59 days past due | Commercial
Credit risk profile by internally assigned grade for loans
Total	45		45		614
60-89 days past due
Credit risk profile by internally assigned grade for loans
Total	2,524		2,524		2,343
60-89 days past due | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		268
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	236		236		90
Revolving	0		0		0
Converted to term loans	0		0		0
Total	236		236		358
60-89 days past due | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	485		485		209
Converted to term loans	120		120		226
Total	605		605		435
60-89 days past due | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
60-89 days past due | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
60-89 days past due | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Total	0		0		217
60-89 days past due | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Total	0		0		0
60-89 days past due | Consumer
Credit risk profile by internally assigned grade for loans
Current year	74		74		756
One year before current year	922		922		163
Two years before current year	85		85		88
Three years before current year	40		40		137
Four years before current year	65		65		19
Prior	1		1		0
Revolving	88		88		45
Converted to term loans	57		57		107
Total	1,332		1,332		1,315
60-89 days past due | Commercial
Credit risk profile by internally assigned grade for loans
Total	351		351		18
Greater than 89 days past due
Credit risk profile by internally assigned grade for loans
Total	4,316		4,316		5,624
Greater than 89 days past due | Real estate | Residential 1-4 family
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		809
Prior	1,918		1,918		2,396
Revolving	0		0		0
Converted to term loans	0		0		0
Total	1,918		1,918		3,205
Greater than 89 days past due | Real estate | Home equity line of credit
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	342		342		587
Converted to term loans	256		256		626
Total	598		598		1,213
Greater than 89 days past due | Real estate | Residential land
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Greater than 89 days past due | Real estate | Residential construction
Credit risk profile by internally assigned grade for loans
Current year	0		0		0
One year before current year	0		0		0
Two years before current year	0		0		0
Three years before current year	0		0		0
Four years before current year	0		0		0
Prior	0		0		0
Revolving	0		0		0
Converted to term loans	0		0		0
Total	0		0		0
Greater than 89 days past due | Real estate | Commercial real estate
Credit risk profile by internally assigned grade for loans
Total	0		0		0
Greater than 89 days past due | Real estate | Commercial construction
Credit risk profile by internally assigned grade for loans
Total	0		0		0
Greater than 89 days past due | Consumer
Credit risk profile by internally assigned grade for loans
Current year	40		40		621
One year before current year	908		908		105
Two years before current year	69		69		37
Three years before current year	31		31		176
Four years before current year	79		79		28
Prior	5		5		0
Revolving	96		96		20
Converted to term loans	192		192		142
Total	1,420		1,420		1,129
Greater than 89 days past due | Commercial
Credit risk profile by internally assigned grade for loans
Total	$ 380		$ 380		$ 77

Bank segment - Credit Risk Pr_2

Bank segment - Credit Risk Profile - Payment Activity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Credit risk profile based on payment activity for loans
Total financing receivables	$ 6,168,406	$ 6,005,021
Amortized cost> 90 days and accruing	0	0
Real estate
Credit risk profile based on payment activity for loans
Total financing receivables	5,130,145	4,970,621
Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total financing receivables	2,548,160	2,479,637
Amortized cost> 90 days and accruing	0	0
Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Total financing receivables	1,382,376	1,358,123
Amortized cost> 90 days and accruing	0	0
Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Total financing receivables	1,035,099	1,002,905
Amortized cost> 90 days and accruing	0	0
Real estate | Residential land
Credit risk profile based on payment activity for loans
Total financing receivables	21,226	20,679
Amortized cost> 90 days and accruing	0	0
Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Total financing receivables	128,748	88,489
Amortized cost> 90 days and accruing	0	0
Real estate | Residential construction
Credit risk profile based on payment activity for loans
Total financing receivables	14,536	20,788
Amortized cost> 90 days and accruing	0	0
Commercial
Credit risk profile based on payment activity for loans
Total financing receivables	747,343	779,691
Amortized cost> 90 days and accruing	0	0
Consumer
Credit risk profile based on payment activity for loans
Total financing receivables	290,918	254,709
Amortized cost> 90 days and accruing	0	0
30-59 days past due
Credit risk profile based on payment activity for loans
Total financing receivables	3,850	5,959
30-59 days past due | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total financing receivables	223	1,546
30-59 days past due | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Total financing receivables	472	508
30-59 days past due | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Total financing receivables	773	1,312
30-59 days past due | Real estate | Residential land
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
30-59 days past due | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
30-59 days past due | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
30-59 days past due | Commercial
Credit risk profile based on payment activity for loans
Total financing receivables	45	614
30-59 days past due | Consumer
Credit risk profile based on payment activity for loans
Total financing receivables	2,337	1,979
60-89 days past due
Credit risk profile based on payment activity for loans
Total financing receivables	2,524	2,343
60-89 days past due | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total financing receivables	236	358
60-89 days past due | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Total financing receivables	0	217
60-89 days past due | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Total financing receivables	605	435
60-89 days past due | Real estate | Residential land
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
60-89 days past due | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
60-89 days past due | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
60-89 days past due | Commercial
Credit risk profile based on payment activity for loans
Total financing receivables	351	18
60-89 days past due | Consumer
Credit risk profile based on payment activity for loans
Total financing receivables	1,332	1,315
Greater than 90 days
Credit risk profile based on payment activity for loans
Total financing receivables	4,316	5,624
Greater than 90 days | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total financing receivables	1,918	3,205
Greater than 90 days | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Greater than 90 days | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Total financing receivables	598	1,213
Greater than 90 days | Real estate | Residential land
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Greater than 90 days | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Greater than 90 days | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Greater than 90 days | Commercial
Credit risk profile based on payment activity for loans
Total financing receivables	380	77
Greater than 90 days | Consumer
Credit risk profile based on payment activity for loans
Total financing receivables	1,420	1,129
Total past due
Credit risk profile based on payment activity for loans
Total financing receivables	10,690	13,926
Total past due | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total financing receivables	2,377	5,109
Total past due | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Total financing receivables	472	725
Total past due | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Total financing receivables	1,976	2,960
Total past due | Real estate | Residential land
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Total past due | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Total past due | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Total financing receivables	0	0
Total past due | Commercial
Credit risk profile based on payment activity for loans
Total financing receivables	776	709
Total past due | Consumer
Credit risk profile based on payment activity for loans
Total financing receivables	5,089	4,423
Current
Credit risk profile based on payment activity for loans
Total financing receivables	6,157,716	5,991,095
Current | Real estate | Residential 1-4 family
Credit risk profile based on payment activity for loans
Total financing receivables	2,545,783	2,474,528
Current | Real estate | Commercial real estate
Credit risk profile based on payment activity for loans
Total financing receivables	1,381,904	1,357,398
Current | Real estate | Home equity line of credit
Credit risk profile based on payment activity for loans
Total financing receivables	1,033,123	999,945
Current | Real estate | Residential land
Credit risk profile based on payment activity for loans
Total financing receivables	21,226	20,679
Current | Real estate | Commercial construction
Credit risk profile based on payment activity for loans
Total financing receivables	128,748	88,489
Current | Real estate | Residential construction
Credit risk profile based on payment activity for loans
Total financing receivables	14,536	20,788
Current | Commercial
Credit risk profile based on payment activity for loans
Total financing receivables	746,567	778,982
Current | Consumer
Credit risk profile based on payment activity for loans
Total financing receivables	$ 285,829	$ 250,286

Bank segment - Credit Risk Pr_3

Bank segment - Credit Risk Profile - Nonaccrual Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Credit risk profile based on nonaccrual loans
With a Related ACL	$ 9,978	$ 12,043
Without a Related ACL	3,290	4,423
Total	13,268	16,466
Real estate | Residential 1-4 family
Credit risk profile based on nonaccrual loans
With a Related ACL	2,016	4,198
Without a Related ACL	2,550	2,981
Total	4,566	7,179
Real estate | Commercial real estate
Credit risk profile based on nonaccrual loans
With a Related ACL	0	0
Without a Related ACL	0	0
Total	0	0
Real estate | Home equity line of credit
Credit risk profile based on nonaccrual loans
With a Related ACL	4,528	3,654
Without a Related ACL	740	1,442
Total	5,268	5,096
Real estate | Residential land
Credit risk profile based on nonaccrual loans
With a Related ACL	107	420
Without a Related ACL	0	0
Total	107	420
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
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
Commercial
Credit risk profile based on nonaccrual loans
With a Related ACL	1,241	2,183
Without a Related ACL	0	0
Total	1,241	2,183
Consumer
Credit risk profile based on nonaccrual loans
With a Related ACL	2,086	1,588
Without a Related ACL	0	0
Total	$ 2,086	$ 1,588

Bank segment - Credit Risk Pr_4

Bank segment - Credit Risk Profile - Troubled Debt Restructured Loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	$ 30,130
Real estate | Residential 1-4 family
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	8,821
Real estate | Commercial real estate
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	9,477
Real estate | Home equity line of credit
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	4,404
Real estate | Residential land
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	782
Real estate | Commercial construction
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	0
Real estate | Residential construction
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	0
Commercial
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	6,596
Consumer
Financing Receivable, Modified [Line Items]
Total troubled debt restructured loans accruing interest	$ 50

Bank segment - Loan Modificatio

Bank segment - Loan Modifications (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) contract	Jun. 30, 2022 USD ($) contract
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	1	1
Financing receivables modifications pre modification recorded investment	$ 381	$ 381
Related allowance	$ 135	$ 135
Residential 1-4 family
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	1	1
Financing receivables modifications pre modification recorded investment	$ 381	$ 381
Related allowance	$ 135	$ 135
Commercial real estate
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Home equity line of credit
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Residential land
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Commercial construction
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Residential construction
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Commercial loans
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0
Consumer loans
Financing Receivable, Modified [Line Items]
Financing receivable, modifications, number of contracts | contract	0	0
Financing receivables modifications pre modification recorded investment	$ 0	$ 0
Related allowance	$ 0	$ 0

Bank segment - Troubled Debt Re

Bank segment - Troubled Debt Restructuring Narrative (Details) - Troubled debt restructurings real estate loans - USD ($)	3 Months Ended
	Jun. 30, 2022	Dec. 31, 2022
Financing Receivable, Impaired [Line Items]
Financing receivable modifications minimum, period of payment default of loans determined to be TDRs (in days)	90 days
Commitments to lend additional funds to borrows with impaired or modified loans		$ 0

Bank segment - Collateral - Dep

Bank segment - Collateral - Dependent loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Consumer mortgage loans collateralized by residential real estate property in foreclosure process	$ 3,300	$ 4,200
Residential real estate property | Real estate | Residential 1-4 family
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	2,712	3,959
Residential real estate property | Real estate | Home equity line of credit
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	740	1,425
Collateral pledged
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	3,832	5,384
Collateral pledged | Real estate
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	3,452	5,384
Business assets | Commercial
Financing Receivable, Nonaccrual [Line Items]
Collateral-dependent loans, amortized cost	$ 380	$ 0

Bank segment - Mortgage Servici

Bank segment - Mortgage Servicing Rights (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($) loan	Dec. 31, 2022 USD ($)
Servicing contracts
Prepayment rate:
25 basis points adverse rate change	$ (72)		$ (72)		$ (92)
50 basis points adverse rate change	(169)		(169)		(214)
Discount rate:
25 basis points adverse rate change	(191)		(191)		(182)
50 basis points adverse rate change	(378)		$ (378)		(361)
American Savings Bank (ASB)
Servicing Asset at Amortized Cost [Line Items]
Number of mortgage loans repurchased | loan			0	0
Mortgage service fees	900	$ 900	$ 1,800	$ 1,800
Mortgage servicing rights
Servicing asset - beginning balance			9,047
Servicing asset - ending balance	8,495		8,495
American Savings Bank (ASB) | Residential loan
Servicing Asset at Amortized Cost [Line Items]
Proceeds from sale of residential loans	8,900	38,700	14,600	114,300
Gain on sale of mortgage loans	300	300	400	1,400
American Savings Bank (ASB) | Servicing contracts
Changes in Carrying Value of MSRs
Gross carrying amount	17,953		17,953		19,544
Accumulated amortization	(9,458)		(9,458)		(10,497)
Valuation allowance	0	0	0	0	0
Net carrying amount	8,495	9,696	8,495	9,696	9,047
Mortgage servicing rights
Servicing asset - beginning balance	8,745	10,024	9,047	9,950
Amount capitalized	84	204	135	923
Amortization	(334)	(532)	(687)	(1,177)
Other-than-temporary impairment	0	0	0	0
Servicing asset - ending balance	8,495	9,696	8,495	9,696
Valuation allowance for mortgage servicing rights
Valuation allowance, beginning balance	0	0	0	0
Provision	0	0	0	0
Other-than-temporary impairment	0	0	0	0
Valuation allowance, ending balance	0	$ 0	0	$ 0
Unpaid principal balance	$ 1,414,845		$ 1,414,845		$ 1,451,322
American Savings Bank (ASB) | Servicing contracts | Weighted average note rate
Valuation allowance for mortgage servicing rights
Weighted average measurement input	0.0340		0.0340		0.0338
American Savings Bank (ASB) | Servicing contracts | Weighted average discount rate
Valuation allowance for mortgage servicing rights
Weighted average measurement input	0.1000		0.1000		0.1000
American Savings Bank (ASB) | Servicing contracts | Weighted average prepayment speed
Valuation allowance for mortgage servicing rights
Weighted average measurement input	0.0628		0.0628		0.0656

Bank segment - Other Borrowings

Bank segment - Other Borrowings (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Offsetting Liabilities [Line Items]
Other bank borrowings	$ 750,000	$ 695,120
Gross amount  of recognized  liabilities	0	281,000
Gross amount  offset in the  Balance Sheets	0	0
Net amount of liabilities presented in the Balance Sheets	0	281,000
Commercial account holders
Offsetting Liabilities [Line Items]
Net amount of liabilities presented in the Balance Sheets	0	281,000
Financial instruments	0	327,000
Cash collateral pledged	0	0
American Savings Bank (ASB)
Offsetting Liabilities [Line Items]
Advances from the FHLB	200,000	414,000
American Savings Bank (ASB) | Federal Reserve Bank Advances
Offsetting Liabilities [Line Items]
Other bank borrowings	$ 550,000	$ 0

Bank segment - Derivative Finan

Bank segment - Derivative Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Derivative instrument
Derivative, gain (loss), statement of income or comprehensive income	Revenues	Revenues	Revenues	Revenues
Derivative Financial Instruments Not Designated as Hedging Instruments
Derivative instrument
Asset derivatives	$ 139		$ 139		$ 27
Liability derivatives	0		0		0
Net gains (losses) recognized in the Statement of Income	108	$ (79)	112	$ (556)
Interest rate lock commitments
Derivative instrument
Notional amount	11,810		11,810		1,720
Fair value	88		88		9
Interest rate lock commitments | Derivative Financial Instruments Not Designated as Hedging Instruments
Derivative instrument
Asset derivatives	88		88		9
Liability derivatives	0		0		0
Net gains (losses) recognized in the Statement of Income	62	62	79	(593)
Forward commitments
Derivative instrument
Notional amount	9,500		9,500		1,500
Fair value	51		51		18
Forward commitments | Derivative Financial Instruments Not Designated as Hedging Instruments
Derivative instrument
Asset derivatives	51		51		18
Liability derivatives	0		0		$ 0
Net gains (losses) recognized in the Statement of Income	$ 46	$ (141)	$ 33	$ 37

Bank segment - Contingencies (D

Bank segment - Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
American Savings Bank (ASB)
Loss Contingencies [Line Items]
Unfunded commitments to fund the company's LIHTC	$ 77.1	$ 70.1

Credit agreement and changes _3

Credit agreement and changes in debt - Narrative (Details)	May 14, 2023 USD ($) extensionOption institution	Feb. 18, 2022 USD ($) extensionOption	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Mar. 16, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 28, 2022 USD ($)	Oct. 20, 2022 USD ($)	May 14, 2021 USD ($) institution
HEI Facility
Credit agreement
Credit agreement	$ 175,000,000								$ 175,000,000
Credit agreement, remaining borrowing capacity	157,000,000
HEI Facility | Senior Notes
Credit agreement
Aggregate principal amount					$ 100,000,000
Hawaiian Electric Facility
Credit agreement
Credit agreement	200,000,000
Credit agreement, remaining borrowing capacity	$ 180,000,000
Hawaiian Electric Company, Inc. and Subsidiaries | Credit Facilities
Credit agreement
Number of financial institutions | institution	8								9
Line of credit outstanding			$ 0			$ 0
Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Facility
Credit agreement
Credit agreement		$ 200,000,000							$ 200,000,000
Number of extension options | extensionOption	2	2
Extension period	1 year	1 year
Extended maximum borrowing capacity		$ 275,000,000
Hawaiian Electric, Parent | Term Loan
Credit agreement
Line of credit outstanding				$ 65,000,000			$ 35,000,000
Aggregate principal amount								$ 100,000,000
Hawaiian Electric, Parent | Term Loan | SOFR
Credit agreement
Effective interest rate				5.81%

Credit agreement and changes _4

Credit agreement and changes in debt - HEI Private Placement (Details) - Senior Notes	Jun. 30, 2023 USD ($)
Series 2023A
Debt Instrument [Line Items]
Aggregate principal amount	$ 39,000,000
Fixed coupon interest rate	6.04%
Series 2023B
Debt Instrument [Line Items]
Aggregate principal amount	$ 61,000,000
Fixed coupon interest rate	6.10%

Credit agreement and changes _5

Credit agreement and changes in debt - Note Purchase Agreements (Details) - Senior Notes - USD ($)	Jun. 30, 2023	Jan. 10, 2023
Series 2023A
Debt Instrument [Line Items]
Aggregate principal amount	$ 39,000,000
Fixed coupon interest rate	6.04%
Series 2023A | Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Aggregate principal amount		$ 90,000,000
Series 2023A | Hawaiian Electric, Parent
Debt Instrument [Line Items]
Aggregate principal amount		$ 40,000,000
Fixed coupon interest rate		6.11%
Series 2023A | Hawaii Electric Light Company, Inc
Debt Instrument [Line Items]
Aggregate principal amount		$ 25,000,000
Fixed coupon interest rate		6.25%
Series 2023A | Maui Electric
Debt Instrument [Line Items]
Aggregate principal amount		$ 25,000,000
Fixed coupon interest rate		6.25%
Series 2023B
Debt Instrument [Line Items]
Aggregate principal amount	$ 61,000,000
Fixed coupon interest rate	6.10%
Series 2023B | Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Aggregate principal amount		$ 40,000,000
Series 2023B | Hawaiian Electric, Parent
Debt Instrument [Line Items]
Aggregate principal amount		$ 40,000,000
Fixed coupon interest rate		6.25%
Series 2023C | Hawaiian Electric Company, Inc. and Subsidiaries
Debt Instrument [Line Items]
Aggregate principal amount		$ 20,000,000
Series 2023C | Hawaiian Electric, Parent
Debt Instrument [Line Items]
Aggregate principal amount		$ 20,000,000
Fixed coupon interest rate		6.70%

Shareholders' equity - Accumula

Shareholders' equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 2,237,955	$ 2,202,499	$ 2,303,642	$ 2,390,884	$ 2,202,499	$ 2,390,884
Current period other comprehensive income (loss)	(7,609)	20,488	(87,840)	(117,159)	12,879	(204,999)
Ending balance	2,249,377	2,237,955	2,233,504	2,303,642	2,249,377	2,233,504
AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(315,540)	(336,028)	(169,692)	(52,533)	(336,028)	(52,533)
Current period other comprehensive income (loss)	(7,609)	20,488	(87,840)	(117,159)
Ending balance	(323,149)	(315,540)	(257,532)	(169,692)	(323,149)	(257,532)
Net unrealized gains (losses) on securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(328,904)		(32,037)	(328,904)	(32,037)
Current period other comprehensive income (loss)					12,987	(209,264)
Ending balance	(315,917)		(241,301)		(315,917)	(241,301)
Unrealized gains (losses) on derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		1,991		(3,638)	1,991	(3,638)
Current period other comprehensive income (loss)					(245)	3,911
Ending balance	1,746		273		1,746	273
Retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(9,115)		(16,858)	(9,115)	(16,858)
Current period other comprehensive income (loss)					137	354
Ending balance	(8,978)		(16,504)		(8,978)	(16,504)
Hawaiian Electric Company, Inc. and Subsidiaries
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,358,884	2,344,170	2,276,884	2,261,899	2,344,170	2,261,899
Current period other comprehensive income (loss)	(44)	(45)	51	51	(89)	102
Ending balance	2,371,889	2,358,884	2,289,595	2,276,884	2,371,889	2,289,595
Hawaiian Electric Company, Inc. and Subsidiaries | AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	2,816	2,861	(3,229)	(3,280)	2,861	(3,280)
Current period other comprehensive income (loss)	(44)	(45)	51	51
Ending balance	2,772	2,816	(3,178)	(3,229)	2,772	(3,178)
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		$ 2,861		$ (3,280)	2,861	(3,280)
Current period other comprehensive income (loss)					(89)	102
Ending balance	$ 2,772		$ (3,178)		$ 2,772	$ (3,178)

Shareholders' equity - Reclassi

Shareholders' equity - Reclassification out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	$ (895,685)	$ (895,607)	$ (1,823,922)	$ (1,680,675)
Interest expense	29,832	24,965	58,630	49,314
Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	3,710	231	7,407	462
Hawaiian Electric Company, Inc. and Subsidiaries
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	(794,191)	(818,873)	(1,624,552)	(1,527,665)
Total reclassifications	(45,798)	(44,634)	(93,306)	(91,542)
Hawaiian Electric Company, Inc. and Subsidiaries | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	(44)	51	(89)	102
Net unrealized gains (losses) on available-for sale investment securities - amortization of unrealized holding losses on held-to-maturity securities | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Revenues	3,689	0	7,366	0
Net realized losses (gains) on derivatives qualifying as cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Interest expense	(48)	53	(96)	108
Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	(357)	122	(714)	4,623
Amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost | Hawaiian Electric Company, Inc. and Subsidiaries | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	(470)	(5)	(940)	4,371
Impact of D&Os of the PUC included in regulatory assets | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	426	56	851	(4,269)
Impact of D&Os of the PUC included in regulatory assets | Hawaiian Electric Company, Inc. and Subsidiaries | Reclassification out of Accumulated Other Comprehensive Income
Reclassifications out of accumulated other comprehensive income/(loss)
Total reclassifications	$ 426	$ 56	$ 851	$ (4,269)

Revenues (Details)

Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	$ 790,988	$ 835,984	$ 1,613,372	$ 1,536,815
Total revenues from other sources	104,697	59,623	210,550	143,860
Revenues	895,685	895,607	1,823,922	1,680,675
Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,281	11,797	24,303	24,793
Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	778,707	824,187	1,589,069	1,512,022
Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	239,867	259,433	495,417	484,007
Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	250,108	264,701	504,578	484,298
Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	279,811	293,847	570,789	534,970
Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,483	4,873	9,940	6,299
Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,281	11,797	24,303	24,793
Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,438	1,333	8,345	2,448
Regulatory revenue
Disaggregation of Revenue [Line Items]
Total revenues from other sources	9,039	(11,428)	24,643	1,458
Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	81,741	62,822	161,220	122,811
Other bank noninterest income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	2,863	705	5,219	2,835
Other
Disaggregation of Revenue [Line Items]
Total revenues from other sources	11,054	7,524	19,468	16,756
Electric utility
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	774,269	822,854	1,580,724	1,509,574
Total revenues from other sources	19,922	(3,981)	43,828	18,091
Revenues	794,191	818,873	1,624,552	1,527,665
Electric utility | Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Electric utility | Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	774,269	822,854	1,580,724	1,509,574
Electric utility | Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	239,867	259,433	495,417	484,007
Electric utility | Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	250,108	264,701	504,578	484,298
Electric utility | Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	279,811	293,847	570,789	534,970
Electric utility | Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,483	4,873	9,940	6,299
Electric utility | Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Electric utility | Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Electric utility | Regulatory revenue
Disaggregation of Revenue [Line Items]
Total revenues from other sources	9,039	(11,428)	24,643	1,458
Electric utility | Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Electric utility | Other bank noninterest income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Electric utility | Other
Disaggregation of Revenue [Line Items]
Total revenues from other sources	10,883	7,447	19,185	16,633
Bank
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,281	11,797	24,303	24,793
Total revenues from other sources	84,604	63,527	166,439	125,646
Revenues	96,885	75,324	190,742	150,439
Bank | Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,281	11,797	24,303	24,793
Bank | Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank | Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank | Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank | Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank | Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank | Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	12,281	11,797	24,303	24,793
Bank | Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Bank | Regulatory revenue
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Bank | Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	81,741	62,822	161,220	122,811
Bank | Other bank noninterest income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	2,863	705	5,219	2,835
Bank | Other
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,438	1,333	8,345	2,448
Total revenues from other sources	171	77	283	123
Revenues	4,609	1,410	8,628	2,571
Other | Services/goods transferred at a point in time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Services/goods transferred over time
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,438	1,333	8,345	2,448
Other | Electric energy sales - residential
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Electric energy sales - commercial
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Electric energy sales - large light and power
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Electric energy sales - other
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Bank fees
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	0	0	0	0
Other | Other sales
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers	4,438	1,333	8,345	2,448
Other | Regulatory revenue
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Other | Bank interest and dividend income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Other | Other bank noninterest income
Disaggregation of Revenue [Line Items]
Total revenues from other sources	0	0	0	0
Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from other sources	$ 171	$ 77	$ 283	$ 123

Retirement benefits - Narrative

Retirement benefits - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Retirement benefits
Contributions made to defined benefit plans	$ 4	$ 21
Contributions expected to be paid in current year	8		$ 43
Expected payments for remainder of fiscal year	3		2
Retirement benefits expense	$ 22	24
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	$ 4.2	4.1
Cash contributions by the employer to defined contribution plan	5	3.5
Hawaiian Electric Company, Inc. and Subsidiaries
Retirement benefits
Contributions made to defined benefit plans	4	20
Contributions expected to be paid in current year	8		42
Expected payments for remainder of fiscal year	1		$ 1
Retirement benefits expense	22	23
Defined contribution plan, expenses recognized	2.6	1.8
Cash contributions by the employer to defined contribution plan	$ 2.6	$ 1.8

Retirement benefits - Component

Retirement benefits - Components of Net Periodic Benefit Cost for Consolidated HEI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension benefits
Defined Benefit Plan
Service cost	$ 11,396	$ 19,823	$ 22,792	$ 39,647
Interest cost	25,622	19,810	51,243	39,621
Expected return on plan assets	(35,197)	(35,331)	(70,392)	(70,664)
Amortization of net prior period gain	0	0	0	0
Amortization of net actuarial (gain) losses	189	6,297	377	12,594
Net periodic pension/benefit cost (return)	2,010	10,599	4,020	21,198
Impact of PUC D&Os	18,133	9,552	36,266	19,103
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)	20,143	20,151	40,286	40,301
Other benefits
Defined Benefit Plan
Service cost	343	657	687	1,313
Interest cost	2,157	1,638	4,314	3,275
Expected return on plan assets	(3,405)	(3,398)	(6,810)	(6,795)
Amortization of net prior period gain	(219)	(232)	(438)	(464)
Amortization of net actuarial (gain) losses	(449)	(3)	(898)	(6)
Net periodic pension/benefit cost (return)	(1,573)	(1,338)	(3,145)	(2,677)
Impact of PUC D&Os	1,424	1,217	2,849	2,436
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)	(149)	(121)	(296)	(241)
Hawaiian Electric Company, Inc. and Subsidiaries | Pension benefits
Defined Benefit Plan
Service cost	11,018	19,317	22,037	38,635
Interest cost	23,699	18,461	47,397	36,923
Expected return on plan assets	(32,971)	(33,545)	(65,943)	(67,091)
Amortization of net prior period gain	0	0	0	0
Amortization of net actuarial (gain) losses	18	6,125	37	12,250
Net periodic pension/benefit cost (return)	1,764	10,358	3,528	20,717
Impact of PUC D&Os	18,133	9,552	36,266	19,103
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)	19,897	19,910	39,794	39,820
Hawaiian Electric Company, Inc. and Subsidiaries | Other benefits
Defined Benefit Plan
Service cost	340	649	680	1,298
Interest cost	2,063	1,572	4,126	3,145
Expected return on plan assets	(3,354)	(3,345)	(6,707)	(6,692)
Amortization of net prior period gain	(218)	(231)	(436)	(462)
Amortization of net actuarial (gain) losses	(433)	0	(867)	0
Net periodic pension/benefit cost (return)	(1,602)	(1,355)	(3,204)	(2,711)
Impact of PUC D&Os	1,424	1,217	2,849	2,436
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)	$ (178)	$ (138)	$ (355)	$ (275)

Share-based compensation - Narr

Share-based compensation - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Mar. 01, 2014	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation
Income tax benefit from compensation expense		$ 800,000	$ 800,000	$ 1,100,000	$ 1,100,000
Restricted stock units
Share-based compensation
Fair value of vested stock				3,700,000	4,000,000
Income tax benefit from compensation expense				800,000	600,000
Unrecognized share based compensation		6,500,000		$ 6,500,000
Weighted average period for recognition of unrecognized compensation cost (in years)				2 years
Long-term Incentive Plan
Share-based compensation
Payment award, low end of range				0%
Payment award, high end of range				200%
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	800,000
Income tax benefit from compensation expense					100,000
Unrecognized share based compensation		2,100,000		$ 2,100,000
Weighted average period for recognition of unrecognized compensation cost (in years)				1 year 6 months
LTIP awards linked to other performance conditions
Share-based compensation
Fair value of vested stock				$ 2,900,000	3,200,000
Income tax benefit from compensation expense				600,000	$ 400,000
Unrecognized share based compensation		$ 6,500,000		$ 6,500,000
Weighted average period for recognition of unrecognized compensation cost (in years)				1 year 4 months 24 days
Equity and Incentive Plan
Share-based compensation
Number of additional shares authorized (in shares)	1,500,000
Shares available for future issuance (in shares)		2,700,000		2,700,000
Number of share issuable upon vesting and achievement of performance goals (in shares)		700,000		700,000
Nonemployee Director Stock Plan
Share-based compensation
Shares available for future grant (in shares)		168,177		168,177

Share-based compensation - Shar

Share-based compensation - Share-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation
Share-based compensation expense	$ 3.9	$ 3.5	$ 5.9	$ 5.6
Income tax benefit	0.8	0.8	1.1	1.1
Hawaiian Electric Company, Inc. and Subsidiaries
Share-based compensation
Share-based compensation expense	1.1	1	1.7	1.6
Income tax benefit	$ 0.2	$ 0.3	$ 0.4	$ 0.4

Share-based compensation - Comm

Share-based compensation - Common Stock Granted to Nonemployee Directors (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based compensation
Income tax benefit	$ 0.8	$ 0.8	$ 1.1	$ 1.1
Common stock
Share-based compensation
Shares granted (in shares)	38,941	34,755	40,450	34,755
Fair value	$ 1.4	$ 1.4	$ 1.5	$ 1.4
Income tax benefit	$ 0.4	$ 0.4	$ 0.4	$ 0.4

Share-based compensation - Chan

Share-based compensation - Changes in Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted stock units
Shares
Outstanding, beginning of period (in shares)	202,133	208,345	182,528	233,448
Granted (in shares)	0	2,008	100,088	98,463
Vested (in shares)	(1,035)	(1,034)	(81,112)	(91,414)
Forfeited (in shares)	(1,968)	(366)	(2,374)	(31,544)
Outstanding, end of period (in shares)	199,130	208,953	199,130	208,953
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$ 0	$ 0.1	$ 4.2	$ 4.1
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 41.25	$ 39.71	$ 39.75	$ 38.10
Granted (in dollars per share)	0	42.15	42.41	41.31
Vested (in dollars per share)	44.31	44.31	39.37	37.65
Forfeited (in dollars per share)	42.49	38.07	41.79	38.77
Outstanding, end of period (in dollars per share)	$ 41.22	$ 39.71	$ 41.22	$ 39.71
LTIP linked to TRS
Shares
Outstanding, beginning of period (in shares)	80,006	76,340	71,574	90,974
Granted (in shares)	0	390	27,123	26,469
Vested (in shares)	0	0	(18,691)	(29,042)
Forfeited (in shares)	(722)	0	(722)	(11,671)
Outstanding, end of period (in shares)	79,284	76,730	79,284	76,730
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$ 0	$ 0	$ 1.5	$ 1.5
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 50.27	$ 47.70	$ 47.67	$ 42.86
Granted (in dollars per share)	0	54.92	55.98	54.92
Vested (in dollars per share)	0	0	48.62	41.07
Forfeited (in dollars per share)	48.92	0	48.92	42.60
Outstanding, end of period (in dollars per share)	$ 50.28	$ 47.74	$ 50.28	$ 47.74
LTIP awards linked to other performance conditions
Shares
Outstanding, beginning of period (in shares)	355,310	292,151	309,589	306,342
Granted (in shares)	0	1,560	108,499	105,860
Vested (in shares)	0	0	(62,778)	(71,807)
Increase above target (in shares)	6,001	0	6,001	0
Forfeited (in shares)	(3,834)	0	(3,834)	(46,684)
Outstanding, end of period (in shares)	357,477	293,711	357,477	293,711
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$ 0	$ 0.1	$ 4.6	$ 4.4
Weighted-average grant-date fair value per share
Outstanding, beginning of period (in dollars per share)	$ 38.87	$ 39.89	$ 39.50	$ 38.42
Granted (in dollars per share)	0	42.37	42.41	41.31
Vested (in dollars per share)	0	0	48.07	37.68
Increase above target (in dollars per share)	36.08	0	36.08	0
Forfeited (in dollars per share)	43.53	0	43.53	36.77
Outstanding, end of period (in dollars per share)	$ 38.78	$ 39.91	$ 38.78	$ 39.91

Share-based compensation - Fair

Share-based compensation - Fair Value Assumptions (Details) - LTIP linked to TRS - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	4.19%	1.71%
Expected life in years	3 years	3 years
Expected volatility	33.10%	31%
Range of expected volatility for Peer Group, minimum rate	28.70%	25.40%
Range of expected volatility for Peer Group, maximum rate	38.80%	76.70%
Grant date fair value (in dollars per share)	$ 55.98	$ 54.92

Income taxes (Details)

Income taxes (Details)	6 Months Ended
	Jun. 30, 2023
Income Tax Contingency [Line Items]
Effective income tax, percent	21%
Hawaiian Electric Company, Inc. and Subsidiaries
Income Tax Contingency [Line Items]
Effective income tax, percent	22%

Cash flows (Details)

Cash flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	$ 75	$ 47
Income taxes paid (including refundable credits)	28	14
Income taxes refunded (including refundable credits)	1	2
Supplemental disclosures of noncash activities
Estimated fair value of noncash contributions in aid of construction (investing)	6	1
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	50	25
Increase related to an acquisition (investing)	0	15
Right-of-use assets obtained in exchange for finance lease obligations (financing)	76	0
Right-of-use assets obtained in exchange for operating lease obligations (investing)	1	40
Common stock issued (gross) for director and executive/management compensation (financing)	8	9
Obligations to fund low income housing investments (investing)	7	0
Loans transferred from held for investment to held for sale (investing)	72	0
Transfer of retail repurchase agreements to deposit liabilities (financing)	98	0
Hawaiian Electric Company, Inc. and Subsidiaries
Supplemental disclosures of cash flow information
Interest paid to non-affiliates, net of amounts capitalized	33	34
Income taxes paid (including refundable credits)	38	27
Income taxes refunded (including refundable credits)	2	0
Supplemental disclosures of noncash activities
Estimated fair value of noncash contributions in aid of construction (investing)	6	1
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing)	49	22
Increase related to an acquisition (investing)	0	15
Right-of-use assets obtained in exchange for finance lease obligations (financing)	76	0
Right-of-use assets obtained in exchange for operating lease obligations (investing)	$ 0	$ 37

Fair value measurements - Carry

Fair value measurements - Carrying or Notional Amount, Fair Value and Placement in the Fair Value Hierarchy of the Company’s Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial assets
Available-for-sale investment securities	$ 1,368,037	$ 1,429,667
Held-to-maturity investment securities	1,121,995
Financial liabilities
Short-term borrowings	46,212	172,568
Other bank borrowings	750,000	695,120
Carrying or notional amount
Financial assets
Available-for-sale investment securities	1,368,037	1,429,667
Held-to-maturity investment securities	1,224,917	1,251,747
Loans, net	6,076,024	5,907,514
Mortgage servicing rights	8,495	9,047
Derivative assets	31,944	16,220
Financial liabilities
Deposit liabilities	815,538	611,718
Short-term borrowings	46,212	172,568
Other bank borrowings	750,000	695,120
Long-term debt, net	2,572,375	2,384,980
Derivative liabilities	22,949	22,949
Carrying or notional amount | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings		87,967
Long-term debt, net	1,834,515	1,684,816
Estimated fair value
Financial assets
Available-for-sale investment securities	1,368,037	1,429,667
Held-to-maturity investment securities	1,121,995	1,150,971
Loans, net	5,634,680	5,454,202
Mortgage servicing rights	18,127	17,646
Derivative assets	1,342	1,348
Financial liabilities
Deposit liabilities	799,873	597,617
Short-term borrowings	46,212	172,568
Other bank borrowings	741,357	695,095
Long-term debt, net	2,351,288	2,122,605
Derivative liabilities	540	472
Estimated fair value | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings		87,967
Long-term debt, net	1,671,739	1,487,496
Estimated fair value | Quoted prices in active markets for identical assets (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	51	18
Financial liabilities
Deposit liabilities	0	0
Short-term borrowings	0	0
Other bank borrowings	0	0
Long-term debt, net	0	0
Derivative liabilities	0	0
Estimated fair value | Quoted prices in active markets for identical assets (Level 1) | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings		0
Long-term debt, net	0	0
Estimated fair value | Significant  other observable  inputs (Level 2)
Financial assets
Available-for-sale investment securities	1,353,407	1,414,765
Held-to-maturity investment securities	1,121,995	1,150,971
Loans, net	6,906	821
Mortgage servicing rights	0	0
Derivative assets	1,291	1,330
Financial liabilities
Deposit liabilities	799,873	597,617
Short-term borrowings	46,212	172,568
Other bank borrowings	741,357	695,095
Long-term debt, net	2,351,288	2,122,605
Derivative liabilities	540	472
Estimated fair value | Significant  other observable  inputs (Level 2) | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings		87,967
Long-term debt, net	1,671,739	1,487,496
Estimated fair value | Significant unobservable inputs (Level 3)
Financial assets
Available-for-sale investment securities	14,630	14,902
Held-to-maturity investment securities	0	0
Loans, net	5,627,774	5,453,381
Mortgage servicing rights	18,127	17,646
Derivative assets	0	0
Financial liabilities
Deposit liabilities	0	0
Short-term borrowings	0	0
Other bank borrowings	0	0
Long-term debt, net	0	0
Derivative liabilities	0	0
Estimated fair value | Significant unobservable inputs (Level 3) | Hawaiian Electric Company, Inc. and Subsidiaries
Financial liabilities
Short-term borrowings		0
Long-term debt, net	$ 0	$ 0

Fair value measurements - Asset

Fair value measurements - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair value measurements on a recurring basis
Available-for-sale investment securities	$ 1,368,037	$ 1,429,667
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1)
Derivative assets
Derivative assets	51	18
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Bank | Interest rate lock commitments
Derivative assets
Derivative assets	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Bank | Forward commitments
Derivative assets
Derivative assets	51	18
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Interest rate swap (Other segment) | Interest rate swap
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | U.S. Treasury and federal agency obligations | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Corporate bonds | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Quoted prices in active markets for identical assets (Level 1) | Mortgage revenue bonds | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2)
Derivative assets
Derivative assets	1,291	1,330
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	1,353,407	1,414,765
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Bank | Interest rate lock commitments
Derivative assets
Derivative assets	88	9
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Bank | Forward commitments
Derivative assets
Derivative assets	0	0
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Interest rate swap (Other segment) | Interest rate swap
Derivative assets
Derivative assets	1,203	1,321
Derivative liabilities
Derivative liabilities	540	472
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	1,234,514	1,292,968
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | U.S. Treasury and federal agency obligations | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	77,747	81,063
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Corporate bonds | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	41,146	40,734
Fair value measurements on a recurring basis | Significant  other observable  inputs (Level 2) | Mortgage revenue bonds | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3)
Derivative assets
Derivative assets	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	14,630	14,902
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Bank | Interest rate lock commitments
Derivative assets
Derivative assets	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Bank | Forward commitments
Derivative assets
Derivative assets	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Interest rate swap (Other segment) | Interest rate swap
Derivative assets
Derivative assets	0	0
Derivative liabilities
Derivative liabilities	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Mortgage-backed securities — issued or guaranteed by U.S. Government agencies or sponsored agencies | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | U.S. Treasury and federal agency obligations | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Corporate bonds | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	0	0
Fair value measurements on a recurring basis | Significant unobservable inputs (Level 3) | Mortgage revenue bonds | Bank
Fair value measurements on a recurring basis
Available-for-sale investment securities	$ 14,630	$ 14,902

Fair value measurements - Chang

Fair value measurements - Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Mortgage revenue bonds - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 14,766	$ 15,296	$ 14,902	$ 15,427
Principal payments received	(136)	(131)	(272)	(262)
Purchases	0	0	0	0
Unrealized gain (loss) included in other comprehensive income	0	0	0	0
Ending balance	$ 14,630	$ 15,165	$ 14,630	$ 15,165

Fair value measurements - Narra

Fair value measurements - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Fair value measurements on a nonrecurring basis | American Savings Bank (ASB)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjustments to fair value of loans held for sale	$ 0	$ 0
Weighted average discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Mortgage revenue bonds, measurement input	0.0548